MIRA
INFORM REPORT
|
Report Date : |
15.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
AGRAWAL METAL WORKS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B-214, 2nd Floor, R. G. Complex, Plot No. 2, D.B. Gupta Road,
Motia Khan, Pahar Ganj, New Delhi – 110055 |
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|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
07.06.1945 |
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|
|
|
Com. Reg. No.: |
000835 |
|
|
|
|
Paid-up Capital
: |
Rs. 12.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1945PTC000835 |
|
|
|
|
Legal Form : |
Private Limited Liability of the Company |
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|
|
|
Line of Business
: |
Manufacturer of Copper Brass Products |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2000632 |
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|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track. The company
has been successful in wipping off previous year losses. Trade relations are
reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
India |
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 : |
B-214, 2nd Floor, R. G. Complex, Plot No. 2, D.B. Gupta
Road, Motia Khan, Pahar Ganj, New Delhi – 110055, India |
|
E-Mail : |
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|
Website : |
|
|
|
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|
Factory 1 : |
Jhajjar Road, Rewari – 123401, Haryana, India |
|
Tel. No.: |
91-1274-253401/253404 |
|
Fax No.: |
91-1274-254412/256413 |
DIRECTORS
As on 30.07.2010
|
Name : |
Mr. Mahavir Prashad Jain |
|
Designation : |
Director |
|
Address : |
9A, Model Town, Near Swarn Jayanti Park, Rewari – 123401, Haryana,
India |
|
Date of Birth/Age : |
28.02.1936 |
|
Date of Appointment : |
26.04.1954 |
|
|
|
|
Name : |
Mr. Davinder Kumar Jain |
|
Designation : |
Managing Director |
|
Address : |
69RL, Model Town, Rewari – 123401, Haryana, India |
|
Date of Birth/Age : |
14.11.1948 |
|
Date of Appointment : |
20.08.1997 |
|
|
|
|
Name : |
MR. Subhash Chand Jain |
|
Designation : |
Director |
|
Address : |
L-18, Model Town, Rewari – 123401, Haryana, India |
|
Date of Birth/Age : |
18.09.1956 |
|
Date of Appointment : |
20.08.1997 |
|
|
|
|
Name : |
Mr. Vivek Gupta |
|
Designation : |
Director |
|
Address : |
Vrindavan, 4th Floor, 32, Mount Marry, Off Captain Villa,
Bandra (W), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
24.07.1969 |
|
Date of Appointment : |
01.08.1999 |
|
|
|
|
Name : |
Mr. Mayur Gupta |
|
Designation : |
Director |
|
Address : |
Flat No. 2201, 22nd Floor, B-30, Eden Woods, Shastri Nagar,
Off Lokhandwala Road, Andheri (W), Mumbia – 400053, Maharashtra, India |
|
Date of Birth/Age : |
02.03.1978 |
|
Date of Appointment : |
06.05.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Abhey Jain |
|
31296 |
|
Saroj Jain |
|
22000 |
|
Abhey Jain |
|
9469 |
|
Subhash Jain |
|
34769 |
|
Divya Jain |
|
20000 |
|
Subhash Jain |
|
8000 |
|
Mahavir Jain |
|
15396 |
|
Mahavir Jain |
|
27482 |
|
Sita Jain |
|
49570 |
|
Sita Jain |
|
20 |
|
Rajiv Jain |
|
97630 |
|
Rajiv Jain |
|
9608 |
|
Preeti Jain |
|
46726 |
|
Pranay Jain |
|
27670 |
|
Rohan Jain |
|
8326 |
|
Vijendra Jain |
|
17846 |
|
Surendra Jain |
|
17846 |
|
Mamta Jain |
|
24000 |
|
Davinder Jain |
|
15388 |
|
Davinder Jain |
|
20 |
|
Davinder Jain |
|
19000 |
|
Kumud Jain |
|
34000 |
|
Umang Jain |
|
31130 |
|
Inder Gupta |
|
165110 |
|
Sarla Gupta |
|
41082 |
|
Sarla Gupta |
|
160 |
|
Vivek Gupta |
|
41660 |
|
Pankaj Gupta |
|
43698 |
|
Chitranjan Gupta |
|
43000 |
|
Sunil Gupta |
|
35600 |
|
Kiran Gupta |
|
12900 |
|
Bhagwat Gupta |
|
4090 |
|
Santosh Gupta |
|
25002 |
|
Rakesh Jain |
|
24000 |
|
Veena Gupta |
|
4014 |
|
Bharat Gupta |
|
25022 |
|
Krishan Gupta |
|
109118 |
|
Sita Jain |
|
30 |
|
Pankaj Gupta |
|
1956 |
|
Chitranjan Gupta |
|
1820 |
|
Mayur Gupta |
|
34700 |
|
Amisha Jain |
|
