MIRA INFORM REPORT

 

 

Report Date :

16.12.2014

 

IDENTIFICATION DETAILS

 

Name :

GRAND HALI TEKSTIL SANAYI VE TICARET A.S.

 

 

Formerly Known as : 

Grand Hali Tekstil Sanayi Ve Ticaret Ltd. Sti.

 

 

Registered Office :

4. Organize Sanayi Bolgesi 83413 Nolu Cad. No:7 Sehitkamil Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

24.06.1998

 

 

Com. Reg. No.:

20682

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

·         Engaged in Manufacturing and trading of carpet and Polypropylene Yarn.

·         Engaged in producing all kinds of Machine Made Carpets with Big Assortment & Color Options

 

 

No of Employees :

380

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

GRAND HALI TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

4. Organize Sanayi Bolgesi 83413 Nolu Cad. No:7 Sehitkamil Gaziantep / Turkey

PHONE NUMBER

:

90-342-230 85 85

90-342-357 02 55 (3 lines)

 

FAX NUMBER

:

90-342-357 02 59

 

WEB-ADDRESS

:

www.grandhali.com

E-MAIL

:

grand@grandcarpet.com

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at tax no .

 

 

TAX OFFICE

:

Gazikent

TAX NO

:

4110403112

REMARKS ON TAX NO

:

The tax number was changed from "7340132045" to "4110403112" as the legal form changed from limited company to joint stock company.

REGISTRATION NUMBER

:

20682

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

1998

ESTABLISHMENT GAZETTE DATE/NO

:

24.06.1998/4568

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   17.000.000

PAID-IN CAPITAL

:

TL   17.000.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

27.06.2013 (Commercial Gazette Date /Number 03.07.2013/ 8355)

Previous Name

:

Reis Hali Tekstil Sanayi ve Ticaret Ltd. Sti.

Changed On

:

29.12.2003 (Commercial Gazette Date /Number 21.01.2004/ 5972)

Previous Name

:

Grand Hali Tekstil Sanayi Ve Ticaret Ltd. Sti.

Changed On

:

27.06.2013 (Commercial Gazette Date /Number 03.07.2013/ 8355)

Previous Registered Capital

:

TL 3.000.000

Changed On

:

27.11.2008 (Commercial Gazette Date /Number 16.12.2008/ 7207)

Previous Registered Capital

:

TL 6.000.000

Changed On

:

03.12.2010 (Commercial Gazette Date /Number 15.12.2010/ 7708)

Previous Registered Capital

:

TL 10.000.000

Changed On

:

25.11.2011 (Commercial Gazette Date /Number 05.12.2011/ 7954)

Previous Address

:

Alleben Mah. Ataturk Bulvari Samet Gogus Is Merkezi No:36/7 Sahinbey - Gaziantep

Changed On

:

26.08.2010 (Commercial Gazette Date /Number 06.09.2010/ 7643)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Yusuf Ziya Guzel

50 %

Ibrahim Rustu Findik

25 %

Mustafa Findik

25 %

 

 

SISTER COMPANIES

:

GRAND DIS TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Mustafa Findik

Chairman

Yusuf Ziya Guzel

Vice-Chairman

Ibrahim Rustu Findik

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

·         Engaged in Manufacturing and trading of carpet and Polypropylene Yarn.

·         Engaged in producing all kinds of Machine Made Carpets with Big Assortment & Color Options

NACE CODE

:

DB.17.51

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

380

 

NET SALES

:

11.169.697 TL

(2007) 

20.628.699 TL

(2008) 

22.190.437 TL

(2009) 

34.969.393 TL

(2010) 

40.787.064 TL

(2011) 

60.156.269 TL

(2012) 

67.797 TL Thousand

(2013) 

 

 

IMPORT VALUE

:

0 TL

(2008)

411.826 USD

(2009)

4.025.675 USD

(2010)

6.186.882 USD

(2011)

 

 

IMPORT COUNTRIES

:

Bangladesh

Saudi Arabia

Indonesia

India

China

Israel

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

41.471 TL

(2007)

0 TL

(2008)

39.108 TL

(2009)

33 TL

(2010)

0 TL

(2011)

0 TL

(2012)

0 TL

(2013)

 

 

EXPORT COUNTRIES

:

European Countries

Middle East Countries

Malaysia

 

MERCHANDISE  EXPORTED

:

Carpet

 

HEAD OFFICE ADDRESS

:

4. Organize Sanayi Bolgesi 83413 Nolu Cad. No:7 Sehitkamil  Gaziantep / Turkey

 

