MIRA INFORM
REPORT
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Report Date : |
23.05.2011 |
IDENTIFICATION DETAILS
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Name : |
EASTERN
HARVEST GROUP LTD |
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Registered Office : |
c/o Tradeventure International Ltd., Room 808, 8/F., Lippo Sun Plaza, 28 Canton Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
27.09.1985 |
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Com. Reg. No.: |
10089454 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in manufacturing, importing and
exporting a wide range of knitwear and apparels |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment
Behaviour : |
Usually Correct |
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Litigation : |
Exists |
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 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
Bottom of Form
company name
EASTERN HARVEST
GROUP LTD.
company ADDRESS
4/F., Kwong Loong Tai Industrial Building, 1016-1018 Tai Nam Street West, Cheung Sha Wan, Kowloon, Hong Kong.
PHONE: 2307 2926, 2785 2200
FAX: 2786 3398
E-MAIL sales@easternh.com.hk
esimon@easternh.com.hk
fandy@easternh.com.hk
MANAGEMENT
Executive Officers: Ms.
Au Mi Wah
Mr. Ko Kam Hon
SUMMARY
Incorporated on: 27th September, 1985.
Organization: Private Limited Company.
Capital: Nominal: HK$40,000,000.00
Issued: HK$40,000,000.00
Business Category: Investment Holdings; Knitwear Manufacturer and Trader.
Group Turnover: HK$650~700 million.
Group Employees: About 180. (Hong Kong)
Main Dealing Banker: DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered
Office:-
c/o Tradeventure International Ltd.
Room 808, 8/F., Lippo Sun Plaza, 28 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
[Tel: 2376 1833; Fax: 2376 1877]
Head Office:-
4/F., Kwong Loong Tai Industrial Building, 1016-1018 Tai Nam Street West, Cheung Sha Wan, Kowloon, Hong Kong.
Factory:- (Operated by Turbo-Knit Factory Ltd.)
Workshop A, B & C, Cockloft Floor, Wo Fung Industrial Building, 2 Yip Wo Street, On Lok Tsuen, Fanling, New Territories, Hong Kong.
[Tel: 2947 3438; Fax: 2947 3938]
China Factories:-
Jiujiangshui Village,
Changping Town, Dongguan, Guangdong Province, China.
[Operated by Turbo Knitwear Fashion (Dongguan) Co. Ltd.]
Sha He Industrial Park,
Ganzhou, Zhanggong District, Jiangxi Province, China.
[Operated by Turbo Knitwear Fashion (Ganzhou) Co. Ltd.]
Overseas Factories:
Mexico, USA, Singapore, etc.
Subsidiary/Associated Companies:-
Continental Shirts Ltd., Hong Kong.
Dong Han China Development Co. Ltd., Hong Kong.
Easehonor Investments Ltd., Hong Kong.
Full Advance Investment Ltd., Hong Kong.
Inter-Trade & Co., Hong Kong.
Jensen Enterprises Ltd., Taiwan.
Join Wine Trade Ltd., Hong Kong. [Dissolved]
Julimay Fashion Ltd., Hong Kong. [Dissolved]
KBL de Mexico S.A. de C.V., Mexico.
KBL Group International Ltd., USA.
North American Distribution Center, USA.
Star Kingdom Enterprise Corporation, Taiwan.
Super Sonic Knitters Ltd., Hong Kong.
Tradeventure International Ltd., Hong Kong. [Compulsory Winding Up]
Turbo Knitwear Fashion (Dongguan) Co. Ltd., China.
Turbo Knitwear Fashion (Ganzhou) Co. Ltd., China.
Turbo-Knit Factory Ltd., Hong Kong.
Turbo-Knit International Co. Ltd., Hong Kong.
etc.
BUSINESS REGISTRATION NUMBER
10089454
COMPANY FILE NUMBER
0159099
MANAGEMENT
Executive Officers: Ms.
Au Mi Wah
Mr. Ko Kam Hon
CAPITAL
Nominal Share Capital: HK$40,000,000.00 (Divided into 40,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$40,000,000.00
SHAREHOLDERS
(As per registry dated 27-09-2010)
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Name |
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No. of shares |
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Action Points Ltd. Sea Meadow House, Blackburne, Highway, Road Town, Tortola, British Virgin Islands. |
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10,000,000 |
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Addi Management Ltd. P.O. Box 71, Craigmuir Chambers, Road Town, Tortola, British Virgin Islands. |
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7,200,000 |
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Starman Enterprise Co. Ltd. Beaufort House, P.O. Box 438, Road Town, Tortola, British Virgin Islands. |
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9,600,000 |
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Strong Deals Ltd. Sea Meadow House, Blackburne, Highway, Road Town, Tortola, British Virgin Islands. |
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6,000,000 |
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Talented Effort Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands. |
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7,200,000 |
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––––––––– |
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Total: |
40,000,000 ======== |
DIRECTORS
(As per registry dated 27-09-2010)
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Name |
Address |
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Addi Management Ltd. |
P.O. Box 71, Craigmuir Chambers, Road Town, Tortola, British Virgin Islands. |
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Starman Enterprise Co. Ltd. |
Beaufort House, P.O. Box 438, Road Town, Tortola, British Virgin Islands. |
SECRETARY
(As per registry dated 27-09-2010)
|
Name |
Address |
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KO Kam Hon |
House C, 13/F., Chateau Royale, 1 Yung Yi Road, Wong Yi Au, Tai Po, New Territories, Hong Kong. |
HISTORY
The subject was incorporated on 27th September, 1985 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Eastern Harvest Ltd., name changed to the present style on 14th March, 2001.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Investment Holding; Knitwear Manufacturer and Trader.
