|
Report No. : |
350253 |
|
Report Date : |
23.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
THE BELGIAN CHOCOLATE GROUP NV |
|
|
|
|
Registered Office : |
Geelseweg 72 2250 Olen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
24.1.1956 |
|
|
|
|
Com. Reg. No.: |
403788036 |
|
|
|
|
Legal Form : |
Public limited company |
|
|
|
|
Line of Business : |
Manufacture of cacao, chocolate and sweets. |
|
|
|
|
No. of Employee : |
69 |
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 |
|
Maximum Credit Limit : |
EUR 200.000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
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) |
|
Belgium |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium's high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.
|
Source
: CIA |
Business
number 403788036
Branche
Unit Number 2004761653
Company
name THE BELGIAN CHOCOLATE GROUP
NV
Address
GEELSEWEG 72
2250 OLEN
Number
of staff 69
Date
of establishment 24/11/1956
Telephone
number 014258525
Fax
number 014258524
CREDIT INFORMATION
Today’s limit - EUR 200.000
The business was established over 58 years ago.
The business has 69 employees.
The business is part of a group.
This business has a foreign parent business.
The business has been at the address for over 10 years.
The credit limit for this business has increased from €195000 to €200000.
Net Worth increased by 25% during the latest trading period.
A 23% growth in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 83% compared to the previous trading period.
The business saw a decrease in their Cash Balance of 83% during the latest trading period.
Working Capital is a negative amount during the latest trading period.
|
DATE
OF LATEST ACCOUNTS |
TURNOVER |
PROFIT
BEFORE TAX |
NET
WORTH |
WORKING
CAPITAL |
|
31/03/2015 |
35,023,054 |
45,455 |
5,709,507 |
-2,373,021 |
|
31/03/2014 |
33,962,339 |
269,955 |
4,567,435 |
-548,974 |
|
31/03/2013 |
28,538,669 |
873,510 |
4,296,900 |
-295,164 |
|
ACCOUNTS |
|
|
|
|
|
DATE
OF LATEST ACCOUNTS |
BALANCE
TOTAL |
NUMBER
OF EMPLOYEES |
CAPITAL |
CASHFLOW |
|
31/03/2015 |
14,320,780 |
69 |
5,400,000 |
1,392,168 |
|
31/03/2014 |
11,571,088 |
59 |
3,500,000 |
1,297,593 |
|
31/03/2013 |
12,704,598 |
59 |
3,500,000 |
1,945,390 |
Profitability
Liquidity
Net worth
|
Past payments |
|
Payment expectation days |
51.90 |
|
Industry average payment |
53.17 |
Industry average day sales |
70.87 |
|
expectation days |
|
outstanding |
|
|
Day sales outstanding |
9.08 |
|
|
BANKRUPTCY
DETAILS
Court action type No
PROTESTED
BILLS
Bill amount --
NSSO
DETAILS
Date of summons 26/10/2000
|
Business number |
403788036 |
Company name |
THE BELGIAN CHOCOLATE |
|
|
|
|
GROUP NV |
|
Fax number |
01425 85 24 |
Date founded |
24/11/1956 |
|
Company status |
active |
Company type |
Public limited company |
|
Currency |
Euro (€) |
Date of latest accounts |
31/03/2015 |
|
Activity code |
10820 |
Liable for VAT |
yes |
|
