MIRA INFORM REPORT

Report Date :

06.08.2011

IDENTIFICATION DETAILS

Name :	REMEDICA HOLDINGS PUBLIC COMPANY LIMITED
Registered Office :	Limassol Industrial Area, Acharnon Street Limassol 3056 Limassol
Country :	Cyprus
Financials (as on) :	31.12.2009
Date of Incorporation :	01.01.1960
Com. Reg. No.:	C3559 Nicosia
Legal Form :	Public Limited Liability Company
Line of Business :	Manufacture of medical and dental instruments and supplies

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	EUR 296,000.00
Status :	Moderate
Payment Behaviour :	No Complaints
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^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Cyprus	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Name & Address

Correct Registered Name:

REMEDICA HOLDINGS PUBLIC COMPANY LIMITED

Address:

Limassol Industrial Area, Acharnon Street Limassol 3056 Limassol CYPRUS

P.O.Box:

51706 - 3508 Limassol

Telephone:

+357-25553000 +357-25393444 +357-25392010

Fax:	+357-25390192

Email:

info@remedica.com.cy

Web:	www.remedica.com.cy

Business address:

Limassol Industrial Area, Acharnon Street Limassol 3056 Limassol CYPRUS

Summary of Ratings

Maximum Credit:

EUR 296,000.00

Payment

PAYMENT HABITS:

No Complaints

Good For Amount & Terms Of Inquiry:

Too high Safer to split the amount in three lots

Commercial Morality:

Very good

Financial Strength:

Good

Credit Rating:

Low Risk

Legal Status

Legal Form:

Public Limited Liability Company Public Limited Liability Company: At least seven persons are necessary for the incorporation of a Public Limited Liability Company. Such company issues a prospectus setting out its business objectives and invites the public to subscribe for its shares. Capital is required but there is no minimum or maximum amount. The liability of the shareholders extents to the amount of the value of their shares. A public company may obtain a listing on the Cyprus Stock Exchange. Public companies are obliged to publish their financial accounts.

Date of foundation:

01.01.1960

Registration number and city:

C3559 Nicosia

Registration date:

08.04.1971

Present Style Adopted on:

20.12.2000

Former legal form:

Private Limited Liability Company, valid since: 08.04.1971 Public Limited Liability Company, valid since: 05.12.2000

Former registration name:

PATTICHIS CHEMICAL COMPANY LIMITED, valid since: 08.04.1971, until: 20.12.2000 REMEDICA HOLDINGS LIMITED, valid since: 20.12.2000, until: 30.08.2005

National ID: C3559

Former company names:

PATTICHIS CHEMICAL COMPANY LIMITED REMEDICA HOLDINGS LIMITED

Former Legal Form:

Private Limited Liability Company valid since: 08.04.1971 Public Limited Liability Company valid since: 05.12.2000

Company Status

Registration status: 08.04.1971 - registered company
Activity status: 1960 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
Mr. Emilios Savvides	435479	Shareholder	CYPRUS	0.00% 2 Ordinary	23, Souliou Street 3016 Limassol CYPRUS
Mr. Christakis Pattichis	117645	Shareholder	CYPRUS	2.96% 1,269,038 Ordinary	10, Christou Christovasili Street Limassol 3091 Limassol CYPRUS
Mr. Charalambos Pattichis	633304	Shareholder	CYPRUS	55.56% 23,802,913 Ordinary	2,Giacemion Street Limassol 4043 Germasogia CYPRUS
Mrs. Margarita Pattichis	674491	Shareholder	CYPRUS	41.48% 17,768,488 Ordinary	10, Cristou Christovasili Street Limassol 3091 Limassol CYPRUS
Ms. Katerina Pattichi	633306	Shareholder	CYPRUS	0.00% 2 Ordinary	11, Christou Christovasili Street 3091 Limassol CYPRUS
Ms. Christiana Pattichi	674535	Shareholder	CYPRUS	0.00% 4 Ordinary	11, Christou Christovasili Street 3091 Limassol CYPRUS
Ms. Andri Aristotelous		Shareholder	CYPRUS	0.00% 2 Ordinary	3A, Chrysosoteros Street 4152 Limassol CYPRUS

