MIRA INFORM REPORT

Report Date :

27.12.2014

IDENTIFICATION DETAILS

Name :	APEX MEDICHEM PRIVATE LIMITED
Registered Office :	B-28, MIDC Area, Paithan, Aurangabad – 431107, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.03.2005
Com. Reg. No.:	152123
Capital Investment / Paid-up Capital :	Rs. 20.000 Millions
CIN No.: [Company Identification No.]	U24230MH2005PTC152123
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Active Pharma Ingredients (API).
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 30000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Rating reflects moderate financial risk profile due to accumulated losses recorded by the company. However, trade relation are fair. Business is active. Payment terms are slow. 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Kishore Badke
Designation :	Account Department
Contact No.:	91-2431-232372
Date :	26.12.2014

LOCATIONS

Registered Office :	B-28, MIDC Area, Paithan, Aurangabad – 431107, Maharashtra, India
Tel. No. :	91-2431-232372
Mobile No. :	91-9820709250 (Mr. Nimish Niranjan Siria) 91-9821130444 (Mr. Bhharat Kantilal Parekh)
Fax No. :	91-2431-232372
E-Mail :	devendraring@gmail.com info@apexmedichem.in
Website :	www.apexmedichem.in
Corporate Office :	101/A, Parekh Prints, Italian Compound, ITT Bhatti Road, Goregaon Mulund Link Road, Goregaon (East), Mumbai - 400063, Maharashtra, India
Tel. No. :	91-22-42464499

DIRECTORS

As on 30.09.2014

Name :

Mr. Bhharat Kantilal Parekh

Designation :

Additional Director

Address :

Rijhumal Mansion,15 B, Pedder Road, Mumbai - 400026, Maharashtra, Indias

Date of Birth/Age :

24.06.1967

Date of Appointment :

05.04.2013

DIN No. :

06545909

Name :

Mr. Jitesh Premjibhai Hinhoriya

Designation :

Additional Director

Address :

Shri Ram Niwas, Station Road, District Bhavnagar, Gadhada, Bhavnagar - 364750, Gujarat, India

Date of Birth/Age :

28.02.1979

Date of Appointment :

05.04.2013

DIN No. :

06545918

Name :

Mr. Nimish Niranjan Siria

Designation :

Additional Director

Address :

Ekta Terrace Tower, A - 605/606, A Mahavir Nagar, Near Kamla Vihar Sports Club, Kandivali (West), Mumbai - 400067, Maharashtra, India

Date of Birth/Age :

03.11.1978

Date of Appointment :

05.04.2013

DIN No. :

06546072

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	U24230MH2005PTC152123	APEX MEDICHEM PRIVATE LIMITED	Additional director	05-04-2013	05-04-2013	Active	NO
2	U24100MH2014PTC252546	RUVEN HEALTHCARE PRIVATE LIMITED	Director	28-01-2014	28-01-2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Kishore Badke
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Bhharat Kantilal Parekh	518200	25.91
Jitesh Premjibhai Hinhoriya	160000	8.00
Nimish Niranjan Siria	1321800	66.09
Total	2000000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Active Pharma Ingredients (API).

Products :

Item Code No. (ITC Code)	Product Description
29173930	3NDA
29173900	3NPA
29280090	H124 Trizol
29420090	Mefenamic Acid IP

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

Products :

Raw Material

Countries :

· China

· Vietnam

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Minerva Biogenix Private Limited
Name of the Person (with Designation):	Mr. Hiten Sanghavi (CEO)
Contact Number:	91-9821110976
Since How Long Known:	2 Years
Maximum Limit Dealt:	Not Divulged
Experience :	Payment : Excellent Market Goodwill: Excellent Overall: Excellent
Remarks :	They gave us positive response about subject company they are satisfied with their payment behaviour.

· Ashish Industrial Fabric

· Dodal Enterprises

· R. P. Chemical Co.

