MIRA INFORM REPORT
|
Report Date : |
12.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
DOHA PHARMACEUTICAL COMPANY LIMITED |
|
|
|
|
Registered Office : |
G1p7 Alley 28 -
Xuan La Ward - Tay Ho District - Ha Noi City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
2006 |
|
|
|
|
Com. Reg. No.: |
0101902050 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading in pharmaceuticals and medical equipments, cosmetics,
extra-nutrition, vaccines, biological products, consulting in trading
oversea-pharmaceutical products |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment
Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Vietnam |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SUBJECT IDENTIFICATION & LEGAL FORM
Current legal status
|
||
|
English Name |
|
DOHA PHARMACEUTICAL COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH DUOC PHAM DO HA |
|
Trade name |
|
DOHA
PHARMA CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2006 |
|
Business Registration No. |
|
0101902050 |
|
Date of Registration |
|
30 Nov 2010 |
|
Place of Registration |
|
Hanoi department of planning and investment |
|
Current registered capital |
|
1,980,000,000 VND |
|
Status |
|
Unlisted |
|
Tax code |
|
0101902050 |
|
Total Employees |
|
60 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business Registration No: 0102025516 on 27 Mar
2006 Changed to: 0101902050 |
30 Nov 2010 |
|
2 |
Subject has got former Chartered capital: 500,000,000 VND Changed to: 1,980,000,000 VND |
30 Nov 2010 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
G17 Alley 28 - Xuan La Ward - Tay Ho District - Ha Noi City - Vietnam
|
|
|
||
|
Representative office in Ho Chi Minh |
||
|
Address |
|
Room 401 - No.1 Nguyen Du - 3 District - Ho Chi Minh City - Vietnam |
|
|
||
|
Representative office in Singapore |
||
|
Address |
|
Unit 27 Level 15 Block 3 TanJongPagar Plaza -Singapore 081003 -
Singapore |
|
Telephone |
|
+65 8 2249482 |
|
|
||
|
Representative office in Nghe An |
||
|
Address |
|
No.95 Hoang Thi Loan - Group 4 - Ben Thuy ward - Vinh City - Nghe An
Province - Vietnam |
DIRECTORS
|
1. NAME |
|
Mr. TRAN DUY DONG |
|
Position |
|
Director |
|
Date of Birth |
|
08 Dec 1979 |
|
ID Number/Passport |
|
012811616 |
|
ID Issue Date |
|
11 Aug 2005 |
|
ID Issue Place |
|
Hanoi police department |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+84 982 000750 |
BUSINESS NATURE AND ACTIVITIES
|
Trading in pharmaceuticals and medical
equipments, cosmetics, extra-nutrition, vaccines, biological products,
consulting in trading oversea-pharmaceutical products. |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types
of products |
|
Medicine and
medical equipments |
|
·
Market
|
|
Not directly
from any country but via designating company |
|
|
||
|
EXPORT: |
||
|
·
Types
of products |
|
N/A |
BANKERS
|
1. ASIA COMMERCIAL JOINT
STOCK BANK CHUA HA BRANCH |
||
|
Address |
|
44/42 Nguyen Phong
Sac Street - Cau Giay District - Ha Noi City - Vietnam |
|
Telephone |
|
(84-4) 3768
6638 |
|
Fax |
|
(84-4) 3768
6639 |
|
Foreign Currency Account |
|
55385399 |
|
|
||
|
2. MARITIME COMMERICAL STOCK
BANK HA NOI BRANCH |
||
|
Address |
|
No.71 Hai Ba
Trung Street - Hai Ba Trung District - Ha Noi City - Vietnam |
|
Telephone |
|
(84-4) 3822
6060 |
|
Fax |
|
(84-4) 3943
6477 |
SHAREHOLDERS
|
1. NAME |
|
Mr. TRAN DUY DONG |
|
Position |
|
Director |
|
Date of Birth |
|
08 Dec 1979 |
|
ID Number/Passport |
|
012811616 |
|
Issued on |
|
11 Aug 2005 |
|
Issued Place |
|
Hanoi police department |
|
Work phone |
|
(84-4) 3758 0526 |
|
Mobile phone |
|
+84 982 000750 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
1,584,000,000 VND |
|
Percentage |
|
80% |
|
|
||
|
2. NAME |
|
Ms. LUU THI HA |
|
Mobile phone |
|
