1. Summary Information
|
|
|
Country |
|
|
Company Name |
W. Diamant India
Private Limited |
Principal Name 1 |
Mr. Yves Barraquand |
|
Status |
Good |
Principal Name 2 |
Mr. Amrendra Kumar |
|
|
|
Registration # |
55-16287 |
|
Street Address |
Plot No. 8, |
||
|
Established Date |
04.08.1983 |
SIC Code |
-- |
|
Telephone# |
-- |
Business Style 1 |
Manufacturing |
|
Fax # |
-- |
Business Style 2 |
Importing |
|
Homepage |
-- |
Product Name 1 |
Diamond Tools for Granites |
|
# of employees |
Not Available |
Product Name 2 |
Marbles |
|
Paid up capital |
Rs.3,450,000/- |
Product Name 3 |
Sandstones |
|
Shareholders |
Foreign holdings
(100.00%) |
Banking |
State Bank of |
|
Public Limited Corp. |
-- |
Business Period |
28 Years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
Ba (49) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
|
WA SAS |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
137,563,000 |
Current Liabilities |
99,034,000 |
|
Inventories |
65,129,000 |
Long-term Liabilities |
000 |
|
Fixed Assets |
51,510,000 |
Other Liabilities |
000 |
|
Deferred Assets |
000 |
Total Liabilities |
99,034,000 |
|
Invest& other Assets |
34,019,000 |
Retained Earnings |
185,737,000 |
|
|
|
Net Worth |
189,187,000 |
|
Total Assets |
288,221,000 |
Total Liab. & Equity |
288,221,000 |
|
Total Assets (Previous Year) |
284,644,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
250,133,000 |
Net Profit |
3,566,000 |
|
Sales(Previous yr) |
216,395,000 |
Net Profit(Prev.yr) |
(52,942,000) |
MIRA
INFORM REPORT
|
Report Date : |
28.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
W. DIAMANT INDIA PRIVATE LIMITED (w.e.f. 31.12.2008) |
|
|
|
|
Formerly Known
As : |
W. DIAMANT INDIA LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 8, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
04.08.1983 |
|
|
|
|
Com. Reg. No.: |
55-16287 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3.450 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999DL1983PTC016287 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of diamond impregnated
segments, segmented frame saws, circular saw and wire saws and trading in steel
shots. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 760000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company cab 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No. 8, |
|
Tel. No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Factory / Office : |
136, Sector-5, IMT Manesar, Gurgaon – 122 050, |
|
Tel. No.: |
91-124-4130712 / 4130700 / 2290646 / 4366290 / 2326892 / 93 / 4084541 /
91-1463-329424 |
|
Mobile No. : |
91-9958010527 (Mr. Hare Ram Prasad) |
|
Fax No. : |
91-124-4130799 / 4366459 / 4084538 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Yves Barraquand |
|
Designation : |
Director |
|
Address : |
61, Avenue Kleber, 75111 |
|
Date of Birth/Age : |
23.09.1960 |
|
Date of Appointment : |
20.10.2003 |
|
DIN No. : |
00351381 |
|
|
|
|
Name : |
Mr. Amrendra Kumar |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No-A-108 F/F, Bhrigu Apptt, Plot No-4, Sec-9 Dwarka, New Delhi -
110075, India |
|
Date of Birth/Age : |
20.01.1968 |
|
Date of Appointment : |
02.12.2008 |
|
DIN No. : |
02495209 |
|
|
|
|
Name : |
Mr. Ashwat Dharmapuri |
|
Designation : |
Managing Director |
|
Address : |
755, Sector 14, |
|
Date of Birth/Age : |
30.04.1964 |
|
Date of Appointment : |
24.01.2010 |
|
DIN No. : |
01243389 |
|
|
|
|
Name : |
Mr. Janet Robert Philippe Georges |
|
Designation : |
Director |
|
Address : |
37, Rue Du Fg, Saint Martin, Fontaine-Les-Dijon, 21121, |
|
Date of Birth/Age : |
09.08.1954 |
|
Date of Appointment : |
03.03.2008 |
|
DIN No. : |
02068015 |
|
|
|
|
Name : |
Mr. Pierre Jean Francois Escolier |
|
Designation : |
Director |
|
Address : |
20, Chemin Andre Didier, LA Tronche, 38700 France |
|
Date of Birth/Age : |
01.07.1966 |
|
Date of Appointment : |
03.09.2008 |
|
DIN No. : |
02247329 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
W.A. SAS, France |
|
34499 |
|
W.A. SAS and |
|
1 |
|
Total |
|
34500 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of diamond impregnated
segments, segmented frame saws, circular saw and wire saws and trading in
steel shots. |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
a) Diamond Impregnated Segments |
Nos. |
2421900 |
2421900 |
|
b) Segmented Frame Saws and Circular Saws |
Nos. |
14500 |
14500 |
|
c) Diamond Segments for Wire Saws (Wire Saw Beads) |
Nos. |
Included in (a)
above |
Included in (a)
above |
|
d) Segmented Wire Saws |
Nos. |
Included in (a)
above |
Included in (a)
above |
|
|
|
|
|
|
Particulars |
Unit |
Actual
Production |
|
a) Diamond Impregnated Segments |
Nos. |
1345501 |
|
b) Segmented / Un-segmented Circular Saws |
Nos. |
511 |
|
c) Segmented Frame Saws |
Nos. |
2497 |
|
d) Diamond Segmented Wire |
Mtr. |
8076.6 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
State Bank of Main Branch, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S V Ghatalia and Associates Chartered Accountant |
|
Address : |
Golf View Corporate Tower – B, Sector – 42, |
|
Tel. No.: |
91-124-4644000 |
|
Fax No.: |
91-124-4644050 |
|
|
|
|
Holding Company : |
WA SAS, France |
|
|
|
|
Fellow Subsidiaries : |
·
W. ·
W. Diamant (PTY) Limited, ·
W. Diamant Herramientas ·
W. ·
Milgrandi SPA Division ·
Diasint ·
W.A. (SAS), ·
Metabrasive Limited ·
Thomas Abrasives (PTY) Limited, ·
VE TIC Limited, ·
Klaus Eiche Diamond Werkzeuge GMBH, ·
W |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
34500 |
Equity Shares |
Rs.100/- each |
Rs.3.450
millions |
34499 equity shares of Rs.100 each fully paid
up are held by WA SAS and 1 equity shares of Rs.100 each are held by WA SAS
jointly with others.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2008 |
