|
Report Date : |
02.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
FLEXTRONICS TECHNOLOGIES ( |
|
|
|
|
Registered
Office : |
Plot No. 3, Phase II, SIPCOT Industrial Park, Sriperumbunder Taluk,
Sandavellure C Village, Kancheepuram District – 602 106, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
12.01.2001 |
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Com. Reg. No.: |
18-070708 |
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Capital
Investment / Paid-up Capital : |
Rs.1672.097
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31909TN2001PTC070708 |
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|
|
PAN No.: [Permanent
Account No.] |
AAACF5248E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers of
Printed Circuit Boards and Multiplexers. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 9700000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record.
Reserves of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments
terms are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
India’s current account
deficit narrowed in the quarter ended September as government measures to curb
imports, especially gold, kicked in. The current account deficit, the
excess of a country’s imports of goods and services over exports, narrowed to $
5.2 billion from $ 21 billion in the year ago period, according to provisional
Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for
the year will be less than $ 60 billion or 3 per cent of GDP and the latest
data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million worth
of mobile-phone-based transactions by July 2013 compared to Rs.260 million in
September, 2012, according to Deloitte report. The number of transactions has
shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
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.
LOCATIONS
|
Registered Office : |
Plot No. 3, Phase II, SIPCOT Industrial Park, Sriperumbunder Taluk,
Sandavellure C Village, Kancheepuram District – 602 106, Tamilnadu, India |
|
Tel. No.: |
91-44-37180264 /
67105000 |
|
Fax No.: |
91-44-45050492 |
|
E-Mail : |
omesh.raina@in.flextronics.com
rajiv.bhandari@in.flextronics.com |
|
Website : |
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Factory 1 : |
A-380, Defense
Colony, New Delhi-110 024, |
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Factory 2 : |
28A, Electronic
City, |
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Branch Office
1: |
17, Subhash Marg,
Daryaganj, |
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Tel. No.: |
91-11-23272024/
64 |
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Fax No.: |
91-11-23287371 |
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Branch Office
2: |
Finance Shared
Services, Baan Company 125, AP812, Ispahani Centre, 123/124, Nungambakkam High
Road, Chennai – 600 034, Tamilnadu, India |
|
Tel. No.: |
91-44-66251200/
67105152 |
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Branch Office
3: |
AP828 RMZ Millennia Business Park, 7th Floor, Campus II,
No. 143, Dr. MGR Road, Kandanchavadi, Chennai-600 096, Tamilnadu, India |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Ashok Dhawan |
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Designation : |
Managing Director |
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Address : |
43B, Raheja Park Plaza, Near Yari Road, Andheri (West), Mumbai-400061,
Maharashtra, India |
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Date of Birth/Age : |
10.11.1964 |
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Qualification : |
Diploma in Hotel Management and MBA Finance |
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|
Experience : |
22 Years |
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Date of Appointment : |
29.09.2008 |
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Din No.: |
00798959 |
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Other Directorship:
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Name : |
Mr. Manny Al Marimuthu |
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Designation : |
Director |
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|
Address : |
No 5 Lot 32 , Persiaran Kudalari, Country Heights, Kajang, Selangor,
Darul Eshan, Kuala Lumpur, Malaysia - 43000 |
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Date of Birth/Age : |
11.10.1961 |
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Date of Appointment : |
12.01.2001 |
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Din No.: |
00867715 |
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Other Directorship:
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|
Name : |
Sekaran Letchumanan |
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Designation : |
director |
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Address : |
55 Lorong Permai 5, Kota Permai Bukit Mertajam Pulau Pinang |
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Date of Appointment : |
01.07.2013 |
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Din No.: |
02069716 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Ms. Monika Dhanuka |
|
Designation : |
Secretary |
|
Address : |
New No. 11, Old No. 47-V, V Koil Street, Kusapet (Near Puraswalkkam),
Chennai-600012, Tamilnadu, India |
|
Date of Appointment : |
29.05.2012 |
|
Pan No.: |
AMFPD9714J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Equity
Shares |
No. of
Preferences Shares |
|
Flextronics International Asia Pacific Limited, Mauritius |
59837066 |
105668199 |
|
Flextronics Telecom Systems Limited, Mauritius |
1401914 |
-- |
|
Flextronics Mauritius Limited, Mauritius |
302558 |
-- |
|
|
|
|
|
TOTAL
|
61541538 |
105668199 |
AS ON 30.09.2013
|
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] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Printed Circuit Boards and Multiplexers. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
