MIRA INFORM REPORT

Report Date :

26.08.2014

IDENTIFICATION DETAILS

Name :	ELEKTROMAG – JOEST VIBRATION PRIVATE LIMITED
Registered Office :	“Unique” 4^th Floor, Off Veer Savarkar Marg, Post Box 9141, Prabhadevi, Mumbai – 400025, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.09.2009
Com. Reg. No.:	11 – 196141
Capital Investment / Paid-up Capital :	Rs. 60.000 Millions
CIN No.: [Company Identification No.]	U31400MH2009PTC196141
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Vibrating Equipments, Drive Units and Systems For Conveying, Screening and Thermal Processing of Bulk Materials.
No. of Employees :	Information Declined By The Management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 540000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a 50:50 – joint venture between Elektromag devices private limited” and “Joest Verwaltungs Gmbh”. It is an established company having satisfactory track record. The company possesses an acceptable financial profile marked by adequate networth base, moderate capital structure along with modest as well as working capital intensive operations. Management has reported a decline in its net profitability during FY 13. However, trade relations seem to be fair. Business is active. Payment terms are reported as usually correct. In view of experienced promoters, operating and financial synergies with the promoter entities, the company can be considered 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities “BBB”
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	August 29, 2013

Rating Agency Name	CARE
Rating	Short term bank facilities “A3”
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	August 29, 2013

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 31-03-2014.

INFORMATION DENIED BY

Management non – corporation

Tel No.: 91-22-66624444

LOCATIONS

Registered Office :	“Unique” 4^th Floor, Off Veer Savarkar Marg, Post Box 9141, Prabhadevi, Mumbai – 400025, Maharashtra, India
Tel. No.:	91-22-66624444
Fax No.:	91-22-66624455
E-Mail :	emag@emagindia.com contact@elektromag-joest.com
Website :	www.elektromag-joest.com
Factory :	Plot No. 315, GIDC Industrial Estate, 40 Shed Area, Vapi – 396195. District – Bulsar, Gujarat – 396195, India
Tel. No.:	91-260-2400774 / 2400875
Fax No.:	91-260-2426929
Regional Offices :	Located At: · Kolkata · Bangalore · Pune · Chennai · New Delhi · Raipur

DIRECTORS

As on: 30.09.2013

Name :

Mr. Ramesh Mohansing Advani

Designation :

Managing Director

Address :

71, Anjali, Behind Radio Club, Colaba, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

17.12.1942

Date of Appointment :

01.11.2009

DIN No.:

01030423

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	U32108MH1974PTC017610	ELEKTROMAG DEVICES PRIVATE LIMITED	Director	21/07/1974	21/07/1974	-	Active	NO
2	U32109MH1983PTC031334	UNIQUE ELECTROMAG METHODS PVT LTD	Director	14/11/1983	14/11/1983	-	Active	NO
3	U31900MH1980PTC022951	ADVANI ELEKTROMAG PRIVATE LIMITED	Director	04/04/1990	04/04/1990	-	Active	NO
4	U27104MH1997PTC110413	PMS GRATE FLOORINGS PRIVATE LIMITED	Additional director	11/01/2008	11/01/2008	-	Active	NO
5	U31400MH2009PTC196141	ELEKTROMAG-JOEST VIBRATION PRIVATE LIMITED	Managing director	01/11/2009	30/09/2009	-	Active	NO
6	U29248MH1982PTC052432	GUJARAT ELEKTROMAG INDUSTRIES PRIVATE LIMITED	Additional director	17/02/2014	17/02/2014	-	Active	NO

Name :

Mr. Navin Moti Advani

Designation :

Director

Address :

7 – D, Ananta, Dr. Rajabally Patel Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

10.02.1963

Date of Appointment :

30.09.2009

DIN No.:

01033405

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	U32108MH1974PTC017610	ELEKTROMAG DEVICES PRIVATE LIMITED	Director	28/09/1988	28/09/1988	-	Active	NO
2	U31900MH1980PTC022951	ADVANI ELEKTROMAG PRIVATE LIMITED	Director	28/09/1988	28/09/1988	-	Active	NO
3	U67190MH1994PTC077211	NOVITAZ SYSTEMS PRIVATE LIMITED	Director	22/10/2003	22/10/2003	-	Active	NO
4	U27104MH1997PTC110413	PMS GRATE FLOORINGS PRIVATE LIMITED	Director	24/07/2007	24/07/2007	-	Active	NO
5	U31400MH2009PTC196141	ELEKTROMAG-JOEST VIBRATION PRIVATE LIMITED	Director	30/09/2009	30/09/2009	-	Active	NO
6	U31908MH2011PTC216393	ELEKTROMAG-SLP LIGHTING PRIVATE LIMITED	Director	18/04/2011	18/04/2011	-	Active	NO
7	U32109MH1983PTC031334	UNIQUE ELECTROMAG METHODS PVT LTD	Additional director	17/02/2014	17/02/2014	-	Active	NO
8	U29248MH1982PTC052432	GUJARAT ELEKTROMAG INDUSTRIES PRIVATE LIMITED	Additional director	17/02/2014	17/02/2014	-	Active	NO

