MIRA INFORM REPORT

Report No. :	506105
Report Date :	26.04.2018

IDENTIFICATION DETAILS

Name :	A. SCHULMAN PLASTICS INDIA PRIVATE LIMITED
Registered Office :	Plot No.-12, GIDC Industrial Estate, Near GEB Sub-Station, Savli, Manjusar Vadodara - 391775, Gujarat
Tel. No.:	91-2667-619400
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	26.02.2010
Com. Reg. No.:	04-077614
Capital Investment / Paid-up Capital :	INR 443.432 Million
CIN No.: [Company Identification No.]	U25199GJ2010FTC077614
IEC No.: [Import-Export Code No.]	Not Divulged
CST No.:	24692101295
TIN No.:	24192101295
GSTN : [Goods & Service Tax Registration No.]	24AAICA5441N1ZI
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAICA5441N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plastics Substances or their Derivatives including Master Batch and Trading of Master Batch, Engineering Plastic and Specialty Powder. [Registered activity and also confirmed by management]
No. of Employees :	30 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 390000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of “A. Schulman Plastics BVBA, Belgium” and was incorporated in the year 2010. The company has sound financial base, healthy capital structure along comfortable liquidity profile. Rating takes into consideration strong managerial and financial support received to the company from its holding entity as well as regular equity infusion. Further, the company also derives strength from its improving revenue profile as compared to previous year and long standing track record of business operations. However, rating strength is partially offset due to continuously losses incurred by the company which has reported negative reserves position. Trade relations are reported as fair. Business is active. Payments are slow but 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 26.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY

Name :	Ms. Prajakta Deshmukh
Designation :	Admin Manager
Contact No.:	91-2667-619400
Date :	26.04.2018

LOCATIONS

Registered Office/ Factory :	Plot No.-12, GIDC Industrial Estate, Near GEB Sub-Station, Savli, Manjusar Vadodara - 391775, Gujarat, India
Tel. No.:	91-2667-619400 / 401
Fax No.:	Not Available
E-Mail :	priyadarshi.joshi@aschulman.com esha.desai@aschulman.com
Website :	http://www.aschulman.com
Location :	Owned
Locality :	Industrial

DIRECTORS

AS ON 31.03.2017

Name :	Derek Mansfield Steven
Designation :	Managing Director
Address :	Flat No. 202, The Address, 12 Alkapuri, Vadodara – 390005, Gujarat, India
Date of Appointment :	09.10.2017
DIN No.:	07960682
Name :	Mr. Derek Roy Bristow
Designation :	Director
Address :	3 Bells Pl, Carindale, 4152, Australia
Date of Birth/Age :	30.01.1960
Date of Appointment :	30.07.2010
DIN No.:	03139459
Name :	Mr. Jonathan Francis Vear
Designation :	Director
Address :	11 Michael St, Beauma, Ris Victoria, 3193, Australia.
Date of Birth/Age :	21.08.1966
Date of Appointment :	26.02.2011
DIN No.:	03582378
Name :	Mr. Darshit Bhatt
Designation :	Additional Director
Address :	12-C, Vrundvanpark, VIP Road, Karelibaug, Vadodara -390018, Gujarat, India
Date of Appointment :	11.12.2017
DIN No.:	08018945

KEY EXECUTIVES

Name :	Mr. Jaymeen Mohanbhai Patel
Designation :	Company Secretary
Address :	D-169, Pramukhswami Kutir, Behind Swaminarayan Temple, Atladara, Vadodara-390012, Gujarat, India
Date of Appointment :	01.03.2016
PAN No.:	AROPP3403D
Name :	Ms. Prajakta Deshmukh
Designation :	Admin Manager

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares
A. Schulman Plastics BVBA, Belgium	44343249
A. Schulman Holding SARL, Luxembourg	1
Total	44343250