Lines: All kinds of knitwears and apparels such as woollen sweaters, cotton knitted garments, knit shirts, blouses, cardigans, sweaters, pullovers, coats and jackets, suits, dresses, skirts, overalls and coveralls, undergarments, hosiery, nightwear, uniforms, swimwear, T-shirts and etc.
Group Employees: About 180. (Hong Kong)
Commodities Imported:-
Textile materials – Korea, Japan, Europe, etc.
Finished products – China, Hong Kong, other Asian countries, etc.
Markets: USA (main), UK, Canada, Australia, Europe, etc.
Group Turnover: HK$650~700 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$40,000,000.00 (Divided into 40,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$40,000,000.00
Indebtedness: HK$116,529,959.93 (Total amount outstanding on all mortgages and charges as per last
Annual Return dated 27-09-2010)
Mortgage or Charge: (See attachment)
Profit or Loss: Operation is rather profitable.
Condition: Keeping in a steady condition.
Facilities: Making active use of general banking facilities.
Payment: Met as contracted.
Commercial Morality: Satisfactory.
Bankers:-
· DBS Bank (Hong Kong) Ltd., Hong Kong.
· Hang Seng Bank Ltd., Hong Kong.
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
GENERAL
Eastern Harvest Group Ltd. was incorporated on 27th September, 1985 as a holding company of the Eastern Harvest Group. Having issued 40 million ordinary shares of HK$1.00 each, the subject is jointly owned by 5 offshore companies registered the in British Virgin Islands.
The subject is actually owned by a group of local merchants including Ms. Au Mi Wah, Mr. Ko Kam Hon, Mr. Paul Hui Chuen Yick, etc.
Through its subsidiaries and associates, the subject is engaged in manufacturing, importing and exporting a wide range of knitwear and apparels such as woollen sweaters, cotton knitted garments, knit shirts, blouses, cardigans, sweaters, pullovers, coats and jackets, suits, dresses, skirts, overalls and coveralls, undergarments, hosiery, nightwear, uniforms, swimwear, T-shirts, etc.
With headquarters based in Hong Kong, the subject has had a chain of overseas offices in all major cities of the world such as New York, San Francisco, Dallas, London, Toronto and Vancouver. Products are mainly exported to the US market. Major customers include JC Penny, Victoria’s Secret, Abercrombie & Fitch, L.L.Bean, Dillard’s, PHAT FARM, bebe, NORDSTROM, Liz claiborne, SeanJohn, WHITE BLACK, etc.
The subject has factories in Macau, China, Mexico, Singapore, Thailand, Indonesia, the Philippines, Vietnam, Cambodia, Saipan, Honduras, Madagascar, etc. Its major factories are operated by the following companies:-
·
Turbo-Knit Factory Ltd.
Located in Fanling, New Territories, Hong Kong, this firm has 45,000 sq.ft.
facility and equipped with 462 knitting machines, 150 workers and a knitting
capacity of 65,000 dozens per month.
·
Turbo Knitwear Fashion (Dongguan) Co. Ltd.
With 500,000 sq.ft. facilities and a workforce of 3,200, this factory is
located in Dongguan, Guangdong Province, China.
It has 590 knitting machines.
This facility has a knitting capacity of 85,000 dozens per month and a
finishing capacity of 120,000 dozens per month.
·
Turbo Knitwear Fashion (Ganzhou) Co. Ltd.
This factory is located in Sha He Industrial Park with a total investment of
HK$10 million. It is equipped with
Germany-made computer knitting machines with a production capacity of 400,000
dozens per year.
·
KBL de Mexico S.A. de C.V.
Located in Valle De Santiago, Mexico, this 250,000 sq.ft. factory is equipped
with 381 knitting machines and 2,000 workers, and has a knitting capacity of
over 45,000 dozens per month. This is
the largest fully fashioned sweater factory in North America.
The business of the subject is maintained in a satisfactory manner. Regular customers and suppliers have been maintained. Annual sales turnover ranges from HK$650 to 700 million. Making a small profit every year.
As the history of the subject is over twenty-five years and seven months in Hong Kong, on the whole, consider it good for normal business engagements.
