MIRA INFORM REPORT

Report Date :

29.11.2013

IDENTIFICATION DETAILS

Name :	HOSMAC INDIA PRIVATE LIMITED
Registered Office :	120, Udyog Bhavan, Saonavala Road, Goregaon (East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.06.1996
Com. Reg. No.:	11-100446
Capital Investment / Paid-up Capital :	Rs.4.470 Millions
CIN No.: [Company Identification No.]	U85101MH1996PTC100446
TAN No.: [Tax Deduction & Collection Account No.]	MUMH04567D
PAN No.: [Permanent Account No.]	AAACH5463R
Legal Form :	Private Limited Liability Company
Line of Business :	Provide Consultancy Service to Hospitals and also Designing of Hospitals.
No. of Employees :	122 (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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The management has failed to file its financial information with government department for the year 2013. There appears sharp dip in sales turnover of the company during the financial year 2012. However, general financial position of the company seems to be sound and healthy. Trade relations are reported as fair. Business is active. Payments terms are slow but correct. The company can be considered 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 – March 31^st, 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

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	CRISIL
Rating	Long Term Rating = BB+
Rating Explanation	Moderate risk default and high credit risk
Date	13.12.2012

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	13.12.2012

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 :	Mrs. Kishori Thite
Designation :	Finance Executive
Contact No.:	91-9920916770
Date :	27.11.2013

LOCATIONS

Registered Office / Hade Office :	120, Udyog Bhavan, Saonavala Road, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-67237000/ 26867120
Mobile No.:	91-9920916770 (Mrs. Kishori Thite)
Fax No.:	91-22-26863465
E-Mail :	accounts@hosmac.com sumedha.sen@hosmac.com
Website :	www.hosmac.com
Area :	1641 Sq. ft.
Location :	Owned
Hosmac Middle East FZ LLC	803, HDS Business Centre, Cluster M, Jumeirah Lakes Towers, Dubai, U.A.E.
Tel No.:	+9714 4298345
North Region :	1515, Galleria, DLF City, Phase IV, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-4235967
Fax No.:	91-124-4043707
South Region :	95, Sai Dham, 4th Main HAL (2nd Stage), Behind Leela Palace Hotel, Kodihalli, Bengaluru - 560 008, Karnataka, India
Tel. No.:	91-80-25213486 / 87
Fax No.:	91-80-25204141
East Region :	Flat-96, 3rd Floor, Karnani Estate, 209 A.J.C Bose Road, Kolkata-700017, West Bengal, India
Tel. No.:	91-33-64551246
Fax No.:	91-33-25768301/ 02
North East Region :	Eureka Tower, 1st Floor, Near Chandmari Flyover, Uturn, Guwahati – 781003, Assam, India
Tel. No.:	91-361-2130911
Central Region:	C/o Dr. Raja’s Diagnostics Center, 1104, Andherdeoo, Jabalpur – 482 002, Madhya Pradesh, India
Tel. No.:	91-761–265 2487

DIRECTORS

As on 29.09.2012

Name :	Mr. Vivek Vishwanath Desai
Designation :	Director
Address :	1-C, Sanket Pandurang Wadi, Lane No.4, Goregaon (East), Mumbai – 400063, Maharashtra, India
Date of Birth/Age :	14.03.1966
Date of Appointment :	24.06.1996
DIN No.:	01667553
Name :	Mr. Narendra Seena Karkera
Designation :	Whole time Director
Address :	20, Gyaneshwari, Peru Baug Aarey Road, Goregaon (East), Mumbai – 400063, Maharashtra, India
Date of Birth/Age :	08.09.1951
Date of Appointment :	01.08.2010
DIN No.:	01916929
Name :	Mr. Samir Kakulal Mehta
Designation :	Whole Time Director
Address :	1704, Green Rose Link Road, Shimpoli, Ansal Vihar, Front Mumbai, Borivali, Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	01.03.1970
Date of Appointment :	01.08.2010
DIN No.:	03202616
Name :	Mr. Sandeep Prakash Sinha
Designation :	Director
Address :	389, Gagan Vihar, Delhi – 110051, India
Date of Birth/Age :	30.12.1972
Date of Appointment :	26.12.2006
DIN No.:	00616358
Name :	Mr. Uday Kumar Alaham
Designation :	Whole-Time Director
Address :	1810, Block A, Old Abdul Aziz Building, Al Nahda, Sharjah 309117
Date of Birth/Age :	29.03.1969
Date of Appointment :	01.04.2013
DIN No.:	06657736