+84 904 570406 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
396,000,000 VND |
|
Percentage |
|
20% |
FINANCIAL DATA
|
BALANCE SHEET |
|||
Unit: One VND
|
|||
|
Balance sheet date |
31/12/2010 |
31/12/2009 |
31/12/2008 |
|
Number of weeks |
52 |
52 |
52 |
|
ASSETS |
|||
|
A – CURRENT ASSETS |
13,759,736,835 |
5,570,545,656 |
1,954,886,996 |
|
I. Cash and cash equivalents |
426,003,270 |
186,507,182 |
588,921,071 |
|
1. Cash |
318,720,215 |
183,760,078 |
588,921,071 |
|
2. Cash
equivalents |
107,283,055 |
2,747,104 |
0 |
|
II. Short-term investments |
0 |
0 |
0 |
|
1. Short-term investments
|
0 |
0 |
0 |
|
2. Provisions
for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts receivable |
5,939,435,448 |
2,071,662,738 |
9,010,909 |
|
1. Receivable
from customers |
5,111,845,907 |
1,825,672,565 |
0 |
|
2. Prepayments
to suppliers |
827,589,541 |
245,990,173 |
9,010,909 |
|
3.
Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable
according to the progress of construction |
0 |
0 |
0 |
|
5. Other
receivable |
0 |
0 |
0 |
|
6. Provisions for
bad debts |
0 |
0 |
0 |
|
IV. Inventories |
7,205,303,161 |
3,230,396,422 |
1,304,509,438 |
|
1. Inventories
|
7,205,303,161 |
3,230,396,422 |
1,304,509,438 |
|
2. Provisions
for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current Assets |
188,994,956 |
81,979,314 |
52,445,578 |
|
1. Short-term
prepaid expenses |
0 |
0 |
0 |
|
2. VAT to be
deducted |
188,994,956 |
81,979,314 |
52,445,578 |
|
3. Taxes and
other accounts receivable from the State |
0 |
0 |
0 |
|
4. Other
current assets |
0 |
0 |
0 |
|
B. LONG-TERM ASSETS |
250,364,390 |
314,533,405 |
397,018,273 |
|
I. Long term account receivable |
0 |
0 |
0 |
|
1. Long term
account receivable from customers |
0 |
0 |
0 |
|
2. Working capital
in affiliates |
0 |
0 |
0 |
|
3. Long-term
inter-company receivable |
0 |
0 |
0 |
|
4. Other
long-term receivable |
0 |
0 |
0 |
|
5. Provisions
for bad debts from customers |
0 |
0 |
0 |
|
II. Fixed assets |
216,337,117 |
314,533,405 |
397,018,273 |
|
1. Tangible
assets |
216,337,117 |
314,533,405 |
397,018,273 |
|
- Historical
costs |
412,424,385 |
412,424,385 |
412,424,385 |
|
- Accumulated
depreciation |
-196,087,268 |
-97,890,980 |
-15,406,112 |
|
2. Financial leasehold
assets |
0 |
0 |
0 |
|
- Historical
costs |
0 |
0 |
0 |
|
- Accumulated
depreciation |
0 |
0 |
0 |
|
3. Intangible
assets |
0 |
0 |
0 |
|
- Initial
costs |
0 |
0 |
0 |
|
- Accumulated
amortization |
0 |
0 |
0 |
|
4. Construction-in-progress
|
0 |
0 |
0 |
|
III. Investment property |
0 |
0 |
0 |
|
Historical
costs |
0 |
0 |
0 |
|
Accumulated
depreciation |
0 |
0 |
0 |
|
IV. Long-term investments |
0 |
0 |
0 |
|
1. Investments
in affiliates |
0 |
0 |
0 |
|
2. Investments
in business concerns and joint ventures |
0 |
0 |
0 |
|
3. Other
long-term investments |
0 |
0 |
0 |
|
4. Provisions
for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other long-term assets |
34,027,273 |
0 |
0 |
|
1. Long-term
prepaid expenses |
0 |
0 |
0 |
|
2. Deferred
income tax assets |
0 |
0 |
0 |
|
3. Other
long-term assets |
34,027,273 |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
|
1. Goodwill |
0 |
0 |
|
|
TOTAL ASSETS |
14,010,101,225 |
5,885,079,061 |
2,351,905,269 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
11,854,535,691 |
5,352,500,231 |
1,090,178,972 |
|
I. Current liabilities |
11,623,285,691 |
5,121,250,231 |
790,178,972 |
|
1. Short-term
debts and loans |
4,855,740,000 |
0 |
0 |
|
2. Payable to
suppliers |
4,522,208,476 |
3,754,934,729 |
790,178,972 |
|
3. Advances
from customers |
2,245,337,215 |
1,366,315,502 |
0 |
|
4. Taxes and
other obligations to the State Budget |
0 |
0 |
0 |
|
5. Payable to
employees |
0 |
0 |
0 |
|
6. Accrued
expenses |
0 |
0 |
0 |
|
7.
