|
Report Date : |
04.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
ESPEKA BVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat
53, 2018 Antwerp |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
18.12.1958 |
|
|
|
|
Com. Reg. No.: |
404952234 |
|
|
|
|
Legal Form : |
Private Limited Company (BL/LX) |
|
|
|
|
Line of Business : |
Wholesale of diamonds and other precious stones |
|
|
|
|
No. of Employees : |
16 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Belgium |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
BELGIUM - ECONOMIC OVERVIEW
This modern, open, and private-enterprise-based economy has
capitalized on its central geographic location, highly developed transport network,
and diversified industrial and commercial base. Industry is concentrated mainly
in the more heavily-populated region of Flanders in the north. With few natural
resources, Belgium imports substantial quantities of raw materials and exports
a large volume of manufactures, making its economy vulnerable to volatility in
world markets. Roughly three-quarters of Belgium's trade is with other EU
countries, and Belgium has benefited most from its proximity to Germany. In
2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2%
from 8.3% the previous year, and the government reduced the budget deficit from
a peak of 6% of GDP in 2009 to 4.2% in 2011 and 3.3% in 2012. Fourth quarter
GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative
growth. This brought economic growth for the whole of 2012 to negative 0.2%. It
also left Belgium on the brink of a possible recession at the end of 2012.
However, at year's end, the government appeared close to meeting its 2012 budget
deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget
deficit, public debt hovers around 100% of GDP, a factor that has contributed
to investor perceptions that the country is increasingly vulnerable to
spillover from the euro-zone crisis. Belgian banks were severely affected by
the international financial crisis in 2008 with three major banks receiving
capital injections from the government, and the nationalization of the Belgian
retail arm of a Franco-Belgian bank.
|
Source
: CIA |
|
Business
number |
404952234 |
|
Company
name |
ESPEKA
BVBA |
|
Address |
HOVENIERSSTRAAT
53 |
|
|
2018
ANTWERP |
|
Number
of staff |
16 |
|
Date
of establishment |
18/12/1
958 |
|
Telephone
number |
032343255 |
|
Fax
number |
032311812 |
The business was established over 35 years ago.
The business has 10 employees.
The business is part of a group.
This business has a foreign parent business.
The business has been at the address for over 18 years.
Operating Result in the latest trading period decreased 69% on the
previous trading period.
The business saw a decrease in their Cash Balance of 84% during the
latest trading period.
Accounts
|
DATE
OF LATEST ACCOUNTS |
TURNOVER |
PROFIT
BEFORE TAX |
NET
WORTH |
WORKING
CAPITAL |
|
31/12/2012 |
86,042,936 |
247,524 |
13,949,443 |
11,544,693 |
|
31/12/2011 |
79,063,114 |
262,501 |
13,770,842 |
11,206,390 |
|
31/12/2010 |
63,290,217 |
216,521 |
13,605,676 |
1
0,863,428 |
|
Accounts |
||||
|
DATE
OF LATEST ACCOUNTS |
BALANCE
TOTAL |
NUMBER
OF EMPLOYEES |
CAPITAL |
CASHFLOW |
|
31/12/2012 |
44,582,978 |
16 |
286,000 |
390,739 |
|
31/12/2011 |
41,771,224 |
14 |
286,000 |
400,199 |
|
31/12/2010 |
46,564,500 |
12 |
286,000 |
397,541 |
Payment
expectations
Past payments Payment
expectation days 37.92
Industry average payment
expectation days 165.24
Industry
average day sales
outstanding 126.31
Day sales outstanding 71.41
Court data summary
BANKRUPTCY DETAILS
Court action type no
PROTESTED BILLS
Bill amount -
NSSO DETAILS
Date of summons –
Business number 404952234
Company name ESPEKA BVBA
