MIRA
INFORM REPORT
|
Report Date : |
17.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
DUBUIT FAR EAST LIMITED |
|
|
|
|
Registered Office : |
11/34 Moo 6, T.
Klongsam, A. Klongluang, Pathumthani 12120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.05.2013 |
|
|
|
|
Date of Incorporation : |
1984 |
|
|
|
|
Com. Reg. No.: |
0105527020935 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Importer, Distributor and Exporter of Printing Machinery
and Equipment |
|
|
|
|
No. of Employees : |
80 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 crisis 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
DUBUIT FAR EAST
LIMITED
SUMMARY
BUSINESS ADDRESS : 11/34 MOO 6,
T. KLONGSAM, A.
KLONGLUANG,
PATHUMTHANI 12120,
THAILAND
TELEPHONE : [66] 2524-0929-36
FAX : [66] 2524-0828,
2524-0831
E-MAIL ADDRESS : hr@dubuitfareast.com
export@dubuitfareast.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1984
REGISTRATION NO. : 0105527020935
TAX ID NO. : 3101300710
CAPITAL REGISTERED : BHT.
6,100,000
CAPITAL PAID-UP : BHT.
6,100,000
SHAREHOLDER’S PROPORTION : FRENCH :
100%
FISCAL YEAR CLOSING DATE : MAY 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
FRANCOIS DUBUIT, FRENCH
PRESIDENT
NO. OF STAFF : 80
LINES OF BUSINESS : PRINTING MACHINERY
AND EQUIPMENT
MANUFACTURER, IMPORTER,
DISTRIBUTOR
AND EXPORTER
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 6,
1984 as a
private limited company
under the registered
name DUBUIT FAR
EAST LIMITED by
French Groups, to
manufacture, import and distribute printing
machinery and related
equipment to both
domestic and international
markets. It currently
employs approximately 80
staff.
The subject’s registered
address was initially
located at 26/1
Ratchadapisek Rd.,
Chongnonsee, Yannawa, Bangkok
10120.
In 2002, it
was relocated to 11/34
Moo 6, T.
Klongsam, A. Klongluang,
Pathumthani 12120, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Francois Dubuit |
[x] |
French |
36 |
|
Mr. Jean Louis
Dubuit |
|
French |
70 |
|
Mr. Christophe Louis Jean
Alfred Dubuit |
|
French |
36 |
AUTHORIZED PERSON
Only the mentioned
director [x] can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Francois Dubuit
is the President.
He is French
nationality with the
age of 36 years
old.
Mr. Vichai Chakamanont
is the Sales & Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s core
business is engaged
in manufacturing, assembling,
distributing and exporting
wide range of
printing machineries and
printing supplies, including
automatic and semi-automatic machines, UV dryer machines,
air dryer machines,
flanic treating machines,
leak teak tester
machines, printing inks
and accessories under its own brand
“DUBUIT”; as well
as importing and
distributing printing equipments
and supplies, including
“ENCRESS DUBUIT” printing ink, “SAATICHEM” nylon screen fabric, “SERILOR” screen printing
equipment, aluminium sticker,
wooden frame, aluminium frame,
wooden squeegee holder,
aluminium squeegee holder
and etc., mainly
supply to printing
house and printing
packaging industry.
The subject also
provides after sale
service of installation
and maintenance.
IMPORT [COUNTRIES]
The products are
imported from Japan, France,
Republic of China,
India and Germany.
MAJOR SUPPLIERS
Machine Dubuit Ltd. : France
Dubuit Shanghai Co.,
Ltd. : Republic
of China
SALES [LOCAL]
90% of the
products is sold
locally to traders,
manufacturers and end-users.
EXPORT
10% of the
products is exported
to France, Malaysia,
Republic of China
and Australia.
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
Sales are by
cash or on
the credits term
of 30-60-90 days.
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
Kasikornbank Public Co.,
Ltd.
[Head Office
: 1 Kasikorn
Lane Rajburana Rd.,
Rajburana, Bangkok 10140]
The Siam Commercial
Bank Public Co., Ltd.
[Head Office :
9 Ratchadapisek Rd.,
Jatujak, Jatujak, Bangkok 10900]
EMPLOYMENT
The subject employs
approximately 80 staff.
[office & sales staff
and workers]
LOCATION DETAILS
The premise is rented
for administrative office,
factory and warehouse
at the heading
address. It is
located in an
industrial area.
