MIRA INFORM REPORT

Report Date :

18.02.2013

IDENTIFICATION DETAILS

Name :	BARCOM INDUSTRIES LIMITED
Formerly Known As :	BARCOM INDUSTRIES PRIVATE LIMITED (w.e.f. 07.05.2009) BARCOM SOLUTIONS (MUMBAI) PRIVATE LIMITED
Registered Office :	B-305, Mount Everest, Bhakti Park, Near Imax Theatre, Wadala (East), Mumbai – 400037, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.09.2002
Com. Reg. No.:	11-137115
Capital Investment / Paid-up Capital :	Rs. 14.500 Millions
CIN No.: [Company Identification No.]	U51909MH2002PLC137115
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trading of Printed Labels
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 170000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears some dip in the turnover and profitability of the company. The company has also recorded huge external borrowings. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some 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 – 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 :	B-305, Mount Everest, Bhakti Park, Near Imax Theatre, Wadala (East), Mumbai – 400037, Maharashtra, India
Tel. No.:	91-22-24036843
Fax No.:	Not Available
E-Mail :	satyajitmishra_cs@rediffmail.com
Website :	http://www.barcomltd.com
Factory :	Plot No-27, Sector I, The Vasai Taluka Industrial Co-Operative Estate Limited, Gaurai Pada, Vasai-East, District  Thane -401 208,  Maharashtra, India
Telfax No.:	91-250-2450023/25/4916
Tel. No.:	91-250-3053333 - 99
E-Mail :	Sales@barcomltd.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Prasanna Prafulla Kumar Sahu

Designation :

Whole-Time Director

Address :

B-305, Mount Everest, Bhakti Park,, Imax Theatre, Wadala (East), Mumbai, 400037, Maharashtra, India

Date of Birth/Age :

17.07.1974

Date of Appointment :

20.10.2008

DIN No.:

01142712

Name :

Mrs. Sangeeta Prasanna Sahu

Designation :

Director

Address :

B-305, Mount Everest, Bhakti Park,, Imax Theatre, Wadala (East), Mumbai, 400037, Maharashtra, India

Date of Birth/Age :

12.11.1977

Date of Appointment :

30.09.2011

DIN No.:

02940737

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909MH2002PLC137115	BARCOM INDUSTRIES LIMITED	Director	30-09-11	01-01-10	-	Active	NO
2	U74900MH2012PTC231698	ESSPEE GLASS STUDIO PRIVATE LIMITED	Director	31-05-12	31-05-12	-	Active	NO

Name :

Mr. Keshav Anand Karapurkar

Designation :

Director

Address :

B-306, Mount Alps, Bhakti Park,, Wadala (East),, Mumbai, 400037, Maharashtra, India

Date of Birth/Age :

16.11.1978

Date of Appointment :

30.09.2011

DIN No.:

03446347

Name :

Mr. Uday Kisanlal Lodha

Designation :

Director

Address :

B/3. Meet Arcade, Beside Masjid,, Dhobi Ali, Thane West, Thane, 400601, Maharashtra, India

Date of Birth/Age :

29.10.1977

Date of Appointment :

30.09.2011

DIN No.:

03503655

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Prasanna Prafulla Kumar Sahu	429970
Sangeeta Prasanna Sahu	222500
Keshav Anand Karapurkar	145000
Uday Kisanlal Lodha	652500
Prasanna Sahu Jointly With Laxinipriya Sahoo	10
Prasanna Sahu Jointly With Pramod Kumar Sahoo	10
Prasanna Sahu Jointly With Prashant Kumar Sahoo	10
Total	1450000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trading of Printed Labels

GENERAL INFORMATION

Customers :

· Cipla

· IPCA

· Glenmark

· Aditya Birla

· Micro Inks

· Hindustan Petroleum Corpn. Limited

· Kaya Skin Clinic

· Marico

· Reliance Retail

· Diversey

· Olivia

· Agappe Diagnostics

· Naxpar

· Pisilite

· Pharmaceuticals Private Limited

· Sirmaxo Chemicals Private Limited

· Wockhardt

No. of Employees :

Not Available

Bankers :

