MIRA INFORM REPORT

Report Date :

11.11.2011

IDENTIFICATION DETAILS

Name :	MERITOR HVS (INDIA) LIMITED
Registered Office :	Plot No. 36, Hootagalli Industrial Area, Off. Hansur Road, Mysore – 570018, Karnataka
Country :	India
Financials (as on) :	30.09.2010
Date of Incorporation :	13.02.1998
Com. Reg. No.:	08-023383
Capital Investment / Paid-up Capital :	Rs.24.300 Millions
CIN No.: [Company Identification No.]	U29221KA1998PLC023383
TAN No.: [Tax Deduction & Collection Account No.]	BLRM06347F
PAN No.: [Permanent Account No.]	AABCM8911G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in design, research and development, sales and marketing, including export of automotive components and aggregates thereof.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1550000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	Plot No. 36, Hootagalli Industrial Area, Off. Hansur Road, Mysore – 570018, Karnataka, India
Tel. No.:	91-821-2403235/ 2403236
Fax No.:	91-821-2403234
E-Mail :	meritor.mysore@arvinmeritor.com
Website :	www.mhvsil.com
Branch Office :	Located at : · Andhra Pradesh · Chandigarh · Chhattisgarh · Delhi · Goa · Gujarat · Jharkhand · Karnataka · Kerala · Madhya Pradesh · Maharashtra · Orrisa

DIRECTORS

As on 21.01.2011

Name :

Timothy Earl Joseph Bowes

Designation :

Chairman

Address :

23 B, The House No.699, Beijing West Road, Shanghai – 200001, China

Date of Birth/Age :

19.07.1963

Date of Appointment :

14.11.2008

DIN No.:

02449244

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U29221KA1998PLC023383	Meritor HVS (India) Limited	Director	14/11/2008	14/11/2008	-	Active	NO
L51909KA1981PLC004198	Automotive Axles Limited	Director	16/11/2009	16/11/2009	-	Active	NO

Name :

Mr. Babasaheb Neelkanth Kalyani

Designation :

Director

Address :

“Amit” 221/A, Kalyani Nagar, Yerawada, Pune – 411006, Maharashtra, India

Date of Birth/Age :

07.01.1949

Date of Appointment :

25.03.1999

DIN No.:

00089380

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
L27104MH1973PLC016350	Kalyani Steels Limited	Director	15/02/1984	15/02/1984	-	Active	NO
L15421PN1939PLC006738	The Ugar Sugar Works Limited	Director	31/01/1986	31/01/1986	19/03/2010	Active	NO
L24200MH1988PTC048028	Hikal Limited	Director	5/02/1992	5/02/1992	-	Active	NO
L25209PN1961PLC012046	Bharat Forge Limited	Managing director	30/03/2008	30/03/1993	-	Active	NO
U29303PN1996PLC096395	Kalyani Hayes Lemmerz Limited	Director	18/01/1996	18/01/1996	-	Active	NO
U91110PN1965NPL018870	Association of Indian Forging Industry	Director	29/12/1997	29/12/1997	-	Active	NO
L51909KA1981PLC004198	Automotive Axles Limited	Director	5/03/1998	5/03/1998	-	Active	NO
U85110KA1996PLC019619	Nandi Infrastructure Corridor Enterprise Limited	Director	19/02/1999	19/02/1999	-	Active	NO
U29221KA1998PLC023383	Meritor HVS (India) Limited	Director	25/03/1999	25/03/1999	-	Active	NO
U27106PN1998PTC012742	Carpenter Kalyani Special Alloys Private Limited	Director	2/08/1999	2/08/1999	24/12/2009	Active	NO
U27105PN1998PLC012724	Kalyani Carpenter Special Steels Limited	Whole-time director	2/08/2009	2/08/1999	-	Active	NO
L40108PN2000PLC015323	BF Utilities Limited	Director	15/09/2000	15/09/2000	-	Active	NO
U72900MH2000PTC140702	Epicenter Technologies Private Limited	Director	6/10/2000	6/10/2000	-	Active	NO
U74999PN2003PTC018350	True Value Holdings Private Limited	Director	12/09/2003	12/09/2003	9/07/2010	Active	NO
U99999MH1956NPL009708	The Indo German Chamber Of Commerce	Director	28/09/2005	28/09/2005	-	Active	NO
U85110KA2000PLC026939	Nandi Economic Corridor Enterprises Limited	Director	30/09/2006	20/01/2006	-	Active	NO
U65991MH2002GOI137868	Uti Trustee Company Private Limited	Director	26/09/2006	27/03/2006	23/08/2011	Active	NO
U31909PN2006PLC129138	BF Systems Limited	Director	29/09/2006	29/09/2006	-	Strike off	NO
U45203PN2008PTC131242	Khed Economic Infrastructure Private Limited	Director	4/01/2008	4/01/2008	-	Active	NO
U70102PN2008PLC131478	Khed Developers Limited	Director	21/02/2008	21/02/2008	24/12/2009	Active	NO
U40102PN2007PTC130881	Kenersys India Private Limited	Nominee director	13/05/2008	13/05/2008	30/03/2009	Active	NO
U40106DL2008PLC179793	BF-Ntpc Energy Systems Limited	Nominee director	19/06/2008	19/06/2008	-	Active	NO
L65993PN2009PLC134021	BF Investment Limited	Director	22/11/2010	26/05/2009	-	Active	NO
U29128DL2010PLC197806	Kalyani Alstom Power Limited	Director	6/07/2011	8/01/2010	-	Active	NO
U29111DL2010FLC197807	Alstom Bharat Forge Power Limited	Director	8/01/2010	8/01/2010	-	Active	NO
U45203PN2010PLC136755	BF Infrastructure Limited	Director	2/08/2011	5/07/2010	-	Active	NO
U35923PN2010PTC137191	Impact Automotive Solutions Private Limited	Director	25/08/2010	25/08/2010	-	Active	NO

Name :

Mr. Prakash Chandrashekhar Shalerao

Designation :

Director

Address :

Varsha Park, Baner Road, Aundh, Pune – 411045, Maharashtra, India

Date of Birth/Age :

04.03.1950

Date of Appointment :

25.03.1999

DIN No.:

00037754

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
L25209PN1961PLC012046	Bharat Forge Limited	Director	1/04/1998	1/04/1998	-	Active	NO
U29221KA1998PLC023383	Meritor HVS (India) Limited	Director	25/03/1999	25/03/1999	-	Active	NO
U27105PN1998PLC012724	Kalyani Carpenter Special Steels Limited	Director	1/04/1999	1/04/1999	15/02/2008	Active	NO
U85110KA2000PLC026939	Nandi Economic Corridor Enterprises Limited	Director	23/12/2003	23/12/2003	-	Active	NO
U85110KA1996PLC019619	Nandi Infrastructure Corridor Enterprise Limited	Director	21/04/2004	21/04/2004	-	Active	NO
L29150PN1989PLC054143	Sanghvi Movers Limited	Director	2/09/2006	2/09/2006	6/12/2010	Active	NO
L51909KA1981PLC004198	Automotive Axles Limited	Director	21/01/2011	12/01/2007	-	Active	NO
U70101PN1993PLC072139	Kumar Urban Development Limited	Director	3/02/2007	3/02/2007	6/12/2010	Active	NO
U74999MH1986PTC045105	Starflower Consultants Private Limited	Director	25/10/2010	25/10/2010	-	Active	NO
U74999MH1995PTC092086	Padmapani Consultants Private Limited	Director	25/10/2010	25/10/2010	-	Active	NO

Name :

Mr. Chrishan Anton Se Bastian Villavarayan

Designation :

Director

Address :

No. 246 A, Prestige O Zone, White Field, Bangalore – 560056, Karnataka, India

Date of Birth/Age :

12.06.1970

Date of Appointment :

24.04.2010

DIN No.:

03020467

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U29221KA1998PLC023383	Meritor HVS (India) Limited	Director	24/04/2010	24/04/2010	-	Active	NO
U34200KA2008PTC047758	Meritor Commercial Vehicle Systems India Private Limited	Director	29/03/2011	19/05/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. S. Raghunathan
Designation :	Manager
Address :	No. 57/A, First Floor, Second Cross, Opposite Mahajana High School, Jayalaxmipuram, Mysore – 570012, Karnataka, India
Date of Birth/Age :	01.10.1957
Date of Appointment :	21.07.2007
Email :	Raghunathan.Sundararajan@ArvinMeritor.com
Name :	Mr. Harish Chouta Sarina K
Designation :	Secretary
Address :	No. 5, “Devi Krupa”, Temple Road, Jayalakshmipuram, Mysore – 570012, Karnataka, India
Date of Birth/Age :	31.01.1969
Date of Appointment :	24.07.2003
Email :	Sarina.Choutaharish@ArvinMeritor.com
Name :	Indrani Dasgupta
Designation :	Engineering
Email :	Indranil.Dasgupta@ArvinMeritor.com
Name :	Ravishankar G K
Designation :	Marketing
Email :	Ravishankar.Krishnamurthy@ArvinMeritor.com
Name :	Krishnaraja Upadhya
Designation :	Finance
Email :	Krishnaraja.Upadhya@ArvindMeritor.com
Name :	Lokesha K
Designation :	Sales Administrative
Email :	Lokesha.Krishnappa@ArvinMeritor.com
Name :	Shanthala A S
Designation :	Administration
Email :	Shanthala.Ariyur@ArvindMeritor.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.01.2011

Names of Shareholders	No. of Shares
Bhalerao Prakash Chandrashekhar	1
Seth Surendra Singh	1
Sapre Mohan	1
Chittur Kalyan Krishnan Sabareeshan	1
Mecci Ikramulla	1
Nayak Radhesh	1
Meritor Heavy Vehicle Systems LLC, USA	1239300
B F Investment Limited, India	1190694
Total	2430000

Equity Share Break up (Percentage of Total Equity)

As on 21.01.2011

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	51.00
Bodies corporate	48.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in design, research and development, sales and marketing, including export of automotive components and aggregates thereof.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
Drive Axies (Rear)	870850.00
Brakes	870839.00
Others parts	870899.00

GENERAL INFORMATION

Customers :	· Ashok Leyland · Tata · AMW · Mahindra · Swaraj Enterprise · Man Force Trucks Private Limited · Eicher · Volvo · Goorej · ArvinMeritor
No. of Employees :	Not Available
Bankers :	· HDFC Bank Limited, Saraswathipuram, Mysore, Karnataka, India · State Bank of India, Commercial Branch, Saraswathipuram, Mysore, Karnataka, India

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	“Deloitte Centre”, Anchorage II, No.100/2, Richmond Road, Bangalore – 560025, Karnataka, India
PAN.:	AACFD3771D
Holding Company :	Meritor HVS LLC USA
Ultimate Holding Company (30.09.2009) :	ArvinMeritor, Inc. USA
Enterprises under Common Control (30.09.2009):	· Automotive Axies Limited, Mysore · Bharat Forge Limited, Pune
Fellow Subsidiaries (30.09.2009) :	· Meritor HVS Cameri SPA, Italy · Meritor Automotive Inc, USA · Meritor Automotive (PTY) Limited, South Africa · Meritor HVS Australia Limited, Australia · Meritor Heavy Vehicles Systems, Brazil · ArvinMeritor CVS Axies, France · ArvinMeritor Vehicles Systems (Wuxi) Company Limited · Sistemas Automotrics de Mexico S.A. de C.V., Mexico · ArvinMeritor CV Aftermarketk AG, Switzerland

