MIRA INFORM REPORT

Report No. :	343361
Report Date :	05.10.2015

IDENTIFICATION DETAILS

Name :	NGA HR (INDIA) PRIVATE LIMITED (w.e.f. 30.05.2011)
Formerly Known As :	NHR OUTSOURCING (INDIA) PRIVATE LIMITED
Registered Office :	Gala No. 18, Madhu Industrial Estate, Mumbai – 400013, Maharashtra
Tel. No.:	91-22-66606600
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.09.2007
Com. Reg. No.:	11-174519
Capital Investment / Paid-up Capital :	Rs.19.500 Million
CIN No.: [Company Identification No.]	U74900MH2007PTC174519
IEC No.:	Not Available
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 :	Providing Human Resources Related Services.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of NGA UK Limited incorporated in the year 2007. It is into helping organizations transform their business-critical HR operations to deliver more effective and efficient people-critical services. For FY 2014, the company has achieved profit of Rs. 137.950 million which has increased from Rs. 103.810 million, when compared to previous year. The Company possesses adequate net worth base and there is favourable gap between trade payables and receivables but recorded increase in its borrowings. Trade relations are fair. Business is active. Payments are reported to be usually 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 – 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 CO-OPERATIVE (91-22-66606600)

LOCATIONS

Registered Office :	Gala No. 18, Madhu Industrial Estate, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-66606600
Fax No.:	Not Available
E-Mail :	kedat.barve@rave-tech.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Raghunandan Krishnamurthy

Designation :

Director

Address :

42/2A, I Cross, Vittal Nagar, Bangalore, 560018, Karnataka, India

Date of Appointment :

30.04.2014

DIN No.:

02151206

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	U72200KA2003PTC032850	AIRESPACE WIRELESS NETWORKS PRIVATE LIMITED	Director	23/07/2010	26/05/2010	20/12/2013	Active	NO
2	U72200KA2004PTC033603	TOPSPIN COMMUNICATION TECHNOLOGIES INDIA PRIVATE LIMITED	Director	23/07/2010	26/05/2010	20/12/2013	Active	NO
3	U72200TG2007FTC054388	Securent India Private Limited	Director	23/07/2010	23/07/2010	20/12/2013	Active	NO
4	U72300KA2004PTC033461	NAVINI NETWORKS PRIVATE LIMITED	Director	23/07/2010	23/07/2010	20/12/2013	Active	NO
5	U72200KA2004PTC034237	GREENFIELD NETWORKS TECHNOLOGIES PRIVATE LIMITED	Director	23/07/2010	23/07/2010	20/12/2013	Active	NO
6	U72200KA2005FTC036369	NEWSCALE SOFTWARE PRIVATE LIMITED	Director	28/04/2011	28/04/2011	20/12/2013	Active	NO
7	U72200TG2006PTC049398	PARI NETWORKS (INDIA) PRIVATE LIMITED	Director	19/10/2011	19/10/2011	20/12/2013	Active	NO
8	U72900DL2007FTC165091	TANDBERG India Private Limited	Director	9/4/2012	10/2/2012	20/12/2013	Active	NO
9	U72200KA1995PTC019075	WEBEX COMMUNICATIONS (INDIA) PRIVATE LIMITED	Director	16/08/2012	2/8/2012	20/12/2013	Active	NO
10	U72200TG2009PTC065131	CLOUPIA SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	10/12/2012	7/12/2012	20/12/2013	Active	NO
11	U72900MH2010PTC210066	BROADHOP INDIA PRIVATE LIMITED	Additional director	27/08/2013	27/08/2013	30/09/2013	Active	NO
12	U74900MH2007PTC174519	NGA HR (India) Private Limited	Director	30/09/2014	30/04/2014	-	Active	NO

Name :

Mr. Rakesh Nagpal

Designation :

Director

Address :

2 Simei Rise 08-06, Singapore, 528800, Singapore

Date of Appointment :

30.06.2014

DIN No.:

06882393

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	U74900MH2007PTC174519	NGA HR (India) Private Limited	Director	30/09/2014	30/06/2014	-	Active	NO

Name :

Mr. Stuart Ross

Designation :

Additional director

Address :

15, Mckay Road, London, London, SW200HT, United Kingdom

Date of Appointment :

04.09.2015

DIN No.:

07280034

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Kedar V Barve	200
Northgatearinso UK Limited, United Kingdom (Earlier Known as Northgate HR Limited, United Kingdom)	1949800
Total	1950000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Human Resources Related Services.

Products / Services:

• HR outsourcing services
• Management consulting services
• Payroll services
• Advisory services

Item Code No.	Product Description
99831130	Human Resources Related Services

Brand Names :

Not Available

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 :

Banker Name	Not Divulged
Branch Address	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

