|
Report Date : |
18.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
VIET HONG CHEMICAL AND TRADING COMPANY LIMITED |
|
|
|
|
Registered Office : |
R1411, The Garden Building, Me Tri Str., Me Tri Commune, Tu Liem District, Ha Noi City |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Year of Incorporation : |
2003 |
|
|
|
|
Com. Reg. No.: |
0101330491 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading in minerals, ferrous metal and non-ferrous metal, alloy (excluding the prohibited kinds) |
|
|
|
|
No. of Employees : |
Over 10 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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) |
|
Vietnam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
VIETNAM- ECONOMIC OVERVIEW
Vietnam is a densely-populated developing country that has been transitioning from the rigidities of a centrally-planned economy since 1986. Vietnamese authorities have reaffirmed their commitment to economic modernization in recent years. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam became an official negotiating partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture''s share of economic output has continued to shrink from about 25% in 2000 to less than 22% in 2012, while industry''s share increased from 36% to nearly 41% in the same period. State-owned enterprises account for roughly 40% of GDP. Poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession hurt Vietnam''s export-oriented economy, with GDP in 2012 growing at 5%, the slowest rate of growth since 1999. In 2012, however, exports increased by more than 18%, year-on-year; several administrative actions brought the trade deficit back into balance. Between 2008 and 2011, Vietnam''s managed currency, the dong, was devalued in excess of 20%, but its value remained stable in 2012. Foreign direct investment inflows fell 4.5% to $10.5 billion in 2012. Foreign donors have pledged $6.5 billion in new development assistance for 2013. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. In February 2011, the Government shifted policy away from policies aimed at achieving a high rate of economic growth, which had stoked inflation, to those aimed at stabilizing the economy, through tighter monetary and fiscal control. Although Vietnam unveiled a broad, "three pillar" economic reform program in early 2012, proposing the restructuring of public investment, state-owned enterprises, and the banking sector, little perceptible progress had been made by early 2013. Vietnam''s economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses. In September 2012, the official bad debt ratio climbed to 8.8%, though some independent analysts believe it could be higher than 15%.
Source
: CIA
SUBJECT IDENTIFICATION &
LEGAL FORM
|
||
|
|
||
Current legal status
|
||
|
Registered English Name |
|
VIET HONG CHEMICAL AND TRADING COMPANY
LIMITED |
|
Registered Vietnamese Name |
|
CONG TY TNHH THUONG MAI VA HOA CHAT VIET HONG
|
|
Registered Short name |
|
VH CHEM CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2003 |
|
Business Registration No. |
|
0101330491 |
|
Date of Registration |
|
05 Mar 2010 |
|
Place of Registration |
|
Hanoi Planning and Investment Department |
|
Current Chartered capital |
|
VND 6,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0101330491 |
|
Total Employees |
|
Over 10 employees |
|
Size |
|
Small |
|
Note: The exact name is as above (Chemical
not Chemicals). |
||
Historical Identification & Legal form
|
List |
Changed
Items |
Date
of changes |
|
1 |
Subject has got former
Business Registration No: 0102007443 dated on 02 Jan 2003 Changed to: 0101330491 |
05 Mar 2010 |
|
2 |
Subject has got former
Abbreviated Name: VIET HONG T.A.C CO., LTD Changed to: VH CHEM CO., LTD |
N/A |
|
3 |
Subject has got former
Registration Address: Zoom 502 - Building CT1, My Dinh Urban Area, Tu Liem District,
Ha Noi City, Vietnam Changed to: R1411, The
Garden Building,, Me Tri Str., Me Tri Commune, Tu Liem District, Ha Noi City,
Vietnam |
N/A |
|
4 |
Subject has got former
Head Office: No. 12 - Alley 189, Khuong Thuong Str - Khuong Thuong Ward, Thanh
Xuan District, Ha Noi City, Vietnam Changed to: R1411, The
Garden Building,, Me Tri Str., Me Tri Commune, Tu Liem District, Ha Noi City,
Vietnam |
N/A |
|
5 |
Subject has got former
Director: TA NAM HUNG Changed to: DO THI THU
THUONG |
N/A |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
R1411, The Garden Building, Me Tri Str.,
Me Tri Commune, Tu Liem District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 37875264/5 |
|
Fax |
|
(84-4) 37875263 |
|
Email |
|
|
|
Note: The given is the former address of the subject. Now, it is
operating at the above address. |
||
|
|
||
SUBSIDIARIES AND RELATED
COMPANIES
|
||
|
|
||
|
PARENT COMPANY -
VICTORY JOINT STOCK COMPANY |
||
|
Business Registration |
|
5300349217 |
|
Date of Registration |
|
20 Jan 2010 |
|
Place of Registration |
|
Lao Cai Department of Planning and Investment |
|
Chartered capital |
|
VND 4,800,000,000 |
|
Tax code |
|
5300349217 |
|
Address |
|
Lot F21 Phung Hung Str, DOng Pho Moi IP, Lao Cai City, Lao Cai
Province, Vietnam |
|
Tel |
|
+84-20-386 689 |
|
Fax |
|
+84-20-386 689 |
|
|
||
DIRECTORS
|
||
|
|
||
|
NAME |
|
Ms.
