MIRA INFORM REPORT

 

 

Report Date :

21.04.2012

 

IDENTIFICATION DETAILS

 

Name :

SANOVEL ILAC SANAYI VE TICARET A.S.

 

 

Registered Office :

Istinye Mah. Balabandere Cad. No:14 Sariyer Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

30.12.1983

 

 

Com. Reg. No.:

244688

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of various kinds of medicine, agricultural, veterinary, medical and pharmacy equipment. 

 

 

No. of Employees :

1850

 

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

 

Maximum Credit Limit :

68.100.000 USD

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

NOTES

:

Address at your inquiry is the former address.

 

 

COMPANY IDENTIFICATION

 

NAME

:

SANOVEL ILAC SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Istinye Mah. Balabandere Cad. No:14 Sariyer Istanbul / Turkey

PHONE NUMBER

:

90-212-362 18 00

 

FAX NUMBER

:

90-212-276 93 83

 

WEB-ADDRESS

:

www.sanovel.com.tr

E-MAIL

:

info@sanovel.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

7440008141

REGISTRATION NUMBER

:

244688

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

30.12.1983

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   500.000.000

PAID-IN CAPITAL

:

TL   500.000.000

HISTORY

:

Previous Registered Capital

:

TL 80.200.000

Changed On

:

08.08.2008 (Commercial Gazette Date /Number 14.08.2008/ 7127)

Previous Registered Capital

:

TL 150.000.000

Changed On

:

30.04.2009 (Commercial Gazette Date /Number 06.05.2009/ 7305)

Previous Registered Capital

:

TL 180.000.000

Changed On

:

20.07.2010 (Commercial Gazette Date /Number 26.07.2010/ 7614)

Previous Registered Capital

:

TL 300.000.000

Changed On

:

09.08.2011 (Commercial Gazette Date /Number 15.08.2011/ 7880)

Previous Address

:

Buyukdere Cad Dereboyu Sk Zagra Is Merkezi C Blok 34398 Maslak Istanbul

Changed On

:

13.04.2012

Merger

:

The subject took over and merged with “Alfen Ilac San. ve Tic. A.S”, “Andante Ilac San. ve Tic. A.S”   “Galet Ilac San. ve Tic. A.S” and “Paroma Ilac San. ve Tic. A.S”

Changed On

:

28.02.2005 (Commercial Gazette Date /Number 03.03.2005/ 6252)

Other Changes

:

The firm was firstly established on 30.12.1983 and registered at Ankara Commercial registry with registration number 52670.Then the firm moved to Istanbul and registered at Istanbul Commercial Registry with registration number 244688.

Changed On

:

13.04.1988 (Commercial Gazette Date /Number 02.05.1988/ 2011)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mukerrem Toksoz

 

Toksoz Holding A.S.

 

Ayhan Ates

 

Munire Toksoz Mihcak

 

Zafer Toksoz

 

Ahmet Toksoz

 

M. Akif Toksoz

 

Sabahat Toksoz

 

 

 

REMARKS ON SHAREHOLDERS

:

The major shareholder is Sabahat Toksoz.

GROUP PARENT COMPANY

:

TOKSOZ HOLDING A.S.

 

SISTER COMPANIES

:

ADILNA ILAC SANAYII VE TICARET A.S.

ASET ILAC SANAYI VE TICARET A.S.

GALENOS ECZA DEPOSU TICARET VE SANAYI A.S.

ISTANBUL GALENOS ECZA DEPOSU TICARET VE SANAYI A.S.

SANSET GIDA TURIZM SANAYI VE TICARET A.S.

TOKSOZ HOLDING A.S.

YASET ILAC SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

Declared to be: None

 

BOARD OF DIRECTORS

:

Sebahat Toksoz

Chairman

Zafer Toksoz

Member

Ahmet Toksoz

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of various kinds of medicine, agricultural, veterinary, medical and pharmacy equipment. 

