MIRA INFORM REPORT

Report Date :

03.05.2012

IDENTIFICATION DETAILS

Name :	VALUE ADDED FASHION FABRICS PRIVATE LIMITED
Registered Office :	7013-7016, Ambaji Market, Kamela Darwaja, Ring Road, Surat – 395003, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.05.2004
Com. Reg. No.:	4-044113
Capital Investment / Paid-up Capital :	Rs. 26.470 Millions
CIN No.: [Company Identification No.]	U17111GJ2004PTC044113
PAN No.: [Permanent Account No.]	AABCV8621Q
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter of Dress material, value added variations, salwar kameez, fashionable salwar kameez, Unstitched salwar kameez, Embroidered salwar kameez, salwar kameez Dupatta, women dress, fancy salwar suit, fashionable dress material, Unstichhed dress material, Fancy dress material.
No. of Employees :	210 (Approximately) (In office 200 + In Branch 10)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 340000
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 commitment. 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

INFORMATION PARTED BY

Name :	Mr. Haddi
Designation :	HD. Accountant
Contact No.:	91-9377168400
Date :	21.04.2012

LOCATIONS

Registered Office :	7013-7016, Ambaji Market, Kamela Darwaja, Ring Road, Surat – 395003, Gujarat, India
Tel. No.:	91-261-2312161/314003/34
Mobile No.:	91-9377770654 (Mr. Pappubhai Mundra)
Fax No.:	91-261-2312161
E-Mail :	info@valueaddedfabrics.com sbazari2003@yahoo.co.in
Website :	http://www.valueaddedfabrics.com
Location :	Owned
Branch Office :	Chandni chowk, Delhi,
Tel. No.:	91-9312630418 (Adabbhai)
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Gaurishankar Khothari

Designation :

Director

Address :

5 A Megh Swaran Apartment, City Light, Surat – 395007, Gujarat, India

Date of Birth/Age :

70 Years

Qualification :

B.Com

Experience :

56 Years

Date of Appointment :

01.11.2006

DIN No.:

00724006

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	U17111GJ2004PTC044113	VALUE ADDED FASHION FABRICS PRIVATE LIMITED	Director	1/11/2006	1/11/2006	-	Active	NO
2	U52190RJ2011PTC035018	RIDHHI SIDDHI GLOBAL TRADE PRIVATE LIMITED	Director	29/04/2011	29/04/2011	-	Active	NO
3	U70101WB2005PTC106328	RDB REALTY PRIVATE LIMITED	Additional director	6/3/2012	6/3/2012	-	Active	NO

Name :

Mr. Shrinarayan Mundra

Designation :

Director

Address :

A 15 Mahendra Park Society, Poona Kumbharia Road, Dumbhal, Surat, 395010, Gujarat, India

Date of Birth/Age :

42 Years

Qualification :

B.Com

Date of Appointment :

11.05.2004

DIN No.:

00104711

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	U17297GJ2003PTC042229	MADHUSUDAN RAYONS PRIVATE LIMITED	Additional director	2/12/2008	29/04/2004	9/3/2010	Active	NO
2	U17111GJ2004PTC044113	VALUE ADDED FASHION FABRICS PRIVATE LIMITED	Director	11/5/2004	11/5/2004	-	Active	NO
3	U17120GJ2009PTC057923	SRINIWAS TEXFAB PRIVATE LIMITED	Director	29/08/2009	29/08/2009	18/03/2010	Active	NO
4	U52190RJ2011PTC035120	AAKASH GLOBAL TRADING PRIVATE LIMITED	Director	9/5/2011	9/5/2011	-	Active	NO
5	U45200GJ2006PTC048989	SAMUDRA INTERNATIONAL PROJECTS PRIVATE LIMITED	Director	1/3/2012	1/3/2012	-	Active	NO

Name :

Mr. Brijkishore Mundra

Designation :

Director

Address :

A 15 Mahendra Park Society, Poona Kumbharia Road, Dumbhal, Surat, 395010, Gujarat, India

Date of Birth/Age :

45 Years

Qualification :

B.Com

Date of Appointment :

10.10.2008

DIN No.:

00104756

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	U17297GJ2003PTC042229	MADHUSUDAN RAYONS PRIVATE LIMITED	Additional director	2/12/2008	10/4/2003	9/3/2010	Active	NO
2	U74994GJ2006PTC048513	SUDAMO IMPEX PRIVATE LIMITED	Director	20/12/2006	20/12/2006	6/10/2008	Active	NO
3	U17111GJ2004PTC044113	VALUE ADDED FASHION FABRICS PRIVATE LIMITED	Director	10/10/2008	10/10/2008	-	Active	NO

Name :

Mr. Sitaram Mundra

Designation :

Director

Address :

