MIRA INFORM REPORT

 

 

Report Date :

22.12.2012

 

IDENTIFICATION DETAILS

 

Name :

VESKIM KIMYEVI MADDE ITHALAT IHRACAT LTD. STI.

 

 

 

 

Registered Office :

Seyrantepe, Karaoglanoglu Cad. Ethem Zengin Ishani No:25 Kat:5 Kagithane 34413 Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

23.12.1986

 

 

Com. Reg. No.:

229763

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Filling and trade of chemicals.

 

 

No. of Employees :

48

 

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

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

Source : CIA

COMPANY IDENTIFICATION

 

 

NAME

:

VESKIM KIMYEVI MADDE ITHALAT IHRACAT LTD. STI.

HEAD OFFICE ADDRESS

:

Seyrantepe, Karaoglanoglu Cad. Ethem Zengin Ishani No:25 Kat:5 Kagithane 34413 Istanbul / Turkey

PHONE NUMBER

:

90-212-283 10 17 (6 lines)

 

FAX NUMBER

:

90-212-282 80 38

 

WEB-ADDRESS

:

www.veskim.com

E-MAIL

:

info@veskim.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

9250002023

REGISTRATION NUMBER

:

229763

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

23.12.1986

ESTABLISHMENT GAZETTE DATE/NO

:

08.01.1987/1677

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   12.000.000

PAID-IN CAPITAL

:

TL   12.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 12.000

Changed On

:

24.09.1998 (Commercial Gazette Date /Number 29.09.1998/ 4637)

Previous Registered Capital

:

TL 90.000

Changed On

:

15.12.2004 (Commercial Gazette Date /Number 20.12.2004/ 6201)

Previous Registered Capital

:

TL 400.000

Changed On

:

26.01.2006 (Commercial Gazette Date /Number 31.01.2006/ 6482)

Previous Registered Capital

:

TL 3.200.000

Changed On

:

31.05.2010 (Commercial Gazette Date /Number 08.06.2010/ 7580)

Previous Registered Capital

:

TL 6.500.000

Changed On

:

11.05.2012 (Commercial Gazette Date /Number 17.05.2012/ 8070)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

A. Kerim Henri Basoglu

33,33 %

Selim Anter

33,33 %

Can Mark Basoglu

12,50 %

Nikol Basoglu

12,50 %

Talin Basoglu

8,34 %

 

 

SISTER COMPANIES

:

MOLEKUL YAPI KIMYASALLARI SANAYI VE TICARET A.S.

VES DERI SANAYI VE TICARET A.S.

VES MUMESSILLIK DIS TICARET A.S.

VESDERI DERI DIS TICARET LTD. STI.

VESKIM KIMYEVI MADDELER SANAYI VE TICARET A.S.

VESLINE TEKSTIL SANAYI VE TICARET LTD. STI.

 

DIRECTORS

:

A. Kerim Henri Basoglu                                                                                                                                                                                                                                                                                   

 

Selim Anter                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Filling and trade of chemicals.

 

NACE CODE

:

G .51.55

 

NUMBER OF EMPLOYEES

:

48

 

 

NET SALES

:

5.137.337 TL

(1999) 

6.762.673 TL

(2000) 

11.996.825 TL

(2001) 

17.100.132 TL

(2002) 

22.579.617 TL

(2003) 

29.390.811 TL

(2004) 

37.190.900 TL

(2005) 

42.329.366 TL

(2006) 

55.357.986 TL

(2007) 

88.097.905 TL

(2008) 

99.245.822 TL

(2009) 

129.849.709 TL

(2010) 

167.640.414 TL

(2011) 

133.502.895 TL

(01.01-30.09.2012) 

 

 

IMPORT VALUE

:

1.722.949 USD + 3.984.174 EUR

(2004)

3.671.610 USD + 3.931.760 EUR

(2005)

5.880.517 USD + 4.960.688 EUR

(2006)

7.094.972 USD + 5.658.333 EUR

(2007)

11.029.845 USD + 10.266.847 EUR

(2008)

11.225.000 EUR + 11.868.000 USD

(2009)

11.662.040 EUR + 25.393.001 USD

(2010)

27.623.899 USD + 9.222.326 EUR

(2011)

 

 

IMPORT COUNTRIES

:

Belgium

Italy

Germany

China

Poland

Taiwan

 

MERCHANDISE IMPORTED

:

Chemicals

 

EXPORT VALUE

:

362.092 TL

(2001)

619.794 TL

(2002)

182.656 TL

(2003)

883.782 TL

(2004)

