MIRA INFORM REPORT

Report Date :

25.06.2012

IDENTIFICATION DETAILS

Name :	KAYGAON PAPER MILLS LIMITED
Registered Office :	C-8, Saroj Apartment, Opp. Holy Spirit Hospital, M C Road, Andheri (East), Mumbai – 400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.04.1989
Com. Reg. No.:	11-51317
Capital Investment / Paid-up Capital :	Rs.20.000 millions
CIN No.: [Company Identification No.]	U21010MH1989PLC051317
TAN No.: [Tax Deduction & Collection Account No.]	MUMK11401F
PAN No.: [Permanent Account No.]	AAACK3249A
Legal Form :	A closely held public limited liability company.
Line of Business :	Manufacturer of Kraft Paper and Paper Board
No. of Employees :	Approximately 200

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 259556
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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.

INFORMATION DECLINED BY

Name :	Ms. Niharika
Designation :	Accounts Manager
Contact No.:	91-22-28321370
Date :	25.06.2012

LOCATIONS

Registered Office :	C-8, Saroj Apartment, Opp. Holy Spirit Hospital, M C Road, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-28321370 / 28518651/ 40568100
Fax No.:	91-22-28321377 / 28518645/ 40568154
E-Mail :	kpml_amb@rediffmail.com accounts@kaygaonpm.com agrawal@kanoicap.com
Area :	1700 Sq. ft.
Location :	Rented
Head Office :	Behind Axis Bank, Adalal Road, Manisha Building, Near Bajaj Hospital, Aurangabad – 431 003, Maharashtra, India
Tel. No.:	91-240-2334696/ 2334731
Fax No.:	91-240-2321855
E mail:	info@kaygaonpm.com
Factory :	Gala No. 184, Village Kaygaon, Taluka Gangapur, District Aurangabad, Maharashtra, India
Tel. No.:	91-2433-224530/ 224529

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Omprakash D Rathi
Designation :	Managing Director
Address :	Plot No. 153, N-3, CIDCO, Jalna Road, Aurangabad – 431 003, Maharashtra, India
Date of Birth/Age :	11.05.1952
Qualification :	M.Com
Date of Appointment :	10.04.1989
Name :	Mr. Akshay O Rathi
Designation :	Director
Address :	Plot No. 153, N-3, CIDCO, Jalna Road, Aurangabad – 431 003, Maharashtra, India
Date of Birth/Age :	04.04.1978
Qualification :	Engineer, MBA
Date of Appointment :	31.01.2004
Name :	Mr. Hemant Y Kunte
Designation :	Director
Address :	Plot No. 153, N-3, CIDCO, Jalna Road, Aurangabad – 431 003, Maharashtra, India
Date of Birth/Age :	19.12.1958
Qualification :	Diploma in Engineering
Date of Appointment :	22.10.2003

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Akshay O Rathi	665500
Anuradha Shivprasad Baldeva	500
Anita Raendra Baldeva	500
Anusaya Shashikant Choudhari	500
Anil Murlidhar Soni	1000
Anit Dilip Agarwal	2500
Archana S Agarwal	8000
Abha Kailashchandra Baldeva	1500
Bhaurao Deorao Phata	1500
Baban Deorao Phata	1000
Chandrakala Poptlal Choradia	2500
Chandrakant Rathi	2500
Chanda Chandrkant Sarda	1000
Chandrakant Hanumandas Malpani	1000
Dwarkanath Dhanraj Loya	500
Dilip Soni	2000
Dyanprakash Modanio	1500
Dilip Agarwal	2500
Indumati Harnarayan Soni	1500
Jitendra Rasiklal Shah	2500
Kalyani Omprakash Rathi	31500
Kesharbai P Agarwal	5000
Kamla Shivkumar Agarwal	3000
Kondabai Shriram Baldawa	500
Kiran Prafulchandra Malani	1000
Kajol Agarwal	8000
Mangala Omprakash Rathi	416500
Madhukanta Jalnawala	1250
Manoj Vinod Zawar	5000
Madhavi Suresh Vaishnav	500
Mahesh Kapoorchand Mehta	500
N Narendran	2500
Naresh G Sikchi	1000
Neela Ranakar Kumbhakarna	500
Omprakash Damodar Rathi	274500
Omprakash Rathi – Jointly with Mangala Rathi	145500
Dr. Purshottam Dark Jointly with Aruna Darak	2500
Pushpa Vinod Zawar	7500
Priti Vinod Zawar	5000
Prashant Vinod Zawar	5000
Pushpa Dhoot	1000
Ramkishan Baheti	500
Rajkamal Baheti	500
Ratnaprabha Mundada	2500
Ritesh Soni	500
Ravish Soni	500
R R Baldawa	500
Rajani Jalnawala	1250
Ranjana Ambekar	500
Rameshchandra Soni	4500
Sushil Agarwal	3000
Shivkumar Agarwal	2000
Sajjan Agarwal	3000
Shyam Rathi	2500
Satish Shah	500
S M Rathi	2500
S Baheti	5000
Sharad Navandra	4500
Suman Navandar	2000
Shivprasad Dhoot	1000
Shailu Agarwal	500
Swati Agarwal	500
Sharad Agarwal	500
Sushma Ukadgaonkar	500
Subhash Rathi	1000
Savitri Rathi	1000
Sarika Rathi	500
Shankarlalji Soni	1000
Saroj Agarwal	2000
Samarkang Invst. and Trader Private Limited, Aurangabad, Maharashtra	50000
Shobha Chitgopekar	14000
S P Dravid	4000
T D Loya	1000
Tara P Kotecha	2000
Usha Agarwal	2000
Urmila Malani	1500
Usha Agarwal	1000
Vinod Zawar	7500
Vandana Mundada	2000
Vishal Ahirao	1000
Vijayadevi Bhansali	500
V N Dhoot	1000
Megha Rathi	250000
Total	2000000

