MIRA
INFORM REPORT
|
Report Date : |
02.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
CARDOLITE SPECIALTY CHEMICALS |
|
|
|
|
Registered
Office : |
No. 61-63, DR. Radhakrishnan Salai, Mylapore, Chennai – 600004,
Tamilnadu |
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|
Country : |
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|
Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
14.03.2014 |
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Total Obligation of Contribution: |
Rs.1225.051 Millions |
|
|
|
|
LLPIN: |
AAC-1765 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business
: |
Manufacturer of Chemicals and Chemical Products. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4780000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Even though the company was established on 25th February,
2011 as a “Cardolite Specialty Chemicals India Private Limited”. Later it got
converted into “Cardolite Specialty Chemicals India Limited Liability Partnership”
concern as per Registrar of Companies status from 14th March,
2014. It is having a moderate track record. Mr. Abdul Rehman (Finance Department) has provided us with general
information. There seems accumulated loss recorded by the company during December,
2013. However, trade relations are reported as fair. Business is active.
Payment terms are slow but correct. The concern can be considered for business dealings with some caution. Note: The rating is taken
into consideration on the basis of unaudited financial for the year 31st
December, 2013 for private limited. |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Abdul Rehman |
|
Designation : |
Finance Department |
|
Contact No.: |
91-9980251225 |
|
Date : |
29.09.2014 |
LOCATIONS
|
Registered Office : |
No. 61-63, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600004,
Tamilnadu, India |
|
Tel. No.: |
91-44-28120000 91-824-4289 777 |
|
Mob. No.: |
91-9980251225 (Mr. Abdul Rehman) |
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Fax No.: |
91-44-28120001 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. IP-1 and IP-2, Mangalore Special Economic Zone, Palla, Bajpe
Village and Post, Mangalore – 574142, Karnataka, India |
|
Tel. No.: |
91-824-2888300 |
DIRECTORS
|
Name : |
Mr. Sanjay Kumar Mehta |
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Designation : |
Designated Partner |
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Address : |
33, Kalavai Street, Chintadripet Chennai – 600002, Tamilnadu India |
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Date of Birth/Age : |
21.06.1972 |
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Date of Appointment : |
14.03.2014 |
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DPIN No. : |
00793098 |
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Other Directorship :
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Name : |
Mr. Shailendra Shripad Bhatkhande |
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Designation : |
Designated Partner |
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Address : |
Flat No. 406, 4th Floor, Silver Streak Apartments, Near Ashok Nagar
Circle, Manglore – 575006, Karnataka, India |
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Date of Birth/Age : |
12.10.1966 |
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Date of Appointment : |
14.03.2014 |
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DPIN No. : |
06636043 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Abdul Rehman |
|
Designation : |
Finance Department |
CONTRIBUTION DETAILS
|
Names of Persons |
No. of Shares |
|
Shailendra Shripad Bhatkhande |
50 |
|
Sanjay Kumar Mehta |
50 |
|
Hindustan Investment Partners Limited, Bermuda |
116380000 |
|
Hindustan Holding Partners Limited, Bermuda |
6124974 |
|
Total |
122505074 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Chemicals and Chemical Products. |
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Exports : |
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Products : |
Chemicals and Chemical Products |
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Countries : |
· China USA Europe |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· China Malaysia |
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Terms : |
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Selling : |
Cash and Cheque |
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Purchasing : |
Cash and Cheque |
GENERAL INFORMATION
|
No. of Employees : |
100 (Approximately) |
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Bankers : |
· Bank of America, 1st Floor, DLF Centre, Sansad Marg, New Delhi – 110001, India Indian Overseas Bank, Bunder Branch, 41/1, Azizuddin Road,
Bunder, Mangalore - 575001, Karnataka, India HDFC Bank Limited |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S.H. Bhandari and Company Chartered Accountants |
|
Address : |
Bhandari Towers, 824, EVR Periyar Road, Kilpauk, Chennai – 600010,
Tamilnadu, India |
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Tel. No.: |
91-44-26412323 / 26612132 / 30486875 |
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Fax No.: |
91-44-42662251 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
ABAFS8935K |
CAPITAL STRUCTURE
As on 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
123000000 |
Equity Shares |
Rs.10/- each |
Rs. 1230.000 Millions |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