Janakalyan Sahakari Bank Limited, 140, Vivek Darshan, Sindhi Society, Opposite Bhakti Bhavan, Chembur, Mumbai - 400071, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long- term borrowings
Term Loans
From Bank of India	0.000	33.831
From Janakalyan Sahakari Bank Limited	52.027	0.000
From Tata Capital	3.820	0.000
Less: Instalments Falling Due within 12 Months	(7.477)	(10.786)
(Secured against equitable mortgage of land and building , hypothication of plant and machinery and personal guarantee of directors )
Vehicle Loans
From Bank of India	0.000	1.284
Less: Instalments Falling Due within 12 Months	0.000	(0.455)
From NKGSB Co-operative Bank Limited	6.082	2.630
Less: Instalments Falling Due within 12 Months	(1.911)	(0.768)
(Secured against hypothication of specific vehicles)
Short Term Borrowing
From Bank of India	0.000	19.107
From Janakalyan Sahakari Bank Limited	25.734	0.000
(Secured against hypothication of stock , book debts and machinery Et personal guarantee of directors)
Total	78.275	44.843

Banking Relations :	--
Auditors :
Name :	K.m. Rajeshirke and Company Chartered Accountants
Address :	706, Rajgir Sadan, 7^th Floor, Opposite Sion Rail. Station Sion (West), Mumbai – 400022, Maharashtra, India
Tel. No.:	91-22-24033123 / 24095201
Email :	kmeandco@hotmail.com
PAN.:	AACPR3776J

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1450000	Equity Shares	Rs.10/- each	Rs.14.500 Millions

Reconciliation of number of shares

Equity Shares:	Number of Shares	Amount In Millions
Balance as at the beginning of the year	1,450,000	14.500
Add: Shares issued	--	-
Less: Buy Back	--	-
Balance as at the end of the year	1,450,000	14.500

Details of shares held by each shareholder holding more than 5% shares:

Name	Number of Shares	% of Holding
Mr. Prasanna P. Sahu	429,970	29.65
Mrs. Sangeeta P. Sahu	222,500	15.34
Mr. Keshav A. Karapurkar	145,000	10.00
Mr. Uday K. Lodha	652,500	45.00

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		14.500	14.500	9.500
2] Share Application Money		0.000	0.000	5.000
3] Reserves & Surplus		28.091	21.375	11.587
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		42.591	35.875	26.087
LOAN FUNDS
1] Secured Loans		78.275	44.843	60.965
2] Unsecured Loans		35.977	13.087	14.595
TOTAL BORROWING		114.252	57.930	75.560
DEFERRED TAX LIABILITIES		1.246	0.404	0.556
TOTAL		158.089	94.209	102.203
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		118.629	78.851	64.436
Capital work-in-progress		0.000	0.000	3.096
INVESTMENT		2.197	0.010	0.010
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.991	17.356	26.218
	Sundry Debtors	30.029	48.146	33.591
	Cash & Bank Balances	9.596	0.957	0.990
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	11.304	4.244	5.628
Total Current Assets		68.920	70.703	66.427
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.141	37.039	27.555
	Other Current Liabilities	10.972	16.481	1.964
	Provisions	3.544	1.835	2.377
Total Current Liabilities		31.657	55.355	31.896
Net Current Assets		37.263	15.348	34.531
MISCELLANEOUS EXPENSES		0.000	0.000	0.130
TOTAL		158.089	94.209	102.203

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	154.202	172.637	108.609
		Other Income	0.928	0.081	0.243
		TOTAL (A)	155.130	172.718	108.852
Less	EXPENSES
		Cost of Materials consumed	81.539	107.137
		Purchases of stock-in-trade	6.098	2.271
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(1.170)	0.737	87.273
		Employee benefit expense	20.085	18.693
		Other expenses	17.536	14.172
		Prior Period Items	0.000	(0.009)
		Exceptional items	1.149	0.471
		TOTAL (B)	125.237	143.472	87.273
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		29.893	29.246	21.579
Less	FINANCIAL EXPENSES (D)		11.594	9.303	9.075
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.299	19.943	12.504
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.979	5.868	4.401
	PROFIT BEFORE TAX (E-F) (G)		10.320	14.075	8.103
Less	TAX (H)		3.604	4.288	(0.270)
	PROFIT AFTER TAX (G-H) (I)		6.716	9.787	8.373
Less	Prior Period Items		0.000	0.000	0.233
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		21.375	11.588	3.448
	BALANCE CARRIED TO THE B/S		28.091	21.375	11.588
	Earnings Per Share (Rs.)		4.63	6.95	8.57

