MIRA INFORM REPORT

Report Date :

16.10.2012

IDENTIFICATION DETAILS

Name :	CHEMICAL PROCESS EQUIPMENTS PRIVATE LIMITED
Registered Office :	C P E Plots BSD Marg, Govandi Station Road, Govandi, Mumbai – 400 088, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.10.1970
Com. Reg. No.:	11-014849
Capital Investment/ Paid-up Capital:	Rs.9.900 millions
CIN No.: [Company Identification No.]	U74999MH1970PTC014849
TAN No.: [Tax Deduction & Collection Account No.]	MUMC13438F
PAN No.: [Permanent Account No.]	AAACC0465C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of FRP Tanks.
No. of Employees:	120 (Approximately) (In Office + In Factory)

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 700000
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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SHORT TERM RATING A2+
Rating Explanation	Have strong degree of safety it carry low credit risk
Date	September, 2012

Rating Agency Name	CRISIL
Rating	LONG TERM RATING A-
Rating Explanation	Adequate degree of safety it carry low credit risk
Date	September, 2012

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. Nitin Shetty
Designation :	Finance Marketing
Contact No:	91-22-67978141
Date :	16.10.2012

LOCATIONS

Registered Office / Factory :	C P E Plots BSD Marg, Govandi Station Road, Govandi, Mumbai – 400 088, Maharashtra, India
Tel. No.:	91-22-67978141 to 45
Fax No.:	91-22-25562248
E-Mail :	cpe@giasbm01.vsnl.net.in cpe@vsnl.com nitin_shetty@cpcl.com
Website :	http://www.cpel.com
Area :	3600 Sq. ft.
Location :	Owned
Administrative Office :	40 Hamam Street (Ambalal Doshi Marg), Mumbai - 400 023, India
Factories :	Located at : · Silvassa, Union Territory · Navi Mumbai, Maharashtra · Baroda · Ghansoli

DIRECTORS

As on 30.09.2011

Name :	Mr. Baghsingh Rajpurohit
Designation :	Director
Address :	B-1, Runwal Park, Chembur, Mumbai – 400 071, Maharashtra, India
Date of Birth/Age :	01.09.1936
Date of Appointment :	21.10.1970
DIN No :	00793939
Name :	Mr. Ashwin Bagh Rajpurohit
Designation :	Managing Director
Address :	B-1, Runwal Park, Chembur, Mumbai – 400 071
Date of Birth/Age :	04.05.1964
Qualification :	Mechanical Engineer
Experience :	25 Years
Date of Appointment :	20.08.1996
DIN No :	01037481
Name :	Mr. Subbaraman Ananthanarayanan Melarkode
Designation :	Director
Address :	B-4, Usha Vihar, G. V. S. Road No.3, Mulund East, Mumbai – 400 081, Maharashtra, India
Date of Birth/Age :	15.02.1945
Date of Appointment :	29.09.2010
DIN No :	00985386

KEY EXECUTIVES

Name :	Mr. Nitin Shetty
Designation :	Finance Marketing

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Baghsingh Rajpurohit	31240
Ashwin B. Rajpurohit	33880
Master Aryaman Rajpurohit through his father and natural guardian Mr. Aswin Rajpurohit	33880
Total	99000

Equity share Breakup

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of FRP Tanks.

Products :

• FRP Piping
• Other chemical equipments
• FRP Tanks and vessels

Product Descriptions	Item Code No.
FRP Tanks	303303
FRP Piping	303303
Scrubbers	N.A.

Exports :

Products :

FRP tanks

Countries :

· Germany

Imports :

Products :

Raw material

Countries :

· Europe

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit*	Licensed Capacity	Installed Capacity	Actual Production
FRP Tanks and Vessels	Nos.	Not	Not	155
FRP Piping	Jobs	Applicable	Ascertain able	18
Other Equipments	Jobs			5

* Units of various types and sizes

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

120 (Approximately) (In Office + In Factory)

Bankers :

· Bank of Baroda, Corporate Financial Services, Branch – Fort, 4^th Floor, 10/12, Mumbai Samachar Marg, Fort, Mumbai-400023, Maharashtra, India.

