MIRA INFORM REPORT
|
Report No. : |
353756 |
|
Report Date : |
12.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
TRAVEX CO., LTD. |
|
|
|
|
Registered Office : |
86 Soi Langsuan,
Ploenchit Road, Lumpini, Pathumwan,
Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
11.02.1975 |
|
|
|
|
Com. Reg. No.: |
0105518001389 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is engaged in
professional travel
services for inbound-outbound tours operators, comprising private group
and incentive group
in Thailand, Vietnam,
Cambodia, Singapore and
Myanmar, as well as providing
airline & railway
ticket, hotel reservation
service. |
|
|
|
|
No. of Employees : |
60 |
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 : |
Slow but correct |
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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, and generally pro-investment policies Thailand has historically had a
strong economy due in part to competitive industrial and agriculture exports -
mostly electronics, agricultural commodities, automobiles and parts, and
processed foods. The economy experienced slow growth and declining exports in
2014, in part due to domestic political turmoil and sluggish global demand.
With full employment, Thailand attracts an estimated 2-4 million migrant
workers from neighboring countries, and faces labor shortages. Following the
May 2014 coup d'etat, tourism decreased 6-7% but is beginning to recover. The
household debt to GDP ratio is over 80%. 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 baht has remained stable.
|
Source
: CIA |
Company
Name
TRAVEX CO., LTD.
SUMMARY
BUSINESS ADDRESS : 86 SOI LANGSUAN,
PLOENCHIT ROAD,
LUMPINI, PATHUMWAN,
BANGKOK 10330,
THAILAND
TELEPHONE : [66] 2638-1600,
2652-2550
FAX : [66] 2253-7610,
2652-1033
E-MAIL ADDRESS : info@travexnet.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1975
REGISTRATION NO. : 0105518001389
TAX ID NO. : 3101022162
CAPITAL REGISTERED : BHT.
80,000,000
CAPITAL PAID-UP : BHT.
80,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
NARONG KHEOKAO, THAI
MANAGING DIRECTOR
NO. OF STAFF : 60
LINES OF BUSINESS : TOUR
AND TRAVEL AGENCY
|
|
|
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 February 11, 1975
as a private
limited company under the
originally registered name “Travel
Export Co., Ltd.”
by Thai groups. On
October 8, 1975, the
subject’s registered name
was changed to TRAVEX
CO., LTD. Its
business objective is to
provide inbound and
outbound tour and
travel services. It currently
employs approximately 60
staff.
The subject’s registered
address is 86
Soi Langsuan, Ploenchit
Rd., Lumpini, Pathumwan,
Bangkok 10330, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Narong Kheokao |
[x] |
Thai |
72 |
|
Mr. Dew Kheokao |
[*] |
Thai |
35 |
|
Mr. Don Kheokao |
[*] |
Thai |
40 |
|
Mrs. Mercedez Jumnaklap |
[x] |
Thai |
84 |
|
Mr. Suthep Jumnaklap |
[x] |
Thai |
73 |
|
Mr. Thomas Jumnaklap |
[-] |
Thai |
47 |
|
Mr. Oscar Jose Jumnaklap |
[-] |
Thai |
50 |
|
Ms. Natalia Jumnaklap |
[-] |
Thai |
44 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can jointly sign
with anyone of
the directors [-]
and directors [*]
with total of 3 persons
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Narong Kheokao is
the Managing Director.
He is Thai
nationality with the
age of 72
years old.
Mr. Suthep Jumnaklap
is the General
Manager.
He is Thai
nationality with the
age of 73
years old.
BUSINESS OPERATIONS
The subject is engaged in
professional travel services for
inbound-outbound tours operators,
comprising private group and
incentive group in
Thailand, Vietnam, Cambodia,
Singapore and Myanmar, as well
as providing airline
& railway ticket,
hotel reservation service.
PURCHASE
100% of purchasing
is from local
suppliers.
SALES
Its business has
been served to
clients both Thais
and foreigners.
RELATED AND
AFFILIATED COMPANIES
Travex [Chiangmai] Co.,
Ltd.
Business Type : Travel
agency
Andaman Travex Co.,
Ltd.
Business Type :
Travel agency
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/services 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.
BANKING
Kasikornbank Public Co.,
Ltd.
[Langsuan Branch,
Soi Langsuan, Ploenchit
Rd., Lumpini, Pathumwan,
Bangkok]
The Siam Commercial
Bank Public Co.,
Ltd.
[Wireless Branch,
Wireless Rd., Lumpini,
Pathumwan, Bangkok]
EMPLOYMENT
The subject employs
approximately 60 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Branch is located
at 7 Moo
4, Theparaj-Onnuch Rd.,
T. Preng, A. Bangbor,
Samutprakarn 10560.
