MIRA INFORM REPORT

Report Date :

24.03.2011

IDENTIFICATION DETAILS

Name :	BUHLER SORTEX LIMITED
Formerly Known As :	SORTEX LIMITED
Registered Office :	20 Atlantis Avenue London E16 2bf
Country :	United Kingdom
Financials (as on) :	31.12.2009
Date of Incorporation :	01.05.1947
Legal Form :	Private limited with Share Capital
Line of Business :	Manufacture of other special purpose machinery

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	£800,000
Status :	Very good
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)
United Kingdom	a1	a1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Identification

Company Name	BUHLER SORTEX LIMITED	Company Number	00434274
Registered Address	20 ATLANTIS AVENUE	Trading Address	20 Atlantis Avenue E16 2BF
	LONDON
	E16 2BF
Website Address	http://www.sortex.com
Telephone Number	02070556650	Fax Number
TPS	No	FPS	No
Incorporation Date	01/05/1947	Company Status	Active - Accounts Filed
Previous Name	SORTEX LIMITED	Type	Private limited with Share Capital
		Filing Date of Accounts	03/06/2010
Date of Change	09/07/2007	Share Capital	£1,250,000
Sic Code	2956	Currency	GBP
Sic Description	MANUFACTURE OF OTHER SPECIAL PURPOSE MACHINERY
Principal Activity	The manufacture and distribution of electronic colour sorters and vision systems, and manufacture and installation of cleaning and sorting machinery, mainly for the food and agriculture industries.

Credit Limit

Limit

£800,000

Commentary

No exact match CCJs are recorded against the company.

The previous 12 month trading period saw a rise in Sales of 25.8%.

In the previous 12 month trading period Net Worth increased by 23.6%.

A 17.7% growth in Total Assets occurred in the previous 12 month trading period.

Pre-tax profits increased by 74.2% in the previous 12 month trading period.

The company saw an increase in their Cash Balance of 460.3% in the previous 12 month trading period.

The audit report contains no adverse comments.

No recent changes in directorship are recorded.

The company is part of a group.

The company has changed its registered name recently.

The company was established over 62 years ago.

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2009	£63,405,604	£15,788,726	£21,978,729	193
31/12/2008	£46,057,843	£8,420,449	£18,424,865	174
31/12/2007	£36,615,228	£4,835,047	£14,908,073	171

CCJ

Total Number of Exact CCJs -	Total Value of Exact CCJs -
Total Number of Possible CCJs -	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	Total Value of Satisfied CCJs -
Total Number of Writs -

Exact CCJ Details

There are No Exact CCJ Details

Possible CCJ Details

Writ Details

There are no Writ Details

Mortgage Summary

Outstanding	0
Satisfied	7

Mortgage Details

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	27/01/99
Date Charge Registered:	28/01/99
Date Charge Satisfied:	22/12/04
Status:	SATISFIED
Person(s) Entitled:	GENERALE BANK NV - GENERALE DE BANQUE SA
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	PROPERTY K/A PUDDING MILL LANE T/NO: EGL164713 AND ALL BUILDINGS AND FIXTURES (INCLUDING TRADE FIXTURES) FROM TIME TO TIME THEREON TOGETHER WITH ALL PLANT MACHINERY FITTINGS COMPUTERS AND OFFICE AND OTHER EQUIPMENT FROM TIME T OTIME ON THEPROPERTY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	GUARANTEE & DEBENTURE
Date Charge Created:	12/12/80
Date Charge Registered:	19/12/80
Date Charge Satisfied:	19/12/80
Status:	SATISFIED
Person(s) Entitled:	BROWN SHIPLEY & CO. LTD.
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL DEBTS UNCALLED CPAITAL. TOGETHER WITH ALL BUILDINGS FIXTURES FIXED PLANT & MACHINERY

Mortgage Type:	GUARANTEE & DEBENTURE
Date Charge Created:	12/12/80
Date Charge Registered:	19/12/80
Date Charge Satisfied:	19/12/80
Status:	SATISFIED
Person(s) Entitled:	HENRY ANSBACHEN AND COMPANY LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED & FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL DEBTS UNCALLED CAPITAL. TOGETHER WITH ALL BUILDINGS FIXTURES FIXED PLANT & MACHINERY

