MIRA INFORM REPORT
|
Report No. : |
330374 |
|
Report Date : |
04.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
PROGRESSIVE SURFACE SYSTEMS
PRIVATE LIMITED (w.e.f. 13.03.2012) |
|
|
|
|
Formerly Known
As : |
PROGRESSIVE
ELECTROPLATING CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
3-B, Udyog Nagar, Swami Vivekanand
Road, Goregaon
(West), Mumbai – 400 062, Maharashtra |
|
Tel. No.: |
91-22-28741701 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
10.07.2002 |
|
|
|
|
Com. Reg. No.: |
11-136469 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3.620
million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24229MH2002PTC136469 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP15010C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCP9075D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Electroplating Chemicals. |
|
|
|
|
No. of Employees
: |
125 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established
company and it is having satisfactory track record. Subject was
incorporated on 10th July 2002, it is engaged in manufacturing of
electroplating chemicals. During financial year
2014, the company has shown healthy operational performance and profitability
backed by its adequate networth base and debt protection metrics. Rating further
takes into consideration established track record of its business operation
and decent experience of promoters. Trade relations
are fair. Business is active. Payments are reported to be usually correct. In view of sound
operational as well as financial base, the company can be considered normal
for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2013.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Chandrakant Trivedi |
|
Designation : |
Senior Accountant |
|
Contact No.: |
91-22-28755170 |
|
Date : |
03.07.2015 |
LOCATIONS
|
Registered Office/ Corporate Office : |
3-B, Udyog Nagar, Swami Vivekanand
Road, Goregaon (West),
Mumbai – 400 062, Maharashtra, India |
|
Tel. No.: |
91-22-42372222/ 28741701/ 28780665/ 28755170 |
|
Fax No.: |
91-22-28751525/ 28741701 |
|
E-Mail : |
support@progressivechemicals.net |
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Factory : |
66/67-A/68, Vasai Taluka Co-Operative Industrial Estate, Vasai (East), Gauraipada, Thane – 401 208,
Maharashtra, India |
|
Tel. No.: |
91-250-2455181/ 2450123 |
|
Fax No.: |
91-250-2454924 |
|
|
|
|
Distributor
Network : |
Located at: ·
Mumbai ·
Nashik ·
Aurangabad ·
Pune ·
Kolhapur ·
Delhi ·
Moradabad ·
Agra ·
Mathura ·
Aligarh ·
Meerut ·
Kolkata ·
Kerala ·
Coimbatore ·
Chennai |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Malav Kumar Shah |
|
Designation : |
Director |
|
Address : |
96/B,
Flat No.5, Hirak Society, Building No.2, Irla, Vile Parle (West), Mumbai –
400 056, Maharashtra, India |
|
Date of Birth/Age : |
07.08.1967 |
|
Date of Appointment : |
10.07.2002 |
|
DIN No.: |
01623611 |
|
|
|
|
Name : |
Mrs. Hasumati Kumar Shah |
|
Designation : |
Director |
|
Address : |
96/B,
Flat No.5, Hirak Society, Building No.2, Irla, Vile Parle (West), Mumbai –
400 056, Maharashtra, India |
|
Date of Birth/Age : |
05.07.1939 |
|
Date of Appointment : |
10.07.2002 |
|
DIN No.: |
01629224 |
|
|
|
|
Name : |
Ms.
