MIRA INFORM REPORT
|
Report Date : |
15.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
BASINI ENTERPRISE CO., LTD. |
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Registered Office : |
155, 157, 159, 161, 163
Phuthamonthon Sai 2 Road,
Bangkaenua, Bangkae, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.06.1990 |
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Com. Reg. No.: |
0105533062059 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in manufacturing service of leather shoes for men, women and children |
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No of Employees : |
300 |
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 |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
With a well-developed infrastructure, a free-enterprise
economy, generally pro-investment policies, and strong export industries,
|
Source
: CIA |
COMPANY NAME
BASINI
ENTERPRISE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 155, 157, 159, 161, 163 PHUTHAMONTHON SAI 2 ROAD,
BANGKAENUA, BANGKAE,
TELEPHONE : [66] 2454-2815,
2805-3196-7, 2805-3224-5
FAX :
[66] 2454-4308,
2805-3225
E-MAIL
ADDRESS : info@basini.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1990
REGISTRATION
NO. : 0105533062059
TAX
ID NO. : 3101795301
CAPITAL REGISTERED : BHT. 50,000,000
CAPITAL PAID-UP : BHT.
50,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. PEERANUCH KIATSOMMART,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 300
LINES
OF BUSINESS : LEATHER SHOES
CONTRACT MANUFACTURER
CORPORATE PROFILE
|
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was formed on June 1, 1990 as a
private limited company under
the registered name
BASINI ENTERPRISE CO.,
LTD., by Thai
group, with the
business objective to
provide manufacturing service
various kinds of
leather shoes for
international OEM brands.
It currently employs
approximately 300 staff.
The
subject’s registered address
was initially at
129/12-13 Moo 1,
Phuthamonthon Sai 2 Road,
Bangkaenua, Bangkae, Bangkok
10160.
In
2011, it registered
address has been
changed to 155, 157,159, 161,
163 Phuthamonthon Sai 2 Road,
Bangkaenua, Bangkae, Bangkok 10160, by the
Bangkae District Office,
which actually are
the same location,
and this is
the subject’s current
operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Peeranuch Kiatsommart |
|
Thai |
56 |
|
Mr. Samphan Kiatsommart |
|
Thai |
58 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Peeranuch Kiatsommart is
the Managing Director.
She is Thai
nationality with the
age of 56
years old.
Mr. Samphan Kiatsommart is
the Factory Manager.
He is Thai
nationality with the
age of 58
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
service of leather
shoes for men,
women and children
for various international
OEM brands, such
as “HUSH PUPPIES”,
“SARAMANDA”, “CLARKS”, “GEOX”,
“DUSLIN” and etc.
PURCHASE
Raw materials such
as finished leather
and components are
purchased from suppliers
both domestic ad
overseas in Republic
of China, Taiwan,
U.S.A., Spain, India
and Malaysia.
EXPORT [COUNTRIES]
100% of the
products is exported
to U.S.A., United
Kingdom, Germany, Canada,
Italy, Japan, Hong
Kong, Australia and
France.
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
according for the
past two years.
CREDIT
Local bills are
paid by cash
or on the
credits term of
30-60-90 days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
300 staff.
LOCATION DETAILS
The premise
is owned for
administrative office in 4 storey
building of 2 row
shop houses at
the heading address.
Premise is located
in commercial/residential area.
Factory
and warehouse are
located at 9 - 9/1
Moo 12, Malaiman
Road, T. Srapattana,
A. Kampaengsaen, Nakornpathom
73120.
COMMENT
Through the year 2014, the company has been sticking to its policy of sustainable growth through developing products which suit market needs. Developing new markets and making new investments, based on this principle allowed the company to maintain continual expansion all along. This also makes it possible to provide persistently satisfactory returns.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
The
capital was increased
later as following:
Bht. 4,000,000
on August 16,
1990
Bht. 5,000,000
on November 14,
1997
Bht. 10,000,000
on September 11,
2001
Bht. 30,000,000
on May 16,
2007
Bht. 50,000,000
on May 12,
2009
The
latest registered capital
was increased to Bht. 50,000,000 divided
into 500,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Samphan Kiatsommart Nationality: Thai Address : 100/76
Moo 4, Phuthamonthon Sai
2 Road,
Bangkaenua, Bangkae, Bangkok
|
249,750 |
49.95 |
|
Mrs. Peeranuch Kiatsommart Nationality: Thai Address : 100/76
Moo 4, Phuthamonthon Sai
2 Road,
Bangkaenua, Bangkae, Bangkok
|
249,750 |
49.95 |
|
Mr. Korakoch Kiatsommart Nationality: Thai Address : 100/76
Moo 4, Phuthamonthon Sai
2 Road,
Bangkaenua, Bangkae, Bangkok
|
200 |
0.04 |
|
Mr. Kochakorn Kiatsommart Nationality: Thai Address : 100/76
Moo 4, Phuthamonthon Sai
2 Road,
Bangkaenua, Bangkae, Bangkok
|
200 |
0.04 |
|
Mr. Samrerng Pojchaikul Nationality: Thai Address : 105
Moo 10, T. Srapattana, A. Kampaengsaen, Nakornpathom |
100 |
0.02 |
Total Shareholders : 5
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
500,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Klanarong Patranupravat No.