KEY EXECUTIVES

Name :	Mrs. Kishori Thite
Designation :	Finance Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Vivek Vishwanath Desai	24401
Sunita Vivek Desai	1250
Vimal Vishwanath Desai	1350
Sunita Vivek Desai Joint With Vivek Vishwanath Desai	2799
GACL Finance Limited, India	14900
Total	44700

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	33.33
Directors or relatives of Directors	66.67
Total	100.00

BUSINESS DETAILS

Line of Business :

Provide Consultancy Service to Hospitals and also Designing of Hospitals.

GENERAL INFORMATION

Customers :

Hospitals

· ACTIS, Mumbai

· Asian Heart Institute and Research Centre, Mumbai

· Bain & Company, Bangalore

· Believers Church Teaching Hospital and Medical College, Thiruvalla

· Bhagwan Mahaveer Jain Memorial Trust, Banglore

· Bhatia Hospital, Mumbai

· Breach Candy Hospital, Mumbai

· BSR Super-Specialty Hospital, Bhilai

· CRISIL Risk and Infrastructure Solutions Limited, New Delhi

· Dr. L. H. Hiranandani Hospital, Mumbai

· DY Patil Hospital, Navi Mumbai

· Fortis Malhar Hospital, Chennai

· Godrej Memorial Hospital, Mumbai

· Harkisandos Hospital, Mumbai

· Hinduja Hopspital, Mumbai

· International Finance Corporation, New Delhi

No. of Employees :

122 (Approximately)

Bankers :

· State Bank of India, 12, Jayprakash Nagar, Road No.2, Goregaon (East), Mumbai – 400063, Maharashtra, India

· The Sarswat Co Operative Bank Limited, Building No 2 Topiwala Wadi,Swami Vivekanand Road, Goregaon West, Mumbai - 400062, Maharashtra, India

Facilities :

Cash Credit Rs. 50.000 Millions and BG Rs.40.000 Millions (Form State Bank of India)

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
HDFC Bank (Repayable in 36 months) Secured by: Tata Indica DLX WB-26---K-8150	0.091	0.215
ICICI Bank Limited (Repayable in 36 months) Secured by: Tata Indigo HE-26/BP-7954	0.245	0.000
Tata Motor Finance Limited (Repayable in 36 months) Secured by: Tata Indigo Vista KA-03-MH-5342	0.350	0.000
Kotak Mahindra Finance Limited (Repayable in 36 months) Secured by: Corolla Altis MH-02-BY-7547	0.121	0.581
Short Term Borrowings
Cash Credit from State Bank of India	42.252	33.005
Total	43.059	33.801

Banking Relations :
Auditors :
Name :	Kanu Doshi Associates Chartered Accountant
Address :	Unit 158, Udyog Bhavan, Sonawala Road, Goregaon East, Mumbai – 400063, Maharashtra, India
Tel No.:	91-22-26863011/ 32914648/ 32016745
Telefax :	91-22-26864385
PAN No.:	AAFK1583C
Email :	kda@kanudoshigroup.com
Subsidiaries :	Hosmac Middle East LZ FFC
Holding Company :	Hosmac India Private Limited
Associate :	Hosmac Foundation Hopes

