MIRA INFORM REPORT
|
Report Date : |
03.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
D. RATANA LTD. |
|
|
|
|
Registered Office : |
Unit 2510, 25th Floor, Jewelry Rade Center, 919/324 Silom Road, Silom, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
29.07.1993 |
|
|
|
|
Com. Reg. No.: |
0105536086773 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
engaged
in importing, distributing and
exporting various kinds
of diamond and semi
precious stones jewelry with
gold and platinum setting |
|
|
|
|
No. of Employees |
05 |
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 : |
Slow but correct |
|
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) |
|
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. 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 recession severely cut Thailand's exports, with most
sectors experiencing double-digit drops. In late 2011 Thailand's recovery was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. The government
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 following seven years.
|
Source : CIA |
Company
name
D. RATANA
LTD.
SUMMARY
BUSINESS
ADDRESS : UNIT
2510, 25th FLOOR, JEWELRY RADE
CENTER,
919/324 SILOM
ROAD, SILOM, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2630-0510-2
FAX :
[66] 2630-0513
E-MAIL
ADDRESS : dratana2006@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0105536086773
TAX
ID NO. : 3011308110
CAPITAL REGISTERED : BHT. 26,000,000
CAPITAL PAID-UP : BHT.
26,000,000
SHAREHOLDER’S PROPORTION : THAI :
53.00%
INDIAN : 47.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SANDEEP MEHTA, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES
OF BUSINESS : JEWELRY PRODUCTS
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 July 29,
1993 as a
private limited company
under the name
style D. RATANA LTD., by
Thai and Indian groups, in
order to operate
a jewelry trading
business. It currently
employs 5 staff.
The
subject’s registered address
is Unit 2510, 25th Floor,
Jewelry Trade Center, 919/324 Silom Rd.,
Silom, Bangrak, Bangkok
10500, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Anil Kumar Kothari |
|
Indian |
53 |
|
Mrs. Kiran Kothari |
|
Indian |
49 |
|
Mr. Sandeep Mehta |
|
Indian |
42 |
|
Mr. Ragesh Golesha |
|
Indian |
30 |
|
Mr. Alongkorn Bovornveerakij |
|
Thai |
60 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sandeep Mehta is
the Managing Director.
He is Indian
nationality with the
age of 42 years
old.
BUSINESS
OPERATIONS
The subject is
engaged in importing,
distributing and exporting
various kinds of diamond
and semi precious stones jewelry with
gold and platinum setting.
IMPORT
Diamond and precious
stones are imported
from India.
PURCHASE
Jewelry
products are purchased
from local manufacturers
and traders.
SALES
Jewelry products are
sold to customers both
local and overseas,
mainly in U.S.A., Japan,
India and Hong
Kong.
RELATED AND AFFILIATED
COMPANY
Pyramid Jewel’s & Art
Co., Ltd.
Business Type :
Importer and exporter
of jewelry products
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
for the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
5 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a prime
commercial area.
COMMENT
The
subject is engaged
in importing and
distributing of precious and
semi precious stones
for jewelry production.
Its business performance
was good in
the previous year.
