MIRA INFORM REPORT

Report Date :

25.05.2012

IDENTIFICATION DETAILS

Name :	SAHAJANAND TECHNOLOGIES PRIVATE LIMITED (w.e.f. 29.08. 2002)
Formerly Known As :	SAHAJANAND LASER TECHNOLOGY PRIVATE LIMITED (w.e.f. 29.03.1995) SAHAJANAND LASER SOS PRIVATE LIMITED
Registered Office :	401, Gandhi Smruti, Parsi Street, Sayedpura, Surat – 395003, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.03.1993
Com. Reg. No.:	04-19133
Capital Investment / Paid-up Capital :	Rs.50.000 Millions
CIN No.: [Company Identification No.]	U72900GJ1993PTC019133
IEC No.:	0893003638
TAN No.: [Tax Deduction & Collection Account No.]	SRTS00836D
PAN No.: [Permanent Account No.]	AADCS4343N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Supplier, Trader and Exporter of Diamond Cutting Laser Machine, Laser Spot Welding Machine, Card Personalization Laser Systems, Rapid Prototyping Machine, Laser Engraving Machine.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 14600000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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/ Head Office :	401, Gandhi Smruti, Parsi Street, Sayedpura, Surat – 395003, Gujarat, India
Tel. No.:	91-261-2451451-58
Fax No.:	91-261-2427947
E-Mail :	jayantic@sahajanand.co.in contact@sahajanand.co.in pvtltd1981@yahoo.co.in
Website :	http://www.sahajanand.co.in
Area :	2400 Sq. ft.
Location :	Owned
Factory :	Plot No.33, 34, 35, 52, 53 and 54, Surat Special Economic Zone, Road, Surat – 394230, Gujarat, India
Tel. No.:	91-261-2398711/ 2398712/ 2398463
Fax No.:	91-261-2398331

DIRECTORS

As on 30.09.2011

Name :

Mr. Dhirajlal Vallabhbahi Kotadia

Designation :

Director

Address :

43, Narayanmuni Nagar, Near Swaminarayan Gurukul Vek Road, Surat, Gujarat, India

Date of Birth/Age :

01.01.1958

Qualification :

BE (Electronic)

Date of Appointment:

15.09.1994

DIN No.:

00013035

Other Directorship :

S.No.	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
1	U36912GJ1999PTC035792	SAHAJANAND VASCULAR TECHNOVENTIONS PRIVATE LIMITED	Director	16/04/1999	16/04/1999	-	Strike off	NO
2	U24231GJ2001PTC039726	SAHAJANAND LIFE SCIENCES PRIVATE LIMITED.	Director	2/07/2001	2/07/2001	-	Active	NO
3	U85110GJ2000PLC037625	SAHAJANAND HEALTHCARE LIMITED	Director	24/01/2003	24/01/2003	-	Strike off	NO
4	U33119GJ2001PTC040121	SAHAJANAND MEDICAL TECHNOLOGIES PRIVATE LIMITED	Director	25/03/2004	25/03/2004	-	Active	NO
5	U65910GJ1992PTC017573	NYALKARAN INDUSTRIES PRIVATE LIMITED	Director	25/03/2004	25/03/2004	-	Active	NO
6	U72900GJ1993PTC019133	SAHAJANAND TECHNOLOGIES PRIVATE LIMITED	Director	25/03/2004	25/03/2004	-	Active	NO
7	U33120GJ2010PTC063150	ANGIOMETRIX MEDEQUIPS INDIA PRIVATE LIMITED	Director	6/12/2010	6/12/2010	-	Active	NO
8	U85110GJ2011PTC067523	SUAYU HEALTH RESORTS PRIVATE LIMITED	Director	18/10/2011	18/10/2011	-	Active	NO

Name :

Mr. Dhirajkumar Savjibhai Vasoya

Designation :

Managing Director

Address :

Parishram, 47, Narmad Nagar, Athwalines, Surat, Gujarat, India

Date of Birth/Age :

03.04.1962

Date of Appointment:

12.05.2006

Qualification :

B.Com

DIN No.:

00013067

Other Directorship :