DO THI THU THUONG |
|
Position |
|
Director |
|
Date of Birth |
|
13 Apr 1984 |
|
ID Number/Passport |
|
090963766 |
|
ID Issue Date |
|
17 Jan 2002 |
|
ID Issue Place |
|
Police of Thai Nguyen
Province |
|
Resident |
|
Dai Hung Area, Bai Song
Town, Pho Yen District, Thai Nguyen Province, Vietnam |
|
Current resident |
|
R709, Lot 9B Dai Kim New Urban Area, Dai
Kim Ward, Hoang Mai District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject registers and operates in the
following business activities: |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
materials and goods |
|
·
Market |
|
China, America… |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
N/A |
|
|
BANKERS
|
|
N/A |
|
|
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
TA NAM HUNG |
|
Date of Birth |
|
18 Apr 1971 |
|
ID Number/Passport |
|
011637031 |
|
Issued on |
|
20 Jun 2012 |
|
Issued Place |
|
Ha Noi Police Station |
|
Resident |
|
No.12/189, Khuong Thuong Khuong Thuong
Ward, Dong Da District, Ha Noi City, Vietnam |
|
Current Resident |
|
No.12/189, Khuong Thuong Khuong Thuong
Ward, Dong Da District, Ha Noi City, Vietnam |
|
Mobile phone |
|
+84 913230888 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 5,850,000,000 |
|
Percentage |
|
97.5% |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN TIEN DUNG |
|
Resident |
|
Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 150,000,000 |
|
Percentage |
|
2.5% |
|
|
||
FINANCIAL DATA
|
|
|
Despite trying best, the latest financial
data is not available. |
|
|
BALANCE
SHEET |
|
Unit: One VND
|
|
|
Balance sheet
date |
31/12/2007 |
|
Number of weeks |
52 |
ASSETS
|
|
|
A – CURRENT ASSETS
|
68,176,000,000 |
|
I. Cash and cash
equivalents |
2,832,000,000 |
|
1. Cash |
2,832,000,000 |
|
2. Cash equivalents |
0 |
|
II. Short-term
investments |
0 |
|
1. Short-term investments |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
|
III. Accounts
receivable |
41,579,000,000 |
|
1. Receivable from customers |
36,584,000,000 |
|
2. Prepayments to suppliers |
2,340,000,000 |
|
3. Inter-company receivable |
0 |
|
4. Receivable according to the progress of construction |
0 |
|
5. Other receivable |
2,655,000,000 |
|
6. Provisions for bad debts |
0 |
|
IV. Inventories |
21,994,000,000 |
|
1. Inventories |
21,994,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
|
V. Other Current
Assets |
1,771,000,000 |
|
1. Short-term prepaid expenses |
0 |
|
2. VAT to be deducted |
1,382,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
|
4. Other current assets |
389,000,000 |
|
B. LONG-TERM
ASSETS |
1,524,000,000 |
|
I. Long term
accounts receivable |
0 |
|
1. Long term account receivable from customers |
0 |
|
2. Working capital in affiliates |
0 |
|
3. Long-term inter-company receivable |
0 |
|
4. Other long-term receivable |
0 |
|
5. Provisions for bad debts from customers |
0 |
|
II. Fixed assets
|
1,488,000,000 |
|
1. Tangible assets |
1,488,000,000 |
|
- Historical costs |
1,781,000,000 |
|
- Accumulated depreciation |
-293,000,000 |
|
2. Financial leasehold assets |
0 |
|
- Historical costs |
0 |
|
- Accumulated depreciation |
0 |
|
3. Intangible assets |
0 |
|
- Initial costs |