||
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3.450 |
3.450 |
3.450 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
185.737 |
182.171 |
235.115 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
189.187 |
185.621 |
238.565 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.030 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.030 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
189.187 |
185.621 |
238.595 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
51.510 |
26.981 |
34.399 |
|
|
Capital work-in-progress |
8.681 |
3.604 |
0.233 |
|
|
|
|
|
|
|
|
Intangible Assets |
25.338 |
33.134 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
65.129
|
66.809 |
61.644 |
|
|
Sundry Debtors |
75.918
|
67.324 |
61.524 |
|
|
Cash & Bank Balances |
14.597
|
50.228 |
123.105 |
|
|
Other Current Assets |
1.983
|
0.213 |
1.340 |
|
|
Loans & Advances |
45.065
|
36.351 |
32.251 |
|
Total
Current Assets |
202.692
|
220.925 |
279.864 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
81.588
|
67.186 |
|
|
|
Other Current Liabilities |
2.681
|
6.555 |
|
|
|
Provisions |
14.765
|
25.282 |
18.131 |
|
Total
Current Liabilities |
99.034
|
99.023 |
75.901 |
|
|
Net Current Assets |
103.658
|
121.902 |
203.963 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
189.187 |
185.621 |
238.595 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
250.133 |
216.395 |
|
|
|
|
Other Income |
47.146 |
6.523 |
|
|
|
|
TOTAL (A) |
297.279 |
222.918 |
353.854 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
113.741 |
87.156 |
|
|
|
|
Purchase of trading goods |
50.011 |
85.267 |
|
|
|
|
Operating and Other Expenses |
75.452 |
82.100 |
|
|
|
|
Personnel Costs |
34.774 |
27.049 |
|
|
|
|
Decrease (Increase) in Inventories |
0.286 |
(17.874) |
|
|
|
|
TOTAL (B) |
274.264 |
263.698 |
242.201 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
23.015 |
(40.780) |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.352 |
0.379 |
(Including
Depreciation and Financial Expenses) |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
22.663 |
(41.159) |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
15.247 |
11.154 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7.416 |
(52.313) |
11.653 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.850 |
0.629 |
(79.245) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3.566 |
(52.942) |
90.898 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
133.121 |
186.063 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
136.687 |
133.121 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
103.636 |
47.555 |
27.872 |
|
|
|
Commission Earnings |
0.000 |
0.240 |
0.000 |
|
|
TOTAL EARNINGS |
103.636 |
47.795 |
27.872 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
93.565 |
68.833 |
|
|
|
|
Components & Spare Parts |
0.260 |
0.347 |
|
|
|
|
Industrial Tools and Steel Sheets for trading |
40.663 |
67.734 |
|
|
|
|
Machinery (including pending capitalization) |
23.164 |
1.113 |
|
|
|
TOTAL IMPORTS |
157.652 |
138.027 |
119.948 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
103.36 |
(1534.60) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.20
|
(23.75) |
25.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.96
|
(24.17) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.92
|
(21.10) |
3.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
(0.28) |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.52
|
0.53 |
0.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.05
|
2.23 |
3.69 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
The Registered Office of the company has been shifted from
NATURE OF OPERATIONS
The Company as a manufacturer of diamond
impregnated segments, segmented frame saws, circular saw and wire saws and
trading in steel shots.
YEAR IN RETROSPECT
During the year total income of the Company
was Rs.297.279 millions as against Rs.222.918 millions in the previous year.
The Company was able to earn a Profit of Rs.3.566 millions during the current
financial year as against a loss of Rs.52.944 millions in the previous
financial year. The Directors are putting in their best efforts for improving the
conditions of the company.
CONTINGENT LIABILITIES NOT PROVIDED FOR
|
Particulars |
As on 31.03.2010 Rs. in millions |
As on 31.03.2009 Rs. in millions |
|
A) Claims against the company not
acknowledged as debts |
|
|
|
i) Cases pending with labour courts |
Amount unascertainable |
Amount unascertainable |
|
ii) Cases pending with civil court |
0.340 |
0.340 |
|
B) LADT Tax on account of pending legal case
|
0.272 |
0.272 |
|
C) Demand raised by Income Tax department* |
15.639 |
0.111 |
|
D) Differential amount of sales tax, where
the company has not received required C Forms |
4.907 |
3.299 |
|
Total |
21.158 |
4.022 |
The Company has been advised by its consultant
that it is possible but not probable, that the department action will succeed
and accordingly no provision for any liability has been made in these financial
statements.
* It includes the following
Demand raised by Income Tax authorities
amounting to Rs.0.111 million being disputed by the Company for the Assessment
year 1999-2000, appeal against which is pending with CIT (Appeals).
Demand raised by Income Tax authorities
amounting to Rs.15.527 millions being disputed by the Company for the Assessment
year 2007-2008, appeal against which is pending with CIT (Appeals).
FIXED ASSETS
·
Plant and Machinery
·
Furniture and Fittings
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.43.95 |
|
|
1 |
Rs.72.12 |
|
Euro |
1 |
Rs.63.67 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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.