Nikita Malavkumar Shah |
|
Designation : |
Director |
|
Address : |
96/B,
Flat No.5, Hirak Society, Building No.2, Irla, Vile Parle (West), Mumbai –
400 056, Maharashtra, India |
|
Date of Birth/Age : |
17.07.1969 |
|
Date of Appointment : |
01.05.2012 |
|
DIN No.: |
05271156 |
KEY EXECUTIVES
|
Name : |
Mr. Chandrakant Trivedi |
|
Designation : |
Senior Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Malav Kumar Shah |
13800 |
38.12 |
|
Hasumati Kumar Shah |
16400 |
45.30 |
|
Nikita
Malavkumar Shah |
3520 |
9.72 |
|
Kumar Popatlal Shah (HUF) |
2480 |
6.86 |
|
Total |
36200 |
100.00 |
AS ON 30.09.2014
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electroplating Chemicals. |
|
|
|
|
Products : |
Electroplating Chemicals |
|
|
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|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
125 (Approximately) |
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Bankers : |
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Facilities : |
Notes: Details of security for the secured short-term borrowings:
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
I.P. Mehta and Company Chartered Accountants |
|
Address : |
215, Laxmi Plaza, Laxmi Industrial Estate, Andheri (West), Mumbai –
400 053, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEPM8950F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries : |
Progressive JCU Chemicals Private Limited, India (CIN No.:
U24100MH2007PTC174005) |
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Sister Concerns : |
|
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45000 |
Equity Shares |
Rs.100/- each |
Rs.4.500 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
36200 |
Equity Shares |
Rs.100/- each |
Rs.3.620
million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
3.620 |
3.620 |
3.620 |
|
(b) Reserves & Surplus |
56.226 |
51.838 |
48.769 |
|
(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) |
59.846 |
55.458 |
52.389 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
14.004 |
16.367 |
5.030 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
14.004 |
16.367 |
5.030 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
50.410 |
38.698 |
26.688 |
|
(b) Trade payables |
20.974 |
30.151 |
25.796 |
|
(c) Other current liabilities |
17.968 |
19.299 |
11.374 |
|
(d) Short-term provisions |
9.639 |
11.734 |
6.625 |
|
Total Current Liabilities (4) |
98.991 |
99.882 |
70.483 |
|
|
|
|
|
|
TOTAL |
172.841 |
171.707 |
127.902 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
22.849 |
21.812 |
16.274 |
|
(ii) Intangible Assets |
0.038 |
0.063 |
0.105 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.846 |
0.894 |
0.917 |
|
(d)
Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
23.733 |
22.769 |
17.296 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
10.116 |
9.616 |
9.924 |
|
(b) Inventories |
46.513 |
50.106 |
37.746 |
|
(c) Trade receivables |
45.507 |
45.239 |
39.878 |
|
(d) Cash and cash equivalents |
8.049 |
3.509 |
1.363 |
|
(e) Short-term loans and advances |
38.923 |
40.468 |
21.624 |
|
(f) Other current assets |
0.000 |
0.000 |
0.071 |
|
Total Current Assets |
149.108 |
148.938 |
110.606 |
|
|
|
|
|
|
TOTAL |
172.841 |
171.707 |
127.902 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
NA |
NA |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
11.189 |
7.664 |
11.789 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.537 |
2.968 |
2.820 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
7.651 |
4.696 |
8.968 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.264 |
1.627 |
3.254 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
4.387 |
3.069 |
5.714 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales (Export) |
12.165 |
7.304 |
5.396 |
|
|
TOTAL EARNINGS |
12.165 |
7.304 |
5.396 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
121.19 |
84.80 |
157.87 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.45 |
2.75 |
7.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.08 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.08 |
0.99 |
0.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51 |
1.49 |
1.57 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
3.620 |
3.620 |
3.620 |
|
Reserves & Surplus |
48.769 |
51.838 |
56.226 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
52.389 |
55.458 |
59.846 |
|
|
|
|
|
|
Long-term borrowings |
5.030 |
16.367 |
14.004 |
|
Short term borrowings |
26.688 |
38.698 |
50.410 |
|
Total borrowings |
31.718 |
55.065 |
64.414 |
|
Debt/Equity ratio |
0.605 |
0.993 |
1.076 |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
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 |
No |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIAL RESULTS:
During the year company
made Net Profit after tax of Rs.4.387 million where as in last year the Company
had made Net Profit after tax of Rs.3.069 million.
REVIEW OF OPERATIONS:
Overall, this financial
year has been a very satisfactory. During the period the company has carried
out business as a manufacturer of electroplating chemicals.
UNSECURED LOAN
|
Particulars |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG-TERM
BORROWINGS |
|
|
|
Loans
and advances from related parties |
11.053 |
11.855 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Loans repayable on demand |
|
|
|
From
Banks |
6.791 |
0.000 |
|
Total
|
17.844 |
11.855 |
INDEX
OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
90354522 |
27/03/2014 * |
45,000,000.00 |
UNION BANK OF INDIA |
DAHISAR BRANCH, SHIV OM
APARTMENTS, SWAMI VIVEKANAND MARG, DAHISAR (EAST), MUMBAI, MAHARASHTRA - 400068,
INDIA |
C04376356 |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
·
Air Conditioner
·
Computer
·
Electric Fittings
·
Electric Equipments
·
EPBAX System
·
Factory Building
·
Factory Building
·
Fax Machine
·
Furniture and Fixtures
·
Land
·
Motor Car
·
Motor Cycle
·
Plant and Machinery
·
Weighing Scale
·
Tube-Well
·
Scooter
·
Xerox Machine
·
Office Equipment
Intangible Assets
·
Computer Software
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 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.63.40 |
|
UK Pound |
1 |
Rs.98.94 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
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 |
|
45 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.