MIRA
INFORM REPORT
|
Report No. : |
307327 |
|
Report Date : |
09.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
ASHLAND INDIA PRIVATE LIMITED |
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Registered
Office : |
601, 606-608, Platinum Technopark, Plot No. 17-18, Sector - 30A,
Vashi, Navi Mumbai – 400705, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.07.2007 |
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Com. Reg. No.: |
11-172506 |
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Capital
Investment / Paid-up Capital : |
Rs.514.842 Millions |
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CIN No.: [Company Identification
No.] |
U24100MH2007FTC172506 |
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TIN No.: |
Not Available |
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IEC No.: |
0307056198 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA30926A |
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PAN No.: [Permanent Account No.] |
AAGCA5023J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
To carry on the business of manufacturing, processing, packing,
distributing, supplying, selling, importing, exporting and trading of
chemicals, chemical compounds, oil and oil derivatives, plastics, technical
equipment and technical components, as well as the rendering of technical
services and business support services. |
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|
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Not Available |
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Comments : |
Subject is a subsidiary of “Ashland Holdings B.V”. It is an
established company having moderate track record. There appears accumulated losses recorded by the company. However, trade relations are fair. Business is active. Payment terms
are slow but correct. In view of strong holding, the company can be considered for business
dealing with some caution. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Milind Sawant |
|
Designation : |
Senior Finance Executive |
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Contact No.: |
91-22-61489634 |
|
Date : |
27.01.2015 |
LOCATIONS
|
Registered Office : |
601, 606-608, Platinum Technopark, Plot No. 17-18, Sector - 30A,
Vashi, Navi Mumbai – 400705, Maharashtra, India |
|
Tel. No.: |
91-22-61489696 / 61489613 / 61489634/61489690 |
|
Mobile No.: |
91-9920472211 (Mr. Sharma) |
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Fax No.: |
91-22-61712514 / 67406214 |
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E-Mail : |
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Website : |
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|
Location : |
Leased |
DIRECTORS
As on 01.11.2014
|
Name : |
Mr. Vivek Kumar Singh |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 62, 1st Floor, Block – III, Erose Garden,
Faridabad – 121001, Haryana, India |
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Date of Birth/Age : |
04.08.1970 |
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Date of Appointment : |
30.06.2009 |
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DIN No.: |
01317510 |
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Name : |
Lynn Pannell Freeman |
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Designation : |
Director |
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Address : |
2321, Summer Woods, Drive, Hebron, Kentucky – 40148, U.S.A. |
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Date of Birth/Age : |
14.05.1962 |
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Date of Appointment : |
29.03.2012 |
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DIN No.: |
05252005 |
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Name : |
Mr. Frank Adriaan Jumelet |
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Designation : |
Director |
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Address : |
T Vrije 53, JX Zierikzee – 4301, Netherland |
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Date of Birth/Age : |
14.02.1960 |
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Date of Appointment : |
19.07.2007 |
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DIN No.: |
01126173 |
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Name : |
Mr. Deepak Saxena |
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Designation : |
Director |
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Address : |
16/901, Nri Complex, Sector 54,56,58, Seawoods, Nerul, Navi Mumbai - 400706, Maharashtra, India |
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Date of Birth/Age : |
25.10.1972 |
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Date of Appointment : |
01.11.2014 |
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DIN No.: |
06754292 |
KEY EXECUTIVES
|
Name : |
Mr. Milind Sawant |
|
Designation : |
Senior Finance Executive |
MAJOR SHAREHOLDERS
As on 01.11.2014
|
Names of Shareholders |
|
No. of Shares |
|
Ashland Holding B.V., Netherlands |
|
51484223 |
|
Ashland Canada Holding B.V., Netherlands |
|
1 |
|
Eastbay Realty Services Inc., Netharland |
|
4 |
|
Total |
|
51484228 |
Equity Share Break up (Percentage of Total Equity)
As on 01.11.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To carry on the business of manufacturing, processing,
packing, distributing, supplying, selling, importing, exporting and trading
of chemicals, chemical compounds, oil and oil derivatives, plastics,
technical equipment and technical components, as well as the rendering of
technical services and business support services. |
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Products : |
· Chemicals · Chemical Compounds · Oil and Oil Derivatives · Plastics · Technical Equipment ·
Technical Components |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Countries : |
·
Sri Lanka ·
Nepal ·
Pakistan ·
European Countries |
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Countries : |
·
European Countries ·
USA |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
·
Citi Bank NA - 6th Floor, Bandra Kurla
Complex, Bandra (East), Mumbai – 400051, Maharashtra, India ·
Bank of America, Nariman Point, Mumbai,
Maharashtra, India |
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Facilities : |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountants |
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Address : |
Price Waterhouse Building, 7th and 8th Floor,
Tower – Board, DLF Cyber city |
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PAN
No. : |
AAEFP5579P |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
·
Ashland Holdings B.V. |
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Ultimate Holding Company: |
·
Ashland Inc |
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Fellow Subsidiaries : |
· Ashland Specialty Ingredients G.P. (Name changed from Aqualon Company w.e.f July 1, 2013) · Ashland Chemical Hispania, S.L. · Ashland (China) Holdings Company Limited · Ashland Finland Oy · Ashland France SAS · Ashland Industries Europe GmbH · Ashland Poland Sp. z o.o. · Ashland Nederland B.V. · Ashland Industries Italia S.r.l. · Ashland Singapore Pte. Limited · Ashland Industries UK Limited · Hercules Chemicals (Taiwan) Company Limited · Hercules Incorporated · Hercules Industrial Chemicals Private Limited · Ashland Services B.V. · Ashland Industries Deutschland GmbH · ISP Colombia Ltda. · ISP Synthetic Elastomers · Ashland Specialities UK Limited · ISP Sales (U.K.) Limited · Valvoline Cummins Limited · Valvoline International, Inc. |
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·
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CAPITAL STRUCTURE
As on 01.11.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55740000 |
Equity Shares |
Rs.10/- each |
Rs.557.400 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
51484228 |
Equity Shares |
Rs.10/- each |
Rs.514.842 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
514.842 |
500.000 |
500.000 |
|
(b) Reserves & Surplus |
(98.920) |
(161.203) |
(226.861) |
|
(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) |
415.922 |
338.797 |
273.139 |
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|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.490 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
3.073 |
638.745 |
460.539 |
|
(d) long-term provisions |
11.434 |
6.754 |
3.679 |
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Total Non-current Liabilities (3) |
14.997 |
645.499 |
464.218 |
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(4) Current Liabilities |
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|
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|
(a) Short term borrowings |
429.138 |
550.430 |
258.149 |
|
(b) Trade payables |
614.988 |
401.532 |
398.047 |
|
(c) Other current
liabilities |
717.256 |
45.842 |
32.643 |
|
(d) Short-term provisions |
0.394 |
0.282 |
0.260 |
|
Total Current Liabilities (4) |
1,761.776 |
998.086 |
689.099 |
|
|
|
|
|
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TOTAL |
2,192.695 |
1,982.382 |
1,426.456 |
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II.
