MIRA INFORM REPORT

Report Date :

22.02.2012

IDENTIFICATION DETAILS

Name :	INDSUR GLOBAL LIMITED (w.e.f. 13.07.2009)
Formerly Known As :	IPSL INDUSTRIES LIMITED (w.e.f. 24.03.2005) INDIA POWER SERVICES LIMITED
Registered Office :	507, Keshwa Building, 5^th Floor, Plot No. 4, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.09.1994
Com. Reg. No.:	11-080707
Capital Investment / Paid-up Capital :	Rs.28.600 Millions
CIN No.: [Company Identification No.]	U40100MH1994PLC080707
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of Emerging Pipe.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 337000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	507, Keshwa Building, 5^th Floor, Plot No. 4, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-43473996
Fax No.:	Not Available
E-Mail :	investor@indsur.in info@indsur.in indiapowerservices@rediffmail.com
Website :	www.indsur.com
Corporate Office :	204, Turf Estate, 2^nd Floor, Shakti Mills Lane, Off Dr. E. Moses Road, Mumbai – 400 011, Maharashtra, India
Tel. No.:	91-22-43473995/ 43473996
Fax No.:	91-22-24935325
Factory :	Plot No. 751/2, GIDC, Jhagadia, Ankleshwar, Gujarat, India
Overseas Office:	Located At: USA Zigong Safam – China Hong Kong
Branch Office :	605, Sterling Centre, Alkapuri, Vadodara, Gujarat, India
Tel. No.:	91-265-6522871/75
Representative Offices:	Located At: Kolkata Bangalore Jagdhishpur Delhi

DIRECTORS

As on 30.09.2011

Name :

Mr. Ankur Lodha

Designation :

Director

Address :

5, Panhar, Worli Sea Face, Mumbai – 400 058, Maharashtra, India

Date of Birth/Age :

30.05.1976

Date of Appointment :

01.09.1994

DIN No.:

01654341

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U40100MH1994PLC080707	Indsur Global Limited	Whole-time director	1/06/2011	1/09/1994	-	Active	NO
U80300RJ2007PTC025223	Professionals Coaching Company Private Limited	Director	24/10/2007	24/10/2007	15/10/2008	Under Process of Striking off	NO
U65921MH1995PTC085031	Elixir Financial Services Private Limited	Additional director	29/12/2009	29/12/2009	-	Active	NO
U40100MH2004PLC146289	IPSL Power Limited	Additional director	6/02/2010	6/02/2010	-	Strike off	NO
U29253MH2011PLC216318	Indsur Gears Limited	Director	15/04/2011	15/04/2011	-	Active	NO

Name :

Mr. Akshay Rajendraprasad Jain

Designation :

Director

Address :

101, Venus Apartment, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

16.09.1959

Date of Appointment :

30.10.2007

DIN No.:

01145191

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U51900MH1988PTC046784	Shri Venkatesh Trades and Agencies Private Limited	Director	1/06/1990	1/06/1990	-	Active	YES
U27109MH1994PTC079793	Sayli Iron and Steel Company Private Limited	Director	22/07/1994	22/07/1994	-	Active	YES
U27100MH1996PTC097025	Delta Iron And Steel Company Private Limited	Director	7/02/1996	7/02/1996	-	Active	NO
U27100MH2003PTC141751	Khanna Delta Steel Private Limited	Director	14/08/2003	14/08/2003	-	Active	NO
U27200MH2004PTC148690	ARK Industries Private Limited	Director	29/07/2005	29/07/2005	-	Active	NO
U40100MH1994PLC080707	Indsur Global Limited	Director	30/10/2007	30/10/2007	3/10/2011	Active	NO
U28999MH2008PTC181446	Delta TMT Bars Private Limited	Director	23/04/2008	23/04/2008	24/05/2010	Active	NO
U74999MH2007PTC176072	DIA Vision Marketing Private Limited	Director	2/02/2009	2/02/2009	-	Active	NO
U17119DN1995PTC000085	Sarla Filaments Private Limited	Director	2/03/2009	2/03/2009	-	Active	NO
U51101MH2007PTC172970	Olive Steel Private Limited	Director	16/03/2009	16/03/2009	-	Active	NO
U29299PN2007PTC131103	Hyper Plasma Fabricators Private Limited	Director	9/04/2010	9/04/2010	-	Active	NO

Name :

Mr. Pramod Kumar Sarda

Designation :

Director

Address :

404, Shilp Residency, Near Citizen Society, NR Atmajyoti Mandir, Subhanpura, Vadodara – 390 023, Gujarat, India

Date of Birth/Age :

11.08.1952

Date of Appointment :

30.09.2010

DIN No.:

02888797

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U40100MH1994PLC080707	Indsur Global Limited	Whole-time director	1/06/2011	3/12/2009	-	Active	NO

Name :

Mr. Amit Lodha

Designation :

Director

Address :

