MIRA INFORM REPORT

Report No. :	497787
Report Date :	29.03.2018

IDENTIFICATION DETAILS

Name :	DISCOVER AXLES INDIA PRIVATE LIMITED
Registered Office :	RH 188, Flat No. 3, G - Block, MIDC, Shahu Nagar, Chinchwad - 411019, Maharashtra
Mob. No.:	91-9004022808 [ Mr. Vijaykumar Bhalchandra Shete]
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	09.11.2011
Com. Reg. No.:	11-141295
Capital Investment / Paid-up Capital :	INR 0.500 Million
CIN No.: [Company Identification No.]	U35999PN2011PTC141295
IEC No.:	Not Applicable [As informed by the management that firm does not have export and import]
TIN No.:	Not Divulged
GST No.:	27AAEDC0203B1ZK
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAEDC0203B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Hydraulic Axles. [Confirmed by Management]
No. of Employees :	10 [Approximately]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Discover Axles India Private Limited was incorporated in the year 2011. The company is a Manufacturer of Hydraulic Axles. As per the financial records of 2017, the company has achieved a massive growth in its revenue as compared to the previous year’s revenue and has reported an average net profit margin of 1.61%. The company possesses moderate financial profile marked by below average net worth base along with low reserve base and modest liquidity position. The subject’s customer (Blue Horse) has given positive feedback and is satisfied with the subject’s product quality and delivery behaviour. Subject’s bank (Indian Bank) has also given positive feedback and is satisfied with the subject’s banking transaction. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution. NOTE: Site visit was conducted at the address which you have provided and our executive has successfully traced the subject on the given address. At the premises our executive met Mr. Vijaykumar Bhalchandra Shete (Director) and he provided the contact details. As per our executive’s observation it is a 6 storey building and subject is situated on the ground floor of the building. Location was easy to find. Locality appears to be commercial. Area seems to be upmarket. 2 employees were sighted in the premises. Name board of the subject was not sighted at the given address.

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 29.03.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY

Name :	Mr. Vijaykumar Bhalchandra Shete
Designation :	Director
Contact No.:	91-9004022808
Date :	21.03.2018

LOCATIONS

Registered Office :	RH 188, Flat No. - 3, G - Block, MIDC, Shahu Nagar, Chinchwad - 411019, Maharashtra, India
Tel. No.:	91-22-27426666
Mobile No.:	91-9004022808 [Mr. Vijaykumar Bhalchandra Shete] 91-9987002295 [Mr. Ashish Maheshwari]
Fax No.:	Not Available
E-Mail :	vedikasteels@yahoo.in office@iuthakurcs.com ashishpunglia@gmail.com discover.axle@yahoo.com
Area:	1000 Sq. ft.
Location :	Owned
Locality :	Commercial cum Residential
Factory :	Plot No E-2, Gat No. 228, Village Ambethan, Taluka Khed, District Pune- - 410501, Maharashtra, India
Area:	4770 Sq. Mtr.
Location :	Owned
Branch Office 1:	Office No C-6052/ 6053, Bima Complex, Steel Market, Kalamboli, Navi Mumbai, Maharashtra, India
Area:	650 Sq. Ft.
Location :	Owned
Branch Office 2:	A/1021, Bima Complex, Panvel-Mumbra Road, Near Steel Market, Kalamboli, Navi Mumbai - 410218, Maharashtra, India

DIRECTORS

AS ON: 31.03.2017

Name :

Mr. Vijaykumar Bhalchandra Shete

Designation :

Director

Address :

E-701, Patel Heritage, Sector 07, Kharghar, Navi Mumbai - 410210, Maharashtra, India

Date of Birth/Age :

17.10.1983

Qualification :

Diploma Engineer

Experience :

10 Years

Date of Appointment :

09.11.2011

DIN No.:

05108376

PAN No.:

BAXPS6050A

Aadhar No.:

608546422276

Brief Profile:

He is a diploma engineer and having experience of more than 10 years in steel trading business. He is a partner of Vedika Steels. He looks after the procurement and finance operations of the company

Name :

Mr. Rajendra Vilas Kadam

Designation :

Director

Address :

Flat E/701, Pl 15 & 17, Sector 7" Patel Here/ Kharghar - 410210, Maharashtra, India

Date of Birth/Age :

06.05.1979

Qualification :

B.Com

Experience :

15 Years

Date of Appointment :

09.11.2011

DIN No.:

05108384

PAN No.:

AHNPK4533A

Aadhar No.:

960125824776

Brief Profile:

He is a B.com and having experience of 15 years in transport industry. He is a second generation entrepreneur. His father, he is into transport business since more than 35 years. He is a director of M/s SRW Carriers Private Limited and proprietor of Ramdas Transport. He looks after the sales and other day to day operations of the company.

