|
Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
ADONIS LTD |
|
|
|
|
Formerly Known As : |
Mayar (H.K.) Ltd |
|
|
|
|
Registered Office : |
Room 803, 8/F., Lippo Centre, Tower 2, 89 Queensway, Admiralty,
Hong Kong |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
16.09.1993 |
|
|
|
|
Com. Reg. No.: |
17391818 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Exporter of all kinds of newsprint paper,
graphic paper, timber, soya bean, raw cashew etc. |
|
|
|
|
No. of Employees : |
15 |
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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
HONG KONG - ECONOMIC OVERVIEW
Hong Kong has a free market
economy, highly dependent on international trade and finance - the value of
goods and services trade, including the sizable share of re-exports, is about
four times GDP. Hong Kong's open economy left it exposed to the global economic
slowdown that began in 2008. Although increasing integration with China,
through trade, tourism, and financial links, helped it to make an initial
recovery more quickly than many observers anticipated, it again faces a
possible slowdown as exports to the Euro zone and US slump. The Hong Kong
government is promoting the Special Administrative Region (SAR) as the site for
Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to
establish RMB-denominated savings accounts; RMB-denominated corporate and
Chinese government bonds have been issued in Hong Kong; and RMB trade
settlement is allowed. The territory far exceeded the RMB conversion quota set
by Beijing for trade settlements in 2010 due to the growth of earnings from
exports to the mainland. RMB deposits grew to roughly 7.8% of total system
deposits in Hong Kong by the end of 2011, an increase of over 59% since the
beginning of the year. The government is pursuing efforts to introduce
additional use of RMB in Hong Kong financial markets and is seeking to expand
the RMB quota. The mainland has long been Hong Kong's largest trading partner,
accounting for about half of Hong Kong's exports by value. Hong Kong's natural
resources are limited, and food and raw materials must be imported. As a result
of China's easing of travel restrictions, the number of mainland tourists to
the territory has surged from 4.5 million in 2001 to 28 million in 2011,
outnumbering visitors from all other countries combined. Hong Kong has also
established itself as the premier stock market for Chinese firms seeking to
list abroad. In 2011 mainland Chinese companies constituted about 43% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the
Exchange's market capitalization. During the past decade, as Hong Kong's
manufacturing industry moved to the mainland, its service industry has grown
rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply
conditions caused Hong Kong property prices to rise rapidly in 2010 and
inflation to rise 5.3% in 2011. Lower and middle income segments of the
population are increasingly unable to afford adequate housing. Hong Kong
continues to link its currency closely to the US dollar, maintaining an
arrangement established in 1983.
Source : CIA
ADONIS LTD.
Room 803, 8/F.,
Lippo Centre, Tower 2, 89 Queensway, Admiralty, Hong Kong.
PHONE: 2850 7366, 2851 7366
FAX: 2542 2302, 2851 7423
E-MAIL: ajay@mayarhk.com
Managing
Director: Mr. Ajay Deepak
Incorporated on: 16th September, 1993.
Organization: Private Limited Company.
Capital: Nominal: US$50,000,000.00
Issued: US$9,972,000.00
Business Category: Importer and Exporter; Buying Office and Regional Office.
Annual Turnover: US$200~220 million.
Employees: 15.
Main Dealing Bankers: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
ADONIS LTD.
Registered
Head Office:-
Room 803, 8/F.,
Lippo Centre, Tower 2, 89 Queensway, Admiralty, Hong Kong.
Overseas
Offices:-
Mayar (H.K) Ltd.,
Yangon Office
Room
703-704, Level 7, La Pyayt Wun Plaza, No. 37, Signal Pagoda Road, Dagon
Township, Yangon, Myanmar.
Tel: 95-1-371374,
371375
Fax: 95-1-371376
E-mail: mayarcm@myanmar.com.mm
Mayar (H.K) Ltd.,
Malaysia Office
H. No. 8-A, Lane 15, Delta Estate, 96000, SIBU, Sarawak, Malaysia.
Tel: 60-84-338730
Fax: 60-84-338641
E-mail: mayarsb@streamyx.com
Parent
Company:-
Mayar India Ltd.,
India.
