MIRA INFORM REPORT
|
Report No. : |
354953 |
|
Report Date : |
19.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
THAI LILY TOWEL CO., LTD. |
|
|
|
|
Registered Office : |
125/4 Soi Thewiworayat, Yukol 2 Road, Watthepsirin, Pomprabsattrupai, Bangkok 10100 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
04.01.1983 |
|
|
|
|
Com. Reg. No.: |
0105526000418 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer,
Distributor and Exporter of Yarn Spinning. |
|
|
|
|
No. of Employees : |
300 |
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 |
|
|
|
|
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 |
A2 |
A2 |
|
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
THAI LILY TOWEL
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 125/4
SOI THEWIWORAYAT, YUKOL
2 ROAD,
WATTHEPSIRIN, POMPRABSATTRUPAI,
BANGKOK 10100,
THAILAND
TELEPHONE : [66] 2224-4392-4
FAX :
[66] 2224-4089
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1983
REGISTRATION
NO. : 0105526000418
TAX
ID NO. : 3101214956
CAPITAL REGISTERED : BHT. 540,000,000
CAPITAL PAID-UP : BHT.
540,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SERM SURIYAPRAPADILOK, THAI
PRESIDENT
NO.
OF STAFF : 300
LINES
OF BUSINESS : YARN
SPINNING
MANUFACTURER, DISTRIBUTOR AND EXPORTER
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established
on January 4,
1983 as a
private limited company
under the registered
name THAI LILY
TOWEL CO., LTD., by
Thai group, with the
business objective to be engaged
in yarn spinning
business. It currently
employs approximately 300
staff.
The subject’s registered address is 125/4 Soi
Thewiworayat, Yukol 2
Road, Watthepsirin, Pomprabsattrupai, Bangkok
10100, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Serm Suriyaprapadilok |
|
Thai |
82 |
|
Mr. Weera Suriyaprapadilok |
|
Thai |
60 |
|
Mr. Bundit Suriyaprapadilok |
|
Thai |
62 |
|
Mr. Worasit Suriyaprapadilok |
|
Thai |
55 |
|
Mr. Worathai Suriyaprapadilok |
|
Thai |
52 |
AUTHORIZED
PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Serm Suriyaprapadilok is
the President.
He is Thai
nationality with the
age of 82
years old.
Mr. Worathai Suriyaprapadilok is
the Managing Director.
He is Thai
nationality with the
age of 52
years old.
BUSINESS
OPERATIONS
The subject
is engaged in
synthetic yarn spinning
for textile industry.
PURCHASE
Raw materials are
purchased from suppliers
both domestic and
overseas in Republic
of China and
Taiwan.
SALES/SERVICES
Most of the
products are supplied
to Thai Lily
Textile Co., Ltd.,
wholesalers and other textile
manufacturers, and the
remaining is exported
to Australia and
the country in
Asia and Europe.
SUBSIDIARY AND AFFILIATED COMPANY
Thai Lily Textile
Co., Ltd.
Business Type :
Manufacturer of textiles
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 IRICO’S
DATABASE 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 are against
T/T.
BANKING
N/A
EMPLOYMENT
The
subject employs approximately
300 staff.
LOCATION
DETAILS
The premise
is owned for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
and warehouse are
located at 46/8
Moo 2, T. Kalong,
A. Muang, Samutsakorn 74000.
COMMENT
Poor
economic outlook has
resulted to slowdown
of industrial sector,
which has affected
new investment and
expansion during the
years 2014 and 2015.
