MIRA INFORM REPORT

Report No. :	313548
Report Date :	03.04.2015

IDENTIFICATION DETAILS

Name :	AMRITSAR SWADESHI TEXTILE CORPORATION PRIVATE LIMITED
Registered Office :	Ram Tirath Roadamristar – 143001, Punjab
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.01.2005
Registrar No.:	16-027880
Capital Investment / Paid-up Capital :	Rs. 200.000 Million
CIN No.: [Company Identification No.]	U17110PB2005PTC027880
TAN No.: [Tax Deduction & Collection Account No.]	AMRA10966E
PAN No.: [Permanent Account No.]	AAFCA0627F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacture and selling of textiles.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 1000000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2014 but the documents related to the financials are not available from any source except from 20 B. However, trade relations are fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings with caution. Note: - The company has been converted to private limited company from partnership firm in the year 2005.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating : BB+ (Suspended)
Rating Explanation	Inadequate credit quality and high credit risk.
Date	February 2013

Rating Agency Name	CRISIL
Rating	Short Term Rating : A4+ (Suspended)
Rating Explanation	Minimal degree of safety very high credit risk.
Date	February 2013

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. Sachin Khanna
Designation :	Director
Contact No.:	91-9653014406
Date :	28.03.2015

LOCATIONS

Registered Office :	Ram Tirth Road, Amritsar – 143001, Punjab, India
Tel. No.:	91-183-2225618 / 2220782 / 5094716 / 3090796
Mobile No.:	91-9653014406 (Mr. Sachin Khanna)
Fax No.:	91-183-5094717
E-Mail :	info@aswm.com rajivkrishankhanna@yahoo.co.in mail@aswm.com
Website :	http://aswm.com www.amritsarswadeshi.com
Location :	Owned
Factory 1 :	Batala Road, Amritsar, Punjab, India
Tel. No.:	91-183-2263889, 2263903

DIRECTORS

As on 30.09.2014

Name :

Mr. Raj Krishna Khanna

Designation :

Managing Director

Address :

72, Mount Blanc, Dady Seth Hill Road, August Kranti Marg, Mumbai, Maharashtra, India

Date of Birth/Age :

10.08.1933

Date of Appointment :

01.09.2014

PAN No.:

ABSPK4265C

DIN No.:

00458398

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	U51311MH1972GAP016172	INDIAN WOOLLEN MILLS' FEDERATION	Director	29/06/83	29/06/83	-	Active	NO
2	U74899DL1975PTC007764	AMRITSAR SWADESHI WOOLLEN MILLS PRIVATE LIMITED	Managing director	30/03/95	30/03/95	-	Active	NO
3	U74999DL1996PTC081995	SWADESHI KOREATEX PRIVATE LIMITED	Director	16/05/97	16/05/97	-	Active	NO
4	U17110PB2005PTC027880	AMRITSAR SWADESHI TEXTILE CORPORATION PRIVATE LIMITED	Managing director	01/09/14	24/01/05	-	Active	NO

Name :

Mr. Rajiv Krishan Khanna

Designation :

Managing Director

Address :

79, The Mall, Amritsar, Punjab, India

Date of Birth/Age :

28.04.1946

Date of Appointment :

01.09.2014

PAN No.:

ABMPK9449E

DIN No.:

01585114

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	U17117PB1972PTC003177	REGAL WOOLLEN MILLS PRIVATE LIMITED	Director	22/09/72	22/09/72	-	Active	NO
2	U74899DL1975PTC007764	AMRITSAR SWADESHI WOOLLEN MILLS PRIVATE LIMITED	Managing director	01/09/14	20/05/75	-	Active	NO
3	U74999DL1996PTC081995	SWADESHI KOREATEX PRIVATE LIMITED	Director	17/09/96	17/09/96	-	Active	NO
4	U74899DL2001PTC109816	KRISHTEX FELTS PRIVATE LIMITED	Director	27/02/01	27/02/01	-	Active	NO
5	U17110PB2005PTC027880	AMRITSAR SWADESHI TEXTILE CORPORATION PRIVATE LIMITED	Managing director	01/09/14	24/01/05	-	Active	NO

Name :

Mr. Sachin Khanna

Designation :

Managing Director

Address :

5-6, Paradise Green V P O Heir, Amritsar – 143001, Punjab, India

Date of Birth/Age :

26.02.2005

Date of Appointment :

01.09.2014

PAN No.:

AEKPK7839K

DIN No.:

01585103

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	U74899DL2001PTC109816	KRISHTEX FELTS PRIVATE LIMITED	Director	27/02/01	27/02/01	-	Active	NO
2	U17110PB2005PTC027880	AMRITSAR SWADESHI TEXTILE CORPORATION PRIVATE LIMITED	Managing director	01/09/14	26/02/05	-	Active	NO
3	U74899DL1975PTC007764	AMRITSAR SWADESHI WOOLLEN MILLS PRIVATE LIMITED	Managing director	01/09/14	27/09/08	-	Active	NO

Name :

Mr. Lalit Krishna Khanna

Designation :

Managing Director

Address :

5-6, Paradise Green V P O Heir, Amritsar – 143001, Punjab, India

Date of Birth/Age :

11.04.1944

Date of Appointment :

01.09.2014

PAN No.:

AEKPK7838J

DIN No.:

01585862

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	U74899DL1975PTC007764	AMRITSAR SWADESHI WOOLLEN MILLS PRIVATE LIMITED	Managing director	01/09/14	29/03/95	-	Active	NO
2	U74999DL1996PTC081995	SWADESHI KOREATEX PRIVATE LIMITED	Director	16/05/97	16/05/97	-	Active	NO
3	U17110PB2005PTC027880	AMRITSAR SWADESHI TEXTILE CORPORATION PRIVATE LIMITED	Managing director	01/09/14	24/01/05	-	Active	NO
4	U17117PB1972PTC003177	REGAL WOOLLEN MILLS PRIVATE LIMITED	Director	02/09/14	02/09/14	-	Active	NO

