MIRA INFORM REPORT

Report Date :

06.02.2014

IDENTIFICATION DETAILS

Name :	PAWAR ELECTRO SYSTEMS PRIVATE LIMITED
Registered Office :	Shop No. 1, Ground Floor, Rajguru Apartments, Baburao Parulekar Road, Dadar (West), Mumbai-400025, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.01.2006
Com. Reg. No.:	11-158628
Capital Investment / Paid-up Capital :	Rs.100.000 Millions
CIN No.: [Company Identification No.]	U74992MH2006PTC158628
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Blood Bank Equipments and Scientific Equipments.
No. of Employees :	200 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management of the company has failed to file its latest financial of 2013 with government department. Mr. Kailash Pawar, Director provided general information and financial statement of 2013 to us. As per financials of 2013, reserves of the company appears to be low. However, sales and profit of the company has increased in 2013. Company has performed well. Trade relation reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for normal 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	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

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BBB – [Long Term Bank Facilities]
Rating Explanation	Moderate credit quality and average credit risk.
Date	02.08.2013

Rating Agency Name	CARE
Rating	A3 [Short Term Bank Facilities]
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	02.08.2013

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 31-03-2012.

Subject’s name has been found enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Kailash Pawar
Designation :	Director
Contact No.:	91-9823037163
Name :	Mr. Ashok Sonavane
Designation :	Accounts Manager
Contact No.:	91-9225126773
Date :	06.02.2014

LOCATIONS

Registered Office :	Shop No. 1, Ground Floor, Rajguru Apartments, Baburao Parulekar Road, Dadar (West), Mumbai-400025, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9823037163 [Mr. Kailash Pawar] 91-9225126773 [Mr. Ashok Sonavane] 91-9225987111 [Madam. Megha]
Fax No.:	Not Available
E-Mail :	ashok@pawars.com pbassociates.ca@gmail.com
Website :	http://www.pawars.org
Area :	1000 Sq. Ft.
Location :	Rented
Factory :	Plot No. 93/1, 93/2, Street No. 17, MIDC, Satpur, Nashik-422007, Maharashtra, India
Tel. No.:	91-253-6604511
Area :	4092 Sq. Mtr.
Location :	Leased

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Kailash Ramlal Pawar

Designation :

Managing Director

Address :

Flat No. 16, Jay Trilok Co-operative Society, A’ Wali Shiwar, Satpur, Nashik-422005, Maharashtra, India

Date of Birth/Age :

12.06.1972

Date of Appointment :

04.01.2006

Din No.:

02270151

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	U74992MH2006PTC158628	PAWAR ELECTRO SYSTEMS PRIVATE LIMITED	Managing director	04/01/2006	04/01/2006	-	Active	NO
2	U45400MH2011PTC221569	SANKALPANA BUILDERS AND DEVELOPERS PRIVATE LIMITED	Director	06/09/2011	06/09/2011	-	Active	NO
3	U29309MH1989PTC051752	SHARP KNIFE COMPANY PRIVATE LIMITED	Director	29/09/2012	28/09/2012	-	Active	NO
4	U29253MH2012PTC236991	MANIKARAN ENTERPRISES PRIVATE LIMITED	Director	18/10/2012	18/10/2012	-	Active	NO
5	U72200MH2011PTC211883	RAJ INFOTECH-TOTAL NETWORK SOLUTIONS PRIVATE LIMITED	Director	04/11/2012	04/11/2012	09/01/2013	Active	NO
6	U31900MH2013PTC242982	UNIVERSAL HEALTH CARE PRIVATE LIMITED	Director	23/07/2013	23/07/2013	-	Active	NO
7	AAA-3577	ANIRUDDHAY ELECTRO SYSTEMS LLP	Designated Partner	28/01/2011	28/01/2011	-	Active	NO

Name :

Mrs. Manisha Kailash Pawar

Designation :

Director

Address :

Flat No. 16, Jay Trilok Co-operative Society, A’ Wali Shiwar, Satpur, Nashik-422005, Maharashtra, India

Date of Birth/Age :

12.06.1978

Date of Appointment :

04.01.2006

Din No.:

02270219

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	Company/ LLP Status	Defaulting status
1	U74992MH2006PTC158628	PAWAR ELECTRO SYSTEMS PRIVATE LIMITED	Director	04/01/2006	04/01/2006	Active	NO
2	U29309MH1989PTC051752	SHARP KNIFE COMPANY PRIVATE LIMITED	Director	29/09/2012	28/09/2012	Active	NO
3	U29253MH2012PTC236991	MANIKARAN ENTERPRISES PRIVATE LIMITED	Director	18/10/2012	18/10/2012	Active	NO
4	U31900MH2013PTC242982	UNIVERSAL HEALTH CARE PRIVATE LIMITED	Director	23/07/2013	23/07/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashok Sonavane
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Kailash Ramlal Pawar	2100000
Manisha Kailash Pawar	1050000
Hemant Shivaji Wagh	350000
TOTAL	3500000

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading of Blood Bank Equipments and Scientific Equipments.
Exports :
Products :	Blood Bank Equipments
Countries :	· Korea · Malaysia
Imports :
Products :	Machinery
Countries :	Germany
Terms :
Selling :	LC / Cash and Credit
Purchasing :	LC / Cash and Credit