Equity share breakup (percentage of total equity)

AS ON 30.09.2011

Category	Percentage
Bodies Corporate	2.50
Directors or relatives of directors	89.55
Other top fifty (50) shareholders	7.95
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Kraft Paper and Paper Board

Products:

ITC Code	Product Description
470710.00	Kraft Paper and Paper Board

Imports :

Products :

· Raw Material

· Machinery

Countries :

· Europe

· Middle East

· China

Terms :

Selling :

Cash and Credit (30 days / 60 days / 90 days)

Purchasing :

Cash

PRODUCTION STATUS

AS ON 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Paper and Paper Board, Newsprint	M. Tons	40000	36000	26588

GENERAL INFORMATION

Customers :

· Dealer

· Distributor

No. of Employees :

Approximately 200

Bankers :

· Union Bank of India, 323-A, Bhagwati Bhavan, Matunga (East), Mumbai – 400 019, Maharashtra, India

· Bank of India, Aurangabad Branch, Rajmata Building, Kranti Chowk, Aurangabad, Maharashtra, India

Facilities:

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Working Capital Facility from Bank	57.901	44.987
Term Loan	39.836	29.274
Car Loan	3.463	0.786
Hire Purchase Loan	0.775	1.229
Total	101.975	76.276
Note: · Working Capital Loan form Union Bank of India is secured by way of hypothecation of stocks and book debts (not older than 90 days) and security of Land and Building along with hypothecation of plant and machinery (NBV) of the company and Residential Bunglow at N-3, Plot No. 153, CIDCO. New Aurangabad owned by Mr. Om Prakash Rathi, Director. · Term Loans taken from Union Bank of India is secured by way of hypothecation of all the present and future plant and machinery of the company. This loan is further secured by the personal guarantees of directors of the company. · Hire purchase loans taken from Sundaram Finance Limited are secured by way of hypothecation of the commercial vehicles purchase by the company. · Vehicles loan from HDFC Bank is secured by hypothecation of the vehicle taken on hire purchase by one of the directors. However such vehicle is being uses and maintained by the company including the repayment of the said loan. As per understanding with Directors and the company , the vehicle is being considered as an assets of the company and the same is shown in the books of the company at the value of actual purchase. All the registration and insurance documents are however in the name of the director.
Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loan against Sales tax deferral scheme	50.758	56.505
From Directors	12.428	8.466
From Directors Relatives	0.000	2.595
From Intercorporate	10.560	7.260
From Others	0.000	1.849
Total		76.675

Banking Relations :	-
Auditors :
Name :	Walter and Associates Chartered Accountant
Address :	B-6/7, Saroj Apartments, Opp. Holy Spirit Hospital, Mahakali Caves Road, Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-40568100 (B)
Fax No.:	91-22-40568154
E-Mail :	wna@wnaca.com
Website :	http://www.wnaca.com
Associates Concern :	Hardoli Paper Mills Limited

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 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		20.000	20.000	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		44.889	34.539	25.007
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		64.889	54.539	45.007
LOAN FUNDS
1] Secured Loans		101.975	76.276	35.912
2] Unsecured Loans		73.746	76.675	70.907
TOTAL BORROWING		175.721	152.951	106.819
DEFERRED TAX LIABILITIES		26.530	22.449	20.142
TOTAL		267.140	229.939	171.968
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		184.429	147.677	116.849
Capital work-in-progress		11.821	18.843	3.711
INVESTMENT		0.847	0.845	0.847
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	52.865	56.532	16.765
	Sundry Debtors	60.028	43.082	41.596
	Cash & Bank Balances	7.037	2.856	3.645
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	15.734	20.765	32.384
Total Current Assets		135.664	123.235	94.390
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.284	54.606	38.021
	Other Current Liabilities	6.337	6.055	5.808
	Provisions	0.000	0.000	0.000
Total Current Liabilities		65.621	60.661	43.829
Net Current Assets		70.043	62.574	50.561
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		267.140	229.939	171.968

