MIRA INFORM REPORT

 

 

Report Date :

19.07.2011

 

IDENTIFICATION DETAILS

 

Name :

UNIVERSAL STARCH-CHEM ALLIED LIMITED

 

 

Registered Office :

Mhatre Pen Building, “B” Wing 2nd Floor,  Senapati Bapat Marg, Dadar (West), Mumbai 400 028, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

17.01.1973

 

 

Com. Reg. No.:

11-016247

 

 

Paid-up Capital :

Rs. 42.000 Millions

 

 

CIN No.:

[Company Identification No.]

L24110MH1973PLC016247

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMU03499G

MUMU03704B

 

 

PAN No.:

[Permanent Account No.]

AAACU0639C

 

 

Legal Form :

A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.

 

 

Line of Business :

Manufacturer of maize products and producing starch and liquid glucose

 

 

No. of Employees :

Information not divulged by management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 490000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. Profitability of the company appears to be under pressure. However, networth appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct.

 

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.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Shinvad

Designation :

Company Secretary

Date :

19.07.2011

 

 

LOCATIONS

 

Registered Office :

Mhatre Pen Building, “B” Wing 2nd Floor,  Senapati Bapat Marg, Dadar (West), Mumbai 400 028, Maharashtra, India

Tel. No.:

91-22-24362210/24363418

Fax No.:

91-22-24305969

E-Mail :

junk@junk.com

usaltd@vsnl.in|

Mumbai@universalstarch.com

Website :

www.universalstarch.com

 

 

Factory  :

Dadasaheb Rawal Group of Industries Rawal Industrial Estate, Dada Nagar, Dondaicha : 425 408, Dist : Dhule, Maharashtra, India

Tel. No.:

91-2566-244151/244152/244153

Fax No.:

91-2566-244225

E-Mail :

dondaicha@universalstarch.com

 

 

Branches :

Located at:

  • Bangalore
  • Coimbatore

 

 

DIRECTORS

 

As On 31.03.2010

 

Name :

Mr. Jitendrasinh J. Rawal

Designation :

Chairman and Managing Director

 

 

Name :

Mr. Jaydeosinh J Rawal

Designation :

Director

 

 

Name :

Mr. Jaykumar J Rawal

Designation :

Business Development

 

 

Name :

Mr. Jadish Varshneya

Designation :

Director

 

 

Name :

Mr. Ashok Kothary

Designation :

Director

 

 

Name :

Mr. Devprakash Yadava

Designation :

Director

 

 

Name :

Mr. R. T. Bandodkar

Designation :

Director

 

 

Name :

Mr. Bindu Madhavan

Designation :

Director

 

 

Name :

Mr. G. K. Vishwanath

Designation :

Director

 

 

Name :

Mr. Vikrant J Rawal

Designation :

Director

 

 

Name :

Mr. Dasharath Amrit Patil

Designation :

Director

 

 

Name :

Mr. Sarvadamansingh R. Vaghela

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Y. L. Sindhwad

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As ON 31.03.2011

 

Names of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

2,152,300

51.25

Bodies Corporate

41,100

0.98

Sub Total

2,193,400

52.22

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

2,193,400

52.22

(B) Public Shareholding

 

 

(1) Institutions

 

 

(2) Non-Institutions

 

 

Bodies Corporate

153,111

3.65

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 million

875,826

20.85

Individual shareholders holding nominal share capital in excess of Rs. 0.100 million

965,293

22.98

Any Others (Specify)

12,370

0.29

Non Resident Indians

12,260

0.29

Clearing Members

110

-

Sub Total

2,006,600

47.78

Total Public shareholding (B)

2,006,600

47.78

Total (A)+(B)

4,200,000

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

-

-

(1) Promoter and Promoter Group

-

-

(2) Public

-

-

Sub Total

-

-

Total (A)+(B)+(C)

4,200,000

-

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of maize products and producing starch and liquid glucose

 

 

Products :

Item Code No.

Product Description

1103.00

Starches

3505.20

Chem. Starches

1702.19

Liquid Glucose

 

 

 

PRODUCTION STATUS (As On 31.03.2010

 

M.Tons (per annum)

Particulars

 

 

 

Installed Capacity

Maize Crushing

 

 

 

163500

Starches and Surry

 

 

 

74000

Liquid glucose

 

 

 

16880

By-products

 

 

 

40875

Wind Mill (MW)

 

 

 

0.600

Co-Generation (MW)

 

 

 

3.000

 

M.Tons (per annum)

Particulars

 

 

 

Actual Production

Starches and surry

 

 

 

360.14

For others

 

 

 

 

Starches

 

 

 

296.15

Liquid glucose

 

 

 

5658

By-products

 

 

 

244.5

Wind mill electricity (units)

 

 

 

920231

Biogas (units)

 

 

 

4424290

Co-Generation Units

 

 

 

16921320

 

 

GENERAL INFORMATION

 

No. of Employees :

Information not divulged by management

 