ASSETS |
|
|
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(1) Non-current assets |
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
792.434 |
259.274 |
154.570 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
61.002 |
525.146 |
346.707 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
5.222 |
8.945 |
0.000 |
|
(d) Long-term Loan and Advances |
74.573 |
45.566 |
55.401 |
|
(e) Other Non-current assets |
2.011 |
1.853 |
0.000 |
|
Total Non-Current Assets |
935.242 |
840.784 |
556.678 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
366.491 |
329.950 |
171.600 |
|
(c) Trade receivables |
684.395 |
627.357 |
542.052 |
|
(d) Cash and cash
equivalents |
20.009 |
35.102 |
28.210 |
|
(e) Short-term loans and
advances |
184.479 |
147.753 |
114.845 |
|
(f) Other current assets |
2.079 |
1.436 |
13.071 |
|
Total Current Assets |
1,257.453 |
1,141.598 |
869.778 |
|
|
|
|
|
|
TOTAL |
2,192.695 |
1,982.382 |
1,426.456 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
GROSS SALES |
3,230.130 |
2,542.627 |
1,752.354 |
|
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|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
97.204 |
72.856 |
(23.479) |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
40.852 |
16.143 |
6.892 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
56.352 |
56.713 |
(30.372)
|
|
|
|
|
|
|
|
Less |
TAX |
3.723 |
(8.945) |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
52.929 |
65.658 |
(30.372) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
298.135 |
209.457 |
0.000 |
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.02 |
1.31 |
0.60 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.63 |
2.58 |
(1.73) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.65 |
3.92 |
(2.81) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.17 |
(0.11) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.03 |
1.62 |
0.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current
Liability) |
|
0.71 |
1.14 |
1.26 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
500.000 |
500.000 |
514.842 |
|
Reserves & Surplus |
(226.861) |
(161.203) |
(98.920) |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
273.139 |
338.797 |
415.922 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.490 |
|
Short Term borrowings |
258.149 |
550.430 |
429.138 |
|
Total
borrowings |
258.149 |
550.430 |
429.628 |
|
Debt/Equity
ratio |
0.945 |
1.625 |
1.033 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs. In
Millions |
Rs.
In Millions |
|
Gross Sales |
1,752.354 |
2,542.627 |
3,230.130 |
|
|
|
45.098 |
27.039 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1752.354 |
2542.627 |
3230.130 |
|
Profit |
(30.371) |
65.658 |
52.629 |
|
|
(1.73%) |
2.58% |
1.63% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
0.353 |
0.000 |
0.000
|
|
|
|
|
|
|
Total |
0.353 |
0.000 |
0.000
|
|
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% |
----------- |
|
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 |
---------- |
|
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 |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand from others |
0.000 |
20.000 |
|
Total |
0.000 |
20.000 |
GENERAL
INFORMATION
The Company was incorporated on July 19, 2007 and is owned by Ashland Holdings BV Netherlands.
The Company has been established to carry on the business of manufacturing, processing, packing, distributing, supplying, selling, importing, exporting and trading of chemicals, chemical compounds, oil and oil derivatives, plastics, technical equipment and technical components, as well as the rendering of technical services and business support services. The ultimate holding company is Ashland Inc. which is a technology leader in metal casting consumables and design services of unsaturated polyester, vinyl ester resins, gel coats high-performance adhesives and specialty resins.
SCHEME OF
AMALGAMATION
Pursuant to the Scheme of Amalgamation as approved by Honorable High Court of Judicature at Bombay on September 12, 2014, Hercules Industrial Chemicals Private Limited (Transferor Company) have been merged with the Company with retrospective effect from April 1, 2013, the Appointed Date. The High Court order has been filed with the Registrar of Companies on September 27, 2014.
NO CHARGES EXIST
FOR THE COMPANY
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.61.74 |
|
|
1 |
Rs.94.65 |
|
Euro |
1 |
Rs.70.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
30 |
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.