MIRA INFORM REPORT

 

 

Report No. :

352244

Report Date :

03.12.2015

 

IDENTIFICATION DETAILS

 

Name :

ARGON KIMYA SANAYI VE TICARET A.S.

 

 

Registered Office :

Atisalani Tekstilkent Koza Plaza Ofis B Blok Kat:25 No:94-95 34235 Esenler Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

10.11.1965

 

 

Com. Reg. No.:

90686

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of chemicals to be used at textile and construction industries.

 

 

No. of Employees :

40

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries are rising in importance and have surpassed textiles within Turkey's export mix.

 

Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that has brought up to 1 million barrels per day from the Caspian region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 97% of its energy needs.

 

After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis, and GDP rebounded strongly to around 9% in 2010-11, as exports returned to normal levels following the recession. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at year-end 2014.

 

Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.

 

The Turkish economy retains significant weaknesses. Specifically, Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

 

Source : CIA

 

NOTES

 

Address at your inquiry is not the registered head office but another premise.

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

ARGON KIMYA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Atisalani Tekstilkent Koza Plaza Ofis B Blok Kat:25 No:94-95 34235 Esenler Istanbul / Turkey

PHONE NUMBER

:

90-212-438 57 57 (Head Office)

90-282-726 19 90 (Factory)

 

FAX NUMBER

:

90-212-438 35 15 (Head Office)

 

WEB-ADDRESS

:

www.argon.com.tr

E-MAIL

:

info@argon.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

0740013702

REGISTRATION NUMBER

:

90686

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

10.11.1965

ESTABLISHMENT GAZETTE DATE/NO

:

26.11.1965/

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   40.000.000

HISTORY

:

Previous Registered Capital

:

TL 6.000.000

Changed On

:

03.10.2006 (Commercial Gazette Date /Number 06.10.2006/ 6658)

Previous Registered Capital

:

TL 15.000.000

Changed On

:

08.06.2010 (Commercial Gazette Date /Number 14.06.2010/ 7584)

Previous Registered Capital

:

TL 15.800.000

Changed On

:

04.06.2012 (Commercial Gazette Date /Number 11.06.2012/ 8087)

Previous Registered Capital

:

TL 25.800.000

Changed On

:

12.11.2013 (Commercial Gazette Date /Number 18.11.2013/ 8445)

Previous Registered Capital

:

TL 30.800.000

Changed On

:

01.07.2014 (Commercial Gazette Date /Number 07.07.2014/ 8606)

Previous Registered Capital

:

TL 35.800.000

Changed On

:

07.09.2015 (Commercial Gazette Date /Number 11.09.2015/ 8904)

Previous Address

:

Buyukdere Cad. Kasap Sok. Ozden Konak Apt. No.4 Esentepe Istanbul

Changed On

:

10.01.1994 (Commercial Gazette Date /Number 13.01.1994/ 3448)

Previous Address

:

Koyalti Mevkii Asena Sok. No:1 Yenibosna Bahcelievler - Istanbul

Changed On

:

18.02.2010 (Commercial Gazette Date /Number 23.02.2010/ 7507)

 

 

OWNERSHIP/ MANAGEMENT

 

 

SHAREHOLDERS

:

Erol Margunato

95 %

Cem Margunato

5 %

 

 

SISTER COMPANIES

:

AROTEL TURIZM OTELCILIK A.S.

 

BOARD OF DIRECTORS

:

Cem Margunato

Chairman

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of chemicals to be used at textile and construction industries.

 

NACE CODE

:

DG.24.66

 

SECTOR

:

Chemicals

 

TRADEMARKS OWNED

:

Arakril

Argoprint

Softamine

 

NUMBER OF EMPLOYEES

:

40

 

REMARKS ON NUMBER OF EMPLOYEES

:

The subject also uses subcontractors.

 

 

NET SALES

:

28.178.041 TL

(2003) 

41.551.286 TL

(2004) 

38.507.921 TL

(2005) 

51.982.222 TL

(2006) 

59.649.642 TL

(2007) 

81.710.693 TL

(2008) 

78.134.383 TL

(2009) 

114.790.223 TL

(2010) 

151.145.649 TL

(2011) 

166.598.511 TL

(2012) 

156.359 TL Thousand

(2013) 

202.635 TL Thousand

(2014) 

163.818 TL Thousand

(01.01-30.09.2015) 

 

 

IMPORT COUNTRIES

:

France

Italy

Spain

China

 

MERCHANDISE IMPORTED

:

Chemical raw materials

 

 

EXPORT VALUE

:

8.131.057 TL

(2003)

12.779.155 TL

(2004)

12.128.081 TL

(2005)

16.773.371 TL

(2006)

30.664.448 TL

(2007)

28.537.270 TL

(2008)

43.381.708 TL

(2009)

50.821.132 TL

(2010)

63.765.582 TL

(2011)