Associated/Affiliated
Companies:-
Mayar Group of Companies
Amar Eye Centre & Research, India.
Mannor Impex Pvt. Ltd., India.
Mayar Finance Ltd., India.
Mayar Health Resorts Ltd., India.
Mayar Infrastructure Development Pvt. Ltd., India.
Mayar Properties & Investments (Pvt.) Ltd.,
India.
Mayar Securities (Pvt.) Ltd., India.
Qingdao Jinhuihai International Transportation Co.
Ltd., China.
Shree Cosmetics Ltd., India.
Signalize Impex (P) Ltd., India.
Sivananda Pharmaceuticals (Pvt.) Ltd., India.
V.O.U. Investment (Pvt.) Ltd., India.
etc.
17391818
0449525
Group
Chairman & Managing Director: Mr. Ajit Kumar Sud
Director
& Business Head: Mr. Ashit Sud
Managing
Director: Mr. Ajay Deepak
Nominal Share
Capital: US$50,000,000.00 (Divided into 400,000 shares of US$125.00 each)
Issued Share
Capital: US$9,972,000.00
(As per registry dated 16-09-2011)
|
Name |
|
No. of shares |
|
Ajit
Kumar SUD |
|
16 |
|
Mayar India Ltd. Plot No. A,
Basant Lok Community Centre, Vasant Vihar, New Delhi 110057, India. |
|
79,744 |
|
Ajay DEEPAK |
|
16 |
|
|
|
–––––– |
|
|
Total: |
79,776 ===== |
(As per registry dated 16-09-2011)
|
Name (Nationality) |
Address |
|
Ajit Kumar SUD (Indian) |
2-A, Shankra Charya Marg, Behind I.P. College, Civil Lines, Alipur
Road, New Delhi-110054, India. |
|
Ashit SUD |
Flat B, 37/F., Tower 8, Phase 1, Residence
Belair, 28 Bel Air Avenue, Island
South, Wah Fu, Hong Kong. |
|
Abhit SUD |
2-A, Shankra Charya Marg, Behind I.P. College, Civil Lines, Alipur
Road, New Delhi-110054, India. |
|
Ajay DEEPAK |
Flat E, 8/F., Block 7, City Garden, 233 Electric Road, Hong Kong. |
(As per registry dated 16-09-2011)
|
Name |
Address |
Co.
No. |
|
Tricor
Tengis Ltd. |
Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong. |
0041027 |
The
subject was incorporated on 16th September, 1993 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Mayar (H.K.) Ltd., name changed to
the present style on 22nd July, 2011.
Formerly
the subject was located at Room 1102, 11/F., The Centre Mark, 287‑299 Queen’s Road Central, Hong
Kong, moved to Room 604, 6/F., Lippo Centre, Tower 1, 89 Queensway, Admiralty,
Hong Kong with effect from 8th February, 1999; and moved further to the
present address in June 2010.
In
September 2009, the subject increased its ordinary shares from 63,776 to 79,776.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer and Exporter; Buying Office and Regional Office.
Lines: All kinds of newsprint paper, graphic paper, timber, soya bean, raw cashew in shells, industrial materials, sundries and native produces.
Employees: 15.
Commodities Imported: Russia, Germany, Austria, Korea, India, etc.
Markets: Hong Kong, India and Southeast Asia.
Annual Turnover: US$200~220 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
The Indian Chamber
of Commerce Hong Kong, Hong Kong.
Nominal Share
Capital: US$50,000,000.00 (Divided into 400,000 shares of US$125.00 each)
Issued Share
Capital: US$9,972,000.00
Alternation
of Capital:-
|
16-09-1993 |
paid up |
US$ 250.00 |
|
06-09-1994 |
paid up |
US$ 498,000.00 |
|
25-03-1997 |
paid up |
US$ 7,473,750.00 |
|
25-09-2009 |
paid up |
US$ 2,000,000.00 |
|
|
|
––––––––––––––– |
|
Total: |
paid up |
US$ 9,972,000.00 ============= |
Increases
of Nominal Capital:-
|
From |
US$ 250,000.00 |
to |
US$ 500,000.00 |
on |
06-09-1994 |
|
From |
US$ 500,000.00 |
to |
US$ 9,375,000.00 |
on |
25-03-1997 |
|
From |
US$9,375,000.00 |
to |
US$50,000,000.00 |
on |
25-09-2009 |
Mortgage or Charge
(since June 2008): (See attachment)
Profit or Loss: Making a small
profit every year.
