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|
MIRA INFORM REPORT
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Report No. : |
490697 |
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Report Date : |
08.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
JSW PAINTS PRIVATE LIMITED |
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Registered
Office : |
Jindal Mansion, 5A, Dr. G. Deshmukh Marg, Mumbai-400026, Maharashtra |
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Tel. No.: |
91-22-23513000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
25.02.2016 |
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Com. Reg. No.: |
11-273511 |
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Capital
Investment / Paid-up Capital : |
INR 68.100 Million |
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CIN No.: [Company Identification
No.] |
U24200MH2016PTC273511 |
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IEC No.: |
Not Divulged |
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GST No.: |
27AADCJ6739M1ZZ |
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TIN No.: |
27471492762 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AADCJ6739M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
· Manufacturing of Paints. [Registered Activity] · Manufacturer, Processor and Dealer of all kinds and forms of colour paints , pigments & fillers, binders, oils, resins, additives, solvents, plasticizers, linseed oil, enamels, varnishes, distempers, lead, painting brushes, litharge, orange mineral, lacquers, mortar and cement, stains and coatings, waterproof coatings and compound, dyes, glue, putty, disinfectants, etc. [As per Memorandum of Association] |
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No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Yet to commence its business operation |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a part of JSW Group and it was incorporated on 25th February 2016. The group is headed by Sajjan Jindal and it is estimated that the subject is set to progress with the paint manufacturing facility in the FY 2017-18. As per financials of March 2017, the company is yet to commence its commercial operations and it has incurred some pre-operating expenses. Rating takes into consideration the company’s moderate financial risk profile along with negative reserves and average liquidity position. However, rating weakness is partially offset by strong financial support received from its group companies and healthy capital base of the company. Payments seem to be unknown. In view of aforesaid, the company can be considered for business dealings with some caution. |
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
31-03-2016.
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 08.02.2018.
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 DECLINED BY
|
Name : |
Mr. Nayna |
|
Designation : |
Not Divulged |
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Contact No.: |
91-22-42861000 |
|
Date : |
06.02.2018 |
[Given number 91-22-23513000 is ringing]
LOCATIONS
|
Registered Office : |
Jindal Mansion, 5A, Dr. G. Deshmukh Marg, Mumbai-400026, Maharashtra, India |
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Tel. No.: |
91-22-23513000 |
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Fax No.: |
91-22-23514461 |
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E-Mail : |
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Website : |
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Corporate Office : |
JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
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Tel. No.: |
91-22-42861000 |
|
Fax No.: |
91-22-42863000 |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Anunay Kumar |
|
Designation : |
Director |
|
Address : |
9, Mekon Colony, P.S. Doranda, P.O. Hinu, Ranchi-834002, Jharkhand, India |
|
Date of Birth/Age : |
10.04.1946 |
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Qualification : |
Graduate |
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Date of Appointment : |
25.02.2016 |
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DIN No.: |
01647407 |
|
|
|
|
Name : |
Mr. Sundaresan Suryanarayana Arumbakkam |
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Designation : |
Wholetime Director |
|
Address : |
Flat No. 902, Glen Croft, Hiranandani Garden, Powai, Mumbai-400076, Maharashtra, India |
|
Date of Birth/Age : |
05.01.1965 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
01.04.2017 |
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PAN No.: |
AAAPA3750F |
|
DIN No.: |
03584228 |
|
|
|
|
Name : |
Mr. Parth Sajjan Jindal |
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Designation : |
Managing Director |
|
Address : |
Jindal House, 32, Walkeshwar Road, Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
19.05.1990 |
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Qualification : |
Graduate |
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Date of Appointment : |
05.08.2016 |
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DIN No.: |
06404506 |
KEY EXECUTIVES
|
Name : |
Mr. Sundaresan Suryanarayana Arumbakkam |
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Designation : |
Chief Executive Office (KMP) |
|
Address : |
Flat No 902, Glen Croft Hiranandani Garden, Powai,
Mumbai-400076, Maharashtra, India |
|
Date of Appointment : |
01.04.2017 |
|
PAN No.: |
AAAPA3750F |
|
|
|
|
Name : |
Mr. Sandeep Jatan Lal Bardia |
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Designation : |
Chief Financial Officer (KMP) |
|
Address : |
Flat No. A 2104 Mahindra Splendour LBS Road, Bhandup West,
Mumbai-400078, Maharashtra, India |
|
Date of Appointment : |
01.04.2017 |
|
PAN No.: |
AEUPB9783M |
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|
|
|
Name : |
Mr. Rajdeep Sandeep Shahane |
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Designation : |
Company Secretary |
|
Address : |
A/37, Gurukripa Housing Society, Off Veera-Desai Road,
Andheri – West, Mumbai-400053, Maharashtra, India |
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Date of Appointment : |
17.04.2017 |
|
PAN No.: |
BXNPS3638F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Utkarsh Advisory Services Private Limited |
6809900 |
100.00 |
|
Anunay Kumar [Being nominee of Utkarsh Advisory Services Private Limited] |
100 |
0.00 |
|
|
|
|
|
Total |
6810000 |
100.00 |
AS ON: 28.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Body Corporate |
100.00 |
|
|
|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
· Manufacturing of Paints. [Registered Activity] · Manufacturer, Processor and Dealer of all kinds and forms of colour paints , pigments & fillers, binders, oils, resins, additives, solvents, plasticizers, linseed oil, enamels, varnishes, distempers, lead, painting brushes, litharge, orange mineral, lacquers, mortar and cement, stains and coatings, waterproof coatings and compound, dyes, glue, putty, disinfectants, etc. [As per Memorandum of Association] |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the Management |
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Bankers : |
· Axis Bank Limited Trishul, 3rd Floor, Opposite Samartheshwar Temple, Law
Garden, Ellisbridge, Ahmedabad-380006, Gujarat, India |
||||||||||||||
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||||||||||||||
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Facilities : |
--- |
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Auditors : |
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Name : |
Shah Gupta and Company Chartered Accountants |
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Address : |
38, Bombay Mutual Building, 2nd Floor, Dr. D.N Road, Fort, Mumbai-400001, Maharashtra, India |
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PAN No.: |
AAAFS7702F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Utkarsh Advisory Services Private Limited, India [U74999MH2014PTC253112] |
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Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
· JSW Projects Limited, India [U74999MH2006PLC163924] · JSW Techno Projects Management Limited, India [U74900MH2010PLC202725] · JSW Steel Coated Products Limited, India [U27100MH1985PLC037346] · JSW Steel Limited, India [L27102MH1994PLC152925] |
CAPITAL STRUCTURE
AFTER: 28.09.2017
Authorised Capital : INR
500.000 Million
Issued, Subscribed & Paid-up Capital : INR 415.100 Million
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity Shares |
INR 10/- each |
INR 160.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6810000 |
Equity Shares |
INR 10/- each |
INR 68.100
Million |
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FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2017 |
|
I.
