MIRA INFORM REPORT

 

 

Report No. :

348136

Report Date :

06.11.2015

 

IDENTIFICATION DETAILS

 

Name :

GENERAL MOTORS TECHNICAL CENTRE INDIA PRIVATE LIMITED (w.e.f. 15.06.2009)

 

 

Formerly Known As :

BLACK AND BRIDGE ENGINEERING AND DESIGN CENTER PRIVATE LIMITED

 

 

Registered Office :

3rd floor, Creator Building, International Tech Park, Whitefield Road, Bangalore - 560066, Karnataka

Tel. No.:

91-80-40497934

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

25.05.2009

 

 

Com. Reg. No.:

08-049932

 

 

Capital Investment / Paid-up Capital :

Rs. 602.000 Million

 

 

CIN No.:

[Company Identification No.]

U74200KA2009PTC049932

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AADCB7663C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged into designing, testing, analytical experimental development research and other work in the field of engineering, also carries on business of trading in vehicles parts and accessories.

 

 

No. of Employees :

Information declined by the Management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (73)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 4400000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated on 25th May, 2009. It is a subsidiary of General Motors Overseas Corporation, United States. It is Located in Bangalore, it is actively involved in designing, analyzing and development of vehicles and powertrains both globally and for the Indian market. It has fine track record.

 

There is unfavorable gap between trade receivables and trade payables. However, the company possesses a healthy profile marked by strong networth base along with fair profitability.

 

The rating also takes into consideration extensive experienced management team and established brand name in the market with reputed client base.

 

Trade relations are fair. Business is active. Payment are reported to be regular and as per commitments.

 

In view of strong holding, the company can be consideration 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 – 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

 

 

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 DECLINED

 

Management non-cooperative (91-80-41184000)

 

LOCATIONS

 

Registered Office :

3rd Floor, Creator Building, International Tech Park, Whitefield Road, Bangalore - 560066, Karnataka, India

Tel. No.:

91-80-40497934

Fax No.:

91-80-41158562

E-Mail :

vedavathy.kabadi@gm.com

 

DIRECTORS

 

As on 29.09.2014

 

Name :

Brian Jason Mcmurray

Designation :

Whole-time director

Address :

B 12 Smaran, Chaithanya Projects Whitefield, Bangalore - 560066, Karnataka, India

Date of Appointment :

22.06.2015

DIN No.:

07216084

 

 

Name :

Ms. Meera Sridhar

Designation :

Additional Director

Address :

No.39, Ist A Main, RMV II Stage, Bangalore - 560094, Karnataka, India

Date of Appointment :

26.10.015

DIN No.:

07322613

 

 

KEY EXECUTIVES

 

Name :

Mr. Vedavathy R Kabadi

Designation :

Secretary

Address :

# 7/2, 7th Main, 9th Cross, Bhuwaneshwari Nagara, Magadi Road Post, Bangalore - 560023, Karnataka, India

Date of Appointment :

31.03.2010

PAN No.:

AYXPK2791F

 

 

 

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.09.2014

 

Names of Shareholders

No. of Shares

%age holding

General Motors Asia Inc., USA

9999

0.02

General Motors Overseas Corporation, USA

60186724

99.98

Total

60196723

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 29.09.2014

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged into designing, testing, analytical experimental development research and other work in the field of engineering, also carries on business of trading in vehicles parts and accessories.

 

 

Products/Services :

Item Code No.

Product/Services Description

99831418

Engineering services including plant engineering, product design, product development services

 

 

Brand Names :

ACDelco

 

 

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 :

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

 

 

No. of Employees :

Information declined by the Management.

 

 

Bankers :

Bank Name

Not Divulged

Branch

Not Divulged

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 :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Long term maturities of finance lease obligations

52.200

88.500

 

 

 

Total

52.200

88.500

 

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

7th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City Phase II, Gurgaon - 122002, Haryana, India

PAN N Income-tax PAN of auditor or auditor's firm :

AABFD2095B

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding company
  • General Motors Overseas Corporation USA

 

 

Ultimate Holding company:
  • General Motors Company, United States

 

 

Fellow subsidiary Companies:
  • Chevrolet Sales India Private Limited, India

CIN No.:U34102GJ2008PTC054265

  • General Motors India Private Limited

CIN No.:U34100GJ1994PTC021818

  • General Motors Overseas Distribution Corporation, United States
  • General Motors Europe Limited, Germany
  • Adam Opel AG, Germany
  • General Motors Corporation (North American Operations), United States
  • Millbrook Proving Ground Limited, United Kingdom
  • General Motors (China) Investment Company Limited, China
  • General Motors Holden Australia, Australia
  • General Motors Global Technology Operations Inc., United States
  • General Motors Global Service Operation, United States
  • General Motors International Operations, China
  • General Motors Japan Limited, JAPAN
  • General Motors Thailand Limited, Thailand
  • General Motors Holden New Zealand Limited, New Zealand
  • General Motors Holding LLC, United States
  • GM Korea
  • Company ( formerly known as GM Daewoo Auto and Technology Company), Korea ,
  • General Motors do Brazil Limited, Brazil
  • General Motors China, Inc., China
  • General Motors Israel, Israel
  • GMODC –Singapore -INT'L Automotive, Singapore
  • FAW Harbin Light Duty Vehicle Company Limited, China
  • General Motors Indonesia, Indonesia
  • Gm Daewoo Auto and Technology Company, Japan

