MIRA INFORM REPORT

Report No. :	507348
Report Date :	05.05.2018

IDENTIFICATION DETAILS

Name :	KOVAX ABRASIVES SOUTH ASIA PRIVATE LIMITED
Registered Office :	Door No. 32/1328, A1, Kalavath Road, Palarivattom, Kochi, Ernakulam - 682025, Kerala
Tel. No.:	91-484-2535678
Country :	India
Financials (as on) :	31.03.2018 (Provisional)
Date of Incorporation :	18.03.2015
Com. Reg. No.:	09-038169
Capital Investment / Paid-up Capital :	INR 60.490 Million
CIN No.: [Company Identification No.]	U51909KL2015FTC038169
IEC No.: [Import-Export Code No.]	1015001297
PAN No.: [Permanent Account No.]	AAFCK7774H
GSTN : [Goods & Service Tax Registration No.]	32AAFCK7774H1ZB
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter and Importer of abrasives used in construction activity (Confirmed by management) The company is engaged in the business of buying, selling, importing, exporting, promoting, marketing, trading and dealing in coated abrasives and non abrasives and related products. (Registered Activity)
No. of Employees :	25 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Kovax Corporation” based in Japan and it was incorporated in the year 2015. It is a trader, exporter and importer of Abrasives which is used in construction activity. As per financials of March 2017, the company has registered a healthy growth in its revenue but has reported losses. Rating takes into consideration the company’s limited track record of business operations along with negative reserves and average liquidity position. However, rating weakness is partially offset by strong financial and managerial support received from its holding entity. As per provisional financials of March 2018, the company has achieved a sound sales turnover of INR 79.298 million but has reported losses. Payments seems to be slow but correct. 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.

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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 05.05.2018

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 :	Mr. Vijay Kumar
Designation :	Manager
Contact No.:	91-484-2535678
Date :	03.05.2018

LOCATIONS

Registered Office/Warehouse :	Door No. 32/1328, A1, Kalavath Road, Palarivattom, Kochi, Ernakulam - 682025, Kerala, India
Tel. No.:	91-484-2535678
Mobile No.:	91-9741491238 (Mr. Dias Joe Kolathu) 91-9388749111 (Mrs. Seema Sunil)
Fax No.:	Not Available
E-Mail :	intl@kovax.com
Area :	3000 Sq. ft.
Location :	Owned
Locality :	Commercial

DIRECTORS

As on 31.03.2018

Name :	Mr. Dias Joe Kolathu
Designation :	Managing Director
Address :	B107, Skyline Fountainhead, Prakruthi Town Horamavu Agara, Bangalore- 560043, Karnataka, India
Date of Appointment :	18.03.2015
DIN No.:	07072606
Name :	Mr. Noboru Komatsubara
Designation :	Director
Address :	632-23 Heta Bando-shi Ibaraki 3060632 Jp
Date of Appointment :	18.03.2015
DIN No.:	07073417
Name :	Mr. Naoki Yokoi
Designation :	Director
Address :	#802, 1-4-32 Nishihara Asaka-shi Saitama 3510034 JP
Date of Appointment :	18.03.2015
DIN No.:	07073420

KEY EXECUTIVES

Name :	Mr. Vijay Kumar
Designation :	Manager
Name :	Mrs. Seema Sunil
Designation :	Finance Manager

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares	% of Holding
Kovax Corporation	4200000	87.50
Dias Joe Kolathu	600000	12.50
Total	4800000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family – Indian)	12.50
Promoters (Others - Foreign Body Corporate)	87.50
Total	100.00

BUSINESS DETAILS

Line of Business :

• Trader, Exporter and Importer of abrasives used in construction activity (Confirmed by management)

• The company is engaged in the business of buying, selling, importing, exporting, promoting, marketing, trading and dealing in coated abrasives and non abrasives and related products. (Registered Activity)

Products / Services :

Item Code No.	Products/Services Description
25130000	Wholesale trading of coated abrasives

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Abrasives

Countries :

Sri Lanka

Imports :

Products :

Abrasives

Countries :

• Japan
• Malaysia

Terms :

Selling :

Advance Payment, Credit (30 Days) and Others (RTGS)

Purchasing :

Advance Payment, Credit and Others (RTGS)

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 :

End Users, others (Dealer)