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income from Operations	582.733	476.389	401.215
		Other Income	0.055	0.008	0.134
		TOTAL (A)	582.788	476.397	401.349
Less	EXPENSES
		Cost of Material Traded	14.661	6.769	4.440
		Raw Material Consumed	371.269	299.299	264.168
		Manufacturing Expenses	134.473	118.631	90.920
		Administrative Expenses	13.852	10.779	10.564
		Selling and Distribution Expenses	9.530	11.851	10.507
		Increase/ Decrease in Stock	[0.951]	[0.687]	[1.137]
		TOTAL (B)	542.834	446.642	379.462
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		39.954	29.755	21.887
Less	FINANCIAL EXPENSES (D)		12.518	6.100	2.431
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.436	23.655	19.456
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.303	9.864	9.097
	PROFIT BEFORE TAX (E-F) (G)		15.133	13.791	10.359
Less	TAX (I)		4.678	4.259	3.432
	PROFIT AFTER TAX (G-I) (J)		10.455	9.532	6.927
Less	Excess / Short Provision for tax		0.104	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		25.240	15.709	8.782
	BALANCE CARRIED TO THE B/S		35.591	25.241	15.709
	IMPORTS
		Raw Materials	185.600	148.255	102.283
		Stores & Spares	1.209	1.816	1.438
		Capital Goods	0.000	5.509	1.681
	TOTAL IMPORTS		186.809	155.580	105.402
	Earnings Per Share (Rs.)		5.18	4.77	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.79	2.00	1.73
Net Profit Margin (PBT/Sales)	(%)	2.59	2.89	2.58
Return on Total Assets (PBT/Total Assets}	(%)	4.72	5.09	4.90
Return on Investment (ROI) (PBT/Networth)		0.23	0.25	0.23
Debt Equity Ratio (Total Liability/Networth)		4.12	3.92	3.35
Current Ratio (Current Asset/Current Liability)		2.06	2.03	2.15

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
SUNDRY CREDITORS
Creditors for Capital Goods	2.811	2.823	1.099
Creditors for Goods	29.930	30.382	16.799
Creditors for Expenses	26.543	21.401	20.123
Total	59.284	54.606	38.021

OPERATIONS:

The company production has reduced from 28266 MTs to 26582 MTs due to maintenance and expansion work in the factory.

In spite of above the turnover of the company has reached TO Rs. 608.583 millions from Rs. 497.776 millions in the previous year. Resultantly the profit before tax has increased to Rs. 15.133 million compared to Rs. 13.791 millions in the previous year.

The company is determined to produce better results for the coming years.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U21010MH1989PLC051317
Name of the company	KAYGAON PAPER MILLS LIMITED
Address of the registered office or of the principal place of business in India of the company	C-8, Saroj Apartment, Opp. Holy Spirit Hospital, M C Road, Andheri (East), Mumbai – 400 093, Maharashtra , India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	Union Bank of India, 323-A, Bhagwati Bhavan, Matunga (East), Mumbai – 400 019, Maharashtra, India Email: walter@wnaca.com
Nature of instrument creating charge	Deed of Mortgage dtd 30.03.2012
Date of instrument Creating the charge	30.03.2012
Amount secured by the charge	Rs. 137.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Hyp(Stock and Book Debts)- 65.000 millions --Br + 4.50%, Tl I --- 26.300 millions --Br + 4.75%, Tl Ii --- 6.400 millions --Br + 4.75%, Tl Iii --- 20.000 millions -- Br + 4.75%, Bank Gauarntee – 7.500 millions --- As Applicable Terms of repayment Term Loan I 2010-11 = Rs. 4.000 millions (Equal Monthly Installment) 2011-12 = Rs. 5.000 millions (Equal Monthly Installment) 2012-13 = Rs. 7.000 millions (Equal Monthly Installment) 2013-14 = Rs. 9.000 millions (Equal Monthly Installment) 2014-15 = Rs. 10.000 millions (Equal Monthly Installment) Term Loan Ii --Payable In 60 Monthly Instalments Of Rs. 0.166 million + Int Per Mth Term Loan Iii (New) -- Payable In 60 Monthly Instalments Of Rs. 0.333 million + Int Per Mth Margin Stock / Book Debts = 25% Bank Gaurantee = 25% Term Loan I = 25% Term Loan II = 26.50% Term Loan III = 33.33% LC = 10% + 15% Extent and operation of the charge To The Extent Of Respective Sanctioned Limits
Short particulars of the property charged (Including location of the property)	All The Part And Parcel Of The Land and Building Admeasuring 9 Acres At Gut No. 184, Village Kaygaon, Taluka Gangapur, Dist. Aurangabad
Date of instrument modifying the charge	18.01.2011
Particulars of the present modification	The Original Charge Was Created On 23.12.2008 For 50.000 millions and 1st Modified On 29.10.2009 For Rs. 95.000 millions, 2nd On 18.01.2011 For Rs. 105.000 millions and Now By This Modification The Limits Increased From Rs. 105.000 millions To Rs. 137.500 millions.

FIXED ASSETS

· Freehold Land

· Factory Building

· Building

· Plant and Machinery

· Electric Installation

· Furniture and Fixture

· Vehicles

· Computer

· Lab Equipments

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	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
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

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.56.99
UK Pound	1	Rs.88.97
Euro	1	Rs.71.57

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	PRL

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	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		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.