MIRA INFORM REPORT

Report No. :	484855
Report Date :	12.01.2018

IDENTIFICATION DETAILS

Name :	GINTECH ENERGY CORPORATION
Registered Office :	No.21, Kebei 1st Rd., Zhunan Town, Miaoli County 350, (R.O.C.)
Country :	Taiwan
Date of Incorporation :	10.08.2005
Com. Reg. No.:	27757133
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and sale of solar cell.
No. of Employees :	1,600

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
Payment Behaviour :	Regular
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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Taiwan	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

TAIWAN - ECONOMIC OVERVIEW

Taiwan has a dynamic capitalist economy that is driven largely by industrial manufacturing, and especially exports of electronics, machinery, and petrochemicals. This heavy dependence on exports exposes the economy to fluctuations in global demand. Taiwan's diplomatic isolation, low birth rate, rapidly aging population, and increasing competition from China and other Asia Pacific markets are other major long-term challenges.

Following the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, Taiwan in July 2013 signed a free trade deal with New Zealand - Taipei’s first-ever with a country with which it does not maintain diplomatic relations - and, in November of that year, inked a trade pact with Singapore. However, follow-on components of the ECFA, including a signed agreement on trade in services and negotiations on trade in goods and dispute resolution, have stalled. In early 2014, the government bowed to public demand and proposed a new law governing the oversight of cross-Strait agreements, before any additional deals with China are implemented; the legislature has yet to vote on such legislation, leaving the future of ECFA uncertain. President TSAI since taking office in May 2016 has promoted greater economic integration with South and Southeast Asia through the New Southbound Policy initiative and has also expressed interest in Taiwan joining the Trans-Pacific Partnership as well as bilateral trade deals with partners such as the US.

Taiwan's total fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 expected to account for nearly 20% of the island's total population by 2025.

The island runs a trade surplus with many economies, including China and the US, and its foreign reserves are the world's fifth largest, behind those of China, Japan, Saudi Arabia, and Switzerland. In 2006, China overtook the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Taiwan since 2009 has gradually loosened rules governing Chinese investment and has also secured greater market access for its investors on the mainland. In August 2012, the Taiwan Central Bank signed a memorandum of understanding (MOU) on cross-Strait currency settlement with its Chinese counterpart. The MOU allows for the direct settlement of Chinese renminbi (RMB) and the New Taiwan dollar across the Strait, which has helped Taiwan develop into a local RMB hub.

Closer economic links with the mainland bring opportunities for Taiwan’s economy but also pose challenges as political differences remain unresolved and China’s economic growth is slowing. Domestic economic issues loomed large in public debate ahead of the January 2016 presidential and legislative elections, including concerns about stagnant wages, high housing prices, youth unemployment, job security, and financial security in retirement.

Source : CIA

Company Name and Address

Company Name:	Gintech Energy Corporation
Supplied Name:	Gintech Energy Corporation
Trading Address:	No.21, Kebei 1st Rd., Zhunan Town, Miaoli County 350, Taiwan (R.O.C.)
Supplied Address:	9F, No. 295 Tiding Blvd Sec-2, Taipei Taiwan 11493 ROC
Telephone Number:	+886-37-586-198
Fax Number:	+886-37-586-199

Note: The exact address is as above. The supplied address, telephone and fax numbers belong to subject’s Taipei Branch.

Company Identification Details

Registered Name:	Gintech Energy Corporation
Registered Address:	No.21, Kebei 1st Rd., Zhunan Town, Miaoli County 350, Taiwan (R.O.C.)
Date of Foundation:	2005-08-10
Registration Number:	27757133
Registry:	Science Park Administration, MOST
Registered Capital:	NTD 7,500,000,000 (USD 247,500,000) (As of 2018.1, 1 NTD = 0.033 USD)
Paid-up Capital:	NTD 5,216,115,330 (USD 172,131,806)
Legal Representatives:	Wenyan Pan
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sale of solar cell, etc.
Staff:	About 1,600 Employees
Listed at Stock Exchange:	Yes; Stock Code: 3514
Date of Last Annual Return:	2018-01-04

History

Subject was incorporated on 2005-08-10 with registered number 27757133 as Joint Stock Company in Taiwan.

Subject is listed on Taiwan Stock Exchange on 2007-11-02.

