MIRA INFORM REPORT
|
Report Date : |
19.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
OYSTAR [ |
|
|
|
|
Formerly Known As : |
IWK PACKAGING MACHINERY
LIMITED |
|
|
|
|
Registered Office : |
888/45 Moo 19,
Soi Yingcharoen, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
31.03.1999 |
|
|
|
|
Com. Reg. No.: |
0115542001792 [Former :
SOR POR. 8828] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject’s activities
are importer, exporter
and distributor of
packaging machinery, spare
parts and related
equipments, mainly for
consumer goods, pharmaceutical and
cosmetic industries. |
|
|
|
|
No. of Employees : |
90 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 in 2013 implemented a nation-wide
300 baht ($10) per day minimum wage policy and deployed 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. This was expected to lead to an
economic upsurge but growth has remained slow, in part due to ongoing political
unrest and resulting uncertainties. Spending on infrastructure will require
re-approval once a new government is seated.
|
Source
: CIA |
Company name
OYSTAR [THAILAND]
LIMITED
[FORMER : IWK
PACKAGING MACHINERY LIMITED]
SUMMARY
BUSINESS ADDRESS : 888/45 MOO 19,
SOI YINGCHAROEN,
BANGPLEE-TAMRU ROAD,
BANGPLEEYAI, BANGPLEE,
SAMUTPRAKARN 10540,
THAILAND
TELEPHONE : [66]
2382-5440-6, 081 831-2489
FAX : [66] 2382-5447,
2382-5449
E-MAIL ADDRESS : info@oystar-iwk-thai.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1999
REGISTRATION NO. : 0115542001792 [Former
: SOR POR.
8828]
TAX ID NO. : 3021012519
CAPITAL REGISTERED : BHT. 2,100,000
CAPITAL PAID-UP : BHT.
2,100,000
SHAREHOLDER’S PROPORTION : GERMAN :
100%
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
MATTHIAS JUNGLING, GERMAN
MANAGING DIRECTOR
NO. OF STAFF : 90
LINES OF BUSINESS : PACKAGING MACHINERY
& EQUIPMENT
IMPORTER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was established on
March 31, 1999
as a private
limited company under
the originally registered
name “IKW
Packaging Machinery Limited” by
German groups, in
order to import
and distribute packaging
machinery and equipment
to local market.
On May 12, 2010,
its name was
changed to OYSTAR
[THAILAND] LIMITED. Subject
currently employs approximately
90 staff.
It is a
wholly owned subsidiary
of IWK Verpackungstechnik GmbH
from Germany.
The subject’s registered
address was initially
at 49/45 Moo
9, Srinakarin Rd.,
Bangna, Bangkok 10260.
In June 2006, subject’s
registered address was
relocated to 888/45 Moo 19, Soi Yingcharoen, Bangplee-Tamru Rd.,
Bangpleeyai, Bangplee, Samutprakarn 10540, and this
is the company’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Matthias Jungling |
German |
47 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with the company’s
affixed.
MANAGEMENT
Mr. Matthias Jungling
is the Managing
Director.
He is German
nationality with the
age of 47 years
old.
Mr. Apichart Lerschaianan is
the Sales Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activities
are importer, exporter
and distributor of
packaging machinery, spare
parts and related
equipments, mainly for
consumer goods, pharmaceutical and
cosmetic industries.
It is an
exclusive agent of
IWK Verpackungstechnik GmbH
in Germany, providing
engineering consult, repairing
and maintenance services
of the products.
IMPORT [COUNTRIES]
Most of the
products are imported
from United Kingdom,
Republic of China,
Korea, India, Taiwan,
United States of
America and Germany,
the rest is
purchased locally.
MAJOR SUPPLIERS
Oyster Inc. : U.S.A.
Benz & Hilgers GmbH :
Germany
Oystar Benhil GmbH : Germany
SALES [LOCAL]
90% of the products is
sold and serviced
locally to end-users
mainly manufacturers.
EXPORT
10% of the
products is exported
to Indonesia and
Vietnam.
PARENT COMPANY
IWK Verpackungstechnik GmbH :
Germany
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
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 credit term
of 30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BUSINESS TRANSACTION
The products are
sold to customers
by cash and
credit, with the
maximum credit given at 30-60
days. The subject is not found
to have problem
on both accounts
receivable and accounts payable.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Kasikornbank Public Co.,
Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 90 staff.
