MIRA
INFORM REPORT
|
Report Date : |
06.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL FISH CO., LTD. |
|
|
|
|
Registered Office : |
99/5 Moo 5, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
26.01.2005 |
|
|
|
|
Com. Reg. No.: |
0105548012320 [Former :
0108154801433] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Distributor and
Exporter of Frozen Seafoods |
|
|
|
|
No. of Employees |
65 |
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 |
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|
|
|
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
GLOBAL FISH CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : 99/5 MOO 5,
EKACHAI ROAD, KHOKKAM,
MUANG, SAMUTSAKORN
74000, THAILAND
TELEPHONE : [66] 34 834-818-20
FAX : [66] 34
834-821, 34 834-823
E-MAIL ADDRESS : services@globalfish.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2005
REGISTRATION NO. : 0105548012320 [Former
: 0108154801433]
TAX ID NO. : 3031718296
CAPITAL REGISTERED : BHT.
68,000,000
CAPITAL PAID-UP : BHT.
68,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUTHEE ANANTAWITHAYANON, THAI
MANAGING DIRECTOR
NO. OF STAFF : 65
LINES OF BUSINESS : FROZEN SEAFOODS
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 January
26, 2005 as
a private limited
company under the
name style GLOBAL
FISH CO., LTD.
by Thai groups.
Its business objective
is engaged in
importing, distributing and
exporting of frozen
seafood. It currently
employs 65 staff.
The subject’s registered
address is 99/5
Moo 5, Ekachai
Rd., Khokkam, Muang,
Samutsakorn 74000, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Thitirat Raseevisuth |
|
Thai |
52 |
|
Mr. Suthee Anantawithayanon |
|
Thai |
51 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Suthee Anantawithayanon is the Managing
Director.
He is Thai
nationality with the
age of 51
years old.
Ms. Thitirat Raseevisuth is
the General Manager.
She is Thai
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subject is engaged
in importing, distributing
and exporting of
frozen seafood, including
Indian Mackerel, Indonesia
Mackerel, Short Bodied
Mackerel, Hard Tail
Scad, Big Eye
Scad, Yellow-Tail Round
Scad, Bonito, Saba,
Eastern Little Tuna,
giant squid necks
and Loligo Gahi
Squid, Jelly Fish
and etc. The subject also
provides cold storage
service for fresh
meat and seafood
products.
IMPORT
The products are
imported from Japan,
Indonesia, Myanmar, Malaysia,
New Zealand, Pakistan
and India, as
well as purchasing
from local suppliers.
SALES
The products are
sold locally by
wholesale to traders
and end-users in
food industry.
EXPORT
The local products are exported to Republic of China, Japan, Malaysia,
Taiwan, Korea, Pakistan, Hong Kong,
Singapore and European countries.
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
credits term of
30-60 days.
Imports are by T/T.
Exports area against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
65 office staff and
workers.
LOCATION DETAILS
The premises is
owned for administrative office and
cold storage at
the heading address.
Premises is located
in provincial.
Bangkok office is
located at 375
Soi Charansanitwong 12,
Charansanitwong Road,
Wadthaphra, Bangkokyai, Bangkok
10600. Tel.: [66] 2412-2471-2,
Fax.: [66] 2864-1509-10.
COMMENT
Subject is engaged in importing, distributing
and exporting of seafood
products. Slow consumption
in 2013 has
contributed to a
slow growth of
its business as
well. Domestic economic
slowdown from various
factors including higher
raw material cost
have resulted to
shrinking consumption.
Subject’s business performance
closely links with
the condition of
domestic purchasing power,
which currently is
shrinking.
FINANCIAL INFORMATION
The capital was registered at
Bht. 8,000,000 divided into
80,000 shares of Bht.
100 each with
fully paid.
On September 9,
2013, capital was
increased to Bht.
