|
Report Date : |
06.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAURAJ
DIAMONDS NV |
|
|
|
|
Registered Office : |
Hoveniersstraat
2 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
05.03.1983 |
|
|
|
|
Com. Reg. No.: |
423731731 |
|
|
|
|
Legal Form : |
Public
Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesale of diamonds and other precious stones |
|
|
|
|
No. of Employees |
03 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Belgium |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
BELGIUM ECONOMIC OVERVIEW
This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank
|
Source
: CIA |
|
Business
number |
423731731 |
|
Company
name |
SAURAJ
DIAMONDS NV |
|
Address |
HOVENIERSSTRAAT
2 |
|
|
2018
ANTWERPEN |
|
Number of
staff |
3 |
|
Date of
establishment |
08/03/1
983 |
|
Telephone
number |
032337891 |
|
Fax number |
032314968 |
The business
was established over 31 years ago.
The business
has 1 employees.
The business
is part of a group.
This
business has a foreign parent business.
The business
has been at the address for over 27 years.
Operating
Result in the latest trading period increased 153% on the previous trading
period.
Pre-tax
profits decreased by 24% compared to the previous trading period.
The business saw an increase in their Cash Balance of 4038% during the latest trading period
|
DATE OF
LATEST ACCOUNTS |
TURNOVER |
PROFIT
BEFORE TAX |
NET WORTH |
WORKING
CAPITAL |
|
31/12/2012 |
74,440,429 |
129,127 |
5,550,810 |
11,052,963 |
|
31/12/2011 |
93,774,360 |
1 71,702 |
5,445,521 |
10,423,536 |
|
31/12/2010 |
69,647,11
7 |
109,805 |
5,309,472 |
8,632,498 |
|
Accounts |
||||
|
DATE OF
LATEST ACCOUNTS |
BALANCE
TOTAL |
NUMBER OF
EMPLOYEES |
CAPITAL |
CASHFLOW |
|
31/12/2012 |
36,491,289 |
3 |
4,900,000 |
121,654 |
|
31/12/2011 |
43,439,853 |
4 |
4,900,000 |
152,879 |
|
31/12/2010 |
28,280,788 |
2 |
4,900,000 |
125,931 |
|
Trends |
||||
|
Profitability |
|
|
|
|
|
Liquidity |
|
|
|
|
|
Net worth |
|
|
|
|
|
Payment
expectations |
||||
|
Past
payments |
|
Payment
expectation days |
30.77 |
|
|
Industry
average payment expectation days |
165.08 |
Industry
average day sales outstanding |
126.18 |
|
|
Day sales
outstanding |
165.01 |
|
|
|
|
Business
number |
423731731 |
Company
name |
SAURAJ
DIAMONDS NV |
|
|
Fax number |
032314968 |
Date
founded |
08/03/1983 |
|
|
Company
status |
active |
Company
type |
Public
Limited Liability Company (BE) |
|
|
Currency |
Euro (€) |
Date of
latest accounts |
31/12/2012 |
|
|
Activity
code |
46761 |
Liable for
VAT |
yes |
|
|
Activity
description |
Wholesale
of diamonds and other precious stones |
VAT Number |
BE.0423.731.731
Check VAT number |
|
|
Belgian Bullettin
of Acts Publications |
moniteur
belge |
|
|
|
|
Contractor
details |
||||
|
Registered
contractor number |
- |
|
|
|
|
Contractor
description |
- |
|
|
|
|
Date
struck off register |
||||
|
Social
Balance Sheet |
Total |
|
|
During the
reporting year |
|
|
|
ended
31-12-2012 |
|
|
|
Full-time
Employees |
3 |
|
|
Part-time
Employees - |
||
|
Total Fte
Employees |
3 |
|
|
|
||
|
Number of
hours worked |
||
|
Full-time
Employees |
5,328 |
|
|
Part-time
Employees - |
||
|
Total |
5,328 |
|
|
|
||
|
Personnel
Charges |
||
|
Full-time
Employees |
109,731 |
|
|
Part-time
Employees - |
||
|
Total |
109,731 |
|
|
Benefits
In Addition To Wages - |
||
|
|
||
|
During the
previous reporting year |
||
|
Average
number employees in Fte |
4 |
|
|
Actual
working hours |
6,296 |
|
|
Personnel
Charges |
1 27,469 |
|
|
Benefits
In Addition To Wages - |
||
|
|
|
|
|
Men |
Full-Time |
Part-Time |
Total Fte |
|
Primary
education |
1 |
- |
1 |
|
Secondairy
education |
- |
- |
- |
|
Higher
education (non university) |
1 |
- |
1 |
|
Higher
education (university) |
- |
- |
- |
|
Women |
Full-Time |
Part-Time |
Total Fte |
|
Primary
education |
- |
- |
- |
|
Secondairy
education |
1 |
- |
1 |
JIC Code 218
Description Additional
national joint committee for the employees
category
JIC Code 324
Description Joint
committee for the industry and the trade in diamant
category
Event Date 17/05/2010
Event
Description re-appointment of director(s)
Event Details Commentaar
17-05-2010: Herbenoeming van Jhaveri Sohil als gedelegeerd bestuurder tot de AV
van 2014.
