|
Report No. : |
339390 |
|
Report Date : |
07.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
PAN OCEAN CO., LTD. |
|
|
|
|
Registered Office : |
98, Huam-ro, Jung-gu, Seoul, Korea 04637, STX Namsan Tower |
|
|
|
|
Country : |
South Korea
|
|
|
|
|
Financials (as on) : |
30.06.2015 |
|
|
|
|
Date of Incorporation : |
28.05.1966 |
|
|
|
|
Com. Reg. No.: |
104-81-19101 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Oceangoing Foreign Freight Transport |
|
|
|
|
No. of Employees : |
1,930 |
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 : |
Exist |
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) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated
incredible economic growth and global integration to become a high-tech industrialized
economy. In the 1960s, GDP per capita was comparable with levels in the poorer
countries of Africa and Asia. In 2004, South Korea joined the trillion-dollar
club of world economies. A system of close government and business ties,
including directed credit and import restrictions, initially made this success
possible. The government promoted the import of raw materials and technology at
the expense of consumer goods, and encouraged savings and investment over
consumption. The Asian financial crisis of 1997-98 exposed longstanding
weaknesses in South Korea's development model, including high debt/equity
ratios and massive short-term foreign borrowing. GDP plunged by 7% in 1998, and
then recovered by 9% in 1999-2000. South Korea adopted numerous economic
reforms following the crisis, including greater openness to foreign investment
and imports. Growth moderated to about 4% annually between 2003 and 2007. South
Korea's export focused economy was hit hard by the 2008 global economic
downturn, but quickly rebounded in subsequent years, reaching over 6% growth in
2010. The US-Korea Free Trade Agreement was ratified by both governments in
2011 and went into effect in March 2012. Between 2012 and 2014, the economy
experienced slow growth due to sluggish domestic consumption and investment.
The administration in 2015 is likely to face the challenge of balancing heavy
reliance on exports with developing domestic-oriented sectors, such as
services. The South Korean economy's long-term challenges include a rapidly
aging population, inflexible labor market, dominance of large conglomerates
(chaebols), and the heavy reliance on exports, which comprise about half of
GDP. In an effort to address the long term challenges and sustain economic
growth, the current government has prioritized structural reforms,
deregulation, promotion of entrepreneurship and creative industries, and the
competitiveness of small and medium enterprises.
|
Source
: CIA |
|
Company Name |
PAN OCEAN CO., LTD. (Ex. Company Name : STX PAN OCEAN CO., LTD., “STX팬오션(주)”) (Korean Company Name : “팬오션(주)”) |
|
Registered Address |
98, Huam-ro, Jung-gu, Seoul, Korea |
|
Building |
STX Namsan Tower |
|
Zip Code |
04637 |
|
Tel |
+82-2- 316-5114 |
|
Fax |
+82-2- 316-5296 |
|
E-mail |
panocean@stxpanocean.com;btf@stxpanocean.com |
|
Website |
www.panocean.com |
|
Trading Address |
STX Namsan Tower, 98, Huam-ro, Jung-gu, Seoul, Korea (Old Address System : STX Namsan Tower, 631 Namdaemunno 5-ga, Jung-gu,
