MIRA INFORM REPORT
|
Report Date : |
30.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
RUBY COMPANY LIMITED |
|
|
|
|
Registered Office : |
80 Ha Huy Giap Street, Thanh Loc Ward - 12 Dist - Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
1999 |
|
|
|
|
Com. Reg. No.: |
070859 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading in materials for producing veterinary medicine, animal feed and shrimp/fish feed. |
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 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 |
|
RUBY COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH RUBY |
|
Trade name |
|
RUBY COMPANY LIMITED |
|
Short name |
|
RUBY CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
1999 |
|
Establishment Decision |
|
313/GP-TLDN |
|
Date of Issuance |
|
03 Feb 1999 |
|
Place of Issuance |
|
People’s Committee of Hochiminh City |
|
Business Registration No. |
|
070859 |
|
Date of Registration |
|
06 Feb 1999 |
|
Place of Registration |
|
Business Registration Department of
Hochiminh City |
|
Current registered capital |
|
50,000,000,000 VND |
|
Tax code |
|
0301636134 |
|
Total Employees |
|
90 |
Historical Identification & Legal form
|
List |
Changed Items |
|
1 |
Subject has got former Registered English
Name: RUBY TRADING AND VETERINARY MEDICINE PRODUCTION CO., LTD Changed to:
RUBY COMPANY LIMITED |
|
2 |
Subject has got former Registered
Vietnamese Name: CONG TY TNHH THUONG MAI SAN XUAT THUOC THU Y RUBY Changed
to: CONG TY TNHH RUBY |
|
3 |
Subject has got former registered capital:
15,000,000,000 VND Changed to: 50,000,000,000 VND |
company ADDRESSES
|
Head Office |
||
|
Address |
|
80 Ha Huy Giap Street, Thanh Loc Ward - 12
Dist - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3716 2097/ 3716 2098 / 3716 2099 /
3716 2526 / 3716 1867 |
|
Fax |
|
(84-8) 3716 2100 |
|
Email |
|
|
|
|
||
|
Registration
Address |
||
|
Address |
|
268 Huynh Van Banh Street, Ward 11 - Phu
Nhuan District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3991 0225 |
|
Fax |
|
(84-8) 3845 0098 |
|
|
||
|
Workshop Address
|
||
|
Address |
|
41/1K Quang Trung Street, Ward 12 - Go Vap
District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3987 4452 |
|
Manager |
|
Mr. CAO THANH NGOC |
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
35 KP3 Thanh Loc Ward - 12 District - Ho
Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3716 1864 |
|
Manager |
|
Ms. LE THI HONG |
|
|
||
|
Warehouse |
||
|
Address |
|
Chieu Lieu Hamlet Tan Dong Hiep Commune - Di
An Town - Binh Duong Province - Vietnam |
|
|
||
|
Warehouse |
||
|
Address |
|
Ong Dong Hamlet Tan Hiep Commune - Tan
Uyen District - Binh Duong Province - Vietnam |
DIRECTORS
|
1.
NAME |
|
Mr.
CAO VAN TRIEU |
|
Position |
|
Director |
|
Education |
|
Master of veterinary and breeding |
|
Date of Birth |
|
15 Jul 1950 |
|
ID Number/Passport |
|
023722367 |
|
ID Issue Date |
|
08 May 1999 |
|
ID Issue Place |
|
Police station of
Hochiminh city |
|
Resident |
|
No. 305E/79 Huynh Van
Banh Str, Ward 11 - Phu Nhuan District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+84 903 904 350 |
|
|
||
|
2.
NAME |
|
Mr.
CAO THANH NGOC |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
023127564 |
|
Resident |
|
No. 268 Huynh Van
Banh Str, Ward 11 - Phu Nhuan District - Ho Chi Minh City - Vietnam |
|
Tel/Mobil phone |
|
+84 903 904 350 |
|
Qualification |
|
Bachelor |
|
|
||
|
3.
NAME |
|
Ms.
LE THI HONG |
|
Position |
|
Deputy Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
4.
NAME |
|
Mr.
LE MINH TRUNG |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
++84 902 333 486 |
|
Qualification |
|
Bachelor |
BUSINESS NATURE AND ACTIVITIES
|
The
subject specializes in the following activities: ·
Trading
in materials for producing veterinary medicine, animal feed and shrimp/fish
feed. ·
Chemicals
of water treatment for aquaculture. |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
materials |
|
·
Market |
|
India, Germany, Italy, UK, Belgium, Netherlands, Bulgaria, USA, China,
Singapore, Malaysia, Indonesia and Thailand. |
|
·
Mode of payment |
|
L/C |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
N/A |
BANKERS
|
1.
VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK HO CHI MINH BRANCH |
||
|
Address |
|
No.6 Nguyen Thi Minh Khai, Da Kao ward - 1 District - Ho Chi Minh City
- Vietnam |
|
Telephone |
|
(84-8) 3911 6868 – (84-8) 3456 6868 |
|
Fax |
|
(84-8) 39112199 |
|
|
||
|
2.