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U60200MH2013PTC249637	SRW CARRIERS PRIVATE LIMITED	28/10/2013	-

KEY EXECUTIVE

Name :	Mr. Sachin Shinde
Designation :	Chief Executive Officer
Profile :	He is a B.E. Mechanical and PGDBM, MBA (Marketing), presently holding post of business unit- Head in TATA International DLT Private Limited. He has already resigned from TATA International DLT Private Limited and joining the Discover Axles India Private Limited from April 2018 as a CEO post in the company. He has vast experience in the said industry.

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2017

Names of Shareholders	No. of Shares	Percentage of Holding
Vijaykumar Shete	12500	25.00
Rajendra Kadam	12500	25.00
Vilas Kadam	12500	25.00
Jitendra Muni	12500	25.00
Total	50000	100.00

AS ON: 29.09.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters (Individual/Hindu Undivided Family - Indian)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Hydraulic Axles. [Confirmed by Management]

Products :

ITC Code No.	Product Descriptions
85176230	Hydraulic Modulators

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Credit [30 Days]

Purchasing :

Cash

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	Blue Horse
Name of the Person (Designation):	Mr. Krishnakanth Sharma (Proprietor)
Contact Number:	91-9833144925
Since how long known:	2 Years
Maximum limit dealt:	INR 30.000 Million
Experience:	Products Quality: Good Delivery Behaviour: Good Overall: Good
Remark	Mr. Krishnakanth Sharma (Proprietor) gave positive response about subject

No. of Employees :

10 [Approximately]

Bankers :

Bank Name:	Indian Bank
Branch:	No. 27 to 30, Grow More Tower Branch, Kharghar, Mumbai - 410210, Maharashtra, India
Person Name (with Designation):	Mrs. Beena (Assistant Manager)
Contact Number:	91-993182079
Name of Account Holder:	DISCOVER AXLES INDIA PRIVATE LIMITED
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	Current Account
Remarks:	Mr. Beena (Assistant Manager) gave positive response about subject.

Auditors :

Name :

S.C. Sancheti and Associates

Chartered Accountants

Address :

Office No. B-157, Jai Ganesh Vision, Near Khandoba Mai, Akurdi, Pune - 411035, Maharashtra, India

Income-tax PAN of auditor or auditor's firm :

APWPS2815Q

Memberships :

Not Available

Collaborators :

Not Available

Sister Concerns :

Name :	Vedika Steels
Address :	1021, Bima Complex, Kalamboli, Navi Mumbai-410218, Maharashtra, India
Activity :	Steel Trading
Name :	Ramdas Transport
Address :	1078/ 79, Bima Complex, Kalamboli, Navi Mumbai-410218, Maharashtra, India
Activity :	Transport
Name :	SRW Carriers Private Limited
Address :	D-401, Disma Complex, Kalamboli, Navi Mumbai-410218, Maharashtra, India
Activity :	Transport

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	INR 10/- each	INR 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	INR 10/- each	INR 0.500 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500	0.500
(b) Reserves & Surplus	0.375	0.348	0.382
(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)	0.875	0.848	0.882
(3) Non-Current Liabilities
(a) Long-term borrowings	2.590	2.335	2.335
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	8.147	6.241	6.241
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	10.737	8.576	8.576
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	15.565	13.741	15.706
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	0.262	0.199	0.185
Total Current Liabilities (4)	15.827	13.940	15.891
TOTAL	27.439	23.364	25.349
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.905	2.303	2.792
(ii) Intangible Assets	0.000	0.000	0.000
(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)	0.066	0.077	0.027
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.027	0.027	0.000
Total Non-Current Assets	1.998	2.407	2.819
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	21.051	18.278	17.456
(c) Trade receivables	3.122	1.481	3.784
(d) Cash and cash equivalents	0.052	0.144	0.382
(e) Short-term loans and advances	0.000	0.000	0.401
(f) Other current assets	1.216	1.054	0.507
Total Current Assets	25.441	20.957	22.530
TOTAL	27.439	23.364	25.349

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	1.673	0.366	5.880
		Other Income	0.000	0.000	0.000
		TOTAL	1.673	0.366	5.880
Less	EXPENSES
		Cost of Materials Consumed	0.443	(0.106)	5.100
		Employees benefits expense	0.437	0.000	0.101
		Other expenses	0.348	0.061	0.376
		TOTAL	1.228	(0.045)	5.577
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		0.445	0.411	0.303
Less	FINANCIAL EXPENSES		0.001	0.006	0.001
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.444	0.405	0.302
Less/ Add	DEPRECIATION/ AMORTISATION		0.399	0.489	0.570
	PROFIT/(LOSS) BEFORE TAX		0.045	(0.084)	(0.268)
Less	TAX		0.018	(0.050)	(0.028)
	PRO PROFIT/(LOSS) FIT AFTER TAX		0.027	(0.034)	(0.240)
	Earnings/(Loss) Per Share (INR)		0.55	(0.68)	(4.79)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
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