BRANCHES

:

Factory  :  4. Organize Sanayi Bolgesi 83412 Nolu Cad. No:8 Sehitkamil Gaziantep/Turkey

 

Head Office/Factory  :  4. Organize Sanayi Bolgesi 83413 Nolu Cad. No:7 Sehitkamil Gaziantep/Turkey

                                                                                

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Denizbank Gaziantep Ticari Branch

Garanti Bankasi Gatem Branch

Kuveyt Turk Katilim Bankasi Gaziantep Ticari Branch

T. Halk Bankasi Gaziantep Ticari 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

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

(2013) TL Thousand

Net Sales

22.190.437

34.969.393

40.787.064

60.156.269

67.797

Profit (Loss) Before Tax

644.812

1.096.104

1.197.960

2.953.208

1.971

Stockholders' Equity

6.978.095

9.548.819

17.014.210

20.523.972

22.225

Total Assets

14.676.851

23.538.968

41.591.847

58.770.007

70.187

Current Assets

9.784.848

16.889.208

27.492.265

39.848.232

48.295

Non-Current Assets

4.892.003

6.649.760

14.099.582

18.921.775

21.892

Current Liabilities

5.836.184

9.179.853

8.207.942

13.075.367

18.400

Long-Term Liabilities

1.862.572

4.810.296

16.369.695

25.170.668

29.562

Gross Profit (loss)

1.031.930

1.499.949

4.151.055

6.510.087

6.410

Operating Profit (loss)

575.379

1.005.712

3.368.839

5.363.225

5.090

Net Profit (loss)

508.104

865.967

985.540

2.538.432

1.763

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2013

Liquidity

High As of 31.12.2013

Remarks On Liquidity

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

Profitability

Fair Operating Profitability  in 2009

Fair Net Profitability  in 2009

Fair Operating Profitability  in 2010

Fair Net Profitability  in 2010

Good Operating Profitability  in 2011

Fair Net Profitability  in 2011

Good Operating Profitability  in 2012

Good Net Profitability  in 2012

Good Operating Profitability  in 2013

In Order Net Profitability  in 2013

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Satisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.11.2014)

