|
Report Date : |
17.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
BINANI CEMENT LIMITED (w.e.f.06.10.1998) |
|
|
|
|
Formerly Known
As : |
BINANI CEMENT PRIVATE LIMITED (w.e.f.23.04.1998) DYNASTY DEALER PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
601, Axis Mall, 6th Floor, Block – C, Action Area – I, New
Town, Rajarhat, Kolkata – 700156, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
15.01.1996 |
|
|
|
|
Com. Reg. No.: |
21-076612 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1886.038 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26941WB1996PLC076612 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Production and Sales of Cement and Clinker. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 31000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a flagship company of Binani Group. It is a
well-established company having a satisfactory track record. Financial position of the company appears to be sound. Directors are reported
to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million estimated
losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million
in September, 2012, according to Deloitte report. The number of transactions
has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Commercial Paper: A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
26.08.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON – COOPERATIVE (91-33-30263000)
LOCATIONS
|
Registered Office : |
601, Axis Mall, 6th Floor, Block – C, Action Area – I, New
Town, Rajarhat, Kolkata – 700156, West Bengal, India |
|
Tel. No.: |
91-33-40161800/32562726 |
|
Fax No.: |
91-33-40161812 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Mumbai
Corporate Office: |
Mercantile Chambers, 12, J.N. Heredia Marg,
Ballard Estate, Mumbai - 400001, Maharashtra, India |
|
Tel. No.: |
91-22-22690506-10/22640040-44 |
|
Fax No.: |
91-22-22690003/22640045 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
P. O. Binanigram, Ehsil Pindwara – 307031,
District Sirohi, Rajasthan, India |
|
Tel. No.: |
91-2971-235005/12 |
|
Fax No.: |
91-2971-235020 |
|
E-Mail : |
|
|
|
|
|
Marketing
Office: |
Located At ·
Ahmedabad ·
Jodhpur ·
New Delhi ·
Jaipur ·
Kolkata ·
Mumbai ·
Ghaziabad |
|
|
|
|
Grinding
Facility: |
Village - Sirohi, Tehsil - Neem ka Thana,
District Sikar – 332713, Rajasthan, India |
|
Tel. No.: |
91-1574-513476 |
|
Fax No.: |
91-1574-517476 |
|
|
|
|
Factory 2: |
Village :
Sirohi, Taluka : Neem Ka Thana District : Sikar, Rajasthan, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Braj Binani |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mrs. Nidhi Singhania |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V. Subramanian |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ramakrishna Moogimane |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. Acharya - Wholetime Director – upto 15th July 2013 |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. T.R.C.Nair |
|
Designation : |
Director |
|
|
|
|
Name : |
Miss Shradha Binani – effective 5th August, 2012 |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S.Sridhar – effective 5th August, 2012 |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. Venkiteswaran |
|
Designation : |
Executive
Director and Chief finance officer – Group Control Accounts (Nominated by
Holding Company) |
KEY EXECUTIVES
|
Name : |
Mr. Atul P. Falgunia |
|
Designation : |
Company Secretary |
|
|
|
|
Audit Committee: |
·
Mr. Ramakrishna Moogimane ·
Mr. V. Subramanian ·
Mr. T.R.C. Nair |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Names of Shareholders |
No. of Shares |
Percentage
of Shareholding ( % ) |
|
Promoter and Promoter Group |
185,649,464 |
98.43 |
|
