MIRA INFORM REPORT

Report No. :	330283
Report Date :	08.07.2015

IDENTIFICATION DETAILS

Name :	NEW MANAK OVERSEAS LIMITED (W.E.F.14.05.2015)
Formerly Known As:	MANAK OVERSEAS LIMITED
Registered Office :	44 C P Tank Road 2^nd Floor Mumbai – 400004, Maharashtra
Tel. No.:	91-22-66205555 / 23866868 / 3255 / 66394393
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.02.1996
Com. Reg. No.:	11-097135
Capital Investment / Paid-up Capital :	Rs.20.000 Million
CIN No.: [Company Identification No.]	U51900MH1996PLC097135
IEC No.:	0396008623
TAN No.: [Tax Deduction & Collection Account No.]	MUMM11883E
PAN No.: [Permanent Account No.]	AAACM4811G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader and Importer of Stainless steel products.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1996. It is engaged in the business of trading and importing of stainless steel products. It has a moderate track record. For the financial year ended 2014, the company has steady growth in its operational activity and its sales turnover is increasing but it has thin profitability margin. Further, rating is constrained on account that the company has leveraged balance sheet profile, weak debt coverage indicators and huge borrowings taken by the company. However, trade relations are fair. Business is active. Payments terms are slow but correct. In view of leverage balance sheet profile, the company can be considered for business dealings with some cautions.

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Sangeet Mehta
Designation :	Manager
Contact No.:	91-22-66205555
Date :	04.07.2015

LOCATIONS

Registered Office :	44 C P Tank Road 2^nd Floor Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-66205555 / 23866868 / 3255 / 66394393
Fax No.:	91-22-23878784
E-Mail :	info@manakoverseas.com
Website :	www.manakoverseas.com
Area :	3500 Sq. Ft.
Location :	Owned
Locality :	Commercial
Warehouse:	C/21, Mayashree Compound Near Priti Petrol Pump, Purna Village, Bhiwandi, Thane – 400601, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :

Jaya Jawahar Kanungo

Designation :

Director

Address :

502/503, Navkar Apartment, Nanda Patekar Road, Vileparle (East), Mumbai - 400057, Maharashtra, India

Date of Birth/Age :

19.01.1953

Date of Appointment :

09.02.1996

DIN No.:

00224309

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	U22100MH1990PTC056193	MANAK STEELS PRIVATE LIMITED	Director	16/04/1990	16/04/1990	-	Active	NO
2	U51900MH1996PLC097135	NEW MANAK OVERSEAS LIMITED	Director	09/02/1996	09/02/1996	-	Active	NO
3	U27101MH2004PLC148890	NEW MANAK METALLOYS LIMITED	Director	15/06/2012	15/06/2012	-	Active	NO

Name :

Bhavana Satish Kanungo

Designation :

Director

Address :

502/503, Navkar Apartment, Nanda Patkar Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India

Date of Birth/Age :

28.08.1977

Date of Appointment :

15.06.2012

DIN No.:

00709414

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	U27101MH2004PLC148890	NEW MANAK METALLOYS LIMITED	Director	30/09/2004	30/09/2004	-	Active	NO
2	U27200MH1989PTC050447	MANAK METAL AND TRADINGS PRIVATE LIMITED	Director	15/06/2011	15/06/2011	-	Active	NO
3	U27300MH1985PTC036307	KANUNGO TRADING AND METALS PRIVATE LIMITED	Director	15/06/2012	15/06/2012	-	Active	NO
4	U51900MH1996PLC097135	NEW MANAK OVERSEAS LIMITED	Director	15/06/2012	15/06/2012	-	Active	NO

Name :

Mr. Satish Jawahar Kanungo

Designation :

Director

Address :

502,503 Navkar Apartment, Nanda Patekar Road, Vileparle (East), Mumbai - 400057, Maharashtra, India

Date of Birth/Age :

05.08.1974

Date of Appointment :

09.02.1996

DIN No.:

00750694

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	U27300MH1985PTC036307	KANUNGO TRADING AND METALS PRIVATE LIMITED	Director	30/09/1994	30/09/1994	-	Active	NO
2	U51900MH1996PLC097135	NEW MANAK OVERSEAS LIMITED	Director	09/02/1996	09/02/1996	-	Active	NO
3	U27101MH2004PLC148890	NEW MANAK METALLOYS LIMITED	Director	30/09/2004	30/09/2004	-	Active	NO
4	U27200MH1989PTC050447	MANAK METAL AND TRADINGS PRIVATE LIMITED	Director	18/12/2006	18/12/2006	-	Active	NO
5	U22100MH1990PTC056193	MANAK STEELS PRIVATE LIMITED	Director	15/06/2012	15/06/2012	-	Active	NO
6	AAE-2792	D MANAK DESIGNER KRAFT LLP	Designated Partner	29/06/2015	29/06/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sangeet Mehta
Designation :	Manager

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
Estate of Jawahar P Kanungo Executrix	35100
Satish Jawahar Kanungo	47100
Jaya Jawahar Kanungo	110400
Neeru Jawahar Kunungo	100
Jatin J. Kunungo	10100
Sumermal Jawantmalji Sanghvi	100
Prakash K Kothari	100
Jawahar Phoolchand Kanungo (HUF)	47000
Total	250000

Names of Shareholders (Preference Shares)	No. of Shares
Bhawna S. Kanungo	170000
Sneha J. Kanungo	100000
Satish Jawahar Kanungo	420000
Estate of Late Jawahar Phoolchand Kanungo	200000
Jaya Jawahar Kanungo	530000
Jawahar Phoolchand Kanungo (HUF)	330000
Total	1750000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Stainless steel products.
Products :	Stainless Steel Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Finished Goods
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

