MIRA INFORM REPORT

Report No. :	310090
Report Date :	07.03.2015

IDENTIFICATION DETAILS

Name :	PRABHAT STEEL TRADERS PRIVATE LIMITED
Registered Office :	Plot No.61, A, 1^st Lane, Darukhana, Reay Road, Mumbai - 400010, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.04.2007
Com. Reg. No.:	11-169524
Capital Investment / Paid-up Capital :	Rs.9.000 Million
CIN No.: [Company Identification No.]	U52599MH2007PTC169524
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMP23653A
PAN No.: [Permanent Account No.]	AAECP2391Q
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Trader of Iron and Steel
No. of Employees :	8 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 410000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and huge external borrowing taken by the company, which acts as threatening to the liquidity position of the company. However, trade relations are fair. Business is active. Payments terms are slow but correct. The company can be considered for business dealing with some caution.

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
Rating Explanation	Inadequate credit quality and high credit risk.
Date	November 24, 2014

Rating Agency Name	CRISIL
Rating	Short term rating: A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	November 24, 2014

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. Shrenik Shah
Designation :	Accounts Manager
Contact No.:	91-22-23722477
Date :	28.02.2015

LOCATIONS

Registered Office :	Plot No.61, A, 1^st Lane, Darukhana, Reay Road, Mumbai - 400010, Maharashtra, India
Tel. No.:	91-22-23722477
Fax No.:	91-22-23710191
E-Mail :	prabhat88@vsnl.com vilas@prabhatsteel.com girish@prabhatsteel.com
Area :	Not available
Location :	Owned
Warehouse:	Disma Complex, Kalamboli, Mumbai – 410218, Maharashtra, India

DIRECTORS

AS ON: 18.07.2014

Name :

Mr. Girish Satishchandra Jain

Designation :

Director

Address :

18, Girnar Apartments, 10 Dungershi Road, Malabar Hills, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

03.02.1962

Date of Appointment :

02.04.2007

DIN No.:

01064322

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	U70109WB1995PTC074524	KALPATARU PROPERTIES PVT.LTD.	Director	29/08/2002	29/08/2002	-	Active	NO
2	U27100MH2005PTC152340	SAVERA INDIA RIDING SYSTEMS COMPANY PRIVATE LIMITED	Director	31/03/2005	31/03/2005	-	Active	NO
3	U52599MH2007PTC169524	PRABHAT STEEL TRADERS PRIVATE LIMITED	Director	02/04/2007	02/04/2007	-	Active	NO

Name :

Mrs. Leena Girish jain

Designation :

Director

Address :

18,, Girnar Apartments, 10 Dungershi Road, Malabar Hills, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

23.10.1964

Date of Appointment :

02.04.2007

DIN No.:

01064373

Name :

Mrs. Sushma Satish Jain

Designation :

Director

Address :

18 Girnar Apartments, 10 Dungershi Road, Malabar Hills, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

28.02.1944

Date of Appointment :

30.09.2008

DIN No.:

01644209

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	U70109WB1995PTC074524	KALPATARU PROPERTIES PRIVATE LIMITED	Director	29/08/2002	29/08/2002	11/07/2012	Active	NO
2	U52599MH2007PTC169524	PRABHAT STEEL TRADERS PRIVATE LIMITED	Director	30/09/2008	01/08/2007	-	Active	NO

Name :

Mr. Satishchandra Pukhraj Jain

Designation :

Director

Address :

18 Girnar Apartments, 10 Dungershi Road, Malabar Hills, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

04.01.1938

Date of Appointment :

30.09.2014

DIN No.:

01487711

Name :

Mr. Karan Girish Jain

Designation :

Director

Address :

18 Girnar Apartments, 10 Dungershi Road, Malabar Hills, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

10.02.1987

Date of Appointment :

30.09.2008

DIN No.:

01644258

Name :

Mr. Kunal Girish Jain

Designation :

Director

Address :

18 Girnar Apartments, 10 Dungershi Road, Malabar Hills, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

01.09.1989

Date of Appointment :

30.09.2008

DIN No.:

01999028

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	U52599MH2007PTC169524	PRABHAT STEEL TRADERS PRIVATE LIMITED	Director	30/09/2008	17/01/2008	-	Active	NO
2	U70109WB1995PTC074524	KALPATARU PROPERTIES PVT.LTD.	Director	10/07/2012	10/07/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shrenik Shah
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.07.2014

Names of Shareholders (Equity Shares)	No. of Shares
Girish Satishchandra Jain	125000
Girish Satishchandra Jain (HUF) As a Karta of HUF	25000
Satishchandra P. Jain	25000
Satishchandra P. Jain(HUF) As a Karta of HUF	125000
Sushma Jain	150000
Leena Jain	25000
Karan Jain	25000
Total	500000

Names of Shareholders (Preference Shares)	No. of Shares
Kalputraru Properties Private limited, India	140000
Satishchandra P. Jain	70000
Karan Jain	60000
Kunal Jain	40000
Leena Jain	50000
Girish Satishchandra Jain	40000
Total	400000

Equity Share Break up (Percentage of Total Equity)

As on 18.07.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Importer and Trader of Iron and Steel

Products :

Item Code No.	Product Description
72071990	Semi Finished Products of Iron or Non Alloy Steel

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Products :

Iron and Steel

Countries :

• Russia
• China
• Korea
• Ukrain

Terms :

Not Divulged

PRODUCTION STATUS – NO AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Hyundai Corporation, Korea
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 :

