MIRA INFORM REPORT

Report Date :

27.12.2012

IDENTIFICATION DETAILS

Name :	SHIVAM AGROPROCESS PRIVATE LIMITED
Registered Office :	Shivam Sales Corporation, Opposite Gayatri Mandir, National Highway, Palanpur – 385001, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.03.2007
Com. Reg. No.:	04-050291
Capital Investment / Paid-up Capital :	Rs. 20.000 Millions
CIN No.: [Company Identification No.]	U01549GJ2007PTC050291
TAN No.: [Tax Deduction & Collection Account No.]	AHMS13963F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Refined Castor Oil, Commercial Castor Oil, etc.
No. of Employees :	135 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 200000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company appears to be low. However, there is an increase in sales turnover due to change in the product line. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with slight caution.

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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.

INFORMATION PARTED BY

Name :	Mr. Samir Patel
Designation :	Export Manager
Contact No.:	91-2742-256335
Date :	19.12.2012

LOCATIONS

Registered Office/ Factory 1:	Shivam Sales Corporation, Opposite Gayatri Mandir, National Highway, Palanpur – 385001, Gujarat, India
Tel. No.:	91-2742-256335
Fax No.:	Not Available
E-Mail :	amipal@sancharnet.in info@shivamagro.com bharat3572@yahoo.com
Website :	http://www.shivamagro.com
Area :	1 Lakh Sq. ft.
Location :	Owned
Factory 2 :	NH-14, Abu Highway, Near RTO Check Post, Behind Gayatri Mandir, Palanpur-385001, Gujarat, India
Tel No:	91-2742-252808
Fax No:	91-2742-252808
Area :	2 Lakhs Sq. ft.
Location:	Owned

DIRECTORS

(AS ON 29.09.2012)

Name :

Mr. Maheshkumar Shivrambhai Patel

Designation :

Director

Address :

C/o, Shivam Sales Corporation, Highway, Palanpur, Banaskantha-385001, Gujarat, India

Date of Birth/Age :

23.07.1974

Qualification :

B.Com

Date of Appointment :

19.03.2007

DIN No.:

01561191

PAN No.:

AEHPP2787G

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U65910GJ1993PTC020018	SHIVAM FINLEASE PRIVATE LIMITED	Director	17/08/1993	17/08/1993	Active	NO
2	U01549GJ2007PTC050291	SHIVAM AGROPROCESS PRIVATE LIMITED	Director	19/03/2007	19/03/2007	Active	NO

Name :

Mr. Amrutbhai Ishwarlal Patel

Designation :

Director

Address :

Mahesh Sales Corporation, Dessa Highway, Palanpur-385001, Gujarat, India

Date of Birth/Age :

01.06.1960

Qualification :

B.Com

Date of Appointment :

19.03.2007

DIN No.:

01561075

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U65910GJ1993PTC020018	SHIVAM FINLEASE PRIVATE LIMITED	Director	17/08/1993	17/08/1993	Active	NO
2	U01549GJ2007PTC050291	SHIVAM AGROPROCESS PRIVATE LIMITED	Director	19/03/2007	19/03/2007	Active	NO

Name :

Mr. Shivrambhai Ishwarlal Patel

Designation :

Director

Address :

C/o, Shivam Sales Corporation, Abu Highway, Palanpur-385001, Banaskantha, Gujarat, India

Date of Birth/Age :

05.10.1949

Date of Appointment :

19.03.2007

DIN No.:

02521149

PAN No.:

AEIPP9910N

Partnership Firm :

· Shivam Sales Corporation

Near R.T.O. Office, Opposite Gayatri Temple, N H No.14, Palanpur – 385001, Gujarat, India

Other Directorships:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U65910GJ1993PTC020018	SHIVAM FINLEASE PRIVATE LIMITED	Director	17/08/1993	17/08/1993	Active	NO
2	U01549GJ2007PTC050291	SHIVAM AGROPROCESS PRIVATE LIMITED	Director	19/03/2007	19/03/2007	Active	NO
3	U45202GJ2007PTC049871	PALANPUR REALITY DEVELOPERS PRIVATE LIMITED	Director	24/04/2012	24/04/2012	Active	NO
4	U45200GJ2012PTC070534	SHREE GREEN DEVELOPMENT PRIVATE LIMITED	Director	30/05/2012	30/05/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Samir Patel
Designation :	Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2012)

