MIRA INFORM REPORT
|
Report Date : |
30.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
BRETON S.P.A. |
|
|
|
|
Registered Office : |
Via Giuseppe Garibaldi, 27, 31030 - Castello
di Godego (TV) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
28.12.1989 |
|
|
|
|
Com. Reg. No.: |
TV086-22229 since 19/02/1996 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture of tools |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
100.000 Eur |
|
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
Italy |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
Breton S.p.a.
Via Giuseppe Garibaldi, 27
31030 - Castello di Godego (TV) -IT-
Summary
|
Fiscal Code |
: |
01880270267 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
28/12/1989 |
|
Equity |
: |
Over 2.582.254 Eur |
|
Turnover Range |
: |
75.000.000/100.000.000 Eur |
|
Number of Employees |
: |
from 251 to 500 |
Credit
Analysis
|
Credit Opinion |
: |
100.000 - Eur |
Activity
Manufacture of tools
Manufacture of other electrical equipment
Legal Data
Legal Form : Joint stock company
|
Fiscal Code : 01880270267 |
|
Foreign Trade Reg. no. : TV011254 since 18/12/1991 |
|
Chamber of Commerce no. : 175609 of Treviso since 28/05/1986 |
|
Chamber of Commerce no. : 334559 of Vicenza |
|
Firms' Register : TV086-22229 since 19/02/1996 |
|
V.A.T. Code : 01880270267 |
|
Establishment date |
: 19/02/1986 |
|
|
Start of Activities |
: 28/12/1989 |
|
|
Legal duration |
: 31/12/2029 |
|
|
Nominal Capital |
: 20.000.000 |
Eur |
|
Subscribed Capital |
: 20.000.000 |
Eur |
|
Paid up Capital |
: 20.000.000 |
Eur |
Members
|
|
Chiavacci |
Roberto |
|
|
|
Born in Castelfranco Veneto |
(TV) |
on 09/02/1938 |
- Fiscal Code : CHVRRT38B09C111B |
|
|
|
Residence : |
Borgo |
Pieve |
, 17 |
- 31033 |
Castelfranco Veneto |
(TV) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
05/05/2009 |
|
|
|
Assistant board Chairman |
05/05/2009 |
|
|
|
Managing Director |
05/05/2009 |
|
|
|
|
No Protests registered |
|
|
Toncelli |
Luca |
|
|
|
Born in Bassano del Grappa |
(VI) |
on 30/07/1958 |
- Fiscal Code : TNCLCU58L30A703R |
|
|
|
Residence : |
Viale |
Asiago |
, 34 |
- 36061 |
Bassano del Grappa |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
05/05/2009 |
|
|
|
Managing Director |
05/05/2009 |
|
|
|
Board Chairman |
05/05/2009 |
|
|
|
|
No Protests registered |
|
|
Toncelli |
Dario |
|
|
|
Born in Bassano del Grappa |
(VI) |
on 10/08/1960 |
- Fiscal Code : TNCDRA60M10A703Y |
|
|
|
Residence : |
Via |
San Pancrazio |
, 3 |
- 36061 |
Bassano del Grappa |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
05/05/2009 |
|
|
|
|
No Protests registered |
|
|
Cavasin |
Andrea |
|
|
|
Born in Pederobba |
(TV) |
on 16/05/1964 |
- Fiscal Code : CVSNDR64E16G408X |
|
|
|
Residence : |
Vicolo |
Osellame |
, 12 |
- 31044 |
Montebelluna |
(TV) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
|
14/05/2010 |
|
|
Companies connected to members
*
*checkings have been performed on a national scale.