Other Related Parties:

  • GM Holden Limited, Australia,
  • General Motors Africa and Middle East, United Arab Emirates
  • GM APO, United States
  • Opel Australia Pty Ltd, Australia Gm Middle East Rmo - Dubai Office, United Arab Emirates

 

 

CAPITAL STRUCTURE

 

As on 29.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

65000000

Equity Shares

Rs.10/- each

Rs. 650.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

60196723

Equity Shares

Rs.10/- each

Rs. 601.947 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

602.000

602.000

602.000

(b) Reserves & Surplus

938.200

704.700

399.400

(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)

1540.200

1306.700

1001.400

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

52.200

88.500

139.500

(b) Deferred tax liabilities (Net)

0.000

0.000

17.800

(c) Other long term liabilities

137.900

135.900

112.500

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

190.100

224.400

269.800

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

1295.200

1243.000

2029.600

(c) Other current liabilities

281.300

280.500

298.100

(d) Short-term provisions

43.700

78.700

141.600

Total Current Liabilities (4)

1620.200

1602.200

2469.300

 

 

 

 

TOTAL

3350.500

3133.300

3740.500

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1077.100

1093.300

1416.800

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

26.400

34.600

9.400

(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)

96.900

86.700

0.000

(d)  Long-term Loan and Advances

769.500

670.700

500.100

(e) Other Non-current assets

0.000

0.000

0.100

Total Non-Current Assets

1969.900

1885.300

1926.400

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

85.700

131.700

134.900

(c) Trade receivables

297.800

169.800

451.500

(d) Cash and cash equivalents

611.100

683.200

1020.000

(e) Short-term loans and advances

384.800

261.400

205.300

(f) Other current assets

1.200

1.900

2.400

Total Current Assets

1380.600

1248.000

1814.100

 

 

 

 

TOTAL

3350.500

3133.300

3740.500

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

TOTAL SALES

5781.800

5934.000

5772.200

 

 

 

 

Less

TOTAL EXPENSES

5430.700

5555.900

5339.400

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

351.100

378.100

432.800

 

 

 

 

 

Less

TAX

117.600

72.800

183.100

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

233.500

305.300

249.700

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

5005.200

5151.300

4781.900

 

TOTAL EARNINGS

5005.200

5151.300

4781.900

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

3.87

0.50

0.41

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flow from operating activity

507.200

57.500

566.600

Net cash flows from (used in) operating activities

294.900

(124.100)

527.200

 

 

 

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Total Income)

(%)

4.04

5.14

4.33

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

10.88

12.55

11.60

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.23

0.29

0.43

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.03

0.07

0.14

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.85

0.78

0.73

 

 

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

602.000

602.000

602.000

Reserves & Surplus

399.400

704.700

938.200

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

1001.400

1306.700

1540.200

 

 

 

 

long-term borrowings

139.500

88.500

52.200

Short term borrowings

0.000

0.000

0.000

Total borrowings

139.500

88.500

52.200

Debt/Equity ratio

0.139

0.068

0.034

 

 

 

 

YEAR-ON-YEAR GROWTH

 

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

5772.200

5934.000

5781.800

 

 

2.803

(2.565)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

5772.200

5934.000

5781.800

Profit

249.700

305.300

233.500

 

4.33%

5.14%

4.04%

 

 

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

No

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

No

20

Banking Details

No

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

 

Corporate Information

The company was incorporated on 25th May 2009 in the name of Black and Bridge Engineering and Design Centre India Private Limited and subsequently changed its name to General Motors Technical Centre India Private Limited. The main objective of establishing this Company is to carry on the designing, testing, analytical experimental development research and other work in the field of engineering. GMTCI also carries on business of trading in vehicles parts and accessories under the brand of ACDelco, which was the brand owned by General Motors India Private Limited and acquired by GMTCI.

 

 

OVERVIEW ON OPERATIONAL PERFORMANCE AND BUSINESS STRATEGIES

 

The Financial year 2013-14 has resulted in an encouraging growth to General Motors Technical Centre and they are persistently operational towards the substantial advancement of the Company to accomplish the objective of being one of the crucial players in the market. These developments are mainly due to the unceasing sophistication in the usage of technology in rendering engineering and various other technical requirements for the manufacture of GM products for Indian market and also for the Global necessities.

 

Besides the Technical Centre operations, your Company is also successfully running the business of AcDelco dealerships and has recorded the total revenue of 759.600 Million during the financial year ended 31 March 2014.

 

Rebilling of the expenses charged to various GM allied units globally is the revenue generating source of the Company based on the Service

Agreements mainly focusing on providing services in the core line of engineering operations.

 

NOTE: Registered office of the company has been shifted from 3rd Floor, Embassy Icon Anexe 2/1, Infanty Road, Bangalore, Karnataka, India to the present address w.e.f. 15.06.2009

 

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

 

FIXED ASSETS

 

  • Plant and equipment
  • 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.65.67

UK Pound

1

Rs.101.02

Euro

1

Rs.71.34

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

RKI

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

9

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILITY

1~10

8

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

8

--RESERVES

1~10

8

--CREDIT LINES

1~10

8

--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

 

73

 

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.