MIRA INFORM REPORT

Report Date :

09.09.2011

IDENTIFICATION DETAILS

Name :	MOLEX (INDIA) PRIVATE LIMITED
Formerly Known As :	MOLEX (INDIA) LIMITED
Registered Office :	Maker Bhavan No. 2, 5^th Floor, New Marine Lines, Mumbai – 400 020, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	06.11.1985
Com. Reg. No.:	11-37995
Capital Investment / Paid-up Capital :	Rs.249.600 millions
CIN No.: [Company Identification No.]	U31300MH1985PTC037995
TAN No.: [Tax Deduction & Collection Account No.]	BLRM01567G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of PCB Interconnection System, Ribbon Cable Connectors etc.
No. of Employees :	300 (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 3500000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
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. Profit and loss account of the company for the current year is not available.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Name :	Mr. Ramesh
Designation :	Accounts Department
Contact No.:	91-80-41293550
Date :	06.09.2011

LOCATIONS

Registered Office :	Maker Bhavan No. 2, 5^th Floor, New Marine Lines, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-80-28452911-20 / 22030261 / 62 / 22052508
Fax No.:	91-80-28452922/ 22052509
E-Mail :	india@molex.com infin@bom3.vsnl.net.in srmehta@molex.com sharda@novojuris.com girish.kumar@molex.xom
Website :	http://www.molex.com
Location :	Owned
Corporate Office / Factory :	Plot No. 6-A, Sadaramangala Industrial Area, Kadugodi, Bangalore – 560 067, Karnataka, India
Tel. No.:	91-80-28452911 to 20 (10 Lines) / 41293550 / 41293500
Fax No.:	91-80-28452922 /21 / 41293600 / 41293601
Area :	3.5 Acre
Location :	Owned