In this module are listed the companies in which members hold or have
holded positions.
|
CHIAVACCI |
ROBERTO |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
IMMOBILIARE PUCCINI S.R.L. |
Castelfranco Veneto (TV) - IT - |
81000120261 |
Sole Director |
Active |
Registered |
|
IMMOBILIARE PUCCINI S.R.L. |
Castelfranco Veneto (TV) - IT - |
81000120261 |
General Partner |
Withdrawn |
Registered |
|
LACHI SRL |
Castelfranco Veneto (TV) - IT - |
04237370269 |
Sole Director |
Active |
Registered |
|
LAVISTONE S.R.L. |
Castello di Godego (TV) - IT - |
00639370220 |
Chairman |
Withdrawn |
Liquidated |
|
LAVISTONE S.R.L. |
Castello di Godego (TV) - IT - |
00639370220 |
Vice-Chairman |
Withdrawn |
Liquidated |
|
SIGEP - S.P.A. |
Castello di Godego (TV) - IT - |
01221000266 |
Director |
Active |
Registered |
|
SIGEP - S.P.A. |
Castello di Godego (TV) - IT - |
01221000266 |
Assistant board
Chairman |
Active |
Registered |
|
SIGEP - S.P.A. |
Castello di Godego (TV) - IT - |
01221000266 |
Managing
Director |
Active |
Registered |
|
|
TONCELLI |
LUCA |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
IMMOBILIARE SOGIM - S.N.C. DI MARIA LUISA SALVALAGGIO E C. |
Castelfranco Veneto (TV) - IT - |
02500740267 |
Partner |
Active |
Registered |
|
LAPITEC SPA |
Vedelago (TV) - IT - |
04453430268 |
Managing
Director |
Active |
Registered |
|
LAPITEC SPA |
Vedelago (TV) - IT - |
04453430268 |
Director |
Active |
Registered |
|
LAPITEC SPA |
Vedelago (TV) - IT - |
04453430268 |
Board Chairman |
Active |
Registered |
|
SIGEP - S.P.A. |
Castello di Godego (TV) - IT - |
01221000266 |
Director |
Active |
Registered |
The indication "REGISTERED" as Firm Status could refer to
Firms in Liquidation, Active, Inactive, etc.
For more information, in this case, we advise to request further
investigations.
Capital Shareholders
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Toncelli Luca |
Bassano del Grappa - IT - |
TNCLCU58L30A703R |
84.867 .Eur |
0,70 |
|
Toncelli Dario |
Bassano del Grappa - IT - |
TNCDRA60M10A703Y |
84.867 .Eur |
0,70 |
|
Sigep - S.p.a. |
Castello di Godego - IT - |
01221000266 |
19.755.397 .Eur |
98,00 |
|
Salvalaggio Maria Luisa |
Bassano del Grappa - IT - |
SLVMLS34R58A703E |
84.867 .Eur |
0,70 |
Direct Participations
The Company under review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares
Amount |
% Ownership |
since |
until |
Share Status |
|
Internazionale Marmi E Macchine - Carrara S.p.a. |
Carrara - IT - |
00207170457 |
41.560 .Eur |
0,13 |
|
|
Active |
|
All Stone S.r.l. |
|
04132450968 |
1.020 .Eur |
10,00 |
|
|
Active |
|
Graniti E Marmi Sardegna - Societa' Consortile Fra Piccole E Medie
Imprese Della |
Sassari - IT - |
01894060928 |
260 .Eur |
1,92 |
|
|
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
since 16/11/1989 |
|
|
|
|
|
Via |
Giuseppe Garibaldi |
, 27 |
- 31030 |
- Castello di Godego |
(TV) |
- IT - |
|
|
|
|
PHONE |
: 0423/7691 |
|
|
|
|
FAX |
: 0423469266 |
|
|
|
|
FAX |
: 0423/769600 |
|
- |
Branch |
(Store ) |
since 25/06/2009 |
|
|
|
|
|
Via |
U. Masotto |
, 12 |
- 36020 |
- Campiglia dei Berici |
(VI) |
- IT - |
|
- |
Branch |
(Factory ) |
since 06/04/2010 |
|
|
|
|
|
Via |
Bassanese |
, 2 |
- 31050 |
- Vedelago |
(TV) |
- IT - |
|
|
|
|
Employees |
: 471 |
|
Fittings and Equipment for a value of 14.270.000 |
Eur |
|
Stocks for a value of 26.890.000 |
Eur |
|
Furniture and fittings for a value of 1.550.000 |
Eur |
|
Vehicles for a value of 1.030.000 |
Eur |
Trade organization: direct or by agents.
