MIRA INFORM REPORT

Report No. :	357364
Report Date :	30.12.2015

IDENTIFICATION DETAILS

Name :	MICROPRO SOFTWARE SOLUTIONS PRIVATE LIMITED
Registered Office :	Rajurkar Bunglow, Zenda Chowk, Dharampeth, Nagpur - 440012, Maharashtra
Tel. No.:	91-712-2541802
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	05.09.1996
Com. Reg. No.:	11-102385
Capital Investment / Paid-up Capital :	Rs.2.500 Million
CIN No.: [Company Identification No.]	U72200MH1996PTC102385
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCM3451B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is a information technology company, it offers software development, facility management services, cloud computing, Customer relationship management solution, software licensing hardware supply, networking and other allied services. (From Indirect Source)
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1996 having satisfactory track. The company possesses decent net worth base marked by fair revenue base, low borrowing and favourable gap between trade payables and receivables. Rating further takes into consideration satisfactory profit margin which as improved as compared to previous year. Trade relations are fair. Business is active. Payments are usually correct. The company can be considered 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.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Praful
Designation :	Not Divulged
Contact No.:	91-712-2541802
Date :	29.12.2015

LOCATIONS

Registered Office/ Administrative Office :	Rajurkar Bunglow, Zenda Chowk, Dharampeth, Nagpur - 440012, Maharashtra, India
Tel. No.:	91-712-2541802
Fax No.:	91-712-2541802
E-Mail :	sales@microproindia.com
Website :	http://www.microproindia.com
Corporate Office:	“Mangalam”, Khare own, Dharampeth, Nagpur – 440010, Maharashtra, India
Tel. No.:	91-712-2527027 / 2558189
Fax No.:	91-712-2539156
Raipur Office :	92, Anand Nagar, Balaji Mandir Marg, Raipur - 492001, Chattisgarh, India
Tel. No.:	91-771-4076882/ 2428889
Fax No.:	91-771-2438889
E-Mail :	sales@microproindia.com
UAE Office :	SAIF LOUNGE – P.O.Box 121793 Sharjah UAE
Office No :	00971-65286514
E-Mail :	uae@microproindia.com

DIRECTORS

As on: 31.03.2015

Name :	Mr. Prashant Renukadas Rajurkar
Designation :	Whole-Time Director
Address :	226 Kharey Town, Nagpur - 440010, Maharashtra, India
Date of Birth/Age :	02.02.1963
Date of Appointment :	05.09.1996
DIN No.:	01568265
Name :	Mr. Manish Suresh Peshkar
Designation :	Whole-Time Director
Address :	60/B, RBI Colony, Jaiprakash Nagar, Khamla, Nagpur, Maharashtra, India
Date of Birth/Age :	31.05.1970
Date of Appointment :	01.01.2003
DIN No.:	01568162
Name :	Ms. Meher Shreeram Pophali
Designation :	Whole-Time Director
Address :	P. No. 5, Lakhe Wada, Wanzari Nagar Ajni, Nagpur - 440003, Maharashtra, India
Date of Birth/Age :	20.04.1967
Date of Appointment :	29.09.1996
DIN No.:	01568099
Name :	Mr. Sanjay Yadavrao Mokashi
Designation :	Whole-Time Director
Address :	Dharampeth Bhagawaghar Layout, NIT Flats Dharampeth, Nagpur - 440010, Maharashtra, India
Date of Birth/Age :	05.07.1963
Date of Appointment :	05.09.1996
DIN No.:	01568141
Name :	Mr. Hitesh Dhirajlal Parikh
Designation :	Whole-Time Director
Address :	Kalash Enclave, Plot No.2, Dharampeth, Nagpur – 440010, Maharashtra, India
Date of Birth/Age :	02.01.1964
Date of Appointment :	05.09.1996
DIN No.:	00479828
Name :	Mr. Srinivas Sabbineni
Designation :	Director
Address :	Flat 43 A, Mayur Appartment, Shivaji Nagpur Hill Road, Nagpur - 440001, Maharashtra, India
Date of Birth/Age :	01.12.1963
Date of Appointment :	12.06.2012
DIN No.:	03509986