Facilities :

(Rs. in millions)

Secured Loans	As on 31.03.2011	As on 31.03.2010
Working Capital Facilities from a Bank [Secured by way of hypothecation of stocks, Book debts, other movables and current assets and also collaterally secured by way of equitable mortgage of the Company’s immovable properties (both present and future) and personally guaranteed by the Main Directors’ viz.: Mr. B. S. Rajpurohit and Mr. Ashwin Rajpurohit. The charge on these assets also extends to Non-Fund based facilities viz. outstanding Bank Guarantees, Letter of Credit, FBP Agreements and Counter Indemnity signed by the Company]	70.193	26.267
Hire Purchase Loans [Secured by the way of first charge over the assets taken there against and personality guaranteed by the Chairman] Amount payable within one year Rs.0.484 millions (Previous year Rs.0.163 millions)	2.101	0.163
Total	72.294	26.430

Banking Relations :	---
Auditors :
Name :	Gupta Verma and associates Chartered Accountants
Address 1 :	Apurva Castle, Plot No.44, 301, S.T. Road, Union Bank, Chembur, Mumbai-400071, Maharashtra, India.
Tel. No.:	91-22-25202662
Fax No.:	91-22-25200334
E-Mail :	Rams1923@gmail.com
Income-tax PAN of auditor or auditor’s firm :	AABFE9514A
Associates/Subsidiaries :	· Chemical Process Piping Private Limited · Delux Polyfab Private Limited · Rajpurohit Systematix Private Limited Rajpurohit Composites Rajpurohit Equipments · Rajpurohit Cardtec Private Limited · Rajpurohit Projects Private Limited

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity share	Rs.100/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99000	Equity share	Rs.100/- each	Rs.9.900 millions

Notes;

a) 2000 Equity Shares of Rs.100/- each, allotted as fully paid up pursuant to a contract for consideration other than cash.

b) 25000 Shares of Rs.100/- each, allotted as fully paid up Bonus Shares by capitalisation of General Reserve.

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		9.900	9.900	9.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		168.387	156.551	142.763
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		178.287	166.451	152.663
LOAN FUNDS
1] Secured Loans		72.294	26.430	37.767
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		72.294	26.430	37.767
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		250.581	192.881	190.430
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		89.857	40.381	36.931
Capital work-in-progress		0.000	36.679	17.677
INVESTMENT		0.517	0.517	0.517
DEFERREX TAX ASSETS		2.124	2.313	2.200
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	196.386	65.395	120.336
	Sundry Debtors	113.064	116.902	57.880
	Cash & Bank Balances	23.911	23.076	20.572
	Other Current Assets	3.504	1.872	2.452
	Loans & Advances	74.403	53.295	60.673
Total Current Assets		411.268	260.540	261.913
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	92.328	62.252	46.695
	Other Current Liabilities	98.156	35.184	19.888
	Provisions	62.701	50.113	62.225
Total Current Liabilities		253.185	147.549	128.808
Net Current Assets		158.083	112.991	133.105
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		250.581	192.881	190.430

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income from Operations	325.285	485.568	490.021
		Other Income
		TOTAL	325.285	485.568	490.021
	EXPENSES
		Increase / Decrease in Stocks	(111.405)	35.935	34.492
		Other Expenditure	415.647	416.260	426.686
		TOTAL	304.242	452.195	461.178
	PROFIT BEFORE TAX		21.043	33.373	28.843
Less	TAX		9.207	13.795	13.028
	PROFIT AFTER TAX		11.836	19.986	15.815
Less	Short Provision of Income Tax for earlier years		0.000	0.408	3.422
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		144.000	132.171	131.441
Less	APPROPRIATIONS
		Interim Dividend / Proposed Dividend	0.000	4.950	8.910
		Corporate Tax on Dividend	0.000	0.841	1.514
		Amount Transferred to General Reserve	0.000	1.958	1.239
	BALANCE CARRIED TO THE B/S		155.836	144.000	132.171
	EARNINGS IN FOREIGN CURRENCY
		FOB Value	146.543	286.982	233.206
	TOTAL EARNINGS		146.543	286.982	233.206
	IMPORTS
		Raw Materials	63.296	49.200	73.369
	TOTAL IMPORTS		63.296	112.496	122.569
	Earnings Per Share (Rs.)		119.56	197.76	125.18

Particulars	31.03.2012
Sales Turnover (Approximately)	500.000 (Due to more orders)

Expected Sales (2012-2013) : Rs.600.000 Millions

The above information has been parted by Mr. Nitin Shetty.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.64	4.12	3.23
Return on Total Assets (PBT/Total Assets}	(%)	4.20	11.09	9.65
Return on Investment (ROI) (PBT/Networth)		0.12	0.20	0.19
Debt Equity Ratio (Total Liability/Networth)		1.83	1.05	1.09
Current Ratio (Current Asset/Current Liability)		1.62	1.76	2.03

