MIRA INFORM REPORT
|
Report No. : |
321629 |
|
Report Date : |
07.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
FIORIO
COLORI SPA |
|
|
|
|
Registered Office : |
Via Verri
Pietro, 8, 20121 – Milano (MI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
14.04.1980 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
· Manufacture of dyes and pigments · Manufacture of paints, varnishes and similar coatings, printing ink and synthetic adhesives |
|
|
|
|
No. of Employees : |
From 26 to 35 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Italy |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
ITALY - ECONOMIC OVERVIEW
Italy has a diversified economy, which is divided into a
developed industrial north, dominated by private companies, and a
less-developed, highly subsidized, agricultural south, where unemployment is
higher. The Italian economy is driven in large part by the manufacture of
high-quality consumer goods produced by small and medium-sized enterprises,
many of them family-owned. Italy also has a sizable underground economy, which
by some estimates accounts for as much as 17% of GDP. These activities are most
common within the agriculture, construction, and service sectors. Italy is the
third-largest economy in the euro-zone, but its exceptionally high public debt
and structural impediments to growth have rendered it vulnerable to scrutiny by
financial markets. Public debt has increased steadily since 2007, topping 132%
of GDP in 2014, but investor concerns about Italy and the broader euro-zone
crisis eased in 2013, bringing down Italy's borrowing costs on sovereign
government debt from euro-era. The government still faces pressure from
investors and European partners to sustain its efforts to address Italy's
long-standing structural impediments to growth, such as labor market
inefficiencies and tax evasion. In 2014 economic growth and labor market
conditions continued to deteriorate, with overall unemployment rising to 12.2%
and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007
pre-crisis level.
|
Source
: CIA |
Company
Name and address
FIORIO COLORI SPA
Via Verri
Pietro, 8
20121 - Milano (MI) -IT-
Summary
|
Fiscal
Code |
: |
05831410153 |
|
Legal
Form |
: |
Joint
stock company |
|
start
of Activities |
: |
03/04/1986 |
|
Equity |
: |
2.500.000
|
|
Turnover
Range |
: |
9.000.000/10.000.000
|
|
Number
of Employees |
: |
from
26 to 35 |
Activity
Manufacture
of dyes and pigments
Manufacture
of paints, varnishes and similar coatings, printing ink and synthetic adhesives
Legal
Data
Legal
Form : Joint stock company
|
Fiscal
Code : 05831410153 |
|
Foreign
Trade Reg. no. : MI049169 since 18/12/1991 |
|
Foreign
Trade Reg. no. : 49169 of Milano since 18/12/1991 |
|
Chamber
of Commerce no. : 1039072 of Milano since 06/05/1980 |
|
Firms'
Register : MI146-194354 of Milano |
|
V.A.T.
Code : 05831410153 |
|
Tribunal
Co. Register : 194354 of since 05/08/1985 |
|
Foundation
date |
:
14/04/1980 |
|
Establishment
date |
:
14/04/1980 |
|
Start
of Activities |
:
03/04/1986 |
|
Legal
duration |
:
31/12/2050 |
|
Nominal
Capital |
:
1.482.000 |
|
Subscribed
Capital |
:
1.482.000 |
|
Paid
up Capital |
:
1.482.000 |
|
Legal
mail : |
fioriocolori@pec.fioriocolori.com |
Members
|
|
Fiorio |
Franco |
|
|
Born
in Milano |
(MI) |
on
09/10/1932 |
-
Fiscal Code : FRIFNC32R09F205H |
|
|
Residence: |
Padana
Superiore |
,
1 |
-
20063 |
Cernusco
sul Naviglio |
(MI) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
14/07/2014 |
||
|
Procurator |
20/05/2013 |
||
|
Board
Chairman |
14/07/2014 |
||
|
Managing
Director |
14/07/2014 |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
|
Fiorio |
Gianmaria |
|
|
Born
in Milano |
(MI) |
on
12/04/1931 |
-
Fiscal Code : FRIGMR31D52F205I |
|
|
Residence: |
Giacosa
Giuseppe |
,
52 |
-
20127 |
Milano |
(MI) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
14/07/2014 |
||
|
Partner |
|||
|
Assistant
board Chairman |
14/07/2014 |
||
|
Managing
Director |
14/07/2014 |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
|
Rosati |
Enzo |
|
|
Born
in Cetona |
(SI) |
on
03/03/1945 |
-
Fiscal Code : RSTNZE45C03C587Q |
|
|
Residence: |
Forti |
,
16 |
-
51030 |
Serravalle
Pistoiese |
(PT) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
General
Director |
07/09/2004 |
||
|
Director |
14/07/2014 |
||
|
Managing
Director |
14/07/2014 |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
Companies
connected to members *
*Checkings
have been performed on a national scale.