5, Panhar, Worli Sea Face, Mumbai – 400 058, Maharashtra, India

Date of Birth/Age :

18.08.1978

Date of Appointment :

30.09.2010

DIN No.:

00439529

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U63090MH2006PTC159373	Advantage Logistics Private Limited	Director	31/01/2006	31/01/2006	19/01/2009	Active	NO
U27109MH2006PTC159434	Amsek Speciality Steels Private Limited	Director	2/02/2006	2/02/2006	19/01/2009	Strike off	NO
U40100MH1994PLC080707	Indsur Global Limited	Director	30/09/2010	18/12/2009	-	Active	NO
U65921MH1995PTC085031	Elixir Financial Services Private Limited	Additional director	29/12/2009	29/12/2009	-	Active	NO
U40100MH2004PLC146289	IPSL Power Limited	Additional director	6/02/2010	6/02/2010	1/08/2010	Strike off	NO
U29253MH2011PLC216318	Indsur Gears Limited	Director	15/04/2011	15/04/2011	-	Active	NO

Name :

Mr. Michel Daniel Louis Moulin

Designation :

Additional Director

Address :

24 Rue Champ Reton, 51200 Epernay, France

Date of Birth/Age :

07.02.1964

Date of Appointment :

12.01.2012

DIN No.:

05169493

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Amit Lodha	606500
Ankur Lodha	486500
Indu Lodha	598396
Sureshmal Lodha	1089798
Elixir Financial Services Private Limited	200000
Ran Singh	1
Keval Singhvi	1
IGL (HK) Limited	80104
Total	3061300

As on 21.11.2011

Names of Allottes	No. of Shares
IGL (HK) Limited, Hong Kong	84318

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	9.14
Directors or relatives of Directors	90.86
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Emerging Pipe.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

• Axis Bank Limited, Ground Floor, Axis House, Bombay Dyeing Mill Compound P.B. Marg, Worli, Mumbai – 400025, Maharashtra, India
• Axis Bank Limited, Credit Management Center at Unit No.6, Corporate Park, Sion Trombay Road, Chembur, Mumbai - 400 071, Maharashtra, India
• Central Bank of India, Corporate Finance Branch, M.G. Road, Fort, Mumbai – 400 023, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Term Loan	100.032	0.000
Vehicle Loan	0.878	0.481
Working Capital Loans	134.634	141.261
Total	235.544	141.742

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Corporates and Others	32.193	7.979
Total	32.193	7.979

Banking Relations :	--
Auditors :
Name :	Kamlesh Saboo and Company Chartered Accountants
Address :	1, Shree Ramlaxmi Niwas, Near Anthony Bakery, Kolbad, Thane (West), Thane – 400 601, Maharashtra, India
Subsidiary Companies :	IGL (HK) Limited, Hong Kong

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3145618	Equity Shares	Rs.10/- each	Rs.31.456 Millions

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3061300	Equity Shares	Rs.10/- each	Rs.30.613 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2860000	Equity Shares	Rs.10/- each	Rs.28.600 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		28.600	17.502	17.502
2] Share Application Money		16.343	26.833	0.000
3] Share Premium A/c		14.062	6.070	6.070
4] Reserves & Surplus		25.131	16.096	19.029
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		84.136	66.501	42.601
LOAN FUNDS
1] Secured Loans		235.544	141.742	110.014
2] Unsecured Loans		32.193	7.979	10.716
TOTAL BORROWING		267.737	149.721	120.730
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		351.873	216.222	163.331
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		84.246	60.384	62.611
Capital work-in-progress		2.634	0.106	0.106
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		2.741	3.491	3.603
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	116.405	109.020	104.146
	Sundry Debtors	99.385	106.460	158.939
	Cash & Bank Balances	106.944	2.314	0.765
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	28.033	28.010	18.678
Total Current Assets		350.767	245.804	282.528
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	71.021	71.621	165.065
	Other Current Liabilities	0.000	0.000	0.293
	Provisions	17.494	21.942	20.159
Total Current Liabilities		88.515	93.563	185.517
Net Current Assets		262.252	152.241	97.011
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		351.873	216.222	163.331

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	568.385	378.041	382.295
		Other Income	0.000	0.000	0.000
		TOTAL (A)	568.385	378.041	382.295
Less	EXPENSES
		Increase / Decrease in Inventories	(1.749)	(5.656)	(6.005)
		Raw Materials Consumed	392.667	220.909	119.608
		Manufacturing Expenses	86.807	86.767	203.883
		Payment to and provision for employees	30.142	28.026	25.000
		Administrative and Selling Expenses	25.666	18.120	13.729
		Loss from sale of assets	0.000	0.000	2.257
		TOTAL (B)	533.533	348.166	358.472
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		34.852	29.875	23.823
Less	FINANCIAL EXPENSES (D)		16.493	24.988	13.268
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.359	4.887	10.555
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.858	0.868	1.045
	PROFIT BEFORE TAX (E-F) (G)		15.501	4.019	9.510
Less	TAX (H)		0.750	0.111	1.632
	PROFIT AFTER TAX (G-H) (I)		14.751	3.908	7.878
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(15.118)	(19.026)	(26.904)
	BALANCE CARRIED TO THE B/S		(0.367)	(15.118)	(19.026)
	EARNINGS IN FOREIGN CURRENCY
		In Euro (Figures in Lacs)	4.33	5.80	NA
		In USD (Figures in Lacs)	12.58	12.23	NA
	Earnings Per Share (Rs.)		5.16	2.23	4.50

