MIRA INFORM REPORT

Report Date :

03.07.2014

IDENTIFICATION DETAILS

Name :	TESA TAPES (INDIA) PRIVATE LIMITED
Registered Office :	301, 3^rd Floor, Lakhani Centrium, Plot No. 27, Secor-15, CBD Belapur, Navi Mumbai - 400614, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.05.1996
Com. Reg. No.:	11-099360
Capital Investment / Paid-up Capital :	Rs. 126.814 Millions
CIN No.: [Company Identification No.]	U99999MH1996PTC099360
PAN No.: [Permanent Account No.]	AAACT5779J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Pressure Sensitive Self Adhesive Tapes used in Industrial Applications and for General Purpose Packaging.
No. of Employees :	75 (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 a subsidiary of Tape International GmbH. It is an established company having satisfactory track record. The company has incurred a loss during 2013 however net worth of the company is satisfactory. No borrowings recorded by the company. General financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. 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.

INDIAN ECONOMIC OVERVIEW

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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. Prakash
Designation :	Finance Department
Contact No.:	91-22-47419200
Date :	02.07.2014

LOCATIONS

Registered Office :	301, 3^rd Floor, Lakhani Centrium, Plot No. 27, Secor-15, CBD Belapur, Navi Mumbai - 400614, Maharashtra, India
Tel. No. :	91-22-47419200
Fax No. :	91-22-47419299
E-Mail :	contact.india@tesa.com
Website :	www.tesa.com
Factory :	P-51, 8^th Avenue, Mahindra World City, Chengelpet, Kanchipuram District, Chennai – 603002, Tamilnadu, India
Tel. No.:	91-44-47419200/ 47419218
Fax No.:	91-44-47419299

DIRECTORS

As on 30.09.2013

Name :	Mr. Venkatesh Inamdar
Designation :	Managing Director
Address :	Flat No. 6, Aradhana Apartments, Prathana Samaj Road, Vile-Parle (East), Mumbai – 400057, Maharashtra, India
Date of Birth/Age :	11.09.1962
Date of Appointment :	07.06.2012
PAN No.:	AACPI8707N
DIN No. :	05313871
Name :	Sudha Chellappa
Designation :	Alternate Director
Address :	1/471, Mangala Building, 14^th Road, Chembur, Mumbai - 400071, Maharashtra, India
Date of Birth/Age :	02.03.1971
Date of Appointment :	19.01.2011
PAN No. :	AXUPS8953P
DIN No. :	03328659
Name :	Teck Whee Goh
Designation :	Additional Director
Address :	71, Florissa Park, Singapore-789654
Date of Birth/Age :	17.06.1971
Date of Appointment :	15.10.2010
DIN No. :	02805231
Name :	Mr. Daniel Wayne Germain
Designation :	Additional Director
Address :	Tesa Tapes Asia Pte Limited, 164, Gul Circle (Off Benoi Road), Singapore 629621
Date of Birth/Age :	04.02.1961
Date of Appointment :	18.12.2012
DIN No. :	06455703

KEY EXECUTIVES

Name :	Mr. Prakash
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Tape International GmbH, Germany	1268140
Tesa Tapes Asia Pacific Pte Limited, Singapore	1
Total	1268141

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Pressure Sensitive Self Adhesive Tapes used in Industrial Applications and for General Purpose Packaging.

Products :

Item Code No. (ITC Code)	Product Description
39191000	Self-Adhesive Filmic Tape, Cloth Tape, Paper Tape, Electrical Tape

Exports :

Products :

Finished Goods

Countries :

Germany

Imports :

Products :

Raw Material

Countries :

Singapore

Terms :

Selling :

Depend

Purchasing :

Depend

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity *	Actual Production
Cloth Tape **	Sq. Mtrs.	1,000,000	--
Filmic Tape **	Sq. Mtrs.	9,000,000	--
Converting Items (Tapes)	Sq. Mtrs.	11,536,000	--
Cloth Tape (Manufacturing/Converting)	Sq. Mtrs.	--	160,660
Filmic Tape/Others (Manufacturing/Converting)	Sq. Mtrs.	--	2,886,351

NOTE

* Capacity is as certified by the Management and relied upon by Auditors, it being a technical matter.

** Installed Capacity upto 30^th June, 2010.

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	75 (Approximately)
Bankers :	· Deutsche Bank, Hazarimal Somani Marg, Fort, Mumbai - 400001, Maharashtra, INDIA · Doish Bank · State Bank of India · Dena Bank · ICICI Bank · IDBI Bank Limited