DIRECTORS

As on 21.09.2010

Name :	Mr. Horgan John Michael
Designation :	Business Development
Address :	Villa No.141, Prestige Ozone, Whitefield, Bangalore – 560 066, Karnataka, India
Date of Birth/Age :	12.07.1967
Date of Appointment :	01.07.2008
DIN No.:	02338883
Name :	Mr. Liam Mccarthy
Designation :	Executive
Address :	17, Soak St, Hinsdale, Illinois – 60521, USA
Date of Birth/Age :	15.12.1955
Date of Appointment :	01.07.2008
DIN No.:	02330034
Name :	Mr. David Dickey Johnson
Designation :	Executive
Address :	128, Woodstock Avenue, Clarendon Hills - 60514, USA
Date of Birth/Age :	31.01.1958
Date of Appointment :	01.07.2008
DIN No.:	02345970
Name :	Mr. Girish Kumar Cherukad
Designation :	Director
Address :	Flat No. B 303, JSR Brooklyn, ITPL Road, Kundalahalli, Bangalore – 560 037, Karnataka, India
Date of Birth/Age :	01.01.1969
Date of Appointment :	15.12.2008
DIN No.:	02123111
E-Mail :	girish.kumar@molex.com
Name :	Mr. Niranjan Jeewanlal Shah
Designation :	Industrialist
Address :	131, Neelamber, 37, G.D Marg, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	24.06.1945
Date of Appointment :	06.11.1985
Date of Ceasing :	08.07.2002
Name :	Mr. Dikerroa Desai
Designation :	Consultants
Address :	7, Indian Mercantile Mansion, Madam Cama Road, Mumbai – 400039, Maharashtra, India
Date of Birth/Age :	15.10.1927
Date of Appointment :	06.11.1985
Date of Ceasing :	28.05.1987
Name :	Mr. Chandrakant Narayan Narvekar
Designation :	Service
Address :	533/B – 55, Gadhi Nagar, Bandra East, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	07.08.1939
Date of Appointment :	06.11.1985
Date of Ceasing :	28.05.1987
Name :	Mr. Vinod Dinkerrao Desai
Designation :	Consultant
Address :	7, Indian Mercantile Machine, Mumbai – 400039, Maharashtra, India
Date of Birth/Age :	15.10.1927
Date of Appointment :	06.11.1985
Date of Ceasing :	28.05.1987
Name :	Mr. Martin Peter Slark
Designation :	Business
Address :	1028, Summithills Lane, Naperville, Illinois – 60540, USA
Date of Birth/Age :	11.10.1954
Date of Appointment :	26.03.1987
Date of Ceasing :	12.04.2000
Name :	Mr. John Costas Psaltis
Designation :	Business
Address :	320, Country Line Road, Hndsale, Illionios – 60521, USA
Date of Birth/Age :	05.01.1940
Date of Appointment :	26.03.1987
Date of Ceasing :	23.05.1988
Name :	Mr. Frederick August Krehbiel (Foreign)
Designation :	Business
Address :	505, S. County Line Road, Hndsale Illinios – 60521, USA
Date of Birth/Age :	02.06.1941
Date of Appointment :	26.03.1987
Date of Ceasing :	01.07.2008
Name :	Mr. Kanubhai Shantilal Mehta
Designation :	Business
Address :	Shantilal Nivas, Opposite G H High School, Mumbai – 400066, Maharashtra, India
Date of Birth/Age :	28.09.1934
Date of Appointment :	28.05.1987
Date of Ceasing :	24.06.1993
Name :	Mr. Satish Mamanlal Mehta
Designation :	Service
Address :	Manish Apartment, Flat No. 102, Nehru Road, Vile Parle, Mumbai – 400057, Maharashtra, India
Date of Birth/Age :	03.09.1933
Date of Appointment :	28.05.1987
Date of Ceasing :	14.10.1987
Name :	Mr. Manesh Laxmidas Shrikant
Designation :	Business
Address:	Nilamberi, Plot 38, Gai Hind Society, S N Road, No 11, J V P D Scheme, Mumbai –400 049, Maharashtra
Date of Birth/Age :	23.01.1936
Date of Appointment :	13.10.1987
Date of Ceasing :	28.08.2002
Name :	Mr. Thomas Sturges Lee (Foreign)
Designation :	Business
Address :	353, West Dickens Apartment – 2W, Chicago, Illonois – 60614, USA
Date of Birth/Age :	28.11.1955
Date of Appointment :	23.05.1988
Date of Ceasing :	01.07.2008
Name :	Mr. Khurshed M. Doongaji
Designation :	Manager – ICICI
Address :	The ICICI, 163, Backisay, Reclamation, Mumbai - 400020, Maharashtra, India
Date of Birth/Age :	06.07.1939
Date of Appointment :	04.07.1988
Date of Ceasing :	25.06.1993
Name :	Mr. Niranjan Kantilal Shah (Foreign)
Designation :	Business Executive
Address :	165, Defence Colony, 5^th Mian, 4^th Cross, Hal 2^nd State, Indiranagar, Bangalore, Karnataka, India
Date of Birth/Age :	13.05.1949
Qualification :	BE, MBA
Date of Appointment :	24.06.1993
Date of Ceasing:	01.07.2008
Previous Employment:	Container Corporation of America Manufacturing Engineer (3 years)
Name :	Mr. K.V. Kerala
Designation :	Manager
Address :	A64, Ocean Gold Twin Tower Lane, Prabhadevi, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	28.05.1959
Date of Appointment :	25.08.1993
Date of Ceasing :	24.06.1994
Name :	Mr. James Earl Fleischhakker (Foreign)
Designation :	Business Executive
Address :	42B, Nassim Road, Singapore
Date of Birth/Age :	13.05.1944
Date of Appointment :	12.04.2000
Date of Ceasing :	01.07.2008
Name :	Ms. Minal Niranjan Shah
Designation :	Director
Address :	131, Neelamber, 37, G. D. Marg, Mumbai – 400026, Maharashtra
Date of Birth/Age :	14.07.1951
Date of Appointment :	30.01.2003
Date of Ceasing :	01.07.2008
Name :	Mr. Engler Werner (Foreign)
Designation :	Director
Address:	12, Pierce Road, Singapore – 248537.
Date of Birth/Age :	15.12.1950
Date of Appointment :	24.02.2002
Date of Ceasing :	27.03.2003
Name :	Mr. Robert Buchanan Mahoney
Designation :	Director
Address :	9, Regency Park, 24 – 03, Nathan Road, Singapore
Date of Birth/Age :	06.08.1953
Date of Appointment :	25.03.2004
Date of Ceasing :	03.09.2007
Name :	Mr. David Bowen Root
Designation :	Executive
Address :	420, West Benton Avenue, Naperville - 60540, USA
Date of Birth/Age :	18.12.1953
Date of Appointment :	03.04.2007
Date of Ceasing :	30.06.2009