Seoul, Korea) |
|
Tel |
+82-2- 316-5114 |
|
Fax |
+82-2- 316-5296 |
|
Other Address-Hanbada Training Center |
410-1, Goseong-ri, Cheongpyeong-myeon, Gapyeong-gun, Gyeonggi-do,
Korea |
|
Tel |
+82-31-585-6211 |
|
Fax |
|
|
Other Address-Incheon Office |
13-5, Sa-dong, Chung-gu, Incheon 400-060, Korea |
|
Tel |
+82-32- 770-1860 |
|
Fax |
+82-32- 762-2336 |
|
Other Address-Pohang Office |
49-1, Jukdo-dong, Pohang 791-052, Korea |
|
Tel |
+82-54- 272-7341 |
|
Fax |
+82-54- 273-9658 |
|
Other Address-Busan Office |
3FL. Heungwoo Bldg, 89-2, 4-k9, Jungang-dong, Jung-gu, Busan, Korea |
|
Tel |
+82-51-461-2114 |
|
Fax |
+82-51-461-2050 |
|
Type |
Export/Import |
|
Industry |
Oceangoing Foreign Freight Transport |
|
Main Business |
Marine Cargo Transport |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
05/28/1966 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Transport arrangements(78141500) |
|
Sell |
International trade services(80151600) |
|
Sell |
Freight forwarders services(78141501) |
|
Name |
Kim Hong-Kook |
|
Address |
14, Mangseong-ro, Mangseong-myeon,
Iksan-si, Jeollabuk-do, Korea |
|
Date of Birth |
06/27/1957 |
|
Title |
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
522,919,935,000 |
||||||||||||||||||
|
Employees |
1,930 |
||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange: 028670) as of 09/22/2007 Listed Company at Singapore Exchange(SIN:V33) in
07/2005 A Company of STX Group |
||||||||||||||||||
|
Bank Details |
Korea Development Bank Woori Bank |
||||||||||||||||||
|
Corporate Registered No. |
110111-0004286 |
||||||||||||||||||
|
Business Registered No. |
104-81-19101 |
||||||||||||||||||
|
Permit & Licenses |
ISO 9002 Int’l Trade No.: 820314 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
05/28/1966 Incorporated as Pan Ocean Bulk Carriers Ltd.(POBC) 04/1984 Changed company name to Pan Ocean Shipping Co. Ltd.(POSC) 10/21/1992 Decide to Corporate Restructuring Procedure by the Court 11/05/1993 Approved on The Plan for Corporate Restructuring 02/06/2002 Approved on the Revised Plan for Corporate Restructuring 05/21/2002 Finished the Corporate Restructuring Procedure 11/28/2004 Changed company name to STX PAN OCEAN CO., LTD. 05/20/2005 Split the par value to 100 KRW from 5,000 KRW and increased
the authorized shares to 3,000,000,000 shares from 60,000,000 shares 07/14/2005 Listed at Singapore Stock Exchange 05/2007 Moved to the present HQ address from 163, Sinmunno 1-ga,
Jongno-gu, Seoul, Korea 12/04/2008 Increased the par value to 1,000 KRW from 100 KRW 12/2008 Merged the par value to 1,000 KRW from 100 KRW 06/17/2013 Started Corporate Reviving Procedure(2013HOIHAP110) by the
order of Seoul Central District Court 11/22/2013 Increased the authorized shares to 3,000,000,000 shares from
700,000,000 shares 11/22/2013 Approved of Corporate Reviving Plan(2013HOIHAP110) from
Seoul Central District Court 11/22/2013 Changed company name to the present name 02/12/2015 Agreed with Harim Group-JKL Consortium for Investment 04/01/2015 Increased capital to 228,560,885,000 KRW from 227,803,041,000 KRW 04/21/2015 Submitted Revised Corporate
Reviving Plan to Seoul Central District Court 06/12/2015 Approved of Revised Corporate
Reviving Plan by Seoul Central District Court 06/19/2015 Decreased capital to 182,401,146,000 KRW from
