MIRA
INFORM REPORT
|
Report Date : |
06.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
IDFC SECURITIES LIMITED (w.e.f. 12.03.2010) |
|
|
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|
Formerly Known
As : |
IDFC-SSKI SECURITIES LIMITED |
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Registered
Office : |
Naman Chambers, C-32, G-Block, Bandra – Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.05.1993 |
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|
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Com. Reg. No.: |
11-071865 |
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Capital
Investment / Paid-up Capital : |
Rs.141.372 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1993PLC071865 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS1780SE |
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PAN No.: [Permanent Account No.] |
AAACK1586E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Business of Investment Banking services |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 5230000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial position
of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Naman Chambers, C-32, G-Block, Bandra – Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-66383322 / 66222500 |
|
E-Mail : |
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|
Website : |
DIRECTORS
AS ON 30.06.2010
|
Name : |
Mr. Tapasije Kamalakar Mishra |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No.21, 4th Floor, Shanti Kuteer, Co-Op Housing, Netaji
Subhash Marg, Marine Drive, Mumbai – 400002, Maharashtra, India |
|
Date of Birth/Age : |
13.02.1969 |
|
Date of Appointment : |
01.12.2006 |
|
Din No.: |
00336496 |
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|
|
|
Name : |
Mr. Rajiv Krishen Behari Lall |
|
Designation : |
Director |
|
Address : |
Sanghi House, 3rd Floor, 94, Nepean Sea Road, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
02.08.1957 |
|
Date of Appointment : |
18.12.2006 |
|
Din No.: |
00131782 |
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|
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|
Name : |
Mr. Vikram Mukund Limaye |
|
Designation : |
Director |
|
Address : |
18, Shreenivas, 5th Floor, D.V. Deshpande Marg, Shivaji
Park, Dadar (West), Mumbai – 400028, Maharashtra, India |
|
Date of Birth/Age : |
22.09.1966 |
|
Date of Appointment : |
18.12.2006 |
|
Din No.: |
00488534 |
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|
|
|
Name : |
Mr. Narayan Krishna Laxminarayanpuram |
|
Designation : |
Director |
|
Address : |
602, Superlina, Plot No. 549-C, Road No.11, Chembur, Mumbai – 400071,
Maharashtra, India |
|
Date of Birth/Age : |
03.04.1955 |
|
Date of Appointment : |
27.01.2009 |
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Din No.: |
01311060 |
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Name : |
Mr. Tara Shankar Bhattacharya |
|
Designation : |
Director |
|
Address : |
Flat No. 8E, B-1, Harbour Hights, Colaba, Mumbai – 400005,
Maharashtra, India |
|
Date of Birth/Age : |
24.01.1948 |
|
Date of Appointment : |
17.06.2009 |
|
Din No.: |
00157305 |
|
|
|
|
Name : |
Mr. Yuvraj Jagdish Narayan |
|
Designation : |
Director |
|
Address : |
Flat No.4A, 7, Raj narain Road, Civil Lines, New Delhi – 110054,
Delhi, India |
|
Date of Birth/Age : |
04.10.1956 |
|
Date of Appointment : |
08.03.2007 |
|
Din No.: |
0030506652 |
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|
|
|
Name : |
Mr. Mahendra Narandas Shah |
|
Designation : |
Director |
|
Address : |
1801, Tower (Terra Tower), Planet Godrej, Simplex Mill Compound,
Keshavrao Khadya Marg, Mahalaxmi (East), Mumbai – 400011, Maharashtra, India |
|
Date of Birth/Age : |
07.11.1958 |
|
Date of Appointment : |
08.10.2007 |
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|
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|
Name : |
Mr. Anil Chandnmal Singhvi |
|
Designation : |
Director |
|
Address : |
131A, Twin Towers, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025,
Maharashtra, India |
|
Date of Birth/Age : |
30.06.1959 |
|
Date of Appointment : |
18.05.2010 |
|
Din No.: |
00124629 |
|
|
|
|
Name : |
Mr. Amol Arvind Ranade |
|
Designation : |
Secretary |
|
Address : |
12, Sundhanshu C.H.S. Nanda Patkar Road (Extension), Vile Parle
(East), Mumbai – 400057, Maharashtra, India |
|
Date of Birth/Age : |
20.04.1977 |
|
Date of Appointment : |
08.10.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Infrastructure Development Finance Company Limited, India |
|
14137194 |
|
Bipin Narandas Gemani, India |
|
1 |
|
Rajiv Krishen Behari Lall |
|
1 |
|
Vikram Mukund Limaye |
|
1 |
|
Narayan L K |
|
1 |
|
Mahendra Narandas Shah |
|
1 |
|
Santosh Bhanu Parab |
|
1 |
|
|
|
|
|
Total |
|
14137200 |
AS ON 30.06.2010
|
Category |
Percentage |
|
|
|
|
