MIRA
INFORM REPORT
|
Report Date : |
12.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
GOODSCOUR INDUSTRIAL CO., LTD. |
|
|
|
|
Registered Office : |
30/1 Moo 3, T.
Nong-I-Run, A. Banbung, Chonburi
20220, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
29.08.1990 |
|
|
|
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Com. Reg. No.: |
0105533103308 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in manufacturing and distributing various
kinds of household
cleaning materials, such
as scouring pads,
scrub sponges, scouring
pad with handle
and non-woven abrasive
products |
|
|
|
|
No of Employees : |
70 |
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 : |
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Thailand |
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 |
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
GOODSCOUR INDUSTRIAL CO., LTD.
SUMMARY
BUSINESS ADDRESS : 30/1 MOO 3, T.
NONG-I-RUN, A. BANBUNG,
CHONBURI 20220,
THAILAND
TELEPHONE : [66] 38
192-853-6
FAX
: [66] 38
192-857-8
E-MAIL ADDRESS : goodscour@goodscour.com
REGISTRATION ADDRESS : 11th
FLOOR, FORTUNE UNI-MANSION,
226/293 PATTANAKARN
ROAD, PRAWET,
BANGKOK 10250
ESTABLISHED
: 1990
REGISTRATION NO. : 0105533103308
TAX ID NO. : 3101875379
CAPITAL REGISTERED : BHT.
20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S
PROPORTION : THAI :
51.00%
CHINESE :
49.00%
FISCAL YEAR CLOSING DATE
: DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHANG HUI
CHUNG, CHINESE
MANAGING DIRECTOR
NO. OF STAFF : 70
LINES OF BUSINESS : HOUSEHOLD CLEANING
MATERIALS
MANUFACTURING CONTRACTOR
|
|
|
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 August
29, 1990 as
a private limited
company under the registered
name GOODSCOUR INDUSTRIAL
CO., LTD., by
Thai and Chinese
groups, with the
business objective to
provide manufacturing
service various household
cleaning materials. It
currently employs approximately
70 staff.
The subject’s registered
address is 11th Floor,
Fortune Uni-Mansion, 226/293
Pattanakarn Rd., Prawet,
Bangkok 10250, while
the current operation
address is 30/1
Moo 3,
T. Nong-I-Run, A.
Banbung, Chonburi 20220.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chang Hui Chung |
|
Chinese |
59 |
|
Mr. Chang Hui Ming |
|
Chinese |
56 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Chang Hui Chung
is the Managing
Director.
He is Chinese
nationality with the
age of 59
years old.
Mr. Chang Chia Wei
is the Sales
Manager.
He is Chinese
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and distributing various
kinds of household
cleaning materials, such
as scouring pads,
scrub sponges, scouring
pad with handle
and non-woven abrasive
products, under its
own brands “GOODSCOUR”
and “BEST BRITE”,
as well as
provide manufacturing service
of the products
according to customer’s
brands.
PRODUCTION CAPACITY
4,000,000 square meters
per annum
PURCHASE
Most of raw
materials such as
nylon fiber, PP plastic,
polyester fiber and etc.,
are
purchased from local
suppliers, the remaining
is imported from
Republic of China
and Taiwan.
MAJOR SUPPLIER
Goodscour Chemistry Fibre
Manufacture Co., Ltd.
: Republic of
China
SALES
100% of the
products is sold
locally to wholesalers
and end-users.
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 to 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.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The subject currently
employs approximately 70
office staff and
factory workers.
LOCATION DETAILS
The premise is owned for
administrative office, factory
and warehouse at
the heading address.
Premise is located
in provincial, the
Eastern region.
COMMENT
The subject is engaged
in manufacturing and
distributing cleaning materials. Its revenue
was reported higher than the previous
year, but slow
market growth has
seen for several
months due to
continuous rising of
raw materials, operating
expenses and sluggish
consumption. Subject’s performance
is likely to grow at
slow pace this
year.
FINANCIAL INFORMATION
The capital was
registered at Bht. 3,000,000 divided into 30,000
shares of Bht. 100
each with fully
paid.
