MIRA
INFORM REPORT
|
Report Date : |
09.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
ROHM AND HAAS ( |
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Registered
Office : |
Corporate Park,
Unit No.1, V.N. Purav Marg, Chembur, Mumbai-400071, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
14.03.1995 |
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Com. Reg. No.: |
11-132718 |
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Capital Investment
/ Paid-up Capital : |
Rs. 3259.073 Millions |
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|
CIN No.: [Company Identification
No.] |
U24231MH1995PTC132718 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR14396E |
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PAN No.: [Permanent Account No.] |
AAACR2855F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of organic, inorganic polymers, etc. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 8900000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Rohm and Haas Worldwide. The Indian operations of
the company has recorded some accumulated losses. However, trade relations are
reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. In view of strong holding, 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office : |
Corporate Park,
Unit No.1, V.N. Purav Marg, Chembur, Mumbai-400071, |
|
Tel. No.: |
91-22-67832358 |
|
Mobile No.: |
91-9819000295
(Mr. Zafer Ansari) |
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Fax No.: |
91-22-25231407 |
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E-mail: |
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Website : |
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Area: |
Owned |
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|
|
|
Head Office/
Factory 1 : |
Unit I and II, 2nd
Floor, Building 1, Solitaire Corporate Park, Chakala, Andheri-Kurla Road,
Andheri (East), Mumbai – 400 093, Maharashtra, India |
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|
|
|
Factory 2 : |
Plot No. T-22/PT,
MIDC Taloja Industrial Area, District Raigad-410 208, |
|
Tel. No.: |
91-22-27412476/
79 |
|
Fax No.: |
91-22-27410564 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Anilkumar Amarchand Gupta |
|
Designation : |
Director |
|
Address : |
Sector 16A, Sanpada, Navi Mumbai-400705, |
|
Date of Birth/Age : |
25.02.1962 |
|
Date of Appointment : |
30.06.2009 |
|
DIN No.: |
02188991 |
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|
|
|
Name : |
Mr. Venkatesan Rajagopalan |
|
Designation : |
Director |
|
Address : |
D. No.14, Flat No.6, Simha Chalam Apartments, |
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Date of Birth/Age : |
27.04.1954 |
|
Date of Appointment : |
30.06.2009 |
|
DIN No.: |
02691467 |
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Name : |
Mr. Michel Barrier |
|
Designation : |
Director |
|
Address : |
Cama Terrasses, 26, |
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Date of Birth/Age : |
08.02.1958 |
|
Date of Appointment : |
23.03.2011 |
|
DIN No.: |
03365174 |
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|
|
|
Name : |
Mr. Belur Kirshna Murthy Sethuram |
|
Designation : |
Secretary |
|
Address : |
Flat No.602, 6th Floor, |
|
Date of Birth/Age : |
02.04.1962 |
|
Date of Appointment : |
06.05.2011 |
|
DIN No.: |
03498701 |
KEY EXECUTIVES
|
Name : |
Mr. Monish |
|
Designation : |
Treasure Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Rohm and Haas |
325902323 |
|
Rohm and Haas |
5000 |
|
Total |
325907323 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of organic, inorganic polymers, etc. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Emulsion Polymers |
MT |
100000 |
73447 |
|
Packing Adhesives |
MT |
10000 |
9258 |
Note:
The licensed and installed capacity are as
certified by the Management and not verified by the auditor, being technical
matter
GENERAL INFORMATION
|
No. of Employees : |
50 (Approximately) |
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Bankers : |
·
Standard Chartered Grindlays Bank Limited, · Citibank N. A. |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Price Waterhouse
and Company Chartered
Accountants |
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Address : |
252, Veer
Savarkar Marg, |
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|
|
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Ultimate Holding Company : |
·
The Dow Chemical Company, |
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|
|
Holding Company : |
·
Rohm And Haas |
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|
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|
Fellow Subsidiaries : |
·
ACIMA Chemical Industries Limited ·
Rohm and Haas Company, ·
·
Dow Agrosciences India Private Limited ·
Dow Agrosciences LLC ·
Dow Chemical International Private Limited ·
Dow Chemical Pacific Limited ·
Dow Chemical Pacific(S) Pte Limited ·
Dow ·
Dow ·
Hampshire Chemical Corporation ·
Japan Acrylic Chemical Company Limited. ·
PT. Rohm and Haas ·
·
Rohm and Haas Europe Trading ApS – Succursale
France ·
Rohm and Haas Europe Trading ApS-Deutsche ·
Rohm and Haas Europe Trading ApS – ·
Rohm and Haas Europe Trading ApS-Sede Secondaria
Italiana ·
Rohm and Haas Europe Trading ApS-Belgium Branch ·
Rohm and Haas ( ·
Rohm and Haas Foshan Specialty Materials Company
Limited ·
Rohm and Haas ( ·
Rohm and Haas (SSC) Management Consulting
Services ( ·
Rohm and Haas ( ·
Rohm and Haas Australia Pty Limited ·
Rohm and ·
Rohm and Haas Chemical ( ·
Rohm and Haas Chemicals ·
Rohm and Haas China Inc. ·
Rohm andHaas China Research and Development
Centre ·
Rohm and Haas Company ER ·
Rohm and Haas Electronic Materials ·
Rohm and Haas Electronic Materials, LLC ·
Rohm and Haas Europe SARL ·
Rohm and Haas Europe Services ApS, Deutsche ·
Rohm and Haas Trading ApS ·
Rohm and Haas European Trading ApS, ·
Rohm and Haas ·
Rohm and Haas International Trading ( ·
Rohm and Haas Italia S.R.L. ·
Rohm and Haas Korea Company Limited ·
