MIRA INFORM REPORT

Report Date :

17.05.2014

IDENTIFICATION DETAILS

Name :	AXALTA COATING SYSTEMS INDIA PRIVATE LIMITED
Registered Office :	A-220, Defence Colony, New Delhi - 110024
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.03.2012
Com. Reg. No.:	55-232798
Capital Investment / Paid-up Capital :	Rs.10.100 Millions
CIN No.: [Company Identification No.]	U24200DL2012PTC232798
PAN No.: [Permanent Account No.]	AAECD2713N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Paints.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 671000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track record. It is the company first year of the business operation and the company has achieved a sizeable turnover from its operation however incurred a loss. Net worth of the company is good. 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 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.2,453.2 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.

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 BY

Name :	Mr. Vineet Kumar Bansal
Designation :	Country Tax Manager and Legal Compliance Manager
Contact No.:	91-9899374072
Date :	16.05.2014

LOCATIONS

Registered / Corporate Office :	A-220, Defence Colony, New Delhi – 110024, India
Tel. No. :	Not Available
Mobile No.:	91-9899374072 (Mr. Vineet Kumar Bansal)
Fax No. :	Not Available
E-Mail :	manoj.kumar@hammurabisolomon.com
Factory :	Plot No KV-1/2, GIDC, Savli, Village Alindra, Vadodara - 391775, Gujarat, India

DIRECTORS

As on 12.09.2013

Name :

Mr. Manoj Kumar

Designation :

Director

Address :

A-220, Block – A, Defence Colony, New Delhi – 110024, India

Date of Birth/Age :

28.11.1972

Date of Appointment :

13.03.2012

DIN No. :

