MIRA INFORM REPORT

Report Date :

11.07.2011

IDENTIFICATION DETAILS

Name :	TRAPHACO JOINT STOCK COMPANY
Registered Office :	75 - Yen Ninh Str Quan Thanh Ward - Ba Dinh District - Ha Noi City
Country :	Vietnam
Financials (as on) :	31.03.2011
Year of Establishment :	1972
Com. Reg. No.:	0100108656
Legal Form :	Joint Stock Company
Line of Business :	Research, development, production and sale modern and traditional pharmaceutical products.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
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 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Viet Nam	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	TRAPHACO JOINT STOCK COMPANY
Vietnamese Name	CONG TY CO PHAN TRAPHACO
Short name	TRAPHACO
Type of Business	Joint stock company
Year Established	1972
Establishment Decision	2566/1999QD-BGTVT
Date of Issuance	27 Sep 1999
Place of Issuance	Ministry of Transportation of Vietnam
Business Registration No.	0100108656
Date of Registration	30 Dec 2010
Place of Registration	Hanoi Department of Planning and Investment.
Current registered capital	123,398,240,000 VND
Status	Listed
Stock symbol	TRA
Stock Market	HOSE
Outstanding stock	12,339,824
Paid-up capital	123,398,240,000 VND
Tax code	0100108656
Total Employees	700

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Type of Business: State Owned Enterprise Changed to: Joint - Stock Company	27 Sep 1999
2	Subject has got former Registered capital: 80,000,000,000 VND Changed to: 101,981,500,000 VND	15 Dec 2009
3	Subject has got former Business Registration No: 058437 Changed to: 0100108656	30 Dec 2010
4	Subject has got former Registered capital: VND 101,981,500,000 Changed to: VND 123,398,240,000	30 Dec 2010
5	Subject has got former Business Registration No: Ms. VU THI THUAN (General director) Changed to: Mr. TRAN TUC MA	01 Apr 2011

ADDRESSES

Head Office
Address	75 - Yen Ninh Str Quan Thanh Ward - Ba Dinh District - Ha Noi City - Vietnam
Telephone	(84-4) 3845 4813, 3734 1797, 3843 0076
Fax	(84-4) 3734 1798, 3843 0009
Email	traphaco@fpt.vn
Website	www.traphaco.com.vn
Note: The given address (Yen Binh Str) is not correct. The exact one is as above.
Factory Address
Address	Van Lam District - Hung Yen Province - Vietnam
Factory Address
Address	15 Lane - Ngoc Hoi Str - Hoang Liet Ward - Hoang Mai District - Ha Noi City - Vietnam
Telephone	(84-4) 36811855
Fax	(84-4) 36815097
Branch in Nam Dinh
Address	Truong Han Sieu Street, Hoa Vuong Urban Zone - Nam Dinh City - Nam Dinh Province - Vietnam
Telephone	(84-350) 3845628
Fax	(84-350) 3845628
Branch in Nghe An
Address	Vinh Tan New Urban Area Vinh Tan Ward - Vinh City - Nghe An Province - Vietnam
Telephone	(84-38) 833713
Branch in Thanh Hoa
Address	K1+K2 Lot, 4 Group, Le Loi North Avenue New Urban Area Dong Huong Commune - Thanh Hoa City - Thanh Hoa Province - Vietnam
Telephone	(84-9) 74 228 899
Branch in Vinh Long
Address	No 52/12B Pho Co Dieu, 5 Alley - Vinh Long City - Vinh Long Province - Vietnam
Telephone	(84-9) 09343408
Branch in Da Nang
Address	255 Ton Duc Thang Str Hoa Minh ward - Lien Chieu District - Da Nang City - Vietnam
Telephone	(84-511) 3767 750/ 3767 752
Fax	(84-511) 3767 751
Branch in Ho Chi Minh
Address	Street 3/2 Ward No.14 - 10 District - Ho Chi Minh City - Vietnam
Telephone	(84-8) 3866 1771
Fax	(84-8) 3863 9322
Email	traphacohcm@hcm.fpt.vn
Manager	Mr. NONG HUU DUC

SUBSIDIARIES AND RELATED COMPANIES

1. SUBSIDIARIES - TRAPHACO HIGH TECHNOLOGY JOINT STOCK COMPANY
Address	Binh Duong Ward, Tan Quang Commune - Van Lam District - Hung Yen Province - Vietnam
Tel	(84- 321) 3991 791
Fax	(84- 321) 3991 790
2. SUBSIDIARIES - TRAPHACO SAPA COMPANY LIMITED
Address	Sa Pa town - Sa Pa District - Lao Cai Province - Vietnam
Tel	(84-20) 3871 813
Fax	(84-20) 3871 813