· Kavita Chemicals

· Sanjay Chemicals (India) Private Limited

· Vaishali Pharma Private Limited

· Uni Pharma

· V.N. Chemicals

· Ujin Pharmachem

· Sevantilal and Sons

Customers :

Reference:	J.B. Khokhani and Company
Name of the Person (with Designation):	Mehul Kokhani (Director)
Contact Number:	91-22-40441234
Since How Long Known:	Longtime
Maximum Limit Dealt:	Not Divulged
Experience :	Payment : Excellent Market Goodwill: Excellent Overall: Excellent
Remarks :	They gave us positive response about subject company they are satisfied with their product quality and delivery behaviour.

No. of Employees :

40 (Approximately)

Bankers :

Bank Name:	NOT DIVULGED
Branch:
Name of the Person (with Designation):
Contact Number:
Name of Account Holder:
Account Number:
Account Since (Date/ Year of A/c Opening):
Average Balance Maintained (Optional):
Credit Facilities Enjoyed (CC/OD/Term Loan):
Account Operation:
Remarks:

· Apna Sahakari Bank Limited, Apna Bazar, 106-A, Naigaon, Mumbai - 400014, Maharashtra, India

· The Malad Sahakari Bank Limited, 6 Sujata, 1^st Floor, Rani Sati Marg, Malad (East), Mumbai - 400097, Maharashtra, India

· Janata Sahakari Bank Limited, Pune, Maharashtra, India

· ICICI Bank Limited

· Maharashtra Godavari Bank

· Union Bank of India

· Bank of Maharashtra

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Apna Sahakari Bank-67 Building Loan (The above Term Loans are sanctioned for the Building which are secured by exclusive charge on the assets)	18.210	0.000
Apna Sahakari Bank – 4 Plant and Machinery Loan (The above Tem Loans are Sactioned for the Plant and Machinery which are secured by exclusive charge on the assets)	20.678	0.000
SHORT TERM BORROWINGS
Apna Sahakari Bank – CC/141 (Loan has been hypothecated by working capital)	7.424	0.000
Total	46.312	0.000

Auditors :
Name :	A. P. Godha and Company Chartered Accountants
Address :	Flat No - 1, Dinkar Sankul, Opposite Roplekar Hospital, Sawarkar Chowk, Tilak Nagar, Aurangabad – 431005, Maharashtra, India
Tel. No. :	91-240-2334131
E-Mail :	amol_1008@rediffmail.com
Income-tax PAN of auditor or auditor's firm :	AJLPG2632E
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.000	20.000	10.000
(b) Reserves & Surplus	(9.464)	(7.964)	(3.453)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	10.536	12.036	6.547
(3) Non-Current Liabilities
(a) long-term borrowings	52.474	7.139	16.914
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	52.474	7.139	16.914
(4) Current Liabilities
(a) Short term borrowings	7.424	0.000	0.000
(b) Trade payables	40.324	0.080	2.762
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	0.438	0.030	0.091
Total Current Liabilities (4)	48.186	0.110	2.853
TOTAL	111.196	19.285	26.314
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	53.522	10.221	11.144
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.363
Total Non-Current Assets	53.522	10.221	11.507
(2) Current assets
(a) Current investments	0.549	0.054	0.054
(b) Inventories	23.532	0.854	4.960
(c) Trade receivables	19.744	0.117	1.469
(d) Cash and cash equivalents	0.122	0.982	1.070
(e) Short-term loans and advances	6.504	0.654	1.214
(f) Other current assets	7.223	6.403	6.040
Total Current Assets	57.674	9.064	14.807
TOTAL	111.196	19.285	26.314

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	19.888	3.133
		Other Income	0.032	1.149
		TOTAL (A)	19.920	4.282	4.291
Less	EXPENSES
		TOTAL (B)	18.957	6.785	3.903
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.963	(2.503)	0.388
Less	FINANCIAL EXPENSES (D)		1.152	0.607	0.375
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.189)	(3.110)	0.013
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.310	1.401	1.573
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(1.499)	(4.511)	(1.560)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(1.499)	(4.511)	(1.560)
	Earnings / (Loss) Per Share (Rs.)		(0.75)	(2.26)	1.56

