MIRA INFORM REPORT

Report Date :

12.11.2013

IDENTIFICATION DETAILS

Name :	SOUND CASTINGS PRIVATE LIMITED
Registered Office :	E-2 Shiroli Industrial Area, MIDC Shiye, Karveer, Kolhapur – 416022, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.10.1987
Com. Reg. No.:	11-045065
Capital Investment / Paid-up Capital :	Rs.110.000 Millions
CIN No.: [Company Identification No.]	U27310MH1987PTC045065
TAN No.: [Tax Deduction & Collection Account No.]	KLPS04566C
PAN No.: [Permanent Account No.]	AACCS5263N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Casting used for Automobile Industries.
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 2200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Eventhough the sales turnover of the company has seen a slight increase, there appears a drastic dip in its net profitability during 2013. However, trade relations are reported are fair. Business is active. Payment terms are reported as usually correct. The company can be considered for business dealings at usual trade terms and condition.

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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISL
Rating	Long term rating: BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	25 September 2013

Rating Agency Name	CRISL
Rating	Short term rating: A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	25 September 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.

INFORMATION DECLINED

Management Non – Cooperative (91-230-2468232)

LOCATIONS

Registered Office/ Factory 1 :	E-2 Shiroli Industrial Area, MIDC Shiye, Karveer, Kolhapur – 416022, Maharashtra, India
Tel. No.:	91-230-2469762/2468232/2469662
Fax No.:	91-230-2468219/2468219
E-Mail :	info@soundscastings.com rkk@soundcastings.com
Website :	www.soundscastings.com
Factory 2 :	C 10, Kagal-Hatkanangale, Five Star, MIDC, Kagal, Kolhapur – 416216, Maharashtra, India

DIRECTORS

As on 27.07.2013

Name :	Mr. Ravindra Krishnarao Kalkundri
Designation :	Whole-time director
Address :	Plot No.: 37, Block No.2, Usha Enclave, Nimbalkar Colony, Kolhapur – 416003, Maharashtra, India
Date of Birth/Age :	10.03.1957
Date of Appointment :	03.01.1995
DIN No.:	00133285
Name :	Mr. Umesh Krishnaji Deshpande
Designation :	Whole-time director
Address :	Madhavi 821/2/5, Behind Circuit House, Tarabai Park, Kolhapur – 416003, Maharashtra, India
Date of Birth/Age :	14.06.1949
Date of Appointment :	10.11.1987
DIN No.:	00133293
Name :	Mr. Vilas Narayan Deshpande
Designation :	Director
Address :	Indira Narayan, Plot No. 8, Kasbekar Park, Kolhapur – 416003, Maharashtra, India
Date of Birth/Age :	02.01.1947
Date of Appointment :	20.10.1987
DIN No.:	00138127
Name :	Mr. Anand Vilas Deshpande
Designation :	Managing director
Address :	Indira Narayan, Plot No. 8, Kasbekar Park, Kolhapur – 416003, Maharashtra, India
Date of Birth/Age :	01.03.1972
Date of Appointment :	02.04.2003
DIN No.:	00138169
Name :	Mr. Nandkumar Shriram Wagh
Designation :	Director
Address :	Plot No. 9 To 11, E Ward, Patolewadi, Near Mukta Sainik Vasahat, Laxmi Narayan Nagar, Kolhapur – 416003, Maharashtra, India
Date of Birth/Age :	12.05.1944
Date of Appointment :	20.10.1987
DIN No.:	01439932
Name :	Mr. Abhijeet Vilas Deshpande
Designation :	Whole-time director
Address :	8, Kasbekar Park, New Palace Area, Kolhapur – 416003, Maharashtra, India
Date of Birth/Age :	27.03.1976
Date of Appointment :	28.09.2007
DIN No.:	01472011
Name :	Mr. Makrand Nandkumar Wagh
Designation :	Director
Address :	Plot No. 9 To 11, E Ward, Patolewadi, Near Mukta Sainik Vasahat, Laxmi Narayan Nagar, Kolhapur – 416003, Maharashtra, India
Date of Birth/Age :	25.09.1981
Date of Appointment :	15.07.2012
DIN No.:	05346635
Name :	Mr. Jayesh Umesh Deshpande
Designation :	Director
Address :	‘Madhavi’, C.S. No. 821/2/5 Plot No. 2, E Ward, Tarabai Park, Kolhapur – 416003, Maharashtra, India
Date of Birth/Age :	10.10.1980
Date of Appointment :	01.04.2013
DIN No.:	06570448