Bodies Corporate |
110,929 |
0.06 |
|
Individuals |
2,747,692 |
1.46 |
|
Clearing Members |
19,739 |
0.01 |
|
NRIs |
68,450 |
0.04 |
|
Trusts |
5,000 |
0.00 |
|
|
|
|
|
Total |
188,601,274 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Production and Sales of Cement and Clinker. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
Bankers : |
·
Bank of Baroda ·
Central Bank of India ·
Canara Bank ·
Dena Bank ·
Indian Overseas Bank ·
IDBI Bank Limited ·
Jammu and Kashmir Bank Limited ·
Oriental Bank of Commerce ·
Punjab National Bank ·
State Bank of Patiala ·
State Bank of Bikaner and Jaipur ·
Syndicate Bank ·
State Bank of India ·
Unicredit Bank AG ·
Union Bank of India ·
United Bank of India ·
Yes Bank Limited |
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Facilities : |
|
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kanu Doshi Associates Chartered Accountants |
|
|
|
|
Holding Company: |
·
Binani Industries Limited |
|
|
|
|
Subsidiaries /
step down subsidiaries where control exists: |
·
Krishna Holdings Pte Limited ·
Mukundan Holdings Limited, ·
Murari Holdings Limited ·
Swiss Merchandise Infrastructure Limited ·
Merit Plaza Limited ·
Bhumi Resources (Singapore) Pte Limited ·
Binani Ready Mix Concrete Limited ·
Binani Cement Company WLL* ·
Binani Cement Factory (SFZ) Limited* ·
BC Tradelink Limited ·
Binani Cement Factory (Kenya) Limited ·
Binani Cement (Uganda) Limited ·
Binani Cement SARL (Djibouti)* ·
Binani Cement Factory Mauritius ·
Binani Cement Company Limited (Sudan)* ·
PT Anggana Energy Resources, ·
Rightside Investments (Pty) Limited* ·
Binani Cement Company Limited (South Sudan)* ·
Trans Africa Cement Limited (Mauritius)* ·
Weightbridge Investment (Pty) Limited, Botswana*,
·
Christo Schuttle Investments Number Nine (Pty)
Limited Nambia*, ·
Binani Cimentos (Mozambique) LDA* ·
Shandong Binani Rong’an Cement Company Limited
(SBRCC) ·
Binani Mineral Resources (Mongolia) LLC ·
Binani Cement Factory LLC (BCF LLC) ·
Binani Energy Private Limited ·
Surya Ready Mix Private Limited. |
|
|
|
|
Fellow
Subsidiary: |
·
Binani Zinc Limited (BZL) ·
Goa Glass Fibre Limited (GGFL) ·
BT Composites Limited (BTCL) ·
Wada Industrial Estate Limited (WIEL) and BIL
Infratech Limited ·
Binani Infrastructure (Mauritius) Limited ·
BZ Minerals (Australia) Pty Limited ·
3B Binani Glass Fibre Holding S.a.r.l. |
|
|
|
|
Step down
Subsidiary of Binani Cement Factory LLC, Dubai. : |
·
Binani Cement Company WLL ·
Binani Cement Factory (SFZ) Limited ·
BC Tradelink Limited ·
Binani Cement Factory (Kenya) Limited ·
Binani Cement (Uganda) Limited ·
Binani Cement SARL (Djibouti) ·
Binani Cement Factory Mauritius ·
Binani Cement Company Limited (Sudan) |
|
|
|
|
Step-down Subsidiary of Bhumi Resources
(Singapore) Pte Limited: |
·
Infrastructure (Mauritius) Limited |
|
|
|
|
Step-down Subsidiary of BIL Infratech Limited :
Binani |
·
PT Anggana Energy Resources |
|
|
|
|
Step-down Subsidiary of BZL: |
·
BZ Minerals (Australia) Pty Limited |
Note: * These Companies were closed down during the year.
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
423899600 |
Equity Shares |
Rs.10/- each |
Rs. 4238.996 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
188601274 |
Equity Shares |
Rs.10/- each |
Rs. 1886.013
Millions |
|
|
Add: Amount paid up on forfeited Shares |
|
Rs.0.025
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 1886.038 Millions |
Note:
185,649,464 - 98.43%
(Previous Year 181,686,001 - 96.33%) Equity Shares of Rs.10/- each fully
paid-up held by the Holding Company –Binani Industries Limited and its
nominees.
14,500,000 Equity
Shares have been bought back in financial year 2010-2011 under tender offer route
and later extinguished.