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	681.13	1476.95	234.89
Account Receivables Turnover (Income / Sundry Debtors)	0.54	0.25	1.55
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	12824.44	(47315.71)	1124.06
Inventory Turnover (Operating Income / Inventories)	0.02	0.02	0.02
Asset Turnover (Operating Income / Net Fixed Assets)	0.23	0.18	0.11

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.67	0.70	0.72
Debt Equity Ratio (Total Liability / Networth)	2.96	2.75	2.65
Current Liabilities to Networth (Current Liabilities / Net Worth)	18.09	16.44	18.02
Fixed Assets to Networth (Net Fixed Assets / Networth)	2.18	2.72	3.17
Interest Coverage Ratio (PBIT / Financial Charges)	445.00	68.50	303.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	1.61	(9.29)	(4.08)
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.10	(0.15)	(0.95)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	3.09	(4.01)	(27.21)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.61	1.50	1.42
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.28	0.19	0.32
G-Score Ratio Financial (Networth / Total Assets)	0.03	0.04	0.03
G-Score Ratio Debt (Debts / Equity Capital)	5.18	4.67	4.67
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.61	1.50	1.42

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	0.500	0.500	0.500
Reserves & Surplus	0.382	0.348	0.375
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	0.882	0.848	0.875
Long-term borrowings	2.335	2.335	2.590
Short term borrowings	0.000	0.000	0.000
Total borrowings	2.335	2.335	2.590
Debt/Equity ratio	2.647	2.754	2.960

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	5.880	0.366	1.673
		(93.776)	357.104

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	5.880	0.366	1.673
Profit/ (Loss)	(0.240)	(0.034)	0.027
	(4.08%)	(9.29%)	1.61%

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	Yes
5	Buyer visit details	Yes
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	Yes
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	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
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	Yes
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

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OBSERVATION POINTS

Name of Company :	DISCOVER AXLES INDIA PRIVATE LIMITED
Address :	A/1021, Bima Complex, Panvel-Mumbra Road, Near Steel Market, Kalmboli Navi Mumbai - 410218, Maharashtra, India
Person to whom we met:	Mr. Vijaykumar Bhalchandra Shete [Director]
Name Board :	Not Sighted
Location:	Easy
Landmark (If Any):	Steel Market
Total Floors of the Building :	06 Floors
Subject situated on:	Ground Floor
Locality:	Commercial
Area :	Upmarket
No. of employees seen at premises:	02 [Approx.]
Visibility of Items:	· Telephone · Computers · Air Conditioner · Office Equipment
Proof of visit:	Photos

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UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Rajendra Kadam	0.075	0.075
Sanjay Torkhade	0.025	0.025
Vedika Steel Loan	2.390	2.135
Vijay Shete	0.075	0.075
Yashwant Deshmukh	0.025	0.025
Total	2.590	2.335

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RATIOS ANALYSIS

(INR IN MILLION)

Particulars	OPERATING YEARS
	2017-18 [Estimated]	2018-19 [Projected]	2019-20 [Projected]	2020-21 [Projected]	2021-22 [Projected]
Growth in Sales	1393%	380%	17%	14%	19%
Gross profit Ratio	2.80%	6.58%	6.43%	5.56%	4.63%
PBDIT	1.000	10.700	11.800	11.700	11.600
PBDIT/sales	4.00%	8.92%	8.43%	7.31%	6.11%
Operating Profits/Sales	2.80%	2.79%	3.41%	3.16%	2.81%
PBT/Sales	2.80%	2.79%	3.41%	3.16%	2.81%
PAT/Sales	1.96%	1.95%	2.39%	2.21%	1.97%
Cash Accruals/ Sales	3.16%	4.29%	4.39%	3.96%	3.44%
Sales/Equity	6.47	7.64	7.35	7.08	7.22
Sales / TTA	5.14	2.03	2.33	2.52	2.93
Interest Coverage (Interest/PBDIT)	--	57.58%	46.94%	43.20%	39.38%
PBDIT / Interest (Times)	--	2.35	2.79	3.04	3.35
Deferred Debt/ Equity	--	0.78	0.46	0.23	0.07
TOL/Equity	0.26	2.77	2.16	1.81	1.46
Current Ratio (CA / CL)	3.20	1.17	1.20	1.21	1.28
Current Ratio excluding TL Instalments	3.20	1.32	1.35	1.34	1.42
CA / TTA (%)	65.67%	61.85%	64.61%	67.68%	72.71%
Inventory + Receivables as days of Net Sales	32	108	98	94	87
Bank Borrowings/Current Assets		47.83%	44.99%	40.76%	37.10%
RM content in sales	92%	84%	83%	83.69%	85.45%
ROCE (PBDIT incl. Other income/TTA)	20.55%	18.09%	19.60%	18.44%	17.88%