[office, sales staff,
engineers and workers]
LOCATION DETAILS
The premise is
rented for administrative office
and warehouse at
the heading address.
Premise is located
in industrial area.
COMMENT
The subject has attained
a solid business
status over year’s
efforts. Its general
situation was favorable
and witnessing stable
growth in its
business turnover.
The packaging sector remains healthy. High technology for the packaging
industry also has potential
for local industries
in order to upgrade
their products and
playing the great
role to improve
competitiveness in world
market.
Industrial slowdown has
resulted a slow
expansion and investment
this year.
FINANCIAL INFORMATION
The capital was
registered at Bht.
2,100,000 divided into
21,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
May 9, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
IWK Verpackungstechnik GmbH Nationality: German Address : Lorenzstraze 6, D-76297
Stutensee, Germany |
20,998 |
100.00 |
|
Mr. Matthias Jungling Nationality: German Address : Germany |
1 |
- |
|
Mr. Deter V.
Greulich Nationality: German Address : Germany |
1 |
- |
Total Shareholders : 3
Share Structure
[as at May 9, 2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - German |
3 |
21,000 |
100.00 |
|
Total |
3 |
21,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Opawadee Metheetrairat No.
3685
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 |
8,001,447 |
3,304,344 |
9,927,145 |
|
Short-term Investment |
2,321 |
2,268 |
2,223 |
|
Trade Accounts & Other
Receivable |
57,940,388 |
71,806,576 |
63,627,770 |
|
Inventories |
64,256,996 |
68,401,720 |
77,103,624 |
|
Refundable Value Added Tax |
59,264,643 |
48,745,130 |
- |
|
Other Current Assets
|
2,046,559 |
1,801,299 |
32,574,371 |
|
Total Current Assets
|
191,512,354 |
194,061,337 |
183,235,133 |
|
Fixed Assets |
8,262,163 |
7,627,893 |
6,942,239 |
|
Intangible Assets |
7,687,177 |
3,757,781 |
1,939,410 |
|
Deposit |
6,776,498 |
6,493,303 |
6,412,014 |
|
Total Assets |
214,238,192 |
211,940,314 |
198,528,796 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft and Short-term Loan from Financial Institutions |
18,703,804 |
15,118,523 |
- |
|
Trade Accounts & Other
Payable |
93,453,601 |
90,805,895 |
129,258,566 |
|
Short-term Loans |
- |
- |
20,669,850 |
|
Accrued Income Tax |
2,898,135 |
6,303,653 |
- |
|
Other Current Liabilities |
2,937,225 |
18,200,498 |
11,677,770 |
|
|
|
|
|
|
Total Current Liabilities |
117,992,765 |
130,428,569 |
161,606,186 |
|
Reserve for Employee
Benefit |
689,938 |
689,938 |
689,938 |
|
Total Liabilities |
118,682,703 |
131,118,507 |
162,296,124 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 21,000 shares |
2,100,000 |
2,100,000 |
2,100,000 |
|
|
|
|
|
|
Capital Paid |
2,100,000 |
2,100,000 |
2,100,000 |
|
Retained Earning Appropriated for Statutory Reserve |
210,000 |
210,000 |
210,000 |
|
Unappropriated |
93,245,489 |
78,511,807 |
33,922,672 |
|
Total Shareholders' Equity |
95,555,489 |
80,821,807 |
36,232,672 |
|
Total Liabilities & Shareholders' Equity |
214,238,192 |
211,940,314 |
198,528,796 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
344,994,075 |
492,877,707 |
302,872,206 |
|
Service Income |
22,240,170 |
22,523,238 |
18,845,863 |
|
Commission Income |
4,890,205 |
3,194,818 |
10,095,299 |
|
Profit/[Loss] on Exchange Rate |
4,120,990 |
6,661,036 |
- |
|
Other Income |
2,316,489 |
1,116,134 |
1,278,097 |
|
Total Revenues |
378,561,929 |
526,372,933 |
333,091,465 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
224,741,120 |
340,012,805 |
185,649,132 |
|
Cost of Services |
39,570,288 |
37,275,705 |
29,336,663 |
|
Selling Expenses |
24,269,138 |
26,676,030 |
30,052,348 |
|
Administrative Expenses |
68,836,797 |
63,170,655 |
56,592,814 |
|
Total Expenses |
357,417,343 |
467,135,195 |
301,630,957 |
|
|
|
|
|
|
Profit/[Loss] before Financial
Cost & Income Tax |
21,144,586 |
59,237,738 |
31,460,508 |
|
Financial Cost |
[1,503,331] |
[1,031,795] |
[1,158,532] |
|
Profit/[Loss] before Income Tax |
19,641,255 |
58,205,943 |
30,301,976 |
|
Income Tax |
[4,907,573] |
[13,616,808] |
[14,126,311] |
|
|
|
