MIRA INFORM REPORT
|
Report No. : |
353762 |
|
Report Date : |
17.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
299 COMPANY
LIMITED |
|
|
|
|
Registered Office : |
Unit 3p15,
3rd Floor, The
Emporium, Sukhumvit Road, Klongton, Klongtoey, Bangkok
10100 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
18.01.1993 |
|
|
|
|
Com. Reg. No.: |
0105536005188 [Former : 443/2536] |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
The subject
is engaged in
importing and distributing wide
range of camping
equipments, including tent,
cloths, footwear, sleeping
bag, waterproof bag,
lamp, knife, camping
watch, compass, flashlight,
military cap, lifesaving jacket,
belt, sunglasses, cooking
utensil, mat |
|
|
|
|
Employees: |
7 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise
economy, and generally pro-investment policies Thailand has historically had a
strong economy due in part to competitive industrial and agriculture exports -
mostly electronics, agricultural commodities, automobiles and parts, and
processed foods. The economy experienced slow growth and declining exports in
2014, in part due to domestic political turmoil and sluggish global demand.
With full employment, Thailand attracts an estimated 2-4 million migrant workers
from neighboring countries, and faces labor shortages. Following the May 2014
coup d'etat, tourism decreased 6-7% but is beginning to recover. The household
debt to GDP ratio is over 80%. The Thai government in 2013 implemented a
nation-wide 300 baht ($10) per day minimum wage policy and deployed new tax
reforms designed to lower rates on middle-income earners. The Thai baht has
remained stable.
|
Source
: CIA |
COMPANY NAME AND ADDRESS
299 COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : UNIT
3P15, 3rd FLOOR,
THE EMPORIUM,
SUKHUMVIT ROAD, KLONGTON,
KLONGTOEY, BANGKOK 10100,
THAILAND
TELEPHONE : [66] 2259-6428
FAX : [66]
2261-0327
E-MAIL ADDRESS : info@basgaingears.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1993
REGISTRATION NO.
: 0105536005188 [Former : 443/2536]
TAX ID NO. : 3011723494
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP
: BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS.
CHAILAI YUGALA NA
AYUDHYA, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 7
LINES OF
BUSINESS : CAMPING EQUIPMENTS
IMPORTER AND
DISTRIBUTOR
CORPORATE
PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject
was established on January
18, 1993 as
a private limited
company under the registered
name 299 COMPANY LIMITED by Thai groups,
in order to distribute
wide range of
camping equipments to
local market. It
currently employs 7
staff.
The subject’s
registered address is
Unit 3P15, 3rd Floor,
The Emporium, 622
Sukhumvit Rd., Klongton,
Klongtoey, Bangkok 10110,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Chailai
Yugala Na Ayudhya |
|
Thai |
58 |
|
Mrs. Anvida
Yugala Na Ayudhya |
|
Thai |
39 |
AUTHORIZED
PERSON
One of the above
directors can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mrs. Chailai
Yugala Na Ayudhya is the Managing
Director.
She is
Thai nationality with
the age of
58 years old.
Mrs. Anvida
Yugala Na Ayudhya
is the General
Manager.
She is
Thai nationality with
the age of
39 years old.
BUSINESS
OPERATIONS
The subject
is engaged in
importing and distributing
wide range of
camping equipments, including
tent, cloths, footwear,
sleeping bag, waterproof
bag, lamp, knife,
camping watch, compass,
flashlight, military cap, lifesaving
jacket, belt, sunglasses,
cooking utensil, mat.
MAJOR
BRANDS
“PROCAMFIS”,
“KOVEA”, “SUREFIRE”, “LOWA”, “GEORORY”, “THEMAREST”, “FENIX”,
“HELINOX” and etc.
PURCHASE
90% of
the products is
imported from United
States of America,
Germany, Italy, Hong
Kong, Japan, Republic of
China, Spain and
United Kingdom, and
the remaining 10% is
purchased from local
suppliers.
MAJOR
SUPPLIERS
Fenixlight Limited : Republic
of China
Surefire Inc. : U.S.A.
SALES
100% of
the products is
sold locally to
retailers and end-users.
RELATED
AND AFFILIATED COMPANY
299 Tank Co.,
Ltd.
Business Type
: Importer and
distributor of camping
equipment
LITIGATION
Bankruptcy and
Receivership
There are
no litigation on
bankruptcy and receivership
cases filed against
the subject found
at Legal Execution
Department for the
past five years.
Others
There are
no legal suits
filed against the
subject for the
past two years.
CREDIT
Sales are
by cash.