------------------------------------------------------------------------------------------------------------------------------

BREAK EVEN ANALYSIS

(INR IN MILLION)

Particulars	OPERATING YEARS
	Variable	2017-18 [Estimated]	2018-19 [Projected]	2019-20 [Projected]	2020-21 [Projected]	2021-22 [Projected]
BREAK EVEN POINT
Sales		25.000	120.000	140.000	160.000	190.000
Variable Cost
I. Raw Material	100.00%	23.000	117.500	120.000	136.000	164.500
ii. Consumables	100.00%	--	--	--	--	--
iii. Direct Labour	60.00%	300	3.000	3.300	3.600	3.900
iv. Power & Fuel	60.00%	--	2.400	2.580	2.820	3.000
v. Selling Expenses	10.00%	--	--	--	--	--
vi. Other Variable Costs		--	--	--	--	--
Total Variable Costs		23.300	122.900	125.880	142.420	171.400
Percent of Sales		93%	102%	90%	89%	90%
Fixed Costs		1.000	(6.251)	9.345	12.525	13.265
Break Even Level of Sales		14.706	--	92.654	113.994	135.506
Percentage to Sales		59%	--	66%	71%	71%
Cash Break Even of Sales		10.294	--	64.892	88.510	106.904
		41%	--	46%	55%	56%

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ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(INR IN MILLION)

Particulars	OPERATING YEARS
	2017-18 [Estimated]	2018-19 [Projected]	2019-20 [Projected]	2020-21 [Projected]	2021-22 [Projected]
Operating Statement
i. Domestic Sale	25.000	120.000	140.000	160.000	190.000
ii. Export Sale	--	--	--	--	--
Total Gross Sales	25.000	120.000	140.000	160.000	190.000
Less : Excise Duty	--	--	--	--	--
Net Sales (1-2)	25.000	120.000	140.000	160.000	190.000
Growth in sales	1393%	380%	17%	14%	19%
Cost of Sales
a. Raw Material (Imported)	--	--	--	--	--
b. Raw material (Indigenous)	23.000	117.500	120.000	136.000	164.500
c. Stores & Spares (Imported)	--	--	--	--	--
d. Stores & Spares (Indigenous)	--	--	--	--	--
Power & Fuel	--	4.000	4.300	4.700	5.000
Direct Labour	0.500	5.000	5.500	6.000	6.500
Repairs and maintainance	--	0.800	0.900	1.000	1.200
Other Mfg. Expenses	--	1.000	1.300	1.600	2.000
Depreciation	0.300	2.800	2.800	2.800	2.800
Others expenses	0.500	1.000	1.200	1.500	1.700
Other direct expenses	0.500	1.000	1.200	1.500	1.700
Sub Total	24.300	132.100	136.000	153.600	183.700
Add: Opening Stock in Process	--	--	--	--	--
Sub Total	24.300	132.100	136.000	153.600	183.700
Deduct : Closing Stock in Process	--	--	--	--	--
Cost of Production	24.300	132.100	136.000	153.600	183.700
Add: Opening Stock of Finished Goods	0.000	0.000	20.000	25.000	27.500
Sub Total	24.300	132.100	156.000	178.600	211.200
Deduct : Closing Stock OF Finished Goods	0.000	20.000	25.000	27.500	30.000
Sub Total (Total Cost of Sales)	24.300	112.100	131.000	151.100	181.200
Gross profit	0.700	7.900	9.000	8.900	8.800
Gross Profit/ Sales	280%	658%	643%	556%	463%
Selling Expenses	--	--	--	--	--
Administrative Expenses	--	--	--	--	--
Sub Total	24.300	112.100	131.000	151.100	181.200
Operating Profit before interest	0.700	7.900	9.000	8.900	8.800
a. Interest on CC.	0.000	1.890	1.890	1.890	1.890
b. Interest on TL	0.000	1.859	1.535	1.155	0.775
c. Other interests	0.000	0.800	0.800	0.800	0.800
Total Interest	0.000	4.549	4.225	3.845	3.465
Operating Profit after Interest	0.700	3.351	4.775	5.055	5.335
Add: Other non-operating Income	--	--	--	--	--
Interest/Dividend/Royalties etc..	--	--	--	--	--
Other Income	--	--	--	--	--
Sub Total	--	--	--	--	--
Deduct other non-operating expenses	--	--	--	--	--
Net of other non-operating Income/ Expenses	--	--	--	--	--
Profit before Tax /Loss (PBT)	0.700	3.351	4.775	5.055	5.335
Provision for Taxes	0.210	1.005	1.433	1.516	1.600
Net Profit/Loss (PAT)	0.490	2.346	3.343	3.538	3.734
Cash Accruals	0.790	5.146	6.143	6.338	6.534
Dividend paid + IT on Dividend	--	--	--	--	--
Retained Profit	0.490	2.346	3.343	3.538	3.734
Retained Cash Profits	0.790	5.146	6.143	6.338	6.534
RM Content in sales	92%	84%	83%	84%	85%
PBDIT	10.00	107.00	118.00	117.00	116.00
PBDIT/Sales	4.00%	8.92%	8.43%	7.31%	6.11%
Operating Profits/Sales	2.80%	2.79%	3.41%	3.16%	2.81%
PBT/Sales	2.80%	2.79%	3.41%	3.16%	2.81%
PAT/Sales	1.96%	1.95%	2.39%	2.21%	1.97%
Cash Accruals/ Sales	3.16%	4.29%	4.39%	3.96%	3.44%

