MIRA INFORM REPORT

Report Date :

11.09.2014

IDENTIFICATION DETAILS

Name :	ANKAR INDUSTRIES PRIVATE LIMITED
Registered Office :	141/1C, Lenin Sarani, Kolkata – 700013, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.04.1974
Com. Reg. No.:	21-029387
Capital Investment / Paid-up Capital :	Rs. 2.579 Millions
CIN No.: [Company Identification No.]	U24211WB1974PTC029387
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Agro Chemicals, Insecticides, Pesticides and Herbicides.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 103000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are 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 – 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
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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

Name :	Mr. Acharya
Designation :	Office Executive
Contact No.:	91-33-22363233
Date :	08.09.2014

LOCATIONS

Registered Office :	141/1C, Lenin Sarani, Kolkata – 700013, West Bengal, India
Tel. No.:	91-33-22363233/ 22372032
Fax No.:	91-33-22361472
E-Mail :	ankar@cal2.vsnl.net.in sourav3333@rediffmail.com
Location :	Owned
Factory :	Jessore Road, Madhyamgram, Kolkata – 700055, West Bengal, India
Tel. No.:	91-33-25383367/ 25383266
Fax No.:	91-33-25383367

DIRECTORS

As on 30.09.2013

Name :

Mr. Dipankar Banerjee

Designation :

Managing director

Address :

Block-CD-33, Salt Lake City, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

08.09.1948

Date of Appointment :

26.04.1994

Voter ID No.:

WB/13/090/0864408

DIN No.:

00860481

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	U51109WB1950PTC018573	PEOPLES ENTERPRISE PRIVATE LIMITED	Whole-time director	18/06/1980	18/06/1980	-	Active	NO
2	U24211WB1974PTC029387	ANKAR INDUSTRIES PRIVATE LIMITED	Managing director	26/04/1994	26/04/1994	-	Active	NO

Name :

Mrs. Rita Banerjee

Designation :

Additional director

Address :

Block-CD-33, Salt Lake City, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

31.08.1957

Date of Appointment :

10.09.1996

Voter ID No.:

WB/13/090/0864409

DIN No.:

00860547

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	U51109WB1950PTC018573	PEOPLES ENTERPRISE PRIVATE LIMITED	Director	14/11/1980	14/11/1980	-	Active	NO
2	U24211WB1974PTC029387	ANKAR INDUSTRIES PRIVATE LIMITED	Additional director	10/09/1996	10/09/1996	-	Active	NO
3	U18104WB1998PTC086265	RAI TREXIM PRIVATE LIMITED	Director	05/01/1998	05/01/1998	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Acharya
Designation :	Office Executive
Name :	Mr. Sourav Banerjee
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Dipankar Banerjee	15565
Peoples Enterprise Private Limited, India	20
Rai Trexim Private Limited, India	10000
Rita Banerjee	100
Sounar Banerjee	100
Total	25785

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	38.86
Directors or relatives of Directors	61.14
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Agro Chemicals, Insecticides, Pesticides and Herbicides.

Products :

ITC Code No.	Product Descriptions
Pesticides and Insecticides	310590.09

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Pesticides		Not Applicable	Liquid 2500 Ltrs. Per day in Single Shift	--
Acricides	Ltrs	--	--	147230
Weedicides	Kgs.	--	--	24020
	Ltrs	--	--	426290
Insecticides	Kgs.	--	--	7800
	Ltrs	--	--	46750
Fertilizer	Kgs.	--	--	--
	Ltrs	--	--	7340
Captive Production
Weedicides	Kgs.	--	--	34943

GENERAL INFORMATION

Customers :

Companies

No. of Employees :

30 (Approximately)

Bankers :

v State Bank of Indore, 9, Brabourne Road, Kolkata – 700001, West Bengal, India [91-33-22428418]

v State Bank of India, Brabourne Road Branch, 9, Brabourne Road, Kolkata – 700001, West Bengal, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Car Loans
From Banks
State Bank of India, Brabourne Road	0.000	0.215
State Bank of India, Brabourne Road	0.050	0.231
State Bank of India, Brabourne Road	0.320	0.543
State Bank of India, Brabourne Road	1.122	1.513
SHORT TERM BORROWING
From Banks [Cash Credit : Working Capital Facility]
Short term of Letter of Credit	5.303	5.037
Cash Credit from Bank and Short Term Letter of Credit. the loan is payable on demand. The Loans are secured against hypothecation of Stocks, Book Debts, Plant and Machinery and Guaranteed by Equitable mortgage of the title deeds of the land adjacent to the factory owned by Managing Director of the Company.	11.054	5.047
Total	17.848	12.586

Banking Relations :	---
Auditors :
Name :	Kapoor Mehrotra and Associates Chartered Accountants
Address :	23, Ganesh Chandra Avenue, 3rd Floor, Kolkata – 700013, West Bengal, India
Tel. No.:	91-33-22114457/ 9019/ 5493
E-Mail :	campharpk@yahoo.com
PAN No.:	AAFFK2315M
Related Party :	Rai Trexim Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
48000	Equity Shares	Rs.100/- each	Rs. 4.800 Million
2000	Preference Shares	Rs.100/- each	Rs. 0.200 Million
	Total		Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25785	Equity Shares	Rs. 100/- each	Rs. 2.579 Million

