MIRA INFORM REPORT
|
Report No. : |
356789 |
|
Report Date : |
26.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
KERRY INGREDIENTS [THAILAND] LTD. |
|
|
|
|
Registered Office : |
618 Moo 4,
Bangpoo Industrial Estate, T.
Praeksa, A. Muang,
Samutprakarn 10280 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
12.03.2002 |
|
|
|
|
Com. Reg. No.: |
0105545028144 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is
engaged in manufacturing, distributing and
exporting wide range
of food ingredients
such as seasoning & flavoring,
spices, bakery flour
and food flour,
under its own
brand “KERRY”. |
|
|
|
|
Employees: |
200 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise
economy, and generally pro-investment policies Thailand has historically had a strong
economy due in part to competitive industrial and agriculture exports - mostly
electronics, agricultural commodities, automobiles and parts, and processed
foods. The economy experienced slow growth and declining exports in 2014, in
part due to domestic political turmoil and sluggish global demand. With full
employment, Thailand attracts an estimated 2-4 million migrant workers from
neighboring countries, and faces labor shortages. Following the May 2014 coup
d'etat, tourism decreased 6-7% but is beginning to recover. The household debt
to GDP ratio is over 80%. The Thai government in 2013 implemented a nation-wide
300 baht ($10) per day minimum wage policy and deployed new tax reforms
designed to lower rates on middle-income earners. The Thai baht has remained
stable.
|
Source
: CIA |
company
name
KERRY INGREDIENTS [THAILAND] LTD.
SUMMARY
BUSINESS ADDRESS : 618 MOO 4,
BANGPOO INDUSTRIAL ESTATE,
T. PRAEKSA,
A. MUANG, SAMUTPRAKARN
10280,
THAILAND
TELEPHONE : [66] 2709-4712-8,
2324-6100
FAX : [66] 2709-4723,
2324-6110
E-MAIL ADDRESS : iluckhana@kerryingredients.com.my
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2002
REGISTRATION NO. : 0105545028144
TAX ID NO. : 3030543257
CAPITAL REGISTERED : BHT.
100,000,000
CAPITAL PAID-UP : BHT. 38,500,000
SHAREHOLDER’S PROPORTION : FOREIGN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PAUL MATHEW POTTER,
IRISH
MANAGING DIRECTOR
NO. OF STAFF : 200
LINES OF BUSINESS : FOOD
INGREDIENTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE
PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was
established on March 12,
2002 as a
private limited company
under the name
style KERRY INGREDIENTS
[THAILAND] LTD., by
Dutch company, with
the business objective
to manufacture wide
range of food
ingredients to both
domestic and overseas
markets. It currently
employs approximately 200
staff.
Subject is a
wholly owned subsidiary
of Kerry Group B.V.,
Netherlands.
The subject’s registered
address is 618
Moo 4, Bangpoo Industrial
Estate, T. Praeksa, A. Muang,
Samutprakarn 10280, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Paul Mathew Potter |
|
Irish |
56 |
|
Mr. Paul Standish McCarthy |
|
American |
58 |
|
Mr. Brian Cornelius Mehigan |
|
Irish |
54 |
|
Mr. James Martin Curran |
|
Irish |
39 |
|
Ms. Suboonya Anantasate |
|
Thai |
39 |
|
Mr. Dudley Patrick Neary |
|
Irish |
38 |
AUTHORIZED
PERSON
Anyone of the
above directors can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Paul Mathew Potter
is the Managing
Director.
He is Irish
nationality with the
age of 56
years old.
Mr. Adul Sirichan is
the Production Manager.
He is Thai
nationality.
Ms. Suwanna Ngohpraiwal is
the Human Resources and
Administration Manager.
She is Thai
nationality.
Mr. Niphon Withitanum is
the Factory Manager.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject is engaged in
manufacturing, distributing and
exporting wide range
of food ingredients
such as seasoning & flavoring,
spices, bakery flour
and food flour,
under its own
brand “KERRY”.
PURCHASE
Raw materials and food
chemicals are purchased
from suppliers and
agents both domestic and overseas, mainly
Japan, India, United Kingdom, France, Netherlands, Taiwan, Hong
Kong and Republic
of China.
MAJOR
SUPPLIER
Kerry Group Plc. : Ireland
SALES
80% of the products is
exported to U.S.A.,
Canada, New Zealand,
Australia, South Africa
and many countries
in Europe, Asia and Middle East,
and the remaining 20%
is sold locally to
manufacturers, wholesalers
and end-users in
food and bakery
industries.
MAJOR
CUSTOMER
La Vanille Societe
Anonyme Co., Ltd. : Thailand
SUBSIDIARY
AND AFFILIATED COMPANY
The subject is
not found to have
any subsidiary or
affiliated company here
in Thailand.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 200 office
staff and factory
workers.
LOCATION DETAILS
The premise is
owned for administrative office, factory and warehouse
at the heading
address. Premise is located
in industrial area.