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2430000	Equity Shares	Rs.10/- each	Rs.24.300 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2010	30.09.2009	30.09.2008
SHAREHOLDERS FUNDS
1] Share Capital		24.300	24.300	24.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		365.208	282.808	518.707
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		389.508	307.108	543.007
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		5.400	7.900	11.800
TOTAL		394.908	315.008	554.807
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		62.293	68.167	75.608
Capital work-in-progress		0.545	0.285	0.654
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	99.530	58.007	73.580
	Sundry Debtors	1054.054	584.848	763.616
	Cash & Bank Balances	316.919	571.737	441.103
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	22.945	33.600	618.999
Total Current Assets		1493.448	1248.192	1887.298
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1071.577	645.702	604.119
	Other Current Liabilities		1.620	4.018
	Provisions	89.801	354.314	800.616
Total Current Liabilities		1161.378	1001.636	1408.753
Net Current Assets		332.070	246.556	478.545
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		394.908	315.008	554.807

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2010	30.09.2009	30.09.2008
	SALES
		Income	7358.438	2918.146	8890.362
		Other Income	65.679	51.563	90.029
		TOTAL	7424.117	2969.709	8980.391
Less	EXPENSES
		Cost of Goods Sold	6772.848	2629.034	8103.602
		Administration and Selling Expenses	173.109	93.066	202.697
		TOTAL	6945.957	2722.100	8306.299
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		478.160	247.609	674.092
Less/ Add	DEPRECIATION/ AMORTISATION		7.573	8.822	4.387
	PROFIT BEFORE TAX		470.587	238.787	669.705
Less	TAX		161.500	82.355	230.050
	PROFIT AFTER TAX		309.087	156.432	439.655
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		117.276	369.175	286.558
Less	APPROPRIATIONS
		Interim Dividend	145.800	267.300	133.650
		Tax on Interim Dividend	24.216	45.428	22.714
		Proposed Dividend	48.600	68.040	133.650
		Provision for Tax on Proposed Dividend	8.071	11.563	22.714
		Transfer to General Reserve	31.000	16.000	44.310
	BALANCE CARRIED TO THE B/S		168.676	117.276	369.175
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export Sales	NA	248.282	1311.782
	TOTAL EARNINGS		NA	248.282	1311.782
	IMPORTS
		Import of R and D Equipments	NA	0.000	16.863
		Import of R and D Maintenance Spares	NA	0.037	0.000
	TOTAL IMPORTS		NA	0.037	16.863
	Earnings Per Share (Rs.)		127.20	64.38	180.93

KEY RATIOS

PARTICULARS		30.09.2010	30.09.2009	30.09.2008
PAT / Total Income	(%)	4.16	5.27	4.89
Net Profit Margin (PBT/Sales)	(%)	6.39	8.18	7.53
Return on Total Assets (PBT/Total Assets}	(%)	30.24	18.14	34.12
Return on Investment (ROI) (PBT/Networth)		1.21	0.78	1.23
Debt Equity Ratio (Total Liability/Networth)		2.98	3.26	2.59
Current Ratio (Current Asset/Current Liability)		1.28	1.25	1.34

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS

· Land

· Building

· Research and Development Equipments

· Furniture

· Office Equipments

· Computers

· Vehicles

WEBSITE DETAILS

The Company is a Joint Venture Company, promoted by Meritor Heavy Vehicle Systems LLC, Troy, U.S.A., (51% shareholding) and the Kalyani Group, Pune (49% shareholding). Meritor Heavy Vehicle Systems LLC, U.S.A. is a wholly owned subsidiary of ArvinMeritor Inc., U.S.A.

MHVSIL is engaged in design, development and marketing of Drive Axles, Non-Drive Steer Axles, Brakes and Bogie Suspension for commercial vehicles. MHVSIL equipped with design validation capabilities and has been customizing various products of ArvinMeritor design to suit rigorous application requirements in India.

MHVSIL has long term manufacturing relationship with Automotive Axles Limited (AAL), Mysore and others to supply the products. AAL is another Joint Venture between Meritor Heavy Vehicle Systems LLC, U.S.A., Troy and Kalyani Group, Pune. The products are extensively used by many major OEMs in India and in Special Vehicles for Military application and are also exported to U.S., Europe, Brazil, China and Indonesia.

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.49.78
UK Pound	1	Rs.80.11
Euro	1	Rs.68.82

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		53

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.