MIRA INFORM REPORT

Report Date :

10.04.2013

IDENTIFICATION DETAILS

Name :	CATERPILLAR INDIA PRIVATE LIMITED
Registered Office :	7^th Floor, International Tech Park, Chennai, Taramani Road, Taramani. Chennai – 600 113, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.12.2000
Com. Reg. No.:	18-046255
Capital Investment / Paid-up Capital :	Rs. 1772.000 Millions
CIN No.: [Company Identification No.]	U29244TN2000FTC046255
TAN No.: [Tax Deduction & Collection Account No.]	CHEC02709A
PAN No.: [Permanent Account No.]	AABCC4615K
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturing of earthmoving equipment, construction and Other industrial equipment. The company also provides engineering design services, marketing support and business support to other caterpillar Group companies.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (57)

RATING		STATUS		PROPOSED CREDIT LINE
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 43000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of Caterpillar Commercial SA, Belgium. It is well established and reputed company having good track record. Financially, the company appears strong. There appears sharp dip in the turnover during 2012. However, trade relations are reported to be decent. Business is active. Payments are reported to be regular and as per commitment. In view of strong holding the company can be considered for business dealings at usual trade terms and condition.

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	Long term rating: AAA
Rating Explanation	Highest credit quality and strong capacity for payments of finance commitments
Date	20.03.2012

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 :	7^th Floor, International Tech Park, Chennai, Taramani Road, Taramani, Chennai – 600113, Tamilnadu, India
Tel. No.:	91-44-42691001-2
Fax No.:	91-44-42691003
E-Mail :	catindia_cs@cat.com thirumalai_varadharajan@cat.com kodukulla_surya@cat.com
Website :	http://www.cat.com http://www.india.cat.com
Factory :	Located at · Sriperumbudur · Hosur · Pondicherry

DIRECTORS

As on : 26.09.2012

Name :	Mr. Ajay Shankar
Designation :	Whole time Director
Address :	1121 W Austin Drive, Peoria, Illinois, USA – 61614.
Date of Birth/Age :	26.08.1948
Date of Appointment :	27.08.2009
DIN No.:	00387684
Name :	Mr. Rengarajan Sundararajan
Designation :	Whole time Director
Address :	Flat 401, Building No. 10, Shanthi Park Apartments, Jayanagar 9^th Block, Bangalore – 560 069, Karnataka. India
Date of Birth/Age :	11.04.1965
Date of Appointment :	24.07.2006
DIN No.:	00548101
Name :	Mr. Kevin R Thieneman
Designation :	Director
Address :	30 Mount Elizabeth Link, High Point #21-30 Singapore - 228519
Date of Birth/Age :	15.02.1963
Date of Appointment :	17.01.2007
DIN No.:	01586070
Name :	Mr. Ganesh Ramamurthy Iyer
Designation :	Whole time Director
Address :	2, Leonie Hill Road, 02 02, Leonie Condotel, Singapore – 239192
Date of Birth/Age :	01.06.1968
Date of Appointment :	01.10.2008
DIN No.:	02388483
Name :	Mr. De Vliegher Alexis Marie Suzanne Pierre Antonie
Designation :	Whole Time Director
Address :	17-06-2007, 9831, 31/A, Pontstraat
Date of Birth/Age :	03.06.1972
Date of Appointment :	01.07.2010
DIN No.:	03105639
Name :	Mr. Vanmeeganathan Vivek Anand
Designation :	Director
Address :	4A, 13^th Cross, Barathi Nagar Extension, Puthur PO, Trichy-620017, India
Date of Birth/Age :	25.06.1976
Date of Appointment :	15.06.2011
DIN No.:	03561588
Name :	Mr. Ramesh Muthuraman
Designation :	Additional Director
Address :	Villa No.99, Himagiri Meadows, Near Gottigere Bannerghatta Road, Bangalore-560083, Karnataka, India
Date of Birth/Age :	01.01.1971
Date of Appointment :	28.06.2012
DIN No.:	05316127

KEY EXECUTIVES

Name :	Mr. Kodukulla Suryanarayana
Designation :	Secretary
Address :	Munnenahalli, Marathahalli Bridge, Marathahalli, Bangalore-560037, Karnataka, India
Date of Birth/Age :	24.05.1971
Date of Appointment :	31.01.2011
PAN No.:	AGJPK7305H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 26.09.2012

Names of Shareholders	No. of Shares
Caterpillar Commercial S.A., Belgium	169216359
Caterpillar Commercial LLC, USA	75
Caterpillar Inc, USA	7199928
F G Wilson (Engineering) UK Limited, United Kingdom	800000
Total	177216362

Equity Share Break up (Percentage of Total Equity)

As on : 26.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of earthmoving equipment, construction and other industrial equipment. The company also provides engineering design services, marketing support and business support to other caterpillar Group companies.

