MIRA INFORM REPORT

 

 

Report Date :

19.10.2013

 

IDENTIFICATION DETAILS

 

Name :

YORKSHIRE STAINLESS LTD. 

 

 

Formerly Known As :

Barleymarsh Ltd.

 

 

Registered Office :

The Hart Shaw Building, Europa Link Sheffield Business, Park Sheffield, Sheffield, S9 1XU

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.07.2012

 

 

Date of Incorporation :

30.04.1992

 

 

Com. Reg. No.:

02711105

 

 

Legal Form :

Private Independent Company

 

 

Line of Business :

·         manufacturer of flanges in all grades of stainless steel.

·         Subject is now one of the leading independent stockholders of stainless steel pipe, fittings and flanges and currently supplying the whole of the UK and Ireland on a next day service

 

 

No. of Employees :

29

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

 

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

United Kingdom ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the second largest economy in Europe after Germany. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase.

 

Source : CIA

 

 

Company name & address

 

Yorkshire Stainless Ltd.

The Gateway Industrial Estate

Parkgate

Rotherham, S62 6JL

United Kingdom

Tel:       01709 710171

Web:    www.yorkshirestainless.com

           

 

Synthesis

 

Employees:                  29

Company Type:            Private Independent

Quoted Status:             Non-quoted Company

Incorporation Date:         30-Apr-1992

Auditor:                        Hart Shaw LLP 

Financials in:                 USD (Millions)

Fiscal Year End:            31-Jul-2012

Reporting Currency:       British Pound Sterling

Annual Sales:               13.9  1

Net Income:                  1.6

Total Assets:                13.3

 

Business Description     

 

Established in 1992, we began life as a manufacturer of flanges in all grades of stainless steel. Over the years the company has developed into a large-scale operation, covering some 36,000 sq feet. Our customer base includes many of the national, blue chip, multi metal stockists as well as 2nd & 3rd tier traders. We also have a base of long standing end users from across all industry sectors, and continue to win new business based on our stock range and service. YSL is now one of the leading independent stockholders of stainless steel pipe, fittings and flanges and currently supplying the whole of the UK and Ireland on a next day service. Manufacturing has now expanded to a variety of CNC lathes and machining centres, with trepanning, boring, drilling and threading facilities, complemented by eight saws, cutting 24 hours a day, 7 days a week. Along with an experienced team, we are sure we can continue to service our customers from the exceptional range of products we now hold.

 

Industry             

Industry            Metal Products Manufacturing

ANZSIC 2006:    2229 - Other Structural Metal Product Manufacturing

ISIC Rev 4:        2511 - Manufacture of structural metal products

NACE Rev 2:     2511 - Manufacture of metal structures and parts of structures

NAICS 2012:     33231 - Plate Work and Fabricated Structural Product Manufacturing

UK SIC 2007:    2511 - Manufacture of metal structures and parts of structures

US SIC 1987:    3441 - Fabricated Structural Metal

 

           

Key Executives   

 

 Name

Title

Sharon Osborne

Secretary

Steven Derek Osborne

Director

Wendy Ann Smith

Director

 

 

Financial Summary    

 

 

FYE: 31-Jul-2012

USD (mil)

Key Figures

 

Current Assets

12.17

Fixed Assets

1.11

Total Liabilities

5.75

Net Worth

6.95

 

Key Ratios

 

Current Ratio

2.12

Acid Test

0.67

Debt Gearing

7.56

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.633217

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6373146

 

 

Corporate Overview

 

Location

The Gateway Industrial Estate

Parkgate

Rotherham, S62 6JL

South Yorkshire County

United Kingdom

Tel:       01709 710171

Web     www.yorkshirestainless.com

           


Sales GBP(mil):             8.8

Assets GBP(mil):           8.5

Employees:                   29

Fiscal Year End:            31-Jul-2012

Industry:                        Construction - Supplies and Fixtures

           

Registered Address:

The Hart Shaw Building

Europa Link Sheffield Business

Park Sheffield

Sheffield, S9 1XU

United Kingdom

 

Incorporation Date:         30-Apr-1992

Company Type:             Private Independent

Quoted Status:              Not Quoted

Previous Name:             Barleymarsh Ltd.

Registered No.(UK):       02711105

Director:                        Steven Derek Osborne

 

Industry Codes

 

ANZSIC 2006 Codes:

2229     -          Other Structural Metal Product Manufacturing

 

ISIC Rev 4 Codes:

2511     -          Manufacture of structural metal products

 

NACE Rev 2 Codes:

2511     -          Manufacture of metal structures and parts of structures

 

NAICS 2012 Codes:

33231   -          Plate Work and Fabricated Structural Product Manufacturing

 

US SIC 1987:

3441     -          Fabricated Structural Metal

 

UK SIC 2007:

2511     -          Manufacture of metal structures and parts of structures

 

Business Description

Sale of stainless steel flanges.