REMARKS:
Court case:-
|
Action
Date |
Case
No. |
Plaintiff |
Defendant |
Cause |
Amount |
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27-11-2001 |
R8417 |
Pong Wai Lok |
Eastern Harvest Group Ltd. and other |
Labour Dispute |
Not stated |
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28-12-2001 |
R8417 |
Pong Wai Lok |
Eastern Harvest Group Ltd. |
Labour Dispute |
Not stated |
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27-03-2002 |
R8417 |
Pong Wai Lok |
Eastern Harvest Group Ltd. |
Labour Dispute |
Not stated |
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28-03-2002 |
R8417 |
Pong Wai Lok |
Eastern Harvest Group Ltd. |
Labour Dispute |
Not stated |
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26-04-2002 |
R8417 |
Pong Wai Lok |
Eastern Harvest Group Ltd. |
Labour Dispute |
Not stated |
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10-05-2002 |
R8417 |
Pong Wai Lok |
Eastern Harvest Group Ltd. |
Labour Dispute |
Not stated |
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24-02-2003 |
R881 |
Tong Hang Mui |
Eastern Harvest Group Ltd. |
Labour Dispute |
Not stated |
Property information of the Eastern Harvest Group:-
1. Property Location: 4/F., Kwong Loong Tai Building, 1016-1018 Tai Nan West Street, Kowloon, Hong Kong.
Owner: Full Advance Investment Ltd.
Date of Purchase: 15-07-1995
Purchased Price: HK$14,500,000
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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15-07-1995 |
- |
Liu Chong Hing Bank Ltd., Hong Kong. [Now known as Chong Hing Bank Ltd.] |
Mortgage to secure general banking facilities |
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28-06-1996 |
- |
- ditto - |
Second mortgage to secure general banking facilities |
2. Property Location: Workshop
A, B & C on Cockloft Floor,
Wo Fung Industrial Building, 2 Yip Wo Street, Fanling, New Territories,
Hong Kong
Owner: Eastern Harvest Group Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
20-01-1997 |
- |
Kwong On Bank Ltd., Hong Kong. [Renamed to DBS Kwong On Bank Ltd. but merged into DBS Bank (Hong Kong) Ltd.] |
Legal charge to secure general banking facilities |
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28-01-2002 |
- |
DBS Kwong On Bank Ltd., Hong Kong. [Merged into DBS Bank (Hong Kong) Ltd.] |
Unlimited second legal charge |
3. Property Location: Workshop
C on 4/F. and Car Park No. 5 on G/F.,
Wo Fung Industrial Building, 2 Yip Wo Street, Fanling, New Territories,
Hong Kong.
Owner: Turbo-Knit Factory Ltd.
Date of Purchase: 28-07-1997
Purchased Price: HK$2,400,000
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
28-07-1997 |
- |
Dao Heng Bank Ltd., Hong Kong. [Merged into DBS Bank (Hong Kong) Ltd.] |
Mortgage to secure general banking facilities |
4. Property Location: Flat B1 on 26/F. of Block B and Car Parking Space No. 11 & 11A on Level 3, Nicholson Tower, 8 Wong Nai Chung Gap Road, Hong Kong.
Owner: Easehonor Investments Ltd.
Date of Purchase: 12-01-1994
Purchased Price: HK$14,800,000
Incumbrances: No mortgage record registered against the property.
MORTGAGE OR CHARGE
|
Date |
Particulars |
Amount |
|
20-01-1997 |
Instrument: Legal Charge Property: 140/1,392nd parts or shares of and in Tai Po New Territories Land Registry as Lot No. 5180 in Demarcation District No. 51 (Workshop A, B & C on Cockloft Floor of Wo Fung Industrial Building, 2 Yip Wo Street, Fanling, New Territories, Hong Kong.) Mortgagee: Kwong On Bank Ltd., Hong Kong. [Renamed to DBS Kwong On Bank Ltd. but merged into DBS Bank (Hong Kong) Ltd.] |
All moneys |
|
28-01-2002 |
Instrument: Unlimited Second Legal Charge Property: 140/1,392nd parts or shares of and in The Remaining Portion of Lot No. 5180 in Demarcation District No. 51 (Workshop A, B & C on the Cockloft Floor of Wo Fung Industrial Building, 2 Yip Wo Street, Fanling, New Territories, Hong Kong.) Mortgagee: DBS Kwong On Bank Ltd., Hong Kong. [Merged into DBS Bank (Hong Kong) Ltd.] |
To secure “all moneys” in respect of general banking facilities |
|
13-03-2002 |
Instrument: Charge of Quota Property: The quota is respect of USA market held by and allocations of quota for category number 638, 639, 645 & 646 (“the Quota”) in respect of USA market, both present and future, preliminary and final, of the Company for the export of restrained textiles granted pursuant to the Import & Export (General) Regulations (Chapter 60) including, without limitation, any quota transferred in on a permanent basis together with all proceeds of any sale, transfer or other disposition of any such quota held by or allocated to the Company from time to time Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all monies and liabilities payable by the Company and/or Turbo-Knit Factory Ltd. |
|
31-07-2009 |
Instrument: Charge Over Deposits/Securities (3 Parties) Property: The Chargor charges by way of first fixed charge to the Bank all the right, title and interest of the Chargor in and to the Charged Assets Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure owing all monies in any currency by the Company and/or Turbo-Knit Factory Ltd. and/or Turbo-Knit International Co. Ltd. and/or Super Sonic Knitters Ltd. to Hang Seng Bank Ltd. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
UK Pound |
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.34 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.