MIRA INFORM REPORT

 

 

Report No. :

334552

Report Date :

03.08.2015

 

IDENTIFICATION DETAILS

 

Name :

ME-SA IMALAT SANAYI VE TICARET A.S.

 

 

Registered Office :

Mustafa Kemal Mah. Kayi Cad. No:92/A Yenikent-Sincan Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Year of Establishment :

1978

 

 

Com. Reg. No.:

38567  

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Subject is manufacture and trade of steel construction mold and scaffolding, formwork systems.

 

 

No. of Employee :

456

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of FDI reached nearly $195 billion at year-end 2014. Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth. It is clear from these developments that the Turkish economy retains significant weaknesses. Specifically, 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. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

 

Source : CIA

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

ME-SA IMALAT SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Mustafa Kemal Mah. Kayi Cad. No:92/A Yenikent-Sincan Ankara / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from "44" to "92/A" by the Municipality.

PHONE NUMBER

:

90-312-277 33 00

 

FAX NUMBER

:

90-312-277 37 00

 

WEB-ADDRESS

:

www.mesaimalat.com

E-MAIL

:

info@www.mesaimalat.com

 

 

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Sincan

TAX NO

:

6190011902

REGISTRATION NUMBER

:

38567      

REGISTERED OFFICE

:

Ankara Chamber of Commerce

DATE ESTABLISHED

:

1978

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   51.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 15.400.000

Changed On

:

04.12.2009 (Commercial Gazette Date /Number 10.12.2009/ 7455)

Previous Registered Capital

:

TL 42.000.000

Changed On

:

02.04.2014 (Commercial Gazette Date /Number 07.06.2014/ 8544)

Previous Address

:

Ataturk Mah. Kayi Cad. No:92/A Yenikent-Sincan Ankara

Changed On

:

26.09.2011 (Commercial Gazette Date /Number 29.09.2011/ 7910)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Mesa Mesken Sanayii A.S.

98 %

Ozhan Akcali

 

Osman Yavuz Senol

 

Mehmet  Vecdan Tokatli

 

Ferruh Bulent Bingol

 

Erhan Boysanoglu

 

Others

 

 

 

GROUP

:

MESA GROUP OF COMPANIES

 

SISTER COMPANIES

:

ALABANDA TURIZM INSAAT VE TICARET A.S.

ALMES GMBH

CAPITOL ALISVERIS HIZMETLERI TICARET A.S.

EUROMAX SP.ZOO - POLAND

EUROPOWER CENTRUM SP.ZOO - POLAND

KOSAS KONUT SERVISI INSAAT EMLAK NAKLIYE TEMIZLIK HAYVANCILIK GIDA VE SPOR TESISLERI A.S.

MESA CASPIAN LLP - KAZAKHISTAN

MESA GULF CONTRACTION LLC – B.A.E. (ABU DHABI)

MESA KURYLYS

MESA LTD / MOSCOW

MESA MESKEN SANAYII A.S.

MESA PROJE DANISMANLIK VE TEKNIK HIZMETLERI A.S.

MESA SAUDI ARABIA LLC

MESA SIGORTA ARACILIK HIZMETLERI A.S.

MESA UKRAINE LLC

MESA ULUSLARARASI YATIRIM PROJE EMLAK INSAAT A.S.

MESCO INTERNATIONAL CONSTRUCTION LLP -KAZAKHISTAN

MH INTERNATIOAL LLC (FZE) - B.A.E

MIA TURISTIK TESISLER A.S.

SM CONSTRUCT LLC - AZERBAICAN

 

SUBSIDIARIES

:

KOSAS KONUT SERVISI INSAAT EMLAK NAKLIYE TEMIZLIK HAYVANCILIK GIDA VE SPOR TESISLERI A.S.

 

BOARD OF DIRECTORS

:

Evren Rifki Unver

Chairman

Murat Sezgin

Vice-Chairman

Mesa Mesken Sanayii A.S. (Representative: Temel Yaksi)

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of steel construction mold and scaffolding, formwork systems.

 

NACE CODE

:

DJ.28.11

 

NUMBER OF EMPLOYEES

:

456

 

REMARKS ON NUMBER OF EMPLOYEES

:

The number of employees includes sub-contractors as well.

NET SALES

:

57.006.764 TL

(2008) 

59.856.277 TL

(2009) 

59.052.450 TL

(2010) 

57.276.743 TL

(2011) 

116.726.750 TL

(2012) 

17.215.631 TL

(01.01-31.03.2013) 

 

 

REMARKS ON NET SALES

:

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization. 

