MIRA INFORM REPORT

Report Date :

28.03.2014

IDENTIFICATION DETAILS

Name :	PECKFORTON PHARMACEUTICALS LTD.

Registered Office :	Golden Gate Lodge Crewe Hall Weston Road Crewe, CW1 6UL

Country :	United Kingdom

Financials (as on) :	31.03.2013

Date of Incorporation :	11.04.1995

Com. Reg. No.:	03044788

Legal Form :	Private Independent

Line of Business :	Subject is a dynamic speciality pharmaceutical company that manufactures, distributes and sells prescription and OTC products

No. of Employees :	06

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear

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)

United Kingdom

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these included nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of £375 billion (approximately $605 billion) as of December 2013. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase

Source : CIA

Company name and address

PECKFORTON PHARMACEUTICALS LTD.

Golden Gate Lodge Crewe Hall
Weston Road

Crewe, CW1 6UL
United Kingdom
(Trading Address) $Description: \\vivek\Foreign Report Raw\Peckforton Pharmaceuticals Ltd._files\arrow.gif$ Registered Address
$Description: \\vivek\Foreign Report Raw\Peckforton Pharmaceuticals Ltd._files\arrow.gif$ Map

Tel:	01270582255
Fax:	01270582299

$Description: \\vivek\Foreign Report Raw\Peckforton Pharmaceuticals Ltd._files\arrow.gif$ www.peckforton.com

Employees:	6
Company Type:	Private Independent

Quoted Status:	Non-quoted Company
Incorporation Date:	11-Apr-1995
Auditor:	Mazars LLP


Fiscal Year End:	31-Mar-2013
Reporting Currency:	British Pound Sterling
Annual Sales:	NA
Total Assets:	2.2

Business Description

Peckforton Pharmaceuticals Ltd. is a fast growing, dynamic speciality pharmaceutical company that manufactures, distributes and sells prescription and OTC products in the UK and Europe.The company is focused into two divisions, Branded and Hospital. Each division has distinct and separate requirements to support both the patient and the healthcare professional, with the primary focus on ensuring and maintaining the ‘quality of supply and the ‘quality of medicine... Product divestment - for organisations looking to rationalise their products ranges, Peckforton can provide a suitable financial package tailored to individual needs... Inward licencing - for organisations not currently represented within Western Europe, in particularly the United Kingdom and Eire. Peckforton can provide all the support and resources required to register your product within the EU, arrange logistical facilities along with the sales and marketing support to launch and establish your products within new markets.

Industry

Industry	Pharmaceutical Manufacturing
ANZSIC 2006:	1841 - Human Pharmaceutical and Medicinal Product Manufacturing
ISIC Rev 4:	2100 - Manufacture of pharmaceuticals, medicinal chemical and botanical products
NACE Rev 2:	2120 - Manufacture of pharmaceutical preparations
NAICS 2012:	325411 - Medicinal and Botanical Manufacturing
UK SIC 2007:	2120 - Manufacture of pharmaceutical preparations
US SIC 1987:	2834 - Pharmaceutical Preparations

Key Executives

Name	Title
William Reginald Beresford	Director, Secretary
Paul Boulton	Director, Secretary
Sally Fowler	Administrator
Brian Dickson	Director
Julian Viggars	Director

News

Title	Date
United Kingdom-Runcorn: Various medicinal products Tenders Electronic Daily (850 Words)	20-Feb-2014
United Kingdom-Cardiff: Medical equipments, pharmaceuticals and personal care products Tenders Electronic Daily (2568 Words)	11-Jul-2013

Financial Summary

FYE: 31-Mar-2013

USD (mil)

Key Figures
Current Assets	2.12
Fixed Assets	0.12
Total Liabilities	1.49
Net Worth	0.58

Key Ratios
Current Ratio	1.42
Acid Test	0.89

Registered No.(UK): 03044788

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6329098

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6591356

Corporate Overview

Location
Golden Gate Lodge Crewe Hall
Weston Road
Crewe, CW1 6UL
Cheshire County
United Kingdom