 

More Business Descriptions

Stainless Steel Finished Products

 

Established in 1992, we began life as a manufacturer of flanges in all grades of stainless steel. Over the years the company has developed into a large-scale operation, covering some 36,000 sq feet. Our customer base includes many of the national, blue chip, multi metal stockists as well as 2nd & 3rd tier traders. We also have a base of long standing end users from across all industry sectors, and continue to win new business based on our stock range and service. YSL is now one of the leading independent stockholders of stainless steel pipe, fittings and flanges and currently supplying the whole of the UK and Ireland on a next day service. Manufacturing has now expanded to a variety of CNC lathes and machining centres, with trepanning, boring, drilling and threading facilities, complemented by eight saws, cutting 24 hours a day, 7 days a week. Along with an experienced team, we are sure we can continue to service our customers from the exceptional range of products we now hold.

 

 

Financial Data

Financials in:

GBP(mil)

 

Revenue:

8.8

Net Income:

1.0

Assets:

8.5

Current Assets:

7.8

 

Fixed Assets:

0.7

 

Long Term Debt:

0.3

 

Total Liabilities:

4.0

 

Issued Capital:

0.0

 

Working Capital:

4.1

 

Net Worth:

4.4

 

 

 

Date of Financial Data:

31-Jul-2012

 

1 Year Growth

15.3%

NA

NA

Key Corporate Relationships

Auditor:

Hart Shaw LLP

 

Auditor:

Hart Shaw LLP

 

Auditor History

Hart Shaw LLP

31-Jul-2012

Hart Shaw LLP

31-Jul-2011

Hart Shaw LLP

31-Jul-2010

Hart Shaw LLP

31-Jul-2009

Hart Shaw LLP

31-Jul-2008

 

 

 

GBP(mil)

Audit Fees:

0.0

Audit Fiscal Year:

07-31-2012

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Steven Derek Osborne

 

Director

Director/Board Member

 

Age: 55

 

Wendy Ann Smith

 

Director

Director/Board Member

 

 

Age: 42

 

 

 

Executives

 

Name

Title

Function

 

Sharon Osborne

 

Secretary

Company Secretary

. 

 

Directors and Shareholders Report

 

Main Office Address:
The Gateway Industrial Estate
Rotherham
United Kingdom S62 6JL

Tel: 01709 710171
URL:http://www.yorkshirestainless.com

Annual Return Date: 30 Apr 2013
Total Issued Capital (GBP 000): 1

 

Individual Directors

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Steven Derek 
Osborne

Current

19 Dec 1957

7 Sherwood Close, Gomersal,
Cleckheaton, West Yorkshire BD19 4UA

15 May 1992

NA

Current:1
Previous:1
Disqualifications:0

 

Wendy Ann 
Smith

Current

24 Oct 1970

12 Oak Barn The Wapping, Hooton Roberts, 
Rotherham, South Yorkshire S65 4PG

14 Jul 2010

NA

Current:1
Previous:0
Disqualifications:0

 

Glynn 
Brown

Previous

08 Oct 1958

52 High Street, Laughton, 
Sheffield, South Yorkshire S25 1YF

15 May 1992

31 Mar 2004

Current:0
Previous:1
Disqualifications:0

 

Michael 
Goodson

Previous

16 Apr 1951

49 Woodkirk Gardens, Woodkirk, 
Dewsbury, West Yorkshire WF12 7HZ

15 May 1992

22 May 1996

Current:0
Previous:1
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Directors

 

 

There are no corporate directors for this company.

 

 

 

Individual Secretaries

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Sharon 
Osborne

Current

NA

7 Sherwood Close, 
Cleckheaton, West Yorkshire BD19 4UA

31 Mar 2004

NA

Current:1
Previous:0
Disqualifications:0

 

Steven Derek 
Osborne

Previous

19 Dec 1957

7 Sherwood Close, Gomersal, 
Cleckheaton, West Yorkshire BD19 4UA

15 May 1992

31 Mar 2004

Current:1
Previous:1
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Secretaries

There are no corporate secretaries for this company.

 

 

Individual Shareholders

Name

Share Details 
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

Sharon Osborne

490 Ordinary GBP 1.00

Ordinary

490

1.00

490.00

49.00

Steven Derek Osborne

510 Ordinary GBP 1.00

Ordinary

510

1.00

510.00

51.00

 

 

 

 

 

 

 

 

Corporate Shareholders

There are no corporate shareholders for this company.