Corporate Structure

Factories

1
Name:	Zhuke A Factory
Address:	No.21, Kebei 1st Rd., Zhunan Town, Miaoli County, Taiwan
Date of Registration:	2007-10-30
Factory Registration Number:	95A00751
Factory Manager:	Wenhui Pan
Status:	In Production
Date of Last Annual Return:	2011-10-18
Major Products:	264 photoelectric material and components 281 electricity generation, transmission and power machinery 289 other power equipment
2
Name:	Zhuke B Factory
Address:	No. 66, 68, Keyan Rd., Dingpu Li, Zhunan Town, Miaoli County, Science Industrial Park, Xinzhu, Taiwan
Date of Registration:	2011-10-31
Factory Registration Number:	95B00751
Factory Manager:	Wenhui Pan
Status:	In Production
Date of Last Annual Return:	2011-10-31
Major Products:	264 Photoelectric material and components

Branch

Name:	Gintech Energy Corporation Taipei Branch
Address:	9F., No.295, Sec. 2, Tiding Blvd., Neihu Dist., Taipei City 11493, Taiwan
Date of Registration:	2007-09-05
Registration Number:	28112532
Manager Name:	Wenhui Pan
Status:	Active
Date of Last Annual Return:	2011-01-12
Telephone Number:	+886-2-2656-2000
Fax Number:	+886-2-2656-0593

Shareholders

Major Shareholders

Name	Subscription Shares
Zhongwei Investment Co., Ltd. (Literal Translation)
16,378,053
Wenhui Pan	2,766,226
Heyang Assets Management Co., Ltd. (Literal Translation)	1,102,422
Ailing Xu	2,041,018

Shareholders’ Information:

1
Registered Name:	Zhongwei Investment Co., Ltd. (Literal Translation)
Registered Address:	7F, No. 285, Sec. 4, Zhongxiao East Rd., Da’an Dist., Taipei City, Taiwan
Date of Foundation:	2005-09-28
Registration Number:	27953705
Registry:	Taipei City Government
Registered Capital:	NTD 27,000,000
Paid-up Capital:	NTD 27,000,000
Legal Representatives:	Wenyan Pan
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2016-08-04
2
Registered Name:	Heyang Assets Management Co., Ltd. (Literal Translation)
Registered Address:	7F, No. 15, Lane 8, Sec. 5, Xinyi Rd., Xinyi Dist., Taipei City, Taiwan
Date of Foundation:	2007-09-06
Registration Number:	28707745
Registry:	Taipei City Government
Registered Capital:	NTD 5,000,000
Paid-up Capital:	NTD 1,000,000
Legal Representatives:	Zhifen Li
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2011-01-12

Management Information

Core Management

Directors

1
Name		Wenyan Pan
Position		Board Chairman
2
Name	Wenhui Pan
Position		Director & Manager
Date of Appointment for manager		2010-03-01
3
Name	Junyan Yu
Position		Director
4
Name	Heyang Assets Management Co., Ltd. (Literal Translation)
Position		Director
5
Name	Guansheng Wang
Position		Independent Director
6
Name	Lijun Chen
Position		Independent Director
9
Name	Rongbao Kang
Position		Supervisor
10
Name	Ailing Xu
Position		Supervisor
11
Name	Shaohua Zhu
Position		Supervisor

Personnel Structure

Total Employees

About 1,600 Employees

Operation Information

Offices & Factories

	Headquarters
Add	No.21, Kebei 1st Rd., Zhunan Town, Miaoli County 350, Taiwan

Production Information

Subject is engaged in manufacturing of solar cell, etc.

Subject has factories in Taiwan for production.

It is introduced that subject’s related company in Thailand also has a factory for production.

Subject obtained the certification of ISO 9001:2007, ISO 9001:2008, TUV, and ISO/TS 16949.

Purchase Information

The registered activities of subject:

Business Code	Details
CC01010	Manufacturing of electricity generation, transmission and distribution machinery
CC01080	Electronic components manufacturing
F401010	The international trade
CC01090	Battery manufacturing
IG03010	Energy technology services
E601010	Electrical appliance industry (limited to operating area)
Research and development of the solar cell and related systems
--	Research and development of solar module
--	Trading of the above related products.

The components and raw materials for production are purchased both home and abroad such as Taiwan, Mainland China, Southeast Asia, America and Europe, etc.

Sales Information

Subject is engaged in sale of solar cell, etc.