• Aaram Distributors
• Sanco Enterprises, Bangalore

No. of Employees :

25 (Approximately)

Bankers :

Banker Name :	HDFC Bank Limited
Branch :	Kadavanthra, Kochi – 682020, Kerala, India
Person Name (With Designation) :	--
Contact Number :	91-9895663333 (Continuously ringing)
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 :	--

Banker Name :	Indian Overseas Bank
Branch :	Civil Line Road, Kochi – 682021, Kerala, India
Person Name (With Designation) :	--
Contact Number :	18004254445 (Toll free 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 :	Vargis Jacob and Associates Chartered Accountants
Address :	2nd Floor, C M Complex, Annex II, Kalavath Road, Palarivattom, Kochi – 682021, Kerala, India
Income-tax PAN of auditor or auditor's firm :	AAFFV3873R
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	Kovax Corporation, Japan

CAPITAL STRUCTURE

As on 31.03.2018 (Provisional)

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : INR 60.490 Million

After 30.09.2017

Authorised Capital : INR 62.400 Million

Issued, Subscribed & Paid-up Capital : INR 62.400 Million

As on 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
4800000	Equity Shares	INR 10/- each	INR 48.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4800000	Equity Shares	INR 10/- each	INR 48.000 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS			31.03.2018 (Provisional)
EQUITY AND LIABILITIES
1] Share Capital			60.490
2] Share Application Money			0.000
3] Reserves & Surplus			(15.170)
4] (Accumulated Losses)			(19.982)
NETWORTH			25.338
LOAN FUNDS
1] Secured Loans
2] Unsecured Loans			1.158
TOTAL BORROWING			1.158
DEFERRED TAX LIABILITIES			0.078
TOTAL			26.574
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]			1.446
Capital work-in-progress			0.000
INVESTMENT			0.000
DEFERREX TAX ASSETS			0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories		26.255
	Sundry Debtors		17.144
	Cash & Bank Balances		2.522
	Other Current Assets		3.310
	Loans, Advances & Deposits		1.875
Total Current Assets			51.106
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		21.963
	Other Current Liabilities		3.642
	Provisions / Duties and taxes		0.373
Total Current Liabilities			25.978
Net Current Assets			25.128
MISCELLANEOUS EXPENSES			0.000
TOTAL			26.574

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	48.000	27.661
(b) Reserves & Surplus	(27.566)	(15.170)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	1.000
Total Shareholders’ Funds (1) + (2)	20.434	13.491
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.078	0.021
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
(e) Loan	1.121	0.000
Total Non-current Liabilities (3)	1.199	0.021
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	8.215	7.995
(c) Other current liabilities	2.291	1.451
(d) Short-term provisions	0.555	0.447
Total Current Liabilities (4)	11.061	9.893
TOTAL	32.694	23.405
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.734	1.038
(ii) Intangible Assets	0.312	0.569
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	2.833	2.071
Total Non-Current Assets	3.879	3.678
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	12.821	12.766
(c) Trade receivables	8.232	3.797
(d) Cash and cash equivalents	5.607	3.011
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	2.155	0.153
Total Current Assets	28.815	19.727
TOTAL	32.694	23.405

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2018 (Provisional)
	SALES
	Income	79.298
	Other Income	0.032
	TOTAL	79.330
Less	EXPENSES
	Cost of goods sold	49.940
	Direct expenses	5.379
	Direct Expenses Non Abrasives	3.886
	Indirect expenses	25.795
		0.000
	TOTAL	85.000
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(5.670)
Less	FINANCIAL EXPENSES	0.127
	NET PROFIT/ (LOSS)	(5.797)
	Earnings / (Loss) Per Share (INR)	NA

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	39.345	16.125
	Other Income	1.075	0.055
	TOTAL	40.420	16.180
Less	EXPENSES
	Cost of goods sold	31.527	14.584
	Employees benefits expense	9.863	7.405
	Adminsration and other expenses	10.479	8.417
	TOTAL	51.869	30.406
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(11.449)	(14.226)
Less	FINANCIAL EXPENSES	0.156	0.057
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(11.605)	(14.283)
Less/ Add	DEPRECIATION/ AMORTISATION	0.735	0.865
	PROFIT/ (LOSS) BEFORE TAX	(12.340)	(15.148)
Less	TAX	0.056	0.022
	PROFIT/ (LOSS) AFTER TAX	(12.396)	(15.170)
	IMPORTS
	Traded Goods	29.748	27.350
	TOTAL IMPORTS	29.748	27.350
	Earnings / (Loss) Per Share (INR)	(3.03)	(11.84)