In
this module are listed the companies in which members hold or have holded
positions.
|
|
Fiorio |
Franco |
|
Firm's
Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
Immobiliare
Fiorio S.r.l. |
Milano
(MI) - IT - |
07381250963 |
Director |
Active |
Registered |
|
|
Fiorio |
Gianmaria |
|
Firm's
Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
Immobiliare
Fiorio S.r.l. |
Milano
(MI) - IT - |
07381250963 |
Director |
Active |
Registered |
|
|
Rosati |
Enzo |
|
Firm's
Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
Immobiliare
Fiorio S.r.l. |
Milano
(MI) - IT - |
07381250963 |
Director |
Active |
Registered |
|
Immobiliare
Fiorio S.r.l. |
Milano
(MI) - IT - |
07381250963 |
Board
Chairman |
Active |
Registered |
The
indication "REGISTERED" as Firm Status could refer to Firms in
Liquidation, Active, Inactive, etc.
For
more information, in this case, we advise to request further investigations.
Capital
Shareholders
Shareholders' list as
at date of data collection:
|
Firm's
Style / Name |
Seat
/ Residence |
Fiscal
Code |
Owned
Shares |
%
Ownership |
|
Fiorio
Franco |
Cernusco
sul Naviglio - IT - |
FRIFNC32R09F205H |
741.000
.Eur |
50,00 |
|
Fiorio
Gianmaria |
Milano
- IT - |
FRIGMR31D12F205E |
741.000
.Eur |
50,00 |
|
Fiorio
Gianmaria |
Milano
- IT - |
FRIGMR31D52F205I |
741.000
.Eur |
50,00 |
Direct
Participations
The
Company under review has participations in the following Companies:
|
Firm's
Style |
Seat |
Fiscal
Code |
Owned
Shares Amount |
%
Ownership |
since
|
until
|
Share
Status |
|
3r
Associati S.p.a. |
Milano
- IT - |
10009980151 |
1
.Eur |
0,01 |
Ceased |
||
|
Consorzio
Assoutility |
Milano
- IT - |
13286960151 |
Active |
Firm's
location and structure
In
order to carry out its activities the firm uses the following locations:
|
- |
Legal
and operative seat |
|
Verri
Pietro |
,
8 |
-
20100 |
-
Milano |
(MI) |
-
IT - |
|
PHONE |
:
0295781194 |
|
FAX |
:
0295382688 |
|
Legal
mail |
:
FIORIOCOLORI@PEC.FIORIOCOLORI.COM |
|
- |
Branch |
(Office) |
since
30/12/1985 |
|
Italia |
,
0028 |
-
20060 |
-
Gessate |
(MI) |
-
IT - |
|
Employees |
:
32 |
|
Fittings
and Equipment for a value of 170.000 |
Eur |
|
Stocks
for a value of 2.000.000 |
Eur |
The
firm operates abroad as importer / exporter..
To
purchase foreign products the firm uses the following channels :
|
-
its own sales net-work |
Export
represents more than 50% of the global turnover.
