MIRA
INFORM REPORT
|
Report Date : |
18.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUMI MOTHERSON INNOVATIVE ENGINEERING LIMITED |
|
|
|
|
Registered Office : |
2nd Floor, F-7, Block B-1, Mohan Co-operative Industrial
Estate, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
17.03.1997 |
|
|
|
|
Com. Reg. No.: |
55-085879 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U67120DL1997PLC085879 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELS19902B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of small and medium sized injection molded plastic components
for an extensive range of products catering to Automotive, electrical and
electronics industry. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3107000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between Samvardhasna Motherson Group and
Sumitomo Wiring Systems Limited, The company can be considered normal 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 – 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
2nd Floor, F-7, Block B-1, Mohan Co-operative Industrial
Estate, |
|
Tel No.: |
91-11-26842174 |
|
Fax No.: |
91-11-41627490 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
E-4 and 5, Sector-59, Noida-201301, |
|
Tel. No.: |
91-120-4760800 |
|
Fax No.: |
91-120-4760966 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Toshimi Shirakawa |
|
Designation : |
Director |
|
Address : |
709-15, Ohazanishikata, Kuwanashi, Mie Prefecture-5110864, Japan |
|
Date of Birth/Age : |
06.10.1954 |
|
Date of Appointment : |
25.07.2003 |
|
|
|
|
Name : |
Mr. Ashok Tandon |
|
Designation : |
Director |
|
Address : |
H-1A-141, |
|
Date of Birth/Age : |
20.02.1951 |
|
Date of Appointment : |
16.08.2004 |
|
|
|
|
Name : |
Mr. Amarjit Singh |
|
Designation : |
Director |
|
Address : |
346, Sector-28, Noida-201303, Uttar Pradesh |
|
Date of Birth/Age : |
08.11.1934 |
|
Date of Appointment : |
25.07.2003 |
|
|
|
|
Name : |
Mr. Bimal Dhar |
|
Designation : |
Director |
|
Address : |
Flat No.503, Al |
|
Date of Birth/Age : |
14.06.1953 |
|
Date of Appointment : |
06.112006 |
|
Name : |
Mr. Kimiyuki Hori |
|
Designation : |
Director |
|
Address : |
326-7, Muroyama, Yokkaichi-5100948, |
|
Date of Birth/Age : |
24.09.1947 |
|
Date of Appointment : |
26.05.2007 |
|
|
|
|
Name : |
Mr. Eiji Nakano |
|
Designation : |
Director |
|
Address : |
F-100, East Of Kailash, New Delhi-110065, |
|
Date of Birth/Age : |
01.10.1966 |
|
Date of Appointment : |
26.05.2007 |
|
|
|
|
Name : |
Mr. Yosuke Goda |
|
Designation : |
Whole Time Director |
|
Address : |
C-643, New Friends Colony,New Delhi-110025, |
|
Date of Birth/Age : |
01.04.1959 |
|
Date of Appointment : |
26.07.2007 |
|
|
|
|
Name : |
Mr. Shimzu Hiroaki |
|
Designation : |
Director |
|
Address : |
W-26, First Floor, Greater Kailash-II, New Delhi-110048, |
|
Date of Birth/Age : |
12.11.1958 |
|
Date of Appointment : |
25.08.2003 |
KEY EXECUTIVES
|
Name : |
Ms.Piyali Choudhary |
|
Designation : |
Company Secretary |
|
Address : |
1046, Sector 14, Gurgaon, |
|
Date of Birth/Age : |
17.02.1976 |
|
Date of Appointment : |
26.05.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Equity
Shares |
|
Radha Rani Holdings Private Limited ( |
2584100 |
|
Sumitomo Wiring Systems Limited ( |
12685202 |
|
H.K.Wiring Systems Limited ( |
5750000 |
|
Samvardhana Motherson Finance Limited ( |
4051598 |
|
Aditya Bhargava |
10000 |
|
Mr. R.C.Bhargava |
10000 |
|
Geeta Soni |
2600 |
|
Vivek Avasthi |
2000 |
|
Rajeev Sikand |
2000 |
|
Anil Taneja |
2000 |
|
Sushila Mangal |
2000 |
|
Naveen Ganzu |
2000 |
|
|
|
|
Names of Shareholders |
No. of
Preference Shares |
|
Sumitomo Wiring Systems Limited, |
10000000 |
|
Total |
10000000 |
AS ON 30.09.2010
|
Equity Share
Breakup |
Percentage Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
83.43 |
|
Bodies corporate |
16.08 |
|
Other top fifty shareholders |
0.49 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of small and medium sized injection molded plastic
components for an extensive range of products catering to Automotive, electrical
and electronics industry. |
|
|
|
|
Products : |
Automobile
Industry- v