Local bills
are paid by
cash or on
the credits term
of 30-60 days.
Imports are by L/C
at sight or
T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
EMPLOYMENT
The subject
employs 7 staff.
LOCATION
DETAILS
The premise
is rented for
administrative office and
shop at the
heading address. Premise
is located in
a prime commercial
area.
COMMENT
The subject’s
operating performance was
moderate. Its expertise
in camping equipments
with variety of
products. The subject
has a bright
future prospect.
Subject disclosed
a moderate sales
in 2014, while
its business in
2015 is relatively
slow from shrinking
consumers’ spending.
FINANCIAL
INFORMATION
The capital
was registered at
Bht. 1,000,000 divided into
10,000 shares of
Bht. 100 each.
On March 19, 2008,
the capital was
increased to Bht. 5,000,000
divided into 50,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Chailai
Yugala Na Ayudhya Nationality: Thai Address :
34/10 Charansanitwong Rd.,
Aroon Amarin, Bangkoknoi, Bangkok |
30,000 |
60.00 |
|
Mrs. Anvida Yugala
Na Ayudhya Nationality: Thai Address :
34/10 Charansanitwong Rd.,
Aroon Amarin, Bangkoknoi, Bangkok |
10,000 |
20.00 |
|
Princess Bhanuma
Yugala Nationality: Thai Address :
34/10 Charansanitwong Rd.,
Aroon Amarin, Bangkoknoi, Bangkok |
10,000 |
20.00 |
Total Shareholders
: 3
Share
Structure [as at
April 30, 2012]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
50,000 |
100.00 |
NAME
OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Sumol Hobamphen
No. 8194
BALANCE
SHEET [BAHT]
The
latest financial figures published
as at December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
435,204.06 |
723,303.69 |
383,994.07 |
|
Trade Accounts
Receivable |
14,854,000.02 |
7,602,000.00 |
1,525,100.01 |
|
Inventories |
16,938,878.80 |
17,598,238.89 |
11,482,553.57 |
|
Other Current
Assets |
575,742.37 |
486,747.64 |
1,349,938.12 |
|
|
|
|
|
|
Total Current
Assets |
32,803,825.25 |
26,410,290.22 |
14,741,585.77 |
|
Cash at Bank
pledged as a Collateral |
13,868,395.57 |
8,199,187.26 |
8,291,927.19 |
|
Fixed Assets |
672,752.60 |
753,151.69 |
923,322.73 |
|
Prepaid Leasehold
Right |
1,649,364.81 |
1,900,486.56 |
2,151,608.31 |
|
Other Non-current
Assets |
2,171,540.69 |
2,003,339.69 |
1,174,789.69 |
|
Total Assets |
51,165,878.92 |
39,266,455.42 |
27,283,233.69 |
LIABILITIES & SHAREHOLDERS’ EQUITY
[BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft
& Short-term Loan from Financial Institutions |
5,726,710.82 |
2,993,759.47 |
3,010,078.45 |
|
Trade Accounts
& Other Payable |
2,811,034.22 |
4,243,336.22 |
2,740,268.77 |
|
Current Portion
of Financial Lease Contract
Liabilities |
88,011.27 |
150,876.12 |
150,876.12 |
|
Current Portion
of Long-term Loans |
2,592,794.73 |
2,620,662.00 |
2,050,912.00 |
|
Other Current
Liabilities |
543,141.44 |
97,487.79 |
308,601.09 |
|
|
|
|
|
|
Total Current
Liabilities |
11,761,692.48 |
10,106,121.60 |
8,260,736.43 |
|
Long-term Loan
from Related Person |
18,000,000.00 |
5,300,000.00 |
- |
|
Financial
Lease Contract Liabilities |
- |
88,011.27 |
238,887.39 |
|
Long-term Loan
from Financial Institutions |
7,200,342.32 |
9,762,603.83 |
5,340,960.33 |
|
Total Liabilities |
36,962,034.80 |
25,256,736.70 |
13,840,584.15 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized
and issued share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained
Earning - Unappropriated |
9,203,844.12 |
9,009,718.72 |
8,442,649.54 |
|
Total Shareholders' Equity |
14,203,844.12 |
14,009,718.72 |
13,442,649.54 |
|
Total Liabilities & Shareholders' Equity |
51,165,878.92 |
39,266,455.42 |
