MIRA INFORM REPORT

Report Date :

23.07.2012

IDENTIFICATION DETAILS

Name :	SATYEN POLYMERS PRIVATE LIMITED
Registered Office :	307, A to Z Industrial Premises, G K Marg, Lower Parel (West), Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.03.2006
Com. Reg. No.:	160571
Capital Investment / Paid-up Capital :	Rs.40.000 millions
CIN No.: [Company Identification No.]	U24300MH2006PTC160571
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of U P Resin
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 370784
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is progressing well. Trade relations are reported as 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.

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)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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/Head Office :	307, A to Z Industrial Premises, G K Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-42201555 / 24922678 / 66605711
Fax No.:	91-22-24911262
E-Mail :	satpoly@resadh.com sdvhm@yahoo.com modivijay1956@gmail.com
Website :	www.resadh.com www.satyenpolymers.com
Area :	2700 sq. ft
Location :	Owned
Factory :	Survey No. 678/ 1/3, Plot No.6, Village Naroli, Bhilad, Silvassa, 396230, Gujarat, India
Area :	4000 Sq. mtr.
Location :	Owned
Regional Office:	#18, Ashirwad, KSRTC Layput, 7^th main, 2^nd B Cross, J P Nagar, 2^nd Phase, Bangalore 560078, India, Karnataka, India
Tell No.:	9180-26490592
Email :	info@satyenpolymers.com

DIRECTORS

AS ON 29.09.2011

Name :

Mr. Jitendra Jagmohandas Vora

Designation :

Director

Address :

B – 402, Gold Coin CHSL Tardeo Road, Mumbai – 400035, Maharashtra

Date of Birth/Age:

11.10.1946

Qualification :

Chemical Engineers

Experience :

29 Years

Date of Appointment:

20.03.2006

DIN No.:

01999944

Other directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24110MH1985PTC037175	Falgun Polymers Pvt Ltd	Director	19/08/1985	19/08/1985	-	Under Process of Striking off	NO
2	U74302MH1990PTC058507	Krishna Adhesives And Coatings Private Limited	Director	12/10/1990	12/10/1990	-	Active	NO
3	U24300MH2006PTC160571	Satyen Polymers Private Limited	Director	20/03/2006	20/03/2006	-	Active	NO
4	U74900PN2009PTC134515	Rhino Linings India Private Limited	Director	02/11/2011	02/11/2011	-	Active	NO

Name :

Mrs. Devyani Jitendra Vora

Designation :

Director

Address :

B – 402, Gold Coin CHSL Tardeo Road, Mumbai – 400035, Maharashtra

Date of Birth/Age :

26.04.1949

Qualification :

B.A.

Date of Appointment :

20.03.2006

DIN No.:

01998904

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74302MH1990PTC058507	Krishna Adhesives And Coatings Private Limited	Director	12/10/1990	12/10/1990	-	Active	NO
2	U24300MH2006PTC160571	Satyen Polymers Private Limited	Director	20/03/2006	20/03/2006	-	Active	NO

Name :	Mr. Raghavan Rajagopalan
Designation :	Director
Date of Birth/Age :	16.12.1952
Date of Appointment :	01.10.2010
Din No.:	03227646

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Vora Jitendra J	3999800
Vora Devyani J	100
Vora Falguni J	100
Total	4000000

AS ON 29.09.2011

Equity Share Breakup		Percentage of Holding
Directors or relatives of directors		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of U P Resin
Products :	Unsaturated Polyester Resins Synthetic Adhesives and Coatings

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

• Insituform Technologies, Inc.
• Aban Constructions Private Limited
• Angerlehner Composites Private Limited India
• Per Aarsleff A/S
• Strategic Engineering Private Limited
• Chemical Process Equipments Private Limited
• Tech-Force Compsites Private Limited
• Polyplast Chemi Plants India Private Limited

No. of Employees :

80 (Approximately)

Bankers :

• HDFC Bank, HDFC Bank House, Senapati Bapat Marge, Lower Parel (West), Mumbai – 400013, Maharashtra
• Citi Bank, Citigroup Centre, Bandra Kurla Complex, G Block Bandra East, Mumbai – 400051, Maharashtra
• Dena Bank, Thane Branch, Shanta Sadan, Gokhale Road, Thane, Maharashtra, India
• Federal Bank Limited, Minson house, Opp. Crowford Market, 400003, Mumbai, Maharashtra, India.

