MIRA INFORM REPORT
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Report No. : |
319593 |
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Report Date : |
05.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
BOSTIK INDIA PRIVATE LIMITED |
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Registered
Office : |
124/1 and 2A, Kachanayakanahalli, Behind Bommasandra Industrial Area, Off
Hosur Road, Jigani Hobli, Anekal Taluk, Bangalore – 562106, Karnataka |
|
Tel. No.: |
91-80-27833520 |
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Country : |
India |
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Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
10.09.2001 |
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Com. Reg. No.: |
08-029520 |
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Capital
Investment / Paid-up Capital : |
Rs.102.560 Million |
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CIN No.: [Company Identification
No.] |
U24241KA2001PTC029520 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB01477A |
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PAN No.: [Permanent Account No.] |
AABCB4627N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company which is recently being acquired by French
specialty chemicals company “Arkema” as on February 02, 2015. It is a well-established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of the prevailing reputation and sound credit worthiness, of
its parent, the company can be considered for business dealings at usual
trade terms and condition. |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered Office : |
124/1 and 2A, Kachanayakanahalli, Behind Bommasandra Industrial Area, Off
Hosur Road, Jigani Hobli, Anekal Taluk, Bangalore – 562106, Karnataka, India |
|
Tel. No.: |
91-80-27833520/ 27831326 |
|
Mobile No.: |
91-9686700283 (Mr. Shrinivasan) |
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Fax No.: |
91-80-27832405/ 27831324 |
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E-Mail : |
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Regional Office: |
No. 904-905, Filix Apartment, Bhandup West, Mumbai – 400078,
Maharashtra, India |
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Warehouse : |
Plot No.15-B1, 1st Phase, Jigani Industrial Area, Bangalore
– 562106, Karnataka, India |
DIRECTORS
As on 30.06.2014
|
Name : |
Mr. Mambakkam Vishwanathan Ganeshan |
|
Designation : |
Managing director |
|
Address : |
1264, 32nd G Cross, 28th Main, 4th T
Block, Jayanagar, Bangalore – 560041, Karnataka, India |
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Date of Birth/Age : |
22.09.1957 |
|
Date of Appointment : |
01.01.2006 |
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DIN No.: |
01705135 |
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Name : |
Mr. Laurent Peyronneau |
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Designation : |
Director |
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Address : |
4 Rue, Millandy 92360, Meudon LA Foret, France |
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Date of Birth/Age : |
02.07.1970 |
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Date of Appointment : |
07.11.2010 |
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DIN No.: |
05120136 |
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|
|
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Name : |
Mr. Zhaowen Sun |
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Designation : |
Director |
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Address : |
Room 403, No. 2 Lane 47, Gaoan Road, Shanghai, Xunhui 240347, China |
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Date of Birth/Age : |
20.11.1969 |
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Date of Appointment : |
23.09.2009 |
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DIN No.: |
02846550 |
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Name : |
Mr. Patrick Chausserie Lapree |
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Designation : |
Director |
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Address : |
No. 279, BIS Route, DE L’EM Pereur 92500 Rueil, Malmaison, France |
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Date of Birth/Age : |
17.05.1952 |
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Date of Appointment : |
18.04.2013 |
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DIN No.: |
06627759 |
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Name : |
Challa Gopala Krishna Murthy |
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Designation : |
Director |
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Address : |
02D – 052 Oakwood Estate, DLF City Phase 11, Gurgaon – 122022,
Haryana, India |
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Date of Birth/Age : |
15.08.1963 |
|
Date of Appointment : |
18.04.2013 |
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DIN No.: |
06459735 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Names of Shareholders |
|
No. of Shares |
|
MV Ganeshan |
|
3 |
|
Bostik Australia Pty Limited, Australia |
|
10256000 |
|
Total |
|
10256003 |
Equity Share Break up (Percentage of Total Equity)
As on 30.06.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
|
Address : |
Maruthi Infotech Centre, 11-12 /1, Inner Ring Road, Koramangala, Bangalore, Karnataka, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFB9852F |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company: |
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Ultimate holding
company |
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Parties under common
control with whom transactions have taken place during the year: |
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CAPITAL STRUCTURE
As on 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity Shares |
Rs.10/- each |
Rs.160.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10256003 |
Equity Shares |
Rs.10/- each |
Rs.102.560
Million |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
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|
|
|
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I.
EQUITY AND LIABILITIES |
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|
|
|
(1)Shareholders' Funds |
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|
|
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(a) Share Capital |
102.560 |
102.560 |
102.560 |
|
(b) Reserves & Surplus |
649.314 |
602.364 |
517.100 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
751.874 |
704.924 |
619.660 |
|
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
2.326 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
0.000 |
0.000 |
2.326 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
546.402 |
269.058 |
249.167 |
|
(b) Trade payables |
439.356 |
293.639 |
285.431 |
|
(c) Other current liabilities |
220.268 |
112.871 |
102.858 |
|
(d) Short-term provisions |
68.130 |
61.312 |
34.587 |
|
Total
Current Liabilities (4) |
1274.156 |
736.880 |
672.043 |
|
|
|
|
|
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TOTAL |
2026.030 |
1441.804 |
1294.029 |
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II.