7,18 %

2,1773

2,9044

3,6032

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

CURRENT ASSETS

9.784.848

0,67

16.889.208

0,72

27.492.265

0,66

39.848.232

0,68

48.295

0,69

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

2.346.131

0,16

1.711.471

0,07

3.958.908

0,10

4.544.241

0,08

4.024

0,06

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

4.372.135

0,30

8.572.189

0,36

18.421.664

0,44

23.183.237

0,39

29.850

0,43

Other Receivable

0

0,00

155.176

0,01

948.253

0,02

884.360

0,02

1.019

0,01

Inventories

2.621.618

0,18

6.372.247

0,27

4.135.784

0,10

7.747.007

0,13

10.869

0,15

Advances Given

444.510

0,03

77.671

0,00

27.656

0,00

3.432.417

0,06

2.533

0,04

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

454

0,00

454

0,00

0

0,00

56.970

0,00

0

0,00

NON-CURRENT ASSETS

4.892.003

0,33

6.649.760

0,28

14.099.582

0,34

18.921.775

0,32

21.892

0,31

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

3.894.564

0,27

4.330.148

0,18

9.390.394

0,23

10.435.104

0,18

11.141

0,16

Intangible Assets

982.891

0,07

2.303.230

0,10

4.624.734

0,11

8.312.683

0,14

10.543

0,15

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

14.548

0,00

16.382

0,00

84.454

0,00

173.988

0,00

208

0,00

TOTAL ASSETS

14.676.851

1,00

23.538.968

1,00

41.591.847

1,00

58.770.007

1,00

70.187

1,00

CURRENT LIABILITIES

5.836.184

0,40

9.179.853

0,39

8.207.942

0,20

13.075.367

0,22

18.400

0,26

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

129.833

0,01

1.056.136

0,04

2.172.235

0,05

616

0,00

3

0,00

Accounts Payable

4.118.028

0,28

7.479.951

0,32

5.668.571

0,14

8.232.378

0,14

9.761

0,14

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

112.886

0,01

153.505

0,01

155.590

0,00

223.410

0,00

359

0,01

Advances from Customers

1.394.668

0,10

343.892

0,01

0

0,00

4.480.275

0,08

7.829

0,11

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

78.604

0,01

146.369

0,01

211.546

0,01

138.688

0,00

448

0,01

Provisions

2.165

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

1.862.572

0,13

4.810.296

0,20

16.369.695

0,39

25.170.668

0,43

29.562

0,42

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.862.572

0,13

2.369.259

0,10

10.560.031

0,25

14.942.571

0,25

19.927

0,28

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

5.809.664

0,14

10.228.097

0,17

9.635

0,14

Loans from Shareholders

0

0,00

2.441.037

0,10

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

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

6.978.095

0,48

9.548.819

0,41

17.014.210

0,41

20.523.972

0,35

22.225

0,32

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

6.000.000

0,41

8.681.872

0,37

16.028.670

0,39

17.000.000

0,29

17.000

0,24

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

539.491

0,04

70.480

0,00

0

0,00

985.540

0,02

3.462

0,05

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-69.500

0,00

-69.500

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

508.104

0,03

865.967

0,04

985.540

0,02

2.538.432

0,04

1.763

0,03

TOTAL LIABILITIES AND EQUITY

14.676.851

1,00

23.538.968

1,00

41.591.847

1,00

58.770.007

1,00

70.187

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.                                                                                               

 In the sub-items of "Account Receivable", TL thousand 0 is "Doubtful Trade Receivables"  at the last balance sheet.                                                                                                                     

 The details of "Other Receivable" figure at the last balance sheet (TL Thousand): Due From Shareholders:0, Due From Participations:0,Due From Affiliated Companies:0,Due From Personnel:0,Other Miscellaneous Receivables:1.019,Other Receivable Total:1.019                                                    

 

 TL thousand 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

Net Sales

22.190.437

1,00

34.969.393

1,00

40.787.064

1,00

60.156.269

1,00

67.797

1,00

Cost of Goods Sold

21.158.507

0,95

33.469.444

0,96

36.636.009

0,90

53.646.182

0,89

61.387

0,91

Gross Profit

1.031.930

0,05

1.499.949

0,04

4.151.055

0,10

6.510.087

0,11

6.410

0,09

Operating Expenses

456.551

0,02

494.237

0,01

782.216

0,02

1.146.862

0,02

1.320

0,02

Operating Profit

575.379

0,03

1.005.712

0,03

3.368.839

0,08

5.363.225

0,09

5.090

0,08

Other Income

889.933

0,04

1.028.459

0,03

2.121.875

0,05

2.193.662

0,04

5.322

0,08

Other Expenses

661.834

0,03

771.366

0,02

4.055.425

0,10

4.199.049

0,07

7.736

0,11

Financial Expenses

158.666

0,01

166.701

0,00

237.329

0,01

404.630

0,01

705

0,01

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

644.812

0,03

1.096.104

0,03

1.197.960

0,03

2.953.208

0,05

1.971

0,03

Tax Payable

136.708

0,01

230.137

0,01

212.420

0,01

414.776

0,01

208

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

508.104

0,02

865.967

0,02

985.540

0,02

2.538.432

0,04

1.763

0,03

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

(2013)

LIQUIDITY RATIOS

 

Current Ratio

1,68

1,84

3,35

3,05

2,62

Acid-Test Ratio

1,15

1,14

2,84

2,19

1,90

Cash Ratio

0,40

0,19

0,48

0,35

0,22

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,18

0,27

0,10

0,13

0,15

Short-term Receivable/Total Assets

0,30

0,37

0,47

0,41

0,44

Tangible Assets/Total Assets

0,27

0,18

0,23

0,18

0,16

TURNOVER RATIOS

 

Inventory Turnover

8,07

5,25

8,86

6,92

5,65

Stockholders' Equity Turnover

3,18

3,66

2,40

2,93

3,05

Asset Turnover

1,51

1,49

0,98

1,02

0,97

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,48

0,41

0,41

0,35

0,32

Current Liabilities/Total Assets

0,40

0,39

0,20

0,22

0,26

Financial Leverage

0,52

0,59

0,59

0,65

0,68

Gearing Percentage

1,10

1,47

1,44

1,86

2,16

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,07

0,09

0,06

0,12

0,08

Operating Profit Margin

0,03

0,03

0,08

0,09

0,08

Net Profit Margin

0,02

0,02

0,02

0,04

0,03

Interest Cover

5,06

7,58

6,05

8,30

3,80

COLLECTION-PAYMENT

 

Average Collection Period (days)

70,93

88,25

162,60

138,74

158,50

Average Payable Period (days)

70,07

80,45

112,79

123,88

113,75

WORKING CAPITAL

3948664,00

7709355,00

19284323,00

26772865,00

29895,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.65

UK Pound

1

Rs.98.53

Euro

1

Rs.78.02

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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

 

--

 

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.