DIRECTORS

1. NAME	Ms. VU THI THUAN
Position	Chairman
Date of Birth	25 Jan 1956
ID Number/Passport	010104497
ID Issue Date	09 Sep 2004
ID Issue Place	Police of Hanoi city
Resident	Room 302/4 Phap Van Urban Group - Hoang Liet - Hoang Mai District - Ha Noi City - Vietnam
Nationality	Vietnamese
Qualification	Pharmacist
2. NAME	Mr. TRAN TUC MA
Position	General Director
Date of Birth	17 Jun 1965
ID Number/Passport	011344072
ID Issue Date	12 Jul 1999
ID Issue Place	Police Station of Hanoi City
Resident	Traphaco Jsc Collective Quarter Thai Thinh - Lang Ha - Dong Da District - Ha Noi City - Vietnam
Nationality	Vietnamese
3. NAME	Mr. NGUYEN HUY VAN
Position	Deputy General Director
Date of Birth	10 Mar 1967
ID Number/Passport	012800517
ID Issue Date	03 Jun 2005
ID Issue Place	Police Station of Hanoi City
Resident	Room 204/4 - Phap Van Urban Hoang Liet Ward - Hoang Mai District - Ha Noi City - Vietnam
Nationality	Vietnamese
4. NAME	Ms. HOANG THI RUOC
Position	Deputy General Director
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

• Research, development, production and sale modern and traditional pharmaceutical products.
• Distribution of products of other pharmaceutical manufacturer in Vietnam.
• Processing and sale of pharmaceutical materials, mainly medicinal herbs.
• Transfer R&D results and/ or patents for new drugs and provision of research services on a contract basis.
• Besides, it produces wine (Sapamua), beauty products (Evita face – cream)

IMPORT & EXPORT ACTIVITIES

IMPORT:
· Types of products	Medical equipments, pharmaceutical materials
· Market	France, Germany India, China, Singapore, Thailand and Korea.
EXPORT:
· Types of products	Finished products
· Market	Russia, Ukraine, Belgium, Switzerland and Africa. The subject has just sent product introduction profile to Southeast Asian countries, such as Cambodia, Myanmar.

BANKERS

1. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM TRANSACTION NO.2
Address	No.11 Ben Chuong Duong ,Nguyen Thai Binh ward - 1 District - Ho Chi Minh City - Vietnam
Telephone	(08) 3.8214929
2. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE BA DINH BRANCH
Address	No.34 Cua Nam - Hoan Kiem District - Ha Noi City - Vietnam
Telephone	(84-04) 38452826
Foreign Currency Account	10201 000 000 0412
VND Account	10201 000 000 4158

SHAREHOLDERS

1. NAME	STATE CAPITAL INVESTMENT CORPORATION
Business Registration	0101992921
Date of Registration	09 Jul 2010
Place of Registration	Ha Noi Planning and Investment Department
Representative	Mr. TRAN TUC MA
Registered Capital	19,000,000,000,000 VND
Tax code	0101992921
Address	No. 15A Tran Khanh Du Str., - Hoan Kiem District - Ha Noi City - Vietnam
Tel	(84-4) 62780126
Fax	(84-4) 62780136
Number of shares	4,400,748
Value of shares	44,007,480,000 VND
Percentage	35.66%
2. NAME	OTHER SHAREHOLDERS
Number of shares	7,939,076
Value of shares	79,390,760,000 VND
Percentage	64.34%