The capital was
increased later as
follows:
Bht. 16,000,000 on May 6,
1997
Bht. 20,000,000 on March 10,
2003
The latest registered
capital was increased
to Bht. 20,000,000 divided into
200,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chang Hui Chung Nationality:
Chinese Address : Yen-Lin,
Taiwan |
64,000 |
32.00 |
|
Mr. Apichart
Panyavuthilert Nationality: Thai Address : 791
Soi Ladprao 95,
Wangthonglang, Bangkok |
40,000 |
20.00 |
|
Ms. Anusara Saewang Nationality: Thai Address : 162/195
Moo 5, Praeksa,
Muang,
Samutprakarn |
22,000 |
11.00 |
|
Mrs. Wanphen
Chaichanpanich Nationality: Thai Address : 309/215
Moo 6, Prawet,
Bangkok |
20,000 |
10.00 |
|
Mr. Siri
Chaichanpanich Nationality: Thai Address : 1158
Soi Sena Villa,
Klongchan,
Bangkapi, Bangkok |
20,000 |
10.00 |
|
Mr. Chang Hui Ming Nationality:
Chinese Address : Yen-Lin,
Taiwan |
20,000 |
10.00 |
|
Mrs. Chang Li Zee Nationality:
Chinese Address : Yin-Lin,
Taiwan |
14,000 |
7.00 |
Total
Shareholders : 7
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
102,000 |
51.00 |
|
Foreign - Chinese |
3 |
98,000 |
49.00 |
|
Total |
7 |
200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Napa
Chanrueng No. 2470
GOODSCOUR INDUSTRIAL
CO., LTD.
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 |
381,295.82 |
403,238.02 |
575,889.75 |
|
Trade Accounts Receivable
|
28,409,386.59 |
21,582,703.40 |
20,373,367.73 |
|
Inventories |
8,020,030.67 |
7,938,103.37 |
6,491,910.24 |
|
Other Current Assets
|
1,105,258.18 |
1,170,282.49 |
1,945,692.22 |
|
|
|
|
|
|
Total Current Assets
|
37,915,971.26 |
31,094,327.28 |
29,386,859.94 |
|
|
|
|
|
|
Fixed Assets |
48,243,224.65 |
50,524,000.52 |
27,140,522.82 |
|
Other Non -
current Assets |
102,800.00 |
780,300.00 |
23,824,662.73 |
|
Total Assets |
86,261,995.91 |
82,398,627.80 |
80,352,045.49 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft
from Financial
Institutions |
8,219,222.21 |
10,332,656.09 |
10,552,655.43 |
|
Trade Accounts
Payable & Promissory Note |
16,069,198.37 |
16,243,143.90 |
19,065,507.90 |
|
Accrued Expenses |
702,706.12 |
837,469.97 |
1,889,415.31 |
|
Other Current Liabilities |
703,571.68 |
811,507.83 |
511,851.73 |
|
|
|
|
|
|
Total Current Liabilities |
25,694,698.38 |
28,224,777.79 |
32,019,430.37 |
|
Long-term Loan from Person or Related Company |
33,500,000.00 |
27,200,000.00 |
20,600,000.00 |
|
Other Long-term Payable |
5,424,900.00 |
7,470,900.00 |
9,516,900.00 |
|
Total
Liabilities |
64,619,598.38 |
62,895,677.79 |
62,136,330.37 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital :
Baht 100 par
value authorized, issued
and fully paid share
capital 200,000 shares |
20,000,000.00 |
20,000,000.00 |
20,000,000.00 |
|
|
|
|
|
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning - Unappropriated [Deficit] |
1,642,397.53 |
[497,049.99] |
[1,784,284.88] |
|
Total Shareholders'
Equity |
21,642,397.53 |
19,502,950.01 |
18,215,715.12 |
|
Total Liabilities
& Shareholders' Equity |
86,261,995.91 |
82,398,627.80 |
80,352,045.49 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales &
Services Income |
68,186,444.01 |
59,412,766.64 |
45,628,443.22 |
|
Other Income |
2,417,690.01 |
1,494,727.13 |
10,526,733.07 |
|
Total Revenues |
70,604,134.02 |
60,907,493.77 |
56,155,176.29 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
55,483,914.70 |
47,764,405.16 |
36,196,046.29 |
|
Selling Expenses |
7,206,312.41 |
6,207,604.29 |
6,237,367.32 |
|
Administrative
Expenses |
3,575,275.49 |
3,976,915.51 |
7,972,022.72 |
|
Total Expenses
|
66,265,502.60 |
57,948,924.96 |
50,405,436.33 |
|
|
|
|
|
|
Profit / [Loss]
before Financial Cost & Income
Tax |
4,338,631.42 |
2,958,568.81 |
5,749,739.96 |
|
Financial Cost |
[1,619,492.51] |
[1,150,758.21] |
- |
|
Profit / [Loss]
before Income Tax |
2,719,138.91 |
1,807,810.60 |
5,749,739.96 |
|
Income Tax |
[579,691.39] |
[520,575.71] |
[3,237,919.04] |
|
|
|
|
|
|
Net Profit / [Loss]
|
2,139,447.52 |
1,287,234.89 |
2,511,820.92 |
GOODSCOUR INDUSTRIAL
CO., LTD.