Inside Handles v
Outside Handles v
Window Regulators Handles v
Garnish v
Trims v
Clusters v
Side louvers,Etc Medical Industry- v
X-ray Machines Cradle Parts v
Control Boxes v
Sub-Assembly Parts |
GENERAL INFORMATION
|
Customers : |
Major Clients: v
Sumitomo Wiring Systems Limited, v
SEWS Hungary Limited |
|
|
|
|
No. of Employees : |
2000 |
|
|
|
|
Bankers : |
Not Available |
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
B.S.R. and Company Chartered Accountant |
|
Address : |
Building No. 10, 8th Floor, Tower – B, |
|
Tel. No.: |
91-124-2549191 |
|
Fax No.: |
91-124-2549101 |
|
|
|
|
Holding Company : |
v
Sumitomo Electric Industries |
|
|
|
|
Subsidiary of
holding Company |
v
H.K.Wiring Systems Limited |
|
|
|
|
Joint Ventures
or Investors |
v
Samvardhana Motherson Finance Limited v
Radha Rani Holdings Private Limited |
|
|
|
|
Associates/Subsidiaries : |
v
Motherson Sumi Systems Limited v
Motherson Air Travel Agencies Limited v
Motherson Auto Limited v
Saks Ancilliaries Limited v
Vision Corp Motherson Limited v
Motherson Pudenz Wickmann Limited v
Motherson Sumi Infotech And Designs Limited v
Motherson Techno Tools Limited v
South City Motors Limited v
Nachi Motherson
Toos Technology Limited v
MSSL Tooling (FZE) v
MSSL Polymer GMBH v
Systematic Conscom Limited v
Woco Motherson Elastomer Limited v
Calsonic Kansei Motherson Auto Products Limited v
SEWS Hungary Limited v
Sumitomo Electrical International Singapore Pte
Limited v
Sumitomo Electric Automotive Products private
Limited v
SWS India management and Support Services Private
Limited v
Sumitomo Heavy Industries Limited |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs. 10/- Each |
Rs.400.000 millions |
|
25000000 |
8% Convertible Cumulative Preference Shares |
Rs. 10/- Each |
Rs.250.000 millions |
|
|
|
|
|
|
|
Total |
Rs.
10/- Each |
Rs.650.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25196048 |
Equity Shares |
Rs. 10/- Each |
Rs.251.960
millions |
|
10000000 |
8% Cumulative Convertible Redeemable Preference
Shares |
Rs. 10/-
Each |
Rs.100.000
millions |
|
|
|
|
|
|
|
Total |
Rs. 10/- Each |
Rs.351.960 millions |
Note:-
Equity Share
Capital – 25196048 equity shares of Rs. 10 each of the above 12685202 equity shares
are held by Sumitomo Wiring Systems Limited, Japan (the holding company)
directly and 5750000 equity shares are held by H.K. Wiring Systems Limited (a
subsidiary of Sumitomo Wiring Systems Limited). The ultimate holding company
being Sumitomo Electric Industries,
Preference Share capital
10000000 8% Cumulative Convertible
Redeemable Preference Shares Of Rs. 10 each (Entirely held by Sumitomo Wiring
Systems Limited,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
351.960 |
401.960 |
401.960 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
424.881 |
381.303 |
347.789 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
776.841 |
783.263 |
749.749 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.150 |
7.492 |
0.000 |
|
|
2] Unsecured Loans |
5.492 |
0.000 |
16.010 |
|
|
TOTAL BORROWING |
7.642 |
7.492 |
16.010 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
784.483 |
790.755 |
765.759 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
613.558 |
621.581 |
586.456 |
|
|
Capital work-in-progress |
6.978 |
8.665 |
29.867 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
8.304 |
3.862 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
120.923
|
104.894 |
106.165
|
|
|
Sundry Debtors |
248.152
|
139.642 |
238.196
|
|
|
Cash & Bank Balances |
60.225
|
68.865 |
195.782
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
121.558
|
250.367 |
71.161
|
|
Total
Current Assets |
550.858
|
563.768 |
611.304 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
260.377
|
213.016 |
239.589
|
|
|
Provisions |
126.534
|
198.547 |
226.641
|
|
Total
Current Liabilities |
386.911
|
411.563 |
466.230
|
|
|
Net Current Assets |
163.947
|
152.205 |
145.574
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
784.483 |
790.755 |
765.759 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1359.185 |
1301.990 |
1338.281 |
|
|
|
Other Income |
100.560 |
67.971 |
121.972 |
|
|
|
