MIRA INFORM REPORT

Report Date :

28.01.2013

IDENTIFICATION DETAILS

Name :	EASTERN WELDMESH PRIVATE LIMITED
Registered Office :	125, 2^nd Floor, Room No.20, Netaji Subhash Road, Kolkata-700001, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.08.1986
Com. Reg. No.:	21-041183
Capital Investment / Paid-up Capital :	Rs. 3.249 Millions
CIN No.: [Company Identification No.]	U67120WB1986PTC041183
TAN No.: [Tax Deduction & Collection Account No.]	CALE00324C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Weldmesh, Gabion Mesh, Vibrating Screenmesh, Harpmesh, Metallic Conveyor Belt, Wire Mesh, Crimped Mesh, Hexagonal Wirenetting, Expanded Metal, Chainlink Fencing, Perforated Sheet, etc.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 78000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for 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.

INFORMATION PARTED BY

Name :	Mr. Rajendra Chhajer
Designation :	Director
Contact No.:	91-33-22680497
Date :	21.01.2013

LOCATIONS

Registered Office :	125, 2^nd Floor, Room No.20, Netaji Subhash Road, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-22680497
Mobile No.:	91-9331022872 (Mr. Sunil Lunia)
Fax No.:	91-33-22711374
E-Mail :	lunia@cal2.vsnl.net.in
Location :	Rented
Factory :	79/4, Panchnantala Road, Lilugh Howrah—711204, West Bengal, India
Tel. No.:	91-33-22680993
Location :	Rented

DIRECTORS

AS ON 27.09.2012

Name :	Mr. Rajendra Kumar Chhajer
Designation :	Director
Address :	77A, Ananda Palit Road, Kolkata-700014, West Bengal, India
Date of Birth/Age :	08.11.1954
Date of Appointment :	20.10.1997
Voter ID No.:	WB-21-154-108365
DIN No.:	00910857
Name :	Mr. Sunil Lunia
Designation :	Director
Address :	18/1, Dover Lane, Kolkata-700029, West Bengal, India
Date of Birth/Age :	26.03.1967
Date of Appointment :	21.11.2009
Voter ID No.:	AAXPL6001B
DIN No.:	02789036
Name :	Mr. Narendra Kumar Lunia
Designation :	Director
Address :	18/1, Dover Lane, Kolkata-700029, West Bengal, India
Date of Birth/Age :	27.07.1951
Date of Appointment :	21.11.2009
Voter ID No.:	ABBPL9747M
DIN No.:	02789031
Name :	Ms. Swati Lunia
Designation :	Additional Director
Address :	18/1, Dover Lane, Kolkata-700029, West Bengal, India
Date of Birth/Age :	06.04.1991
Date of Appointment :	01.04.2011
Voter ID No.:	AFWPL1520M
DIN No.:	03505310

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2012

Names of Shareholders	No. of Shares
Jatan Lal Lunia	75
Sunil Lunia	625
Sanjay Lunia	525
Kamala Devi Lunia	1625
Rajkumari Devi Lunia	375
Anil Lunia	250
Manoj Lunia	250
Rachana Linia	250
Arvind Lunia	750
Ajay Lunia	350
Rajendra Kumar Chhajer	50
Sushil Kumar Chhajer	3105
Kiran Devi Chhajer	2260
Narendra Kumar Lunia	250
Madhu Jain	200
Rishi Kapoor	400
Sulekha Kapoor	400
Ravi Kapoor	400
Rakhi Kapoor	400
Sampat Devi Lunia	150
Archana Shyamshi Khamsmi	250
Ilaichi Devi Lunia	2750
Kanta Devi Lunia	250
Sanehlata Lunia	600
Ginni Devi Lunia	250
Bimal Kumar Nahata	250
Ranen Roy	250
Sunita Chhajer	500
Arun Kumar Mahata	1000
Pankaj Kumar Mahata	1000