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(INR IN MILLION)

Particulars	OPERATING YEARS
	2017-18 [Estimated]	2018-19 [Projected]	2019-20 [Projected]	2020-21 [Projected]	2021-22 [Projected]
LIABILITIES
Current Liabilities
Short Term loans from Applicant Bank including BP &BD	--	17.500	17.500	17.500	17.500
Short Term loans From Other banks including BP &BD	--	--	--	--	--
Sub Total (A)	--	17.500	17.500	17.500	17.500
Short Term Borrowings from Others	--	--	--	--	--
Sundry Creditors (Trade)	1.000	10.000	11.000	14.000	15.000
Advance Payment from Customers	--	--	--	--	--
Net Provision for Taxation (if positive)	--	--	--	--	--
Dividend Payable	--	--	--	--	--
Other Statutory Liab. (Due within one Year)	--	--	--	--	--
Overdue Term Liabilities	--	--	--	--	--
Installments of term Loan/ DPGs/ Deposits/ debentures due within next year	--	3.500	3.500	3.500	3.500
Other Current Liabilities & Provisions (due with in one year)	--	0.200	0.400	0.600	0.800
Provisions	--	0.200	0.400	0.600	0.800
Sub Total (B)	1.000	13.700	14.900	18.100	19.300
TOTAL CURRENT LIABILITIES	1.000	31.200	32.400	35.600	36.800
TERM LIABILITIES
Debentures (not maturing within one Year)	--	--	--	--	--
Preference Shares (redeemable after 1 year)	--	--	--	--	--
Term Loan from Bank(Less next Year Instalments)	--	12.250	8.750	5.250	1.750
Term Loan from Other Banks/Inst.(Ecl. Instal.due next Yr.)	--	--	--	--	--
Deferred Payments Credits (Ecl. Instal.due next Yr.)	--	--	--	--	--
Term deposits (Ecl. Instal.due next Yr.)	--	--	--	--	--
Other term Liabilities	--	--	--	--	--
Long term advance from customers	--	--	--	--	--
TOTAL TERM LIABILITIES	--	12.250	8.750	5.250	1.750
TOTAL OF OUTSIDE LIABILITIES	1.000	43.450	41.150	40.850	38.550
NET WORTH
Share Capital	0.500	12.500	12.500	12.500	12.500
General Reserve	--	--	--	--	--
Revaluation Reserve	--	--	--	--	--
Adjustments for previous Year costs	--	--	--	--	--
Other reserves (excluding Provisions)	--	--	--	--	--
Others	2.500	--	--	--	--
Share application money	2.500	--	--	--	--
Unsecured loan (Quasi capital)	--	--	--	--	--
Share Premium	--	--	--	--	--
Surplus (+) or deficit (-) in Profit & Loss a/c	0.865	3.211	6.553	10.092	13.826
NET WORTH	3.865	15.711	19.053	22.592	26.326
TOTAL LIABILITIES (18+24)	4.865	59.161	60.203	63.442	64.876
ASSETS
Current Assets
Cash & Bank Balances	0.168	0.064	0.172	0.311	0.245
Govt. & other Trustee securities	--	--	--	--	--
Fixed Deposits with Banks	--	--	--	--	--
Domestic Receivables including BP/BD	2.200	10.500	6.000	6.200	6.400
