MIRA INFORM REPORT

 

 

Report Date :

31.05.2014              

 

IDENTIFICATION DETAILS

 

Name :

NUR TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

Gurleyik Koyu Belediye Sanayi Alani 603. Sokak No:4 Gurleyik Koyu Honaz  Denizli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

19.04.1990

 

 

Com. Reg. No.:

839-Honaz

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :
  • Weaving and trade of textile products such as quilt, tablecloth for hotels and hospitals. 
  • The subject orders quilt, tablecloth for hotels and hospitals to be manufactured in the name of the company to contract manufacturers. 

 

 

No. of Employees :

42

 

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)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence

Source : CIA

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

NUR TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Gurleyik Koyu Belediye Sanayi Alani 603. Sokak No:4 Gurleyik Koyu Honaz  Denizli / Turkey

PHONE NUMBER

:

90-258-269 12 78

 

FAX NUMBER

:

90-258-269 11 84

 

WEB-ADDRESS

:

www.nurtekstil.com

E-MAIL

:

info@nurtekstil.com

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at tax no .

 

Change at registration no .

 

 

TAX OFFICE

:

Saraylar

TAX NO

:

6320395602

REMARKS ON TAX NO

:

The tax number of the subject was changed from “6320022330” to “6320395602” when the legal form of the subject was changed from “limited company” to “joint stock company” on 15.10.2010.

REGISTRATION NUMBER

:

839-Honaz

REGISTERED OFFICE

:

Denizli Chamber of Commerce

 

DATE ESTABLISHED

:

19.04.1990

ESTABLISHMENT GAZETTE DATE/NO

:

04.06.1990/2540

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   10.000.000

PAID-IN CAPITAL

:

TL   10.000.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

15.10.2010 (Commercial Gazette Date /Number 20.10.2010/ 7673)

Previous Name

:

Nur Tekstil Sanayi Ve Ticaret Ltd. Sti.

Changed On

:

15.10.2010 (Commercial Gazette Date /Number 20.10.2010/ 7673)

Previous Registered Capital

:

TL 1.000.000

Changed On

:

30.11.2006 (Commercial Gazette Date /Number 07.12.2006/ 6699)

Previous Registered Capital

:

TL 4.750.000

Changed On

:

15.10.2010 (Commercial Gazette Date /Number 20.10.2010/ 7673)

Other Changes

:

The subject moved from "Bayramyeri Birlik Carsisi Kat: 3 No: 77 Merkez Denizli" to "Gurleyik Koyu Belediye Sanayi Alani 603 Sok. No:4 Gurleyik Honaz". So the registration number was changed from "10189" to "839-Honaz".

Changed On

:

15.10.2010 (Commercial Gazette Date /Number 20.10.2010/ 7673)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ramazan Kilicoglu

40,87 %

Mehmet Emin Capan

30,16 %

Osman Capan

6,90 %

Ibrahim Kilicoglu

4,70 %

Mahir Kapucu

4,56 %

Mehmet Altinok

4,48 %

Hulya Cakir

3,07 %

Mehmet Cebe

 

Suleyman Delikanli

 

 

 

SISTER COMPANIES

:

NUR EV TEKSTIL IC VE DIS TICARET LTD. STI.

 

OZEL KOPRU EGITIM VE KULTUR HIZMETLERI TICARET A.S.

 

SUBSIDIARIES

:

OZEL KOPRU EGITIM VE KULTUR HIZMETLERI TICARET A.S.

 

BOARD OF DIRECTORS

:

Mehmet Altinok

 

Osman Capan

 

Ramazan Kilicoglu

 

Mehmet Emin Capan

 

 

 

OPERATIONS

 

 

NOTES ON OPERATIONS

:

The firm orders production to contract manufacturers.

 

BUSINESS ACTIVITIES

:

Weaving and trade of textile products such as quilt, tablecloth for hotels and hospitals. 

 

The subject orders quilt, tablecloth for hotels and hospitals to be manufactured in the name of the company to contract manufacturers.  

 

NACE CODE

:

DB.17.00

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

42

 

NET SALES

:

20.096.053 TL

(2008) 

17.522.860 TL

(2009) 

19.876.025 TL

(2010) 

25.249.512 TL

(2011) 

14.534.011 TL

(2012) 

15.608 TL Thousand

(2013) 

 

 

IMPORT VALUE

:

2.609.053 EUR

(2009)

3.600.000 EUR

(2010)

967.417 USD

(2011)

626.585 USD

(2012)

 

 

IMPORT COUNTRIES

:

Egypt

Turkmenistan

China

Germany

France

 

MERCHANDISE IMPORTED

:

Fabric

Yarn

 

EXPORT VALUE

:

19.704.825 TL

(2008)

15.744.054 TL

(2009)

16.778.168 TL

(2010)

21.312.505 TL

(2011)

