MIRA INFORM REPORT

 

 

Report No. :

347403

Report Date :

29.10.2015

 

 IDENTIFICATION DETAILS

 

Name :

KRISHNA VALLEY AGRO (INDIA) LIMITED

 

 

Formerly Known As :

KRISHNA VALLEY AGRICULTURAL MARKETING (INDIA) LIMITED

 

 

Registered Office :

42/43, Nav Maharashtra House, 5th Shaniwar Peth, Pune - 411030 Maharashtra

Tel. No.:

91-20-24461022/ 24493577

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

11.03.1997

 

 

Com. Reg. No.:

11-106486

 

 

Capital Investment / Paid-up Capital :

Rs.6.500 Million

 

 

CIN No.:

[Company Identification No.]

U51219PN1997PLC106486

 

 

IEC No.:

3198009391

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

KLPK00951G

 

 

PAN No.:

[Permanent Account No.]

AABCK5718K

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer, Trader and Importer of Organic Fertilizers, Bio - Stimulant, Natural Plant enhance etc.

 

 

No. of Employees :

100 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct 

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 1997 having a satisfactory track record.

 

Profit margin of the company is low. However, networth position of the company in sound. Liquidity position of the company is decent.

 

General financial position of the company is normal acceptable for business dealing.

 

Trade relations are reported as fair. Business is active. Payment terms are reported as slow but correct.

 

In view of long track record and acceptable financial base, the company can be considered normal 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 PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Dipak Mane

Designation :

Account Assistant

Contact No.:

91-20-24493577

Date :

27.10.2015

 

 

LOCATIONS

 

Registered Office :

42/43, Nav Maharashtra House, 5th Shaniwar Peth, Pune - 411030 Maharashtra, India

Tel. No.:

91-20-24461022/ 24493577

Fax No.:

91-20-24461022

E-Mail :

guru@pranavgroup.com

pslpune@pranavgroup.com

shrutilunkad@pranavgroup.com

pravinlunkad@pranavgroup.com

Website :

www.pranavgroup.com

Area:

3000 sq. ft.

Location:

Rented

Locality:

Commercial

 

 

Factory  :

Plot No. A5, Kupwad GIDC Kupwad Block, Sangali – 416436, Maharashtra, India

 

 

DIRECTORS

 

As On 30.09.2014

 

Name :

Ms. Shruti Pravin Lunkad

Designation :

Director

Address :

Suraj Palace, 55/56 Koregaon Park, Pune -411001, Maharashtra, India

Date of Birth/Age :

22.08.1984

Date of Appointment :

30.09.2010

DIN No.:

00475115

 

 

Name :

Mr. Sameer Jayantilal Chotai

Designation :

Director

Address :

Arihant Apartments. 565 Hiwri Layout, Nagpur – 44008, Maharashtra, India

Date of Birth/Age :

10.05.1980

Date of Appointment :

30.09.2010

DIN No.:

02963131

 

 

Name :

Ms. Aruna Pravin Lunkad

Designation :

Director

Address :

Suraj Palace, 55/56 Koregaon Park, Pune -411001, Maharashtra, India

Date of Birth/Age :

13.03.1959

Date of Appointment :

29.09.2012

DIN No.:

00275495

 

 

KEY EXECUTIVES

 

Name :

Mr. Shekhar Ghatpande and Company

Designation :

Company Secretaries

Address :

“Saraswati” Flat no, 13, 3rd Floor, 93, Rambaug Colony, Paud, Road, Kothrud, Pune – 411038, Maharashtra, India

Tel. No. :

91-20-25435387

Mobile No.

91-9422089343

Email :

shekharfcs1659@yahoo.com

 

 

Name :

Mr. Dipak Mane

Designation :

Account Assistant

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

Names of Shareholders

 

No. of Shares

Kamath G Narayan

 

1

Lunkad Surajmal Pravin

 

1

Lunkad Pravin Aruna

 

219994

Lunkad Pravin Payal

 

200001

Soniminde Shantilal Ramesh

 

1

Bora Motilal Madanlal

 

1

Lunkad Pravin Shruti

 

230000

Sheth Nasrudas Yogesh

 

1

Total

 

650000

 

Equity Share Break up (Percentage of Total Equity)

 

As on: 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Trader and Importer of Organic Fertilizers, Bio - Stimulant, Natural Plant enhance etc.

 

 

Products :
  • Organic Fertilizers
  • Bio - Stimulant
  • Natural Plant enhance
  • Bio – Pesticides
  • Spraying Pumps

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

 

Products :

Finished Goods

Countries :
  • China
  • Singapore
  • Thailand

 

 

Terms :

 

Selling :

Cash, L/C and Credit

 

 

Purchasing :

Cash, L/C and Credit

 

 

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

Wholesaler, Retailer and Manufacturer

 

 

No. of Employees :

100 (Approximately)

 

 

Bankers :

Bank Name

State Bank of India

Branch

Kasarawadi, Pune, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged
  • The Saraswat Co-operative Bank Limited, Showroom No. A, C Wing, KPCT Mall, Fatima Nagar, Pune – 411013, Maharashtra, India
  • State Bank of India, Industrial Finance Branch, Near Kalasagar Hotel, Pimpri, Pune, Maharashtra - 411034, India

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG-TERM BORROWINGS

 