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	31/03/2011	31/12/2010	31/12/2009
Number of weeks	13	52	52
ASSETS
A – CURRENT ASSETS	497,581,388,877	489,064,704,123	341,632,940,979
I. Cash and cash equivalents	19,579,605,866	29,068,347,374	5,433,848,068
1. Cash	5,288,877,862	9,068,347,374	1,039,425,204
2. Cash equivalents	14,290,728,004	20,000,000,000	4,394,422,864
II. Short-term investments	1,380,000,000	819,000,000	567,000,000
1. Short-term investments	1,380,000,000	819,000,000	567,000,000
2. Provisions for devaluation of short-term investments		0
III. Accounts receivable	230,959,513,429	267,131,929,398	214,450,965,933
1. Receivable from customers	209,647,630,778	236,864,185,255	195,362,720,322
2. Prepayments to suppliers	22,122,715,218	27,015,879,479	19,928,466,029
3. Inter-company receivable		0
4. Receivable according to the progress of construction		0
5. Other receivable	891,911,094	4,954,608,325	952,046,187
6. Provisions for bad debts	-1,702,743,661	-1,702,743,661	-1,792,266,605
IV. Inventories	229,116,106,354	186,291,250,860	117,964,375,418
1. Inventories	229,116,106,354	186,291,250,860	117,964,375,418
2. Provisions for devaluation of inventories		0
V. Other Current Assets	16,546,163,228	5,754,176,491	3,216,751,560
1. Short-term prepaid expenses		0
2. VAT to be deducted	4,046,979,962	3,820,909,492	912,747,483
3. Taxes and other accounts receivable from the State	1,363,769,038	0
4. Other current assets	11,135,414,228	1,933,266,999	2,304,004,077
B. LONG-TERM ASSETS	89,220,330,823	89,803,414,018	64,519,024,042
I. Long term account receivable		0
1. Long term account receivable from customers		0
2. Working capital in affiliates		0
3. Long-term inter-company receivable		0
4. Other long-term receivable		0
5. Provisions for bad debts from customers		0
II. Fixed assets	85,567,508,331	85,891,450,840	59,686,632,638
1. Tangible assets	56,589,896,129	57,615,354,836	43,011,342,405
- Historical costs	129,167,248,768	128,324,589,488	107,005,421,817
- Accumulated depreciation	-72,577,352,639	-70,709,234,652	-63,994,079,412
2. Financial leasehold assets		0
- Historical costs		0
- Accumulated depreciation		0
3. Intangible assets	16,747,480,165	16,747,480,165	15,322,132,165
- Initial costs	16,747,480,165	16,747,480,165	15,322,132,165
- Accumulated amortization		0
4. Construction-in-progress	12,230,132,037	11,528,615,839	1,353,158,068
III. Investment property		0
Historical costs		0
Accumulated depreciation		0
IV. Long-term investments	2,250,000,000	2,250,000,000	2,250,000,000
1. Investments in affiliates		0
2. Investments in business concerns and joint ventures		0
3. Other long-term investments	2,250,000,000	2,250,000,000	2,250,000,000
4. Provisions for devaluation of long-term investments		0
V. Other long-term assets	255,994,868	469,262,449	1,206,198,255
1. Long-term prepaid expenses	165,591,998	331,180,991	1,037,533,963
2. Deferred income tax assets	41,972,500	84,598,508	117,016,342
3. Other long-term assets	48,430,370	53,482,950	51,647,950
VI. Goodwill	1,146,827,624	1,192,700,729
1. Goodwill	1,146,827,624	1,192,700,729
TOTAL ASSETS	586,801,719,700	578,868,118,141	406,151,965,021
LIABILITIES
A- LIABILITIES	254,376,353,015	229,482,948,891	142,073,906,846
I. Current liabilities	250,720,212,539	225,823,376,415	138,366,085,438
1. Short-term debts and loans	98,755,655,410	86,076,863,042	57,641,177,489
2. Payable to suppliers	129,308,989,414	108,752,744,821	26,986,122,350
3. Advances from customers	281,774,704	2,233,094,209	601,842,491
4. Taxes and other obligations to the State Budget	4,345,388,970	17,536,757,981	15,885,064,778
5. Payable to employees	12,383,258,673	5,549,608,526	11,198,182,269
6. Accrued expenses	190,000,000	137,040,035	1,502,795,766
7. Inter-company payable		0
8. Payable according to the progress of construction contracts		0
9. Other payable	5,455,145,368	5,537,267,801	24,550,900,295
10. Provisions for short-term accounts payable		0
II. Long-Term Liabilities	3,656,140,476	3,659,572,476	3,707,821,408
1. Long-term accounts payable to suppliers		0
2. Long-term inter-company payable		0
3. Other long-term payable		0
4. Long-term debts and loans		3,659,572,476
5. Deferred income tax payable		0
6. Provisions for unemployment allowances	3,656,140,476	0	3,707,821,408
7. Provisions for long-term accounts payable		0
B- OWNER’S EQUITY	332,425,366,685	349,385,169,250	264,078,058,175
I. OWNER’S EQUITY	327,954,278,704	349,096,519,711	259,176,886,996
1. Capital	123,398,240,000	123,398,240,000	101,981,500,000
2. Share premiums	92,063,700,000	92,063,700,000	92,063,700,000
3. Other sources of capital		0
4. Treasury stocks	-3,593,000	-3,593,000	-2,520,000
5. Differences on asset revaluation		0
6. Foreign exchange differences		1,728,925,854	-407,499,441
7. Business promotion fund	80,526,196,271	54,512,922,444	54,907,930,557
8. Financial reserved fund	14,492,992,126	11,174,870,036	11,202,531,576
9. Other funds		0
10. Retained earnings	17,476,743,307	66,221,454,377	-568,755,696
11. Construction investment fund		0
II. Other sources and funds	4,471,087,981	288,649,539	4,901,171,179
1. Bonus and welfare funds	4,429,233,641	246,795,199	5,123,316,839
2. Sources of expenditure	41,854,340	41,854,340	-222,145,660
3. Fund to form fixed assets		0
MINORITY’S INTEREST		0
TOTAL LIABILITIES AND OWNER’S EQUITY	586,801,719,700	578,868,118,141	406,151,965,021

