MIRA
INFORM REPORT
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Report Date : |
15.03.2011 |
IDENTIFICATION DETAILS
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Name : |
STOVE KRAFT PRIVATE LIMITED |
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Registered Office : |
81/1, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
28.06.1999 |
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Com. Reg. No.: |
08-025387 |
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CIN No.: [Company
Identification No.] |
U29301KA1999PTC025387 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Trader of
pressure cookers, LPG stoves, wick stoves and other kitchen and
electrical appliances |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1800000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. The
company has successful in wiping of the losses of previous years. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. The company can be considered normal for 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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Pradeep |
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Designation : |
General Manager |
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Date : |
14.03.2011 |
LOCATIONS
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Registered Office/ Factory : |
81/1, Medamarana Halli Village, Harohalli Hobli Kanakapura Taluka,
Ramanagar, Bagalore-560061, Karnataka, India
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Tel. No.: |
91-80-28016222 |
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Fax No.: |
91-80-28016209 |
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E-Mail : |
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Website : |
DIRECTORS
As On : 30.09.2010
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Name : |
Mr. Rajendra Jugaraj Gandhi |
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Designation : |
Chairman and Managing Director |
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Address : |
203, Prestige Acropolis Koramangala, |
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Date of Birth/Age : |
27.12.1967 |
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Date of Appointment : |
10.09.2007 |
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DIN No : |
01646143 |
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Name : |
Mrs. Sunitha Rajendra Gandhi |
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Designation : |
Director |
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Address : |
203, Olympus Prestige Acropolis Koramangala, Bangalore – 560034,
Karnataka, India |
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Date of Birth/Age : |
01.08.1971 |
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Date of Appointment : |
10.07.2004 |
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DIN No : |
01676100 |
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Name : |
Mr. Sandeep Singhal |
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Designation : |
Nominee Director |
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Address : |
C-76, Diamond District, Airport Road, Bangalore-560017, Karnataka,
India |
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Date of Birth/Age : |
31.12.1969 |
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Date of Appointment : |
18.03.2010 |
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DIN No : |
00040491 |
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Name : |
Mr. Sajit Kumar |
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Designation : |
Nominee Director |
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Address : |
Flat No.203, SIDB officers Apartment, |
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Date of Birth/Age : |
04.06.1966 |
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Date of Appointment : |
11.04.2008 |
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Email : |
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DIN No : |
00108263 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Rajendra Jugaraj Gandhi |
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18140700 |
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Mrs. Sunitha Rajendra Gandhi |
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259300 |
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SIDBI Trustee Company Limited, India |
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100 |
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Mr. Ajit Jindal |
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500000 |
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SCI Growth Investments II, Mauritius |
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5 |
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Total |
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18900105 |
AS ON 30.09.2010
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Names of Debentureholders |
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No. of Shares |
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SIDBI Trustee Company Limited, India |
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9388833 |
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SCI Growth Investments II, Mauritius |
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8100045 |
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Total |
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17488878 |
AS ON 30.09.2010
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Equity Share Breakup
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Trader of
pressure cookers, LPG stoves, wick stoves and other kitchen and
electrical appliances |
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Products : |
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Brand Name : |
· Pigeon ·
Gilma ·
GiIma Spagnol Cucine |
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Exports : |
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Products : |
Consumer Home Appliances |
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Countries : |
Srilanka Uganda |
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Imports : |
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Products : |
Consumer Home Appliances |
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Countries : |
China |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
PRODUCTION STATUS (As On 31.03.2010)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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LPG Gas Stove |
Nos. |
700000 |
595420 |
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Pressure Cooker |
Nos. |
1000000 |
898048 |
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Non Stick Cookware* |
Nos. |
NA |
1151854 |
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Kerosene Wisk Stove |
Nos. |
300000 |
147115 |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
350 (In Office-20 and In Factory-330) (Approximately) |
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Bankers : |
·
Standard Chartered Bank, 112, Serenity,
Koramangala Industrial Area, 5th Block, Koramangala,
Bangalore-560095, Karnataka, India |
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Facilities : |
Notes : 1.