Condition: Keeping
in an active and good condition.
Facilities: Making
very active use of general banking facilities.
Payment: Met
obligations as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong.
Credit Agricole
Corporate & Investment Bank, Hong Kong Branch.
BNP Paribas, Hong Kong Branch.
Australia & New Zealand Banking Group Ltd., Hong Kong Branch/Singapore Branch.
Indian Overseas Bank, Hong Kong Branch.
Bank of Baroda (Hong Kong) Ltd., Hong Kong.
Bank of India, Hong Kong Branch.
Axis Bank Ltd., Hong Kong Branch.
Allahabad Bank, Hong Kong Branch.
UCO Bank, Hong Kong Branch.
Standing: Good.
Adonis
Ltd. was incorporated in Hong Kong in September 1993 and commenced business in
June 1994. Its main holding company is
Mayar India Ltd. [Mayar India] which is an India-based firm.
The
subject changed name to the present style in July 2011.
Located
in New Delhi, India, Mayar India has been dealing in paper for over 50
years. Mayar India, the flagship company
of the Mayar Group, is engaged in international trading monitors and ensures
synergy in the functioning of all the Group companies in India and abroad. With a total sales volume of over US$600
Million, Mayar India has overseas presence with offices in the following
countries and regions: Hong Kong, Malaysia, Europe and Singapore.
The
subject is an Indian company acting as a buying and regional office for Mayar
India in Hong Kong.
The
subject is a part of the Mayar Group, headquartered in India, with a history of
over 62 years. Established in 1948,
Mayar Group is a large business conglomerate having interests in paper, timber,
beans, other agricultural products, iron and steel, iron ore, real estate, FMCG
personal care products, infrastructure development and hospitality. It is an over US$500 million-dollar enterprise
in India.
The
Group has set up a number of affiliated and associated companies in the
world. It oversees the activities of all
its offices across the world — in Hong Kong which is the subject,
Malaysia, Singapore, Indonesia, Venezuela, Burma and even Russia.
According
to the Group, it is a “debt free company” as it believes in expanding its
interests by drawing on its own resources.
The Group will keep on expanding in the years ahead under this way.
The
subject acts as a trade link between India, Hong Kong and the rest of the
world. It is rapidly developing export
to and from India and serving as a catalyst in establishing strong foot hold of
the Mayar Group into the world market.
The
subject is rated as one of the largest trading company of Indian origin, with
its net worth about US$30 million as of 31st March, 2011. Now, its annual sales turnover ranges from
US$200 to 220 million. Business is
active.
The
subject is principally engaged in importing and exporting of standard newsprint
paper and glazed newsprint paper. The
suppliers are in Russia, Germany, Austria and South Korea. In order to diversify the business, the
subject also has been engaged in importing and exporting of timber,
agricultural products, iron ore, iron and steel, chemicals, etc. Its business has penetrated China and offices
have been set up in Guangzhou, Qingdao and Beijing.
The
Qingdao firm is known as Qingdao Jinhuihai International Transportation Co.
Ltd. The General Manager of the Qingdao
firm is Mr. Qi Jianxin who is a Chinese.
The Qingdao firm is responsible for the co-ordination with the newsprint
mills and logistic services. Qi Jianxin
has become one of the key managing personnel of the Group. He is one of the managers of the Publication
Paper Division.
Besides
the China offices, the Group also has set up offices in Myanmar and Malaysia.
The
directors of the subject are also Chief Executive Officers of the Mayar Group. The
subject is fully supported by the Mayar Group.
In
Hong Kong, the business of the subject is chiefly handled by Mr. Ajay Deepak
who is residing in Hong Kong most of the time.
He is a Hong Kong ID Card holder and has got the right to reside in Hong
Kong permanently.