26000 |
|
Ashima Gupta |
|
1700 |
|
Prateek Jain |
|
41846 |
|
Mayur Gupta |
|
100 |
|
Pooja Gupta |
|
200 |
|
Total |
|
1250000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
69.20 |
|
Other top fifty shareholders |
30.80 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Copper Brass Products |
GENERAL INFORMATION
|
Bankers : |
·
State Bank of Patiala, Commercial Branch, 2nd
Floor, Chandralok Building, 36, Janpath, New Delhi – 110001, India · State Bank of Bikaner and Jaipur, Kath Mandi, Rewari - 123401,Haryana, India |
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Facilities : |
|
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|
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
K C Jain and Company Chartered Accountant |
|
Address : |
4812/24 Ansari Road, Darya Ganj, New Delhi – 110002, India |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 Millions |
|
10,00,000 |
Preference Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
|
10,00,000 |
Unclassified Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 60.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.500
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 |
12.500 |
12.500 |
12.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
487.658 |
352.976 |
446.165 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
500.158 |
365.476 |
458.665 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
576.107 |
453.878 |
592.597 |
|
|
2] Unsecured Loans |
15.000 |
15.000 |
20.000 |
|
|
TOTAL BORROWING |
591.107 |
468.878 |
612.597 |
|
|
DEFERRED TAX LIABILITIES |
51.719 |
52.563 |
51.981 |
|
|
|
|
|
|
|
|
TOTAL |
1142.984 |
886.917 |
1123.243 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
363.461 |
355.244 |
349.303 |
|
|
Capital work-in-progress |
10.475 |
7.371 |
29.707 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
410.325
|
289.998 |
409.340 |
|
|
Sundry Debtors |
377.275
|
211.035 |
413.540 |
|
|
Cash & Bank Balances |
18.228
|
9.086 |
8.731 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
123.933
|
65.233 |
66.358 |
|
Total
Current Assets |
929.761
|
575.352 |
897.969 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
104.204
|
16.678 |
83.896 |
|
|
Other Current Liabilities |
40.678
|
25.282 |
56.779 |
|
|
Provisions |
15.831
|
9.090 |
13.061 |
|
Total
Current Liabilities |
160.713
|
51.050 |
153.736 |
|
|
Net Current Assets |
769.048
|
524.302 |
744.233 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1142.984 |
886.917 |
1123.243 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2738.638 |
2187.184 |
2668.863 |
|
|
|
Other Income |
10.614 |
27.187 |
10.776 |
|
|
|
TOTAL (A) |
2749.252 |
2214.371 |
2679.639 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Opening Stock of Finished Goods |
25.059 |
39.918 |
27.700 |
|
|
|
Opening Stock of Work in Progress |
195.905 |
245.417 |
270.311 |
|
|
|
Raw Material & Components Consumed |
2275.847 |
1872.363 |
2230.383 |
|
|
|
Manufacturing Expenses |
226.233 |
206.911 |
204.069 |
|
|
|
Excise Duty |
1.516 |
(0.933) |
0.174 |
|
|
|
Administrative Expenses |
51.444 |
40.235 |
42.418 |
|
|
|
Selling Expenses |
2.366 |
9.621 |
8.101 |
|
|
|
Closing Stock of Finished Goods |
(36.624) |
(25.059) |
(39.918) |
|
|
|
Closing Stock of Work in Progress |
(275.165) |
(195.904) |
(245.417) |
|
|
|
TOTAL (B) |
2466.581 |
2192.569 |
2497.821 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
282.671 |
21.802 |
181.818 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
70.076 |
71.505 |
81.126 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
212.595 |
(49.703) |
100.692 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
46.029 |
45.198 |
42.912 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
166.566 |
(94.901) |
57.780 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
24.801 |
1.071 |
20.349 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
141.765 |
(95.972) |