 

 

Annual Profit & Loss

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Jul-2012

31-Jul-2011

31-Jul-2010

31-Jul-2009

31-Jul-2008

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.633217

0.626063

0.637195

0.636663

0.500129

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Turnover (UK)

13.2

-

-

-

-

Turnover (Exports)

0.7

-

-

-

-

Total Turnover

13.9

12.2

-

9.7

-

Cost of Sales

9.7

8.6

-

7.5

-

Gross Profit

4.2

3.6

-

2.2

3.7

Depreciation

0.2

0.2

0.1

0.1

0.2

Other Expenses

1.5

1.8

-

1.4

1.6

Operating Profit

2.7

-

-

0.8

2.1

Other Income

0.0

0.0

-

0.0

0.3

Interest Paid

0.1

0.1

-

0.1

0.2

Exceptional Income

0.0

0.0

-

0.0

0.0

Discontinued Operations

0.0

0.0

-

0.0

-

Profit Before Taxes

2.6

1.7

-

0.7

2.2

Tax Payable / Credit

0.7

0.5

-

0.2

0.6

Extraordinary Items/Debits

0.0

0.0

-

0.0

0.0

Dividends

0.3

0.3

-

0.2

0.3

Profit After Taxes

1.6

0.9

-

0.4

1.3

Minority Interests (Profit & Loss)

0.0

0.0

-

0.0

0.0

Audit Fees

0.0

0.0

-

0.0

0.0

Number of Employees

29

27

-

23

25

Wages

1.3

1.2

-

1.0

1.2

Social Security Costs

0.1

0.1

-

0.1

0.1

Pensions

0.0

-

-

0.0

0.0

Other Pension Costs

0.0

0.3

-

0.0

0.0

Employees Remuneration

1.4

1.6

-

1.1

1.4

Directors Emoluments

-

-

-

0.1

0.1

Other Costs

0.3

-

-

0.0

0.0

Directors Remuneration

0.3

0.4

-

0.1

0.1

Highest Paid Director

-

-

-

0.1

-

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Jul-2012

31-Jul-2011

31-Jul-2010

31-Jul-2009

31-Jul-2008

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.637315

0.609199

0.638529

0.603191

0.504821

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Land & Buildings

0.7

0.8

-

0.8

1.0

Fixtures & Fittings

0.0

0.0

-

0.0

0.0

Plant & Vehicles

0.4

0.4

-

0.4

0.5

Total Tangible Fixed Assets

1.1

1.2

1.2

1.3

1.6

Intangible Assets

0.0

0.0

0.0

0.0

0.0

Investments

0.0

0.0

0.0

0.0

0.0

Total Fixed Assets

1.1

1.2

1.2

1.3

1.6

Stocks

8.3

6.0

-

5.6

4.6

Work in Progress

0.0

0.0

-

0.0

0.0

Total Stocks Work In Progress

8.3

6.0

5.4

5.6

4.6

Trade Debtors

3.8

4.1

-

2.6

3.9

Inter-Company Debtors

-

-

-

0.0

0.0

Director Loans

-

-

-

0.0

0.0

Other Debtors

0.0

0.0

-

0.0

0.0

Total Debtors

3.8

4.1

2.9

2.6

3.9

Cash and Equivalents

0.0

0.2

0.2

0.0

0.1

Other Current Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

12.2

10.3

8.4

8.3

8.7

Total Assets

13.3

11.6

9.6

9.6

10.3

Trade Creditors

1.4

1.6

-

0.7

1.7

Bank Overdraft

2.5

1.8

-

3.0

1.9

Director Loans (Current Liability)

0.7

0.6

-

0.4

0.3

Hire Purchase (Current Liability)

0.1

0.1

-

0.1

0.1

Finance Lease (Current Liability)

0.0

0.0

-

0.0

0.0

Total Finance Lease/Hire Purchase (Current Liability)

0.1

0.1

-

0.1

0.1

Accruals/Deferred Income (Current Liability)

0.3

0.3

-

0.1

0.1

Social Security/VAT

0.1

0.3

-

0.2

0.2

Corporation Tax

0.7

0.5

-

0.4

0.6

Other Current Liabilities

0.0

0.0

4.2

0.0

0.0

Total Current Liabilities

5.8

5.1

4.2

4.9

4.9

Group Loans (Long Term Liability)

0.0

0.0

-

0.0

0.0

Director Loans (Long Term Liability)