KEY EXECUTIVES

Name :	Mr. Deepak Ramachandra Suryavanshi
Designation :	Secretary
Date of Appointment :	19.07.2011
PAN No.:	CJKPS2065J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.07.2013

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 27.07.2013

Category	Percentage
Directors or relatives of Directors	99.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Casting used for Automobile Industries.

Products :

PRODUCT DESCRIPTION	ITC CODE NO.
73259910	C I Casting
84099990	Engine parts
87089900	M. V. and Tractor parts
84836090	Motor Vehicle parts

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Actual Production
Unmachined Castings	Nos.	678698
	Nos.	7745
Machined Castings	Nos.	1289353
	Nos.	18857

1. The above production does not include any castings purchased from outside parties and processed in the factory

2. Licensed Capacity is not applicable.

3. Installed Capacity being technical matter is taken as certified by the Directors upon which the Auditors have relied.

4. Castings production of 7745 M. T. includes 6018 M. T. used as input for production of parts (previous year 4202 M. T.)

GENERAL INFORMATION

No. of Employees :

Information declined by management

Bankers :

State Bank of India, Shivaji Udyamnagar Branch, Kolhapur - 416008, Maharashtra, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Term loans from banks	440.500	524.102
Loans taken for vehicles	1.837	1.558
Short-term borrowings
Loans repayable on demand from banks	74.717	39.354
Total	517.054	565.014

Banking Relations :
Auditors :
Name :	Khadilkar Ranade and Limaye Chartered Accountants
Address :	G-4, Royal Courts, Panch Bunglow, Shahupuri, Kolhapur-416001, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAGFK7705A
Companies controlled by Directors:	Sound Die castings Private Limited, India CIN: U27310PN2011PTC138985

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs. 110.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	110.000	100.000
(b) Reserves & Surplus	443.295	392.595
(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)	553.295	492.595
(3) Non-Current Liabilities
(a) long-term borrowings	479.379	561.230
(b) Deferred tax liabilities (Net)	89.820	68.003
(c) Other long term liabilities	160.690	149.109
(d) long-term provisions	0.504	0.549
Total Non-current Liabilities (3)	730.393	778.891
(4) Current Liabilities
(a) Short term borrowings	74.717	39.354
(b) Trade payables	0.000	0.000
(c) Other current liabilities	174.389	199.626
(d) Short-term provisions	15.105	21.231
Total Current Liabilities (4)	264.211	260.211
TOTAL	1547.899	1531.697
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1108.191	964.622
(ii) Intangible Assets	2.311	2.640
(iii) Capital work-in-progress	2.530	113.660
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.125	2.125
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	13.457	22.496
(e) Other Non-current assets	34.598	26.755
Total Non-Current Assets	1162.212	1132.298
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	139.312	110.607
(c) Trade receivables	211.118	224.271
(d) Cash and cash equivalents	12.870	21.893
(e) Short-term loans and advances	22.387	42.628
(f) Other current assets	0.000	0.000
Total Current Assets	385.687	399.399
TOTAL	1547.899	1531.697

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		100.000
2] Share Application Money		0.000
3] Reserves & Surplus		301.241
4] (Accumulated Losses)		0.000
NETWORTH		401.241
LOAN FUNDS
1] Secured Loans		429.347
2] Unsecured Loans		45.251
TOTAL BORROWING		474.598
DEFERRED TAX LIABILITIES		53.846
TOTAL		929.685
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		698.842
Capital work-in-progress		5.315
INVESTMENT		3.025
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	113.122
	Sundry Debtors	234.507
	Cash & Bank Balances	22.089
	Other Current Assets	0.000
	Loans & Advances	117.667
Total Current Assets		487.385
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	171.057
	Other Current Liabilities	30.477
	Provisions	63.348
Total Current Liabilities		264.882
Net Current Assets		222.503
MISCELLANEOUS EXPENSES		0.000
TOTAL		929.685