KEY EXECUTIVES

Name :	Mr. Chandrakant Jechand Shah
Designation :	Secretary
Address :	B/201, Retreat Tower, Opposite Shyamal Row House NO. 1, 132, Ring Road, Satellite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	26.10.1928
Date of Appointment :	01.02.2001
Election Commission Identity Card No. :	LBR3293529
Name :	Mr. Shrinivas Patel
Designation :	Accountant
Name :	Ms. Sharda Balaji
Designation :	Company Secretary
Address :	H 34, L N Puram, Bangalore – 560021, Karnataka, India
Date of Birth/Age :	13.03.1969
Date of Appointment :	19.02.1997
Date of Ceasing :	14.12.1999

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.09.2010

Names of Shareholders	No. of Shares
Molex Incorporated, Lisle, IL, USA	10
Molex International Inc., Lisle, IL, USA	24959940
Woodhead Industries Inc., USA	10
Cardell Corporation, USA	10
Daniel Woodhead Company, USA	10
Molex Copper Flex Products Inc., St. Paul, MN	10
Molex Connector Corporation, Lisle, IL	10
Total	24960000

As on 21.09.2010

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 and Exporter of PCB Interconnection System, Ribbon Cable Connectors etc.

Products :

Product Description	Item Code No.
Connectors [including connectors having wires]	84731009, 84732100, 84732900, 84733009, 85179000, 85299000
Crimping tools and parts of dies	8207

• Connectors (including connectors having wires)
• Crimping tools and Parts of Dies

Brand Names :

‘MOLEX’

PRODUCTION STATUS

Particulars	Unit	Installed Capacity	Actual Production
Professional Grade Connectors	Nos.	Not yet ascertained	991690381

GENERAL INFORMATION

No. of Employees :	300 (Approximately)
Bankers :	· Canara Bank, Mumbai, Maharashtra · Bank of Baroda, Mumbai, Maharashtra · Standard Chartered Bank, Bangalore Branch · Corporation Bank, Kadugodi Branch

Banking Relations :	Satisfactory
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	UB City, ‘Canberra Block’, 12^th and 13^th Cross, No.24, Vittal Mallaya Road, Bangalore – 560 001, Karnataka, India
Pan No.:	AALFS0506L
Associates :	Molex Mafatlal Micron Limited, Gandhi Nagar Activity: Manufacturer and Exporter of PCB Interconnection System, Ribbon Cable Connectors etc.
Holding Company :	Molex International Inc., USA
Ultimate Holding Company :	Molex Incorporated, USA
Fellow Subsidiaries :	· Molex [Malaysia] Sdn Bhd · Molex Private Limited · Molex Thailand Limited · Molex De Mexico S. A. De C.V. · Molex G. Knutsen AS · Molex G. Ostervig A/S · Molex GmbH · Molex Hong Kong Limited · Molex China Limited · Molex Interconnect AG · Molex Interconnect Shanghai Company · Molex Ireland · Molex Japan Company Limited · Molex Korea Company Limited · Molex Premise Networks – U.S.A. · Molex Premise Networks Asia Limited · Molex Premise Networks Limited, Australia · Molex Premise Networks Sp Zoo, Poland · Molex Singapore Pte Limited · Molex Taiwan Limited · Molex India Tooling Private Limited · Molex Premises Networks Asia Limited, Hongkong · Automotive Connectors India Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24960000	Equity Shares	Rs.10/- each	Rs.249.600 millions

Note:

Of the above 249599940 equity shares of Rs. 10/- each are held by Molex International Inc, USA the company, holding company

