MIRA INFORM REPORT
|
Report No. : |
354927 |
|
Report Date : |
16.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
GATEWAY DISTRIPARKS LIMITED |
|
|
|
|
Registered
Office : |
Sector-6, Dronagiri, Taluka-Uran, District. Raigad, Navi
Mumbai-400707, Maharashtra |
|
Tel. No.: |
91-22-27246500 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
06.04.1994 |
|
|
|
|
Com. Reg. No.: |
11-164024 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1087.280 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899MH1994PLC164024 |
|
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|
|
IEC No.: |
Not Available |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
The Company’s primary business is to operate Container Freight
Stations (“CFS”), which are facilities set up for the purpose of in-transit
container handling, examination, assessment of cargo with respect to
regulatory clearances, both import and export. |
|
|
|
|
No. of Employees
: |
238 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 19600000 |
|
|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Rating takes into consideration sound financial risk profile of the
company marked by strong networth base and decent profitability. Overall financial condition of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per the commitments. The company can be considered normal for business dealings with 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
Long Term Issuer Rating AA- |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
24.06.2015 |
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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Ms. Gauri |
|
Designation : |
Receptionist |
|
Contact No.: |
91-22-27246500 |
LOCATIONS
|
Registered Office : |
Sector 6, Dronagiri, Taluka Uran, District
Raigad, Navi Mumbai - 400 707 |
|
Tel. No.: |
91 22 2724 6500 |
|
Fax No.: |
91 22 2724 6538 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON: 31.03.2015
|
Name : |
Mr. Prem Kishan Gupta |
|
Designation : |
Chairman and Managing Director |
|
Other Directorship:
|
|
|
|
|
|
Name : |
Mr. Shabbir Hassanbhai |
|
Designation : |
Director |
|
Other Directorship:
|
|
|
|
|
|
Name : |
Mr. Sat Pal Khattar |
|
Designation : |
Director |
|
Other Directorship:
|
|
|
|
|
|
Name : |
Mr. M. P. Pinto |
|
Designation : |
Director |
|
Other Directorship:
|
|
|
|
|
|
Name : |
Mr. Saroosh Dinshaw |
|
Designation : |
Director |
|
Other Directorship:
|
|
|
|
|
|
Name : |
Mr. Bhaskar Avula Reddy |
|
Designation : |
Director |
|
Other Directorship:
|
|
|
|
|
|
Name : |
Mrs. Chitra Gouri Lal |
|
Designation : |
Director |
|
Other Directorship:
|
|
|
|
|
|
Name : |
Mr. Arun Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ishaan Gupta |
|
Designation : |
Director |
|
Other Directorship:
|
|
KEY EXECUTIVES
|
Audit Committee: |
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Stakeholders
Relationship Committee: |
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Nomination,
Remuneration And ESOP Committee: |
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|
Corporate Social
Responsibility Committee: |
|
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
3170000 |
2.92 |
|
|
24200000 |
22.26 |
|
|
27370000 |
25.17 |
|
|
|
|
|
|
4087018 |
3.76 |
|
|
4275187 |
3.93 |
|
|
8362205 |
7.69 |
|
Total
shareholding of Promoter and Promoter Group (A) |
35732205 |
32.86 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
24038381 |
22.11 |
|
|
2651055 |
2.44 |
|
|
1000 |
0.00 |
|
|
900000 |
0.83 |
|
|
34091163 |
31.35 |
|
|
61681599 |
56.73 |
|
|
|
|
|
|
3777670 |
3.47 |
|
|
|
|
|
|
5622897 |
5.17 |
|
|
835168 |
0.77 |
|
|
1078510 |
0.99 |
|
|
635313 |
0.58 |
|
|
438197 |
0.40 |
|
|
5000 |
0.00 |
|
|
11314245 |
10.41 |
|
Total Public
shareholding (B) |
72995844 |
67.14 |
|
Total (A)+(B) |
108728049 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
108728049 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company’s primary business is to operate Container Freight
Stations (“CFS”), which are facilities set up for the purpose of in-transit container
handling, examination, assessment of cargo with respect to regulatory
clearances, both import and export. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
238 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
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|
