MIRA INFORM REPORT

 

 

Report Date :

06.09.2012

 

IDENTIFICATION DETAILS

 

Name :

DYSTAR KIMYA SANAYI VE TICARET LTD. STI.

 

 

Formerly Known As :

ROTTA KIMYA SANAYI VE TICARET A.S.

 

 

Registered Office :

Kosuyolu Mecidiye Mah. Cenap Sahabettin Sok. No:18 Kadikoy Istanbul

 

 

 

 

Country :

Turkey

 

 

 

 

Financials (as on) :

31.12.2011

 

 

 

 

Date of Incorporation :

10.01.1991

 

 

 

 

Com. Reg. No.:

271577

 

 

 

 

Legal Form :

Limited Company

 

 

 

 

Line of Business :

Manufacture and trade of textile chemicals and textile dye.

 

 

 

 

No. of Employees :

78

 

 

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 :

Good

Payment Behaviour :

Regular

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

 

 

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

 

NOTES

:

Address at your inquiry was changed by the authority/municipality.

 

 

COMPANY IDENTIFICATION

 

NAME

:

DYSTAR KIMYA SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Kosuyolu Mecidiye Mah. Cenap Sahabettin Sok. No:18 Kadikoy Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from "24" to "18" by the Municipality.

PHONE NUMBER

:

90-216-544 15 00

 

FAX NUMBER

:

90-216-339 90 61-62

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Anadolu Kurumlar

TAX NO

:

7350555850

REGISTRATION NUMBER

:

271577

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

10.01.1991

ESTABLISHMENT GAZETTE DATE/NO

:

16.01.1991/2695

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.284.450

PAID-IN CAPITAL

:

TL   2.284.450

HISTORY

:

Previous Legal Type

:

Joint Stock Company

Changed On

:

30.12.2005 (Commercial Gazette Date /Number 06.01.2006/ 6469)

Previous Name

:

Rotta Kimya Sanayi ve Ticaret A.S.

Changed On

:

30.12.2005 (Commercial Gazette Date /Number 06.01.2006/ 6469)

Previous Name

:

Rotta Kimya Sanayi ve Ticaret Ltd. Sti.

Changed On

:

03.07.2006 (Commercial Gazette Date /Number 10.07.2006/ 6595)

Previous Registered Capital

:

TL 1.425.000

Changed On

:

03.07.2006 (Commercial Gazette Date /Number 10.07.2006/ 6595)

Previous Registered Capital

:

TL 1.434.450

Changed On

:

18.11.2011 (Commercial Gazette Date /Number 24.11.2011/ 7947)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

22.04.2011 (Commercial Gazette Date /Number 28.04.2011/ 7804)

Merger

:

The subject took over and merged with “Dystar Tekstil Boyalari Ticaret Ltd. Sti.”

Changed On

:

03.07.2006 (Commercial Gazette Date /Number 10.07.2006/ 6595)

Merger

:

The subject took over and merged with “Dystar Tekstil Boya ve Teknolojisi Sanayi  Ticaret Ltd. Sti.”

Changed On

:

18.11.2011 (Commercial Gazette Date /Number 24.11.2011/ 7947)

PREVIOUS SHAREHOLDERS

:

Dystar Colours Distribution GmbH

99,99 %

Viktor Leendertz

 

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Kiri Holding Singapore Pvt. Ltd.

99,97 %

Viktor Leendertz

 

 

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Shankerbhai Rughnathbhai Patel                                                                                                                                                                                                                                                                                   

 

Fatma Muge Arkan                                                                                                                                                                                                                                                                                   

 

Klaus Walter Kadletz                                                                                                                                                                                                                                                                                   

 

Bin Luo                                                                                                                                                                                                                                                                                   

 

Sureskumar Savaji bhai Gondalia                                                                                                                                                                                                                                                                                   

 

Yalin Xu                                                                                                                                                                                                                                                                                   

 

Sheng Chang                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of textile chemicals and textile dye.

 

NACE CODE

:

DG.24.14

 

SECTOR

:

Chemicals

 

TRADEMARKS OWNED

:

Dystar

 

NUMBER OF EMPLOYEES

:

78

 

NET SALES

:

38.667 TL Thousand

(2006) 

41.649 TL Thousand

(2007) 

46.050.136 TL

(2008) 

54.215.543 TL

(2009) 

57.088.488 TL

(2010) 

73.171.116 TL

(2011) 

41.823.501 TL

(01.01-30.06.2012) 

 

 

CAPACITY

:

  ( tons/yr)

 

 

 

8.496

 

 

(2010)

 

 

 

 

IMPORT VALUE

:

11.809.553 EUR + 1.224.358 USD

(2009)

27.451.295 TL

(2010)

31.677.947 TL

(01.01-31.10.2011)

 

 

IMPORT COUNTRIES

:

China

Germany

France

Italy

Indonesia

Netherlands

Switzerland

U.S.A.