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		249.600	249.600	249.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		638.741	547.110	579.204
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		888.341	796.710	828.804
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		194.986	209.188	82.104
TOTAL BORROWING		194.986	209.188	82.104
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1083.327	1005.898	910.908
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		217.306	275.369	268.922
Capital work-in-progress		5.734	4.382	12.976
INVESTMENT		42.139	42.289	44.056
DEFERREX TAX ASSETS		44.148	37.387	38.059
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	290.219	323.821	369.086
	Sundry Debtors	385.880	386.919	402.941
	Cash & Bank Balances	131.750	89.161	137.590
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	385.702	433.163	247.186
Total Current Assets		1193.551	1233.064	1156.803
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	391.866	566.722	573.612
	Current Liabilities
	Provisions	27.685	19.871	36.296
Total Current Liabilities		419.551	586.593	609.908
Net Current Assets		774.000	646.471	546.895
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1083.327	1005.898	910.908

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008
	SALES
		Income	2417.506	1951.345
		Other Income	65.743	76.075
		TOTAL (A)	2483.249	2027.420
Less	EXPENSES
		Cost of sales	1739.741	1315.129
		Personnel expenses	192.346	115.029
		Manufacturing, marketing and other expenses	501.073	412.920
		TOTAL (B)	2433.160	1843.078
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		50.089	184.342
Less	FINANCIAL EXPENSES (D)		16.941	9.292
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		33.148	175.050
Less/ Add	DEPRECIATION/ AMORTISATION (F)		57.693	48.792
	PROFIT BEFORE TAX (E-F) (G)		(24.545)	126.258
Less	TAX (H)		7.549	106.629
	PROFIT AFTER TAX (G-H) (I)		(32.094)	19.629
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		579.204	518.028
Add	ADJUSTMENT FOR INVENTORY RESERVE		0.000	41.547
Less	APPROPRIATIONS
		Inventory Allowance Reserve	0.000	0.000
	BALANCE CARRIED TO THE B/S		547.110	579.204
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	338.914
	TOTAL EARNINGS		NA	338.914
	IMPORTS
		Raw Materials	NA	473.627
		Traded Goods	NA	434.809
		Capital Goods	NA	97.955
	TOTAL IMPORTS		NA	1006.391
	Earnings Per Share (Rs.)		(1.29)	0.79

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	(1.29)	0.97
Net Profit Margin (PBT/Sales)	(%)	NA	(1.02)	6.47
Return on Total Assets (PBT/Total Assets}	(%)	NA	(1.63)	8.86
Return on Investment (ROI) (PBT/Networth)		NA	(0.03)	0.15
Debt Equity Ratio (Total Liability/Networth)		0.69	1.00	0.83
Current Ratio (Current Asset/Current Liability)		2.84	2.10	1.90

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors: Not Available

HISTORY

The company has shifted its entire operations to it’s Bangalore office.

The company has been enjoying the benefits and privileges arising from the ISO 9002 certification. The company is in the process of obtaining QS 9000 certification.

The company has technical collaboration agreement with Molex of USA who is one of the world leaders of manufacturing electronic connectors.

As part of an expansions program the company recently embarked upon, it acquired along with Molex International Inc., a majority stake in Molex Mafatlal Micron Limited. This company, which was a division of Mafatlal Industries Limited, manufactures Euro and IDC Connectors in collaboration with Siemens of Germany. This acquisition will enable Molex to increase its presence in the Telecom Business in India, by bringing about synergies in manufacturing and marketing.

The company introduced two new product range. The Gigapack range of high performance UTP products was launched to address the high end market need to support 622 Mbps ATM and Gigabit Ethernet and the other range of MLX power connectors for Home appliance, HVAC, Industrial Automation markets, etc.

The company continues to be a major foreign exchange earner in the Connector Industry.

An amount of Rs. 49.376 millions is due to Molex Inc., U.S.A. towards supplies on capital goods made in previous years. Which stands converted into an external commercial borrowing from Moles Inc., U.S.A. from June 2001 onwards. This loan is repayable by June 2001. This is to be paid as single bullet repayment at the end of the third year, June 2004.

FIXED ASSETS:

· Land

· Buildings

· Dies and Molds

· Plant and Machinery

· Computers

· Furniture and Fixtures

· Vehicles

· Office Equipment

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.46.18
UK Pound	1	Rs.73.65
Euro	1	Rs.64.95

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	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--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	-

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.