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
P & D SECRETARIAL SERVICES LIMITED			Secretary				Agathangelos Court, 3rd Floor, Office 303, 10, Georgiou Gennadiou Street Limassol 3041 Limassol CYPRUS
Mr. Emilios Savvides	435479	62	Director / General Manager	CYPRUS	Non Retrievable	Also director of M.E.V.A. LEMESOU LIMITED.	23, Souliou Street 3016 Limassol CYPRUS
Mr. Christakis Pattichis	117645	84	Chairman	CYPRUS	Degree in Chemical Engineering University.	Also director of REMEDICA HOLDINGS PUBLIC COMPANY LIMITED	10, Christou Christovasili Street Limassol 3091 Limassol CYPRUS
Mr. Charalambos Pattichis	633304	47	Managing Director	CYPRUS	Degree in Chemistry University.	Also director and shareholder of REMEDICA HOLDINGS PUBLIC COMPANY LIMITED	2,Giacemion Street Limassol 4043 Germasogia CYPRUS
Mr. Stuart Ashworth		60	Director	UNITED KINGDOM	Non Disclosed.	Non Disclosed.	Melanos Avenue 8060 Paphos CYPRUS
Mr. David Garberton			Director (Former Director)	UNITED KINGDOM	Non Disclosed.	Non Disclosed.	Bishod Devon Cheritton UNITED KINGDOM
Mr. Loucas Eleftheriou	418096	63	Alternative Director of (Mr Emilios Savvides)	CYPRUS	Non Retrievable	Non Retrievable	5, Ayias Varnavas Street 3065 Limassol CYPRUS
Mrs. Margarita Pattichis	674491	69	Director	CYPRUS	Non Discloed.	Also Director and shareholder of REMEDICA HOLDINGS PUBLIC COMPANY LIMITED.	10, Cristou Christovasili Street Limassol 3091 Limassol CYPRUS
Ms. Andry Aristotelous	464607	59	Alternative Director of (Mr Charalambos Pattichis)	CYPRUS	Non retrievable	Non retrievable	Kato Polemidia, 3A, Chrisosotirou Street Limassol 4152 Limassol CYPRUS
Ms. Maria Michael	586329	52	Alternative Director of (Mr Christakis Pattichis)	CYPRUS	Non retrievable	Non retrievable	10, Mironos Street 3035 Limassol CYPRUS
Prof. Christofer Marriotts			Director	UNITED KINGDOM	Non Disclosed.	Non Disclosed.	150,Franklin-wilkings Building SE18WA London UNITED KINGDOM
Mr. George Gavriel	735358	40	Director (Financial Controller )	CYPRUS	Non Retrievable	Non Retrievable	12, Kalavardon Rodou Street 7573 Larnaca CYPRUS

Activities

Activities:

Importers & Wholesalers & Distributors & Manufacturers & Exporters

Operations:

NACE   3250 Manufacture of medical and dental instruments and supplies   2110 Manufacture of basic pharmaceutical products   4646 Wholesale of pharmaceutical goods SIC   main activity   2833 Medicinal Chemicals and Botanical Products   5191 Farm Supplies (except lawn and garden supplies sold via retail method)   2834 Pharmaceutical Preparations The company in question was established in order to get involved with the development, production (100%) and trade on a wholesale basis (100%) of pharmaceutical products for human consumption such as tablets, powders, capsules, liquids, aerosols, pessaries etc. The company imports around 90% of raw materials and exports 90% of their production worldwide. through a selective network of representatives. They also maintain 4 vehicles for Distribution activities (the group maintains 20 vehicles). The company’s product range includes therapeutic categories such as antibiotics, analgesics, cardiovascular drugs, CNS agents, drugs for the GItract, diuretics, antihistamines, antidiabetics, antiparkinsonian agents, hormones and synthetic substitutes, vitamins, cough medicines and expectorants, and more. They produce a variety of pharmaceutical dosage forms, including tablets, capsules, creams, ointments, aerosols, pessaries, suppositories, liquids, powders. Business Activities Pharmaceutical and Pharmaceutical Products Pharmacies Medicines Trading Pharmaceutical Products - Wholesale and Manufacturers Hospital Equipment - Supplies and Maintenance Dental Equipment Supplies Medicines Distributors Pharmaceutical Products Industry Classifications - NAICS » Pharmaceutical Preparation Manufacturing » Pharmaceutical and Medicine Manufacturing » Pharmaceutical Preparation Manufacturing » Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers » Drugs and Druggists' Sundries Merchant Wholesalers » Other Chemical and Allied Products Merchant Wholesalers » Pharmacies and Drug Stores

Motor Vehicles

	2011
Number of vans	owned: 4
Total number of vehicles	4

Imports

EUROPE, CHINA, INDIA: 90% of import
Payment terms:
Special Agreements

Exports

UNITED KINGDOM, AUSTRALIA, NEW ZEALAND, EUROPE, GERMANY, DENMARK, AFRICA, FAR EAST: 90% of export
Payment terms:
O/A (Open Account) 90 days

Agencies

Non Retrievable

Trade Suppliers

None Retrievable

Workforce

Number Of Employees:

450

Description Of Premises

Address:	Limassol Industrial Area, Acharnon Street Limassol 3056 Limassol CYPRUS
Type of premises:	Premises
Type of ownership:	shared

Headquarters:

The company is operating from 3-storey premises, which are located at the address given overleaf. Their premises comprised of a modern and well equipped factory, the offices and warehouses. They share premises with the related companies.