0 |
|
- Accumulated amortization |
0 |
|
4. Construction-in-progress |
0 |
|
III. Investment
property |
0 |
|
Historical costs |
0 |
|
Accumulated depreciation |
0 |
|
IV. Long-term
investments |
0 |
|
1. Investments in affiliates |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
|
3. Other long-term investments |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
|
V. Other
long-term assets |
36,000,000 |
|
1. Long-term prepaid expenses |
0 |
|
2. Deferred income tax assets |
0 |
|
3. Other long-term assets |
36,000,000 |
|
VI. Goodwill |
|
|
1. Goodwill |
|
|
TOTAL ASSETS |
69,700,000,000 |
|
|
|
LIABILITIES
|
|
|
A- LIABILITIES |
68,401,000,000 |
|
I. Current
liabilities |
68,401,000,000 |
|
1. Short-term debts and loans |
16,604,000,000 |
|
2. Payable to suppliers |
50,400,000,000 |
|
3. Advances from customers |
211,000,000 |
|
4. Taxes and other obligations to the State Budget |
1,186,000,000 |
|
5. Payable to employees |
0 |
|
6. Accrued expenses |
0 |
|
7. Inter-company payable |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
|
9. Other payable |
0 |
|
10. Provisions for short-term accounts payable |
0 |
|
11. Bonus and welfare funds |
0 |
|
II. Long-Term
Liabilities |
0 |
|
1. Long-term accounts payable to suppliers |
0 |
|
2. Long-term inter-company payable |
0 |
|
3. Other long-term payable |
0 |
|
4. Long-term debts and loans |
0 |
|
5. Deferred income tax payable |
0 |
|
6. Provisions for unemployment allowances |
0 |
|
7. Provisions for long-term accounts payable |
0 |
|
8. Unearned Revenue |
0 |
|
9. Science and technology development fund |
0 |
|
B- OWNER’S
EQUITY |
1,299,000,000 |
|
I. OWNER’S
EQUITY |
1,299,000,000 |
|
1. Capital |
1,000,000,000 |
|
2. Share premiums |
0 |
|
3. Other sources of capital |
0 |
|
4. Treasury stocks |
0 |
|
5. Differences on asset revaluation |
0 |
|
6. Foreign exchange differences |
0 |
|
7. Business promotion fund |
0 |
|
8. Financial reserved fund |
0 |
|
9. Other funds |
0 |
|
10. Retained earnings |
299,000,000 |
|
11. Construction investment fund |
0 |
|
12. Business arrangement supporting fund |
0 |
|
II. Other
sources and funds |
0 |
|
1. Bonus and welfare funds (Elder form) |
0 |
|
2. Sources of expenditure |
0 |
|
3. Fund to form fixed assets |
0 |
|
MINORITY’S
INTEREST |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
69,700,000,000 |
|
|
|
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2007 |
|
1. Total Sales |
181,116,000,000 |
|
2. Deduction item |
0 |
|
3. Net revenue |
181,116,000,000 |
|
4. Costs of goods sold |
178,242,000,000 |
|
5. Gross profit |
2,874,000,000 |
|
6. Financial income |
293,000,000 |
|
7. Financial expenses |
2,011,000,000 |
|
- In which: Loan interest expenses |
958,000,000 |
|
8. Selling expenses |
0 |
|
9. Administrative overheads |
943,000,000 |
|
10. Net operating profit |
213,000,000 |
|
11. Other income |
5,000,000 |
|
12. Other expenses |
2,000,000 |
|
13. Other profit /(loss) |
3,000,000 |
|
14. Total accounting profit before tax |
216,000,000 |
|
15. Current corporate income tax |
61,000,000 |
|
16. Deferred corporate income tax |
0 |
|
17. Interest from subsidiaries/related companies |
|
|
