|
Report Date : |
20.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
ECOLOGIC TECHNOLOGIES LIMITED |
|
|
|
|
Registered
Office : |
7-1-27, Ameerpet, Hyderabad – 500016, Andhra Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
24.03.2008 |
|
|
|
|
Com. Reg. No.: |
04-058294 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 360.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74900AP2008PLC058294 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCE1001C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business to promote and manage the business of Chemical Development. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 970000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The company has commenced its business activities by starting
analytical research and development facility at Hyderabad. It has incurred huge
expenses but failed to generate sales due to which the company is incurring
huge losses. However, trade relations are improving. Business is active. Payment
terms are reported as slow. The company can be considered for business dealing with great caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 : |
7-1-27, Ameerpet, Hyderabad – 500016, Andhra Pradesh, India |
|
|
Tel. No. : |
91-40-23731946 / 49002062 |
|
|
Fax No. : |
91-40-23739666 |
|
|
E-Mail : |
|
|
|
Website : |
|
|
|
|
|
|
|
Corporate Office : |
143, Road No. 13, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India |
|
|
Tel. No. : |
91-40-23300589 |
|
|
Fax No. : |
91-40-42024371 |
|
|
E-Mail : |
|
DIRECTORS
As on 26.09.2012
|
Name : |
Mr. Gunupati Venkateswara Prasad |
|
Designation : |
Director |
|
Address : |
Plot No:32 , Road No:8, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India |
|
Date of Birth/Age : |
22.11.1960 |
|
Qualification : |
Chemical Eng.- M.S in Industrial Admn |
|
Date of Appointment : |
24.03.2008 |
|
DIN No. : |
00057433 |
|
|
|
|
Name : |
Mr. Satish Kallam Reddy |
|
Designation : |
Director |
|
Address : |
8-2-576/1 Road No:7,Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India |
|
Date of Birth/Age : |
21.06.1967 |
|
Qualification : |
Chemical Eng.- M.S in Medicinal Chemistry |
|
Date of Appointment : |
09.07.2009 |
|
DIN No. : |
00129701 |
|
|
|
|
Name : |
Mr. Raghu Cidambi |
|
Designation : |
Director |
|
Address : |
68-B, East Marredpally, Secunderabad – 500026, Andhra Pradesh, India |
|
Date of Birth/Age : |
03.09.1951 |
|
Qualification : |
P.G.- IIM and LLB |
|
Date of Appointment : |
24.03.2008 |
|
DIN No. : |
00030865 |
|
|
|
|
Name : |
Mr. Sharat Pandu Rang Narasapur |
|
Designation : |
Director |
|
Address : |
8-7-193/47, Dwarakamail Pv Enclave Wesley Teachers Colony, Old Bow En Pally Secunderabad -500011, Andhra Pradesh, India |
|
Date of Birth/Age : |
30.08.1966 |
|
Qualification : |
Chemical Eng. |
|
Date of Appointment : |
25.09.2010 |
|
PAN No. : |
AAUPN7906L |
|
DIN No. : |
02808651 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
G.V. Prasad |
|
10499998 |
|
Raghu Cidambi |
|
1 |
|
V.Viswanath |
|
1 |
|
K. Satish Reddy |
|
1500000 |
|
Dr. Reddy's Holdings Limited, India |
|
15000000 |
|
Satish Reddy Estates Private Limited, India |
|
1500000 |
|
Quin Estates Private Limited, India |
|
7500000 |
|
Total |
|
36000000 |
As on 26.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
66.67 |
|
Directors or relatives of Directors |
33.33 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business to promote and manage the business of Chemical Development. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
Axis Bank Limited |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ramana Reddy and Associates Chartered Accountants |
|
Address : |
10-5-6/B, My Home Plaza 103, 2nd Floor, Masabtank |
|
PAN No. : |
AADFA6113F |
|
|
|
|
Subsidiary
Companies : |
Ecologic Chemicals Private Limited CIN No.: U24232AP2008PLC057391 |
|
|
|
|
Associate Companies
controlled by key management personnel / relatives who are substantially interested
: |
· Dr. Reddy's Holdings Limited CIN No.: U67120AP1994PLC017906 Quin Estates Private Limited CIN No.: U45200AP1995PTC020712 |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36000000 |
Equity Shares |
Rs.10/- each |
Rs. 360.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36000000 |
Equity Shares |
Rs.10/- each |
Rs. 360.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
360.000 |
288.600 |
|
(b) Reserves & Surplus |
|
(117.803) |
(49.653) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
242.197 |
238.947 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.490 |
1.078 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.766 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
1.256 |
1.078 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
4.697 |
3.652 |
|