Mortgage Type:	GUARANTEE & DEBENTURE
Date Charge Created:	12/12/80
Date Charge Registered:	19/12/80
Date Charge Satisfied:	19/12/80
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED & FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL DEBTS UNCALLED CAPITAL. TOGETHER WITH ALL BUILDINGS FIXTURES FIXED PLANT & MACHINERY

Mortgage Type:	GUARANTEE & DEBENTURE
Date Charge Created:	12/12/80
Date Charge Registered:	19/12/80
Date Charge Satisfied:	19/12/80
Status:	SATISFIED
Person(s) Entitled:	HAMBROS BANK LTD.
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED & FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL DEBTS UNCALLED CAPITAL. TOGETHER WITH ALL BUILDINGS FIXTURES FIXED PLANT & MACHINERY

Mortgage Type:	GUARANTEE & DEBENTURE
Date Charge Created:	12/12/80
Date Charge Registered:	19/12/80
Date Charge Satisfied:	19/12/80
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED & FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL DEBTS UNCALLED CAPITAL. TOGETHER WITH ALL BUILDINGS FIXTURES FIXED PLANT & MACHINERY

Mortgage Type:	GUARANTEE & DEBENTURE
Date Charge Created:	12/12/80
Date Charge Registered:	19/12/80
Date Charge Satisfied:	19/12/80
Status:	SATISFIED
Person(s) Entitled:	CLYDESDALE BANK LTD.
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED & FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL DEBTS UNCALLED CAPITAL. TOGETHER WITH ALL BUILDINGS FIXTURES FIXED PLANT & MACHINERY

Total Current Directors	9
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	20

Current Directors

Name	Alan Hillary	Date of Birth	23/11/1953
Officers Title	Mr	Nationality	British
Present Appointments	7	Function	Director
Appointment Date	23/06/1998
Address	1 Cameron Close
	Cranleigh
	GU6 8EB
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Bruno Giacomo Mario Kilshaw	Date of Birth	21/11/1947
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	01/02/1993
Address	38 The Broadway
	Amersham
	HP7 0HJ

Name	Nigel Howard Wilson	Date of Birth	20/01/1961
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	06/11/1998
Address	6 Oldfield Mews
	London
	N6 5XA
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Colin David Chaffers	Date of Birth	04/10/1955
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	16/06/1998
Address	20 Atlantis Avenue
	London
	E16 2BF
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Charith Abeysinghe Gunawardena	Date of Birth	05/12/1961
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	25/09/2000
Address	20 Atlantis Avenue
	London
	E16 2BF
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Hamid Reza Kefayati	Date of Birth	06/10/1956
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	18/07/2003
Address	20 Atlantis Avenue
	London
	E16 2BF
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Bruno Mendler	Date of Birth	20/11/1954
Officers Title	Mr	Nationality	Swiss
Present Appointments	3	Function	Director
Appointment Date	01/01/2004
Address	Bachtelstrasse 11
	Schaffhausen
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Nicholas John Wilkins	Date of Birth	15/09/1958
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	01/08/2005
Address	The Old Rectory
	Church Road
	Ardley
	OX27 7NP

Name	Craig Edward Briggs	Date of Birth	26/10/1972
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	07/02/2007
Address	5 Wealden House
	Talwin Street Bow
	London
	E3 3NG
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Nigel Howard Wilson	Date of Birth	20/01/1961
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Company Secretary
Appointment Date	31/03/1998
Address	20 Atlantis Avenue
	London
	E16 2BF
Disqualified		Disqualified End Date
Disqualification Exception	No

