1. Summary Information
|
|
|
Country |
|
|
Company Name |
PHEONIX FOILS PRIVATE LIMITED |
Principal Name 1 |
Mr. Mukeshkumar Jawanthraj Bhandari |
|
Status |
Moderate |
Principal Name 2 |
Mr. Kapil Mukesh Bhandari |
|
|
|
Registration # |
11-151473 |
|
Street Address |
52/52A |
||
|
Established Date |
21.02.2005 |
SIC Code |
-- |
|
Telephone# |
91-22-23860103 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-22-23803944 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Stainless Steel Cold Rolled Coils |
|
|
# of employees |
Not Available |
Product Name 2 |
Foils |
|
Paid up capital |
Rs.
42,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
Bodies corporate – 34.52%, Directors or relatives of
directors – 65.48% |
Banking |
The Karur Vysya Bank Limited |
|
Public Limited Corp. |
No |
Business Period |
7 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
B (34) |
|
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 |
124,997,000 |
Current Liabilities |
63,332,000 |
|
Inventories |
51,654,000 |
Long-term Liabilities |
104,726,000 |
|
Fixed Assets |
61,101,000 |
Other Liabilities |
2,807,000 |
|
Deferred Assets |
0 |
Total Liabilities |
170,865,000 |
|
Invest& other Assets |
1,153,000 |
Retained Earnings |
26,040,000 |
|
|
|
Net Worth |
68,040,000 |
|
Total Assets |
238,905,000 |
Total Liab. & Equity |
238,905,000 |
|
Total Assets (Previous Year) |
240,675,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Turnover |
473,088,000 |
Net Profit |
8,762,000 |
|
Turnover (Previous yr) |
500,871,000 |
Net Profit(Prev.yr) |
7,739,000 |
MIRA
INFORM REPORT
|
Report Date : |
24.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
PHEONIX FOILS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
52/52A |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.02.2005 |
|
|
|
|
Com. Reg. No.: |
11-151473 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 42.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH2005PTC151473 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP20292G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the manufacturing of stainless steel cold rolled
coils and foils. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 270000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to be
slow but correct. The company can be considered for small to mediocre 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered / Corporate and Sales Office : |
52/52A Nanubah Desai Roed Shop No. 13, |
|
Tel. No.: |
91-22-23860103/ 23860104 |
|
Fax No.: |
91-22-23803944 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Works : |
Plot no. 3, Expansion Area, New G.I.D.C., Umbergaon – 396171, District
Valsad, |
|
Tel. No.: |
91-22-22563555/ 22563585 |
|
Fax No.: |
91-260-2563346 |
|
E-Mail : |
DIRECTORS
AS ON 18.08.2011
|
Name : |
Mr. Mukeshkumar Jawanthraj Bhandari |
|||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Chairman cum Managing Director |
|||||||||||||||||||||||||||||||||||||||||
|
Address : |
59 Dariya Mahal, |
|||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
19.05.1957 |
|||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
21.02.2005 |
|||||||||||||||||||||||||||||||||||||||||
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DIN No.: |
00121273 |
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|
Other Directorship : |
|
|||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Kapil Mukesh Bhandari |
|||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||
|
Address : |
59 Dariya Mahal, |
|||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
18.11.1978 |
|||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
21.02.2005 |
|||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00121220 |
|||||||||||||||||||||||||||||||||||||||||
|
Other Directorship : |
|
|||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 18.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Mukeshkumar Jawanthraj Bhandari |
|
2745000 |
|
Mr. Kapil Mukesh Bhandari |
|
5000 |
|
Bhandari Equities Private Limited, |
|
1450000 |
|
Total |
|
4200000 |
AS ON 18.08.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
34.52 |
|
Directors
or relatives of directors |
|
65.48 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing of stainless steel cold rolled
coils and foils. |
|
|
|
|
Products : |
Ø
Stainless steel cold rolled coils Ø
Foils. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
Ø
The Karur Vysya Bank Limited, Ø
Union
Bank Of |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kailash Chand Jain and Company Chartered Accountants |
|
Address : |
‘Edena’, 1st Floor, 97 Maharshi Karve Road, Near Income Tax
Office, Mumbai – 400020, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFK3998D |
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 |
|
|
|
|
|
|
4200000 |
Equity Shares |
Rs. 10/- each |
Rs. 42.000
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 |
42.000 |
42.000 |
33.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
7.500 |
|
|
3] Reserves & Surplus |
26.040 |
16.260 |
8.893 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
68.040 |
58.260 |
49.393 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
86.445 |
72.771 |
84.587 |
|
|
2] Unsecured Loans |
18.281 |
11.700 |
0.000 |
|
|
TOTAL BORROWING |
104.726 |
84.471 |
84.587 |
|
|
DEFERRED TAX LIABILITIES |
0.391 |
0.901 |
0.751 |
|
|
|
|
|
|
|
|
TOTAL |
173.157 |
143.632 |
134.731 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
61.101 |
59.477 |
61.427 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
51.654
|
70.132 |
81.925 |
|
|
Sundry Debtors |
71.243
|
69.662 |
