MIRA INFORM REPORT

Report Date :

07.08.2012

IDENTIFICATION DETAILS

Name :	KASYAP SWEETNERS LIMITED
Registered Office :	Marthanda, 84, Dr A.B. Road, Worli Naka, Worli, Mumbai – 400 018, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.06.1986
Com. Reg. No.:	11-135077
Capital Investment / Paid-up Capital :	Rs.10.000 millions
CIN No.: [Company Identification No.]	U24119MH1986PLC135077
TAN No.: [Tax Deduction & Collection Account No.]	MUMK12718G
PAN No.: [Permanent Account No.]	AABCK3538M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Sorbitol, Corn Starch, Liquid Glucose, High Maltose Corn Syrup.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (59)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 2668000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having good track. Financially company performance is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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

Rating Agency Name	CRISIL
Rating	A- (Long term rating)
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation, it carry low credit risk.
Date	14^th March, 2012

Rating Agency Name	CRISIL
Rating	A2+ (Short term rating)
Rating Explanation	It is considered to have strong degree of safety regarding timely payment of financial obligation, it carry low credit risk.
Date	14^th March, 2012

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 31-03-2012.

LOCATIONS

Registered Office/ Head Office :	Marthanda, 84, Dr A.B. Road, Worli Naka, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-30447100
Fax No.:	91-22-30447100/ 30447130
E-Mail :	lodha@kasyap.com sales@kasyap.com
Website :	http://www.kasyap.com
Factory 1 :	Chetanya Gram, Badnawar, District Dhar – 454 660, Madhya Pradesh, India
Tel. No.:	91-7295-235100
Fax No.:	91-7295-233607
Factory 2 :	Plot No.20C, Phase I, GIDC, District Valsad, Vapi – 396 195, Gujarat, India
Tel. No.:	91-260-2436594
Fax No.:	91-260-2436595

DIRECTORS

As on 30.09.2011

Name :

Mr. Chetanya Kumar Kasyap

Designation :

Managing Director

Address :

4^th Floor, 7-B, Hermes House, A.G. Khan Road, Worli, Mumbai – 400 018, Maharashtra, India

Date of Birth/Age :

16.01.1959

Qualification :

B.Com

Date of Appointment :

05.06.1986

DIN No.:

00521677

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24119MH1986PLC135077	KASYAP SWEETNERS LIMITED	Managing director	05/06/1986	05/06/1986	-	Active	NO
2	U15210MH1991PTC139253	ANNAJAL FARMS PRIVATE LIMITED	Director	08/01/1991	08/01/1991	-	Active	NO
3	U55100MH1988PTC139252	KASYAP HOTELS PRIVATE LIMITED	Director	04/02/1991	04/02/1991	-	Active	NO
4	U67120MH1991PTC139255	KASYAP FINANCE PRIVATE LIMITED	Director	04/02/1991	04/02/1991	-	Active	NO
5	U22120MH1990PTC135078	KASYAP PUBLICATION PRIVATE LIMITED	Managing director	20/09/1992	20/09/1992	-	Active	NO
6	U67120MH1990PTC139256	NAVKAR INVESTMENT PRIVATE LIMITED	Director	18/01/1996	18/01/1996	-	Active	NO
7	U67120MH1990PTC139254	RAJENDRA INVESTMENT PRIVATE LIMITED	Director	18/11/1996	18/11/1996	-	Active	NO
8	U99999DL1951PLC002023	THE INDIAN NEWSPAPER SOCIETY.	Director	28/09/2006	28/09/2006	19/09/2007	Active	NO
9	U74999MH2007NPL168975	JAIN INTERNATIONAL TRADE ORGANISATION	Additional director	03/04/2007	03/04/2007	11/12/2010	Active	NO
10	U80301MH2009NPL194834	WJC SCHOOL OF BUSINESS	Director	11/08/2009	11/08/2009	-	Active	NO

Name :

Mr. Rajiv Gorwara

Designation :

Director

Address :

Chowpati, Mhow Neemuch Road, Badnawar, Dhar, Madhya Pradesh, India

Date of Birth/Age :

01.09.1964

Qualification :

B.Tech.

