MIRA INFORM REPORT

Report Date :

11.07.2014

IDENTIFICATION DETAILS

Name :	RANEE POLYMERS PRIVATE LIMITED
Registered Office :	C-1/47 Safdarjng Development Area, New Delhi – 110016
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.03.1990
Com. Reg. No.:	55-039611
Capital Investment / Paid-up Capital :	Rs. 45.000 Millions
CIN No.: [Company Identification No.]	U74899DL1990PTC039611
TAN No.: [Tax Deduction & Collection Account No.]	DELR08580F
PAN No.: [Permanent Account No.]	AAACR3031K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Motor Parts.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 73000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems some dip in the profit of the company during 2013 however networth of the company is satisfactory. General financial position of the company is normal and acceptable for the business dealing. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually 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.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

NEWS

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = BB
Rating Explanation	Moderate risk of default.
Date	July 4, 2013

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 DENIED

Management Non-Cooperative

Contact No.: 91-11-23280327 / 26804444

LOCATIONS

Registered Office :	C-1/47 Safdarjng Development Area, New Delhi – 110016, India
Tel. No.:	91-11-23280327 / 23262656
Fax No.:	Not Available
E-Mail :	mail@skjca.in caskj11@gmail.com
WEBSITE :	http://www.raneepolymers.bizdir.co.in
Factory 1 :	Plot No. 87, Sector-8 IMT, Manesar, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-2290663/ 2291102
Mobile No.:	91-9810592006 (Mr. Rahul)
Area :	7875 sq.mtrs
Factory 2 :	157, Sector – 3, IMT. Manesaryagra, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-2291103/ 2290663/ 2290150/ 2290664
Fax No.:	91-124-2290664
Area :	4050 sq.mtrs

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Rajiv Jain

Designation :

Director

Address :

C-1/47, Safdarjung Development Area, New Delhi – 110016, India

Date of Birth/Age :

14.12.1959

Date of Appointment :

01.05.1997

DIN No.:

00792616

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1990PTC039611	RANEE POLYMERS PRIVATE LIMITED	Director	01/05/1997	01/05/1997	-	Active	NO
2	U65993DL2005PTC143864	Ranee Holdings Private Limited	Director	28/12/2005	28/12/2005	-	Active	NO

Name :

Mr. Abhishek Jain

Designation :

Director

Address :

C-1/47, Safdarjung Development Area, New Delhi – 110016, India

Date of Birth/Age :

14.06.1984

Date of Appointment :

17.06.2002

DIN No.:

00792620

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1990PTC039611	RANEE POLYMERS PRIVATE LIMITED	Director	17/06/2002	17/06/2002	-	Active	NO
2	U65993DL2005PTC143864	Ranee Holdings Private Limited	Director	28/12/2005	28/12/2005	-	Active	NO

Name :

Mr. Subhash Chand Jain

Designation :

Director

Address :

C-1/47, Safdarjung Development Area, New Delhi – 110016, India

Date of Birth/Age :

05.01.1940

Date of Appointment :

01.04.1993

DIN No.:

00792608

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1990PTC039611	RANEE POLYMERS PRIVATE LIMITED	Director	01/04/1993	01/04/1993	-	Active	NO
2	U65993DL2005PTC143864	Ranee Holdings Private Limited	Director	28/12/2005	28/12/2005	-	Active	NO

Name :

Mrs. Neelam Jain

Designation :

Director

Address :

C-1/47, Safdarjung Development Area, New Delhi – 110016, India

Date of Birth/Age :

13.02.1962

Date of Appointment :

01.07.1990

DIN No.:

00792626

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1990PTC039611	RANEE POLYMERS PRIVATE LIMITED	Director	01/07/1990	01/07/1990	-	Active	NO
2	U65993DL2005PTC143864	Ranee Holdings Private Limited	Director	28/12/2005	28/12/2005	-	Active	NO

Name :

Mrs. Shreya Jain

Designation :

Additional director

Address :

B-17, Sector 14, Gautam Budh Nagar, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

17.07.1986

Date of Appointment :

11.05.2011

DIN No.:

03511982

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Neelam Jain	84750
Subhash Chand Jain	70870
Subhash Chand Jain and Sons HUF	15538
Rajiv Jain and Sons HUF	24225
Namrata Jain	150
Prerna Jain	1000
Abhishek Jain	91695
Rajiv Jain	134750
Saubhagyati Jain	26932
Mony V. Jain	15
Asha N. Jain	15
Vinay Chand Jain	15
Vinay Chand Jain HUF	15
Raj Khanna	15
Naveen Chand Khanna	15
Total	450000

AS ON 30.09.2013

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Motor Parts

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· State Bank of India, SME Branch, Vatika First India Place, M.G. Road, Gurgaon – 122002, Haryana, India