Event Date 31/12/2008
Event
Description re-appointment of director(s)
Event Details Commentaar
: Herbenoeming van volgende bestuurders, tot in het jaar 2014: Shah Apama en
Jhaveri Sohil.
|
Annual
accounts |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
Industry
average 2012 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Turnover |
74,440,429 |
-20.62 |
93,774,360 |
34.64 |
69,647,117 |
46,485,458 |
60.14 |
|
Total
operating expenses |
73,035,721 |
-21.65 |
93,221,126 |
36.16 |
68,465,277 |
46,114,879 |
58.38 |
|
Operating
result |
1,404,708 |
153 |
553,233 |
-53.19 |
1,181,840 |
140,970 |
896 |
|
Total
financial income |
5 |
-99 |
599,536 |
105452 |
568 |
98,884 |
-99 |
|
Total
financial expenses |
1,275,586 |
30.02 |
981,067 |
-8.53 |
1,072,603 |
206,312 |
518 |
|
Results on
ordinary operations before taxation |
129,127 |
-24.80 |
171,702 |
56.37 |
109,805 |
25,266 |
411 |
|
Taxation |
23,839 |
-33.14 |
35,653 |
143 |
14,618 |
20,807 |
14.57 |
|
Results on
ordinary operations after taxation |
105,289 |
-22.61 |
136,049 |
42.93 |
95,187 |
10,475 |
905 |
|
Extraordinary
items |
0 |
- |
0 |
- |
0 |
-3,969 |
0 |
|
Other
appropriations |
0.00 |
- |
0.00 |
- |
0 |
- |
- |
|
Net result OTHER
INFORMATION |
105,289 |
-22.61 |
136,049 |
42.93 |
95,187 |
6,525 |
1513 |
|
Gross Operating
Margin |
- |
- |
- |
- |
- |
56,835 |
- |
|
Dividends |
- |
- |
- |
- |
- |
172,177 |
- |
|
Director
remuneration |
75,000 |
0 |
75,000 |
0 |
75,000 |
112,544 |
-33.36 |
|
Employee
costs |
109,731 |
-13.92 |
127,469 |
39.35 |
91,476 |
125,946 |
-12.87 |
|
Wages and
salary |
85,669 |
-11.17 |
96,440 |
37.79 |
69,991 |
105,550 |
-18.84 |
|
Employee
pension costs |
- |
- |
- |
- |
- |
14,428 |
- |
|
Social
security contributions |
22,050 |
-22.89 |
28,595 |
46.43 |
19,528 |
26,656 |
-17.28 |
|
Other employee
costs |
2,012 |
-17.35 |
2,435 |
24.41 |
1,957 |
4,344 |
-53.68 |
|
Amortization
and depreciation |
16,365 |
-2.76 |
16,830 |
-45.26 |
30,744 |
1 7,811 |
-8.12 |
|
Annual
accounts |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
Industry average
2012 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Intangible
fixed assets |
0 |
- |
0 |
- |
0 |
1,571 |
-100 |
|
Tangible
fixed assets |
1 45,246 |
-8.53 |
158,785 |
-6.91 |
170,574 |
184,11 7 |
-21.11 |
|
Land &
building |
1 25,979 |
-4.96 |
132,554 |
-4.73 |
139,130 |
362,988 |
-65.29 |
|
Plant
& machinery |
7,521 |
14.75 |
6,554 |
196 |
2,207 |
22,615 |
-66.74 |
|
Furniture
& Vehicles |
11,746 |
-40.30 |
19,676 |
-29.41 |
27,874 |
17,295
5,364 |
-32.08 |
|
Leasing
& Other Similar Rights |
- |
- |
- |
- |
- |
142,153
32,369 |
- |
|
Other
tangible assets |
0 |
- |
0 |
-100 |
1,363 |
7,588 |
-100 |
|
Financial
fixed assets |
- |
- |
- |
- |
- |
306,282 |
- |
|
Total
fixed assets |
145,246 |
-8.53 |
158,785 |
-6.91 |
170,574 |
394,259 |
-63.16 |
|
Inventories |
2,676,082 |
-28.74 |
3,755,584 |
-19.72 |
4,678,246 |
3,102,024 |
-13.73 |
|
Raw
materials & consumables |
- |
- |
- |
- |
- |
7,209,884 |
- |
|
Work in
progress |
0 |
- |
0 |
- |
0 |
2,384 |
-100 |
|
Finished
goods |
2,676,082 |
-28.74 |
3,755,584 |
-19.72 |
4,678,246 |
1,994,651 |
34.16 |
|
Other
stocks |
0 |