Tel:	01270582255
Fax:	01270582299

$Description: \\vivek\Foreign Report Raw\Peckforton Pharmaceuticals Ltd._files\externalright.gif$ www.peckforton.com

$Description: \\vivek\Foreign Report Raw\Peckforton Pharmaceuticals Ltd._files\spacer.gif$

Sales GBP(mil):	NA
Assets GBP(mil):	1.5
Employees:	6
Fiscal Year End:	31-Mar-2013

$Description: \\vivek\Foreign Report Raw\Peckforton Pharmaceuticals Ltd._files\spacer.gif$
Industry:	Biotechnology and Drugs

$Description: \\vivek\Foreign Report Raw\Peckforton Pharmaceuticals Ltd._files\spacer.gif$

Registered Address:
Crewe Hall
Weston Road
Crewe, CW2 5XN
United Kingdom

Incorporation Date:	11-Apr-1995
Company Type:	Private Independent
Quoted Status:	Not Quoted
Previous Name:	Bubblecharm Ltd.
Registered No.(UK):	03044788

$Description: \\vivek\Foreign Report Raw\Peckforton Pharmaceuticals Ltd._files\spacer.gif$
Director, Secretary:	William Reginald Beresford

Industry Codes

ANZSIC 2006 Codes:
1841	-	Human Pharmaceutical and Medicinal Product Manufacturing

ISIC Rev 4 Codes:
2100	-	Manufacture of pharmaceuticals, medicinal chemical and botanical products

NACE Rev 2 Codes:
2120	-	Manufacture of pharmaceutical preparations

NAICS 2012 Codes:
325411	-	Medicinal and Botanical Manufacturing

US SIC 1987:
2834	-	Pharmaceutical Preparations

UK SIC 2007:
2120	-	Manufacture of pharmaceutical preparations

Business Description

Wholesale of pharmaceutical goods.

More Business Descriptions

$Description: \\vivek\Foreign Report Raw\Peckforton Pharmaceuticals Ltd._files\spacer.gif$

Wholesale of pharmaceutical goods.

$Description: \\vivek\Foreign Report Raw\Peckforton Pharmaceuticals Ltd._files\spacer.gif$

Pharmaceutical Products Manufacturers

$Description: \\vivek\Foreign Report Raw\Peckforton Pharmaceuticals Ltd._files\spacer.gif$

Financial Data

Financials in:	GBP(mil)
$Description: \\vivek\Foreign Report Raw\Peckforton Pharmaceuticals Ltd._files\spacer.gif$
Assets:	1.5
Current Assets:	1.4
Fixed Assets:	0.1
Long Term Debt:	0.0
Total Liabilities:	1.0
Issued Capital:	0.6
Working Capital:	0.4
Net Worth:	0.4
$Description: \\vivek\Foreign Report Raw\Peckforton Pharmaceuticals Ltd._files\spacer.gif$
Date of Financial Data:	31-Mar-2013

$Description: \\vivek\Foreign Report Raw\Peckforton Pharmaceuticals Ltd._files\spacer.gif$

1 Year Growth

Key Corporate Relationships

Auditor:	Mazars LLP
$Description: \\vivek\Foreign Report Raw\Peckforton Pharmaceuticals Ltd._files\spacer.gif$
Auditor:	Mazars LLP, Mazars LLP
$Description: \\vivek\Foreign Report Raw\Peckforton Pharmaceuticals Ltd._files\spacer.gif$
Auditor History
Mazars LLP	31-Mar-2013
Mazars LLP	31-Mar-2012
Campbell Woolley LLP	31-Mar-2011
Campbell Woolley LLP	30-Sep-2009
Campbell Woolley LLP	30-Sep-2008
$Description: \\vivek\Foreign Report Raw\Peckforton Pharmaceuticals Ltd._files\spacer.gif$

Executives Report

$Description: \\vivek\Foreign Report Raw\Peckforton Pharmaceuticals Ltd._files\spacer.gif$

Board of Directors

Name

Title

Function

William Reginald Beresford

Director, Secretary

Director/Board Member

Biography:

An industrial pharmacist with more than 30 years of experience in development and regulatory affairs and is responsible for all Technical and Regulatory issues. Past senior management experience includes Smith Kline & French, Nicholas, Fisons and CP Pharmaceuticals. William is the author of over 50 Chemistry & Pharmacy Expert Reports and is a Qualified Person under the requirements of the Medicines Act and EC Directive 75/319.