Date of Appointment :

02.08.1989

DIN No.:

00766971

Name :

Mr. Vimal Chand Kothari

Designation :

Director

Address :

132, Avanti Apartments, Senapati Bapat Road, Dadar (West), Mumbai – 400 028, Maharashtra, India

Date of Birth/Age :

28.06.1940

Qualification :

MCOM, FICWA, FCS, LLB

Date of Appointment :

06.03.1997

DIN No.:

00056003

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24119MH1986PLC135077	KASYAP SWEETNERS LIMITED	Director	06/03/1997	06/03/1997	-	Active	NO
2	U24239MH1989PLC052049	MACLEODS PHARMACEUTICALS LTD	Director	27/03/2006	27/03/2006	-	Active	NO

Name :

Mr. Sushil Kumar Jain

Designation :

Director

Address :

357, M.G. Road, Barnagar, Ujjain District – 457 001, Madhya Pradesh, India

Date of Birth/Age :

21.07.1957

Qualification :

MA

Date of Appointment :

06.03.1999

DIN No.:

02524559

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Chetanya Kumar Kasyap	158933
Shravan Kasyap	120000
Siddharth Kasyap	120000
Tejkunwarbai Kasyap	120000
Ashok Kumar Kasyap HUF	66667
Neeta Kasyap	120000
Rajendra Investment Private Limited, India	66667
Annajal Farms Private Limited, India	79733
Navkar Investment Private Limited, India	81333
Kasyap Finance Private Limited, India	66667
Total	1000000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	29.40
Directors or relatives of directors	70.60
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sorbitol, Corn Starch, Liquid Glucose, High Maltose Corn Syrup.

Products :

Item Code No. (ITC Code)	29054400
Product Description	Sorbitol
Item Code No. (ITC Code)	17023010
Product Description	Liquid Glucose

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Licensed and Registered Capacity
Sorbitol - (70%)	70000 M.T.
Liquid Glucose	28800 M.T.
Starch	63227 M.T.

Particulars	Installed Capacity (As certified by the management and relied on by the auditors being a technical matter)
Sorbitol(70%)	50000 M.T.
Maize Starch	52000 M.T.
Liquid Glucose	12000 M.T.

Particulars	Actual Production
Sorbitol (70%) (Own Production )	45995 M.T.
Job Work	7220 M.T.
Total Production	53215 M.T.
Liquid Glucose	7306 MT

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parde, Mumbai – 400 005, Maharashtra, India

v HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

v State Bank of India, Commercial Branch, Mitraniwas Road, Ratlam – 457 001, Madhya Pradesh, India

v ING Vysya Bank Limited, Patel Chambers, Corner of Sandhurst Bridge, Opera House, Mumbai – 400 007, Maharashtra, India

v Centurion Bank of Punjab Limited, Maker Chamber III, Nariman Point, Mumbai – 400 021, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee term loans banks secured	380.464	287.614
Working capital loans banks secured	189.079	175.854
Total	569.543	463.468

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee term loans banks unsecured	100.000	75.000
Total	100.000	75.000

Banking Relations :	--
Auditors :
Name :	Batliboi and Purohit Chartered Accountants
Address :	National Insurance Building, 204, D.N. Road, Fort, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22077941/ 42
E-Mail :	batliboi_purohit@rediffmail.com
Website :	www.batliboipurohit.com
Income-tax PAN of auditor or auditor's firm :	AAAPH2348Q

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		657.087	560.647	513.289
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		667.087	570.647	523.289
LOAN FUNDS
1] Secured Loans		569.543	463.468	582.145
2] Unsecured Loans		100.000	75.000	0.000
TOTAL BORROWING		669.543	538.468	582.145
DEFERRED TAX LIABILITIES		28.070	25.570	0.000
TOTAL		1364.700	1134.685	1105.434
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		825.736	650.045	648.482
Capital work-in-progress/ Pre-Operative Expenses		6.965	5.644	2.001
INVESTMENT		4.220	4.220	4.260
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	238.058	191.184	215.657
	Sundry Debtors	289.309	258.701	212.962
	Cash & Bank Balances	11.001	13.292	9.857
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	78.229	76.522	69.944
Total Current Assets		616.597	539.699	508.420
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	84.635	59.866	49.653
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	4.183	5.057	8.076
Total Current Liabilities		88.818	64.923	57.729
Net Current Assets		527.779	474.776	450.691
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1364.700	1134.685	1105.434