 

Term Loan From Bank

0.000

0.149

 

 

 

SHORT-TERM BORROWINGS

 

 

From Bank

5.433

8.079

 

 

 

Total

5.433

8.228

 

Auditors :

 

Name :

Sanjay N Pawar and Associates

Chartered Accountants

Address :

Office No 3 Gire Chambers 2nd Floor, 1042 Shukrawar Peth Hirabaug Chowk Tilak Road, Pune – 411002, Maharashtra, India

PAN No:

AAYPP3539M

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associate/ Subsidiaries:

(As Confirmed by the Management)
  • Pranav Agro Industries Limited
  • Pranav International

 

 

CAPITAL STRUCTURE

 

As On 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

750,000

Equity Shares

Rs.10/- each

Rs. 7.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

650,000

Equity Shares

Rs.10/- each

Rs. 6.500 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

6.500

6.500

6.500

(b) Reserves & Surplus

10.495

9.966

9.408

(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)

16.995

16.466

15.908

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.149

0.361

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

7.500

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

7.500

0.149

0.361

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

5.433

8.079

16.980

(b) Trade payables

22.294

4.796

0.000

(c) Other current liabilities

0.611

1.225

0.566

(d) Short-term provisions

2.354

2.211

2.384

Total Current Liabilities (4)

30.692

16.311

19.930

 

 

 

 

TOTAL

55.187

32.926

36.199

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

0.912

1.387

8.490

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

8.039

0.539

0.514

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.850

1.507

5.999

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

9.801

3.433

15.003

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

9.292

6.533

5.854

(c) Trade receivables

19.370

9.420

12.255

(d) Cash and cash equivalents

1.603

1.782

1.428

(e) Short-term loans and advances

15.121

11.459

1.360

(f) Other current assets

0.000

0.299

0.299

Total Current Assets

45.386

29.493

21.196

 

 

 

 

TOTAL

55.187

32.926

36.199

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from Operation

705.221

652.681

646.089

 

 

Other Income

(0.037)

(1.320)

(0.249)

 

 

TOTAL                                     (A)

705.184

651.361

645.840

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Purchases of Stock-in-Trade

687.848

640.044

632.462

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(2.760)

(0.678)

2.684

 

 

Employees benefits expense

7.303

5.056

3.769

 

 

Other expenses

10.385

5.474

5.454

 

 

TOTAL                                     (B)

702.776

649.896

644.369

 

 

 

 

 

Less

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

2.408

1.465

1.471

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

1.426

0.729

0.095

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

0.982

0.736

1.376

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.106

0.178

0.744

 

 

 

 

 

 

PROFIT/ LOSS BEFORE TAX (E-F)                             (G)

0.876

0.558

0.632

 

 

 

 

 

Less

TAX                                                                  (H)

0.347

0.000

0.300

 

 

 

 

 

 

PROFIT/ LOSS AFTER TAX (G-H)                     (I)

0.529

0.558

0.332

 

 

 

 

 

 

Value of Imports on CIF Basis

165.768

106.483

0.000

 

 

 

 

 

 

Earnings Per Share (Rs.)

0.81

0.86

0.51

 

 

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

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

0.08

0.09

0.05

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

0.34

0.22

0.23

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.86

1.72

1.77

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.05

0.03

0.04

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.32

0.50

1.09

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.48

1.81

1.06

 

 

 

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

6.500

6.500

6.500

Reserves & Surplus

9.408

9.966

10.495

Net worth

15.908

16.466

16.995

 

 

 

 

long-term borrowings

0.361

0.149

0.000

Short term borrowings

16.980

8.079

5.433

Total borrowings

17.341

8.228

5.433

Debt/Equity ratio

1.090

0.500

0.320

 

 

 

 

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)

Revenue from Operation

646.089

652.681

705.221

 

 

1.020

8.050

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Revenue from Operation

646.089

652.681

705.221

Profit

0.332

0.558

0.529

 

0.05%

0.09%

0.08%

 

 

 

 

 

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

Yes

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

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)

Yes

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 four years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

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

Yes

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

10495785

13/01/2015 *

30,000,000.00

State Bank of India

Industrial Finance Branch,Near Kalasagar Hotel, Pimpri, Pune, Maharashtra - 411034, India

C57795924

2

90086128

18/07/2005 *

50,000,000.00

UCO BANK

Churchoate Branch; Industry House, 159; Churchagate Reclamation, Mumbai, Maharashtra - 400020, India

-

3

90091902

18/07/2005 *

10,000,000.00

UCO BANK

Churchgate Branch, Industry House; 159 Churchgate Reclamation, Mumbai, Maharashtra - 400020, India

-

4

90088131

01/09/1998

200,000.00

KRISHNA VALLEY CO-OP BANK LIMITED

M.I.D.C. Kupwad; A/P-Kupwad, Tal-Miraj, Sangli, Maharashtra - 416425, India

-

 

 

FIXED ASSETS

 

  • Land
  • Building
  • Plantations
  • Plant and machinery
  • Furniture and Fixtures
  • Vehicles

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

Indian Rupees

US Dollar

1

Rs.65.04

UK Pound

1

Rs.99.58

Euro

1

Rs.71.75

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SUD

 

 

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

3

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

          YES/NO         

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

42

 

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

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NB

                                       New Business

 

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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.