|
|
|
MIRA INFORM REPORT
|
Report No. : |
487501 |
|
Report Date : |
29.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
ANGSTROM PTE. LTD. |
|
|
|
|
Formerly Known As : |
ANGSTROM POROUS PTE. LTD. (15/03/2010) |
|
|
|
|
Registered Office : |
63, Ubi Avenue 1, 06-04, 63@Ubi, 408937 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Date of Incorporation : |
05.12.2008 |
|
|
|
|
Com. Reg. No.: |
200822742K |
|
|
|
|
Legal Form : |
Exempt Private (Limited By Share) |
|
|
|
|
Line of Business : |
Subject is principally engaged in the trading of air filters, dryers
and others. |
|
|
|
|
No. of Employees : |
17 [2018] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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) |
|
Singapore |
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 |
SINGAPORE - ECONOMIC OVERVIEW
Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors.
The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010. Growth in 2014-17 was slower than during the previous decade, at under 3% annually, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector.
The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
REGISTRATION
NO. |
: |
200822742K |
|
COMPANY
NAME |
: |
ANGSTROM
PTE. LTD. |
|
FORMER
NAME |
: |
ANGSTROM
POROUS PTE. LTD. (15/03/2010) |
|
INCORPORATION
DATE |
: |
05/12/2008 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
EXEMPT
PRIVATE (LIMITED BY SHARE) |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
63,
UBI AVENUE 1, 06-04, 63@UBI, 408937, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
63,
UBI AVENUE 1, 06-04, 63@UBI,, 408937, SINGAPORE. |
|
TEL.NO. |
: |
65-67487988 |
|
FAX.NO. |
: |
65-67484223 |
|
WEB
SITE |
: |
WWW.ANGSTROMCO.COM |
|
CONTACT
PERSON |
: |
SIM
KENG HWEE ( DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF AIR FILTERS, DRYERS AND OTHERS |
|
ISSUED
AND PAID UP CAPITAL |
: |
658,000.00
ORDINARY SHARE, OF A VALUE OF SGD 733,000.00 |
|
SALES |
: |
N/A |
|
NET
WORTH |
: |
N/A |
|
STAFF
STRENGTH |
: |
17
[2018] |
|
LITIGATION |
: |
TRACED |
|
FINANCIAL
CONDITION |
: |
N/A |
|
PAYMENT |
: |
MODERATE |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
MODERATE |
|
CURRENCY
EXPOSURE |
: |
MODERATE |
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY
OUTLOOK |
: |
AVERAGE
GROWTH |
|
PROPOSED
CREDIT LIMIT |
: |
SGD
114,333 (USD 86,000) |
HISTORY
/ BACKGROUND
The
Subject is an exempt private company whose shares are not held by any corporate
body and has no more than 20 shareholders who are all natural persons. An
exempt company is a type of private limited company. A private limited company
is a separate legal entity from its shareholders. As a separate legal entity,
the Subject is capable of owning assets, entering into contracts, suing or be
sued by other companies.
An
exempt private company with an annual turnover of ≤ SGD10 million, or
total assets ≤ SGD10 million or number of employees ≤ 50 (meet at
least 2 criteria for immediate past two financial years) are exempted from
statutory auditing requirements. The Subject is not required to have their
accounts audited. However, the Subject will prepare unaudited accounts for
purposes of AGMs and filing with Registry Office if it is unable to meet all
its obligations as and when they fall due.
An
exempt private company with an annual turnover of more than SGD10 million, or
total assets more than SGD10 million or number of employees more than 50 (meet
at least 2 criteria for immediate past two financial years) are required to
file the audited financial.
