MIRA INFORM REPORT

Report Date :

25.01.2013

IDENTIFICATION DETAILS

Name :	FLAMINGO PHARMACEUTICALS LIMITED
Formerly Known As :	FLAMINGO IMPEX PRIVATE LIMITED
Registered Office :	7/1, Corporate Park, Sion –Trombay Road, Chembur, Mumbai- 400071, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.06.1985
Com. Reg. No.:	11-036572
Capital Investment / Paid-up Capital :	Rs. 68.040 millions
CIN No.: [Company Identification No.]	U51900MH1985PLC036572
TAN No.: [Tax Deduction & Collection Account No.]	MUMF03725B
PAN No.: [Permanent Account No.]	AAACF4211B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of pharmaceutical products such as Tablets, Capsules, Dry Syrups and Injectibles.
No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 4350000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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	CARE
Rating	BBB- (Long term bank facilities)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligations. It carry moderate credit risk.
Date	October, 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. Sanjay
Designation :	Account Managaer
Contact No.:	91-22-67975242
Date :	24.01.2013

LOCATIONS

Registered Office :	7/1, Corporate Park, Sion –Trombay Road, Chembur, Mumbai- 400071, Maharashtra, India.
Tel. No.:	91-22-25234120 / 25235242 / 43 / 45 , 67975242 / 43/ 45/25275242
Fax No.:	91-22-25233085 / 25246837 / 55975249 / 25233095
E-Mail :	ashf@giasbm01.vsnl.net.in ashf@flamingopharma.com
Website :	http://www.flamingopharma.com
Area:	6767 Sq. ft.
Location:	Owned
Factory 1 :	R-662, T.T.C. Industrial Area, Rabale, Navi Mumbai - 400 071, Maharashtra, India
Tel. No.:	91-22-27695593 / 27696998 / 27694571 / 227607130
Fax No.:	91-22-27693844
E-Mail :	mailfplrbl@vsnl.net.in
Area:	4439 Sq. Mtrs
Location:	Owned
Factory 2 :	E-28, Taloja Industrial Area, Taloja, Raigad – 410 208, Maharashtra, India
Tel. No.:	91-22-27411372 / 65162742
Fax No.:	91-22-27411386
E-Mail :	mailfpltlg@vsnl.net.in
Area:	6480 Sq. Mtrs
Location:	Owned

DIRECTORS

As on 27.09.2012

Name :	Mr. Ashwin Jethalal Thacker
Designation :	Chairman and Managing Director
Address :	702, Sabari Aangan, 11th Road, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth :	13.10.1989
Qualification :	B. Sc. (Hons), DBM, DMM (Bom)
Date of Appointment :	23.06.1986
PAN No.:	AACPT2572L
DIN No :	00048595
Name :	Mr. Deepak Bhupatrai Goradia
Designation :	Director
Address :	222, Sabari Aangan, 7^th Floor, 11^th Road, Next to Saraswati Vidyalay, Chembur, Mumbai-400071, Maharashtra, India
Date of Birth :	09.04.1956
Date of Appointment :	03.09.1997
DIN No :	00058544
Name :	Mr. Suhas Sadanand Ganpule
Designation :	Director
Address :	236, Pratiksha Building, 3^rd Floor, Flat No.10, Borivali (West), Mumbai-400092, Maharashtra, India
Date of Birth :	25.08.1962
Date of Appointment :	17.11.2009
DIN No :	00179817

KEY EXECUTIVES

Name :	Mr. Murlidharan K
Designation :	Secretary
Address :	Flat No.103, Neelam Nagar, Phase II, Mulund (East), Mumbai-400018, Maharashtra, India
Date of Appointment :	01.07.2010
PAN No :	AGEPK5441P
Name :	Mr. Sanjay
Designation :	Account Managaer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2012

Names of Shareholders	No. of Shares
Ashwin Thacker	4163400
Raju Thacker	1895400
Pranay Thacker	722400
Parth Thacker	60
Joyce John	30
Raechella Murzello	30
Sanjay Gujar	30
Minimed Laboratories Private Limited, India	22650
Total	6804000

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2012

Category	Percentage
Bodies corporate	0.33
Directors or relatives of Directors	99.66
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Pharmaceutical Products such as Tablets, Capsules, Dry Syrups and Injectibles.