Reconciliation of number of shares outstanding at the beginning and at
the end of the year
|
PARTICULARS |
31.03.2013 |
|
|
|
No.
of Shares |
Rs. In Millions |
|
Outstanding at the beginning of the year |
188,601,274 |
1886.013 |
|
Less : Shares bought back |
-- |
-- |
|
Outstanding at the end of the year |
188,601,274 |
1886.013 |
Terms / Rights
attached to equity shares
The Company has
only one class of equity shares having a par value of Rs.10 per share. Each holder
of equity shares entitled to one vote per share . The Company declares and pays
dividends in Indian Rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting.
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive remaining assets of the Company, after distribution of preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1886.038 |
1886.038 |
1886.038 |
|
(b) Reserves & Surplus |
5875.334 |
4582.577 |
3904.198 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
7761.372 |
6468.615 |
5790.236 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
10398.435 |
11498.358 |
9064.662 |
|
(b) Deferred tax liabilities (Net) |
1987.330 |
1946.300 |
1899.900 |
|
(c) Other long term liabilities |
352.017 |
336.590 |
314.367 |
|
(d) long-term provisions |
20.156 |
17.318 |
11.706 |
|
Total Non-current Liabilities (3) |
12757.938 |
13798.566 |
11290.635 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
410.348 |
678.328 |
0.000 |
|
(b) Trade payables |
5197.007 |
3758.669 |
2049.861 |
|
(c) Other current
liabilities |
7466.246 |
7359.274 |
6199.696 |
|
(d) Short-term provisions |
16.988 |
7.841 |
554.984 |
|
Total Current Liabilities (4) |
13090.589 |
11804.112 |
8804.541 |
|
|
|
|
|
|
TOTAL |
33609.899 |
32071.293 |
25885.412 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
11929.461 |
12176.199 |
12534.830 |
|
(ii) Intangible Assets |
39.506 |
20.874 |
23.037 |
|
(iii) Capital
work-in-progress |
1398.894 |
1171.917 |
453.469 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
10382.317 |
8463.309 |
5461.162 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1690.940 |
2379.043 |
2440.827 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
25441.118 |
24211.342 |
20913.325 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1483.229 |
1683.379 |
1618.423 |
|
(c) Trade receivables |
17.463 |
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
750.712 |
820.822 |
2304.671 |
|
(e) Short-term loans and
advances |
5890.409 |
5325.487 |
1013.998 |
|
(f) Other current assets |
26.968 |
30.263 |
34.995 |
|
Total Current Assets |
8168.781 |
7859.951 |
4972.087 |
|
|
|
|
|
|
TOTAL |
33609.899 |
32071.293 |
25885.412 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22169.446 |
20278.113 |
17332.397 |
|
|
|
Other Income |
632.338 |
288.645 |
101.072 |
|
|
|
TOTAL (A) |
22801.784 |
20566.758 |
17433.469 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2973.138 |
2664.494 |
2284.999 |
|
|
|
Purchase of stock-in-trade |
188.303 |
23.650 |
0.000 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(159.702) |
88.078 |
104.673 |
|
|
|
Employee benefit expenses |
578.654 |
499.692 |
412.680 |
|
|
|
Other expenses |
14508.158 |
13984.826 |
11779.039 |
|
|
|
Exceptional Items |
0.000 |
125.034 |
0.000 |
|
|
|
TOTAL (B) |
18088.551 |
17385.774 |
14581.391 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4713.233 |
3180.984 |
2852.078 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2108.969 |
1614.007 |
1034.356 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2604.264 |
1566.977 |
1817.722 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1054.286 |
1035.461 |
995.027 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1549.978 |
531.516 |
822.695 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
351.730 |
47.537 |
(82.358) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1198.248 |
483.979 |
905.053 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3431.200 |
2871.000 |
NA |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
43.800 |
76.200 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
4673.200 |
3431.200 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.35 |
2.57 |
4.63 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.26
|
2.35 |
5.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.99
|
2.62 |
4.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.10
|
2.37 |
4.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.08 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.39
|
1.88 |
1.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.62
|
0.67 |
0.56 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
CALCUTTA HIGH COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status
: Pending |
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|
|
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|
Status of
INCOME TAX APPEAL (ITA) 98
of 2012 COMMISSIONER OF INCOME TAX, CENTRAL-I |
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|
|
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|
Vs.