Age: 63

Paul Boulton

Director, Secretary

Director/Board Member

Biography:

A qualified accountant, graduating from the London School of Economics, Paul has Board level experience in a number of industries and is responsible for all financial, administration and legal matters . Past experience includes Pilkington Brothers, Ciba-Geigy (now Novartis) and March Group Plc.

Age: 54

Brian Dickson

Director

Director/Board Member

Biography:

A physician with more than 20 years experience in development at major pharmaceutical and biotech companies. Also Chief Medical Officer of Cornerstone Therapeutics Inc., Dr. Dickson is responsible for developing new products in order to obtain timely regulatory approval, assisting in attaining new products for the company, designing and managing all clinical studies. Dr. Dickson worked in senior management with Smith, Kline & French Laboratories Ltd., Searle and Warner Lambert / Parke Davis. Further, he was Chief Medical Officer at the contract research organization Inveresk Ltd. (Charles River Laboratories). Dr. Dickson has led teams that have obtained 18 FDA approvals and has presented at 14 FDA Advisory Boards. In addition to Dr. Dickson's industry experience, he was a past Editor-in-Chief of the Journal of Pharmaceutical Medicine and is a member of the Faculty of Pharmaceutical Medicine. Dr. Dickson also served as a subcommittee member for nutrition and anemia at the World Health Organization. Dr. Dickson received his Doctor of Medicine from Adelaide University in South Australia.

Age: 63

Education:

Adelaide University, Doctor of Medicine

Julian Viggars

Director

Director/Board Member

Biography:

Julian joined EV in 2004 and has over eight years' venture capital experience, having worked as an Adviser on the corporate finance side, and as Principal in traditional private equity deals and early stage technology and emerging healthcare sectors. Prior to joining EV, Julian was a Director at AIM-listed healthcare and IT investor BioProjects. His role included structuring and monitoring of new investments, and liason with both the scientific community and investors. He was responsible for BioProjects' most successful investments, Acolyte Biomedica and Vialogy. Julian oversaw as an Non Executive Director, both the sale of Acolyte Biomedica and BioProjects' successful reverse merger with lead investment, Vialogy, now an AIM company valued at £28m. Prior to BioProjects, he was an Associate Partner at London Accountants, NCL Smith and Williamson, where he focused on the private equity markets, and spent eighteen months on secondment with Barclays Ventures. Julian is a Chartered Accountant and holds a degree in Geology with Chemistry from the University of Southampton.

Age: 46

Executives

Name

Title

Function

Sally Fowler

Administrator

Administration Executive

William Reginald Beresford

Director, Secretary

Company Secretary

Biography:

Age: 63

Paul Boulton

Director, Secretary

Company Secretary

Biography:

Age: 54

Directors and Shareholders Report

Main Office Address:
Golden Gate Lodge Crewe Hall
Weston Road
Crewe
United Kingdom CW1 6UL