77.130.883 TL

(2012)

79.116.285 TL

(2013)

114.379 TL Thousand

(2014)

90.396 TL Thousand

(01.01-30.09.2015)

 

 

EXPORT COUNTRIES

:

Iran

Taiwan

Japan

China

Vietnam

Thailand

 

MERCHANDISE  EXPORTED

:

Acrylic polymers

 

HEAD OFFICE ADDRESS

:

Atisalani Tekstilkent Koza Plaza Ofis B Blok Kat:25 No:94-95 34235 Esenler  Istanbul / Turkey ( rented )

 

BRANCHES

:

Factory  :  Organize Sanayi Bolgesi 2. Bolge  Yildirim Beyazit Mah. Yildiz Sok. No:10 Cerkezkoy Tekirdag/Turkey (owned) (35.000 sqm)

                                                                                

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2014. There appears a stagnating trend in  1.1 - 30.9.2015.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Denizbank Gunesli Branch

Garanti Bankasi Gunesli Branch

HSBC Bank Istanbul Branch

T. Is Bankasi Gunesli Branch

Turk Ekonomi Bankasi Gunesli Branch

Yapi ve Kredi Bankasi Gunesli Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

(2014) TL Thousand

(01.01-30.09.2015) TL Thousand

Net Sales

151.145.649

166.598.511

156.359

202.635

163.818

Profit (Loss) Before Tax

2.400.526

3.150.762

3.891

6.034

4.707

Stockholders' Equity

21.021.482

25.872.245

34.015

40.821

 

Total Assets

108.592.704

117.156.640

141.533

173.794

 

Current Assets

83.643.260

85.253.270

104.943

133.592

 

Non-Current Assets

24.949.444

31.903.370

36.590

40.202

 

Current Liabilities

71.747.825

79.596.679

96.053

103.766

 

Long-Term Liabilities

15.823.397

11.687.716

11.465

29.207

 

Gross Profit (loss)

22.200.657

18.128.525

27.787

31.788

31.368

Operating Profit (loss)

10.458.911

7.183.295

17.421

17.652

18.549

Net Profit (loss)

1.869.224

2.472.245

3.091

4.743

4.707

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:377.315,26 TL

Equity Part

:3.822.684,74 TL

Payment Due Date

:31.08.2017

 

 

Capitalization

Insufficient

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The capital increase is expected to have a slight positive effect on equity total since the last balance sheet date.

 

Liquidity

Good As of 31.12.2014

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

Good Operating Profitability  in 2011

Low Net Profitability  in 2011

In Order Operating Profitability  in 2012

Low Net Profitability  in 2012

High Operating Profitability  in 2013

Fair Net Profitability  in 2013

Good Operating Profitability  in 2014

Fair Net Profitability  in 2014

High Operating Profitability (01.01-30.09.2015)

Fair Net Profitability (01.01-30.09.2015)

 

Gap between average collection and payable periods

Unfavorable in 2014

General Financial Position

Passable

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 (01.01-30.09.2015)

7,81 %

2,6640

2,9843

4,0944

 (01.01-31.10.2015)

7,59 %

2,6873

3,0050

4,1301

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

CURRENT ASSETS

83.643.260

0,77

85.253.270

0,73

104.943

0,74

133.592

0,77

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

15.216.292

0,14

2.271.306

0,02

8.224

0,06

26.075

0,15

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

51.253.150

0,47

54.626.841

0,47

54.899

0,39

64.066

0,37

Other Receivable

36.809

0,00

360.955

0,00

1.698

0,01

1.833

0,01

Inventories

10.866.572

0,10

21.465.450

0,18

35.059

0,25

34.815

0,20

Advances Given

5.105.937

0,05

1.638.934

0,01

1.612

0,01

3.190

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.164.500

0,01

4.889.784

0,04

3.451

0,02

3.613

0,02

NON-CURRENT ASSETS

24.949.444

0,23

31.903.370

0,27

36.590

0,26

40.202

0,23

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

7.717

0,00

7.717

0,00

352

0,00

4

0,00

Financial Assets

348.185

0,00

348.185

0,00

0

0,00

348

0,00

Tangible Fixed Assets (net)