Products
abroad are placed by :
|
-
importers |
|
-
its own sales net-work |
|
-
its own agents |
|
-
direct orders from foreign companies |
Import
comes generally from the following nations:
|
-
Belgium |
|
-
France |
|
-
|
Export
is mainly towards:
|
-
Italy |
|
-
Austria |
|
-
Belgium |
|
-
France |
|
-
Great Britain |
|
-
Greece |
|
-
Gabon |
Historical
Information and/or Firm's Status
EX-MEMBERS /
EX-POSITIONS:
|
|
Rubboli |
Giovanni |
|
|
Born
in RIMINI |
(FO) |
on
06/09/1934 |
-
Fiscal Code : RBBGNN34P06H294D |
|
|
Residence: |
DEL
DUCA CINO |
,
5 |
-
20100 |
Milano |
(MI) |
-
IT - |
|
Ex-Postions |
|
Chairman |
|
|
Fiorio |
Franco |
|
|
Born
in Milano |
(MI) |
on
09/10/1932 |
-
Fiscal Code : FRIFNC32R09F205H |
|
|
Residence: |
Padana
Superiore |
,
1 |
-
20063 |
Cernusco
sul Naviglio |
(MI) |
-
IT - |
|
Ex-Postions |
|
Managing
Director |
|
Board
Chairman |
|
Managing
Director |
|
|
Fiorio |
Gianmaria |
|
|
Born
in Milano |
(MI) |
on
12/04/1931 |
-
Fiscal Code : FRIGMR31D52F205I |
|
|
Residence: |
Giacosa
Giuseppe |
,
52 |
-
20127 |
Milano |
(MI) |
-
IT - |
|
Ex-Postions |
|
Managing
Director |
|
Assistant
board Chairman |
|
Managing
Director |
|
|
Rosati |
Enzo |
|
|
Born
in Cetona |
(SI) |
on
03/03/1945 |
-
Fiscal Code : RSTNZE45C03C587Q |
|
|
Residence: |
Forti |
,
16 |
-
51030 |
Serravalle
Pistoiese |
(PT) |
-
IT - |
|
Ex-Postions |
|
Managing
Director |
|
|
Bonissoni |
Angelo
Rocco |
|
|
Born
in Bollate |
(MI) |
on
13/04/1959 |
-
Fiscal Code : BNSNLR59D13A940S |
|
|
Residence: |
Majno |
,
17 |
-
20100 |
Milano |
(MI) |
-
IT - |
|
Ex-Postions |
|
Temporary
Auditor |
CEASINGS/INCORPORATIONS/MERGES:
|
|
The
firm absorbed by merging of |
|
|
Date
|
:
|
30/12/1985 |
|
|
Project
of merging by taking over of |
|
|
|
|
,
Milano |
-
IT - |
|
|
Fiscal
Code: 07500020156 |
|
|
Date
|
Merging/splitting-up
project: |
20/06/1997 |
|
|
The
firm absorbed by merging of |
|
|
|
|
,
Milano |
-
IT - |
|
|
Fiscal
Code: 07500020156 |
|
|
Date
|
:
|
17/07/1997 |
|
|
Splitting-up
project and setting-up of new co |
|
|
Date
|
Merging/Splitting-up
Project-New Company: |
11/11/2010 |
|
|
Splitting-up
and setting-up of new Co. Resol. |
|
|
|
|
,
Milano |
-
IT - |
|
|
Date
|
Splitting-up:
|
23/12/2010 |
|
|
Splitting-up
and setting-up of a new company |
|
|
|
|
,
Milano |
-
IT - |
|
|
Date
|
Splitting-up:
|
08/03/2011 |
Protests
Protests
checking on the subject firm has given a negative result.
Data
Base Prejudicial Events Search
Search
performed on a National Scale
|
|
Prejudicial
Events Search Result: NEGATIVE |
Search
performed on a specialized data base.
Legal
Procedures
None
reported, standing to the latest received edition of the Official Publications.
Financial and Economical Analysis
Subject
is active since 1986
The
analysis is based on the latest 3 balance sheets.
Unstable
economic results mark the company's financial state of affairs. yet with a positive
result in the 2013 (r.o.e. 5,42%). The turnover is growing in the last
financial year (+16,51%).
The
operating result in 2013 was positive (6,3%) and in line with the sector's
average.
The
amount of the operating result for the year 2013 is of Eur. 331.914 rising
(+more then 100%) in relation to the previous year.
The
gross operating margin of the latest financial year is of Eur. 477.056 with a
more then 100% increase as opposed to the preceding year.
The
financial status of the company is fairly balanced with an indebtedness level
of 1,01 with an improving trend as on the decrease.
It's
shareholders funds amount to Eur. 2.033.112 , stable in comparison with the
value of the previous year.