The
Subject is principally engaged in the (as a / as an) trading of air filters,
dryers and others.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
23/01/2018 |
SGD
733,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
TAN
CHENG HOE |
1001,
BUKIT TIMAH ROAD, 07-16, THE STERLING 596288 ,SINGAPORE |
S1704879A |
230,000.00 |
34.95 |
|
ZHANG
TAO |
168,
HUAPAI BUILDING, LIUXIA TOWN XIHU DISTRICT, HANGZHOU, ZHEJIANG CHINA |
G21817889 |
164,000.00 |
24.92 |
|
ZHANG
JIAN |
168,
HUAPAI BUILDING, LIUXIA TOWN XIHU DISTRICT, HANGZHOU, ZHEJIANG CHINA |
G28965966 |
66,000.00 |
10.03 |
|
TAN
QUEE LIAN |
2,
WALSHE ROAD, 04-01, CHELSEA GARDENS 257662 ,SINGAPORE |
S1736726I |
50,000.00 |
7.60 |
|
CHULEEPORN
VATAYANON |
118/6,
MOO 5, ANGTHONG, KOH SAMUI SURATTHANI 84140 ,THAILAND |
W731864 |
45,000.00 |
6.84 |
|
EDWARD
SIM KENG HWEE + |
60,
CHESTNUT AVENUE 21-03, TREE HOUSE, 679517, SINGAPORE. |
S7036939G |
35,000.00 |
5.32 |
|
LOH
PENG CHYE |
39,
JALAN 12/26, BANDAR PUTERI, 47100 PUCHONG, SELANGOR, MALAYSIA. |
A33417101 |
28,000.00 |
4.26 |
|
HAN
POK TING |
532,
JURONG WEST STREET 52, 23-433 640532 ,SINGAPORE |
S1735821I |
20,000.00 |
3.04 |
|
ADRIAN
BEK TIAK JUAY |
518C,
TAMPINES CENTRAL 7, 15-58 THE PREMIERE @ TAMPINES 523518 ,SINGAPORE |
S7523365E |
20,000.00 |
3.04 |
|
--------------- |
------ |
|||
|
658,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTORS
DIRECTOR
1
|
Name
Of Subject |
: |
EDWARD
SIM KENG HWEE |
|
Address |
: |
60,
CHESTNUT AVENUE 21-03, TREE HOUSE, 679517, SINGAPORE. |
|
IC
/ PP No |
: |
S7036939G |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
02/08/2015 |
INTEREST CHECK
|
Interest
in companies |
: |
see
below |
|
Interest
in business |
: |
none
in our databank |
|
Former
interest |
: |
none
in our databank |
INTEREST
IN COMPANY
|
No |
Local
No |
Company |
Designation |
App
Date |
Shareholding |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
|
No. |
% |
|||||||||
|
1 |
200822742K |
ANGSTROM
PTE. LTD. |
Director |
02/08/2015 |
35,000.00 |
5.32 |
- |
- |
- |
23/01/2018 |
MANAGEMENT
|
1) |
Name
of Subject |
: |
SIM
KENG HWEE |
|
Position |
: |
DIRECTOR |
AUDITOR
No Auditor found in our databank
COMPANY
SECRETARIES
|
1) |
Company
Secretary |
: |
YEO
SOCK HWA |
|
IC
/ PP No |
: |
S1254472C |
|
|
Address |
: |
6,
LIM AH PIN ROAD, 01-03, THE COURTYARD, 547822, SINGAPORE. |
|
BANKING
No Banker found in our databank.
ENCUMBRANCE
(S)
No encumbrance was found in our databank at the time of investigation.
LITIGATION
CHECK - SUBJECT COMPANY AS A DEFENDANT
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
|
LEGAL
ACTION |
|
||||||||||||
|
|||||||||||||
|
Status |
: |
PENDING |
|
||||||||||
|
Code
No |
: |
99 |
Case
No |
: |
3202 |
||||||||
|
Year |
: |
2017 |
Place |
: |
SINGAPORE |
||||||||
|
Type |
: |
DISTRICT
COURT |
|||||||||||
|
Date
Filed |
: |
03/11/2017 |
|||||||||||
|
Solicitor |
: |
CHEONG
YON-WEN JEREMY |
|||||||||||
|
Solicitor
Ref |
: |
JC/RC/2017007635 |
|||||||||||
|
Solicitor
Firm |
: |
I.R.B.
LAW LLP |
|||||||||||
|
Plaintiff |
: |
HANGZHOU
RISHENG DECONTAMINATION EQUIPMENT CO. LTD |
|||||||||||
|
DEFENDANTS |
: |
|
|||||||||||
|
Hearing
Date |
: |
N/A |
|||||||||||
|
Amount
Claimed |
: |
182679.11 |
|||||||||||
|
Nature
of Claim |
: |
USD |
|||||||||||
|
Remark |
: |
CONTRACT
- OTHERS |
|||||||||||
|
No
winding up petition was found in our databank |
||
DEFAULTER
CHECK AGAINST SUBJECT
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT
RECORD
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
CLIENTELE
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
WORLDWIDE |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
Goods
Traded |
: |
AIR
FILTERS, DRYERS AND OTHERS |
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2016 |
||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
17 |
17 |
17 |
||||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of air
filters, dryers and others.
The Subject is primarily organized around FOUR major activities
1. Standard Industrial Products meant for the filtration and separation of air
and gases. These would include compressed air filters, replacement elements,
condensate management products, chillers & coolers, refrigeration air
dryers, adsorption dryers, both heatless and zero purge loss dryers, etc.
2. Specialized Engineered Packages for compressed air filtration skids for the
Oil & Gas segment, Transportation engineering and High Pressure
applications.
3. Service Support in providing 24 hours service support in maintenance, repair
and overhaul of our own in house equipment, as well as other 3rd parties'
equipment.
