MIRA INFORM REPORT

 

 

Report No. :

302169

Report Date :

19.01.2015

 

IDENTIFICATION DETAILS

 

Name :

TPC VINA PLASTIC AND CHEMICAL CORPORATION LTD

 

 

Registered Office :

Go Dau Industrial Zone Phuoc Thai Commune, Long Thanh, Dong Nai

 

 

Country :

Vietnam

 

 

Financials (as on) :

December 2013

 

 

Date of Incorporation :

11.07.2008

 

 

Legal Form :

Limited company

 

 

Line of Business :
  • Manufacturing and Exporting of Chemical products
  • Manufacturing and Exporting of PVC resins
  • Manufacturing and Exporting of Plastic chemicals
  • Manufacturing and Exporting of Polyvinyl chloride

 

 

No. of Employee :

170

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Vietnam

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

VIETNAM ECONOMIC OVERVIEW

 

Vietnam is a densely-populated developing country that has been transitioning from the rigidities of a centrally-planned economy since 1986. Vietnamese authorities have reaffirmed their commitment to economic modernization in recent years. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam became an official negotiating partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to less than 20% in 2013, while industry's share increased from 36% to more than 42% in the same period. State-owned enterprises account for about 40% of GDP. Poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession hurt Vietnam's export-oriented economy, with GDP in 2013 growing at 5%, the slowest rate of growth since 1999. In 2013, however, exports increased by more than 12%, year-on-year; several administrative actions brought the trade deficit back into balance. Between 2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of 20%, but its value remained relatively stable in 2013. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. In February 2011, the government shifted from policies aimed at achieving a high rate of economic growth, which had stoked inflation, to those aimed at stabilizing the economy, through tighter monetary and fiscal control. Although Vietnam unveiled a broad, "three pillar" economic reform program in early 2012, proposing the restructuring of public investment, state-owned enterprises, and the banking sector, little perceptible progress has been made. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses.

 

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

TPC VINA PLASTIC AND CHEMICAL CORPORATION LTD (1)

Address

:

Rm 901, 9Fl Harbour View Tower 35 Nguyen Hue St, District 1, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-38234730

Facsimile

:

[+84] 8-38234725

Email

:

tpcvina@hcm.vnn.vn

Website

:

http://www.tpcvina.com.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Chemicals

 

Key Facts

Registered Legal Address

:

Go Dau Industrial Zone Phuoc Thai Commune, Long Thanh, Dong Nai

Operational Address

:

Rm 901, 9Fl Harbour View Tower 35 Nguyen Hue St, District 1, Ho Chi Minh

Issuing Authority

:

Industrial Zone Management Board - Dong Nai

License Number

:

472023000582

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Limited

Legal Form - Abbreviation

:

LTD

Operational Status of Business

:

Normal

Date of Registration

:

11 Jul, 2008

Employees

:

170

Capital

:

US$ 35,000,000

Note

:

(1) Legal status of the English corporate name
The English name of the Subject Business Entity (SBE) is a randomly selected translation / transliteration made by the owners of the SBE. It is not a registered English corporate name, but simply a translation / transliteration of the local language name.

 

DIRECTORS/MANAGEMENT

 

Key Person

 

Legal Title

:

Managing Director

Name

:

Mr. Piyapong Jriyasetapong

Nationality

:

Thai

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Khuong Trung Thuy

Vietnamese

Deputy Managing Director

-

2

Mr. Praween Wirotpan

Thai

Chief Accountant

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03812283

Name

:

Mr. Khuong Trung Thuy

 

Date of Birth

:

1977

 

 

Management Details - 2

Personal Unique Identifier

:

MI03812284

Name

:

Mr. Praween Wirotpan

 

Date of Birth

:

1968

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03812253

Name

:

Mr. Piyapong Jriyasetapong

Date of Birth

:

1962

 

2

 

 

Personal Unique Identifier

:

MI01484759

Name

:

Mr. Prachak Sotornsak

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing TPC VINA PLASTIC AND CHEMICAL CORPORATION LTD's reputation within the respective industry failed to reveal any adverse information.