COMMENT
The company operates
with high performance and
services of specification
on machinery quality
requirements for printing
industries. Today the
company is a leader in Thailand and all Asian
countries in providing requirements on all kind of objects for a wide range of
material and printing
process from screen-printing to offset.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000, divided
into 1,000 shares
of Bht. 1,000
each.
The capital was
increased later as
followings:
Bht. 2,000,000
on February 5,
1991
Bht. 5,000,000
on May 31,
1993
Bht. 6,100,000
on July 3,
2008
The latest registered
capital was increased
to Bht. 6,100,000,
divided into 6,100
shares of Bht.
1,000 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[ as at September 28, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Dubuit International Nationality: French Address : Cedex,
France |
3,949 |
64.74 |
|
Mr. Francios Dubuit
Nationality: French Address : 11/34
Moo 6, T.
Klongsam, A. Klongluang,
Pathumthani |
2,148 |
35.21 |
|
Mr. Jean Louis
Dubuit Nationality: French Address : Paris,
France |
1 |
|
|
Mrs. Francine Dubuit Nationality: French Address : Paris, France |
1 |
= 0.05 |
|
Ms. Catherine Dubuit
Nationality: French Address : France |
1 |
|
Total Shareholders :
5
Share Structure [as
at September 28,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign-French |
5 |
6,100 |
100.00 |
|
Total |
5 |
6,100 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Boonlium
Luengnarkthongdee No. 2707
BALANCE SHEET [BAHT]
The latest
financial figures published as
at May 31,
2013, 2012 &
2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
8,992,236.73 |
7,171,082.39 |
553,182.93 |
|
Trade Accounts & Other Receivable |
20,453,258.94 |
31,674,155.26 |
35,753,772.74 |
|
Inventories |
40,254,402.19 |
35,727,334.32 |
28,233,295.39 |
|
|
|
|
|
|
Total Current Assets
|
69,699,897.86 |
74,572,571.97 |
64,540,251.06 |
|
Fixed Deposit |
562,326.63 |
541,546.81 |
539,281.44 |
|
Fixed Assets |
31,210,571.10 |
36,212,721.56 |
38,618,725.12 |
|
Intangible Assets |
96,557.00 |
157,426.00 |
514,654.00 |
|
Other Non-current Assets |
844,780.47 |
875,494.32 |
798,949.52 |
|
Total Assets |
102,414,133.06 |
112,359,760.66 |
105,011,861.14 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft |
- |
- |
1,578,741.99 |
|
Trade Accounts & Other Payable
|
8,661,526.04 |
20,424,819.30 |
11,823,043.98 |
|
Advance Payment for Goods |
3,024,663.63 |
3,599,232.82 |
5,236,347.27 |
|
Current Portion of
Long-term Liabilities |
1,592,164.12 |
1,510,511.58 |
1,086,469.41 |
|
Directors’ Loans |
- |
- |
2,000,000.00 |
|
|
|
|
|
|
Total Current Liabilities |
13,278,323.79 |
25,534,563.70 |
21,724,602.65 |
|
Employee Benefits Obligation |
1,866,082.18 |
1,472,547.48 |
- |
|
Long-term Loan |
1,361,529.12 |
1,791,828.11 |
2,184,871.54 |
|
Hire-purchase Payable |
932,078.74 |
2,093,977.66 |
1,803,079.15 |
|
Total Liabilities |
17,438,013.83 |
30,892,916.95 |
25,712,553.34 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 6,100 shares |
6,100,000.00 |
6,100,000.00 |
6,100,000.00 |
|
|
|
|
|
|
Capital Paid |
6,100,000.00 |
6,100,000.00 |
6,100,000.00 |
|
Premium on Share Capital |
13,816,000.00 |
13,816,000.00 |
13,816,000.00 |
|
Retained Earnings: Appropriated for Statutory Reserve |
500,000.00 |
500,000.00 |
500,000.00 |
|
Unappropriated |
64,560,119.23 |
61,505,843.71 |
58,883,307.80 |
|
Total Shareholders' Equity |
84,976,119.23 |
81,466,843.71 |
79,299,307.80 |
|
Total Liabilities & Shareholders' Equity |
102,414,133.06 |
112,359,760.66 |
105,011,861.14 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
82,506,434.43 |
84,967,169.44 |
79,851,216.18 |
|
Other Income |
1,027,436.76 |
1,783,548.42 |
600,291.57 |
|
Total Revenues |
83,533,871.19 |
86,750,717.86 |
80,451,507.75 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
60,965,424.91 |
62,783,342.95 |
58,063,562.09 |
|
Selling Expenses |
3,485,139.46 |
6,496,505.14 |
8,041,693.08 |
|
Administrative Expenses |
15,260,456.67 |
13,775,774.70 |
13,365,268.34 |
|
Total Expenses |
79,711,021.04 |
83,055,622.79 |
79,470,523.51 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost |
3,822,850.15 |
3,695,095.07 |
981,084.24 |
|
