MIRA INFORM REPORT

Report No. :	301354
Report Date :	17.01.2015

IDENTIFICATION DETAILS

Name :	RITA FASHION PRIVATE LIMITED
Registered Office :	F-3130, New Textile Marketring Road, Surat – 395002, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.12.2002
Com. Reg. No.:	04-041770
Capital Investment / Paid-up Capital :	Rs. 1.145 Millions
CIN No.: [Company Identification No.]	U17119GJ2002PTC041770
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ladies Suits and Salwar Kameez.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 29000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment terms are reported to be slow but 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.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Rajesh Ramjidas Chitkara
Designation :	Director
Contact No.:	91-9824106922
Date :	14.01.2015

LOCATIONS

Registered Office :	F-3130, New Textile Marketring Road, Surat – 395002, Gujarat, India
Tel. No. :	91-261-2327462/ 3245303
Mobile No. :	91-9824106922 (Mr. Rajesh Ramjidas Chitkara)
Fax No. :	Not Available
E-Mail :	ritafashion@drdcs.net ritafashion_p_ltd@yahoo.co.in
Website :	www.ritafashion.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Rajesh Ramjidas Chitkara

Designation :

Director

Address :

2-A/7, D.K. Park, Bhatar Road, Surat – 395001, Gujarat, India

Date of Birth/Age :

04.03.1971

Date of Appointment :

27.12.2002

DIN No. :

00469833

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	Company/ LLP Status	Defaulting status
1	U17111GJ1998PTC033511	RITA DYEING AND PRINTING MILLS PRIVATE LIMITED	Director	05-01-1998	05-01-1998	Active	NO
2	U17119GJ2002PTC041770	RITA FASHION PRIVATE LIMITED	Director	27-12-2002	27-12-2002	Active	NO
3	U31900GJ2004PTC044911	RAHUL ELECTROWORLD PRIVATE LIMITED	Director	15-10-2004	15-10-2004	Active	NO
4	U51494GJ2005PTC046481	RAHUL APPAREL PRIVATE LIMITED	Director	22-07-2005	22-07-2005	Active	NO

Name :

Mr. Darshanlal Ramjidas Chitkara

Designation :

Director

Address :

2-A/7, D.K. Park, Bhatar Road, Surat – 395001, Gujarat, India

Date of Birth/Age :

13.09.1964

Date of Appointment :

27.12.2002

DIN No. :

00469880

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	Company/ LLP Status	Defaulting status
1	U17111GJ1998PTC033511	RITA DYEING AND PRINTING MILLS PRIVATE LIMITED	Director	05-01-1998	05-01-1998	Active	NO
2	U17119GJ2002PTC041770	RITA FASHION PRIVATE LIMITED	Director	27-12-2002	27-12-2002	Active	NO
3	U31900GJ2004PTC044911	RAHUL ELECTROWORLD PRIVATE LIMITED	Director	15-10-2004	15-10-2004	Active	NO
4	U51494GJ2005PTC046481	RAHUL APPAREL PRIVATE LIMITED	Director	22-07-2005	22-07-2005	Active	NO

Name :

Mr. Sumankumar Ramjidas Chitkara

Designation :

Director

Address :

703, Madhulika Apartment, Near L.B. Cinema, Bhatar Road, Surat – 395001, Gujarat, India

Date of Birth/Age :

24.06.1963

Date of Appointment :

27.12.2002

DIN No. :