Reference :	Krishna Sheet processors Private Limited, Malad - Mumbai
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 :

8 (Approximately)

Bankers :

Banker Name	Union Bank of India
Branch Address	Overseas Branch, Union Bank Bhavan, Ground Floor, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021, 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)	LC Rs. 620.000 Millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged
Banker Name	Punjab National Bank
Branch Address	Forshore Road Branch, Raheja Chambers, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Rupee term loans from banks	742.162	463.252
Total	742.162	463.252

Auditors :

Name :

N. G. Jain and Company

Chartered Accountant

Address :

320, 3^rd Floor, Hammer Smith Industrial Premises, Co-Operative Limited Narayan Pathare marg, Off Sitaladevi Temple Road, Mahim (West), Mumbai – 400016, Maharashtra, India

PAN No.:

AAEFN6344G

Memberships :

Not Available

Collaborators :

Not Available

Control in other concern:

• Kalpataru Properties Private Limited.
• Savera India Riding Systems Private Limited

Sister concern :

Name :	Prabhat Steel Industries
Address :	Sangli, Maharashtra

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 Million
400000	Preference Shares	Rs.10/- each	Rs.4.000 Million
	Total		Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Million
400000	Preference Shares	Rs.10/- each	Rs.4.000 Million
	Total		Rs.9.000 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	9.000	9.000	9.000
(b) Reserves & Surplus	132.833	122.329	112.142
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	13.860
Total Shareholders’ Funds (1) + (2)	141.833	131.329	135.002
(3) Non-Current Liabilities
(a) long-term borrowings	73.212	59.197	0.000
(b) Deferred tax liabilities (Net)	0.000	0.003	0.059
(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)	73.212	59.200	0.059
(4) Current Liabilities
(a) Short term borrowings	742.194	463.646	626.730
(b) Trade payables	15.426	6.004	357.479
(c) Other current liabilities	5.617	1.976	7.637
(d) Short-term provisions	0.000	37.188	37.188
Total Current Liabilities (4)	763.237	508.814	1029.034
TOTAL	978.282	699.343	1164.094
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.353	2.859	3.068
(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	0.506	0.506	0.006
(c) Deferred tax assets (net)	0.016	0.000	0.000
(d) Long-term Loan and Advances	0.161	0.161	0.386
(e) Other Non-current assets	0.048	0.064	0.079
Total Non-Current Assets	4.084	3.590	3.539
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	378.896	118.887	299.595
(c) Trade receivables	349.100	334.054	518.311
(d) Cash and cash equivalents	193.822	141.596	238.355
(e) Short-term loans and advances	3.979	1.700	0.000
(f) Other current assets	48.401	99.516	104.294
Total Current Assets	974.198	695.753	1160.555
TOTAL	978.282	699.343	1164.094

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
Income	1364.841	1033.871	2273.212
Other Income
TOTAL	1364.841	1033.871	2273.212
EXPENSES	1331.756	1002.579	2293.881
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	33.085	31.292	(20.669)
FINANCIAL EXPENSES	21.945	20.406	1.688
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	11.140	10.886	(22.357)
DEPRECIATION/ AMORTISATION	0.656	0.754	0.791
PROFIT/ (LOSS) BEFORE TAX	10.484	10.132	(23.148)
TAX	0.000	(0.055)	(0.067)
PROFIT/ (LOSS) AFTER TAX	10.504	10.187	-23.081
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	86.329	76.142	99.223
Earnings / (Loss) Per Share (Rs.)	11.67	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.77	0.99	(1.02)
Operating Profit Margin (PBITD/Sales)	(%)	2.42	3.03	(0.91)
Return on Total Assets (PBT/Total Assets}	(%)	1.07	1.45	(1.99)
Return on Investment (ROI) (PBT/Networth)		0.07	0.08	(0.17)
Debt Equity Ratio (Total Debt /Networth)		5.75	3.98	4.64
Current Ratio (Current Asset/Current Liability)		1.28	1.37	1.13

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	9.000	9.000	9.000
Reserves & Surplus	112.142	122.329	132.833
Net worth	121.142	131.329	141.833
long-term borrowings	0.000	59.197	73.212
Short term borrowings	626.730	463.646	742.194
Total borrowings	626.730	522.843	815.406
Debt/Equity ratio	5.174	3.981	5.749

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	2273.212	1033.871	1364.841
		(54.519)	32.013

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	2273.212	1033.871	1364.841
Profit	(23.081)	10.187	10.504
	(1.02%)	0.99%	0.77%

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	Yes
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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	No
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	Yes

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from directors	64.052	49.854
Loans and advances from others	9.160	9.343
Short-term borrowings
Loans taken for fixed assets	0.032	0.394
Total	73.244	59.591

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10273340	14/02/2011	300,000,000.00	PUNJAB NATIONAL BANK	FORSHORE ROAD BRANCH, RAHEJA CHAMBERS, NARIMAN PO  INT, MUMBAI, MAHARASHTRA - 400021, INDIA	B07638000
2	10087870	19/01/2015 *	650,000,000.00	UNION BANK OF INDIA	OVERSEAS BRANCH,UNION BANK BHAVAN,GROUND FLOOR, 2  39,VIDHAN BHAVAN MARG, NARIMAN POINT,, MUMBAI, MAH  ARASHTRA - 400021, INDIA	C43174010

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments

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.62.20
UK Pound	1	Rs.94.71
Euro	1	Rs.68.60

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KRN
Report Prepared by :	KVT

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	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	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		34

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.