Branches:

Subject maintains 1 branch: 'REMEDICA HOLDINGS LIMITED' Arkadias Street, Pallouriotissa, Cyprus. These are leased office premises. Operates as warehouse and distribution center.

Related Companies

Affiliated Company
CHR. PATTICHIS INVESTMENTS LIMITED , CYPRUS , National ID: C116772

Affiliated Company
INTERPAK LIMITED , CYPRUS , National ID: C3562

Affiliated Company
M.E.B.A. LEMESOU LIMITED , CYPRUS , National ID: C67378

Affiliated Company
PATTICHIS CHEMICAL INDUSTRIES LIMITED , CYPRUS , National ID: C120769

Subsidiary Company
REMEDICA LIMITED , CYPRUS , National ID: C14435

PLEASE NOTE ADDITIONAL INFORMATION ON RELATED COMPANIES:


"Interpak Limited" - Affiliated Company registered in Cyprus under the registration number CC3562. This concern is involved with the trade of pharmaceutical products for human consumption.

"Remedica Limited” - Subsidiary Company registered in Cyprus on 30.07.1980 under the registration number C14435. They are acting as manufacturers of pharmaceutical products. They have been awarded with several prizes for exports since most of their production is exported (about 95%). Their premises are located next to the factory of the company in question, which is located at the address given overleaf.

"Chr. Pattichis Investments Limited” – Affiliated company registered in Cyprus in 2000 under the registration number C116772. Operates as an Investment Company.

"Pattichis Chemical Industries Limited" – Affiliated company registered in Cyprus in 2001 under the registration number C120769.

"M.E.B.A. LEMESOU LIMITED" - Affiliated company registered in Cyprus in 14.12.1994 under the registration number C67378.

Bankers

BANK OF CYPRUS PUBLIC COMPANY LIMITED
117, Arch.Makarios III Ave, 3021 Limassol,Tel.:357 25855700 Fax:357 25335029

MARFIN POPULAR BANK PUBLIC CO LTD
121-123 Arch. Makarios III,P.O. Box 51139,City Area, Limassol,Tel:357 25750000, Fax:357 25854723


Account numbers are not disclosed.

Press

14.10.2008, http://www.politis-news.com/cgibin/hweb?-A=826612&
Pharmaceutical industry Remedica with the Branch of Medical Visitors of KES COLLEGE T[in] Tuesday 07/10/08, in the Annex of KES COLLEGE, was realised the official statement of collaboration between pharmaceutical industry Remedica Ltd and the Branch of Medical Visitors of KES COLLEGE. The statement was realised by the Marketing director of company Remedica Ltd, Mr Andrea Chatzipanagi. Pharmaceutical industry Remedica Ltd is activated very successfully in the manufacturing industry pharmaceutical products and has received several rewards of exports. The company Remedica, in the frames of her social offer and effort of promotion of education and health in Cyprus offers in KES COLLEGE, from academic year 2008-09, an employment contract in the company Remedica for the two first graduates of the Branch of Medical Visitors, which will graduate in June of each year. It is also offered pecuniary reward of 200 Euros in the graduate of Branch with the better record, which of course will be engaged (provided that it wishes to) by Remedica.

Auditors / Accountants

Date: 31.12.2009
Financials have been audited
Company: BDO Philippides Limited, 146, Archbishop Makariou III Avenue, Alpha Tower, 3021 Limassol, Cyprus. Tel: +35722496000.