End Users

Reference :	Ti Steel Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

Banker Name	Standard Chartered Bank
Branch Address	SME Credit, 23-25 M. G. Road, Fort, Mumbai – 400001, 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)	Cash Credit = Rs.127.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
From Banks	143.990	119.612
Total	143.990	119.612

Auditors :
Name :	D. C. Bothra and Company Chartered Accountants
Address :	297, Tardeo Road, Willie Mansion, Nana Chowk, Mumbai – 400007, Maharashtra, India
Tel. No.:	91-22-23875734 / 23876643
Fax No.:	91-22-23876943
E-Mail :	dcbothra@gmail.com
PAN No.:	AACFD4645G
Memberships :	Not Available
Collaborators :	Not Available
Group Company :	Manak Metalloys Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Million
1750000	Preference Shares	Rs.10/- each	Rs.17.500 Million
	Total		Rs.20.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Million
1750000	Preference Shares	Rs.10/- each	Rs.17.500 Million
	Total		Rs.20.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	20.000	20.000	20.000
(b) Reserves & Surplus	25.693	21.493	17.756
(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)	45.693	41.493	37.756
(3) Non-Current Liabilities
(a) long-term borrowings	125.449	121.545	161.894
(b) Deferred tax liabilities (Net)	0.131	0.109	0.066
(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)	125.580	121.654	161.960
(4) Current Liabilities
(a) Short term borrowings	147.490	121.262	128.867
(b) Trade payables	251.434	241.349	131.177
(c) Other current liabilities	31.640	54.394	13.532
(d) Short-term provisions	1.200	1.640	2.010
Total Current Liabilities (4)	431.764	418.645	275.586
TOTAL	603.037	581.792	475.302
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.560	2.616	2.931
(ii) Intangible Assets	0.014	0.024	0.034
(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	23.267	6.590	10.181
(e) Other Non-current assets	16.356	10.786	9.562
Total Non-Current Assets	42.197	20.016	22.708
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	123.865	99.800	45.422
(c) Trade receivables	393.743	342.122	354.246
(d) Cash and cash equivalents	7.566	5.091	6.651
(e) Short-term loans and advances	22.257	101.980	45.770
(f) Other current assets	13.409	12.783	0.505
Total Current Assets	560.840	561.776	452.594
TOTAL	603.037	581.792	475.302

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	852.195	510.923	516.731
	Other Income	0.145	0.422	0.137
	TOTAL	852.340	511.345	516.868
Less	EXPENSES
	Purchases of Stock-in-Trade	839.874	532.836	478.817
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(24.064)	(54.377)	(0.035)
	Employees benefits expense	3.449	4.242	3.909
	Exceptional Items	0.000	0.000	0.030
	Other expenses	7.945	9.586	7.234
	TOTAL	827.204	492.287	489.955
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	25.136	19.058	26.913
Less	FINANCIAL EXPENSES	18.690	13.274	20.326
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	6.446	5.784	6.587
Less/ Add	DEPRECIATION/ AMORTISATION	0.370	0.351	0.319
	PROFIT/ (LOSS) BEFORE TAX	6.076	5.433	6.268
Less	TAX	1.876	1.697	1.904
	PROFIT/ (LOSS) AFTER TAX	4.200	3.736	4.364
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	0.416	NA
	TOTAL EARNINGS	NA	0.416	NA
	IMPORTS
	Raw Materials	210.669	153.476	167.020
	TOTAL IMPORTS	210.669	153.476	167.020
	Earnings / (Loss) Per Share (Rs.)	16.80	14.94	17.45

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.771	0.577	0.144
Cash generated from operations	NA	NA	NA
Net cash flows from	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.49	0.73	0.84
Operating Profit Margin (PBDIT / Sales)	(%)	2.95	3.73	5.21
Return on Total Assets (PBT/Total Assets}	(%)	1.01	0.93	1.32
Return on Investment (ROI) (PBT/Networth)		0.13	0.13	0.17
Debt Equity Ratio (Total Debt/Networth)		5.99	5.87	7.70
Current Ratio (Current Asset/Current Liability)		1.30	1.34	1.64

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	20.000	20.000	20.000
Reserves & Surplus	17.756	21.493	25.693
Net worth	37.756	41.493	45.693
long-term borrowings	161.894	121.545	125.449
Short term borrowings	128.867	121.262	147.490
Current Maturities of Long Term Debt	0.144	0.577	0.771
Total borrowings	290.905	243.384	273.710
Debt/Equity ratio	7.705	5.866	5.990

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	516.731	510.923	852.195
		(1.124)	66.795

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	516.731	510.923	852.195
Profit	4.364	3.736	4.200
	0.84%	0.73%	0.49%

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	Yes
5	Buyer visit details	----------------------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From Others	0.372	0.307
Loan from relatives	31.151	20.496
Other Loans and Advances	93.926	100.742
SHORT TERM BORROWING
From Others	3.500	1.650
Total	128.949	123.195

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10030410	14/05/2010 *	145,000,000.00	Standard Chartered Bank	SME Credit, 23-25 M G Road, Fort, Mumbai, Maharashtra - 400001, INDIA	A86262391

* Date of charge modification

FIXED ASSETS

• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computer

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.63.37
UK Pound	1	Rs.98.86
Euro	1	Rs.69.97

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	TRI
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	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		31

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.