27,283,233.69 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
53,377,485.83 |
45,044,965.45 |
48,337,417.24 |
|
Other Income |
334,362.35 |
404,488.82 |
556,399.44 |
|
Total Revenues |
53,711,848.18 |
45,449,454.31 |
48,893,816.68 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of
Goods Sold |
40,444,142.77 |
33,572,416.48 |
37,816,291.79 |
|
Selling Expenses |
1,631,002.48 |
1,878,725.34 |
1,598,643.98 |
|
Administrative Expenses |
10,140,717.40 |
8,762,162.64 |
8,149,221.84 |
|
Total
Expenses |
52,215,862.65 |
44,213,304.46 |
47,564,157.61 |
|
|
|
|
|
|
Profit before
Financial Cost &
Income Tax |
1,495,985.53 |
1,236,149.85 |
1,329,659.07 |
|
Financial Cost |
[1,159,904.76] |
[515,236.52] |
[413,873.51] |
|
Profit before
Income Tax |
336,080.77 |
720,913.33 |
915,785.56 |
|
Income Tax |
[141,955.37] |
[153,844.15] |
[255,938.83] |
|
|
|
|
|
|
Net Profit / [Loss] |
194,125.40 |
567,069.18 |
659,846.73 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.79 |
2.61 |
1.78 |
|
QUICK RATIO |
TIMES |
1.30 |
0.82 |
0.23 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS
TURNOVER |
TIMES |
79.34 |
59.81 |
52.35 |
|
TOTAL ASSETS
TURNOVER |
TIMES |
1.04 |
1.15 |
1.77 |
|
INVENTORY
CONVERSION PERIOD |
DAYS |
152.87 |
191.33 |
110.83 |
|
INVENTORY
TURNOVER |
TIMES |
2.39 |
1.91 |
3.29 |
|
RECEIVABLES
CONVERSION PERIOD |
DAYS |
101.57 |
61.60 |
11.52 |
|
RECEIVABLES
TURNOVER |
TIMES |
3.59 |
5.93 |
31.69 |
|
PAYABLES
CONVERSION PERIOD |
DAYS |
25.37 |
46.13 |
26.45 |
|
CASH CONVERSION
CYCLE |
DAYS |
229.07 |
206.79 |
95.90 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS
SOLD |
% |
75.77 |
74.53 |
78.23 |
|
SELLING &
ADMINISTRATION |
% |
22.05 |
23.62 |
20.17 |
|
INTEREST |
% |
2.17 |
1.14 |
0.86 |
|
GROSS PROFIT
MARGIN |
% |
24.86 |
26.37 |
22.92 |
|
NET PROFIT
MARGIN BEFORE EX. ITEM |
% |
2.80 |
2.74 |
2.75 |
|
NET PROFIT
MARGIN |
% |
0.36 |
1.26 |
1.37 |
|
RETURN ON
EQUITY |
% |
1.37 |
4.05 |
4.91 |
|
RETURN ON ASSET |
% |
0.38 |
1.44 |
2.42 |
|
EARNING PER
SHARE |
BAHT |
3.88 |
11.34 |
13.20 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.72 |
0.64 |
0.51 |
|
DEBT TO EQUITY
RATIO |
TIMES |
2.60 |
1.80 |
1.03 |
|
TIME INTEREST
EARNED |
TIMES |
1.29 |
2.40 |
3.21 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
18.50 |
(6.81) |
|
|
OPERATING
PROFIT |
% |
21.02 |
(7.03) |
|
|
NET PROFIT |
% |
(65.77) |
(14.06) |
|
|
FIXED ASSETS |
% |
(10.68) |
(18.43) |
|
|
TOTAL ASSETS |
% |
30.30 |
43.92 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales
growth is 18.5%. Turnover has increased from THB 45,044,965.45 in 2013 to THB
53,377,485.83 in 2014. While net profit has decreased from THB 567,069.18 in
2013 to THB 194,125.40 in 2014. And total assets has increased from THB
39,266,455.42 in 2013 to THB 51,165,878.92 in 2014.
PROFITABILITY :
RISKY
PROFITABILITY RATIO
|
Gross Profit
Margin |
24.86 |
Deteriorated |
Industrial
Average |
67.24 |
|
Net Profit
Margin |
0.36 |
Deteriorated |
Industrial
Average |
4.18 |
|
Return on
Assets |
0.38 |
Deteriorated |
Industrial
Average |
6.47 |
|
Return on
Equity |
1.37 |
Deteriorated |
Industrial
Average |
17.01 |
Gross Profit Margin
used to assess a firm's financial health by revealing the proportion of money
left over from revenues after accounting for the cost of goods sold. Gross
profit margin serves as the source for paying additional expenses and future
savings. The company's figure is 24.86%. When compared with the industry
average, the ratio of the company was lower. This indicated that company may
have problems with control over its costs.