PROFIT & LOSS STATEMENT
Description	The first quarter of FY2011	FY2010	FY2009
1. Total Sale	207,379,102,965	869,798,826,310	753,766,984,836
2. Deduction item	1,049,869,809	10,036,654,110	6,725,899,684
3. Net revenue	206,329,233,156	859,762,172,200	747,041,085,152
4. Costs of goods sold	139,140,642,792	596,068,780,115	531,919,771,171
5. Gross profit	67,188,590,364	263,693,392,085	215,121,313,981
6. Financial income	1,646,660,762	4,282,299,823	4,637,720,698
7. Financial expenses	6,207,034,445	11,609,106,377	6,793,842,404
- In which: Loan interest expenses	3,792,439,594	9,849,281,942	4,619,625,653
8. Selling expenses	28,429,257,676	118,151,242,367	99,426,062,384
9. Administrative overheads	11,333,279,893	46,986,026,190	39,046,083,826
10. Net operating profit	22,865,679,112	91,229,316,974	74,493,046,065
11. Other income	142,097,035	207,781,136	682,158,597
12. Other expenses	916,264	16,375,625	5,618,209,988
13. Other profit /(loss)	141,180,771	191,405,511	-4,936,051,391
14. Total accounting profit before tax	23,006,859,883	91,420,722,485	69,556,994,674
15. Current corporate income tax	5,581,766,027	25,140,236,698	18,626,847,235
16. Deferred corporate income tax	42,626,008	32,417,834	-117,016,342
17. Interest from subsidiaries/related companies		0
18. Profit after tax	17,382,467,848	66,248,067,953	51,047,163,781

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	The first quarter of FY2011	FY2010	FY2009	Average Industry
Current liquidity ratio	1.98	2.17	2.47	1.74
Quick liquidity ratio	1.07	1.34	1.62	1.02
Inventory circle	0.61	3.92	4.51	3.74
Average receive period	408.57	113.41	104.78	76.97
Utilizing asset performance	0.35	1.49	1.84	1.31
Liability by total asset	43.35	39.64	34.98	49.32
Liability by owner equity	76.52	65.68	53.80	129.21
Ebit / Total asset (ROA)	4.57	17.49	18.26	8.55
Ebit / Owner's equity (ROE)	8.06	28.99	28.09	18.02
Ebit / Total revenue (NPM)	12.92	11.64	9.84	6.82
Gross profit / Total revenue (GPM)	32.40	30.32	28.54	21.89
Note: The Average Industry was calculated by Vietnam Credit based on our owned statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality	Good
Liquidity	Medium/High
Payment status	Above Average
Financial Situation	Strong
Development trend	Positive
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	Mostly are T/T, L/C
Sale Methods	Retailer and Wholesaler

INTERPRETATION ON THE SCORES

TRAPHACO now is a famous brand in Vietnam and is one of the leading companies in the field of pharmaceutical. Originating as a small medicinal manufacturing Unit of the Ministry of Transportation, in 1999, it started equitizing into joint stock model. Its share was listed on HOSE (Hochiminh stock exchange), on 20 Dec 2008, with stock symbol TRA. The name of subject had some change over periods. In Jul, 2001, the subject renamed to “TRAPHACO JOINT STOCK COMPANY” as current, which the state holds 35.66% shares. Currently, the subject has business registration No. 0100108656, issued on 30 Dec 2010, by Ha Noi department of planning and investment, with the registered capital is VND 123,398,240,000.