Top 20 Shareholders

Name	Individual Share Value
BUHLER HOLDINGS LTD	1,250,000 ORDINARY GBP 1.00

Profit & Loss

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£63,405,604	37.7%	£46,057,843	25.8%	£36,615,228	4.1%	£35,166,424	14.8%	£30,621,000
Export	£62,685,328	38.3%	£45,316,800	26%	£35,975,442	3.7%	£34,700,083	17.3%	£29,579,000
Cost of Sales	£40,914,191	24.5%	£32,863,678	22%	£26,926,748	6.1%	£25,373,050	9.2%	£23,243,000
Gross Profit	£22,491,413	70.5%	£13,194,165	36.2%	£9,688,480	-1.1%	£9,793,374	32.7%	£7,378,000
Wages & Salaries	£7,489,064	7.7%	£6,952,481	7.6%	£6,458,621	10.9%	£5,822,129	-0.5%	£5,852,000
Directors Emoluments	£1,063,720	2.9%	£1,033,483	12.1%	£922,239	24.8%	£739,240	7.1%	£690,000
Operating Profit	£15,821,878	77.7%	£8,903,106	80.8%	£4,924,877	-6.9%	£5,292,161	40.2%	£3,776,000
Depreciation	£664,900	-3.6%	£690,063	82.6%	£377,985	-24.5%	£500,605	0.1%	£500,000
Audit Fees	£41,300	8.7%	£38,000	8.6%	£35,000	55.6%	£22,500	-10%	£25,000
Interest Payments	£105,880	-80.5%	£542,911	343.5%	£122,425	999.9%	£3,154	-60.6%	£8,000
Pre Tax Profit	£15,788,726	87.5%	£8,420,449	74.2%	£4,835,047	-12.3%	£5,515,104	-30.3%	£7,915,000
Taxation	-£4,540,782	-77.4%	-£2,559,017	-122.3%	-£1,151,074	27.6%	-£1,589,190	-33.5%	-£1,190,000
Profit After Tax	£11,247,944	91.9%	£5,861,432	59.1%	£3,683,973	-6.2%	£3,925,914	-41.6%	£6,725,000
Dividends Payable	£7,000,000	180%	£2,500,000	-16.7%	£3,000,000	50%	£2,000,000	33.3%	£1,500,000
Retained Profit	£4,247,944	26.4%	£3,361,432	391.5%	£683,973	-64.5%	£1,925,914	-63.1%	£5,225,000

Balance Sheet

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Tangible Assets	£13,018,945	-1.3%	£13,192,933	-1%	£13,326,389	17.4%	£11,351,716	80.3%	£6,297,000
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£13,018,945	-1.3%	£13,192,933	-1%	£13,326,389	17.4%	£11,351,716	80.3%	£6,297,000
Stock	£5,509,358	6.1%	£5,194,320	8.1%	£4,803,290	-12.6%	£5,492,999	12.6%	£4,879,000
Trade Debtors	£13,836,840	467.6%	£2,437,967	-40.5%	£4,096,873	43.8%	£2,849,639	48.3%	£1,922,000
Cash	£9,982,022	-0.9%	£10,077,180	460.3%	£1,798,450	11.7%	£1,609,897	125.2%	£715,000
Other Debtors	£6,493,497	16.5%	£5,574,079	-20%	£6,965,522	-2.8%	£7,166,003	-36.9%	£11,352,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£35,821,717	53.8%	£23,283,546	31.8%	£17,664,135	3.2%	£17,118,538	-9.3%	£18,869,000
Trade Creditors	£3,074,965	27.3%	£2,416,330	24%	£1,948,699	-43.1%	£3,424,047	127.8%	£1,503,000
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£1,072,275	30.5%	£821,911	-70.5%	£2,788,085	999.9%	£241,214	-77.2%	£1,056,000
Miscellaneous Current Liabilities	£13,577,943	82.7%	£7,430,413	35.8%	£5,471,367	17.1%	£4,671,893	13.4%	£4,119,000
Total Current Liabilities	£17,725,183	66.1%	£10,668,654	4.5%	£10,208,151	22.4%	£8,337,154	24.8%	£6,678,000
Bank Loans & Overdrafts and LTL	£9,136,750	23.8%	£7,382,960	25.7%	£5,874,300	-3.5%	£6,086,800	-1.4%	£6,173,000
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£9,136,750	23.8%	£7,382,960	25.7%	£5,874,300	-3.5%	£6,086,800	-1.4%	£6,173,000