Tel: 01270582255
Fax: 01270582299
URL: http://www.peckforton.com

Annual Return Date: 11 Apr 2013
Total Issued Capital (GBP 000): 640

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Paul Boulton	Current	19 Jul 1959	365 Atherton Road, Hindley, Wigan, Lancashire WN2 3XD	15 Jan 1999	NA	Current:6 Previous:5 Disqualifications:0
Julian Viggars	Current	15 Jan 1968	Preston Technology Management, Centre, Marsh Lane Preston, Lancashire PR1 8UQ	12 Sep 2008	NA	Current:9 Previous:3 Disqualifications:0
Brian Dickson	Current	30 Dec 1950	425 Freedom View Lane, Po Box 572, Valley Forge Pa 19481	26 May 1995	NA	Current:1 Previous:1 Disqualifications:0
William Reginald Beresford	Current	14 Aug 1950	17 Old Hall Court, Malpas, Cheshire SY14 8NE	26 May 1995	NA	Current:3 Previous:0 Disqualifications:0
Jeremy Frederick Poole	Previous	29 Jul 1947	Crewe Hall, Weston Road, Crewe, Cheshire CW2 5XN	06 Feb 2009	02 Jun 2010	Current:0 Previous:4 Disqualifications:0
Robert Leonard Whitemore	Previous	03 Nov 1954	The Hollows 32 The Green, Evenley, Brackley, Northamptonshire NN13 5SH	09 Aug 2004	26 Mar 2007	Current:1 Previous:3 Disqualifications:0
Mark Andrew Wyatt	Previous	23 Jul 1972	Imperial Innovations Level 12 Eee Building, Exhibition Road, London, London SW7 2AZ	21 Dec 2007	05 Aug 2008	Current:3 Previous:5 Disqualifications:0
John Nightingale	Previous	26 Jun 1945	53 Staddon Road, Appledore, Bideford, Devon EX39 1RF	26 May 1995	03 Feb 1997	Current:1 Previous:3 Disqualifications:0

Corporate Directors

Company Name	Status	Registered Address	Appointment Date	Resignation Date
Brighton Director Limited	Previous	381 Kingsway, Hove, East Sussex BN3 4QD	11 Apr 1995	26 May 1995

Individual Secretaries

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Paul Boulton	Current	19 Jul 1959	365 Atherton Road, Hindley, Wigan, Lancashire WN2 3XD	15 Jan 1999	NA	Current:6 Previous:5 Disqualifications:0
William Reginald Beresford	Current	14 Aug 1950	17 Old Hall Court, Malpas, Cheshire SY14 8NE	02 Feb 1997	NA	Current:3 Previous:0 Disqualifications:0
John Nightingale	Previous	26 Jun 1945	53 Staddon Road, Appledore, Bideford, Devon EX39 1RF	26 May 1995	03 Feb 1997	Current:1 Previous:3 Disqualifications:0

Corporate Secretaries

Company Name	Status	Registered Address	Appointment Date	Resignation Date
Brighton Secretary Limited	Previous	381 Kingsway, Hove, East Sussex BN3 4QD	11 Apr 1995	26 May 1995

Individual Shareholders

Name	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Brian Dickson	38000 Ordinary GBP 1.00	Ordinary	38,000	1.00	38,000.00	5.94
Coalfields Enterprise Fund	10000 A Preference GBP 1.00	A Preference	10,000	1.00	10,000.00	1.56
Coalfields Enterprise Fund	21149 A Ordinary GBP 1.00	A Ordinary	21,149	1.00	21,149.00	3.31
Paul Boulton	24000 Ordinary GBP 1.00	Ordinary	24,000	1.00	24,000.00	3.75
Paul Boulton	5287 A Ordinary GBP 1.00	A Ordinary	5,287	1.00	5,287.00	0.83
Peter Greenway	2644 A Ordinary GBP 1.00	A Ordinary	2,644	1.00	2,644.00	0.41
Risingstars Growth Fund	10000 A Preference GBP 1.00	A Preference	10,000	1.00	10,000.00	1.56
Risingstars Growth Fund	14100 A Ordinary GBP 1.00	A Ordinary	14,100	1.00	14,100.00	2.20
Risingstars Growth Fund	42857 Ordinary GBP 1.00	Ordinary	42,857	1.00	42,857.00	6.70
Risingstars Growth Fund	400000 Preference GBP 1.00	Preference	400,000	1.00	400,000.00	62.52
The Northwest Business Investment Scheme	21149 A Ordinary GBP 1.00	A Ordinary	21,149	1.00	21,149.00	3.31
The Northwest Business Investment Scheme	10000 A Preference GBP 1.00	A Preference	10,000	1.00	10,000.00	1.56
William Beresford	2644 A Ordinary GBP 1.00	A Ordinary	2,644	1.00	2,644.00	0.41
William Reginald Beresford	38000 Ordinary GBP 1.00	Ordinary	38,000	1.00	38,000.00	5.94

Corporate Shareholders

There are no corporate shareholders for this company.

