MIRA INFORM REPORT

 

 

Report Date :

17.10.2012

 

IDENTIFICATION DETAILS

 

Name :

WINSWAY SINGAPORE PETROLEUM & CHEMICALS PRIVATE LIMITED

 

 

Registered Office :

8 Shenton Way #41-03 Axa Tower Singapore 068811

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

09.03.2005

 

 

Com. Reg. No.:

200503120E

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Other business support services activities nec (eg administration of loyalty programmes)

Petroleum & chemicals product trading

 

 

No. of Employees :

Not Available 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Clear

 

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Singapore - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

 

Source : CIA

 

 

 

 

Company Name:

Registered Number:

WINSWAY SINGAPORE PETROLEUM & CHEMICALS PRIVATE LIMITED

200503120E

 

Date Incorporated:

Registered Office:

Telephone Number:

09/03/2005

8 SHENTON WAY #41-03 AXA TOWER SINGAPORE 068811

6533 0282

Age of Company:

Website:

Industry Type:

7

www.winsway.com

COMMERCE-WHOLESALE

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

NA

NA

blank

The entity is paying current to the creditors

No. of Charges(s):
23

Industry DTC

 

24

 

Directors

 

Corporate Structure

Number of Current Directors

2

Holding Company:

GREAT START DEVELOPMENT LTD.

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

 

EXECUTIVE SUMMARY

 

Company Name

:

WINSWAY SINGAPORE PETROLEUM & CHEMICALS PRIVATE LIMITED

Registration No

:

200503120E

Date of Registration

:

09/03/2005

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

8 SHENTON WAY #41-03 AXA TOWER SINGAPORE 068811

Date of Change of Address

:

09/09/2009

Contact No.

:

6533 0282

Fax No.

:

6533 0283

Website

:

www.winsway.com

Registered Activities

:

OTHER BUSINESS SUPPORT SERVICES ACTIVITIES NEC (EG ADMINISTRATION OF LOYALTY PROGRAMMES)

PETROLEUM & CHEMICALS PRODUCT TRADING

Issued Ordinary Capital*

:

$1,000,000.00 SINGAPORE, DOLLARS, NO. OF SHARE : 1,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$1,000,000.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

NA

No. of Local Associates

:

NA

Auditor

:

TAN, TEO & PARTNERS PAC

Bankers / Financiers

:

RB INTERNATIONAL FINANCE (HONG KONG) LIMITED

AGRICULTURAL BANK OF CHINA LIMITED

OVERSEA-CHINESE BANKING CORPORATION LIMITED, HONG KONG BRANCH

STANDARD CHARTERED BANK

RZB AUSTRIA FINANCE (HONG KONG) LIMITED

OVERSEA-CHINESE BANKING CORPORATION LIMITED

RAIFFEISEN ZENTRALBANK OESTERREICH AG

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

RABOBANK INTL, COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. HONG KONG BRANCH

FORTIS BANK S.A./N.V.

ING BANK N.V.

BNP PARIBAS

Turnover

:

SGD - SIN 2,007,684,560.00 (FY2011)

Net Worth

:

SGD - SIN 2,119,341.00 (FY2011)

No. of Bank Charges

:

23

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

276 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

720 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

190 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

894 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2008/2009)

855 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2007/2008)

Compounded Annual Growth Rate (CAGR)

:

27.81% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

GREAT START DEVELOPMENT LTD.

SHAREHOLDER ID

:

T11UF3565D

NATIONALITY

:

VIRGIN ISLANDS, BRITISH

ADDRESS

:

AKARA BLDG., 24 DE CASTRO STREET, WICKHAMS CAY 1, ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS

NO. OF ORD SHARES

:

1,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

WANG XINGCHUN

ADDRESS

:

AV. SIR ANDERS LJUNGSTEDT NO.28 EDF VISTA MAGNIFICA COURT 13-AND-M MACAU, SAR, CHINA

POSITION

:

DIRECTOR

DATE OF APPT

:

09/03/2005

NATIONALITY

:

BELGIAN

I/C PASSPORT

:

EH956605

 

NAME

:

ROSENFELD RANDOLPH JACK

ADDRESS

:

5 WOO MON CHEW ROAD SINGAPORE 455058

POSITION

:

DIRECTOR

DATE OF APPT

:

01/06/2010

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2746117D

 

NAME

:

LIM SOH SEA

ADDRESS

:

101A LORONG 2 TOA PAYOH #08-07 SINGAPORE 310101

POSITION

:

SECRETARY

DATE OF APPT

:

09/06/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7077960I

 

NAME

:

AZMAN BIN ABDULLAH

ADDRESS

:

407 JURONG WEST STREET 42 #02-643 SINGAPORE 640407

POSITION

:

SECRETARY

DATE OF APPT

:

09/06/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7321299E

 

 

KEY PERSONNEL PROFILE

 

Name:

WANG XINGCHUN

NRIC Number:

EH956605

Available Address:

AV. SIR ANDERS LJUNGSTEDT NO.28 EDF VISTA MAGNIFICA COURT 13-AND-M MACAU, SAR, CHINA

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

WINSWAY CONSTRUCTION PTE. LTD.

DIRECTOR

10/05/2010

1

10.00

2

WINSWAY MONCOKE PTE. LTD.

DIRECTOR

10/05/2010

1

10.00

3

WINSWAY MONGOLIAN TRANSPORTATION PTE. LTD.

DIRECTOR

10/05/2010

1

10.00

4

WINSWAY RAILTRANS PTE. LTD.

DIRECTOR

10/05/2010

1

10.00

5

WINSWAY RESOURCES HOLDINGS PRIVATE LIMITED

DIRECTOR

31/12/2009

-

-

6

WINSWAY SINGAPORE PETROLEUM & CHEMICALS PRIVATE LIMITED

DIRECTOR

09/03/2005

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

Bankruptcy Record

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

Court

Case No.

Transfer

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

NA

 

 

                                                                                                                       

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 23 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201202045

 

Date of Registration

:

22/02/2012

 

Chargee

:

RB INTERNATIONAL FINANCE (HONG KONG) LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

2)

Charge No.

:

C201111117

 

Date of Registration

:

08/09/2011

 

Chargee

:

AGRICULTURAL BANK OF CHINA LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

7 TEMASEK BOULEVARD #30-01/02/03 SUNTEC CITY TOWER 1 SINGAPORE 038987

 

3)

Charge No.

:

C201103498

 

Date of Registration

:

21/03/2011

 

Chargee

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED, HONG KONG BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

4)

Charge No.

:

C201103497

 

Date of Registration

:

21/03/2011

 

Chargee

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED, HONG KONG BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

5)

Charge No.

:

C201008864

 

Date of Registration

:

30/09/2010

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

6)

Charge No.

:

C201008861

 

Date of Registration

:

30/09/2010

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

7)

Charge No.

:

C201001748

 

Date of Registration

:

26/02/2010

 

Chargee

:

RZB AUSTRIA FINANCE (HONG KONG) LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

8)

Charge No.

:

C200906809

 

Date of Registration

:

23/10/2009

 

Chargee

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

65 CHULIA STREET #26-00 OCBC CENTRE SINGAPORE 049513

 

9)

Charge No.

:

C200904602

 

Date of Registration

:

24/07/2009

 

Chargee

:

RZB AUSTRIA FINANCE (HONG KONG) LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

10)

Charge No.

:

C200904599

 

Date of Registration

:

24/07/2009

 

Chargee

:

RZB AUSTRIA FINANCE (HONG KONG) LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

11)

Charge No.

:

C200904596

 

Date of Registration

:

24/07/2009

 

Chargee

:

RZB AUSTRIA FINANCE (HONG KONG) LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

12)

Charge No.

:

C200809589

 

Date of Registration

:

17/10/2008

 

Chargee

:

RAIFFEISEN ZENTRALBANK OESTERREICH AG

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

13)

Charge No.

:

C200809588

 

Date of Registration

:

17/10/2008

 

Chargee

:

RAIFFEISEN ZENTRALBANK OESTERREICH AG

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

14)

Charge No.

:

C200809570

 

Date of Registration

:

17/10/2008

 

Chargee

:

RAIFFEISEN ZENTRALBANK OESTERREICH AG

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

15)

Charge No.

:

C200809159

 

Date of Registration

:

03/10/2008

 

Chargee

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED, HONG KONG BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

16)

Charge No.

:

C200809157

 

Date of Registration

:

03/10/2008

 

Chargee

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED, HONG KONG BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

17)

Charge No.