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.60	1.03	2.06
Net Profit Margin (PBT/Sales)	(%)	2.73	1.06	2.49
Return on Total Assets (PBT/Total Assets}	(%)	3.57	1.31	2.75
Return on Investment (ROI) (PBT/Networth)		0.18	0.06	0.22
Debt Equity Ratio (Total Liability/Networth)		4.23	3.66	7.19
Current Ratio (Current Asset/Current Liability)		3.96	2.63	1.52

LOCAL AGENCY FURTHER INFORMATION

Note: The registered address of the company 204, Turf Estate, 2^nd Floor, Shakti Mills Lane, Off Dr. E. Moses Road, Mahalaxmi, Mumbai – 400011, Maharashtra, India has been shifted to the present address w.e.f.19.12.2011

FOUNDRY BUSINESS:

The operation of the Foundry division has been relatively satisfactory considering the down turn and recessionary conditions that prevailed during major part of the year. Whilst the United States and the entire European market were reeling under severe down turn, the India economy was showing a stable growth rate of over 8%. The company caters almost 30% of its production in European market, is successfully withstood the pressure. The Foundry business has been able to post Revenue of Rs.568.400 millions as against last year Rs.378.000 millions. It would be thus seen that the division has been able to maintain a growth rate of 50.35% in Turnover and 18.73% in EBDITA from previous year, However the increase in input cost particularly of scrap and other metallic were matter of concern. The company is one of the leading exporters of Insulator casting in India and enjoys a leadership position. They are already looking for increasing and consolidating the export volume in the coming years by adding new customers. The company has been able to acquire 51% shareholding in Safam Cast Iron Company Limited, China. With this acquisition the global footprint would further widen.

POWER AND NEW PROJECTS:

The company has been able to finally tie up gas contract with GSPC Gas Company Limited Gujarat gas for supply of natural gas to the proposed power plant. The Company plans to set up a captive power plant at Halol, and it is quite economical considering the normal per MW cost plant. They expect this plant to be operational from 2011.

CHANGES OF MEMORANDUM OF ASSOCIATION:

In order to have an independent identity in Global market it was decided to rename the company to “INDSUR GLOBAL LIMITED”.

CHANGE IN AUTHORISED CAPITAL:

During the year company had increased its Authorized capital from Rs.20.000 millions to 40.000 millions divided into 4000000 Equity Share of Rs.10/- each.

SUBSIDIARIES:

During the year Company promoted IGI (HK) Limited, Hong Kong as its wholly owned subsidiary. It is proposed that the new company would promote global market of the company’s product as also product from the acquisition Zigong Safam Cast Ion Company Limited, China.

Bankers Charges Report as per Registry

Corporate identity number of the company	U40100MH1994PLC080707
Name of the company	INDSUR GLOBAL LIMITED
Address of the registered office or of the principal place of business in India of the company	507 Keshwa Building 5th Floor, Plot No. 4 Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India Email : investor@indsur.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10212756
Type of charge	Book debts
Particular of charge holder	Axis Bank Limited, Ground Floor, Axis House, Bombay Dyeing Mill Compound P.B. Marg, Worli, Mumbai – 400025, Maharashtra, India Email : suman.chattopadhyay@axisbank.com
Nature of instrument creating charge	Agreement dated 15.12.2011 for rollover rundown of Existing Foreign Currency denomination Loan
Date of instrument Creating the charge	15.12.2011
Amount secured by the charge	Rs.100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest FCTL -6 months LIBOR +900 Basis points Terms of repayment As per agreement attached Margin as per original charge Extent and operation of the charge as per original charge Others as per original charge
Short particulars of the property or asset(s) charged (including complete address and location of the property)	as per original charge
Date of instrument modifying the charge	09.06.2011
Particulars of the present modification	Roll over of the outstanding Foreign Currency Term Loan of USD 1,517,012/- (US Dollars) for a period of 6 months with original repayment schedule, there after the outstanding Foreign Currency Term Loan may be rolled over for further period of 6 months or converted/deposited back to the Rupee Term Loan account

FIXED ASSETS:

· Land

· Buildings

· Road and Culverts

· Plant and Machinery

· Electrical Installation

· Furniture and Fixtures

· Office Equipments

· Vehicles

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.49.08
UK Pound	1	Rs.77.80
Euro	1	Rs.65.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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
TOTAL		43

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.