Name :

Mr. Hans Georg Fritz Eduard Moormann

Designation :

Director

Address :

Falkenhorst 6a, Muenster, Germany – 48155

Date of Birth/Age :

16.05.1956

Date of Appointment :

05.10.2010

DIN No.:

02834296

Name :

Mr. Christian Fuchs

Designation :

Director

Address :

Jessener Strasse 44, Senden – 48308

Date of Birth/Age :

19.12.1953

Date of Appointment :

05.10.2010

DIN No.:

02851553

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Elektromag Devices Private Limited	3000000	50.00
Joest Verwaltungs Gmbh	3000000	50.00
Total	6000000	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Vibrating Equipments, Drive Units and Systems For Conveying, Screening and Thermal Processing of Bulk Materials.
Products :	· Feeder · Screens · Separator · Cooler · Dryer · Conbeyor · Green Sand Moulding Process · Ni-Bake Sand Moulding

GENERAL INFORMATION

No. of Employees :

Information Declined By The Management

Bankers :

State Bank of India, Specialized Commercial Branch – Vapi, Ground Floor, via House, Near GIDC, Char Rasta, Vapi – 396195, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
SHORT TERM BORROWINGS:
Term loans from banks	72.272	59.857
Total	72.272	59.857

Banking Relations :	--
Auditors :
Name :	H. N. Mehta Associates Chartered Accountants
Address :	50-51, Fourth Floor, Ali Chamber, Tamarind Lane, Flora Fountain, Mumbai, Maharashtra, India
PAN No.:	AAAFH6348C

CAPITAL STRUCTURE

As on: 31.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs. 60.000 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	60.000	60.000	60.000
(b) Reserves & Surplus	73.911	58.502	31.935
(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)	133.911	118.502	91.935
(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	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	125.406	113.207	65.008
(b) Trade payables	24.051	24.964	33.664
(c) Other current liabilities	12.908	15.025	17.652
(d) Short-term provisions	13.921	16.973	13.747
Total Current Liabilities (4)	176.286	170.169	130.071
TOTAL	310.197	288.671	222.006
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	43.904	49.905	38.687
(ii) Intangible Assets	8.822	10.177	14.104
(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)	0.758	0.534	0.000
(d) Long-term Loan and Advances	0.250	0.085	0.085
(e) Other Non-current assets	4.335	0.090	0.180
Total Non-Current Assets	58.069	60.791	53.056
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	141.570	128.660	100.538
(c) Trade receivables	52.691	28.054	26.101
(d) Cash and cash equivalents	36.295	47.380	18.082
(e) Short-term loans and advances	21.482	23.696	24.026
(f) Other current assets	0.090	0.090	0.203
Total Current Assets	252.128	227.880	168.950
TOTAL	310.197	288.671	222.006

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	340.038	346.434	280.467
		Other Income	1.855	1.020	0.193
		TOTAL (A)	341.893	347.454	280.660
Less	EXPENSES
		TOTAL (B)	290.888	281.584	224.972
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		51.005	65.870	55.688
Less	FINANCIAL EXPENSES (D)		15.161	13.949	7.507
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		35.844	51.921	48.181
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.554	11.949	10.952
	PROFIT BEFORE TAX (E-F) (G)		24.290	39.972	37.229
Less	TAX (H)		8.881	13.406	12.994
	PROFIT AFTER TAX (G-H) (I)		15.409	26.566	24.235
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	8.564	NA	NA
	TOTAL EARNINGS		8.564	NA	NA
	Earnings Per Share (Rs.)		4.05	6.66	6.20

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.51	7.65	8.64
Net Profit Margin (PBT/Sales)	(%)	7.14	11.54	13.27
Return on Total Assets (PBT/Total Assets}	(%)	7.85	13.87	16.77
Return on Investment (ROI) (PBT/Networth)		0.18	0.34	0.40
Debt Equity Ratio (Total Debt/Networth)		0.94	0.96	0.71
Current Ratio (Current Asset/Current Liability)		1.43	1.34	1.30

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	60.000	60.000	60.000
Reserves & Surplus	31.935	58.502	73.911
Net worth	91.935	118.502	133.911
long-term borrowings	0.000	0.000	0.000
Short term borrowings	65.008	113.207	125.406
Total borrowings	65.008	113.207	125.406
Debt/Equity ratio	0.707	0.955	0.936

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	280.467	346.434	340.038
		23.520	(1.846)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	280.467	346.434	340.038
Profit	24.235	26.566	15.409
	8.64%	7.67%	4.53%

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	No
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	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 LOAN

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
SHORT TERM BORROWINGS:
Loans and advances from related parties	53.134	53.350
Total	53.134	53.350

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10258613	11/03/2013 *	140,000,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH - VAPI, GROUND FLOOR, VIA HOUSE, NR. GIDC, CHAR RASTA, VAPI - 396195, GUJARAT , INDIA	B72315153

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 judgment 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.60.43
UK Pound	1	Rs.100.11
Euro	1	Rs.79.74

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.