MIRA INFORM REPORT

Report Date :

05.01.2012

IDENTIFICATION DETAILS

Name :	KROPEX INDIA LIMITED
Registered Office :	SY No. 116/1, Hosapalya Main Road, (Off Kudlu Gate), Hongasandra, Bangalore – 560 068, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.04.2002
Com. Reg. No.:	08-030332
Capital Investment / Paid-up Capital :	Rs. 4.736 Millions
CIN No.: [Company Identification No.]	08-030332
TAN No.: [Tax Deduction & Collection Account No.]	BLRK04479G
PAN No.: [Permanent Account No.]	AABCK7543E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Offset Printing Materials Like Litho Plates, Chemicals, Inks etc
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 230000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The latest financial are not made available with the government department. As per previous year’s record, the company performance seem to be satisfactory. 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 slight 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 :	SY No. 116/1, Hosapalya Main Road, (Off Kudlu Gate), Hongasandra, Bangalore – 560 068, Karnataka, India
Tel. No.:	91-80-25731241 / 25731242
Fax No.:	Not Available
E-Mail :	sanjee@blr.vsnl.net.in kropex@vsnl.net sanjeev@kropex.com kropex@touchtelindia.net info@kropex.com nagarajugl@yahoo.com kropex@airtelbroadband.in
Website :	http://www.kropex.com
Branch Office :	House No. 7-1-60, Flat No. 102, Veena Apartments, Dharam Karam, Road, Ameerpet, Hyderabad, Andhra Pradesh, India
Tel. No.:	91-40-55687008
Fax No.:	91-40-55687008

DIRECTORS

As on 30.09.2011

Name :

Mr. Sanjeev Sachdeva

Designation :

Managing Director

Address :

No. 566, 8^th Block, Koramangala, Bangalore – 560 095, Karnataka, India

Date of Birth/Age :

12.03.1961

Date of Appointment :

08.04.2002

DIN No.:

00468704 

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	U85110KA1995PLC017632	KAPOOR SALES (BANGALORE) LIMITED	Managing director	01-04-00	01-04-00	-	Active	NO
2	U05190KA2002PLC030332	KROPEX INDIA LIMITED	Managing director	08-04-02	08-04-02	-	Active	NO

Name :

Mr. Vanik Sachdeva

Designation :

Director

Address :

No. 566, 8^th Block, Koramangala, Bangalore – 560 095, Karnataka, India

Date of Birth/Age :

21.05.1985

Date of Appointment :

22.12.2006

DIN No.:

00942468

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	U05190KA2002PLC030332	KROPEX INDIA LIMITED	Director	22-12-06	22-12-06	-	Active	NO
2	U85110KA1995PLC017632	KAPOOR SALES (BANGALORE) LIMITED	Director	01-04-09	01-04-09	-	Active	NO

Name :

Mrs. Poonam Sachdeva

Designation :

Director

Address :

No. 566, 8^th Block, Koramangala, Bangalore – 560 095, Karnataka, India

Date of Birth/Age :

06.12.1963

Date of Appointment :

08.04.2002

DIN No.:

00468731

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	U85110KA1995PLC017632	KAPOOR SALES (BANGALORE) LIMITED	Director	24-10-00	24-10-00	-	Active	NO
2	U05190KA2002PLC030332	KROPEX INDIA LIMITED	Director	08-04-02	08-04-02	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Sanjeev Sachdeva	186980
Poonam Sachdeva	38465
Randeep Sachdeva	700
Remmi Sachdeva	800
B. S. Manjunath	8000
Vanik Sachdeva	162455
Rohan Sachdeva	54000
B. M. Gowri	600
Monika Makhan	700
Swetha Makhan	600
Anil Makhan	800
Karan Makhan	860
Jasmin Grower	820
Sachin Grower	900
K. K. Shailaja	900
Aswini Sachdeva	16000
Total	473580

As on 31.03.2012

Names of Allottee	No. of Shares Allotted
Sanjeev Sachdeva	120000
Vanik Sachdeva	15380
Rohan Sachdeva	29230
Poonam Sachdeva	3070
Total	167680