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	1846.375	1611.930	1547.847
		Other Income	4.724	2.718	2.345
		TOTAL (A)	1851.099	1614.648	1550.192
Less	EXPENSES
		Consumption materials changes inventories	919.807	796.964	1353.371
		Manufacturing service costs	387.559	323.768
		Employee related expenses	96.080	106.373
		Administrative selling other expenses	196.542	173.693
		TOTAL (B)	1599.988	1400.798	1353.371
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		251.111	213.850	196.821
Less	INTEREST FINANCIALCHARGES (D)		55.155	55.469	69.925
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		195.956	158.381	126.896
Less/ Add	DEPRECIATION/ AMORTISATION (F)		49.112	46.049	42.346
	PROFIT BEFORE TAX (E-F) (G)		146.844	112.332	84.550
Less	TAX (H)		30.000	22.500	13.500
	PROFIT AFTER TAX (G-H) (I)		116.844	89.832	71.050
Less	APPROPRIATIONS
		Transferred to General Reserve	112.012	85.500	64.710
		Proposed Dividend	2.000	2.000	2.000
		Tax on Proposed Dividend	0.332	0.332	0.340
		Deferred Tax Reserves	2.500	2.000	4.000
	BALANCE CARRIED TO THE B/S		0.000	0.000	0.000
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	34.990	68.225	35.696
	TOTAL EARNINGS		34.990	68.225	35.696
	Earnings Per Share (Rs.)		116.84	89.83	71.05

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.31	5.56	4.58
Net Profit Margin (PBT/Sales)	(%)	7.95	6.97	5.46
Return on Total Assets (PBT/Total Assets}	(%)	10.18	9.44	7.31
Return on Investment (ROI) (PBT/Networth)		0.22	0.20	0.16
Debt Equity Ratio (Total Liability/Networth)		1.14	1.06	1.22
Current Ratio (Current Asset/Current Liability)		6.94	8.31	8.81

LOCAL AGENCY FURTHER INFORMATION

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	No
9) Name of person contacted	No
10) Designation of contact person	No
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	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
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) PAN of Proprietor/Partner/Director, if available	No
32) Passport No of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No

REVIEW OF OPERATIONS

During the year the company was able to achieve Sales Turnover of Rs.1846.400 millions and net (Profit Before taxation) of Rs.146.800 millions. The efforts of the company in streamlining its operations have yielded positive results, which is reflected in the higher level of profitability.

FUTURE OUTLOOK AND PLANS

The company is confident of achieving good results in the years to come. The company is constantly evaluating various options to consolidate its position in the wake of the recessionary trend engulfing the global economy in general.

FIXED ASSETS:

v Freehold Land

v Building and Site Development

v Tube Well

v Plant and Machinery

v Furniture and Fixture

v Lab Equipments

v Vehicles

v Type Writer

v Computer

v Office Equipments

v Staff Quarters

Bankers Charges Report as per Registry

Corporate identity number of the company	U24119MH1986PLC135077
Name of the company	KASYAP SWEETNERS LIMITED
Address of the registered office or of the principal place of business in India of the company	Marthanda, 84, Dr A.B. Road, Worli Naka, Worli, Mumbai – 400 018, Maharashtra, India E-Mail: lodha@kasyap.com
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	CIN No.: L65920MH1994PLC080618 HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India E-Mail: jagdish.palan@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	No Instrument is executed. HDFC Bank Limited sanctioned a Term Loan of Rs.40.000 millions. A Mortgage on Flat No.1 admeasuring 700 Sq ft (Carpet Area) and (ii) Flat No.2 admeasuring 1050 Sq Ft (carpet Area) together aggregating to 1750 Sq Ft (carpet Area) on the 1^st Floor building known as -Marthanda, situated on property bearing Cadastral Survey No.945 of Worli Division, 84 Annie Besant Road, Worli, Mumbai - 400018, created to secure the Term Loan sanctioned by HDFC Bank Limited
Date of instrument Creating the charge	29.03.2012
Amount secured by the charge	Rs.40.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As decided by the bank from time to time Terms of Repayment: Repayable in equal 18 Quarterly Installments with 6 months of moratorium period starting from the date of first draw down or as decided by the bank time to time Margin: As decided by the bank from time to time Extent and Operation of the charge: First charge on flat No. 1 and 2 situated at Marthanda, 84, Dr. A.B. Road, Worli, Mumbai - 400018 top secure the Term Loan of Rs.40.000 millions sanctioned by HDFC Bank Limited to secure the due repayment of the credit facilities along with interest, costs, charges and other dues that may any time hereafter become due and owing to the bank in respect of and under the credit facilities.
Short particulars of the property charged	Flat No.1, 700 Sq ft and (ii) Flat No.2 1050 Sq Ft. together aggregating to 1750 Sq Ft on the 1st floor building known as- Marthanda, at Dr. A.B. Road, Worli, Mumbai-400018, Maharashtra

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	Indian Rupees
US Dollar	1	Rs.55.47
UK Pound	1	Rs.86.61
Euro	1	Rs.68.66

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		59

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	-

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.