Vehicle loans are secured by way hypothecation of
vehicles acquired out of such loan 2.
Working capital loans are secured by way of
hypothecation of inventory receivables and other current assets charge over
fixed assets of the company along with equitable mortgage of unmovable
properties and personal guarantees of two directors.
Notes : Amount repayable within one year -
From Directors- Rs.6.549 millions (Previous year Rs.
6.549 millions) -
OCDs Rs. 49.941 millions (Previous year Rs.
126.111 millions) -
Foreclosure Premium on Optionally Convertible Debentures Rs.
34.947 millions (Previous year Rs. Nil ) |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S R Batliboi and Company Chartered Accountant |
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Address : |
12th and 13th Floor, “UB City”, Canberra Block
No.24, Vittal Mallya Road, Bangalore-560001, Karnataka, India |
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Sister Concern : |
Stove Kraft India, Baddi, Bangalore, Karnataka, India Line of Business: Manufacturer of LPG Stove. |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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19999995 |
Equity Shares and 5 Class A Equity Shares |
Rs. 10/- each |
Rs. 200.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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18900100 |
Equity Shares |
Rs. 10/- each |
Rs. 189.001 millions |
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5 |
Class A Equity Shares |
Rs. 10/- each |
Rs. 0.000
million |
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Total |
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Rs. 189.001 millions |
Note : out of the above 3000000 shares (Previous year
300000 shares) have been issued as fully paid bonus shares by capitalization of
securities premium account Rs. 3.993 millions(Previous year Rs. 3.993 millions)
and profit and loss Rs. 26.006 millions (Previous year Rs.26.006 millions)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
189.001 |
189.001 |
14.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.001 |
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3] Reserves & Surplus |
259.891 |
0.000 |
30.527 |
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4] (Accumulated Losses) |
0.000 |
(107.430) |
0.000 |
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NETWORTH |
448.892 |
81.571 |
44.528 |
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LOAN FUNDS |
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1] Secured Loans |
89.419 |
180.437 |
113.395 |
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2] Unsecured Loans |
251.337 |
226.548 |
5.649 |
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TOTAL BORROWING |
340.756 |
406.985 |
119.044 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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APPLICATION MONEY OF CONCERTABLE DEBENTURES |
0.000 |
0.000 |
219.999 |
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TOTAL |
789.648 |
488.556 |
383.571 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
224.868 |
153.944 |
48.452 |
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Capital work-in-progress |
52.811 |
52.636 |
35.780 |
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INVESTMENT |
209.400 |
142.085 |
0.390 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
4.336 |
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INTANGILBE ASSETS |
0.047 |
0.078 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
271.222
|
246.485 |
223.601 |
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Sundry Debtors |
254.618
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239.686 |
120.370 |
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Cash & Bank Balances |
34.844
|
10.232 |
124.084 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
99.116
|
57.459 |
28.543 |
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Total
Current Assets |
659.800
|
553.862 |
496.598 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
286.440
|
351.223 |
167.074 |
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Other Current Liabilities |
63.030
|
57.769 |
30.080 |
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Provisions |
7.808
|
5.057 |
4.831 |
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Total
Current Liabilities |
357.278
|
414.049 |
201.985 |
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Net Current Assets |
302.522
|
139.813 |
294.613 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
789.648 |
488.556 |
383.571 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1983.800 |
1870.700 |
1261.800 |
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Other Income |
75.800 |
15.400 |
14.000 |
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TOTAL |
2059.600 |
1886.100 |
1275.800 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
1949.600 |
1890.600 |
1254.900 |
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Advertising Expenses |
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TOTAL |
1949.600 |
1890.600 |
1254.900 |
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PROFIT