Activity description |
Manufacture of cacao, chocolate and sweets |
VAT Number |
BE.0403.788.036 Check VAT number |
|
Belgian Bullettin of Acts Publications |
moniteur belge |
|
|
|
Registered contractor |
- |
|
number |
|
|
Contractor description |
- |
|
Date struck off register |
|
|
PERSONNEL
(NSSO CLASSIFICATION) |
|
|
Code |
- |
|
Description |
- |
|
JOINT
INDUSTRIAL COMMITTEE (JIC) |
|
|
Significant Events |
|
|
Event Date |
30/09/2014 |
|
Event Description |
re-appointment of director(s) |
|
Event Details |
Commentaar
30-09-2014: Worden herbenoemd als bestuurder voor 6 jaar: Desau BVBA, Pauwels
Engineering Nv en De Pauw NV (tevens als gedelegeerd bestuurder). |
ASSETS
|
Annual accounts |
31-03-2015 |
% |
31-03-2014 |
% |
31-03-2013 |
% |
31-03-2012 |
% |
31-03-2011 |
|
Weeks |
52 |
|
52 |
|
52 |
|
52 |
|
52 |
|
Currency |
EUR |
|
EUR |
|
EUR |
|
EUR |
|
EUR |
|
Total fixed assets |
9,873,538 |
26.88 |
7,781,870 |
-7.84 |
8,443,817 |
-4.37 |
8,829,406 |
-9.82 |
9,791,355 |
|
Intangible fixed assets |
0 |
- |
0 |
- |
0 |
- |
0 |
-100 |
46,062 |
|
Tangible fixed assets |
9,870,622 |
26.87 |
7,779,804 |
-7.28 |
8,390,551 |
-4.93 |
8,825,840 |
-9.41 |
9,742,552 |
|
Land & building |
5,574,731 |
46.36 |
3,808,948 |
-6.39 |
4,068,804 |
-6.11 |
4,333,482 |
-6.60 |
4,639,713 |
|
Plant & machinery |
2,311,508 |
34.57 |
1,717,734 |
-4.35 |
1,795,782 |
4.11 |
1,724,811 |
-16.27 |
2,059,993 |
|
Furniture & Vehicles |
400,102 |
-27.64 |
552,968 |
-9.38 |
610,229 |
-13.59 |
706,192 |
-11.09 |
794,281 |
|
Leasing & Other Similar Rights |
1,584,281 |
-6.82 |
1,700,154 |
-11.25 |
1,915,737 |
-7.06 |
2,061,355 |
-8.33 |
2,248,566 |
|
Other tangible assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Financial fixed assets |
2,916 |
41.18 |
2,065 |
-96.12 |
53,265 |
1393 |
3,565 |
30.10 |
2,740 |
|
Total current assets |
4,447,242 |
17.37 |
3,789,218 |
-11.07 |
4,260,781 |
-17.08 |
5,138,586 |
5.86 |
4,854,340 |
|
Inventories |
2,953,005 |
30.81 |
2,257,422 |
-13.47 |
2,608,832 |
-11.82 |
2,958,578 |
9.75 |
2,695,688 |
|
Raw materials & consumables |
1,026,802 |
61.99 |
633,853 |
-34.17 |
962,816 |
-30.58 |
1,387,021 |
17.97 |
1,175,771 |
|
Work in progress |
66,282 |
10.41 |
60,034 |
-47.12 |
113,528 |
-43.41 |
200,607 |
-15.07 |
236,201 |
|
Finished goods |
1,859,921 |
18.96 |
1,563,536 |
2.03 |
1,532,489 |
11.78 |
1,370,950 |
6.80 |
1,283,716 |
|
Other stocks |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Trade debtors |
871,409 |
4.13 |
836,852 |
-23.40 |
1,092,542 |
-35.08 |
1,682,965 |
18.28 |
1,422,838 |
|
Other amounts receivable |
331,281 |
17.65 |
281,583 |
83.18 |
153,722 |
506 |
25,359 |
-86.56 |
188,731 |
|
Cash |
13,245 |
-83.27 |
79,172 |
410 |
15,523 |
55.36 |
9,992 |
24.48 |
8,027 |
|
Miscellaneous current assets |
278,302 |
-16.72 |
334,189 |
-14.35 |
390,161 |
-15.49 |
461,692 |
-14.35 |
539,055 |
|
Total Assets |
14,320,780 |
23.76 |
11,571,088 |
-8.92 |
12,704,598 |
-9.04 |