Net Profit Margin
is the indicator of the company's efficiency in that net profit takes into
consideration all expenses of the company. A low profit margin indicates a low
margin of safety, higher risk that a decline in sales will erase profits and
result in a net loss. The company's figure is 0.36%. When compared with the
industry average, the ratio of the company was lower.
Return on Assets
measures how efficiently profits are being generated from the assets employed
in the business when compared with the ratios of firms in a similar business. A
low ratio in comparison with industry averages indicates an inefficient use of
business assets. When compared with the industry average, it was lower, the
company's figure is 0.38%.
Return on Equity
indicates how profitable a company is by comparing its net income to its
average shareholders' equity, ROE measures how much the shareholders earned for
their investment in the company. When compared with the industry average, it
was lower, the company's figure is 1.37%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
2.79 |
Impressive |
Industrial
Average |
1.70 |
|
Quick Ratio |
1.30 |
|
|
|
|
Cash Conversion
Cycle |
229.07 |
|
|
|
The Current Ratio
is to ascertain whether a company's short-term assets are readily available to
pay off its short-term liabilities. The company's figure is 2.79 times in 2014,
increase from 2.61 times, then it is generally considered to have good
short-term financial strength. When compared with the industry average, the
ratio of the company was higher, indicated that company was an efficient
operator in a dominant position within its industry.
The Quick Ratio is
a liquidity indicator that further refines the current ratio by measuring the
amount of the most liquid current assets there are to cover current
liabilities. The company's figure is 1.3 times in 2014, increase from 0.82
times, although excluding inventory so the company still have good short-term
financial strength.
The Cash Conversion
Cycle measures the number of days a company's cash is tied up in the production
and sales process of its operations and the benefit from payment terms from its
creditors. It meant the company could survive when no cash inflow was received
from sale for 230 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.72 |
Acceptable |
Industrial
Average |
0.61 |
|
Debt to Equity
Ratio |
2.60 |
Risky |
Industrial
Average |
1.59 |
|
Times Interest
Earned |
1.29 |
Impressive |
Industrial
Average |
- |
Debt to Equity
Ratio a measurement of how much suppliers, lenders, creditors and obligors have
committed to the company versus what the shareholders have committed. A higher
the percentage means that the company is using less equity and has stronger
leverage position.
Times Interest
Earned measuring a company's ability to meet its debt obligations. Ratio is
1.29 higher than 1, so the company can pay interest expenses on outstanding
debt.
Debt Ratio shows
the proportion of a company's assets which are financed through debt. The
company's figure is 0.72 greater than 0.5, most of the company's assets are
financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest
Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets
Turnover |
79.34 |
Impressive |
Industrial
Average |
- |
|
Total Assets
Turnover |
1.04 |
Acceptable |
Industrial
Average |
1.55 |
|
Inventory
Conversion Period |
152.87 |
|
|
|
|
Inventory
Turnover |
2.39 |
Satisfactory |
Industrial
Average |
2.84 |
|
Receivables
Conversion Period |
101.57 |
|
|
|
|
Receivables
Turnover |
3.59 |
Impressive |
Industrial
Average |
3.46 |
|
Payables
Conversion Period |
25.37 |
|
|
|
The company's Account
Receivable Ratio is calculated as 3.59 and 5.93 in 2014 and 2013 respectively.
This ratio measures the efficiency of the company in managing its trade debtors
to generate revenue. A lower ratio may indicate over extension and collection
problems. Conversely, a higher ratio may indicate an overtly stringent policy.
In this case, the company's A/R ratio in 2014 decreased from 2013. This would
suggest the company had deteriorated in the management of its debt collections.
Inventory Turnover
in Days Ratio indicates the liquidity of inventory. It estimates the number of
days that it will take to sell the current inventory. Inventory is particularly
sensitive to change in business activities. The inventory turnover in days has
decreased from 191 days at the end of 2013 to 153 days at the end of 2014. This
represents a positive trend. And Inventory turnover has increased from 1.91
times in year 2013 to 2.39 times in year 2014.
The company's Total
Asset Turnover is calculated as 1.04 times and 1.15 times in 2014 and 2013
respectively. This ratio is determined by dividing total assets into total
sales turnover. The ratio measures the activity of the assets and the ability
of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets
Turnover Stable
Total Assets
Turnover Uptrend
Inventory Turnover Uptrend
Receivables
Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.85 |
|
|
1 |
Rs.100.58 |
|
Euro |
1 |
Rs.73.16 |
Thai Baht
|
1 |
Rs.1.84 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.