1. Summary Information

		Country	India
Company Name	PCH MARKETING PRIVATE LIMITED	Principal Name 1	Mr. Huzur Singh
Status	Satisfactory	Principal Name 2	Mr. Sutinder Singh
		Registration #	01-008970
Street Address	5-9-22/53, Adarsh Nagar, Hyderabad – 500001, Andhra Pradesh
Established Date	23.08.1988	SIC Code	--
Telephone#	91-40-23240490	Business Style 1	Distributor
Fax #	91-40-23240489	Business Style 2	--
Homepage	Not Available	Product Name 1	Mobile Phones
# of employees	80 (Approximately)	Product Name 2	Readymade garments
Paid up capital	Rs. 54,000,000/-	Product Name 3	Consumer Electronics
Shareholders	Directors or relatives of directors – 100%	Banking	ICICI Bank Limited
Public Limited Corp.	No	Business Period	25 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (44)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,809,467,000	Current Liabilities	274,794,000
Inventories	1,198,877,000	Long-term Liabilities	2,186,152,000
Fixed Assets	9,584,000	Other Liabilities	4,584,000
Deferred Assets	359,000	Total Liabilities	2,465,530,000
Invest& other Assets	0,000	Retained Earnings	498,757,000
		Net Worth	552,757,000
Total Assets	3,018,287,000	Total Liab. & Equity	3,018,287,000
Total Assets (Previous Year)	2,606,618,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	15,000,000,000 (Approximately)	Net Profit	100,956,000
Sales (Previous yr)	Not Available	Net Profit(Prev.yr)	68,217,000

MIRA INFORM REPORT

Report Date :

10.10.2013

IDENTIFICATION DETAILS

Name :	PCH MARKETING PRIVATE LIMITED
Registered Office :	5-9-22/53, Adarsh Nagar, Hyderabad – 500001, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.08.1988
Com. Reg. No.:	01-008970
Capital Investment / Paid-up Capital :	Rs. 54.000 Millions
CIN No.: [Company Identification No.]	U52520AP1988PTC008970
PAN No.: [Permanent Account No.]	AABCP3083C
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor of Mobile Phones, Readymade Garments and Consumer Electronics.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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. Shyam Rao
Designation :	Accounts Department
Contact No.:	91-40-44524452
Date :	09.10.2013

LOCATIONS

Registered Office :	5-9-22/53, Adarsh Nagar, Hyderabad – 500001, Andhra Pradesh, India
Tel. No.:	91-40-23240490/ 93/ 66666090
Fax No.:	91-40-23240489
E-Mail :	pchmarketing@satyam.net.in
Location :	Owned
Corporate Office :	5-9-1115/A, Kanchanjunga Complex, Gunfoundary, Hyderabad – 500001, Andhra Pradesh, India
Tel. No.:	91-40-44524452/ 27849420/ 55666090
Fax No.:	91-40-23240489
E-Mail:	pchhyd@pchmpl.com
Branch Office :	No.6, Ponnappa Street, Damodara Murthy Road, Kilpauk, Chennai – 600010, Tamilnadu, India
E-Mail:	chennai@pchmpl.com

DIRECTORS

AS ON 09.08.2012

Name :

Mr. Huzur Singh

Designation :

Managing Director

Address :

5-9-1115/A, Kanchanjunga Complex, Klngkothi Road, Hyderabad – 500001, Andhra Pradesh, India

Date of Birth/Age :

15.11.1928

Qualification :

Graduate

Date of Appointment :

23.08.1988

PAN No.:

ATJPS7016E

DIN No.:

00482211

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U52520AP1988PTC008970	PCH MARKETING PRIVATE LIMITED.	Managing director	23/08/1988	23/08/1988	Active	NO
2	U52331AP1995PTC020044	PUNJAB CROCKERY HOUSE PRIVATE LIMITED	Managing director	19/04/1995	19/04/1995	Active	NO

Name :

Mr. Sutinder Singh

Designation :

Director

Address :

5-9-1115/A, Kanchanjunga Complex, Klngkothi Road, Hyderabad – 500001, Andhra Pradesh, India

Date of Birth/Age :

17.09.1959

Qualification :

Graduate

Date of Appointment :

15.11.2004

PAN No.:

ACKPS9714P

DIN No.:

00482239

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U52331AP1995PTC020044	PUNJAB CROCKERY HOUSE PRIVATE LIMITED	Director	19/04/1995	19/04/1995	Active	NO
2	U52520AP1988PTC008970	PCH MARKETING PRIVATE LIMITED.	Director	15/11/2004	15/11/2004	Active	NO
3	U64202AP2011PTC074475	MEE MOBILES AND COMMUNICATIONS PRIVATE LIMITED	Director	30/10/2011	30/10/2011	Active	NO
4	U72300AP1986PTC006590	CONTINENTAL CODINGS INTERNATIONAL PRIVATE LIMITED	Director	22/11/2011	22/11/2011	Active	NO
5	U52100AP2012PTC080061	FEATHER TOUCH MARKETING PRIVATE LIMITED	Director	30/03/2012	30/03/2012	Active	NO
6	U52100MH2012PTC229804	HIBISCUS RETAIL PRIVATE LIMITED	Additional director	26/11/2012	26/11/2012	Active	NO

Name :

Ms. Komal Singh

Designation :

Director

Address :

5-9-1115/A, Kanchanjunga Complex, Klngkothi Road, Hyderabad – 500001, Andhra Pradesh, India