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

CIVIL LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

 

SHARE & SHARE CAPITAL INFORMATION

 

CAPITAL (Currency: USD - US Dollar)

Authorized Capital

:

$ 35,000,000

 

SHAREHOLDERS

 

Total number of shareholders

:

3

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

THAI PLASTIC & CHEMICALS PUBLIC CO LTD

Thailand

n/a

n/a

70.00

2

VIETNAM NATIONAL CHEMICAL GROUP

Vietnam

n/a

n/a

15.00

3

VIETNAM NATIONAL PLASTIC CORP

Vietnam

n/a

n/a

15.00

Total

n/a

n/a

100.00

 

 

Based on corporate statutory laws / regulations in Vietnam, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

 

PAYMENT INFORMATION

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

90%

International Sales (Export)

10%

 

Annual Purchases Analysis

Percentage

Imports

100%

 

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Export

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Received at time of transaction

Purchasing

Type

Terms

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent

:

THAI PLASTIC & CHEMICALS PUBLIC CO LTD

Global Identifier

:

31627463

Legal Form Category

:

Public Listed Company

Country

:

Thailand

Operational Address

:

14 & 15Fl Rajanakarn Bldg 183 South Sathorn Rd Yannawa Sathorn Bangkok 10120

Primary Business Activity

:

Manufacturer

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

 

Year

Sales

Assets

Net Income

2011 Annual  

130,936,630

78,992,463

-1,266,155

2012 Annual  

127,086,781

77,662,204

4,539,570

2013 Annual (*)

160,398,879

78,626,893

4,665,999

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

-

http://www.asiancredit.com/Manage/image/down_arrow_04.gif

http://www.asiancredit.com/Manage/image/up_arrow_04.gif

Note: (*)

Financials listed are the most recent available for this company.

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Non Current Liabilities(*)

214,752,000,000

145,529,000,000

77,308,000,000

Share Capital(*)

662,620,000,000

662,620,000,000

662,620,000,000

Other long term assets 

Total Assets(*)

1,645,413,000,000

1,617,289,000,000

1,658,091,000,000

Total Liabilities(*)

975,301,000,000

906,983,000,000

849,387,000,000

Current Liabilities(*)

760,549,000,000

761,454,000,000

772,079,000,000

Long term liabilities 

Shareholders Funds(*)

670,112,000,000

710,306,000,000

808,704,000,000

 