Names of Shareholders	No. of Shares
Shivrambhai Ishwarbhai Patel	1595000
Maheshbhai Shivrambhai Patel	262500
Amrutbhai Ishwarlal Patel	142500
Total	2000000

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Refined Castor Oil, Commercial Castor Oil, etc.
Products :	· Cold Pressed Castor Oil (CP) · Refined Castor Oil (FSG/ BSS) · Commercial Castor Oil · Pharmaceutical Castor Oil (IP/ BP/ USP Grade) · Refined Castor Oil (DAB 10) · Pale Pressed Grade Castor Oil · Extra Pale Grade Castor Oil · Neutralized Castor Oil (N.C.O) · Eco-Friendly Fertilizers-Castor Seed Extraction Meal (D.O.C)
Exports :
Products :	· Refined Castor Oil · Commercial Castor Oil
Countries :	· China · Europe · USA · Far East
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Kirov (Ru)

· Pyratrde Limited

· Synco Industries Limited

Customers :

Wholesalers and Retailers

· Ami Castor and Derivatives Private Limited

· Awn Agro Private Limited

· Banpal Oilchem Private Limited

· Chandrashekhar Export Private Limited

· Friends and Friends Shipping Private Limited

· J. K. Oil Industries

· Jai International Private Limited

· Kandala Export Corporation

· Pon Pure Chem (Private) Limited

· S. Amin and Company

· S. P. Tiwari Gopal Electric

· Shree Mahavir Saw Mill

· Shree Fats and Proteins Private Limited

No. of Employees :

135 (Approximately)

Bankers :

· Bank of Baroda

Near Guru Nanak Chowk Branch, Palanpur-385001, Gujarat, India

· The Mehsana Urban Cooperative Bank Limited

Palanpur Branch, Puja Chambers, Girdhar Patel Marg, Palanpur – 385001, Gujarat, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term Loans
Bank of Baroda 1213	9.636	0.000
Bank of Baroda 1852	20.714	15.029
Bank of Baroda C.C.	39.695	15.356
Bank of Baroda Packing	62.244	0.000
Total	132.289	30.385
Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans and Advance from related parties
Amrutbhai I. Patel	0.959	0.865
Maheshkumar S. Patel	2.597	5.652
Total	3.556	6.517

Banking Relations :	--
Auditors :
Name :	Vinodchandra M. Shah and Company Chartered Accountants
Address :	49, Subhash Complex, Market Yard Shop, Near Kakoshi Railway Crossing, Sidhpur – 384151, Gujarat, India
Tel. No.:	91-2742-221006 (Office) 91-2742-220503 (Residence)
PAN No.:	AESPS2849P
Associates/Subsidiaries :	· Shivam Sales Corporation Address: Palanpur, Gujarat, India · Nilmanipylse Products (Private) Limited

CAPITAL STRUCTURE

(AS ON 29.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Share	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Share	Rs.10/- each	Rs.20.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		20.000	20.000	8.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		30.114	27.762	1.664
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		50.114	47.762	9.764
LOAN FUNDS
1] Secured Loans		132.289	30.385	29.605
2] Unsecured Loans		3.556	6.517	17.853
TOTAL BORROWING		135.845	36.902	47.458
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		185.959	84.664	57.222
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		56.907	56.142	32.700
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.573
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	78.197	29.176	15.726
	Sundry Debtors	73.886	20.066	11.750
	Cash & Bank Balances	0.834	0.028	0.019
	Other Current Assets	14.073	7.263	0.000
	Loans & Advances	2.328	1.942	1.168
Total Current Assets		169.318	58.475	28.663
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	19.425	17.722	5.520
	Other Current Liabilities	20.484	11.654	0.019
	Provisions	0.357	0.577	0.187
Total Current Liabilities		40.266	29.953	5.726
Net Current Assets		129.052	28.522	22.937
MISCELLANEOUS EXPENSES		0.000	0.000	1.012
TOTAL		185.959	84.664	57.222

