MIRA INFORM REPORT
|
Report No. : |
323499 |
|
Report Date : |
25.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
POLYONE [THAILAND] CO., LTD. |
|
|
|
|
Formerly Known As : |
STAR COLOR CO.,
LTD. |
|
|
|
|
Registered Office : |
79 Moo 11,
Kingkaew Road, Rajathewa, Bangplee, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
17.03.1994 |
|
|
|
|
Com. Reg. No.: |
0105537032090 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing, distributing and
exporting of color
master batches &
additive, black & white master
batches PVC, rubber,
and powder pigment.
|
|
|
|
|
No. of Employees : |
230 |
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) |
|
Thailand |
B1 |
B1 |
|
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, generally pro-investment policies, and strong export industries, Thailand
has had a strong economy due in part to industrial and agriculture exports -
mostly electronics, agricultural commodities, automobiles and parts, and
processed foods. Thailand attracts nearly 2.5 million migrant workers from
neighboring countries. 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 economy has
weathered both internal and external economic shocks in recent years. The
global economic recession severely cut Thailand's exports, with most sectors
experiencing double-digit drops. In late 2011 Thailand's recovery was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. Government
approved flood mitigation projects, worth $11.7 billion, were started in 2012
to prevent a repeat. Thai growth slowed in 2013 and has remained low since, as
the country faced political uncertainty and a coup in May 2014. The interim
government is implementing a special $11 billion short-term stimulus package
and has approved a budget of more than $80 billion to aid an economic rebound.
|
Source
: CIA |
Company
name
POLYONE [THAILAND]
CO., LTD.
[FORMER : STAR COLOR
CO., LTD.]
SUMMARY
BUSINESS ADDRESS : 79 MOO 11,
KINGKAEW ROAD, RAJATHEWA,
BANGPLEE, SAMUTPRAKARN
10540, THAILAND
TELEPHONE : [66] 2327-9100
FAX : [66] 2327-9119,
2327-9129
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1994
REGISTRATION NO. : 0105537032090 [Former : 740/2537]
TAX ID NO. : 3011398982
CAPITAL REGISTERED : BHT.
114,401,000
CAPITAL PAID-UP : BHT.
114,401,000
SHAREHOLDER’S PROPORTION : AMERICAN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. NIWAT LERTSIRIPAISAN, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 230
LINES OF BUSINESS : INDUSTRIAL CHEMICALS
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
17, 1994 as
a private limited
company under the originally registered
name “Star Color Co.,
Ltd.”, by American
groups, with the
business objective to
manufacture and market
industrial chemicals to
both domestic and
international markets. On
December 25, 2014,
its registered name
was changed to
POLYONE [THAILAND] CO.,
LTD. It currently
employs approximately 230
staff.
At present, subject
is a wholly owned subsidiary of
M.A. Hanna Asia Holding
Co., Ltd. which
is a member
of PolyOne Corporation
of U.S.A.
The subject’s registered
address is 79 Moo
11, Kingkaew Rd.,
Rajathewa, Bangplee, Samutprakarn
10540, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Lee Say Eng |
|
Malaysian |
55 |
|
Mr. Mark David Crist |
|
American |
57 |
|
Mr. Niwat Lertsiripaisan |
|
Thai |
40 |
|
Mr. Supachai Rinsom |
|
Thai |
47 |
AUTHORIZED PERSON
Any two of
the mentioned directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Niwat Lertsiripaisan is
the Managing Director.
He is Thai
nationality with the
age of 40
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting of
color master batches & additive, black & white master
batches PVC, rubber,
and powder pigment.
The products are
raw materials for
the production of
various industries as
follows:
Film products: shopping
bag, cast film, multi-layer
film, PP woven.
Packaging: blow molding for cosmetic & household, lubricant container, caps and etc.
Extrusion: sheet,
corrugated, mono & multi filament,
pipes, wire &
cable.
Injection: create, pallet,
bin, furniture, household,
appliance, electrical products.
Fiber: carpet, PP
non-woven.
PRODUCTION CAPACITY
Master Batch : 10,000
tons/year
Pigment : 15,000
tons/year
MAJOR BRAND
“POLYONE”
IMPORT [COUNTRIES]
Plastic resins and
chemicals are imported
from India, Singapore, Australia,
U.S.A., Italy, Malaysia, Republic
of China, Taiwan
and Indonesia, as
well as purchased
from local suppliers.