Sales office is located on
the 24th Flr.,
Empire Tower, 195
South Sathorn Rd., Yananwa,
Sathorn, Bangkok 10120.
Tel.: [66] 2659-5939-44, Fax. :
[66] 2659-5945.
Warehouse is located at
63 Moo 4,
Chalongkrung Road, Lamplatiew,
Ladkrabang,
Bangkok 10520.
COMMENT
The subject was formed in 2002 as a manufacturer, distributor and
exporter of food ingredients. Its
products have been served both
domestic and export markets. Consumption
of foods and
ingredients in overseas
markets has gradually
improved since 2014.
Subject reported strong
sales in the
previous year, while
its business in
2015 has continued
growing.
FINANCIAL
INFORMATION
The capital was
registered at Bht.
500,000 divided into
5,000 shares of
Bht. 100 each.
The capital was
increased later as
following:
Bht. 2,000,000 on
October 31, 2002
Bht. 100,000,000
on December 22,
2003
The latest registered capital
was increased to
Bht. 100 million, divided into
1,000,000 shares of
Bht. 100 each, with the
current capital paid-up
at Bht. 38,500,000 or
980,000 shares of
Bht. 37.25 each
and 20,000 shares of
Bht. 100 each.
THE
SHAREHOLDERS LISTED WERE
[as at April
30, 2015] at
Bht. 38,500,000 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Kerry Group B.V. Nationality: Dutch Address : Almere,
Netherlands |
999,994 |
99.9994 |
|
Kerry Group Services
Ltd. Nationality: Irish Address : Kerry,
Ireland |
1 |
0.0001 |
|
Kerry Ingredients Holdings
[Ireland] Ltd. Nationality: Irish Address : Kerry,
Ireland |
1 |
0.0001 |
|
Kerry Holdings [Ireland]
Ltd. Nationality: Irish Address : Kerry,
Ireland |
1 |
0.0001 |
|
Zenbury International Limited Nationality: Irish Address : Kerry,
Ireland |
1 |
0.0001 |
|
Kerry Treasury Services
Ltd. Nationality: Irish Address : Kerry,
Ireland |
1 |
0.0001 |
|
Kerry Agri Business
Holdings Ltd. Nationality: Irish Address : Kerry,
Ireland |
1 |
0.0001 |
Total Shareholders : 7
Share Structure
[as at April
30, 2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
7 |
1,000,000 |
100.00 |
|
Total |
7 |
1,000,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Dr. Kiatniyom Kuntisuk No.
4800
BALANCE
SHEET [BAHT]
The latest
financial figures published as
at December 31, 2014,
2013 & 2012
were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
82,759,695 |
238,845,901 |
168,412,802 |
|
Trade Accounts and
Other Receivable |
155,479,114 |
114,382,893 |
151,420,070 |
|
Short-term Loans to Related Company |
125,000,000 |
- |
- |
|
Inventories |
156,123,086 |
93,963,413 |
92,117,170 |
|
Other Current Assets
|
22,205,373 |
12,416,730 |
7,469,842 |
|
|
|
|
|
|
Total Current Assets
|
541,567,268 |
459,608,937 |
419,419,884 |
|
Fixed Assets |
108,919,581 |
101,165,267 |
102,531,925 |
|
Deferred Income Tax |
10,363,021 |
11,823,100 |
11,480,212 |
|
Other Non - current Assets |
1,426,669 |
704,073 |
593,073 |
|
Total Assets |
662,276,539 |
573,301,377 |
534,025,094 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts and
Other Payable |
186,551,823 |
149,326,944 |
188,019,306 |
|
Accrued Income Tax |
705,518 |
10,705,113 |
11,558,718 |
|
Estimated Liabilities for
Product Warranty |
6,000,000 |
6,000,000 |
6,000,000 |
|
Other Current Liabilities |
61,390 |
160,859 |
8,063 |
|
|
|
|
|
|
Total Current Liabilities |
193,318,731 |
166,192,916 |
205,586,087 |
|
|
|
|
|
|
Employee Benefits Obligation |
13,500,148 |
14,248,269 |
14,559,596 |
|
Total Liabilities |
206,818,879 |
180,441,185 |
220,145,683 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized and
issued share capital 1,000,000 shares |
100,000,000 |
100,000,000 |
100,000,000 |
|
|
|
|
|
|
Capital Paid |
38,500,000 |
38,500,000 |
38,500,000 |
|
Retained Earnings: Appropriated for Statutory Reserve |
10,000,000 |
10,000,000 |
10,000,000 |
|
Unappropriated |
406,957,660 |
344,360,192 |
265,379,411 |
|
Total Shareholders' Equity |
455,457,660 |
392,860,192 |
313,879,411 |
|
Total Liabilities & Shareholders' Equity |
662,276,539 |
573,301,377 |
534,025,094 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
1,053,305,608 |
930,319,896 |
958,877,378 |
|
Other Income |
2,492,567 |
3,315,776 |
1,176,192 |
|
Total Revenues |
1,055,798,175 |
933,635,672 |
960,053,570 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
772,687,871 |
669,152,896 |
739,990,714 |
|
Selling Expenses |
29,348,806 |
37,369,346 |
30,623,279 |
|
Administrative Expenses |
176,983,901 |
129,066,738 |
122,907,565 |
|
Total Expenses |
979,020,578 |
835,588,980 |
893,521,558 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
76,777,597 |
98,046,692 |
66,532,012 |
|
Financial Costs |
- |
[125] |
[933] |
|
Profit before Income
Tax |
76,777,597 |
98,046,567 |
66,531,079 |
|
Income Tax |
[14,180,128] |
[19,065,786] |
[17,231,571] |
|