Export Receivables including BP/BD)	--	--	--	--	--
Deferred receivables(due within one year)	--	--	--	--	--
Imported Raw Material	--	--	--	--	--
Indigenous Raw material	--	5.000	6.500	7.500	9.000
Stock in Process	--	--	--	--	--
Finished Goods	--	20.000	25.000	27.500	30.000
imported Consumables	--	--	--	--	--
Indigenous consumables	--	--	--	--	--
Packing Material	--	--	--	--	--
Advances to Suppliers	--	--	--	--	--
Net Advance Payment of Taxes (if positive)	--	--	--	--	--
Other Current Assets (specify major items)	0.827	1.027	1.227	1.427	1.527
Security deposit	0.027	0.027	0.027	0.027	0.027
other current investment	--	--	--	--	--
Adv for exp, staff, others	--	--	--	--	--
Other Adv (Duties & Taxes adjustable/ Int FDR)	0.800	1.000	1.200	1.400	1.500
TOTAL CURRENT ASSETS	3.195	36.591	38.899	42.938	47.172
FIXED ASSETS
Gross Block (Land & Building Machinery	4.766	26.466	28.000	30.000	30.000
Add Capital expenditure in work-in-process	--	--	--	--	--
Depreciation to Date	3.162	5.962	8.762	11.562	14.362
Net Block	1.604	20.504	19.238	18.438	15.638
OTHER NON CURRENT ASSETS
Investments in Sub. cos./ affiliates	--	--	--	--	--
Investment in Others	--	--	--	--	--
Advance to suppliers of Capital goods & Contractors	--	--	--	--	--
Deferred Receivables (Maturing after a year)	--	--	--	--	--
Other Non-current investments
Non Consumable Stores & Spares	--	--	--	--	--
Long outstanding dues &Other Non-Current Assets /dues from Directors	--	--	--	--	--
Deferred tax assets	0.066	0.066	0.066	0.066	0.066
TOTAL OTHER NON CURRENT ASSETS	0.066	2.066	2.066	2.066	2.066
Intangible Assets	--	--	--	--	--
Preliminary Expenses	--	--	--	--	--
Deferred Revenue expenditures	--	--	--	--	--
Other Intangibles (patents, goodwill, etc.)	--	--	--	--	--
Total Intangible Assets	--	--	--	--	--
TOTAL ASSETS	4.865	59.161	60.203	63.442	64.876
TANGIBLE NET WORTH (TNW)	3.865	15.711	19.053	22.592	26.326
NET WORKING CAPITAL (NWC)	2.195	5.391	6.499	7.338	10.372
DISCOVER AXLES INDIA PVT. LTD.
Movement of TNW
Opening TNW	34.65	38.65	157.11	190.53	225.92
Plough back of profit	4.90	23.46	33.43	35.38	37.34
Increase in capital/reserves	(0.90)	95.00	0.00	0.00	--
Intangibles written off	--	--	--	--	--
Closing TNW	38.65	157.11	190.53	225.92	263.26
Current Ratio	3.20	1.17	1.20	1.21	1.28
Debt/Equity	--	0.78	0.46	0.23	0.07
TOL/Equity	0.26	2.77	2.16	1.81	1.46
Current Assets/Tangible Assets	65.67%	61.85%	64.61%	67.68%	72.71%
ROCE (PBDIT incl. Other income/TTA)	0.21	0.18	0.20	0.18	0.18
Inentory+Receivables as days of Net Sales	32	108	98	94	87