EQUITY AND LIABILITIES |
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|
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(1)Shareholders' Funds |
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(a) Share Capital |
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|
68.100 |
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(b) Reserves & Surplus |
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|
(3.269) |
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(c) Money received against share warrants |
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|
0.000 |
|
|
|
|
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(2) Share
Application money pending allotment |
|
|
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
|
|
64.831 |
|
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|
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(3)
Non-Current Liabilities |
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|
|
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(a) Long-term borrowings |
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|
0.000 |
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(b) Deferred tax liabilities (Net) |
|
|
0.000 |
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(c)
Other long term liabilities |
|
|
0.000 |
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(d)
long-term provisions |
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|
0.000 |
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Total
Non-current Liabilities (3) |
|
|
0.000 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
0.000 |
|
(b)
Trade payables |
|
|
42.725 |
|
(c)
Other current liabilities |
|
|
1.459 |
|
(d)
Short-term provisions |
|
|
0.000 |
|
Total
Current Liabilities (4) |
|
|
44.184 |
|
|
|
|
|
|
TOTAL |
|
|
109.015 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
5.566 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii)
Capital work-in-progress |
|
|
50.040 |
|
(iv) Intangible assets under development |
|
|
0.249 |
|
(b) Non-current
Investments |
|
|
0.000 |
|
(c) Deferred tax assets
(net) |
|
|
0.000 |
|
(d) Long-term Loan and
Advances |
|
|
0.000 |
|
(e)
Other Non-current assets |
|
|
0.000 |
|
Total
Non-Current Assets |
|
|
55.855 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
0.000 |
|
(c)
Trade receivables |
|
|
0.000 |
|
(d)
Cash and cash equivalents |
|
|
3.380 |
|
(e)
Short-term loans and advances |
|
|
49.779 |
|
(f)
Other current assets |
|
|
0.001 |
|
Total
Current Assets |
|
|
53.160 |
|
|
|
|
|
|
TOTAL |
|
|
109.015 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2017 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
|
|
0.000 |
|
|
|
Other Income |
|
|
0.001 |
|
|
|
TOTAL |
|
|
0.001 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other expenses |
|
|
3.256 |
|
|
|
TOTAL |
|
|
3.256 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
|
(3.255) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
(3.255) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
0.014 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
|
(3.269) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
|
(3.269) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
(0.48) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
|
|
31.03.2017 |
|
Current Maturities of Long term debt |
|
|
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
|
|
(8.851) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
|
|
(8.851) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
|
31.03.2017 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
|
|
0.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
|
|
0.00 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
|
|
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
|
|
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
|
|
(0.06) |
LEVERAGE RATIOS
|
PARTICULARS |
|
|
31.03.2017 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
|
|
0.41 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
|
|
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
|
|
0.68 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
|
|
0.86 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
|
|
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
|
|
31.03.2017 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
|
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
|
|
(3.00) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
|
|
(5.04) |
SOLVENCY RATIOS
|
PARTICULARS |
|
|
31.03.2017 |
|
Current Ratio (Current
Assets / Current Liabilities) |
|
|
1.20 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
|
|
1.20 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
|
|
0.59 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
|
|
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
|
|
1.20 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
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 |
No |
|
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 |
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 one year |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last one year |
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
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G68802990 |
100137535 |
Axis Bank Limited |
24/11/2017 |
- |
- |
4000000000.0 |
Trishul, 3rd Floor, Opposite Samartheshwar Temple,Law Garden, EllisbridgeAhmedabadGJ380006IN |
STATE OF COMPANY’S AFFAIRS AND FUTURE
OUTLOOK:
The company has initiated approvals from the Government for environment clearances to set up paint manufacturing facility and has entered into contracts / MOU for lease of land for the proposed factory.
It is estimated that in FY 2017-18 significant progress shall be made for setting up the paint manufacturing facility.
FIXED ASSETS:
Tangible Assets
·
Plant and Equipment
·
Vehicles
·
Office Equipment
·
Computer Equipments
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 records 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 64.14 |
|
UK Pound |
1 |
INR 89.50 |
|
Euro |
1 |
INR 79.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHA |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
IND |
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 |
NO |
|
--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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.