Other top fifty shareholders |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Business of Investment Banking services |
GENERAL INFORMATION
|
Bankers : |
Not Available |
|
|
|
Facilities :
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
|
|
|
|
Secured Loans |
0.000 |
0.000 |
0.000 |
266.555 |
|
|
|
|
|
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitee Haskins and Sells Chartered Accountant |
|
Address : |
12, Dr. Annie Besent Road, Opposite Shiv Sagar Estate, Worli, Mumbai –
400018, Maharashtra, India |
|
|
|
|
Holding Company : |
Infrastructure Development Finance Company Limited |
|
|
|
|
Subsidiary Company : |
·
IDFC Capital Limited (Formerly IDFC-SSKI Limited) ·
IDFC-SSKI Stock Broking Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14137200 |
Equity Shares |
Rs.10/- each |
Rs.141.372
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
141.372 |
141.372 |
141.372 |
141.372 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1165.743 |
929.081 |
764.443 |
411.040 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1307.115 |
1070.453 |
905.815 |
552.412 |
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
266.555 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
266.555 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
0.008 |
|
|
|
|
|
|
|
|
|
TOTAL |
1307.115 |
1070.453 |
905.815 |
818.975 |
|
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10.193 |
14.603 |
15.881 |
26.968 |
|
|
Capital work-in-progress |
0.520 |
0.520 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
1102.749 |
593.867 |
419.523 |
138.315 |
|
|
DEFERREX TAX ASSETS |
7.100 |
8.100 |
8.400 |
0.000 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
46.148
|
18.112
|
77.846 |
365.632 |
|
|
Cash & Bank Balances |
396.127
|
482.252
|
634.219 |
835.312 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
0.992 |
|
|
Loans & Advances |
142.526
|
148.909
|
126.613 |
257.677 |
|
Total
Current Assets |
584.801
|
649.273
|
838.678 |
1459.613 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Other Current Liabilities |
392.991
|
191.994
|
372.744 |
803.364 |
|
|
Provisions |
5.257
|
3.916
|
3.923 |
2.557 |
|
Total
Current Liabilities |
398.248
|
195.910
|
376.667 |
805.921 |
|
|
Net Current Assets |
186.553
|
453.363
|
462.011 |
653.692 |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
1307.115 |
1070.453 |
905.815 |
818.975 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
Brokerage |
701.962 |
547.037 |
|
912.292 |
|
|
|
Fee Income |
279.168 |
96.474 |
0.000 |
|
|
|
|
Other Income |
66.167 |
70.173 |
48.671 |
|
|
|
|
TOTAL (A) |
1047.297 |
713.684 |
1295.169 |
912.292 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
Staff Expenses |
537.798 |
311.731 |
541.390 |
384.674 |
|
|
|
Establishment Expenses |
25.920 |
34.943 |
36.675 |
27.108 |
|
|
|
Other Expenses |
106.700 |
95.002 |
135.490 |
110.488 |
|
|
|
Provision for Doubtful Debts |
1.800 |
1.063 |
2.236 |
0.000 |
|
|
|
TOTAL (B) |
672.218 |
442.739 |
715.791 |
522.270 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
375.079 |
270.945 |
579.378 |
390.022 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
10.440 |
13.726 |
31.522 |
63.676 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
364.439 |
257.219 |
547.856 |
326.346 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.750 |
7.761 |
14.780 |
3.409 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
358.889 |
249.458 |
533.076 |
322.937 |
|
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
122.228 |
84.820 |
179.674 |
108.848 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
236.661 |
164.638 |
353.402 |
214.089 |
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
745.789 |
581.151 |
268.462 |
193.046 |
|
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
982.451 |
745.789 |
581.151 |
268.462 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
Advisory Fees |
25.126 |
34.177 |
NA |
NA |
|
|
|
Others |
0.106 |
0.028 |
NA |
NA |
|
|
TOTAL EARNINGS |
25.232 |
34.205 |
NA |
NA
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.74 |
11.65 |
25.00 |
15.14 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
22.59
|
23.06
|
27.28 |
23.46 |
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
51.12
|
45.60
|
42.76 |
35.39 |
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
64.20
|
37.57
|
135.74 |
21.72 |
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.23
|
0.58 |
0.58 |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.30
|
0.18
|
0.41 |
1.94 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46
|
3.31
|
2.22 |
1.81 |
LOCAL AGENCY FURTHER INFORMATION
Note : The registered
office address of the company is shifted from 803/804, Tulsiani Chambers,
Nariman Point, Mumbai, Maharashtra, India to present address w.e.f. 25.12.2009
BACKGROUND :
Subject (formerly IDFC - SSKI Securities Limited) is a wholly owned
subsidiary of Infrastructure Development Finance Company Limited (“IDFC”).
