MIRA
INFORM REPORT
|
Report Date : |
16.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
NORD DRIVESYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
282/2, 283/3 Village Mann, Taluka Mulshi, Adj. Hinjewadi, MIDC Phase
II, Pune – 411 057, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
21.03.2005 |
|
|
|
|
Com. Reg. No.: |
11-020440 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 97.181 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29130PN2005PTC020440 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEN04783C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Geared Motors, Motors, Frequency
Invertors, |
|
|
|
|
No. of Employees
: |
60 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 573000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
management has failed to file the financial for the year 2012 with the government
department. As per the available financial there appear huge accumulated losses
recorded by the company. However, trade relations are reported to be fair. Business is active.
Payments are reported to be unknown. The company can be considered for business dealings with great
caution. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that
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/Factory : |
282/2, 283/3 Village Mann Taluka, Mulshi, Adj Hinjewadi, MIDC Phase
II, Pune – 411 057, |
|
Tel. No.: |
91-20-39801200/39801201/39801203 |
|
Mobile No.: |
91-9765490890 (Ms. Shweta Singh - Marketing Executive) |
|
Fax No.: |
91-20-39801316/ 39801216 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
650 Sq.ft |
|
Location : |
Owned |
DIRECTORS
As on 30.06.2012
|
Name : |
Mr. Kaushik Roy |
|
Designation : |
Managing Director |
|
Address : |
CD – 232, |
|
Date of Birth/Age : |
05.12.1959 |
|
Qualification : |
MBA |
|
Experience : |
27 Years |
|
Date of Appointment : |
24.06.2010 |
|
PAN No.: |
AAXPK9339D |
|
DIN No.: |
03141446 |
|
|
|
|
Name : |
Mr. Dhanraj Murlidhar Kalbhor |
|
Designation : |
Director |
|
Address : |
Flat No. B-103, Sunder Sankul, S. No. 151/7/51B, Near Magarpatta City,
Hadapsar, Pune – 411007, Maharashtra, India |
|
Date of Birth/Age : |
03.10.1974 |
|
Date of Appointment : |
29.01.2010 |
|
PAN No.: |
AFHPK6778B |
|
DIN No.: |
03012362 |
|
|
|
|
Name : |
Mr. Hemant Mohindra |
|
Designation : |
Director |
|
Address : |
202, P4, |
|
Date of Birth/Age : |
13.02.1968 |
|
Qualification : |
MBA |
|
Experience : |
22 Years |
|
Date of Appointment : |
29.01.2010 |
|
PAN No.: |
ACDPM7191B |
|
DIN No.: |
02985613 |
KEY EXECUTIVES
|
Name : |
Ms. Shweta Singh |
|
Designation : |
Marketing Executive |
MAJOR SHAREHOLDERS
As on 30.06.2012
|
Names of Shareholders |
No. of Shares |
|
Getrie Ebebau Nord GmbH and Company KG ( |
23399998 |
|
Kuchenmeister Ullrich Nominee of Getrie Ebebau Nord GmbH and Company
KG |
1 |
|
Humbert Jutta Nominee of Getrie Ebebau Nord GmbH and Company KG |
1 |
|
Total |
23400000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.06.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Geared Motors, Motors, Frequency
Invertors, |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.12.2010)
|
Particulars |
As at or for the
year ended 31.12.2010 |
|
|
Licensed Capacity |
Per Shift |
NA |
|
Installed Capacity |
Per Shift |
2000 Nos. per month |
|
Particulars |
Unit |
Actual
Production |
|
Gear Boxes |
Nos. |
977 |
|
Geared Motors |
Nos. |
5782 |
|
Motors |
Nos. |
335 |
|
Total |
|
7094 |
GENERAL INFORMATION
|
No. of Employees : |
60 (Approximately) |
|
|
|
|
Bankers : |
Union Bank of |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharad and Company Chartered Accountants |
|
Address : |
Gokul Nagar, B, 1184/4, |
|
Tel. No.: |
91-20-25535405 / 25535426 |
|
Fax No.: |
91-20-25536624 |
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E-Mail : |
|
|
Website : |
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|
PAN.: |
AAEFS2401C |
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|
|
|
Holding Company: |
Getriebebau Nord GmbH and Company KG, |
|
|
|
|
Associates : |
NORD ( |
CAPITAL STRUCTURE
As on 30.06.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23400000 |
Equity Shares |
Rs. 10/- each |
Rs. 234.000 Millions |
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 |
|
|
|
|
|
|
9718139 |
Equity Shares |
Rs. 10/-
each |
Rs. 97.181
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 |
97.181 |
97.181 |
97.181 |
|
|
2] Share Application Money |
136.819 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(90.864) |
(43.295) |
(82.351) |
|
|
NETWORTH |
143.136 |
53.886 |
14.830 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
103.627 |
130.096 |
190.963 |
|
|
TOTAL BORROWING |
