MIRA INFORM REPORT
|
Report Date : |
02.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
PRIYA LIMITED |
|
|
|
|
Registered
Office : |
4th Floor, Kimatrai Building, 77-79, Maharshi Karve Marg, Marine
Lines (East), Mumbai – 400002, Maharashtra |
|
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|
|
Country : |
India |
|
|
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|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
22.08.1986 |
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Com. Reg. No.: |
11-040713 |
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Capital
Investment / Paid-up Capital : |
Rs. 30.023 millions |
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CIN No.: [Company Identification
No.] |
L99999MH1986PLC040713 |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Trader, Exporter and Importer of Electronic Items and Chemicals,
Dyestuffs, Pharmaceuticals and Allied Products. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1200000 |
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|
|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payment terms
are reported to be usually correct. The company can be considered normal for 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.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 PARTED BY
|
Name : |
Mr. Manjrekar |
|
Designation : |
Export Department |
|
Contact No.: |
91-22-42203100 |
|
Date : |
30.04.2014 |
LOCATIONS
|
Registered Office : |
4th Floor, Kimatrai Building, 77-79, Maharshi Karve Marg, Marine Lines (East), Mumbai – 400002, Maharashtra, India |
|
Tel. No.: |
91-22-42203100 |
|
Fax No.: |
91-22-42203197 |
|
E-Mail : |
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|
Website : |
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Branch Office 1 : |
406, Madhuban Building, 55, Nehru Place, New Delhi - 110 019, India |
|
Tel. No.: |
91-011-2643 8555 / 56 / 57 , 2623 2443 |
|
Fax No.: |
91-011-2623 2443 |
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E-Mail : |
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Branch Office 2 : |
GE-06, Sunrise Chambers, No.22, Ulsoor Road, Bangalore-560042, Karnataka, India |
|
Tel. No.: |
91-080-2242 6144 , 2242 5237 |
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Fax No.: |
91-080-2662 6106 |
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E-Mail : |
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Branch Office 3 : |
55, Shahid Nagar, Bhubaneshwar - 751 007. Odisha, India |
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Tel. No.: |
91-0674-3201416 |
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Fax No.: |
91-0674-3103356 |
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E-Mail : |
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Branch Office 4 : |
Old No. 17, New No.31, 2nd Floor, Room No.11, G.C. Complex Dorai Swamy Road, T. Nagar, Chennai -600 017, Tamilnadu, India |
|
Tel. No.: |
91-044-4214 6104/ 05 , 4214 61064/ 07 24345118 |
|
Fax No.: |
91-044-28365118 |
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E-Mail : |
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Branch Office 5 : |
No. 39/5689, Thekkanath Building, Near South Over Bridge, Kochi – 682036, Kerala, India |
|
Tel. No.: |
91-0484-2311397, 2311398, 3083185 to 89. |
|
Fax No.: |
91-0484-2207294 |
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E-Mail : |
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Branch Office 6 : |
