MIRA INFORM REPORT
|
Report No. : |
343836 |
|
Report Date : |
07.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
HINDUJA VENTURES LIMITED |
|
|
|
|
Registered
Office : |
In Centre, 49/50, MIDC, 12th Road, Andheri (East), Mumbai – 400093, Maharashtra |
|
Tel. No.: |
91-22-66910945 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
18.07.1985 |
|
|
|
|
Com. Reg. No.: |
11-036896 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 205.555
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51900MH1985PLC036896 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of Media,
Investments, Real Estate and Treasury. |
|
|
|
|
No. of Employees
: |
13 (Permanent Employees) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company and a part of the Hinduja Group
of Companies, incorporated in the year 1985. It is an outsourcing company
that provides IT services and BPO/ contract center services to customers. Indusind Media and Communications Limited, Grant Investrade Limited
and IDL Specialty Chemicals Limited are the wholly owned subsidiaries of the
company. For the financial year ended 2015, the company has registered healthy
scales of operations and achieved top line growth of 3.7% on the revenue of
Rs. 1104.308 Million as compared to Rs. 1064.306 Million in previous year
along with decent profitability margin. The company has strong financial base, healthy liquidity profile,
comfortable capital structure and zero debt balance sheet profile. The rating reflects company’s long operational activities backed by
diversified business activities and extensive experience of its promoters. Trade relations are reported as fair. Business is active. Payments are
regular and as per commitments. 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.
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-22-66910946/ 47]
LOCATIONS
|
Registered/ Corporate Office : |
In Centre, 49/50, MIDC, 12th Road, Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-66910945 |
|
Fax No.: |
91-22-66910988 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Ashok P. Hinduja |
|
Designation : |
Executive Chairman |
|
|
|
|
Name : |
Mr. Ramkrishan P. Hinduja |
|
Designation : |
Co-Chairman |
|
|
|
|
Name : |
Mr. Anil Harish |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajendra P. Chitale |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Prashant Asher |
|
Designation : |
Director |
|
Date of Appointment : |
23.09.2014 |
|
|
|
|
Name : |
Ms. Bhumika Batra |
|
Designation : |
Director |
|
Date of Appointment : |
11.03.2015 |
|
|
|
|
Name : |
Mr. Sudhanshu Tripathi |
|
Designation : |
Director |
|
Date of Appointment : |
04.08.2015 |
|
|
|
|
Name : |
Mr. Ashok Mansukhani |
|
Designation : |
Whole-Time Director |
|
Date of Birth/Age : |
65 Years |
|
Qualifications : |
MA, LLB |
|
Experience : |
46 Years |
KEY EXECUTIVES
|
Committee of the
Board : |
Audit Committee · Mr. Anil Harish, Chairman · Mr. Rajendra P. Chitale · Mr. Ramkrishan P. Hinduja · Mr. Hemraj C. Asher (up to June 05, 2014) · Mr. Prakash Shah (up to April 24, 2015) Nomination and
Remuneration Committee · Mr. Anil Harish, Chairman · Mr. Rajendra P. Chitale (w.e.f. September 23, 2014) · Mr. Prashant Asher (w.e.f. September 23, 2014) · Mr. Hemraj C. Asher (up to June 05, 2014) · Mr. Ramkrishan P. Hinduja (up to August 12, 2014) · Mr. Prakash Shah (up to September 23, 2014) Stakeholders
Relationship Committee · Ms. Bhumika Batra, Chairperson (w.e.f. April 24, 2015) · Mr. Ramkrishan P. Hinduja · Mr. Prashant Asher (w.e.f. September 23, 2014) · Mr. Hemraj C. Asher (up to June 05, 2014) · Mr. Prakash Shah (up to April 24, 2015) |
|
|
|
|
Name : |
Mr. Hasmukh Shah |
|
Designation : |
Company Secretary |
|
Date of Appointment : |
01.01.2015 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