Share Capital

Registered capital:	EUR 51,000,000.00 since 01.01.2008
Number of Ordinary:	150,000,000
Value per share of Ordinary:	EUR 0.34
Issued capital:	EUR 14,565,752.66 since 01.01.2008
Number of Ordinary:	42840449
Value per share of Ordinary:	EUR 0.34
Paid-up capital:	EUR 14,565,752.66 since 01.01.2008

Charges

None in current years

Finance

	2009	2008	2007	2006
PROFIT & LOSS
Sales Turnover	11855906 EUR	13740911 EUR	18765272 CYP	17953256 CYP
Cost of Sales	-9618932 EUR	-11169403 EUR	-13196130 CYP	-11627519 CYP
Gross Profit	2236974 EUR	2571508 EUR	5569142 CYP	6325737 CYP
Other Operating Income		2837640 EUR	383422 CYP	311142 CYP
Selling / Distribution / Promotional Expenses	-936359 EUR	-748868 EUR	-1574030 CYP	-1709382 CYP
Administrative Expenses	-391567 EUR	-349391 EUR	-1085651 CYP	-956806 CYP
Operational Profit	909048 EUR	4310889 EUR	3292883 CYP	3970691 CYP
Finance Costs	-33043 EUR		-995973 CYP	-658263 CYP
Financial Income	3330000 EUR	120882 EUR
Profit Before Taxation	4206005 EUR	4431771 EUR	2296910 CYP	3312428 CYP
Corporate Income Tax	-97631 EUR	-151049 EUR	-287459 CYP	-413308 CYP
Profit After Taxation			2009451 CYP	2899120 CYP
Net Profit	4108374 EUR	4280722 EUR
BALANCE SHEET
Property, Plant & Equipment	1248052 EUR	1343448 EUR	5509329 CYP	5382270 CYP
Investment in Affiliated and Associated Units	12052868 EUR	12052868 EUR
Total Fixed Assets	13300920 EUR	13396316 EUR	5509329 CYP	5382270 CYP
Inventory / Stock	146239 EUR		3679169 CYP	2670437 CYP
Trade Debtors (receivables from customer)	1338064 EUR	5989148 EUR	5848215 CYP	6022946 CYP
Taxation Receivable	279130 EUR		342258 CYP	279102 CYP
Cash in Hand & at Bank	4007736 EUR	4011400 EUR	10007645 CYP	6134413 CYP
Claims towards associated companies	6772368 EUR
Total Current Assets	12543538 EUR	10000548 EUR	19877287 CYP	15106898 CYP
Total Assets	25844457 EUR	23396864 EUR	25386616 CYP	20489168 CYP
Reserves	73698 EUR	73698 EUR
Other Reserves			78225 CYP	78225 CYP
Retained Profit / Earnings) for the year	5756084 EUR	4646545 EUR	11650017 CYP	10154652 CYP
Total Equity	20395534 EUR	19285996 EUR	20296332 CYP	18800967 CYP
CURRENT LIABILITIES	-24565 EUR
Trade Creditors	5473489 EUR	3566768 EUR	1778887 CYP	1660976 CYP
Taxation Due		544100 EUR
Bank Overdraft			3311397 CYP	27225 CYP
Total Current Liabilities	5448923 EUR	4110868 EUR	5090284 CYP	1688201 CYP
Total Equity & Liabilities	25844457 EUR	23396864 EUR	25386616 CYP	20489168 CYP
SHARE CAPITAL	14565753 EUR	14565753 EUR	8568090 CYP	8568090 CYP

Financial Statements were provided by the subject.

Please note that the financial figures for years 2009 and 2008 are individual figures for the subject and are expressed in EURO, while figures for years 2007 and before are the consolitated accounts of the company and are expressed in Cyprus Pounds.

In addition, note that the financial figures for year 2009 are draft figures.

Financial accounts are available at the Department of Registrar of Companies, provided that the company has submitted the compulsory accounts.

The annual general meeting of a company is convened within eighteen months of the date of its registration. Forty two days later the company should file its first annual return with the Registrar of Companies. Once a year, the annual return must be submitted. This should be done within fifteen months from the previous annual return, without disregarding the calendar year (sections 118, 120 and 125 cap. 113).

All Cypriot Companies, whether local or international, must maintain accurate books of accounts, which should reflect the true and correct position of their conduct, as well as give adequate explanation of their operations.

The Cypriot Company Law, which is closely modeled on its English counterpart, entails that company accounts must comprise of the following:

- Directors' report.

- Auditor's report.

- Financial statements as prescribed by International Financial Reporting Standards (IFRS) and consolidated Financial Statements in case of parent companies (unless specifically exempted).

Audited financial statements and an Income Tax Return are required for all companies, even companies with no taxable income and/or dormant companies.

Registered Branches (in Cyprus) of foreign companies are not legally bound to compile full separate branch accounts however when taxed on the island, are obliged to do so for income tax purposes.

Additionally they have to submit accounts of the main company, translated into Greek, to the Department of Registrar of Companies.

Partnerships are exempt from any requirement to prepare audited accounts, but they are legally bound to keep proper books of account which must be available for scrutiny by individual partners.