- |
0 |
- |
0 |
569,553 |
-100 |
|
Trade
debtors |
33,652,703 |
-14.82 |
39,505,888 |
69.23 |
23,343,982 |
4,239,087 |
693 |
|
Cash |
3,428 |
4038 |
83 |
-97.50 |
3,312 |
227,241 |
-98.49 |
|
other
amounts receivable |
5,346 |
-54.91 |
11,855 |
-84.16 |
74,863 |
209,025 |
-97.44 |
|
Miscellaneous
current assets |
8,484 |
10.77 |
7,659 |
-21.94 |
9,811 |
18,235 |
-53.48 |
|
Total
current assets |
36,346,043 |
-16.02 |
43,281,068 |
53.97 |
28,110,214 |
7,321,447 |
396 |
|
Total
Assets |
36,491,289 |
-16.00 |
43,439,853 |
53.60 |
28,280,788 |
7,675,911
1,453,566 |
375 |
|
Trade
creditors |
6,156,924 |
-43.69 |
10,933,237 |
76.25 |
6,203,349 |
3,144,774 |
95.78 |
|
Short term
group loans |
- |
- |
- |
- |
- |
- |
- |
|
Financial
debts |
18,849,951 |
-12.68 |
21,587,365 |
66.47 |
12,967,332 |
4,280,807
189,666 |
340 |
|
Current
portion of long term debt |
- |
- |
- |
- |
- |
110,204 15,373 |
- |
|
Amounts
Payable for Taxes, Remuneration & Social Security |
39,381 |
-24.60 |
52,228 |
90.55 |
27,409 |
9,740 - |
15.72 |
|
Miscellaneous
current liabilities |
246,824 |
-13.30 |
284,703 |
1.82 |
279,626 |
-17.09 |
- - |
|
Total current
liabilities |
25,293,080 |
-23.02 |
32,857,532 |
68.69 |
1
9,477,716 |
5,457,561 |
363 |
|
LONG TERM
DEBTS AND LIABILITIES |
|
|
|
|
|
|
|
|
Long term
group loans |
- |
- |
- |
- |
- |
- |
- - |
|
Other long
term loans |
5,647,400 |
9.94 |
5,136,800 |
47.03 |
3,493,600 |
406 |
- - |
|
Deffered
taxes |
- |
- |
- |
- |
- |
37,626
26,358 |
- |
|
Provisions
for Liabilities & Charges |
0 |
- |
0 |
- |
0 |
3,165 0 |
-100 |
|
Other long
term liabilities |
0 |
- |
0 |
- |
0 |
1 27,897 |
-100 |
|
Total long
term debts SHAREHOLDERS
EQUITY |
5,647,400 |
9.94 |
5,136,800 |
47.03 |
3,493,600 |
562,239 |
904 |
|
Issued
share capital |
4,900,000 |
0 |
4,900,000 |
0 |
4,900,000 |
967,416 |
406 |
|
Share
premium account |
- |
- |
- |
- |
- |
109,362 |
- |
|
Reserves |
650,810 |
19.30 |
545,521 |
33.23 |
409,472 |
653,158 |
-0.36 |
|
Revaluation
reserve |
- |
- |
- |
- |
- |
939,206 |
- |
|
Total
shareholders equity |
5,550,810 |
1.93 |
5,445,521 |
2.56 |
5,309,472 |
1,650,062 |
236 |
|
Working
capital |
11,052,963 |
6.04 |
10,423,536 |
20.75 |
8,632,498 |
1,863,886 |
493 |
|
Cashflow |
121,654 |
-20.42 |
152,879 |
21.40 |
125,931 |
21,260 |
472 |
|
Net worth |
5,550,810 |
1.93 |
5,445,521 |
2.56 |
5,309,472 |
1,646,834 |
237 |
|
Annual
accounts TRADING PERFORMANCE |
31-12-2012 |
change(%) |
31-12-2011 |
change(%) |
31-12-2010 |
Industry
average 2012 |
% |
|
Profit
Before Tax |
0.17 |
-5.56 |
0.18 |
12.50 |
0.16 |
-29,00 |
0.59 |
|
Return on
capital employed |
1.15 |
-29.01 |
1.62 |
29.60 |
1.25 |
29,00 |
-96.03 |
|
Return on
total assets employed |
0.35 |
-12.50 |
0.40 |
2.56 |
0.39 |
-200,00 |
0.18 |
|
Return on
net assets employed |
2.33 |
-26.03 |
3.15 |
52.17 |
2.07 |
19,00 |
-87.74 |
|
Sales /
net working capital |
6.73 |
-25.22 |
9 |
11.52 |
8.07 |
44,00 |
-99 |
|
Stock
turnover ratio |
3.59 |
-10.25 |
4 |
-40.48 |
6.72 |
116,00 |
-96.91 |
|
Debtor
days |
165.01 |
7.31 |
153.77 |
25.69 |
122.34 |
143,00 |
15.39 |
|
Creditor
days SHORT TERM
STABILITY |
30.77 |
-28.12 |
42.81 |
29.45 |
33.07 |
125,00 |