The major products are solar cell and modules, etc.

Subject’s sales regions include domestic market, Japan, Republic Of Korea, Singapore, Thailand, United States, Canada, Australia, New Zealand, Spain, Germany, United Kingdom, and Italy, etc.

Subject’s major types of customers are manufacturers of machineries and autos, etc.

Subject’s major customers are Costco Wholesale Canada Ltd., Axitec, Llc, and Solartech Power Inc., etc.

Major Products

Category	Products
Cells	Diamond Series, Douro Series, Phoenix Series, Gintech Onboard, etc.
Modules	Multi 60, Multi 72, Mono 60, etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Components and raw materials, etc.
Payment Terms	T/T, Cash, etc.

Import

Products	Components and raw materials, etc.
Payment Terms	L/C, T/T, etc.

Sales

Domestic Markets

Product	Solar cell, etc.
Selling Terms	T/T, Cash, etc.

Export

Product	Solar cell, etc.
Selling Terms	L/C, T/T, etc.

Balance Sheet

Unit: NTD/000

Consolidated	2016-12-31	2015-12-31
Assets
Current assets
Cash and cash equivalents
Total cash and cash equivalents	4,071,204	4,612,593
Current financial assets at fair value through profit or loss
Total current financial assets at fair value through profit or loss	0	847
Current available-for-sale financial assets
Current available-for-sale financial assets, net	150,153	109,761
Accounts receivable, net
Accounts receivable, net	2,184,616	2,379,887
Other receivables
Other receivables, net	88,268	8,950
Other receivables due from related parties
Other receivables due from related parties, net	30,271	30,742
Current tax assets
Total current tax assets	1,590	1,277
Inventories
Total inventories	1,023,096	1,694,393
Prepayments
Total prepayments	684,136	1,773,816
Other current assets
Total other current assets	43,651	448,520
Total current assets	8,276,985	11,060,786
Non-current assets
Non-current financial assets at fair value through profit or loss
Total non-current financial assets at fair value through profit or loss	0	10
Non-current financial assets at cost
Non-current financial assets at cost, net	31,800	31,800
Investments accounted for using equity method
Investments accounted for using equity method, net	601,107	636,504
Property, plant and equipment
Total property, plant and equipment	7,788,660	7,980,557
Intangible assets
Total intangible assets	10,270	6,914
Deferred tax assets	657,453	671,800
Other non-current assets
Other non-current assets, others
Total other non-current assets, others	188,265	840,953
Total other non-current assets	188,265	840,953
Total non-current assets	9,277,555	10,168,538
Total assets	17,554,540	21,229,324
Liabilities and equity
Liabilities
Current liabilities
Short-term borrowings
Total short-term borrowings	689,117	596,051
Accounts payable
Total accounts payable	1,800,051	2,405,017
Accounts payable to related parties
Total accounts payable to related parties	70,516	50,419
Other payables
Total other payables	768,135	553,282
Other payables to related parties	521	11,926
Current tax liabilities	3,043	0
Other current liabilities
Advance receipts
Total advance receipts	39,479	10,638
Long-term liabilities, current portion
Total long-term liabilities, current portion	375,000	2,073,850
Other current liabilities, others	10,852	10,271
Total other current liabilities	425,331	2,094,759
Total current liabilities	3,756,714	5,711,454
Non-current liabilities
Bonds payable
Total bonds payable	0	2,826
Long-term borrowings
Total long-term borrowings	2,683,750	2,159,750
Non-current provisions
Total non-current provisions	1,825	1,825
Deferred tax liabilities
Total deferred tax liabilities	12,401	144
Other non-current liabilities
Guarantee deposits received	10,914	11,939
Total other non-current liabilities	10,914	11,939
Total non-current liabilities	2,708,890	2,176,484
Total liabilities	6,465,604	7,887,938
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	4,496,677	4,495,168
Total capital stock	4,496,677	4,495,168
Capital surplus
Total capital surplus	8,951,405	8,947,563
Retained earnings
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	-2,353,546	-99,497
Total retained earnings	-2,353,546	-99,497
Other equity interest
Total other equity interest	-5,600	-1,848
Total equity attributable to owners of parent	11,088,936	13,341,386
Total equity	11,088,936	13,341,386
Total liabilities and equity	17,554,540	21,229,324
Equivalent issue shares of advance receipts for ordinary share	0	0
Number of shares in entity held by entity and by its subsidiaries	0	0