S.No.	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
1	U36912GJ1999PTC035792	SAHAJANAND VASCULAR TECHNOVENTIONS PRIVATE LIMITED	Director	31/05/1999	31/05/1999	-	Strike off	NO
2	U24231GJ2001PTC039726	SAHAJANAND LIFE SCIENCES PRIVATE LIMITED.	Director	19/08/2002	19/08/2002	-	Active	NO
3	U85110GJ2000PLC037625	SAHAJANAND HEALTHCARE LIMITED	Director	24/01/2003	24/01/2003	-	Strike off	NO
4	U33119GJ2001PTC040121	SAHAJANAND MEDICAL TECHNOLOGIES PRIVATE LIMITED	Director	12/05/2006	12/05/2006	-	Active	NO
5	U36939GJ1998PTC034244	SAHAJANAND DIAMONDS PRIVATE LIMITED	Director	12/05/2006	12/05/2006	-	Strike off	NO
6	U65910GJ1992PTC017573	NYALKARAN INDUSTRIES PRIVATE LIMITED	Director	12/05/2006	12/05/2006	-	Active	NO
7	U72900GJ1993PTC019133	SAHAJANAND TECHNOLOGIES PRIVATE LIMITED	Managing director	1/10/2008	12/05/2006	-	Active	NO
8	U29199GJ1997PTC032545	SHIV LASER TECH PRIVATE LIMITED	Director	10/09/2009	10/09/2009	-	Strike off	NO
9	U33120GJ2010PTC063150	ANGIOMETRIX MEDEQUIPS INDIA PRIVATE LIMITED	Director	6/12/2010	6/12/2010	-	Active	NO
10	U85110GJ2011PTC067523	SUAYU HEALTH RESORTS PRIVATE LIMITED	Director	18/10/2011	18/10/2011	-	Active	NO

Name :

Mr. Vallabhbhai Nathabhai Kotadia

Designation :

Director

Address :

Post: Bhalgam, via Bagasara, Taluka Visavadar, Junagadh – 365440, Gujarat, India

Date of Birth/Age :

17.03.1937

Date of Appointment:

10.07.2004

Date of Ceasing :

01.03.2012

DIN No.:

02443716

Other Directorship :

S.No.	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
1	U72900GJ1993PTC019133	SAHAJANAND TECHNOLOGIES PRIVATE LIMITED	Director	10/07/2004	10/07/2004	1/03/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Dhirajlal Vallabhbhai Kotadia	250000
Dhirajkumar Savjibhai Vasoya	500500
Vallabhbhai N. Kotadia	2250000
Shardaben D. Kotadia	1999500
Total	5000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Supplier, Trader and Exporter of Diamond Cutting Laser Machine, Laser Spot Welding Machine, Card Personalization Laser Systems, Rapid Prototyping Machine, Laser Engraving Machine.

Products :

· Diamond Processing

· Medical Technology

· Industrial Laser

Item Code No.	Product Description
8515.00	Laser Systems
8471.00	Diamond Measurement System
8460.93	Automatic Polishing Machines

GENERAL INFORMATION

No. of Employees :

150 (Approximately)

Bankers :

· Dena Bank, Industrial Finance Branch, Maker Tower ‘E’, 9^th Floor, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

· Bank of Baroda, Swaminarayan Bhavan, Hathupura Char Rasta, Sayadpura, Suart-395003, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working Capital Loans banks	83.284	0.513
Hire purchase installment payable	0.000	0.083
Total	83.284	0.596

Banking Relations :	--
Auditors :
Name :	Surendra Shah and Associates Chartered Accountants
Address :	7006, 7^th Floor, World Trade Centre, Near Udhna Darwaja, Ring Road, Surat –395002, Gujarat, India
Tel. No.:	91-261-2353774/ 2334427/ 2302346/ 3912346/ 6662346
Mobile No.:	91-9374715151
Fax No.:	91-261-2353774/ 2334427/ 2302346/ 3912346/ 6662346
E-Mail :	rajeshshah_surat@hotmail.com
PAN.:	ACIPS3187Q
Related Party :	· Sahajanand Medical Technologies Private Limited CIN No.: U33119GJ2001PTC040121 · SS Processors · S S International · Shiv Laser Tech Private Limited CIN No.: U29199GJ1997PTC032545 · Sahajanand Vascular Technoventions Private Limited CIN No.: U36912GJ1999PTC035792 · Sahajanand Enterprise
Subsidiaries :	· Light Wave Technologies Company Limited · Sahajanand Life Sciences Private Limited CIN No.: U24231GJ2001PTC039726

CAPITAL STRUCTURE

As on 31.03.2011

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
5000000	Equity Shares	Rs.10/- each	Rs.50.000 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		50.000	50.000	50.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		315.207	273.684	251.609
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		365.207	323.684	301.609
LOAN FUNDS
1] Secured Loans		83.284	0.596	48.538
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		83.284	0.596	48.538
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		448.491	324.280	350.147
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		40.894	44.693	50.930
Capital work-in-progress		7.415	4.412	3.239
INVESTMENT		28.534	25.274	26.327
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	203.574	132.803	147.148
	Sundry Debtors	58.512	72.877	76.596
	Cash & Bank Balances	1.149	3.044	6.404
	Other Current Assets	0.000	0.000	0.000
	Loans, Advances & Deposits	140.252	64.258	54.984
Total Current Assets		403.487	272.982	285.132
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.890	8.014	7.669
	Other Current Liabilities	9.723	8.613	4.984
	Provisions	17.226	6.516	2.952
Total Current Liabilities		31.839	23.143	15.605
Net Current Assets		371.648	249.839	269.527
MISCELLANEOUS EXPENSES		0.000	0.062	0.124
TOTAL		448.491	324.280	350.147