However,
the subject’s current
business has grown
at slow pace
due to shrinkage of
consumer purchasing power.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 4,000,000
on April
18, 1995
Bht. 6,000,000
on October
30, 1995
Bht. 11,000,000
on June
21, 2000
Bht. 22,000,000
on December
6, 2005
Bht. 26,000,000
on January
16, 2008
The
latest registered capital
was increased to
Bht. 26 million, divided into
260,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
March 19, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sandeep Mehta Nationality: Indian Address : Jaipur,
India |
57,500 |
22.12 |
|
Mr. Anil Kumar Kothari Nationality: Indian Address : Jaipur,
India |
54,900 |
21.12 |
|
Ms. Thanasirisap Nicholas Nationality: Thai Address : 13/1
Pathumwan, Bangkok |
48,200 |
18.54 |
|
Mr. Thamnai Sritakorn Nationality: Thai Address : 96 Moo 7,
Thartnoi, Kuengnai,
Ubonratchathani |
35,600 |
13.69 |
|
Ms. Niyakorn Yathathes Nationality: Thai Address : 175
Moo 4, Huayjode,
Watthananakorn, Srakaew |
27,000 |
10.38 |
|
Ms. Nittaya Yathathes Nationality: Thai Address : 175
Moo 4, Huayjode,
Watthananakorn, Srakaew |
27,000 |
10.38 |
|
Mrs. Kiran Kothari Nationality: Indian Address : Jaipur,
India |
9,800 |
3.77 |
Total Shareholders : 7
Share Structure [as
at March 19,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
137,800 |
53.00 |
|
Foreign-Indian |
3 |
122,200 |
47.00 |
|
Total |
7 |
260,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Damrongsak Kheawpairee No. 8546
BALANCE
SHEET [BAHT
The
latest financial figures
published for December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
364,096.44 |
396,250.62 |
203,669.35 |
|
Short-term Investment |
8,488,212.94 |
4,362,648.83 |
4,336,052.99 |
|
Trade Accounts & Other Receivable |
137,775,588.35 |
122,251,309.17 |
78,849,069.83 |
|
Inventories |
36,163,561.38 |
34,280,150.80 |
26,136,438.82 |
|
Other Current Assets
|
10,411.68 |
- |
57,369.69 |
|
|
|
|
|
|
Total Current Assets
|
182,801,870.79 |
161,290,359.42 |
109,582,600.68 |
|
|
|
|
|
|
Fixed Assets |
27,102,770.83 |
26,972,763.03 |
28,648,453.84 |
|
Other Non-current Assets |
19,000.00 |
16,000.00 |
16,000.00 |
|
Total Assets |
209,923,641.62 |
188,279,122.45 |
138,247,054.52 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
97,330,160.01 |
52,651,236.15 |
43,068,594.33 |
|
Trade Accounts & Other Payable |
38,585,894.95 |
62,814,628.91 |
12,085,572.78 |
|
Current Portion of
Long-term Loans |
5,040,000.00 |
4,100,076.61 |
4,100,076.61 |
|
Current Portion of Hire-purchase
Payable |
594,915.17 |
- |
111,105.35 |
|
Short-term Loan from Related
Person |
25,745,968.00 |
26,445,968.00 |
35,045,968.00 |
|
Revenue Department Payable |
- |
- |
319,900.98 |
|
Accrued Income Tax |
1,014,711.40 |
1,142,771.60 |
484,779.98 |
|
Accrued Expenses |
- |
- |
95,225.88 |
|
Other Current Liabilities |
1,312,146.93 |
747,199.72 |
- |
|
|
|
|
|
|
Total Current Liabilities |
169,623,796.46 |
147,901,880.99 |
95,311,223.91 |
|
|
|
|
|
|
Long-term Loans, net of
Current Portion |
4,194,147.65 |
9,351,997.44 |
13,366,958.71 |
|
Hire-purchase Payable, net
of Current Portion |
1,417,246.51 |
- |
- |
|
Total Liabilities |
175,235,190.62 |
157,253,878.43 |
108,678,182.62 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 260,000 shares |
26,000,000.00 |
26,000,000.00 |
26,000,000.00 |
|
|
|
|
|
|
Capital Paid |
26,000,000.00 |
26,000,000.00 |
26,000,000.00 |
|
Retained Earning - Unappropriated |
8,688,451.00 |
5,025,244.02 |
3,568,871.90 |
|
Total Shareholders' Equity |
34,688,451.00 |
31,025,244.02 |
29,568,871.90 |
|
Total Liabilities &
Shareholders' Equity |
209,923,641.62 |
188,279,122.45 |
138,247,054.52 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Revenue from Domestic Sales |
194,015,070.22 |
102,904,869.62 |
79,119,090.06 |
|
Revenue from Overseas Sales |
87,871,547.95 |
116,962,127.82 |
50,603,243.19 |
|
Gain on Exchange Rate |
- |
2,678,555.49 |
- |
|
Interest Income |
128,044.64 |
- |
- |
|
Other Income |
5,944.10 |
46,047.07 |
34,988.65 |
|
Total Revenues |
282,020,606.91 |
222,591,600.00 |
129,757,321.90 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
262,011,282.57 |
206,581,291.86 |
114,977,165.65 |
|
Selling Expenses |
4,458,006.51 |
3,407,020.67 |
3,453,420.49 |
|
Administrative Expenses |
5,616,285.89 |
5,888,105.97 |
6,161,685.11 |
|
Other Expenses |
257,191.23 |
- |
1,824,517.32 |
|
Total Expenses |
272,342,766.20 |
215,876,418.50 |
126,416,788.57 |
|
Profit before Financial Cost & Income Tax |
9,677,840.71 |
6,715,181.50 |