BUSINESS REVIEW
AND FUTURE OUTLOOK :
After a tumultuous Financial Year 2009, the Indian economy has staged a
smart V-shaped recovery in the Financial Year 2010, led by buoyant domestic
demand as well as fiscal and monetary stimulus. The decline in interest rates
drove the revival in domestic demand as indicated by higher sales of passenger
cars, consumer durables, housing loan disbursals, etc. Industrial production
growth, as measured by the Index of Industrial Production (IIP), reached a
15-year high in December 2009. Consequently, GDP growth was set to cross the 7%
mark for FY10, notwithstanding the impact of a deficient monsoon. Buoyed by the
improved macroeconomic environment, capital markets have been up by more than
100% over the year. However, amidst the euphoria, broking business encountered
serious headwinds on many fronts as: (a) investors remain cautious after the
debacle of the previous year and churn has been lower, due to which volume
growth has not been commensurate
with growth in the capital market; (b) competition is intensifying and
an increasingly fragmented market has hit yields (commission rates), because of
which revenue pool has not grown materially; and (c) derivatives (F and O)
volumes have been subdued as the proprietary book and P Note market remains
unaddressable. Despite the odds, performance of the Company was quite
impressive. Their revenues have grown 47% and PAT 44% for FY10. The year also
brought some ‘laurels’ for the Company – as the Company was awarded the ‘Best
Local Brokerage’ for the last 20 years in Asiamoney’s ‘Poll of Polls’. Also,
three of analysts of the Company featured in the league of top 20, ranked for
their research on infrastructure, consumers and financials sectors as also
mid-caps. While the Company was recognized for the differentiated research, it
has also scaled up materially on its client relationships during the year.
SUBSIDIARY
COMPANIES
Subject has two direct wholly owned subsidiary companies - IDFC Capital
Limited (earlier known as IDFC – SSKI Limited ) and IDFC – SSKI Stock Broking
Limited. In addition IDFC Capital Limited has a wholly owned subsidiary – IDFC
Capital (Singapore) Pte Limited During the year, IDFC Capital Limited has
further floated two wholly owned subsidiary companies namely, IDFC General
Partners Limited And IDFC Fund of Funds Limited As required under the
provisions of section 212 of the Companies Act, 1956.
CONTINGENT LIABILITIES (AS ON 31.03.2010)
|
Particulars |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
Claims not acknowledged as debts in respect
of : |
|
|
|
Income-tax demands disputed by the Company (net
of amounts provided). The matters in dispute are under appeal. The demands have
been paid / adjusted and will be received as refund if the matters are decided in favour
of the Company |
62.401 |
31.351 |
|
Counter guarantees given by Company to various
banks |
492.300 |
492.300 |
|
|
|
|
FIXED ASSETS :
·
Furniture and Fittings
·
Office Equipments
·
Computer Hardware
·
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,
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 44.80 |
|
|
1 |
Rs. 72.85 |
|
Euro |
1 |
Rs. 63.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.