MIRA INFORM REPORT

Report Date :

14.03.2014

IDENTIFICATION DETAILS

Name :	STANDARD GALVA STEELS PRIVATE LIMITED

Registered Office :	2/3, Ashok Chambers, Devji Ratansey Marg, Masjid (E), Mumbai – 400009, Maharashtra

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	19.02.2008

Com. Reg. No.:	11-179071

Capital Investment / Paid-up Capital :	Rs.74.348 millions

CIN No.: [Company Identification No.]	U27106MH2008PTC179071

TAN No.: [Tax Deduction & Collection Account No.]	MUMS59226G

PAN No.: [Permanent Account No.]	AALCS6888E

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Flexible Conduits.

No. of Employees :	50 (Approximately)

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 870000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a part of Standard Group of Companies. It is an established company having satisfactory track record. There seems sharp dip in the profit of the company during financial year 2013. However net worth of the company is satisfactory. 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 – December 1, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

India

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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term = BBB-
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	February 2014

Rating Agency Name	ICRA
Rating	Short Term = A3
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	February 2014

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 PARTED BY (GENERAL DETAILS)

Name :	Mrs. Heena Nikunj Turakhia
Designation :	Director
Contact No.:	91-22-43430300
Date :	05.04.2014

LOCATIONS

Registered Office :	2/3, Ashok Chambers, Devji Ratansey Marg, Masjid (East), Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-43430300
Fax No.:	91-22-43430333
E-Mail :	accounts@standardconduits.com info@standardconduits.com
Website :	www.standardconduits.com
Area :	6000 sq. ft.
Location :	Owned

Factory :	DM E – 5, MIDC, Taloja, District Raigad – 410208, Maharashtra, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Nikunj Mansukhlal Turakhia

Designation :

Director

Address :

141, Shaan Apartment, Kashinath Dhuru Road, Dadar (West), Mumbai – 400028, Maharashtra, India

Date of Birth/Age :

18.08.1962

Qualification :

Metallurgical Engineer (B.Tech)

Date of Appointment :

19.02.2008

PAN No.:

AABPT1260A

DIN No.:

00082170

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U63823MH1985PTC035018	TURAKHIA STEELS PRIVATE LIMITED (CN)	Director	18/01/1995	18/01/1995	-	Active	NO
2	U25200MH1995PTC089966	STANDARD CONDUITS PRIVATE LIMITED	Director	27/06/1995	27/06/1995	-	Active	NO
3	U27100MH2002PTC134754	TURAKHIA STEEL AND METAL (INDIA ) PRIVATE LIMITED	Director	31/01/2002	31/01/2002	-	Active	NO
4	U70100MH2004PTC150318	STANDARD REALTORS PRIVATE LIMITED	Director	31/12/2004	31/12/2004	-	Active	NO
5	U74900MH2005PTC150440	STANDARD FINANCIAL ADVISORS PRIVATE LIMITED	Additional director	13/10/2013	05/01/2005	28/02/2014	Active	NO
6	U70102MH2002PTC134961	TURAKHIA INFRASTRUCTURE PRIVATE LIMITED	Director	01/05/2005	01/05/2005	28/03/2012	Active	NO
7	U27106MH2008PTC179071	STANDARD GALVA STEELS PRIVATE LIMITED	Director	19/02/2008	19/02/2008	-	Active	NO
8	U28999MH2010PTC202779	STAN-PRO ROOFINGS PRIVATE LIMITED	Director	05/05/2010	05/05/2010	-	Converted to LLP and dissolved	NO
9	U51101MH2010PTC202778	STANDARD RETAIL PRIVATE LIMITED	Director	05/05/2010	05/05/2010	-	Active	NO
10	AAB-1338	NAKSHATRA LIFE STYLES LLP	Designated Partner	25/09/2012	25/09/2012	-	Active	NO
11	AAC-0792	STAN-PRO ROOFINGS LLP	Designated Partner	12/02/2014	12/02/2014	-	Active	NO

Name :

Mrs. Heena Nikunj Turakhia

Designation :

Director

Address :

141, Shaan Apartment, Kashinath Dhuru Road, Dadar (West), Mumbai – 400028, Maharashtra, India

Date of Birth/Age :

12.03.1966

Date of Appointment :

19.02.2008

PAN No.:

AAAPT6542N

DIN No.:

0229623

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U70102MH2002PTC134961	TURAKHIA INFRASTRUCTURE PRIVATE LIMITED	Director	01/05/2005	01/05/2005	-	Active	NO
2	U27100MH2002PTC134754	TURAKHIA STEEL AND METAL (INDIA ) PRIVATE LIMITED	Director	29/09/2005	29/09/2005	-	Active	NO
3	U27106MH2008PTC179071	STANDARD GALVA STEELS PRIVATE LIMITED	Director	19/02/2008	19/02/2008	-	Active	NO
4	U28999MH2010PTC202779	STAN-PRO ROOFINGS PRIVATE LIMITED	Director	05/05/2010	05/05/2010	28/03/2012	Converted to LLP and dissolved	NO
5	U51101MH2010PTC202778	STANDARD RETAIL PRIVATE LIMITED	Director	05/05/2010	05/05/2010	28/03/2012	Active	NO
6	U25200MH1995PTC089966	STANDARD CONDUITS PRIVATE LIMITED	Director	30/09/2011	07/02/2011	-	Active	NO
7	AAB-1338	NAKSHATRA LIFE STYLES LLP	Designated Partner	25/09/2012	25/09/2012	-	Active	NO
8	AAC-0792	STAN-PRO ROOFINGS LLP	Designated Partner	12/02/2014	12/02/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares	% of Holding
Nikunj Mansukhlal Turakhia	7060785	94.97
Pacific Solutions Limited, Mauritius	2500	0.03
Heena Nikunj Turakhia	371564	5.00
Total	7434849	100.00

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

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	5.00
Directors or relatives of Directors	95.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Flexible Conduits.