Sales are mainly addressed to Northern Italy
|
|
Import comes generally from the following nations:
|
- Francia |
|
- Germania |
|
- Spagna |
|
- Finlandia |
|
- Grecia |
Historical Information and/or Firm's Status
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
Limited liability company |
Joint stock company |
10/01/1990 |
COMPANY STYLE MODIFICATIONS:
|
Former Style |
New Style |
Changement Date |
|
Bright El - S.r.l. |
|
16/11/1989 |
EX-MEMBERS / EX-POSITIONS:
|
|
Stocco |
Maria Albina |
|
|
|
Born in San Martino di Lupari |
on 23/10/1963 |
- Fiscal Code : STCMLB63R63I008Q |
|
|
|
Residence : |
Via |
Panfilo Castaldi |
, 24 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Toncelli |
Marcello |
|
|
|
Born in Piombino |
on 28/07/1924 |
- Fiscal Code : TNCMCL24L28G687K |
|
|
|
Residence : |
Via |
Papa Giovanni Xxiii |
, 2 |
- 36061 |
Bassano del Grappa |
(VI) |
- IT - |
|
Ex-Postions |
|
Chairman |
|
Director |
|
Managing Director |
|
|
Chiavacci |
Roberto |
|
|
|
Born in Castelfranco Veneto |
on 09/02/1938 |
- Fiscal Code : CHVRRT38B09C111B |
|
|
|
Residence : |
Via |
Borgo Pieve |
, 17 |
- 31033 |
Castelfranco Veneto |
(TV) |
- IT - |
|
Ex-Postions |
|
Vice-Chairman |
|
Managing Director |
|
Director |
|
Assistant board Chairman |
|
Managing Director |
|
|
Toncelli |
Luca |
|
|
|
Born in Bassano del Grappa |
on 30/07/1958 |
- Fiscal Code : TNCLCU58L30A703R |
|
|
|
Residence : |
Viale |
Asiago |
, 34 |
- 36061 |
Bassano del Grappa |
(VI) |
- IT - |
|
Ex-Postions |
|
Managing Director |
|
Director |
|
Managing Director |
|
Board Chairman |
|
|
Toncelli |
Dario |
|
|
|
Born in Bassano del Grappa |
on 10/08/1960 |
- Fiscal Code : TNCDRA60M10A703Y |
|
|
|
Residence : |
Via |
San Pancrazio |
, 3 |
- 36061 |
Bassano del Grappa |
(VI) |
- IT - |
|
Ex-Postions |
|
Managing Director |
|
Director |
|
Director |
|
Procurator |
|
Managing Director |
|
|
Petti Carlo |
|
|
|
|
Ex-Postions |
|
Sole Director |
|
|
Comacchio |
Guido |
|
|
|
Born in Loria |
on 01/07/1945 |
- Fiscal Code : CMCGDU45L01E692C |
|
|
|
Residence : |
Via |
Capitello |
, 23 |
- 31037 |
Loria |
(TV) |
- IT - |
|
Ex-Postions |
|
Director |
|
|
Salvalaggio |
Maria Luisa |
|
|
|
Born in BASSANO DEL GRAPPA |
on 18/10/1934 |
- Fiscal Code : SLVMLS34R58A703E |
|
|
|
Residence : |
Via |
PAPA GIOVANNI XXIII |
, 2 |
- 36061 |
Bassano del Grappa |
(VI) |
- IT - |
|
Ex-Postions |
|
Director |
CEASINGS/INCORPORATIONS/MERGES:
|
|
The firm absorbed by merging of |
|
|
|
BRETON -S.P.A. |
|
|
|
Date |
: |
28/12/1989 |
|
|
Resolution of merging of |
|
|
|
BRETON -S.P.A. |
|
|
|
Date |
: |
28/12/1989 |
Protests
Protests checking on the subject firm has given a negative result.