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2011	31.03.2010
Citi Bank NA 343747004	8.135	6.898
HDFC Bank Sandoz House	25.976	19.699
HDFC Bank Buyers Credit	3.420	8.608
Citi Bank Buyers Credit	18.348	19.184
HDFC Bank Car loan	0.890	0.124
Total	56.769	54.513
UNSECURED LOAN
Devyani J Vora	0.000	0.535
Jigisha S Vora	1.439	0.762
Jitendra J Vora	50.957	49.106
Jitendra J Vora HUF	5.131	4.520
Marketing International – Deposit	0.050	0.050
Krishna Adhesives and Coat P Limited	10.530	10.350
Shree Krishna Transport and Travels (Deposit)	0.218	0.330
Yomesh Shah	0.000	0.600
Falguni Vora	1.950	1.052
Satyen Vora	0.093	0.492
Satyen Vora – HUF	0.548	0.037
Employee Deposit	0.032	0.079
Bhupatraj J Vora	0.000	0.300
Rajnikant J Vora	0.750	0.750
Urmila B Vora	0.000	0.100
Total	71.698	69.063

Banking Relations :	--
Auditors :
Name :	Jayant Shah and Company Chartered Accountants
Address :	102, Om Manan Co Op Housing Society, Park Road, Vile Parle (East), Mumbai 400057, Maharashtra, India
Associates/Subsidiaries :	· Marketing International · Krishna Adhesives and Coatings Private Limited · Satyen Chemical Industries · Falgun Polymers Private Limited

CAPITAL STRUCTURE

AS ON 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs. 10 each	Rs.40.000 millions
1000000	9% Non Cumulative Preference Shares	Rs. 10 each	Rs.10.000 millions
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs. 10 each	Rs.40.000 millions

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		40.000	40.000	40.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		52.696	32.561	8.658
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		92.696	72.561	48.658
LOAN FUNDS
1] Secured Loans		56.769	54.513	16.695
2] Unsecured Loans		71.698	69.063	76.763
TOTAL BORROWING		128.467	123.576	93.458
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		221.163	196.137	142.116
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		36.972	30.638	26.844
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.756	0.675	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	57.171	54.196	61.255
	Sundry Debtors	232.325	224.899	150.554
	Cash & Bank Balances	1.832	0.646	6.326
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	41.025	27.663	19.762
Total Current Assets		332.353	307.404	237.897
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	139.156	132.555	120.235
	Provisions	10.159	10.618	3.180
Total Current Liabilities		149.315	143.173	123.415
Net Current Assets		183.038	164.231	114.482
MISCELLANEOUS EXPENSES		0.397	0.593	0.790
TOTAL		221.163	196.137	142.116

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	886.869	751.379	645.122
		Other Income		0.062	0.270
		TOTAL (A)	886.869	751.441	645.392
Less	EXPENSES
		Cost of Materials		662.853	578.946
		Increase/(Decrease) in Finished Goods	857.441	(4.685)	5.671
		Administrative Expenses		47.096	38.763
		TOTAL (B)	857.441	705.264	623.380
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		29.428	46.177	22.012
Less	FINANCIAL EXPENSES (D)		NA	10.650	11.141
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		29.428	35.527	10.871
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	2.098	1.473
	PROFIT BEFORE TAX (E-F) (G)		29.428	33.429	9.398
Less	TAX (H)		9.293	9.527	2.315
	PROFIT AFTER TAX (G-H) (I)		20.135	23.902	7.083
	Earnings Per Share (Rs.)		5.03	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.27	3.18	1.09
Net Profit Margin (PBT/Sales)	(%)	3.31	4.44	1.45
Return on Total Assets (PBT/Total Assets}	(%)	7.96	9.88	3.54
Return on Investment (ROI) (PBT/Networth)		0.31	0.46	0.19
Debt Equity Ratio (Total Liability/Networth)		2.99	3.67	4.45
Current Ratio (Current Asset/Current Liability)		2.22	2.14	1.92

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	-
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	Yes
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

FORM 8

Corporate identity number of the company	U24300MH2006PTC160571
Name of the company	SATYEN POLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	307, A to Z Industrial Premises, G K Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	HDFC Bank, HDFC Bank House, Senapati Bapat Marge, Lower Parel (West), Mumbai – 400013, Maharashtra Email: RBBform8@hdfcbank.com
Nature of instrument creating charge	Memorandum Recording Past Transactions of creation of Mortgage by Delivery of Title Deeds.
Date of instrument Creating the charge	05.04.2010
Amount secured by the charge	Rs. 50.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at the rate as may be communicated by the Bank from time to time. Terms of repayment Repayable On Demand. Margin As may be stipulated by the Bank from time to time. Extent and operation of the charge The Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties as mentioned under Item No.15 below, as security for repayment of Rs.50.000 millions by the Company, together with principal, interest, liquidated damages, costs, charges and expenses. Other The charge created herein in favour of HDFC Bank shall rank pari passu charge with the charge created in favour of Citibank NA.
Short particulars of the property charged (Including location of the property)	Immovable Properties lying and situated at Plot No. 6, Survey No. 678/1/3, Naroli Dadra and Nagar Haveli. Immovable Properties lying and situated at Gala No. 309, 3rd Floor, Unit No. 309 A to Z Industrial Premises Ganpatrao Kadam Marg, Lower Parel, Mumbai- 400 013. Immovable Properties lying and situated at Flat No. 201, 2nd Floor, A-2, Deep Complex, Plot No.7, Brahmnin Falia, Daman and Diu.(Owned By Krishna Adhesives and Coatings Private Limited).
Date of instrument modifying the charge	05.03.2010
Particulars of the present modification	The Company created a mortgage by deposit of title deeds (by constructive delivery) in respect of its immovable properties to secure the revised credit facilities of Rs.50.000 millions sanctioned to the Company. The security herein created in favour of HDFC Bank shall rank pari passu with the security created in favour of Citibank NA.