37.431 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(80.523) |
12.664 |
11.389 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
15.000 |
NA |
32.500 |
|
|
|
Interim Dividend Paid |
2.500 |
NA |
0.000 |
|
|
|
Proposed Dividend |
3.750 |
NA |
3.125 |
|
|
|
Tax on Interim Dividend |
0.425 |
NA |
0.531 |
|
|
|
Tax on Final Dividend |
0.637 |
NA |
0.000 |
|
|
|
Prior Period Income |
(0.229) |
NA |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
39.159 |
NA |
12.664 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
297.906 |
546.908 |
529.744 |
|
|
TOTAL EARNINGS |
297.906 |
546.908 |
529.744 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
12.038 |
0.000 |
38.003 |
|
|
|
Stores & Spares |
6.841 |
3.473 |
5.398 |
|
|
|
Capital Goods |
1.730 |
0.000 |
26.605 |
|
|
TOTAL IMPORTS |
20.609 |
3.473 |
70.006 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
113.41 |
(76.78) |
29.95 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.15
|
(4.33) |
1.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.08
|
(4.33) |
2.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.87
|
(10.19) |
4.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
(0.25) |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.50
|
1.42 |
1.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.78
|
11.27 |
5.84 |
LOCAL AGENCY FURTHER INFORMATION
Note – The registered office address of the company has been shifted
from 10, Plaza Cinema Building, Connaught Place, New Delhi – 110001, India, to
present address w.e.f. 01.08.2007
Form 8
|
Corporate
identity number of the company |
U74899DL1945PTC000835 |
||||||
|
Name of the
company |
AGRAWAL METAL WORKS PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
B-214, 2nd Floor, R. G. Complex, Plot No. 2, D.B. Gupta
Road, Motia Khan, Pahar Ganj, New Delhi – 110055, India |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Immovable
property Book debts Movable property |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Working Capital
Consortium Agreement Joint Deed of
Hypothecation Omnibus Counter
Guarantee |
||||||
|
Date of
instrument Creating the charge |
18.12.2010 |
||||||
|
Amount secured by
the charge |
Rs. 1140.000
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest -- Terms of
Repayment Payable on demand
as per terms of sanction Margin Raw Material -
20% Stock in Process
- 20% Finished Goods -
20% Stores & Spares
- 20% Books
Debts/Receivables - 20% Extent and
Operation of the charge First pari passu
charge by way of hypothecation on Company's entire Raw Material, Stock in
Process, Finished Goods, Book Debts, Stores & Spares and other current
assets of the Company etc. (Present & Future) Second pari passu
charge with other consortium member on Company's entire Fixed Assets,
Machinery, Land & Building etc. (Present & Future) Others -- |
||||||
|
Particulars of
the property charged |
First pari passu charge
by way of hypothecation on Company's entire Raw Material, Stock in Process,
Finished Goods, Book Debts, Stores & Spares and other c. assets of the
Co. etc. (Present & Future) Second pari passu
charge with other consortium member on Company's entire Fixed Assets,
Machinery, Land & Building etc. (Present & Future) |
||||||
|
Date of
instrument modifying the charge |
18.12.2010 |
||||||
|
Particulars of
the present modification |
Working Capital
Limits (Fund Based, Non-fund Based and Standby Line of Credit) under consortium
arrangement increased from Rs. 760.000 millions to Rs. 1140.000 millions SBBJ - Lead Bank
(FB-Rs 450.000 millions, SLC-Rs 50.000 millions & NFB-Rs 90.000 millions) SBH-Member
Bank(FB-Rs 200.000 millions, SLC-Rs 40.000 millions & NFB-Rs 70.000 millions) ING-Member
Bank(FB-Rs 200.000 millions & NFB-Rs 40.000 millions) |
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.44.77 |
|
|
1 |
Rs.73.45 |
|
Euro |
1 |
Rs.64.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.