(c) Other current
liabilities |
|
2.844 |
3.499 |
|
(d) Short-term provisions |
|
0.435 |
0.000 |
|
Total Current Liabilities (4) |
|
7.976 |
7.151 |
|
|
|
|
|
|
TOTAL |
|
251.429 |
247.176 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
39.437 |
28.015 |
|
(ii) Intangible Assets |
|
1.041 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.503 |
5.003 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
40.981 |
33.018 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
0.728 |
0.223 |
|
(c) Trade receivables |
|
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
|
1.240 |
10.157 |
|
(e) Short-term loans and
advances |
|
208.423 |
203.768 |
|
(f) Other current assets |
|
0.057 |
0.010 |
|
Total Current Assets |
|
210.448 |
214.158 |
|
|
|
|
|
|
TOTAL |
|
251.429 |
247.176 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.100 |
|
|
2] Share Application Money |
|
|
16.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(8.954) |
|
|
NETWORTH |
|
|
7.146 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7.146 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1.442 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.027 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
3.052 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
3.017 |
|
Total
Current Assets |
|
|
6.096 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.405 |
|
|
Other Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
0.405 |
|
|
Net Current Assets |
|
|
5.691 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.013 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7.146 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
0.000 |
0.000 |
|
|
|
Other Income |
|
0.097 |
0.206 |
|
|
|
TOTAL (A) |
|
0.097 |
0.206 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
|
34.156 |
21.049 |
|
|
|
Other expenses |
|
31.677 |
19.155 |
|
|
|
Exceptional items |
|
0.534 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
|
(0.728) |
(0.223) |
|
|
|
TOTAL (B) |
|
65.639 |
39.981 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
|
(65.542) |
(39.775) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.164 |
0.094 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(65.706) |
(39.869) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
2.444 |
0.830 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
|
(68.150) |
(40.699) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
|
(68.150) |
(40.699) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
(1.89) |
(1.41) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(70257.73)
|
(19756.80) |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(27.27)
|
(16.81) |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.28)
|
(0.17) |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
26.39
|
29.95 |
15.05 |
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
two years |
Yes |
|
12] |
Profitability for last
two 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 |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OPERATIONS OF
THE COMPANY:
The company was incorporated with the main object to carry on the business to promote and manage the business of Chemical Development, utilizing the principles of Green Chemistry and Engineering (“The Ecologic Technologies”). The members are aware that the company established a full- fledged Research and Development (R & D) for chemicals development. The Company established Analytical Research and Development (AR&D) at Hyderabad in a leased out facility and began technology development work for certain high volume products. The products chosen were intermediates for pharmaceutical industry. They have recruited business partners for all functions Manufacturing, Product Development etc., to lead the process and technology development efforts”. The R & D facility now has a total of 53 employees.
During the year the company has not recorded any revenue thereby incurring a net loss of Rs. 68.150 millions due to R&D expenses, corporate office and other administrative overheads. The directors are confident that these losses will be adjusted once the company manufacturing operations stabilizes in the coming year, and plant capacity is effectively and efficiently utilized to service the orders received.
FIXED ASSETS
v
Tangible
Assets
Plant
and Equipment
Other
plant and equipment
Furniture
and fixtures
Vehicles
Office
Equipment
Computer
equipments
Other
equipments
v
Intangible 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,
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.59.80 |
|
|
1 |
Rs.91.03 |
|
Euro |
1 |
Rs.78.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
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 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.