MIRA INFORM REPORT

Report No. :	321909
Report Date :	11.05.2015

IDENTIFICATION DETAILS

Name :	MUKAND INDUSTRIES PRIVATE LIMITED

Registered Office :	B-XXX, 2185 203/1, Phase VII, Focal Point, Ludhiana – 141010, Punjab
Tel. No.:	91-161-5053953

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	23.04.2001

Com. Reg. No.:	16-024353

Capital Investment / Paid-up Capital :	Rs.35.000 Million

CIN No.: [Company Identification No.]	U00000PB2001PTC024353

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	JLDM00721A

PAN No.: [Permanent Account No.]	AACCM5981B

Legal Form :	Private Limited Liability Company

Line of Business :	Trader and Importer of Paper and Board and also Manufacturer of Plastic Laminate and Wind Turbine Generator

No. of Employees :	120 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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 having moderate track record. For the financial year ended 2014, the company has reported below average operational performance and it has incurred loss from its operational activities. Rating also takes into constrained on account of company’s moderate financial risk profile and leverage liquidity position of the company. However, trade relations are fair. Business is active. Payments are reported to be 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

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	28.04.2014

Rating Agency Name	CRISIL
Rating	Short term rating=A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	28.04.2014

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 (GENERAL DETAILS)

Name :	Mr. Lokesh Bansal
Designation :	Director
Contact No.:	91-9814035722
Date :	09.05.2015

LOCATIONS

Registered Office / Factory 1 :	B-XXX, 2185 203/1, Phase VII, Focal Point, Ludhiana – 141010, Punjab, India
Tel. No.:	91-161-5053953 / 5026901 / 5026909/3267939
Mobile No.:	91-98142 22999 (Mr. Lokesh Bansal)
Fax No.:	91-161-5026920 / 5026919
E-Mail :	info@mukandindustries.com client_akh@yahoo.com co_client@yahoo.co.in
Website :	http://www.mukandindustries.com
Location :	Owned

Factory 2 :	Nagpur, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Lokesh Bansal

Designation :

Director

Address :

12-A, New Mandi, Muzaffar nagar, Uttar Pradesh, India

Date of Birth/Age :

26.09.1972

Date of Appointment :

23.04.2001

DIN No.:

00460823

Other Directorship:

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

U00000PB2001PTC024353

MUKAND INDUSTRIES PRIVATE LIMITED

Director

23/04/2001

Active

U17115PB1997PLC019557

EASTMAN INTERNATIONAL LIMITED

Director

01/06/2007

20/03/2010

Active

Name :

Mr. Sachin Singal

Designation :

Director

Address :

144-A, Aggar Nagar, Ludhiana – 141 003, Punjab, India

Date of Birth/Age :

01.01.1983

Date of Appointment :

01.05.2007

DIN No.:

00461016

Other Directorship:

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

U17110PB2004PLC026711

EASTMAN KOHINOOR COTTEX LIMITED

Director

12/01/2004

30/09/2010

Active

U00000PB2001PTC024353

MUKAND INDUSTRIES PRIVATE LIMITED

Director

01/05/2007

Active

Name :

Mr. Ramesh Gupta

Designation :

Director

Address :

144-A, Aggar Nagar, Ludhiana, Punjab, India

Date of Birth/Age :

17.09.1957

Date of Appointment :

30.06.2001

DIN No.:

00568050

Other Directorship:

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

U17115PB1997PLC019557

EASTMAN INTERNATIONAL LIMITED

Director

10/03/1997

Active

U00000PB2001PTC024353

MUKAND INDUSTRIES PRIVATE LIMITED

Director

30/06/2001

Active

Name :

Mr. Joginder Pal

Designation :

Director

Address :

9, Tibba Vill, Mundan Khurd, Ludhiana, Punjab, India

Date of Birth/Age :

25.11.1968

Date of Appointment :

15.06.2005

DIN No.:

01571270

Other Directorship:

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

U00000PB2001PTC024353

MUKAND INDUSTRIES PRIVATE LIMITED

Director

15/06/2005

Active

U17115PB1997PLC019557

EASTMAN INTERNATIONAL LIMITED

Director

01/06/2007

24/04/2010

Active

Name :

Anjana Thapar

Designation :

Director

Address :

House No.: 2/E, Moti Nagar, Ludhiana, Punjab, India

Date of Birth/Age :

17.10.1974

Date of Appointment :

12.10.2011

DIN No.:

05113484

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Rakesh Gupta	1697900
Lokesh Bansal	498000
Sneh Bansal	136000
Vipul Bansal	179000
Prem Narain Bansal	576000
Prem Narain and Sons (HUF)	186000
Manish Gupta	100
Shilpi Bansal	121000
Atul Singal	52000
Lokesh Bansal and Sons (HUF)	54000

Total	3500000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	5.31
Directors or relatives of Directors	62.74
Other top fifty shareholders	31.95
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Paper and Board and also Manufacturer of Plastic Laminate and Wind Turbine Generator

Products :	Packing Material Wind Energy Trading of Paper and Packing Material

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :
Products :	Raw Material
Countries :	Japan Thailand

Terms :
Selling :	L/C / Cash / Credit

Purchasing :	L/C / Cash / Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Khanna Paper Mill Limited – Punjab
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 :

Company Name :	Bilt Graphics Paper Products Limited – Haryana
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 :

120 (Approximately)

Bankers :

Banker Name :	State Bank of India
Branch :	Overseas Branch, Ludhiana – 141003, Punjab, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Rs.130.000 Million
Account Operation :	Not Divulged
Remark :	Not Divulged

· Punjab National Bank

· ICICI Bank Limited

· HDFC Bank Limited

· HSBC Bank

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Term loans	1.110	8.414

Short Term Borrowings
Working capital loans
From banks	130.681	129.322
From others	35.651	36.713