4. Bespoke Solutions.
The Subject is staffed with fully trained and highly qualified engineers with
great knowledge and experience in the compressed air industry.
CURRENT
INVESTIGATION
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-67487988 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
63
UBI AVE 1 06-04 408937 SINGAPORE |
|
Current
Address |
: |
63,
UBI AVENUE 1, 06-04, 63@UBI,, 408937, SINGAPORE. |
|
Match |
: |
NO |
|
|
||
Other
Investigations
On 24th January 2018 we contacted one of the staff from the Subject and he
provided some information.
The address provided is incomplete.
FINANCIAL
ANALYSIS
|
An
exempt private company with an annual turnover of ≤ SGD10 million, or
total assets ≤ SGD10 million or number of employees ≤ 50 (meet at
least 2 criteria for immediate past two financial years) are exempted from
statutory auditing requirements. The Subject is not required to have their
accounts audited. However, the Subject will prepare unaudited accounts for
purposes of AGMs and filing with Registry Office if it is unable to meet all
its obligations as and when they fall due. |
||||||
|
Overall
financial condition of the Subject : N/A |
||||||
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK
|
Major
Economic Indicators : |
2012 |
2013 |
2014 |
2015 |
2016* |
|
|
|||||
|
Population
(Million) |
5.31 |
5.40 |
5.47 |
5.54 |
5.63 |
|
Gross
Domestic Products ( % ) |
1.3 |
3.7 |
(3.5) |
3.7 |
4.8 |
|
Consumer
Price Index |
4.6 |
2.4 |
2.4 |
(0.5) |
(0.7) |
|
Total
Imports (Million) |
474,554.0 |
466,762.0 |
463,779.1 |
407,767.9 |
398,372.0 |
|
Total
Exports (Million) |
510,329.0 |
513,391.0 |
518,922.7 |
476,285.4 |
468,552.0 |
|
|
|||||
|
Unemployment
Rate (%) |
2.0 |
1.9 |
1.9 |
1.9 |
2.1 |
|
Tourist
Arrival (Million) |
14.49 |
15.46 |
15.01 |
15.23 |
16.28 |
|
Hotel
Occupancy Rate (%) |
86.4 |
86.3 |
85.5 |
85.0 |
- |
|
Cellular
Phone Subscriber (Million) |
1.52 |
1.97 |
1.98 |
1.99 |
- |
|
|
|||||
|
Registration
of New Companies (No.) |
31,892 |
37,288 |
41,589 |
34,243 |
35,528 |
|
Registration
of New Companies (%) |
(1.3) |
9.8 |
11.5 |
(17.7) |
3.8 |
|
Liquidation
of Companies (No.) |
17,218 |
17,369 |
18,767 |
21,384 |
- |
|
Liquidation
of Companies (%) |
9.4 |
(5.3) |
8.0 |
13.9 |
- |
|
|
|||||
|
Registration
of New Businesses (No.) |
24,788 |
22,893 |
35,773 |
28,480 |
33,326 |
|
Registration
of New Businesses (%) |
5.51 |
1.70 |
56.30 |
(20.39) |
17.02 |
|
Liquidation
of Businesses (No.) |
22,489 |
22,598 |
22,098 |
26,116 |
- |
|
Liquidation
of Businesses (%) |
(2.2) |
0.5 |
(2.2) |
18.2 |
- |
|
|
|||||
|
Bankruptcy
Orders (No.) |
1,748 |
1,992 |
1,757 |
1,776 |
- |
|
Bankruptcy
Orders (%) |
14.5 |
14.0 |
(11.8) |
1.0 |
- |
|
Bankruptcy
Discharges (No.) |
1,881 |
2,584 |
3,546 |
3,499 |
- |
|
Bankruptcy
Discharges (%) |
35.2 |
37.4 |
37.2 |
(1.3) |
- |
|
|
|||||
|
INDUSTRIES
( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production
of Principal Crops |
5.16 |
1.78 |
4.29 |
3.04 |
- |
|
Fish
Supply & Wholesale |
(0.5) |
(3.8) |
(8.6) |
(8.5) |
(9.9) |
|
|
|||||
|
Manufacturing
# |
|||||
|
Food,
Beverages & Tobacco |
97.9 |
97.9 |
99.4 |
100.0 |
103.7 |
|
Textiles |
140.1 |
119.5 |
102.7 |
100.0 |
93.3 |
|
Wearing
Apparel |
395.4 |
334.1 |
212.6 |
100.0 |
80.3 |
|
Leather
Products & Footwear |
109.5 |
122.0 |
106.5 |
100.0 |
93.2 |
|
Wood
& Wood Products |
93.3 |
103.0 |
107.2 |
100.0 |
90.5 |
|
Paper
& Paper Products |
98.5 |
104.4 |
104.5 |
100.0 |
99.7 |
|
Printing
& Media |
122.8 |
113.8 |
105.968 |
100.0 |
86.9 |
|
Crude
Oil Refineries |
107.1 |
100.7 |
92.2 |
100.0 |
100.5 |
|
Chemical
& Chemical Products |
85.3 |
88.4 |
96.7 |
100.0 |
97.6 |
|
Pharmaceutical
Products |
103.8 |
101.421 |
109.4 |
100.0 |
115.9 |
|
Rubber
& Plastic Products |
113.5 |
109.497 |
109.2 |
100.0 |
87.9 |
|
Non-metallic
Mineral |
108.8 |
107.4 |
90.759 |
100.0 |
93.6 |
|
Basic
