|
Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
QUICK HEAL TECHNOLOGIES PRIVATE LIMITED (w.e.f. 07.08.2007) |
|
|
|
|
Formerly Known
As : |
CAT COMPUTER SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
603, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
17.08.1995 |
|
|
|
|
Com. Reg. No.: |
11-091408 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.76.337
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200MH1995PTC091408 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCC4207H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The company is engaged in the business of Providing Internet Security
Solutions. |
|
|
|
|
No. of Employees
: |
210 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 11425000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track record. Financial
position of the company appears to be sound. Performance capability of the
company is good. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal 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.
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that accounts
for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is
the main reason for this overall IT cut. A Reserve Bank of India committee has
recommended setting up a special category of lenders who would cater to small
businesses and households, to expand the number of customers with access to
banking services. These banks would focus onproviding payment services and
deposit products. Indian banks want the free use of automated teller
machines to be capped at five transactions in a month including that of the
bank in which the account is active. This follows state government order to
banks to install security guards at ATM booths after a woman banker was
assaulted in Bangalore. The government is likely to present a vote on Account in
mid-February. The annual Economic Survey will be tabled later in Parliament
along with the full Budget. A full Budget for 2014/15 is likely to be present
in July by the new government formed after the General Election. The government
will soon launch an internet spy system, called Netra, to detect malafide
messages. Security agency will deploy the system to capture dubious voice
traffic on applications such as Skype and Google Talk, as well as tweeters.
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. Shailesh Ranjhhod |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-20-41060400 |
|
Date : |
07.02.2014 |
LOCATIONS
|
Registered/ Head Office : |
603, Mayfair Towers II, Wakdewadi Shivajinagar, Pune – 411005, |
|
Tel. No.: |
91-20-41060400/ 66025985 / 66835900 |
|
Fax No.: |
91-20-41060401/66835901 |
|
E-Mail : |
|
|
Website : |
http://www.quickheal.com |
DIRECTORS
AS ON 13.09.2013
|
Name : |
Mr. Kailash Sahebrao Katkar |
|
Designation : |
Managing Director |
|
Address : |
B-101, Omkar, Puru HSG Society, |
|
Date of Birth/Age : |
01.11.1966 |
|
Date of Appointment : |
17.08.1995 |
|
PAN No.: |
AGFPK4175P |
|
DIN No.: |
00397191 |
|
|
|
|
Name : |
Mr. Sanjay Sahebrao Katkar |
|
Designation : |
Managing Director |
|
Address : |
SA 11, Siddeshwar Nagar, |
|
Date of Birth/Age : |
29.11.1970 |
|
Qualification : |
Master of Computer Science |
|
Date of Appointment : |
17.08.1995 |
|
PAN No.: |
AEHPK3424K |
|
DIN No.: |
00397277 |
|
|
|
|
Name : |
Mr. Sumir Chadha |
|
Designation : |
Director |
|
Address : |
1512, Floribunda, Avenue Apartment, 301, |
|
Date of Birth/Age : |
23.04.1971 |
|
Date of Appointment : |
08.09.2010 |
|
DIN No.: |
00040789 |
|
|
|
|
Name : |
Mr. Mehul Mulchand Savla |
|
Designation : |
Director |
|
Address : |
1002, Salvation Apartments, Kale Marg, Dadar (West), Mumbai – 400028, |
|
Date of Birth/Age : |
04.04.1974 |
|
Qualification : |
MBA from |
|
Date of Appointment : |
13.06.2011 |
|
DIN No.: |
02137699 |
|
|
|
|
Name : |
Mr. Abhijit Shantaram Jorvekar |
|
Designation : |
Additional Director |
|
Address : |
18/275, Lokmanya Nagar, Sadashiv Peth, Pune – 411030, |
|
Date of Birth/Age : |
17.11.1973 |
|
Date of Appointment : |
22.03.2012 |
|
PAN No.: |
AFDPJ5746A |
|
DIN No.: |
05199551 |
KEY EXECUTIVES
|
Name : |
Mr. Abhijit Anand Barje |
|
Designation : |
Secretary |
|
Address : |
Suchitra Terrace CHS, Gandhi Bhavan Road, Kothrud, Pune-411038,
Maharashtra, India |
|
Date of Birth/Age : |
17.03.1919 |
|
Date of Appointment : |
07.03.2013 |
|
Pan No.: |
AMGPB9496H |
|
|
|
|
Name : |
Mr. Shailesh Ranjhhod |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 13.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Kailash Katkar Jointly with Anupama Katkar |
|
2793923 |
|
Sanjay Katkar and Chhaya Katkar |
|
2793923 |
|
Anupama Katkar Jointly with Kailash Katkar |
|
625497 |
|
Chhaya Katkar Jointly with Sanjay Katkar |
|
625497 |
|
Ripplewave Equity Private Limited, |
|
13000 |
|
Sequoia Capital |
|
469123 |
|
Sequoia Capital |
|
312748 |
|
|
|
|
|
TOTAL
|
|
7633711 |
AS ON 13.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
4.10 |
|
Venture capital |
|
6.14 |
|
Directors
or relatives of directors |