Total	167.442	174.449


Financial Institute :	SBI Global Factors Limited, 6th Floor, Metropolitan Building, Bandra-Kurla, Complex, Bandra(East), Mumbai - 400051, Maharashtra, India

Auditors :
Name :	Goyal Sanjay and Associates Chartered Accountant
Address :	11, Gian Market, G.T.Road, Miller Ganj, Opp. Ramgarhia Gurudwara, Ludhiana 141 001, Punjab, India
Tel. No.:	91-161-2532266 / 3240508
PAN No.:	AAAFG6668G


Collaborators :	Not Divulged

Membership :	Not Divulged

Associates :	Eastman International Gaurav Overseas Rita International Eastman International Limited Eastman Fab Limited Ramesh Steels

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

3500000	Equity Shares	Rs.10/- each	Rs.35.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3500000	Equity Shares	Rs.10/- each	Rs.35.000 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	35.000	35.000	35.000
(b) Reserves & Surplus	52.548	60.669	49.933
(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)	87.548	95.669	84.933

(3) Non-Current Liabilities
(a) long-term borrowings	48.400	46.754	44.458
(b) Deferred tax liabilities (Net)	4.842	0.000	3.458
(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)	53.242	46.754	47.916

(4) Current Liabilities
(a) Short term borrowings	166.332	166.035	131.654
(b) Trade payables	66.670	97.162	94.942
(c) Other current liabilities	21.821	16.468	19.536
(d) Short-term provisions	0.360	0.486	0.378
Total Current Liabilities (4)	255.183	280.151	246.510

TOTAL	395.973	422.574	379.359

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	96.039	111.444	107.412
(ii) Intangible Assets	0.134	0.223	0.205
(iii) Capital work-in-progress	0.000	0.000	3.293
(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	5.319	0.000
(d) Long-term Loan and Advances	2.787	2.386	5.863
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	98.960	119.372	116.773

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	137.858	156.092	124.211
(c) Trade receivables	140.557	127.265	117.152
(d) Cash and cash equivalents	8.219	6.002	6.307
(e) Short-term loans and advances	10.379	13.843	14.916
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	297.013	303.202	262.586

TOTAL	395.973	422.574	379.359

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	595.432	597.841	630.762
		Other Income	3.398	4.653	9.231
		TOTAL (A)	598.830	602.494	639.993

Less	EXPENSES
		Cost of Materials Consumed	346.833	381.080	439.740
		Purchase of Stock-in-trade	133.100	120.547	127.982
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	30.010	(5.633)	(40.944)
		Employee Benefits Expenses	17.771	21.019	16.094
		Other Expenses	25.020	36.148	47.110
		TOTAL (B)	552.734	553.161	589.982

	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		46.096	49.333	50.011

Less	FINANCIAL EXPENSES (D)		28.192	30.206	31.694

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.904	19.127	18.317

Less	DEPRECIATION/ AMORTISATION (F)		15.855	17.372	16.616

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		2.049	1.755	1.701

Less	TAX (H)		10.170	(8.981)	2.902

	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(8.121)	10.736	(1.201)

	Earnings / (Loss) Per Share (Rs.)		(2.32)	3.07	(0.34)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	(1.36)	1.80	(0.19)

Operating Profit Margin (PBDIT/Sales)	(%)	7.74	8.25	7.93

Return on Total Assets (PBT/Total Assets)	(%)	0.52	0.42	0.45

Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.02

Debt Equity Ratio (Total Debt /Networth)		2.45	2.22	2.07

Current Ratio (Current Asset/Current Liability)		1.16	1.08	1.07

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	35.000	35.000	35.000
Reserves & Surplus	49.933	60.669	52.548
Share Application money pending allotment	0.000	0.000	0.000
Net worth	84.933	95.669	87.548

long-term borrowings	44.458	46.754	48.400
Short term borrowings	131.654	166.035	166.332
Total borrowings	176.112	212.789	214.732
Debt/Equity ratio	2.074	2.224	2.453

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	630.762	597.841	595.432
		(5.219)	(0.403)

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	630.762	597.841	595.432
Profit	(1.201)	10.736	(8.121)
	(0.19%)	1.80%	(1.36%)

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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Laons and advances from related parties	47.290	38.340

Total	47.290	38.340

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10237018	14/07/2010	37,500,000.00	SBI Global Factors Limited	6th Floor, Metropolitan Building, Bandra-Kurla, Complex, Bandra(East), Mumbai, Maharashtra - 400051, India	A93820884
2	10092323	14/05/2012 *	203,100,000.00	State Bank of India	Overseas Branch, Ludhiana, Punjab - 141003, India	B40989329
3	90174049	23/04/2003 *	7,000,000.00	State Bank of India	Ovwerseas Branch; Dholewal Chowk, Ludhiana, Punjab, India	-
4	90175280	05/03/2005 *	7,000,000.00	State Bank of India	Ovwerseas Branch; Dholewal Chowk, Ludhiana, Punjab, India	-
5	90311709	05/03/2005 *	7,000,000.00	State Bank of India	Overseas Branch, Dholwal Chowk, Ludhiana, Punjab, India	-
6	90176038	23/02/2002	350,000.00	Codurion Bank Limited	15; Feroz Gandhi Market, Dholwal Chowk, Ludhiana, Punjab, India	-

*Date of modification Charges

FIXED ASSETS:

· Leasehold Land

· Buildings

· Plant and Machinery

· Furniture and Fixture

· 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.64.05
UK Pound	1	Rs.99.04
Euro	1	Rs.71.76

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	KAR

Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	--
--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		27

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.

MIRA INFORM REPORT

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