------------------------------------------------------------------------------------------------------------------------------

FUND FLOW STATEMENT

(INR IN MILLION)

Particulars	OPERATING YEARS
	2017-18 [Estimated]	2018-19 [Projected]	2019-20 [Projected]	2020-21 [Projected]	2021-22 [Projected]
LONG TERM SOURCES
Profit after Tax	0.490	2.346	3.343	3.538	3.734
Depreciation	.300	2.800	2.800	2.800	2.800
Intangibles written off	--	--	--	--	--
Increase in capital and reserves	--	9.500	0.000	0.000	--
Increase in Term Liability	--	12.250	--	--	--
i. Decrease in Fixed Assets	--	--	--	--	--
ii. Decrease in Other non current assets	--	--	--	--	--
Total	0.790	26.896	6.143	6.338	6.534
LONG TERM USES
Net Loss	--	--	--	--	--
Increase in Intangibles	--	--	--	--	--
Decrease in Capi. and Reserves/ Share Buybacks	0.090	--	--	--	--
Decrease in Term Liabilities	8.147	--	3.500	3.500	3.500
i. Increase in Fixed Assets	--	21.700	1.534	2.000	--
Increase in non-Current Assets	--	2.000	--	--	--
iii. Increase in Intangibles	--	--	--	--	--
Dividend paid
Total	8.237	23.700	5034	5.500	3.500
Surplus/ Deficit	(7.447)	3.196	1109	0.838	3.034
Short Term Sources
Increase in Bank Borrowings	--	17.500
Increase in other Current Liab.	--	12.700	1.200	3.200	1.200
Decrease in Inventory	21.051	--	--	--	--
Decrease in Receivables	0.922	--	4.500	--	--
Decrease in Cash/Deposits/Govt Sec.	--	0.104	--	--	0.066
Decrease in Other Current Assets	0.416	--	--	--
Total	22.389	30.304	5.700	3200	1.266
Short Term Uses
Increase in Inventory	--	25.000	6.500	3.500	4.000
Increase in Receivables	--	8.300	--	0.200	0.200
Increase in Cash/Deposits/Govt Sec.	0.116	--	0.108	0.139	--
Increase in Other Current Assets	--	0.200	0.200	0.200	0.100
Decrease in Other Current Liab.	14.826	--	--	--	--
Decrease in Bank Borrowings	--	--	--	--	--
Total	14.942	33.500	6.808	4.039	4.300
Summary of fund Flow Analysis
Long Term Sources	0.790	26.896	6.143	6.338	6.534
Long Term Uses	8.237	23.700	5.034	5.500	3.500
Surplus /Deficit (i-ii)	(7.447)	3.196	1.109	0.838	3.034
Short term sources	22.389	30.304	5.700	3.200	1.266
Short term uses	14.942	33.500	6.808	4.039	4.300
Surplus /Deficit (iii-iv)	7.447	(3.196)	(1.108)	(0.839)	(3.034)

------------------------------------------------------------------------------------------------------------------------------

COMPARATIVE STATEMENT OF CURRENT ASSETS

AND CURRENT LIABILITIES

(INR IN MILLION)

Particulars	OPERATING YEARS
	2017-18 [Estimated]	2018-19 [Projected]	2019-20 [Projected]	2020-21 [Projected]	2021-22 [Projected]
WORKING CAPITAL ASSESSMENT
Stock of Imported RM - Days Consumption	--	--	--	--	--
Stock of Indigenous RM - Days Consumption	--	16	20	20	20
Imported Consumables - (Days Consumption)	--	--	--	--	--
Indigenous Consumables - (Days Consumption)	--	--	--	--	--
Stock in process- (Days of Cost of Production)	--	--	--	--	--
Finished Goods - (Days Cost of Sales)	--	65	70	66	60
Total Inventory	--	25.000	31.500	35.000	39.000
Total Inventory/Sales (days)	--	76	82	80	75
Domestic receivables (Days Gross dom. Sales)	32	32	16	14	12
Export Receivables - (Days Exports)	--	--	--	--	--
Total Receivables	2.200	10.500	6.000	6.200	6.400
Total Receivables/Gross Sales (days)	32	32	16	14	12
Creditors - (days Consumption)	16	31	33	38	33
Total Current Assets	3.195	36.591	38.899	42.938	47.172
Financed by
Sundry Cr. % of Current Assets	31.30%	27.33%	28.28%	32.61%	31.80%
Other Curr. Liab.% of Current Assets	--	10.11%	10.03%	9.55%	9.12%
Bank Finance % of Current Assets	--	47.83%	44.99%	40.76%	37.10%
NWC % to Current Assets	68.70%	14.73%	16.71%	17.09%	21.99%

------------------------------------------------------------------------------------------------------------------------------

KEY INDICATORS

(INR IN MILLION)

Particulars	OPERATING YEARS
	2017-18 [Estimated]	2018-19 [Projected]	2019-20 [Projected]	2020-21 [Projected]	2021-22 [Projected]
Net Sales	25.000	120.000	140.000	160.000	190.000
Operating Profit	0.700	3.351	4.775	5.055	5.335
(Net) Other income	--	--	--	--	--
PBDIT/Sales	4.00%	8.92%	8.43%	7.31%	6.11%
PBT/Sales	2.80%	2.79%	3.41%	3.16%	2.81%
PAT	0.490	2.346	3.343	3.538	3.734
PAT/Net Sales	1.96%	1.95%	2.39%	2.21%	1.97%
Cash Accruals	0.790	5.146	6.143	6.338	6.534
Cash Accruals/Sales	3.16%	4.29%	4.39%	3.96%	3.44%
Paid up Capital (PUC)	0.500	12.500	12.500	12.500	12.500
TNW	3.865	15.711	19.053	22.592	26.326
Adjusted TNW (TNW-Investment in associates)	3.865	15.711	19.053	22.592	26.326
TOL/TNW	0.26	2.77	2.16	1.81	1.46
TOL/Adjusted TNW	0.26	2.77	2.16	1.81	1.46
C/R	3.20	1.17	1.20	1.21	1.28
C/R excluding T/L instalments due in 1 year	3.20	1.32	1.35	1.34	1.42
Net Sales/TTA (Times)	5.14	2.03	2.33	2.52	2.93
PBT/TTA (%)	14.39%	5.66%	7.93%	7.97%	8.22%
Operating costs/sales(%)	97.20%	97.21%	96.59%	96.84%	97.19%
Bank Finance / Current Assets (%)	--	47.83%	44.99%	40.76%	37.10%
Inv + Rec. /N.S. (DAYS)	32	108	98	94	87
NWC / CA (%)	68.70%	14.73%	16.71%	17.09%	21.99%