Profit and Loss Account

Unit: NTD/000

Consolidated	2016	2015
Operating revenue
Net sales revenue
Sales revenue
Total sales revenue	14,843,881	15,781,487
Sales returns	159,791	30,261
Sales discounts and allowances	4,271	3,590
Net sales revenue	14,679,819	15,747,636
Total operating revenue	14,679,819	15,747,636
Operating costs
Total operating costs	16,201,274	14,986,566
Gross profit (loss) from operations	-1,521,455	761,070
Realized profit (loss) on from sales	0	1,877
Gross profit (loss) from operations	-1,521,455	762,947
Operating expenses
Selling expenses
Total selling expenses	171,025	214,676
Administrative expenses
Total administrative expenses	225,600	225,679
Research and development expenses
Total research and development expenses	169,428	237,602
Total operating expenses	566,053	677,957
Net other income (expenses)
Net other income (expenses)	-169,349	-9,556
Net operating income (loss)	-2,256,857	75,434
Non-operating income and expenses
Other income
Other income, others	47,650	50,408
Total other income	47,650	50,408
Other gains and losses
Other gains and losses, net	105,824	-26,250
Finance costs
Finance costs, net	95,313	119,527
Share of profit (loss) of associates and joint ventures accounted for using equity method
Share of profit (loss) of associates and joint ventures accounted for using equity method, net	-24,001	-71,105
Total non-operating income and expenses	34,160	-166,474
Profit (loss) from continuing operations before tax	-2,222,697	-91,040
Tax expense (income)
Total tax expense (income)	31,352	8,457
Profit (loss) from continuing operations	-2,254,049	-99,497
Profit (loss)	-2,254,049	-99,497
Other comprehensive income
Components of other comprehensive income that will be reclassified to profit or loss
Exchange differences on translation	-37,272	3,637
Unrealised gains (losses) on valuation of available-for-sale financial assets	40,392	-44,776
Share of other comprehensive income of associates and joint ventures accounted for using equity method, components of other comprehensive income that will be reclassified to profit or loss
Share of other comprehensive income of associates and joint ventures accounted for using equity method, components of other comprehensive income that will be reclassified to profit or loss	-11,396	12,317
Components of other comprehensive income that will be reclassified to profit or loss	-8,276	-28,822
Other comprehensive income, net	-8,276	-28,822
Total comprehensive income	-2,262,325	-128,319
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	-2,254,049	-99,497
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	-2,262,325	-128,319
Basic earnings per share
Basic earnings (loss) per share from continuing operations	-5.02	-0.23
Total basic earnings per share	-5.02	-0.23