COMMENT
The subject operates
as a travel
agency. Its business
performance was reported
at low level
in the year
2014 compared to the
previous year due
to its destinations
service were not
that famous for
Thai travelers, while
growth in the
year 2015 is relatively
slow.
FINANCIAL INFORMATION
The capital was
registered at Bht.
500,000 divided into
500 shares of
Bht. 1,000 each
with fully paid.
The capital was
increased later as
follows:
Bht. 2,000,000
on February 22,
1989
Bht. 8,000,000
on December 1,
1995
Bht. 12,000,000
on November 29,
2002
Bht. 20,000,000
on May 19,
2005
Bht. 40,000,000
on November 8,
2010
Bht. 80,000,000
on May 30,
2011
The latest registered
capital was increased
to Bht. 80
million, divided into
80,000 shares of
Bht. 1,000 each with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Narong Kheokao Nationality: Thai Address : 275
Soi Rama 9 [46],
Suanluang, Bangkok |
19,000 |
23.75 |
|
Mrs. Tarathip Kheokao Nationality: Thai Address : 275
Soi Rama 9 [46],
Suanluang,
Bangkok |
19,000 |
23.75 |
|
Mrs. Mercedez Jumnaklap Nationality: Thai Address : 722/44
Sukhumvit Rd., Klongton,
Klongtoey, Bangkok |
18,000 |
22.50 |
|
Mr. Suthep Jumnaklap Nationality: Thai Address : 858/132
Soi Sukhumvit 55,
Klongtoey,
Bangkok |
17,600 |
22.00 |
|
Mr. Oscar Jose Jumnaklap Nationality: Thai Address : 242/2
Soi Sukhumvit 35,
Klongtonnua,
Wattana, Bangkok |
6,000 |
7.50 |
|
Mrs. Rungsima Sukhachaisri Nationality: Thai Address : 681
Soi Pattananakarn 29,
Suanluang, Bangkok |
400 |
0.50 |
Total Shareholders : 6
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
80,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
80,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Ms. Sakasiri
Wattanasoponwong No. 5594
BALANCE SHEET
[BAHT]
The latest financial figures published
as at December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
2,472,606.57 |
4,074,017.66 |
4,465,176.17 |
|
Trade Accounts & Other Receivable |
137,440,679.37 |
133,975,236.28 |
133,619,675.77 |
|
|
|
|
|
|
Total Current Assets
|
139,913,285.94 |
138,049,253.94 |
138,084,851.94 |
|
Long-term Investment |
3,678,050.00 |
3,025,450.00 |
1,501,000.00 |
|
Fixed Assets |
70,127,701.06 |
72,783,830.82 |
74,909,274.10 |
|
Other Non-current Assets |
15,189,716.55 |
25,508,722.03 |
20,090,360.59 |
|
Total Assets |
228,908,753.55 |
239,367,256.79 |
234,585,486.63 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft from Financial Institutions |
42,538,920.37 |
52,644,070.13 |
43,106,590.58 |
|
Trade Accounts & Other
Payable |
60,832,687.32 |
61,812,349.51 |
69,434,758.92 |
|
Current Portion of
Long-term Liabilities |
10,318,634.00 |
15,459,419.75 |
14,242,880.00 |
|
Accrued Income Tax |
329,683.36 |
65,066.45 |
522,024.09 |
|
|
|
|
|
|
Total Current Liabilities |
114,019,925.05 |
129,980,905.84 |
127,306,253.59 |
|
Long-term Liabilities, Net of Current Portion |
27,597,007.72 |
14,220,892.19 |
13,512,077.60 |
|
Liabilities for Employee
Benefits |
3,199,643.00 |
3,064,643.00 |
2,936,943.00 |
|
Total Liabilities |
144,816,575.77 |
147,266,441.03 |
143,755,274.19 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 80,000 shares |
80,000,000.00 |
80,000,000.00 |
80,000,000.00 |
|
|
|
|
|
|
Capital Paid |
80,000,000.00 |
80,000,000.00 |
80,000,000.00 |
|
Retained Earnings Unappropriated
|
4,092,177.78 |
12,100,815.76 |
10,830,212.44 |
|
Total Shareholders' Equity |
84,092,177.78 |
92,100,815.76 |
90,830,212.44 |
|
Total Liabilities & Shareholders' Equity |
228,908,753.55 |
239,367,256.79 |
234,585,486.63 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales & Services Income |
182,474,213.49 |
312,346,895.84 |
291,224,939.09 |
|
Other Income |
3,251,665.33 |
1,835,759.23 |
3,381,116.71 |
|
Total Revenues |
185,725,878.82 |
314,182,655.07 |
294,606,055.80 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
130,903,139.47 |
242,056,634.99 |
223,719,336.46 |
|
Administrative Expenses |
56,618,527.48 |
64,579,116.47 |
59,630,114.71 |
|
Total Expenses |
187,521,666.95 |
306,635,751.46 |
283,349,451.17 |
|
|
|
|
|
|
Profit / [Loss] before
Financial Cost & Income
Tax |
[1,795,788.13] |
7,546,903.61 |
11,256,604.63 |
|
Financial Costs |
[5,453,910.16] |
[5,011,890.43] |
[4,672,847.00] |
|
Profit / [Loss] before Income
Tax |
[7,249,698.29] |
2,535,013.18 |
6,583,757.63 |
|
Income Tax |
[758,939.69] |
[1,264,409.86] |
[2,223,304.76] |
|
|
|
|