Legal Procedures
None reported, standing to the latest received edition of the Official
Publications.
Financial and Economical Analysis
Subject is active since 1989
Balance sheets for the years 2007, 2008 and 2009 were analyzed.
During the last years, it achieved profits (r.o.e. 5,84% on 2009)
The return on Investment in the last financial year was positive (2,31%)
and reflects the field's average.
The amount of the operating result for the year 2009 is of Eur.
4.986.567 with a more then 100% growth.
The G.O.M. amounted to Eur. 10.140.255 with a 45,65% increase as opposed
to the preceding year.
Indebtedness is scanty since debts are lower than liquidity.
Subject can manage an equity capital funds for an amount of Eur.
80.381.946 , unchanged if compared to 2008.
During the last financial year total debts volume reached Eur. 122.751.893
(Eur. 49.123.223 were m/l term ones) , showing an upward trend if compared to
2008.
The recourse to financial credit is within the limits; on the other hand
the recourse to suppliers' credit is rated as fairly high even in comparison
with the sector's.
Liquidity is however good.
Accounts receivable average term is 64,14 days. , lower than the
sector's average.
2009 financial year closed with a cash flow of Eur. 9.844.506
During 2009 financial year labour costs amounted to Eur. 24.195.436,
with a 26,87% incidence on production costs. and a 25,41% incidence on sales
volumes.
No incidence of financial charges as lower than the incomes.
Financial
Data
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
95.210.721 |
|
Profit (Loss) for the period |
4.690.818 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
153.189.372 |
|
Profit (Loss) for the period |
2.625.217 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
162.392.522 |
|
Profit (Loss) for the period |
13.514.220 |
|
|
|
Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
118.550.318 |
|
Profit (Loss) for the period |
3.244.667 |
|
|
|
Complete balance-sheet for the year |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
135.911.676 |
|
Profit (Loss) for the period |
1.038.924 |
Balance
Sheets
From our constant monitoring of the relevant Public Administration
offices, no more recent balance sheets result to have been filed.
|
- Balance Sheet as at 31/12/2009 - 12 Mesi - Currency: Eur - Amounts x
1 |
|
- Balance Sheet as at 31/12/2008 - 12 Mesi - Currency: Eur - Amounts x
1 |
|
- Balance Sheet as at 31/12/2007 - 12 Mesi - Currency: Eur - Amounts x
1 |
|
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|
|
RATIOS |
Value Type |
as at 31/12/2009 |
as at 31/12/2008 |
as at 31/12/2007 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,28 |
0,27 |
0,15 |
0,16 |
|
Elasticity Ratio |
Units |
0,71 |
0,72 |
0,83 |
0,81 |
|
Availability of stock |
Units |
0,12 |
0,18 |
0,17 |
0,19 |
|
Total Liquidity Ratio |
Units |
0,59 |
0,54 |
0,66 |
0,55 |
|
Quick Ratio |
Units |
0,44 |
0,37 |
0,52 |
0,03 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
n.c. |
0,55 |
0,53 |
2,80 |
|
Self Financing Ratio |
Units |
0,37 |
0,39 |
0,30 |
0,20 |
|
Capital protection Ratio |
Units |
0,69 |
0,70 |
0,37 |
0,65 |
|
Liabilities consolidation quotient |
Units |
0,74 |
0,15 |
0,18 |
0,20 |
|
Financing |
Units |
1,53 |
1,31 |
2,13 |
3,39 |
|
Permanent Indebtedness Ratio |
Units |
0,63 |
0,47 |
0,40 |
0,37 |
|
M/L term Debts Ratio |
Units |
0,25 |
0,07 |
0,10 |
0,12 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,59 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
2,20 |
1,74 |
2,53 |
2,03 |
|