Metals |
91.5 |
77.2 |
99.3 |
100.0 |
113.1 |
|
Fabricated
Metal Products |
107.314 |
107.5 |
107.757 |
100.0 |
91.7 |
|
Machinery
& Equipment |
107.3 |
109.1 |
118.2 |
100.0 |
79.3 |
|
Electrical
Machinery |
80.102 |
87.4 |
97.871 |
100.0 |
99.3 |
|
Electronic
Components |
100.7 |
105.0 |
105.6 |
100.0 |
106.3 |
|
Transport
Equipment |
109.9 |
111.1 |
106.68 |
100.0 |
98.7 |
|
|
|||||
|
Construction |
28.70 |
25.40 |
22.00 |
- |
- |
|
Real
Estate |
31.9 |
88.5 |
145.1 |
- |
- |
|
|
|||||
|
Services |
|||||
|
Electricity,
Gas & Water |
6.30 |
6.70 |
6.50 |
- |
- |
|
Transport,
Storage & Communication |
5.30 |
9.80 |
14.20 |
- |
- |
|
Finance
& Insurance |
0.50 |
3.30 |
6.00 |
- |
7.40 |
|
Government
Services |
6.00 |
6.50 |
6.30 |
- |
- |
|
Education
Services |
0.30 |
3.10 |
5.98 |
- |
2.40 |
|
|
|||||
|
*
Estimate / Preliminary |
|||||
|
#
Based on Index of Industrial Production (2015 = 100) |
INDUSTRY
ANALYSIS
|
INDUSTRY
: |
TRADING |
|
The
wholesale & retail trade sector expanded by 6.8% in the third quarter of
2015, higher than the 6.0% growth in the preceding quarter. Growth was
supported by both the wholesale trade and retail trade segments. The
wholesale trade segment was boosted by an increase in both domestic and
foreign wholesale trade sales volume. In particular, the domestic wholesale
trade index rose by 7.4%, following the 8.1 % increase in the previous
quarter. The strong performance in domestic wholesale trade was due to a
surge in the sales of petroleum and petroleum products (14%), chemicals &
chemical products (39%) and telecommunications & computers (18%). |
|
|
Similarly,
the foreign wholesale trade index rose by 10% in the third quarter of 2015, accelerating
from the 6.9% rise in the previous quarter. Growth was driven by improvements
in the sales of petroleum & petroleum products (21%), metals, timber
& construction materials (10%) and general wholesale trade (8.8%). |
|
|
Overall
retail trade sales volume also recorded resilient growth of 5.6% in the third
quarter of 2015, extending the 6.4 % expansion in the second quarter. Growth
was supported by a surge in the volume of motor vehicle sales (44%), which
was in turn due to a substantial increase in the supply of Certificate of
Entitlements. Excluding motor vehicles, retail sales volume increased at a
much slower pace of 0.7% over the same period. The increase in retail sales
volume (excluding motor vehicles) was due to improved non-discretionary goods
sales. For instance, the sales of medical goods & toiletries and
department store goods rose by 8.1% and 3.6% respectively. |
|
|
According
to the Retail News Asia, Food and beverage has overtaken fashion as the primary
driver of demand for retail real estate in Singapore. Despite declining
retail sales and consumer spending, the prime retail sector remained in good
shape during the third quarter 2015. |
|
|
OVERALL
INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
Incorporated
in 2008, the Subject is an Exempt Private company, focusing on trading of air
filters, dryers and others. Having been in business for more than 5 years,
the Subject has established a remarkable clientele base for itself which has
contributed to its business growth. With an issued and paid up capital of SGD
733,000 contributed by individual shareholders, the Subject may face
difficulties in its attempt to further expand its business in the future. Thus,
the Subject should put more efforts on its business to gain higher market
share while competing aggressively in the market. |
FINANCIAL
ACCOUNT
No latest financial accounts are available at the Registry Office.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.50 |
|
|
1 |
INR 90.92 |
|
Euro |
1 |
INR 79.07 |
|
SGD |
1 |
INR 48.62 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
POJ |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.