AS ON 27.09.2012

Equity Shares Break Up	Percentage of Holding
Bodies corporate	32.48
Directors or relatives of Directors	47.52
Other top fifty shareholders	20.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Weldmesh, Gabion Mesh, Vibrating Screenmesh, Harpmesh, Metallic Conveyor Belt, Wire Mesh, Crimped Mesh, Hexagonal Wirenetting, Expanded Metal, Chainlink Fencing, Perforated Sheet, etc.
Terms :
Selling :	Cheque, DD
Purchasing :	Cheque, DD

GENERAL INFORMATION

Customers :

Wholesalers, Retailers

· Canmon India Limited

No. of Employees :

100 (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Tel No.: - 91-22-66521308 / 66521000

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Short Term Borrowings
Loans repayable on demand
From Banks
Cash Credit (Secured against stock and debtors)	11.029	3.525
TOTAL	11.029	3.525
Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long Term Borrowings
Loans and advances from related parties
Kamla Devi Lunia	0.153	0.325
Rachana Begani	0.482	0.430
Kiran Devi Chhajer	1.000	0.732
Raj Kumari Devi Lunia	0.043	0.729
Rajendra Kumar Chhajer	0.316	0.303
Swati Lunia	0.153	0.000
Other Loans and advances
A B Construction on demand	0.150	0.150
Ashoke Kumar Kapoor	0.198	0.175
Sulekha Kapoor	0.256	0.225
Short Term Borrowings
Other loans and advances
Anmol Marketing Corporation	0.000	0.020
B B G and Company	0.019	0.000
Baba Industries	0.005	0.005
BR Precast	0.044	0.044
Century Transformer Private Limited	0.006	0.006
Chandrani Enterprise	0.010	0.000
Das Industries	0.020	0.020
Eastern Steel and Powers Limited	0.037	0.000
Jai Machinery	0.006	0.006
Jay Guru Store	0.020	0.000
Krishna Vericarbon Products	0.025	0.025
Leroy Infra Private Limited	0.000	0.012
Advance from Other Customer	0.233	0.000
New Libe Gutting Company	0.022	0.000
Merlin Project Limited	0.066	0.000
Panbari Tea Estate	0.016	0.016
Pearson Drums and Barrels Private Limited	0.004	0.004
Professional Global Infrastructure	0.041	0.041
Ram Krisha Forgings Limited	0.010	0.000
Rishinath Enterprises	0.010	0.010
Rohit Enterprise	0.003	0.003
S M Islam and Sons	0.001	0.001
Shiv Shakti Mill Stores	0.003	0.000
Shree Shakambri Ferro Alloys Private Limited	0.051	0.051
Space Sameters Limited	0.060	0.025
Super Sameters Limited	0.001	0.009
Sushila Industries	0.050	0.000
Unison Eng. Company	0.005	0.005
Vaheguru Eng. Works	0.005	0.000
Venkoteshwar Automats	0.056	0.056
Vishwanath Store	0.162	0.162
TOTAL	3.742	3.590
NOTES Details of security for the secured short-term borrowings
	31.03.2012	31.03.2011
Loans repayable on demand
From Banks
HDFC Bank limited	11.029	3.525
Term of payment and nature of security
Total amount sanctioned 12.000 Millions interest rate of (8.40%) base rate + 3.00% p.a. period 12 months
Primary Security Hypothecation on Stock and Book Debts and all other current assets both present and future
Secured stock to the extent of 25% Secured debtors to the extent of 40% less than 90 days
Security – Collateral 7913 Panchanataa Road Liluah Howrah 711204 7912 Panchanataa Road Liluah Howrah 711204 (Market value Rs. 20.000 Millions)
Details of short – term borrowings guaranteed by some of the directors or others
Particulars	31.03.2012	31.03.2011
Loans repayable on demand from banks
Shri N K Lunia
Shri Sunil Lunia
Shri Rajendra Kumar Chajjer
Total	35.071	11.620

Banking Relations :	--
Auditors :
Name :	Basudeo Prasad Yaduka Chartered Accountant
Address :	78, Bentinck Street, 5^th Floor, Suite No.1 E, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-40051230 / 40053998
PAN No.:	AAMPY3543J