2.589.583 TL

(2005)

379.256 TL

(2006)

178.056 TL

(2007)

34.737 TL

(2008)

476.671 TL

(2009)

361.097 TL

(2010)

122.735 TL

(2011)

1.974.999 TL

(01.01-30.09.2012)

 

 

 

EXPORT COUNTRIES

:

Free Zone

Ethiopia

Northern Cyprus Turkish Republic

Bangladesh

Iran

 

MERCHANDISE  EXPORTED

:

Chemicals

 

HEAD OFFICE ADDRESS

:

Seyrantepe, Karaoglanoglu Cad. Ethem Zengin Ishani No:25 Kat:5 Kagithane 34413  Istanbul / Turkey ( rented ) (350 sqm)

 

BRANCHES

:

Warehouse  :  Gebze Dilovasi Kocaeli/Turkey (owned)

 

Warehouse  :  Ikitelli Istanbul/Turkey (rented)

 

Warehouse  :  Alibeykoy Istanbul/Turkey (rented)

 

Processing Plant  :  Ulas Mevkii E-5 Uzeri Gulle Tekstil Karsisi Corlu Tekirdag/Turkey (owned) (5.400 sqm)

                                                                                

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears an upwards trend in  1.1 - 30.9.2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Celiktepe Branch

Yapi ve Kredi Bankasi Sanayi Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.09.2012) TL

Net Sales

88.097.905

99.245.822

129.849.709

167.640.414

133.502.895

Profit (Loss) Before Tax

1.325.104

5.672.190

7.213.385

7.067.798

19.248.342

Stockholders' Equity

6.903.188

13.373.869

19.294.690

25.617.724

 

Total Assets

42.532.868

54.890.641

72.391.552

122.792.605

 

Current Assets

39.593.951

51.740.617

68.830.339

116.870.317

 

Non-Current Assets

2.938.917

3.150.024

3.561.213

5.922.288

 

Current Liabilities

35.629.680

41.516.772

53.096.862

95.380.426

 

Long-Term Liabilities

0

0

0

1.794.455

 

Gross Profit (loss)

14.260.692

15.489.203

18.423.545

25.774.590

31.570.053

Operating Profit (loss)

10.413.654

10.506.711

11.619.582

18.064.378

24.578.085

Net Profit (loss)

1.058.411

4.535.679

5.765.823

5.637.941

19.248.342

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:

Equity Part

:5.500.000 TL

Payment Due Date

:11.05.2012

 

 

Capitalization

Insufficient As of 31.12.2011

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The increase is decided to be financed by equity items so the capital increase is not expected to have a positive effect on equity total.

 

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

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

 

Profitability

High Operating Profitability  in 2008

Low Net Profitability  in 2008

High Operating Profitability  in 2009

Good Net Profitability  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

High Operating Profitability  in 2011

In Order Net Profitability  in 2011

High Operating Profitability (01.01-30.09.2012)

High Net Profitability (01.01-30.09.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Passable

 

 

 

 

 

 

 

 

 

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

 ( 01.01-30.09.2009)

3,60 %

1,5624

2,1386

2,3953

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 01.01-30.11.2012)

2,58 %

1,8006

2,3240

2,8569

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

39.593.951

0,93

51.740.617

0,94

68.830.339

0,95

116.870.317

0,95

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

16.937.143

0,40

17.966.314

0,33

707.265

0,01

11.914.995

0,10

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

16.626.310

0,39

27.855.115

0,51

57.027.626

0,79

90.636.643

0,74

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

2.802.061

0,07

1.917.550

0,03

4.028.387

0,06

7.725.469

0,06

Advances Given

3.207.890

0,08

3.751.026

0,07

6.838.032

0,09

5.895.284

0,05

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

20.547

0,00

250.612

0,00

229.029

0,00

697.926

0,01

NON-CURRENT ASSETS

2.938.917

0,07

3.150.024

0,06

3.561.213

0,05

5.922.288

0,05

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

905.194

0,01

Financial Assets

0

0,00

0

0,00

0

0,00

5.250

0,00

Tangible Fixed Assets (net)