1617185 |
7.87 |
|
|
10179294 |
49.52 |
|
|
11796479 |
57.39 |
|
|
|
|
|
|
2761427 |
13.43 |
|
|
2761427 |
13.43 |
|
Total shareholding of Promoter and Promoter
Group (A) |
14557906 |
70.82 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
786 |
0.00 |
|
|
6625 |
0.03 |
|
|
5 |
0.00 |
|
|
1301172 |
6.33 |
|
|
5620 |
0.03 |
|
|
5620 |
0.03 |
|
|
1314208 |
6.39 |
|
|
|
|
|
|
940806 |
4.58 |
|
|
|
|
|
|
1959421 |
9.53 |
|
|
1600348 |
7.79 |
|
|
182814 |
0.89 |
|
|
163929 |
0.80 |
|
|
3885 |
0.02 |
|
|
15000 |
0.07 |
|
|
4683389 |
22.78 |
|
Total Public shareholding (B) |
5997597 |
29.18 |
|
Total (A)+(B) |
20555503 |
100.00 |
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
20555503 |
100.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the
Shareholders |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Ashok P Hinduja |
31,600 |
0.15 |
|
2 |
Harsha Ashok Hinduja |
16,695 |
0.08 |
|
3 |
Harsha Ashok Hinduja |
5,57,498 |
2.71 |
|
4 |
Ashok Parmanand Hinduja |
45,313 |
0.22 |
|
5 |
Vinoo Srichand Hinduja |
61,065 |
0.30 |
|
6 |
Ambika Ashok Hinduja |
1,77,242 |
0.86 |
|
7 |
Shom Ashok Hinduja |
1,40,007 |
0.68 |
|
8 |
Shanoo S Mukhi |
955 |
0.00 |
|
9 |
A P Hinduja |
54,327 |
0.26 |
|
10 |
Ashok Parmanand Hinduja |
5,32,483 |
2.59 |
|
11 |
Hinduja Group Limited |
18,57,289 |
9.04 |
|
12 |
Hinduja Group Limited |
12,71,362 |
6.19 |
|
13 |
Hinduja Group Limited |
10,48,388 |
5.10 |
|
14 |
Hinduja Group Limited |
8,00,410 |
3.89 |
|
15 |
Hinduja Group Limited |
5,75,000 |
2.80 |
|
16 |
Hinduja Group Limited |
33,53,123 |
16.31 |
|
17 |
Hinduja Group Limited |
10,88,379 |
5.29 |
|
18 |
Hinduja Group Limited |
12,500 |
0.06 |
|
19 |
Hinduja Properties Limited |
1,72,843 |
0.84 |
|
20 |
Amas Mauritius Limited |
27,61,427 |
13.43 |
|
Total |
1,45,57,906 |
70.82 |
|
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Sl. No. |
Name of the
Shareholders |
No. of Shares held |
Shares as % |
|
|
1 |
Bridge India Fund |
1049147 |
5.10 |
|
|
2 |
Dilipkumar Lakhi |
533163 |
2.59 |
|
|
Total |
1582310 |
7.70 |
Shareholding of securities (including shares, warrants, convertible securities)
of persons (together with PAC) belonging to the category “Public” and holding
more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % |
|
|
1 |
Bridge India Fund |
1049147 |
5.10 |
|
|
Total |
1049147 |
5.10 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Media,
Investments, Real Estate and Treasury. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
13 (Permanent Employees) |
||||||||||||||||||||||
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|
Bankers : |
·
IndusInd Bank Limited ·
HDFC Bank Limited ·
State Bank of India ·
Axis Bank Limited |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
-- |
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
|
|
|
Internal Auditor : |
|
|
Name : |
Mr. Mihir Parab Chartered Accountant |
|
|
|
|
Solicitors and
Advocates : |
Crawford Bayley and Company |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiaries : |
Direct Subsidiaries ·
IndusInd Media and Communications Limited ·
Grant Investrade Limited ·
IDL Speciality Chemicals Limited Indirect Subsidiaries ·
USN Networks Private Limited ·
Gold Star Noida Network Private Limited ·
Seven Star Information Technology Private
Limited ·
Bhima Riddhi Infotainment Private Limited ·
United Mysore Network Private Limited ·
Apna Incable Broadband Services Private
Limited ·
Sangli Media Services Private Limited ·
Sainath In Entertainment Private Limited ·
Sunny Infotainment Private Limited ·
Goldstar Infotainment Private Limited ·
Ajanta Sky Darshan Private Limited ·
V4U Entertainment Private Limited ·
Darpita Trading Company Private Limited ·
RBL Digital Cable Network Private Limited ·
Vistaar Telecommunication and