3525
BALANCE SHEET [BAHT]
The latest financial figures published as
at December 31,
2013, 2012 &
2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
937,487.60 |
3,329,539.01 |
11,910,849.74 |
|
Short-term Investment |
- |
109,300.23 |
106,655.06 |
|
Trade Accounts & Other
Receivable |
151,874,438.03 |
105,150,965.76 |
119,096,512.42 |
|
Short-term Loans |
10,600,000.00 |
31,500,000.00 |
29,200,000.00 |
|
Inventories |
166,839,815.99 |
159,746,661.53 |
122,821,361.89 |
|
|
|
|
|
|
Total Current Assets
|
330,251,741.62 |
299,836,466.53 |
283,135,379.11 |
|
|
|
|
|
|
Fixed Assets |
90,875,603.05 |
96,032,472.06 |
101,600,328.81 |
|
Other Non - current Assets |
690,141.21 |
760,908.98 |
214,995.37 |
|
Total Assets |
421,817,485.88 |
396,629,847.57 |
384,950,703.29 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
183,794,095.86 |
172,844,020.08 |
198,388,276.91 |
|
Trade Accounts & Other
Payable |
159,035,909.59 |
140,117,093.19 |
119,128,658.60 |
|
Current Portion of
Financial Lease Contract Liabilities |
6,720,000.00 |
6,720,000.00 |
- |
|
Accrued Income Tax |
498,921.55 |
472,159.50 |
482,914.85 |
|
|
|
|
|
|
Total Current Liabilities |
350,048,927.00 |
320,153,272.77 |
317,999,850.36 |
|
Long-term Loan |
2,920,000.00 |
9,640,000.00 |
- |
|
Other Non-current Liabilities |
333,571.94 |
1,197,044.81 |
2,569,592.04 |
|
Total Liabilities |
353,302,498.94 |
330,990,317.58 |
320,569,442.40 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 500,000 shares |
50,000,000.00 |
50,000,000.00 |
50,000,000.00 |
|
|
|
|
|
|
Capital Paid |
50,000,000.00 |
50,000,000.00 |
50,000,000.00 |
|
Other Premium on Share Capital |
- |
9,300.23 |
6,655.06 |
|
Retained Earning Unappropriated |
18,514,986.94 |
15,630,229.76 |
14,374,605.83 |
|
Total Shareholders' Equity |
68,514,986.94 |
65,639,529.99 |
64,381,260.89 |
|
Total Liabilities & Shareholders' Equity |
421,817,485.88 |
396,629,847.57 |
384,950,703.29 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
599,136,661.10 |
559,493,301.78 |
656,498,269.69 |
|
Other Income |
11,116,065.51 |
8,562,760.32 |
7,024,012.49 |
|
Total Revenues |
610,252,726.61 |
568,056,062.10 |
663,522,282.18 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
554,120,028.09 |
509,090,623.88 |
599,375,359.47 |
|
Selling Expenses |
15,821,404.89 |
17,837,290.00 |
22,246,534.31 |
|
Administrative Expenses |
28,647,209.41 |
28,472,691.10 |
30,210,421.33 |
|
Total Expenses |
598,588,642.39 |
555,400,604.98 |
651,832,315.11 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
11,664,084.22 |
12,655,457.12 |
11,689,967.07 |
|
Financial Cost |
[7,810,380.36] |
[10,476,575.09] |
[9,863,939.06] |
|
Profit before Income
Tax |
3,853,703.86 |
2,178,882.03 |
1,826,028.01 |
|
Income Tax |
[968,946.68] |
[923,258.10] |
[1,054,723.89] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,884,757.17 |
1,255,623.93 |
771,304.12 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.94 |
0.94 |
0.89 |
|
QUICK RATIO |
TIMES |
0.47 |
0.44 |
0.50 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.59 |
5.83 |
6.46 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.42 |
1.41 |
1.71 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
109.90 |
114.53 |
74.79 |
|
INVENTORY TURNOVER |
TIMES |
3.32 |
3.19 |
4.88 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
92.52 |
68.60 |
66.22 |
|
RECEIVABLES TURNOVER |
TIMES |
3.94 |
5.32 |
5.51 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
104.76 |
100.46 |
72.55 |
|
CASH CONVERSION CYCLE |
DAYS |
97.66 |
82.67 |
68.46 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.49 |
90.99 |
91.30 |
|
SELLING & ADMINISTRATION |
% |
7.42 |
8.28 |
7.99 |
|
INTEREST |
% |
1.30 |
1.87 |
1.50 |
|
GROSS PROFIT MARGIN |
% |
9.37 |
10.54 |
9.77 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.95 |
2.26 |
1.78 |
|
NET PROFIT MARGIN |
% |
0.48 |
0.22 |
0.12 |
|
RETURN ON EQUITY |
% |
4.21 |
1.91 |
1.20 |
|
RETURN ON ASSET |
% |
0.68 |
0.32 |
0.20 |
|
EARNING PER SHARE |
BAHT |
5.77 |
2.51 |
1.54 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.84 |