M/S. BINANI CEMENT LTD. |
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|
|
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|
Pet's Adv.
: G. S. MAKKER
|
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|
|
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|
Res's
Adv. :
|
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|
|
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|
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|
Category : INCOME TAX : REVENUE |
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|
Case Updated on: Friday,
August 17, 2012 |
OPERATIONS OVERVIEW
During the year, the
Company’s performance has improved in terms of volume as well as turnover and
profitability. The Company has achieved highest ever production of 5.656
Millions MT and sold 5.681 Millions MT of cement as against 5.584 Millions MT
and 5.612 Millions MT respectively in the previous year. Operating Income
increased from Rs.20278.100 Millions to Rs.22169.400 Millions i.e. by 9.33%,
which is mainly because of higher sales volume and prices.
Despite higher
cost of inputs and logistics, Company’s Profit after Tax improved to
Rs.1198.200 Millions mainly due to higher realizations and lower fuel costs, as
against Rs.484.000 Millions in the previous year.
|
Production |
2012-13 |
2011-12 |
|
Cement (Lakhs MT) |
5.656 |
5.584 |
|
Power Generation (net) - Lakhs kWh |
352.047 |
328.165 |
OUTLOOK
The Company has
chalked out plans to implement its different expansion and new projects in
India and Overseas in high growth markets. These projects, upon commissioning, are
expected to help the Company achieving boost in its performance on long term
sustainable basis.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY OVERVIEW
Cement is part of
the core Industry and plays a vital role in the growth and development of a
nation. Presently, the industry is positioned second in world with 139 large
cement plants and over 365 mini cement plants. The Indian Economy is currently
witnessing its lowest GDP growth in recent years leading to sluggish demand and
capacity utilization. This has impacted the Cement Industry especially in the
Industrial and Infrastructure segment. However, various major steps taken by
the Government in recent past to fuel the economy, may lead to a more positive
impact in the later part of the year. The pressure on the bottomline will
however, remain in short term due to over supply situation and increase in
logistic costs.
COMPANY’S PERFORMANCE
OPERATIONS
Company’s growth
story is continuing to move northwards, leaving behind all previous highs. During
the year, Company registered Cement production of 5.656 Millions MT as against
5.584 Millions MT in the previous year. Share of blended Cement production
increased from 40.27% to 49.75% in current year.
After subdued
performance in the last year, some improvement in realisations was seen in the
year 2012-13, Also, fuel costs remained under control resulting in improved
bottomline. The Company registered Profit Before Tax of Rs.1550.000 Millions
against Rs.531.500 Millions in the previous year.
In line with
previous years, the Company has further reduced its dependence on Grid Power.
Captive power plants generated 352.047 Millions units (net) during 2012-13
against 328.165 Millions units during 2011-12.