 

Bankers :
  • The Shamrao VIthal Cooperative Bank Limited, Mumbai, Maharashtra, India
  • HDFC Bank Limited
  • Jalna People Cooperative Bank, Jalna
  • Union Bank of India

 

 

Facilities :

Secured Loans

31.03.2010 (Rs. In Millions)

31.03.2009 (Rs. In Millions)

From Banks

 

 

The Shamrao VIthal Cooperative Bank Limited

 

 

Cash Credit Account

48.946

52.061

Term Loan - I

80.000

80.066

Term Loan – II

50.000

0.000

Pledge Loan HDFC

30.077

0.000

Pledge Loan Jalana People Cooperative Bank

10.925

0.000

From Others

 

 

Hire Purchase (Hypothecation on respective cars) 

0.548

1.315

SICOM

 

 

Term Loan – co-generation

0.000

27.500

Overdraft against F.D

 

 

Union Bank of India

10.545

10.000

Total

231.041

170.942

 

Note:

a)       The Shamrao VIthal Cooperative Bank Limited – cash credit secured by hypothecation of raw materials work-in-progress, finished goods book debts, stores and spare parts and irrevocable joint and several personal guarantees of some of the directors, and second charge on fixed assets of the company.

b)       The Shamrao VIthal Cooperative Bank Limited – term loan secured by first pari-passu charge on the company’s fixed assets, the movable and all other similar assets acquired and installed and irrevocable joint several personal guarantees of some of the directors

c)       Pledge loan: HDFC Bank Limited, Nashik – secured against specified raw material lying in the godwon and irrevocable joint and several personal guarantees of some of the directors.

d)       Pledge Loan: Jalna People Cooperative Bank, Jalna – secured against specified raw material lying in the warehouse and irrevocable joint and several personal guarantees of some of the directors.

e)       SICOM Limited secured by the first pari-passu charge on the company’s fixed assets, other movable and all other similar assets acquired and installed and irrevocable joint and several personal guarantees of some of the directors and second charge (floating on all current assets and other liquid assets of the company.

 

Unsecured Loans

31.03.2010 (Rs. In Millions)

31.03.2009 (Rs. In Millions)

Fixed Deposits

 

 

From Directors

2.259

5.655

From Others

4.088

5.862

Interest accrued and due

0.091

0.390

Sales tax deferral scheme

118.933

124.499

Term loan – union bank

0.642

0.000

Advances/deposit from agents

5.808

6.416

Interest accrued and due

0.462

0.462

Total

132.283

143.284

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

M. B. Agarwal and Company

Chartered Accountant

Address :

Mumbai, Maharashtra, India

 

 

Associates :
  • Unique Sugars Limited
  • Jaychandra Agro Industries Private Limited
  • Rawal Agro Chem Industries Private Limited
  • Kreative (Export and Import) Private Limited
  • Toranmal H II Resorts Private Limited
  • Practical Engg. Private Limited
  • Rawal Trading Enterprises Private Limited
  • Jaysinha Financing Private Limited
  • Toranmal Development Private Limited
  • J.J. Agro Farms and Foods and J.J.Agro Farms and Aquaculture

 

 

CAPITAL STRUCTURE

 

As On 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

6000000

Equity Shares

Rs. 10/- each

Rs. 60.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4200000

Equity Shares

Rs. 10/- each

Rs. 42.000 Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

42.000

42.000

42.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

81.068

81.013

108.240

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

123.068

123.013

150.240

LOAN FUNDS

 

 

 

1] Secured Loans

231.041

170.942

224.430

2] Unsecured Loans

132.283

143.284

143.580

TOTAL BORROWING

363.324

314.226

368.010

DEFERRED TAX LIABILITIES

57.056

42.271

52.550

 

 

 

 

TOTAL

543.448

479.510

570.800

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

317.230

339.196

341.410

Capital work-in-progress

110.815

28.768

14.040

 

 

 

 

INVESTMENT

1.314

1.314

0.860

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
95.347

58.248

149.520

 

Sundry Debtors
106.529

73.917

87.930

 

Cash & Bank Balances
28.789

36.835

52.070

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
71.299

58.696

59.050

Total Current Assets
301.964

227.696

348.570

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

140.838

89.983

 

Other Current Liabilities
29.961

18.125

123.190

 

Provisions
17.076

9.356

10.890

Total Current Liabilities
187.875

117.464

134.080

Net Current Assets
114.089

110.232

214.490

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

543.448

479.510

570.800

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

844.485

740.435

804.130

 

 

Processing charges

46.444

36.076

0.000

 

 

Other Income

17.099

15.420

34.930

 

 

TOTAL                                     (A)

908.028

791.931

839.060

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Raw material consumed

531.947

447.514

 

 

Purchases (trading)

18.245

36.862

 

 

 

Manufacturing and other expenses

293.528

273.797

787.740

 

 

Sale of fixed assets

0.000

0.116

 

 

 