Infrastructure Private Limited ·
Jagsumi Perspectives Private Limited (upto
31st December, 2014) · Advance Multisystem Broadband Communications Limited |
|
|
|
|
Associates : |
·
Planet E-Shop Holdings India Limited · IN Entertainment (India) Limited |
|
|
|
|
Enterprises where common control exists : |
·
Hinduja Group Limited ·
Aasia Advisory Services Limited ·
Hinduja Realty Ventures Limited ·
Hinduja Global Solutions Limited ·
APDL Estates limited ·
Hinduja National Power Corporation Limited · Hinduja Energy (India) Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 700.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,555,503 |
Equity Shares |
Rs. 10/- each |
Rs. 205.555
Million |
|
|
|
|
|
Rights, Preferences and Restrictions attached
to equity shares:
1)
Right
to receive dividend as may be approved by the Board of Directors / Annual
General Meeting.
2)
The
equity shares are not repayable except in the case of a buy back, reduction of
capital or winding up in terms of the provisions of the 2013 Act.
3)
Every
member of the Company holding equity shares has a right to attend the General
Meeting of the Company and has a right to speak or e-vote and on a show of
hands, has one vote if he is present and on a poll shall have the right to vote
in proportion to his share of the paid-up capital of the Company.
ii) Reconciliation of number of shares
outstanding:
|
Particulars |
31.03.2015 |
|
|
|
Number of shares |
Amount in Million |
|
Shares
outstanding at the beginning of the year |
20,555,503 |
205.555 |
|
Add:
Shares issued during the year |
-- |
-- |
|
Less:
Shares bought back during the year |
-- |
-- |
|
Shares
outstanding at the end of the year |
20,555,503 |
205.555 |
iii) Shares in the Company held by each
shareholder holding more than 5% shares:
|
Name of the Shareholders |
31.03.2015 |
|
|
|
Number of shares held |
% of holding |
|
Hinduja
Group Limited * |
9,950,098 |
48.41% |
|
Amas
Mauritius Limited |
2,761,427 |
13.43% |
|
Bridge
India Fund |
1,049,147 |
5.10% |
*
including shares held jointly with Hinduja Realty Ventures Limited
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
205.555 |
205.555 |
205.555 |
|
(b) Reserves & Surplus |
7963.444 |
7407.502 |
6947.939 |
|
(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) |
8168.999 |
7613.057 |
7153.494 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
6.943 |
4.787 |
5.491 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
2.791 |
2.295 |
2.404 |
|
Total
Non-current Liabilities (3) |
9.734 |
7.082 |
7.895 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
7.708 |
38.002 |
9.506 |
|
(c)
Other current liabilities |
3.171 |
3.217 |
7.329 |
|
(d)
Short-term provisions |
409.001 |
399.457 |
397.872 |
|
Total
Current Liabilities (4) |
419.880 |
440.676 |
414.707 |
|
|
|
|
|
|
TOTAL |
8598.613 |
8060.815 |
7576.096 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
140.031 |
142.289 |
165.156 |
|
(ii)
Intangible Assets |
0.461 |
0.687 |
0.468 |
|
(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 |
6291.246 |
5632.503 |
1890.159 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
677.125 |
488.122 |
351.693 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
7108.863 |
6263.601 |
2407.476 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
996.754 |
120.180 |
120.180 |
|
(c)
Trade receivables |
0.927 |
152.103 |
135.225 |
|
(d)
Cash and cash equivalents |
8.941 |
5.639 |
13.511 |
|
(e)
Short-term loans and advances |
483.123 |
1519.291 |
4880.725 |
|
(f)
Other current assets |
0.005 |
0.001 |
18.979 |
|
Total
Current Assets |
1489.750 |
1797.214 |
5168.620 |
|
|
|
|
|
|
TOTAL |
8598.613 |
8060.815 |
7576.096 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1104.308 |
1064.306 |
935.307 |
|
|
|
Other Income |
0.171 |
1.080 |
