MIRA INFORM REPORT
|
Report Date : |
14.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
THERMEDEZ CO., LTD. |
|
|
|
|
Registered Office : |
2140/78 Mooban Ketsaree 3, Ramkhamhaen Road, Huamark, Bangkapi, Bangkok 10240 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
10.06.1991 |
|
|
|
|
Com. Reg. No.: |
0105534053380 [Former :
5337/2534] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Distributor of Freezers |
|
|
|
|
No. of Employees : |
100 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy,
generally pro-investment policies, and strong export industries, Thailand
achieved steady growth due largely to industrial and agriculture exports -
mostly electronics, agricultural commodities, automobiles and parts, and
processed foods. Thailand is trying to maintain growth by encouraging domestic
consumption and public investment to offset weak exports in 2012. Unemployment,
at less than 1% of the labor force, stands as one of the lowest levels in the
world, which puts upward pressure on wages in some industries. Thailand also
attracts nearly 2.5 million migrant workers from neighboring countries. The
Thai government is implementing a nation-wide 300 baht ($10) per day minimum
wage policy and deploying new tax reforms designed to lower rates on middle-income
earners. The Thai economy has weathered internal and external economic shocks
in recent years. The global economic severely cut Thailand''s exports, with
most sectors experiencing double-digit drops. In 2009, the economy contracted
2.3%. However, in 2010, Thailand''s economy expanded 7.8%, its fastest pace
since 1995, as exports rebounded. In late 2011 growth was interrupted by
historic flooding in the industrial areas in Bangkok and its five surrounding
provinces, crippling the manufacturing sector. Industry recovered from the
second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government
has approved flood mitigation projects worth $11.7 billion, which were started
in 2012, to prevent similar economic damage, and an additional $75 billion for
infrastructure over the next seven years with a plan to start in 2013.
|
Source
: CIA |
Company name
THERMEDEZ CO., LTD.
SUMMARY
BUSINESS ADDRESS : 2140/78 MOOBAN KETSAREE
3,
RAMKHAMHAEN ROAD,
HUAMARK,
BANGKAPI, BANGKOK
10240
TELEPHONE : [66] 2732-2354
FAX : [66] 2732-1825
E-MAIL ADDRESS : tmd_acc@thermedez.th.com
WEBSITE : www.thermedez.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1991
REGISTRATION NO. : 0105534053380 [Former : 5337/2534]
TAX ID NO. : 3011035214
CAPITAL REGISTERED : BHT.
5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. ORAWAN KEHASUKCHAROEN, THAI
MANAGING DIRECTOR
NO. OF STAFF : 100
LINES OF BUSINESS : FREEZERS
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR
PERFORMANCE
HISTORY
The subject was
established on June
10, 1991 as
a private limited
company under the
name style THERMEDEZ
CO., LTD., by
Thai groups, with
the business objective
to manufacture freezer
for food and
beverage businesses in
domestic market. It
currently employs approximately
100 staff.
The subject’s registered
address is 2140/78
Mooban Ketsaree 3, Ramkhamhaeng
Rd., Huamark, Bangkapi,
Bangkok 10240, and
this is the
subject’s current operation
address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Orawan Kehasukcharoen |
|
Thai |
64 |
|
Ms. Alisa Kehasukcharoen |
|
Thai |
32 |
AUTHORIZED PERSON
Both of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mrs. Orawan Kehasukcharoen is
the Managing Director.
She is Thai
nationality with the
age of 64
years old.
Ms. Alisa Kehasukcharoen is
the Assistant Managing
Director.
She is Thai
nationality with the
age of 32
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, assembling
and distributing various
kinds of freezers, such
as ice-making machine,
cooling equipment, deep
freezer, chest freezer,
beverage cooler, ice-cream
freezer and etc.,
for foods and
beverage businesses under
its own brand “THERMEDEZ”,
as well as
providing design and
installation services for cooler,
freezer and cold
storage.
PURCHASE
100% of raw material
and component are
purchased from local
suppliers.
SALES
The products are sold and serviced locally to traders,
manufacturers and end-users, mainly supermarket, convenience
store, food center
and restaurant businesses.
SUBSIDIARY AND AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
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 by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 100 staff.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in residential
area.
Factory is located
at 245 Moo
9, Luangpaeng Rd.,
Thabyaow, Ladkrabang, Bangkok
10510. Tel. :
[66] 2738-0705-6, Fax. [66]
2738-0922.
Warehouse is located
at 112/9 Moo
6, Suksawad 76
Rd., Bangchak, Phrapradaeng,
Samutprakarn.
COMMENT
The subject has
been enjoying its outstanding growth.
Its business remains
good with various progress
works. Its products
have been served
to local commercial
sector.