|
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Internal Auditors: |
|
|
Name : |
Varma and Varma Chartered Accountants |
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|
|
|
Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries : |
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Associate: |
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CAPITAL STRUCTURE
AS ON: 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.10/- each |
Rs. 1250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
108728049 |
Equity Shares |
Rs.10/- each |
Rs. 1087.280
Million |
|
|
|
|
|
Reconciliation of
number of shares:
|
|
Number of Shares |
Rs. In Million |
|
Equity Shares: |
|
|
|
Balance at the beginning of the year |
108606584 |
1086.066 |
|
Add: Shares issued on exercise of Employee Stock Options
[Refer Note 2(B)] |
121465 |
1.215 |
|
Balance at the end of the year |
108728049 |
1087.280 |
Rights, Preferences
and Restrictions attached to Shares:
The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per equity share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Details of Shares
held by shareholders holding more than 5% of the aggregate shares in the
Company:
|
Names of Shareholders |
Number of Shares |
% of Holdings |
|
Promoters and
Promoter Group: |
|
|
|
Prism International Private Limited. |
24,200,000 |
22.26 |
|
Windmill International Pte. Limited. |
4,275,187 |
3.93 |
|
KSP Logistics Limited. |
--- |
---- |
|
Mr. Prem Kishan Gupta |
2,750,000 |
2.53 |
|
Mrs. Mamta Gupta |
100,000 |
0.09 |
|
Mr. Ishaan Gupta |
100,000 |
0.09 |
|
Mr. Samvid Gupta |
100,000 |
0.09 |
|
Mr. Sat Pal Khattar |
3,300,000 |
3.04 |
|
Mr. Gopinath Pillai |
787,018 |
0.72 |
|
Mr. Ho Peng Cheong |
---- |
---- |
|
Mr. Arun Agarwal |
120,000 |
0.11 |
|
Others: |
|
|
|
FID Funds (Mauritius) Limited |
--- |
--- |
|
Life Insurance Corporation of India |
--- |
--- |
|
ICICI Prudential Value Discovery Fund |
7,315,486 |
6.73 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1087.280 |
1086.066 |
1085.046 |
|
(b) Reserves & Surplus |
5795.979 |
5011.340 |
5520.540 |
|
(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) |
6883.259 |
6097.406 |
6605.586 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
249.565 |
311.298 |
108.355 |
|
(b) Deferred tax liabilities
(Net) |
78.904 |
90.016 |
89.819 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
45.328 |
33.366 |
24.633 |
|
Total
Non-current Liabilities (3) |
373.797 |
434.680 |
222.807 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
43.302 |
40.342 |
17.115 |
|
(c) Other current liabilities |
285.447 |
207.154 |
256.392 |
|
(d) Short-term provisions |
385.690 |
387.464 |
12.154 |
|
Total
Current Liabilities (4) |
714.439 |
634.960 |
285.661 |
|
|
|
|
|
|
TOTAL |
7971.495 |
7167.046 |
7114.054 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1633.752 |
1510.400 |
1687.706 |
|
(ii) Intangible Assets |
164.000 |
188.000 |
212.000 |
|
(iii) Capital work-in-progress |
0.000 |
78.876 |
17.411 |
|
(iv) Intangible assets under development |
1.348 |
0.000 |
0.000 |
|
(b) Non-current Investments |
5019.565 |
4585.280 |
4145.645 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
88.228 |
199.618 |
355.613 |
|
(e) Other Non-current assets |
133.156 |
72.189 |
71.295 |
|
Total
Non-Current Assets |
7040.049 |
6634.363 |
6489.670 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
195.817 |
95.495 |
102.898 |
|
(d) Cash and cash equivalents |
557.988 |
392.147 |
434.487 |
|
(e) Short-term loans and
advances |
40.217 |
35.391 |
70.504 |
|
(f) Other current assets |
137.424 |
9.650 |
16.495 |
|
Total
Current Assets |
931.446 |
532.683 |
624.384 |
|
|
|
|
|
|
TOTAL |
7971.495 |
7167.046 |
7114.054 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
2758.887 |
1960.804 |
2058.652 |
|
|
Other Income |
319.044 |
44.773 |
82.723 |
|
|
TOTAL
(A) |
3077.931 |
2005.577 |
2141.375 |
|
|
|
|
|
|
|
Less: |
EXPENSES |
|
|
|
|
|
Operating Expenses |
1208.183 |
876.714 |
770.579 |
|
|
Employees benefits expense |
136.527 |
107.763 |
107.765 |
|
|
Other expenses |
326.989 |
263.460 |
257.778 |
|
|
TOTAL
(B) |
1671.699 |
1247.937 |
1136.122 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B)
(C) |
1406.232 |
757.640 |
1005.253 |
|
|
|
|
|
|
|
|
Less: |
FINANCIAL
EXPENSES (D) |
44.678 |
21.142 |