9.935 |
|
|
|
TOTAL |
1104.479 |
1065.386 |
945.242 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
24.409 |
30.867 |
26.436 |
|
|
|
Other expenses |
132.308 |
134.147 |
58.707 |
|
|
|
TOTAL |
156.717 |
165.014 |
85.143 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
947.762 |
900.372 |
860.099 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
14.602 |
25.079 |
24.960 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
933.160 |
875.293 |
835.139 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
7.237 |
54.996 |
67.681 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
925.923 |
820.297 |
767.458 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
45.05 |
39.91 |
37.34 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from / (used in) operations |
280.980 |
1587.261 |
(778.835) |
|
|
|
|
|
|
Net Cash generated from / (used in) Operating Activities |
82.747 |
1400.054 |
(947.719) |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2015 |
|
Type |
1st
Quarter |
|
Net Sales |
266.320 |
|
Total Expenditure |
23.170 |
|
PBIDT (Excl OI) |
243.150 |
|
Other Income |
0.000 |
|
Operating Profit |
243.150 |
|
Interest |
0.000 |
|
Exceptional Items |
0.000 |
|
PBDT |
243.150 |
|
Depreciation |
0.387 |
|
Profit Before Tax |
239.280 |
|
Tax |
0.240 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
239.040 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
239.040 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
83.85 |
77.07 |
82.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
40.44 |
36.05 |
14.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.11 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.55 |
4.08 |
12.46 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
|
|
|
Market Value |
Rs.388.30/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
205.555 |
205.555 |
205.555 |
|
Reserves & Surplus |
6947.939 |
7407.502 |
7963.444 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
7153.494 |
7613.057 |
8168.999 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
935.307 |
1064.306 |
1104.308 |
|
|
|
13.792 |
3.759 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
935.307 |
1064.306 |
1104.308 |
|
Profit |
767.458 |
820.297 |
925.923 |
|
|
82.05% |
77.07% |
83.85% |
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90232167 |
27/12/2005 * |
200,000,000.00 |
AXIS BANK LIMITED |
UNIVERSAL
INSURANCE BUILDING, GROND FLOOR; SIR P; M ROAD; FORT, MUMBAI,
MAHARASHTRA, INDIA |
- |
* Date of charge modification
REVIEW OF OPERATIONS
AND STATE OF AFFAIRS:
On Standalone basis, total income for the financial year 2014-15 at Rs. 1104.500 Million was higher by 3.67% over last year (Rs.1065.400 Million in 2013-14).Earnings before interest, tax, depreciation and amortisation (EBITDA) was Rs. 947.800 Million registering a growth of 5.26% over EBITDA of Rs. 900.400 Million in 2013-14. Profit after tax (PAT) increased by 12.88% to Rs. 925.900 Million over PAT of Rs. 820.300 Million in 2013-14.
REVIEW OF INDIAN
ECONOMY:
The fiscal year 2014-15 has been a year of change, a year of high
expectations and a year of mixed results for the Indian economy. Initial
estimates for fiscal year 2014 (ending March 31, 2015) by the Government show
that economic growth accelerated to 7.4%. A more robust economic performance as
compared to earlier estimates emerged from revised data based on an updated
base year, wider coverage of goods and services, and the inclusion of tax data
to estimate economic activity. Monthly industrial production estimates indicate
a more modest upturn. The production of capital goods expanded after three
years in the red. However, consumer durables continued to decline. Improved
coal production helped double the growth of electricity generation over the
previous year’s rate.