:

C200809146

 

Date of Registration

:

03/10/2008

 

Chargee

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED, HONG KONG BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

18)

Charge No.

:

C200805527

 

Date of Registration

:

20/06/2008

 

Chargee

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

19)

Charge No.

:

C200711474

 

Date of Registration

:

28/12/2007

 

Chargee

:

RABOBANK INTL, COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. HONG KONG BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

20)

Charge No.

:

C200703159

 

Date of Registration

:

27/04/2007

 

Chargee

:

FORTIS BANK S.A./N.V.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

63 MARKET STREET #21-00 SINGAPORE 048942

 

21)

Charge No.

:

C200703158

 

Date of Registration

:

27/04/2007

 

Chargee

:

FORTIS BANK S.A./N.V.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

63 MARKET STREET #21-00 SINGAPORE 048942

 

22)

Charge No.

:

C200608775

 

Date of Registration

:

28/12/2006

 

Chargee

:

ING BANK N.V.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

9 RAFFLES PLACE #19-02 REPUBLIC PLAZA SINGAPORE 048619

 

23)

Charge No.

:

C200601155

 

Date of Registration

:

20/02/2006

 

Chargee

:

BNP PARIBAS

 

Amount Secured  and Currency

:

All Monies

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

05/06/2012

Date of Last AR

:

05/06/2012

Date of A/C Laid At Last AGM

:

31/12/2011
 

 

COMPLIANCE RATING FOR ANNUAL FILING

 

wImage225

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

 

Note:

 

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

 

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

 

For more information: www.acra.gov.sg/compliance

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2011

% Change

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

2,007,684,560

65.50

1,213,074,953

315,376,735

1,416,553,023

752,290,477

Profit/(Loss) Before Tax

1,212,782

-40.35

2,033,053

645,964

673,690

723,731

Profit After Tax attributable

 to Shareholders

1,106,979

-39.54

1,830,880

560,747

605,533

317,284

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

192,798,502

55.16

124,258,763

31,155,202

21,033,943

12,454,923

Current Assets

192,553,664

55.08

124,167,581

31,084,910

21,033,943

12,441,640

Non Current Assets

244,838

168.52

91,182

70,292

0

13,283

 

 

 

 

 

 

 

Total Liabilities

190,679,161

59.55

119,508,778

28,033,622

18,550,824

10,455,388

Current Liabilities

190,679,161

59.55

119,508,778

28,033,622

18,550,824

10,455,388

Non Current Liabilities

0

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

2,119,341

-55.38

4,749,986

3,121,579

2,483,120

1,999,535

Share Capital

871,236

-7.74

944,310

1,009,808

979,164

1,042,761

Total Reserves

1,248,105

-67.20

3,805,676

2,111,771

1,503,956

956,774

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

65.50

284.64

-77.74

88.30

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.06

0.15

0.18

0.04

0.04

Return on Equity (%)

52.23

38.54

17.96

24.39

15.87

Return on Assets (%)

0.57

1.47

1.80

2.88

2.55

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

89.97

25.16

8.98

7.47

5.23

Current Debt/Equity (Times)

89.97

25.16

8.98

7.47

5.23

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

90.97

26.16

9.98

8.47

6.23

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

10.41

9.76

10.12

67.35

60.40

Fixed Assets Turnover (Times)

8,200.05

13,303.89

4,486.67

0.00

56,635.59

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.01

1.04

1.11

1.13

1.19

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 27.81% (4 years).

 

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

 

 

Profitability

The company yielded a rate of net profit on sales of 0.06 per cent in FY11 (FY10: 0.15 per cent). The company is now able to book in SGD - SIN 0.00 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.00 a year ago.

 

Liquidity

Current ratio stood at 1.01 times in FY11 (FY10: 1.04 times). This means that the company has SGD - SIN 1.01 of current assets for every SGD - SIN of current liability incurred.

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

Leverage

Total debt-to-equity ratio notched 89.97 times in FY11, compared with 25.16 times in FY10. This means that the company requires additional external financing of SGD - SIN 89.97 for every SGD - SIN injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

Return on equity was 52.23 per cent for Subject in the current financial period, as compared to 38.54 per cent a year ago. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 0.57 per cent (FY10: 1.47 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 10.41 times in FY11 (FY10: 9.76 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.82

UK Pound

1

Rs.84.96

Euro

1

Rs.68.61

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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 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%)

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.