"Lords" 3rd Floor, 7/1, Lord Sinha Road, Kolkata - 700 071, West Bengal, India |
|
Tel. No.: |
91-033-30571000/01/03 |
|
Fax No.: |
91-033-30571002 |
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E-Mail : |
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Branch Office 7 : |
No. 210, 2nd Floor, Minerva Commercial Complex, 94, Sarojini Devi Road, Secunderabad -500 003. Andhra Pradesh, India |
|
Tel. No.: |
91-040-39122225,27810979,66382237 / 38 |
|
Fax No.: |
91-040-2781 3549 |
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E-Mail : |
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Warehouse : |
Shri Arihant Compound, Village Kopar, Building No. I/4, Gala No.415, Bhiwandi, Maharashtra, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Arunkumar Bhuwania |
|
Designation : |
Chairman |
|
Address : |
Dariya Mahal – A, 15th Floor, Nepean Sea Road, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
30.08.1947 |
|
Date of Appointment : |
22.08.1986 |
|
DIN No.: |
00387445 |
|
|
|
|
Name : |
Mr. Radhakrishna Kunjal Saraswat |
|
Designation : |
Director |
|
Address : |
A/6 Asian Assurance Building, Manmala Tank Road, Mumbai – 400016,
Maharashtra, India |
|
Date of Birth/Age : |
17.04.1938 |
|
Date of Appointment : |
30.08.2000 |
|
DIN No.: |
00015095 |
|
|
|
|
Name : |
Mr. Mahendra Kumar Arora |
|
Designation : |
Director |
|
Address : |
Flat No. 2, 8 Golf Links, Pali Hill Khar, Mumbai – 400052,
Maharashtra, India |
|
Date of Birth/Age : |
05.04.1941 |
|
Date of Appointment : |
30.08.2003 |
|
DIN No.: |
00031777 |
|
|
|
|
Name : |
Mr. Ashish Bhuwania |
|
Designation : |
Executive Director |
|
Address : |
8 Edmunds Walk, East Finchley, London, N2 OHV, London, United Kindgom |
|
Date of Birth/Age : |
14.10.1971 |
|
Date of Appointment : |
02.02.1994 |
|
DIN No.: |
01176475 |
|
PAN No.: |
AAJPB8136F |
|
|
|
|
Name : |
Mr. Aditya Arunkumar Bhuwania |
|
Designation : |
Executive Director |
|
Address : |
8, Dariya Mahal A 80, Nepean Sea Road, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
13.02.1974 |
|
Date of Appointment : |
13.08.2008 |
|
DIN No.: |
00018911 |
|
PAN No.: |
AAJPB8135G |
|
|
|
|
Name : |
Mr. Anuj Amarnath Bhargava |
|
Designation : |
Director |
|
Address : |
31 Swadhin Sadan, 5th Floor, C Road, Churchgate, Mumbai –
400020, Maharashtra ,India |
|
Date of Birth/Age : |
24.09.1962 |
|
Date of Appointment : |
27.05.2010 |
|
DIN No.: |
03090652 |
|
|
|
|
Name : |
Mr. Hariharan Vishwanathan Puthucode |
|
Designation : |
Director |
|
Address : |
11/58-59, Savitha, Chedda Nagar Road, No 2, Tilak Nagar, Chembur ,
Mumbai – 400089, Maharashtra, India |
|
Date of Birth/Age : |
13.01.1954 |
|
Date of Appointment : |
01.07.2010 |
|
DIN No.: |
03196975 |
KEY EXECUTIVES
|
Name : |
Mr. Gaurav Umakant Munoli |
|
Designation : |
Secretary |
|
Address : |
Flat No H 203, Lokmanya Panbazar Society Everard Nagar, Chunabhatti
Sion (East), Mumbai – 400022, Maharashtra, India |
|
Date of Birth/Age : |
19.01.1986 |
|
Date of Appointment : |
15.11.2010 |
|
PAN No.: |
BCHPM8999Q |
|
|
|
|
Name : |
Mr. Manjrekar |
|
Designation : |
Export Department |
|
|
|
|
Name : |
Mr. Rakesh Jain |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1959360 |
65.26 |
|
|
275800 |
9.19 |
|
|
2235160 |
74.45 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2235160 |
74.45 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
100 |
0.00 |
|
|
100 |
0.00 |
|
|
|
|
|
|
65183 |
2.17 |
|
|
|
|
|
|
436893 |
14.55 |
|
|