Fax number
032311812 Date founded 18/12/1958
Company status active
Company type Private Limited Company
(BL/LX)
Currency Euro
(€) Date of latest
accounts 31/12/2012
Activity code 46761
Liable for VAT yes
Activity description Wholesale
of diamonds
and other precious
stones
VAT Number BE.0404.952.234
Check
VAT number
Belgian Bullettin of Acts
Publications moniteur
belge
|
Social
Balance Sheet |
|
Total |
|
|
|
During
the reporting year ended 31-12-2012 |
||||
|
Full-time
Employees |
|
16 |
|
|
|
Part-time
Employees |
|
- |
|
|
|
Total
Fte Employees |
|
16 |
|
|
|
|
||||
|
Number
of hours worked |
||||
|
Full-time
Employees |
|
23,378 |
|
|
|
Part-time
Employees |
|
- |
|
|
|
Total |
|
23,378 |
|
|
|
|
||||
|
Personnel
Charges |
||||
|
Full-time
Employees |
|
811,409 |
|
|
|
Part-time
Employees |
|
- |
|
|
|
Total |
|
811,409 |
|
|
|
Benefits
In Addition To Wages |
- |
|
|
|
|
|
||||
|
During
the previous reporting year |
||||
|
Average
number employees in Fte |
14 |
|
|
|
|
Actual
working hours |
|
20,818 |
|
|
|
Personnel
Charges |
|
666,956 |
|
|
|
Benefits
In Addition To Wages |
- |
|
|
|
|
Type
of Contract |
Full-Time |
Part-Time |
Total
Fte |
|
Unlimited
Duration Contracts |
16 |
- |
16 |
|
Limited
Duration Contracts |
- |
- |
- |
|
Contracts
For Specific Work |
- |
- |
- |
|
Contracts
Regarding Substitution |
- |
- |
- |
|
|
|||
|
|
|||
|
Gender
and Education Level |
|||
|
Men |
Full-Time |
Part-Time |
Total
Fte |
|
Primary
education |
- |
- |
- |
|
Secondairy
education |
4 |
- |
4 |
|
Higher
education (non university) |
- |
- |
- |
|
Higher
education (university) |
- |
- |
- |
|
Women |
Full-Time |
Part-Time |
Total
Fte |
|
Primary
education |
- |
- |
- |
|
Secondairy
education |
10 |
- |
10 |
|
Higher
education (non university) |
1 |
- |
1 |
|
Higher
education (university) |
1 |
- |
1 |
|
|
|||
|
|
|||
|
Working
Category |
Full-Time |
Part-Time |
Total
Fte |
|
Management |
- |
- |
- |
|
White
collar worker |
16 |
- |
16 |
|
Blue
collar worker |
- |
- |
- |
|
Other |
- |
- |
- |
|
|
|||
|
|
|||
|
Temporary
personnel |
|
Total |
|
|
Average
number of temporary staff |
1 |
|
|
|
Actual
working hours |
|
1,566 |
|
|
Cost
of temporary staff |
|
30,451 |
|
|
|
|||
|
|
|||
|
New
staff and leavers |
Full-Time |
Part-Time |
Total
Fte |
|
New
Starters |
3 |
- |
3 |
|
Leavers |
1 |
- |
1 |
Personnel (NSSO
classification)
Code -
Description FROM
10 TO 19 EMPLOYEES
Joint Industrial
Committee (JIC)
JIC Code 218
Description Additional
national joint committee for the employees
category
JIC Code 324
Description Joint
committee for the industry and the trade in diamant
category
Significant Events
Event Date 25/01/2006
Event Description re-appointment
of director(s)
Event Details Commentaar
25-01-2006: Prüwer Samuel wordt herbenoemd als zaakvoerder.
|
Annual accounts |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
Industry
average 2012 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Turnover |
86,042,936 |
8.83 |
79,063,114 |
24.92 |
63,290,217 |
46,485,458 |
85.10 |
|
Total
operating expenses |
85,745,315 |
9.82 |
78,080,594 |
27.85 |
61,073,280 |
46,114,879 |
85.94 |
|
Operating
result |
297,621 |
-69.71 |
982,519 |
-55.68 |
2,216,937 |
141,119 |
110 |
|
Total
financial income |
1,520,314 |
3.98 |
1,462,184 |
2554 |
55,075 |
98,884 |
1437 |
|
Total
financial expenses |
1,570,411 |
-28.04 |
2,182,203 |
6.16 |
2,055,491 |
206,523 |
660 |
|
Results on
ordinary operations before taxation |
247,524 |
-5.71 |
262,501 |
21.24 |
216,521 |
25,299 |
878 |
|
Taxation |
79,751 |
10.97 |
71,868 |
16.47 |
61,704 |
20,807 |
283 |
|
Results on
ordinary operations after taxation |
167,773 |
-11.99 |
190,633 |
23.14 |
1 54,816 |
10,494 |
1498 |
|
Extraordinary
items |
