1. Summary Information
|
|
|
Country |
India |
|
Company Name |
DYNAWELD ENGINEERING COMPANY PRIVATE LIMITED |
Principal Name 1 |
Mr. Bhupendra Padamshi Shah |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Nihar Bhupendra Shah |
|
|
|
Registration # |
04-051179 |
|
Street Address |
72/427, Vijay Nagar, Naranpura, Ahmedabad-380013, Gujarat |
||
|
Established Date |
22.06.2007 |
SIC Code |
-- |
|
Telephone# |
91-79-27436896/27477135 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-79-27436896/27477135 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Horizontal Boring Machine |
|
|
# of employees |
Not Available |
Product Name 2 |
Facing Machine |
|
Paid up capital |
Rs.775,
000/- |
Product Name 3 |
Industrial Pressure Power Washers |
|
Shareholders |
Bodies corporate 38.71%, Directors or relatives of directors 61.22%,
Other top fifty shareholders 0.07% |
Banking |
Not Available |
|
Public Limited Corp. |
No |
Business Period |
5 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (43) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
27,024,000 |
Current Liabilities |
7,736,000 |
|
Inventories |
472,000 |
Long-term Liabilities |
8,953,000 |
|
Fixed Assets |
1,550,000 |
Other Liabilities |
617,000 |
|
Deferred Assets |
000 |
Total Liabilities |
17,306,000 |
|
Invest& other Assets |
3,000 |
Retained Earnings |
10,968,000 |
|
|
|
Net Worth |
11,743,000 |
|
Total Assets |
29,049,000 |
Total Liab. & Equity |
29,049,000 |
|
Total Assets (Previous Year) |
18,376,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
25,255,000 |
Net Profit |
1,283,000 |
|
Sales(Previous yr) |
5,003,000 |
Net Profit(Prev.yr) |
374,000 |
MIRA
INFORM REPORT
|
Report Date : |
09.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
DYNAWELD ENGINEERING COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
72/427, Vijay Nagar, Naranpura, Ahmedabad-380013, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.06.2007 |
|
|
|
|
Com. Reg. No.: |
04-051179 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.775
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28112GJ2007PTC051179 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMD04367G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCD6424A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Exporting of Horizontal Boring Machine, Facing
Machine, Industrial Pressure Power Washers, Pressure Test Pumps, Reactor
Vessel Tank Cleaning, Stainless Steel Butter Churns, etc. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 46000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported to be fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered for normal business dealing 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, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
72/427, Vijay Nagar, Naranpura, Ahmedabad-380013, Gujarat, India |
|
Tel. No.: |
91-79-27436896/27477135 |
|
Fax No.: |
91-79-27436896/27477135 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Bhupendra Padamshi Shah |
||||||||||||||||||||||||||||||||
|
Designation : |
Whole Time Director |
||||||||||||||||||||||||||||||||
|
Address : |
72/427, Vijay Nagar, Naranpura, Ahmedabad-380013, Gujarat, India |
||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
29.05.1945 |
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|
Date of Appointment : |
22.06.2007 |
||||||||||||||||||||||||||||||||
|
Din No.: |
01376877 |
||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||
|
Name : |
Mr. Nihar Bhupendra Shah |
||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||
|
Address : |
72/427, Vijay Nagar, Naranpura, Ahmedabad-380013, Gujarat, India |
||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
28.07.1974 |
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|
Date of Appointment : |
22.06.2007 |
||||||||||||||||||||||||||||||||
|
Din No.: |
01376858 |
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|
Other Directorship:
|
|||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||
|
Name : |
Mr. Sachiv Nanubhai Mehta |
||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||
|
Address : |
28, Saraswati Society, Paldi, Ahmedabad-380007, Gujarat, India |
||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
07.05.1972 |
||||||||||||||||||||||||||||||||
|
Date of Appointment : |
16.03.2009 |
||||||||||||||||||||||||||||||||
|
Din No.: |
02549617 |
||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Nihar Bhupendra Shah |
|
15000 |
|
Bhupendra Padamshi Shah |
|
23725 |
|
Hingora Finvest Private Limited, India |
|
5000 |
|
Cliffon Securities Private Limited, India |
|
5000 |
|
Premium Hightech Limited, India |
|
7500 |
|
Doldrum Investment and Finance Private Limited, India |
|
5000 |
|
Oshin Investment and Finance Private Limited, India |
|
7500 |
|
Parimal B Kamdar Joint With Parth parimal Kamdar Joint With Devanshi
Parimal Kamdar |
|
25 |
|
Parimal B Kamdar HUF |
|
25 |
|
Deepa Shah |
|
8725 |
|
|
|
|
|
Total |
|
77500 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
38.71 |
|
Directors
or relatives of directors |
|
61.22 |
|
Other
top fifty shareholders |
|