139742 |
4.65 |
|
|
125222 |
4.17 |
|
|
222 |
0.01 |
|
|
125000 |
4.16 |
|
|
767040 |
25.55 |
|
Total Public shareholding (B) |
767140 |
25.55 |
|
Total (A)+(B) |
3002300 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
3002300 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
Encumbered shares
(*) |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|||
|
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
|
|
1 |
Arun Kumar Bhuwania |
3,66,210 |
12.20 |
0 |
0.00 |
0.00 |
12.20 |
|
2 |
Priya International Limited |
2,75,800 |
9.19 |
0 |
0.00 |
0.00 |
9.19 |
|
3 |
Ashish Bhuwania |
2,80,200 |
9.33 |
0 |
0.00 |
0.00 |
9.33 |
|
4 |
Arun Kumar Bhuwania |
2,00,500 |
6.68 |
200500 |
100.00 |
6.68 |
6.68 |
|
5 |
Saroj Bhuwania |
5,41,750 |
18.04 |
0 |
0.00 |
0.00 |
18.04 |
|
6 |
Aditya Bhuwania |
2,60,300 |
8.67 |
0 |
0.00 |
0.00 |
8.67 |
|
7 |
Shruti Bhuwania |
1,67,600 |
5.58 |
0 |
0.00 |
0.00 |
5.58 |
|
8 |
Arunkumar Bhuwania (Huf) |
1,00,000 |
3.33 |
0 |
0.00 |
0.00 |
3.33 |
|
9 |
Mini Bhuwania |
38,300 |
1.28 |
0 |
0.00 |
0.00 |
1.28 |
|
10 |
Arun Kumar Bhuwania |
4,500 |
0.15 |
0 |
0.00 |
0.00 |
0.15 |
|
|
Total |
22,35,160 |
74.45 |
200500 |
8.97 |
6.68 |
74.45 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
|
1 |
Daymount Limited |
125000 |
4.16 |
|
2 |
Sangeetha S |
31070 |
1.03 |
|
|
Total |
156070 |
5.20 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Exporter and Importer of Electronic Items and Chemicals,
Dyestuffs, Pharmaceuticals and Allied Products. |
|
|
|
|
Exports : |
|
|
Products : |
Electronic Items and Chemicals, Dyestuffs, Pharmaceuticals and Allied
Products |
|
Countries : |
|
|
|
|
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Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
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Terms : |
|
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Selling : |
Cash Cheque / / Credit |
|
|
|
|
Purchasing : |
Cash Cheque / / Credit |
GENERAL INFORMATION
|
Customers : |
Retailers |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
M. L. Bhuwania and Company Chartered Accountants |
|
Address : |
F-11 Third Floor, Manek Mahal, 90 Veer Nariman Road, Churchgate Mumbai
- 400020, Maharashtra, India |
|
PAN No.: |
AAAFM1380R |
|
|
|
|
Entities where individual
having control/significant influence or key management personnel or their
relatives are able to exercise significant influence |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6500000 |
Equity Shares |
Rs.10/- each |
Rs.65.000 Millions |
|
1000000 |
Unclassified Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.75.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3002300 |
Equity Shares |
Rs.10/- each |
Rs.30.023 Millions |
|
|
|
|
|
Note No 1.1 The reconcilation of the number of shares outstanding at the beginning and at the end of reporting period 31.03.2013
|
Particulars |
As at March 31,2013 |
|
Number of shares at the beginning |
3002300 |
|
Add: Shares issued during the year |
-- |
|
Less : Shares Bought back (if any) |
-- |
|
Number of shares at
the end |
3002300 |
Note No 1.2
Terms/rights attached to equity shares
(A) The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
(B) The amount of per share dividend of Re. 1.00 (Previous Year Re. 1.00) has been proposed to be distributied to equity shareholders for the year ended 31.03.2013. The total amount of dividend shall be Rs.3.512 Millions (Including Dividend Distrubition Tax Rs.0.510 Million).