00469927

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	U17111GJ1998PTC033511	RITA DYEING AND PRINTING MILLS PRIVATE LIMITED	Director	05-01-1998	05-01-1998	-	Active	NO
2	U17119GJ2002PTC041770	RITA FASHION PRIVATE LIMITED	Director	27-12-2002	27-12-2002	-	Active	NO
3	U29197GJ1998PLC033820	SACHIN INFRA ENVIRONMENT LIMITED	Director	04-10-2003	04-10-2003	10-05-2008	Active	NO
4	U31900GJ2004PTC044911	RAHUL ELECTROWORLD PRIVATE LIMITED	Director	15-10-2004	15-10-2004	-	Active	NO
5	U51494GJ2005PTC046481	RAHUL APPAREL PRIVATE LIMITED	Director	22-07-2005	22-07-2005	-	Active	NO
6	U17119GJ1976PTC002873	COSMOS TEXTILE MILLS PVT LTD	Director	14-06-2012	14-06-2012	30-08-2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Darshanlal Ramjidas Chitkara	3600
Rajesh Ramjidas Chitkara	11300
Sumankumar Ramjidas Chitkara	11400
Sajor Rani Chitkara	1000
Ashu Rani Chitkara	11400
Anuradha Chitkara	11400
Rajrani Ramjidas	1500
Rajrani Chitkara (Firm)	10000
Saroj Rani Chitkara (Firm)	10400
Darshanlal Chitkara (Firm)	7800
Neelkanth Chitkara	11400
Nency Chitkara	11400
Abhishek Chitkara	11400
Kajol Darshanlal Chitkara	500
Total	114500

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	74.00
Other top fifty shareholders	26.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Ladies Suits and Salwar Kameez.

Products :

Exclusive Fancy Dress Materials	Exclusive Fancy Dress Materials	Salwar Kameez
Salwar Kameez Patterns	Designers Salwar Kameez	Latest Salwar Kameez
Latest Salwar Kameez Patterns	Stylish Salwar Kameez	Cotton Salwar Kameez
Fashionable Salwar Kameez	Salwar Kameez Anarkali	Embroidery Salwar Kameez
Embroidered Salwar Kameez	Salwar Kameez Dresses	Churidar Salwar Kameez
Bollywood Salwar Kameez	Dress Material	Bridal Dress Material
Wedding Dress Material	Cotton Dress Material	Ladies Dress Material
Bridesmaid Dress Material	Fancy Dress Material	Chiffon Dress Material
Bandhani Dress Material

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Sarees

Countries :

· Europe

Middle East

North America

South East Asia

Imports :

--

Terms :

Selling :

Cash, Cheque and Credit (30 Days and 60 Days)

Purchasing :

Cash, Cheque and Credit (30 Days and 60 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

No. of Employees :

50 (Approximately)

Bankers :

Bank Name:	Bank of Baroda
Branch:	Zampa Bazar Branch, Waghel Chambers, Surat - 395003, Gujarat, India
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash Credit: Rs. 10.000 Millions
Account Operation:	Not Divulged
Remarks: Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term loan from HDFC Bank Limited	14.112	0.000
Less: Installments Due within 12 Months	(2.496)	0.000
Vehicle loan from Kotak Mahindra Prime Limited	0.291	0.495
Less: Installments Due within 12 Months	(0.253)	(0.253)
SHORT TERM BORROWINGS
Cash Credit facility with Bank of Baroda	12.488	12.613
Total	24.142	12.855

NOTE

LONG TERM BORROWINGS

The closing balances of unsecured loans are subject to confirmation however, the directors have certified the respective balances.

SHORT TERM BORROWINGS

Cash Credit facility from Bank of Baroda is secured by hypothecation of stock, book debts and plant and Machinery of the company and equitable mortgage of immovable assets of the company and personal guarantee of the directors/ shareholders of the company.