MAJOR SUPPLIERS
|
Name |
Country |
|
PolyOne LLC |
U.S.A. |
|
B.A.S.F. |
India, Germany |
|
Sabic South East
Asia Pte. Ltd. |
Singapore |
SALES [LOCAL]
50% of the
products is sold
locally to wholesales and manufacturers.
EXPORT [COUNTRY]
50% of the products
is exported to Japan, Malaysia,
Indonesia, Hong Kong, India,
U.S.A., Singapore, Germany,
Belgium, Finland, Taiwan, Australia, Republic of
China and Vietnam.
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
according to 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
T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 230 staff. [office
staff and factory
workers]
LOCATION DETAILS
The premise is
owned for operating
administrative office and
factory at the
heading address. It
is located in
an industrial area.
COMMENT
Subject is a
manufacturer and distributor of industrial chemicals. The products
are served mainly
to industrial sector. Subject
reported strong sales revenue
in 2013.
However, in 2014
sales were slowed
down than the previous
year, as well
as global consumption has
been improving slowly in the past
several months due to
economic weakness remained.
It is expected
that subject’s performance
would grow at
slow pace this
year.
FINANCIAL INFORMATION
The capital was
registered at Bht. 15,000,000 divided
into 15,000 shares of
Bht. 1,000 each.
The capital was
increased later as
followings :
Bht. 50,000,000
on October 20,
1994
Bht. 65,000,000
on June 24, 1996
Bht. 114,401,000
on June
8, 2000
The latest registered
capital was increased to Bht. 114,401,000 divided
into 114,401 shares
of Bht. 1,000 each with
fully paid.
MAIN SHAREHOLDERS
: [as at
April 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
M.A. Hanna Asia
Holding Co., Ltd. Nationality: American Address : 33587
Walker Road, Avon
Lake, Ohio, 44012 U.S.A. |
114,399 |
100.00 |
|
Conexus, Inc Nationality: American Address : 33587
Walker Road, Avon
Lake, Ohio, 44012 U.S.A. |
1 |
- |
|
PolyOne LLC Nationality: American Address : 33587
Walker Road, Avon
Lake, Ohio, 44012 U.S.A. |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - American |
3 |
114,401 |
100.00 |
|
Total |
3 |
114,401 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Ms. Sumana Panpongsanont No.
5872
BALANCE SHEET
[BAHT]
The latest financial figures published
as at December 31,
2013, 2012 &
2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
172,561,277 |
144,002,345 |
124,743,849 |
|
Trade Accounts & Other
Receivable |
155,833,129 |
125,731,463 |
139,753,316 |
|
Inventories |
51,019,618 |
51,758,377 |
52,181,101 |
|
Other Current Assets
|
1,715,087 |
1,082,186 |
1,136,024 |
|
|
|
|
|
|
Total Current Assets
|
381,129,111 |
322,574,371 |
317,814,290 |
|
Cash at Bank pledged as a Collateral |
4,325,328 |
4,241,349 |
4,144,660 |
|
Long-term Investment
|
163,389,000 |
152,428,500 |
157,752,500 |
|
Fixed Assets |
143,719,385 |
150,280,768 |
138,447,798 |
|
Intangible Assets |
16,369,836 |
19,776,405 |
22,984,298 |
|
Other Non - current Assets |
631,309 |
631,309 |
31,309 |
|
Total Assets |
709,563,969 |
649,932,702 |
641,174,855 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
142,732,918 |
123,181,105 |
112,752,692 |
|
Accrued Income Tax |
7,165,714 |
2,429,489 |
1,475,532 |
|
Other Current Liabilities |
161,849 |
830,286 |
698,673 |
|
|
|
|
|
|
Total Current Liabilities |
150,060,481 |
126,440,880 |
114,926,897 |
|
|
|
|
|
|
Employee Benefits Obligation |
655,688 |
705,809 |
1,619,550 |
|
Total Liabilities |
150,716,169 |
127,146,689 |
116,546,447 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 114,401 shares |
114,401,000 |
114,401,000 |
114,401,000 |
|
|
|
|
|
|
Capital Paid |
114,401,000 |
114,401,000 |
114,401,000 |
|
Premium on Share Capital |
49,401,000 |
49,401,000 |
49,401,000 |
|
Retained Earnings: Appropriated for statutory
reserve |
11,440,100 |
11,440,100 |
11,440,100 |
|
Unappropriated |
383,605,700 |
347,543,913 |
349,386,308 |
|
Total Shareholders' Equity |
558,847,800 |
522,786,013 |
524,628,408 |
|
Total Liabilities & Shareholders' Equity |
709,563,969 |
649,932,702 |
641,174,855 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
547,465,913 |
502,920,490 |
491,283,684 |
|
Interest Income |
9,158,357 |
9,384,247 |
8,879,162 |
|
Gain on Exchange Rate |
19,968,273 |
- |
9,961,326 |
|
Other Income |
2,879,709 |
391,507 |
1,036,543 |
|
Total Revenues |
579,472,252 |
512,696,244 |
511,160,715 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
410,849,040 |
