MIRA
INFORM REPORT
|
Report Date : |
05.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
AKZO
NOBEL COATINGS INDIA PRIVATE LIMITED (w.e.f. 11.12.198) |
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|
|
Formerly Known
As : |
COURTAULDS
COATINGS AND SEALANTS [ |
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Registered
Office : |
Plot No. 62P,
62A, 62B and 43SE, Hoskote Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.05.1994 |
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Com. Reg. No.: |
08 - 024968 |
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CIN No.: [Company
Identification No.] |
U24222KA1999PTC024968 |
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TAN No.: (Tax
Deduction & Collection Account No.) |
BLRA05028C |
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PAN No.: (Permanent
Account No.) |
AAACC5072B |
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Legal Form : |
Private Limited Liability
Company |
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Line of
Business : |
Manufactures and sells protective and specialist coatings
for the shipping, oil, gas and chemical industries |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 4100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of AKZO Nobel Holdings BV, The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered
Office/ Head Office : |
Plot No. 62P,
62A, 62B and 43SE, Hoskote Industrial Area, |
|
Tel No.: |
91 – 80- 2289 5000 / 27971306 |
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Fax No.: |
91 – 80- 2289 5500 / 27971305 |
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E-Mail : |
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Website : |
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Corporate
Office : |
Village: Jetpura,
Via-Merda- Adaraj, Taluka: Kadi, Dist: Mehsana 382271, |
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Tel. No.: |
91-2764 –
285656, 91- 2764-285119 |
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Fax No.: |
91- 2764- 285370,
91- 79-26843909 |
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Factory 1 : |
Plot No. 62P,
Hoskote Industrial Area, Hoskote, |
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Tel. No.: |
91-80-27971502 –
5/ 27971036/ 2715025 |
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Fax No.: |
91-80-27971305/
2713005 |
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E-Mail : |
Abhishek.t@internationalpaint.com,
harvinderkalsi@ameyaindia.com |
|
Area : |
80,000sq.fts. (Owned) |
|
Location : |
Owned |
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Factory 2 : |
A-1, |
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Tel. No.: |
91-265-2336141-3/
3095139-40 |
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Fax No.: |
91-265-2331494 |
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Branch: |
Mumbai: 201,
Shilpin Centre, 40 G D Ambedkar Marg, Wadala (East), Mumbai – 400 031, |
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Tel No.: |
91 –
22-24103340, 24124219 |
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Fax No.: |
91-22-24104359 |
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Overseas
Office: |
v
Akzo Nobel Non-Stick Coating v
521 Santa Rosa Dr. Des Plaines, IL 60018, USA v Akzo Nobel Coating Spa. Via Emila, 2 26861 Fombio (LO)
v
Akzo Nobel Non-Stick
Coating Dalingshan Science and v Akzo Nobel –
Decorative Coatings Rodovia Raposo Tavares, Km
18,5, 05577-300 - |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Ramakrishnan
Bharathan |
|
Designation : |
Managing Director |
|
Address : |
Flat No. A 14,
Cedar Sherwood Apts, |
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Date of
Birth/Age : |
18.01.1957 |
|
Date of
Appointment : |
01.06.2010 |
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|
Name : |
Mr. C. M. Maniar |
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Designation : |
Chairman |
|
Address : |
Garden House, |
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Date of
Birth/Age : |
04.12.1935 |
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Date of
Appointment : |
30.05.1994 |
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|
Name : |
Mr. Faroukh
Kavarana |
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Designation : |
Director |
|
Address : |
Tata Sons, 24 |
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Date of
Birth/Age : |
17.03.1944 |
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Date of
Appointment : |
01.10.2001 |
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Name : |
Mr. Ashok Dayal |
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Designation : |
Director |
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Address : |
1/28, Shanthi
Niketan, Rao Tula Ram Marg, |
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Date of
Birth/Age : |
02.06.1937 |
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Date of
Appointment : |
10.05.1996 |
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Name : |
Mr. Sekharipuram Krishnan Kalyana Krishnan |
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Designation : |
Director |
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Address : |
15, Currie House, Mazagondoc K Officer, Residential Complex, |
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Date of
Birth/Age : |
26.07.1948 |
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Date of Appointment : |
01.04.2009 |
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Name : |
Mr. Huat Teck Tan
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|
Designation : |
Director |
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Address : |
“Tata Sons” 24, |
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Date
of Birth/Age : |
18.01.1995 |
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Date of Appointment
: |
20.03.2001 |
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Name
: |
Ms.