Name :

Mr. Santosh Khanna

Designation :

Director

Address :

House No. 79, Mall Road Left Side, M.C. Ward No.42, Amritsar – 143001, Punjab, India

Date of Appointment :

30.09.2014

DIN No.:

07020892

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	U17110PB2005PTC027880	AMRITSAR SWADESHI TEXTILE CORPORATION PRIVATE LIMITED	Director	30/09/2014	06/09/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
S. K. Khanna	3000000
Raj Krishna Khanna	3000000
Lalit Krishna Khanna	3000000
Vinod Khanna	1400000
Vimal Khanna	1400000
Vijay Khanna	1400000
Rajiv Khanna	1600000
Akhil Khanna	600000
Sachin Khanna	600000
Amritsar Swadeshi Woollen Mills Private Limited, India	4000000
TOTAL	20000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	20.00
Directors or relatives of Directors	80.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of manufacture and selling of textiles.
Products :	· Relief Blankets · Institutional Blankets o Army / Police Blankets o Hotel / Hospital Blankets · Traditional Blankets · Traditional Wool Blankets · Mink Blankets · Throw · Woollen Fabrics · Woollen Yarns etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	· US · Canada · Australia etc.
Imports :
Products :	Raw Material
Countries :	Argentina
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers and Retailers

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

500 (Approximately)

Bankers :

· Punjab & Sind Bank - Hall Bazar, Amritsar - 143001, Punjab, India

· HDFC Bank Limited – Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Short-term borrowings
Term Loan From Banks	106.081	99.679
Total	106.081	99.679

Auditors :
Name :	R.L Mehera and Company Chartered Accountants
Address :	M.M. Malviya Road, Amritsar – 143001, Punjab, India
Tel. No.:	91-183-229114 / 503603
PAN N Income-tax PAN of auditor or auditor's firm :	AADFR2154F
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000,000	Equity Shares	Rs.10/- each	Rs.300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs.10/- each	Rs. 200.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	200.000	200.000	200.000
(b) Reserves & Surplus	315.673	305.770	304.939
(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)	515.673	505.770	504.939
(3) Non-Current Liabilities
(a) long-term borrowings	32.438	27.751	54.741
(b) Deferred tax liabilities (Net)	7.375	7.375	2.675
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	18.428	18.428	0.000
Total Non-current Liabilities (3)	58.241	53.554	57.416
(4) Current Liabilities
(a) Short term borrowings	106.081	99.679	159.718
(b) Trade payables	26.872	22.549	27.036
(c) Other current liabilities	46.228	44.825	48.852
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	179.181	167.053	235.606
TOTAL	753.095	726.377	797.961
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	278.888	248.498	520.141
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	14.578	7.668	0.000
(iv) Intangible assets under development	0.000	0.000	0.971
(b) Non-current Investments	0.111	0.111	0.111
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	10.801	10.808	10.108
(e) Other Non-current assets	0.200	0.300	0.400
Total Non-Current Assets	304.578	267.385	531.731
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	215.398	176.960	142.739
(c) Trade receivables	58.697	55.933	78.132
(d) Cash and cash equivalents	75.055	125.185	19.317
(e) Short-term loans and advances	96.086	97.169	19.156
(f) Other current assets	3.281	3.745	6.886
Total Current Assets	448.517	458.992	266.230
TOTAL	753.095	726.377	797.961

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	TOTAL INCOME	275.300	243.200	335.700
Less	EXPENSES TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA
Less	TAX	NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX	9.903	0.831	(14.816)
	Earnings / (Loss) Per Share (Rs.)	0.50	0.04	(0.74)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	3.60	0.34	(4.41)
Debt Equity Ratio (Total Debt /Networth)		0.27	0.25	0.42
Current Ratio (Current Asset/Current Liability)		2.50	2.75	1.13

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	200.000	200.000	200.000
Reserves & Surplus	304.939	305.770	315.673
Net worth	504.939	505.770	515.673
long-term borrowings	54.741	27.751	32.438
Short term borrowings	159.718	99.679	106.081
Total borrowings	214.459	127.430	138.519
Debt/Equity ratio	0.425	0.252	0.269

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	335.700	243.200	275.300
		(27.554)	13.199

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	335.700	243.200	275.300
Profit	(14.816)	0.831	9.903
	(4.41%)	0.34%	3.60%

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	No
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

Note:

Nature of Operations:

Amritsar Swadeshi Textile Corporation Private Limited is engaged in the business of manufacture and selling of textiles.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from others	32.438	27.751
Total	32.438	27.751

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10381433	21/09/2012	48,000,000.00	PUNJAB & SIND BANK	HALL BAZAR, AMRITSAR, Punjab - 143001, INDIA	B60047933
2	10349755	28/03/2014 *	140,000,000.00	HDFC BANK LIMITED	HDFC BANK LIMITED, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C02317337
3	90171530	11/07/2005	30,000,000.00	CANARA BANK	D.S. MARKET, AMRITSAR, Punjab, INDIA	-
4	90171522	13/06/2005	10,000,000.00	CANARA BANK	D.S. MARKET, AMRITSAR, Punjab, INDIA	-
5	90170090	15/02/2005	14,700,000.00	UNION BANK OF INDIA	CHOWK FOWARA, AMRITSAR, Punjab, INDIA	-
6	90171476	28/08/2010 *	280,500,000.00	UNION BANK OF INDIA	CHOWK FUVARA, AMRITSAR, Punjab - 143001, INDIA	A94411873

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	SUC
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--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	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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	--

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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.