 

MERCHANDISE IMPORTED

:

Chemicals

 

EXPORT VALUE

:

6.115.923 TL

(2006)

6.456.305 TL

(2007)

8.604.112 TL

(2008)

10.396.109 TL

(2009)

14.468.526 TL

(2010)

18.826.530 TL

(2011)

11.121.515 TL

(01.01-30.06.2012)

 

 

 

EXPORT COUNTRIES

:

Free Zone

Pakistan

Singapore

South Africa

Middle East Countries

 

MERCHANDISE  EXPORTED

:

Textile chemicals

 

HEAD OFFICE ADDRESS

:

Kosuyolu Mecidiye Mah. Cenap Sahabettin Sok. No:18 Kadikoy  Istanbul / Turkey ( rented )

 

BRANCHES

:

Warehouse  :  Karamehmet Yolu Uzeri 1. km. Astel Arkasi Ulas Corlu Tekirdag/Turkey

 

Liaison Office  :   Denizli/Turkey

 

Liaison Office  :   Bursa/Turkey

 

Production Plant  :  Vakiflar Koyu Bademlik Mevkii Geren Restorant Karsisi Corlu Tekirdag/Turkey (owned) (24.380 sqm)

 

Production Plant  :  2. Avrupa Serbest Bolgesi (Free Zone) Corlu Tekirdag/Turkey (rented)

                                                                                

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears an upwards trend in  1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Kozyatagi Branch

T. Garanti Bankasi Ustbostanci Branch

T. Halk Bankasi Altunizade Branch

T. Is Bankasi Altunizade Branch

Yapi ve Kredi Bankasi Kozyatagi 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

Net Sales

46.050.136

54.215.543

57.088.488

73.171.116

41.823.501

Profit (Loss) Before Tax

1.707.588

6.650.348

6.358.431

17.615.539

9.405.113

Stockholders' Equity

13.420.104

18.846.467

23.987.432

61.091.426

 

Total Assets

31.957.620

38.781.642

38.585.569

68.834.442

 

Current Assets

28.069.666

35.162.586

34.822.049

64.954.792

 

Non-Current Assets

3.887.954

3.619.056

3.763.520

3.879.650

 

Current Liabilities

18.451.140

19.848.798

14.511.760

7.656.640

 

Long-Term Liabilities

86.376

86.377

86.377

86.376

 

Gross Profit (loss)

12.717.768

16.004.774

15.248.383

19.668.503

9.983.550

Operating Profit (loss)

4.773.196

7.896.781

6.451.529

8.609.707

3.616.317

Net Profit (loss)

1.520.787

5.426.363

5.140.966

16.340.905

9.405.113

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2011

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

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

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

High Operating Profitability  in 2008

In Order Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

Good Operating Profitability (01.01-30.06.2012)

High Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

In Order

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.10.2011)

11,48 %

1,6444

2,3157

2,6459

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-31.07.2012)

1,71 %

1,8018

2,3285

2,8424

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

28.069.666

0,88

35.162.586

0,91

34.822.049

0,90

64.954.792

0,94

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

9.660.034

0,30

13.161.419

0,34

11.149.558

0,29

554.191

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

11.560.594

0,36

13.909.996

0,36

13.663.852

0,35

41.336.254

0,60

Other Receivable

80.655

0,00

633.717

0,02

743.822

0,02

12.704.574

0,18

Inventories

6.084.239

0,19

6.459.550

0,17

7.891.422

0,20

8.670.453

0,13

Advances Given

11.269

0,00

17.049

0,00

33.983

0,00

47.255

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

672.875

0,02

980.855

0,03

1.339.412

0,03

1.642.065

0,02

NON-CURRENT ASSETS

3.887.954

0,12

3.619.056

0,09

3.763.520

0,10

3.879.650

0,06

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

9.679

0,00

10.617

0,00

10.777

0,00

201.393

0,00

Financial Assets

195.645

0,01

195.645

0,01

195.645

0,01

0

0,00

Tangible Fixed Assets (net)