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Shareholders	No. of Shares
Hitesh Dhirajlal Parikh	3650
Sanjay Yadavrao Mokashi	1600
Prashant Renukadas Rajurkar	1400
Meenakshi Mokashi	3850
Swati Prashant Rajurkar	3950
Shefali Hitesh Parikh	1800
Meher Shreeram Pophali	3150
Manish Suresh Peshkar	2800
Srinivas Sabbineni	2800
Total	25000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is a information technology company, it offers software development, facility management services, cloud computing, Customer relationship management solution, software licensing hardware supply, networking and other allied services. (From Indirect Source)

Products/ Services :

Item Code No.	Product Description
99831311	Consultancy services related to hardware and software requirements and procure

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

Health Care

· Zulekha Group of Hospitals LLC, Dubai and Sharjah (2 Big size hospitals and 7 Clinics)

· Doctors Medical Centre, Sharjah

· Cornhiche Medical Centre, Sharjah

· Unicare Medical Centre, Sharjah

· Central Private Hospital, Sharjah

· Central Polyclinic, Sharjah

· Lifeline Healthcare Group, Dubai.

· GMC Clinics group Dubai - 13 Clinics

· AIMS (Asian Institute of Medical Sciences, Dombivali, Mumbai)

· A Goverment Orgnization in Nagpur (Currently 9 of 54 Clinics and dispensaries are live)

· Bhilai Scan and Research Limited, Bhilai Multiple Installations in MP)

· GB Multicare Hospital, Nagpur

ERP

· SMS Infrastructure Private Limited

· PeeVee Textiles Private Limited

· Vijay Nirman Constructions Private Limited

· MAFSU

· Raisoni Group

· Zulekha Group of Hospitals

· Lifeline Group of Hospitals

· Spacwood

· Asiatic Building Materials Company LLC Dubai

Automobile

· Jaika Motors : Tata Dealer

· Unnati Motors : Mahindra and Mahindra Dealer

· TAFE : Tractor Dealers

· Eicher Tractors : 170 Dealers across the country

· Safeway Motors : Service Centre for Hyundai, Tata, etc Nagpur

· Signate Motors : Nagpur

Government

· MOIL Limited (Nagpur)

· MECL (Nagpur)

· Powergrid (Nagpur)

· ALDC (Nagpur)

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Bank of Baroda
Branch	Dharampeth Branch, West High Court Road, Dharampeth, Nagpur - 440010, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Indian Rupee loan from Banks
Vehicle loan	0.892	0.000
Short-term borrowings
Working capital facilities from banks
Cash Credit	12.940	9.838
Total	13.832	9.838

Notes:

LONG TERM BORROWINGS

Vehicle loans from banks and financial institutions are secured by hypothecation of the vehicle financed.

SHORT TERM BORROWINGS

Cash Credit facility is primarily secured by hypothecation of stock, book debts and is further secured by equitable mortgage of building and personal guarantee of all the directors.

Auditors :
Name :	Banthia Damani and Associates Chartered Accountants
Address :	SO-8, Amarjyoti Palace, Dhantoli, SO-8, Amarjyoti Palace, Dhantoli, Nagpur-440012, Maharashtra, India
Mobile No.:	91- 9422807726
Income-tax PAN of auditor or auditor's firm :	AANPD7189C
Memberships :	--
Collaborators :	--
Other Related Parties :	· Micropark Infotrade · Micropro Infrastructure