BEFORE TAX AND PROVISION |
110.000 |
(4.500) |
20.900 |
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Less/ Add |
PROVISION AND
EXCEPTIONAL ITEMS |
(11.100) |
97.900 |
20.400 |
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PROFIT BEFORE
TAX |
121.100 |
(102.400) |
0.500 |
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Less |
TAX |
9.000 |
0.000 |
NA |
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PROFIT AFTER TAX
|
112.100 |
(102.400) |
NA |
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EXPORT VALUE |
47.830 |
27.086 |
20.971 |
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IMPORTS |
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Raw Materials |
12.066 |
36.643 |
14.470 |
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Stores & Spares |
5.744 |
4.618 |
9.431 |
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Finished Goods- Trading |
267.222 |
380.888 |
233.710 |
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TOTAL IMPORTS |
285.032 |
422.149 |
257.611 |
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Earnings Per
Share (Rs.) |
5.87 |
(5.42) |
0.12 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
5.44
|
(5.43) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
6.10
|
(5.47) |
0.04 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.69
|
(13.34) |
0.09 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
(1.25) |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.56
|
10.06 |
7.21 |
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Current Ratio (Current Asset/Current Liability) |
|
1.85
|
1.34 |
2.46 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from No.28/1, Adjacent To AGS Layout, 3rd
Main Road, Arehalli Village, Uttarahalli, Hobli, Bangalore – 560061, Karnataka,
India to the present address w.e.f. 01.05.2009
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
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|
-
Dues to Micro and Small Enterprises |
0.000 |
0.000 |
0.000 |
|
-
Dues to creditors other than Micro, Small and
Medium Enterprises |
286.440 |
351.223 |
167.074 |
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Total |
286.440 |
351.223 |
167.074 |
FINANCIAL ANALYSIS
1.
The Statutory Auditors have recommended the following
provisions which are included in the Profit and Loss Account.
a.
The Company has a good control over its
receivables. During 2008-09 the Company create a Provision for Doubtful Debts
of INR 4.000 millions and during 2007-08 the provision created was INR 2.700
millions. Even though provision were created the company recovered / nullified
the out standings to the tune of INR 4.000 millions. Based on the review of the
delayed receivable, the auditors have recommended total provisioning of INR
8.169 millions as on 31.03.2010. Considering this provision against a total
billing of Rs. 2340.500 millions it amounts to 0.35%. Considering the total
billing of Rs. 251.300 millions in March, the total receivables outstanding as
on 31.03.2010 is 31 days.
b.
Provision has been created against Special
Additional Duty. Refund receivable to the extent of Rs. 13.600 millions which
has been debited to the Profit and Loss Account. This amount is income for the
company and will be accounted in 2010-11 as income on receipt of the same from
Customs department.
c.
The company dispatched goods on 30th
31.03.2010 out of which invoices worth INR 12.100 millions were dispatched
before 31.03.2010 but were physically received by the customers subsequent to
31.03.2010 in view of their location. The auditors felt that since the risk and
rewards have not been transferred until the goods are received by the
customers, these invoices were reversed from the turnover and included as
stocks as on 31.03.2010. The profits on these dispatches amounting to INR 3.900
millions will accrue in 2010-11
d.
The company had been equipping their brand stores
with display stocks which are assets that generate the sale at the Brand
Stores. In view of the fact that these display stocks suffer an impairment over
a period of time, the auditors recommended provisioning of an impairment for
their value. Accordingly the company capitalized the same and amortized over
the average lease period of 5 years. The charge to profit and loss account of
this amounted to INR 4.300 millions and has been included in Depreciations.
e.
After a number of setbacks during 08-09, the
Company had a good year from many aspects. Some of them are.
i.
The exchange party between USD and INR stabilized and
was moving in a favorable direction in their favour as an Importer. Apart from
this, the company started hedging the forex exposures in order to protect the
costs of purchase and this gave stability to the margins on imported products.
ii.
The company received PE funding of INR 500.000
millions from SCI Growth Investment II in the form of compulsorily convertible
debentures and a small portion in the form of Class A equity shares. This
investment was received close to the end of the financial year. Since the
Debentures were issued at a premium, the securities premium account has been
credited with the same.
iii.