36.593 |
|
|
Cash & Bank Balances |
23.048
|
22.295 |
28.679 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
30.706
|
17.754 |
45.741 |
|
Total
Current Assets |
176.651
|
179.843 |
192.938 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
92.843 |
114.343 |
|
|
Other Current Liabilities |
63.332
|
0.040 |
1.877 |
|
|
Provisions |
2.416
|
4.160 |
4.961 |
|
Total
Current Liabilities |
65.748
|
97.043 |
121.181 |
|
|
Net Current Assets |
110.903
|
82.800 |
71.757 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.153 |
1.355 |
1.547 |
|
|
|
|
|
|
|
|
TOTAL |
173.157 |
143.632 |
134.731 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
TURNOVER |
473.088 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE DEPRECIATION |
19.058 |
17.403 |
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
7.787 |
8.164 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
|
11.271 |
9.239 |
|
|
|
|
|
|
|
|
|
TAX |
2.000 |
1.500 |
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
8.762 |
7.739 |
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
16.260 |
8.893 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
25.022 |
16.260 |
N.A. |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.09 |
1.84 |
N.A. |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.74
|
|
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.16 |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.51
|
3.12 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.69
|
1.85 |
N.A. |
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. Constructions 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 two 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 |
No |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
-- |
|
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 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity
number of the company |
U27100MH2005PTC151473 |
|
Name of the
company |
PHOENIX FOILS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
52/52A |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10080904 |
|
Type of charge |
Immovable
Property Any interest in immovable property |
|
Particular of charge
holder |
Union Bank Of Email ID: cbslowerparel@unionbankofindia.com
|
|
Nature of description
of the instrument creating or modifying the charge |
Simple Mortgage
Deed |
|
Date of
instrument Creating the charge |
09.11.2010 |
|
Amount secured by
the charge |
Rs. 190.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As determined by
the Bank from time to time Terms of Repayment Term Loan in
installments and other facilities on Demand Margin As per sanction
terms Extent and Operation of the charge To secure various
facilities aggregating to Rs.190.000 millions granted by the bank to the
Company as under :- 1.CC
(Hypothecation) Rs.75.000 millions .W/W PC/FDBP
(Rs.18.500 millions) 2.Term Loan-I
Rs.15.000 millions 3.Term Loan II
Rs.10.000 millions 4.Imp/Inland LC
(DP/DA 90 days) Rs.90.000 millions W/W Buyers Credit
LC (90 days) (Rs.40.000 millions) W/W Adhoc Buyers Credit LC (90 days)
(Rs.40.000 millions) Total Aggregating
Rs.190.000 millions Others Mortgage created
earlier now created as Registered Mortgage in respect of Property at Plot
No.3 admeasuring 13,124 Sq. Mtrs at Village Dehri at Umbergaon |
|
Short particulars
of the property charged |
The Mortgagor as beneficial
owner hereby transfer to the Mortgagee by way of Registered Mortgage (Simple Mortgage) All
that Pieces and Parcels of immovable Property Plot No.3 admeasuring 13124.00
Sq. Mtrs together with building/structure/Plant and Machinery thereon (stands
in the name of Phoenix Foils Private Limited) Lease hold property bearing
revenue survey No.93/P and 94/P of Village Dehri, within the limits of
Gujarat Industrial Development Corporation at Umergaon Tal Umergaon Dist
Valsad bounded as under that is to say On or towards the
North by : G.I.D.C Boundary On or towards the
South by : 20.00 Mtrs wide Road On or towards the
East by : Plot No.2 On or towards the
west by : Plot No.4 |
|
Date of latest
modification prior to the present modification |
29.05.2009 |
|
Particulars of
the present modification |
Vide this
modification charge amount is reduced from Rs.260.294 millions to Rs. 190.000
millions and The Mortgagor as beneficial owner hereby transfer to the
Mortgagee by way of Registered
Mortgage (Simple Mortgage) All that Pieces and Parcels of immovable Property
Plot No.3 admeasuring 13124.00 Sq. Mtrs together with
building/structure/Plant and Machinery thereon (stands in the name of Phoenix
Foils Private Limited) Lease hold property bearing revenue survey No.93/P and
94/P of Village Dehri |
AS PER WEBSITE DETAILS
PROFILE:
Subject is engaged in the manufacturing of stainless steel
cold rolled coils and foils.
Range: coils and foils in thickness of: 0. 05mm to 3. 00mm up to a maximum width of 380mm.
Packing: at phoenix, packing and handling are of
international standards and are given equal emphasis.
Application: petrochemicals, structured packing, random packing, solar panels, solar heaters, nuclear, heating elements, submersible pumps, bellows, gaskets, automobile components, hydraulic hoses, amour for optic fibre cables, batteries, pharmaceuticals, watch straps, pipes and tubes, general engineering, etc.
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. 55.88 |
|
|
1 |
Rs. 88.15 |
|
Euro |
1 |
Rs. 70.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
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 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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.