|
|
Net Profit / [Loss] |
[8,008,637.98] |
1,270,603.32 |
4,360,452.87 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.23 |
1.06 |
1.08 |
|
QUICK RATIO |
TIMES |
1.23 |
1.06 |
1.08 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.60 |
4.29 |
3.89 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.80 |
1.30 |
1.24 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
274.92 |
156.56 |
167.47 |
|
RECEIVABLES TURNOVER |
TIMES |
1.33 |
2.33 |
2.18 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
169.62 |
93.21 |
113.28 |
|
CASH CONVERSION CYCLE |
DAYS |
105.30 |
63.35 |
54.19 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
71.74 |
77.50 |
76.82 |
|
SELLING & ADMINISTRATION |
% |
31.03 |
20.68 |
20.48 |
|
INTEREST |
% |
2.99 |
1.60 |
1.60 |
|
GROSS PROFIT MARGIN |
% |
30.04 |
23.09 |
24.34 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.98) |
2.42 |
3.87 |
|
NET PROFIT MARGIN |
% |
(4.39) |
0.41 |
1.50 |
|
RETURN ON EQUITY |
% |
(9.52) |
1.38 |
4.80 |
|
RETURN ON ASSET |
% |
(3.50) |
0.53 |
1.86 |
|
EARNING PER SHARE |
BAHT |
(100.11) |
15.88 |
54.51 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.63 |
0.62 |
0.61 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.72 |
1.60 |
1.58 |
|
TIME INTEREST EARNED |
TIMES |
(0.33) |
1.51 |
2.41 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(41.58) |
7.25 |
|
|
OPERATING PROFIT |
% |
(123.80) |
(32.96) |
|
|
NET PROFIT |
% |
(730.30) |
(70.86) |
|
|
FIXED ASSETS |
% |
(3.65) |
(2.84) |
|
|
TOTAL ASSETS |
% |
(4.37) |
2.04 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -41.58%. Turnover has decreased from THB 312,346,895.84
in 2013 to THB 182,474,213.49 in 2014. While net profit has decreased from THB
1,270,603.32 in 2013 to THB -8,008,637.98 in 2014. And total assets has
decreased from THB 239,367,256.79 in 2013 to THB 228,908,753.55 in 2014.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
30.04 |
Satisfactory |
Industrial Average |
32.54 |
|
Net Profit Margin |
(4.39) |
Deteriorated |
Industrial Average |
(0.22) |
|
Return on Assets |
(3.50) |
Deteriorated |
Industrial Average |
(0.32) |
|
Return on Equity |
(9.52) |
Deteriorated |
Industrial Average |
(0.69) |
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 30.04%. 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 -4.39%.
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 -3.5%.
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 -9.52%.
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 |
1.23 |
Satisfactory |
Industrial Average |
1.62 |
|
Quick Ratio |
1.23 |
|
|
|
|
Cash Conversion Cycle |
105.30 |
|
|
|
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 1.23 times in 2014, increase from 1.06 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 lower.
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 1.23 times in 2014,
increase from 1.06 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 106 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.63 |
Acceptable |
Industrial Average |
0.50 |
|
Debt to Equity Ratio |
1.72 |
Risky |
Industrial Average |
1.00 |
|
Times Interest Earned |
(0.33) |
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 -0.33 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 0.63 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 |
2.60 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.80 |
Acceptable |
Industrial Average |
1.48 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
4.73 |
|
Receivables Conversion Period |
274.92 |
|
|
|
|
Receivables Turnover |
1.33 |
Deteriorated |
Industrial Average |
2.88 |
|
Payables Conversion Period |
169.62 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.33 and 2.33 in
2014 and 2013 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate over
extension and collection problems. Conversely, a higher ratio may indicate an
overtly stringent policy. In this case, the company's A/R ratio in 2014
decreased from 2013. This would suggest the company had deteriorated in the
management of its debt collections.
The company's Total Asset Turnover is calculated as 0.8 times and 1.3
times in 2014 and 2013 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 Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.79 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.73.10 |
|
Thai Baht |
1 |
Rs.1.87 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.