A 15 Mahendra Park Society, Poona Kumbharia Road, Dumbhal, Surat, 395010, Gujarat, India

Date of Birth/Age :

68 Years

Experience :

20 Years

Date of Appointment :

10.10.2008

DIN No.:

00105193

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	U17110GJ1990PTC014330	MADHUSUDAN DYEING AND PRINTING MILLS PRIVATE LIMITED	Director	10/9/1990	10/9/1990	10/10/2008	Active	NO
2	U17297GJ2003PTC042229	MADHUSUDAN RAYONS PRIVATE LIMITED	Director	29/04/2004	29/04/2004	8/10/2008	Active	NO
3	U45200GJ2006PTC048989	SAMUDRA INTERNATIONAL PROJECTS PRIVATE LIMITED	Director	1/9/2006	1/9/2006	3/3/2012	Active	NO
4	U17110GJ1994PTC021857	SUDARSHAN TEXTILES PRIVATE LIMITED	Director	10/2/2007	10/2/2007	7/10/2008	Active	NO
5	U17111GJ2004PTC044113	VALUE ADDED FASHION FABRICS PRIVATE LIMITED	Director	10/10/2008	10/10/2008	-	Active	NO
6	U52190RJ2011PTC035018	RIDHHI SIDDHI GLOBAL TRADE PRIVATE LIMITED	Director	29/04/2011	29/04/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Shrinarayan Mundra	6000
Gaurishankar Kothari	125000
Shri Sitaram Mundra	90000
Smt. Deokanya Devi Khothari	100000
Shri Jaiprakash Jhawar	165000
Shri Vishal G. Mundra	132000
Shri Vivek G Mundra	65000
Shri Manish Kothari	163000
Shri Praveen Jhawar	500
Shri Shriniwas Kabra	100000
Smt. Shakuntala Devi Mundra	440000
Shri Mukund Shrinarayan	150000
Smt. Sushma Devi Mundra	74655
Ksm Creation	100
Nandini Creation	100
Brijkishore Mundra	100
Smt. Shanta devi mundra	100
Smt. Shantidevi jhawar	100
Sriniwas Tex Fab Private Limited	1035345
Total	2647000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	39.00
Directors or relatives of Directors	61.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Exporter of Dress material, value added variations, salwar kameez, fashionable salwar kameez, Unstitched salwar kameez, Embroidered salwar kameez, salwar kameez Dupatta, women dress, fancy salwar suit, fashionable dress material, Unstichhed dress material, Fancy dress material.
Exports :
Products :	Dress material, value added variations, salwar kameez, fashionable salwar kameez, Unstitched salwar kameez, Embroidered salwar kameez, salwar kameez Dupatta, women dress, fancy salwar suit, fashionable dress material, Unstichhed dress material, Fancy dress material
Countries :	Dubai, Afghanistan, U.K
Terms :
Selling :	Cash and credit (30 Days)
Purchasing :	Credit (30 Days)

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

210 (Approximately) (In office 200 + In Branch 10)

Bankers :

· Canara Bank, Branch Surat

· State Bank of India, Specialized Commercial Branch, 1^st Floor, Kiran Chambers, Ring Road, Surat – 395002, Gujarat, India

(Rs. In Millions)

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	(A)0.568	(B)0.886
Working capital loans banks secured	(C)13.276	(D)6.504
Total	13.844	7.390
Note: (A) HDFC Bank Car Loan- Rs. 0.205 Millions (Hypothecation of Car) HDFC Bank Car Loan- Rs. 0.194, Millions (Hypothecation of Car) HDFC Bank Car Loan- Rs. 0.167 Millions (Hypothecation of Car) (B) HDFC Bank Car Loan- Rs. 0.325 Millions (Hypothecation of Car) HDFC Bank Car Loan- Rs. 308,938.95 (Hypothecation of Car) HDFC Bank Car Loan- Rs.0.250 Millions (Hypothecation of Car) (C) Cash Credit From Canara Bank(Secured Against Hypothecation Of Book Debts,Stock And Personal Guarantee Of All The Directors) (D) Cash Credit From State Bank Of India (Secured Against Hypothecation Of Book Debts,Stock And Personal Guarantee Of All The Directors)
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans directors unsecured	52.898	22.883
Other debt unsecured	(A)140.262	(B)93.374
Total	193.160	116.257
Note: (A) Unsecured Loan From Member And Relative (B) Unsecured Loan From Bodies Corporate- R. 0.200 Millions Unsecured Loans From Member And Relativers. Rs. 93.374 Millions
Cc Rs. 95.000 Millions

Banking Relations :	--
Auditors :
Name :	A.K. Adukia and Company Chartered Accountant
Address :	Shobha Kunj, B-6 Gokul Row House, Parel Point, Surat - 395007
PAN.:	AAKFA1480G
Auditors :
Name :	Disi and Consultants
Address :	Dev Chokshi
Tel No.:	3992929
Sister Concerns :	Name:Ramnad dine and printing mill Address: Naya garden viral mill, Kadodara