9.746 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1361.554 |
736.498 |
995.507 |
|
|
|
|
|
|
|
Less: |
DEPRECIATION/
AMORTISATION (F) |
267.720 |
179.323 |
152.727 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F)
(G) |
1093.834 |
557.175 |
842.780 |
|
|
|
|
|
|
|
Less: |
TAX (H) |
286.913 |
186.445 |
267.230 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
806.921 |
370.730 |
575.550 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods |
0.000 |
0.000 |
47.559 |
|
|
TOTAL
IMPORTS |
0.000 |
0.000 |
47.559 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
7.42 |
3.41 |
5.31 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
1074.216 |
736.750 |
928.979 |
|
Net cash flows from (used in) operations |
731.984 |
603.633 |
831.893 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
29.25 |
18.91 |
27.96 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
50.97 |
38.64 |
48.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
37.07 |
22.26 |
28.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.09 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.06 |
0.06 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
0.84 |
2.19 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
Market Value |
Rs. 326.85/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1085.046 |
1086.066 |
1087.280 |
|
Reserves & Surplus |
5520.540 |
5011.340 |
5795.979 |
|
Net
worth |
6605.586 |
6097.406 |
6883.259 |
|
|
|
|
|
|
long-term borrowings |
108.355 |
311.298 |
249.565 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current Maturities of
Long-Term Debts |
120.427 |
83.014 |
148.200 |
|
Total
borrowings |
228.782 |
394.312 |
397.765 |
|
Debt/Equity
ratio |
0.035 |
0.065 |
0.058 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Revenue from Operations |
2058.652 |
1960.804 |
2758.887 |
|
|
|
(4.753) |
40.702 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Revenue from Operations |
2058.652 |
1960.804 |
2758.887 |
|
Profit |
575.550 |
370.730 |
806.921 |
|
|
27.96% |
18.91% |
29.25% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OUTLOOK:
Over the medium term, growth in port volumes and resulting increased throughput at our CFSs, increase in volume of rail movement of containers and growth in the cold chain logistics business are expected to have positive impact on the Company’s long term business and profitability. Containerized EXIM trade is expected to show consistent performance at major Indian ports over the next few years.
FINANCIAL /
OPERATIONAL PERFORMANCE:
OPERATIONS:
Since Gateway Distriparks (South) Private Limited was amalgamated with the Company with effect from April1, 2014, current year results are not comparable with the previous year. Total income of the company (stand alone) from operations and other income (including dividend from subsidiaries Rs. 272.000 Million (2013-14: Rs. Nil)) during 2014-15 was Rs. 3,077.930 Million (2013-14: Rs. 2,005.580 Million). The Profit before tax for 2014-15 was Rs. 1,093.830 Million (2013-14: Rs. 557.170 Million). The Profit after tax for 2014-15 was Rs. 806.920 Million (2013-14: Rs. 370.730 Million). After considering surplus on amalgamation of Gateway Distriparks (South) Private Limited Rs. 962.790 Million, dividend Rs. 761.100 Million, tax on dividend distribution Rs. 91.110 Million (net of credit for dividend distribution tax Rs. 48.020 Million on dividend received from subsidiary company), the surplus carried forward in Statement of Profit and Loss is Rs. 1,802.210 Million. During the year, Excess of Book value of Investment over the Share Capital of the amalgamated Subsidiary Company Gateway Distriparks (South) Private Limited Rs. 124.380 Million and Book value of Fixed Assets with expired useful life as on April 1, 2014 (net of deferred tax Rs. 9.800 Million) Rs. 19.040 Million were reduced from General Reserves. No amounts are proposed to be transferred to Reserves. There are no material changes and commitments affecting the financial position of the company which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report. Together with its subsidiary companies in the CFS business at Chennai, Visakhapatnam and Kochi, the total income from operations for FY 2014-15 was Rs. 3,437.120 Million (2013-14: Rs. 2,922.770 Million) and Profit after Tax for FY 2014-15 was Rs. 742.950 Million (2013-14: Rs. 725.870 Million).