Rohm and Haas ·
Rohm and Haas New Zealand Limited ·
Rohm and Haas Philippines Inc. ·
Rohm and Haas Quimica Limited ·
Rohm and Haas Shanghai Chemical Industry Company
Limited ·
Rohm and Haas ·
Rohm and Haas South ·
Rohm and Haas Taiwan, Inc. ·
Rohm and Haas ·
Rohm and Haas Vietnam Company Limited ·
Ucar Emulsion Systems FZE ·
Union Carbide Corporation |
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|
·
|
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
330000000 |
Equity Shares |
Rs.10/- each |
Rs. 3300.000 Millions |
|
55000000 |
10% Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs. 550.000 Millions |
|
|
Total |
|
Rs. 3850.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
325907323 |
Equity Shares |
Rs.10/- each |
Rs. 3259.073
Millions |
|
|
|
|
|
Notes:
Of the above, 32,58,57,323
(Previous Year 27,24,45,323) Equity Shares of Rs. 10 each and NIL (Previous
year 5,34,12,000) 10% Cumulative Redeemable Preference Shares of Rs. 10 each,
are held by the holding company, Rohm and Haas India Investment ApS, Denmark
and 50,000 (Previous year 50,000) Equity shares of Rs.10/- each are held by
Rohm and Haas Denmark Finance ApS (Previous year by Rohm and Haas India Denmark
ApS), a fellow subsidiary company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3259.073 |
3259.073 |
1791.359 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(1018.999) |
(1281.021) |
(1251.988) |
|
|
NETWORTH |
2240.074 |
1978.052 |
539.371 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1140.000 |
101.331 |
516.671 |
|
|
TOTAL BORROWING |
1140.000 |
101.331 |
516.671 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3380.074 |
2079.383 |
1056.042 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1357.371 |
1407.027 |
1516.386 |
|
|
Capital work-in-progress |
39.372 |
127.077 |
13.301 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1254.737
|
839.534 |
731.110
|
|
|
Sundry Debtors |
1782.579
|
1356.133 |
1049.783
|
|
|
Cash & Bank Balances |
167.390
|
373.524 |
312.378
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
727.725
|
659.629 |
476.425
|
|
Total
Current Assets |
3932.431
|
3228.820 |
2569.696 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1848.206
|
2585.703 |
2908.468 |
|
|
Other Current Liabilities |
76.086
|
80.042 |
104.529
|
|
|
Provisions |
24.808
|
17.796 |
30.344
|
|
Total
Current Liabilities |
1949.100
|
2683.541 |
3043.341 |
|
|
Net Current Assets |
1983.331
|
545.279 |
(473.645)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3380.074 |
2079.383 |
1056.042 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
6177.500 |
4973.300 |
4055.100 |
|
|
|
Commission |
158.700 |
117.100 |
136.200 |
|
|
|
Other Income |
63.600 |
119.600 |
115.800 |
|
|
|
TOTAL (A) |
6399.800 |
5210.000 |
4307.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
5906.600 |
5048.200 |
4648.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
493.200 |
161.800 |
(341.700) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
38.000 |
10.800 |
27.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
455.200 |
151.000 |
(369.600) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
193.200 |
180.100 |
165.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT /
(LOSS) BEFORE TAX (E-F)
(G) |
262.000 |
(29.100) |
(535.200) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
3.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT /
(LOSS) AFTER TAX (G-H) (I) |
262.000 |
(29.100) |
(538.600) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1281.000) |
(1251.900) |
(713.300) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1019.000 |
(1281.000) |
(1251.900) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of goods exported |
NA |
1227.116 |
717.567 |
|
|
|
Service income |
NA |
48.063 |
39.645 |
|
|
|
Commission |
NA |
117.145 |
136.252 |
|
|
TOTAL EARNINGS |
NA |
1392.324 |
893.464 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
2282.404 |
2109.467 |
|
|
|
Trading Products |
NA |
415.283 |
289.882 |
|
|
|
Capital Goods |
NA |
43.720 |
21.716 |
|
|
|
Spares |
NA |
1.920 |
3.534 |
|
|
TOTAL IMPORTS |
NA |
2743.327 |
2424.599 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (Rs.) |
0.77 |
(0.64) |
(6.62) |
|
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%20PRIVATE%20LIMITED%20-%20176358%2009-Apr-2012_files/image002.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20176358%2009-Apr-2012_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.09
|
(0.56) |
(12.50) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.24
|
(0.59) |
(13.20) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.95
|
(0.63) |
(13.10) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
(0.01) |
(0.99) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.38
|
1.41 |
6.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.02
|
1.20 |
0.84 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
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 |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
NOTE
The registered office of the company has been shifted from 121-122,
FINANCIAL PERFORMANCE
The Company
continued its excellence in sales performance this year also. It has made
tremendous progress as compared to the previous year. The sales at Rs. 6180.000
Millions have risen by about 24% as compared to Rs. 4970.000 Millions. This has
resulted in a profit of about Rs. 490.000 Millions before depreciation,
interest and tax, as compared to Rs. 161.800 Millions in the previous year.
During the year,
the 10% Redeemable Preference Shares were converted into Equity shares at par,
in the ratio of 1:1. The issued and paid up share capital accordingly, stands
enhanced to that extent.
FIXED ASSETS
·
·
Buildings
·
Leasehold Improvements
·
Plant and Machinery
·
Office Equipment
·
Computers
·
Furniture and Fixtures
·
Vehicles
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. 51.05 |
|
|
1 |
Rs. 81.09 |
|
Euro |
1 |
Rs. 67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.