Increase / Decrease in stock

3.497

11.810

(14.100)

 

 

TOTAL                                     (B)

847.217

770.099

773.640

 

 

 

 

 

Less

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

60.811

21.832

65.420

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

8.870

28.794

36.200

 

 

 

 

 

 

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

51.941

(6.962)

29.220

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

31.395

30.131

28.720

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

20.546

(37.093)

0.500

 

 

 

 

 

Less

TAX                                                                  (I)

18.034

(9.863)

(1.870)

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

2.512

(27.230)

2.370

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

53.758

80.988

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Proposed Dividend

2.100

0.000

 

 

 

Corporate Tax on Dividend

0.357

0.000

 

 

BALANCE CARRIED TO THE B/S

53.813

53.758

NA

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

0.833

0.026

 

 

TOTAL EARNINGS

0.833

0.026

 

 

 

 

 

 

 

IMPORTS

17.830

0.000

 

 

 

 

 

 

 

Earnings Per Share (Rs.)

4.89

(8.83)

0.57

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2010

1st Quarter

30.09.2010

2nd Quarter

31.12.2010

3rd Quarter

31.03.2011

4th Quarter

Net Sales

268.700

277.000

294.500

341.400

Total Expenditure

251.600

272.800

295.100

332.500

PBIDT (Excl OI)

17.100

4.200

(0.600)

8.900

Other Income

17.000

15.000

18.700

17.100

Operating Profit

34.100

19.200

18.100

26.000

Interest

7.500

2.400

4.300

6.300

PBDT

26.600

16.800

13.800

19.700

Depreciation

8.800

8.700

8.700

8.700

Profit Before Tax

17.800

8.100

5.100

11.000

Tax

5.100

6.400

(0.400)

6.500

Profit After Tax

12.700

1.700

5.500

4.500

Net Profit

12.700

1.700

5.500

4.500

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
0.28

(3.44)

0.28

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
2.43

(5.01)

0.06

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
3.32

(6.54)

0.07

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.17

(0.30)

0.00

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
4.48

3.51

3.34

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.61

1.94

2.60

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

The Details of sundry creditors

Rs. In Millions

Particulars

31.03.2010

31.03.2009

31.03.2008

Creditors for capital goods

8.125

3.495

NA

Trade creditors

 

 

 

Due to small undertaking

7.798

3.083

NA

Due to other sundry creditors

124.915

83.405

NA

Total

140.838

89.983

NA

 

 

OPERATIONAL RESULTS:

The Company’s Net Sales for the year amounted to Rs. 844.500 Millions as compared to Rs.740.400 millions of last year. The result for the year shows net Profit after tax of Rs. 2.500 Millions as compared to net Loss after tax of Rs. (27.300) millions in the Previous Year. The operational Profit was due to higher sales as well as of better realizations as compared to last year. Further details of operation are given in the management discussion and analysis report which form part of this report.

 

WIND MILL:

The Company has commissioned a Wind Power Project with effect from 30.03.2002, with an annual power generation capacity of around 14 Lacs units. In line with the Government notification, the Company is maintaining cost records of generation of electricity through this project.

 

MANAGEMENT DISCUSSION AND ANALYSIS

Industry Structure and Development:

The company has entered 37th year of operation and is a leading producer of starch based products in India and having a plant at Rawal Industrial Estate, Dada Nagar, Dondaicha, District Dhule. The products industrial application in various industry segments like food, paper, textiles, pharmaceuticals and confectionary. The day to day management of the company is looked after by executive chairman and managing director along with other whole time executive directors assisted by team of competent, technical and commercial professionals.

 

Financial Performance:

The gross sales for the year i.e 2009-2010 stood at Rs. 861.200 millions as compared to Rs. 772.900 millions in 2008-2009. The profit / (loss) before tax for the year stood at Rs. 20.500 millions as compared to Rs. (37.114 millions) in 2008-2009.

 

Business Outlook:

The year 2010-2011 offers reasonably improved picture in terms of the growth in starch industry in comparisor with previous years. The company has already identified some specialty products which will increase the turnover.

 

Contingent liabilities not provided for ill respect of:

i) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 5.175 millions (previous year Rs. 31.533 millions)

ii) Bills Discounted with Bankers Rs. 0.524 million (Previous year Rs 1.521 million). Since realised Rs. 0.524 millions.

iii) Company has given guarantee to H.D.F.C. Limited for Rs.5.000 millions (Previous year Rs. 5.000 millions) or behalf of employees of the Company, for Construction on there residential flats.

iv) The income tax department has made certain additions for the assessment year 2004-205 and 2006-07. The company has concested the same in appeal before CIT (A)

 

 

Fixed Assets:

  • Land
  • Building
  • Plant and machinery
  • Furniture and fixture
  • Office equipment
  • Computers
  • Vehicles
  • Paddle boat

 

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.44.57

UK Pound

1

Rs.71.75

Euro

1

Rs.62.59

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

44

 

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.