International Monetary Fund has projected that India will overtake China
as the fastest growing emerging economy in 2015-16 by clocking a growth rate of
7.5%, helped by its recent policy initiatives, pick-up in investments and lower
oil forecast for India for the current fiscal year. These estimates are largely
based on India’s economy now being on a cyclical upswing and forward-looking
indicators suggest domestic demand is gathering momentum. Low inflation has
enabled the Reserve Bank of India to cut interest rates easing pressure on the
private sector. Lower rates as well as the government’s infrastructure and disinvestment
programs should provide a boost to domestic-oriented industries. The dampener
to these growth expectations could be the monsoons.
Overall therefore, the economy is expected to do better in fiscal year
2016 compared to fiscal year 2015.
FUTURE OUTLOOK –
MEDIA AND CABLE TV SECTOR:
In the calendar year 2014, the Indian Media and Entertainment (MandE)
Industry grew by 11.7% to reach INR 1026 Billion. It is expected to grow at a
Compounded Annual Growth Rate (CAGR) of 13.9% in next 5 years to reach a value
of INR 1964 Billions.
2014 has been a turning point for the Media and Entertainment Industry
in India in many ways. With the current government’s optimistic outlook,
business sentiment has been positive and strengthened by a number of growth promoting
policies. In the media sector, digital media continued its rapid growth,
indicated by 44.5% growth in digital advertising in 2014. In Television,
advertising saw strong growth, driven by the positive shift in macroeconomic
environment, the general election spends, and emergence of e-commerce as a
significant new advertising spender.
The Print sector, although remaining highly fragmented, witnessed a rise in the circulation revenue on the back of rising cover prices and subscriptions.
TELEVISION INDUSTRY:
In 2014, the TV industry grew by 13.8% to reach INR 474.9 Billion. It is
expected to grow at a CAGR of 15.5% to reach INR 975 Billion by 2019 on the
backs of increasing number of subscribers, higher ARPUs due to digitisation, and
higher advertisement revenues.
Despite the introduction of Digital Addressable System (DAS), the
anticipated improvement in addressability, improvement in subscription revenue
and more equitable sharing of subscription revenue are being realized at a slow
pace.
The Ministry of Information and Broadcasting (MIB) has extended the
deadlines for the implementation of DAS in Phase III and Phase IV to December
31, 2015 and December 31, 2016, respectively. DAS rollout in Phase III and IV
is expected to be more challenging on account of larger geographical spread,
funding requirements and low potential for ARPUs.
HITS (Head-end-in-the-Sky) technology and collaboration between larger MSOs and regional MSOs are expected to play important roles for MSOs in grabbing maximum share of the market in Phase III and IV. Challenges from DTH platforms and integrated telecom service providers with deep pockets will have to be faced with innovative consumer friendly cable services utilizing both the traditional MSO networks and the HITS platform.
AMALGAMATION OF IDL
SPECIALITY CHEMICALS LIMITED WITH THE COMPANY:
The Board of Directors of the Company has approved the Scheme of
Amalgamation of IDL Speciality Chemicals Limited, a wholly owned subsidiary
with the Company at its meeting held on April 24, 2015. The Scheme envisages
resulting in consolidation of the business in one entity and strengthening the
position of merged entity by enabling it to harness and optimize the synergies
of the two companies. Once the scheme is approved, there will be an increase in
the trading stock of a listed share in the banking sphere and a significant
increase in the land bank for the two metros of Hyderabad and Bangalore.