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.500	2.500	2.500
(b) Reserves & Surplus	51.302	52.908	52.177
(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)	53.802	55.408	54.677
(3) Non-Current Liabilities
(a) long-term borrowings	0.892	0.000	2.555
(b) Deferred tax liabilities (Net)	0.352	2.858	3.664
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1.244	2.858	6.219
(4) Current Liabilities
(a) Short term borrowings	12.940	9.838	4.029
(b) Trade payables	3.365	24.074	12.551
(c) Other current liabilities	8.198	4.074	10.284
(d) Short-term provisions	1.875	2.690	0.000
Total Current Liabilities (4)	26.378	40.676	26.864
TOTAL	81.424	98.942	87.760
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.377	21.601	24.467
(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	3.715	3.715	3.787
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.454	3.035	3.278
(e) Other Non-current assets	2.381	2.056	10.046
Total Non-Current Assets	24.927	30.407	41.578
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.805	3.480	1.732
(c) Trade receivables	21.526	35.447	26.058
(d) Cash and cash equivalents	7.199	8.775	6.142
(e) Short-term loans and advances	23.967	20.833	12.250
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	56.497	68.535	46.182
TOTAL	81.424	98.942	87.760

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	118.110	136.489
	Other Income	2.505	1.705
	TOTAL (A)	120.615	138.194	148.949
Less	EXPENSES
	Cost of Materials Consumed
	Purchases of Stock-in-Trade	62.241	71.311
	Purchases of Services	4.281	5.514
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.325)	(1.748)
	Employees benefits expense	32.679	30.997
	Other expenses	12.090	18.516
	TOTAL (B)	110.966	124.590	132.677
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	9.649	13.604	16.272
Less	FINANCIAL EXPENSES (D)	1.843	2.565	3.076
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	7.806	11.039	13.196
Less/ Add	DEPRECIATION/ AMORTISATION (F)	1.620	5.143	5.557
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	6.186	5.896	7.639
Less	TAX (H)	(0.490)	5.165	0.251
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	6.676	0.731	7.388
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	5.920	15.007	10.736
	Travelling Expenses	0.027	0.030	.0.000
	TOTAL EARNINGS	5.947	15.037	10.736
	Earnings / (Loss) Per Share (Rs.)	267.03	29.28	295.52

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	0.102	0.000	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	(2.035)	5.816	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	5.65	0.54	NA
Operating Profit Margin (PBIDT/Sales)	(%)	8.17	9.97	NA
Return on Total Assets (PBT/Total Assets}	(%)	7.96	6.19	9.10
Return on Investment (ROI) (PBT/Networth)		0.11	0.11	0.14
Debt Equity Ratio (Total Debt /Networth)		0.26	0.18	0.12
Current Ratio (Current Asset/Current Liability)		2.14	1.68	1.72

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2.500	2.500	2.500
Reserves & Surplus	52.177	52.908	51.302
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	54.677	55.408	53.802
long-term borrowings	2.555	0.000	0.892
Short term borrowings	4.029	9.838	12.940
Total borrowings	6.584	9.838	13.934
Debt/Equity ratio	0.120	0.178	0.259

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	148.949	138.194	120.615
		(7.221)	(12.721)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	148.949	138.194	120.615
Profit	7.388	0.731	6.676
	4.96%	0.53%	5.53%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS

The Company in the year has achieved a turnover of Rs.120.615 Million as compared to Rs.138.194 Million during the previous year. The decrease in net profit is mainly due to stiff competition, high cost and low margin of profit. The Performance of the Company is expected to improve during the current year.

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90155360	11/12/2002	600,000.00	BANK OF BARODA	DHARAMPETH BRANCH, NAGPUR, Maharashtra, INDIA	-
2	90155101	01/06/2013 *	42,900,000.00	BANK OF BARODA	DHARAMPETH BRANCH, WEST HIGH COURT ROAD, DHARAMPETH, NAGPUR, Maharashtra - 440010, INDIA	B78296357
3	90156829	01/06/2013 *	42,900,000.00	BANK OF BARODA	DHARAMPETH BRANCH, WEST HIGH COURT ROAD, DHARAMPETH, NAGPUR, Maharashtra - 440010, INDIA	B78295615

FIXED ASSETS

· Plant and Machinery

· Furniture and Fixtures

· Electrical Fittings

· Buildings

· Office Equipments

· Vehicles

· Air Conditioners

· Computers

· Printers

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.66.37
UK Pound	1	Rs.98.91
Euro	1	Rs.72.84

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	AMT
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--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		47

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.