As well flat
domestic demand based
on weak purchasing
power amid a
continuous poor global
economic outlook would
erode the subject
sales for the
entire year.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 20,000,000 divided
into 200,000 shares
of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 100,000,000
on January
21, 1993
Bht. 300,000,000
on October 28,
1996
Bht. 540,000,000
on July 16,
1999
The
latest registered capital
was increased to
Bht. 540,000,000 divided
into 5,400,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as
at April 30,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Serm Suriyaprapadilok Nationality: Thai Address : 1771
Charoenkrung Road, Bangkorlaem,
Yannawa, Bangkok |
2,300,000 |
42.59 |
|
Mrs. Vilai Suriyaprapadilok Nationality: Thai Address : 1771
Charoenkrung Road, Bangkorlaem,
Yannawa, Bangkok |
650,000 |
12.04 |
|
Mr. Weera Suriyaprapadilok Nationality: Thai Address : 1771
Charoenkrung Road, Bangkorlaem,
Yannawa, Bangkok |
650,000 |
12.04 |
|
Mr. Worathai Suriyaprapadilok Nationality: Thai Address : 1771
Charoenkrung Road, Bangkorlaem,
Yannawa, Bangkok |
650,000 |
12.04 |
|
Mr. Worasit Suriyaprapadilok Nationality: Thai Address : 1771
Charoenkrung Road, Bangkorlaem,
Yannawa, Bangkok |
650,000 |
12.04 |
|
|
|
|
|
Mr. Bundit Suriyaprapadilok Nationality: Thai Address : 1771
Charoenkrung Road, Bangkorlaem,
Yannawa, Bangkok |
300,000 |
5.55 |
|
Ms. Siriwan Suriyaprapadilok Nationality: Thai Address : 1771
Charoenkrung Road, Bangkorlaem,
Yannawa, Bangkok |
200,000 |
3.70 |
Total Shareholders : 7
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
5,400,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
5,400,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Thunyada Pitimanuskul No.
8440
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
12,542,251.14 |
11,137,202.55 |
30,909,645.65 |
|
Trade Accounts Receivable |
64,628,761.27 |
128,396,671.59 |
90,341,257.49 |
|
Inventories |
93,859,866.98 |
119,240,544.27 |
132,877,884.15 |
|
Deferred Insurance Income |
- |
- |
5,083,432.35 |
|
Other Current Assets
|
473,745.73 |
679,214.26 |
101,572.17 |
|
|
|
|
|
|
Total Current Assets
|
171,504,625.12 |
259,453,632.67 |
259,313,791.81 |
|
Fixed Assets |
40,030,768.15 |
46,350,366.30 |
51,957,372.30 |
|
Real Estate for Investment |
33,221,645.00 |
33,221,645.00 |
76,335,500.00 |
|
Intangible Assets |
3,510.00 |
10,530.00 |
17,550.00 |
|
Other Non-current Assets |
6,803.74 |
6,803.74 |
6,803.74 |
|
Total Assets |
244,767,352.01 |
339,042,977.71 |
387,631,017.85 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Short-term Loan
from Financial Institution |
38,782,519.85 |
66,922,982.34 |
64,182,019.11 |
|
Trade Accounts
& Other Payable |
17,151,981.14 |
24,157,151.45 |
16,822,140.92 |
|
Short-term Loan
from Related Person |
12,690,000.00 |
23,690,000.00 |
36,450,000.00 |
|
Current Portion
of Finance Lease
Contract
Liabilities |
489,223.22 |
1,150,668.53 |
1,118,286.77 |
|
Other Current
Liabilities |
636,917.21 |
367,593.56 |
918,507.10 |
|
|
|
|
|
|
Total Current
Liabilities |
69,750,641.42 |
116,288,395.88 |
119,490,953.90 |
|
Finance Lease
Contract Liabilities |
- |
489,217.22 |
1,639,885.75 |
|
Total Liabilities |
69,750,641.42 |
116,777,613.10 |
121,130,839.65 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value Authorized &
issued share capital
5,400,000 shares
|
540,000,000.00 |
540,000,000.00 |
540,000,000.00 |
|
|
|
|
|
|
Capital Paid |
540,000,000.00 |
540,000,000.00 |
540,000,000.00 |
|
Retained Earning - Unappropriated
[Deficit] |
[364,983,289.41] |
[317,734,635.39] |
[273,499,821.80] |
|
|
|
|
|
|
Total Shareholders' Equity |
175,016,710.59 |
222,265,364.61 |
266,500,178.20 |
|
Total Liabilities &
Shareholders' Equity |
244,767,352.01 |
339,042,977.71 |
387,631,017.85 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales |
330,447,864.32 |
389,510,177.32 |
407,211,032.18 |
|
Compensation Income |
- |
- |
2,624,917.43 |
|
Gain on Exchange
Rate |
528,050.47 |
- |
986,509.32 |
|
Other Income |
1,341,357.80 |
2,163,265.98 |
2,777,199.25 |
|
Total Revenues |
332,317,272.59 |
391,673,443.30 |
413,599,658.18 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
362,935,774.23 |
377,483,413.57 |
406,186,078.74 |
|
Selling Expenses |
1,830,256.25 |
1,577,299.16 |
1,548,731.41 |
|
Administrative Expenses |
13,572,360.86 |
9,156,534.26 |
8,038,726.21 |
|
Loss on Exchange
Rate |