FINANCE:
The Company has outstanding loans including loans for transport / handling equipment Rs.397.760 Million with HDFC Bank Limited as on March 31, 2015. The Company has been sanctioned cash credit / overdraft facilities / Buyers credit of Rs.500.000 Million and non-funded facilities to Rs. 770.000 Million by HDFC Bank Limited. Yes Bank Limited has granted facilities totaling Rs. 500.000 Million, which includes sub-limits of cash credit / working capital demand loan of Rs. 200.000 Million each. The Company has given guarantees in respect of outstanding funded / non-funded borrowing facilities of Rs. 1,216.290 Million of subsidiary company Gateway Rail Freight Limited, Rs. 22.260 Million of subsidiary company Chandra CFS and Terminal Operators Private Limited and Rs. 157.500 Million of subsidiary company Gateway Distriparks (Kerala) Limited as on 31st March, 2015. The income from interest on fixed deposits with banks and investments was Rs. 32.430 Million in the current year (2013-14: Rs.40.220 Million).
BACKGROUND
In the Companies Act, 2013 under Section 177 every listed company or such class or classes of companies, as may be prescribed shall establish a vigil mechanism for the directors and employees to report genuine concerns in such a manner as may be prescribed. Such a vigil mechanism shall provide for adequate safeguards against victimization of persons who use such mechanism and make provision for direct access to the chairperson of the Audit Committee in appropriate or exceptional cases.
Effective October 1, 2014, Clause 49 of the Listing Agreement between listed companies and the Stock Exchanges, inter alia, provides for a mandatory requirement for all listed companies to establish a mechanism called “Whistle Blower Policy” for employees and directors to report to the management instances of unethical behavior, actual or suspected, fraud or violation of the company’s code of conduct.
Gateway Distriparks Limited (“Company”) has adopted a Code of Conduct for Directors and Senior Management Personnel (“the Code”), which lays down the principles and standards that should govern the actions of the Directors and Senior Management Personnel.
Any actual or potential violation of the Code, howsoever insignificant or perceived as such, is a matter of serious concern for the Company. Such a vigil mechanism shall provide for adequate safeguards against victimization of persons who use such mechanism and also make provision for direct access to the chairperson of the Audit Committee in appropriate or exceptional cases.
In compliance of the above requirements, Gateway Distriparks
Limited has established a vigil mechanism and formulated a policy in order to
provide a framework for responsible and secure whistle blowing/vigil mechanism (Whistle Blower Policy).
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2015
(Rs. In Million)
|
Particulars
|
3 Months Ended |
Preceeding 3 Months Ended |
Year to date figures for the current period |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
1.
Income from operations |
|
|
|
|
a) Net Income from operation |
2595.281 |
2627.676 |
5222.957 |
|
b) Other operating income |
14.128 |
14.262 |
28.390 |
|
Total
income from Operations(net) |
2609.409 |
2641.938 |
5251.347 |
|
2.Expenditure |
|
|
|
|
a) Employees benefit expenses |
111.571 |
89.274 |
200.845 |
|
b) Depreciation and amortization expenses |
202.299 |
201.333 |
403.632 |
|
c) Road Transportation |
310.277 |
293.284 |
603.561 |
|
d) Rail Transport |
1091.629 |
1078.460 |
2170.089 |
|
e) Container Storages, Handling and Reparis |
33.969 |
34.182 |
42.304 |
|
f) Labor Charges |
80.041 |
79.599 |
159.640 |
|
g) Sub Contract Charges |
79.998 |
68.664 |
148.662 |
|
h) Fees on Operations and Management of Punjab Conwares
Container Freight Station |
44.323 |
41.361 |
85.864 |
|
i) Other Expenses |
202.596 |
253.057 |
455.653 |
|
Total expenses |
2156.703 |
2139.214 |
4295.917 |
|
3.
Profit from operations before other income and financial costs and
Exceptional Items |
452.706 |
502.724 |
955.430 |
|
4. Other income |
34.102 |
42.664 |
76.766 |
|
5. Profit
from ordinary activities before finance costs and Exceptional Items |
486.808 |
545.388 |
1032.196 |
|
6. Finance costs |
49.542 |
50.715 |
100.257 |
|
7. Profit from ordinary
activities after finance costs but before exceptional items |
437.266 |
494.673 |
931.939 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary
activities before tax Expense: |
437.266 |
494.673 |
931.939 |
|
10.Tax expenses |
140.760 |
295.971 |
436.731 |
|
11.Net Profit / (Loss) from ordinary activities after
tax (9-10) |
296.506 |
198.702 |
495.208 |
|
12.
