MIRA INFORM REPORT

Report Date :

03.06.2014

IDENTIFICATION DETAILS

Name :	ENERGY-MISSION MACHINERIES (INDIA) PRIVATE LIMITED
Registered Office :	87/1, Opposite Pushpak Industrial Estate, Phase-I, GIDC, Vatva, Ahmedabad – 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	17.01.2011
Com. Reg. No.:	04-063696
Capital Investment / Paid-up Capital :	Rs.17.500 Millions
CIN No.: [Company Identification No.]	U29100GJ2011PTC063696
TAN No.: [Tax Deduction & Collection Account No.]	AHME01097F
PAN No.: [Permanent Account No.]	AACCE6042K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Hydraulic Machineries.
No. of Employees :	115 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There seems some dip in the turnover and profitability during 2013. Reserves of the company’s are also low. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings 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 – 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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	NSIC ICRA
Rating	SEC B
Rating Explanation	High performance capacity and moderate financial strength
Date	29.04.2014

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. Mahindra Gohel
Designation :	Accounts Manager
Contact No.:	91-79-25840067
Date :	02.06.2014

LOCATIONS

Registered Office :	87/1, Opposite Pushpak Industrial Estate, Phase-I, GIDC, Vatva, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-25840067
Mobile No.:	91-79-25840067 (Mr. Mahindra Gohel)
Fax No.:	Not Available /
E-Mail :	info@energymission.com mahigohel@gmail.com energymission@gmail.com
Website :	http://www.energymission.com
Factory :	Plot No. 5210, Phase – IV, Opposite Ramol Police Chowky, G.I.D.C. Vatva, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-65436237 / 40085558
Fax No.:	91-79-40085558 / 25830913

DIRECTORS

As on 30.09.2013

Name :

Mr. Satishkumar Kanjibhai Parmar

Designation :

Director

Address :

A-18, Vasudev Bungalows, Near Express Highway, Vatva, Ahmedabad – 382445, Gujarat, India

Date of Appointment :

17.01.2011

DIN No.:

03297705

Name :

Mr. Dineshkumar Shankarlal Chaudhary

Designation :

Director

Address :

I-C, Shikhar Apartment, Near Jiviba School, Near Bhagirathi Bunglows, Ghodasar, Ahmedabad – 382451, Gujarat, India

Date of Appointment :

17.01.2011

DIN No.:

03297711

Name :

Mrs. Snehal Narendra Mehta

Designation :

Director

Address :

8-25, Hari om Nagar Society, Near Jiviba School, Ghodasar, Ahmedabad – 380050, Gujarat, India

Date of Appointment :

30.09.2011

DIN No.:

03498810

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	U29100GJ2011PTC063696	ENERGY-MISSION MACHINERIES (INDIA) PRIVATE LIMITED	Director	30/09/2011	01/04/2011	-	Active	NO

Name :

Mr. Sanjay Shantukumar Khankar

Designation :

Director

Address :

I, Cannan Society, Near Lalbhai Centre, Maninagar East, Amraiwadi, Ahmedabad –380008, Gujarat, India

Date of Appointment :

30.09.2011

DIN No.:

03498818

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	U29100GJ2011PTC063696	ENERGY-MISSION MACHINERIES (INDIA) PRIVATE LIMITED	Director	30/09/2011	01/04/2011	-	Active	NO

Name :

Mr. Ashokumar Ramjibhai Panchal

Designation :

Director

Address :

Krutath Society, Bambay Conductor, Vatva, Ahmedabad – 382445, Gujarat, India

Date of Appointment :

30.09.2011

DIN No.:

03498821

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	U29100GJ2011PTC063696	ENERGY-MISSION MACHINERIES (INDIA) PRIVATE LIMITED	Director	30/09/2011	01/04/2011	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Satishkumar Kanjibhai Parmar	3505	20.03
Dineshkumar Shankarlal Chaudhary	3495	19.97
Snehal Narendra Mehta	3500	20.00
Sanjay Shantukumar Khankar	3500	20.00
Ashokmar Ramjibhai Panchal	3500	20.00
Total	17500	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Hydraulic Machineries.
Exports :
Products :	Finished Goods
Countries :	Jordan
Imports :
Products :	Raw Material
Countries :	Italy
Terms :
Selling :	Depend
Purchasing :	Depend

GENERAL INFORMATION

Suppliers :

D B Engineering, Noida

Customers :

• Aditya Birla Group
• Mahindra
• Isro
• Indian Railways
• Larson and Toubro Limited
• TATA
• Elecon
• BHEL
• ABB
• Philips
• Hitachi
• Anchor
• VP Buildings
• BEML
• Sintex
• Bajaj Steel Industries

No. of Employees :

115 (Approximately)

Bankers :

• Punjab National Bank, 5, Ashirwad Complex, V S Hospital Road, Paldi,, Ahmedabad - 380007, Gujarat, India
• Axis Bank Limited
• HDFC Bank Limited
• Kotak Mahindra Bank Limited