18. Profit after tax |
155,000,000 |
|
|
|
|
FINANCIAL RATIOS
|
|
|
|
|
|
Description |
FY2007 |
|
Current liquidity ratio |
1.00 |
|
Quick liquidity ratio |
0.68 |
|
Inventory circle |
8.10 |
|
Average receive period |
83.79 |
|
Utilizing asset performance |
2.60 |
|
Liability by total assets |
98.14 |
|
Liability by owner's equity |
5,265.67 |
|
Ebit / Total assets (ROA) |
1.68 |
|
Ebit / Owner's equity (ROE) |
90.38 |
|
Ebit / Total revenue (NPM) |
0.65 |
|
Gross profit / Total revenue (GPM) |
1.59 |
|
|
|
FINANCIAL HIGHLIGHT
|
|||||
|
|
|||||
|
BALANCE
SHEET |
|||||
Unit: One VND
|
|||||
|
Balance sheet
date |
31/12/2006 |
31/12/2005 |
31/12/2004 |
||
|
Number of weeks |
52 |
52 |
52 |
||
ASSETS
|
|||||
|
A. Current Asset
|
16,899,000,000 |
14,616,000,000 |
11,858,000,000 |
||
|
Receivables |
- |
- |
- |
||
|
Inventory |
- |
- |
- |
||
|
Cash and other
current assets |
- |
- |
- |
||
|
B. Long term
Asset |
395,000,000 |
501,000,000 |
548,000,000 |
||
|
1. Long term
account receivable |
0 |
0 |
0 |
||
|
2. Fixed assets |
395,000,000 |
501,000,000 |
548,000,000 |
||
|
Tangible fixed assets |
- |
- |
- |
||
|
+ Original cost |
- |
- |
- |
||
|
+ Accumulated depreciation value |
- |
- |
- |
||
|
Financial leasehold assets |
- |
- |
- |
||
|
Intangible fixed assets |
- |
- |
- |
||
|
Construction in progress and other long term asset |
- |
- |
- |
||
|
TOTAL ASSETS |
17,294,000,000 |
15,117,000,000 |
12,406,000,000 |
||
|
|
|||||
LIABILITIES
|
|||||
|
Payable loans |
16,150,000,000 |
14,033,000,000 |
11,346,000,000 |
||
|
Owner’s Equity |
1,144,000,000 |
1,084,000,000 |
1,060,000,000 |
||
|
TOTAL LIABILITY
AND EQUITY |
17,294,000,000 |
15,117,000,000 |
12,406,000,000 |
||
|
|
|||||
PROFIT & LOSS
STATEMENT
|
|||||
|
Description |
FY2006 |
FY2005 |
|||
|
Total revenue |
83,191,000,000 |
52,003,000,000 |
|||
|
Deductions Items |
0 |
0 |
|||
|
1. Net revenue |
83,191,000,000 |
52,003,000,000 |
|||
|
2. Cost of goods sold and operation expense |
83,039,000,000 |
51,951,000,000 |
|||
|
3. Net income from business activities |
152,000,000 |
52,000,000 |
|||
|
Income from financial activities |
0 |
0 |
|||
|
Expenditure from financial activities |
0 |
0 |
|||
|
4. Net income from financial operation |
0 |
0 |
|||
|
Irregular income |
0 |
- |
|||
|
Irregular expenditure |
0 |
- |
|||
|
5. Irregular Profit |
0 |
9,000,000 |
|||
|
6. Total pre-tax profit |
152,000,000 |
61,000,000 |
|||
|
|
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
|
||
|
|
|
||
|
Trade Morality |
|
Fair |
|
|
Liquidity |
|
N/A |
|
|
Payment status |
|
N/A |
|
|
Financial Situation |
|
N/A |
|
|
Development trend |
|
N/A |
|
|
Litigation data |
|
No |
|
|
Bankruptcy |
|
No |
|
|
Payment Methods |
|
L/C, T/T |
|
|
Sale Methods |
|
Retailer and Wholesaler |
|
|
Public opinion |
|
Normal |
|
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
The
subject company was established in 2003 in Ha Noi City as a limited liability
company following business registration No. 0102007443 granted on 02 Jan 2003
by Ha Noi Department of Planning and Investment. On 05 Mar 2010, the subject
has changed business license to No. 0101330491 for the tax code coincidence.