Products :

Item Code No.	Product Description
30049063	Ibuprofen with or without Paracetamol or other Compounds
30042012	Cephalexin containing other antibiotics
30041030	Amoxycillin containing penicillins or derivatives thereof with a penicillinic acid structure or streptomycins or their derivatives

Exports :

Products :

Pharmaceutical Products such as Tablets, Capsules, Dry Syrups and Injectibles

Countries :

• South East Asia
• Africa
• Europe

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

350 (Approximately)

Bankers :

• Bank of India, Andheri Corporate Banking Branch, M. D. I. Building, 28, S. V. Road, Andheri (West), Mumbai-400058, Maharashtra, India

Tel. No.: 91-22-26719818

• ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Rupee term loans from banks	618.603	144.753
Foreign currency term loans from banks	0.000	30.398
Term loans from others	221.050	0.000
Loans taken for vehicles	1.541	1.218
Working capital loans from banks	634.487	466.689
Total	1475.681	643.058

Banking Relations :	--
Auditors :
Name :	Pravin Sarvaiya and Company Chartered Accountants
Address :	4 Kermani, Building, 1^st Floor, Sir P M Road, Opposite Citi Bank, Fort, Mumbai-400001, India
PAN No.:	AAOPS8153J
Associates :	Mini Med Laboratories Private Limited PAN No.: AABCM2711L CIN No.: U33110MH1993PTC070699 Rotaline Molekule Private Limited PAN No.: AADCR6745B CIN No.: U51397MH2006PTC163870 Flamingo Healthcare Limited PAN No.: AABCF5925D CIN No.: U24239MH2008PLC180639 Flamingo Infra Developers Private Limited PAN No.: AABCF5926A CIN No.: U70109MH2010PTC205846

CAPITAL STRUCTURE

As on 31.03.2012

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
6804000	Equity Shares	Rs.10/- each	Rs. 68.040 Millions

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		68.040	68.040	68.040
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1019.545	921.494	826.888
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1087.585	989.534	894.928
LOAN FUNDS
1] Secured Loans		1475.681	643.058	616.221
2] Unsecured Loans		100.000	39.000	0.000
TOTAL BORROWING		1575.681	682.058	616.221
DEFERRED TAX LIABILITIES		73.025	73.590	50.665
TOTAL		2736.291	1745.182	1561.814
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		858.885	884.606	877.926
Capital work-in-progress		1205.683	136.631	44.495
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	245.673	306.860	319.459
	Sundry Debtors	414.356	485.550	406.202
	Cash & Bank Balances	74.858	88.481	36.875
	Other Current Assets	0.740	29.927	0.000
	Loans & Advances	475.677	345.506	224.325
Total Current Assets		1211.304	1256.324	986.861
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	271.019	381.591	336.213
	Other Current Liabilities	243.932	121.245	40.077
	Provisions	24.630	29.543	30.196
Total Current Liabilities		539.581	532.379	406.486
Net Current Assets		671.723	723.945	580.375
MISCELLANEOUS EXPENSES		0.000	0.000	59.018
TOTAL		2736.291	1745.182	1561.814

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2161.737	2073.761	2169.604
		Other Income	48.444	21.057	0.000
		TOTAL (A)	2210.181	2094.818	2169.604
Less	EXPENSES
		Cost of materials consumed	1253.788	1190.212
		Purchases of stock-in-trade	19.084	43.907
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	14.894	47.134	1942.310
		Employee benefit expense	150.034	152.026
		Other expenses	432.959	407.626
		Exceptional Items	29.509	29.509
		TOTAL (B)	1900.268	1870.414	1942.310
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		309.913	224.404	227.294
Less	FINANCIAL EXPENSES (D)		98.970	31.775	70.957
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		210.943	192.629	156.337
Less/ Add	DEPRECIATION/ AMORTISATION (F)		50.489	51.497	42.989
	PROFIT BEFORE TAX (E-F) (G)		160.454	141.132	113.348
Less	TAX (H)		47.911	31.996	(5.571)
	PROFIT AFTER TAX (G-H) (I)		112.543	109.136	118.919
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		323.968	255.940	163.165
Less	APPROPRIATIONS
		Transfer to General Reserve	30.000	30.000	15.000
		Proposed Dividend	9.526	9.525	9.525
		Tax on Dividend	1.545	1.582	1.619
	BALANCE CARRIED TO THE B/S		395.440	323.968	255.940
	EARNINGS IN FOREIGN CURRENCY		2072.146	1958.844	1964.782
	IMPORTS
		Raw Materials	311.467	290.627	241.491
		Components and Spare Parts	0.857	2.927	0.000
		Capital Goods	179.746	0.000	4.559
	TOTAL IMPORTS		492.070	293.554	246.050
	Earnings Per Share (Rs.)		16.54	16.04	17.48