(C) 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 all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Note No 1.3 The
details of shareholders holding more than 5% shares in the company
|
Name of the
shareholders |
No. of shares held |
% held as at March 31, 2013 |
|
Arun Kumar Bhuwania |
751210 |
25.02 |
|
Saroj Bhuwania |
541750 |
18.04 |
|
Priya International Limited |
275800 |
9.19 |
|
Ashish Bhuwania |
210200 |
7.00 |
|
Aditya Bhuwania |
260300 |
8.67 |
|
Shruti Bhuwania |
167600 |
5.58 |
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 |
30.023 |
30.023 |
30.023 |
|
(b) Reserves & Surplus |
279.339 |
261.585 |
256.912 |
|
(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) |
309.362 |
291.608 |
286.935 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.552 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
4.640 |
4.640 |
|
(d) long-term
provisions |
7.215 |
4.469 |
4.656 |
|
Total Non-current
Liabilities (3) |
7.767 |
9.109 |
9.296 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
196.315 |
228.726 |
258.594 |
|
(b) Trade payables |
359.075 |
216.354 |
158.842 |
|
(c) Other
current liabilities |
11.846 |
8.160 |
8.211 |
|
(d) Short-term
provisions |
4.997 |
3.924 |
4.972 |
|
Total Current
Liabilities (4) |
572.233 |
457.164 |
430.619 |
|
|
|
|
|
|
TOTAL |
889.362 |
757.881 |
726.850 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
24.124 |
24.214 |
25.889 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
36.049 |
36.049 |
36.049 |
|
(c) Deferred tax assets (net) |
6.505 |
3.427 |
3.379 |
|
(d) Long-term Loan and Advances |
75.198 |
12.745 |
11.442 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
141.876 |
76.435 |
76.759 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
11.065 |
25.412 |
70.145 |
|
(c) Trade
receivables |
680.012 |
596.494 |
463.799 |
|
(d) Cash
and cash equivalents |
45.446 |
28.099 |
46.137 |
|
(e)
Short-term loans and advances |
9.747 |
28.540 |
58.272 |
|
(f) Other
current assets |
1.216 |
2.901 |
11.738 |
|
Total
Current Assets |
747.486 |
681.446 |
650.091 |
|
|
|
|
|
|
TOTAL |
889.362 |
757.881 |
726.850 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2116.226 |
1924.660 |
2205.970 |
|
|
|
Other Income |
16.109 |
15.775 |
22.081 |
|
|
|
TOTAL (A) |
2132.335 |
1940.435 |
2228.051 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock - in – Trade |
1960.496 |
1760.484 |
2103.977 |
|
|
|
Changes in inventories of Stock-in-Trade |
14.348 |
42.172 |
(24.037) |
|
|
|
Employee benefit expenses |
23.429 |
21.476 |
21.793 |
|
|
|
Other Expenses |
68.312 |
57.412 |
59.982 |
|
|
|
TOTAL (B) |
2066.585 |
1881.544 |
2161.715 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
65.750 |
58.891 |
66.336 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
34.853 |
38.881 |
34.075 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
30.897 |
20.010 |
31.261 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.798 |
2.428 |
2.559 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
28.099 |
17.582 |
29.702 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.833 |
9.419 |
9.656 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
21.266 |
8.163 |
20.046 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
64.470 |
59.797 |
43.252 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
3.002 |
3.002 |
3.002 |
|
|
|
Corporate Dividend Tax |
0.510 |
0.487 |
0.499 |
|
|
BALANCE CARRIED
TO THE B/S |
82.224 |
64.470 |
59.797 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1272.498 |
992.727 |
1135.361 |
|
|
TOTAL EARNINGS |
1272.498 |
992.727 |
1135.361 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
1055.068 |
934.285 |
1098.890 |
|
|
TOTAL IMPORTS |
1055.068 |
934.285 |
1098.890 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.08 |
2.72 |
6.68 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
2000.000 |
|
|
|
|
Due to Market
Fluctuation |
The above information has been parted by Mr. Manjrekar
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.00
|
0.42 |
0.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.33
|
0.91 |
1.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.32
|
2.45 |
4.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.06 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.64
|
0.78 |
0.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31
|
1.49 |
1.51 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