Auditors :
Name :	DSI and Company Chartered Accountants
Address :	Mf/14-26, Nariman Point Shopping Centre, Near Raghuvir Bunglow, City Light Road, Surat – 395007, Gujarat, India
Tel. No. :	91-261-3992929/ 3994747
Fax No. :	91-261-3053838
E-Mail :	dsi.surat@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAFFD4002N
Associates :	Rita Dyeing and Printing Mills Private Limited Rita Textile Mills
Other Related Parties :	· Nency Silk Mills Darshan Sil Mills Rita Enterprise Gangadhar Fashion Rita Group of Mills Abhishek Prints Rita Prints Chitkara Silk Mills Rita silk Mills Rita Fabrics

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
120,000	Equity Shares	Rs.10/- each	Rs. 1.200 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
114,500	Equity Shares	Rs.10/- each	Rs. 1.145 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.145	1.145	1.145
(b) Reserves & Surplus	8.887	8.454	8.020
(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)	10.032	9.599	9.165
(3) Non-Current Liabilities
(a) Long-term borrowings	13.360	8.529	6.978
(b) Deferred tax liabilities (Net)	0.183	0.239	0.296
(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)	13.543	8.768	7.274
(4) Current Liabilities
(a) Short term borrowings	12.488	12.613	10.176
(b) Trade payables	2.454	2.001	5.424
(c) Other current liabilities	2.788	0.343	1.796
(d) Short-term provisions	0.275	0.257	0.196
Total Current Liabilities (4)	18.005	15.214	17.592
TOTAL	41.580	33.581	34.031
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.129	4.939	4.964
(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	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.437	0.437	0.437
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4.566	5.376	5.401
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2.917	2.258	5.266
(c) Trade receivables	17.959	20.574	18.533
(d) Cash and cash equivalents	1.558	0.625	0.535
(e) Short-term loans and advances	14.087	4.194	3.919
(f) Other current assets	0.493	0.554	0.377
Total Current Assets	37.014	28.205	28.630
TOTAL	41.580	33.581	34.031

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	50.162	39.026	48.187
		Other Income	0.033	0.022	0.050
		TOTAL	50.195	39.048	48.237
Less	EXPENSES
		TOTAL	49.543	38.412	47.627
	PROFIT / (LOSS) BEFORE EXCEPTIONAL AND EXTRAORDINARY ITEMS AND TAX		0.652	0.636	0.610
Less/ Add	EXCEPTIONAL AND EXTRAORDINARY ITEMS		0.000	0.002	0.000
	PROFIT/ (LOSS) BEFORE TAX		0.652	0.634	0.610
Less	TAX		0.180	0.200	0.228
	PROFIT/ (LOSS) AFTER TAX		0.472	0.434	0.382
	Earnings / (Loss) Per Share (Rs.)		4.12	3.79	3.34

Expected Sales (2014-2015): Rs. 80.000 Millions

The above information has been parted by Mr. Rajesh Chitkara (Director).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.94	1.11	0.79
Return on Total Assets (PBT/Total Assets}	(%)	1.57	1.89	1.79
Return on Investment (ROI) (PBT/Networth)		0.06	0.07	0.07
Debt Equity Ratio (Total Debt/Networth)		2.58	2.20	1.87
Current Ratio (Current Asset/Current Liability)		2.06	1.85	1.63

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.145	1.145	1.145
Reserves & Surplus	8.020	8.454	8.887
Net worth	9.165	9.599	10.032
long-term borrowings	6.978	8.529	13.360
Short term borrowings	10.176	12.613	12.488
Total borrowings	17.154	21.142	25.848
Debt/Equity ratio	1.872	2.203	2.577

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	48.187	39.026	50.162
		(19.011)	28.535

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	48.187	39.026	50.162
Profit	0.382	0.434	0.472
	0.79%	1.11%	0.94%

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	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

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10160505	14/06/2014 *	10,000,000.00	BANK OF BARODA	ZAMPA BAZAR BRANCH,WAGHEL CHAMBERS, MAIN ROAD, ZAMPA BAZAR, SURAT, GUJARAT - 395003, INDIA	C19937945

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
From Directors, Sister Concerns and Others	1.706	8.287
Total	1.706	8.287

FIXED ASSETS

· Furniture, Fixtures and Electrical Installations

Plant and Machinery

Computer

Motor Car

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.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.01

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	MRI

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
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.