During
the last financial year total debts volume reached Eur. 2.507.852 (Eur. 192.575
were m/l term ones) , a more or less stable value.
The
company does not exceed in bank borrowings; the recourse to suppliers' credit
is also limited which is also lower than the sector average.
Payments
are supported by good current assets.
Trade
credits average terms are 87,06 days. , lower than the sector's average.
As
far as the cash flow is concerned during the latest financial year it amounted
to Eur. 255.313
Labour
cost amounts to Eur. 1.980.562, with a 21,53% incidence on production costs. ,
whereas the incidence of such costs on sales revenues is equal to 19,89%.
Financial
charges have a limited incidence (-0,67%) on sales volume.
Financial
Data
|
|
Complete
balance-sheet for the year |
al
31/12/2013 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
9.955.765 |
|
Profit
(Loss) for the period |
110.171 |
|
|
Complete
balance-sheet for the year |
al
31/12/2012 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
8.544.558 |
|
Profit
(Loss) for the period |
-146.427 |
|
|
Complete
balance-sheet for the year |
al
31/12/2011 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
8.325.973 |
|
Profit
(Loss) for the period |
63.903 |
|
|
Complete
balance-sheet for the year |
al
31/12/2010 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
6.480.082 |
|
Profit
(Loss) for the period |
95.236 |
|
|
Complete
balance-sheet for the year |
al
31/12/2009 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
5.942.926 |
|
Profit
(Loss) for the period |
28.147 |
Balance
Sheets
From
our constant monitoring of the relevant Public Administration offices, no more
recent balance sheets result to have been filed.
|
-
Balance Sheet as at 31/12/2013 - 12 Mesi - Currency: - Amounts x 1 |
|
-
Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1 |
|
-
Balance Sheet as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1 |
|
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|
|
RATIOS |
Value
Type |
as
at 31/12/2013 |
as
at 31/12/2012 |
as
at 31/12/2011 |
Sector
Average |
|
COMPOSITION
ON INVESTMENT |
|||||
|
Rigidity
Ratio |
Units |
0,07 |
0,06 |
0,04 |
0,34 |
|
Elasticity
Ratio |
Units |
0,93 |
0,94 |
0,96 |
0,64 |
|
Availability
of stock |
Units |
0,38 |
0,45 |
0,52 |
0,15 |
|
Total
Liquidity Ratio |
Units |
0,55 |
0,49 |
0,44 |
0,46 |
|
Quick
Ratio |
Units |
0,05 |
0,00 |
0,02 |
0,01 |
|
COMPOSITION
ON SOURCE |
|||||
|
Net
Short-term indebtedness |
Units |
1,01 |
1,32 |
0,92 |
1,80 |
|
Self
Financing Ratio |
Units |
0,39 |
0,34 |
0,38 |
0,26 |
|
Capital
protection Ratio |
Units |
0,22 |
0,26 |
0,26 |
0,75 |
|
Liabilities
consolidation quotient |
Units |
0,35 |
0,43 |
0,61 |
0,23 |
|
Financing |
Units |
1,23 |
1,61 |
1,19 |
2,59 |
|
Permanent
Indebtedness Ratio |
Units |
0,54 |
0,53 |
0,61 |
0,46 |
|
M/L
term Debts Ratio |
Units |
0,16 |
0,19 |
0,23 |
0,12 |
|
Net
Financial Indebtedness Ratio |
Units |
0,38 |
0,74 |
0,61 |
0,57 |
|
CORRELATION |
|||||
|
Fixed
assets ratio |
Units |
8,01 |
9,26 |
15,47 |
1,28 |
|
Current
ratio |
Units |
2,12 |
2,08 |
2,57 |
1,16 |
|
Acid
Test Ratio-Liquidity Ratio |
Units |
1,25 |
1,08 |
1,17 |
0,84 |
|
Structure's
primary quotient |
Units |
5,72 |
5,90 |
9,70 |
0,74 |
|
Treasury's
primary quotient |
Units |
0,11 |
0,01 |
0,04 |
0,03 |
|
Rate
of indebtedness ( Leverage ) |
% |
259,05 |
294,61 |
260,00 |
381,85 |
|
Current
Capital ( net ) |
Value |
2.587.241 |
2.760.926 |
3.170.205 |
401.161 |
|
RETURN |
|||||
|