13,967,991 |
-4.63 |
14,645,695 |
LIABILITIES
|
Total shareholders equity |
5,709,507 |
25.00 |
4,567,435 |
6.30 |
4,296,900 |
26.70 |
3,391,327 |
1.08 |
3,355,076 |
|
Issued share capital |
5,400,000 |
54.29 |
3,500,000 |
0 |
3,500,000 |
0 |
3,500,000 |
0 |
3,500,000 |
|
Share premium account |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Revaluation reserve |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Reserves |
309,507 |
-71.00 |
1,067,435 |
33.95 |
796,900 |
733 |
-108,673 |
74.99 |
-144,924 |
|
Provisions for Liabilities & |
2,263 |
-9.57 |
2,502 |
-58.46 |
6,024 |
-3.77 |
6,260 |
95.44 |
3,203 |
|
Charges |
|
|
|
|
|
|
|
|
|
|
Deffered taxes |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Creditors |
8,609,010 |
22.97 |
7,001,150 |
-16.67 |
8,401,674 |
-20.52 |
10,570,405 |
-6.35 |
11,287,416 |
|
Other long term loans |
1,788,747 |
-32.83 |
2,662,958 |
-30.76 |
3,845,729 |
-15.29 |
4,539,724 |
114 |
2,117,639 |
|
Long term group loans |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Other long term liabilities |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total long term debts |
1,791,010 |
-32.81 |
2,665,461 |
-30.80 |
3,851,754 |
-15.27 |
4,545,984 |
114 |
2,120,841 |
|
Current portion of long term debt |
1,171,843 |
22.89 |
953,592 |
-22.08 |
1,223,828 |
17.84 |
1,038,543 |
19.42 |
869,628 |
|
Financial debts |
0 |
- |
0 |
- |
0 |
-100 |
250,000 |
-87.57 |
2,011,000 |
|
Trade creditors |
4,901,423 |
78.51 |
2,745,700 |
-1.05 |
2,774,968 |
-33.40 |
4,166,863 |
-24.03 |
5,485,091 |
|
Amounts Payable for Taxes, |
614,081 |
20.72 |
508,671 |
17.95 |
431,276 |
-15.51 |
510,470 |
-8.32 |
556,800 |
|
Remuneration & Social Security |
|
|
|
|
|
|
|
|
|
|
Miscellaneous current liabilities |
132,916 |
2.06 |
130,229 |
3.46 |
125,872 |
94.23 |
64,805 |
-73.79 |
247,258 |
|
Total current liabilities |
6,820,263 |
57.21 |
4,338,192 |
-4.78 |
4,555,944 |
-24.45 |
6,030,681 |
-34.23 |
9,169,777 |
|
Total Liabilities |
14,320,780 |
23.76 |
11,571,088 |
-8.92 |
12,704,598 |
-9.04 |
13,967,991 |
-4.63 |
14,645,695 |
RATIO
ANALYSIS
|
TRADING PERFORMANCE |
|||||||||
|
Profit Before Tax |
0.13 |
-83.54 |
0.79 |
-74.18 |
3.06 |
3060 |
-0.10 |
-300 |
0.05 |
|
Return on capital employed |
0.61 |
-83.65 |
3.73 |
-65.21 |
10.72 |
3458 |
-0.31 |
-272 |
0.18 |
|
Return on total assets employed |
0.32 |
-86.27 |
2.33 |
-66.13 |
6.88 |
3822 |
-0.18 |
-357 |
0.07 |
|
Return on net assets employed |
0.80 |
-86.46 |
5.91 |
-70.93 |
20.33 |
2784 |
-0.73 |
-351 |
0.29 |
|
Sales / net working capital |
-14.76 |
23.86 |
-61.87 |
63.99 |
-96.69 |
-254 |
-27.30 |
-458 |
-4.89 |
|
Stock turnover ratio |
8.43 |
26.77 |
6.65 |
-27.24 |
9.14 |
-24.77 |
12.15 |
-5.00 |
12.79 |
|
Creditor days |
51.90 |
72.83 |
30.03 |
-19.01 |
37.08 |
-41.84 |
63.75 |
-33.67 |
96.11 |
|
Debtor days |
9.08 |
1.00 |
8.99 |
-35.65 |
13.97 |
-44.63 |
25.23 |
2.44 |
24.63 |
|
SHORT
TERM STABILITY |
|||||||||
