MIRA
INFORM REPORT
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Report Date : |
13.09.2012 |
IDENTIFICATION DETAILS
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Name : |
BEIERSDORF [ |
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Registered Office : |
12th ,
17th Floor, Bangrak, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
07.07.1972 |
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Com. Reg. No.: |
0105515004336 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Exporter & Distributer of Consumer Products |
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No. of Employees : |
500 |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Thailand |
B1 |
B1 |
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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 |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure,
a free-enterprise economy, generally pro-investment policies, and strong export
industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more
than 4% per year - as it recovered from the Asian financial crisis of 1997-98.
Thai exports - mostly machinery and electronic components, agricultural
commodities, and jewelry - continue to drive the economy, accounting for more
than half of GDP. The global financial crisis of 2008-09 severely cut
Thailand's exports, with most sectors experiencing double-digit drops. In 2009,
the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its
fastest pace since 1995, as exports rebounded from their depressed 2009 level.
Steady economic growth at just below 4% during the first three quarters of 2011
was interrupted by historic flooding in October and November in the industrial
areas north of Bangkok, crippling the manufacturing sector and leading to a
revised growth rate of only 0.1% for the year. The industrial sector is poised
to recover from the second quarter of 2012 onward, however, and the government
anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while
private sector forecasts range between 3.8% and 5.7%.
Source
: CIA
Company name
BEIERSDORF
[THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 12th , 17th FLOOR,
SATHORN THANI BUILDING
1,
90 NORTH
SATHORN ROAD, SILOM,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2665-7999
FAX : [66] 2233-3415
E-MAIL
ADDRESS : info@beiersdorf.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1972
REGISTRATION
NO. : 0105515004336
TAX
ID NO. : 3101069068
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
SHAREHOLDER’S PROPORTION : GERMAN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS.
SUWANNEE SRITHANYACHOTE, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 500
LINES
OF BUSINESS : CONSUMER PRODUCTS
MANUFACTURER, EXPORTER
& DISTRIBUTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on July
7, 1972 as
a private limited
company originally by
Thai group, Narongdej
family under the
registered name INTANIN
CO., LTD.
On January 23, 1981,
subject joined with
Thai Hygienic Products
Co., Ltd. and Beiersdorf AG., Germany to
distribute “NIVEA” personal
care products, then its
name was changed
to “B.D.F. Intanin
Co., Ltd.”.
The name was changed later to “Beiersdorf Intanin
Co., Ltd.” and “Beiersdorf [Thailand]
Co., Ltd.” on August
14, 1990 and
May 20, 1993,
respectively.
Presently the subject
is a subsidiary
of Beiersdorf Aktien
Gesellschaft, Germany, to manufacture and
distribute wide range
of personal cares
and plaster products
for both domestic
and international markets.
It is the
second largest manufacturing
base in Asia,
in the Beiersdorf
Group of Companies.
Subject employs a
skilled workforce of
approximately 500 people.
In this region the
company has administrative and production
facilities, providing support
and supervision for
production and inspection
at affiliates throughout
the Indo-Chinese Peninsula. Its
wide array of
products have been
exported to over 44 countries around the globe.
The subject received
many prestigious awards
from various renowned
agencies such as the standard
ISO 9002 certificate for
manufacturing & marketing
of the products
by RWTUV, “Outstanding Factory”
from The Ministry of Industry, “Good Manufacturing Practice
(GMP)” from the Ministry
of Public Health.
The subject’s registered
address is 12th, 17th Floor,
Sathorn Thani Building
1, 90 North
Sathorn Rd., Silom, Bangrak,
Bangkok 10500, and this
is the company’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
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Nationality |
Age |
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Mr. Thanachai Chaikittiwanich |
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Thai |
40 |
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Mr. Veit Ostmeier |
|
Dutch |
40 |
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Mr. Lee, Hui-Chen |
|
Chinese |
50 |
|
Mrs. Suwannee Srithanyachote |
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Thai |
49 |
|
Mrs. Melanie Schrewe |
|
German |
44 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Suwannee Srithanyachote is
the Managing Director.
She is Thai
nationality with the
age of 49
years old.
Mr. Thanachai Chaikittiwanich is
the Marketing Director.
He is Thai
nationality.
Ms. Netika Tansukhanan
is the Product
Manager.
She is Thai
nationality.
Mrs. Tipaporn Unakul is the
Products
Director.
She is Thai
nationality.
Mrs. Puangrat Chooto is
the Cosmetic Manager.
She is Thai
nationality.
Mr. Kraisorn Jai-aya
is the Technical
Service Manager.
He is Thai
nationality.
Mr. Sithisak Ponglertrit
is the Factory
Director.
He is Thai
nationality with the
age of 47
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, importing
and marketing wide
range of consumer
goods, mainly as
personal care products.