30.023 |
30.023 |
30.023 |
|
Reserves & Surplus |
256.912 |
261.585 |
279.339 |
|
Net
worth |
286.935 |
291.608 |
309.362 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.552 |
|
Short term borrowings |
258.594 |
228.726 |
196.315 |
|
Total
borrowings |
258.594 |
228.726 |
196.867 |
|
Debt/Equity
ratio |
0.901 |
0.784 |
0.636 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2205.970 |
1924.660 |
2116.226 |
|
|
|
-12.752 |
9.953 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2205.970 |
1924.660 |
2116.226 |
|
Profit |
20.046 |
8.163 |
21.266 |
|
|
0.91% |
0.42% |
1.00% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
0.273 |
0.000 |
NA |
|
|
|
|
|
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
No |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
ITXAL/1/2014 |
Failing Date:- |
01.01.2014 |
Reg. No.:- |
ITXA/289/2014 |
Reg. Date:- |
15.02.2014 |
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX |
Respondent:- |
PRIYA LIMITED |
||||
|
Petn.Adv:- |
Prakash Chandra Chhotaray (I3415) |
Resp. Adv.: |
Respondents (0) |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Pre- Admitted |
Stage:- |
|||||
|
Last Date:- |
02/05/2014 |
||||||
|
Last Coram:- |
ACCORDING TO STING LIST ACCORDING TO STING LIST |
||||||
|
|
|
||||||
|
Act. : |
Income Tax Act,1961 |
Under Section 260A |
|||||
Note:
Registered office of the company has been
shifted from 2nd Floor 209-210 Kimatrai Building 77-79, Maharshi
Karve Marg, Marine Lines (East), Mumbai – 400002, Maharashtra, India to the present address w.e.f 01.02.2012
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
SHORT TERM
BORROWINGS |
|
|
|
Inter Corporate Deposits |
29.407 |
26.874 |
|
Loans from Directors |
0.000 |
0.545 |
|
Loans from Finance Companies |
2.695 |
0.000 |
|
Total |
32.102 |
27.419 |
OPERATIONS
During the year the aggregate turnover of the Company was Rs. 2116.226 Millions as compared to Rs. 1924.660 Millions in the previous year. The Company has earned profit after tax and exceptional item of Rs. 21.266 Millions in 2012-2013 as compared to Rs. 8.163 Millions in the previous year.
The Company has achieved better results in comparison to performance of previous year, despite of sluggish global economy. Distribution/Trading of Thin client constituted an important source of revenue to the company among other computer peripherals such as keyboard and mouse.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECECONOMIC REVIEW AND
OUTLOOK
During the year 2012-13, the continuing fragile economic scenario and domestic factors like widening fiscal deficit and inflationary trends depressed India's overall economic growth. The slowdown of the economy has been pervasive affecting almost all sectors. The growth of the economy slowed much more than anticipated, with the GDP growth for fiscal year 2012 -13 being pegged at 5.0 %, the lowest in a decade. As per the economic survey conducted by the Ministry of Finance, the economy is projected to grow at an optimistic 6.1 - 6.7% for FY14, signaling that the economy is reviving.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Electronics Division:
The global electronics hardware production is reported at USD 1750 Billion. Indian Electronics hardware production constitutes only around 1.3% of global production. Moreover, the value addition in domestically produced electronic goods constitutes to be low. The Government has recognized that for sustaining growth in IT and Telecom is hugely dependent on their ability to foster electronics system Design and Manufacturing in the country. The renaming of the Department of Information Technology as Department of Electronics and Information Technology (Deity) by the Government is reaffirmation of the thrust that this sector deserves.
Chemical Division:
The dyestuff industry comprises of 3 key constituents namely, dyestuffs, pigments and intermediates. The value chain has intermediaries as downstream products manufactured from petrochemicals. Intermediates are further processed to obtain dyestuff and pigments. The Indian dyes and dye intermediate market is fragmented with around 950 manufactures. A high degree of consolidation is expected in this segment in the year to come. The main drivers for consolidation are the stringent environmental norms and awareness among customers increasing the cost of operations for small scale players.
