MIRA INFORM REPORT

 

 

Report Date :

21.09.2012

 

IDENTIFICATION DETAILS

 

Name :

ITOCHU SINGAPORE PTE LTD

 

 

Formerly Known As :

ITOCHU ASIA PTE., LTD.

 

 

Registered Office :

9 Raffles Place #41-01 Republic Plaza Singapore 048619

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2012 (Group)

31.03.2012 (Company)

 

 

Date of Incorporation :

02.10.1989

 

 

Com. Reg. No.:

198904241G

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Other Investment Holding Companies Investment Companies

 

 

No. of Employees :

Not Available 

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Singapore - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

 

 

Source : CIA

 

 

 

Company Name:

Registered Number:

ITOCHU SINGAPORE PTE LTD

198904241G

 

Date Incorporated:

Registered Office:

Telephone Number:

02/10/1989

9 RAFFLES PLACE #41-01 REPUBLIC PLAZA SINGAPORE 048619

6230 0400

Age of Company:

Website:

Industry Type:

23

http://www.itochu.com.sg

COMMERCE-WHOLESALE

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

7

NA

The entity is paying current to the creditors

No. of Charges(s):
0

Industry DTC

 

24

 

Directors

 

Corporate Structure

Number of Current Directors

4

Holding Company:

ITOCHU CORPORATION

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

1

 

EXECUTIVE SUMMARY

 

Company Name

:

ITOCHU SINGAPORE PTE LTD

Registration No

:

198904241G

Date of Registration

:

02/10/1989

Former Name

:

1.C. ITOH (ASIA) PTE. LTD. Eff. date : 02/10/1989 Eff. date : 02/10/1989

2.ITOCHU ASIA PTE., LTD. Eff. date : 01/10/1992 Eff. date : 01/10/1992

Date of Change of Name

:

01/10/2002

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

9 RAFFLES PLACE #41-01 REPUBLIC PLAZA SINGAPORE 048619

Date of Change of Address

:

18/03/1996

Contact No.

:

6230 0400

Fax No.

:

6230 0560

Website

:

http://www.itochu.com.sg

Registered Activities

:

1. OTHER INVESTMENT HOLDING COMPANIES

INVESTMENT COMPANIES

2. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

GENERAL TRADING

Issued Ordinary Capital*

:

$37,397,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 37,397,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$37,397,000.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

NA

No. of Local Associates

:

1

Auditor

:

KPMG LLP

Bankers / Financiers

:

NA

Turnover

:

SINGAPORE, DOLLARS 2,516,391,504.00 (FY2012)

Net Worth

:

SINGAPORE, DOLLARS 93,334,608.00 (FY2012)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

7

S1000 / SME 1000 / FG50 Ranking

:

185 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

178 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

788 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010)

161 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

899 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009)

Compounded Annual Growth Rate (CAGR)

:

8.92% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

ITOCHU CORPORATION

SHAREHOLDER ID

:

T06UF0268B

NATIONALITY

:

NA

ADDRESS

:

5-1, KITA-AOYAMA 2-CHOME, MINATO-KU, TOKYO 107-8077, JAPAN

NO. OF ORD SHARES

:

37,397,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

JUNICHI SASAKI

ADDRESS

:

31 JALAN MUTIARA #11-01 LATITUDE SINGAPORE 249206

POSITION

:

DIRECTOR

DATE OF APPT

:

02/04/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G5122900U

 

NAME

:

HIROTAKA SUGIHARA

ADDRESS

:

7 ORANGE GROVE ROAD #L1-11 TREETOPS EXECUTIVE RESIDENCES SINGAPORE 258355

POSITION

:

DIRECTOR

DATE OF APPT

:

11/04/2012

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G5281366U

 

NAME

:

ATSUSHI KATSU

ADDRESS

:

177B RIVER VALLEY ROAD #20-11 LIANG COURT SINGAPORE 179032

POSITION

:

DIRECTOR

DATE OF APPT

:

01/10/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6285022T

 

NAME

:

TATSUO INOUE

ADDRESS

:

3 BIDEFORD ROAD #15-01 SINGAPORE 229920

POSITION

:

DIRECTOR

DATE OF APPT

:

19/04/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6419434N

 

NAME

:

CHAN CHOW PHENG

ADDRESS

:

59 TELOK BLANGAH HEIGHTS #04-11 SINGAPORE 100059

POSITION

:

SECRETARY

 

DATE OF APPT

:

03/06/2011

 

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1298885J

 

NAME

:

CHANG SOW KUEN

ADDRESS

:

130 GEYLANG EAST AVENUE 1 #02-299 SINGAPORE 380130

POSITION

:

SECRETARY

 

DATE OF APPT

:

01/04/2006

 

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1365694J

 

 

KEY PERSONNEL PROFILE

 

Name:

JUNICHI SASAKI

NRIC Number:

G5122900U

Available Address:

31 JALAN MUTIARA #11-01 LATITUDE  SINGAPORE 249206

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

ITOCHU CORPORATION

AGENT

01/06/2011

-

-

2

ITOCHU SINGAPORE PTE LTD

DIRECTOR

02/04/2011

-

-

3

ITOCHU SINGAPORE PTE LTD

MANAGING DIRECTOR

02/04/2011

-

-

4

ITOCHU TREASURY CENTRE ASIA PTE. LTD.