Products :

Products	ITC Code No.
Earth Moving Machinery	8429.00/ 8704.00
Spare parts for Earthmoving machinery etc. Software Services	8431.00/ 8708.00
Compression Igintion Internal Combustion Diesle Engines	840890.09
Parts for Diesel Engines	840999.19
Generating Sets	850213.01
Software Services	--
Services- Marketing of Caterpillar Products	--
Services- O and M And E and C Contracts	--

GENERAL INFORMATION

No. of Employees :	300 (Approximately)
Bankers :	Central Bank of India, Addison Buildings, Anna Salai, Chennai – 600 002, Tamilnadu, India · Bank of America, Chennai, Tamilnadu, India · Citibank, Chennai, Tamilnadu, India
Facilities :	--

Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	32, Khader Nawaz Khan Road, Nungambakkam, Chennai – 600004, Tamilnadu, India
PAN No.:	AAEFP3641G
Holding Company :	Caterpillar Commercial SA, Belgium
Ultimate Holding Company :	Caterpillar Inc, USA
Fellow Subsidiaries :	· Caterpillar SARL, Switzerland · Caterpillar SARL, Singapore · Caterpillar Commercial LLC, USA · Caterpillar Underground Mining Pty Limited · Caterpillar Logistics Services India Private Limited · Caterpillar (UK) Limited, England · Caterpillar of Australia Pty Limited · Caterpillar Japan Limited, Japan · Caterpillar Motorein GMBH and Company KG, Germany · Caterpillar Asia Pte Limited, Singapore · Caterpillar Xuzhou Limited · Perkins Engine Company Limited, England · Turner Powertrain Systems Limited · Caterpillar Services Limited, USA · Caterpillar Xuzhou Design Centre Limited, China · Caterpillar Logistics Services Japan · Caterpillar Services Limited, Japan · FG Wilson Asia Pte Limited · FG Wilson (Engineering) Limited, UK · PT Natra Raya · Solar Turbines Inc. · Caterpillar (Suzhou) Compnay Limited · Caterpillar SARL – Gosselies · Caterpillar SARL – Grimbergen · Caterpillar SARL – Geneva · Caterpillar SARL – Grenoble · Caterpillar Panama Services S.A · Caterpillar Asia Limited · Caterpillar Paving Products Xuzhou Limited · Caterpillar Peterlee Limited · Turbomach (India) Private Limited · Caterpillar Group Services · Caterpillar Power Generation Systems, Kiel, Germany · Caterpillar Marine Asia Pacific Pte Limited, Singapore · Solar Turbines International Company, Singapore · Caterpillar Logistic Services Shangai Company Limited · SPl Software Alliance LLC · Electro- Motive Diesel, Inc · Caterpillar China Investments Company Limited, China

CAPITAL STRUCTURE

As on : 26.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
199000000	Equity Shares	Rs. 10/-each	Rs. 1990.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
177216362	Equity Shares	Rs. 10/-each	Rs. 1772.163 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1772.000	1772.164	1764.164
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		9138.000	4820.732	1967.851
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10910.000	6592.896	3732.015
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		6820.000	3046.324	2580.243
TOTAL BORROWING		6820.000	3046.324	2580.243
DEFERRED TAX LIABILITIES		248.000	181.930	109.910
TOTAL		17978.000	9821.150	6422.168
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6587.000	3945.503	2928.577
Capital work-in-progress		1036.000	742.341	100.667
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11173.000	8174.640	5613.469
	Sundry Debtors	7203.000	4306.289	2418.958
	Cash & Bank Balances	1108.000	852.439	55.733
	Other Current Assets	16.000	0.000	0.000
	Loans & Advances	4368.000	2392.213	1776.671
Total Current Assets		23868.000	15725.581	9864.831
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10669.000	9228.561	4510.921
	Other Current Liabilities	2151.000	957.416	1665.260
	Provisions	693.000	406.298	295.726
Total Current Liabilities		13513.000	10592.275	6471.907
Net Current Assets		10355.000	5133.306	3392.924
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		17978.000	9821.150	6422.168

