MIRA
INFORM REPORT
|
Report Date : |
01.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
THREE BOND INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
J-288, Saket, New Delhi-110017 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
21.01.1997 |
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|
|
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Com. Reg. No.: |
55-084565 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs. 49.234 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74900DL1997PTC084565 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELT04515A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT5989N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Business activity of the company is to distribute sealant and
adhesives which are procured from its parent and group companies to
automobile and the electronic industry. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1500000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
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Comments : |
Subject is an established company having satisfactory track record. There
appears some dip in the profitability of the company during current year.
However, net worth appears to be satisfactory. General financial position of
the company is good. Trade relations 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 |
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.
LOCATIONS
|
Registered Office : |
J-288, Saket, New Delhi-110017, |
|
Tel. No.: |
91-124-2347373 |
|
Fax No.: |
91-124-2347864 |
|
E-Mail : |
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|
|
|
Head Office : |
Plot no 43 sector -3, IMT Manesar- 122050, Haryana, India |
|
Tel. No.: |
91-124-4499025 |
|
|
|
|
Plant : |
531-532, Udyog Vihar Phase V, Gurgaon-122016, |
|
Tel. No.: |
91-124-2347373/2347014 to 21 |
|
E-Mail : |
|
|
|
|
|
Branch Office: |
No. 242, |
|
Tel. No.: |
91-44-65325337 |
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Fax No.: |
91-44-26257439 |
|
E-Mail : |
DIRECTORS
AS ON 19.04.2012
|
Name : |
Mr. Shinji Sorimachi |
|
Designation : |
Director |
|
Address : |
S 23 B, |
|
Date of Birth/Age : |
23.07.1956 |
|
Date of Appointment : |
29.11.2006 |
|
DIN No.: |
01225038 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74900DL1997PTC084565 |
THREE
BOND INDIA PRIVATE LIMITED |
Director |
01/01/2010 |
29/11/2006 |
Active |
NO |
|
Name : |
Mr. Shuji Mochizuki |
|
Designation : |
Director |
|
Address : |
J 803 Central Park, Sector 42 Gurgaon-122001, |
|
Date of Birth/Age : |
10.11.1956 |
|
Date of Appointment : |
01.01.2010 |
|
DIN No.: |
02919332 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 19.04.2012
Shareholders details in not available
AS ON 19.04.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Business activity of the company is to distribute sealant and
adhesives which are procured from its parent and group companies to
automobile and the electronic industry. |
||||||||
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|
|
||||||||
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Products : |
|
PRODUCTION STATUS (AS ON : 31.12.2011)
|
Particulars |
Unit |
Actual
Production |
|
Sealant |
Kgs |
46023 |
|
Adhesive |
Kgs |
3054 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Bank of Tokyo Mitubishi – UFJ Limited, New Delhi ·
ABN Amro Bank, N.V., New Delhi ·
Mizuho Corporate Bank Limited, New Delhi ·
Axis Bank Limited, Gurgaon |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rajendra K Goel and Company Chartered Accountant |
|
Address : |
J-288, Ground Floor, Saket New Delhi-110017, |
|
Tel. No.: |
91-11-29551642/29555354 |
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Fax No.: |
91-11-29555036 |
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PAN No.: |
AAGPB2075G |
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|
|
|
Ultimate Holding Company : |
Three Bond Company Limited, Japan |
|
|
|
|
Holding Company : |
Three Bond Singapore Pte Limited, |
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|
|
|
Fellow Subsidiaries : |
·
Three Bond Manufacturing (Thailand) Company
Limited ·
Three Bond Europe S.A.S |
CAPITAL STRUCTURE
AS ON 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4923448 |
Equity Shares |
Rs.10/- each |
Rs. 49.234
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
49.234 |
49.234 |
39.134 |
|
|
2] Share Application Money |
0.000 |
0.000 |
101.000 |
|
|
3] Reserves & Surplus |
349.377 |
320.304 |
190.150 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
398.611 |
369.538 |
330.284 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
398.611 |
369.538 |
330.284 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
151.303 |
149.782 |
148.266 |
|
|
Capital work-in-progress |
121.669 |
15.885 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
3.779 |
3.059 |
2.313 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
96.175
|
86.418 |
49.339
|
|
|
Sundry Debtors |
86.894
|
61.604 |
46.468
|
|
|
Cash & Bank Balances |