 

The subject has 33 branch offices in Turkey.

 

NACE CODE

:

DG.24.42

 

SECTOR

:

Chemicals

 

NUMBER OF EMPLOYEES

:

1.850

 

 

NET SALES

:

20.429 TL Thousand

(1999) 

32.036 TL Thousand

(2000) 

62.338 TL Thousand

(2001) 

114.012 TL Thousand

(2002) 

156.211 TL Thousand

(2003) 

184.068 TL Thousand

(2004) 

233.996 TL Thousand

(2005) 

248.359 TL Thousand

(2006) 

321.900 TL Thousand

(2007) 

369.165 TL Thousand

(2008) 

407.985 TL Thousand

(2009) 

408.389 TL Thousand

(2010) 

 

 

CAPACITY

:

  ( units/yr)

 

 

 

177.852.362

 

 

(2008)

 

 

 

 

IMPORT VALUE

:

96.000.000 USD

(2008)

53.000.000 USD

(2009)

29.397.654 USD

(01.01-31.03.2010)

 

 

IMPORT COUNTRIES

:

India

Germany

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

240.647 TL

(2005)

560.414 TL

(2006)

842.956 TL

(2007)

2.186.405 TL

(2008)

5.128.675 TL

(2009)

5.950.662 TL

(2010)

 

 

EXPORT COUNTRIES

:

Azerbaijan

India

Northern Cyprus Turkish Republic

Kyrgyzstan

Uzbekistan

Kazakhstan

 

MERCHANDISE  EXPORTED

:

Antibiotics

Drugs

 

HEAD OFFICE ADDRESS

:

Istinye Mah. Balabandere Cad. No:14 Sariyer  Istanbul / Turkey

 

BRANCHES

:

Factory  :  E-5 Karayolu uzeri Kartal Tepe Mevkii Canta Beldesi – Silivri Istanbul/Turkey (owned) (40.000 sqm)

                                                                                

 

INVESTMENTS

:

Machinery investments are going on.

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2010.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Anadolu Bank Istanbul Kurumsal Branch

Denizbank Istanbul Kurumsal Branch

Finansbank Bogazici Branch

Garanti Bankasi Istanbul Kurumsal Branch

T. Is Bankasi Maslak Kurumsal Branch

T. Ziraat Bankasi Istanbul Kurumsal Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2006) TL Thousand

(2007) TL Thousand

(2008) TL Thousand

(2009) TL Thousand

(2010) TL Thousand

Net Sales

248.359

321.900

369.165

407.985

408.389

Profit (Loss) Before Tax

6.200

9.798

-70.555

66.880

53.701

Stockholders' Equity

132.506

148.438

80.290

179.026

345.584

Total Assets

448.279

417.639

480.853

458.520

537.389

Current Assets

314.894

289.452

339.017

297.721

358.567

Non-Current Assets

133.385

128.187

141.836

160.799

178.822

Current Liabilities

13.411

42.084

75.418

77.880

50.938

Long-Term Liabilities

302.362

227.117

325.145

201.614

140.867

Gross Profit (loss)

104.233

120.896

183.312

259.126

235.551

Operating Profit (loss)

-3.963

-40.826

1.080

86.710

58.356

et Profit (loss)

6.200

9.798

-70.555

66.880

46.557

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:200.000.000 TL

Equity Part

:

Payment Due Date

:31.12.2011

Number of Days To Pay First Portion of The Cash Part of Capital Increase

:90

 

 

Capitalization

High As of 31.12.2010

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The capital increase financed by cash is expected to have an improvement at equity total since the last balance sheet date.

 

Liquidity

High As of 31.12.2010

Remarks On Liquidity

The capital increase after the last balance sheet is expected to have a positive effect on liquidity since the last balance sheet date. 