Head office of subject is located at 75 Yen Ninh Street - Ba Dinh District - Hanoi City. The subject has 6 branches and many distribution agencies in whole country. Besides, the subject has overseas distribution unites in Cambodia, Laos, Ukraine.

Traphaco has two factories to produce GMP-WHO medicines (each factory cover above 10,000 square meters). The subject is the first enterprise in the north having the largest modern medicine manufacturing factory of GMP standards, a quality control system of Good Laboratory Practice (GLP) standards, GMO-WHO quality standard, and a storage system of Good Storage Practice (GSP) standards. Traphaco has become “a Traphaco phenomenon”, accounting for 70% of Vietnam’s oriental medicine market.

The subject is also the main shareholder of TraphacoSapa Company Limited in Lao Cai province where has convenient weather for planting pharmaceutical trees. Therefore, TraphacoSapa supplies many importance pharmaceutical materials for the subject. Beside the domestic material source, the subject has to import medical materials and equipments from foreign countries, such as India, China, Thailand, Singapore, Germany, France, ect.

Currently, its brand name is very popular and takes a large share in the market. The subject produces and sells more than 231 products focusing on: central nervous system, digestive, cardiovascular, analgesics, respiratory and ontological system, eye care... The subject also focuses on research to produce new products and to seek new market.

Company’s reputation and products trademark are always regarded by TRAPHACO as the biggest asset of the Company. TRAPHACO has received 7 exclusive certificates for industrial designs, 1 exclusive certificate for useful solution. In addition, nearly 150 product trademarks and TRAPHACO’s brand name have been registered for protection and recognized nationally and internationally. With the achievements gained in production and business activities and remarkable contributions to the society, TRAPHACO has been given the title “Famous Trademarks Gold Cup”.

Its management capacity is fairly good. Mrs. Vu Thi Thuan – Chairman is one of excellent businesswoman. Personally, she is received some awards: Co-Va levxcaia International Prize (2005) for collective of female scientists, named of Excellent Business Director, Vietnam Entrepreneurs (2008), Culture Entrepreneurs, 3rd Class Labor Medal, Meritorious physician, Heart Honors because of health of the Vietnamese.

According to the financial data we found that in 2010 its operation was more efficient in comparison with previous year, total revenue and profit after tax rose highly in 2010.
The subject's self-financing ability is very good. It remained the moderate debt rate. In 2010 its debt rate increased from 34.98% to 39.64%, shows its capital structure is very safe. Its self-financing ability and solvency are strong.

The subject's liquidity was also good because it remained the moderate current liabilities rate. Additionally, as it remained the reasonable amount inventory, its quick liquidity ratio was good too.
In 2010 the subject's utilizing asset performance decreased but it was still higher than the average industry. Its total assets turnover went down due to the decrease in its receivables turnover and inventory turnover. Maybe, the reason is that the subject applied the loose credit policies for customers but the growth of turnover was still less than the growth of stagnated inventory. Show the efficiency of its sales policy went down.

Its profitability was fairly good in recent years because it managed operating cost very well and its utilizing asset performance was fairly effective. In 2010 its ROA decreased slightly from 18.26% to 17.49% due to the decrease in its activities efficiency.

In general, the subject is a public company in the industry. With its financial situation, no caution is needed for normal business transactions.

------------ APPENDIXES ----------

INDUSTRY DATA
Industry code	Growth speed (%)		Total employees 2009 (Thousand)		Total enterprises	Annual average capital of enterprises
	Predict 2010	2009
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
Construction	7	11.3	2,692.8		17,783	248,268
Manufacturing	12	7.6	7,591.2		30,786	967,068
ECONOMIC INDICATORS
			2010	2009		2008
Population (Million person)			86.93	86.02		86.1
Gross Domestic Products (US$ billion)			102.2	91		84.9
GDP Growth (%)			6.78	5.32		6.2
GDP Per Capita (US$)			1,160	1,080		1,040
Inflation (% Change in Composite CPI)			11.75	6.88		24.4
SERVICE TRADE PERFORMANCE
Billion USD			2010	2009		2008
Exports			71.6	56.6		62.9
Imports			84	68.8		76.6
Trade Balance			-12.4	-12.2		-14.6

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.33
UK Pound	1	Rs.70.74
Euro	1	Rs.63.64

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%)

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.