MIRA INFORM REPORT
|
Report Date : |
17.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
CAPITA INDIA PRIVATE LIMITED [w.e.f. 03.11.2008] |
|
|
|
|
Formerly Known
As : |
CAPITA OFFSHORE BUSINESS SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
5th Floor, Logitech Park, Tower I, Phase II, M.V. Road,
Sakinaka, Andheri (East), Mumbai-400072, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.12.2006 |
|
|
|
|
Com. Reg. No.: |
11-166414 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.18.717
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U93090MH2006PTC166414 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC14853G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCE7046A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in providing business process outsourcing services and
has entered in to an outsourcing agreement with Capita International Limited
on a cost plus mark-up basis. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5440000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track record. The
latest financial are not made available. However as per previous year’s
record, financial position seems to be sound and healthy. The operations are
carried out efficiently. Profitability appears to be good. Trade relations are reported as decent. Business is active. Payment
terms are regular and as per commitments. The company can be considered good 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
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.
INFORMATION DECLINED
Management non co-operative.
LOCATIONS
|
Registered Office : |
5th Floor, Logitech Park, Tower I, Phase II, M.V. Road, Sakinaka,
Andheri (East), Mumbai-400072, Maharashtra, India |
|
Tel. No.: |
91-22-40425936 |
|
Fax No.: |
91-22-40425750 |
|
E-Mail : |
DIRECTORS
AS ON 10.08.2012
|
Name : |
Martin Mc Closkey |
|
Designation : |
Director |
|
Address : |
6, Fair View Road, Hungerford, Berkshire, United Kingdom |
|
Date of Birth/Age : |
11.05.1952 |
|
Date of Appointment : |
31.01.2007 |
|
Passport No.: |
451493627 |
|
Din No.: |
00367272 |
|
|
|
|
Name : |
Mr. Sanjay Razdan |
|
Designation : |
Director |
|
Address : |
A 2101 and 2102, 21st Floor, Phoneix Tower, Senapati Bapat
Marg, Lower Parel, Mumbai-400013, Maharashtra, India |
|
Date of Birth/Age : |
28.12.1962 |
|
Date of Appointment : |
01.10.2008 |
|
Passport No.: |
Z1778996 |
|
Din No.: |
00240090 |
|
|
|
|
Name : |
Richard John Shearer |
|
Designation : |
Alternate Director |
|
Address : |
6, The Heronry, Walton On Thames, Surrey, England KT12 5AT |
|
Date of Birth/Age : |
27.02.1964 |
|
Date of Appointment : |
17.05.2012 |
|
Passport No.: |
202716862 |
|
Din No.: |
02815109 |
|
|
|
|
Name : |
Victor Gysin |
|
Designation : |
Alternate Director |
|
Address : |
College Farm House, Fotheringhay, Peterborough, PE85HZ |
|
Date of Birth/Age : |
11.09.1965 |
|
Date of Appointment : |
10.01.2001 |
|
Passport No.: |
301211281 |
|
Din No.: |
03545407 |
KEY EXECUTIVES
|
Name : |
Mr. Yatish Narendra Doshi |
|
Designation : |
Secretary |
|
Address : |
A/302, Rajhans, Rokadia Lane, SVP Road, Borivali (West),
Mumbai-400092, Maharashtra, India |
|
Date of Birth/Age : |
12.01.1972 |
|
Date of Appointment : |
20.07.2011 |
|
Passport No.: |
H1000864 |
|
Pan No.: |
AADPD5463F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 10.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Capita Cyprus Holdings Limited, Cyprus |
|
1696726 |
|
Capita Business Support Services Ireland Limited, Ireland |
|
1 |
|
|
|
|
|
TOTAL
|
|
1696727 |
AS ON 10.08.2012
|
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 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing business process outsourcing services
and has entered in to an outsourcing agreement with Capita International
Limited on a cost plus mark-up basis. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
||||||||||||
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Bankers : |
Not Available |
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Facilities : |
|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
BSR and Associates Chartered Accountants |
|
Address : |
KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower
Parel, Mumbai-400013, Maharashtra, India |
|
PAN No: |
AAIFB7355D |
|
|
|
|
Holding Company : |
Capita Cyprus Holdings Limited (‘CCHL’) |
|
|
|
|
Ultimate Holding Company : |
The Capita Group Plc (‘CGP’) |
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 10.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
5000000 |
Preferences Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
TOTAL
|
|
Rs.100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1696727 |
Equity Shares |
Rs.10/- each
|
Rs.16.967
Millions |
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
5000000 |
Preferences Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
TOTAL
|
|
Rs.100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1871727 |
Equity Shares |
Rs.10/- each
|
Rs.18.717
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 |
18.717 |
20.267 |
20.267 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1343.667 |
1029.770 |
678.936 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1362.384 |
1050.037 |
699.203 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5.337 |
4.046 |
5.186 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
5.337 |
4.046 |
5.186 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1367.721 |
1054.083 |
704.389 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