228,560,885,000 KRW 06/20/2015 Increased capital to 522,401,146,000 KRW from
182,401,146,000 KRW 07/01/2015 Increased capital to 522,919,935,000 KRW from
522,401,146,000 KRW 07/21/2015 Applied for finishing Corporate
Reviving Procedure(2013HOIHAP110) to Seoul Central District Court 07/30/2015 Finish Corporate
Reviving Procedure(2013HOIHAP110) by the decision of Seoul Central District
Court |
||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Chairman & CEO |
Mr. |
Kim Hong-Kook |
Male |
Korean |
07/18/2015 |
|
President & CEO |
Mr. |
Choo Sung-Yeob |
Male |
Korean |
07/18/2015 |
|
Director |
Mr. |
Cheon Se-Ki |
Male |
Korean |
07/18/2015 |
|
Outside Director / Auditor |
Mr. |
Choi Seung-Hwan |
Male |
Korean |
07/18/2015 |
|
Outside Director / Auditor |
Mr. |
Shin Jung-Sik |
Male |
Korean |
07/18/2015 |
|
Outside Director |
Mr. |
Christopher Anand Daniel |
Male |
Singaporean |
07/18/2015 |
|
Auditor |
Mr. |
Jang Yoo-Hwan |
Male |
Korean |
07/29/2015 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
792,192,000,000 |
4,469,223,000,000 |
-49,861,000,000 |
|
|
(*)2014 |
1,555,024,000,000 |
4,439,432,000,000 |
809,869,000,000 |
|
(*)2013 |
2,428,186,000,000 |
4,639,640,000,000 |
- 2,052,601,000,000 |
|
(*)2012 |
4,919,476,000,000 |
6,652,610,000,000 |
-456,645,000,000 |
|
(*)2011 |
5,059,026,000,000 |
6,354,050,000,000 |
-4,408,000,000 |
|
(*)2010 |
5,768,938,000,000 |
5,655,684,000,000 |
109,742,000,000 |
|
(*)2009 |
3,989,252,000,000 |
4,991,914,000,000 |
-27,627,000,000 |
|
2008 |
8,509,147,000,000 |
4,346,951,000,000 |
534,795,000,000 |
|
2007 |
4,873,448,967,879 |
2,939,591,081,740 |
430,990,879,458 |
|
2006 |
2,784,415,707,034 |
1,480,695,231,250 |
101,691,552,812 |
|
2005 |
2,792,431,586,233 |
1,319,306,091,067 |
263,539,665,825 |
|
2004 |
2,586,253,377,655 |
1,034,805,864,206 |
211,443,472,580 |
(*)Figures are
based on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
3,000,000,000,000 |
|
Paid-Up Capital(KRW) |
522,919,935,000 |
|
Total Issues Shares |
522,919,935 |
|
Balance Sheet |
|||
|
Unit : Million Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total Assets |
4,469,223 |
4,439,432 |
4,639,640 |
|
Current Assets |
879,215 |
855,625 |
620,135 |
|
Cash & Cash Equivalents |
590,207 |
363,688 |
130,480 |
|
Trade Receivables |
63,522 |
78,685 |
163,156 |
|
Other Receivables |
23,041 |
25,120 |
29,088 |
|
Derivatives |
13,385 |
189,728 |
262 |
|
Current Financial Instruments |
1,058 |
2,636 |
7,481 |
|
Inventories |
50,147 |
59,042 |
81,891 |
|
Other Current Assets |
134,877 |
136,518 |
173,649 |
|
Assets to be Sold |
2,978 |
208 |
34,128 |
|
Non-Current Assets |
3,590,008 |
3,583,807 |
4,019,505 |
|
Long-Term Trade Receivables |
136 |
133 |
123 |
|
Other Long-Term Receivables |
27,463 |
18,524 |
18,024 |
|
Non-Current Financial Instruments |
16,079 |
21,483 |
22,403 |
|
Investment_Subsidiaries |
46,411 |
45,383 |
45,848 |
|
Investment_Related Companies |
1,684 |
7,426 |
7,085 |
|
Tangibles |
3,486,745 |
3,473,561 |
3,910,708 |
|
Intangibles |
5,075 |
5,068 |
5,353 |
|
Other Non-Current Assets |
6,415 |
12,229 |
9,961 |
|
Total Liabilities |
2,336,218 |
3,044,423 |
4,455,517 |
|
Current Liabilities |
488,406 |
705,975 |
784,864 |
|
Trade Payables |
