MIRA INFORM REPORT
|
Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
THAI MEOCHEMS CO., LTD. |
|
|
|
|
Registered Office : |
53/1-2
SOI Wuttakard 3,
Wuttakard Road, Taladplu, Thonburi,
Bangkok 10600 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
03.12.1999 |
|
|
|
|
Com. Reg. No.: |
0105542093859 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged
in importing and
distributing of industrial
chemicals and raw
materials for pharmaceutical, cosmetics,
foods and animal
feed production industries,
as well as
medical instruments and
supplies, including empty capsules & gelatin
capsule, clinical equipment
and supplies, and
pharmaceutical packaging products. |
|
|
|
|
No. of Employees : |
35 |
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) |
|
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 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
THAI MEOCHEMS
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 53/1-2 SOI
WUTTAKARD 3, WUTTAKARD
ROAD,
TALADPLU, THONBURI,
BANGKOK 10600,
THAILAND
TELEPHONE : [66] 2891-5514-5
FAX : [66] 2891-5552
E-MAIL
ADDRESS : thaimeochems@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0105542093859
TAX
ID NO. : 3030027443
CAPITAL REGISTERED : BHT. 500,000
CAPITAL PAID-UP : BHT.
500,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
KOSIT WIWATWARIN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 35
LINES
OF BUSINESS : PHARMACEUTICAL CHEMICALS,
MEDICAL
SUPPLIES AND
INSTRUMENTS
IMPORTER AND
DISTRIBUTOR
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 December 3, 1999
as a private
limited company under the name style THAI MEOCHEMS CO., LTD. by Thai groups, with
the business objective
to import pharmaceutical chemicals, medical supplies and instruments
for local market. It currently
employs 35 staff.
The
subject’s registered address
is 53/1-2 Soi
Wuttakard 3, Wuttakard
Rd., Taladplu, Thonburi,
Bangkok 10600 and
this is the
company’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Kosit Wiwatwarin |
Thai |
48 |
|
Mrs. Suvichaya Thamrongwarin |
Thai |
43 |
AUTHORIZED
PERSON
Both of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Kosit Wiwatwarin
is the Managing
Director.
He is Thai
nationality with the
age of 48
years old.
Mrs. Suvichaya Thamrongwarin is
the Deputy Managing
Director [Sales & Marketing].
She is Thai
nationality with the age
of 43 years
old.
BUSINESS
OPERATIONS
The subject is
engaged in importing
and distributing of
industrial chemicals and
raw materials for
pharmaceutical, cosmetics, foods
and animal feed
production industries, as
well as medical
instruments and supplies,
including empty capsules
& gelatin capsule,
clinical equipment and
supplies, and pharmaceutical packaging
products.
MAJOR BRANDS
“MEGGLE”, “BILCARE”, “GELTECH”,
“ILE”, “SUHEUNG”, “PHARM-A-SPHERES”, “VIKRAM” and
etc.
PURCHASE
The
products are purchased
from both local
and overseas suppliers
in India, Korea,
Republic of China
and Germany.
MAJOR
SUPPLIERS
Ideal
Cures Pvt. Ltd. : India
Meggle
AG. : Germany
Bilcare
Ltd. :
India
Geltech
Co., Ltd. :
Korea
Suheung
Co., Ltd. :
Korea
Vikram
Thermo [India] Ltd. : India
SALES
100% of the
products is sold
locally by wholesale
to traders and
end-users, such as
hospital and medical
center both private
company and Thai
government sectors.
