|
Report Date : |
21.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
ROXUL-ROCKWOOL INSULATION INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. Z/4, Dahej SEZ, Dahej Bharuch – 392130, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2010 |
|
|
|
|
Date of
Incorporation : |
02.09.2008 |
|
|
|
|
Com. Reg. No.: |
04-054942 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.71.700
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26957GJ2008PTC054942 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Stone Wool Insulation Materials and Related Products. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (17) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The management
has failed to file its latest financials with the government department. Even
though the company was incorporated during 2008, it commenced its commercial
operation from April 2011. From the available financial (December, 2010),
there appears huge accumulated losses recorded by the company. However, this
losses are incurred as pre-operative expenses by the company before
commencing its operation. Business is active. Payment terms are unknown. The company can be considered for business dealings on a secured 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) |
|
|
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. Ashish |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-9099974684 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. Z/4, Dahej SEZ, Dahej Bharuch – 392130, Gujarat, India |
|
Tel. No.: |
91-2641-256288 91-264-2226928 |
|
Mobile No.: |
91-9099974684 (Mr. Ashish) |
|
Fax No.: |
91-2641-256292 91-264-2229981 |
|
E-Mail : |
DIRECTORS
(AS ON 19.04.2011)
|
Name : |
Mr. Volker Christmann |
|
Designation : |
Director |
|
Address : |
Braustrasse 156, Kamp Lintfort – 47475, Germany |
|
Date of Birth/Age : |
30.11.1957 |
|
Date of Appointment : |
22.06.2009 |
|
DIN No.: |
02582758 |
|
|
|
|
Name : |
Mr. Bartosz Marcin Stentoft Wojnarowicz |
|
Designation : |
Alternate Director |
|
Address : |
A-2/17, Arnaw Bungalows, Zadeshwar Road, Bharuch – 392011, Gujarat,
India |
|
Date of Birth/Age : |
05.11.1967 |
|
Date of Appointment : |
13.01.2010 |
|
DIN No.: |
02935374 |
|
|
|
|
Name : |
Mr. Per Palludan |
|
Designation : |
Director |
|
Address : |
Avendborgvej 12, Himmelev, Roskilde, 4000, Demark |
|
Date of Birth/Age : |
20.05.1962 |
|
Date of Appointment : |
02.09.2008 |
|
DIN No.: |
02250874 |
|
|
|
|
Name : |
Joergen Amtoft |
|
Designation : |
Director |
|
Address : |
Mosevaenget 2 Arden 9510 |
|
Date of Birth/Age : |
21.04.1961 |
|
Date of Appointment : |
11.04.2012 |
|
DIN No.: |
05235100 |
|
|
|
|
Name : |
Klaus hermann franz |
|
Designation : |
Director |
|
Address : |
Kuhlenkoetterweg 26, Bochum 44795 |
|
Date of Birth/Age : |
05.02.1953 |
|
Date of Appointment : |
11.04.2012 |
|
DIN No.: |
05238441 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish |
|
Designation : |
Accounts Executive |
|
|
|
|
Name : |
Mr. Alpesh Mansukhlal Chaniyara |
|
Designation : |
Secretary |
|
Date of Appointment : |
01.09.2010 |
|
PAN No.: |
AEHPC5783R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 19.04.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Rockwool International A/S, Denmark |
|
5377500 |
|
Kaefer Punj Lloyd Limited, India |
|
1792500 |
|
|
|
|
|
Total |
|
7170000 |
(AS ON 12.04.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
75.00 |
|
Bodies corporate |
|
25.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Stone Wool Insulation Materials and Related Products. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. V. Ghatalia and Associates Chartered Accountant |
|
Address : |
2nd Floor, Shivalik Ishaan, Near C. N. Vidhyalaya, Ambawadi,
Ahmedabad – 380015, Gujarat, India |
|
Tel No.: |
91-79-66083800 |
|
Fax No.: |
91-79-66083900 |
|
PAN No.: |
AACFS6921Q |
|
|
|
|
Holding Company : |
· Rockwool International A/s, Denmark. |
|
|
|
|
Joint Ventures : |
· Rockwool International A/s, Denmark · KAEFER Punj Lloyd Limited, India |
|
|
|
|
Fellow
Subsidiaries of Ventures - Rockwool International A/s, Denmark: |
· Deutsche Rockwool Mineralwoll Gmbh and Company OHG · Roxul Rockwool Technical Insulation India Private Limited · Rockfon A/s · RoulAsia SDN BHD |
CAPITAL STRUCTURE
(AS ON 22.06.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Share |
Rs.10/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28368000 |
Equity Share |
Rs.10/- each |
Rs.283.680 Millions |
|
|
|
|
|
(AS ON 31.12.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Share |
Rs.10/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7170000 |
Equity Share |
Rs.10/- each |
Rs.71.700
Millions |
|
|
|
|
|
NOTE:
Of the above 5377500 Equity shares of Rs.10