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MR. VIJAYKUMAR BHALCHANDRA SHETE [DIRECTOR]

(INR IN MILLION)

Particulars	31.03.2017
Residential Flat at Road Pali	11.000
Residential Flat at Kharghar	8.000
Commercial Office at Bima Complex, Kalamboli	2.500
Investment in Vedika Steels and Others	7.419
Vehicle	1.429
Loan and advances	3.767
Sunday debtors	0.500
Cash and bank	0.063
	--------------
Total	34.678
Less: Liabilities
Secured and Unsecured loans	20.920
	--------------
NET WORTH	13.758

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MR. RAJENDRA VILAS KADAM [DIRECTOR]

(INR IN MILLION)

Particulars	31.03.2017
Residential flat at Lonavala	5.000
Residential flat at Kharghar	20.000
Shop at Omkara, Kalamboli	8.500
Industrial plot at Khapoli	8.000
Industrial plot at Khalapur	25.000
Fixed assets (vehicle and equipment’s and others)	11.926
Other investment	1.212
Insurance policies-Canara HSBC and LIC of India	4.599
Loan and advances	8.443
Other current assets - deposit	0.580
Sunday debtors	20.363
Cash and bank	0.569
	--------------
Total	114.192
Less: Liabilities
Secured and unsecured loans	29.383
Unsecured loans	9.310
Creditors and other liabilities	17.301
	--------------
Total	55.994
	--------------
NET WORTH	58.198

------------------------------------------------------------------------------------------------------------------------------

COMPANY PROFILE

The company was incorporated on 09.11.2011 by Mr. Vijaykumar Shete and Mr. Rajendra Kadam. The company is into manufacturing of modular Hydraulic Axles, Mechanical axles, Commercial Vehicle Body Manufacturing and heavy fabrication. The company has set up its unit at prime location in Chakan, Pune (Plot No E- 2, Gat No 228, Village-Ambethan, Taluka-Khed, District-Pune- 410501) for easy access to customers. Since inception to 2014, the company was manufacturing mechanical axles only. After that company has planned for manufacturing hydraulic axles only. To manufacture hydraulic axles, certification from “Vehicles Research & Development (VRD), Government of India” is required. The Company had applied the certification in 2014 and get the certificate on 22.05.2017. Hence during the year 2014 to May 2017, there was no substantial sales of the company. After getting certification from VRD, the company has achieved sales of INR 23.500 million during current FY. The company is going for expansion to manufacturing Hydraulic Axles at its unit at Chakan, Pune.

Transporters and Logistics operators and automotive sector is the clientele of the company. Steel is the major raw material to manufacture the axles. One of the director i.e. Mr. Rajendra Kadam is having experience of more than 15 years in transport industry and another director i.e. Mr. Vijaykumar Shete is having more than 10 years of experience in steel industry.

------------------------------------------------------------------------------------------------------------------------------

VALUATION REPORT

(GENERAL DETAILS)

Date of Valuation	28.02.2018
Name of the Owner	MR. RAJENDRA VILAS KADAM MR. VIJAYKUMAR BHALCHANDRA SHETE
Location, Street, Ward No	Industrial Shed Plot No. E-2, Gat No. 228 Paiky, Village Ambethan, Taluka Khed, District Pune – 410501, Maharashtra, India

Value of Land the property	INR 35.927 Million
Value of Construction Area the property	INR 30.687 Million
Fair market value	INR 66.600 Million
Realizable value	INR 59.940 Million
Distress sale value	INR 53.280 Million
Insurance valaue	INR 30.000 Million
Guideline rate	INR 8.347 Million

------------------------------------------------------------------------------------------------------------------------------

INDEX OF CHARGES: NO CHARGES EXISTS FOR COMPANY

------------------------------------------------------------------------------------------------------------------------------

FIXED ASSETS:

· Plant and Machinery

· Furniture and Fixtures

· Office Equipment

· Factory Shed and Building

· Computer

------------------------------------------------------------------------------------------------------------------------------

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 records 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	INR
US Dollar	1	INR 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	NYT
Report Prepared by :	ARC

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and opera tions size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.