|
|
|
|
|
Net Profit / [Loss] |
62,597,468 |
78,980,781 |
49,299,508 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.80 |
2.77 |
2.04 |
|
QUICK RATIO |
TIMES |
1.88 |
2.13 |
1.56 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
9.67 |
9.20 |
9.35 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.59 |
1.62 |
1.80 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
73.75 |
51.25 |
45.44 |
|
INVENTORY TURNOVER |
TIMES |
4.95 |
7.12 |
8.03 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
53.88 |
44.88 |
57.64 |
|
RECEIVABLES TURNOVER |
TIMES |
6.77 |
8.13 |
6.33 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
88.12 |
81.45 |
92.74 |
|
CASH CONVERSION CYCLE |
DAYS |
39.50 |
14.68 |
10.33 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
73.36 |
71.93 |
77.17 |
|
SELLING & ADMINISTRATION |
% |
19.59 |
17.89 |
16.01 |
|
INTEREST |
% |
- |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
26.88 |
28.43 |
22.95 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.29 |
10.54 |
6.94 |
|
NET PROFIT MARGIN |
% |
5.94 |
8.49 |
5.14 |
|
RETURN ON EQUITY |
% |
13.74 |
20.10 |
15.71 |
|
RETURN ON ASSET |
% |
9.45 |
13.78 |
9.23 |
|
EARNING PER SHARE |
BAHT |
162.59 |
205.14 |
128.05 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.31 |
0.31 |
0.41 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.45 |
0.46 |
0.70 |
|
TIME INTEREST EARNED |
TIMES |
- |
784,373.54 |
71,309.77 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
13.22 |
(2.98) |
|
|
OPERATING PROFIT |
% |
(21.69) |
47.37 |
|
|
NET PROFIT |
% |
(20.74) |
60.21 |
|
|
FIXED ASSETS |
% |
7.66 |
(1.33) |
|
|
TOTAL ASSETS |
% |
15.52 |
7.35 |
|
ANNUAL GROWTH : SATISFACTORY
An annual sales growth is 13.22%. Turnover has increased from THB
PROFITABILITY : SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
26.88 |
Deteriorated |
Industrial Average |
58.22 |
|
Net Profit Margin |
5.94 |
Impressive |
Industrial Average |
5.56 |
|
Return on Assets |
9.45 |
Impressive |
Industrial Average |
8.08 |
|
Return on Equity |
13.74 |
Satisfactory |
Industrial Average |
14.19 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues after accounting for the cost
of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. The company's figure is 26.88%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company may have problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 5.94%, higher figure when compared with those
of its average competitors in the same industry, indicated that business was an
efficient operator in a dominant
position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
9.45%, higher figure when compared with those of its average competitors
in the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is 13.74%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY : IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
2.80 |
Impressive |
Industrial Average |
1.38 |
|
Quick Ratio |
1.88 |
|
|
|
|
Cash Conversion Cycle |
39.50 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 2.8 times in 2014, increased from 2.77 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.88 times in 2014,
decreased from 2.13 times, although
excluding inventory so the company still have good short-term financial
strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 40 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.31 |
Impressive |
Industrial Average |
0.47 |
|
Debt to Equity Ratio |
0.45 |
Impressive |
Industrial Average |
0.87 |
|
Times Interest Earned |
- |
|
Industrial Average |
- |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.31 less than 0.5, most of the company's
assets are financed through equity.
Trend of the average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY : IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
9.67 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.59 |
Impressive |
Industrial Average |
1.45 |
|
Inventory Conversion Period |
73.75 |
|
|
|
|
Inventory Turnover |
4.95 |
Acceptable |
Industrial Average |
7.93 |
|
Receivables Conversion Period |
53.88 |
|
|
|
|
Receivables Turnover |
6.77 |
Impressive |
Industrial Average |
4.74 |
|
Payables Conversion Period |
88.12 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.77 and
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 51 days at the
end of 2013 to 74 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 7.12 times in year 2013 to 4.95 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.59 times and 1.62
times in 2014 and 2013 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
Thai Baht |
1 |
Rs.1.84 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
SDA |
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.