54,978 |
84,457 |
128,744 |
|
Other Payables |
254,136 |
247,003 |
322,490 |
|
Current Reviving Debts |
47,060 |
0 |
80,028 |
|
Derivatives |
22,027 |
195,298 |
277 |
|
Other Current Liabilities |
34,759 |
80,763 |
66,200 |
|
Provisions |
998 |
1,732 |
2,072 |
|
Other Debts |
74,448 |
96,722 |
164,769 |
|
Liabilities to be Sold |
0 |
0 |
20,284 |
|
Non-Current Liabilities |
1,847,812 |
2,338,448 |
3,670,653 |
|
Long-Term Borrowings |
1,569,103 |
1,492,983 |
1,807,967 |
|
Non-Current Reviving Debts |
0 |
579,997 |
351,741 |
|
Derivatives |
362 |
422 |
715 |
|
Provisions |
266,597 |
251,059 |
1,497,165 |
|
Provision for Severance &
Retirement |
11,750 |
13,110 |
12,649 |
|
Other Non-Current Liabilities |
0 |
877 |
416 |
|
Capital Stock |
522,401 |
214,539 |
120,888 |
|
Capital Surplus |
680,481 |
149,597 |
0 |
|
Others |
1,347,057 |
1,397,933 |
1,239,083 |
|
Profit Surplus |
-416,934 |
-367,060 |
-1,175,848 |
|
Total Equity |
2,133,005 |
1,395,009 |
184,123 |
|
Liab. & Shareholder’s Equity |
4,469,223 |
4,439,432 |
4,639,640 |
|
Income Statement |
|||
|
Unit : Million Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
792,192 |
1,555,024 |
2,428,186 |
|
Cost of Sold Goods |
659,021 |
1,302,799 |
2,546,209 |
|
Gross Profit |
133,171 |
252,225 |
-118,023 |
|
Selling & Admin. Expenses |
21,490 |
37,619 |
212,373 |
|
Operating Income |
111,681 |
214,606 |
-330,396 |
|
Finance Income |
6,726 |
5,117 |
33,377 |
|
Finance Expenses |
42,172 |
110,942 |
174,035 |
|
Other Profits |
-399 |
-5,186 |
84,811 |
|
Non-Operating Profits |
-125,697 |
706,274 |
-1,547,369 |
|
Income Before Taxes |
-49,861 |
809,869 |
-1,933,612 |
|
Income Taxes Expenses |
0 |
0 |
-118,989 |
|
Net Income |
-49,861 |
809,869 |
-2,052,601 |
|
Cash Flows |
|||
|
Unit : Million Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Operating Activities Cash Flows |
231,309 |
408,031 |
214,050 |
|
Cash Flows from Operating |
260,366 |
482,017 |
379,418 |
|
Interests Paid |
-28,389 |
-74,292 |
-169,324 |
|
Income Taxes |
-668 |
306 |
3,956 |
|
Cash Flows from Investing |
6,764 |
297,201 |
89,026 |
|
Cash Flows from Financing |
-21,264 |
-486,204 |
-331,641 |
|
Increase/Decrease in Cash |
226,519 |
233,208 |
-29,382 |
|
Cash at the Beginning of Year |
363,688 |
130,480 |
159,862 |
|
Cash at the End of Year |
590,207 |
363,688 |
130,480 |
|
Main Products & Services |
Tramper Services-Grain, Sugar, Logs,
Fertilizer, Scraps, Minerals & Other bulk cargoes Breakbulk Liner Services Container Services Specialized Services |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
STX CORPORATION(194211-0000183) STX OFFSHORE & SHIPBUILDING CO., LTD.(180111-0002814) HANJIN HEAVY INDUSTRIES & CONSTRUCTION CO.,LTD.( 180111-0602507) NAKANISHI KIKAI KOGYOSHO |
|
Customers |
KOREA WESTERN POWER CO., LTD(110111-2207177) KOREA MIDLAND POWER CO., LTD.(110111-2207193) KOREA SOUTHERN POWER CO., LTD.(110111-2207135) POSCO(174611-0000741) GLOVIS CO., LTD(110111-2177388) |
|
Competitors |
SINOKOR MERCHANT MARINE CO., LTD. RM. 301, DONGSEONG BLDG., 17-7, NAMDAEMUNNO
4-GA, JUNG-GU, SEOUL, KOREA TEL:+82-2-6496-2244 FAX:+82-2-6496-2271 SUNWOO MERCHANT MARINE CO. LTD. 12TH FL., KYOBO BOOK CENTRE BLDG., 73,
NAESU-DONG, JONGNO-GU, SEOUL, KOREA TEL:+82-2-732-2777 FAX:+82-2-732-2775 CHANG MYUNG SHIPPING CO., LTD. RM. 915, GWANGHWAMUN OFFICIA, 163, SINMUNNO