Inter-company payable |
0 |
0 |
0 |
|
8. Payable
according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other
payable |
0 |
0 |
0 |
|
10. Provisions
for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term Liabilities |
231,250,000 |
231,250,000 |
300,000,000 |
|
1. Long-term
accounts payable to suppliers |
231,250,000 |
231,250,000 |
0 |
|
2. Long-term
inter-company payable |
0 |
0 |
0 |
|
3. Other
long-term payable |
0 |
0 |
0 |
|
4. Long-term
debts and loans |
0 |
0 |
300,000,000 |
|
5. Deferred
income tax payable |
0 |
0 |
0 |
|
6. Provisions
for unemployment allowances |
0 |
0 |
0 |
|
7. Provisions for
long-term accounts payable |
0 |
0 |
0 |
|
B- OWNER’S EQUITY |
2,155,565,534 |
532,578,830 |
1,261,726,297 |
|
I. OWNER’S EQUITY |
2,155,565,534 |
532,578,830 |
1,261,726,297 |
|
1. Capital |
1,980,000,000 |
500,000,000 |
500,000,000 |
|
2. Share
premiums |
0 |
0 |
0 |
|
3. Other
sources of capital |
0 |
0 |
0 |
|
4. Treasury
stocks |
0 |
0 |
0 |
|
5. Differences
on asset revaluation |
0 |
0 |
0 |
|
6. Foreign
exchange differences |
0 |
0 |
0 |
|
7. Business
promotion fund |
0 |
0 |
0 |
|
8. Financial
reserved fund |
0 |
0 |
0 |
|
9. Other funds
|
0 |
0 |
0 |
|
10. Retained
earnings |
175,565,534 |
32,578,830 |
761,726,297 |
|
11.
Construction investment fund |
0 |
0 |
0 |
|
II. Other sources and funds |
0 |
0 |
0 |
|
1. Bonus and
welfare funds |
0 |
0 |
0 |
|
2. Sources of
expenditure |
0 |
0 |
0 |
|
3. Fund to
form fixed assets |
0 |
0 |
0 |
|
MINORITY’S INTEREST |
0 |
0 |
0 |
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
14,010,101,225 |
5,885,079,061 |
2,351,905,269 |
|
PROFIT & LOSS
STATEMENT |
|||
|
|
|||
|
Description |
FY2010
|
FY2009
|
FY2008
|
|
1. Total
Sale |
19,076,512,903 |
9,554,752,930 |
3,671,535,800 |
|
2. Deduction
item |
0 |
0 |
0 |
|
3. Net sale
|
19,076,512,903 |
9,554,752,930 |
3,671,535,800 |
|
4. Costs of
goods sold |
14,716,995,012 |
7,403,293,222 |
2,535,000,000 |
|
5. Gross
profit |
4,359,517,891 |
2,151,459,708 |
1,136,535,800 |
|
6. Financial
income |
1,630,034 |
759,838 |
0 |
|
7. Financial
expenses |
175,184,282 |
54,728,766 |
0 |
|
- In which:
Loan interest expenses |
0 |
0 |
0 |
|
8. Selling
expenses |
0 |
0 |
0 |
|
9. Administrative
overheads |
4,013,227,445 |
2,053,970,519 |
371,000,000 |
|
10. Net
operating profit |
172,736,198 |
43,520,261 |
765,535,800 |
|
11. Other
income |
0 |
0 |
0 |
|
12. Other
expenses |
0 |
0 |
0 |
|
13. Other
profit /(loss) |
0 |
0 |
0 |
|
14. Total
accounting profit before tax |
172,736,198 |
43,520,261 |
765,535,800 |
|
15. Current
corporate income tax |
29,749,494 |
8,838,116 |
3,809,503 |
|
16. Deferred
corporate income tax |
0 |
0 |
0 |
|
17. Interest from
subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit
after tax |
142,986,704 |
34,682,145 |
761,726,297 |
|
FINANCIAL RATIOS AND AVERAGE INDUSTRY
RATIOS |
||||
|
|
||||
|
Description |
FY2010 |
FY2009 |
FY2008 |
Average Industry |
|
Current
liquidity ratio |
1.18 |
1.09 |
2.47 |
2.19 |
|
Quick
liquidity ratio |
0.56 |
0.46 |
0.82 |
1.41 |
|
Inventory
circle |
2.82 |
2.29 |
1.94 |
4.67 |
|
Average
receive period |
113.64 |
79.14 |
0.90 |
79.16 |
|
Utilizing
asset performance |
1.36 |
1.62 |
1.56 |
1.91 |
|
Liability by
total asset |
84.61 |
90.95 |
46.35 |
56.82 |
|
Liability by
owner equity |
549.95 |
1,005.02 |
86.40 |
486.78 |
|
Ebit / Total
asset (ROA) |
1.23 |
0.74 |
32.55 |
10.47 |
|
Ebit / Owner's
equity (ROE) |
8.01 |
8.17 |
60.67 |
34.50 |
|
Ebit / Total
sale (NPM) |
0.91 |