Current assets & short term investments

422,014,000,000

489,198,000,000

614,596,000,000

Cash & cash equivalents

21,804,000,000

26,524,000,000

61,381,000,000

Cash

21,804,000,000

26,524,000,000

61,381,000,000

Accounts receivable

280,210,000,000

217,037,000,000

303,259,000,000

Accounts receivable trade

278,883,000,000

214,779,000,000

301,385,000,000

Trade prepayment

459,000,000

614,000,000

77,000,000

Others receivables

868,000,000

1,644,000,000

1,797,000,000

Inventories

118,813,000,000

216,786,000,000

233,645,000,000

Other short term asset

1,187,000,000

28,851,000,000

16,311,000,000

Prepaid expenses

652,000,000

324,000,000

417,000,000

VAT deductible

535,000,000

8,527,000,000

5,894,000,000

Long term assets

1,223,399,000,000

1,128,091,000,000

1,043,495,000,000

Fixed assets

1,217,561,000,000

1,127,464,000,000

1,040,180,000,000

Tangible fixed assets

1,101,215,000,000

1,017,697,000,000

936,266,000,000

i. Cost

1,903,149,000,000

1,904,585,000,000

1,906,854,000,000

i. Accumulated depreciation

801,934,000,000

886,888,000,000

970,588,000,000

Intangible fixed assets

112,483,000,000

109,762,000,000

102,596,000,000

ii. Cost

223,180,000,000

226,889,000,000

226,817,000,000

ii. Accumulated depreciation

110,697,000,000

117,127,000,000

124,221,000,000

Construction in progress

3,863,000,000

5,000,000

1,318,000,000

i. Other long term assets

5,838,000,000

627,000,000

3,315,000,000

Long term prepayments

5,081,000,000

-

-

Asset of income tax delay

-

-

2,688,000,000

ii. Other long term assets

757,000,000

627,000,000

627,000,000

Total assets

1,645,413,000,000

1,617,289,000,000

1,658,091,000,000

Liabilities

975,301,000,000

906,983,000,000

849,387,000,000

Current liabilities

760,549,000,000

761,454,000,000

772,079,000,000

Short term borrowings

614,279,000,000

340,133,000,000

235,767,000,000

Accounts payables-trade

92,402,000,000

319,188,000,000

513,735,000,000

Advances from customers

815,000,000

1,336,000,000

838,000,000

Taxes and payable to state budget

6,659,000,000

31,053,000,000

4,514,000,000

Payable to employees

3,246,000,000

5,829,000,000

6,089,000,000

Accrued expenses payable

8,469,000,000

8,640,000,000

10,061,000,000

Other payables

34,679,000,000

55,275,000,000

1,075,000,000

Long term liabilities

214,752,000,000

145,529,000,000

77,308,000,000

Long term borrowings

208,280,000,000

138,666,000,000

70,266,000,000

Provision funds for unemployment

6,472,000,000

6,863,000,000

-

Provision for long term payable

-

-

7,042,000,000

Owner's equity

670,112,000,000

710,306,000,000

808,704,000,000

Business capital

662,620,000,000

662,620,000,000

662,620,000,000

Retained earnings

7,492,000,000

47,686,000,000

146,084,000,000

Total resources

1,645,413,000,000

1,617,289,000,000

1,658,091,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover(*)

2,727,410,000,000

2,646,539,000,000

3,382,506,000,000

Profit (Loss) Before Tax(*)

(26,374,000,000)

96,687,000,000

114,108,000,000

Profit After Tax attributable to Shareholders(*)

(26,374,000,000)

94,535,000,000

98,397,000,000

 

Gross sales

2,727,410,000,000

2,646,539,000,000

3,382,506,000,000

Net income

2,727,410,000,000

2,646,539,000,000

3,382,506,000,000

Cost of goods sold

2,504,763,000,000

2,441,430,000,000

3,135,922,000,000

Gross margin

222,647,000,000

205,109,000,000

246,584,000,000

Income from financial activities

41,475,000,000

1,419,000,000

2,728,000,000

Expenses from financial activities

202,637,000,000

31,428,000,000

38,784,000,000

In which: Interest expenses

-

25,000,000,000

21,763,000,000

Selling expenses

52,134,000,000

60,873,000,000

77,739,000,000

General & administration expenses

36,203,000,000

17,875,000,000

20,920,000,000

Net income from operating activities

(26,852,000,000)

96,352,000,000

111,869,000,000

Extraordinary income

478,000,000

336,000,000

2,256,000,000

Extraordinary expenses

-

1,000,000

17,000,000

Extraordinary gains

478,000,000

335,000,000

2,239,000,000

Net profit before tax

(26,374,000,000)

96,687,000,000

114,108,000,000

Income tax

-

2,152,000,000

18,399,000,000

Income tax delay

-

-

2,688,000,000

Net profit after tax

(26,374,000,000)

94,535,000,000

98,397,000,000

Note: (*)

Financial Highlights

 

 

Financial Ratios

 

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

(2.97)

27.81

Profitability 

Profit Margin (%)

(0.97)

3.57

2.91

Return on Equity (%)

(3.94)

13.31

12.17

Return on Assets (%)

(1.60)

5.85

5.93

Leverage 

Total Debt Equity (Times)

1.46

1.28

1.05

Current Debt Equity (Times)

1.13

1.07

0.95

Long Term Debt to Equity

0.32

0.20

0.10

Total Asset To Total Equity

2.46

2.28

2.05

Asset Management 

Total Assets Turnover (Times)

1.66

1.64

2.04

 

Based on the corporate laws of Vietnam, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Although basic financials were obtained for reference.

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000047 USD
United States Dollars

 

ADDITIONAL INFORMATION

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

TPC VINA PLASTIC AND CHEMICAL CORPORATION LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Chemicals

Office Contact Details

Operating Address

:

Rm 901, 9Fl Harbour View Tower 35 Nguyen Hue St, District 1, Ho Chi Minh

Tel

:

[+84] 8-38234730

Fax

:

[+84] 8-38234725

Email

:

tpcvina@hcm.vnn.vn

Factory Contact Details

Address

:

Go Dau Industrial Zone Phuoc Thai Commune, Long Thanh, Dong Nai

Tel

:

[+84] 61-3841461

Fax

:

[+84] 61-3841460

Website Details

Website

:

http://www.tpcvina.com.vn

Status

:

Normal - operational

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

Tax / VAT Details

Tax Issuing Authority

:

Ministry of Finance

Local Name Used

:

Gia Trj Gia Tang (Value Added Tax)

Acronym

:

GTGT / VAT

GTGT / VAT Number

:

3600248368

Date of Issuance

:

8 Oct, 1998

 

