MIRA INFORM REPORT
|
Report No. : |
340416 |
|
Report Date : |
10.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
ATS CONVEYORS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
E3 / 3 / A, MIDC Chakan, Phase 3, Kuruli, Khed, Pune – 410501, Maharashtra |
|
Tel. No.: |
91-2135-610170 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
11.04.2005 |
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|
|
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Com. Reg. No.: |
11-020541 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs. 8.286 Million
|
|
|
|
|
CIN No.: [Company Identification
No.] |
U29299PN2005PTC020541 |
|
|
|
|
IEC No.: |
3105014535 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA07595A |
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|
|
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PAN No.: [Permanent Account No.] |
AAFCA4457P |
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|
|
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Supplier of Conveyors, Conveyors Overhead,
Electro Monorail Systems, Floor Mounted Conveyors, Single Girder Cranes etc. |
|
|
|
|
No. of Employees
: |
65 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 490000 |
|
|
|
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
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|
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Comments : |
Subject is a subsidiary of “ATS Group S.A.”. It is an established company incorporated during the year 2005 having a
good track record. Financial position of the company is sound. Balance sheet of the
company is totally debt free. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. In view of sound financial base, the company can be considered normal
for business dealings at usual trade terms and conditions. |
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
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. Sagar |
|
Designation : |
Finance Department |
|
Contact No.: |
91-2135-610170 |
LOCATIONS
|
Registered Office/ Factory : |
E3 / 3 / A, MIDC Chakan, Phase 3, Kuruli, Khed, Pune – 410501, Maharashtra, India |
|
Tel. No.: |
91-2135-610170 |
|
Fax No.: |
91-2135-610174 |
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E-Mail : |
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|
Website : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Yves Daniel Rieffel |
|
Designation : |
Director |
|
Address : |
1 Rue Du Coteau, 68720 Flaxlanden, France |
|
Date of Birth/Age : |
01.12.1977 |
|
Date of Appointment : |
25.07.2005 |
|
DIN No.: |
01858645 |
|
|
|
|
Name : |
Michel Paul Letzelter |
|
Designation : |
Director |
|
Address : |
1 Rue Saint Vinvent 67500, Haguenau France |
|
Date of Birth/Age : |
01.06.1955 |
|
Date of Appointment : |
25.07.2005 |
|
DIN No.: |
01858660 |
|
Name : |
Mr. Dayanand Umakant Dalvi |
|
Designation : |
Additional director |
|
Address : |
Fl No A/3-101 Suvarnaratna Gardens, SNO 6/19 Karvenagar,
Pune - 411052, Maharashtra, India |
|
Date of Appointment : |
01.03.2015 |
|
DIN No.: |
03393631 |
KEY EXECUTIVES
|
Name : |
Mr. Sagar |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Appalete Tourtellier Systems (ATS), Mulhouse Cedex |
124297 |
15.00 |
|
ATS Group SA, Mulhouse Cedex |
704349 |
85.00 |
|
|
|
|
|
Total |
828646 |
100.00 |
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Supplier of Conveyors, Conveyors Overhead,
Electro Monorail Systems, Floor Mounted Conveyors, Single Girder Cranes etc. |
|
|
|
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
|
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Products : |
Finished Goods |
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Countries : |
· France · Philippines |
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Imports : |
|
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Products : |
Raw Material |
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Countries : |
· Germany · China |
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Terms : |
|
|
Selling : |
Cash, L/C and Credit (30 Days and 60 Days) |
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|
|
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Purchasing : |
Cash, L/C and Credit (30 Days and 60 Days) |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, Retailers and End Users
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No. of Employees : |
65 (Approximately) |
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Bankers : |
· Axis Bank Limited Survey No.186, CTS No. 3189, Off. PCMC Auditorium, Near Tata Motors, Station Road, Chinchwad, Pune – 411033, Maharashtra, India |
|
Auditors : |
|
|
Name : |
B.D. Jokharkar Chartered Accountants |
|
Address : |
8, Ambalal Doshi Marg, Fort, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-22654882/ 22651731 |
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Fax No.: |
91-22-22657093 |
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E-Mail : |
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|
Income-tax
PAN of auditor or auditor's firm : |
AADFB1729J |