SEGMENT-WISE
PERFORMANCE
Electronics Division:
Keeping in view the continuing slowdown in economy, the company has performed relatively well during the year, in comparison to last years turnover. The segment result, before adjustment for unallocated expenses (net) and provisions for taxation increased to Rs. 98.305 Millions as compared to Rs. 76.400 Millions in the previous year.
Chemical Division:
Indian dyestuff industry continues to face strong Chinese competition. Careful selection of product range has enabled us to retain their place in the market. The segment result before adjustment of unallocated expenses (net) and provisions for taxation has decreased marginally to Rs. 1.763 Millions for the year vis-a vis previous year.
FUTURE OUTLOOK
Electronics Division:
Factors such as rapid advancement in technology infrastructure, enhanced focus by the government on e-governance projects and emergence of business models that help provide IT to new customer segments are driving technology adoption in India. During 2013-14, the Indian IT hardware Industry is expected to witness double-digit growth in rupee terms. India has entered into Free Trade Agreement (FTA) / Preferential Trade agreement (PTA) with a number of countries/ trading blocks (Thailand, Singapore, ASEAN, Korea, SAFTA, etc.) and more agreements are under negotiation, wherein import of electronics hardware from these countries shall be at a preferential rate of duty, which is lower than the normal tariff rate.
Chemical Division:
New product range coupled with success in newer markets will be the Company's thrust to increase business. Countries like Phillipines and Vietnam have shown signs of demand. They are cautiously trying to explore business in these countries.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10054441 |
28/05/2007 |
15,000,000.00 |
UNION BANK OF INDIA |
OVERSEAS BRANCH, UNION BANK BHAVAN,, GROUND FLOOR, 239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A16438137 |
|
2 |
10054442 |
28/05/2007 |
15,000,000.00 |
UNION BANK OF INDIA |
OVERSEAS BRANCH, UNION BANK BHAVAN,, GROUND FLOOR, 239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A16438525 |
|
3 |
90235147 |
09/01/2006 |
30,000,000.00 |
UNION BANK OF INDIA |
OVERSEAS BRANCH, UNION BANK BHAVAN,, GROUND FLOOR, 239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
4 |
90235103 |
23/02/2005 |
62,500,000.00 |
UNION BANK OF INDIA |
OVERSEAS BRANCH, UNION BANK BHAVAN,, GROUND FLOOR, 239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
5 |
80004473 |
04/07/2013 * |
420,000,000.00 |
INDIAN BANK |
UNITED INDIA BUILDING, SIR P.M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B82981192 |
* Date of charge modification
FIXED ASSETS
- Office Premises
- Laboratory Equipment
- Office Equipment
- Furniture and Fixture
- Computer
- Vehicles
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2013
Rs. In Millions
|
Particulars |
Three months
ended |
Year ended |
||
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
434.459 |
462.420 |
1362.306 |
|
|
(b) Other Operating Income |
0.138 |
0.124 |
0.369 |
|
|
Total income from operations (net) |
434.597 |
462.544 |
1362.675 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
0.000 |
0.000 |
0.000 |
|
|
(b) Purchases of stock-in trade |
404.581 |
429.853 |
1274.053 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
0.620 |
(0.774) |
(1.551) |
|
|
(d) Employee benefits expense |
5.564 |
5.590 |
16.308 |
|
|
(e) Depreciation and Anmortisation Expenses |
1.105 |
0.607 |
2.255 |
|
|
(f) Other Expenses |
18.000 |
13.128 |
43.782 |
|
|
Total expenses |
429.870 |
448.404 |
1334.847 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
4.727 |
14.140 |
27.828 |
|
4 |
Other Income |
1.719 |
10.991 |
23.393 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
6.446 |
25.131 |
51.221 |
|
6 |
Finance Costs |