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

(Rs. in millions)

Particulars	As on 31.03.2011	As on 31.03.2010	As on 31.03.2009
Sundry Creditors	92.328	62.252	46.695

OPERATIONS:

Due to cut throat competition and increased inflation in the market, the turnover of the company has increased from Rs. 485.568 millions to Rs.325.285 millions. There is a sharp decrease in Net Profit After Tax from Rs.19.986 millions to Rs.11.835 millions. As there was no prior period adjustments, appropriation for dividend, dividend tax and no transfer of profit to General Reserve, the same balance in profit and Loss Account carried to Balance sheet.

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	No
13]	Reasons for variation <> 20%	Yes
14]	Estimation for coming financial year	Yes
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
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	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74999MH1970PTC014849
Name of the company	CHEMICAL PROCESS EQUIPMENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C P E Plots BSD Marg, Govandi Station Road, Govandi, Mumbai – 400 088, Maharashtra, India E-mail id : cpe@vsnl.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90187045
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge Others (Stock, Plant, Mach etc)
Particular of charge holder	Bank of Baroda, Corporate Financial Services, Branch – Fort, 4th Floor, 10/12, Mumbai Samachar Marg, Fort, Mumbai-400023, Maharashtra, India E-mail Id : cfsfrt@bankofbaroda.com
Nature of instrument creating charge	Letter of Bank of Baroda bearing No. CFS/FRT/10/744 dated 15.06.2012
Date of instrument Creating the charge	15.06.2012
Amount secured by the charge	Rs.320.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction letter No.CFS/FRT/9/1926 dated 07.12.2011 or as specified by bank from time to time Terms of Repayment As per sanction letter No.CFS/FRT/9/1926 dated 07.12.2011 or as specified by bank from time to time. Margin As per sanction letter No.CFS/FRT/9/1926 dated 07.12.2011 or as specified by bank from time to time Extent and Operation of the charge Bank vide its letter dated 15.06.2012 intimated and conveyed their No Objection in excluding immovable property viz. Land situated at Village. Deonar, Sub-District Bandra, adm. 4418 sq. yards or thereabouts with free right way to approach, from Securities provided by the Company. Accordingly, henceforth said property shall not continue as security w.r.t Charge ID under reference. Save and except above there is no change in other Securities provided and that amount secured remains unchanged at Rs.320.000 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all present and future stock of RM, GIP, SFG, FG stores etc. lying at the premises of the Co. or elsewhere or in transit. All present and future Book debts, outstanding money receivables, claim, etc. due and owing to the Co. during the course of its business. All present and future movable Plant, machinery, stores, spares, situated at Factory, godown of the Company, or elsewhere in transit. Land bearing B. No. 896, 914, 915, 916 and 918 of Village Kandari, Vadodara together with all buildings and structures thereon and plant and machinery attached hereto, both present and future.
Date of instrument modifying the charge	28/03/2012
Particulars of the present modification	Bank vide its letter dated 15.06.2012 intimated and conveyed their No Objection in excluding immovable property viz. Land situated at Village Deonar, Sub-District Bandra, adm. 4418 sq. yards or thereabouts with free right way to approach, from Securities provided by the Company. Accordingly, henceforth said property shall not continue as security w.r.t Charge ID under reference. Save and except above there is no change in other Securities provided and that amount secured remains unchanged at Rs.320.000 Millions

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

(Rs. in millions)

Particulars	As on 31.303.2011	As on 31.03.2010
Outstanding Letters of Credit	21.406	6.976
Outstanding Bank Guarantee	100.469	60.723
Disputed Excise Duty demands (excluding interest)	1.950	1.950
Disputed Income Tax demands (excluding interest)	2.384	Nil
Total	126.209	126.209

FIXED ASSETS:

· Freehold land

· Flat

· Factory building

· Plant and Machinery

· Air conditioners and heating equipments

· Computers

· Moulds and Dies

· Scientific Lab Equipments

· Storage Equipments

· Cranes, Forklifts and Monorails

· Office equipments

· Electrical fittings

· Transformers

· Furniture and Fixtures

· Motor Vehicles

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 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.53.12
UK Pound	1	Rs.85.15
Euro	1	Rs.68.60

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BSN

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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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	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.