 

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

Operating Loss  in 2006

Fair Net Profitability  in 2006

Operating Loss  in 2007

Fair Net Profitability  in 2007

Low Operating Profitability  in 2008

Net Loss  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Good

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

68.100.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 68.100.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 1999 )

62,90 %

0,4278

0,4518

0,6843

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 01.01-31.03.2010)

4,24 %

1,5128

2,0953

2,3698

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 

 

BALANCE SHEETS

 

 

 ( 31.12.2006 )  TL Thousand

 

 ( 31.12.2007 )  TL Thousand

 

 ( 31.12.2008 )  TL Thousand

 

CURRENT ASSETS

314.894

0,70

289.452

0,69

339.017

0,71

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

7.091

0,02

18.566

0,04

40.345

0,08

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

122.327

0,27

129.347

0,31

131.161

0,27

Other Receivable

11.408

0,03

17.257

0,04

66.483

0,14

Inventories

88.258

0,20

66.967

0,16

45.390

0,09

Advances Given

39.432

0,09

34.573

0,08

38.627

0,08

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

46.378

0,10

22.742

0,05

17.011

0,04

NON-CURRENT ASSETS

133.385

0,30

128.187

0,31

141.836

0,29

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

4

0,00

5

0,00

18

0,00

Financial Assets

206

0,00

206

0,00

244

0,00

Tangible Fixed Assets (net)

131.726

0,29

125.408

0,30

138.206

0,29

Intangible Assets

1.449

0,00

2.568

0,01

3.359

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

9

0,00

TOTAL ASSETS

448.279

1,00

417.639

1,00

480.853

1,00

CURRENT LIABILITIES

13.411

0,03

42.084

0,10

75.418

0,16

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

469

0,00

31.613

0,08

62.474

0,13

Accounts Payable

10.011

0,02

6.046

0,01

9.594

0,02

Loans from Shareholders

0

0,00

123

0,00

11

0,00

Other Short-term Payable

184

0,00

284

0,00

186

0,00

Advances from Customers

99

0,00

969

0,00

143

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

2.648

0,01

3.007

0,01

3.010

0,01

Provisions

0

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

42

0,00

0

0,00

LONG-TERM LIABILITIES

302.362

0,67

227.117

0,54

325.145

0,68

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

302.362

0,67

227.117

0,54

325.145

0,68

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

132.506

0,30

148.438

0,36

80.290

0,17

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

80.200

0,18

80.200

0,19

145.050

0,30

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

17.164

0,04

17.164

0,04

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

28.942

0,06

41.276

0,10

5.795

0,01

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

6.200

0,01

9.798

0,02

-70.555

-0,15

TOTAL LIABILITIES AND EQUITY

448.279

1,00

417.639

1,00

480.853

1,00

 

 

 

 ( 31.12.2009 )  TL Thousand

 

 ( 31.12.2010 )  TL Thousand

 

CURRENT ASSETS

297.721

0,65

358.567

0,67

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

4.616

0,01

3.199

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

162.751

0,35

171.261

0,32

Other Receivable

51.167

0,11

77.699

0,14

Inventories

28.930

0,06

44.954

0,08

Advances Given

34.916

0,08

36.472

0,07

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

15.341

0,03

24.982

0,05

NON-CURRENT ASSETS

160.799

0,35

178.822

0,33

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

22

0,00

23

0,00

Financial Assets

593

0,00

593

0,00

Tangible Fixed Assets (net)

152.948

0,33

172.147

0,32

Intangible Assets

7.236

0,02

6.046

0,01

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

13

0,00

TOTAL ASSETS

458.520

1,00

537.389

1,00

CURRENT LIABILITIES

77.880

0,17

50.938

0,09

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

2.670

0,01

2.952

0,01

Accounts Payable

10.409

0,02

10.005

0,02

Loans from Shareholders

54.661

0,12

119

0,00

Other Short-term Payable

6.959

0,02

30.788

0,06

Advances from Customers

158

0,00

142

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

3.023

0,01

5.838

0,01

Provisions

0

0,00

709

0,00

Other Current Liabilities

0

0,00

385

0,00

LONG-TERM LIABILITIES

201.614

0,44

140.867

0,26

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

201.614

0,44

140.867

0,26

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

179.026

0,39

345.584

0,64

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

180.000

0,39

300.000

0,56

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

2.701

0,01

2.701

0,01

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-70.555

-0,15

-3.674

-0,01

Net Profit (loss)