FUTURE OUTLOOK
Given the supply
overhang, muted demand and high price volatility conditions, the Company plans
to improve margins by changing its product mix by increasing share of Pozzolona
Portland Cement(PPC) to Ordinary Portland Cement(OPC) and increase the volume
by focusing on its primary markets where it has good brand equity. With all
these steps, the Company is hopeful of fostering improved results in Financial
Year 2013-14.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
From Bank |
0.000 |
1250.000 |
|
Deferred Payment Liabilities |
143.488 |
381.354 |
|
Total |
143.488 |
1631.354 |
|
Note: The Company has opted
for Sales Tax Incentive Scheme, 1989. Earlier 25% incentive was allowed by
State Level Screening Committee, but pursuant to order of Rajasthan Tax
Board, 75% incentive from Sales Tax for sales effected in Rajasthan for 9
years subject to a limit of Eligible Fixed Capital Investment (EFCI) is being
availed of. The Company has availed Sales Tax Incentive of Rs.2026.698
Millions upto 31st March, 2006. The Sales Tax Department filed a revision
petition before the Hon’ble Rajasthan High Court, Jodhpur contesting the order of
Rajasthan Tax Board, which allowed the Company to avail 75% sales tax
incentive. The Hon’ble High Court has dismissed the revision petition of
Sales Tax Department. The Department has filed a revision petition before
Hon’ble Supreme Court. Pending the decision of the Supreme Court, no
provision has been made for the differential Sales Tax Incentive of
Rs.1332.719 Millions (excluding interest, if any) availed by the Company till
31st March, 2006. However, on
introduction of Value Added Tax (VAT) in the State of Rajasthan w.e.f. 1st
April, 2006, an option has been given to switch over to deferment scheme for
twice the remaining validity period as available under the erstwhile Sales
Tax Incentive Scheme, 1989 subject to the original limit of EFCI. The Company
has exercised this option w.e.f. 1st April, 2006 under which 75% of VAT
collected and payable after the said date is being deferred for a period of 7
years. Till 26th May, 2007, Rs.381.354 Millions was deferred and shown as
Unsecured Loan. The Company has
paid Rs.5.911 Millions under protest during 2012-13. During the year 2007-08,
the Company has filed an application with Sales Tax department for extension
of period of EFCI scheme, which was not accepted. The Company has filed a
case with Hon’ble Jaipur High Court to instruct the Sales Tax department to
extend the EFCI scheme period. However, the Company has continued to defer
75% of the VAT liability amounting to Rs.396.709 Millions for the period 27th
May, 2007 to 30th April, 2008. Application for
grant of sales tax incentive was filed to sanction the EFCI to the extent of
Rs.3967.200 Millions, but the SLSC sanctioned Rs.2804.700 Millions in
November, 2000, against which Company has requested vide letter dated
13.12.2000 to the SLSC for reviewing the amount of EFCI sanctioned, but no
action was taken by the SLSC. A writ petition was filed during the year
2008-09 before the Hon’ble High Court, Jaipur bench, based on the fact that
the SLSC has not replied to our review application within the time frame as
per the the New Rajasthan Sales Tax Incentive Scheme, 1989 and the decision
is pending for review till date, hence the Company has continued to avail the
deferment benefit treated as deemed to be sanctioned. Further, the Company
has made an application to the State Government / SLSC to revise the amount
of EFCI from Rs.3967.200 Millions to Rs.4885.000 Millions based on applicable
guidelines under the Incentive Scheme. The Company has
continued to avail the deferment benefit, pending the decision of State
Government / SLSC. Accordingly the
tax liability for the period 30th April, 2008 to 31st August, 2011 is
Rs.1774.177 Millions against which we have deposited Rs.39.921 Millions under
protest as per the directions of the Hon’ble High Court and Rs.60.000
Millions has been also deposited under protest during 2012-13. The matter is
