MIRA INFORM REPORT

 

 

Report Date :

18.02.2011

 

IDENTIFICATION DETAILS

 

Name :

VIZAG SEAPORT PRIVATE LIMITED

 

 

Registered Office :

Administrative Block, S4 Gallery, Near GFCL, Visakhapatnam – 530035, Andhra Pradesh

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

24.04.2001

 

 

Com. Reg. No.:

038955

 

 

CIN No.:

[Company Identification No.]

U45203AP2001PTC038955

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

VPNV00943F

 

 

PAN No.:

[Permanent Account No.]

AABCV2484K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Import and Export of Coking Coal, Iron Ore, Gypsum, Manganese Ore, Coke, Steam Coal and Other Bulk Cargo.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 3130940

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a joint venture between Gammon Infra Projects Limited, Lastin Holdings Limited and Precision Shipping Limited.

 

It is an established company having satisfactory track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

In view of strong holding 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Ram

Designation :

Accounts Department

Date :

17.02.2011

 

 

LOCATIONS

 

Registered Office :

Administrative Block, S4 Gallery, Near GFCL, Visakhapatnam – 530035, Andhra Pradesh, India

Tel. No.:

91-891-2556400

Fax No.:

91-891-2556401

E-Mail :

info@vizagseaport.com

Website :

www.vizagseaport.com

 

 

DIRECTORS

 

AS ON 09.07.2010

 

Name :

Mr. Abhijit Jagdish Rajan

Designation :

Director

Address :

Rituraj 1 Military Road, 2 Mittal Park, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

05.01.1961

Date of Appointment :

24.04.2001

 

 

Name :

Mr. Himanshu Vinod Parikh

Designation :

Director

Address :

2A, Rituraj Juhu, Military Road, Opposite Mittal Park, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

21.11.1959

Date of Appointment :

24.04.2001

 

 

Name :

Mr. Kishore Ragam

Designation :

Director

Address :

301, Oakwood Jasti Square, Pandurangapuram, Visakhapatnam – 530003, Andhra Pradesh, India

Date of Birth/Age :

04.05.1957

Date of Appointment :

01.09.2002

 

 

Name :

Mr. Vaitheeswaran Veneemadhavan

Designation :

Director

Address :

B-31, Defence Officers Quarters, East point Colony,  Visakhapatnam – 530017, Andhra Pradesh, India

Date of Birth/Age :

19.04.1958

Date of Appointment :

11.02.2008

 

 

Name :

Mr. Parvez Keki Umrigar

Designation :

Director

Address :

164, Bora Bazar Street, 1st Floor, Fort, Mumbai – 400001, Maharashtra, India

Date of Birth/Age :

02.06.1963

Date of Appointment :

13.07.2001

Date of Ceasing :

09.07.2010

 

 

Name :

Mr. Virachand R Bothra

Designation :

Director

Address :

Sagar Estate, 2 Clive Ghat Street, Kolkata – 700001, West Bengal, India

Date of Birth/Age :

22.10.1971

Date of Appointment :

11.03.2002

 

 

Name :

Mr. Bose Srinjoy

Designation :

Director

Address :

52/3, Ballygunge Circular Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

17.03.1976

Date of Appointment :

20.09.2006

 

 

Name :

Mr. Chandran Gopal Satish

Designation :

Director

Address :

1B, Bhartiya Bhavana 17 Road, Khar West, Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

18.05.1958

Date of Appointment :

17.12.2009

 

 

Name :

Mr. Kishalay S Bandopadhyay

Designation :

Director

Address :

Villa 7B, palma Spring Road, Off SHK Zaved Road, P O Box 31876, Dubai, UAE

Date of Birth/Age :

12.11.1953

Date of Appointment :

15.07.2004

 

 

Name :

Mr. Kirit Shah

Designation :

Director

Address :

35/42, Sukhumvit Soi 11, Bangkok – 10110, Thailand

Date of Birth/Age :

30.09.1953

Date of Appointment :

18.06.2008

 

 

Name :

Mr. Bhasker Kshitiz

Designation :

Director

Address :

7 Band Stand Apartment, 212A B J Road, Band Stand Bandra West, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

08.08.1975

Date of Appointment :

24.08.2007

 

 

Name :

Mr. Modi Prakash Sanjeev

Designation :

Director

Address :

A702, Yamuna Vasantchs Thakur Village, Near to D Mart Kandivali, Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

28.02.1973

Date of Appointment :

17.12.2009

 

 

Name :

Mr. Jones Martin Owen

Designation :

Director

Address :

Acredield 76, Barnston Road, Heswall Wirral Merceyside Ch 60 1UB, United Kingdom

Date of Birth/Age :

04.12.1943

Date of Appointment :

15.07.2004

 

 

KEY EXECUTIVES

 

Name :

Mr. Ram

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 09.07.2010

 

Names of Shareholders

 

No. of Shares

Gammon Infrastructure Projects Limited, Mumbai

 

22877500

Lasatin Holdings Limited, British Virgin Island

 

22877417

Total

 

45754917

 

AS ON 09.07.2010

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

26.24

Bodies corporate

73.76

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Import and Export of Coking Coal, Iron Ore, Gypsum, Manganese Ore, Coke, Steam Coal and Other Bulk Cargo.