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Memberships : |
-- |
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|
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Collaborators : |
-- |
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Holding Company : |
ATS Group SA |
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Related Party : |
Appalette Tourtellier Systèmes (ATS) |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
900,000 |
Equity Shares |
Rs. 10/- each |
Rs. 9.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
828,646 |
Equity Shares |
Rs. 10/- each |
Rs. 8.286
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 |
8.286 |
8.286 |
8.286 |
|
(b) Reserves & Surplus |
161.706 |
108.031 |
79.598 |
|
(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) |
169.992 |
116.317 |
87.884 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.027 |
0.242 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
5.033 |
3.844 |
3.128 |
|
Total
Non-current Liabilities (3) |
5.033 |
3.871 |
3.370 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
120.390 |
62.866 |
71.219 |
|
(c)
Other current liabilities |
70.715 |
64.594 |
51.124 |
|
(d)
Short-term provisions |
1.254 |
0.879 |
0.686 |
|
Total
Current Liabilities (4) |
192.359 |
128.339 |
123.029 |
|
|
|
|
|
|
TOTAL |
367.384 |
248.527 |
214.283 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
27.473 |
14.353 |
9.793 |
|
(ii)
Intangible Assets |
8.885 |
11.378 |
13.114 |
|
(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) |
3.412 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
20.909 |
9.010 |
11.106 |
|
(e)
Other Non-current assets |
1.520 |
13.381 |
0.963 |
|
Total
Non-Current Assets |
62.199 |
48.122 |
34.976 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
80.866 |
41.869 |
20.156 |
|
(c)
Trade receivables |
107.885 |
102.744 |
116.914 |
|
(d)
Cash and cash equivalents |
41.956 |
39.125 |
31.616 |
|
(e)
Short-term loans and advances |
19.677 |
9.869 |
10.621 |
|
(f)
Other current assets |
54.801 |
6.798 |
0.000 |
|
Total
Current Assets |
305.185 |
200.405 |
179.307 |
|
|
|
|
|
|
TOTAL |
367.384 |
248.527 |
214.283 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
553.931 |
366.328 |
226.886 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
468.580 |
316.944 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
85.351 |
49.384 |
(Including Financial Expenses) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.268 |
0.435 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
85.083 |
48.949 |
9.512 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.880 |
5.970 |
5.305 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
78.203 |
42.979 |
4.207 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
24.529 |
14.546 |
2.685 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
53.674 |
28.433 |
1.522 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
12.964 |
6.555 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
101.227 |
54.124 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
64.77 |
34.31 |
1.84 |
|
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 |
|
|
|
|
|
|
Net Cash flow from (used in) Operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.49 |
17.29 |
1.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.46 |
0.37 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59 |
1.56 |
1.46 |
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 |
8.286 |
8.286 |
8.286 |
|
Reserves & Surplus |
79.598 |
108.031 |
161.706 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
87.884 |
116.317 |
169.992 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
226.886 |
366.328 |
553.931 |
|
|
|
61.459 |
51.212 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
226.886 |
366.328 |
553.931 |
|
Profit |
1.522 |
28.433 |
53.674 |
|
|
0.67% |
7.76% |
9.69% |
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 |
Yes |
|
19 |
Major customers |
Yes |
|
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 |
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CHANGE OF ADDRESS:
The Registered Office of the company has been shifted from Plot No 1/A,
Sector No 10, PCNTDA, Bhosari, Pune – 411026, Maharashtra, India to the present
address w.e.f.24.01.2014
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10136026 |
15/12/2014 * |
160,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING
BRANCH,214-215,CITY MALL, NEAR PUNE UNIVERSITY,GANESHKHIND ROAD, PUNE,
MAHARASHTRA - 411007, INDIA |
C38363438 |
* Date of charge modification
FIXED ASSETS:
· Building
· Computer
· Plant and Machinery
· Electric Installation
· Factory Equipment
· Office Equipment
· Furniture and Fixture
· Leasehold Improvement
· Vehicle
·
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,
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 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. 66.29 |
|
|
1 |
Rs. 101.89 |
|
Euro |
1 |
Rs. 73.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
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 |
|
53 |
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.