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.48 |
1.10 |
0.92 |
|
QUICK RATIO |
TIMES |
1.12 |
0.78 |
0.65 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.41 |
1.18 |
1.68 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.79 |
0.72 |
0.57 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
52.76 |
60.66 |
65.46 |
|
INVENTORY TURNOVER |
TIMES |
6.92 |
6.02 |
5.58 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
152.07 |
132.59 |
162.97 |
|
RECEIVABLES TURNOVER |
TIMES |
2.40 |
2.75 |
2.24 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
105.71 |
124.12 |
192.26 |
|
CASH CONVERSION CYCLE |
DAYS |
99.12 |
69.13 |
36.18 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
81.37 |
80.39 |
79.33 |
|
SELLING & ADMINISTRATION |
% |
15.81 |
17.14 |
31.14 |
|
INTEREST |
% |
2.38 |
1.94 |
- |
|
GROSS PROFIT MARGIN |
% |
22.17 |
22.12 |
43.74 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.36 |
4.98 |
12.60 |
|
NET PROFIT MARGIN |
% |
3.14 |
2.17 |
5.50 |
|
RETURN ON EQUITY |
% |
9.89 |
6.60 |
13.79 |
|
RETURN ON ASSET |
% |
2.48 |
1.56 |
3.13 |
|
EARNING PER SHARE |
BAHT |
10.70 |
6.44 |
12.56 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.75 |
0.76 |
0.77 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.99 |
3.22 |
3.41 |
|
TIME INTEREST EARNED |
TIMES |
2.68 |
2.57 |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
14.77 |
30.21 |
|
|
OPERATING PROFIT |
% |
46.65 |
(48.54) |
|
|
NET PROFIT |
% |
66.20 |
(48.75) |
|
|
FIXED ASSETS |
% |
(4.51) |
86.16 |
|
|
TOTAL ASSETS |
% |
4.69 |
2.55 |
|
ANNUAL
GROWTH : IMPRESSIVE
An annual sales growth is 14.77%. Turnover has increased
from THB
PROFITABILITY
: RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
22.17 |
Deteriorated |
Industrial Average |
215.89 |
|
Net Profit Margin |
3.14 |
Acceptable |
Industrial Average |
5.06 |
|
Return on Assets |
2.48 |
Deteriorated |
Industrial Average |
11.28 |
|
Return on Equity |
9.89 |
Deteriorated |
Industrial Average |
20.61 |
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 22.17%. 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 3.14%. When compared with the industry average, the ratio of the
company was lower.
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 2.48%.
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 9.89%.
Trend of the average competitors in the same industry for
last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY
: ACCEPTABLE
LIQUIDITY
RATIO
|
Current Ratio |
1.48 |
Impressive |
Industrial Average |
0.98 |
|
Quick Ratio |
1.12 |
|
|
|
|
Cash Conversion Cycle |
99.12 |
|
|
|
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 1.48 times in 2013, increased from 1.1 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 1.12
times in 2013, increased from 0.78 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 100 days.
Trend of the average competitors in the same industry for
last 5 years
Current Ratio Downtrend
LEVERAGE
: ACCEPTABLE
LEVERAGE
RATIO
|
Debt Ratio |
0.75 |
Acceptable |
Industrial Average |
0.44 |
|
Debt to Equity Ratio |
2.99 |
Risky |
Industrial Average |
0.78 |
|
Times Interest Earned |
2.68 |
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 2.68 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 0.75 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 Downtrend
Times Interest Earned Stable
ACTIVITY
: ACCEPTABLE
ACTIVITY
RATIO
|
Fixed Assets Turnover |
1.41 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.79 |
Deteriorated |
Industrial Average |
2.23 |
|
Inventory Conversion Period |
52.76 |
|
|
|
|
Inventory Turnover |
6.92 |
Deteriorated |
Industrial Average |
20.45 |
|
Receivables Conversion Period |
152.07 |
|
|
|
|
Receivables Turnover |
2.40 |
Deteriorated |
Industrial Average |
7.68 |
|
Payables Conversion Period |
105.71 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.40
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 2012 to 53 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 6.02 times in year 2012 to 6.92 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.79
times and 0.72 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 Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.91 |
|
|
1 |
Rs.98.65 |
|
Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TPT |
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.