 

 

GENERAL INFORMATION

 

No. of Employees :

Not divulged by the management

 

 

Bankers :

State Bank of Patiala, Commercial Branch, Atlanta, nariman Point, Mumbai – 400021, Maharashtra, India

 

 

Facilities :

 

Secured Loan

 

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

Term loans from banks

interest accrued and due

1.890

20.466

1889.579

20.332

Total

1910.221

1909.911

* Secured by hypothecation of movable assets and receivables of the Company

 

 

 

 

 

Unsecured Loan

 

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

Inter-corporate loan'

0.000

55.000

Total

0.000

55.000

* Unsecured loans are short term in nature and are repayable on demand

 

 

 

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Mr. Zubin Shekary – BSR and Company

Chartered Accountant

Address :

5, Merchant Towers, II Floor, Road No.4, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Tel No.:

91-40-30465000

Fax No.:

91-40-30465299

 

 

Holding Company :

Gammon Infrastructure Projects Limited, Mumbai

 

 

Fellow Subsidiaries :
  • Cochin Bridge Infrastructure Company Limited
  • Andhra Express Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

125000000

Equity Shares

Rs.10/- each

Rs.1250.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

87191264

Equity Shares

Rs.10/- each

Rs.871.912 Millions

 

 

 

 

 

[Of the above 8,000,000 (previous year: 8,000,000) equity shares of Rs.10/- each fully paid-up were alloted on conversion of fully convertible debt of Rs.80.000 Millions and 64,313,847 (previous year: 41,436,347) equity shares of Rs.10/- each fuliy paid-up are held by Gammon Infrastructure Projects Limited, the holding company.]

 

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

871.913

871.913

791.913

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

190.491

280.491

280.490

4] (Accumulated Losses)

(279.669)

(421.061)

(504.005)

NETWORTH

782.735

731.343

568.398

LOAN FUNDS

 

 

 

1] Secured Loans

1910.221

1909.911

2117.606

2] Unsecured Loans

0.000

55.000

90.000

TOTAL BORROWING

1910.221

1964.911

2207.606

DEFERRED TAX LIABILITIES

0.000

0.000

133.745

 

 

 

 

TOTAL

2692.956

2696.254

2909.749

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

2531.101

2487.342

2592.757

Capital work-in-progress

13.430

160.792

246.513

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
41.270

32.573

25.227

 

Sundry Debtors
105.253

59.022

103.895

 

Cash & Bank Balances
55.079

24.724

91.977

 

Other Current Assets

0.000

0.000

0.000

 

Loans & Advances
113.110

80.561

75.080

Total Current Assets
314.712

196.880

296.179

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
122.404

101.271

157.592

 

Other Current Liabilities
41.175

45.277

66.672

 

Provisions
2.708

2.212

1.436

Total Current Liabilities
166.287

148.760

225.700

Net Current Assets
148.425

48.120

70.479

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

2692.956

2696.254

2909.749

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

1141.066

727.751

562.837

 

 

Other Income

7.713

5.565

0.118

 

 

TOTAL                                     (A)

1148.779

733.316

562.955

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Personal Expenses

25.760

21.250

13.005

 

 

Operating and Expenses

620.576

401.919

363.952

 

 

Preliminary Expenses Written off

0.000

0.000

0.500

 

 

TOTAL                                     (B)

646.336

423.169

377.457

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

502.443

310.147

185.498

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

241.462

242.725

190.576

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

260.981

67.422

(5.078)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

119.254

117.923

117.805

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

141.727

(50.501)

(122.883)

 

 

 

 

 

Less

TAX                                                                  (I)

0.335

(32.444)

47.038

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

141.392

82.945

(169.921)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(421.061)

(504.006)

(333.391)

 

 

 

 

 

Add

 Transitional liability recognized pursuant to adoption of accounting standard – Employees benefits

0.000

0.000

0.693

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(279.669)

(421.061)

(504.006)

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Spares

10.806

1.435

NA

 

TOTAL IMPORTS

10.806

1.435

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.62

0.95

--

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
12.30

11.31

(30.18)

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
12.42

(6.94)