MAJOR CUSTOMER
Government Pharmaceutical Organization
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 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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs 35 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The
subject is a
supplier of pharmaceutical chemicals,
medical supplies and
instruments. Its business
is growing steadily
in line with
a high demand
of the products
from local medical
industry. Subject’s business
is strong.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 500,000 divided
into 5,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kosit Wiwatwarin Nationality: Thai Address : 12/5
Plubplachai Rd., Watthepsirin,
Pomprabsattrupai, Bangkok |
2,000 |
40.00 |
|
Mrs. Suvichaya Thamrongwarin Nationality: Thai Address :
12/5 Plubplachai Rd.,
Watthepsirin, Pomprabsattrupai, Bangkok |
2,000 |
40.00 |
|
Mrs. Suree Suriyakulpanich Nationality: Thai Address : 953
Srinakarin Rd., Suanluang,
Bangkok |
996 |
19.92 |
|
Mr. Somsak Wiwatwarin Nationality: Thai Address : 12/5
Plubplachai Rd., Watthepsirin,
Pomprabsattrupai, Bangkok |
1 |
0.02 |
|
Mr. Songdech Suriyakulpanich Nationality: Thai Address : 953
Srinakarin Rd., Suanluang,
Bangkok |
1 |
0.02 |
|
Mr. Boonchu Suriyakulpanich Nationality: Thai Address : 953
Srinakarin Rd., Suanluang,
Bangkok |
1 |
0.02 |
|
Mr. Chatri Suriyakulpanich Nationality: Thai Address : 953
Srinakarin Rd., Suanluang,
Bangkok |
1 |
0.02 |
Total Shareholders : 7
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
5,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
5,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Somsak Attakarnyotha No.
4956
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 |
61,774,825 |
52,138,450 |
55,824,546.45 |
|
Trade Accounts &
Other Receivable |
122,608,840 |
104,915,097 |
72,035,663.75 |
|
Inventories |
43,677,809 |
43,235,446 |
35,225,907.73 |
|
Other Current Assets
|
45,007 |
206,471 |
20,246,840.09 |
|
|
|
|
|
|
Total Current Assets
|
228,106,481 |
200,495,464 |
183,332,958.02 |
|
|
|
|
|
|
Fixed Assets |
12,580,061 |
13,163,295 |
10,950,013.16 |
|
Intangible Assets |
11,014 |
4,699 |
- |
|
Other Non-current Assets |
3,231,503 |
537,485 |
7,708.71 |
|
Total Assets |
243,929,059 |
214,200,943 |
194,290,679.89 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
146,158,632 |
104,272,177 |
65,188,829.79 |
|
Current Portion of
Long-term Loans |
277,961 |
452,040 |
- |
|
Current Portion of
Financial Lease Liabilities |
- |
- |
452,040.00 |
|
Accrued Income Tax |
1,429,281 |
1,957,474 |
1,261,173.32 |
|
Other Current Liabilities |
74,487 |
533,023 |
32,507,005.65 |
|
|
|
|
|
|
Total Current Liabilities |
147,940,361 |
107,214,714 |
99,409,048.76 |
|
Long-term Loan |
1,154,318 |
28,194,209 |
30,075,000.00 |
|
Financial Lease Liabilities |
- |
- |
584,311.64 |
|
Total Liabilities |
149,094,679 |
135,408,123 |
130,068,360.40 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 5,000 shares |
500,000 |
500,000 |
500,000 |
|
|
|
|
|
|
Capital Paid |
500,000 |
500,000 |
500,000 |
|
Retained Earning Unappropriated [Deficit] |
94,334,380 |
78,292,020 |
63,722,319.49 |
|
Total Shareholders' Equity |
94,834,380 |
78,792,020 |
64,222,319.49 |
|
Total Liabilities &
Shareholders' Equity |
243,929,059 |
214,200,943 |
194,290,679.89 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
302,911,746 |
330,895,196 |
236,272,301.75 |
|
Interest Income |
- |
- |
277,353.35 |
|
Other Income |
1,575,121 |
2,397,359 |
19,171.99 |
|
Total Revenues |
304,486,867 |
333,292,555 |
236,568,827.09 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
265,020,734 |
275,183,353 |
193,717,022.69 |
|
Selling Expenses |
5,630,454 |
19,704,713 |
7,569,119.48 |
|
Administrative Expenses |
13,583,798 |
13,686,760 |
12,690,533.88 |
|
Other Expenses |
- |
- |
589,373.06 |
|
Total Expenses |
284,234,986 |
308,574,826 |
214,566,049.11 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
20,251,881 |
24,717,729 |
22,002,777.98 |
|
Financial Costs |
[87,702] |
[5,579,474] |
[6,554,945.08] |