Products :	Steel Trading and Distribution Lighting Division Solar Division Flexible Conduits and Accessories Electro Galvanizing Facilities Roofing Solutions Service Centre, Facilities Real Estate Standard Financial Advisory Services Steel Depot

Exports :
Products :	Finished Goods
Countries :	Malaysia Singapore

Imports :
Products :	Raw Materials
Countries :	China Taiwan Europe

Terms :
Selling :	L/C and Credit

Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

50 (Approximately)

Bankers :

Bank of India, Mandvi Branch, Kanmoor House, 281/287 Narsi Natha Street, Mumbai – 400009, Maharashtra, India
Bank of India, Mumbai Mid Corporate, 70/80, M.G. Road, Bank Of India Building, Mezzanine Floor, Fort, Mumbai - 400001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans Repayable on Demand From Banks	0.000	35.157
Total	0.000	35.157


Banking Relations :	--

Auditors :
Name :	Manish Modi and Associates Chartered Accountants
Address :	3^rd Floor, Hansa Villa, Plot No.66, Bhaudaji Cross Lane, Matunga (CR), Mumbai – 400019, Maharashtra, India
PAN No:	AAOFM4644C

Other Related Parties :	Standard Conduits Private Limited CIN No.: U25200MH1995PTC089966 Standard Financial Advisors Private Limited (Formerly Known as Rekar Motors (India) Private Limited) CIN No.: U74900MH2005PTC150440 Standard Realtors Private Limited Turakhia Infrastructure Private Limited (formerly known as Healthway Laboratories Private Limited) Turakhia Steel and Metal (India) Private Limited CIN No.: U27100MH2002PTC134754 Turakhia Steels Private Limited (CN) CIN No.: U63823MH1985PTC035018 Mahavir Corporation Turakhia Enterprise Stan Pro Roofings Private Limited Standard Retail Private Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

8000000	Equity Shares	Rs.10/- each	Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

7434849	Equity Shares	Rs.10/- each	Rs.74.348 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	74.348	74.348	74.348
(b) Reserves & Surplus	143.399	136.477	106.501
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	217.747	210.825	180.849

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	3.964	8.112	7.832
(d) long-term provisions	0.000	0.000	14.550
Total Non-current Liabilities (3)	3.964	8.112	22.382

(4) Current Liabilities
(a) Short term borrowings	40.039	56.142	45.507
(b) Trade payables	753.921	782.151	719.376
(c) Other current liabilities	22.884	12.343	41.041
(d) Short-term provisions	5.000	15.760	20.247
Total Current Liabilities (4)	821.844	866.396	826.171

TOTAL	1,043.555	1,085.333	1,029.402

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	33.338	36.021	36.018
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	1.087	0.769	0.226
(d) Long-term Loan and Advances	0.305	0.196	15.165
(e) Other Non-current assets	0.000	0.000	1.116
Total Non-Current Assets	34.730	36.986	52.525

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	293.376	300.587	366.450
(c) Trade receivables	459.108	401.851	429.972
(d) Cash and cash equivalents	158.084	186.389	89.201
(e) Short-term loans and advances	96.320	156.370	88.442
(f) Other current assets	1.937	3.150	2.812
Total Current Assets	1,008.825	1,048.347	976.877

TOTAL	1,043.555	1,085.333	1,029.402

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011

	SALES	NA	NA	NA

Less	EXPENSES	NA	NA	NA

	PROFIT/(LOSS) BEFORE TAX	NA	NA	NA

Less	TAX	NA	NA	NA

	PROFIT/(LOSS) AFTER TAX	9.626	29.921	35.599

	Earnings Per Share (Rs.)	0.93	4.02	4.79

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	0.18	0.27	0.25

Current Ratio (Current Asset/Current Liability)	1.23	1.21	1.18

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	74.348	74.348	74.348
Reserves & Surplus	106.501	136.477	143.399
Net worth	180.849	210.825	217.747

long-term borrowings	0.000	0.000	0.000
Short term borrowings	45.507	56.142	40.039
Total borrowings	45.507	56.142	40.039
Debt/Equity ratio	0.252	0.266	0.184

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	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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
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
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 LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans and Advances From Related Parties	20.105	5.095
Other Loans and Advances	19.934	15.890
Total	40.039	20.985

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
	10354055	20/04/2012	75,000,000.00	BANK OF INDIA	Mumbai Mid Corporate, 70/80, M.G. Road,, Bank of India Building, Mezzanine Floor, Fort, Mumbai, Maharashtra - 400001, India	B39070651
2	10267105	26/07/2013 *	1,308,000,000.00	BANK OF INDIA	Mumbai Mid Corporate, 70/80, M.G. Road,, Bank of India Building, Mezzanine Floor, Fort, Mumbai, Maharashtra - 400001, India	B85126852
3	10134162	17/07/2013 *	1,308,000,000.00	BANK OF INDIA	Mumbai Mid Corporate, 70/80, M.G. Road,, Bank of India Building, Mezzanine Floor, Fort, Mumbai, Maharashtra - 400001, India	B84249788

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.27
UK Pound	1	Rs.101.10
Euro	1	Rs.83.74

INFORMATION DETAILS

Information Gathered by :	PLK

Analysis Done by :	DIV

Report Prepared by :	VNT

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	5
--CREDIT LINES	1~10	4
--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		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.