Angela Choong |
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Designation
: |
Director |
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Address
: |
48A, |
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Date
of Birth/Age : |
23.09.2002 |
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Date of
Appointment : |
23.09.2002 |
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|
Name : |
Mr. Krishnan
Kalyana |
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Director : |
Director
|
|
Address : |
Residential
Complex, |
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|
Name : |
Mr.
S. Ishwar |
|
Designation : |
Managing
Director |
|
Address : |
403, 1st Cross 6th Main, Hal 2nd
Stage, Indiranagar – 560038, |
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Date
of Birth/Age : |
19.02.1960 |
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Date of
Appointment : |
07.06.1994 |
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|
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KEY EXECUTIVES
|
Name : |
Mr. Ramkrishnan B |
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Designation : |
G.M- M and PC Sales |
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Date of Birth/Age : |
52 Years |
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Qualification : |
B, Sc. DMM, DMS |
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Experience : |
31 Years |
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Date of Appointment : |
04.05.1995 |
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Previous Employment : |
Asian Paints |
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|
Name : |
Mr. Binoy Chakraborty |
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Designation : |
G.M. IF-Coil Extrusion Coatings |
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Date of Birth/Age : |
49 Years |
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Qualification : |
B.Tech, M. tech, M.B.A. |
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Experience : |
26 Years |
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Date of Appointment : |
14.05.1995 |
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Previous Employment : |
ICI Paints India Private Limited |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Akzo Nobel |
|
765625 |
|
Mr. S Ishwar |
|
30 |
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|
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Total |
|
765655 |
AS ON 30.09.2010
|
Category |
|
Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures and sells protective and specialist
coatings for the shipping, oil, gas and chemical industries |
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Brand Name : |
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PRODUCTION STATUS AS ON 31.03.2009
|
Particulars |
Unit |
Licensed
Capacity * |
Installed
Capacity** |
Actual
Production |
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|
Wet Paints |
Liters |
N.A. |
13580000 |
8403227 |
|
Thinners |
Liters |
N.A. |
- |
1825036 |
|
Powder |
Kgs |
N.A. |
3800000 |
1975724 |
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|
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Notes:
* The Company is exempt
from the licensing provisions of the Industries (Development Regulation) Act,
1951.
** Installed capacities are
as certified by management and have not been verified by the auditors as this
is a technical matter.
- Installed capacity is
common for wet paints and thinners and cannot be individually segregated.
GENERAL INFORMATION
|
No. of Employees : |
550 (Approximately) |
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Bankers : |
·
Deutsche
Bank AG, ·
Deutsche
Bank, Hazarimal Somani Marg, Fort, ·
·
Deutsche
Bank, ·
ABN
Amro Bank ·
Bank
of ·
State
Bank of ·
Hatton
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Facilities : |
* represent deferment of sales tax for a period of seven years from 4 November
1997 under the state Incentives Scheme. The amount has been fully paid during
the year. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
BSR and Company Chartered
Accountants |
|
Address : |
Maruthi
Info-Tech Centre, 11-12/1, |
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Tel No.: |
91 –
80- 41766000 |
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Fax No.: |
91 –
80- 41766999 |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42000000 |
Equity Shares |
Rs. 10/- each |
Rs. 420.000 millions |
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
765655 |
Equity Shares |
Rs. 10/- each |
Rs. 7.657 millions |
|
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|
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|
Note :
Of the above 765625 equity shares of Rs. 10/-
each are held by Akzo Nobel Coatings International B. V.,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
7.657 |
7.657 |
7.657 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1009.989 |
699.785 |
531.209 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1017.646 |
707.442 |
538.866 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
490.000 |
502.064 |
556.317 |
|
|
TOTAL BORROWING |
490.000 |
502.064 |
556.317 |
|
|
DEFERRED TAX LIABILITIES |
1.555 |
5.907 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1509.201 |
1215.413 |
1095.183 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
376.400 |
384.537 |
350.221 |
|
|
Capital work-in-progress |
173.156 |
64.145 |
43.076 |
|
|
|
|
|
|
|
|
INVESTMENT |
26.897 |
0.005 |
0.005 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
23.282 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
427.946
|
388.408
|
363.764 |
|
|
Sundry Debtors |
829.123
|
692.504
|
702.881 |
|
|
Cash & Bank Balances |
427.690
|
326.710
|