DIRECTOR

01/04/2011

-

-

 

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

Bankruptcy Record

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

Court

Case No.

Transfer

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

ITOCHU PLASTICS PTE., LTD.

30

                                                                                                                       

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

 

 

LITIGATION

 

there have been 7  litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2012

Past Years

Bef 01 Jan 2012

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

6

District ($80,000 - $250,000)

0

1

High (>$250,000)

0

0

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Magistrate Court

 

Case No.

:

19632

 

Transfer

:

-

 

Date of Filing

:

05/06/2003

 

Amount

:

0.00

 

Cause

:

Negligence - Motor Accidents (Not Injuries / Death)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

CITYCAB PTE LTD

 

Last Update Date

:

14/07/2006

 

2)

Court

:

Magistrate Court

 

Case No.

:

14527

 

Transfer

:

-

 

Date of Filing

:

14/09/1994

 

Amount

:

2,672.00

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

DEEMED DISCONTINUED

 

Plaintiff

:

TELECOM EQUIPMENT PTE LTD

 

Last Update Date

:

27/03/2009

 

3)

Court

:

District Court

 

Case No.

:

783

 

Transfer

:

-

 

Date of Filing

:

22/02/1996

 

Amount

:

63,782.75

 

Cause

:

Contracts - Work Done And Service Rendered

 

Case Status

:

CONCLUDED

 

Plaintiff

:

UIC COMPUTER SYSTEMS PTE LTD

 

Last Update Date

:

15/04/2005

 

4)

Court

:

Magistrate Court

 

Case No.

:

5790

 

Transfer

:

-

 

Date of Filing

:

09/04/1996

 

Amount

:

2,255.70

 

Cause

:

CONTRACTS-SALE OF GOODS

 

Case Status

:

CONCLUDED

 

Plaintiff

:

DAVID STEPHENSON TRADING PTE LTD

 

Last Update Date

:

14/02/2002

 

5)

Court

:

Magistrate Court

 

Case No.

:

9431

 

Transfer

:

-

 

Date of Filing

:

05/06/1996

 

Amount

:

23,369.67

 

Cause

:

CONTRACTS-SALE OF GOODS

 

Case Status

:

CONCLUDED

 

Plaintiff

:

ADDON SYSTEMS PTE LTD

 

Last Update Date

:

14/02/2002

 

6)

Court

:

Magistrate Court

 

Case No.

:

20416

 

Transfer

:

-

 

Date of Filing

:

06/11/1996

 

Amount

:

1,874.60

 

Cause

:

CONTRACTS-SALE OF GOODS

 

Case Status

:

CONCLUDED

 

Plaintiff

:

MAROON TRDG S PTE LTD

 

Last Update Date

:

14/02/2002

 

7)

Court

:

Magistrate Court

 

Case No.

:

21466

 

Transfer

:

-

 

Date of Filing

:

21/11/1996

 

Amount

:

0.00

 

Cause

:

NEGLIGENCE-MOTOR ACCIDENTS(NOT INJURIES/DEATH)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

YUEN HOCK LIONG

 

Last Update Date

:

14/02/2002

 

 

COMPLIANCE

 

Date of Last AGM

:

26/06/2012

Date of Last AR

:

03/07/2012

Date of A/C Laid At Last AGM

:

31/03/2012
 

 

COMPLIANCE RATING FOR ANNUAL FILING

 

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

 

Note:

 

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

 

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

 

For more information: www.acra.gov.sg/compliance

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

MAR 2012

% Change

MAR 2011

MAR 2010

MAR 2009

MAR 2008

Currency

SINGAPORE, DOLLARS

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

2,516,391,504

16.98

2,151,194,000

1,691,984,163

1,842,785,303

1,787,629,989

Profit/(Loss) Before Tax

27,883,539

4.49

26,686,160

29,912,305

17,505,802

24,676,041

Profit After Tax attributable to Shareholders

22,958,352

1.77

22,558,736

25,092,475

14,792,742

20,151,389

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

435,779,595

6.30

409,953,600

316,696,481

277,981,231

319,948,890

Current Assets

386,407,629

8.04

357,638,368

265,120,592

237,930,056

291,062,880

Non Current Assets

49,371,966

-5.63

52,315,232

51,575,889

40,051,175

28,886,010

 

 

 

 

 

 

 

Total Liabilities

342,444,987

6.09

322,798,288

236,830,098

214,962,074

236,302,391

Current Liabilities

320,427,387

7.01

299,425,488

236,830,098

214,491,868

236,178,871

Non Current Liabilities

22,017,600

-5.80

23,372,800

0

470,206

123,520

 