Expected Sales (2012-2013) : Rs. 3500.000 millions

The above information has been parted by Mr. Sanjay (Account Manager)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.09	5.21	5.48
Net Profit Margin (PBT/Sales)	(%)	7.42	6.81	5.22
Return on Total Assets (PBT/Total Assets}	(%)	7.75	6.59	6.08
Return on Investment (ROI) (PBT/Networth)		0.15	0.14	0.13
Debt Equity Ratio (Total Liability/Networth)		1.94	1.23	1.14
Current Ratio (Current Asset/Current Liability)		2.24	2.36	2.43

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditor	271.019	381.591	336.213
Total	271.019	381.591	336.213

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	Yes
13]	Reasons for variation <> 20%	-----
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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONS:

During the year, the Income from Operations of the Company almost remained static. Export sales of Rs. 2110.000 millions compared better than that of previous year of Rs. 2000.000 millions, on account of higher exchange rate. There is some scope to improve the performance through operational efficiencies, including better labour productivity, given that investment has been made in removing production constraints. Volatile exchange rates have disrupted smooth business planning and erected pressure on margins.

As regards domestic business, progress was hampered due to lack of application and focuses of the field staff to the business targets and thus, posted disappointing performance, resulting in yet another year of cash losses. The company management, in order to stem the rot, initially trimmed the area of operation and with no improvement seen even thereafter, suspended the business.

The export order book position is quite satisfactory and the management hopes to do well in the forthcoming year, barring any unforeseen circumstances.

EXPANSION PROJECT:

The expansion programme undertaken in the Pharma SEZ, at Krushnoor, Dist. Nanded in Maharashtra for enhancing its production capacities is progressing very well and as per schedule. The unit for Oral Solid Dosage is complete and ready to undergo trial runs, which is expected to commence by September, 2012. By then, the unit for betalactum product range will also get completed. Both these units will make necessary application to UK MHRA and US FDA in third quarter of the current financial year and hopes to get qualification/approvals in time for their starting commercial production by the last quarter of FY 2012-13.

UNSECURED LOAN

Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Intercorporate deposits	51.350	0.000
Loans and advances from directors	40.450	39.000
Loans and advances from others	8.200	0.000
Total	100.000	39.000

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51900MH1985PLC036572
Name of the company	FLAMINGO PHARMACEUTICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	7/1, Corporate Park, Sion –Trombay Road, Chembur, Mumai- 400071, Maharashtra, India Email: ashwiniwagh@flamingopharma.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others (Current Assets)
Particular of charge holder	ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India Email: kiran.chonkar@icicibank.com
Nature of instrument creating charge	Deed of Hypothecation dated 06.12.2012
Date of instrument Creating the charge	06.12.2012
Amount secured by the charge	Rs. 100.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Margin 1.FUBD/FBP- As per Attached Sanction Letter 2 .Cash Credit - As per Attached Sanction Letter Extent and Operation of the charge ICICI Bank has first charge over current assets mentioned in Sch. II (Serial no.1 & 3) and second charge over movable fixed assets mentioned in Sch. II (Serial no. 2) of the Deed of Hypothecation Dated 6.12.2012.

FIXED ASSETS

v Intangible

• Land
• Buildings
• Factory building
• Plant and equipment
• Factory equipments
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment

v Tangible Assets

• Computer Software

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.53.85
UK Pound	1	Rs.85.26
Euro	1	Rs.71.72

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	MRI

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		51

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.