The Company has received observation letters from BSE Limited and National
Stock Exchange of India Limited vide letters No. DCS/AMAL/
CS/24(f)/102/2015-2016 dated July 17, 2015 and NSE/LIST/34175 dated July 17,
2015 respectively in respect of the scheme. The Company has fi led the scheme
in the High Court of Judicature at Bombay on July 23, 2015. The Hon’ble High
Court, Bombay vide its order dated July 31, 2015 has directed for Court
Convened Meeting of the members of the Company to be held on September 01,
2015. The appointed date for the Scheme is April 01, 2015.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
Hinduja Ventures Limited (“HVL”) operations and investments cover three
segments namely Media, Real Estate and Treasury. The Company’s principal
business investment is in Media and Communications via its stake in IndusInd
Media and Communications Limited (“IMCL”), a Company in the Cable TV
distribution business and Grant Investrade Limited (GIL), a Company which is in
the process of launching Headend-in-the-Sky (HITS) platform catering to the
Government’s ambitious plan of digitalisation in Phase III and IV towns and
cities. In Entertainment (India) Limited (INEL) is engaged in providing movie
content through its popular channel CVO and also has a well known shopping
channel by the name of Shop 24 Seven. HVL owns land in Bangalore directly and
in Hyderabad through its wholly owned subsidiary IDL Speciality Chemicals
Limited (“IDL”) being its Real Estate segment. Treasury is represented by its
investments and cash. The Treasury segment preserves its Capital for reinvestments
and incubating new businesses.
MEDIA
MEDIA AND
ENTERTAINMENT (M&E) INDUSTRY UPDATE:
Media and Entertainment Industry in India is worth Rs. 1.02 Lacs Crores,
which will grow to Rs. 1.9 Lakh Crores by 2018, growing at a rate of 13.9%
CAGR. Internet, fueled by social media and adaption of Internet is the driving
force behind India’s Media and Entertainment Industry.
CABLE AND TV
·
TV Industry in India is worth Rs. 475000.000
Million, which grew at a rate of 15.5%. By 2019, it is expected to cross Rs.
975000.000 Million.
·
Number of Cable and Satellite (C&S) subscribers
grew to 14.9 Crores, which increased to 10 million last year. It is expected
that C&S subscribers will swell to 17.5 Crores by 2019, which would be 90%
of all TV households.
·
TV Advertisement industry is valued at Rs.
155000.000 Million in 2014, which increased 12% compared to last year. By 2019,
it is expected to breach Rs. 300000.000 Million mark.
·
Expansion of Direct to Home (DTH) service is also
growing at a healthy rate with 16% subscription revenues in urban plus rural
areas.
·
Subscription revenue from DTH services amounted to
Rs. 75000.000 Million which will grow 22% CAGR to reach Rs. 200000.000 Million
by 2019.
·
61% of all households in India is now equipped with
a television, as 16.8 Crores Indians view TV at least once a week. This makes
India world’s second largest TV viewership market, first being China.
·
Digitisation of the cable sector, although not yet
complete, has achieved critical mass.
·
Changes in channel pricing like the introduction of
à la carte also made a difference to the structure of the industry.
DIGITAL AND
E-COMMERCE:
·
There are 2 Crores Internet users in India who are
using wired broadband connection, which will rise to 3.2 Crores by 2019.
·
50% of all revenues from music were generated via
digital channels; and non-digital music market reduced 35-40%.
·
E-commerce portals spent Rs. 7500.000-10000.000
Million on traditional media for promoting their services/products.
·
Digital Advertisements experienced maximum growth
of 44.5%, to reach Rs. 43500.000 Million in 2014; by 2019, it is expected to
reach Rs. 160000.000 Million.
The Media and Entertainment Industry is clearly at a point where
exponential growth is expected driven largely through the internet and digital
media.
The Company has a presence in most of the growth areas – Cable TV,
Internet and E-commerce.
The Company has recently embarked on a project for providing of services
through the “Headendin-the-Sky” (“HITS”) platform. The Company believes that
HITS is the most economical method of digitalisation in the Phase III and Phase
IV towns and cities for the local cable operators (LCOs) and the multi-system
operators (MSOs).