451.469 |
476.156 |
584.286 |
|
|
Capital work-in-progress |
3.716 |
6.998 |
11.499 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.357 |
122.032 |
|
|
DEFERREX TAX ASSETS |
94.969 |
37.123 |
15.990 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
299.632
|
458.626 |
5.325 |
|
|
Cash & Bank Balances |
129.641
|
63.177 |
172.126 |
|
|
Other Current Assets |
291.645
|
61.140 |
8.841 |
|
|
Loans & Advances |
618.698
|
440.633 |
274.544 |
|
Total
Current Assets |
1339.616
|
1023.576 |
460.836 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
159.227
|
195.261 |
7.648 |
|
|
Other Current Liabilities |
187.697
|
168.498 |
425.050 |
|
|
Provisions |
175.125
|
126.368 |
57.556 |
|
Total
Current Liabilities |
522.049
|
490.127 |
490.254 |
|
|
Net Current Assets |
817.567
|
533.449 |
(29.418) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1367.721 |
1054.083 |
704.389 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
3882.683 |
3366.474 |
2604.312 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
3343.435 |
3015.921 |
2262.356 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
539.248 |
350.553 |
341.956 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(56.553) |
(15.823) |
14.211 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
595.801 |
367.376 |
327.745 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3880.526 |
3363.783 |
2595.750 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
70.443 |
42.887 |
94.477 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
351.15 |
181.27 |
161.71 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
15.35
|
10.91 |
12.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
30.11
|
23.37 |
32.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.33 |
0.49 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.39
|
0.47 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.57
|
2.09 |
0.94 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Due to small
micro enterprises |
0.591 |
0.000 |
|
|
Due to others |
158.636 |
195.261 |
|
|
Total |
159.227 |
195.261 |
7.648 |
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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 |
Yes |
|
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 |
No |
|
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
NOTE:
The registered office of the company has been shifted from Madhuli, Flat No. 23, 2nd Floor, Dr. Annie Besant Road, Worli, Mumbai-400030, Maharashtra, India to the present address w.e.f. 31.01.2007.
BACKGROUND:
Subject was
incorporated on December 21, 2006. The Company is engaged in providing business
process outsourcing services and has entered in to an outsourcing agreement
with Capita International Limited on a cost plus mark-up basis.
OPERATIONAL REVIEW:
GENERAL OPERATIONS:
The company
continues to provide processing services maintaining excellent standards
expected out of a strong outsourcing unit. Most of the operational metrics on
all the processes have met or exceeded the performance targets. The feedback
from Capita UK and its customers on the service provided by the Company
continues to be positive and encouraging.
Their operations
are closely aligned with the Capita UK operations and mirror their best
practices. They have a robust Data security, Business continuity and Audit
processes in place to ensure seamless continuity of processes for all their
clients. The staff strength of the Company increased by 205 employees bringing
the total headcount of the Company from 3642 to 3847 employees working out of 5
different offices of the Company based at Mumbai, Pune and Bangalore.
The Company at the
moment has four major service verticals i.e. Life and Pensions, Insurance
Services, Integrated Services and Financial Services catering to around 20
different clients across Capita’s businesses in the UK. Life and Pensions is
the core strength of the Company which constitutes a large part of their
offshore business engaging around 2400 employees of the Company. The Company is
the largest UK Life and Pensions (L and P) Service Provider from India
servicing policies of leading UK based Life and Pensions companies like
Prudential, Zurich, AXA, Pearl and Abbey life.
Insurance Services
is one of the other major verticals where the Company provides services to its
clients in the general insurance industry. They provide risk capture and claim
back office administration services for five syndicates to Capita London
Markets out of Mumbai. In Pune, they pre-dominantly provide broking, placements
and fiduciary back office services to Marsh, one of the leading insurance
brokers.
Financial services
is one of the other distinguished services wherein they provide wide range of
back office support services to Capita’s Asset Management business, shareholder
services. They also provide support services to the central finance function in
UK.
Integrated
Services: Under this vertical they offer services to UK government agencies
such as Criminal Record Bureau (CRB), BBC TVL and National Health Services
(NHS). They also process parts of payroll for the 38,000 employees within
Capita Group in UK.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
|
1 |
Rs.87.78 |
|
Euro |
1 |
Rs.71.29 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
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 |
7 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
TOTAL |
|
55 |
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.