|
89.59 |
|
Other
top fifty shareholders |
|
0.17 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of Providing Internet Security
Solutions. |
GENERAL INFORMATION
|
No. of Employees : |
210 (Approximately) |
|
|
|
|
Bankers : |
· Citibank NA, Kumar Capital, 2413, East Street Pune, Pune - 411001, Maharashtra, India · HDFC Bank Limited, Pune, Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. V. Ghatalia and Associates Chartered Accountants |
|
Address : |
C-401, 4th Floor, |
|
Tel. No.: |
91-20-66016000 |
|
Fax No.: |
91-20-66015090 |
|
PAN No: |
AACFS6921Q |
|
|
|
|
Subsidiaries : |
·
Quick Heal Technologies America Inc. ·
Quick Heal Technologies Japan K.K. |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20050000 |
Equity Shares |
Rs.10/- each |
Rs.200.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7633711 |
Equity Shares |
Rs.10/- each
|
Rs.76.337
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
76.337 |
76.337 |
76.221 |
|
(b) Reserves & Surplus |
2780.141 |
2027.100 |
1357.420 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
1.167 |
|
Total Shareholders’ Funds (1) + (2) |
2856.478 |
2103.437 |
1434.808 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
5.155 |
0.537 |
1.066 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
3.555 |
1.559 |
|
Total Non-current
Liabilities (3) |
5.155 |
4.092 |
2.625 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
211.351 |
142.731 |
150.971 |
|
(c)
Other current liabilities |
36.524 |
25.452 |
14.975 |
|
(d) Short-term
provisions |
35.483 |
20.136 |
3.070 |
|
Total Current
Liabilities (4) |
283.358 |
188.319 |
169.016 |
|
|
|
|
|
|
TOTAL |
3144.991 |
2295.848 |
1606.449 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
314.020 |
179.613 |
143.473 |
|
(ii)
Intangible Assets |
69.903 |
8.974 |
3.932 |
|
(iii)
Capital work-in-progress |
289.735 |
24.746 |
19.701 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
8.544 |
0.013 |
0.013 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
106.220 |
217.964 |
202.105 |
|
(e) Other
Non-current assets |
1.214 |
0.427 |
0.221 |
|
Total Non-Current
Assets |
789.636 |
431.737 |
369.445 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1393.773 |
1001.341 |
487.025 |
|
(b)
Inventories |
21.401 |
6.083 |
0.000 |
|
(c)
Trade receivables |
772.930 |
656.823 |
475.514 |
|
(d) Cash
and cash equivalents |
100.257 |
75.480 |
134.753 |
|
(e) Short-term
loans and advances |
66.046 |
122.807 |
139.692 |
|
(f)
Other current assets |
0.948 |
1.577 |
0.020 |
|
Total
Current Assets |
2355.355 |
1864.111 |
1237.004 |
|
|
|
|
|
|
TOTAL |
3144.991 |
2295.848 |
1606.449 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2048.848 |
1789.769 |
1307.275 |
|
|
|
Other Income |
97.501 |
56.788 |
23.849 |
|
|
|
TOTAL |
2146.349 |
1846.557 |
1331.124 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
990.863 |
832.904 |
747.304 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1155.487 |
1013.653 |
583.820 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
44.387 |
21.313 |
14.251 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
1111.100 |
992.340 |
569.569 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
335.731 |
310.403 |
183.782 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
775.369 |
681.937 |
385.787 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
43.199 |
30.808 |
31.305 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Internet Security Devices |
3.644 |
6.083 |
0.000 |
|
|
|
Purchase of Software |
54.783 |
1.582 |
0.000 |
|
|
TOTAL IMPORTS |
58.427 |
7.665 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
101.57 |
89.33 |
51.82 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
36.13
|
36.93 |
28.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
54.23
|
55.45 |
43.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
39.03
|
43.69 |
35.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.47 |
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.31
|
9.90 |
7.32 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT: NOT AVAILABLE
|
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 |
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] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
32] |
Date
of Birth 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: NO CHARGES EXIST FOR COMPANY.
NOTE:
The registered office of the company has been shifted from
9, Raghunath Apartment, Mohanwadi Alandi Road, Yerwada, Pune – 411006,
Maharashtra, India to present address w.e.f. 31.10.2006.
CORPORATE INFORMATION:
Quick Heal
Technologies Private Limited (the Company) was incorporated in August 1995. The
Company is engaged in the business of providing Internet Security solutions.
FIXED ASSETS:
·
Building
·
Computer
·
Electrical Installations
·
Furniture and Fixture
·
Office Equipments
·
Vehicles
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.62.32 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
67 |
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.