MIRA INFORM REPORT

 

 

Report No. :

343029

Report Date :

30.09.2015

 

IDENTIFICATION DETAILS

 

Name :

FARWOOD INDUSTRIES LIMITED

 

 

Registered Office :

1/1 and 1/2, GNT Road, Puduvoyal Post, Durainallur Village, Ponneri Taluka, Thiruvallur – 601206, Tamilnadu

Tel. No.:

91-44-24495293

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

03.08.1989

 

 

Com. Reg. No.:

18-017833

 

 

Capital Investment / Paid-up Capital :

Rs.75.225 Million

 

 

CIN No.:

[Company Identification No.]

U36101TN1989PLC017833

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACF2236N

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturing of interior products.

 

 

No. of Employees :

180 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (12)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Exist

 

 

Comments :

Subject was incorporated in the year 1989. It is into manufacturing of interior products.

 

Management has failed to file its financials for FY 14 with Registrar of companies.

 

As per available financials, the company has incurred loss for both the financial year 2012 and 2013 which has eroded its networth base.

 

Business is active. Payments are reported to be slow.

 

The company can be considered for business dealings on safe and secured trade terms and conditions.

 

Note: Subject has been found under RBI defaulter’s list the name of Credit grantor is State Bank of India and the amount charged is Rs.206.089 Million dated 31.12.2014  

 

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

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same are as under:

 

Borrowers’ Name :

Farwood Industries

Address :

4/605, Old Mahabalipuram Road, Perungudi, Chennai, Tamilnadu, India

Name of Individual :
  • K. Mohammad Fazil
  • M.P. Anwar
  • M.P. Farook
  • Rozaio
  • V. Noorjehan

Name of Credit Grantors / Bank & Branch:

 State Bank of India, SAMB, Chennai

Amount (Rs. In Million) :

Rs.206.089 Million

 

 

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 :

Ms. Shakila

Designation :

DPT Manager and Administration

Contact No.:

91-44-24495293

Date :

29.09.2015

 

 

LOCATIONS

 

Registered Office/ Factory:

1/1 and 1/2, GNT Road, Puduvoyal Post, Durainallur Village, Ponneri Taluka, Thiruvallur – 601206, Tamilnadu, India

Tel. No.:

91-44-24495293

Fax No.:

Not Available

E-Mail :

shakila@farwoodintirior.com

far-info@dishnetdsl.net

Locality :

Industrial

 

 

DIRECTORS

 

AS ON 28.09.2013

 

Name :

Mr. Farook Melekandy Puthalath

Designation :

Managing Director

Address :

Faraz No-9, State Bank Of India Colony, Sastri Nagar, Adyar, Chennai – 600020, Tamilnadu, India

Date of Birth/Age :

29.09.1957

Date of Appointment :

03.08.1989

DIN No.:

00268611

PAN No.:

AAAPF2644P

 

 

Name :

Mr. Anwar Melekandy Puthalath

Designation :

Director

Address :

Flat No-903, Pearl Apartments, Lock Street, 4th Main Road, Kotturpuram, Chennai -  600085, Tamilnadu, India

Date of Birth/Age :

30.04.1971

Date of Appointment :

30.09.2003

DIN No.:

00268706

PAN No.:

AAJPP0492J

 

 

Name :

Mr. Mohammed Fazil Kariyambath

Designation :

Director

Address :

3/9, State Bank Of India Colony, Sastri Nagar, Adyar, Chennai – 600020, Tamilnadu, India

Date of Birth/Age :

12.11.1983

Date of Appointment :

30.12.2006

DIN No.:

03019401

PAN No.:

ATMPM1267C

 

 

KEY EXECUTIVES

 

Name :

Ms. Shakila

Designation :

DPT Manager and Administration

 

 

MAJOR SHAREHOLDERS

 

AS ON 28.09.2013

 

Note: SHAREHOLDING DETAILS FILE ATTACHED

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 28.09.2013

 

Category

Percentage

Directors or relatives of Directors

98.33

Other

1.67

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of interior products.

 

 

Products :

Item Code No.

Product Description

94036000

Furniture

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Cash, L\C, Cheque and Credit

 

 

Purchasing :

Cash, L\C, Cheque 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 :

Manufacturer

 

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 :

180 (Approximately) 

 

 

Bankers :

Banker Name

State Bank Of India

Branch Address

Commercial Branch, Guindy,

65-A, G.S.T Road, Guindy, Chennai - 600032,Tamilnadu, 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

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2013

As on

31.03.2012

SHORT TERM BORROWINGS

 

 

Rupee term loans from banks

102.224

103.724

Working capital loans from banks

[Secured by way of charge of hypothecation of the company's entire raw material ,semi-finished goods consumable stores ,spares and such

other movables including book debts]

147.065

158.489

Total

249.289

262.213

 

Auditors :

 

Name :

Varma and Varma

Chartered Accountant

Address :

Sreela Terrace" 105, 1st Main Road, Ganthi Nagar, Adyar , Chennai – 600020, Tamilnadu, India

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

AABFV9555E

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

AS ON 28.09.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

9000000

Equity Shares

Rs.10/- each

Rs.90.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

7522500

Equity Shares

Rs.10/- each

Rs.75.225 Million

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2013

31.03.2012

31.03.2011

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

75.225

75.225

75.225

(b) Reserves & Surplus

(134.975)