Capital & Reserves

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Called Up Share Capital	£1,250,000	-	£1,250,000	-	£1,250,000	-	£1,250,000	-	£1,250,000
P & L Account Reserve	£20,728,729	20.7%	£17,174,865	25.7%	£13,658,073	6.7%	£12,796,300	15.6%	£11,065,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£21,978,729	19.3%	£18,424,865	23.6%	£14,908,073	6.1%	£14,046,300	14.1%	£12,315,000

Other Financial Items

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Net Worth	£21,978,729	19.3%	£18,424,865	23.6%	£14,908,073	6.1%	£14,046,300	14.1%	£12,315,000
Working Capital	£18,096,534	43.5%	£12,614,892	69.2%	£7,455,984	-15.1%	£8,781,384	-28%	£12,191,000
Total Assets	£48,840,662	33.9%	£36,476,479	17.7%	£30,990,524	8.9%	£28,470,254	13.1%	£25,166,000
Total Liabilities	£26,861,933	48.8%	£18,051,614	12.2%	£16,082,451	11.5%	£14,423,954	12.2%	£12,851,000
Net Assets	£21,978,729	19.3%	£18,424,865	23.6%	£14,908,073	6.1%	£14,046,300	14.1%	£12,315,000

Cash Flow

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Contingent Liability	NO	-	NO	-	NO	-	YES	-	YES
Capital Employed	£31,115,479	20.6%	£25,807,825	24.2%	£20,782,373	3.2%	£20,133,100	8.9%	£18,488,000
Number of Employees	193	10.9%	174	1.8%	171	3%	166	-7.3%	179

Auditors	BOURNER BULLOCK
Auditor Comments	The audit report contains no adverse comments
Bankers
Bank Branch Code

Ratios

Date Of Accounts	31/12/09	31/12/08	31/12/07	31/12/06	31/12/05
Pre-tax profit margin %	24.90	18.28	13.21	15.68	25.85
Current ratio	2.02	2.18	1.73	2.05	2.83
Sales/Net Working Capital	3.50	3.65	4.91	4	-
Gearing %	41.60	40.10	39.40	43.30	50.10
Equity in %	45	50.50	48.10	49.30	48.90
Creditor Days	17.65	19.09	19.37	35.44	17.92
Debtor Days	79.43	19.26	40.72	29.50	22.91
Liquidity/Acid Test	1.71	1.69	1.25	1.39	2.09
Return On Capital Employed %	50.74	32.62	23.26	27.39	42.81
Return On Total Assets Employed %	32.32	23.08	15.60	19.37	31.45
Current Debt Ratio %	0.80	0.57	0.68	0.59	0.54
Total Debt Ratio %	1.22	0.97	1.07	1.02	1.04
Stock Turnover Ratio %	8.68	11.27	13.11	15.62	15.93
Return on Net Assets Employed %	71.83	45.70	32.43	39.26	64.27

Status History

No Status History found

Company Name	BUHLER SORTEX LIMITED	Company Number	00434274
Holding Company	BUHLER UK HOLDINGS LIMITED	Ownership Status	Intermediately Owned
Ultimate Holding Company	BUHLER HOLDING AG	Companies in Group	7

Ultimate Parent Company	BUHLER HOLDING AG
Companies in Group	7
Company Name	Registered Number	Latest Key Financials	Limit	Turnover
BUHLER HOLDING AG	Foreign (SWITZERLAND)		-	-
-  BUHLER UK HOLDINGS LIMITED	00683185	31-12-2008	£1,250,000	£70,830,000
SORTEX LIMITED	06251424	31-12-2009	£0	-
BUHLER (RL) LIMITED	03106880	31-12-2008	£0	-
BUHLER LIMITED	02925744	31-12-2008	£140,000	£19,269,000
BUHLER SORTEX LIMITED	00434274	31-12-2009	£800,000	£63,405,604
CONTROL DESIGN AND DEVELOPMENT LIMITED	01579088	31-12-2009	£125,000	£6,952,512

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.96
UK Pound	1	Rs.73.57
Euro	1	Rs.63.68

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

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.