1. Summary Information
|
|
|
Country |
|
|
Company Name |
FLOWSERVE INDIA
CONTROLS PRIVATE LIMITED |
Principal Name 1 |
Mr. Palghat Sivaramakrishnan |
|
Status |
Good |
Principal Name 2 |
Mr. Willliam Durant Brown III |
|
|
|
Registration # |
08-21388 |
|
Street Address |
S.F. Nos. 136/3
and 137, |
||
|
Established Date |
13.11.1996 |
SIC Code |
-- |
|
Telephone# |
91-422-2612117/
2612001 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-422-2612002 |
Business Style 2 |
Importers |
|
Homepage |
Product Name 1 |
Pumps |
|
|
# of employees |
230 |
Product Name 2 |
Pump Sets |
|
Paid up capital |
Rs.
173, 639, 000/- |
Product Name 3 |
-- |
|
Shareholders |
Foreign Holding = 100 % |
Banking |
ABN Amro Bank, |
|
Public Limited Corp. |
NO |
Business Period |
15 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ba (45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding Company |
|
Flowserve International Inc |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2009 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1195,626,000 |
Current Liabilities |
1213,244,000 |
|
Inventories |
502,982,000 |
Long-term Liabilities |
000 |
|
Fixed Assets |
528,103,000 |
Other Liabilities |
000 |
|
Deferred Assets |
71,262,000 |
Total Liabilities |
1,213,244,000 |
|
Invest& other Assets |
29,131,000 |
Retained Earnings |
940,221,000 |
|
|
|
Net Worth |
1113,860,000 |
|
Total Assets |
2,327,104,000 |
Total Liab. & Equity |
2,327,104,000 |
|
Total Assets (Previous Year) |
|
|
|
|
P/L Statement as of |
31.03.2009 |
(Unit: Indian Rs.) |
|
|
Sales |
3617,600,000 |
Net Profit |
620,900,000 |
|
Sales(Previous yr) |
2518,000,000 |
Net Profit(Prev.yr) |
220,700,000 |
MIRA
INFORM REPORT
|
Report Date : |
08.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
FLOWSERVE INDIA CONTROLS PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
VALTAK INTERNATIONAL PRIVATE LIMITED |
|
|
|
|
Registered Office : |
S.F. Nos. 136/3 and 137, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2009 |
|
|
|
|
Date of Incorporation : |
13.11.1996 |
|
|
|
|
Com. Reg. No.: |
08-21388 |
|
|
|
|
Paid up Capital : |
Rs. 173.639 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29299KA1996PTC021388 |
|
|
|
|
IEC No.: |
0703005308 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRF00773D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACF3286G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer, Importers, Exporters and Traders of Pumps and
Pump Sets for Special Purpose |
|
|
|
|
No. of Employees : |
230 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4455440 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track. The management
has not filed the latest financials of the company with the Government
Department. However, trade relations are reported as fair. Business is
active. Payments are reported to be correct and as per commitments. The concern 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 – 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 |
INFORMATION PARTED BY
|
Name : |
Mr. S. Senthil Kumar / Mr. P. Sabarinathan |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-422-2612081/2612085 |
|
Date : |
07.10.2011 |
LOCATIONS
|
Registered Office : |
S.F. Nos. 136/3 and 137, |
|
Tel. No.: |
91-422-2612117/ 2612001 |
|
Fax No.: |
91-422-2612002 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
95545 sq. fts. (Owned) |
|
|
|
|
Corporate Office : |
|
|
Tel. No.: |
+1-972-443-6500 |
|
Fax No.: |
+1-972-443-6800 |