(21.82)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
4.98

(1.88)

(4.25)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.18

(0.07)

(0.22)

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.65

2.89

4.28

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.89

1.32

1.31

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sundry Creditors Details:

 

Particulars

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

Rs. In Millions

31.03.2008

Sundry Creditors

 

 

 

Outstanding of Micro Enterprises and small enterprises

0.000

0.000

0.000

Others

122.404

101.271

157.592

 

Company overview

 

Visakhapatnam Port Trust (VPT) has awarded a 30 year concession (including construction period of two years) to a consortium of companies of the Gammon group, Portia Management Services Limited, UK and Lastin Holdings Private Limited, UK for constructing, equipping, operating, managing and maintaining two multi-purpose berths in the inner harbour of VPT on a build, operate, transfer (BOT) basis. The consortium has promoted subject ("the Company") as a special purpose vehicle for implementing the project. Subject was incorporated as a private limited company on 24 April 2001. The license agreement with VPT was signed on 28 November 2001 for a period of 30 years. During the year Gammon Infrastructure Project Services Limited has increased its shareholding in the Company to 74%.

 

 

FINANCIAL RESULTS:

 

The Directors are happy to inform that the Company has made a Turnover during the year 2009-10 making a Profit of Rs.141.700 Millions before 'fax compared to a Loss of Rs.50.400 Millions last year. Following Growth parameters compared to last year achieved by the company deserve mention.

 

* Growth 111 Cargo Volume 37 %

* Growth 111 Revenue 55 %

* Growth in Profit before 'Tax 280%

 

'The remarkable growth is attributable to the strenuous efforts made in mobilizing additional cargo volume from major customers, Stringent Cost control and innovative marketing initiatives. This has also enabled the company a speedy recovery from the impact of global economic melt down suffered in the last year.

 

OPERATIONS:

 

During the year 2009-10, The Company has handled the record volume of 6.430 Millions to 4.670 Millions Metric Tons in the previous year. 1 lie cumulative volume of cargo handled since commencement of operations till March, 2010 is 19.770 Million Metric tons. The company laid much emphasis on Customer satisfaction, and offering total logistic solution to its customers that has enabled addition of several new customers during the year.

 

 PERFORMANCE PROJECTIONS FOR THE YEAR 2010-11:

 

The Company has projected to handle a volume of 7 million Mts in 2010-11 with a Revenue Projection of Rs.1040.000 Millions. (Excluding GCB Operations at Outer Harbour) To augment Crane capacity, the company has purchased one more: Shore Crane R 984 High Rise from Liebherr, Switzerland. The Company has taken measures to acquire additional Hands from Visakhapatnam Port 'Trust to enhance its storage capacity.

 

Form 8:

 

Corporate identity number of the company

U45203AP2001PTC038955

Name of the company

VIZAG SEAPORT PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Administrative Block,S4 Gallery, Near Gfcl, Visakhapatnam, Port Area ,Visakhapatnam - 530035,Andhra Pradesh, India

This form is for

Modification of charge

Type of charge

Movable Property

Particular of charge holder

STATE BANK OF PATIALA

Nature of instrument creating charge

Supplementary Agreement dated 26th June, 2009

Date of instrument Creating the charge

26/06/2009

Amount secured by the charge

Rs.2100.000 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

TERM LOAN OF RS. 210 CRORES:

Lender -1: State Bank of Patiala: BPLR of Bank which at present works at 12.75% p.a [floating]

Lender -2: Punjab National Bank: BPLR of Bank + 0.50% +Term premia 12.00%

 

Terms of Repayment

As per revised re-payment schedule described in Schedule-I in the attached supplementary agreement

 

Margin

35% Margin

 

Extent and Operation of the charge

First pari-passu charge on immovable assets and movable assets as described in both the Mortgage Agreement dated 14th September, 2006 and the Supplementary Agreement dated 26th June, 2009.

Short particulars of the property charged

First pari-passu charge on immovable assets and movable assets as described in both the Mortgage Agreement dated 14th September, 2006 and the Supplementary Agreement dated 26th June, 2009.

Date of instrument modifying the charge

14/09/2006

Particulars of the present modification

Term Loan of Rs.2100.000 Millions [Lender -1: State Bank of Patiala: Rs.110 and Lender -2: Punjab National Bank: Rs.1000.000 Millions] repayment schedule has been restructured.

 

FIXED ASSETS:

 

  • Project berths
  • Plant and machinery
  • Office equipment
  • Computers
  • Vehicles
  • Furniture and fixtures

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.45.38

UK Pound

1

Rs.73.08

Euro

1

Rs.61.60

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

4

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--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

 

46

 

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

-

 

 

 

 

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.