Share of Profit of Associate |
11.829 |
22.275 |
34.104 |
|
13.
Minority Interest |
(2.309) |
(4.698) |
(7.007) |
|
Net Profit after taxes, minority interest
and share of profit associates |
306.026 |
216.279 |
1087.280 |
|
14.Paid-up equity share capital (Nominal
value Rs.10/- per share) |
1087.280 |
1087.280 |
1087.280 |
|
15. Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year |
|
|
|
|
16.i) Earnings per share (before
extraordinary items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
2.81 |
1.99 |
4.80 |
|
(b) Diluted |
2.81 |
1.99 |
4.80 |
|
Particulars
|
3 Months Ended |
Preceeding 3 Months Ended |
Year to date figures for the current period |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
A.
Particulars of shareholding |
|
|
|
|
1.
Public Shareholding |
|
|
|
|
- Number of shares |
72995844 |
72995844 |
72995884 |
|
- Percentage of shareholding |
67.14% |
67.14% |
67.14% |
|
|
|
|
|
|
2.
Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
10300000 |
10300000 |
10300000 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
28.83% |
28.83% |
28.83% |
|
Percentage of shares (as a % of total share capital of the
company) |
9.47% |
9.47% |
9.47% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
25432205 |
25432205 |
25432205 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
71.17% |
71.17% |
71.17% |
|
Percentage of shares (as a % of total share capital of the
company) |
23.39% |
23.39% |
23.39% |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Receiving during the quarter |
7 |
|
|
|
Disposed of during the quarter |
7 |
|
|
|
Remaining unresolved at the end of the quarter |
Nil |
|
|
STANDALONE STATEMENT
OF ASSETS AND LIABILITIES
|
Particulars |
As at 30.09.2015 |
|
|
|
Particulars |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
1087.280 |
|
|
b) Reserves & Surplus |
8667.889 |
|
|
c) Money received against share warrants |
0.000 |
|
|
Sub Total- Shareholders funds |
9755.169 |
|
2 |
Share application money pending allotment |
|
|
3 |
Minority Interest |
266.434 |
|
|
Compulsory Convertible Preference Shares |
2958.000 |
|
4 |
Non-current liabilities |
|
|
|
(a) Long term borrowings |
1637.838 |
|
|
(b) Deferred tax liabilities (net) |
134.650 |
|
|
fc) Long term provisions |
94.429 |
|
|
Sub Total- Non Current Liabilities |
1866.917 |
|
5 |
Current liabilities |
|
|
|
(a) Short term borrowings |
96.719 |
|
|
(b) Trade Payables |
386.451 |
|
|
(c) Other current liabilities |
769.594 |
|
|
(d) Short term provisions |
12.349 |
|
|
Sub Total- Current Liabilities |
1265.113 |
|
|
TOTAL-EQUITY AND LIABILITIES |
16111.633 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
10262.246 |
|
|
(b) Long term loans and advances |
726.070 |
|
|
(c) Goodwill on Consolidation |
316.735 |
|
|
(d) Non-current Investment |
1443.332 |
|
|
(e) Other Non-current assets |
189.783 |
|
|
Sub-Total- Non-current assets |
12938.166 |
|
2 |
Current assets |
|
|
|
a) Current Investments |
1168.225 |
|
|
b) Inventories |
0.000 |
|
|
c) Trade Receivables |
1027.284 |
|
|
d) Cash and cash equivalents |
744.235 |
|
|
(e) Short term loans and advances |
163.017 |
|
|
(f) Other current assets |
70.706 |
|
|
Sub-Total- current assets |
3173.467 |
|
|
TOTAL ASSETS |
16111.633 |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL
EMPLOYED
FOR THE QUARTER ENDED 30TH
SEPTEMBER 2015.