2.541.484

0,06

2.763.377

0,05

3.068.316

0,04

4.518.947

0,04

Intangible Assets

386.647

0,01

386.647

0,01

492.897

0,01

492.897

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

10.786

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

42.532.868

1,00

54.890.641

1,00

72.391.552

1,00

122.792.605

1,00

CURRENT LIABILITIES

35.629.680

0,84

41.516.772

0,76

53.096.862

0,73

95.380.426

0,78

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

18.062.034

0,42

21.410.414

0,39

33.743.284

0,47

61.164.215

0,50

Accounts Payable

8.642.455

0,20

8.450.120

0,15

10.999.855

0,15

19.657.614

0,16

Loans from Shareholders

2.058.106

0,05

217.640

0,00

4.810.154

0,07

8.601.997

0,07

Other Short-term Payable

0

0,00

0

0,00

0

0,00

357

0,00

Advances from Customers

1.376.479

0,03

5.422.557

0,10

3.348.487

0,05

5.031.328

0,04

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

434.401

0,01

20.728

0,00

25.906

0,00

484.020

0,00

Provisions

5.056.205

0,12

5.995.313

0,11

169.176

0,00

430.307

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

10.588

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

1.794.455

0,01

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

1.794.455

0,01

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

6.903.188

0,16

13.373.869

0,24

19.294.690

0,27

25.617.724

0,21

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

25.617.724

0,21

Paid-in Capital

3.200.000

0,08

3.200.000

0,06

6.500.000

0,09

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

1.210.000

0,03

1.210.000

0,02

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

1.434.777

0,03

4.428.190

0,08

7.028.867

0,10

0

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.058.411

0,02

4.535.679

0,08

5.765.823

0,08

0

0,00

TOTAL LIABILITIES AND EQUITY

42.532.868

1,00

54.890.641

1,00

72.391.552

1,00

122.792.605

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS,  "Cheques Received" and "Outstanding Cheques"  figures are under “Cash And Banks" figure. Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques"  figures  are given under  "Account Receivable" figure and  "Account Payable" figure respectively.                                                                                                                                                                   

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.09.2012) TL

 

Net Sales

88.097.905

1,00

99.245.822

1,00

129.849.709

1,00

167.640.414

1,00

133.502.895

1,00

Cost of Goods Sold

73.837.213

0,84

83.756.619

0,84

111.426.164

0,86

141.865.824

0,85

101.932.842

0,76

Gross Profit

14.260.692

0,16

15.489.203

0,16

18.423.545

0,14

25.774.590

0,15

31.570.053

0,24

Operating Expenses

3.847.038

0,04

4.982.492

0,05

6.803.963

0,05

7.710.212

0,05

6.991.968

0,05

Operating Profit

10.413.654

0,12

10.506.711

0,11

11.619.582

0,09

18.064.378

0,11

24.578.085

0,18

Other Income

3.427.752

0,04

1.385.567

0,01

2.048.688

0,02

4.042.981

0,02

6.138.013

0,05

Other Expenses

5.687.233

0,06

3.268.885

0,03

5.023.897

0,04

11.914.793

0,07

7.920.570

0,06

Financial Expenses

6.829.069

0,08

2.951.203

0,03

1.430.988

0,01

3.124.768

0,02

3.547.186

0,03

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

1.325.104

0,02

5.672.190

0,06

7.213.385

0,06

7.067.798

0,04

19.248.342

0,14

Tax Payable

266.693

0,00

1.136.511

0,01

1.447.562

0,01

1.429.857

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.058.411

0,01

4.535.679

0,05

5.765.823

0,04

5.637.941

0,03

19.248.342

0,14

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,11

1,25

1,30

1,23

Acid-Test Ratio

0,94

1,10

1,09

1,08

Cash Ratio

0,48

0,43

0,01

0,12

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,07

0,03

0,06

0,06

Short-term Receivable/Total Assets

0,39

0,51

0,79

0,74

Tangible Assets/Total Assets

0,06

0,05

0,04

0,04

TURNOVER RATIOS

 

 

Inventory Turnover

26,35

43,68

27,66

18,36

Stockholders' Equity Turnover

12,76

7,42

6,73

6,54

Asset Turnover

2,07

1,81

1,79

1,37

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,16

0,24

0,27

0,21

Current Liabilities/Total Assets

0,84

0,76

0,73

0,78

Financial Leverage

0,84

0,76

0,73

0,79

Gearing Percentage

5,16

3,10

2,75

3,79

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,15

0,34

0,30

0,22

Operating Profit Margin

0,12

0,11

0,09

0,11

Net Profit Margin

0,01

0,05

0,04

0,03

Interest Cover

1,19

2,92

6,04

3,26

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

67,94

101,04

158,11

196,58

Average Payable Period (days)

42,14

36,32

35,54

49,88

WORKING CAPITAL

3964271,00

10223845,00

15733477,00

21489891,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.08

UK Pound

1

Rs.89.53

Euro

1

Rs.72.77

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.