In view of the investment from SCI Growth
Investment II, the company negotiated the redemption of Optionally Convertible
Debentures issued to SIDBI Venture Capital Limited. Accordingly an agreement
was reached in December 2009 with a planned redemption spread over 2 years
plus. The company paid the first installment in March 2010 out of the
investment received from SCI Growth Investment II. The foreclosure premium on
redemption amounting to INR 163.700 millions has been debited to the Securities
Premium account.
iv.
The company has started receiving the refund claims
from customs department towards special additional duty paid on imports. Also
from 01.03.2010 levy of SAD has been abolished. In view of the refunds being
received and the abolition the company has reversed the provisions made in the
earlier years, amounting to INR 24.700 millions, against the amounts
receivable. After adjusting this against the provision created for the refund
claims relating to 09-10 amounting to 13.600 millions, the net reversal of Rs.
11.100 millions is credited to the profit and loss account. The company is
confident of receiving the full refunds in 10-11.
v.
Armed with the investment from PE Funds, the
company initiated an aggressive expansion plan with investments in production
capacities both in terms of space and Machinery. Most of the initiatives will
take shape in the coming financial year.
vi.
With effect from 31.03.2009 the company become a
partner in Stovekraft India, Baddi with a 75% share of the profit. Stovekraft India, Baddi
achieved good results and the share of profit from them amounting to INR 55.500
millions has been credited to the profit and loss account.
Nature of Operations
Subject ("the
Company)-") is a leading manufacturer and trader of pressure cookers, LPG stoves, wick stoves and other kitchen
and electrical appliances under "Pigeon",
"Gilma" and 'GiIma Spagnol Cucine' Brands.
CONTINGENT LIABILITIES NOT PROVIDED FOR
|
PARTICULAR |
31.03.2010 (Rs.
In Millions) |
|
Bank Guarantees |
4.965 |
|
Letters of Credit |
122.019 |
|
Premium Payable on Redemption of CCDs |
500.000 |
FORM 8
|
Corporate
identity number of the company |
U29301KA1999PTC025387 |
|
Name of the
company |
STOVE KRAFT PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
81/1, Medamarana Halli Village, Harohalli Hobli Kanakapura Taluka,
Ramanagar, Bagalore-560061, Karnataka, India
|
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
Standard Chartered Bank, 112, Serenity, Koramangala Industrial Area, 5th
Block, Koramangala, Bangalore-560095, Karnataka, India |
|
Nature of
instrument creating charge |
|
|
Date of
instrument Creating the charge |
27.11.2010 |
|
Amount secured by
the charge |
Rs. 265.000 millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Credit
Facility. Interest
/ Commission - As agreed by and with the Bank from time to time. Terms of
repayment As
agreed by and with the Bank from time to time. Margin As
applicable, if any. Extent and
operation of the charge The Bank is having pari passu charge with State Bank of
India on the security given by the Company |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation
by way of pari passu charge with State Bank of India on: a) all the stock in
trade both present and future consisting of raw materials, finished goods,
goods in process of manufacturing and other merchandise b)
All the present and future book debts, o/s moneys receivables, claims and
bills. c) All the movable fixed assets |
|
Charge
identification number of the charge to be modified |
10031560 |
|
Date of
instrument modifying the charge |
09.05.2008 |
|
Particulars of
the present modification |
The existing
charge of Rs.165.578 millions enhanced to Rs.265.000 millions against the
security of hypothecation by way of pari passu charge with State Bank of
India on: a) all the stock in trade both present and
future consisting of raw materials, finished goods, goods in process of
manufacturing and other merchandise b)
All the present and future book debts, o/s moneys receivables, claims and
bills c)
All the movable fixed assets |
FIXED ASSETS:
- Land
- Building
- Plant and
Machinery
- Office Equipment
- Furniture and
Fixture
- Computers
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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 records 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.45.15 |
|
|
1 |
Rs.72.58 |
|
Euro |
1 |
Rs.62.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
TOTAL |
|
45 |
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.