11.695.193 TL

(2012)

13.317.827 TL

(2013)

 

 

EXPORT COUNTRIES

:

Germany

France

Egypt

Italy

 

MERCHANDISE  EXPORTED

:

Textile products

 

HEAD OFFICE ADDRESS

:

Gurleyik Koyu Belediye Sanayi Alani 603. Sokak No:4 Gurleyik Koyu Honaz   Denizli / Turkey ( owned )

 

 

BRANCHES

:

Processing Plant  :  Organize Sanayi Bolgesi Feridun Alpak Caddesi Denizli/Turkey (owned)

                                                                                

 

TREND OF BUSINESS

:

Trend of business was steady in  2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Halk Bankasi Ticari Branch

Is Bankasi Denizli Branch

Turk Ekonomi Bankasi Denizli Branch

Turkiye Finans Katilim Bankasi Denizli Branch

Yapi ve Kredi Bankasi Denizli Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

(2013) TL Thousand

Net Sales

17.522.860

19.876.025

25.249.512

14.534.011

15.608

Profit (Loss) Before Tax

1.042.492

1.002.396

436.783

280.876

965

Stockholders' Equity

9.323.759

10.111.380

10.492.249

10.706.957

11.431

Total Assets

15.843.318

17.331.847

18.124.630

16.205.200

16.638

Current Assets

8.083.762

9.409.875

9.976.306

8.582.153

9.179

Non-Current Assets

7.759.556

7.921.972

8.148.324

7.623.047

7.459

Current Liabilities

5.351.576

6.458.154

7.126.917

5.447.397

5.207

Long-Term Liabilities

1.167.983

762.313

505.464

50.846

0

Gross Profit (loss)

3.338.910

2.872.868

4.275.655

2.086.683

3.022

Operating Profit (loss)

1.192.031

858.345

1.614.114

165.454

1.355

Net Profit (loss)

829.947

794.298

352.231

214.706

724

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2013

Liquidity

Satisfactory As of 31.12.2013

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

Good Operating Profitability  in 2009

Good Net Profitability  in 2009

In Order Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability  in 2011

Low Net Profitability  in 2011

Low Operating Profitability  in 2012

Low Net Profitability  in 2012

Good Operating Profitability  in 2013

Good Net Profitability  in 2013

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

In Order

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.04.2014)

5,61 %

2,1807

2,9954

3,6333

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

CURRENT ASSETS

8.083.762

0,51

9.409.875

0,54

9.976.306

0,55

8.582.153

0,53

9.179

0,55

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

328.798

0,02

499.639

0,03

1.373.098

0,08

480.229

0,03

787

0,05

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

3.687.184

0,23

2.999.912

0,17

2.784.888

0,15

4.174.771

0,26

5.167

0,31

Other Receivable

298.958

0,02

279.636

0,02

251.988

0,01

243.794

0,02

154

0,01

Inventories

3.420.627

0,22

5.438.418

0,31

4.924.766

0,27

3.236.112

0,20

2.956

0,18

Advances Given

191.538

0,01

42.713

0,00

527.074

0,03

346.961

0,02

1

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

156.657

0,01

149.557

0,01

114.492

0,01

100.286

0,01

114

0,01

NON-CURRENT ASSETS

7.759.556

0,49

7.921.972

0,46

8.148.324

0,45

7.623.047

0,47

7.459

0,45

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

7.082

0,00

4.890

0,00

4.230

0,00

4.230

0,00

4

0,00

Financial Assets

4.052.634

0,26

4.268.584

0,25

4.827.084

0,27

4.827.084

0,30

4.827

0,29

Tangible Fixed Assets (net)