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2017

Category	Percentage
Promoters- Body corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plastics Substances or their Derivatives including Master Batch and Trading of Master Batch, Engineering Plastic and Specialty Powder. [Registered activity and also confirmed by management]

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Manufacturing of plastics substances or their derivatives including Master Batch and trading of Master Batch, Engineering Plastic and Specialty Powder	22209
Manufacture of Plastic products n.e.c.	46693
Wholesale of Plastic Material in primary forms	--

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Indonesia
• Germany

Imports :

Countries :

• China

• Indonesia

Terms :

Selling :

L/C, Cheque and Credit (NEFT / RTGS) (90 Days)

Purchasing :

L/C, Cheque and Credit (NEFT / RTGS) (90 Days)

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Manufacturer

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

30 (Approximately)

Bankers :

Banker Name :	The Hongkong and Shangai Banking Corporation Limited
Branch :	52/60, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Auditors :
Name :	Mukund and Rohit Chartered Accountants
Address :	E-8, Avishkar Complex, Old Padra Road, Vadodara -390007, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFM4355J
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	A. Schulman Plastics BVBA, Belgium
Ultimate Holding Company:	A. Schulman Inc., Denmark
Associates:	ICO Polymers North America Inc, United States PT. A. Schulman Plastics Indonesia, Indonesia Schulman GmbH, Germany Schulman Plastics (Dongguan) Limited, China ICO Holland BV ICO Polymers France S.A.S ICO Polymers Italy SRL A.Schulman Plastics (Malaysia) Sdn. Bhd. A.Schulman Thermoplastic Compounds SDN BHD A.Schulman Nordic AB A.Schulman Polsk SP. Z.O.O. Courtenay Polymers Pty Limited A, Schulman Europe GMBH & Co

CAPITAL STRUCTURE

AFTER 29.09.2017

Authorised Capital : INR 480.000 Million

Issued, Subscribed & Paid-up Capital : INR 507.675 Million

AS ON 29.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
48000000	Equity Shares	INR 10/- each	INR 480.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
44343250	Equity Shares	INR 10/- each	INR 443.433 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	443.432	310.196	180.474
(b) Reserves and Surplus	(306.390)	(304.665)	(235.559)
(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)	137.042	5.531	(55.085)
(3) Non-Current Liabilities
(a) long-term borrowings	573.045	573.045	538.995
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long-term liabilities	1.292	0.000	0.000
(d) long-term provisions	3.846	3.852	3.094
Total Non-current Liabilities (3)	578.183	576.897	542.089
(4) Current Liabilities
(a) Short-term borrowings	0.000	0.000	0.000
(b) Trade payables	170.910	90.388	120.429
(c) Other current liabilities	19.530	13.829	10.650
(d) Short-term provisions	0.125	0.319	0.206
Total Current Liabilities (4)	190.565	104.536	131.285
TOTAL	905.790	686.964	618.289
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	408.205	175.190	204.166
(ii) Intangible Assets	5.309	7.716	10.413
(iii) Tangible assets capital work-in-progress	0.000	4.799	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	0.000	0.000
(d) Long-term loans and advances	26.796	26.399	27.899
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	440.310	214.104	242.478
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	148.792	58.454	89.857
(c) Trade receivables	174.728	166.694	156.286
(d) Cash and bank balances	20.103	122.680	53.102
(e) Short-term loans and advances	119.692	121.514	74.498
(f) Other current assets	2.165	3.518	2.068
Total Current Assets	465.480	472.860	375.811
TOTAL	905.790	686.964	618.289