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	2.579	2.579	2.579
(b) Reserves & Surplus	23.048	22.390	21.560
(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)	25.627	24.969	24.139
(3) Non-Current Liabilities
(a) long-term borrowings	1.597	2.607	1.181
(b) Deferred tax liabilities (Net)	0.000	0.006	0.000
(c) Other long term liabilities	0.000	3.374	3.374
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1.597	5.987	4.555
(4) Current Liabilities
(a) Short term borrowings	52.555	45.623	37.488
(b) Trade payables	7.130	8.487	8.828
(c) Other current liabilities	1.073	4.675	4.713
(d) Short-term provisions	3.342	2.942	2.577
Total Current Liabilities (4)	64.100	61.727	53.606
TOTAL	91.324	92.683	82.300
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.926	5.182	2.863
(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	0.384
(c) Deferred tax assets (net)	0.098	0.000	0.000
(d) Long-term Loan and Advances	0.103	0.104	0.101
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5.127	5.286	3.348
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	38.549	34.383	32.744
(c) Trade receivables	32.460	40.910	39.891
(d) Cash and cash equivalents	7.811	4.607	1.861
(e) Short-term loans and advances	6.307	7.490	4.449
(f) Other current assets	1.070	0.007	0.007
Total Current Assets	86.197	87.397	78.952
TOTAL	91.324	92.683	82.300

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	140.707	145.329	131.729
		Other Income		0.299	2.952
		TOTAL	140.707	145.628	134.681
Less	TOTAL EXPENSES		134.009	137.700	126.900
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		6.698	7.928	7.781
Less	FINANCIAL EXPENSES		5.745	6.727	4.273
	PROFIT BEFORE TAX		0.953	1.201	3.508
Less	TAX		0.296	0.371	1.257
	PROFIT AFTER TAX		0.657	0.830	2.251
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.004	0.004	0.003
Less	APPROPRIATIONS
		Transfer to General Reserve	0.650	0.830	2.250
	BALANCE CARRIED TO THE B/S		0.011	0.004	0.004
	CIF VALUE OF IMPORTS		20.615	1.508	22.174
	Earnings Per Share (Rs.)		25.48	32.20	87.29

Particulars	31.03.2014
Sales Turnover (Approximately)	150.000

The above information has been parted by Mr. Acharya

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.47	0.57	1.67
Net Profit Margin (PBT/Sales)	(%)	0.68	0.83	2.66
Return on Total Assets (PBT/Total Assets}	(%)	1.04	1.30	4.28
Return on Investment (ROI) (PBT/Networth)		0.04	0.05	0.15
Debt Equity Ratio (Total Debt /Networth)		2.11	1.93	1.60
Current Ratio (Current Asset/Current Liability)		1.34	1.42	1.47

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	2.579	2.579	2.579
Reserves & Surplus	21.560	22.390	23.048
Net worth	24.139	24.969	25.627
long-term borrowings	1.181	2.607	1.597
Short term borrowings	37.488	45.623	52.555
Total borrowings	38.669	48.230	54.152
Debt/Equity ratio	1.602	1.932	2.113

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	131.729	145.329	140.707
		10.324	(3.180)

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	131.729	145.329	140.707
Profit	2.251	0.830	0.657
	1.71%	0.57%	0.47%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
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	Yes
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Security Deposit	0.106	0.106
SHORT TERM BORROWING
Loans and Advances from Related parties
15% Inter Corporate loan repayable on demand	18.683	19.047
15% Loans and Advances from Directors	13.942	12.992
18% Loans and Advances from Related Parties	3.574	3.500
	0.000	35.539
Total	36.305	35.645

FUTURE OUTLOOK

In order to improve the liquidity, Company has taken various steps and now it concentrative more on those markets where payments are much faster. All Possible efforts are being made to improve the overall performance of the company and effect of same will accrue to the company in the coming months.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10227358	17/06/2010	500,000.00	STATE BANK OF INDORE	9, BRABOURNE ROAD, KOLKATA, West Bengal - 700001,  INDIA	A88936406
2	10200910	21/01/2010	690,000.00	STATE BANK OF INDORE	9, BRABOURNE ROAD, KOLKATA, West Bengal - 700001,  INDIA	A78933348
3	10169374	06/07/2009	500,000.00	STATE BANK OF INDORE	9, BRABOURNE ROAD, KOLKATA, West Bengal - 700001,  INDIA	A67024026
4	10149627	27/02/2009	400,000.00	STATE BANK OF INDORE	9, BRABOURNE RAOD, KOLKATA, West Bengal - 700001,  INDIA	A58821752
5	10043811	15/07/2013 *	30,100,000.00	STATE BANK OF INDIA	Brabourne Road Branch,, 9, Brabourne Road, Kolkat a, West Bengal - 700001, INDIA	B81735359

* Date of charge modification

FIXED ASSETS

· Factory Building

· Plant and Machinery

· Equipments

· Office Equipments

· Air Conditioner

· Electrical Installation

· Furniture and Fixture

· Vehicles

· Tools and Implement

· Generator

· Computer

· Telephone Installation

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 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. 60.43
UK Pound	1	Rs.97.25
Euro	1	Rs.77.93

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.