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
44700	Equity Shares	Rs.100/- each	Rs.4.470 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	4.470	4.470
(b) Reserves & Surplus	98.964	94.043
(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)	103.434	98.513
(3) Non-Current Liabilities
(a) long-term borrowings	0.807	0.796
(b) Deferred tax liabilities (Net)	1.098	2.616
(c) Other long term liabilities	0.085	0.094
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1.990	3.506
(4) Current Liabilities
(a) Short term borrowings	42.252	33.005
(b) Trade payables	52.176	55.034
(c) Other current liabilities	21.408	20.796
(d) Short-term provisions	0.882	0.000
Total Current Liabilities (4)	116.718	108.835
TOTAL	222.142	210.854
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	49.519	51.009
(ii) Intangible Assets	1.033	0.508
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.217	1.217
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	25.889	28.624
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	77.658	81.358
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	126.989	110.376
(d) Cash and cash equivalents	0.000	0.000
(e) Short-term loans and advances	5.754	5.626
(f) Other current assets	11.741	13.494
Total Current Assets	144.484	129.496
TOTAL	222.142	210.854

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.470
2] Share Application Money		0.000
3] Reserves & Surplus		89.859
4] (Accumulated Losses)		0.000
NETWORTH		94.329
LOAN FUNDS
1] Secured Loans		16.462
2] Unsecured Loans		0.000
TOTAL BORROWING		16.462
DEFERRED TAX LIABILITIES		2.348
TOTAL		113.139
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		53.122
Capital work-in-progress		0.000
INVESTMENT		1.217
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	54.046
	Cash & Bank Balances	0.854
	Other Current Assets	1.404
	Loans & Advances	28.506
Total Current Assets		84.810
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.701
	Other Current Liabilities	12.309
	Provisions	0.000
Total Current Liabilities		26.010
Net Current Assets		58.800
MISCELLANEOUS EXPENSES		0.000
TOTAL		113.139

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	208.316	314.085	152.172
		Other Income	2.448	2.830	2.911
		TOTAL (A)	210.764	316.915	155.083
Less	EXPENSES
		Purchases	68.112	194.705
		Employee Benefits Expenses	51.732	40.065	142.358
		Other Expenses	71.231	66.074
		TOTAL (B)	191.075	300.844	142.358
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.689	16.071	12.725
Less	FINANCIAL EXPENSES (D)		7.284	5.694	3.016
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.405	10.377	9.709
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.165	4.911	5.661
	PROFIT BEFORE TAX (E-F) (G)		7.240	5.466	4.048
Less	TAX (H)		1.056	1.283	0.746
	PROFIT AFTER TAX (G-H) (I)		6.184	4.183	3.302
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		20.125	15.942	12.640
	BALANCE CARRIED TO THE B/S		26.309	20.125	15.942
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	8.039	3.007	3.246
	TOTAL EARNINGS		8.039	3.007	3.246
	Earnings Per Share (Rs.)		138.34	93.59	73.86

Particulars	31.03.2013
Sales Turnover (Approximately)	264.000

The above information has been parted by Mrs. Kishori Thite

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.93	1.32	2.13
Net Profit Margin (PBT/Sales)	(%)	3.48	1.74	2.66
Return on Total Assets (PBT/Total Assets}	(%)	3.28	2.61	2.93
Return on Investment (ROI) (PBT/Networth)		0.07	0.06	0.04
Debt Equity Ratio (Total Debt /Networth)		0.42	0.34	0.17
Current Ratio (Current Asset/Current Liability)		1.24	1.19	3.26

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	Yes
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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	No
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

FINANCIAL HIGHLIGHTS:

The Company has earned Net Profit After Tax of Rs. 6.184 Millions as against Net Profit After Tax of Rs. 4.183 Millions for the corresponding previous year.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10035949	17/10/2013 *	90,000,000.00	STATE BANK OF INDIA	GOREGAON (EAST) BRANCH, ASPM BLDG, JAYPRAKASH ROAD., NO. 2, 12 JAYPRAKASH NAGAR, GOREGAON (EAST), MUMBAI, MAHARASHTRA - 400063, INDIA	B88398433

* Date of charge modification

FIXED ASSETS

· Motor Vehicles

· Office Premises

· Computer and printers

· Software

· Furniture

· Furniture

· Plant and Machinery

· Office Equipment

· Electrical Infrastructure

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.62.39
UK Pound	1	Rs.101.80
Euro	1	Rs.84.75

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		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.