23.968.217

0,22

28.474.909

0,24

32.299

0,23

35.665

0,21

Intangible Assets

110.759

0,00

2.607.774

0,02

3.382

0,02

3.749

0,02

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

514.566

0,00

464.785

0,00

557

0,00

436

0,00

TOTAL ASSETS

108.592.704

1,00

117.156.640

1,00

141.533

1,00

173.794

1,00

CURRENT LIABILITIES

71.747.825

0,66

79.596.679

0,68

96.053

0,68

103.766

0,60

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

60.508.247

0,56

68.605.226

0,59

84.363

0,60

88.342

0,51

Accounts Payable

4.807.602

0,04

6.467.751

0,06

5.858

0,04

7.787

0,04

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Advances from Customers

2.165.891

0,02

1.215.055

0,01

1.609

0,01

2.128

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

375.693

0,00

489.684

0,00

378

0,00

338

0,00

Provisions

10.134

0,00

32.418

0,00

278

0,00

320

0,00

Other Current Liabilities

3.880.258

0,04

2.786.545

0,02

3.567

0,03

4.851

0,03

LONG-TERM LIABILITIES

15.823.397

0,15

11.687.716

0,10

11.465

0,08

29.207

0,17

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

15.807.730

0,15

11.672.049

0,10

11.465

0,08

29.207

0,17

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

15.667

0,00

15.667

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

21.021.482

0,19

25.872.245

0,22

34.015

0,24

40.821

0,23

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

15.800.000

0,15

23.400.000

0,20

30.800

0,22

35.800

0,21

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

3.352.258

0,03

0

0,00

124

0,00

278

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.869.224

0,02

2.472.245

0,02

3.091

0,02

4.743

0,03

TOTAL LIABILITIES AND EQUITY

108.592.704

1,00

117.156.640

1,00

141.533

1,00

173.794

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS, "Cheques Received" and "Outstanding Cheques" figures are under "Cash And Banks" figure. Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques" figures are given under "Account Receivable" figure and "Account Payable" figure respectively. 

 

In the sub-items of "Account Receivable", TL thousand 652 is "Doubtful Trade Receivables" at the last balance sheet.                                                                                      

The details of "Other Receivable" figure at the last balance sheet (TL Thousand): Due From Shareholders:0,Due From Participations:            0,Due From Affiliated Companies:0,Due From Personnel:85,Other Miscellaneous Receivables:1.748,Other Receivable Total:1.833 

 

TL thousand 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.          

 

At the last income statement TL thousand 8.825 of the other income is due to "Profit from Foreign Currency Exchange".                                                                                        

 

At the last income statement TL thousand 14.698 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-30.09.2015) TL Thousand

 

Net Sales

151.145.649

1,00

166.598.511

1,00

156.359

1,00

202.635

1,00

163.818

1,00

Cost of Goods Sold

128.944.992

0,85

148.469.986

0,89

128.572

0,82

170.847

0,84

132.450

0,81

Gross Profit

22.200.657

0,15

18.128.525

0,11

27.787

0,18

31.788

0,16

31.368

0,19

Operating Expenses

11.741.746

0,08

10.945.230

0,07

10.366

0,07

14.136

0,07

12.819

0,08

Operating Profit

10.458.911

0,07

7.183.295

0,04

17.421

0,11

17.652

0,09

18.549

0,11

Other Income

10.974.566

0,07

7.713.229

0,05

10.218

0,07

13.133

0,06

9.335

0,06

Other Expenses

11.134.736

0,07

4.473.048

0,03

11.567

0,07

12.336

0,06

14.708

0,09

Financial Expenses

7.898.215

0,05

7.272.714

0,04

12.181

0,08

12.415

0,06

8.469

0,05

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

2.400.526

0,02

3.150.762

0,02

3.891

0,02

6.034

0,03

4.707

0,03

Tax Payable

531.302

0,00

678.517

0,00

800

0,01

1.291

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.869.224

0,01

2.472.245

0,01

3.091

0,02

4.743

0,02

4.707

0,03

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,17

1,07

1,09

1,29

 

Acid-Test Ratio

0,93

0,72

0,67

0,89

 

Cash Ratio

0,21

0,03

0,09

0,25

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,10

0,18

0,25

0,20

 

Short-term Receivable/Total Assets

0,47

0,47

0,40

0,38

 

Tangible Assets/Total Assets

0,22

0,24

0,23

0,21

 

TURNOVER RATIOS

 

 

Inventory Turnover

11,87

6,92

3,67

4,91

 

Stockholders' Equity Turnover

7,19

6,44

4,60

4,96

 

Asset Turnover

1,39

1,42

1,10

1,17

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,19

0,22

0,24

0,23

 

Current Liabilities/Total Assets

0,66

0,68

0,68

0,60

 

Financial Leverage

0,81

0,78

0,76

0,77

 

Gearing Percentage

4,17

3,53

3,16

3,26

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,09

0,10

0,09

0,12

 

Operating Profit Margin

0,07

0,04

0,11

0,09

 

Net Profit Margin

0,01

0,01

0,02

0,02

 

Interest Cover

1,30

1,43

1,32

1,49

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

122,09

118,06

127,21

113,83

 

Average Payable Period (days)

13,42

15,68

16,40

16,41

 

WORKING CAPITAL

11895435,00

5656591,00

8890,00

29826,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.62

UK Pound

1

Rs.100.34

Euro

1

Rs.70.67

TRY

1

Rs.23.07

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

NIT

 

               

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 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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.