26.870
|
119.864 |
127.469
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
41.693
|
26.498 |
17.840
|
|
Total
Current Assets |
251.632
|
294.384 |
241.116 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
87.385
|
57.763 |
39.393
|
|
|
Other Current Liabilities |
32.588
|
25.918 |
16.300
|
|
|
Provisions |
9.799
|
9.891 |
5.718
|
|
Total
Current Liabilities |
129.772
|
93.572 |
61.411 |
|
|
Net Current Assets |
121.860
|
200.812 |
179.705
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
398.611 |
369.538 |
330.284 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
441.152 |
358.171 |
252.927 |
|
|
|
Other Income |
4.201 |
0.953 |
NA |
|
|
|
TOTAL |
445.353 |
359.124 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
394.465 |
295.175 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
50.888 |
63.949 |
33.070 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.680 |
3.065 |
3.282 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
47.208 |
60.884 |
29.788 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
18.136 |
21.630 |
9.704 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
29.072 |
39.254 |
20.084 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
124.170 |
84.916 |
64.832 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
153.242 |
124.170 |
84.916 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.904 |
0.371 |
0.000 |
|
|
|
Incentive |
0.055 |
0.000 |
0.000 |
|
|
|
Other Earnings |
0.908 |
0.118 |
101.000 |
|
|
TOTAL EARNINGS |
1.867 |
0.489 |
101.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
25.257 |
15.023 |
10.036 |
|
|
|
Jobwork Material |
5.946 |
6.562 |
4.364 |
|
|
|
Trading Goods |
205.331 |
158.559 |
103.149 |
|
|
|
Capital Goods |
0.091 |
0.201 |
0.204 |
|
|
TOTAL IMPORTS |
236.625 |
180.345 |
117.753 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.38 |
8.26 |
5.13 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
6.53
|
10.93 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.70
|
17.00 |
11.77
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.61
|
13.61 |
7.65
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.16 |
0.09
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.94
|
3.14 |
3.93
|
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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
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 |
No |
|
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 |
No |
|
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 |
No |
|
30] |
Major Shareholders, if
available |
No |
|
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 |
No |
BACKGROUND
The Company was incorporated
on 21 January, 1997 and is a subsidiary of Three Bond Singapore Pte. Limited.
Three Bond Singapore Pte. Limited holds 99.99 percent of the paid up share
capital as at 31 December 2011.
The main business
activity of the Company is to distribute Sealant and Adhesives which are
procured from its parent and group companies to Automobile and the Electronic
Industry in India. The manufacturing operation of the Company consists
repackaging of the bulk packs of its products into smaller packs. The Jobwork
operations of the Company consist of screw coating for auto components
industries.
PERFORMANCE OF THE
COMPANY
The Company's
overall turnover of Rs. 441.151
Millions recorded a growth of 23% over
the previous year's turnover of Rs. 358.171
Millions. The Company also achieved a Net Profit after Tax of Rs. 29.073 Millions for the
year ended 31.12.2011 as against Rs.
39.254 Millions during the previous year. The main reasons for
decrease in profits of the company are exchange loss and increase the product
cost. The company is having focused approach on cost reduction in all aspects.
In the current year, the company continues its focus and concerns about the
expansion and establishing its own state of art manufacturing facility in
India. The company has spent mainly on infrastructure, personnel recruitment as
well as personnel development, and brand promotion as well as brand awareness
in India.
In order to
establish the manufacturing plant, the Company purchased the industrial land in
Manesar (Gurgaon) in the year 2009, 2010
the construction of facility has started. The Construction has
completed and it’s expected that till 30.06.2012, the company would be able to
move to its new Factory and start the Production. The Directors wish to thank
and place on record its sincere appreciation to Three Bond Singapore Pte. Limited, parent company for
lending financial support for expansion plans of the company.
FIXED ASSETS
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
·
Computer
·
Electric Installations
·
Temporary Structure
·
ETP Plant
·
Land
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 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 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. 54.38 |
|
|
1 |
Rs. 82.32 |
|
Euro |
1 |
Rs. 69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.