103.627 |
130.096 |
190.963 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
246.763 |
183.982 |
205.793 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
175.482 |
185.602 |
204.686 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
47.617 |
15.581 |
30.882 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
269.761
|
110.714 |
109.631
|
|
|
Sundry Debtors |
159.264
|
127.174 |
72.683
|
|
|
Cash & Bank Balances |
27.057
|
9.235 |
25.848
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
111.189
|
77.377 |
67.437
|
|
Total
Current Assets |
567.271
|
324.500 |
275.599 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
501.662
|
312.200 |
281.613 |
|
|
Other Current Liabilities |
36.537
|
22.972 |
21.175 |
|
|
Provisions |
5.408
|
6.755 |
3.038 |
|
Total
Current Liabilities |
543.607
|
341.927 |
305.826 |
|
|
Net Current Assets |
23.664
|
(17.427) |
(30.227)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.226 |
0.452 |
|
|
|
|
|
|
|
|
TOTAL |
246.763 |
183.982 |
205.793 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
|
|
|
|
|
|
|
|
Income |
|
|
228.566 |
|
|
|
Other Income |
|
|
1.627 |
|
|
|
Service Income and Other Income |
|
|
0.657 |
|
|
|
Exchange Fluctuation |
|
|
9.140 |
|
|
|
TOTAL (A) |
566.356 |
475.392 |
239.990 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
164.824 |
|
|
|
Excise Duty |
|
|
0.263 |
|
|
|
Personnel Cost |
|
|
32.559 |
|
|
|
Operating Expenses |
|
|
30.619 |
|
|
|
Exchange Fluctuations |
|
|
0.000 |
|
|
|
Preliminary Expenses Written off |
|
|
0.226 |
|
|
|
Prior Period Adjustments |
|
|
0.000 |
|
|
|
TOTAL (B) |
645.962 |
421.034 |
228.491 |
|
|
|
(Including
financial expenses and Depreciation |
(Including
financial expenses and Depreciation |
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
11.499 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
2.912 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
8.587 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
25.816 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
(79.606) |
54.360 |
(17.229) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(32.037) |
15.304 |
(4.045) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
(47.569) |
39.056 |
(13.184) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(43.295) |
(82.351) |
(69.167) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(90.864) |
(43.295) |
(82.351) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission Earnings |
2.409 |
1.407 |
1.627 |
|
|
TOTAL EARNINGS |
2.409 |
1.407 |
1.627 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
506.870 |
260.027 |
177.681 |
|
|
|
Capital Goods |
3.177 |
0.921 |
0.030 |
|
|
TOTAL IMPORTS |
510.047 |
260.948 |
177.711 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
9.35 |
(4.46) |
(8.47) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
(8.40)
|
8.22
|
(5.49)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
(7.54)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.72)
|
10.66
|
(3.59)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.56
|
1.01
|
(1.16)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.72
|
2.41
|
12.88
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04
|
0.95
|
0.90
|
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 |
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 |
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) |
No |
|
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 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2011 Rs. In Millions |
31.03.2010 Rs. In Millions |
|
Other external commercial borrowings |
103.627 |
130.096 |
|
Total |
103.627 |
130.096 |
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10099522
|
28/01/2008
|
25,000,000.00
|
Union
Bank of |
|
A36923696
|
RESULTS OF
OPERATIONS:
The gross revenue
of the company during the financial year ended 2011 was Rs. 566.356 Millions Profit/
(loss) after Tax was Rs. (47.569) Millions and Earning per share was (9.35) as
compared to last financial year ended 2010 where gross revenue of Company was
Rs. 75.392 Millions Profit/(loss) was Rs. 39.056 Millions Earnings per share
was (4.46) for the financial year ended 2010. This year Company has suffered
loss.
FIXED ASSETS:
- Leasehold Improvements
- Security Cabin
- Furniture and Fitting
- Electrical Installation
- Factory Equipments
- Factory Furniture and Fixture
- Plant and Machinery
- Computers
- Office Equipments
- Motor Vehicles
- Networking and IT Equipment
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. 61.52 |
|
|
1 |
Rs. 94.99 |
|
Euro |
1 |
Rs. 81.63 |
INFORMATION DETAILS
|
Report Prepared by
: |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.