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2647000	Equity Shares	Rs.10/- each	Rs. 26.470 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		26.470	26.470	23.215
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		60.853	53.184	26.726
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		87.323	79.654	49.941
LOAN FUNDS
1] Secured Loans		13.844	7.390	0.000
2] Unsecured Loans		193.160	116.257	65.749
TOTAL BORROWING		207.004	123.647	65.749
DEFERRED TAX LIABILITIES		0.089	0.059	0.192
TOTAL		294.416	203.360	115.882
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.900	5.294	4.727
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.504	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	163.757	142.597	118.745
	Sundry Debtors	148.934	105.047	54.275
	Cash & Bank Balances	24.617	5.452	1.220
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	30.973	28.392	28.657
Total Current Assets		368.281	281.488	202.897
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	69.363	74.114	90.764
	Other Current Liabilities	7.038	3.655	0.957
	Provisions	3.868	5.653	0.021
Total Current Liabilities		80.269	83.422	91.742
Net Current Assets		288.012	198.066	111.155
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		294.416	203.360	115.882

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	100.000 (Approximately)	745.934	406.288
		Other Income	NA	10.089	0.985
		TOTAL (A)	100.000	756.023	407.273
Less	EXPENSES
		Cost of Goods Sold		353.442	223.530
		Manufacturing Expenses		349.218	161.270
		Administrative and other Expenses		27.111	9.596
		Selling and Distribution Expenses		1.089	2.526
		Preliminary Expenses W/off		0.000	0.088
		TOTAL (B)	NA	730.860	397.010
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			25.163	10.263
Less	FINANCIAL EXPENSES (D)			8.192	2.432
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	16.971	7.831
Less/ Add	DEPRECIATION/ AMORTISATION (F)			1.268	0.439
	PROFIT BEFORE TAX (E-F) (G)		11.565	15.703	7.392
Less	TAX (I)		3.896	5.520	2.341
	PROFIT AFTER TAX (G-I) (J)		7.669	10.183	5.051
Add	EXCESS PROVISION OF TAX MADE DURING THE PREVIOUS YEARS		0.000	0.000	0.001
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		21.310	11.127	6.075
	BALANCE CARRIED TO THE B/S		28.979	21.310	11.127
	Earnings Per Share (Rs.)		2.89	3.85	NA

Particulars	31.03.2012
Sales Turnover (Approximately)	12.500

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	1.34	1.24
Net Profit Margin (PBT/Sales)	(%)	NA	2.10	1.81
Return on Total Assets (PBT/Total Assets}	(%)	3.14	5.57	3.64
Return on Investment (ROI) (PBT/Networth)		0.13	0.19	0.14
Debt Equity Ratio (Total Liability/Networth)		0.91	1.04	1.83
Current Ratio (Current Asset/Current Liability)		4.58	3.37	2.21

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	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	--
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: Registered office of the company has been shifted3155 3156 Radhkrishna Textile Market, Begampur, Surat – 395003, Gujarat, India, to the present address w.e.f 01.06.2007

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17111GJ2004PTC044113
Name of the company	VALUE ADDED FASHION FABRICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	7013-7016, Ambaji Market, Kamela Darwaja, Ring Road, Surat – 395003, Gujarat, India Email: sbazari2003@yahoo.co.in
This form is for	Creation of charge
Type of charge	Book debts
Particular of charge holder	Canara Bank, Overseas Branch Ring Road, Surat – 395002 Gujarat, India Email: cb2542@canarabank.com
Nature of instrument creating charge	Common Hypothetication Agreemwent for Book Debts and Stock of The Company
Date of instrument Creating the charge	12.03.2011
Amount secured by the charge	Rs. 95.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest For OCC/ ODBD :- Presently Base Rate + 4% = 13% Floating To Base Rate + 3% = 12% For PC / PCFC/ FDB:- Export Rate As Per Bank Guidelines At Present 9.50% Terms of Repayment Cash Credit Subject to Renewal on Yearly Basis Margin For OCC / ODBD : 25% Stock 25% Book Debt (Reduce) For PC / PCFC/ FDB : 10% For Packing Credit Extent and Operation of the charge First charge over the all type of stock / inventory related to business of the company and all type of debtors arising from the genuine trade transaction for secured the above credit facilities
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge over the all type of stock / inventory related to business of the company and all type of debtors arising from the genuine trade transaction for secured the above credit facilities

FIXED ASSETS

· Vehicles

· Computer Furniture and Fixture

· Air Conditioner

· Embroidery Machine

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.53.23
UK Pound	1	Rs.86.14
Euro	1	Rs.69.98

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.