0.46 |
20.85 |
6.80 |
|
Gross profit /
Total sale (GPM) |
22.85 |
22.52 |
30.96 |
20.29 |
|
Note: The Average Industry was calculated by Vietnam Credit
based on our owned statistical data |
||||
|
CASH FLOW STATEMENT |
||
|
(Direct method) |
||
|
Items |
FY2010
|
FY2009
|
|
I. Cash flows from operating activities |
||
|
1.Cash received
from customers |
3,314,055,756 |
0 |
|
2. Cash paid
to suppliers |
-1,548,214,788 |
0 |
|
3. Cash paid
to employees |
-2,416,321,500 |
0 |
|
4. Interest
paid |
-164,124,092 |
0 |
|
5. Income
taxes paid |
-28,249,494 |
0 |
|
6. Other operating
cash receipts |
12,850,871,184 |
186,507,182 |
|
7. Other
operating payments |
-18,104,260,978 |
0 |
|
Net cash flows
from operating activities |
-6,096,243,912 |
186,507,182 |
|
II. Cash flows from investing activities |
||
|
1. Purchases and
construction of fixed assets and other long-term assets |
0 |
0 |
|
2. Gains from
disposals and liquidation of fixed assets and other long-term assets |
0 |
0 |
|
3. Loans given
and purchases of debt instruments of other entities |
0 |
0 |
|
4. Recovery of
loans given and disposals of debt instruments of other entities |
0 |
0 |
|
5. Investments
into other entities |
0 |
0 |
|
6. Withdrawals
of investments in other entities |
0 |
0 |
|
7. Receipts of
loan interests, dividends and profit shared |
0 |
0 |
|
Net cash flows
from investing activities |
0 |
0 |
|
III. Cash flows from financing activities |
||
|
1. Gains from
stock issuance and capital contributions from shareholders |
1,480,000,000 |
0 |
|
2. Repayment
for capital contributions and re-purchases of stocks already issues |
0 |
0 |
|
3. Short-term
and long-term loans received |
9,616,640,000 |
0 |
|
4. Loan
principal amounts repaid |
-4,760,900,000 |
0 |
|
5. Payments for
financial leasehold assets |
0 |
0 |
|
6. Dividends
and profit already paid to the owners |
0 |
0 |
|
Net cash flows
from financing activities |
6,335,740,000 |
0 |
|
Net cash flows
during the year |
239,496,088 |
186,507,182 |
|
Beginning cash
and cash equivalents |
186,507,182 |
0 |
|
Effects of
fluctuations in foreign exchange rates |
0 |
0 |
|
Ending cash
and cash equivalents |
426,003,270 |
186,507,182 |
PAYMENT HISTORY & PERFORMANCE
EXPERIENCES
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium |
|
Payment status |
|
Normal |
|
Financial
Situation |
|
Average |
|
Development
trend |
|
Positive |
|
Litigation
data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment
Methods |
|
Through its
banks |
|
Sale Methods |
|
Distributor |
|
CREDIT
INQUIRY: 1,000,000 USD Against D/A in terms |
|
Caution needed. |
INTERPRETATION ON THE SCORES
|
DOHA COMPANY LIMITED (DOHA Pharma co., ltd) was officially
established in 2006 with total charted capital of VND 500,000,000. It has
increased its registered capital to VND 1,980,000,000 on November 30th 2010. DOHA COMPANY LIMITED’s former address is at No.30 -
Tran Phu Collective - Alley 105 - Nguyen Phong Sac Street - Dich Vong ward -
Cau Giay District - Ha Noi City – Vietnam. However, on 5 Aug 2011, we visited
the company and found that its main office was located at G17 - Alley 28 -
Xuan La Ward - Tay Ho District - Ha Noi City – Vietnam. Most business
transactions occur there. Besides, according to Mr. Dong – Director, the
subject has two representative offices at home (in Vinh and Ho Chi Minh City)
and a representative office abroad (in Singapore). The subject specializes in five main business lines:
medicines, cosmetics, nutrition food, and medical devices. DOHA COMPANY