00247927

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	U72900DL2003PTC123495	COMMVERGE SOLUTIONS INDIA PRIVATE LIMITED	Director	12/12/2003	12/12/2003	-	Active	NO
2	U74110DL2005PTC136080	HAMMURABI AND SOLOMON ADVISORY PRIVATE LIMITED	Director	10/05/2005	10/05/2005	06/09/2011	Active	NO
3	U93000DL1988PTC033443	ION BIO MED-ICARE PRIVATE LIMITED	Director	14/12/2005	14/12/2005	08/12/2006	Active	NO
4	U25199DL2006FTC145680	EOC Polymers India Private Limited	Nominee director	01/02/2006	01/02/2006	03/06/2011	Active	NO
5	U80301DL2007PTC161500	Hammurabi & Solomon Educational Academy Private Limited	Director	02/04/2007	02/04/2007	06/09/2011	Active	NO
6	U92412DL2007PTC161513	Manasvi Sports & Events Private Limited	Director	02/04/2007	02/04/2007	-	Active	NO
7	U80301DL2007PTC161511	Manasvi Gurukul Educational Academy Private Limited	Director	02/04/2007	02/04/2007	-	Active	NO
8	U85110UR2008PTC032727	MANASVI RUDRAPUR HOSPITALITY PRIVATE LIMITED	Director	01/12/2008	01/12/2008	-	Active	NO
9	U55101DL2009PTC186616	Dhillon Motels Private Limited	Director	13/01/2009	13/01/2009	15/04/2012	Active	NO
10	U80903DL2009PTC194210	YASHASVI INSTITUTE OF LEARNING PRIVATE LIMITED	Director	14/09/2009	14/09/2009	-	Active	NO
11	U31500DL2010PTC197592	AUGUST ELECTRICALS PRIVATE LIMITED	Director	04/01/2010	04/01/2010	03/06/2010	Active	NO
12	U74900DL2010PTC197600	AUGUST MEDICAL PRIVATE LIMITED	Director	04/01/2010	04/01/2010	-	Active	NO
13	U15400DL2010PTC197624	AUGUST FOODS AND BEVERAGES PRIVATE LIMITED	Director	05/01/2010	05/01/2010	-	Active	NO
14	U93030DL2010PTC197623	AUGUST SPORTS AND EVENTS PRIVATE LIMITED	Director	05/01/2010	05/01/2010	-	Active	NO
15	U70200DL2010PTC199093	AUGUST INFRASTRUCTURE COMPANY PRIVATE LIMITED	Director	15/02/2010	15/02/2010	-	Active	NO
16	U74999DL2010PTC199131	AUGUST BROADCASTING COMPANY PRIVATE LIMITED	Director	16/02/2010	16/02/2010	-	Active	NO
17	U74140DL2010PTC199129	AUGUST ADVISORS PRIVATE LIMITED	Director	16/02/2010	16/02/2010	-	Active	NO
18	U18109DL2010PTC199300	AUGUST APPARELS PRIVATE LIMITED	Director	19/02/2010	19/02/2010	-	Active	NO
19	U45309DL2010PTC201822	Anil Balraj Construction Private Limited	Director	21/04/2010	21/04/2010	18/07/2012	Active	NO
20	U85100DL2010PTC201911	AUGUST FITTNESS CARE PRIVATE LIMITED	Director	23/04/2010	23/04/2010	18/07/2012	Active	NO
21	U70200DL2010PTC202391	AUGUST PROPBUILD PRIVATE LIMITED	Director	07/05/2010	07/05/2010	15/04/2012	Active	NO
22	U29253DL2010PTC202587	AUGUST MACHINERIES PRIVATE LIMITED	Director	12/05/2010	12/05/2010	18/07/2012	Active	NO
23	U21000DL2010PTC202600	AUGUST PAPER WORKS PRIVATE LIMITED	Director	30/09/2013	13/05/2010	-	Active	NO
24	U52334HR1999PTC048468	TREND COMMUNICATIONS INDIA PRIVATE LIMITED	Director	19/09/2011	22/11/2010	01/03/2012	Active	NO
25	U29253HR2011FTC048418	IDEAL INDUSTRIES INDIA PRIVATE LIMITED	Director	07/04/2011	07/04/2011	01/03/2012	Active	NO
26	U29100MH2011FTC251103	DRAEGER SAFETY INDIA PRIVATE LIMITED	Director	20/10/2011	20/10/2011	-	Active	NO
27	U24200DL2012PTC232798	AXALTA COATING SYSTEMS INDIA PRIVATE LIMITED	Director	13/03/2012	13/03/2012	18/02/2014	Active	NO
28	U85100DL2014NPL266584	INDIA UNITES FOUNDATION	Director	20/03/2014	20/03/2014	-	Active	NO
29	AAA-1249	HAMMURABI & SOLOMON CORPORATE ADVISORS LLP	Designated Partner	29/04/2010	29/04/2010	-	Active	NO
30	AAA-1442	AUSPICIOUS ADVISORS & CONSULTANTS LLP	Designated Partner	30/05/2011	30/05/2011	-	Active	NO
31	AAA-1628	HAMMURABI & SOLOMON CONSULTING LLP	Designated Partner	21/06/2010	21/06/2010	-	Active	NO

Name :

Mr. Vinay Digambar Rajadhyaksha

Designation :

Director

Address :

7, Meghdoot, 162 – BHA Gat Road, Near Starcity Cinema, Mahim, Mumbai – 400016, Maharashtra, India

Date of Birth/Age :

21.07.1961

Date of Appointment :

11.09.2013

PAN No.:

ACRPR9477K

DIN No. :

05334966

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	U24200DL2012PTC232798	AXALTA COATING SYSTEMS INDIA PRIVATE LIMITED	Director	11/09/2013	23/07/2012	-	Active	NO

Name :

Mr. Sharad Arora

Designation :

Director

Address :

Flat No. 1002, Tower – 14, The Close North Nirvana, South City – II, Gurgaon - 122018, Haryana, India

Date of Birth/Age :

15.11.1972

Date of Appointment :

11.09.2013

PAN No.:

AAKPA3466C

DIN No. :

06427372

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	U24200DL2012PTC232798	AXALTA COATING SYSTEMS INDIA PRIVATE LIMITED	Director	11/09/2013	06/01/2013	-	Active	NO