68,000,000 divided into
680,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
August 26, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Suthee
Anantawithayanon Nationality: Thai Address : 375
Charansanitwong 12 Rd.,
Wadthaphra,
Bangkokyai, Bangkok |
217,600 |
32.00 |
|
Ms. Thitirat Raseevisuth Nationality: Thai Address : 375
Charansanitwong 12 Rd.,
Wadthaphra,
Bangkokyai, Bangkok |
217,600 |
32.00 |
|
Ms. Chotika
Anantawithayanon Nationality: Thai Address : 375
Charansanitwong 12 Rd.,
Wadthaphra,
Bangkokyai, Bangkok |
81,600 |
12.00 |
|
Ms. Pimchanok
Anantawithayanon Nationality: Thai Address : 375
Charansanitwong 12 Rd.,
Wadthaphra,
Bangkokyai, Bangkok |
81,600 |
12.00 |
|
Ms. Pathanand
Anantawithayanon Nationality: Thai Address : 375
Charansanitwong 12 Rd.,
Wadthaphra,
Bangkokyai, Bangkok |
81,600 |
12.00 |
Total Shareholders : 5
Share Structure
: [as at
August 26, 2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
680,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
680,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Sombat Saesin No. 5922
BALANCE SHEET [BAHT]
The latest financial
figures published for December
31, 2013 & 2012, 2011
were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
1,806,342.70 |
3,796,955.38 |
2,790,418.22 |
|
Trade Accounts Receivable |
153,600.00 |
1,807,879.01 |
905,296.83 |
|
Inventories |
126,009,323.65 |
88,755,635.47 |
77,588,541.44 |
|
Other Current Assets
|
114,176.83 |
112,228.49 |
188,850.12 |
|
|
|
|
|
|
Total Current Assets
|
128,053,443.18 |
94,472,698.35 |
81,473,106.61 |
|
Cash at Bank
under Commitment |
901,125.62 |
881,917.47 |
861,812.47 |
|
Fixed Assets |
63,586,921.66 |
66,605,144.78 |
72,178,316.12 |
|
Other Non-current Assets |
336,622.24 |
234,759.71 |
174,763.16 |
|
Total Assets |
192,908,112.70 |
162,194,520.31 |
154,687,998.36 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Short-term Loan from Financial Institution |
- |
7,024,228.23 |
6,000,000.00 |
|
Trade Accounts &
Other Payable |
4,832,739.33 |
3,175,930.06 |
9,436,097.95 |
|
Short-term Loan from Related
Company |
- |
11,500,000.00 |
- |
|
Other Current Liabilities |
48,383.16 |
81,162.54 |
365,816.29 |
|
|
|
|
|
|
Total Current Liabilities |
4,881,122.49 |
21,781,320.83 |
15,801,914.24 |
|
|
|
|
|
|
Long-term Loan from
Related Person |
133,200,000.00 |
143,800,000.00 |
143,500,000.00 |
|
Total Liabilities |
138,081,222.49 |
165,581,320.83 |
159,301,914.24 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share capital
680,000 shares in 2013; 80,000 shares in
2012 & 2011 |
68,000,000.00 |
8,000,000.00 |
8,000,000.00 |
|
|
|
|
|
|
Capital Paid |
68,000,000.00 |
8,000,000.00 |
8,000,000.00 |
|
Retained Earning -
Unappropriated |
[13,173,009.79] |
[11,386,800.52] |
[12,613,915.88] |
|
Total Shareholders' Equity |
54,826,990.21 |
[3,386,800.52] |
[4,613,915.88] |
|
Total Liabilities &
Shareholders' Equity |
192,908,112.70 |
162,194,520.31 |
154,687,998.36 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales & Service Income |
639,806,404.62 |
671,119,552.49 |
511,566,382.44 |
|
Other Income |
1,454,101.22 |
2,058,893.92 |
1,013,371.13 |
|
Total Revenues |
641,260,505.84 |
673,178,446.41 |
512,579,753.57 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Change in Finished Goods |
616,971,233.39 |
650,144,583.40 |
483,924,354.51 |
|
Material Supplies |
284,399.32 |
327,352.06 |
402,319.80 |
|
Employees Expenses |
6,424,119.00 |
6,701,895.00 |
6,411,886.00 |
|
Depreciation |
5,736,121.12 |
5,849,567.94 |
6,451,605.61 |
|
Other Expenses |
13,511,789.70 |
8,125,789.94 |
9,681,155.46 |
|
Total Expenses |
642,927,662.53 |
671,149,188.34 |
506,871,321.38 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
[1,667,156.69] |
2,029,258.07 |
5,708,432.19 |
|
Financial Cost |
[119,052.58] |
[589,099.03] |
[1,128,446.49] |
|
Profit / [Loss] before Income Tax |
[1,786,209.27] |
1,440,159.04 |
4,579,985.70 |
|
Income Tax |
- |
[213,043.68] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
[1,786,209.27] |
1,227,115.36 |
