MIRA
INFORM REPORT
|
Report Date : |
19.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
UNITED GASKETS AND COMPONENTS PRIVATE LIMITED |
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Registered
Office : |
280, Nanekar Wadi, Near NTB, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
14.06.1993 |
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Com. Reg. No.: |
25-72369 |
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CIN No.: [Company Identification
No.] |
U74999MH1993PTC072369 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Industrial and Engineering Goods Items. |
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 40000 |
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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. Trade
relations are 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
280, Nanekar Wadi, Near NTB, |
|
Tel. No.: |
91-2135-398500 / 252210 |
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Fax No.: |
91-2135-398600 |
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E-Mail : |
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Website : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Suhas Anant Dhole |
|
Designation : |
Director |
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Address : |
S. No. 255/1 and 2, Baner Ashiyana Park, Opp Clarion Park, Pune – 411007,
Maharashtra, India |
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Date of Birth/Age : |
27.03.1959 |
|
Date of Appointment : |
14.06.1993 |
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|
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Name : |
Ms. Pramila Dinanath Kirad |
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Designation : |
Director |
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Address : |
252, Rasta Peth, Pune – 411011, |
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Date of Birth/Age : |
04.07.1934 |
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Date of Appointment : |
01.07.1993 |
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Name : |
Mr. Vikram Dinanath Kirad |
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Designation : |
Director |
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Address : |
252, Rasta Peth, Pune – 411011, |
|
Date of Birth/Age : |
12.05.1977 |
|
Date of Appointment : |
01.04.2009 |
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|
|
|
Name : |
Mr. Anuradha Suhas Dhole |
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Designation : |
Director |
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Address : |
3/255, |
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Date of Birth/Age : |
20.09.1960 |
|
Date of Appointment : |
26.12.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Suhas Anant Dhole |
|
13187 |
|
Ms. Pramila Dinanath Kirad |
|
5523 |
|
Mr. Anuradha Suhas Dhole |
|
1982 |
|
Mr. Sunil Gajanan Joshi |
|
250 |
|
Mr. Amit Suhas Dhole |
|
920 |
|
Mr. Sumit Suhas Dhole |
|
968 |
|
Total |
|
22830 |
As on 29.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
98.90 |
|
Other top fifty shareholders |
1.10 |
|
Total |
100.00 |
List of Allottees As on 04.02.2011
|
Names of Shareholders |
|
No. of Shares |
|
Pramila Kirad |
|
828 |
|
Suhas Dhole |
|
1978 |
|
Anuradha Dhole |
|
297 |
|
Sumit Dhole |
|
145 |
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Total |
|
3248 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Industrial and Engineering Goods Items. |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gosavi Tadphale and Company Chartered Accountant |
|
Address : |
9, Ketki Building, Near Alka Theatre, Sadashiv Peth, Pune – 411030, Maharashtra,
India |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
99000 |
Equity Shares |
Rs.100/- each |
Rs.9.900 Millions |
|
1000 |
Preference Shares |
Rs.100/- each |
Rs.0.100 Million |
|
|
Total |
|
Rs.10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22830 |
Equity Shares |
Rs.10/- each |
Rs.2.283
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
1] Share Capital |
2.000 |
1.754 |
1.754 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
8.004 |
5.442 |
3.153 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
10.004 |
7.196 |
4.907 |
|
|
LOAN FUNDS |
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|
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|
1] Secured Loans |
24.200 |
22.998 |
21.169 |
|
|
2] Unsecured Loans |
11.695 |
11.862 |
12.029 |
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TOTAL BORROWING |
35.895 |
34.860 |
33.198 |
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DEFERRED TAX LIABILITIES |
0.480 |
0.909 |
0.995 |
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TOTAL |
46.379 |
42.965 |
39.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.403 |
22.824 |
21.540 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.414 |
0.289 |
0.289 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
9.433
|
14.050 |
10.484 |
|
|
Sundry Debtors |
42.580
|
35.926 |
23.663 |
|
|
Cash & Bank Balances |
0.904
|
1.282 |
1.758 |
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Other Current Assets |
1.999
|
1.863 |
0.845 |
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|
Loans & Advances |
1.540
|
2.031 |
1.362 |
|
Total
Current Assets |
56.456
|
55.152 |
38.112 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Current Liabilities |
29.884
|
31.086 |
19.055 |
|
|
Provisions |
4.010
|
4.214 |
1.877 |
|
Total
Current Liabilities |
33.894
|
35.300 |
20.932 |
|
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Net Current Assets |
22.562
|
19.852 |
17.180 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.091 |
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TOTAL |
46.379 |
42.965 |
39.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
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|
SALES |
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Income |
|
154.675 |
155.012 |
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Other Income |
|
0.156 |
0.260 |
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TOTAL (A) |
|
154.831 |
155.272 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
|
150.895 |
151.332 |
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PROFIT BEFORE
TAX (A-B) (C) |
|
3.936 |
3.940 |
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Less |
TAX (D) |
|
1.879 |
1.566 |
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PROFIT AFTER TAX
(C-D) (E) |
|
2.057 |
2.374 |
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|
Earnings Per
Share (Rs.) |
|
90.10 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
1.33
|
1.53 |
- |
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.54
|
2.54 |
- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.93
|
5.05 |
- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.55 |
- |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.98
|
9.75 |
11.03 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.66
|
1.56 |
1.82 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8 :
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90086738 |
|
Corporate
identity number of the company |
U74999MH1993PTC072369 |
|
Name of the
company |
UNITED GASKETS AND COMPONENTS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
280, Nanekar Wadi, Near NTB, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
The Shamrao Vithal Co-operative Bank Limited, Plot No. 63, Sector 27
A, Village Akurdi, PCNT, Nigdi, Pune – 411044, |
|
Nature of
description of the instrument creating or modifying the charge |
Recording letter
evidencing deposit of Title Deeds |
|
Date of
instrument Creating the charge |
24.06.2010 |
|
Amount secured by
the charge |
Rs.16.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: 13.50% p.a. Terms of
Repayment : As may be decided
by the Bank from time to time. Margin : As may be decided
by the Bank from time to time. Extent and
Operation of the charge : Pari Passu charge
|
|
Short particulars
of the property charged |
All piece and parcel
of plot no 11 admg 503.63 sq.mtrs, Plot No. 12 admg 500.50 sq. mtrs, Plot No.
13 admg 494 sq.mrts, Plot No. 14 admg 498.75 sq. mrt, , Plot No. 16 admg
1746.25 sq. mrts bearing. Gut no.280/2141, Nanekarwadi,Nashik Rd, within
limit of sub Registrar Tal Haveli Khed,Mouje Chakan Dist. Pune, together with
Industrial Gala, Factory Shed/Bldg &/or any other type of construction
more particularly described in the agreement attached herewith. |
|
Date of latest
modification prior to the present modification |
28.05.2010 |
|
Particulars of
the present modification |
Additional
security by way of deposit of Title deeds. No change in amount secured. |
FIXED ASSETS :
- Land
- Land at Aundh
- Residential
Building
- Servant
Quarters
- Plant and
Machinery
- Furniture and
Fixtures
- Office
Equipments
- Computer
- Dies and
Tools
- Vehicle
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.45.09 |
|
|
1 |
Rs.72.82 |
|
Euro |
1 |
Rs.63.43 |
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 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.