LIEN VIET COMMERCIAL JOINT STOCK BANK HO CHI MINH BRANCH |
||
|
Address |
|
No. 2A Nguyen Minh Khai Str, Da Kao ward - 1 District - Ho Chi Minh
City - Vietnam |
|
Telephone |
|
(84-08) 6 2668668 |
|
Fax |
|
(84-08) 6 2669669 |
|
VND Account |
|
45005000001387040015 |
|
|
||
|
3.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE |
||
|
Address |
|
No. 2 Pho Duc Chinh Street - 1 District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
84-8) 39143183 |
|
Fax |
|
(84-8) 39143193 |
|
Foreign Currency Account |
|
102020000012361 |
|
VND Account |
|
102010000103048 |
|
SWIFT Code |
|
ICBVVNVX |
SHAREHOLDERS
|
1.
NAME |
|
Mr.
CAO VAN TRIEU |
|
Position |
|
Director |
|
Date of Birth |
|
15 Jul 1950 |
|
ID Number/Passport |
|
023722367 |
|
Issued on |
|
08 May 1999 |
|
Issued Place |
|
Police station of Hochiminh city |
|
Resident |
|
No. 305E/79 Huynh Van Banh Str, Ward 11 -
Phu Nhuan District - Ho Chi Minh City - Vietnam |
|
Mobile phone |
|
+84 903 904 350 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
30,000,000,000 VND |
|
Percentage |
|
60% |
|
|
||
|
2.
NAME |
|
Mr.
CAO THANH NGOC |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
023127564 |
|
Resident |
|
No. 268 Huynh Van Banh Str, Ward 11 - Phu
Nhuan District - Ho Chi Minh City - Vietnam |
|
Mobile phone |
|
+84 903 904 350 |
|
Value of shares |
|
20,000,000,000 VND |
|
Percentage |
|
40% |
FINANCIAL DATA
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT ASSETS
|
160,984,000,000 |
130,759,172,755 |
|
I. Cash and cash
equivalents |
8,682,000,000 |
9,125,886,878 |
|
1. Cash |
8,682,000,000 |
9,125,886,878 |
|
2. Cash equivalents |
0 |
0 |
|
II. Short-term
investments |
0 |
0 |
|
1. Short-term investments |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
|
III. Accounts
receivable |
62,908,000,000 |
57,094,776,846 |
|
1. Receivable from customers |
57,991,000,000 |
55,285,586,454 |
|
2. Prepayments to suppliers |
4,001,000,000 |
1,809,190,392 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
916,000,000 |
0 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
71,230,000,000 |
56,315,117,960 |
|
1. Inventories |
71,230,000,000 |
56,315,117,960 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
18,164,000,000 |
8,223,391,071 |
|
1. Short-term prepaid expenses |
0 |
0 |
|
2. VAT to be deducted |
0 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
18,164,000,000 |
8,223,391,071 |
|
B. LONG-TERM
ASSETS |
56,075,000,000 |
35,195,038,683 |
|
I. Long term
account receivable |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
|
II. Fixed assets
|
47,520,000,000 |
26,439,613,747 |
|
1. Tangible assets |
8,578,000,000 |
8,763,990,120 |
|
- Historical costs |
13,792,000,000 |
12,989,489,759 |
|
- Accumulated depreciation |
-5,214,000,000 |
-4,225,499,639 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
35,082,000,000 |
14,074,333,565 |
|
- Initial costs |
35,088,000,000 |
14,074,333,565 |
|
- Accumulated amortization |
-6,000,000 |
0 |
|
4. Construction-in-progress |
3,860,000,000 |
3,601,290,062 |
|
III. Investment
property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV. Long-term
investments |
795,000,000 |
707,500,000 |
|
1. Investments in affiliates |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
|
3. Other long-term investments |
795,000,000 |
707,500,000 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
V. Other
long-term assets |
7,760,000,000 |
8,047,924,936 |
|
1. Long-term prepaid expenses |
7,760,000,000 |
8,047,924,936 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
217,059,000,000 |
165,954,211,438 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
147,273,000,000 |
93,214,061,340 |
|
I. Current
liabilities |
134,831,000,000 |
93,214,061,340 |
|
1. Short-term debts and loans |
126,254,000,000 |
85,763,118,195 |
|
2. Payable to suppliers |
608,000,000 |
1,128,503,243 |
|
3. Advances from customers |
187,000,000 |
122,000,201 |
|
4. Taxes and other obligations to the State Budget |
7,369,000,000 |
5,827,128,962 |
|
5. Payable to employees |
395,000,000 |
320,247,857 |
|
6. Accrued expenses |
0 |
25,750,932 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
18,000,000 |
27,311,950 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term
Liabilities |
12,442,000,000 |
0 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
|
4. Long-term debts and loans |
12,400,000,000 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
42,000,000 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
B- OWNER’S
EQUITY |
69,786,000,000 |
72,740,150,098 |
|
I. OWNER’S
EQUITY |
69,786,000,000 |
72,740,150,098 |
|
1. Capital |
50,000,000,000 |
50,000,000,000 |
|
2. Share premiums |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
|
6. Foreign exchange differences |
0 |
1,670,610,124 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
19,786,000,000 |
21,069,539,974 |
|
11. Construction investment fund |