· State Bank of India, Commercial Branch, Palam Court, Gurgaon - 122101, Haryana, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans
From banks	32.244	46.070
Other loans and advances	0.000	3.660
SHORT TERM BORROWINGS
Loans repayable
From banks	78.854	60.371
Total	111.098	110.101

Banking Relations :	--
Auditors :
Name :	Sunil Jain and Company Chartered Accountants
Address :	43, Darya Ganj, New Delhi – 110002, India
Tel. No.:	91-11-23262656
Fax No.:	91-11-23280327
E-Mail :	mail@skjca.in
Income-tax PAN of auditor or auditor's firm :	AAQFM1491B

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
450,000	Equity Shares	Rs. 100/- each	Rs. 45.000 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	45.000	45.000	45.000
(b) Reserves & Surplus	135.094	128.020	118.659
(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)	180.094	173.020	163.659
(3) Non-Current Liabilities
(a) long-term borrowings	108.835	111.669	169.179
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	11.181	5.847	3.774
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	120.016	117.516	172.953
(4) Current Liabilities
(a) Short term borrowings	78.854	60.371	0.000
(b) Trade payables	32.092	33.261	26.948
(c) Other current liabilities	5.977	3.531	4.293
(d) Short-term provisions	3.330	3.109	2.569
Total Current Liabilities (4)	120.253	100.272	33.810
TOTAL	420.363	390.808	370.422
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	285.624	289.250	279.618
(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	1.384	1.384	1.384
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	10.456	10.170	10.215
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	297.464	300.804	291.217
(2) Current assets
(a) Current investments	0.000	5.159	4.795
(b) Inventories	55.096	26.453	19.189
(c) Trade receivables	64.167	53.988	43.607
(d) Cash and cash equivalents	0.907	2.007	8.693
(e) Short-term loans and advances	2.729	2.397	2.921
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	122.899	90.004	79.205
TOTAL	420.363	390.808	370.422

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue from operations	359.568	357.322	329.785
	Other Income
	TOTAL	359.568	357.322	329.785
Less	EXPENSES
	TOTAL	330.766	328.578	303.802
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	28.802	28.744	25.983
Less/ Add	DEPRECIATION/ AMORTISATION	19.160	17.067	14.753
	PROFIT/ (LOSS) BEFORE TAX	9.642	11.677	11.230
Less	TAX	2.568	2.317	2.339
	PROFIT/ (LOSS) AFTER TAX	7.074	9.360	8.891
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	7.354	37.994	29.103
Less	APPROPRIATIONS
	Transfer to General Reserve	9.334	40.000	0.000
	Total	9.334	40.000	0.000
	BALANCE CARRIED TO THE B/S	5.094	7.354	37.994
	Earnings / (Loss) Per Share (Rs.)	15.720	20.800	19.760

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.97	2.62	2.70
Return on Total Assets (PBT/Total Assets)	(%)	2.30	3.00	3.04
Return on Investment (ROI) (PBT/Networth)		0.05	0.07	0.07
Debt Equity Ratio (Total Debt /Networth)		1.04	0.99	1.03
Current Ratio (Current Asset/Current Liability)		1.02	0.90	2.34

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	45.000	45.000	45.000
Reserves & Surplus	118.659	128.020	135.094
Net worth	163.659	173.020	180.094
long-term borrowings	169.179	111.669	108.835
Short term borrowings	0.000	60.371	78.854
Total borrowings	169.179	172.040	187.689
Debt/Equity ratio	1.034	0.994	1.042

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)
Total Income	329.785	357.322	359.568
		8.350	0.629

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	329.785	357.322	359.568
Profit/(Loss) After Tax	8.891	9.360	7.074
	2.70%	2.62%	1.97%

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	No
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]	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	Yes

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from related parties	59.634	48.889
Other loans and advances	16.957	13.050
Total	76.591	61.939

FINANCIAL RESULTS :

Activities of the company are going or very smoothly. Total Turnover of the company during the year under reference is Rs. 359.568 Millions Net profit is Rs.9.736 Millions.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10461008	24/10/2013	98,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST) , MUMBAI - 400013, MAHARASHTRA, INDIA	B89847461
2	10237116	11/08/2010	12,900,000.00	INTEC CAPITAL LIMITED	701,MANJUSHA, 57 NEHRU PLACE, NEW DELHI -  110019, INDIA	A93699809

FIXED ASSETS:

· Building

· Plot

· Plant and machinery

· Dies and Moulds

· Furniture and fixtures

· Vehicle

· Computers

· Cycle

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. 59.88
UK Pound	1	Rs. 102.59
Euro	1	Rs. 81.69

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	SNT

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	4
--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		43

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.