Expected Sales (2018-2019): INR 140.000 Million (Due to more business growth)

The above information has been parted by Mr. Vijay Kumar (Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2018 (Provisional)	31.03.2017	31.03.2016
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
Net cash flows from (used in) operating activity	NA	(18.759)	(22.500)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2018 (Provisional)	31.03.2017	31.03.2016
Average Collection Days (Sundry Debtors / Income * 365 Days)	78.91	76.37	85.95
Account Receivables Turnover (Income / Sundry Debtors)	4.63	4.78	4.25
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	160.52	95.11	200.09
Inventory Turnover (Operating Income / Inventories)	(0.22)	(0.89)	(1.11)
Asset Turnover (Operating Income / Net Fixed Assets)	(3.92)	(10.95)	(8.85)

LEVERAGE RATIOS

PARTICULARS	31.03.2018 (Provisional)	31.03.2017	31.03.2016
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.44	0.34	0.42
Debt Equity Ratio (Total Liability / Networth)	0.05	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.91	0.54	0.73
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.06	0.05	0.12
Interest Coverage Ratio (PBIT / Financial Charges)	(44.65)	(73.39)	(249.58)

PROFITABILITY RATIOS

PARTICULARS		31.03.2018 (Provisional)	31.03.2017	31.03.2016
Net Profit Margin ((PAT / Sales) * 100)	%	(7.31)	(31.51)	(94.08)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(11.03)	(37.92)	(64.82)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(22.88)	(60.66)	(112.45)

SOLVENCY RATIOS

PARTICULARS	31.03.2018 (Provisional)	31.03.2017	31.03.2016
Current Ratio (Current Assets / Current Liabilities)	2.21	2.61	1.99
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.07	1.45	0.70
G-Score Ratio Financial (Networth / Total Assets)	0.48	0.63	0.58
G-Score Ratio Debt (Debts / Equity Capital)	0.02	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.21	2.61	1.99

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

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2016	31.03.2017	31.03.2018 (Provisional)
	INR In Million	INR In Million	INR In Million
Share Capital	27.661	48.000	60.490
Reserves & Surplus	(15.170)	(27.566)	(15.170)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	1.000	0.000	0.000
Net worth	13.491	20.434	45.320
Loans	0.000	0.000	1.158
Total borrowings	0.000	0.000	1.158
Debt/Equity ratio	0.000	0.000	0.026

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2016	31.03.2017	31.03.2018 (Provisional)
	INR In Million	INR In Million	INR In Million
Sales	16.125	39.345	79.298
		144.000	101.545

NET PROFIT MARGIN

Net Profit Margin	31.03.2016	31.03.2017	31.03.2018 (Provisional)
	INR In Million	INR In Million	INR In Million
Sales	16.125	39.345	79.298
Profit/(Loss)	(15.170)	(12.396)	(5.797)
	(94.08)%	(31.51)%	(7.31)%

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	Yes
20]	Banking Details	Yes
21]	Banking facility details	No
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 about three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	Yes
29]	Profitability for last about 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

CORPORATE INFORMATION

The company headquartered at Cochin, Kerala was incorporated on March 18, 2015 under the provisions of Companies Act, 2013 and is a wholly owned subsidiary of Kovax Corporation based in Japan.

The company is engaged in the business of buying, selling, importing, exporting, promoting, marketing, trading and dealing in any manner whatsoever especially in coated abrasives and non abrasives and related products

UNSECURED LOAN

Particular	31.03.2017 (INR in Million)
Loans
Dias Joe Loan A/c	1.121
Total	1.121

INDEX OF CHARGES: No Charges Exists for Company

FIXED ASSETS

• Buildings
• Computers and data processing units
• Furniture and fittings
• Office equipment’s
• Intangibles

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 66.66
UK Pound	1	INR 90.66
Euro	1	INR 80.00

INFORMATION DETAILS

Information Gathered by :	POON
Analysis Done by :	VIV
Report Prepared by :	RKI

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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.