pending for decision before Hon’ble Rajasthan High Court / State Government. |
||
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION
|
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10458249 |
11/11/2013 |
3,800,000,000.00 |
IFCI LIMITED |
IFCI TOWER61
NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B88799119 |
|
2 |
10443685 |
28/06/2013 |
750,000,000.00 |
SYNDICATE BANK |
HOMJI STREET
BRANCH, 10, HOMJI STREET, 1ST FLOOR, FORT, MUMBAI, MAHARASHTRA - 400001,
INDIA |
B82376021 |
|
3 |
10435058 |
27/05/2013 |
2,000,000,000.00 |
UNITED BANK OF INDIA |
CORPORATE
FINANCE BRANCH, 25, SIR, P.M. ROAD, 2ND FLOOR, FORT, MUMBAI, MAHARASHTRA -
400001, INDIA |
B78853470 |
|
4 |
10426651 |
08/05/2013 |
500,000,000.00 |
BANK OF INDIA |
MUMBAI LARGE
CORPORATE BRANCH, ORIENTAL BUILDING, |
B75462143 |
|
5 |
10422903 |
08/04/2013 |
750,000,000.00 |
|
HOMJI STREET
BRANCH, 10, HOMJI STREET, 1ST FLOOR, FORT, MUMBAI, MAHARASHTRA - 400023,
INDIA |
B74116013 |
|
6 |
10425597 |
25/03/2013 |
350,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
COMMERCIAL
NETWORK BRANCH, 239, P. D'MELLO ROAD, OPPOSITE GPO, FORT, MUMBAI, MAHARASHTRA
- 400001, |
B75094334 |
|
7 |
10416501 |
23/03/2013 |
350,000,000.00 |
STATE BANK OF PATIALA |
447, THE BUREAU,
R.C. MARG, CHEMBUR, MUMBAI, MAHARASHTRA - 400071, INDIA |
B71913008 |
|
8 |
10408182 |
13/02/2013 |
500,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL
FINANCE BRANCH,UNION BANK BHAVAN,, 1ST |
B69685451 |
|
9 |
10397712 |
24/12/2012 |
1,200,000,000.00 |
CENTRAL BANK OF INDIA |
BALLARD ESTATE
BRANCH, MARSHALL BUILDING, S.V.MAR |
B66137696 |
|
10 |
10383767 |
11/10/2012 |
900,000,000.00 |
PUNJAB NATIONAL BANK |
ILACO HOUSE, SIR
P. M.ROAD, FORT, MUMBAI, MAHARA |
B61024972 |
* Date of charge modification
CONTINGENT
LIABILITIES NOT PROVIDED FOR: (AS ON 31.03.2013)
The Company has
imported fuel without payment of Customs Duty aggregating to Rs.0.677 Million (Previous
Year Rs.0.677 Million) by utilizing transferable DEPB Licenses purchased from
the market in the ordinary course of business. The Customs Department has
issued show cause notice alleging that the original purchaser had obtained
these licenses fraudulently. The above case is pending with Commissioner of
Customs, Kandla. Company is hopeful of success as the Company is not at fault.
Demands raised by
Excise Department in various matters aggregating to Rs.3.600 Millions (Previous
Year Rs.3.150 Millions) - against this they have deposited Rs.0.628 Millions
under protest (Previous Year Rs.Nil). Appeals are pending with various
Appellate Authorities.
Demands raised by
Customs Department, Jamnagar in relation to import of coal made in earlier
years aggregating to Rs.3.061 Millions (Previous Year Rs.3.061 Millions). The
Company has filed Appeals before CESTAT, Mumbai. CESTAT Mumbai has set aside
the order of the Appellate Commissioner with a direction that the appeal by the
department against the Assistant Commissioner’s orders should be heard denovo
on merits by the Commissioner (Appeals). Now Department has filed an appeal
before the Hon’ble High Court of Gujarat against the order of CESTAT.
Demands raised by
Excise Department in various matters in relation to payment of Service Tax /
Cenvat Credit of Service Tax Rs.5.872 Millions (Previous Year Rs.5.975
Millions). Appeals are pending with various Appellate Authorities. They have
reversed cenvat credit/ paid Rs.2.478 Millions (Previous Year Rs.0.108 Million)
under protest.
Commissioner,
Central Excise, Jaipur II issued a show cause notice disputing basis of Excise
Duty calculated for sales made to contractual buyers. They have paid duty
accordingly before issuing of show cause notice. However Commissioner imposed
penalty of Rs.0.100 Million (Previous Year Rs.0.100 Million) which is disputed
by us on the ground that they have paid duty before issuing show cause notice,
and an appeal has been filed before CESTAT and stay granted against recovery of
penalty till disposal of appeal.