Bankers : |
Citi Bank, M G
Road, Bangalore, Karnataka, India |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Jain Christopher Srikanth and Srikanth Chartered Accountants |
|
Address : |
II Floor, Uniworth Plaza, No. 20, Sankey Road, Bangalore-560020,
Karnataka, India |
|
PAN No: |
AADFJ0586H |
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|
|
|
Holding Company : |
Flextronics
International Asia-Pacific Limited |
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|
Associates : |
·
Flextronics America LLC ·
Flextronics Enclosure (Shenzhen) Limited ·
Flextronics International Aguascalientes (L)
Limited ·
Flextronics International Europe B.V. ·
Flextronics International Japan Company Limited ·
Flextronics International Kft. ·
Flextronics International Poland Sp z.o.o. ·
Flextronics International Tecn ·
Flextronics Manufacturing (Singapore) Pte Limited ·
Flextronics Manufacturing (Zhuhai ) Company
Limited ·
Flextronics Manufacturing Mexico ·
Flextronics Technology (Penang) Sdn. Bhd. ·
Solectron Hungary Electronics ·
Flextronics Technology (Malaysia) Sdn. Bhd. ·
Flextronics Information Technology (Shen Zhen)
Company Limited ·
Flextronics International Management Services
Limited ·
Flextronics International USA ·
Flextronics Manufacturing (H.K.) Limited ·
Flextronics International USA Inc (FIUI) |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
146020000 |
Equity Shares |
Rs.10/- each |
Rs.1460.200 Millions |
|
115000000 |
Preferences Shares |
Rs.10/- each |
Rs.1150.000 Millions |
|
|
TOTAL
|
|
Rs.2610.200
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
61541538 |
Equity Shares |
Rs.10/- each
|
Rs.615.415
Millions |
|
105668199 |
Preferences Shares |
Rs.10/- each |
Rs.1056.682
Millions |
|
|
TOTAL |
|
Rs.1672.097 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 |
1672.097 |
1659.146 |
1659.146 |
|
(b) Reserves & Surplus |
753.370 |
431.652 |
433.777 |
|
(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) |
2425.467 |
2090.798 |
2092.923 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
2.479 |
14.978 |
14.979 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
14.335 |
28.925 |
14.980 |
|
(d) long-term
provisions |
125.289 |
99.598 |
95.493 |
|
Total Non-current
Liabilities (3) |
142.103 |
143.501 |
125.452 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
719.883 |
615.037 |
1707.358 |
|
(c) Other
current liabilities |
234.215 |
288.517 |
305.800 |
|
(d) Short-term
provisions |
292.180 |
329.429 |
126.614 |
|
Total Current
Liabilities (4) |
1246.278 |
1232.983 |
2139.772 |
|
|
|
|
|
|
TOTAL |
3813.848 |
3467.282 |
4358.147 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1218.543 |
1263.966 |
1553.495 |
|
(ii)
Intangible Assets |
10.926 |
14.892 |
1.355 |
|
(iii) Capital
work-in-progress |
0.703 |
6.584 |
69.071 |
|
(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 |
82.628 |
63.806 |
62.839 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1312.800 |
1349.248 |
1686.760 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
305.232 |
361.823 |
767.393 |
|
(c)
Trade receivables |
1192.517 |
796.687 |
1066.233 |
|
(d) Cash
and cash equivalents |
529.083 |
613.964 |
405.424 |
|
(e) Short-term
loans and advances |
427.974 |
323.403 |
302.482 |
|
(f)
Other current assets |
46.242 |
22.157 |
129.855 |
|
Total
Current Assets |
2501.048 |
2118.034 |
2671.387 |
|
|
|
|
|
|
TOTAL |
3813.848 |
3467.282 |
4358.147 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
|
|
TOTAL REVENUE |
5055.124 |
4162.521 |
3541.938 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAXES, EXTRA-ORDINARY ITEMS AND PRIOR PERIOD ITEMS |
0.000 |
0.000 |
(207.050) |
|
|
|
|
|
|
|
|
|
|
PRIOR
PERIOD ADJUSTMENTS |
0.000 |
22.214 |
23.953 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
312.599 |
(2.125) |
(231.004) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
312.599 |
(2.125) |
(231.004) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2454.335) |
(2452.209) |
(2221.204) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2239.218) |
(2454.335) |
(2452.209) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
3972.166 |
3531.517 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.87 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.20
|
(0.06) |
(5.39) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.00 |
(0.11) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.01 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.00
|
1.72 |
1.25 |
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 |
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
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 |
NOTE:
The Registered Office of the company has been shifted from 88A,
MERGER AND AMALGAMATION:
The Board of Directors
of the Company vide its resolution No. 3 dated 24 th January 2013 approved a
Scheme of
Arrangement of the
Company with Flextronics Design Private Limited (hereinafter referred to as the
“FDPL”), with the Company with effect from the Appointed Date, i.e. 1 st day of
April, 2012.
The said Scheme of
Arrangement was approved by the High Court of Karnataka Bangalore, vide its
Order dated 12 th August 2013. Pursuant to the Order of the High Court of
Karnataka, Bangalore ,application for approval to the Scheme of Arrangement has
been filed with the High Court of Chennai for which the scheme has been
approved vides its order dated 11 th September 2013.
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Loans and advances from related parties |
2.479 |
14.978 |
|
TOTAL
|
2.479 |
14.978 |
FIXED ASSETS:
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Plant and Machinery
·
Electrical Installations
·
Furniture and Fixtures
·
Office Equipment’s
·
Computer
·
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.61.93 |
|
|
1 |
Rs.102.39 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.