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Axis Bank Limited (Hypothecation of Swift Car) (Repayable in 60 monthly installment starting from 01.12.2009)	0.097	0.224
HDFC Bank Limited (Hypothecation of Innova Car) (Repayable in 36 monthly installment starting from 07.08.2011)	0.111	0.526
Kotak Mahindra Bank (Hypothecation of Chevorlet Car) (Repayable in 47 monthly installment starting from 01.05.2010)	0.000	0.198
Punjab National Bank (Hypothecation of Verna Car) (Repayable in 60 monthly installment starting from 15.10.2008)	0.000	0.090
Kotak Mahindra bank (Hypothecation of Verito Car) (Repayable in 36 monthly installment starting from 17.10.2012)	0.267	0.000
Kotak Mahindra bank (Hypothecation of Verito Car) (Repayable in 36 monthly installment starting from 17.10.2012)	0.267	0.000
Short Term Borrowings
Working Capital loan from bank	18.752	7.716
Total	19.494	8.754

Banking Relations :	--
Auditors :
Name :	Dhruvin D. Kothari and Company Chartered Accountants
Address :	103, Anjani Complex, Near Choice Restaurant, Swastik Cross Road, Navarangpura, Ahmedabad – 380009, Gujarat, India
PAN No.:	AAHFD1137G

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.1000/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17500	Equity Shares	Rs.1000/- each	Rs.17.500 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	17.500	10.000	0.500
(b) Reserves & Surplus	6.172	3.598	(0.042)
(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)	23.672	13.598	0.458
(3) Non-Current Liabilities
(a) long-term borrowings	6.181	2.038	0.000
(b) Deferred tax liabilities (Net)	0.000	0.032	0.000
(c) Other long term liabilities	0.300	0.171	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	6.481	2.241	0.000
(4) Current Liabilities
(a) Short term borrowings	18.752	7.716	0.000
(b) Trade payables	49.038	35.360	0.000
(c) Other current liabilities	23.885	13.361	0.032
(d) Short-term provisions	2.347	2.741	0.007
Total Current Liabilities (4)	94.022	59.178	0.039
TOTAL	124.175	75.017	0.497
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	34.709	13.742	0.000
(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)	0.050	0.000	0.000
(d) Long-term Loan and Advances	1.640	0.676	0.000
(e) Other Non-current assets	0.350	0.350	0.000
Total Non-Current Assets	36.749	14.768	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	65.445	44.504	0.000
(c) Trade receivables	14.096	11.488	0.000
(d) Cash and cash equivalents	0.749	0.408	0.000
(e) Short-term loans and advances	7.136	3.849	0.497
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	87.426	60.249	0.497
TOTAL	124.175	75.017	0.497

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	133.689	142.541	0.000
		Other Income	1.352	0.734	0.000
		TOTAL (A)	135.041	143.275	0.000
Less	EXPENSES
		Purchase of Stock-in-trade		152.164	0.000
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(44.503)	0.000
		Employee Benefits Expenses		11.902	0.000
		Administrative Expenses		14.935	0.000
		Other Expenses		0.000	0.042
		TOTAL (B)	126.144	134.498	0.042
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.897	8.777	(0.042)
Less	FINANCIAL EXPENSES (D)		2.297	1.454	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.600	7.323	(0.042)
Less	DEPRECIATION/ AMORTISATION (F)		2.875	2.054	0.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		3.725	5.269	(0.042)
Less	TAX (H)		1.151	1.628	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		2.574	3.641	(0.042)
	Earnings Per Share (Rs.)		147.07	364.10	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	180.000

Expected Sales (2014-2015): Rs.250.000 Millions

The above information has been parted by Mr. Mahindra Gohel

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.91	2.54	0.00
Net Profit Margin (PBT/Sales)	(%)	2.79	3.70	0.00
Return on Total Assets (PBT/Total Assets}	(%)	3.00	7.02	(8.45)
Return on Investment (ROI) (PBT/Networth)		0.16	0.39	(0.09)
Debt Equity Ratio (Total Debt /Networth)		1.05	0.72	0.00
Current Ratio (Current Asset/Current Liability)		0.93	1.02	12.74

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	0.500	10.000	17.500
Reserves & Surplus	(0.042	3.598	6.172
Net worth	0.458)	13.598	23.672
long-term borrowings	0.000	2.038	6.181
Short term borrowings	0.000	7.716	18.752
Total borrowings	0.000	9.754	24.933
Debt/Equity ratio	0.000	0.717	1.053

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	0.000	142.541	133.689
			(6.210)

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	0.000	142.541	133.689
Profit	(0.042)	3.641	2.574
	0.00%	2.55%	1.93%

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	Yes
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	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
From directors	4.789	0.850
From others	0.650	0.150
Total	5.439	1.000

WORKING:

The being the operational year of working for the company, the result are visible as far as sales and profit of the company are concerned. Steps are being taken to improve and increase the sales and profitability.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10352938	21/12/2012 *	25,000,000.00	PUNJAB NATIONAL BANK	5, Ashirwad Complex, V S Hospital Road, Paldi, Ahmedabad, Gujarat - 380007, India	B64925365

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.59.14
UK Pound	1	Rs.99.02
Euro	1	Rs.80.63

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	RAS
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.