MIRA
INFORM REPORT
|
Report Date : |
11.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
TYCO FIRE AND SECURITY INDIA PRIVATE LIMITED (Transfer from |
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Registered
Office : |
D-601, Campus D, 6th Floor, RMZ Centennia, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
05.04.1991 |
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Com. Reg. No.: |
08-037495 |
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Capital
Investment / Paid-up Capital : |
Rs. 1900.000 Millions |
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CIN No.: [Company Identification
No.] |
U05190KA1991PTC037495 |
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PAN No.: [Permanent Account No.] |
AABCT0087C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is in to the business of supply, installation and maintenance of fire protection and security systems |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. There
appears huge accumulated losses. Profitability of the company is under sever pressure.
However, business is active. Payments are reported to be slow. The company can be considered for business dealing on a safe and
secured 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
D-601, Campus D, 6th Floor, RMZ Centennia, Kundalahalli
Main Road, Bangalore-560048, Karnataka, India
|
|
Tel. No.: |
91-80-41990990 / 24332280 |
|
Fax No.: |
91-80-41163329 |
|
E-Mail : |
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|
Website : |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Amar Gundlagutta Subash |
|
Designation : |
Director |
|
Address : |
2304 |
|
Date of Birth/Age : |
10.04.1972 |
|
Date of Appointment : |
24.07.2006 |
|
DIN No.: |
00168968 |
|
|
|
|
Name : |
Mr. Bhaskhar Padmanabhan |
|
Designation : |
Director |
|
Address : |
15, A and B, Yamuna, Shri Krishna Nagar Apartments, Annasandra Palya,
Bangalore-560017, Karnataka, India |
|
Date of Birth/Age : |
05.02.1958 |
|
Date of Appointment : |
26.02.2011 |
|
DIN No.: |
03409121 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Tyco Asia Investments Limited, |
|
189999999 |
|
Amar G. Subash |
|
01 |
|
Total |
|
190000000 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in to the business of supply, installation and
maintenance of fire protection and security systems |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
HDFC Bank
Limited, Whitefield,
Bangalore, Karnataka, India |
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|
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Banking
Relations : |
--- |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Deloitte Centre, |
|
Tel. No.: |
91-80-66276000 |
|
Fax No.: |
91-80-66276011 |
|
PAN No.: |
AACFD3771D |
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|
|
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Holding Company : |
Tyco Asia Investments limited Mauritius |
|
|
|
|
Ultimate holding
company |
Tyeo International Limited, Switzerland |
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Fellow Subsidiaries
: |
· Total Walther Feuerschulz Gmbh · Germany Ansul Incorporation, USA · Tyco Fire, Security and Services Pte Limited · Tyco Fire and Building Products Asia Pte Limited · Tyco International Asia, Inc (Singapore Branch) · Tyco Valves and Controls India Private Limited · Adt Services (M) Sdn Bhd · Sensormatic Inc. USA · Dong Bang Electronics Industrial Company Limited · Korea Bental Security Srl -Italy · Tepg Pte Limited, · Singapore Cem Systems · Adt Services Ag- Switzerland · Tyco Fire and Integrated Solution Adt Hong Kong Limited · Tyco Thermal Controls India Private Limited To Tyco Safety Products Canada Tyco Thermal Controls Nv · Sensormatic Inc · Tyco Flow Control Bental Security Srl –Italy |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
190000000 |
Equity Shares |
Rs.10/- each |
Rs.1900.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
190000000 |
Equity Shares |
Rs.10/- each |
Rs.1900.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1900.000 |
372.183 |
|
(b) Reserves & Surplus |
|
(1113.935) |
(962.174) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
786.065 |
(589.991) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
13.687 |
10.189 |
|
Total Non-current Liabilities (3) |
|
13.687 |
10.189 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
1136.425 |
|
(b) Trade payables |
|
852.786 |
528.629 |
|
(c) Other current
liabilities |
|
313.883 |
307.636 |
|
(d) Short-term provisions |
|
88.140 |
38.199 |
|
Total Current Liabilities (4) |
|
1254.809 |
2010.889 |
|
|
|
|
|
|
TOTAL |
|
2054.561 |
1431.087 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
112.922 |
115.042 |
|
(ii) Intangible Assets |
|
2.544 |
5.944 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
144.013 |
124.254 |
|
(e) Other Non-current assets |
|
0.063 |
0.057 |
|
Total Non-Current Assets |
|
259.542 |
245.297 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
69.203 |
55.354 |
|
(c) Trade receivables |
|
813.712 |
699.921 |
|