In
December 2007, the subject got a litigation filed with the Hong Kong court
concerning an amount due of US$358,000.
On
the whole, having a history of over eighteen years and seven months, the
subject is considered good for normal business engagements.
Brief
information of directors:-
Mr.
Ajit Kumar SUD is the Chairman and Managing Director of the
Group. Born in 1946, Mr. Ajit Kumar Sud
joined in the family business in 1967, a worthy inheritor of his father’s
mantle, is continuing the legacy by expanding the Group in other areas like
Health Resorts, Day Spas, and Development of Special Economic Zones. He is sticking firmly to the ideals that have
made the Mayar a corporate global organization.
Mr.
Ashit SUD is the Business Head. Born in 1979, Mr. Ashit Sud is the elder son
of Mr. A.K. Sud. He is young and dynamic
personality. He possesses a degree in
B.Sc. (Hons), specializing in Finance and Human Resources from University of
Bradford, the United Kingdom. He has got
extensive training in the subject for 7 years.
He joined the family business in 2000.
He was part of the core team for establishing the Mayar Group’s
Hospitality Venture, Health Spa at Ashok Hotel, Chanakyapuri, New Delhi in
2004. Presently he is the Business Head
of the subject.
Mr.
Ajay DEEPAK, M.Sc.(Physics), CAIIB is a professional from
banking industry. Has over 20 years of
banking experience at National and International level. His present position is Managing Director of
the subject.
Court
case record:-
|
Action
Date |
Case
No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
06-12-2007 |
H1430 |
Ashita Impex Pvt. Ltd. |
Mayar (H.K.) Ltd. and other |
Money Due/Owing |
US$358,000 |
Property information of the
company:-
1. Property
Location: Room 803 on 8/F. of Tower
2, Lippo Centre, 89 Queensway, Hong Kong.
Owner: Mayar
(H.K.) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
10-02-2010 |
- |
Bank of India, Hong Kong Branch. |
Mortgage to secure general banking facilities |
2. Property
Location: Flat G on 11/F. of Tower
18, South Horizons,
18 South Horizon Drive, Hong Kong.
Owner: Mayar
(H.K.) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
19-11-1998 |
- |
Banque Nationale de Paris, Hong Kong Branch. [Now known as BNP Paribas] |
Mortgage to secure general banking facilities |
3. Property Location: Flat E on 8/F. of Block 7, City Garden, 233 Electric Road,
Hong Kong.
Owner: Mayar (H.K.) Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
10-09-2010 |
- |
Allahabad Bank, Hong Kong Branch. |
Mortgage to secure general banking facilities |
4. Property
Location: Flat B on 37/F. of Tower 8
and Private Car Park No. 188 on Car Park Level 2, Residence Bel-Air, 28-38
Bel-Air Avenue, Island South, Hong Kong.
Owner: Mayar
(H.K.) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
30-09-2010 |
- |
Bank of Baroda, Hong Kong Branch. |
Mortgage to secure general banking facilities |
(Since June 2008)
|
Date |
Particulars |
Amount |
|
07-08-2008 |
Instrument: Letter
of Set-off and Appropriation Property: Fixed Deposit deal No. 145410 dated
28-07-2008 for US$503,133.58 of A/C No. 037130 Mortgagee: Bank
of India, Hong Kong Branch. |
Advances and other banking facilities |
|
24-09-2008 |
Instrument: Undertaking
Relating to Deposits Property: Distinctive No. Date of Receipt: 09-07-2008,
09-07-2008, 09-07-2008 Amount of Deposit: US$750,000.00;
US$750,000.00; Rate of Interest: 2.70%,
2.70%, 2.70% Maturity Date Mortgagee: Indian
Overseas Bank, Hong Kong Branch. |
All and any liabilities |
|
31-01-2009 |
Instrument: Charge
on Deposit Property: A sum of US$1,690,940.96 for Account No.
911020400003162, 911020400002875, 911020400002431 and 911020400001892 Mortgagee: Axis
Bank Ltd., Hong Kong Branch. |
As a continuing security for the payment and discharge of the
Liabilities |
|
06-03-2009 |
Instrument: Obligations
of the Depositor Property: Account No.