The HITS service effectively replaces the more complex traditional
headend (A headend is a local operations center that receives, process and
retransmits TV channels and other services) operations. At a traditional cable
television headend, multitudes of satellite dishes and antennae are used to
grab cable stations from dozens of communication satellites. In contrast, HITS
combines cable stations (or TV channels) into multiplex signals on one or a few
satellites. Cable networks can then pull in hundreds of channels at the local headend
with relatively little equipment for onward digital distribution to subscriber
homes. HITS as a concept was developed to deliver signals to small cable
headends that did not find it viable to install their own Conditional Access
Systems (CAS) and centralized services like SMS and billing. At the same time,
the HITS platform delivers a huge number of pay television channels. This
provides the HITS end consumer the largest possible choice of pay channels.
This exactly is the need of the cable operators in the smaller towns
constituting the Phase III and IV locations for the digitalization program.
TREASURY
The Company’s treasury activities are largely composed of investing in debt
instruments and equity. The Company has followed a conservative policy ensuring
reasonable returns without risk to capital. The equity and debt markets have
operated within a range during the year and the company has witnessed stable
revenues from its treasury operations.
REAL ESTATE
HVL owns two pieces of land, one in Bangalore and the other through its wholly owned subsidiary IDL Speciality Chemicals Limited in Hyderabad. This land is held for future commercial exploitation.
STATEMENT OF STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2015
(RS.
IN MILLION)
|
Particulars |
3 Months Ended
30.06.2015 |
|
|
(Unaudited) |
|
Income from Operations |
|
|
Net Sales/Income from Operations |
0.000 |
|
Other Operating Income |
266.323 |
|
Total Income from
operations (net) |
266.323 |
|
|
|
|
Expenses |
|
|
(a) Diminution in value of Stock in trade of
Shares |
3.870 |
|
(b) Employee benefit expenses |
4.714 |
|
(c) Depreciation
and amortization expenses |
3.867 |
|
(d) Professional fees |
5.584 |
|
(e) Donation |
0.000 |
|
(f) Rent |
3.065 |
|
(g) Other Expenses |
5.950 |
|
Total Expenses |
27.050 |
|
Profit from Operations
before Other Income |
239.273 |
|
Other Income |
0.003 |
|
Profit/ Loss from Ordinary Activities
before tax |
239.276 |
|
Tax Expenses |
0.238 |
|
Net Profit for the period |
239.038 |
|
Paid- up
Equity Share Capital (Face value of the share – Rs. 10) |
205.555 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
|
Earnings per
share (of Rs. 10/- each) (not annualized) |
|
|
Basic |
11.63 |
|
Diluted |
11.63 |
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
1. Public shareholding |
|
|
Number of Shares |
5997597 |
|
Percentage of Shareholding |
29.18% |
|
2. Promoters and promoter group
shareholding |
|
|
a)
Pledged/Encumbered |
|
|
- Number of Shares |
Nil |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
|
|
|
|
Non - encumbered |
|
|
- Number of
Shares |
14557906 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter group) |
100% |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
70.82% |
|
|
Particulars |
3 Months Ended
30.06.2015 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1)
Pursuant to
Clause 41 1(e) of the listing Agreement, the Company vide its letter dated April
27, 2015 has intimated Stock exchanges to exercise its option to publish
standalone unaudited financial results of the company for the 3 quarters ending
June 30, 2015; September 30, 2015; December 31, 2015 during the financial year
2015-16.
2)
The above
financial results were reviewed by the Audit Committee and then approved by the
Board of Directors of the Company at their meeting held on August 04 2015, and
subjected to a limited review by the statutory auditors of the Company.
3)
The audited
figures in respect of the results for preceding 3 months ended March 31, 2015
are the balancing figures between the audited financial statements in respect
of the full financial year ended March 31, 2015 and the published year to date
figures up to the 9 months ended December 31, 2014.