Demands raised by
Additional Commissioner Central Excise, Jaipur II in relation to Cenvat Credit
of Excise Duty paid on Capital goods falling under Chapter 72, 73, 59, 69, 39
and 83 amounting to Rs.3.470 Millions (Previous Year Rs.3.470 Millions). The
Company filed an appeal before Commissioner (Appeals), Jaipur II and same was
rejected. Thereafter Company filed an appeal with CESTAT New Delhi and CESTAT
has set aside the order and matter has been remanded back to the adjudicating authority
to deal with the matter afresh in accordance with the provisions in law.
Demands confirmed
by Commissioner Central Excise, Jaipur II in relation to Cenvat Credit of
Excise Duty paid on Capital goods falling under Chapter 72, 73, 59, 69, 39 and
83 amounting to Rs.13.855 Millions (Previous Year Rs.Nil). They are filing an
appeal before CESTAT, New Delhi.
Demands confirmed
by Commissioner Central Excise, Jaipur II in relation to Cenvat Credit of
Excise Duty paid on Capital goods falling under various Chapters amounting to
Rs.0.138 Million (Previous Year Rs.Nil). the Company filed an appeal before
CESTAT, New Delhi and stay granted.
r
Demand raised for
difference in duty amounting to Rs.0.052 Million (Previous Year Rs.Nil) between
duty payable at MRP based assessable value and duty paid on transaction value
in relation to sales made to Industrial buyer which was subsequently resold by
them. They have already deposited differential duty demand alongwith interest
before issue of show cause notice. However Commissioner has reviewed the order
for imposition of penalty and in view of this the department has filed an
appeal before Commissioner (Appeals) Jaipur II.
Demands raised by
Additional Commissioner Central Excise, Jaipur I in relation to Cenvat Credit
of Excise Duty paid on Capital goods falling under various Chapters amounting
to Rs.0.655 Million (Previous Year Rs.Nil). The Company filed an appeal before
Commissioner (Appeals) Jaipur I.
Demands raised for
differential Custom duty by Customs Department, Jamnagar in relation to Bill of
entry no. F-176 date 06.02.2009 of 24104 MT for Indonesian coal imported in
2009-10, aggregating to Rs.4.216 Millions (Previous Year Rs.4.216 Millions), on
the ground of valuation of coal taking C and F value of coal @ $ 154.34 PMT
instead of $ 86 PMT on which we have paid the customs duty i.e. the price
finally agreed by the supplier as the coal supplied by the supplier was of
inferior quality. The Company filed appeal before the Commissioner of Customs
(Appeals), Jamnagar but the same has been rejected. The Company has filed an
appeal before CESTAT, Ahmedabad against the order of the Commissioner of
Customs (Appeals), Jamnagar and stay granted.
Demands raised by
Sales Tax Department aggregating to Rs.7.021 Millions (Previous Year Rs.7.021
Millions) contending that the Company has wrongly adjusted sales tax on account
of trade discounts. The Company has filed a writ petition before Hon’ble High
Court, Jodhpur and has also obtained an interim relief. Besides this, the Sales
Tax department has also issued demand notices relating to various matters
aggregating to Rs.0.050 Million (Previous Year Rs.0.050 Million), which are
being contested by the Company, including in appeal and is hopeful of success.
Demands raised by
U P Commercial Tax Department on account of entry tax on Cement for the year
2003 to 2009 aggregating to Rs.27.066 Millions (Previous Year Rs.16.936
Millions), based on market price which was disputed by the Company before
various appellate authorities on the ground that the Entry Tax is payable on
stock transfer price. The Company has paid Rs.3.629 Millions (Previous Year
Rs.3.629 Millions) under protest.
Demand assessed by
Uttar Pradesh Commercial Taxes Department on account of entry tax Rs.26.390
Millions for the period 2009-10 (Previous Year Rs.26.801 Millions), based upon
the market value of cement stock transfer. The Case is pending before Hon’ble
Supreme Court. Against the demand they have deposited Rs.15.867 Millions based
upon stock transfer price and balance demand of Rs.10.523 Millions recovered
through encashment of Bank Gurantee has been paid under protest. Also
department has raised demand of Rs.3.678 Millions towards Interest against
which they have paid Rs.2.046 Millions under protest and balance Interest
demand is stayed.