News

	United Kingdom-Runcorn: Various medicinal products Tenders Electronic Daily (850 Words)	20-Feb-2014
	United Kingdom-Cardiff: Medical equipments, pharmaceuticals and personal care products Tenders Electronic Daily (2568 Words)	11-Jul-2013

Annual Profit & Loss

	31-Mar-2013	31-Mar-2012	31-Mar-2011	30-Sep-2009	30-Sep-2008
Period Length	52 Weeks	52 Weeks	78 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.63291	0.626752	0.643394	0.647882	0.507879
Consolidated	No	No	No	No	No

Depreciation	0.0	0.0	0.0	0.0	0.0

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	30-Sep-2009	30-Sep-2008
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.659136	0.628108	0.62385	0.625254	0.561026
Consolidated	No	No	No	No	No

Total Tangible Fixed Assets	0.0	0.0	0.0	0.0	0.0
Intangible Assets	0.1	0.1	0.2	0.0	0.1
Investments	0.0	0.0	0.0	0.0	0.0
Total Fixed Assets	0.1	0.2	0.2	0.0	0.1
Total Stocks Work In Progress	0.8	2.2	0.8	0.5	0.8
Total Debtors	1.0	1.4	1.5	1.1	0.8
Cash and Equivalents	0.3	0.2	0.3	0.6	0.9
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	2.1	3.7	2.5	2.2	2.6
Total Assets	2.2	3.9	2.7	2.2	2.6
Other Current Liabilities	1.5	3.1	2.1	1.5	1.3
Total Current Liabilities	1.5	3.1	2.1	1.5	1.3
Other Long Term Loans	-	-	-	0.1	0.1
Other Long Term Liabilities	0.1	0.2	0.3	0.5	0.7
Total Long Term Liabilities	0.1	0.2	0.3	0.7	0.8
Deferred Taxation	0.0	0.0	0.0	0.0	0.0
Other Provisions	0.0	0.0	0.0	0.0	0.0
Total Provisions	0.0	0.0	0.0	0.0	0.0
Issued Capital	0.9	1.0	1.0	1.0	1.1
Share Premium Accounts	0.4	0.4	0.4	0.4	0.5
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	-0.6	-0.8	-1.2	-1.4	-1.0
Other Reserves	0.0	0.0	0.0	0.0	0.0
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	0.7	0.6	0.3	0.0	0.5
Net Worth	0.6	0.5	0.1	0.0	0.5

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	30-Sep-2009	30-Sep-2008
Period Length	52 Weeks	52 Weeks	78 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.63291	0.626752	0.643394	0.647882	0.507879
Consolidated	No	No	No	No	No

Annual Ratios

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	30-Sep-2009	30-Sep-2008
Period Length	52 Weeks	52 Weeks	78 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.659136	0.628108	0.62385	0.625254	0.561026
Consolidated	No	No	No	No	No

Current Ratio	1.42	1.21	1.18	1.42	1.93
Liquidity Ratio	0.89	0.51	0.81	1.09	1.31
Borrowing Ratio	-	-	-	-2,271.39%	25.66%
Equity Gearing	31.12%	16.29%	9.52%	1.61%	20.21%
Debt Gearing	-	-	-	-2,271.39%	25.66%

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.13
UK Pound	1	Rs.99.65
Euro	1	Rs.82.91

INFORMATION DETAILS

Report Prepared by :

NIS

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 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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.