Its products and
brands are as
follows:
Product Brand
Body care “NEVEA”
Deodorant “NEVEA”
Face care “NEVEA”
Lip care “NEVEA”
Products for men “NEVEA”
Body express moisture
repair cream “NEVEA”
Sun protect products “NEVEA”
Medical skin care
products “EUCERIN”
-
Dermopurifyer
cleaner
-
Dermopurifyer
toner/ scrub
-
Dermopurifyer
night care
-
Skin care products
for men
-
Q10 products [day/ night/ eye]
-
PH5 shower oil
-
PH5 lotion
-
PH5 shampoo
-
PH5 skin repair
-
Lip active
-
Sooting face cream/ lotion
-
White therapy gentle
cleansing foam/ gel
-
White therapy day/ night
cream/ lotion
-
White therapy eye
cream
Premium Skin care
products “LA
PRAIRIE”
PRODUCTION CAPACITY
31,000 tons per
annum
PURCHASE
80% of raw material
mainly silicon and
chemical are imported
from Germany, Belgium, Republic
of China, Japan,
Australia, Singapore, Switzerland
and Malaysia, the
remaining 20% is
purchased locally.
MAJOR SUPPLIERS
Brenntag Ingredient [Thailand]
Public Company Limited :
Thailand
Beiersdorf AG. :
Germany
Beiersdorf [Malaysia] Sdn. Bhn. :
Malaysia
DISTRIBUTION
80% of its products
is exported directly
to Malaysia, Singapore,
Hong Kong, Myanmar,
Sri Lanka, Indonesia, Australia,
Canada, Japan, India,
Philippines, Korea, Vietnam,
Laos, Germany, France,
United Kingdom, South
Africa, New Zealand
and etc., the
remaining 20% is
distributed locally through
DKSH [Thailand] Co., Ltd., Thailand.
PARENT COMPANY
Beiersdorf Aktien Gesellschaft
Address: Unnastraße 48, D-2000
Hamburg 20, Germany
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
and T/T.
Exports are against
T/T.
BUSINESS TRANSACTION
In term of
sales, 100% of the
products is sold
by credit with the maximum credit
given at 30-60
days. Subject is
not found to
have problem on
its account receivable.
BANKING
Kasikornbank Public Co.,
Ltd.
[Head Office : 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
Bangkok Bank Public
Co., Ltd.
[Head Office : 393 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
EMPLOYMENT
The subject employs
approximately 500 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial
area.
Factory & warehouse
are located at
163 Moo 17, Bangplee Industrial
Estate, Soi 3, Bangna-Trad Rd.,
Bangsaothong, Samutprakarn 10540.
Tel : [66] 2705-1490-5,
Fax : [66] 2315-1046.
COMMENT
With the long term experience of 40 years, its products are sold in 170
countries, NIVEA products have been
trusted around the world. Regarding quality as
a dynamic process of continuous
improvement in all
activities, the products have
gained tremendous success.
In Thailand the products have been
well-accepted by consumers since
NIVEA products has been launched in Thai’s market in 1982. As well
the EUCERIN medical skin-care line, has
more than a
70% share of the niche market. The
products has rapidly expanded in the market around ten years ago and
expected to gain around 9,000 million
baht from the total revenues in 2011.
The skin care market is growing strong. Thailand’s market for skin-care
products are worth around ten billion
baht a year.
FINANCIAL INFORMATION
The capital was
registered at Bht.
4,500,000 divided into
9,000 shares of Bht. 500 each.
The capital was
increased later as
followings:
Bht. 25,000,000
on January 23,
1981
Bht. 30,000,000
on August 29,
1985
Bht. 60,000,000
on January 5,
1989
Bht. 100,000,000 on
September 6, 1992
The latest registered capital
was increased to Bht. 100,000,000 divided
into 200,000 shares of
Bht. 500 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 20,
2012]
|
NAME |
HOLDING |
% |
|
|
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|
Beiersdorf Aktien Gesellschaft Nationality: German Address : Unnastraße
48, D-2000 Hamburg
20, Germany |
199,998 |
100.00 |
|
Mr. Kasem Narongdej Nationality: Thai Address : 103 Ramkhamhaeng 24
Rd., Huaykwang, Bangkok 10310 |
1 |
- |
|
Famex Handels GmbH Nationality: German Address : Hamburg 20,
Germany |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 20,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
1 |
- |
|
Foreign - German |
2 |
199,999 |
100.00 |
|
Total |
3 |
200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Kingkarn Chalermthai
No. 4496
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
900,120,482 |
816,793,945 |
|
Trade Accounts & Other Receivable |
1,811,753,833 |
1,365,927,008 |
|
Short-term Lending to Related Company |
369,485,000 |
30,280,000 |
|
Inventories |
654,017,986 |
483,080,294 |
|
Other Current Assets |
99,583,901 |
68,553,367 |
|
Total Current
Assets |
3,834,961,202 |
2,764,634,614 |
|
|
|
|
|
Investment in Subsidiaries |
23,918,250 |
15,249,750 |
|
Fixed Assets |
639,401,610 |
684,530,658 |
|
Intangible Assets |
4,883,857 |
6,521,161 |
|
Deposit |
4,861,547 |
5,187,930 |
|
Total Assets
|
4,508,026,466 |
3,476,124,113 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Other
Payable |
2,325,487,027 |
1,895,308,800 |
|
Accrued Income Tax |
172,811,770 |
188,387,713 |
|
Other Current Liabilities |
61,327,618 |
245,456,634 |
|
Total Current
Liabilities |
2,559,626,415 |
2,329,153,147 |
|
Reserve
for Employee Benefits |
32,983,827 |
- |
|
Total Liabilities |
2,592,610,242 |
2,329,153,147 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 500
value Authorized &