(d) Cash and cash
equivalents |
|
82.242 |
54.430 |
|
(e) Short-term loans and
advances |
|
435.710 |
93.553 |
|
(f) Other current assets |
|
394.152 |
282.532 |
|
Total Current Assets |
|
1795.019 |
1185.790 |
|
|
|
|
|
|
TOTAL |
|
2054.561 |
1431.087 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
372.183 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(751.148) |
|
|
NETWORTH |
|
|
(378.965) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
865.942 |
|
|
TOTAL BORROWING |
|
|
865.942 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
486.977 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
25.028 |
|
|
Capital work-in-progress |
|
|
39.731 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
38.806
|
|
|
Sundry Debtors |
|
|
559.606
|
|
|
Cash & Bank Balances |
|
|
19.212
|
|
|
Other Current Assets |
|
|
307.565
|
|
|
Loans & Advances |
|
|
274.134
|
|
Total
Current Assets |
|
|
1199.323 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
414.928 |
|
|
Other Current Liabilities |
|
|
233.138
|
|
|
Provisions |
|
|
129.039
|
|
Total
Current Liabilities |
|
|
777.105 |
|
|
Net Current Assets |
|
|
422.218
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
486.977 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
2714.862 |
2266.471 |
1858.460 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
NA |
NA |
NA |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FOR THE YEAR |
(151.762) |
(211.026) |
(22.300) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.80) |
(5.67) |
(5.99) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
(1.93) |
(2.29) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43
|
0.59 |
1.54 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
NOTES
Registered office has been shifted from Tirumal Tech Park, 2nd
Floor, Dodenakundi Industrial Area, Phase II, Bangalore – 560048, Karnataka, India
to the present address w.e.f. 17.03.2011.
CORPORATE INFORMATION
Subject Company incorporated under the Companies Act, 1956. Subject is in to the business of supply, installation and maintenance of fire protection and security systems. It is head Quartered in Bangalore,
FINANCIAL RESULTS:
During the year, the company recorded a turnover of Rs.2714.862 Millions as against the previous year turnover of Rs.226.6471 Millions and incurred a Loss of Rs.151.762 Millions as against the previous year loss of Rs.211.026 Millions.
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Short-term
borrowings |
|
|
|
Loans and advances from related parties |
0.000 |
1136.425 |
|
Total |
0.000 |
1136.425 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
· Goodwill
· Building
· Leasehold Improvement
· Plant and Machinery
· Computer Software
· Furniture and Fixture
· Motor Vehicles
AS PER WEBSITE
PRESS RELEASE
TYCO PLANS TO DOUBLE
HEADCOUNT
BANGALORE, MARCH
27:
Tyco International, a company that makes devices and software that protects commercial and homes against fire, is planning to double its India headcount.
The company with a turnover of $10 billion, which has around 850 employees, plans to double it to 1,700 this year.
Further, Tyco Fire and Security India, a subsidiary of Tyco International, plans to increase its headcount across the board - from adding engineers in research and development to contract manufacturers that manufacture the company’s equipment. Tyco International has business interests in security solutions and fire protection.
“India is a growth market and growing in line with the kind of growth that we see in the Asia Pacific region,” George Oliver, CEO, Tyco.
The manpower in India will research technologies that can be used in emerging and advanced economies, according to company officials. Areas such as next generation of software that will go into these kinds of devices are some of the things that the Indian centre will work on.
The company is also eyeing the Indian market, which is in the process of setting up standards when it comes to safety of commercial establishments.
When asked about the rate at which it is growing in India, Sharad Bohra, Managing Director, Tyco Fire and Security India, declined to mention exact numbers but said that the company is growing at ‘two digits’.
This growth is partly from a spate of recent fire-related incidents in hospitals and factories in the country, which been rising.
“Countries in Asia will propel the growth forward and once standards and compliance kicks in, our investments in the region will pay off,” said Oliver.
According to analysts, the market for safety-related equipment in the country is estimated to be $1.5 billion while the global market is pegged at $100 billion in 2012.
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 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 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.64.22 |
|
|
1 |
Rs.100.83 |
|
Euro |
1 |
Rs.85.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
-- |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
13 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.