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(7.54)	(143.98)	NA
Operating Profit Margin (PBDIT/Sales)	(%)	4.84	(79.89)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(1.35)	(23.39)	(5.93)
Return on Investment (ROI) (PBT/Networth)		(0.14)	(0.37)	(0.24)
Debt Equity Ratio (Total Debt/Networth)		5.69	0.59	2.58
Current Ratio (Current Asset/Current Liability)		1.20	82.40	5.19

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	10.000	20.000	20.000
Reserves & Surplus	(3.453)	(7.964)	(9.464)
Net worth	6.547	12.036	10.536
long-term borrowings	16.914	7.139	52.474
Short term borrowings	0.000	0.000	7.424
Total borrowings	16.914	7.139	59.898
Debt/Equity ratio	2.583	0.593	5.685

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	4.291	4.282	19.920
		(0.210)	365.203

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	4.291	4.282	19.920
Profit/ (Loss)	(1.560)	(4.511)	(1.499)
	(36.36%)	(105.35%)	(7.53%)

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 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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10535298	04/12/2014 *	171,300,000.00	JANATA SAHAKARI BANK LIMITED PUNE	AURANGABAD BRANCH, OPPOSITE GOMTESH MARKET, DALALWADI, AURANGABAD, MAHARASHTRA - 431001, INDIA	C36884641
2	10535293	12/11/2014	19,000,000.00	JANATA SAHAKARI BANK LIMITED PUNE	AURANGABAD BRANCH, OPPOSITE GOMTESH MARKET, DALALWADI, AURANGABAD, MAHARASHTRA - 431001, INDIA	C36196228
3	10535300	12/11/2014	32,300,000.00	JANATA SAHAKARI BANK LIMITED PUNE	AURANGABAD BRANCH, OPPOSITE GOMTESH MARKET, DALALWADI, AURANGABAD, MAHARASHTRA - 431001, INDIA	C36196012
4	10535291	12/11/2014	120,000,000.00	JANATA SAHAKARI BANK LIMITED PUNE	AURANGABAD BRANCH, OPPOSITE GOMTESH MARKET, DALALWADI, AURANGABAD, MAHARASHTRA - 431001, INDIA	C36195832
5	10481583	11/01/2014	80,000,000.00	APNA SAHAKARI BANK LIMITED	APNA BAZAR, 106-A, NAIGAON, MUMBAI, MAHARASHTRA - 400014, INDIA	B98065626
6	10487382	01/06/2013	80,000,000.00	APNA SAHAKARI BANK LIMITED	APNA BAZAR, 106-A, NAIGAON, MUMBAI, MAHARASHTRA - 400014, INDIA	B96903455

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Gayendra Tripathi	0.000	1.557
Raziuddin Shaikh (Director)	0.000	1.856
Shishir Tripathi	0.000	1.075
Bharat Parikh	4.550	1.000
Jitesh	0.700	0.000
Nimish Siria	7.261	1.651
Shubh Pharma Care	1.075	0.000
Total	13.586	7.139

CHANGE OF ADDRESS

The registered office of the company has been shifted from Gajanan Vaibhav Commercial Complex, South Wing, 11, Cannought Place, CIDCO, Aurangabad – 431003, Maharashtra, India to the present address w.e.f. 21.06.2010.

WORKING AND FUTURE PROSPECTS

The company has achieved the turnover of Rs. 19.920 Millions (Last Year Rs. 4.282 Millions) Being company has started its production in previous year hence; Targeted Turnover was not achieved in reporting Financial Year. The company has set up and installed its plant and machinery and production will be start and set the target to achieve the good turnover to next coming year.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Bolero Car

· Office Equipments

· Electrical Installation

· Laboratory

· Computer

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.63.64
UK Pound	1	Rs.98.98
Euro	1	Rs.77.74

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	MRI

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	2
--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		26

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.