TOTAL (A) |
1459.745 |
1369.961 |
1460.253 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
781.575 |
666.659 |
|
|
|
|
Personnel Expenses |
167.487 |
152.462 |
|
|
|
|
Operating and other Expenses |
295.878 |
309.114 |
|
|
|
|
Cost of internally generated fixed assets. |
(31.134) |
(32.273) |
|
|
|
|
TOTAL (B) |
1213.806 |
1095.962 |
1109.679 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
245.939 |
273.999 |
350.574 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11.150 |
1.251 |
2.166 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
234.789 |
272.748 |
348.408 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
97.951 |
96.718 |
94.504 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
136.838 |
176.030 |
253.904 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
50.912 |
69.521 |
90.097 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
85.926 |
106.509 |
163.807 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
336.086 |
313.223 |
252.832 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
8.592 |
10.651 |
16.381 |
|
|
|
Transfer to Capital Redemption Reserve |
50.000 |
0.000 |
0.000 |
|
|
|
Dividend on preference shares |
11.000 |
12.000 |
24.000 |
|
|
|
Dividend |
25.196 |
50.392 |
50.392 |
|
|
|
Tax on Dividend |
6.151 |
10.603 |
12.643 |
|
|
BALANCE CARRIED
TO THE B/S |
321.073 |
336.086 |
313.223 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
249.077 |
493.122 |
NA |
|
|
TOTAL EARNINGS |
249.077 |
493.122 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and components |
273.986 |
205.016 |
NA |
|
|
|
Capital Goods |
38.474 |
54.867 |
NA |
|
|
TOTAL IMPORTS |
312.460 |
259.883 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.90 |
3.67 |
5.94 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.89
|
7.77 |
11.22
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.07
|
13.52 |
18.97
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.75
|
14.85 |
21.20
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.22 |
0.34
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.51
|
0.53 |
0.64
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.37 |
1.31
|
LOCAL AGENCY FURTHER INFORMATION
CHANGE OF ADDRESS :
Registered office of the company has been
shifted from 43, Community Centre, New Friends Colony,
FIXED ASSETS-
A) Tangible Assets:
v Land(leasehold)
v Building
v Plant and machinery
v Office Equipments
v Moulds and Dies
v Furniture and Fixtures
v Computers
v Vehicles
B) Intangible Assets:
v Computer Software
WEBSITE DETAILS :
OVERVIEW :
Subject - Components Division, is a joint venture between
Samvardhana Motherson Group and Sumitomo Wiring Systems Limited (SWS),
SMIEL specialises in small and medium sized, high-precision, surface critical
injection molded components and metal-plastic assembled components, offering an
extensive range of components and assemblies for automotive and electronics
industries. The company specialises in manufacturing of connectors and exports
connectors to global locations of SWS.
Manufacturing
Facilities
- Top-of-the-line
Injection Molding Machines with complete Auxiliary equipment
- 20 Ton to 650
Ton Clamping Force
- Closed
- Thermoset
& Gas Injection Molding
- Ultrasonic
Welding facility
- Components
upto 3.2 Kg
- Automatic Dip
Molding Lines
- Painting,
printing, welding and assembly operations
- Press
Stamping on multi-stage progressive tools
- Comprehensive
laboratory facilities for validation
Automobile industry
Inside handles, outside handles, window regulator handles, garnish,
trims, clusters, side louvers, center louvers, ash trays, grip assists, grab
rail, reservoirs, tank assembly, lid glove box, car A/C parts, gear shift knob,
door a fuel filler parts, cap antenna, nozzle w/s washer, cover instrument
panel, knobs, clips, box assembly fuse, wiring harness connectors &
couplers, press stamping terminals, and dip molded caps & covers.
Medical Equipments
X-ray machine cradle parts, control boxes & sub-assembly
parts.
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.45.59 |
|
|
1 |
Rs.72.31 |
|
Euro |
1 |
Rs.60.73 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.