3.570.848

0,23

3.546.569

0,20

3.227.646

0,18

2.746.676

0,17

2.591

0,16

Intangible Assets

41.305

0,00

22.973

0,00

14.852

0,00

16.557

0,00

13

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

87.687

0,01

78.956

0,00

74.512

0,00

28.500

0,00

24

0,00

TOTAL ASSETS

15.843.318

1,00

17.331.847

1,00

18.124.630

1,00

16.205.200

1,00

16.638

1,00

CURRENT LIABILITIES

5.351.576

0,34

6.458.154

0,37

7.126.917

0,39

5.447.397

0,34

5.207

0,31

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.884.133

0,18

4.562.991

0,26

4.467.136

0,25

2.852.613

0,18

1.897

0,11

Accounts Payable

2.054.420

0,13

1.674.211

0,10

1.942.166

0,11

1.917.775

0,12

2.438

0,15

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

91.039

0,01

93.043

0,01

120.046

0,01

55.095

0,00

54

0,00

Advances from Customers

71.724

0,00

42.181

0,00

475.637

0,03

506.118

0,03

747

0,04

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

162.253

0,01

59.858

0,00

78.011

0,00

77.787

0,00

71

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

88.007

0,01

25.870

0,00

43.921

0,00

38.009

0,00

0

0,00

LONG-TERM LIABILITIES

1.167.983

0,07

762.313

0,04

505.464

0,03

50.846

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.167.983

0,07

762.313

0,04

505.464

0,03

50.846

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

9.323.759

0,59

10.111.380

0,58

10.492.249

0,58

10.706.957

0,66

11.431

0,69

Not Detailed Stockholders' Equity

0

0,00

10.111.380

0,58

0

0,00

0

0,00

0

0,00

Paid-in Capital

4.750.000

0,30

0

0,00

10.000.000

0,55

10.000.000

0,62

10.000

0,60

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

3.743.812

0,24

0

0,00

140.018

0,01

492.251

0,03

707

0,04

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

829.947

0,05

0

0,00

352.231

0,02

214.706

0,01

724

0,04

TOTAL LIABILITIES AND EQUITY

15.843.318

1,00

17.331.847

1,00

18.124.630

1,00

16.205.200

1,00

16.638

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS, "Cheques Received" and "Outstanding Cheques" figures are under "Cash And Banks" figure. Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques" figures are given under "Account Receivable" figure and "Account Payable" figure respectively.                                                                                                                                           

In the sub-items of "Account Receivable", TL thousand 284  is "Doubtful Trade Receivables" and -TL thousand 284 is "Provision for Doubtful Trade Receivables" at the last balance sheet.                                                                                                                                           

The details of "Other Receivable" figure at the last balance sheet (TL Thousand): Due From Shareholders:0,Due From Participations:0,Due From Affiliated Companies:0,Due From Personnel:0,Other Miscellaneous Receivables:154,Other Receivable Total:154       

 

TL thousand 0  of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.                                                                                            

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

Net Sales

17.522.860

1,00

19.876.025

1,00

25.249.512

1,00

14.534.011

1,00

15.608

1,00

Cost of Goods Sold

14.183.950

0,81

17.003.157

0,86

20.973.857

0,83

12.447.328

0,86

12.586

0,81

Gross Profit

3.338.910

0,19

2.872.868

0,14

4.275.655

0,17

2.086.683

0,14

3.022

0,19

Operating Expenses

2.146.879

0,12

2.014.523

0,10

2.661.541

0,11

1.921.229

0,13

1.667

0,11

Operating Profit

1.192.031

0,07

858.345

0,04

1.614.114

0,06

165.454

0,01

1.355

0,09

Other Income

770.128

0,04

1.211.573

0,06

1.000.707

0,04

865.438

0,06

882

0,06

Other Expenses

527.450

0,03

586.882

0,03

801.361

0,03

430.164

0,03

705

0,05

Financial Expenses

392.217

0,02

480.640

0,02

1.376.677

0,05

319.852

0,02

567

0,04

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

1.042.492

0,06

1.002.396

0,05

436.783

0,02

280.876

0,02

965

0,06

Tax Payable

212.545

0,01

208.098

0,01

84.552

0,00

66.170

0,00

241

0,02

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

829.947

0,05

794.298

0,04

352.231

0,01

214.706

0,01

724

0,05

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

(2013)

LIQUIDITY RATIOS

 

Current Ratio

1,51

1,46

1,40

1,58

1,76

Acid-Test Ratio

0,81

0,59

0,62

0,90

1,17

Cash Ratio

0,06

0,08

0,19

0,09

0,15

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,22

0,31

0,27

0,20

0,18

Short-term Receivable/Total Assets

0,25

0,19

0,17

0,27

0,32

Tangible Assets/Total Assets

0,23

0,20

0,18

0,17

0,16

TURNOVER RATIOS

 

Inventory Turnover

4,15

3,13

4,26

3,85

4,26

Stockholders' Equity Turnover

1,88

1,97

2,41

1,36

1,37

Asset Turnover

1,11

1,15

1,39

0,90

0,94

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,59

0,58

0,58

0,66

0,69

Current Liabilities/Total Assets

0,34

0,37

0,39

0,34

0,31

Financial Leverage

0,41

0,42

0,42

0,34

0,31

Gearing Percentage

0,70

0,71

0,73

0,51

0,46

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,09

0,08

0,03

0,02

0,06

Operating Profit Margin

0,07

0,04

0,06

0,01

0,09

Net Profit Margin

0,05

0,04

0,01

0,01

0,05

Interest Cover

3,66

3,09

1,32

1,88

2,70

COLLECTION-PAYMENT

 

Average Collection Period (days)

75,90

54,42

39,77

103,51

119,27

Average Payable Period (days)

52,14

35,45

33,34

55,47

69,73

WORKING CAPITAL

2732186,00

2951721,00

2849389,00

3134756,00

3972,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.03

UK Pound

1

Rs.98.91

Euro

1

Rs.80.33

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

PDT

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.