Return
on Sales |
% |
2,56 |
-0,20 |
2,33 |
3,85 |
|
Return
on Equity - Net- ( R.O.E. ) |
% |
5,42 |
-7,61 |
3,06 |
2,70 |
|
Return
on Equity - Gross - ( R.O.E. ) |
% |
12,83 |
-7,23 |
8,45 |
8,97 |
|
Return
on Investment ( R.O.I. ) |
% |
6,30 |
-1,19 |
4,76 |
4,02 |
|
Return/
Sales |
% |
3,33 |
-0,79 |
3,10 |
3,73 |
|
Extra
Management revenues/charges incid. |
% |
33,19 |
n.c. |
24,78 |
25,78 |
|
Cash
Flow |
Value |
255.313 |
-17.468 |
194.341 |
297.038 |
|
Operating
Profit |
Value |
331.914 |
-67.314 |
257.875 |
271.622 |
|
Gross
Operating Margin |
Value |
477.056 |
61.645 |
388.313 |
541.113 |
|
MANAGEMENT |
|||||
|
Credits
to clients average term |
Days |
87,06 |
101,57 |
89,87 |
112,20 |
|
Debts
to suppliers average term |
Days |
61,70 |
81,10 |
48,25 |
101,28 |
|
Average
stock waiting period |
Days |
72,30 |
108,14 |
122,28 |
48,71 |
|
Rate
of capital employed return ( Turnover ) |
Units |
1,89 |
1,51 |
1,54 |
1,14 |
|
Rate
of stock return |
Units |
4,98 |
3,33 |
2,94 |
7,38 |
|
Labour
cost incidence |
% |
19,89 |
22,72 |
21,17 |
15,03 |
|
Net
financial revenues/ charges incidence |
% |
-0,67 |
-0,83 |
-0,98 |
-1,41 |
|
Labour
cost on purchasing expenses |
% |
21,53 |
22,48 |
21,96 |
14,64 |
|
Short-term
financing charges |
% |
2,67 |
2,28 |
3,34 |
3,20 |
|
Capital
on hand |
% |
52,90 |
66,30 |
65,12 |
86,99 |
|
Sales
pro employee |
Value |
163.209 |
142.409 |
252.302 |
279.071 |
|
Labour
cost pro employee |
Value |
32.468 |
32.358 |
53.406 |
38.958 |
Remarks
1)
Protests checking (relative to the last five years) performed by crossing and matching
the members names and the Firm's Style with the reported addresses, is supplied
by the Informatic Registry managed by the Italian Chamber of Commerce. If the
fiscal code is not indicated, the eventual homonymous cases are submitted to
expert staff evaluation in order to limit wrong matching risks.
2)
The Legal Data, supplied and retrived from the Firm's Registry of the Italian
Chamber of Commerce, are in line with the last registered modifications.
3)
Risk evaluation and Credit Opinion have been performed on the base of the
actual data at the moment of their availability.
Market
/ Territory Data
|
Population
living in the province |
:
|
|
|
Population
living in the region |
:
|
|
|
Number
of families in the region |
:
|
|
Monthly
family expences average in the region (in Eur..) :
|
-
per food products |
:
|
|
|
-
per non food products |
:
|
|
|
-
per energy consume |
:
|
|
Sector
Data
The
values are calculated on a base of 805 significant companies.
The
companies cash their credits on an average of 112 dd.
The
average duration of suppliers debts is about 101 dd.
The
sector's profitability is on an average of 3,85%.
The
labour cost affects the turnover in the measure of 15,03%.
Goods
are held in stock in a range of 49 dd.
The
difference between the sales volume and the resources used to realize it is
about 1,14.
The
employees costs represent the 14,64% of the production costs.
Statistical
Detrimental Data
Statistically
the trade activity shows trifling crises.
The
area is statistically considered lowly risky.
In
the region 50.886 protested subjects are found; in the province they count to
24.765.
The
insolvency index for the region is 0,55, , while for the province it is 0,66.
Total
Bankrupt companies in the province : 22.523.
Total
Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.64 |
|
|
1 |
Rs.96.81 |
|
Euro |
1 |
Rs.71.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.