4,579,985.70 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
26.23 |
4.34 |
5.16 |
|
QUICK RATIO |
TIMES |
0.40 |
0.26 |
0.23 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.06 |
10.08 |
7.09 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.32 |
4.14 |
3.31 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
74.51 |
49.80 |
58.47 |
|
INVENTORY TURNOVER |
TIMES |
4.90 |
7.33 |
6.24 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
0.09 |
0.98 |
0.65 |
|
RECEIVABLES TURNOVER |
TIMES |
4,165.41 |
371.22 |
565.08 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
2.86 |
1.78 |
7.11 |
|
CASH CONVERSION CYCLE |
DAYS |
71.74 |
49.00 |
52.01 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
96.48 |
96.92 |
94.68 |
|
SELLING & ADMINISTRATION |
% |
1.90 |
1.87 |
2.51 |
|
INTEREST |
% |
0.02 |
0.09 |
0.22 |
|
GROSS PROFIT MARGIN |
% |
3.75 |
3.38 |
5.52 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.26) |
0.30 |
1.12 |
|
NET PROFIT MARGIN |
% |
(0.28) |
0.18 |
0.90 |
|
RETURN ON EQUITY |
% |
(3.26) |
- |
- |
|
RETURN ON ASSET |
% |
(0.93) |
0.76 |
2.96 |
|
EARNING PER SHARE |
BAHT |
(2.63) |
15.34 |
57.25 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.72 |
1.02 |
1.03 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.52 |
(48.89) |
(34.53) |
|
TIME INTEREST EARNED |
TIMES |
(14.00) |
3.44 |
5.06 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(4.67) |
31.19 |
|
|
OPERATING PROFIT |
% |
(182.16) |
(64.45) |
|
|
NET PROFIT |
% |
(245.56) |
(73.21) |
|
|
FIXED ASSETS |
% |
(4.53) |
(7.72) |
|
|
TOTAL ASSETS |
% |
18.94 |
4.85 |
|
ANNUAL GROWTH : RISKY
An annual sales growth is -4.67%. Turnover has decreased from THB
PROFITABILITY : RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.75 |
Deteriorated |
Industrial Average |
52.62 |
|
Net Profit Margin |
(0.28) |
Deteriorated |
Industrial Average |
(0.29) |
|
Return on Assets |
(0.93) |
Deteriorated |
Industrial Average |
(1.16) |
|
Return on Equity |
(3.26) |
Deteriorated |
Industrial Average |
(4.97) |
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 3.75%. 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 -0.28%,
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
-0.93%, 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 -3.26%, 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 : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
26.23 |
Impressive |
Industrial Average |
1.17 |
|
Quick Ratio |
0.40 |
|
|
|
|
Cash Conversion Cycle |
71.74 |
|
|
|
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 26.23 times in 2013, increased from 4.34 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 0.4 times in 2013,
increased from 0.26 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 72 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.72 |
Impressive |
Industrial Average |
0.83 |
|
Debt to Equity Ratio |
2.52 |
Satisfactory |
Industrial Average |
4.90 |
|
Times Interest Earned |
(14.00) |
Risky |
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 -14.01 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.72 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 |
10.06 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
3.32 |
Satisfactory |
Industrial Average |
4.06 |
|
Inventory Conversion Period |
74.51 |
|
|
|
|
Inventory Turnover |
4.90 |
Acceptable |
Industrial Average |
9.29 |
|
Receivables Conversion Period |
0.09 |
|
|
|
|
Receivables Turnover |
4,165.41 |
Impressive |
Industrial Average |
5.10 |
|
Payables Conversion Period |
2.86 |
|
|
|
The company's Account Receivable Ratio is calculated as 4,165.41 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 50 days at the
end of 2012 to 75 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 7.33 times in year 2012 to 4.9 times
in year 2013.
The company's Total Asset Turnover is calculated as 3.32 times and 4.14
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.44 |
|
UK Pound |
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.78.20 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.