Ratios

	2009	2008	2007	2006
Current ratio - 2 is an acceptable result, but even 1,8 is considered excellent in bank practice Current Assets / Current Liabilities	2.30	2.43	3.90	8.95
Quick ratio (QR ) - 1 is an excellent result, but anything above 0,8 is considered good (Current Assets - Inventory) / Current Liabilities	2.30	2.43	3.90	8.95
Return on assets ( ROA ) Net Profit After Tax / Total assets	0.16	0.18	-	-
Return on equity ( ROE ) Net Profit After Tax / Total Equity	0.20	0.22	-	-
Return on sales ( ROS ) Net Profit x 100 / Sales Turnover	34.65	31.15	-	-
Day's supply in inventory Sales Turnover / Inventory	81.07	-	5.10	6.72
Collection Period Ratio (in days) Accounts Receivable x 365 / Sales Turnover	41.19	159.09	113.75	122.45
Cash Liquidity Ratio Liquid Assests / Current Liabilities x 100	73.55	97.58	196.60	363.37
Receivables Ratio (%) Accounts Receivable / Current Liabilities x 100	24.56	145.69	114.89	356.77
Current Assets Ratio (%) (Current Assets - Accounts Receivable) / Current Liabilities x 100	230.20	243.27	390.49	894.85
Shareholder Equity Increase Ratio (%) Total Equity / Share Capital x 100	140.02	132.41	236.88	219.43

GENERAL COMMENTS

Mr. Pattichis started his premises in 1960 by setting up a plant for producing carbondioxide (CO2). In 1971 he incorporated "Pattichis Chemical Ltd" and started manufacturing aerosol, cosmetics and insecticides.

Later on, the production of CO2 as well as aerosol, cosmetics insecticides, house cleaning chemicals, etc., has stopped and they have started the production of pharmaceuticals, exclusively.

About 90% of the company’s production is exported to 80 countries all over the world. The company is closely co-operated with its sister company "Remedica Limited”.

In 2000, the company became a Public concern and changed also its name to "Remedica Holdings Limited".

We contacted the company in question and talked to Mr Michalis Cocconis, financial controller, who confirmed the details of this report. In addition, Mr Cocconis stated that the finacial statements of year 2010 will be audited by the end of September 2011. Finally, Mr Cocconis provided us with an estimation of the sales turnover for the year 2010, amounting to 18,9 million Euro.

A check against our records revealed that no negative payment incidents against Subject Company, such as unpaid invoices, dishonoured cheques and utility bills, bankruptcies exist etc.


SECTOR ANALYSIS
Wholesale, Industrial, Retail & Services Sectors

The industrial sector, the wholesale and retail trade sector and the services sector are all open to non-resident investors. For the industrial and the wholesale and retail trade sectors, the Central Bank handles applications where foreign participation is below 50%. Where foreign participation exceeds 50%, or the investment is more than CyP750.000, applications are handled jointly by the Central Bank and the Ministry of Commerce, Industry and Tourism.
For services, up to 100% foreign participation is allowed and the Central Bank handles the applications.
Tremetoushiotis Developers Ltd
(Ref: http://www.top-properties.com/legal-information.html)

Contact Person

Mr Michalis Cocconis

Financial Controller

357-25553000

CREDIT RISK EVALUATION
A credit rating assesses the credit worthiness of a company. A poor credit rating indicates a high risk of defaulting on a loan. A Credit rating is estimated based on an analysis of commercial, financial and trading data.

MAXIMUM CREDIT RECOMMENDED
The amount advised is a recommended maximum credit exposure at any one time.

SCALES

Low Risk Rating
Indicates specifically low risk of credit defaulting and is assigned to companies of exceptional credit quality.
Normal Risk Rating
Indicates normal credit risk of default and is assigned to companies of particularly good credit quality.
Average Risk Rating
Indicates average risk of credit defaulting and is assigned to companies of moderate credit quality.
Above Average Risk Rating
Indicates increased risk of credit defaulting and is assigned to companies of low credit quality.
High Risk Rating
Indicates possibility of very high risk of credit defaulting and is assigned to companies of very low credit quality.
N Risk Rating
This is a recently established company.
Unable to provide credit risk rating due to lack of historical data.
X Risk Rating
Indicates the highest risk of credit defaulting and is assigned to companies of extremely low credit quality. (adverse press information, dissolved, bankruptcy procedures, termination of activities, detrimental information)
Nil Risk Rating
Lack of sufficient data. (financial statements overdue or dormant).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.80
UK Pound	1	Rs.72.85
Euro	1	Rs.63.11

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%)

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.