|
Current ratio |
0.65 |
-25.29 |
0.87 |
-7.45 |
0.94 |
10.59 |
0.85 |
60.38 |
0.53 |
|
Liquidity ratio / acid ratio |
0.22 |
-37.14 |
0.35 |
-2.78 |
0.36 |
0 |
0.36 |
50.0 |
0.24 |
|
Current debt ratio |
1.19 |
25.26 |
0.95 |
-10.38 |
1.06 |
-40.45 |
1.78 |
-34.80 |
2.73 |
|
Liquidity ratio reprocessed |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Cashflow |
1,392,168 |
7.29 |
1,297,593 |
-33.30 |
1,945,390 |
41.16 |
1,378,105 |
-3.60 |
1,429,582 |
|
Net worth |
5,709,507 |
25.00 |
4,567,435 |
6.30 |
4,296,900 |
26.70 |
3,391,327 |
2.49 |
3,309,014 |
|
LONG
TERM STABILITY |
|||||||||
|
Gearing |
51.85 |
-34.52 |
79.18 |
-32.89 |
117.98 |
-31.35 |
171.86 |
15.36 |
148.98 |
|
Equity in percentage |
39.87 |
1.01 |
39.47 |
16.71 |
33.82 |
39.29 |
24.28 |
5.66 |
22.98 |
|
Total debt ratio |
1.51 |
-1.31 |
1.53 |
-21.94 |
1.96 |
-37.18 |
3.12 |
-7.42 |
3.37 |
|
Working capital |
-2,373,021 |
-332 |
-548,974 |
-85.99 |
-295,164 |
33.09 |
-892,095 |
20.67 |
-4,315,438 |
PROFIT & LOSS
|
Operating Income |
35,556,226 |
4.15 |
34,140,183 |
18.48 |
28,814,935 |
16.53 |
24,727,245 |
14.44 |
21,606,986 |
|
Turnover |
35,023,054 |
3.12 |
33,962,339 |
19.00 |
28,538,669 |
17.20 |
24,350,976 |
15.51 |
21,082,094 |
|
Total operating expenses |
34,468,312 |
3.28 |
33,372,516 |
22.17 |
27,316,778 |
14.50 |
23,857,236 |
14.53 |
20,830,899 |
|
Gross Operating Margin |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Operating Charges |
35,001,484 |
4.33 |
33,550,360 |
21.59 |
27,593,045 |
13.86 |
24,233,505 |
13.48 |
21,355,791 |
|
Employee costs |
3,485,760 |
13.53 |
3,070,468 |
6.23 |
2,890,454 |
-4.15 |
3,015,702 |
-18.46 |
3,698,598 |
|
Wages and salary |
2,137,584 |
10.44 |
1,935,599 |
6.91 |
1,810,468 |
-6.06 |
1,927,298 |
-19.74 |
2,401,345 |
|
Employee pension costs |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Social security contributions |
960,899 |
9.63 |
876,466 |
5.29 |
832,425 |
-5.40 |
879,925 |
-17.51 |
1,066,708 |
|
Other employee costs |
387,277 |
49.87 |
258,403 |
4.38 |
247,562 |
18.75 |
208,480 |
-9.57 |
230,545 |
|
Director remuneration |
729,000 |
69.53 |
430,000 |
59.26 |
270,000 |
12.50 |
240,000 |
- |
- |
|
Amortization and depreciation |
1,388,061 |
35.29 |
1,025,953 |
-0.99 |
1,036,165 |
-22.26 |
1,332,934 |
-5.89 |
1,416,348 |
|
Operating result |
554,742 |
-5.95 |
589,823 |
-51.73 |
1,221,891 |
147 |
493,740 |
96.56 |
251,195 |
|
Total financial income |
317,396 |
655 |
42,022 |
-36.43 |
66,101 |
85.87 |
35,563 |
-66.90 |
107,445 |
|
Total financial expenses |
826,683 |
128 |
361,890 |
-12.69 |
414,481 |
-25.19 |
554,074 |
58.83 |
348,850 |
|
Results on ordinary operations |
45,455 |
-83.16 |
269,955 |
-69.10 |
873,510 |
3526 |
-24,772 |
-353 |
9,791 |
|
before taxation |
|
|
|
|
|
|
|
|
|
|
Extraordinary Income |
6,532 |
141 |
2,700 |
-92.65 |
36,744 |
-61.97 |
96,618 |
484 |
16,529 |
|
Extraordinary Charges |
- |
- |
- |
- |
- |
- |
26,387 |
101 |
13,076 |