5.633 |
7.351 |
20.235 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
0.813 |
17.780 |
30.986 |
|
8 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
0.813 |
17.780 |
30.986 |
|
10 |
Tax expenses |
0.274 |
5.917 |
12.006 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
0.539 |
11.864 |
18.980 |
|
12 |
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit / (Loss) for the period (11-12) |
0.539 |
11.864 |
18.980 |
|
14 |
Share of profit' (loss) of associates |
-- |
-- |
-- |
|
15 |
Minority Interest |
-- |
-- |
-- |
|
16 |
Net Profit/ (Loss) after taxes, minority interest and share of
profit/(loss) of associates (13+14+15) |
0.539 |
11.864 |
18.980 |
|
17 |
Paid up equity share capital (Face Value of Rs10/- each) |
30.023 |
30.023 |
30.023 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of
previous accounting year |
-- |
-- |
-- |
|
19.i |
Earnings per share (before extraordinary items) of Rs.10/- each (not
annualised): |
|
|
|
|
|
(a) Basic |
0.18 |
3.95 |
6.32 |
|
|
(b) Diluted |
0.18 |
3.95 |
6.32 |
|
19.ii |
Earnings per share (after extraordinary items) of Rs.10/- each (not
annualised) |
|
|
|
|
|
(a) Basic |
0.18 |
3.95 |
6.32 |
|
|
(b) Diluted |
0.18 |
3.95 |
6.32 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
767140 |
767140 |
767140 |
|
|
- Percentage of shareholding |
25.55% |
25.55% |
25.55% |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
200500 |
200500 |
200500 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
8.97% |
8.97% |
8.97% |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
6.68% |
6.68% |
6.68% |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
2034660 |
2034660 |
2034660 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
91.03% |
91.03% |
91.03% |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
67.77% |
67.77% |
67.77% |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
|
Received during the quarter |
Nil |
|
|
|
|
Disposed off during the quarter |
Nil |
|
|
|
|
Remaining unresolved at the end of the quarter |
Nil |
|
|
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED, UNDER CLAUSE 41 OF
THE LISTING AGREEMENT
|
Particulars |
Three months ended |
Year ended |
||
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Segment Revenue |
|
|
|
|
|
a Electronics |
427.609 |
456.596 |
1345.764 |
|
|
b Chemicals |
6.850 |
5.824 |
16.542 |
|
|
Net Sales I
Income from Operations |
434.459 |
462.420 |
1362.306 |
|
|
|
|
|
|
|
2 |
Segment Result (
Profit(+) / Loss(-) Before Tax and Finance Cost ) |
|
|
|
|
|
a Electronics |
12.744 |
30.997 |
69.842 |
|
|
b Chemicals |
0.395 |
1.117 |
1.953 |
|
|
Total |
13.139 |
32.114 |
71.795 |
|
|
Less: |
|
|
|
|
|
i) Finance costs |
5.633 |
7.351 |
20.235 |
|
|
ii) Other un-allocable expenditure net off un-allocable income l
expenditure |
6.693 |
6.983 |
20.574 |
|
|
Total
Profit(Loss) before Tax |
0.813 |
17.780 |
30.986 |
|
|
|
|
|
|
|
3 |
Segment Capital
employed |
|
|
|
|
|
a Electronics |
236.559 |
177.595 |
236.559 |
|
|
b Chemicals |
0.422 |
(0.491) |
0.422 |
|
|
c Unallocated Asset and Liabilities |
91.361 |
150.699 |
91.361 |
|
|
Total Segment
Capital Employed |
328.342 |
327.803 |
328.342 |
Notes:-
1. The above unaudited result were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 6th February, 2014.
2. The Statutory Auditors have carried out limited review of the above result.
3. The promoters have pledged 2,00,500 equity shares of the company with Indian Bank as collateral Security against the credit facilities availed by the Company.
4. Previous periods figures have been regrouped / rearranged wherever necessary to make them comparable with those of the current period
CMT REPORT (Corruption, Money Laundering & 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.60.34 |
|
|
1 |
Rs.101.45 |
|
Euro |
1 |
Rs.83.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.