MIRA INFORM REPORT

Report Date :

08.11.2014

IDENTIFICATION DETAILS

Name :	PROGRESSIVE DAIRY SOLUTIONS LIMITED (w.e.f. 05.04.2013)
Formerly Known As :	PROGRESSIVE DAIRY SOLUTIONS PRIVATE LIMITED
Registered Office :	SCF No. 9, 2^nd Floor, Block F, Near Orient Cinema BRS Nagar, Ludhiana – 14112, Punjab
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.01.2010
Com. Reg. No.:	16-033531
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U15209PB2010PLC033531
TAN No.: [Tax Deduction & Collection Account No.]	JLDP04651D
PAN No.: [Permanent Account No.]	AAFCP3149K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Milk and Milk Products.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (26)

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

Maximum Credit Limit :	USD 1800
Status :	Small Company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established as a “Progressive Dairy Solutions Private Limited” during 2010 and later in the April 2013 it got converted into “Progressive Dairy Solution Limited”. It is a small company in its field. Its scale of activities are limited. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for small business dealings with some cautions. Note: The rating is taken into consideration on the basis of private limited. There is improvement in the Sales Turnover (2013-2014) of the company due to expansion of business.

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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 PARTED BY

Name :	Mr. Manish Sharma
Designation :	General Manager
Contact No.:	91-9779933927
Date :	08.11.2014

LOCATIONS

Registered Office :	SCF No. 9, 2^nd Floor, Block F, Near Orient Cinema BRS Nagar, Ludhiana – 14112, Punjab, India
Tel. No.:	91-161-4603313
Mobile No.:	91-9779933927 (Mr. Manish Sharma)
Fax No.:	Not Available
E-Mail :	munisharrey@yahoo.co.uk vksood12@gmail.com clients.vsa@gmail.com
Website :	www.pdsltd.in
Factory :	Located at · Village and Post – Kanganwal, Ludhiana, Punjab, India
Branches :	Located at · Village and Post – Mullanpur, Ludhiana, Punjab, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Rajpal Singh Sandhu

Designation :

Director

Address :

VPO Khular, Tehsil, Jagraon, Ludhiana, Punjab, India

Date of Birth/Age :

05.03.1968

Date of Appointment :

22.01.2010

DIN No. :

02602600

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	U15209PB2010PLC033531	PROGRESSIVE DAIRY SOLUTIONS LIMITED	Director	22-01-2010	22-01-2010	Active	NO
2	U01229PB2012PTC036691	JAGRAON PDFA DAIRY SERVICES PRIVATE LIMITED	Director	27-09-2012	27-09-2012	Active	NO
3	U15200PB2013PLC037530	PROGRESSIVE DAIRY FARMERS MILK LIMITED	Director	24-05-2013	24-05-2013	Active	NO

Name :

Mr. Daljit Singh

Designation :

Director

Address :

VPO Sadarpura, Tehsil Jagroan, Ludhiana – 142026, Punjab, India

Date of Birth/Age :

15.02.1974

Date of Appointment :

22.01.2010

DIN No.:

02898485

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	U15209PB2010PLC033531	PROGRESSIVE DAIRY SOLUTIONS LIMITED	Director	22-01-2010	22-01-2010	Active	NO
2	U01229PB2012PTC036691	JAGRAON PDFA DAIRY SERVICES PRIVATE LIMITED	Director	27-09-2012	27-09-2012	Active	NO
3	U15200PB2013PLC037530	PROGRESSIVE DAIRY FARMERS MILK LIMITED	Director	24-05-2013	24-05-2013	Active	NO

Name :

Mr. Ranjit Singh

Designation :

Director

Address :

H.No. 1878, Neem Wali Gali, Village Langeanna Purana, Teh. Bagha Purana Moga – 142001, Punjab, India

Date of Birth/Age :

21.07.1980

Date of Appointment :

18.09.2013

DIN No.:

06385327

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	U01229PB2012PTC036705	MOGA HITECH DAIRY SERVICE PRIVATE LIMITED	Director	01-10-2012	01-10-2012	Active	NO
2	U15200PB2013PLC037530	PROGRESSIVE DAIRY FARMERS MILK LIMITED	Director	24-05-2013	24-05-2013	Active	NO
3	U15209PB2010PLC033531	PROGRESSIVE DAIRY SOLUTIONS LIMITED	Director	18-09-2013	18-09-2013	Active	NO

Name :

Mr. Sukhdev Singh

Designation :

Director

Address :

Village Baroli, S.A.S. Nagar, Mohali, Punjab, India

Date of Birth/Age :

04.04.1975

Date of Appointment :

18.09.2013

DIN No. :

06385501

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	U01220PB2012PTC036683	AJITGARH HITECH DAIRY SERVICES PRIVATE LIMITED	Director	26-09-2012	26-09-2012	Active	NO
2	U15209PB2010PLC033531	PROGRESSIVE DAIRY SOLUTIONS LIMITED	Director	18-09-2013	18-09-2013	Active	NO