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	887.848	194.511	97.440
		Other Income	6.965	3.941	0.000
		TOTAL (A)	894.813	198.452	97.440
Less	EXPENSES
		Cost of Raw Materials and Components Consumed	825.214	171.878
		Employee Benefit Expenses	3.925	0.610
		Other Expenses	41.954	11.416
		Payments to Auditor	0.050	0.058
		TOTAL (B)	871.143	183.962	97.478
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		23.670	14.490	(Including Financial Expenses)
Less	FINANCIAL EXPENSES (D)		11.475	7.216
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.195	7.274	[0.038]
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.844	4.976	5.119
	PROFIT BEFORE TAX (E-F) (G)		2.351	2.298	[5.157]
Less	TAX (H)		0.000	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		2.351	2.298	[5.157]
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		[4.037]	[6.335]	[1.178]
	BALANCE CARRIED TO THE B/S		[1.686]	[4.037]	[6.335]
	Earnings Per Share (Rs.)		1.18	1.15	[6.37]

Expected Sales (2012-13): Rs.1000.000 Millions

The above information has been parted by Mr. Samir.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.26	1.16	[5.29]
Net Profit Margin (PBT/Sales)	(%)	0.26	1.18	[5.29]
Return on Total Assets (PBT/Total Assets}	(%)	1.04	2.00	[8.40]
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	[0.53]
Debt Equity Ratio (Total Liability/Networth)		3.51	1.40	5.45
Current Ratio (Current Asset/Current Liability)		4.20	1.95	5.01

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
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%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U01549GJ2007PTC050291
Name of the company	SHIVAM AGROPROCESS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Shivam Sales Corporation, Opposite Gayatri Mandir, National Highway, Palanpur – 385001, Gujarat, India amipal@sancharnet.in
Type of charge	Book debts Movable property (not being pledge) Floating charge Others: All Stock in trade
Particular of charge holder	The Mehsana Urban Cooperative Bank Limited Palanpur Branch, Puja Chambers, Girdhar Patel Marg, Palanpur – 385001, Gujarat, India mubank2005@yahoo.com
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation of Goods.
Date of instrument Creating the charge	06/06/2012
Amount secured by the charge	Rs.60.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Interest shall be payable @ 13.75 % on the outstanding and be calculated on the daily balance payable by the Borrower to the Bank and charged in the account with monthly rests. Terms of Repayment The WC limit by way of Pledge / Hypothecation Stock limit of Rs.60.000 Millions togather with all interest, costs, charges, expenses and other monies payable thereon by the Borrower to the Bank is repayable on demand. Margin The Borrower shall maintain 70 % of margin of Hypothecated/ Pledged Goods or such margin which the Bank may specify from time to time. Extent and Operation of the charge The charge created on the assets described in Sr. No 15 shall stand as First charge in favour of the Bank to secure due repayment of Rs.60.000 Millions togather with all interest, costs, charges, expenses and other monies payable thereon by the Borrower to the Bank. Others The security created hereby shall rank as primary continuing in favour of the Bank to secure due repayment of Rs.60.000 Millions togather with all interest, costs, charges, expenses and other monies payable thereon by the Borrower to the Bank.
Short particulars of the property charged	All stock in trade lying, stored in or about the godown of the Borrower situated at Sarvodaya Mill Compound, Disa Highway, Palanpur, Gujarat or wherever else including such goods and assets as may be brought or stored or lying in the said godown or in the course of transit or delivery in the course of business by the Borrower.

FIXED ASSETS:

· Furniture Building

· Computer Equipment

· Motor Vehicle

· Other Building

· Plant and Machinery

· Furniture and Fixture

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 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 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.54.96
UK Pound	1	Rs.88.68
Euro	1	Rs.72.45

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		36

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.