7,931 |
26.80 |
-29,594 |
- |
0 |
-3,973 |
199 |
|
Other
appropriations |
0.00 |
- |
0.00 |
- |
0.00 |
- |
- |
|
Net result OTHER
INFORMATION |
175,704 |
9.11 |
161,040 |
4.02 |
1 54,816 |
6,539 |
2587 |
|
Gross
Operating Margin |
- |
- |
- |
- |
- |
56,922 |
- |
|
Dividends |
- |
- |
- |
- |
- |
172,177 |
- |
|
Director
remuneration |
- |
- |
- |
- |
- |
112,544 |
- |
|
Employee
costs |
811,409 |
21.66 |
666,956 |
26.16 |
528,673 |
125,946 |
544 |
|
Wages and
salary |
593,914 |
21.10 |
490,421 |
20.21 |
407,978 |
1 05,550 |
462 |
|
Employee
pension costs |
- |
- |
- |
- |
- |
14,428 |
- |
|
Social
security contributions |
167,575 |
26.35 |
132,629 |
19.75 |
11 0,757 |
26,656 |
528 |
|
Other employee
costs |
49,920 |
13.70 |
43,906 |
341 |
9,938 |
4,349 |
1047 |
|
Amortization
and depreciation |
215,035 |
-10.09 |
239,159 |
-1.47 |
242,725 |
17,831 |
11 05 |
|
Annual accounts |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
Industry
average 2012 |
% |
|
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
|
Intangible
fixed assets |
2,915 |
- |
5,812 |
- |
9,938 |
1,573 |
85.29 |
|
|
Tangible
fixed assets |
2,698,816 |
-5.77 |
2,864,042 |
-5.76 |
3,038,975 |
184,117 |
1365 |
|
|
Land &
building |
2,587,553 |
-6.19 |
2,758,150 |
-6.46 |
2,948,671 |
362,988 |
612 |
|
|
Plant
& machinery |
62,199 |
29.46 |
48,045 |
3.69 |
46,335 |
22,615 |
175 |
|
|
Furniture
& Vehicles |
49,064 |
-15.18 |
57,847 |
31.56 |
43,970 |
17,295 5,364 |
183 |
|
|
Leasing
& Other Similar Rights |
- |
- |
- |
- |
- |
142,153 32,369 |
- |
|
|
Other
tangible assets |
0 |
- |
0 |
- |
0 |
7,596 |
-100 |
|
|
Financial
fixed assets |
43,434 |
6.23 |
40,886 |
4.87 |
38,986 |
306,761 |
-85.84 |
|
|
Total
fixed assets |
2,745,165 |
-5.69 |
2,910,740 |
-5.74 |
3,087,899 |
394,708 |
595 |
|
|
Inventories |
24,714,968 |
4.68 |
23,609,829 |
-3.55 |
24,478,225 |
3,105,524 |
695 |
|
|
Raw
materials & consumables |
- |
- |
- |
- |
- |
7,209,884 |
- |
|
|
Work in progress |
0 |
- |
0 |
- |
0 |
2,387 |
-100 |
|
|
Finished
goods |
24,714,968 |
4.68 |
23,609,829 |
-3.55 |
24,478,225 |
1,996,655 |
11 37 |
|
|
Other
stocks |
0 |
- |
0 |
- |
0 |
569,977 |
-100 |
|
|
Trade
debtors |
16,832,725 |
14.39 |
14,714,800 |
-20.02 |
18,397,334 |
4,243,347 |
296 |
|
|
Cash |
9,914 |
-84.90 |
65,645 |
513 |
10,698 |
227,473 |
-95.64 |
|
|
other
amounts receivable |
257,912 |
-40.20 |
431,282 |
-24.50 |
571,226 |
209,176 |
23.30 |
|
|
Miscellaneous
current assets |
22,294 |
-42.73 |
38,930 |
103 |
19,118 |
18,254 |
22.13 |
|
|
Total
current assets |
41,837,813 |
7.66 |
38,860,484 |
-10.62 |
43,476,601 |
7,328,597 |
470 |
|
|
Total
Assets |
44,582,978 |
6.73 |
41,771,224 |
-10.29 |
46,564,500 |
7,683,424 1,454,122 |
480 |
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
|
Trade
creditors |
8,908,402 |
-57.23 |
20,826,841 |
-18.80 |
25,650,003 |
3,148,030 |
182 |
|
|
Short term
group loans |
- |
- |
- |
- |
- |
- |
- |
|
|
Financial
debts |
21,225,314 |
216 |
6,699,127 |
-2.10 |
6,842,758 |
4,280,807 189,666 |
395 |
|
|
Current
portion of long term debt |
- |
- |
- |
- |
- |
110,204 15,373 |
- |
|
|
Amounts
Payable for Taxes, Remuneration & Social Security |
120,907 |
10.22 |
109,700 |
-4.30 |
114,632 |
9,740 - |
255 |
|
|
Miscellaneous
current liabilities |
38,497 |
108 |
18,427 |
218 |
5,780 |
-87.08 |
- - |
|
|
Total
current liabilities |
30,293,120 |
9.54 |
27,654,095 |
-15.21 |
32,613,173 |
5,462,976 |
454 |
|
|
LONG TERM
DEBTS AND LIABILITIES |
|
|
|
|
|
|
||
|
Long term
group loans |
- |
- |
- |
- |
- |
- |
- - |
|
|
Other long
term loans |
337,501 |
-0.87 |
340,476 |
1.42 |
335,712 |
-69.70 |
- - |
|
|
Deffered
taxes |
- |
- |
- |
- |
- |
37,626 26,358 |
- |
|
|
Provisions
for Liabilities & Charges |
0 |
- |
0 |