3.461.959

0,11

3.240.557

0,08

3.383.432

0,09

3.399.553

0,05

Intangible Assets

150.285

0,00

9.324

0,00

78.937

0,00

143.146

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

70.386

0,00

162.913

0,00

94.729

0,00

135.558

0,00

TOTAL ASSETS

31.957.620

1,00

38.781.642

1,00

38.585.569

1,00

68.834.442

1,00

CURRENT LIABILITIES

18.451.140

0,58

19.848.798

0,51

14.511.760

0,38

7.656.640

0,11

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.349.475

0,04

3.949.735

0,10

4.164.679

0,11

0

0,00

Accounts Payable

16.340.056

0,51

13.645.392

0,35

8.425.257

0,22

5.999.130

0,09

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

2.776

0,00

52.173

0,00

38.130

0,00

46.993

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

161.222

0,01

168.952

0,00

251.214

0,01

315.172

0,00

Provisions

568.886

0,02

2.013.852

0,05

1.626.897

0,04

1.281.136

0,02

Other Current Liabilities

28.725

0,00

18.694

0,00

5.583

0,00

14.209

0,00

LONG-TERM LIABILITIES

86.376

0,00

86.377

0,00

86.377

0,00

86.376

0,00

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

0

0,00

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

86.376

0,00

86.377

0,00

86.377

0,00

86.376

0,00

STOCKHOLDERS' EQUITY

13.420.104

0,42

18.846.467

0,49

23.987.432

0,62

61.091.426

0,89

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.434.450

0,04

1.434.450

0,04

1.434.450

0,04

2.284.450

0,03

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

4.619.656

0,14

4.619.656

0,12

4.619.656

0,12

4.619.656

0,07

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

5.027.353

0,16

6.548.140

0,17

11.974.503

0,31

17.115.469

0,25

Revaluation Fund

817.858

0,03

817.858

0,02

817.857

0,02

20.730.946

0,30

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.520.787

0,05

5.426.363

0,14

5.140.966

0,13

16.340.905

0,24

TOTAL LIABILITIES AND EQUITY

31.957.620

1,00

38.781.642

1,00

38.585.569

1,00

68.834.442

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.                                                                                                                                         

At the last income statement, TL 7.783.734 of the other income is due to "Other Ordinary Income" .                                                                                 

At the last income statement TL 1.617.762 of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                                                                                              

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

46.050.136

1,00

54.215.543

1,00

57.088.488

1,00

73.171.116

1,00

41.823.501

1,00

Cost of Goods Sold

33.332.368

0,72

38.210.769

0,70

41.840.105

0,73

53.502.613

0,73

31.839.951

0,76

Gross Profit

12.717.768

0,28

16.004.774

0,30

15.248.383

0,27

19.668.503

0,27

9.983.550

0,24

Operating Expenses

7.944.572

0,17

8.107.993

0,15

8.796.854

0,15

11.058.796

0,15

6.367.233

0,15

Operating Profit

4.773.196

0,10

7.896.781

0,15

6.451.529

0,11

8.609.707

0,12

3.616.317

0,09

Other Income

5.717.666

0,12

2.230.484

0,04

5.369.788

0,09

13.986.925

0,19

8.308.945

0,20

Other Expenses

8.204.851

0,18

3.346.309

0,06

5.267.368

0,09

4.738.521

0,06

2.484.921

0,06

Financial Expenses

578.423

0,01

130.608

0,00

195.518

0,00

242.572

0,00

35.228

0,00

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

1.707.588

0,04

6.650.348

0,12

6.358.431

0,11

17.615.539

0,24

9.405.113

0,22

Tax Payable

186.801

0,00

1.223.985

0,02

1.217.465

0,02

1.274.634

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.520.787

0,03

5.426.363

0,10

5.140.966

0,09

16.340.905

0,22

9.405.113

0,22

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,52

1,77

2,40

8,48

Acid-Test Ratio

1,15

1,40

1,76

7,13

Cash Ratio

0,52

0,66

0,77

0,07

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,19

0,17

0,20

0,13

Short-term Receivable/Total Assets

0,36

0,38

0,37

0,79

Tangible Assets/Total Assets

0,11

0,08

0,09

0,05

TURNOVER RATIOS

 

 

Inventory Turnover

5,48

5,92

5,30

6,17

Stockholders' Equity Turnover

3,43

2,88

2,38

1,20

Asset Turnover

1,44

1,40

1,48

1,06

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,42

0,49

0,62

0,89

Current Liabilities/Total Assets

0,58

0,51

0,38

0,11

Financial Leverage

0,58

0,51

0,38

0,11

Gearing Percentage

1,38

1,06

0,61

0,13

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,11

0,29

0,21

0,27

Operating Profit Margin

0,10

0,15

0,11

0,12

Net Profit Margin

0,03

0,10

0,09

0,22

Interest Cover

3,95

51,92

33,52

73,62

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

90,45

92,44

86,23

204,36

Average Payable Period (days)

176,48

128,56

72,49

40,37

WORKING CAPITAL

9618526,00

15313788,00

20310289,00

57298152,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.89

UK Pound

1

Rs.88.63

Euro

1

Rs.70.02

 

 

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.