(Rs. in million)
|
Sr. No. |
Particulars |
3 months ended |
Preceding 3 months ended |
Year to date figures for the current period ended |
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
A |
Segment Revenue |
|
|
|
|
|
a)
Container Freight Station |
820.363 |
870.747 |
1691.110 |
|
|
b)
Rail Logistics |
1789.046 |
1771.191 |
3560.237 |
|
|
c)
Cold Chain and related logistics |
-- |
--- |
-- |
|
|
Total |
2609.409 |
2641.938 |
5251.347 |
|
|
Less: Inter Segment Revenue |
- |
-- |
-- |
|
|
Net Sales/Income from Operations |
2609.409 |
2641.938 |
5251.347 |
|
|
|
|
|
|
|
B |
Segment Results |
|
|
|
|
|
a)
Container Freight Station |
220.636 |
236.867 |
457.503 |
|
|
b)
Rail Logistics |
255.135 |
273.642 |
528.777 |
|
|
c)
Cold Chain and related logistics |
-- |
-- |
-- |
|
|
Total |
475.771 |
510.509 |
986.280 |
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
i)
Interest |
(49.542) |
(50.715) |
(100.257) |
|
|
ii)
Other Un-allocable Expenditure net off |
(23.065) |
(7.785) |
(30.850) |
|
|
iii)
Un-allocable Income |
34.102 |
42.664 |
76.766 |
|
|
Total Profit Loss Before Taxation |
437.266 |
494.673 |
931.939 |
|
|
|
|
|
|
|
C |
Capital Employed (Segment
Assets - Segment Liabilities) |
|
|
|
|
|
a)
Container Freight Station |
2236.512 |
2111.831 |
2236.512 |
|
|
b)
Rail Logistics |
3854.044 |
3872.807 |
3854.044 |
|
|
c)
Cold Chain and related logistics |
-- |
-- |
-- |
|
|
d)
Un-allocated |
3664.613 |
3464.507 |
3664.613 |
|
|
Total |
9755.169 |
9449.145 |
9755.169 |
Note:
1. After review by Audit Committee, the Board of Directors of the Company have approved the results at their meeting held on November 6, 2015.
2. The Company ("GDL") and its subsidiary company, Gateway Rail Freight Limited ("GRFL") are involved in an arbitration proceeding with Container Corporation of India Limited ("Concor") in respect of agreements entered into by the parties for operation of container trains from the Inland Container Depot and Rail siding at Garhi Harsaru, Gurgaon. Concor has raised claims on GDL and GRFL on various issues in respect to the aforesaid agreements. Based on legal opinion, the Management has taken a view that these claims are at a preliminary stage and the question of maintainability of the alleged disputes as raised by Concor under the aforesaid agreements is yet to be determined and are not sustainable. Pending conclusion of the arbitration, the parties are maintaining "status quo" in respect of the operations at Garhi Harsaru, Gurgaon.
3. In accordance with Accounting Standard 17 - "Segment
Reporting" specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014, the Company has determined its business
segment as "Container Freight Station". Since 100% of the Company's
business is from Container Freight Station, there are no other primary
reportable segments. There is no secondary reportable segment relating to the
Company's business.
4. Deputy Commissioner of Income Tax had issued orders under Section 143(3) of
the Income Tax Act, 1961 of India ("the Income Tax Act"), for the
Assessment Years 2008-2009 to 2012-2013, disallowing the claim of deduction by
the Company under Section 80-IA(4)(i) of the Income Tax Act upto Assessment
year 2011-2012, other expenses and Minimum Alternate Tax Credit and issued
notices of demand under Section 156 of the Income Tax Act for recovery of
additional income tax and interest (after considering rectification order under
Section 154 of the Income Tax Act for Assessment Year 2012-2013) aggregating
Rs. 9,233.68 Lacs and initiated proceedings to levy penalty. On appeal filed by
the Company against the assessment orders, Commissioner of Income Tax (Appeals)
had allowed the aforesaid deductions, except for claim of deduction of other
expenses aggregating Rs. 30 Lacs, for the Assessment Years 2008-2009 to
2010-2011. The Deputy Commissioner of Income Tax has appealed with Income Tax
Appellate Tribunal against the aforesaid orders of Commissioner of Income Tax
(Appeals) for the Assessment Years 2008-2009 to 2010-2011. Pending hearing of
the appeal filed by the Company against the assessment order for Assessment
Year 2011-2012 with the Commissioner of Income Tax (Appeals), the Company has
deposited Rs. 352 Lacs. The Company has filed appeal against the order for the
Assessment Year 2012-2013, with the Commissioner of Income Tax (Appeals).