0 |
0 |
|
II. Other
sources and funds |
0 |
0 |
|
1. Bonus and welfare funds |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
|
MINORITY’S
INTEREST |
0 |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
217,059,000,000 |
165,954,211,438 |
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sale |
674,770,000,000 |
451,648,905,734 |
|
2. Deduction item |
247,000,000 |
59,976,853 |
|
3. Net sale |
674,523,000,000 |
451,588,928,881 |
|
4. Costs of goods sold |
600,613,000,000 |
398,866,195,811 |
|
5. Gross profit |
73,910,000,000 |
52,722,733,070 |
|
6. Financial income |
380,000,000 |
101,560,513 |
|
7. Financial expenses |
19,159,000,000 |
8,138,987,170 |
|
- In which: Loan interest expenses |
12,279,000,000 |
4,860,939,141 |
|
8. Selling expenses |
6,752,000,000 |
6,309,967,389 |
|
9. Administrative overheads |
9,654,000,000 |
9,245,541,913 |
|
10. Net operating profit |
38,725,000,000 |
29,129,797,111 |
|
11. Other income |
905,000,000 |
67,729,232 |
|
12. Other expenses |
2,618,000,000 |
392,632,499 |
|
13. Other profit /(loss) |
-1,713,000,000 |
-324,903,267 |
|
14. Total accounting profit before tax |
37,012,000,000 |
28,804,893,844 |
|
15. Current corporate income tax |
9,253,000,000 |
5,040,856,423 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
27,759,000,000 |
23,764,037,421 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.19 |
1.40 |
1.94 |
|
Quick liquidity ratio |
0.67 |
0.80 |
0.98 |
|
Inventory circle |
8.43 |
7.08 |
9.29 |
|
Average receive period |
34.04 |
46.15 |
54.01 |
|
Utilizing asset performance |
3.11 |
2.72 |
2.21 |
|
Liability by total asset |
67.85 |
56.17 |
58.72 |
|
Liability by owner equity |
211.04 |
128.15 |
256.76 |
|
Ebit / Total asset (ROA) |
22.71 |
20.29 |
7.90 |
|
Ebit / Owner's equity (ROE) |
70.63 |
46.28 |
25.68 |
|
Ebit / Total sale (NPM) |
7.30 |
7.45 |
4.18 |
|
Gross profit / Total sale (GPM) |
10.95 |
11.67 |
15.30 |
|
Note: The Average Industry was calculated by Vietnam Credit based on our
owned statistical data |
|||
PAYMENT HISTORY & PERFORMANCE
EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Direct payment or through its corresponding bank, L/C, T/T |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Good |
INTERPRETATION ON THE SCORES
|
The
subject - RUBY
CO., LTD - was established since 1999. Now it is operating
under business registration No. 070859 issued by Business Registration
Department of Hochiminh City and registered capital is VND 50 billion. Mr.Cao Van Trieu is biggest shareholder and
Director of the subject. The
subject specializes in trading in materials for producing veterinary
medicine, animal feed and shrimp and fish feed, chemical for water treatment.
Most of products of the subject are imported from foreign countries such as India,
Germany, Italy, UK, Belgium, Netherlands, Bulgaria, USA, China, Singapore,
Malaysia, Indonesia and Thailand. After many years operating, the subject has
business relationship with many famous suppliers in the world, including Dwijaya Perkasa Abadi
(Indonesia), Teloon Chemical Corp (China), Glide Chem Pvt (Canada), Voreal
(France), Nutri- Ad International (Belgium), Borculo Domo Ingredients
(Holland), Exquim, S & Joan Buscala, Protilac (France), Guzhou Chia Tai
Enterprise Co., Ltd (China), Sichuan Lomon Limited (England), Schils Bv
(Holland) And Helen Qingdao F.T.Z Co., Ltd (China). The
premises and facilities of the subject are fair. Its management capacity is
fairly good. Mr.Cao Van Trieu has long year experienced in veterinary and
breeding field. The subject is popular with producers of veterinary medicines
and animal feed in Vietnam. Its distributed market is large with many agents
across the country. Its foreign customers in Vietnam include Cargill, CP,
Proconco and Green feed. The competitiveness of the subject in the market is
rather good According
to the financial statement, the subject has operated on healthy financial
position. The total sale in year 2010 is greater than year 2009 strongly. The
profit after tax is also improvable from previous year. Although the
liquidity and quick liquidity ratios decreased from 2009 to 2010 but these
ratios are still on the safety margin. In year 2010, the subject has used a
high financial leverage to finance to business activities and which made the
business become effectively. But with these advantages from high financial
leverage, the liability of the subject has raised a much against with year
2009. The increasing in liability is adaptable with the increasing in
inventory which means that the subject plans to expand business activities
and have no sign of curtailing the business scale. The Subject has capacity
to meet all 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.44.16 |
|
UK Pound |
1 |
Rs.72.10 |
|
Euro |
1 |
Rs.63.10 |
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 |
---- |
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.