Currently, it is operating with chartered capital of VND 6 billion in which
Mr. TA NAM HUNG - former director of the subject is the main shareholder
holding 97.5% of the stakes. Now, the subject's director is Ms. DO THI THU
THUONG managing about more than 10 employees. Formerly,
the headquarter of the company was located at No.2, 189 Alley, Khuong Thuong
Str., Khuong Thuong Ward, Dong Da District, Ha Noi City, Vietnam. This is
very private house's address of the former director - Mr. TA NAM HUNG. After
that, the head office has been moved to address of Room 1411, The Garden
Building, Me Tri Str., Me Tri Commune, Tu Liem District, Hanoi. The subject
is specialized in importing and trading chemicals, alloys and materials for
animal feed production. Currently, the company imports products and materials
from some external markets including China, Argentina and etc...The premises
and facility of the subject are fair. Financially,
it's unfortunate the latest financial data of the subject is not available in
our source. However, under older data we has collected, the financial
situation of the company is considered as average. The total assets and
turnover are increased year after year. In 2007, the subject gained VND
181,116 million on total sales, which increased about 117.7% compared to 2006
and 248.3% against 2005. In the past, the subject’s operation depended much
on the outside capital and the liquidity capacity was not very high. The
profitability was rather humble. In
overview, the subject’s prestige is normal. Products and image of its brand
name are not famous in Vietnam. Management and competitive capability of the
subject are normal too. It is expected to be brighter in the coming time.
Now, the subject has capacity to meet small financial commitments. Caution is
needed for medium – large transactions with it. |
----------- APPENDIX ----------
INDUSTRY DATA
|
||||||
|
|
||||||
|
Industry code |
GDP growth speed
by price compared with 1994 (%) |
Total
enterprises 2010 |
Total employees
2011 (Thous.pers.) |
Annual average capital
of enterprises 2010 (billion dongs) |
||
|
2012 |
2011 |
|||||
|
Agriculture,
Forestry and Fishing |
2.72 |
4.00 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and
Construction |
4.52 |
5.53 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and
Services |
6.42 |
6.69 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
ECONOMIC INDICATORS
|
||||||
|
|
||||||
|
|
2012 |
2011 |
2010 |
|||
|
Population (Million person) |
88.78 |
87.84 |
86.93 |
|||
|
Gross Domestic Products (USD
billion) |
136 |
119 |
102.2 |
|||
|
GDP Growth (%) |
5.03 |
5.89 |
6.78 |
|||
|
GDP Per Capita
(USD/person/year) |
1,540 |
1,300 |
1,160 |
|||
|
Inflation (% Change in
Composite CPI) |
9.21 |
18.58 |
11.75 |
|||
|
State Budget Deficit compared
with GDP (%) |
4.8 |
4.9 |
5.8 |
|||
|
|
||||||
SERVICE TRADE PERFORMANCE
|
||||||
|
|
||||||
|
Billion USD |
2012 |
2011 |
2010 |
|||
|
Exports |
114.6 |
96.3 |
72.2 |
|||
|
Imports |
114.3 |
105.8 |
84.8 |
|||
|
Trade Balance |
0.3 |
-9.5 |
-12.6 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.73 |
|
|
1 |
Rs.90.61 |
|
Euro |
1 |
Rs.76.96 |
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.