4)
The Board of
Directors at their meeting held on April 24, 2015, subject to such approvals as
may be required, has approved the Scheme of amalgamation of IDL Specialty
Chemicals Limited (IDL), a Wholly Owned Subsidiary with the Company. The
appointed date for the Scheme shall be April 01, 2015.
5)
Figures for the
previous periods are re classified/ re arranged/ re grouped, wherever
necessary, so as to be in conformity with the figures of the current quarter.
SEGMENT
INFORMATION AS PER CLAUSE 41 OF THE LISTING AGREEMENTS FOR THE QUARTER ENDED 30TH
JUNE, 2015
|
Particulars |
3 Months Ended
30.06.2015 |
|
|
(Unaudited) |
|
|
|
|
Segment Revenue |
|
|
a. Media and Communications |
0.000 |
|
b. Real Estate |
0.000 |
|
c. Investments and Treasury |
266.323 |
|
d. Others
[Unallocated] |
0.000 |
|
Total Income |
266.323 |
|
|
|
|
Segment Results
- Profit/ (loss) before tax from each segment |
|
|
a. Media and Communications |
(3.717) |
|
b. Real Estate |
(1.721) |
|
c. Investments and Treasury |
249.764 |
|
d. Others
[Unallocated] |
(5.053) |
|
Total Profit Before Tax |
239.273 |
|
|
|
|
Capital Employed
(Segment Assets – Segment Liabilities) |
|
|
a. Media and Communications |
3828.903 |
|
b. Real Estate |
119.895 |
|
c. Investments and Treasury |
3785.951 |
|
d. Others
[Unallocated] |
673.288 |
|
Total Capital
Employed |
8408.037 |
NOTES:
There are no Inter Segment Revenues:
1)
The audited figures in respect of segment information
for preceding 3 months ended 31st March 2015 are the balancing
figures between the audited financial statements in respect of the full
financial year ended 31st March 2015 and the published year to date
unaudited figures up to the 9 months ended 31st December 2015.
2)
Figures for the previous period are re-classified/
re-arranged/ re-grouped, wherever necessary, so as to be in conformity with the
figures of the current period.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
i. Income Tax matters against which the Company
has filed appeals / objections. |
732.665 |
1422.900 |
|
ii. Summary Suit has been filed by Nishkalp Investments
and Trading Company Limited with regard to the dispute for buyback of shares
of Plus Paper Foodpac Limited (PPFL) vide an agreement dated 25th November,
1997. The Management is of the opinion that the Company has a good case and
the summary suit is not sustainable. |
86.712 |
86.712 |
|
NOTES: 1)
Includes an amount of Rs. 717.348 (in Million) [Previous Year – Rs.
1220.979 (in Million)] being disputed income tax liabilities pertaining to IT
/ ITES business, which is reimbursable from Hinduja Global Solutions Limited,
pursuant to the Scheme of Arrangement and Reconstruction for demerger of IT /
ITES business sanctioned by High Court of Judicature of Bombay and made
effective on 7th March, 2007. In respect of the aforesaid disputed dues, an
amount of Rs. 573.820 (in Million) [Previous Year – Rs. 606.941 (in Million)]
has been deposited by the Company with income tax authorities under protest.
The Company has received Rs. Nil (in Million) [Previous Year – Rs. 555.000
(in Million)] upto 31st March, 2015 from Hinduja Global Solutions Limited to
discharge part payment of disputed income tax liabilities pertaining to IT /
ITES business, which is netted from advance tax and tax deducted at source
(net of provisions). 2)
With respect to the above, the Company does not expect any outflow of
cash / resources. |
||
FIXED ASSETS:
·
Furniture and Fixtures
·
Vehicles
·
Office equipments
·
Computers and Data Processing units
·
Computer software - acquired
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 65.39 |
|
|
1 |
Rs. 99.05 |
|
Euro |
1 |
Rs. 73.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
67 |
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.