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	236.366 (Gross Revenue)	157.418	151.464
		Other Income	NA
		TOTAL (A)	NA	157.418	151.464
Less	EXPENSES
		Cost of Goods Sold		136.819	201.002
		Manufacturing Expenses
		Administrative Expenses
		Other Expenditure
		TOTAL (B)		136.819 (including financial expenses)	201.002 (including financial expenses)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		135.142
Less	FINANCIAL EXPENSES (D)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			20.599	(49.538)
Less/ Add	DEPRECIATION/ AMORTISATION (F)			7.161	8.587
	PROFIT BEFORE TAX (E-F) (G)		NA	13.438	(58.125)
Less	TAX (H)		NA	1.540	0.299
	PROFIT AFTER TAX (G-H) (I)		41.113	11.898	(58.424)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	NA	33.342	36.548
		Earnings from Deemed Exports	NA	0.000	0.000
	TOTAL EARNINGS		NA	33.342	36.548
	IMPORTS
		FOB Value	NA	50.322	74.299
		Custom Duty	NA	0.093	0.147
		Fright, Clearing and Forwarding Expenses, Insurance Charges	NA	1.919	3.527
	TOTAL IMPORTS		NA	52.334	77.973
	Earnings Per Share (Rs.)		8.22	4.41	(11.68)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	7.56	(38.57)
Return on Total Assets (PBT/Total Assets}	(%)	NA	4.23	(17.29)
Return on Investment (ROI) (PBT/Net worth)		NA	0.04	(0.19)
Debt Equity Ratio (Total Liability/Net worth)		0.32	0.07	0.21
Current Ratio (Current Asset/Current Liability)		12.67	11.80	18.27

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
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	--
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

Bankers Charges Report as per Registry

Corporate identity number of the company	U72900GJ1993PTC019133
Name of the company	SAHAJANAND TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	401, Gandhi Smruti, Parsi Street, Sayedpura, Surat – 395003, Gujarat, India Email : contact@sahajanand.co.in
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Stocks and Machineries
Particular of charge holder	Bank of Baroda, Swaminarayan Bhavan, Hathupura Char Rasta, Sayadpura, Suart-395003, Gujarat, India Email : sayedp@bankofbaroda.com
Nature of instrument creating charge	Composite hypothecation agreement
Date of instrument Creating the charge	14.02.2011
Amount secured by the charge	Rs.150.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 3.75% above base rate Terms of Repayment On demand Margin 25% for RM, SIP, FG, Stores and Spares and Packing Materials 50% for Book-debts up to 90 days Extent and Operation of the charge This charge will operate against the inventories, book debts and movable plant and machineries to the extent of Rs. 150.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Exclusive 1st charge by way of Hypothecation of Stock and Book Debts, Plant and Machineries of the company, both present and future

FIXED ASSETS:

· Factory Building

· Factory Land

· Plant and Machinery

· Office Equipment

· Computer Systems

· Furniture and Fixture

· Vehicles

· Electrical Installation

· Flat at Akshar Plaza

· Master Stone

· Demo Machine

PRESS RELEASE:

Sahajanand Teams Up With Synova: The First Laser-Microjet Gem Cutting System Ready for Commercialization in the Diamond Industry

The cooperation of Synova SA and Sahajanand Technologies Limited for the worldwide supply of diamond cutting machines is progressing fully in accordance with schedule.

l2^h August, 2011, Surat, Gujarat, India: The new Laser MicroJet system created by Sahajanand with the Synova technology is marketed under the name Triveni. This laser machine offers an excellent return on investment based on the significant savings of high-value material by cutting very fine and perfectly parallel with the water-guided laser beam. In addition, the cooling effect of the water greatly reduces the risk of cracks and diminishes considerably the loss of diamonds. The automation and handling combined with the vision based inspection of Sahajanand make the machine an even more integrated system; easy to use with low cost of operation. The Triveni diamond cutting system is a true value proposition responding to a strong demand confirmed by numerous inquiries from diamond processors.

Synova's technical know-how integrates well with Sahajanand's application knowledge in the gem diamond field.

Being located at the world’s diamond cutting and polishing hub Surat, India, Sahajanand Technologies is evolved as a pioneer company in design, research, development and manufacturing of high-end technology centered capital equipments for the diamond manufacturing industry. Company has articulated a distinct market sensing mechanism to analyze market trends, customer andindustry requirements. This brought a unique set of supremacies to develop customer centric technology solutions. More than 5000 different diamond processing machineries of Sahjanand Technologies are already installed and working successfully in the various diamond manufacturing factories around the world.

Since 1997, Synova SA, has been pioneering the Laser MicroJet technology by exploiting the synergy of laser power with water. The water-guided laser beam cuts/drills parallel and cleans kerfs/holes with virtually no heat impact. The technology enables unprecedented possibilities and allows for substantial reduction of total cost in various high-precision application fields such as diamond.

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.56.28
UK Pound	1	Rs.88.25
Euro	1	Rs.70.81

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		49

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.