0.83 |
0.83 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.16 |
5.04 |
4.98 |
|
TIME INTEREST EARNED |
TIMES |
1.49 |
1.21 |
1.19 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
7.09 |
(14.78) |
|
|
OPERATING PROFIT |
% |
(7.83) |
8.26 |
|
|
NET PROFIT |
% |
129.75 |
62.79 |
|
|
FIXED ASSETS |
% |
(5.37) |
(5.48) |
|
|
TOTAL ASSETS |
% |
6.35 |
3.03 |
|
ANNUAL GROWTH : SATISFACTORY
An annual sales growth is 7.09%. Turnover has increased from THB
559,493,301.78 in 2012 to THB 599,136,661.10 in 2013. While net profit has
increased from THB 1,255,623.93 in 2012 to THB 2,884,757.17 in 2013. And total
assets has increased from THB 396,629,847.57 in 2012 to THB 421,817,485.88 in
2013.
PROFITABILITY : EXCELLENT
PROFITABILITY RATIO
|
Gross Profit Margin |
9.37 |
Impressive |
Industrial Average |
4.39 |
|
Net Profit Margin |
0.48 |
Impressive |
Industrial Average |
(3.33) |
|
Return on Assets |
0.68 |
Impressive |
Industrial Average |
(5.34) |
|
Return on Equity |
4.21 |
Impressive |
Industrial Average |
(108.31) |
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 9.37%. When compared with
the industry average, the ratio of the company was higher, 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 0.48%,
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 0.68%, 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 4.21%,
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 Downtrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.94 |
Risky |
Industrial Average |
0.90 |
|
Quick Ratio |
0.47 |
|
|
|
|
Cash Conversion Cycle |
97.66 |
|
|
|
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 0.94 times in 2013, same figure as 0.94 times in 2012, then the company may have problems
meeting its short-term obligations. When compared with the industry average, the
ratio of the company was higher, indicated that company was an efficient
operator in a dominant position within its industry.
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 0.47 times in 2013,
increased from 0.44 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 98 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.84 |
Impressive |
Industrial Average |
0.97 |
|
Debt to Equity Ratio |
5.16 |
Impressive |
Industrial Average |
24.44 |
|
Times Interest Earned |
1.49 |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1.5 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 0.84 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 Uptrend
Times Interest Earned Stable
ACTIVITY : IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.59 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.42 |
Satisfactory |
Industrial Average |
1.61 |
|
Inventory Conversion Period |
109.90 |
|
|
|
|
Inventory Turnover |
3.32 |
Satisfactory |
Industrial Average |
3.78 |
|
Receivables Conversion Period |
92.52 |
|
|
|
|
Receivables Turnover |
3.94 |
Satisfactory |
Industrial Average |
4.66 |
|
Payables Conversion Period |
104.76 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.94 and 5.32 in
2013 and 2012 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 2013
decreased from 2012. This would suggest the company had deteriorated 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 115 days at the
end of 2012 to 110 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 3.19 times in year 2012 to 3.32 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.42 times and 1.41
times in 2013 and 2012 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 Stable
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
|
Key Areas |
Score |
Weight |
Weighted
Score |
|
LIQUIDITY RATIO |
- |
25.00 |
- |
|
ACTIVITY RATIO |
3.00 |
20.00 |
60.00 |
|
PROFITABILITY
RATIO |
4.00 |
25.00 |
100.00 |
|
LEVERAGE RATIO |
4.00 |
10.00 |
40.00 |
|
ANNUAL GROWTH |
2.40 |
20.00 |
48.00 |
|
Total Weight (excluding
- - Score) |
|
100.00 |
|
|
|
|
|
248.00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.44 |
|
|
1 |
Rs. 98.15 |
|
Euro |
1 |
Rs. 98.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.