Current ratio |
Units |
2,09 |
1,49 |
1,45 |
1,28 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,73 |
1,12 |
1,15 |
0,93 |
|
Structure's primary quotient |
Units |
1,31 |
1,47 |
1,87 |
1,17 |
|
Treasury's primary quotient |
Units |
1,29 |
0,77 |
0,90 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
268,90 |
250,15 |
332,90 |
488,47 |
|
Current Capital ( net ) |
Value |
80.459.637 |
45.752.565 |
46.444.801 |
381.996 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
10,34 |
5,20 |
12,06 |
4,45 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
5,84 |
3,46 |
25,25 |
8,87 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
6,60 |
5,83 |
43,44 |
28,20 |
|
Return on Investment ( R.O.I. ) |
% |
2,31 |
0,85 |
14,58 |
6,37 |
|
Return/ Sales |
% |
5,24 |
1,05 |
16,00 |
5,64 |
|
Extra Management revenues/charges incid. |
% |
94,07 |
162,66 |
52,00 |
30,18 |
|
Cash Flow |
Value |
9.844.506 |
7.973.259 |
19.588.362 |
132.891 |
|
Operating Profit |
Value |
4.986.567 |
1.613.895 |
25.988.722 |
157.669 |
|
Gross Operating Margin |
Value |
10.140.255 |
6.961.937 |
32.062.864 |
253.580 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
64,14 |
49,75 |
46,83 |
130,58 |
|
Debts to suppliers average term |
Days |
234,40 |
149,79 |
158,18 |
160,95 |
|
Average stock waiting period |
Days |
101,66 |
80,92 |
67,50 |
58,75 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,44 |
0,80 |
0,91 |
1,15 |
|
Rate of stock return |
Units |
3,54 |
4,44 |
5,33 |
6,11 |
|
Labour cost incidence |
% |
25,41 |
17,58 |
15,65 |
21,17 |
|
Net financial revenues/ charges incidence |
% |
0,21 |
2,22 |
- 2,04 |
- 0,98 |
|
Labour cost on purchasing expenses |
% |
26,87 |
17,32 |
17,72 |
21,58 |
|
Short-term financing charges |
% |
1,77 |
2,32 |
8,09 |
2,20 |
|
Capital on hand |
% |
227,02 |
123,59 |
109,70 |
86,73 |
|
Sales pro employee |
Value |
194.307 |
295.732 |
320.933 |
175.602 |
|
Labour cost pro employee |
Value |
49.378 |
52.010 |
50.244 |
36.471 |
Credit Opinion
On the basis of the above mentioned, and the sales volume obtained, we
deem that the maximum exposure for short and medium term transactions ( 90 -
120 days ) could be of:
100.000Eur.
Market / Territory Data
|
Population living in the province |
: |
838.732 |
|
Population living in the region |
: |
4.699.950 |
|
Number of families in the region |
: |
1.813.210 |
Monthly family expenses average in the region (in Eur.) :
|
- per food products |
: |
456 |
|
- per non food products |
: |
2.052 |
|
- per energy consume |
: |
127 |
Sector Data
The values are calculated on a base of 1.330 significant companies.
The companies cash their credits on an average of 130 dd.
The average duration of suppliers debts is about 160 dd.
The sector's profitability is on an average of 4,45%.
The labour cost affects the turnover in the measure of 21,17%.
Goods are held in stock in a range of 58 dd.
The difference between the sales volume and the resources used to
realize it is about 1,15.
The employees costs represent the 21,58% of the production costs.
Statistical Detrimental Data
The area is statistically considered lowly risky.
In the region 13.782 protested subjects are found; in the province they
count to 2.280.
The insolvency index for the region is 0,30, , while for the province it
is 0,28.
Total Bankrupt companies in the province : 3.317.
Total Bankrupt companies in the region : 16.714.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.38 |
|
UK Pound |
1 |
Rs.73.88 |
|
Euro |
1 |
Rs.65.83 |
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.