As on 31.08.2012

Names of Allottee	No. of Shares Allotted
Sanjeev Sachdeva	171500
Vanik Sachdeva	38460
Total	209960

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	97.00
Others	3.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Offset Printing Materials Like Litho Plates, Chemicals, Inks etc

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ING Vysya Bank Limited, 60, Subbarama Chetty Road, Netkallappa Circle, Basavanagudi, Bangalore – 560 004, Karnataka, India

· ING Vysya Bank Limited, Netkallappa Circle Branch, Bangalore-560004, Karnataka, India

· ICICI Bank

· Bank of Baroda, 1^st Floor, 3^rd Block, 9th Main Road, Jayanagar, Bangalore-560011, Karnataka, India

· HDFC Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
ING Vysya Bank Limited – Cash Credit	30.683	52.177
Bank of Baroda Overdraft	0.000	56.714
Demand Loan ING Vysya Bank Limited	80.000	0.000
Bank of Baroda – Term Loan	0.000	21.503
Tata Capital	2.280	0.000
ING Vysya Bank	15.928	0.000
ICICI Bank	0.000	1.309
HDFC Bank	19.381	0.681
Total	148.272	132.384
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Directors	2.665	2.072
Total	2.665	2.072

Banking Relations :	--
Auditors :
Name :	Ram Raj and Company Chartered Accountants
Address :	No. 65, 29^th A Cross, 4^th Block, Jayanagar, Bangalore – 560 011, Karnataka, India
PAN.:	AABFR3927Q
Group Companies :	Kapoor Sales (Bangalore) Limited

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
851220	Equity Shares	Rs.10/- each	Rs.8.512 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
473580	Equity Shares	Rs.10/- each	Rs.4.736 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		4.736	4.736	4.736
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		52.134	48.378	44.354
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		56.870	53.114	49.090
LOAN FUNDS
1] Secured Loans		148.272	132.384	87.780
2] Unsecured Loans		2.665	2.072	0.105
TOTAL BORROWING		150.937	134.456	87.885
DEFERRED TAX LIABILITIES		2.386	1.553	0.538
TOTAL		210.193	189.123	137.513
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		76.653	74.666	7.199
Capital work-in-progress		0.000	0.000	49.248
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	89.119	73.895	18.933
	Sundry Debtors	79.286	65.231	56.244
	Cash & Bank Balances	2.358	2.866	19.701
	Other Current Assets	14.407	7.709	10.397
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		185.170	149.701	105.275
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	50.534	34.329	23.341
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	1.114	0.952	0.923
Total Current Liabilities		51.648	35.281	24.264
Net Current Assets		133.522	114.420	81.011
MISCELLANEOUS EXPENSES		0.018	0.037	0.055
TOTAL		210.193	189.123	137.513

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Net Sales	781.149	598.423	263.453
		Labour Receipts	15.232	10.654	0.000
		Other Income	12.832	5.696	0.903
		TOTAL	809.213	614.773	264.356
Less	EXPENSES
		Cost of Purchases	731.577	555.831	241.958
		Rates and Taxes	1.689	0.883	0.797
		Administrative Charges	48.206	35.938	12.428
		TOTAL	781.472	592.652	255.183
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		27.741	22.121	9.173
Less	FINANCE CHARGES		17.758	12.114	6.055
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		9.983	10.007	3.118
Less/ Add	DEPRECIATION/ AMORTISATION		4.220	3.953	0.985
Add	PRIOR PERIOD INCOME		0.000	0.000	0.279
	PROFIT/(LOSS) BEFORE TAX		5.763	6.054	2.412
Less	TAX		2.007	2.030	0.967
	PROFIT/(LOSS) AFTER TAX		3.756	4.024	1.445
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.565	6.541	5.096
	BALANCE CARRIED TO THE B/S		14.321	10.565	6.541
	Earnings Per Share (Rs.)		7.93	8.50	3.05