Name :

Indrish Saxena

Designation :

Director

Address :

153 Suncity, Manjalpur, Vadodara – 390011, Gujarat, India

Date of Birth/Age :

26.09.1966

Date of Appointment :

11.09.2013

DIN No. :

06436132

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	U24200DL2012PTC232798	AXALTA COATING SYSTEMS INDIA PRIVATE LIMITED	Director	11/09/2013	30/01/2013	20/12/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Vineet Kumar Bansal
Designation :	Country Tax Manager and Legal Compliance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.09.2013

Names of Shareholders	No. of Shares
Axalta Coating Systems Singapore Holding Pte. Limited, Singapore	1009999
Manoj Kumar	1
Total	1010000

As on 12.09.2013

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 :

Manufacturer of Paints

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	PWC House, Plot No. 18A, Gurunanak Road, Bandra, Mumbai, Maharashtra, India
PAN No. :	AAEFP3641G
Fellow Subsidiary company :	² Axalta Coating Systems (Sanghai) Company Limited ² Axalta Coating Systems Godo Kaisha ² Axalta Coating Systems (Taiwan) Limited ² Axalta Coating Systems (Thailand) Limited ² Axalta Coating Systems (Singapore) Holding Pte Limited ² E I DuPont Services Centre India Private Limited ² Axalta Coating Systems Australia pty Limited ² Axalta Coating Systems Korea inc ² DuPont Brazile Axalta Coating Systems Germany Gmbh ² Axalta Coating Systems Austria Gmbh ² Axalta Coating Systems Belgium bvba ² PHI Seeds (India) Limited ² E I DuPont India Private Limited
Holding company :	² Axalta Coating Systems (Singapore) Holding Pte Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1010000	Equity Shares	Rs.10/- each	Rs.10.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.100
(b) Reserves & Surplus	157.791
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	167.891
(3) Non-Current Liabilities
(a) long-term borrowings	1488.510
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	11.351
Total Non-current Liabilities (3)	1499.861
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	541.755
(c) Other current liabilities	96.771
(d) Short-term provisions	7.281
Total Current Liabilities (4)	645.807
TOTAL	2313.559
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	439.656
(ii) Intangible Assets	112.993
(iii) Capital work-in-progress	73.772
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	303.284
(e) Other Non-current assets	0.000
Total Non-Current Assets	929.705
(2) Current assets
(a) Current investments	0.000
(b) Inventories	537.824
(c) Trade receivables	400.504
(d) Cash and cash equivalents	156.178
(e) Short-term loans and advances	263.262
(f) Other current assets	26.086
Total Current Assets	1383.854
TOTAL	2313.559

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013
	SALES
		Income
		Other Income
		TOTAL	1463.671
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	1540.675
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(77.004)
Less/ Add	DEPRECIATION/ AMORTISATION		40.204
	PROFIT/ (LOSS) BEFORE TAX		(117.208)
Less	TAX		0.000
	PROFIT/ (LOSS) AFTER TAX		(117.208)
	Earnings / (Loss) Per Share (Rs.)		(116.041)

KEY RATIOS

PARTICULARS		31.03.2013
PAT / Total Income	(%)	(8.01)
Return on Total Assets (PBT/Total Assets}	(%)	(5.23)
Return on Investment (ROI) (PBT/Networth)		(0.70)
Debt Equity Ratio (Total Debt/Networth)		8.87
Current Ratio (Current Asset/Current Liability)		2.14

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one year	Yes
12]	Profitability for last one year	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	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

PARTICULAR	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Fully convertible debenture	1488.510
Total	1488.510

INDEX OF CHARGES

No Charges Exist for Company

FIXED ASSETS

œ Land

œ Buildings

œ Plant and Equipment

œ Furniture and Fixtures

œ Office Equipments

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.58.86
UK Pound	1	Rs.98.82
Euro	1	Rs.80.72

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	ANK

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	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--CREDIT LINES	1~10	2
--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		29

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.