0.0

0.0

-

0.0

0.0

Hire Purchase (Long Term Liability)

0.1

0.0

-

0.1

0.2

Leasing (Long Term Liability)

0.0

0.0

-

0.0

0.0

Total Hire Purchase Loans (Long Term Liability)

0.1

0.0

-

0.1

0.2

Other Long Term Loans

0.5

0.7

-

0.2

0.4

Accruals/Deferred Income (Long Term Liability)

0.0

0.0

-

0.0

0.0

Other Long Term Liabilities

0.0

0.0

1.0

0.0

0.0

Total Long Term Liabilities

0.5

0.8

1.0

0.3

0.6

Deferred Taxation

0.1

0.1

-

0.1

0.1

Other Provisions

0.0

0.0

0.1

0.0

0.0

Total Provisions

0.1

0.1

0.1

0.1

0.1

Issued Capital

0.0

0.0

0.0

0.0

0.0

Share Premium Accounts

0.0

0.0

0.0

0.0

0.0

Revaluation Reserve

0.0

0.0

0.0

0.0

0.0

Retained Earnings

6.9

5.6

4.4

4.3

4.6

Other Reserves

0.0

0.0

0.0

0.0

0.0

Minority Interests (Balance Sheet)

0.0

0.0

0.0

0.0

0.0

Total Shareholders Funds

6.9

5.6

4.4

4.3

4.6

Net Worth

6.9

5.6

4.4

4.3

4.6

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Jul-2012

31-Jul-2011

31-Jul-2010

31-Jul-2009

31-Jul-2008

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.633217

0.626063

0.637195

0.636663

0.500129

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Net Cash Flow From Operating Activities

-

0.9

-

-0.7

0.5

Net Cash Flow from ROI and Servicing of Finance

-

-0.1

-

-0.1

-0.1

Taxation

-

-0.2

-

-0.2

-0.3

Capital Expenditures

-

0.0

-

-0.1

0.1

Acquisitions and Disposals

-

0.0

-

0.0

0.0

Paid Up Equity

-

-0.3

-

-0.2

-0.3

Management of Liquid Resources

-

-0.1

-

0.1

-0.1

Net Cash Flow From Financing

-

-0.4

-

-0.2

-0.2

Increase in Cash

-

-0.2

-

-1.3

-0.6

 

 

Annual Ratios

Financials in: USD (mil)

 

 

 

31-Jul-2012

31-Jul-2011

31-Jul-2010

31-Jul-2009

31-Jul-2008

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.637315

0.609199

0.638529

0.603191

0.504821

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Current Ratio

2.12

2.01

2.03

1.70

1.76

Liquidity Ratio

0.67

0.84

0.74

0.55

0.82

Stock Turnover

166.00

207.00

-

183.00

-

Credit Period (Days)

9,957.00

11,801.00

-

9,404.00

-

Working Capital by Sales

4,644.00%

4,150.00%

-

3,322.00%

-

Trade Credit by Debtors

36.00

40.00

-

25.00

44.00

Return on Capital

3,449.00%

2,684.00%

-

1,587.00%

4,110.00%

Return on Assets

1,955.00%

1,491.00%

-

774.00%

2,134.00%

Profit Margin

1,878.00%

1,376.00%

-

720.00%

-

Return on Shareholders Funds

3,737.00%

3,094.00%

-

1,734.00%

4,726.00%

Borrowing Ratio

5,521.00%

5,799.00%

-

8,723.00%

6,249.00%

Equity Gearing

5,232.00%

4,819.00%

4,592.00%

4,467.00%

4,517.00%

Debt Gearing

7.56%

14.08%

-

6.88%

12.43%

Interest Coverage

4,022.00

2,232.00

-

708.00

1,336.00

Sales by Tangible Assets

1,248.00

1,026.00

-

822.00

-

Average Remuneration per Employee

0.0

0.1

-

0.1

0.1

Profit per Employee

0.1

0.1

-

0.0

0.1

Sales per Employee

0.5

0.5

-

0.4

-

Capital Employed per Employee

0.3

0.2

-

0.2

0.2

Tangible Assets per Employee

0.0

0.0

-

0.1

0.1

Total Assets per Employee

0.5

0.4

-

0.4

0.4

Employee Remuneration by Sales

1,028.00%

1,314.00%

-

1,161.00%

-

Creditor Days (Cost of Sales Based)

5,127.00

6,675.00

-

3,092.00

-

Creditor Days (Sales Based)

3,583.00

4,713.00

-

2,383.00

-

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.28

UK Pound

1

Rs.99.03

Euro

1

Rs.83.80

 

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.