|
Profit / [Loss] before Income
Tax |
20,164,179 |
19,138,255 |
15,447,832.90 |
|
Income Tax |
[4,121,819] |
[4,568,554] |
[4,472,211.39] |
|
|
|
|
|
|
Net Profit / [Loss] |
16,042,360 |
14,569,701 |
10,975,621.51 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.54 |
1.87 |
1.84 |
|
QUICK RATIO |
TIMES |
1.25 |
1.46 |
1.29 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
24.08 |
25.14 |
21.58 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.24 |
1.54 |
1.22 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
60.16 |
57.35 |
66.37 |
|
INVENTORY TURNOVER |
TIMES |
6.07 |
6.36 |
5.50 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
147.74 |
115.73 |
111.28 |
|
RECEIVABLES TURNOVER |
TIMES |
2.47 |
3.15 |
3.28 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
201.30 |
138.31 |
122.83 |
|
CASH CONVERSION CYCLE |
DAYS |
6.60 |
34.77 |
54.83 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
87.49 |
83.16 |
81.99 |
|
SELLING & ADMINISTRATION |
% |
6.34 |
10.09 |
8.57 |
|
INTEREST |
% |
0.03 |
1.69 |
2.77 |
|
GROSS PROFIT MARGIN |
% |
13.03 |
17.56 |
18.14 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.69 |
7.47 |
9.31 |
|
NET PROFIT MARGIN |
% |
5.30 |
4.40 |
4.65 |
|
RETURN ON EQUITY |
% |
16.92 |
18.49 |
17.09 |
|
RETURN ON ASSET |
% |
6.58 |
6.80 |
5.65 |
|
EARNING PER SHARE |
BAHT |
3,208.47 |
2,913.94 |
2,195.12 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.61 |
0.63 |
0.67 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.57 |
1.72 |
2.03 |
|
TIME INTEREST EARNED |
TIMES |
230.92 |
4.43 |
3.36 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(8.46) |
40.05 |
|
|
OPERATING PROFIT |
% |
(18.07) |
12.34 |
|
|
NET PROFIT |
% |
10.11 |
32.75 |
|
|
FIXED ASSETS |
% |
(4.43) |
20.21 |
|
|
TOTAL ASSETS |
% |
13.88 |
10.25 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -8.46%. Turnover has decreased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.03 |
Deteriorated |
Industrial
Average |
98.81 |
|
Net Profit Margin |
5.30 |
Impressive |
Industrial
Average |
4.39 |
|
Return on Assets |
6.58 |
Satisfactory |
Industrial
Average |
7.54 |
|
Return on Equity |
16.92 |
Satisfactory |
Industrial
Average |
18.32 |
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 13.03%. 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 5.3%,
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 6.58%.
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 16.92%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
1.54 |
Impressive |
Industrial
Average |
1.50 |
|
Quick Ratio |
1.25 |
|
|
|
|
Cash Conversion Cycle |
6.60 |
|
|
|
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 1.54 times in 2013, decreased from 1.87 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 1.25 times in 2013,
decreased from 1.46 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 7 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.61 |
Acceptable |
Industrial
Average |
0.59 |
|
Debt to Equity Ratio |
1.57 |
Risky |
Industrial
Average |
1.44 |
|
Times Interest Earned |
230.92 |
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 230.92 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 0.61 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 |
24.08 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.24 |
Acceptable |
Industrial
Average |
1.72 |
|
Inventory Conversion Period |
60.16 |
|
|
|
|
Inventory Turnover |
6.07 |
Impressive |
Industrial
Average |
3.87 |
|
Receivables Conversion Period |
147.74 |
|
|
|
|
Receivables Turnover |
2.47 |
Satisfactory |
Industrial
Average |
2.49 |
|
Payables Conversion Period |
201.30 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.47 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 57 days at the
end of 2012 to 60 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 6.36 times in year 2012 to 6.07 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.24 times and 1.54
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.61.31 |
|
|
1 |
Rs.99.00 |
|
Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.