397,336,087 |
391,830,968 |
|
Selling Expenses |
62,505,930 |
56,953,519 |
58,667,629 |
|
Administrative Expenses |
60,295,967 |
49,592,242 |
55,784,427 |
|
Loss on Exchange Rate |
- |
6,215,714 |
- |
|
Total Expenses |
533,650,937 |
510,097,562 |
506,283,024 |
|
Profit before Income
Tax |
45,821,315 |
2,598,682 |
4,877,691 |
|
Income Tax |
[9,759,528] |
[4,441,077] |
[3,784,554] |
|
|
|
|
|
|
Net Profit / [Loss] |
36,061,787 |
[1,842,395] |
1,093,137 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.54 |
2.55 |
2.77 |
|
QUICK RATIO |
TIMES |
2.19 |
2.13 |
2.30 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.81 |
3.35 |
3.55 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.77 |
0.77 |
0.77 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
45.33 |
47.55 |
48.61 |
|
INVENTORY TURNOVER |
TIMES |
8.05 |
7.68 |
7.51 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
103.90 |
91.25 |
103.83 |
|
RECEIVABLES TURNOVER |
TIMES |
3.51 |
4.00 |
3.52 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
126.80 |
113.16 |
105.03 |
|
CASH CONVERSION CYCLE |
DAYS |
22.42 |
25.64 |
47.41 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
75.05 |
79.01 |
79.76 |
|
SELLING & ADMINISTRATION |
% |
22.43 |
21.19 |
23.30 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
30.80 |
22.94 |
24.29 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.37 |
0.52 |
0.99 |
|
NET PROFIT MARGIN |
% |
6.59 |
(0.37) |
0.22 |
|
RETURN ON EQUITY |
% |
6.45 |
(0.35) |
0.21 |
|
RETURN ON ASSET |
% |
5.08 |
(0.28) |
0.17 |
|
EARNING PER SHARE |
BAHT |
315.22 |
(16.10) |
9.56 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.21 |
0.20 |
0.18 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.27 |
0.24 |
0.22 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
8.86 |
2.37 |
|
|
OPERATING PROFIT |
% |
1,663.25 |
(46.72) |
|
|
NET PROFIT |
% |
2,057.33 |
(268.54) |
|
|
FIXED ASSETS |
% |
(4.37) |
8.55 |
|
|
TOTAL ASSETS |
% |
9.17 |
1.37 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 8.86%. Turnover has increased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
30.80 |
Impressive |
Industrial Average |
28.42 |
|
Net Profit Margin |
6.59 |
Impressive |
Industrial Average |
2.27 |
|
Return on Assets |
5.08 |
Impressive |
Industrial Average |
2.17 |
|
Return on Equity |
6.45 |
Impressive |
Industrial Average |
4.25 |
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 30.8%. When
compared with the industry average, the ratio of the company was higher,
indicated that company was more profitable than the same industry.
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 6.59%, 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 5.08%, 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. Return on Equity ratio
is 6.45%, 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.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
2.54 |
Impressive |
Industrial Average |
1.24 |
|
Quick Ratio |
2.19 |
|
|
|
|
Cash Conversion Cycle |
22.42 |
|
|
|
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 2.54 times in 2013, decreased from 2.55 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 2.19 times in 2013,
increased 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 23 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.21 |
Impressive |
Industrial Average |
0.54 |
|
Debt to Equity Ratio |
0.27 |
Impressive |
Industrial Average |
1.18 |
|
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 0.21 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 |
3.81 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.77 |
Satisfactory |
Industrial Average |
0.95 |
|
Inventory Conversion Period |
45.33 |
|
|
|
|
Inventory Turnover |
8.05 |
Impressive |
Industrial Average |
6.09 |
|
Receivables Conversion Period |
103.90 |
|
|
|
|
Receivables Turnover |
3.51 |
Satisfactory |
Industrial Average |
3.92 |
|
Payables Conversion Period |
126.80 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.51 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 decreased from 48 days at the
end of 2012 to 45 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 7.68 times in year 2012 to 8.05 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.77 times and 0.77
times in 2013 and 2012 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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
|
|
1 |
Rs.99.67 |
|
Euro |
1 |
Rs.70.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.