1-GA, JONGNO-GU, SEOUL, KOREA TEL:+82-2-757-7700 FAX:+82-2-737-0330 |
|
Affiliates |
STX PAN OCEAN (AMERICA) INC. (100.0% held by the subject company) PAN OCEAN SINGAPORE BULK CARRIER PTE. LTD. (100.0% held by the subject company) STX PAN OCEAN (U.K.) CO., LTD. (100.0% held by the subject company) PAN OCEAN (CHINA) CO., LTD. (100.0% held by the subject company) PAN OCEAN JAPAN CORPORATION\ (100.0% held by the subject company) PAN OCEAN BRASIL APOIO MARITIMO LTDA. (100.0% held by the subject company) STX GULF SHIPPING DMCCO (99.10% held by the subject company) SEA BEST MARITIME LIMITED (50.0% held by the subject company) KOREA LNG TRADING CO.,LTD.(131111-0157014) (18.0% held by the subject company) BUSAN CROSSDOCK CO., LTD.(180111-0611293) (20.0% held by the subject company) YEGRINA CO., LTD.(194211-0193649) (44.0% held by the subject company) GWANGYANG WEST CONTAINER TERMINAL
CO.,LTD.(110111-3547514) (80.0% held by the subject company) TAEYOUNG GRAIN TERMINAL CO.,
LTD.(134111-0136304) (7.0% held by the subject company) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
SEA BEST MARITIME LTD.(CHINA) (50.0% held by the subject company) |
|
Subsidiary |
PAN OCEAN SINGAPORE BULK CARRIER PTE. LTD. 40F. 8 SHENTON WAY, #40-03, TEMASEK TOWER,
SINGAPORE 068811 STX GULF SHIPPING DMCCO 2NDFLOOR OFFICE NO.201, SHARAF TRAVEL BUILDING,
KHALID BIN AL WALEED STREET, DUBAI, U.A.E. PAN OCEAN (CHINA) CO., LTD. ROOM 2004, WEST BLDG, SHANGHAI ZHONG RONG
HENGURI INTERNATIONAL PLAZA, NO.560 ZHONGYANG ROAD, PUDONG DISTRICT,
SHANGHAI, P.R.C. PAN OCEAN INTERNATIONAL LOGISTICS CO., LTD. FL26, HUA YIN PLAZA, NO.5 DONGHAI WEST
ROAD, QINGDAO, CHINA PAN OCEAN-SINOTRANS LOGISTICS CO., LTD. ROOM 704-706 NO.80 QUFU ROAD TIANJIN
,CHINA, POST CODE : 300042 QINGDAO STX-KEYUN LOGISTICS CO., LTD. NO. 376, MOHE ROAD, ECONOMY TECHNOLOGY
DEVELOPMENT AREA, QINGDAO, CHINA PAN OCEAN JAPAN CORPORATION 5TH FLOOR 1-CHOME MORI BUILDING 1-19-5,
TORANOMON,MINATO-KU, TOKYO, JAPAN PAN LOGIX CO., LTD. SHOEI TORANOMON 2 BLDG 2 FLOOR, 1-20-7,
TORANOMON, MINATO-KU, TOKYO, JAPAN PAN OCEAN CONTAINER (JAPAN) CO., LTD. 5TH FLOOR 1-CHOME MORI BUILDING 1-19-5,
TORANOMON, MINATO-KU, TOKYO, JAPAN STX PAN OCEAN (U.K.) CO., LTD. 8TH FLOOR ST MAGNUS, HOUSE 3 LOWER THAMES,
STREET LONDON, UK WORLD D&F INVESTMENT (UK) CO. LIMITED 8TH FLOOR ST MAGNUS HOUSE, 3 LOWER THAMES
STREET, LONDON, EC3R 6HE, U.K STX PAN OCEAN (AMERICA) INC. 201 ROUTE 17 NORTH, 6TH FL RUTHERFORD, NEW
JERSEY 07070 U.S.A. PAN OCEAN BRASIL APOIO MARITIMO LTDA. RUA CUBATAO, Nº86, CONJUNTOS 408 E 410,
VILA MARIANA, SAO PAULO, BRAZIL POS MARITIME GX S.A. 53RD E STREET, URBANIZATION MARBELLA, MMG
TOWER, 16TH FLOOR, PANAMA, THE REPUBLIC OF PANAMA |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
|
The subject provides services to Asia, Oceania,
Europe, North & South America and Africa.
There are 52 cases filed as Defendant(s)/
Debtor(s)/ Respondent(s) amounting USD 21,883,000, and 19 cases
filed as Plaintiff(s)/ Creditor(s)/ Applicant(s) amounting USD 63,108,000as of 06/30/2015.
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.40 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
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.