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.46	0.65	0.55
Net Profit Margin (PBT/Sales)	(%)	0.74	1.01	0.92
Return on Total Assets (PBT/Total Assets}	(%)	2.20	2.70	2.14
Return on Investment (ROI) (PBT/Networth)		0.10	0.11	0.05
Debt Equity Ratio (Total Liability/Networth)		3.56	3.20	2.28
Current Ratio (Current Asset/Current Liability)		3.59	4.24	4.34

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)	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	No
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 No. 211/20, 11^th Main Road, 16^th Cross, Lakkasandra Wilson Garden, Bangalore – 560 030, Karnataka, India to the present address w.e.f. 19.02.2011.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U05190KA2002PLC030332
Name of the company	KROPEX INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	SY No. 116/1, Hosapalya Main Road, (Off Kudlu Gate), Hongasandra, Bangalore – 560 068, Karnataka, India sanjeev@kropex.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90195659
Type of charge	· Immovable property · Movable property (not being pledge)
Particular of charge holder	ING Vysya Bank Limited 60, Subbarama Chetty Road, Netkallappa Circle, Basavanagudi, Bangalore – 560 004, Karnataka, India cms@companiesinn.com
Nature of instrument creating charge	Deed of General Hypothecation for TL of Rs.5.000 Millions Supplemental Letter Evidencing Deposit of Title Deeds for Rs.179.461 Millions.
Date of instrument Creating the charge	07.05.2012
Amount secured by the charge	Rs.179.461 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest ODSIT/BD I-II : IVBR+2.55% TL I-III(Existing) : IVBR+3.30% TL IV(Fresh) : IVBR+3.30% WCTL(Fresh) : IVBR+3.30% Terms of Repayment ODSIT/BD I-II : On Demand TL I-III(Existing) : No Change TL IV(Fresh) : Repayable in 60 monthly installments of Rs.2,10,000/-pm and interest to be recovered as and when debited. WCTL (Fresh): Repayable in 60 monthly installments of Rs.83,333/-pm and interest to be recovered as and when debited. Margin ODSIT/BD I-II: 25% on stocks and 40% on book debts. TL I-III(Existing) : No Change TL IV(Fresh) : 27% WCTL(Fresh) : 35% Extent and Operation of the charge TL IV(Fresh) of Rs.5.000 Millions: First charge on the fixed assets like Plant and Machinery of the company with WDV as on 31-03-2011.(List attached as annexure) All facilities : First charge on the immovable property of the company. Others Deed of General Hypothecation is covered only for the TL(Fresh) limit of Rs.5.000 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the fixed assets like Plant and Machinery (List Attached as Annexure) of the company kept or to be kept at # 116/1, Hosapalya Main Road, Off Kudla Gate, Hongasandra, Bangalore - 560068. All that piece and parcel of the immovable property being land located in Sy No.49/1, (Conversion No.ALN /SR(S) 234 / 2007, Dated 22-02-2008) situated at Singasandra Village, Begur Hobli, Bangalore South Taluk approximately measuring 24,000 sq ft. of land.
Particulars of the present modification	The total limit has been enhanced from Rs.144.461 Millions to Rs.179.461 Millions as follows: ODSIT/BD I : Rs.65.000 Millions (Enhanced from Rs.60.000 Millions) ODSIT/BD II : Rs.75.000 Millions (Enhanced from Rs.60.000 Millions) TL I(Existing) : Rs.10.286 Millions TL II(Existing) : Rs.7.000 Millions TL III(Existing) : Rs.4.675 Millions TL IV(Fresh) : Rs.12.500 Millions WCTL(Fresh) : Rs.5.000 Millions and TL(Existing) : Rs.2.500 Millions has been cancelled. All other terms and conditions are remain same.

FIXED ASSETS

· Land and Building

· Furniture and Fixtures

· Office Equipments

· Computer Units

· Plant and Machinery

· 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 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.54.85
UK Pound	1	Rs.88.16
Euro	1	Rs.71.54

INFORMATION DETAILS

Report Prepared by :

NTH

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	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		36

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.