122505074 |
Equity Shares |
Rs.10/- each |
Rs. 1225.051
Millions |
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|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
(CARDOLITE
SPECIALTY CHEMICALS INDIA PRIVATE LIMITED)
|
SOURCES
OF FUNDS |
31.12.2013 (9 Months) |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1225.051 |
1225.051 |
74.804 |
|
(b) Reserves & Surplus |
(30.424) |
(24.583) |
(13.263) |
|
(c) Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
320.157 |
|
Total Shareholders’ Funds (1) + (2) |
1194.627 |
1200.468 |
381.698 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
117.958 |
103.748 |
98.904 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.012 |
|
(c) Other long term liabilities |
25.679 |
47.934 |
68.477 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
143.637 |
151.682 |
167.393 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
557.100 |
0.000 |
0.000 |
|
(b) Trade payables |
19.701 |
0.000 |
0.000 |
|
(c) Other current
liabilities |
210.783 |
196.684 |
139.253 |
|
(d) Short-term provisions |
1.150 |
1.376 |
0.186 |
|
Total Current Liabilities (4) |
788.734 |
198.060 |
139.439 |
|
|
|
|
|
|
TOTAL |
2126.998 |
1550.210 |
688.530 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
169.957 |
172.053 |
175.860 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
1231.182 |
671.219 |
46.253 |
|
(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) |
0.041 |
0.020 |
0.000 |
|
(d) Long-term Loan and Advances |
23.688 |
125.079 |
40.867 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1424.868 |
968.371 |
262.980 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
74.460 |
0.000 |
0.000 |
|
(c) Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
289.187 |
304.180 |
320.506 |
|
(e) Short-term loans and
advances |
226.651 |
169.576 |
2.158 |
|
(f) Other current assets |
111.832 |
108.083 |
102.886 |
|
Total Current Assets |
702.130 |
581.839 |
425.550 |
|
|
|
|
|
|
TOTAL |
2126.998 |
1550.210 |
688.530 |
PROFIT & LOSS
ACCOUNT
(CARDOLITE
SPECIALTY CHEMICALS INDIA PRIVATE LIMITED)
|
|
PARTICULARS |
31.12.2013 (9 Months) |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
0.000 |
0.000 |
0.709 |
|
|
|
TOTAL |
0.000 |
0.000 |
0.709 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Pre- Incorporation Expenses |
0.000 |
0.000 |
2.366 |
|
|
|
Administrative and Other Expenses |
0.000 |
0.000 |
6.886 |
|
|
|
Other Expenses |
5.099 |
8.915 |
0.000 |
|
|
|
Prior Period Adjustment |
(2.285) |
(2.188) |
0.000 |
|
|
|
TOTAL |
2.814 |
6.727 |
9.252 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(2.814) |
(6.727) |
(8.543) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.102 |
0.722 |
2.380 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(2.9160 |
(7.449) |
(10.923) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.946 |
3.903 |
2.328 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(5.862) |
(11.352) |
(13.251) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.020) |
(0.032) |
0.012 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
(5.842) |
(11.320) |
(13.263) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.11) |
(0.22) |
(3.28) |
|
KEY RATIOS
(CARDOLITE
SPECIALTY CHEMICALS INDIA PRIVATE LIMITED)
|
PARTICULARS |
|
31.12.2013 (9 Months) |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.00 |
0.00 |
(1870.66) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.65) |
(1.29) |
(2.06) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
(0.01) |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.57 |
0.09 |
0.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.89 |
2.94 |
3.05 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.12.2013
(9
Months) |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
74.804 |
1225.051 |
1225.051 |
|
Reserves & Surplus |
(13.263) |
(24.583) |
(30.424) |
|
Net
worth |
61.541 |
1200.468 |
1194.627 |
|
|
|
|
|
|
long-term borrowings |
98.904 |
103.748 |
117.958 |
|
Short term borrowings |
0.000 |
0.000 |
557.100 |
|
Total
borrowings |
98.904 |
103.748 |
675.058 |
|
Debt/Equity
ratio |
1.607 |
0.086 |
0.565 |
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
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 |
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 |
No |
INDEX OF CHARGES: NO CHARGES
EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULAR |
31.12.2013 (9 Months) (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
From Banks Foreign Currency
Loan Indian Overseas
Bank (FCNR Term Loan sanctioned by Indian Overseas Bank – Sanctioned Limit of Rs. 661.500 Millions secured by Corporate Guarantee of Cardolite Corporation USA, - Rs. 347.100 Millions and personal guarantee from the directors Cardolite Trading Private Limited, an associate company has lien a Fixed Deposit for Rs. 110.000 Millions for the above loan Repayment is in 12 half yearly installments from June 2014) |
117.958 |
103.748 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
From Banks Packing Credit in Foreign
Currency Loan Bank of America |
557.100 |
0.000 |
|
Total |
675.058 |
103.748 |
FIXED ASSETS
· Motor Cycle
Office
Equipment
Computer
Furniture
and Fittings
Plant
and Machinery
Leasehold
Land
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 records 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.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
26 |
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.