-75.38 |
|
Current
ratio |
1.44 |
9.09 |
1.32 |
-8.33 |
1.44 |
6,00 |
-84.00 |
|
Liquidity
ratio / acid ratio |
1.33 |
10.83 |
1.20 |
0 |
1.20 |
4,00 |
-66.75 |
|
Current
debt ratio |
4.56 |
-24.38 |
6.03 |
64.31 |
3.67 |
9,00 |
-49.33 |
|
Liquidity ratio
reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
LONG TERM
STABILITY |
|
|
|
|
|
|
|
|
Gearing |
441.33 |
-10.07 |
490.75 |
58.29 |
310.03 |
357,00 |
23.62 |
|
Equity in
percentage |
15.21 |
21.29 |
12.54 |
-33.19 |
18.77 |
-3.189,00 |
0.48 |
|
Total debt
ratio |
5.57 |
-20.20 |
6.98 |
61.20 |
4.33 |
11,00 |
-49.36 |
Industry
comparison
|
|
|
Activity
code |
46761 |
|
Activity
description |
Wholesale
of diamonds and other precious stones |
|
industry
average credit |
64.48 |
|
rating |
|
|
Industry
average credit |
140177.31 |
|
limit |
|
|
Suspension
of payments / moratorium history |
|
|
Amount |
- |
|
Details |
|
|
Payment
expectations |
|
|
Payment
expectation days |
30.77 |
|
Day sales
outstanding |
165.01 |
|
Industry
comparison |
|
|
Activity
code |
46761 |
|
Activity
description |
Wholesale
of diamonds and other precious stones |
|
Industry
average payment |
165.08 |
|
expectation
days |
|
|
Industry
average day sales |
126.18 |
|
outstanding |
|
|
Industry quartile
analysis |
|
|
Payment
expectations |
|
|
Company
result |
30.77 |
|
Lower |
134.13 |
|
Median |
84.93 |
Company result 165.01
Lower 110.17
Median 59.01
Upper 28.11
Summary
Group - Number
of Companies 2
Linkages -
Number of Companies 0
Number of
Countries 0
Company name Number
- SAURAJ DIAMONDS NV
423731731
- - IMMO GOLD NV
437262538
Minority
Shareholders
No minority
shareholders found
Minority
Interests
No minority
interests found
|
Forename |
Sohil |
Middle name |
- |
|
Surname |
Jhaveri |
|
|
|
SHAREHOLDER DETAILS |
|||
|
Start date |
03/02/2009(estimated) |
End date |
- |
|
Percentage owned |
- |
|
|
|
SHAREHOLDER ADDRESS |
|||
|
Street name |
Belgielei |
House number |
119 |
|
Minor town |
- |
Postal town |
Antwerpen |
|
Post code |
2018 |
Country |
Belgium |
|
SHAREHOLDER NAME |
|||
|
Forename |
Suisha |
Middle name |
- |
|
Surname |
Jhaveri |
|
|
|
SHAREHOLDER DETAILS |
|||
|
Start date |
03/02/2009(estimated) |
End date |
- |
|
Percentage owned |
- |
|
|
|
SHAREHOLDER ADDRESS |
|||
|
Street name |
- |
House number |
- |
|
Minor town |
- |
Postal town |
- |
|
Post code |
- |
Country |
India |
Business
number 423731731
Name of
defendant -
Legal form
of defendant -
Date of
summons -
Labour court -
Bankruptcy
details
There is no
bankruptcy data against this company
court data
there is no data for this company
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in February
2013. A senior executive of GJEPC said, “Export of cut and polished diamonds
started falling month-wise after the imposition of 2 % of import duty on the
polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a global
voluntary regulatory standard on bank capital adequacy, stress testing and
market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.30 |
|
|
1 |
Rs.99.34 |
|
Euro |
1 |
Rs.80.70 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIS |
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.