|
|
|
Net Profit/[Loss] |
14,733,682 |
44,589,135 |
16,175,665 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.62 |
1.49 |
1.13 |
|
QUICK RATIO |
TIMES |
0.56 |
0.58 |
0.46 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
44.45 |
67.57 |
46.34 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.71 |
2.43 |
1.62 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
88.74 |
66.17 |
130.91 |
|
INVENTORY TURNOVER |
TIMES |
4.11 |
5.52 |
2.79 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
57.59 |
50.85 |
72.19 |
|
RECEIVABLES TURNOVER |
TIMES |
6.34 |
7.18 |
5.06 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
129.05 |
87.85 |
219.45 |
|
CASH CONVERSION CYCLE |
DAYS |
17.27 |
29.18 |
(16.36) |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
71.97 |
73.20 |
66.82 |
|
SELLING & ADMINISTRATION |
% |
25.35 |
17.43 |
26.93 |
|
INTEREST |
% |
0.41 |
0.20 |
0.36 |
|
GROSS PROFIT MARGIN |
% |
31.11 |
28.93 |
36.71 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.76 |
11.49 |
9.78 |
|
NET PROFIT MARGIN |
% |
4.01 |
8.65 |
5.03 |
|
RETURN ON EQUITY |
% |
15.42 |
55.17 |
44.64 |
|
RETURN ON ASSET |
% |
6.88 |
21.04 |
8.15 |
|
EARNING PER SHARE |
BAHT |
701.60 |
2,123.29 |
770.27 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.55 |
0.62 |
0.82 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.24 |
1.62 |
4.48 |
|
TIME INTEREST EARNED |
TIMES |
14.07 |
57.41 |
27.16 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(28.75) |
60.20 |
|
|
OPERATING PROFIT |
% |
(64.31) |
88.29 |
|
|
NET PROFIT |
% |
(66.96) |
175.66 |
|
|
FIXED ASSETS |
% |
8.32 |
9.88 |
|
|
TOTAL ASSETS |
% |
1.08 |
6.76 |
|
ANNUAL GROWTH : ACCEPTABLE
An annual sales growth is -28.75%. Turnover has decreased from THB
PROFITABILITY : EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
31.11 |
Impressive |
Industrial Average |
5.92 |
|
Net Profit Margin |
4.01 |
Impressive |
Industrial Average |
2.71 |
|
Return on Assets |
6.88 |
Impressive |
Industrial Average |
4.13 |
|
Return on Equity |
15.42 |
Impressive |
Industrial Average |
10.69 |
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 31.11%. 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 4.01%, 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 6.88%, 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 15.42%, 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 : SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.62 |
Impressive |
Industrial Average |
1.00 |
|
Quick Ratio |
0.56 |
|
|
|
|
Cash Conversion Cycle |
17.27 |
|
|
|
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 1.62 times in 2013, increased from 1.49 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 0.56 times in 2013,
decreased from 0.58 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 18 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.55 |
Impressive |
Industrial Average |
0.65 |
|
Debt to Equity Ratio |
1.24 |
Satisfactory |
Industrial Average |
1.88 |
|
Times Interest Earned |
14.07 |
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 14.07 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 0.55 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 |
44.45 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.71 |
Impressive |
Industrial Average |
1.49 |
|
Inventory Conversion Period |
88.74 |
|
|
|
|
Inventory Turnover |
4.11 |
Acceptable |
Industrial Average |
6.62 |
|
Receivables Conversion Period |
57.59 |
|
|
|
|
Receivables Turnover |
6.34 |
Impressive |
Industrial Average |
5.37 |
|
Payables Conversion Period |
129.05 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.34 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 66 days at the
end of 2012 to 89 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 5.52 times in year 2012 to 4.11 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.71 times and 2.43
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 Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.81 |
|
|
1 |
Rs.96.77 |
|
Euro |
1 |
Rs.77.09 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SDA |
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.