Demand raised by
Uttar Pradesh Commercial Taxes Department on account of penalty on late deposit
of VAT amounting to Rs.2.160 Millions (Previous Year Rs.2.160 Millions). Appeal
filed before Commercial Taxes Tribunal, Ghaziabad against the order of
Additional Commissioner (Appeals), Commercial Taxes, Ghaziabad. They have
deposited Rs.1.296 Millions (Previous Year Rs.1.296 Millions) under
protest.
Joint Commissioner
Commercial Taxes, Ghaziabad has imposed penalty of Rs.0.132 Million (Previous
Year Rs.0.132 Million) on account of incomplete documents carried by Truck of
Cement. They have deposited Rs.0.132 Million (Previous Year Rs.0.132 Million)
under protest and filed an appeal before Additional Commissioner (Appeals),
Commercial Taxes, Ghaziabad.
The Joint
commissioner (Corporate Circle), UP Commercial Taxes, Ghaziabad has passed the
Assessment order for the year 2008-09 and 2009-10 and raised additional demand
of Rs.0.809 Million. The case for the year 2008-09 is pending before Additional
Commissioner (Appeal), Commercial Taxes Ghaziabad. Against demand of Rs.0.488
Million for the year 2008-09 Rs.0.159 Million deposited under protest and stay
granted for Rs.0.244 Million. For the year 2009-10 they are in process of
filling an appeal before Additional Commissioner (Appeal), Commercial Taxes
Ghaziabad.
Letters of Credit
opened by banks on behalf of the Company Rs.23.364 Millions (Previous Year
Rs.18.300 Millions).
Guarantees given
by Banks Rs.39.001 Millions (Previous Year Rs.37.190 Millions).
Corporate
Guarantees given to Banks in respect of loans to subsidiaries, step down
subsidiaries, holding company and its other subsidiaries / step down
subsidiaries Rs.22122.655 Millions (Previous Year Rs.20885.928 Millions).
Claims against the
Company in respect of certain Income Tax matters Rs.207.563 Millions (Previous
Year Rs.114.786 Millions) out of which Rs.86.331 Millions has been paid by the
Company or adjustable by the department against the refund due to the Company.
The Company has
placed a purchase order for procurement of “Steam (Non Coking) coal and M/s
Visa Comtrade A.G. supplied the same under five Bills of lading. Party failed
to provide us the original bills of lading. The owner of the Ship M/s Great
Eastern Shipping Company Limited. has filed the suit against the Company for
providing original Bills of lading. They have informed to that the balance
amount due to them will be paid after adjustment of the losses and expenditure
incurred / to be incurred by Binani Cement Limited till the time matter is
finally resolved. The Company have incurred expenses of Rs.74.073 Millions up
to 31.03.2013 (upto Previous Year Rs.50.379 Millions) to defend the suit filed
by M/s Great Eastern Shipping Company Limited. and debited the same to the
account of supplier as to be recovered from the party.
Under the
Rajasthan Finance Act, 2006, the Assessing Authority has assessed land tax on
leasehold land for the year 2006-07 to 2011-12 and raised demand notices for
Rs.170.140 Millions. The matter was challenged by the Company in Hon’ble
Rajasthan High Court, Jaipur. Hon’ble High Court has granted stay on demand
notices and ordered to deposit certain amount in respect of each year. The
Company has already deposited Rs.4.800 Millions in advance for the year
2006-07. In the current year 2012-13, Rs.15.000 Millions as been deposited
towards the demands for the year 2007-08 to 2011-12 in compliance of the orders
of Hon’ble High Court. The matter is already protested and is subjudice.
FIXED ASSETS
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Railway Sidings
·
Mine Exploration and Developments
·
Furniture and Fixtures
·
Vehicles
·
Office and Other Equipments
Intangible Assets
·
Computer Software
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.53 |
|
|
1 |
Rs.100.73 |
|
Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.