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	771.260	734.952	696.675
	Other Income	13.960	14.691	12.660
	TOTAL	785.220	749.643	709.335
Less	EXPENSES
	Cost of Materials Consumed	579.112	584.320	608.315
	Purchases of Stock-in-Trade	35.893	20.625	9.089
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(29.536)	19.587	(28.951)
	Employee benefit expense	43.128	39.618	38.843
	Other expenses	120.095	117.948	89.167
	TOTAL	748.692	782.098	718.370
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	36.528	(32.455)	(9.035)
Less	FINANCIAL EXPENSES	1.345	1.204	1.120
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	35.183	(33.659)	(10.155)
Less/ Add	DEPRECIATION/ AMORTISATION	36.907	35.448	35.451
	PROFIT/ (LOSS) BEFORE TAX	(1.724)	(69.107)	(45.606)
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(1.724)	(69.107)	(45.606)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	9.393	10.136	10.144
	TOTAL EARNINGS	9.393	10.136	10.144
	IMPORTS
	Raw Materials	461.769	377.126	383.606
	Capital Goods	116.416	0.413	0.000
	TOTAL IMPORTS	578.185	377.538	383.606
	Earnings / (Loss) Per Share (INR)	(0.04)	(2.23)	(2.53)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	26.827	(86.345)	(45.152)
Net cash flows from (used in) operating activities	26.827	(86.345)	(45.152)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	82.69	82.79	81.88
Account Receivables Turnover (Income / Sundry Debtors)	4.41	4.41	4.46
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	101.43	54.54	71.20
Inventory Turnover (Operating Income / Inventories)	0.25	(0.56)	(0.10)
Asset Turnover (Operating Income / Net Fixed Assets)	0.09	(0.17)	(0.04)

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.84	0.99	1.08
Debt Equity Ratio (Total Liability / Networth)	4.18	103.61	(9.78)
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.39	18.90	(2.38)
Fixed Assets to Networth (Net Fixed Assets / Networth)	3.02	33.94	(3.90)
Interest Coverage Ratio (PBIT / Financial Charges)	27.16	(26.96)	(8.07)

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	(0.22)	(9.40)	(6.55)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(0.19)	(10.06)	(7.38)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(1.26)	(1249.45)	82.79

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	2.44	4.52	2.86
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.66	3.96	2.18
G-Score Ratio Financial (Networth / Total Assets)	0.15	0.01	(0.09)
G-Score Ratio Debt (Debts / Equity Capital)	1.29	1.85	2.99
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.44	4.52	2.86

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	180.474	310.196	443.432
Reserves & Surplus	(235.559)	(304.665)	(306.390)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(55.085)	5.531	137.042
Long-term borrowings	538.995	573.045	573.045
Short term borrowings	0.000	0.000	0.000
Total borrowings	538.995	573.045	573.045
Debt/Equity ratio	(9.785)	103.606	4.182

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	696.675	734.952	771.260
		5.494	4.940

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	696.675	734.952	771.260
Profit/ (Loss)	(45.606)	(69.107)	(1.724)
	(6.55 %)	(9.40 %)	(0.22 %)

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	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 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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

Operations

During the year, the company has successfully established commercial production of various white Master Batch products.

Establishment of MB2 project is successfully completed by March 2017.

Total revenue during the financial year 2016-17 has been increased to INR 785.220 Million, as compared to the last year of INR 749.643 Million.

Net loss incurred during the financial year 2016-17 has been increased to INR (1.724 Million) /- as compared to last year INR (69.107 Million) /-.

UNSECURED LOANS:

(INR In Million)

Particulars	As on 31.03.2017	As on 31.03.2016
LONG TERM BORROWING
Fully convertible debentures intercorporate	573.045	573.045
Total	573.045	573.045

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G49106024	100043728	THE HONGKONG AND SHANGAI BANKING CORPORATION LIMITED	12/07/2016	26/07/2017	40000000.0	52/60, MAHATMA GANDHI ROAD , FORTMUMBAIMH400001IN

FIXED ASSETS:

Tangible assets

• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments

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 records 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	INR
US Dollar	1	INR 66.70
UK Pound	1	INR 93.14
Euro	1	INR 81.43

INFORMATION DETAILS

Information Gathered by :	TEJ
Analysis Done by :	PSD
Report Prepared by :	KVT

SCORE FACTORS

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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.