Date of Birth/Age :

20.10.1967

Qualification :

Graduate

Date of Appointment :

04.01.1991

DIN No.:

00482262

KEY EXECUTIVES

Name :	Mr. Shyam Rao
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 09.08.2012

Names of Shareholders	No. of Shares
Sutinder Singh	504500
Komal Singh	2500
Huzur Singh	33000
Total	540000

AS ON 09.08.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Distributor of Mobile Phones, Readymade Garments and Consumer Electronics.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

80 (Approximately)

Bankers :

· Standard Chartered Bank, 6-3-1090, TSR Towers, Raj Bhavan Road, Somajiguda, Hyderabad - 500082, Andhra Pradesh, India (Tel No.: 91-40-23322657)

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· State Bank of India, Commercial Branch, Secunderabad, Ashoka My Home Chambers, S P Road, Secunderabad - 500003, Andhra Pradesh, India

· Canara Bank, Prime Corporate Branch, T S R Complex, S. P. Road, Secunderabad - 500003, Andhra Pradesh, India

· Standard Chartered Bank, Credit Risk Control, Narain Manzil, 23 Barakhamba Road, New Delhi - 110001, India

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	323.067	5.900
SHORT TERM BORROWINGS
Loans repayable on demand from banks	1621.223	1232.677
Total	1944.290	1238.576

Banking Relations :	--
Auditors :
Name :	Gandhi and Gandhi Chartered Accountants
Address :	1002, Paigah Plaza, Bashreebagh, Hyderabad – 500063, Andhra Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AABFG9298H

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 100/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
540,000	Equity Shares	Rs. 100/- each	Rs. 54.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	54.000
(b) Reserves & Surplus	498.757
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	552.757
(3) Non-Current Liabilities
(a) long-term borrowings	564.929
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	564.929
(4) Current Liabilities
(a) Short term borrowings	1621.223
(b) Trade payables	229.193
(c) Other current liabilities	45.601
(d) Short-term provisions	4.584
Total Current Liabilities (4)	1900.601
TOTAL	3018.287
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.584
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.359
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	0.000
Total Non-Current Assets	9.943
(2) Current assets
(a) Current investments	0.000
(b) Inventories	1198.877
(c) Trade receivables	1695.658
(d) Cash and cash equivalents	47.485
(e) Short-term loans and advances	0.000
(f) Other current assets	66.324
Total Current Assets	3008.344
TOTAL	3018.287

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		54.000	46.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		397.801	257.584
4] (Accumulated Losses)		0.000	0.000
NETWORTH		451.801	303.584
LOAN FUNDS
1] Secured Loans		1238.577	660.504
2] Unsecured Loans		188.258	2.725
TOTAL BORROWING		1426.835	663.229
DEFERRED TAX LIABILITIES		0.0000	0.000
TOTAL		1878.636	966.813
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.465	4.681
Capital work-in-progress		0.000	0.000
INVESTMENT		46.311	0.000
DEFERREX TAX ASSETS		0.000	0.339
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1100.979	751.518
	Sundry Debtors	1386.709	688.085
	Cash & Bank Balances	9.241	5.357
	Other Current Assets	0.359	31.024
	Loans & Advances	52.554	0.066
Total Current Assets		2549.842	1476.050
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	698.212	496.300
	Other Current Liabilities	8.000	3.343
	Provisions	21.770	14.614
Total Current Liabilities		727.982	514.257
Net Current Assets		1821.860	961.793
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		1878.636	966.813

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	15000.000 (Approximately)
		Other Income	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		155.548	109.344	71.822
Less/ Add	DEPRECIATION/ AMORTISATION		2.862	2.355	1.476
	PROFIT BEFORE TAX		152.686	106.989	70.346
Less	TAX		51.730	38.772	23.993
	PROFIT AFTER TAX		100.956	68.217	46.353
	Earnings Per Share (Rs.)		186.96	126.33	154.51

Particulars	31.03.2013
Sales Turnover (Approximately)	13560.000

The above information has been parted by Mr. Shyam Rao (Accounts Department)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	5.06	4.18	4.75
Return on Investment (ROI) (PBT/Networth)		0.28	0.24	0.23
Debt Equity Ratio (Total Debt/Networth)		3.95	3.16	2.18
Current Ratio (Current Asset/Current Liability)		1.58	3.50	2.87

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two 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	No
17]	Major suppliers	No
18]	Major customers	No
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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10446385	27/08/2013	700,000,000.00	STANDARD CHARTERED BANK	6-3-1090, TSR TOWERS, RAJ BHAVAN ROAD, SOMAJIGUDA, HYDERABAD - 500082, ANDHRA PRADESH, INDIA	B83702696
2	10302354	08/07/2013 *	460,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B80794738
3	10206663	31/10/2012 *	1,600,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, SECUNDERABAD, ASHOKA MY HOME CHAMBERS, S P ROAD, SECUNDERABAD - 500003, ANDHRA PRADESH, INDIA	B62420229

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Deposits from directors	4.462	3.649
Deposits from others	237.400	184.609
Total	241.862	188.258

OPERATIONS:

The company had taken up distribution of Samsung cell phones during last financial and it has received an excellent response and the company was able to penetrate newer market. In order to continue the dominance in the market the board of directors decided to expand the operations in new territories. The board of directors is of the opinion that the company should become a strong leader in the market.

FIXED ASSETS:

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

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 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. 61.92
UK Pound	1	Rs. 99.45
Euro	1	Rs. 83.92

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.