0.07 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Exporting of Horizontal Boring Machine, Facing
Machine, Industrial Pressure Power Washers, Pressure Test Pumps, Reactor Vessel
Tank Cleaning, Stainless Steel Butter Churns, etc. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
Not Available |
|||||||||||||||
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|
|||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Pritesh A Shah and Associates Chartered Accountants |
|
Address : |
33/385, Adarsh Nagar, Near Nava Vadaj, Ankur, Naranpura,
Ahmedabad-380013, Gujarat, India |
|
Pan No.: |
BGOPS2525P |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
77500 |
Equity Shares |
Rs.10/- each |
Rs.0.775
Million |
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 |
0.775 |
0.600 |
0.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10.968 |
6.369 |
5.995 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11.743 |
6.969 |
6.595 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
8.953 |
7.300 |
1.510 |
|
|
TOTAL BORROWING |
8.953 |
7.300 |
1.510 |
|
|
DEFERRED TAX LIABILITIES |
0.070 |
0.050 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
20.766 |
14.319 |
8.105 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.550 |
1.345 |
0.396 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.002 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.472
|
1.046 |
0.000 |
|
|
Sundry Debtors |
14.587
|
6.366 |
2.820 |
|
|
Cash & Bank Balances |
10.164
|
8.420 |
5.487 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.273
|
1.194 |
0.592 |
|
Total
Current Assets |
27.496
|
17.026 |
8.899 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6.676
|
2.932 |
0.521 |
|
|
Other Current Liabilities |
1.060
|
0.833 |
0.428 |
|
|
Provisions |
0.547
|
0.292 |
0.251 |
|
Total
Current Liabilities |
8.283
|
4.057 |
1.200 |
|
|
Net Current Assets |
19.213
|
12.969 |
7.699 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.003 |
0.005 |
0.008 |
|
|
|
|
|
|
|
|
TOTAL |
20.766 |
14.319 |
8.105 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
25.255 |
5.003 |
0.819 |
|
|
|
Other Income |
37.290 |
18.117 |
14.785 |
|
|
|
TOTAL (A) |
62.545 |
23.120 |
15.604 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
60.141 |
22.200 |
15.060 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
60.141 |
22.200 |
15.060 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2.404 |
0.920 |
0.544 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.394 |
0.197 |
0.033 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.010 |
0.723 |
0.511 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.305 |
0.152 |
0.093 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1.705 |
0.571 |
0.418 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.422 |
0.197 |
0.195 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1.283 |
0.374 |
0.223 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.659 |
0.285 |
0.062 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1.942 |
0.659 |
0.285 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.858 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1.495 |
1.495 |
NA |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
17.95 |
6.23 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.05
|
1.62 |
1.43 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.75
|
11.41 |
51.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.87
|
3.11 |
4.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.08 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.47
|
1.63 |
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.32
|
4.20 |
7.42 |
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 |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three 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 |
No |
|
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 involved in |
-- |
|
23) Banking Details |
No |
|
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 |
|
31) PAN
of Proprietor/Partner/Director, if available |
No |
|
32) Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33) Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
34) External Agency Rating, if available |
No |
FINANCIAL PERFORMANCE:
During the year, the company has earned an
income form services to the extent of Rs.37.290 Millions as against Rs.18.117 Millions
in previous year. After providing Rs.0.305 Million for depreciation and
Rs.0.402 for income tax, the company has earned a net profit of Rs.1.283
Millions (Previous year Rs.0.374 Million). At the end f the year, a credit
balance of Rs.1.942 Millions is lying in the balance sheet.
With a view to conserve the resources and to
plough back the profits into the activities, the directors do not recommend any
dividend of the equity shares of the company.
FIXED ASSETS:
·
Computer
·
Plant and Machinery
·
Mobile Phone
·
Furniture
·
Office Equipments
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.55.15 |
|
|
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.68.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
|
43 |
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.