Auditors :
Name :	Sudit K. Parekh and Company Chartered Accountants
Address :	Ballard House, Second Floor, Adi Marzban Path, Ballard Estate, Fort, Mumbai – 400001, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFS4500P
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	Northgatearinso UK Limited, United Kingdom (Earlier Known as Northgate HR Limited, United Kingdom)
Fellow Subsidiary company	Rave Technologies (India) Private Limited, India [U31900MH1998PTC117068] Northgaterinso Singapore PTE Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1950000	Equity Shares	Rs.10/- each	Rs. 19.500 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	19.500	19.500	19.500
(b) Reserves & Surplus	391.316	253.364	149.544
(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)	410.816	272.864	169.044
(3) Non-Current Liabilities
(a) long-term borrowings	18.440	10.630	21.101
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	32.060	17.973	12.327
Total Non-current Liabilities (3)	50.500	28.603	33.428
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	13.024	18.641	13.279
(c) Other current liabilities	49.515	45.082	25.437
(d) Short-term provisions	0.259	0.170	0.108
Total Current Liabilities (4)	62.798	63.893	38.824
TOTAL	524.114	365.360	241.296
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	148.385	106.578	136.540
(ii) Intangible Assets	0.636	1.141	1.870
(iii) Capital work-in-progress	0.000	34.144	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	3.233	1.842
(d) Long-term Loan and Advances	85.033	62.083	33.757
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	234.054	207.179	174.009
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	256.303	125.357	46.449
(d) Cash and cash equivalents	21.774	22.756	6.749
(e) Short-term loans and advances	11.983	10.068	14.089
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	290.060	158.181	67.287
TOTAL	524.114	365.360	241.296

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Gross Revenues	1142.850	873.951	661.365
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
	EXPENSES	NA	NA	NA
	DEPRECIATION/ AMORTISATION	42.447	42.772	40.595
	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA
Less	TAX	NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX	137.952	103.820	75.163
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	228.028	134.590	66.943
Less	APPROPRIATIONS
	Dividend Transfer to General Reserves	13.795	10.382	7.516
	Balance Carried to the B/S	352.185	228.028	134.590
	Earnings / (Loss) Per Share (Rs.)	70.74	NA	NA

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 flows from (used in) operations	100.235	98.731	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	12.07	11.88	11.36
Debt Equity Ratio (Total Debt /Networth)		0.04	0.04	0.12
Current Ratio (Current Asset/Current Liability)		4.62	2.48	1.73

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	19.500	19.500	19.500
Reserves & Surplus	149.544	253.364	391.316
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	169.044	272.864	410.816
long-term borrowings	21.101	10.630	18.440
Short term borrowings	0.000	0.000	0.000
Total borrowings	21.101	10.630	18.440
Debt/Equity ratio	0.125	0.039	0.045

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)
Gross Revenues	661.365	873.951	1142.850
		32.144	30.768

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Gross Revenues	661.365	873.951	1142.850
Profit	75.163	103.820	137.952
	11.36%	11.88%	12.07%

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	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

REVIEW OF OPERATIONS AND FUTURE PROSPECTS BPO INDUSTRY OVERVIEW:

The Company focuses on ITeS BPO services within the broader IT/ITeS industry. Global ITES Industry Overview The global economic environment remained volatile and uncertain during the last year. Despite challenges arising from this volatility, the global IT-BPO industry continued its growth trajectory, driven by the increasing acceptance of outsourcing services by corporates. In addition to private companies, many governments have now started to outsource services for the first time to manage costs. Further, with technological advancement, the trend for outsourcing has been gradually shifting from traditional services to extended services. Service providers are now focused on improving customer experience, managing risks and improving efficiencies with the use of Social Media, Mobility, Analytics and Cloud Computing (SMAC). The industry is also experiencing an increase in hybrid service offerings from providers. These offerings enable customers to customize and split processes into in-house and outsourcing activities. In this model, the provider benefits from access to client database platforms and the ability to access data simultaneously alongside its client. Gartner expects that by 2017, around 75% of the BPM demand will be achieved through hybrid offerings, as clients gradually become accustomed to the latest enabled technologies such as cloud computing Gartner expects worldwide spend for BPO services to grow from US$140.1 billion in 2012 to US$186.5 billion in2017, a CAGR of 5.9%. There is a significant difference in the expected growth rates of Business Process as a Service (BPaaS) and the traditional BPo. BPaaS is expected to grow at three times the growth rate of the traditional BPO services. During 2013, Gartner estimated BPaaS revenues to have accounted for 22% of the total BPO spend Indian ITES Industry Overview For FY 14, NASSCOM projected that Indian IT-BPO exports will grow by 13% to reach US$86 billion while domestic annual revenue will touch Rs 1,150 billion, a YoY increase of 10%. During the year, technology and related sectors benefitted from vertical and geographic market expansion, new customer segments, and a wider spectrum of the services and solutions being offered. For FY15, NASSCOM expects export revenues to grow in the range of 13% to 15% and domestic market to grow between 9% to 12%. According to NASSCOM, the main drivers for growth would be due to cyclical uptick and disruptive digital technologies. In NASSCOM conference in February, 2014 the central theme was digital trends of social media, mobility, big data and analytics, cloud, internet of things are transforming clients businesses the value proposition, supply chain, marketing, payment systems and organization processes and this provides multiple opportunities to Indian IT business Performance of NGA HR India Private lIMTIED. This is the sixth year of operation, during the year; the Company has achieved turnover of Rs. 1142.820 Million. The growth in revenue was driven by the capacity utilization at Hyderabad and Kochi centre. During the year company took various initiatives to reduce cost of delivery in order to be more price competitive as it pursues more opportunities in the gradually improving operating environment. This will help in getting further business and drive future growth. In order to respond to the dynamic macro-environment, the Company will concentrate on reducing costs, increase the diversification of its business across different markets/verticals, setup centres in bestfit geographies and sustain best practices within the organization.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loans from others	18.440	10.630
Total	18.440	10.630

FIXED ASSETS

Tangible assets

• Furniture and fixtures
• Office equipment
• Computer equipments
• Other equipments
• Leasehold improvements

Intangible assets

• Computer software

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.65.55
UK Pound	1	Rs.99.17
Euro	1	Rs.73.08

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	AMR
Report Prepared by :	KVT

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
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		47

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.