FIXED ASSETS:

· Land

· Factory Building

· Shop at Silvassa

· Electric Fittings

· Furniture and Fixtures

· Tempo

· Lab Equipments

· Plant and Machinery

· Computers

· Office Equipments

· Bycycle

· Motor Vehicle

· Scooter

· Air Conditioner

AS PER WEBSITE DETAILS

MANAGEMENT TEAM

Jitendra Vora

Jitendra Vora is the CEO of Subject., a company that he founded in 1976. He is regarded as an industry pioneer and his knowledge is highly valued both in India and abroad. Under his stewardship SPPL has grown into one of the largest manufacturers of unsaturated polyester resin in India. In addition to growing SPPL in India, he has revived an emulsion polymer plant and setup multiple polymer plants for clients in the Middle East.

Jitendra Vora holds a MS in Chemical Engineering from University of Massachusetts, Lowell, and a BChem from UDCT, Mumbai.

R. Raghavan

R. Raghavan is the Chief Technologist at Satyen Polymers. His areas of experience and expertise of over 30 years include basic polymers, composites and end product manufacturing. He has wide experience in the composite industry through his exposure to European and American companies. He has been instrumental in completing turn-key projects in UPR, LLDPE Tanks, Coolant, FRP GRP pipes/tanks in various Middle-East countries.

R. Raghavan holds a post graduate degree in Polymer Chemistry and a Diploma in Fibreglass Technology from Norway. Raghavan is an active member of the FRP Institute, India, Indian Institute of Chemical Engineers and The Indian Standards Institute.

Satyen Vora

Satyen is Director, Business Development and Operations at SPPL. Satyen works with senior management of the company to identify opportunities for product and customer base expansion. Satyen is also working on various internal projects to enhance end-to-end business processes and operations. Prior to SPPL, Satyen was involved with co-founding and running Tecogis, a software company catering to the gem and jewelry, and event industry verticals. Satyen sold his stake Tecogis in 2008. In his professional career Satyen has worked as a management consultant for AT Kearney, US and Deloitte, US in the areas of operations strategy, business process design, customer service strategy, strategic sourcing and enterprise risk services.

Satyen holds an MBA from Northwestern University (Kellogg), USA, MS in Electrical Engineering from University of Southern California, USA and BS in Electronics Engineering from VJTI, Mumbai

PRESS RELEASE

SCOTT BADER GROUP AND SATYEN POLYMERS ANNOUNCE JOINT VENTURE IN INDIA

Scott Bader Group and Subject announce the signing of agreements signaling the successful conclusion of negotiations between the two organizations to form a joint venture in India. Phase one of the joint venture will be to implement the sharing of technology and processes for manufacture of unsaturated polyester resin gelcoats that will be produced in India. A number of high-performance gelcoats have been identified as having potential to satisfy the needs of customers seeking quality finishes for their products and to cater to the strong development within the Indian Composites industry.

Scott Bader has had a meaningful presence in India for many years and the brand continues to attract enquiries from customers seeking value from suppliers. This is a significant step towards reaffirming its commitment to provide enhanced support to existing customers and also indicates confidence that the local industry will continue to develop and mature in line with global trends. Satyen Polymers has been identified as an organization that fits closely with Scott Bader’s values including its commitment to continuing improvement of processes, products and services. Both organisations share a belief in the need for sound corporate governance and social responsibility.

Scott Bader Gorup Managing Director, Philip Bruce said “scott Bader is a leader in gelcoat technology and we arwe confident that our assoction with Subject will add value our customers

Jitendra Vora, Chairman and Managing Director of Satyen Polymers said: “We are excited about our partnership with the Scott Bader Group. Our complete range of Gelcoats will cater to requirements in the fast developing Indian composite market, which has seen significant domestic and export related growth. As the Indian composite market matures, the performance demands of raw materials and end products are bound to increase. We are now well placed to meet these requirements”.

The agreements will be implemented with immediate effect with UAE-based Scott Bader Middle East overseeing the transfer of technology and providing initial training. Production of the first batches of performance gelcoats is expected to be available by September 2012.

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.55.15
UK Pound	1	Rs.86.58
Euro	1	Rs.67.60

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.