each fully paid up are held by the Holding Company – Rockwool International
A/s, Denmark.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
71.700 |
22.575 |
|
|
2] Share Application Money |
|
0.000 |
103.000 |
|
|
3] Reserves & Surplus |
|
214.800 |
67.425 |
|
|
4] (Accumulated Losses) |
|
(20.671) |
(10.106) |
|
|
NETWORTH |
|
265.829 |
182.894 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
1201.343 |
0.000 |
|
|
TOTAL BORROWING |
|
1201.343 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1467.172 |
182.894 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
92.903 |
81.137 |
|
|
Capital work-in-progress |
|
890.922 |
5.395 |
|
|
Expenditure During Construction Period, Pending Allocation |
|
122.521 |
28.791 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
|
562.453 |
79.644 |
|
|
Other Current Assets |
|
1.130 |
0.000 |
|
|
Loans & Advances |
|
17.267 |
0.619 |
|
Total
Current Assets |
|
580.850 |
80.263 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
182.283 |
10.982 |
|
|
Other Current Liabilities |
|
36.158 |
1.441 |
|
|
Provisions |
|
1.583 |
0.269 |
|
Total
Current Liabilities |
|
220.024 |
12.692 |
|
|
Net Current Assets |
|
360.826 |
67.571 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1467.172 |
182.894 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
0.000 |
0.000 |
|
|
|
Other Income |
|
0.000 |
0.000 |
|
|
|
TOTAL |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Cost |
|
1.619 |
0.000 |
|
|
|
Operating and Other Expenses |
|
6.858 |
9.994 |
|
|
|
TOTAL |
|
8.477 |
9.994 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(8.477) |
(9.994) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
2.087 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
(10.564) |
(9.994) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.112 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
(10.564) |
(10.106) |
|
|
|
|
|
|
|
|
|
|
IMPORT VALUE |
|
551.717 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
(1.78) |
(15.15) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
|
0.00 |
0.000 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(1.57) |
(6.19) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.04) |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debts/Networth) |
|
|
4.52 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.64 |
6.32 |
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 |
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 |
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 |
No |
|
24] |
Banking facility details |
No |
|
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 |
UNSECURED LOANS
|
Particulars |
31.12.2010 |
31.12.2009 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
External commercial Borrowing from Holding Company |
799.958 |
0.000 |
|
Foreign Currency Term Loan - From The Industrial Fund for Developing Countries, Denmark |
401.385 |
0.000 |
|
|
|
|
|
Total |
1201.343 |
0.000 |
|
NOTE: External Commercial Borrowing is in nature of credit facility from
Holding Company which is repayable by February 25, 2014. Foreign Currency term Loan are payable over a period of 5 years
starting from September 30,, 2013. |
||
FUTURE PROSPECTUS:
The Machinery
installation works have been finalized and commercial production has started in
April 2011. The relevant authorities consent has been obtained.
The necessary
agreements with the sales companied have been made in order to secure sales of
their production.
A learning curve for the production efficiency increase has been
prepared and in accordance to this a production and sales volume of 14500 t for
year 2011 is budgeted.
NATURE OF
OPERATIONS:
Roxul - Rockwool Insulation
India Private Limited ('RRIIPL', 'the Company', 'JVC') is 75:25 Joint Venture
between Rockwool International A/s, Denmark and KAEFER Punj Lloyd Limited, India respectively. The Company was
incorporated on September 2, 2008 and it is in the process of setting up
manufacturing facilities for stone wool insulation materials and related
products at Dahej Special Economic Zone, Gujarat. The Company has taken
approval from Ministry of Commerce and Industry (SEZ Section), Government of
India, New Delhi vide letter no. KASEZ/DCO/DahejlOl6/2008-09/45
dated 01 -1 2-2008 for setting up the manufacturing facilities at Dahej
Special Economic Zone.
The Company has
not commenced commercial operations upto December 31, 2010.
FIXED ASSETS:
· Leasehold Land
· Buildings
· Office Equipments
· Furniture, Fixtures and Fittings
· Computer Hardware
· 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.54.29 |
|
|
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.70.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
|
17 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.