3,340,533.33 |
|
Financial Cost |
[4,136,148.11] |
[3,575,775.04] |
[2,521,462.12] |
|
Profit before Income Tax |
5,541,692.60 |
3,139,406.46 |
819,071.21 |
|
Income Tax |
[1,876,485.62] |
[1,683,034.34] |
[939,495.71] |
|
Net Profit / [Loss] |
3,663,206.98 |
1,456,372.12 |
[120,424.50] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.08 |
1.09 |
1.15 |
|
QUICK RATIO |
TIMES |
0.86 |
0.86 |
0.87 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.40 |
8.15 |
4.53 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.34 |
1.17 |
0.94 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
50.38 |
60.57 |
82.97 |
|
INVENTORY TURNOVER |
TIMES |
7.25 |
6.03 |
4.40 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
178.40 |
202.95 |
221.86 |
|
RECEIVABLES TURNOVER |
TIMES |
2.05 |
1.80 |
1.65 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
53.75 |
110.98 |
38.37 |
|
CASH CONVERSION CYCLE |
DAYS |
175.02 |
152.53 |
266.46 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.95 |
93.96 |
88.63 |
|
SELLING & ADMINISTRATION |
% |
3.57 |
4.23 |
7.41 |
|
INTEREST |
% |
1.47 |
1.63 |
1.94 |
|
GROSS PROFIT MARGIN |
% |
7.10 |
7.28 |
11.39 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.43 |
3.05 |
2.58 |
|
NET PROFIT MARGIN |
% |
1.30 |
0.66 |
(0.09) |
|
RETURN ON EQUITY |
% |
10.56 |
4.69 |
(0.41) |
|
RETURN ON ASSET |
% |
1.75 |
0.77 |
(0.09) |
|
EARNING PER SHARE |
BAHT |
14.09 |
5.60 |
(0.46) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.83 |
0.84 |
0.79 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.05 |
5.07 |
3.68 |
|
TIME INTEREST EARNED |
TIMES |
2.34 |
1.88 |
1.32 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
28.21 |
69.49 |
|
|
OPERATING PROFIT |
% |
44.12 |
101.02 |
|
|
NET PROFIT |
% |
151.53 |
1,309.37 |
|
|
FIXED ASSETS |
% |
0.48 |
(5.85) |
|
|
TOTAL ASSETS |
% |
11.50 |
36.19 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 28.21%. Turnover has increased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
7.10 |
Acceptable |
Industrial
Average |
10.08 |
|
Net Profit Margin |
1.30 |
Impressive |
Industrial
Average |
0.43 |
|
Return on Assets |
1.75 |
Acceptable |
Industrial
Average |
2.89 |
|
Return on Equity |
10.56 |
Impressive |
Industrial
Average |
8.18 |
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 7.1%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company may have problems with control over its costs.
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 1.3%,
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. When compared with the
industry average, it was lower, the
company's figure is 1.75%.
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 10.56%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.08 |
Deteriorated |
Industrial
Average |
2.20 |
|
Quick Ratio |
0.86 |
|
|
|
|
Cash Conversion Cycle |
175.02 |
|
|
|
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 1.08 times in 2012, decreased from 1.09 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 lower.
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 0.86 times in 2012,
as same
figure as 0.86 times in
2011, by excluding inventory, the company may have problems meeting
current liabilities.
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 176 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.83 |
Acceptable |
Industrial
Average |
0.64 |
|
Debt to Equity Ratio |
5.05 |
Risky |
Industrial
Average |
1.79 |
|
Times Interest Earned |
2.34 |
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 2.34 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 0.83 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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
10.40 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.34 |
Deteriorated |
Industrial
Average |
6.65 |
|
Inventory Conversion Period |
50.38 |
|
|
|
|
Inventory Turnover |
7.25 |
Acceptable |
Industrial
Average |
10.80 |
|
Receivables Conversion Period |
178.40 |
|
|
|
|
Receivables Turnover |
2.05 |
Deteriorated |
Industrial
Average |
15.99 |
|
Payables Conversion Period |
53.75 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.05 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 decreased from 61 days at the
end of 2011 to 50 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 6.03 times in year 2011 to 7.25 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.34 times and 1.17
times in 2012 and 2011 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.60.22 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.