82000014 and 82100014: Amount Rate of Maturity 2008 FD 48 2 18-10-2008 283,645.50 3.50% 18-04-2009 Mortgagee: Allahabad
Bank, Hong Kong Branch. |
All moneys |
|
12-05-2009 |
Instrument: Letter
of Set-off and Appropriation Property: The following
fixed deposit of A/C No. 037130: Deal No. Date Amount Due Date 152688 02-03-2009 US$553,010.60 02-06-2009 Mortgagee: Bank
of India, Hong Kong Branch. |
Advances and other banking facilities |
|
01-06-2009 |
Instrument: Undertaking
Relating to Deposits Property: Receipt No.: EM 57 Mortgagee: UCO
Bank, Hong Kong Branch. |
Liabilities |
|
10-02-2010 |
Instrument: Mortgage Property: 343,435/1,285,159th parts or shares of and
in 1,285/102,750th parts or shares of and in Inland Lot No. 8615 {Room 803 on
8/F. of Tower Two [formerly known as Peregrine Tower and before that known as
EIE Tower and further before that known as Tower 1 (West Tower)] of Lippo
Centre (formerly known as Bond Centre), 89 Qeuensway, Hong Kong.} Mortgagee: Bank
of India, Hong Kong Branch. |
Repayment of all monies obligations and liabilities in respect of
general banking facilities |
|
21-04-2010 |
Instrument: Memorandum Property: Distinctive 91210300003341 01-03-2010 US$662,373.17 01-06-2010 Mortgagee: Bank
of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
|
21-06-2010 |
Instrument: Undertaking
Relating to Deposits Property: Receipt No.: 2010 UL 2 Mortgagee: UCO
Bank, Hong Kong Branch. |
Liabilities |
|
10-09-2010 |
Instrument: Mortgage Property: 38/100,180th parts or shares of and in
Inland Lot No. 8580 (Flat E on 8/F. of Block 7 of City Garden, 233 Electric
Road, Hong Kong.) Mortgagee: Allahabad
Bank, Hong Kong Branch. |
All moneys |
|
30-09-2010 |
Instrument: Mortgage Property: 164/553,324th parts or shares of and in
Section B of Inland Lot No. 8969 (Flat B on 37/F. of Tower 8 and Private Car
Park No. 188 on Car Park Level 2 of Residence Bel-Air, 28-38 Bel-Air Avenue,
Island South, Hong Kong.) Mortgagee: Bank
of Baroda, Hong Kong Branch. |
All moneys |
|
04-04-2011 |
Instrument: Charge
Over Deposit Property: All the fixed deposit and/or call deposit
under the Customer ID 911000130 Mortgagee: Axis
Bank Ltd., Hong Kong Branch. |
To secure all monies in respect of banking facilities |
|
23-05-2011 |
Instrument: Undertaking
Relating to Deposits Property: Distinctive Date of Amount Rate
of Maturity 2010 FD 5161 01-03-2011 US$400,000.00 1.250% 01-06-2011 Mortgagee: Indian
Overseas Bank, Hong Kong Branch. |
All and any liabilities |
|
17-08-2011 |
Instrument: Obligations of the Depositor Property: A sum of
US$1,500,000.00 under account number 30800011 Mortgagee: Allahabad Bank, Hong Kong Branch. |
To secure all monies in respect of banking
facilities |
|
17-08-2011 |
Instrument: General Letter of Hypothecation Property: All goods and
all bills of exchange, promissory notes and negotiable instruments Mortgagee: Allahabad Bank, Hong Kong Branch. |
To secure all monies in respect of banking
facilities |
|
02-09-2011 |
Instrument: Memorandum Property: Distinctive 91210300004549 16-11-2010 US$162,025.37 16-11-2011 Mortgagee: Bank
of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
|
01-12-2011 |
Instrument: Undertaking
Relating to Deposits Property: Distinctive Date of Amount Rate
of Maturity 2008 FD 1914 10-10-2011 US$777,865.82 0.640% 09-01-2012 Mortgagee: Indian
Overseas Bank, Hong Kong Branch. |
All and any liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.20 |
|
UK Pound |
1 |
Rs.87.79 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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.