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.33	5.67	7.69
Net Profit Margin (PBT/Sales)	(%)	6.69	8.15	7.47
Return on Total Assets (PBT/Total Assets}	(%)	5.50	9.41	6.19
Return on Investment (ROI) (PBT/Networth)		0.24	0.09	0.06
Debt Equity Ratio (Total Debt /Networth)		2.68	1.61	2.90
Current Ratio (Current Asset/Current Liability)		2.18	1.28	2.08

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	No
17]	Major suppliers	No
18]	Major customers	Yes
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	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	No

Note:

The registered office of the company has been shifted from A-132, Chinar Co-Operative Hsg. Society Limited, R.A. Kidwai Road, Wadala, Mumbai – 400031, Maharashtra, India to present address w.e.f. 15.04.2011

BUSINESS ACTIVITIES:

The financial year 2011-2012, the Company has achieved a Gross Sales turnover of Rs.165.458 Millions as compared to Rs.189.441 Millions of last year. The reduction in turnover was due to global recession and prevailed inflation in their country. The net profit of the Company in the previous year is Rs.9.787 Millions as compared to Rs.6.716 Millions in the current year. The profit ratio compared to previous year is due to Loss on Sale of Motor Cars and the newly introduction of Local Body Tax which was already paid.

Over all, it is a satisfactory performance by the Company. The Board of Directors expects even better results in the ensuing year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51909MH2002PLC137115
Name of the company	BARCOM INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	B-305, Mount Everest, Bhakti Park, Near Imax Theatre, Wadala (East), Mumbai – 400037, Maharashtra, India satyajitmishra_cs@rediffmail.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Janakalyan Sahakari Bank Limited, 140, Vivek Darshan, Sindhi Society, Opposite Bhakti Bhavan, Chembur, Mumbai - 400071, Maharashtra, India jkbcredit@jksbl.com
Nature of instrument creating charge	Agreement of Hypothecation of Plant and Machinery
Date of instrument Creating the charge	27.11.2012
Amount secured by the charge	Rs.8.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 13.50% per annum with monthly rests or at such other rates as may be notified by the Bank to the Borrower/s from time to time Terms of Repayment Term Loan of Rs.8.000 Millions to be repaid in 48 monthly installments of Rs.0.167 Million plus Interest thereon Repayment to commence one month from the date of disbursement Interest to be serviced as and when applied Extent and Operation of the charge To secure Fresh Term Loan (PLMLN) of Rs.8.000 Millions granted by the Bank to the Company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by way of First Charge in favour of the Bank: The Whole of Movable Properties of the Borrower including its Movable Plant and Machinery Machinery Spares, Tools and Accessories and other Movables both present and future As per list attached whether installed or not and whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about the Borrower's factories, premises and godowns or wherever else the same may or be held by any party to the order or disposition of the Borrower or in course of transit or on high seas or on order or delivery however and wheresoever in the possession of the Borrower and either by way of substitution or addition.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long- term borrowings
Other Loans
From The Mogaveera Co-operative Bank	0.000	4.322
Less: Instalments Falling Due within 12 Months	0.000	(1.310)
From Barclays Bank	0.000	0.241
Less: Instalments Falling Due within 12 Months	0.000	(0.241)
From Kotak Mahindra Bank	29.975	0.000
Less: Instalments Falling Due within 12 Months	0.000	0.000
Short Term Borrowing	0.000	0.000
Loans & Advance	0.000	0.000
From Directors & Shareholders (Guranteed by Directors)	6.002	10.075
Total	35.977	13.087

FIXED ASSETS

· Land

· Factory Building

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Computers

· Motor Car

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 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.53.99
UK Pound	1	Rs.83.72
Euro	1	Rs.72.09

INFORMATION DETAILS

Report Prepared by :

NTH

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	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		28

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.