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
125000	Equity Shares	Rs.100/- each	Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32485	Equity Shares	Rs.100/- each	Rs. 3.249 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		3.249	3.249	3.249
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		16.321	15.347	14.575
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		19.570	18.596	17.824
LOAN FUNDS
1] Secured Loans		11.029	3.525	1.999
2] Unsecured Loans		3.742	3.590	4.972
TOTAL BORROWING		14.771	7.115	6.971
DEFERRED TAX LIABILITIES		0.054	0.045	0.035
TOTAL		34.395	25.756	24.830
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.557	2.574	2.479
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.171	9.105	8.786
	Sundry Debtors	21.281	18.037	13.653
	Cash & Bank Balances	0.925	0.874	0.319
	Other Current Assets	0.001	0.000	0.000
	Loans & Advances	3.213	2.152	2.668
Total Current Assets		33.591	30.168	25.426
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	3.352	1.079
	Other Current Liabilities	0.475	2.815	0.895
	Provisions	1.278	0.819	1.101
Total Current Liabilities		1.753	6.986	3.075
Net Current Assets		31.838	23.182	22.351
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		34.395	25.756	24.830

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	52.134	42.078
		Other Income
		TOTAL (A)	NA	52.134	42.078
Less	EXPENSES
		Office Expenses	NA	49.506	39.149
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	49.506	39.149
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.698	2.628	2.929
Less	FINANCIAL EXPENSES (D)		1.904	1.118	1.499
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.794	1.510	1.430
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.351	0.348	0.390
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1.443	1.162	1.040
Less	TAX (H)		NA	0.376	0.337
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		NA	0.786	0.703
	Earnings Per Share (Rs.)		--	241.40	21.65

Expected Sales (2012-2013) : Above Rs. 70.000 Millions

The above information has been parted by Mr. Rajendra Chhajer.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	1.51	1.67
Return on Total Assets (PBT/Total Assets}	(%)	3.99	3.55	3.73
Return on Investment (ROI) (PBT/Networth)		0.07	0.06	0.06
Debt Equity Ratio (Total Liability/Networth)		0.85	0.76	0.57
Current Ratio (Current Asset/Current Liability)		19.16	4.32	8.27

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	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	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
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	Yes
34]	External Agency Rating, if available	No

PROGRESS

The Company has earned Net Profit amounting to Rs. 1.443 Millions after providing Rs. 0.351 Million for Depreciation and Rs. 1.904 Millions for interest. The Balance of Rs. 4.891 Millions is being carried to the Balance Sheet. The Directors are looking forward to expect a better result in the coming year.

FORM 8

Corporate identity number of the company	U67120WB1986PTC041183
Name of the company	EASTERN WELDMESH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	125, 2^nd Floor, Room No.20, Netaji Subhash Road, Kolkata-700001, West Bengal, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10281992
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
Nature of instrument creating charge	Supplementary Letter of Hypothecation.
Date of instrument Creating the charge	03.09.2012
Amount secured by the charge	Rs. 14.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at the rate as may be communicated by the Bank from time to time. Terms of repayment On Demand. Margin As may be stipulated by the Bank from time to time. Extent and operation of the charge Hypothecation by way of First Charge on Company's Stock and Book Debts, to secure as a continuing security for the repayment of Rs.14.500 Millions together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.
Short particulars of the property charged (Including location of the property)	Stock-in-trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties, now All the Debts, that is, all the book debts, outstanding’s, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights which are now
Particulars of the present modification	The Charge shall now stand increased from Rs.12.000 Millions to Rs.14.500 Millions against the security of Stocks and Book Debts of the Company.

TRADE REFERENCES

· Canmon India Limited

FIXED ASSETS

· Plant and Machinery

· Electric Installation

· Factory Shed and Structure

· Typewriter

· Furniture and Fixtures

· Cycle

· Computer and Printer

· Pager and Telephone

· Office Equipment’s

· Air Conditioner

· TV

· Motor Car

· Iron Removal Filter

· Electrical Weight Scale

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. 85.25
Euro	1	Rs. 71.72

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.