(108.109)

(13.312)

(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)

(59.750)

(32.884)

61.913

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(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

0.000

0.000

0.000

Total Non-current Liabilities (3)

0.000

0.000

0.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

251.367

264.541

268.208

(b) Trade payables

54.171

33.186

53.077

(c) Other current liabilities

168.646

136.637

90.115

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

474.184

434.364

411.400

 

 

 

 

TOTAL

414.434

401.480

473.313

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

126.131

139.351

155.191

(ii) Intangible Assets

0.080

0.037

0.035

(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

0.000

0.000

0.000

(c) Deferred tax assets (net)

13.831

13.831

13.831

(d)  Long-term Loan and Advances

1.857

1.991

2.020

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

141.899

155.210

171.077

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

158.255

110.997

132.174

(c) Trade receivables

87.039

100.993

116.020

(d) Cash and cash equivalents

0.409

0.079

9.227

(e) Short-term loans and advances

26.832

34.201

44.815

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

272.535

246.270

302.236

 

 

 

 

TOTAL

414.434

401.480

473.313

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

Income

153.109

144.363

137.516

 

Other Income

12.072

1.317

1.207

 

TOTAL (A)

165.181

145.680

138.723

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

131.703

93.118

68.836

 

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

(44.870)

16.679

(8.325)

 

Employees benefits expense

35.914

25.582

22.057

 

Other expenses

62.092

48.140

54.940

 

 Exceptional Items

(31.829)

0.000

0.000

 

TOTAL (B)

153.010

183.519

137.508

 

 

 

 

 

Less

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

12.171

-37.839

1.215

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

24.310

40.435

49.557

 

 

 

 

 

 

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

(12.139)

(78.274)

(48.342)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

14.726

16.523

10.092

 

 

 

 

 

 

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

(26.865)

(94.797)

(58.434)

 

 

 

 

 

Less

TAX (H)

0.000

0.000

(25.056)

 

 

 

 

 

 

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

(26.865)

(94.797)

(33.378)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(3.57)

(12.6)

(4.44)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2013

31.03.2012

31.03.2011

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

70.589

35.610

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

Net Profit Margin

(PAT / Sales)

(%)

(17.55)

(65.67)

(24.27)

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

7.95

-26.21

0.88

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(6.71)

(24.45)

(12.72)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.45

2.88

(0.94)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

(4.21)

(8.04)

4.33

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.57

0.57

0.73

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

75.225

75.225

75.225

Reserves & Surplus

(13.312)

(108.109)

(134.975)

Net worth

61.913

(32.884)

(59.750)

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

268.208

264.541

251.367

Total borrowings

268.208

264.541

251.367

Debt/Equity ratio

4.332

(8.045)

(4.207)

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

137.516

144.363

153.109

 

 

4.979

6.058

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

137.516

144.363

153.109

Profit

(33.378)

(94.797)

(26.865)

 

(24.27%)

(65.67%)

(17.55%)

 

 

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

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

Yes

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

No

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

No

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

Yes

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NOTE: Registered office of the company has been shifted from No. 4/605, Old Mahabalipuramroad, Opposite Nehru Onagar Perugudi Post, Chennai – 600096, Tamilnadu India to the present address w.e.f. 14.05.2010

 

 

LITIGATION DETAILS

 

 

Madras High Court

 

Case Status Information System

 

 

Case Status:

Pending

Status of:

COMPANY APPLICATIONS 917 OF

Litigants:

MR. RAJESH ZATAKIA VS. FARWOOD INDUSTRIES LIMITED

Pet’s Adv:

M/S.P. MEGHANA NAIR

Res’s Adv:

--

Last Date of Hearing:

--

Next/ Final:

--

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

SHORT TERM BORROWINGS

 

 

Other loans and advances

2.078

2.328

Total

2.078

2.328

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10584347

31/07/2015

108,000,000.00

STATE BANK OF INDIA

STRESSED ASSETS MANAGEMENT BRANCH, "RED CROSS BUI 
LDINGS", 32, MONTIETH ROAD, EGMORE, CHENNAI, TAMILNADU - 600008, INDIA

C60941994

2

90301244

30/03/2010 *

341,700,000.00

STATE BANK OF INDIA

STRESSED ASSETS MANAGEMENT BRANCH,, RED CROSS BUILDINGS, 32, MONTIETH ROAD, EGMORE, CHENNAI, TAMILNADU - 600008, INDIA

A82038381

3

90289143

27/07/2005 *

85,100,000.00

STATE BANK OF INDIA

KASTURBA NAGAR, ADYAR BRACH, CHENNAI, TAMILNADU - 600020, INDIA

-

 

* Date of charge modification

 

 

FIXED ASSETS

 

Tangible assets

 

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.66.18

UK Pound

1

Rs.100.46

Euro

1

Rs.74.61

 

 

INFORMATION DETAILS

 

Information Gathered by :

KAM

 

 

Analysis Done by :

AMR

 

 

Report Prepared by :

GTA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

1

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILITY

1~10

1

--LIQUIDITY

1~10

1

--LEVERAGE

1~10

1

--RESERVES

1~10

1

--CREDIT LINES

1~10

1

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

YES

--EPF

YES/NO

NO

TOTAL

 

12

 

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.