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Sales Turnover		2170.800	2148.500	1633.900
Profit after tax		57.100	103.000	126.300
Cash Generation		186.000	200.500	NA
APPROPRIATIONS
	Transfer to General Reserve	2.500	4.500	NA
	Dividend with corporate tax thereon	6.400	11.600	NA
Earnings Per Share (Rs.)		5.47	10.30	NA

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	1.00	1.22	1.18
Current Ratio (Current Asset/Current Liability)	1.46	1.53	1.84

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

Particulars	31.03.2013	31.03.2012	31.03.2011
	(Rs. In Millions)
Current maturities of long-term debt	119.918	156.435	NA
Total	119.918	156.435	NA

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	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	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

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Deferred payment liabilities	4.627	6.680
Deposits from directors	32.415	0.000
Loans and advances from related parties	0.000	28.890
Total	37.042	35.570

YEAR IN RETROSPECT:

During the year, the Company achieved sales turnover of Rs. 2170.800 Millions compared to Rs.2148.500 Millions in the previous year - an increase of 1%. In quantitative terms, the sales decreased by 3% - from 30303 MT in the previous year to 29395 MT in the current year. The sales declined due to slowdown in demand from commercial vehicle sector and the tractor industry.

In 2012-13 the profit after tax is Rs. 57.100 Millions as compared to Rs. 103.000 Millions in the previous year. Thus there is a decrease of 44.56%. The decrease in profit is mainly attributed to less capacity utilization due to slowdown in demand, increase in interest rates and less compensation given by customers for increased costs.

OUTLOOK FOR THE CURRENT YEAR:

The slowdown in the economy continues even during 2013-14, particularly in commercial vehicle sector.

However there is an improvement in the production volumes of tractor industry due to better monsoon. As such the Company’s turnover for the 1 quarter of 2013-14 is Rs. 572.500 Millions. compared st to Rs. 548.100 Millions in the previous year in the same period.

Several economic analysts including CRISIL, leading rating agency in India have forecasted that there will be an improvement in the Indian economy in general and commercial vehicle sector in particularly from Q3 onwards. their therefore hope to achieve better sale turnover for financial year 2013-14.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10418638	28/03/2013	58,000,000.00	STATE BANK OF INDIA	UDYAMNAGAR INDUSTRIAL ESTATE BRANCH, UDYAMNAGAR, KOLHAPUR, MAHARASHTRA - 416008, INDIA	B72867120
2	10297441	28/06/2011	360,000,000.00	STATE BANK OF INDIA	SHIVAJI UDYAMNAGAR BRANCH, Y P POWAR NAGAR, KOLHA PUR, MAHARASHTRA - 416008, INDIA	B16936031
3	10240794	31/03/2012 *	108,000,000.00	STATE BANK OF INDIA	UDYAMNAGAR BRANCH, Y P POWAR NAGAR, KOLHAPUR, MAH ARASHTRA - 416008, INDIA	B36456465
4	10149123	04/03/2009	250,000,000.00	STATE BANK OF INDIA	SHIVAJI UDYAMNAGAR BRANCH, Y P POWAR NAGAR, KOLHA PUR, MAHARASHTRA - 416008, INDIA	A59229229
5	10109190	04/03/2009 *	55,000,000.00	STATE BANK OF INDIA	SHIVAJI UDYAMNAGAR BRANCH, Y P POWAR NAGAR, KOLHA PUR, MAHARASHTRA - 416008, INDIA	A59229567
6	10056139	28/06/2011 *	92,000,000.00	STATE BANK OF INDIA	SHIVAJI UDYAMNAGAR BRANCH, Y P POWAR NAGAR, KOLHA PUR, MAHARASHTRA - 416008, INDIA	B16936783
7	10050242	04/06/2013 *	923,000,000.00	STATE BANK OF INDIA	UDYAMNAGAR INDUSTRIAL ESTATE BRANCH, KOLHAPUR, MAH ARASHTRA - 416008, INDIA	B77729119

Note: * Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Factory building

· Plant and equipment

· Factory equipment’s

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipment’s

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, 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.63.30
UK Pound	1	Rs.101.36
Euro	1	Rs.84.60

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		49

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.