Primary Products

 

Products / Materials / Services Description

Activity

Chemical products

Manufacturing, Exporting

PVC resins

Manufacturing, Exporting

Plastic chemicals

Manufacturing, Exporting

Polyvinyl chloride

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Chemical preparations, nspf

2899

Manufacturing, Exporting

Chemicals and Allied Products

2800

Manufacturing, Exporting

Plastics materials and resins

2821

Manufacturing, Exporting

Plastics products, nspf

3089

Manufacturing, Exporting

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Articles of plastics (inc polymers & resins)

3926

Manufacturing, Exporting

Chemical products and preparations of the chemical or allied industries

3823905050

Manufacturing, Exporting

Other polymers of polyvinyl chloride,plasticized

3904220000

Manufacturing, Exporting

Plastics & articles thereof

3900

Manufacturing, Exporting

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of TPC VINA PLASTIC AND CHEMICAL CORPORATION LTD is Manufacturing - Finished products.


Key products include :

·         PVC resins

·         Chemical products

·         Plastic chemicals

·         Polyvinyl chloride
An integral part of the core business includes:

·         Distribution

Supplementary Business

In addition to the core business, TPC VINA PLASTIC AND CHEMICAL CORPORATION LTD also is engaged in the following areas of business:

1.     Exporting

·         Exporting - Finished products

2.     Importing

·         Importing - Raw materials

 

 

BANK DETAILS

Bank Name

:

ANZ BANK (VIETNAM) LTD

Global Identifier

:

P1310499

Branch

:

District 1,Ho Chi Minh

Branch Address

:

ANZ BANK (VIETNAM) LTD - HO CHI MINH

SWIFT Code

:

This bank does not have a SWIFT Code

 

Bank Name

:

BANGKOK BANK PUBLIC CO LTD

Global Identifier

:

32400471

Branch

:

District 1,Ho Chi Minh

Branch Address

:

BANGKOK BANK PUBLIC CO LTD - HO CHI MINH

SWIFT Code

:

BKKBVNV1

 

Bank Name

:

BANK OF TOKYO-MITSUBISHI UFJ LTD, THE

Global Identifier

:

P0927171

Branch

:

District 1,Ho Chi Minh

Branch Address

:

BANK OF TOKYO-MITSUBISHI UFJ LTD, THE - HO CHI MINH

SWIFT Code

:

BOTKVNVX

 

Bank Name

:

HSBC BANK (VIETNAM) LTD

Global Identifier

:

32403760

Branch

:

District 1,Ho Chi Minh

Branch Address

:

HSBC BANK (VIETNAM) LTD - HO CHI MINH

SWIFT Code

:

HSBCVNVX

 

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

32400479

Branch

:

Hoan Kiem,Hanoi

Branch Address

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM - HO CHI MINH

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

UNITED OVERSEAS BANK LTD

Global Identifier

:

32408555

Branch

:

District 1,Ho Chi Minh

Branch Address

:

Ground Fl Central Plaza Office Bldg 17 Le Duan St District 1 Ho Chi Minh (Head Office)

SWIFT Code

:

UOVBVNVX

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

TPC VINA PLASTIC AND CHEMICAL CORPORATION LTD - BA DINH, HANOI

Branch Address

:

Rm 203 V Tower 649 Kim Ma St, Ba Dinh, Hanoi

Branch Tel

:

84-4-37661568

Branch Fax

:

84-4-37661569

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

China

Medium

Exporting

India

Medium

Exporting

Indonesia

Medium

Exporting

Singapore

Medium

Exporting

Thailand

Medium

Importing, Exporting

 

OFFICE & FACILITIES

The following information relates to the Business Entity's office as listed above:

Name

:

TPC VINA PLASTIC AND CHEMICAL CORPORATION LTD - DISTRICT 1, HO CHI MINH

Primary Use

:

Office & Administration facilities

Address

:

Rm 901, 9Fl Harbour View Tower 35 Nguyen Hue St, District 1, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

FACTORIES, SIZE, & LOCATIONS

The following information relates to the Business Entity's factory as listed above:

Address

:

Go Dau Industrial Zone Phuoc Thai Commune, Long Thanh, Dong Nai

 

PREVIOUS BUSINESS LICENSE/S

License Date

License No.

23 Jun, 1995

1287/GP

 

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.89

UK Pound

1

Rs.93.92

Euro

1

Rs.72.00

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

DPT

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.