Strong consumption in
2012 resulting a better
chance for its
business. With its strengths in
production, sales and
marketing, the subject
would also have outstanding
performance this year.
FINANCIAL INFORMATION
The capital was
registered at Bht.
200,000 divided into
1,000 shares of
Bht. 200 each.
The capital was
increased later as
following:
Bht. 2,000,000
on November 2,
1992
Bht. 5,000,000
on August 6,
2003
The latest registered
capital was increased
to Bht. 5,000,000 divided
into 25,000 shares
of Bht. 200
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE
[as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Orawan Kehasukcharoen Nationality: Thai Address : 12
Pattanakarn Rd., Suanluang,
Bangkok |
9,800 |
39.20 |
|
Ms. Alisa Kehasukcharoen Nationality: Thai Address : 12
Pattanakarn Rd., Suanluang,
Bangkok |
5,200 |
20.80 |
|
Mr. Santi Kehasukcharoen Nationality: Thai Address : 12
Pattanakarn Rd., Suanluang,
Bangkok |
4,200 |
16.80 |
|
Ms. Ornjana Kehasukcharoen Nationality: Thai Address : 12
Pattanakarn Rd., Suanluang,
Bangkok |
2,900 |
11.60 |
|
Mr. Vayuth Kehasukcharoen Nationality: Thai Address : 12
Pattanakarn Rd., Suanluang,
Bangkok |
2,900 |
11.60 |
Total Shareholders : 5
Share Structure
[as at April
30, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
25,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
25,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Siriwat Thaninpornpat No. 3505
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
3,969,867.11 |
4,400,936.48 |
1,219,868.95 |
|
Short-term Investment |
10,145,245.21 |
246,342.16 |
246,342.16 |
|
Trade Accounts and
Other Receivable |
29,636,685.73 |
42,642,900.83 |
24,728,751.81 |
|
Short-term Lending to
Related Person |
- |
- |
4,250,000.00 |
|
Inventories |
13,893,111.03 |
20,951,392.10 |
28,179,195.05 |
|
Other Current Assets
|
50,394.68 |
265,238.12 |
858,574.28 |
|
|
|
|
|
|
Total Current Assets
|
57,695,303.76 |
68,506,809.69 |
59,482,732.25 |
|
Long-term Lending |
31,000,000.00 |
- |
- |
|
Fixed Assets |
12,552,889.36 |
11,230,732.68 |
11,638,370.48 |
|
Other Non - current Assets |
353,469.57 |
136,500.00 |
115,500.00 |
|
Total Assets |
101,601,662.69 |
79,874,042.37 |
71,236,602.73 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
- |
- |
13,278,674.42 |
|
Trade Accounts and
Other Payable |
62,389,229.70 |
44,949,450.31 |
24,141,847.33 |
|
Accrued Income Tax |
443,463.54 |
689,155.36 |
- |
|
Other Current Liabilities |
- |
- |
3,104,302.91 |
|
|
|
|
|
|
Total Current Liabilities |
62,832,693.24 |
45,638,605.67 |
40,524,824.66 |
|
|
|
|
|
|
Employee Benefits Obligation |
426,113.99 |
- |
- |
|
Total Liabilities |
63,258,807.23 |
45,638,605.67 |
40,524,824.66 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 200
par value authorized, issued
and fully paid share
capital 25,000 shares |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning Unappropriated |
33,342,855.46 |
29,235,436.70 |
25,711,778.07 |
|
Total Shareholders' Equity |
38,342,855.46 |
34,235,436.70 |
30,711,778.07 |
|
Total Liabilities &
Shareholders' Equity |
101,601,662.69 |
79,874,042.37 |
71,236,602.73 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
302,019,196.35 |
231,514,488.19 |
167,563,104.55 |
|
Other Income |
1,520,609.82 |
939,964.25 |
616,695.22 |
|
Total Revenues |
303,539,806.17 |
232,454,452.44 |
168,179,799.77 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
270,847,852.79 |
210,652,067.42 |
149,741,298.12 |
|
Selling Expenses |
9,558,146.96 |
3,359,962.09 |
3,921,288.61 |
|
Administrative Expenses |
16,647,680.65 |
13,281,230.81 |
10,369,245.14 |
|
Total Expenses |
297,053,680.40 |
227,293,260.32 |
164,031,831.87 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
6,486,125.77 |
5,161,192.12 |
4,147,967.90 |
|
Financial Costs |
[13,919.57] |
[210,979.96] |
[89,660.47] |
|
Profit / [Loss] before Income
Tax |
6,472,206.20 |
4,950,212.16 |
4,058,307.43 |
|
Income Tax |
[2,164,058.17] |
[1,426,553.53] |
[1,114,641.19] |
|
|
|
|
|
|
Net Profit / [Loss] |
4,308,148.03 |
3,523,658.63 |
2,943,666.24 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.92 |
1.50 |
1.47 |
|
QUICK RATIO |
TIMES |
0.70 |
1.04 |
0.75 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
24.06 |
20.61 |
14.40 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.97 |
2.90 |
2.35 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
18.72 |
36.30 |
68.69 |
|
INVENTORY TURNOVER |
TIMES |
19.50 |
10.05 |