|
Extraordinary items |
6,532 |
141 |
2,700 |
-92.65 |
36,744 |
-47.68 |
70,231 |
1933 |
3,453 |
|
Results for the Year Before |
51,987 |
-80.93 |
272,655 |
-70.05 |
910,254 |
1902 |
45,459 |
243 |
13,244 |
|
Taxation |
|
|
|
|
|
|
|
|
|
|
Other appropriations |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Taxation |
47,880 |
4614 |
1,015 |
-1.28 |
1,029 |
256 |
288 |
2810 |
10 |
|
Results on ordinary operations |
-2,425 |
-100 |
268,940 |
-69.18 |
872,481 |
3481 |
-25,060 |
-356 |
9,781 |
|
after taxation |
|
|
|
|
|
|
|
|
|
|
Net result |
4,107 |
-98.49 |
271,640 |
-70.12 |
909,225 |
1912 |
45,171 |
241 |
13,234 |
|
Profit (Loss) for the Year to be
appropiated |
4,107 |
-98.49 |
271,640 |
-70.12 |
909,225 |
1912 |
45,171 |
241 |
13,234 |
|
Dividends |
880,000 |
- |
- |
- |
- |
- |
- |
- |
- |
|
Social
Balance Sheet |
Total |
|
During the reporting year |
|
|
ended 31-03-2015 |
|
|
Full-time Employees |
61 |
|
Part-time Employees |
15 |
|
Total Fte Employees |
72 |
|
Number of hours worked |
|
|
Full-time Employees |
93,186 |
|
Part-time Employees |
16,124 |
|
Total |
109,310 |
|
Personnel Charges |
|
|
Full-time Employees |
2,971,586 |
|
Part-time Employees |
514,174 |
|
Total |
3,485,760 |
|
Benefits In Addition To Wages |
85,920 |
|
During the previous reporting year |
|
|
Average number employees in Fte |
62 |
|
Actual working hours |
92,619 |
|
Personnel Charges |
3,070,468 |
|
Benefits In Addition To Wages |
74,100 |
|
Type
of Contract |
Full-Time |
Part-Time |
Total
Fte |
|
Unlimited Duration |
55 |
12 |
64 |
|
Contracts |
|
|
|
|
Limited Duration Contracts |
6 |
- |
6 |
|
Contracts For Specific Work |
- |
- |
- |
|
Contracts Regarding Substitution |
- |
- |
- |
Gender and Education
Level
|
Men |
Full-Time |
Part-Time |
Total
Fte |
|
Primary education |
- |
- |
- |
|
Secondairy education |
22 |
4 |
25 |
|
Higher education (non university) |
9 |
- |
9 |
|
Higher education (university) |
2 |
- |
2 |
|
Women |
Full-Time |
Part-Time |
Total
Fte |
|
Primary education |
- |
- |
- |
|
Secondairy education |
25 |
7 |
31 |
|
Higher education (non university) |
2 |
1 |
3 |
|
Higher education (university) |
1 |
- |
1 |
|
Working
Category |
Full-Time |
Part-Time |
Total
Fte |
|
Management |
- |
- |
- |
|
White collar worker |
16 |
2 |
17 |
|
Blue collar worker |
45 |
10 |
53 |
|
Other |
- |
- |
- |
|
Temporary
personnel |
Total |
|
Average number of temporary staff |
28 |
|
Actual working hours |
55,775 |
|
Cost of temporary staff |
1,430,924 |
|
New
staff and leavers |
Full-Time |
Part-Time |
Total
Fte |
|
New Starters |
13 |
3 |
15 |
|
Leavers |
4 |
2 |
5 |
Activity
code 10820
Activity
description Manufacture of cacao, chocolate
and sweets
industry
average credit
rating 67.92
Industry average credit limit 111646.91
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.09 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.70.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.