Financial Cost |
[313,574.63] |
[368,506.16] |
[423,679.28] |
|
|
|
|
|
|
Net Profit / [Loss] |
3,509,275.52 |
3,326,588.91 |
557,404.96 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
5.25 |
2.92 |
2.97 |
|
QUICK RATIO |
TIMES |
2.22 |
1.52 |
1.67 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.64 |
2.35 |
2.07 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.81 |
0.76 |
0.76 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
241.00 |
207.71 |
177.48 |
|
INVENTORY TURNOVER |
TIMES |
1.51 |
1.76 |
2.06 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
90.48 |
136.07 |
163.43 |
|
RECEIVABLES TURNOVER |
TIMES |
4.03 |
2.68 |
2.23 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
51.86 |
118.74 |
74.32 |
|
CASH CONVERSION CYCLE |
DAYS |
279.63 |
225.03 |
266.59 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
73.89 |
73.89 |
72.71 |
|
SELLING & ADMINISTRATION |
% |
22.72 |
23.86 |
26.81 |
|
INTEREST |
% |
0.38 |
0.43 |
0.53 |
|
GROSS PROFIT MARGIN |
% |
27.35 |
28.21 |
28.04 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.63 |
4.35 |
1.23 |
|
NET PROFIT MARGIN |
% |
4.25 |
3.92 |
0.70 |
|
RETURN ON EQUITY |
% |
4.13 |
4.08 |
0.70 |
|
RETURN ON ASSET |
% |
3.43 |
2.96 |
0.53 |
|
EARNING PER SHARE |
BAHT |
575.29 |
545.34 |
91.38 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.17 |
0.27 |
0.24 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.21 |
0.38 |
0.32 |
|
TIME INTEREST EARNED |
TIMES |
12.19 |
10.03 |
2.32 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(2.90) |
6.41 |
|
|
OPERATING PROFIT |
% |
3.46 |
276.67 |
|
|
NET PROFIT |
% |
5.49 |
496.80 |
|
|
FIXED ASSETS |
% |
(13.81) |
(6.23) |
|
|
TOTAL ASSETS |
% |
(8.85) |
7.00 |
|
ANNUAL GROWTH : ACCEPTABLE
An annual sales growth is -2.9%. Turnover has decreased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
27.35 |
Impressive |
Industrial Average |
14.50 |
|
Net Profit Margin |
4.25 |
Acceptable |
Industrial Average |
6.10 |
|
Return on Assets |
3.43 |
Deteriorated |
Industrial Average |
11.09 |
|
Return on Equity |
4.13 |
Deteriorated |
Industrial Average |
23.54 |
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 27.35%. 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 4.25%.
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 3.43%.
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 4.13%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
5.25 |
Impressive |
Industrial Average |
1.69 |
|
Quick Ratio |
2.22 |
|
|
|
|
Cash Conversion Cycle |
279.63 |
|
|
|
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 5.25 times in 2013, increased from 2.92 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 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 2.22 times in 2013,
increased from 1.52 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 280 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.17 |
Impressive |
Industrial Average |
0.53 |
|
Debt to Equity Ratio |
0.21 |
Impressive |
Industrial Average |
1.13 |
|
Times Interest Earned |
12.19 |
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 12.2 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 0.17 less than 0.5, most of the company's
assets are financed through equity.
Trend of the average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.64 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.81 |
Deteriorated |
Industrial Average |
1.82 |
|
Inventory Conversion Period |
241.00 |
|
|
|
|
Inventory Turnover |
1.51 |
Deteriorated |
Industrial Average |
5.53 |
|
Receivables Conversion Period |
90.48 |
|
|
|
|
Receivables Turnover |
4.03 |
Impressive |
Industrial Average |
3.65 |
|
Payables Conversion Period |
51.86 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.03 and
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 increased from 208 days at the end of 2012 to
241 days at the end of 2013. This represents a negative trend. And Inventory
turnover has decreased from 1.76 times in year 2012 to 1.51 times in year 2013.
The company's Total Asset Turnover is calculated as 0.81 times and 0.76
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.53 |
|
|
1 |
Rs.100.73 |
|
Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.