ASSETS |
|
|
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(1) Non-current assets |
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
326.312 |
319.710 |
329.291 |
|
(ii) Intangible Assets |
83.627 |
14.906 |
19.200 |
|
(iii) Capital work-in-progress |
38.335 |
22.870 |
6.794 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
2.357 |
1.248 |
0.000 |
|
(d) Long-term Loan and Advances |
49.903 |
45.971 |
43.730 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
500.534 |
404.705 |
399.015 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
636.858 |
417.321 |
305.144 |
|
(c) Trade receivables |
706.503 |
534.933 |
471.062 |
|
(d) Cash and cash equivalents |
59.208 |
12.777 |
31.343 |
|
(e) Short-term loans and
advances |
122.927 |
72.068 |
87.465 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1525.496 |
1037.099 |
895.014 |
|
|
|
|
|
|
TOTAL |
2026.030 |
1441.804 |
1294.029 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
SALES |
|
|
|
|
|
|
2406.155 |
|
1707.520 |
|
|
Other Income |
|
|
|
|
|
TOTAL
|
2406.155 |
2065.062 |
1707.520 |
|
|
|
|
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EXPENSES |
2342.192 |
1952.657 |
1641.979 |
|
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PROFIT/ (LOSS)
BEFORE TAX |
63.963 |
112.405 |
65.541 |
|
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PROVISION
FOR TAXATION |
18.122 |
30.715 |
19.605 |
|
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DEFERRED TAX |
(1.109) |
(3.574) |
6.791 |
|
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PROFIT/ (LOSS)
AFTER TAX |
46.951 |
85.264 |
39.145 |
|
|
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|
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|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
4.58 |
8.31 |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.22 |
7.93 |
5.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.16 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.73 |
0.38 |
0.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
1.41 |
1.33 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
102.560 |
102.560 |
102.560 |
|
Reserves & Surplus |
517.100 |
602.364 |
649.314 |
|
Net
worth |
619.660 |
704.924 |
751.874 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
249.167 |
269.058 |
546.402 |
|
Total
borrowings |
249.167 |
269.058 |
546.402 |
|
Debt/Equity
ratio |
0.402 |
0.382 |
0.727 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
1707.520 |
2065.062 |
2406.155 |
|
|
|
20.939 |
16.517 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
1707.520 |
2065.062 |
2406.155 |
|
Profit |
39.145 |
85.264 |
46.951 |
|
|
2.29% |
4.13% |
1.95% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OPERATIONS:
The Company achieved an impressive growth of 16.5% in turnover. A net sale for the year was at Indian Rupees 2,406.160 Million (Rs. 2065.060 Million for the year 2012). Profit before tax at Indian Rupees 63.960 Million compared to Rupees 112.410 Million for the year 2012.
FUTURE OUTLOOK:
To grow about 11% in Revenue. In FW we want to maintain market leadership. In FLA to be No.2 in market share. To be No. 1 2 in NW and HMPSA. Commission PSA plant in Bangalore by end Q1 2015. Commission Gujrat plant by Q1 2016. Establish presence of C and C with the support of GSM (Technology and Branding). Attempts are being made to improve product range and consistency with Competitive pricing and increased dealer networks. The Company is also Exploring new ares to add to business in various parts of India and Bangladesh. Apart from Global key accounts, develop business with local Nonwoven customers and support their initial operation stage for long term association. In C and C business Orient retail sales and sales of all manufactured goods at Bangalore to South OF India ; major thrust on project sales to be focused on all India basis and reorganise Sales team for execution.
UNSECURED LOAN
|
PARTICULARS |
31.12.2013 (Rs.
in Million) |
31.12.2012 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand from banks |
546.402 |
269.058 |
|
|
|
|
|
Total |
546.402 |
269.058 |
INDEX
OF CHARGES: NO CHARGES EXIST FOR COMPANY
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Other equipments
Intangible assets
- Goodwill
- Computer software
PRESS RELEASES
ARKEMA FINALISES ACQUISITION OF ADHESIVE MAKER BOSTIK
FEBRUARY 3, 2015
WITH THE ACQUISITION OF BOSTIK, THE WORLD'S THIRD LARGEST ADHESIVES
COMPANY, ARKEMA AIMS TO BECOME A WORLD LEADER IN SPECIALTY CHEMICALS AND
ADVANCED MATERIALS
French specialty chemicals company Arkema has finalised the acquisition of Bostik, the world’s third largest adhesives company, on February 2, 2015. With this acquisition, the Group aims to become a world leader in specialty chemicals and advanced materials. Bostik’s growth prospects and the complementarities identified between the two groups will sustain the success of this high value creating project.
Bostik, which will constitute a new business unit of this segment, holds
leadership positions in most of its markets, has internationally recognised
brands and technologies, and achieves around Euro 1.5 billion sales with 4,900
employees in over 40 countries.
“It is with great pleasure that we welcome the Bostik teams. I firmly believe in the quality and the
development potential of this company which represents a promising growth
platform for the future,” stated Thierry Le Henaff, chairman and chief
executive officer, Arkema.
In a steadily growing adhesives market, Bostik’s development drive and the
synergies identified between the two groups will enable Arkema to continue
strengthening its profile as well as its resilience to changes of the economic
environment.
The financing of this operation was successfully finalised early 2015 with a
Euro 700 million bond issue with a 1.5% coupon, and complements the hybrid bond
issue conducted in October 2014 and the share capital increase completed in
December 2014.
With the acquisition of Bostik, the new entity achieves sales of around Euro
7.6 billion (in 2013) and employs some 19,000 people around the world.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.58 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
46 |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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%)
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 report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.