issued share capital 200,000
shares |
100,000,000 |
100,000,000 |
|
Capital Paid |
100,000,000 |
100,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
10,000,000 |
10,000,000 |
|
Unappropriated |
1,805,416,224 |
1,036,970,966 |
|
Total
Shareholders' Equity |
1,915,416,224 |
1,146,970,966 |
|
Total
Liabilities & Shareholders' Equity |
4,508,026,466 |
3,476,124,113 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
8,224,986,260 |
7,363,818,179 |
|
Other Income |
109,918,775 |
60,454,409 |
|
Total Revenues
|
8,334,905,035 |
7,424,272,588 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,590,701,583 |
3,245,557,487 |
|
Selling Expenses |
3,261,197,148 |
3,098,830,749 |
|
Administrative Expenses |
396,835,700 |
233,425,785 |
|
Total Expenses |
7,248,734,431 |
6,577,814,021 |
|
Profit before Financial Expenses &
Income Tax |
1,086,170,604 |
846,458,567 |
|
Financial Expenses |
[567] |
[1,787] |
|
Profit before Income Tax |
1,086,170,037 |
846,456,780 |
|
Income Tax |
[317,724,779] |
[291,070,186] |
|
Net Profit / [Loss] |
768,445,258 |
555,386,594 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.50 |
1.19 |
|
QUICK RATIO |
TIMES |
1.20 |
0.95 |
|
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|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
12.86 |
10.76 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.82 |
2.12 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
66.48 |
54.33 |
|
INVENTORY TURNOVER |
TIMES |
5.49 |
6.72 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
80.40 |
67.70 |
|
RECEIVABLES TURNOVER |
TIMES |
4.54 |
5.39 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
236.39 |
213.15 |
|
CASH CONVERSION CYCLE |
DAYS |
(89.51) |
(91.12) |
|
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PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
43.66 |
44.07 |
|
SELLING & ADMINISTRATION |
% |
44.47 |
45.25 |
|
INTEREST |
% |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
57.68 |
56.75 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
13.21 |
11.49 |
|
NET PROFIT MARGIN |
% |
9.34 |
7.54 |
|
RETURN ON EQUITY |
% |
40.12 |
48.42 |
|
RETURN ON ASSET |
% |
17.05 |
15.98 |
|
EARNING PER SHARE |
BAHT |
768.45 |
555.39 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.58 |
0.67 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.35 |
2.03 |
|
TIME INTEREST EARNED |
TIMES |
1,915,644.80 |
473,675.75 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
11.69 |
|
|
OPERATING PROFIT |
% |
28.32 |
|
|
NET PROFIT |
% |
38.36 |
|
|
FIXED ASSETS |
% |
(6.59) |
|
|
TOTAL ASSETS |
% |
29.69 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
57.68 |
Impressive |
Industrial
Average |
16.60 |
|
Net Profit Margin |
9.34 |
Impressive |
Industrial
Average |
3.47 |
|
Return on Assets |
17.05 |
Impressive |
Industrial
Average |
6.72 |
|
Return on Equity |
40.12 |
Impressive |
Industrial
Average |
14.95 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues after accounting for the cost
of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. The
company’s figure is 57.68%. When
compared with the industry average, the ratio of the company was higher, this
indicated that company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company’s figure is 9.34%, higher figure when
compared with those of its average competitors in the same industry, indicated
that business was an efficient operator
in a dominant position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
17.05%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 40.12%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.50 |
Satisfactory |
Industrial
Average |
1.54 |
|
Quick Ratio |
1.20 |
|
|
|
|
Cash Conversion Cycle |
(89.51) |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 1.5 times in 2011, increased from 1.19 times, then it is generally considered
to have good short-term financial strength. When compared with the industry
average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.2 times in 2011,
increased from 0.95 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for -90 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.58 |
Acceptable |
Industrial
Average |
0.49 |
|
Debt to Equity Ratio |
1.35 |
Risky |
Industrial
Average |
1.14 |
|
Times Interest Earned |
1,915,644.80 |
Impressive |
Industrial
Average |
8.52 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the shareholders
have committed. A lower the percentage means that the company is using less
leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1915644.81 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.58 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
12.86 |
Impressive |
Industrial Average |
4.07 |
|
Total Assets Turnover |
1.82 |
Satisfactory |
Industrial Average |
1.95 |
|
Inventory Conversion Period |
66.48 |
|
|
|
|
Inventory Turnover |
5.49 |
Satisfactory |
Industrial Average |
6.14 |
|
Receivables Conversion Period |
80.40 |
|
|
|
|
Receivables Turnover |
4.54 |
Impressive |
Industrial Average |
4.17 |
|
Payables Conversion Period |
236.39 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.26 |
|
|
1 |
Rs.88.85 |
|
Euro |
1 |
Rs.71.13 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.