148.401 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
88.573
|
104.585
|
121.037 |
|
Total
Current Assets |
1773.332
|
1512.207
|
1336.083 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
594.229
|
526.183
|
461.130 |
|
|
Other Current Liabilities |
198.801
|
154.584
|
152.678 |
|
|
Provisions |
47.554
|
64.714
|
43.676 |
|
Total
Current Liabilities |
840.584
|
745.481
|
657.484 |
|
|
Net Current Assets |
932.748
|
766.726
|
678.599 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1509.201 |
1215.413 |
1095.183 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
Income |
|
3034.975 |
2710.965 |
|
|
|
Other Income |
|
|
17.112 |
|
|
|
TOTAL (A) |
3529.012 |
3034.975 |
2728.077 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
|
1798.998 |
|
|
|
Employee Costs |
|
|
216.575 |
|
|
|
Operating Expenses |
|
|
404.414 |
|
|
|
TOTAL (B) |
3064.841 |
2712.047 |
2419.987 |
|
|
|
[Including
Depreciation and Financial Expenses] |
[Including
Depreciation and Financial Expenses] |
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
-- |
308.090 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
-- |
39.214 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
-- |
268.876 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
-- |
48.488 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
464.171 |
322.928 |
220.388 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
153.967 |
154.352 |
(16.813) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
310.204 |
168.576 |
237.201 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
531.209 |
306.958 |
|
|
|
|
|
|
|
|
|
Less |
Transitional adjustment in accordance with revised AS 15 |
NA |
NA |
12.950 |
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
531.209 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
408.018 |
502.260 |
414.549 |
|
|
|
Commission Earnings |
9.325 |
3.797 |
0.518 |
|
|
TOTAL EARNINGS |
417.343 |
506.057 |
415.067 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
726.872 |
673.119 |
445.924 |
|
|
|
Stores & Spares |
6.923 |
4.244 |
2.200 |
|
|
|
Capital Goods |
2.348 |
20.479 |
42.905 |
|
|
TOTAL IMPORTS |
736.143 |
697.842 |
491.029 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
405.15 |
310 |
277 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.79 |
5.55
|
8.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.15 |
--
|
8.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.59 |
17.03
|
13.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45 |
0.46
|
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.30 |
1.76
|
2.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.10 |
2.03
|
2.03 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND
Subject ("the
Company") was incorporated on 30 May 1994 as Courtaulds Coatings and
Sealants (
The Company
manufactures and sells protective and specialist coatings for the shipping,
oil, gas and chemical industries (under the brand name 'International'). The
Company also manufactures and sell powder coatings (under the brand name
'Interpon') for domestic appliances, automotive components, architectural
extrusions, internal and external lacquers for metal cans and closures and
other industrial products, coatings and sealant for the aerospace industry.
HISTORY
Subject was incorporated on 30.05.1994 as “Courtaulds Coatings and
Sealants (
The name of the company was changed to Akzo Nobel Coatings India Private
Limited on 11.12.1998 following a worldwide acquisition of the Courtaulds group
by the Akzo Nobel group.
The subject company is engaged in business of manufacturing protective
and specialist coatings for the shipping oil, gas and chemical industries
(under the brand Name ‘International’)
The subject is also manufacturing powder coatings (under the brand name
‘Interpon’) for domestic appliances, automotive components, architectural extrusions,
internal and external lacquers for metal cans and closures and other industrial
products, coatings and sealant for the aerospace industry.
FIXED ASSETS
- Building
- Plant and
Machinery
- Lab Equipment
- Office Equipment
- Computer
- Furniture and
Fixture
Form 8
Particular for creation or modification of
charges
|
Name of the
company |
AKZO NOBEL
COATINGS INDIA PRIVATE LIMITED |
|
Presented By |
DEUTSCHE BANK
AG, |
|
1) Date and
description of instrument creating the change |
20.12.1997 Deed and
hypothecation of stocks and book debts |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.710.000
millions |
|
3) Short particular
of the property charged. If the property acquired is subject to charge, date
of the acquired of the property should be given |
Hypothecation of
the whole of the present and future stock in trade consisting of raw
materials, goods in process, semi finished and finished goods, stores, spares
parts and all book debts, outstanding, monies, receivable, claims, bills etc.
belonging to the company. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest and
margin as applicable from time to time Repayable on
demand. |
|
5) Name and
Address and description of the person entitled to the charge. |
Deutsche Bank AG |
|
6) Date and brief description of instrument
modifying the charge |
04.01.2002 First
supplemental deed of hypothecation of stocks and book debts |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
Limit reduved
from Rs.710.000 millions to Rs.350.000 millions All other terms
and conditions to continue. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record exists
to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.65 |
|
|
1 |
Rs.71.92 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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%)
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 report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.