Banking Relations :	--
Auditors :
Name :	S.V. Ghatalia and Associates LLP Chartered Accountants
Address :	14^th Floor, Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ACHFS9181P
Holding company:	Tape International GMBH, Germany
Ultimate Holding Company :	Tesa SE, Germany
Fellow Subsidiary Company :	· Tesa Tapes Asia Pacific Pte Limited · Tesa Tapes (Shanghai) Company Limited · Tesa Tapes Inc. · Tesa Plant (Suzhou) Company Limited · Tesa Tape Korea Limited · Tesa Tape (HK) · Tesa Converting centre GmbH · Tesa Tape Kft. · Tesa Tape KK · Tesa Tapes (Shanghai) Trading Company Limited · Beiersdorf (India) Private LIMITED CIN No.: U24236GA1965PTC000055 · Tesa Tapes (Thailand) Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs.100/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,268,141	Equity Shares	Rs.100/- each	Rs. 126.814 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	126.814	126.814	126.814
(b) Reserves & Surplus	102.316	162.187	187.550
(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)	229.130	289.001	314.364
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	8.515	5.520
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	1.540
Total Non-current Liabilities (3)	0.000	8.515	7.060
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	57.425	44.543	58.381
(c) Other current liabilities	10.136	15.879	7.373
(d) Short-term provisions	54.632	2.114	4.603
Total Current Liabilities (4)	122.193	62.536	70.357
TOTAL	351.323	360.052	391.781
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	145.868	152.526	152.299
(ii) Intangible Assets	0.328	0.209	0.367
(iii) Capital work-in-progress	2.724	0.000	1.037
(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	20.065	19.719	10.588
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	168.985	172.454	164.291
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	90.848	67.509	50.084
(c) Trade receivables	54.593	42.324	71.134
(d) Cash and cash equivalents	17.929	60.694	88.327
(e) Short-term loans and advances	18.968	16.986	16.166
(f) Other current assets	0.000	0.085	1.779
Total Current Assets	182.338	187.598	227.490
TOTAL	351.323	360.052	391.781

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	281.027	337.173	336.035
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(31.948)	23.406	142.861
Less/ Add	DEPRECIATION/ AMORTISATION		7.786	7.081	12.923
	PROFIT/ (LOSS) BEFORE TAX		(39.734)	16.325	129.938
Less	TAX		8.515	6.705	35.385
	PROFIT/ (LOSS) AFTER TAX		(48.249)	9.620	94.553
	EARNINGS IN FOREIGN CURRENCY		10.649	7.494	9.341
	IMPORTS
		Raw Materials & Log Rolls			115.442
		Trading goods			48.450
		Capital goods			6.519
	TOTAL IMPORTS		NA	NA	170.411
	Earnings / (Loss) Per Share (Rs.)		(38.05)	7.59	74.56

Particulars	31.03.2014
Sales Turnover (Approximately)	320.000

The above information has been parted by Mr. Prakooh (Finance Department).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	(14.14)	4.84	38.67
Return on Total Assets (PBT/Total Assets}	(%)	(11.40)	4.53	33.25
Return on Investment (ROI) (PBT/Networth)		(0.17)	0.06	0.41
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.49	3.00	3.23

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	126.814	126.814	126.814
Reserves & Surplus	187.550	162.187	102.316
Net worth	314.364	289.001	229.130
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	336.035	337.173	281.027
		0.339	(16.652)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	336.035	337.173	281.027
Profit	94.553	9.620	(48.249)
	28.14%	2.85%	(17.17%)

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 four 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	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	No
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

CURRENT MATURITIES OF LONG TERM DEBTS: NOT AVAILABLE

INDEX OF CHARGES

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

CHANGE OF ADDRESS

The registered office of the company has been shifted from B/703, 7th Floor, Hermes Atrium, Plot No. 57, Sector 11, CBD Belapur, Navi Mumbai – 400614, Maharashtra, India to the present address w.e.f. 19.01.2011

CORPORATE INFORMATION

The Company is a company registered under the provisions of the Companies Act, 1956 with effect from April 30, 1985. The Company is a subsidiary of Tape International GmbH which holds 1,268,140 (P.Y 1,268,140) equity shares out of 1,268,141 (P.Y 1,268,141) equity shares (issued share capital) i.e. 99.99%. The Company deals in manufacturing and trading of Pressure Sensitive Self Adhesive Tapes used in industrial applications and for general purpose packaging.

FUTURE OUTLOOK

The new converting facility, in Mahindra World City, Chennai has now stabilized .They will continue to invest in the new facility to support sales initiatives.

They continue to invest in training and employee welfare activities, objective being to create a group of qualified and engaged employees and build up the competencies in the team .These initiatives will be further augmented in the coming years.

Initial market activities have been started in new evolving segments such as ACX+ (Intelligent Bonding) and also in covering geographical territories unexplored by tesa so far. These market segments and geographical territories are expected to contribute to future sales development for the Company. Certain organisational changes have been implemented which will support this approach.

At the same time, all the growth initiatives of the Company would be subjected to the scenario in the global and the Indian economic environment. With the current economic indicators not being positive, this poses a great challenge in the path of growth. The Company will endeavour to do it’s best to achieve sustainable and profitable growth within the constraints of the external environment

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Bank Guarantees	1.790	1.595
Disputed Excise Matters (Refer Note below)	44.847	42.762
Note: Future cash outflows/uncertainties, if any, in respect of above are determinable only on receipt of judgments/decisions pending with various forums/authorities.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

Intangible Assets

· Computer Software

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.59.97
UK Pound	1	Rs.102.90
Euro	1	Rs.82.02

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	DIV
Report Prepared by :	MRI

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	2
--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	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--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.