LIMITED is the exclusive distributor of some products and doing marketing
activities to promote the products. Their teams with experience in working
with Health authorities provide service to multinational principals and offer
partial to complete service in product registration, authorization for
advertising, organizing symposium and permission for import in Vietnam. This
business entity possesses about 60 pharmaceutical representatives in Ho Chi
Minh City, Hanoi, Vinh and some other provinces. According to financial data, we found that there is
a rapidly increase in total Sale from 2008. The subject reached total sale of
VND 3,671,535,800 (2008), VND 9,554,752,930 (2009) and VND 19,076,512,903
(2010). However, the effective business ratios in both 2009 and 2010 such as
ROE, ROA, and NPM extremely decreased in comparison with 2008 and very lower
than average industry. It showed that the subject met some difficulties in
managing expenses, illustrated by a rapidly growth of administrative
overheads in FY2010. In 2010, the subject’s utilizing asset performance
went down, was lower than the average industry. The liquidity capacity was
not good, due to the subject has to face with many difficulties of the
fluctuation in economy. In conclusion, the subject is a small company in the
industry. The operational bases of the subject are normal. Therefore, it has
capacity to meet small financial commitment.
A little caution is needed for medium business transactions. |
APPENDIXES
|
INDUSTRY DATA |
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Industry code |
Growth speed (%) |
Total employees 2009 (Thousand) |
Total enterprises |
Annual average capital of enterprises |
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Predict 2010 |
2009 |
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|
Agriculture, Forestry and Fishing |
2.8 |
3.0 |
24,788.5 |
2,399 |
50,530 |
|
|
Trade and Services |
7.5 |
11 |
10,517.9 |
79,181 |
1,754,973 |
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|
Construction |
7 |
11.3 |
2,692.8 |
17,783 |
248,268 |
|
|
Manufacturing |
12 |
7.6 |
7,591.2 |
30,786 |
967,068 |
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ECONOMIC INDICATORS |
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2010 |
2009 |
2008 |
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Population (Million person) |
86.93 |
86.02 |
86.1 |
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Gross Domestic Products (US$ billion) |
102.2 |
91 |
84.9 |
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GDP Growth (%) |
6.78 |
5.32 |
6.2 |
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|
GDP Per Capita (US$) |
1,160 |
1,080 |
1,040 |
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|
Inflation (% Change in Composite CPI) |
11.75 |
6.88 |
24.4 |
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SERVICE TRADE PERFORMANCE |
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Billion USD |
2010 |
2009 |
2008 |
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Exports |
71.6 |
56.6 |
62.9 |
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|
Imports |
84 |
68.8 |
76.6 |
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|
Trade Balance |
-12.4 |
-12.2 |
-14.6 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.27 |
|
UK Pound |
1 |
Rs.73.34 |
|
Euro |
1 |
Rs.64.58 |
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 |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.