|
Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
AMNEAL LIFE SCIENCES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
882/1 – 871, Village Rajoda, Near Hotal Kankavati, Bavla – 382 220,
Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
31.03.2008 |
|
|
|
|
Com. Reg. No.: |
04-053430 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 217.068 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U73100GJ2008PTC053430 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCA9685C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturing of Pharmaceutical Bulk Drugs. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 860000 |
|
|
|
|
Status : |
Yet to commence commercial activities. |
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|
|
|
Payment Behaviour : |
Unknown |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is held by Amneal Pharmaceuticals LLC USA and Amneal Pharma
Investment Holdings (Amneal Group). Even though the company was incorporated in the year 2008, It is yet
commence its commercial activities. However, the networth of the company appears to be strong. The company
get good support from its holding companies. Business is active. Payments are
unknown. In view of experienced promoters, the company can be considered for
business dealing with some 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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BB (Term Loan) = Fund Based Limits |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
March 2013 |
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 : |
882/1 – 871, VL. Rajoda, Near Hotal Kankavati, Bavla – 382 220,
Gujarat |
|
Tel. No.: |
91-2714-304700 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Research and Development : |
Plot No., 15, 16, 17, “PHARMEZ” Special Economic Zone, Sarkhej – Bawla
Highway, Matoda, Ta.Sanand, District Ahmedabad, Gujarat, India |
|
|
|
|
Factory: |
Located At : New York |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Suresh Punambhai Patel |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
Block No. 54, Shri Somnathnagar C, Housing Society lImited, Behind
Sanghvi School, Narangpura Road, Wadaj, Ahmedabad – 380 013, Gujarat, India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
15.03.1961 |
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|
Date of Appointment : |
31.03.2008 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01856345 |
||||||||||||||||||||||||||||||||||||
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Other Directorship :
|
|||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Kanubhai Punambhai Patel |
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|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
22 Ramyakunj Society Opposite Galaxy Cinema, N H NO 8 Naroda - 382325, Ahmedabad, Gujarat, India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
31.08.1942 |
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|
Date of Appointment : |
31.03.2008 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01883090 |
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|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Ms. Chintu Patel |
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|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
115 Northfield Road, Parsippany, New Jersey - 070543167 |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
05.10.1971 |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
31.03.2008 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01980171 |
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Other Directorship :
|
|||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Pushpa Joshi |
|
Designation : |
Secretary |
|
Address : |
J – 5, Ground Floor, Shri Nandnagar, Part – 4, Vejalpur, Ahmedabad –
380 051, Gujarat, India |
|
Date of Appointment : |
04.09.2012 |
|
PAN No.: |
AXSPP6822A |
MAJOR SHAREHOLDERS
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Amneal Pharmaceuticals LLC USA |
|
12213753 |
|
Amneal pharma Investment Holding, Mauritius |
|
9142165 |
|
Kanan LLC, NJ |
|
350761 |
|
Suresh Patel |
|
100 |
|
|
|
|
|
TOTAL |
|
21706779 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Pharmaceutical Bulk Drugs. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
|
|
|||||||||
|
Bankers : |
Bank of Baroda, Shapath – III, Ground Floor, near GNFC Info Tower,
Badakdev, Ahmedabad – 380 054, Gujarat, India |
|||||||||
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|
|||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Apaji Amin and Company Chartered Accountants |
|
Address : |
304 Akansha Building, Opposite Vadilal House, Navrangpura, Ahmedabad,
Gujarat, India |
|
PAN No.: |
AMDPS6538G |
CAPITAL STRUCTURE
As on 31.03.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21706779 |
Equity Shares |
Rs. 10/- each |
Rs. 217.068
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 |
217.068 |
125.646 |
100.445 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
217.068 |
125.646 |
100.445 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
621.594 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
621.594 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
838.662 |
125.646 |
100.445 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
92.919 |
92.235 |
1.561 |
|
|
Capital work-in-progress |
130.888 |
9.518 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
350.044 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
242.188
|
23.457 |
2.022 |
|
|
Other Current Assets |
0.557
|
0.000 |
0.000 |
|
|
Loans & Advances |
33.293
|
0.686 |
95.610 |
|
Total
Current Assets |
276.038
|
24.143 |
97.632 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
0.101 |
|
|
Other Current Liabilities |
10.812
|
0.231 |
0.001 |
|
|
Provisions |
0.415
|
0.019 |
0.000 |
|
Total
Current Liabilities |
11.227
|
0.250 |
0.102 |
|
|
Net Current Assets |
264.811
|
23.893 |
97.530 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.354 |
|
|
|
|
|
|
|
|
TOTAL |
838.662 |
125.646 |
100.445 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.91
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
24.58
|
96.57 |
957.17 |
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 |
No |
|
12] |
Profitability for last three years |
No |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
BANKERS CHARGES
REPORT AS PER REGISTRY:
|
Corporate identity
number of the company |
U73100GJ2008PTC053430 |
|
Name of the
company |
AMNEAL LIFE
SCIENCES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
882/1-871, VIL. Rajoda,
Near Hotel Kankavati, Bavla – 382220, Gujarat, India e-mail: sandipv@amneal.com
|
|
This form is for |
Creation of
charge |
|
Type of charge |
|
|
Particular of
charge holder |
Bank of Baroda, Shapath – III, Ground Floor, near GNFC Info Tower,
Badakdev, Ahmedabad – 380 054, Gujarat, India e-mail: sghahm@bankofbaroda.com
|
|
Nature of description
of the instrument creating or modifying the charge |
Indenture of
Mortgage |
|
Date of
instrument Creating the charge |
07.02.2012 |
|
Amount secured by
the charge |
Rs. 1200.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest LIBOR+470 B.P.S
P.A Terms of Repayment First two
quarterly installments commencing from 31st December 2013 of 0.85 million USD
each. Next 20 quarterly installments of 1.12 million USD each commencing from
30th June 2014. 23rd installment 1.41 million USD on 30th June 2019. Last
installment of 1.49 million USD on 30th September 2019. Margin 6 Months
LIBOR+470 B.P.S P.A Extent and Operation of the charge First Charge Over
The Said Property |
|
Short particulars
of the property charged |
The whole of the
movable properties of the Borrower including its movable plant and machinery,
machinery spares, tools and accessories and other movables both present and future
whether installed or not and whether now lying loose or in cases or which are
now lying or stored in or about or shall hereafter from time to time during
the continuance of the security of these presents be brought into or upon or
be stored or be in or about all the Borrower's movable fixed assets situated
at Plot No.15, 16 and 17, Zydus Pharmaceutical SEZ at Sarkhej Bavla NH
No.8-A, Nr. Village Matoda, Taluka Sanand, District Ahmedabad in the State of
Gujarat or wherever else the same may be
or be held by
any party to the order or disposition
of the Borrower or in the course of transit or on high
seas or on order or delivery, howsoever and
wheresoever in the possession of
the Company and
either by way
of substitution or addition. All those pieces
and parcels of leasehold land bearing (A)
Plot
No. 15 totally admeasuring 12559.85 sq meters (B)
Plot
No. 16 totally admeasuring 10222.46 sq meters (C)
Plot
No. 17 totally admeasuring 10158.69 sq meters Are mortgaged in
favour of bank of Baroda, s.g highway branch, Ahmedabad as prescribed in the
indenture of mortgage. Current assets
i.e hypothecation of stocks(RM, SIP, Spares, FG, WIP), book debts and bills
receivables etc. |
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.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.