5.31 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
35.82 |
67.23 |
53.87 |
|
RECEIVABLES TURNOVER |
TIMES |
10.19 |
5.43 |
6.78 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
84.08 |
77.88 |
58.85 |
|
CASH CONVERSION CYCLE |
DAYS |
(29.54) |
25.65 |
63.71 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
89.68 |
90.99 |
89.36 |
|
SELLING & ADMINISTRATION |
% |
8.68 |
7.19 |
8.53 |
|
INTEREST |
% |
0.00 |
0.09 |
0.05 |
|
GROSS PROFIT MARGIN |
% |
10.82 |
9.42 |
11.00 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.15 |
2.23 |
2.48 |
|
NET PROFIT MARGIN |
% |
1.43 |
1.52 |
1.76 |
|
RETURN ON EQUITY |
% |
11.24 |
10.29 |
9.58 |
|
RETURN ON ASSET |
% |
4.24 |
4.41 |
4.13 |
|
EARNING PER SHARE |
BAHT |
172.33 |
140.95 |
117.75 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.62 |
0.57 |
0.57 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.65 |
1.33 |
1.32 |
|
TIME INTEREST EARNED |
TIMES |
465.97 |
24.46 |
46.26 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
30.45 |
38.17 |
|
|
OPERATING PROFIT |
% |
25.67 |
24.43 |
|
|
NET PROFIT |
% |
22.26 |
19.70 |
|
|
FIXED ASSETS |
% |
11.77 |
(3.50) |
|
|
TOTAL ASSETS |
% |
27.20 |
12.13 |
|
ANNUAL GROWTH : EXCELLENT
An annual sales growth is 30.45%. Turnover has increased from THB
231,514,488.19 in 2010 to THB 302,019,196.35 in 2011. While net profit has
increased from THB 3,523,658.63 in 2010 to THB 4,308,148.03 in 2011. And total
assets has increased from THB 79,874,042.37 in 2010 to THB 101,601,662.69 in
2011.
PROFITABILITY : RISKY
PROFITABILITY RATIO
|
Gross Profit Margin |
10.82 |
Acceptable |
Industrial Average |
19.50 |
|
Net Profit Margin |
1.43 |
Deteriorated |
Industrial Average |
5.27 |
|
Return on Assets |
4.24 |
Deteriorated |
Industrial Average |
9.45 |
|
Return on Equity |
11.24 |
Acceptable |
Industrial Average |
16.92 |
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 10.82%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have problems with control over its costs.
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 1.43%.
When compared with the industry average, the ratio of the company was lower.
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. When compared with the
industry average, it was lower, the company's figure is 4.24%.
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. When compared with the
industry average, it was lower, the company's figure is 11.24%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.92 |
Risky |
Industrial Average |
1.69 |
|
Quick Ratio |
0.70 |
|
|
|
|
Cash Conversion Cycle |
(29.54) |
|
|
|
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 0.92 times in 2011, decreased from 1.5 times, then the company may have
problems meeting its short-term obligations. 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 0.7 times in 2011,
decreased from 1.04 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 -30 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.62 |
Acceptable |
Industrial Average |
0.44 |
|
Debt to Equity Ratio |
1.65 |
Risky |
Industrial Average |
0.79 |
|
Times Interest Earned |
465.97 |
Impressive |
Industrial Average |
- |
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 465.98 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 0.62 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 Downtrend
ACTIVITY : EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
24.06 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.97 |
Impressive |
Industrial Average |
1.79 |
|
Inventory Conversion Period |
18.72 |
|
|
|
|
Inventory Turnover |
19.50 |
Impressive |
Industrial Average |
8.05 |
|
Receivables Conversion Period |
35.82 |
|
|
|
|
Receivables Turnover |
10.19 |
Impressive |
Industrial Average |
4.06 |
|
Payables Conversion Period |
84.08 |
|
|
|
The company's Account Receivable Ratio is calculated as 10.19 and 5.43
in 2011 and 2010 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2011
increased from 2010. This would suggest the company had good performance in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 36 days at the
end of 2010 to 19 days at the end of 2011. This represents a positive trend.
And Inventory turnover has increased from 10.05 times in year 2010 to 19.5
times in year 2011.
The company's Total Asset Turnover is calculated as 2.97 times and 2.9
times in 2011 and 2010 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.41 |
|
|
1 |
Rs.91.62 |
|
Euro |
1 |
Rs.78.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.