66.880

0,15

46.557

0,09

TOTAL LIABILITIES AND EQUITY

458.520

1,00

537.389

1,00

 

 

INCOME STATEMENTS

 

 

(2006) TL Thousand

 

(2007) TL Thousand

 

(2008) TL Thousand

 

Net Sales

248.359

1,00

321.900

1,00

369.165

1,00

Cost of Goods Sold

144.126

0,58

201.004

0,62

185.853

0,50

Gross Profit

104.233

0,42

120.896

0,38

183.312

0,50

Operating Expenses

108.196

0,44

161.722

0,50

182.232

0,49

Operating Profit

-3.963

-0,02

-40.826

-0,13

1.080

0,00

Other Income

14.566

0,06

62.387

0,19

19.033

0,05

Other Expenses

3.200

0,01

8.838

0,03

8.851

0,02

Financial Expenses

1.203

0,00

2.925

0,01

81.817

0,22

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

6.200

0,02

9.798

0,03

-70.555

-0,19

Tax Payable

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

6.200

0,02

9.798

0,03

-70.555

-0,19

 

 

 

(2009) TL Thousand

 

(2010) TL Thousand

 

Net Sales

407.985

1,00

408.389

1,00

Cost of Goods Sold

148.859

0,36

172.838

0,42

Gross Profit

259.126

0,64

235.551

0,58

Operating Expenses

172.416

0,42

177.195

0,43

Operating Profit

86.710

0,21

58.356

0,14

Other Income

54.322

0,13

29.389

0,07

Other Expenses

9.812

0,02

9.828

0,02

Financial Expenses

64.340

0,16

24.216

0,06

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

66.880

0,16

53.701

0,13

Tax Payable

0

0,00

7.144

0,02

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

66.880

0,16

46.557

0,11

 

 

FINANCIAL RATIOS

 

 

(2006)

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

Current Ratio

23,48

6,88

4,50

3,82

7,04

Acid-Test Ratio

10,50

3,92

3,16

2,81

4,95

Cash Ratio

0,53

0,44

0,53

0,06

0,06

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,20

0,16

0,09

0,06

0,08

Short-term Receivable/Total Assets

0,30

0,35

0,41

0,47

0,46

Tangible Assets/Total Assets

0,29

0,30

0,29

0,33

0,32

TURNOVER RATIOS

 

Inventory Turnover

1,63

3,00

4,09

5,15

3,84

Stockholders' Equity Turnover

1,87

2,17

4,60

2,28

1,18

Asset Turnover

0,55

0,77

0,77

0,89

0,76

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,30

0,36

0,17

0,39

0,64

Current Liabilities/Total Assets

0,03

0,10

0,16

0,17

0,09

Financial Leverage

0,70

0,64

0,83

0,61

0,36

Gearing Percentage

2,38

1,81

4,99

1,56

0,56

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,05

0,07

-0,88

0,37

0,13

Operating Profit Margin

-0,02

-0,13

0,00

0,21

0,14

Net Profit Margin

0,02

0,03

-0,19

0,16

0,11

Interest Cover

6,15

4,35

0,14

2,04

3,22

COLLECTION-PAYMENT

 

Average Collection Period (days)

177,32

144,66

127,92

143,63

150,99

Average Payable Period (days)

25,01

10,83

18,58

25,17

20,84

WORKING CAPITAL

301483,00

247368,00

263599,00

219841,00

307629,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.00

UK Pound

1

Rs.83.54

Euro

1

Rs.68.40

 

 

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.