DIRECTORS
|
Name : |
Mr. Palghat Sivaramakrishnan |
|
Designation : |
Director |
|
Address: |
Block 22, 04-04, |
|
Date of Birth/ Age: |
15.06.1958 |
|
Date of Appointment: |
31.03.2006 |
|
|
|
|
Name : |
Mr. Willliam Durant Brown III |
|
Designation : |
Director |
|
Address: |
608, Fairway View Terrace, Southlake, USA-76092 |
|
Date of Birth/ Age: |
17.11.1958 |
|
Date of Appointment: |
03.08.2007 |
|
|
|
|
Name : |
Mr. Dean Philip Freeman |
|
Designation : |
Director |
|
Address : |
No. 2208, Danbury Drive, Collyville, Texas, USA-76034 |
|
Date of Birth/Age : |
30.11.1963 |
|
Date of Appointment : |
05.03.2008 |
|
|
|
|
Name : |
Mr. Ajit Frances Devotta |
|
Designation : |
Director |
|
Address : |
No. 19, |
|
Date of Birth/Age : |
04.02.1960 |
|
Date of Appointment : |
24.03.2009 |
|
|
|
|
Name : |
Mr. Kisavan Nedumaran |
|
Designation : |
Director |
|
Address : |
VII 275, |
KEY EXECUTIVES
|
Name : |
Mr. Krishna Kumar V.S |
|
Designation : |
Secretary |
|
Address : |
No. 369. 2nd Cross, 9th Block, Nagarbavi II stage,
Bangalore-560072, |
|
Date of Appointment : |
23.12.2008 |
|
|
|
|
Name : |
Mr. Lewis M. Kling |
|
Designation : |
President and Chief Executive officer |
|
|
|
|
Name : |
Mr. Andrew J. Beall |
|
Designation : |
Senior Vice President, Flow Solutions Division |
|
|
|
|
Name : |
Mr. Mark A. Blinn |
|
Designation : |
Senior Vie president and Chief Financial officer |
|
|
|
|
Name : |
Mr. Deborah K. Bethune |
|
Designation : |
Vice President of Tax |
|
|
|
|
Name : |
Mr. Paul W. Fehlman |
|
Designation : |
Vice president and treasurer |
|
|
|
|
Name : |
Mr. Thomas E. Ferguson |
|
Designation : |
President, Flowserve Pump Division |
|
|
|
|
Name : |
Mr. Richard J. Guiltinan |
|
Designation : |
Vice president and Chief Accounting Officer |
|
|
|
|
Name : |
Mr. Linda P. Jojo |
|
Designation : |
Chief Information Officer |
|
|
|
|
Name : |
Mr. Thomas L. Pajonas |
|
Designation : |
President, Flow Control Division |
|
|
|
|
Name : |
Mr. Jerry L. Rockstroh |
|
Designation : |
Senior Vice president of Supply Chain and Continuous Improvement |
|
|
|
|
Name : |
Mr. Ronald F. Shuff |
|
Designation : |
Secretary and General Counsel |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.06.2009
|
Names of Shareholders |
|
No. of Shares |
|
Flowserve FCD Corporation, |
|
17363939 |
|
Flowserve FCD Corporation, |
|
1 |
|
Total |
|
17363940 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2009
|
Category |
|
Percentage of
Holding |
|
Foreign Holding (FIIs / FCs / FFIs / NRIs / OCBs) |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importers, Exporters and Traders of Pumps
and Pump Sets for Special Purpose. |
|
|
|
|
Terms : |
|
|
Selling : |
L/C |
|
|
|
|
Purchasing : |
Credit (30 Days) |
GENERAL INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
230 (Office 120, Factory 100 and Branches 10) |
|
|
|
|
Bankers : |
ABN Amro Bank, |
|
|
|
|
Auditors : |
|
|
Name : |
Price Warehouse Chartered Accountants |
|
Address : |
Mittal Towers, 10th Floor, C Wing, 47/6 M G
Road, |
|
Tel. No.: |
91-80-25587231 |
|
|
|
|
Holding Company : |
Flowserve International Inc |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18750000 |
Equity Shares |
Rs.10/- each |
Rs.187.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17363940 |
Equity Shares |
Rs.10/- each |
Rs.173.639
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
|
5010.000 |
4150.000 |
The above information has been parted by (Mr. S. Senthil Kumar / Mr. P.