 

 

 

 

 

 

Shareholders' Funds

93,334,608

7.09

87,155,312

79,866,383

63,019,156

83,646,500

Share Capital

26,750,133

-5.80

28,396,624

30,473,811

30,841,770

31,443,167

Total Reserves

66,584,475

13.32

58,758,688

49,392,572

32,177,386

52,203,333

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

MAR 2012

MAR 2011

MAR 2010

MAR 2009

MAR 2008

Growth %

 

 

 

 

 

Year-on-Year Growth

16.98

27.14

-8.18

3.09

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.91

1.05

1.48

0.80

1.13

Return on Equity (%)

24.60

25.88

31.42

23.47

24.09

Return on Assets (%)

5.27

5.50

7.92

5.32

6.30

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

3.67

3.70

2.97

3.41

2.83

Current Debt/Equity (Times)

3.43

3.44

2.97

3.40

2.82

Long Term Debt To Equity (Times)

0.24

0.27

NA

0.01

0.00

Total Asset To Total Equity (Times)

4.67

4.70

3.97

4.41

3.83

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

5.77

5.25

5.34

6.63

5.59

Fixed Assets Turnover (Times)

50.97

41.12

32.81

46.01

61.89

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.21

1.19

1.12

1.11

1.23

 

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2012

% Change

MAR 2011

MAR 2010

MAR 2009

MAR 2008

Currency

SINGAPORE, DOLLARS

 

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

*

NA

0

0

0

0

Profit/(Loss) Before Tax

*

NA

0

0

0

0

Profit After Tax attributable

 to Shareholders

*

NA

0

0

0

0

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

347,222,556

3.68

334,908,320

214,008,692

192,520,013

241,360,518

Current Assets

307,520,820

5.54

291,388,432

201,526,241

179,470,620

228,837,740

Non Current Assets

39,701,736

-8.77

43,519,888

12,482,451

13,049,393

12,522,778

 

 

 

 

 

 

 

Total Liabilities

301,667,391

4.15

289,643,440

169,978,803

151,369,783

181,042,078

Current Liabilities

279,649,791

5.02

266,270,640

169,978,803

151,369,783

180,918,556

Non Current Liabilities

22,017,600

-5.80

23,372,800

0

0

123,522

 

 

 

 

 

 

 

Shareholders' Funds

45,555,165

0.64

45,264,880

44,029,890

41,150,230

60,318,440

Share Capital

26,750,133

-5.80

28,396,624

30,472,913

30,842,839

31,443,702

Total Reserves

18,805,032

11.48

16,868,256

13,556,976

10,307,390

28,874,738

 

 

 

 

 

 

 

* As per Companies Act, section 201 Accounts, Consolidated accounts and directors report, sub-section 3A.

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

MAR 2012

MAR 2011

MAR 2010

MAR 2009

MAR 2008

Growth %

 

 

 

 

 

Year-on-Year Growth

NA

NA

NA

NA

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.00

0.00

0.00

0.00

0.00

Return on Equity (%)

0.00

0.00

0.00

0.00

0.00

Return on Assets (%)

0.00

0.00

0.00

0.00

0.00

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

6.62

6.40

3.86

3.68

3.00

Current Debt/Equity (Times)

6.14

5.88

3.86

3.68

3.00

Long Term Debt To Equity (Times)

0.48

0.52

0.00

0.00

0.00

Total Asset To Total Equity (Times)

7.62

7.40

4.86

4.68

4.00

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.00

0.00

0.00

0.00

0.00

Fixed Assets Turnover (Times)

0.00

0.00

0.00

0.00

0.00

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.10

1.09

1.19

1.19

1.26

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 8.92% (4 years).

 

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

 

 

Profitability

The group yielded a rate of net profit on sales of 0.91 per cent in FY12 (FY11: 1.05 per cent). The group is now able to book in SINGAPORE, DOLLARS 0.01 of profit for every SINGAPORE, DOLLARS of sales in FY12, as compared with SINGAPORE, DOLLARS 0.01 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.21 times in FY12 (FY11: 1.19 times). This means that the group has SINGAPORE, DOLLARS 1.21 of current assets for every SINGAPORE, DOLLARS of current liability incurred.

 

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

 

Leverage

Total debt-to-equity ratio notched 3.67 times in FY12, compared with 3.70 times in FY11. This means that the group requires additional external financing of SINGAPORE, DOLLARS 3.67 for every SINGAPORE, DOLLARS injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

Return on equity was 24.60 per cent for Subject in the current financial period, as compared to 25.88 per cent a year ago. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 5.27 per cent (FY11: 5.50 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 5.77 times in FY12 (FY11: 5.25 times). This ratio measures the group's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.34

UK Pound

1

Rs.87.91

Euro

1

Rs.70.57

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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

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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%)

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.