Deputy Commissioner of Income Tax had issued notices under Section 148 of the Income Tax Act, proposing to re-assess the Income for Assessment Years 2004-2005 to 2007-2008, disallowing the deduction under Section 80-IA(4)(i) of the Income Tax Act. The Company expects tax payable aggregating Rs. 4,460.34 Lacs (excluding interest) on the amount disallowed. The Company has filed a Writ petition against the notices with the Bombay High Court. The Bombay High Court has granted Ad Interim Stay against the notices.
Based on Lawyer and Tax Consultant's opinion, the Management is of the opinion that the Company is entitled to aforesaid deductions and claims and hence, no provision for the aforesaid demand/ notices has been made till September 30, 2015.
5. In view of the Amalgamation of Gateway Distriparks (South) Private Limited with the Company, with appointed date of April 1, 2014, which was given effect in the financial results for the quarter ended March 31, 2015, figures of previous quarters are not comparable. Figures of previous quarters / period / year have been regrouped / reclassified, wherever necessary.
6. Exceptional Item comprises of Profit of Rs. 6,306.61 Lacs on sale of Company's freehold land and building at Garhi Harsaru, Gurgaon to its Subsidiary Company Gateway Rail Freight Limited on the sale consideration of Rs. 7,490 Lacs (Book value: Rs. 1,183.39 Lacs). The Company has provided Rs. 1,401.63 Lacs towards long term capital gains tax on the entire exceptional income in the quarter ended June 30, 2015.
7. The above financial results for the quarter ended September 30, 201S have been subject to a "Limited Review" by the auditors of the Company, as per listing agreement entered into with the stock exchanges in India.
INDEX
OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10523871 |
27/09/2014 |
1,246,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
C25285495 |
|
2 |
10489686 |
28/04/2014 |
2,495,001.00 |
HDFC BANK LIMITED |
HDFC BANK LIMITED, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
C03136173 |
|
3 |
10489216 |
15/04/2014 |
98,400,000.00 |
HDFC BANK LIMITED |
HDFC BANK LIMITED, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
C03135654 |
|
4 |
10485650 |
22/03/2014 |
42,939,790.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
C00747402 |
|
5 |
10484504 |
18/03/2014 |
42,939,790.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
C00354928 |
|
6 |
10402307 |
02/02/2013 |
37,725,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B67847533 |
|
7 |
10391023 |
05/12/2012 |
63,625,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B63768162 |
|
8 |
10379666 |
03/10/2012 |
44,500,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B59360453 |
|
9 |
10288407 |
28/04/2011 |
18,470,500.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B13538574 |
|
10 |
10113413 |
10/10/2013 * |
1,250,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B88313770 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Bank Guarantees and Continuity Bonds issued in favour of The President of India through the Commissioners of Customs and in favour of Sales Tax Authorities. |
7743.850 |
3169.550 |
|
Bank Guarantee and Continuity Bonds issued in favor of Punjab State Container and Warehousing Corporation Limited in respect of Operations and Management Contract of their CFS at Dronagiri Node, Nhava Sheva. |
2165.000 |
2160.900 |
|
Corporate guarantees issued in favour of banks, financial institutions and State Industrial Development Corporation for loans taken by subsidiaries |
1396.044 |
2769.286 |
|
Others |
1.700 |
-- |
|
Disputed Income Tax Claims (including Interest and Penalty to the extent ascertainable) not acknowledged as debts |
1588.171 |
1369.402 |
|
|
|
|
|
TOTAL |
12894.765 |
9469.138 |
FIXED ASSETS:
Tangible
- Freehold Land
- Leasehold Land
- Buildings
- Plant and Machinery
- Rail Siding
- Rolling Stocks-Rakes
- Rolling Stocks-Container and Reefer Power Packs
- Furniture and Fixtures
- Motor Vehicles
- Office Equipment
- Electrical Installations
- Other Equipment
- Leasehold Improvements
- Computers
Intangible
- Punjab Conware's
- Container Freight Station - Upfront Fees
- Rail License Fees
- Technical Know-how Fees
- Computer Software
- Leasehold Premium
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 records 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. 60.04 |
|
UK Pound |
1 |
Rs. 101.67 |
|
Euro |
1 |
Rs. 73.93 |
INFORMATION DETAILS
|
Information Gathered
by : |
SPR |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
58 |
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.