- |
0 |
3,168 0 |
-100 |
|
|
Other long
term liabilities |
0 |
- |
0 |
- |
0 |
128,026 |
-100 |
|
|
Total long
term debts SHAREHOLDERS
EQUITY |
337,501 |
-0.87 |
340,476 |
1.42 |
335,712 |
562,804 |
-40.03 |
|
|
Issued
share capital |
286,000 |
0 |
286,000 |
0 |
286,000 |
967,968 |
-70.45 |
|
|
Share premium
account |
- |
- |
- |
- |
- |
109,362 |
- |
|
|
Reserves |
12,341,491 |
1.78 |
12,125,240 |
1.69 |
11,923,652 |
654,096 |
1786 |
|
|
Revaluation
reserve |
1,324,867 |
-2.97 |
1,365,414 |
-2.88 |
1,405,962 |
939,206 |
41.06 |
|
|
Total
shareholders equity |
13,952,358 |
1.28 |
13,776,654 |
1.18 |
13,615,614 |
1,651,582 |
744 |
|
|
Working
capital |
11,544,693 |
3.02 |
11,206,390 |
3.16 |
10,863,428 |
1,865,621 |
518 |
|
|
Cashflow |
390,739 |
-2.36 |
400,199 |
0.67 |
397,541 |
21,288 |
1735 |
|
|
Net worth |
13,949,443 |
1.30 |
13,770,842 |
1.21 |
13,605,676 |
1,648,350 |
746 |
|
|
Annual accounts |
31-12-2012 |
Change (%) |
31-12-2011 |
Change (%) |
31-12-2010 |
Industry
average 2012 |
% |
|
TRADING
PERFORMANCE |
|
|
|
|
|
|
|
|
Profit
Before Tax |
0.29 |
-12.12 |
0.33 |
-2.94 |
0.34 |
-29,00 |
1.00 |
|
Return on
capital employed |
1.73 |
-6.99 |
1.86 |
20.0 |
1.55 |
29,00 |
-94.03 |
|
Return on
total assets employed |
0.56 |
-11.11 |
0.63 |
36.96 |
0.46 |
-200,00 |
0.28 |
|
Return on
net assets employed |
1.77 |
-7.33 |
1.91 |
20.13 |
1.59 |
19,00 |
-90.68 |
|
Sales /
net working capital |
7.45 |
5.52 |
7.06 |
21.10 |
5.83 |
44,00 |
-99 |
|
Stock
turnover ratio |
28.72 |
-3.82 |
29.86 |
-22.80 |
38.68 |
116,00 |
-75.24 |
|
Debtor
days |
71.41 |
5.12 |
67.93 |
-35.98 |
106.10 |
143,00 |
-50.06 |
|
Creditor
days SHORT TERM
STABILITY |
37.92 |
-61.05 |
97.36 |
-36.49 |
1 53.30 |
125,00 |
-69.66 |
|
Current
ratio |
1.38 |
-2.13 |
1.41 |
6.02 |
1.33 |
6,00 |
-84.67 |
|
Liquidity
ratio / acid ratio |
0.57 |
3.64 |
0.55 |
-5.17 |
0.58 |
4,00 |
-85.75 |
|
Current
debt ratio |
2.17 |
7.96 |
2.01 |
-16.25 |
2.40 |
9,00 |
-75.89 |
|
Liquidity
ratio reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
LONG TERM
STABILITY |
|
|
|
|
|
|
|
|
Gearing |
154.55 |
202 |
51.10 |
-3.07 |
52.72 |
357,00 |
-56.71 |
|
Equity in
percentage |
31.30 |
-5.12 |
32.99 |
12.79 |
29.25 |
-3.192,00 |
0.98 |
|
Total debt
ratio |
2.20 |
8.37 |
2.03 |
-16.12 |
2.42 |
11,00 |
-80.00 |
Payment
expectations
Payment expectation days 37.92
Day sales outstanding 71.41
Industry
comparison
Activity code 46761
Activity description Wholesale
of diamonds and other precious stones
Industry average payment
expectation days 165.24
Industry average day sales
Outstanding 126.31
Industry quartile
analysis
Payment
expectations
Company result 37.92
Lower 134.13
Median 84.97
Upper 45.81
Day sales
outstanding
Company result 71.41
Lower 110.17
Median 59.01
Upper 28.11
Summary
Group - Number of Companies 1
Linkages - Number of Companies 0
Number of Countries 0
Group Structure
Company name Number Latest financials
- ESPEKA BVBA 404952234 31-12-2012
Minority Shareholders
No minority shareholders found
Minority Interests
No minority interests found
NSSO details
Business number 404952234
Name of defendant -
Legal form of defendant
–
Date of summons -
Labour court –
Bankruptcy details
There is no bankruptcy data against this company
court data
there is no data for this company
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
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Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
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The banking sector has started exercising restraint while
following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.21 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.80.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.