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	43425.000	24017.015	13933.794
		Other Income	258.000	4266.368	3056.472
		TOTAL	43683.000	28283.383	16990.266
Less	EXPENSES
		Office Expenses
		Administrative Expenses	37321.000	24140.124	15599.071
		Advertising Expenses
		TOTAL	37321.000	24140.124	15599.071
	PROFIT BEFORE TAX		6362.000	4143.259	1391.195
Less	TAX		2043.000	1228.578	336.429
	PROFIT AFTER TAX		4319.000	2914.681	1054.766
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4401.000	1560.568	555.802
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	50.000
	BALANCE CARRIED TO THE B/S		8720.000	4401.449	1560.568
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	0.000	5826.488
		Income from Engineering Design Services	NA	16126.580	1823.224
		Fees for Business Support Service	NA	0.000	275.267
		Service Fee for Marketing Support	NA	0.000	98.785
	TOTAL EARNINGS		NA	16126.580	8023.764
	IMPORTS
		Raw Materials	NA	NA	3488.194
		Traded Items	NA	NA	54.599
		Capital Goods	NA	NA	247.919
	TOTAL IMPORTS		NA	NA	3790.712
	Earnings Per Share (Rs.)		24.37	16.45	5.98

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	9.95	12.14	7.57
Net Profit Margin (PBT/Sales)	(%)	14.56	14.65	8.19
Return on Total Assets (PBT/Total Assets}	(%)	20.89	21.06	10.87
Return on Investment (ROI) (PBT/Networth)		0.58	0.63	0.37
Debt Equity Ratio (Total Debt /Networth)		0.63	0.46	0.69
Current Ratio (Current Asset/Current Liability)		1.77	1.48	1.52

LOCAL AGENCY FURTHER INFORMATION

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	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	No
13]	Reasons for variation <> 20%	--------------------
14]	Estimation for coming financial year	Yes
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	Yes
24]	Banking facility details	No
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN :

Rs. In Millions

Particulars	31.03.2012	31.03.2011
Term Loans from others	6620.000	2580.243
Loans and advance from related parties	200.000	0.000
Total	6820.000	2580.243

NOTE:

The registered office of the company has been shifted from 6 B, GST Road, Street Thomas Mount, Chennai – 600 016, TamilNadu, India, to the present address w.e.f. 30.06.2008

INTEGRATED MANUFACTURING DIVISION :

During the year, the company built 982 Trucks and shipped 971 Trucks. This is the highest ever built Truck in any given single year in the history of the Company. The mining industry continued to grow at a very rapid pace due to the progressive economic trends in ASEAN and China regions. Your company successfully launched two Products (one in 40 tonnages and the other in 50 tonnage ranges) that would fill the gap in the existing Product Offering with positive response from the market. 11 Large Wheel Loaders have been successfully built; these would compliment the existing Truck-offering in 60 to 100 tonnage class. This initiative is also expected to increase our overall competitiveness in the market place by offering unique products and solutions to our Customers. Excavator capacity has also been increased catering to the demand in Indian market.

LARGE POWER SYSTEMS DIVISION :

The erstwhile Power Systems Division has been renamed as Large Power Systems Division and the division has contributed significant growth in terms of capacity utilization, with majority of exports. The Division has also successfully enabled the EPD division to launch its products in India and is accommodating the small engines business to succeed in its New Product Launch (Perkins). Continuous efforts are made to control costs in order to put a sustainable cost structure in place. A number of process improvements were made which are aiding the ramp up.

ENGINEERING DESIGN CENTRE :

The Engineering Design Center is projected to grow by about 56% in its foreign exchange earnings compared to the previous year. This division continues to play a major role in Caterpillars global research, development, design and manufacturing engineering services with more focus on regional product development.

BUILDING PRODUCTS DIVISION :

A new facility has been set up in the same premises where the IMOD division is located. The Bachoe Loader and Small Wheel Loader products which were part of the IMOD have been separated into this division keeping in view the capacity expansion of the IMOD facility as well as the growth in the BHL market During the year, the new BCP facility with a capacity of manufacturing 5000 Backhoe Loader Machines on a single shift basis has been constructed and the division started operating separately w.e.f. April 2011. The manufacturing operations of the Small Wheel Loader have been transferred to a Contract Manufacturing facility M/s. Creative Manufacturing Solutions India Private Limited at Banda in Maharashtra, India successfully.

FG WILSON ENGINEERING DIVISION :

Continuous efforts are made to control costs in order to put a sustainable cost structure in place. A number of process improvements were made which are aiding to double the capacity to facilitate the additional demand and introduction of new products. FG Wilson Division had no recordable injury or Lost time case during the year. The division won the ?Facility of Distinction? Award for the Fifth consecutive year from Caterpillar Inc. during the year.

FIXED ASSETS

· Freehold Land

· Buildings

· Plant and Machinery

· Equipment

· Furniture and Fittings

· 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 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. 54.46
UK Pound	1	Rs. 83.12
Euro	1	Rs. 70.98

INFORMATION DETAILS

Report Prepared by :

NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	8
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		57

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.