GENERAL INFORMATION

Suppliers :

· Acrytech Products

· Accuran Industries

· A.K. Electrical

· Bharat Tyres

· Evershine Sales

· Geeta Corporation

· Glbal Polyurethanes LLP

· Hitendra Sales Corporation

· Polar Glass Private Limited

· Raj Glass Depot

· Reliance Digital Retail Centre

· R.P. Enterprises

Customers :

· Akola Blood Bank

· Arpan Blood Bank

· Gaikwad Brothers

· Government Hospital Blood Storage Centre Rajampet

· Bioline Enterprises

· Area Hospital

· CHC Blook Storage Centre, Prathipadu

No. of Employees :

200 [Approximately]

Bankers :

Saraswat Co-operative Bank Limited, Mahatma Nagar Branch

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Bonds/Debentures Loans
From Term Bank	31.628	46.084
Loan Repayable on Demand
From Cash Credit	186.723	63.545
Loan From NSIC-R/M	28.634	2.871
TOTAL	246.985	112.500

Banking Relations :	--
Auditors :
Name :	Vardhaman S. Bhandari Chartered Accountants
Address :	104, Dr. Athawale Chambers, Tilak Path, Opposite Gavkari Press, Nashik-422002, Maharashtra, India
Tel. No.:	91-253-2570173
Mobile No.:	91-9823049067
E-Mail :	Vardhaman.bhandari@rediffmail.com
Sister Concern :	· Sharp Knife Company Private Limited Turnover: Rs.450.000 Millions [2012-2013] · Pawar Electro System Transformers [Partnership] · Pawar Electro Systems [Proprietorship]

CAPITAL STRUCTURE

AS ON 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 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	100.000	35.000	35.000
(b) Reserves & Surplus	83.606	24.808	8.150
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	32.800	67.800	0.000
Total Shareholders’ Funds (1) + (2)	216.406	127.608	43.150
(3) Non-Current Liabilities
(a) long-term borrowings	59.163	112.500	46.352
(b) Deferred tax liabilities (Net)	1.109	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)	60.272	112.500	46.352
(4) Current Liabilities
(a) Short term borrowings	218.249	5.600	0.000
(b) Trade payables	70.215	43.379	9.410
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	30.081	7.966	2.623
Total Current Liabilities (4)	318.545	56.945	12.033
TOTAL	595.223	297.053	101.535
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	111.757	85.505	4.595
(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	0.400	0.375	0.375
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	34.299	17.320	38.332
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	146.456	103.200	43.302
(2) Current assets
(a) Current investments	24.236	6.898	6.197
(b) Inventories	105.088	30.622	11.459
(c) Trade receivables	318.206	150.106	40.380
(d) Cash and cash equivalents	1.237	0.034	0.197
(e) Short-term loans and advances	0.000	6.193	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	448.767	193.853	58.233
TOTAL	595.223	297.053	101.535

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1293.671	552.632	145.272
		Other Income	0.363	0.525	NA
		TOTAL (A)	1294.034	553.157	NA
Less	EXPENSES
		Cost of material consumed	1209.321	521.274	NA
		Employee benefits expenses	18.223	5.943
		Administrative and selling expenses	9.209	5.581
		Changes in inventories of finished goods, work in progress and stock in trade	(74.466)	(19.161)
		TOTAL (B)	1162.287	513.636	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		131.747	39.521
Less	FINANCIAL EXPENSES (D)		36.910	12.339
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		94.837	27.182	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.904	3.040
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		85.933	24.142
Less	TAX (H)		27.663	7.485
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		58.270	16.657
	Earnings / (Loss) Per Share (Rs.)		6.00	5.00	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.50	3.01	NA
Net Profit Margin (PBT/Sales)	(%)	6.64	4.37	NA
Return on Total Assets (PBT/Total Assets}	(%)	14.45	8.14	NA
Return on Investment (ROI) (PBT/Networth)		0.40	0.19	NA
Debt Equity Ratio (Total Debt/Networth)		1.28	0.93	1.07
Current Ratio (Current Asset/Current Liability)		1.41	3.40	4.84

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	Yes
12]	Profitability for last two 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	Yes
18]	Major customers	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10457526	29/10/2013	35,193,667.00	INTEC CAPITAL LIMITED	701,MANJUSHA, 57 NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	B88515911
2	10441640	31/07/2013	20,000,000.00	RELIANCE CAPITAL LIMITED	"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI - 400710, MAHARASHTRA, INDIA	B81492076
3	10367480	20/11/2013 *	303,512,000.00	THE SARASWAT CO-OPERATIVE BANK LTD.	MAHATMA NAGAR, OPP. GANPATI MANDIR, NASHIK - 422007, MAHARASHTRA, INDIA	B91082297
* Date of charge modification

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Bonds/Debentures Loans
Loan From Shareholders	27.535	0.000
Loan Repayable on Demand
From Others Parties	2.892	5.600
TOTAL	30.427	5.600

FIXED ASSETS:

· Land

· Factory Building

· Laptop

· Computer

· Tally Software

· Office Equipments

· Mobile

· Furniture

· Water Cooler

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.62.45
UK Pound	1	Rs.102.00
Euro	1	Rs.84.35

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	TPT

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	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.