Cash Flows

Unit: NTD/000

Consolidated	2016	2015
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	-2,222,697	-91,040
Profit (loss) before tax	-2,222,697	-91,040
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	1,694,122	1,786,106
Amortization expense	4,990	5,972
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	847	837
Interest expense	77,575	106,979
Interest income	-12,356	-19,598
Dividend income	-12,553	-6,767
Share-based payments	4,020	15,907
Share of loss (profit) of associates and joint ventures accounted for using equity method	24,001	71,105
Loss (gain) on disposal of property, plant and equipment	139,264	0
Realized loss (profit) on from sales	0	-1,877
Unrealized foreign exchange loss (gain)	-90,545	75,916
Loss (gain) on bond redemption	-13	41,921
Other adjustments to reconcile profit (loss)	1,199,589	0
Total adjustments to reconcile profit (loss)	3,028,941	2,076,501
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in accounts receivable	243,030	776,284
Decrease (increase) in accounts receivable due from related parties	0	7,441
Decrease (increase) in other receivable	-78,948	-5,036
Decrease (increase) in other receivable due from related parties	471	47,981
Decrease (increase) in inventories	671,297	-249,255
Decrease (increase) in prepayments	382,718	153,639
Decrease (increase) in other current assets	283,896	-70,588
Total changes in operating assets	1,502,464	660,466
Changes in operating liabilities
Increase (decrease) in accounts payable	-639,594	749,573
Increase (decrease) in accounts payable to related parties	20,149	36,439
Increase (decrease) in other payable	134,739	130,610
Increase (decrease) in other payable to related parties	-11,405	2,897
Increase (decrease) in receipts in advance	28,841	-18,365
Increase (decrease) in other current liabilities	581	2,236
Total changes in operating liabilities	-466,689	903,390
Total changes in operating assets and liabilities	1,035,775	1,563,856
Total adjustments	4,064,716	3,640,357
Cash inflow (outflow) generated from operations	1,842,019	3,549,317
Interest received	12,050	20,120
Interest paid	-78,846	-97,508
Income taxes refund (paid)	-2,082	-635
Net cash flows from (used in) operating activities	1,773,141	3,471,294
Cash flows from (used in) investing activities
Acquisition of investments accounted for using equity method	0	-94,500
Acquisition of property, plant and equipment	-1,363,287	-401,348
Proceeds from disposal of property, plant and equipment	11,023	0
Decrease in refundable deposits	119,979	448,194
Acquisition of intangible assets	-8,354	-1,244
Increase in prepayments for business facilities	-43,704	-324,569
Dividends received	12,553	9,241
Net cash flows from (used in) investing activities	-1,271,790	-364,226
Cash flows from (used in) financing activities
Decrease in short-term loans	76,261	-276,738
Repayments of bonds	-200	-672,040
Proceeds from long-term debt	3,061,942	1,972,552
Repayments of long-term debt	-4,236,792	-2,548,950
Decrease in guarantee deposits received	-1,025	9,399
Proceeds from issuing shares	0	712,407
Exercise of employee share options	3,241	0
Net cash flows from (used in) financing activities	-1,096,573	-803,370
Effect of exchange rate changes on cash and cash equivalents	53,833	-75,438
Net increase (decrease) in cash and cash equivalents	-541,389	2,228,260
Cash and cash equivalents at beginning of period	4,612,593	2,384,333
Cash and cash equivalents at end of period	4,071,204	4,612,593
Cash and cash equivalents reported in the statement of financial position	4,071,204	4,612,593

Note: Subject didn’t submit its individual financial information; we obtained its consolidated financials as follows for reference.

The above financial figures are based on the IFRSs Accounting System.

Banker

Name:

Taiwan Cooperative Bank

Public Record

Mortgage

1
Case Type:	Chattel Mortgage
Registered Number:	000050
Debtor Name:	Gintech Energy Corporation
Registry:	Science Park Administration, MOST
Name of Mortgagee:	The First Commercial Bank Limited
Date of Registration:	2015-12-30
Amount of Secure Claims:	NTD 1,101,350,000
Type of Mortgage:	Machinery equipment or tool
2
Case Type:	Chattel Mortgage
Registered Number:	000064
Debtor Name:	Gintech Energy Corporation
Registry:	Science Park Administration, MOST
Name of Mortgagee:	The First Commercial Bank Limited
Date of Registration:	2016-08-15
Amount of Secure Claims:	NTD 5,094,870,000
Type of Mortgage:	Machinery equipment or tool
3
Case Type:	Chattel Mortgage
Registered Number:	000050
Debtor Name:	Gintech Energy Corporation
Registry:	Science Park Administration, MOST
Name of Mortgagee:	The First Commercial Bank Limited
Date of Registration:	2015-12-30
Amount of Secure Claims:	NTD 1,101,350,000
Type of Mortgage:	Machinery equipment or tool

Lawsuit

1
Trial Number:	2016, Su, 144
Date of Trial:	2016-11-252
Reason:	Confirm the contractual relationship
Claimant:	Mosel Vitelic Inc.
Defendant:	Gintech Energy Corporation
2
Trial Number:	2016, Bu, 196
Date of Trial:	2016-03-21
Reason:	Confirm the contractual relationship
Claimant:	Mosel Vitelic Inc.
Defendant:	Gintech Energy Corporation
3
Trial Number:	2011, Bu, 651
Date of Trial:	2011-10-12
Reason:	Payment for remuneration
Claimant:	G4S Taiwan
Defendant:	Gintech Energy Corporation
4
Trial Number:	2011, Bu, 148
Date of Trial:	2011-04-01
Reason:	Confirm the employment relationship
Claimant:	Yiru Chen
Defendant:	Gintech Energy Corporation

Special Note

Interview Details

Name	Ms. Chen
Department	Sales Department
E-mail:	marco.tseng@gintech.com.tw

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.74
UK Pound	1	INR 86.01
Euro	1	INR 76.14
TWD	1	INR 2.14

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.