Sabarinathan – Accounts Department)
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
173.639 |
173.639 |
173.639 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
940.221 |
874.999 |
850.766 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1113.860 |
1048.638 |
1024.405 |
|
|
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 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1113.860 |
1048.638 |
1024.405 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
528.103 |
378.874 |
160.655 |
|
|
Capital work-in-progress |
29.131 |
140.607 |
151.488 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
71.262 |
54.259 |
9.705 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
502.982
|
445.306 |
301.394
|
|
|
Sundry Debtors |
676.270
|
532.226 |
291.417
|
|
|
Cash & Bank Balances |
359.269
|
236.491 |
426.453
|
|
|
Other Current Assets |
0.291
|
0.130 |
0.328
|
|
|
Loans & Advances |
159.796
|
124.604 |
67.092
|
|
Total
Current Assets |
1698.608
|
1338.757 |
1086.684
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
746.022
|
794.901 |
355.503
|
|
|
Provisions |
467.222
|
68.958 |
28.624
|
|
Total
Current Liabilities |
1213.244
|
863.859 |
384.127
|
|
|
Net Current Assets |
485.364
|
474.898 |
702.557
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1113.860 |
1048.638 |
1024.405 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
Total Income |
3617.600 |
2518.000 |
1446.800 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
948.700 |
353.700 |
294.400 |
|
|
Provision for Taxation |
327.800 |
133.000 |
52.300 |
|
|
Profit/(Loss) After Tax |
620.900 |
220.700 |
242.100 |
|
|
|
|
|
|
|
|
FOB value of Exports |
NA |
NA |
1042.591 |
|
|
|
|
|
|
|
|
CIF value of Imports |
NA |
NA |
230.475 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
54.700 |
38.000 |
23.300 |
|
|
Other Expenditure |
2614.200 |
2126.300 |
1129.100 |
|
Total Expenditure |
2668.900 |
2164.300 |
1152.400 |
|
|
|
|
|
|
|
|
Earnings Per Share (Rs.) |
35.76 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
17.16
|
8.76 |
16.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
42.61
|
20.59 |
23.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.85
|
0.34 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.09
|
0.82 |
0.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40
|
1.55 |
2.83 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office of the company has been shifted from Plot No. 4, 1A,
Road No. 8,
Business Performance:
Values Division:
The value Division performance is satisfactory with a sale
and other income of Rs. 1843313748 for the year ending 31st March
2009. The growth in the Indian market has been given a major thrust with sales
offices in Mumbai, Gugaon, Palghat and
Pumps Division
The Pump Division performance is satisfactory with a sale and other income of Rs. 1497.055 Millions for the year ending 31st March 2009. The Domestic markets for the Pumps and expansion in export markets for different pumps are also expected in the coming years. The second unit of the pump manufacturing activity was commissioned in 2008 which will add to manufacturing capacity.
Limitorque Division
Limitorque Division was started in the late fourth quarter
of 2008 with basic objective of entering and serving the local Indian market
with low cost Electrical Actuators which are at present imported for
Engineering Centers
Flow solution Division located in Chennai, with revenues of
Rs. 108.037 Millions,
History
The company was incorporated as Valtak International Private Limited and
the name changed as Flowserve India Controls Private Limited, w.e.f. 12th
January 1998
Fixed Assets:
²
Land and Building
²
Plant And Machinery
²
Computer
²
Furniture And Fixture
AS PER WEBSITE
Subject is one of the most
recognized and preferred global suppliers of fluid motion and control products
and services.
Subject will use its collective resources and
experience to deliver products, services and solutions that help customers
exceed their business goals.
Company Profile:
Subject
is the recognized world leader in supplying pumps, valves, seals automation and
services to the power, oil, gas, chemical and other industries. With more than
14,000 employees in more than 56 countries, they combine their global reach
with a local presence.
A
Local Presence with a Global Reach
Subject
people, processes and experience help companies in more than 70 countries
around the world.
Flowserve Service Group
Flowserve's Service Group, a leader in process equipment
repair and service, has expanded the number of service capabilities and
solutions. Depending upon the needs they can be the single-source supplier of
repair services, diagnostic evaluations and reliability solutions thereby
reducing the total cost of process equipment ownership. Services are delivered
through a global network of service and repair centers as well as through
plant-site operations, both of which are staffed by fully qualified, factory-certified
technicians and engineers.
Flowserve's
valve repair centers are authorized by the American Society of Mechanical
Engineers (ASME) and the National Board of Boiler & Pressure Vessel
Inspectors (NB) to repair valves and their components.
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
---------------------- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact
person |
Yes |
|
11) Turnover of firm for last
three years |
Yes |
|
12) Profitability for last
three years |
Yes |
|
13) Reasons for variation
<> 20% |
No |
|
14) Estimation for coming
financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details
(if applicable) |
No |
|
21) Market information |
---------------------- |
|
22) Litigations that the firm
/ promoter involved in |
---------------------- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking
account |
---------------------- |
|
26) Buyer visit details |
---------------------- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if
applicable |
---------------------- |
|
29) Last accounts filed at ROC |
---------------------- |
|
30) Major Shareholders, if
available |
---------------------- |
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 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.49.13 |
|
|
1 |
Rs.75.97 |
|
Euro |
1 |
Rs.65.99 |
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 |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.