 

However the company strictly declines to give us an authorization to gather its fresh financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

IMPORT COUNTRIES

:

Austria

Russia

Netherlands

Belgium

Sweden

Italy

 

MERCHANDISE IMPORTED

:

Steel profile

 

 

EXPORT VALUE

:

32.122.075 TL

(2008)

46.865.154 TL

(2009)

30.355.098 TL

(2010)

31.691.582 TL

(2011)

77.909.190 TL

(2012)

9.574.380 TL

(01.01-31.03.2013)

 

 

EXPORT COUNTRIES

:

Algeria

Saudi Arabia

Iran

France

Australia

Netherlands

Russia

Libya

Morocco

Turkmenistan

Indonesia

Qatar

Jamaica

Chad

Egypt

U.S.A.

 

MERCHANDISE  EXPORTED

:

Steel construction mold

 

HEAD OFFICE ADDRESS

:

Mustafa Kemal Mah. Kayi Cad. No:92/A Yenikent-Sincan  Ankara / Turkey

 ( owned )

 

BRANCHES

:

Head Office/Factory  :  Mustafa Kemal Mah. Kayi Cad. No:92/A Yenikent-Sincan Ankara/Turkey (owned) (30.000 sqm)

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Sekerbank Kurumsal Branch

T. Is Bankasi Baskent Kurumsal Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

(01.01-31.03.2013) TL

Net Sales

59.856.277

59.052.450

57.276.743

116.726.750

17.215.631

Profit (Loss) Before Tax

-3.673.464

3.576.797

246.993

6.127.213

836.971

Stockholders' Equity

32.535.396

40.993.330

40.294.973

45.009.184

 

Total Assets

57.469.326

60.778.317

81.777.749

112.727.858

 

Current Assets

37.993.537

36.747.733

57.088.954

76.930.610

 

Non-Current Assets

19.475.789

24.030.584

24.688.795

35.797.248

 

Current Liabilities

24.901.140

11.557.797

40.251.175

40.567.682

 

Long-Term Liabilities

32.790

8.227.190

1.231.601

27.150.992

 

Gross Profit (loss)

11.568.434

16.370.971

13.730.858

33.976.521

5.853.605

Operating Profit (loss)

2.443.816

7.360.332

2.850.713

9.803.200

1.823.045

Net Profit (loss)

-3.673.464

3.576.797

-363.340

4.714.211

836.971

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

General financial position is undetermined the firm declines to give us an authorization to gather its financial data. As the shares of the firm are not open to public, it is not obliged to announce its data.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 01.01-31.03.2010)

4,24 %

1,5128

2,0953

2,3698

 ( 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

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.06.2015)

5,49 %

2,5568

2,8727

3,9250

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 

CURRENT ASSETS

37.993.537

0,66

36.747.733

0,60

57.088.954

0,70

76.930.610

0,68

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

Cash and Banks

142.162

0,00

80.393

0,00

254.274

0,00

4.249.784

0,04

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

Account Receivable

20.210.349

0,35

15.925.819

0,26

25.536.048

0,31

22.807.951

0,20

 

Other Receivable

2.887.392

0,05

1.150.385

0,02

1.495.691

0,02

5.338.741

0,05

 

Inventories

11.302.172

0,20

15.975.348

0,26

25.493.943

0,31

36.547.084

0,32

 

Advances Given

179.189

0,00

36.184

0,00

448.131

0,01

816.000

0,01

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

Other Current Assets

3.272.273

0,06

3.579.604

0,06

3.860.867

0,05

7.171.050

0,06

 

NON-CURRENT ASSETS

19.475.789

0,34

24.030.584

0,40

24.688.795

0,30

35.797.248

0,32

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

Long-term Receivable

5.151

0,00

5.151

0,00

5.150

0,00

6.252

0,00

 

Financial Assets

2.998.763

0,05

6.308.233

0,10

6.307.137

0,08

7.947.292

0,07

 

Tangible Fixed Assets (net)

15.293.384

0,27

16.913.833

0,28

17.889.010

0,22

19.978.181

0,18

 

Intangible Assets

1.178.491

0,02

803.367

0,01

487.498

0,01

5.828.353

0,05

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

2.037.170

0,02

 

TOTAL ASSETS

57.469.326

1,00

60.778.317

1,00

81.777.749

1,00

112.727.858

1,00

 

CURRENT LIABILITIES

24.901.140

0,43

11.557.797

0,19

40.251.175

0,49

40.567.682

0,36

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

Financial Loans

11.270.259

0,20

1.441.779

0,02

20.573.936

0,25

10.123.738

0,09

 

Accounts Payable

10.412.603

0,18

7.142.843

0,12

17.034.034

0,21

18.371.623

0,16

 

Loans from Shareholders

1.518.173

0,03

3.642

0,00

0

0,00

4.568.138

0,04

 

Other Short-term Payable

402.172

0,01

430.199

0,01

431.975

0,01

213.099

0,00

 

Advances from Customers

1.025.897

0,02

2.175.755

0,04

1.578.020

0,02

6.034.900

0,05

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

Taxes Payable

234.336

0,00

363.579

0,01

633.210

0,01

1.112.670

0,01

 

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

 

Other Current Liabilities

37.700

0,00

0

0,00

0

0,00

143.514

0,00

 