Name :

Mr. Balvir Dalip Singh

Designation :

Director

Address :

Village Udhowal, Post Office Rahon, Nawanshahr – 144517, Punjab, India

Date of Birth/Age :

01.02.1959

Date of Appointment :

18.09.2013

DIN No. :

06757554

KEY EXECUTIVES

Name :	Mr. Manish Sharma
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	9.00
Other top fifty shareholders	39.00
Others	52.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Milk and Milk Products.
Exports :	--
Imports :
Products :	Raw Materil
Countries :	· Belgium · Holand · France
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

GENERAL INFORMATION

Suppliers :	· Alltech Biotechnology Private Limited · Arvind Footwear Private Limited · Sri R&M Impex · Phi Seeds Private Limited · Delaval Private Limited · Ventoquintol India Animal Health Private Limited · Asian Refrigerations · Spectra Crygenic Systems Private Limited · Innoves Animal Health Product Industries
Customers :	Not Divulged
No. of Employees :	40 (Approximately)
Bankers :	· HDFC Bank Limited, BRS Nagar, Ludhiana, Punjab, India Name: Ms. Jasmit (Branch Manager) Report: The Company is very good Company. · Allahabad Bank
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Komal and Associates Chartered Accountants
Address :	69-B Kiran Vihar Back Side Hotel Keys, Lodhi Club Road, Ludhiana – 141001, Punjab, India
Mobile No. :	91-9855673383
E-Mail :	komal.sood@ymail.com
Income-tax PAN of auditor or auditor's firm :	ATKPS9078D
Sisters Concern :	--

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,184,985	Equity Shares	Rs.10/- each	Rs. 21.850 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

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	0.500	0.100	0.100
(b) Reserves & Surplus	0.142	0.050	0.041
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	1.425
Total Shareholders’ Funds (1) + (2)	0.642	0.150	1.566
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.004	0.002	0.002
(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)	0.004	0.002	0.002
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	2.420	0.977	0.032
(c) Other current liabilities	15.963	2.267	1.982
(d) Short-term provisions	0.023	0.012	0.015
Total Current Liabilities (4)	18.406	3.256	2.029
TOTAL	19.052	3.408	3.597
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.417	0.125	0.109
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.145	0.025	0.025
(e) Other Non-current assets	0.000	0.000	0.027
Total Non-Current Assets	0.562	0.150	0.161
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5.265	1.634	0.810
(c) Trade receivables	0.690	0.179	0.000
(d) Cash and cash equivalents	12.054	0.640	0.696
(e) Short-term loans and advances	0.481	0.805	1.930
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	18.490	3.258	3.436
TOTAL	19.052	3.408	3.597

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	8.342	6.145	9.674
		Other Income	0.735	0.290	0.000
		TOTAL (A)	9.077	6.435	9.674
Less	EXPENSES
		Purchases of Stock-in-Trade	11.563	6.556
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(3.631)	(0.824)
		Employees benefits expense	0.385	0.327
		Other expenses	0.618	0.309
		TOTAL (B)	8.935	6.368	9.598
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.142	0.067	0.076
Less	FINANCIAL EXPENSES (D)		0.008	0.002	0.003
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.134	0.065	0.073
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.027	0.024	0.022
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		0.107	0.041	0.051
Less	TAX (H)		0.025	0.013	0.017
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.082	0.028	0.034
	Earnings / (Loss) Per Share (Rs.)		8.22	2.77	3.37

Particulars	31.03.2014
Sales Turnover (Approximately)	280.000 (Due to Expansion and More Concentration in the business given by the professional peoples)

Expected Sales (2014-2015): Rs. 700.000 Millions

The above information has been parted by Mr. Manish Sharma (General Manager).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.98	0.46	0.35
Operating Profit Margin (PBDIT/Sales)	(%)	1.70	1.09	0.79
Return on Total Assets (PBT/Total Assets}	(%)	0.56	1.20	1.42
Return on Investment (ROI) (PBT/Networth)		0.17	0.27	0.03
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.00	1.00	1.69

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	0.100	0.100	0.500
Reserves & Surplus	0.041	0.050	0.142
Share Application money pending allotment	1.425	0.000	0.000
Net worth	1.566	0.150	0.642
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000

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	9.674	6.145	8.342
		-36.479	35.753

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	9.674	6.145	8.342
Profit	0.034	0.028	0.082
	0.35%	0.46%	0.98%

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	Yes
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	No
24]	Banking facility details	No
25]	Conduct of the banking account	Yes
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	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from VPO Sadarpura, Tehsil Jagroan, Ludhiana – 142026, Punjab, India to the present address

UNSECURED LOANS

PARTICULARS

31.03.2013 (Rs. In Millions)

31.03.2012 (Rs. In Millions)

FIXED ASSETS

· Computer

· Electronic Billing Machine

· Furniture and Fixture

· Invertors

· Refrigerators

· Telephone

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.61.52
UK Pound	1	Rs.97.39
Euro	1	Rs.76.16

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.