- |
3,491,367.59 |
- |
|
Loss on Diminution
of Value |
- |
43,113,855.00 |
- |
|
Total Expenses |
378,338,391.34 |
434,822,469.58 |
415,773,536.36 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost &
Income Tax |
[46,021,118.75] |
[43,149,026.28] |
[2,173,878.18] |
|
Financial Cost |
[1,227,535.27] |
[1,085,787.31] |
[1,137,831.86] |
|
Net Profit / [Loss] |
[47,248,654.02] |
[44,234,813.59] |
[3,311,710.04] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.46 |
2.23 |
2.17 |
|
QUICK RATIO |
TIMES |
1.11 |
1.20 |
1.01 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.25 |
8.40 |
7.84 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.35 |
1.15 |
1.05 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
94.39 |
115.30 |
119.40 |
|
INVENTORY TURNOVER |
TIMES |
3.87 |
3.17 |
3.06 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
71.39 |
120.32 |
80.98 |
|
RECEIVABLES TURNOVER |
TIMES |
5.11 |
3.03 |
4.51 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
17.25 |
23.36 |
15.12 |
|
CASH CONVERSION CYCLE |
DAYS |
148.53 |
212.26 |
185.26 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
109.83 |
96.91 |
99.75 |
|
SELLING & ADMINISTRATION |
% |
4.66 |
2.76 |
2.35 |
|
INTEREST |
% |
0.37 |
0.28 |
0.28 |
|
GROSS PROFIT MARGIN |
% |
(9.27) |
3.64 |
1.82 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(13.93) |
(11.08) |
(0.53) |
|
NET PROFIT MARGIN |
% |
(14.30) |
(11.36) |
(0.81) |
|
RETURN ON EQUITY |
% |
(27.00) |
(19.90) |
(1.24) |
|
RETURN ON ASSET |
% |
(19.30) |
(13.05) |
(0.85) |
|
EARNING PER SHARE |
BAHT |
(8.75) |
(8.19) |
(0.61) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.28 |
0.34 |
0.31 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.40 |
0.53 |
0.45 |
|
TIME INTEREST EARNED |
TIMES |
(37.49) |
(39.74) |
(1.91) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(15.16) |
(4.35) |
|
|
OPERATING PROFIT |
% |
6.66 |
1,884.89 |
|
|
NET PROFIT |
% |
(6.81) |
(1,235.71) |
|
|
FIXED ASSETS |
% |
(13.63) |
(10.79) |
|
|
TOTAL ASSETS |
% |
(27.81) |
(12.53) |
|
ANNUAL
GROWTH : RISKY
An annual sales growth is -15.16%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
(9.27) |
Deteriorated |
Industrial
Average |
3.43 |
|
Net Profit Margin |
(14.30) |
Deteriorated |
Industrial
Average |
(2.97) |
|
Return on Assets |
(19.30) |
Deteriorated |
Industrial
Average |
(3.68) |
|
Return on Equity |
(27.00) |
Deteriorated |
Industrial
Average |
(8.23) |
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 -9.27%. 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 -14.3%.
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 -19.3%.
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 -27%.
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 |
2.46 |
Impressive |
Industrial
Average |
1.16 |
|
Quick Ratio |
1.11 |
|
|
|
|
Cash Conversion Cycle |
148.53 |
|
|
|
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 2.46 times in 2014, increased from 2.23 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 1.11 times in 2014,
decreased from 1.2 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 149 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.28 |
Impressive |
Industrial
Average |
0.48 |
|
Debt to Equity Ratio |
0.40 |
Impressive |
Industrial
Average |
0.93 |
|
Times Interest Earned |
(37.49) |
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 lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -37.5 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 0.28 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
8.25 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.35 |
Impressive |
Industrial
Average |
1.24 |
|
Inventory Conversion Period |
94.39 |
|
|
|
|
Inventory Turnover |
3.87 |
Impressive |
Industrial
Average |
3.57 |
|
Receivables Conversion Period |
71.39 |
|
|
|
|
Receivables Turnover |
5.11 |
Satisfactory |
Industrial
Average |
5.58 |
|
Payables Conversion Period |
17.25 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.11 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 115 days at the
end of 2013 to 94 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 3.17 times in year 2013 to 3.87 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.35 times and 1.15
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.14 |
|
Thai Baht |
1 |
Rs.1.83 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
NIT |
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.