LONG-TERM LIABILITIES

32.790

0,00

8.227.190

0,14

1.231.601

0,02

27.150.992

0,24

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

Financial Loans

32.790

0,00

7.963.200

0,13

0

0,00

27.084.227

0,24

 

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

 

Long-term Payable

0

0,00

0

0,00

467.357

0,01

66.765

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

764.244

0,01

0

0,00

 

Provisions

0

0,00

263.990

0,00

0

0,00

0

0,00

 

STOCKHOLDERS' EQUITY

32.535.396

0,57

40.993.330

0,67

40.294.973

0,49

45.009.184

0,40

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

Paid-in Capital

37.118.863

0,65

42.000.000

0,69

42.000.000

0,51

42.000.000

0,37

 

Cross Shareholding Adjustment of Capital

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

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

 

Reserves

0

0,00

0

0,00

3.241.781

0,04

3.241.780

0,03

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

 

Accumulated Losses(-)

-910.003

-0,02

-4.583.467

-0,08

-4.583.468

-0,06

-4.946.807

-0,04

 

Net Profit (loss)

-3.673.464

-0,06

3.576.797

0,06

-363.340

0,00

4.714.211

0,04

 

TOTAL LIABILITIES AND EQUITY

57.469.326

1,00

60.778.317

1,00

81.777.749

1,00

112.727.858

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 4.103.958 is "Doubtful Trade Receivables" and -TL 4.103.958 is "Provision for Doubtful Trade Receivables" at the last balance sheet. 

 

The details of "Other Receivable" figure at the last balance sheet: Due From Shareholders:0, Due From Participations:0, Due From Affiliated Companies:0, Due From Personnel:0, Other Miscellaneous Receivables:5.338.741, Other Receivable Total:5.338.74 

 

TL 200.296 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet. 

 

At the last income statement TL 416.409 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement TL 1.135.743 of the other expenses is due to "Loss from Foreign Currency Exchange" . 

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-31.03.2013) TL

 

Net Sales

59.856.277

1,00

59.052.450

1,00

57.276.743

1,00

116.726.750

1,00

17.215.631

1,00

Cost of Goods Sold

48.287.843

0,81

42.681.479

0,72

43.545.885

0,76

82.750.229

0,71

11.362.026

0,66

Gross Profit

11.568.434

0,19

16.370.971

0,28

13.730.858

0,24

33.976.521

0,29

5.853.605

0,34

Operating Expenses

9.124.618

0,15

9.010.639

0,15

10.880.145

0,19

24.173.321

0,21

4.030.560

0,23

Operating Profit

2.443.816

0,04

7.360.332

0,12

2.850.713

0,05

9.803.200

0,08

1.823.045

0,11

Other Income

1.441.220

0,02

1.132.303

0,02

4.153.213

0,07

3.696.903

0,03

464.208

0,03

Other Expenses

2.081.977

0,03

3.445.167

0,06

5.452.245

0,10

4.410.842

0,04

1.157.581

0,07

Financial Expenses

5.476.523

0,09

1.470.671

0,02

1.304.688

0,02

2.962.048

0,03

292.701

0,02

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

-3.673.464

-0,06

3.576.797

0,06

246.993

0,00

6.127.213

0,05

836.971

0,05

Tax Payable

0

0,00

0

0,00

610.333

0,01

1.413.002

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-3.673.464

-0,06

3.576.797

0,06

-363.340

-0,01

4.714.211

0,04

836.971

0,05

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,53

3,18

1,42

1,90

 

Acid-Test Ratio

0,93

1,48

0,68

0,80

 

Cash Ratio

0,01

0,01

0,01

0,10

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,20

0,26

0,31

0,32

 

Short-term Receivable/Total Assets

0,40

0,28

0,33

0,25

 

Tangible Assets/Total Assets

0,27

0,28

0,22

0,18

 

TURNOVER RATIOS

 

 

Inventory Turnover

4,27

2,67

1,71

2,26

 

Stockholders' Equity Turnover

1,84

1,44

1,42

2,59

 

Asset Turnover

1,04

0,97

0,70

1,04

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,57

0,67

0,49

0,40

 

Current Liabilities/Total Assets

0,43

0,19

0,49

0,36

 

Financial Leverage

0,43

0,33

0,51

0,60

 

Gearing Percentage

0,77

0,48

1,03

1,50

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,11

0,09

-0,01

0,10

 

Operating Profit Margin

0,04

0,12

0,05

0,08

 

Net Profit Margin

-0,06

0,06

-0,01

0,04

 

Interest Cover

0,33

3,43

1,19

3,07

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

121,58

97,12

160,53

70,36

 

Average Payable Period (days)

77,63

60,25

144,69

80,22

 

WORKING CAPITAL

13092397,00

25189936,00

16837779,00

36362928,00

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.01

UK Pound

1

Rs.99.84

Euro

1

Rs.70.16

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ASH

 

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.