MIRA
INFORM REPORT
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Report Date : |
03.06.2011 |
IDENTIFICATION DETAILS
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Name : |
UNITY INFRAPROJECTS LIMITED (w.e.f. 14.01.2000) |
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Formerly Known
As : |
UNITY BUILDERS LIMITED |
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Registered
Office : |
1252 Pushpanjali Apartments, Old Prabhadevi Road, Mumbai 400025,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.04.1997 |
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Com. Reg. No.: |
107153 |
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Capital
Investment / Paid-up Capital : |
Rs. 148.175 millions |
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CIN No.: [Company Identification
No.] |
L99999MH1997PLC107153 |
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PAN No.: [Permanent Account No.] |
AAACU4560E |
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Legal Form : |
Public Limited Liability Company, Company's Shares are Listed on Stock
Exchange |
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Line of Business
: |
Construction of buildings –
residential, commercial and industrial.
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No. of Employees
: |
1000 Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 22607360 |
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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 a well 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.
INFORMATION PARTED BY
|
Name : |
Mr. Prakash Saitunde |
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Designation : |
Accounts Manager |
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Date : |
02.06.2011 |
LOCATIONS
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Registered Office : |
1252 Pushpanjali Apartments, Old Prabhadevi Road, Mumbai 400025,
Maharashtra, India |
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Tel. No.: |
91-22-66665500 |
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Fax No.: |
91-22-66665599 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
AS ON 31.03.2010
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Name : |
Mr. Anil Joshi |
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Designation : |
Director |
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Name : |
Mr. Abhijit K. Avarsekar |
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Designation : |
Vice Chairman and Managing Director |
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Name : |
Mr. Kishore K. Avarsekar |
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Designation : |
Chairman and Managing Director |
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Name : |
Mrs. Pushpa K. Avarsekar |
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Designation : |
Executive Director |
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Name : |
Mr. Anil G. Joshi |
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Designation : |
Director |
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Name : |
Mr. Chaitanya Joshi |
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Designation : |
Director |
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Name : |
Mr. Girish Gokhale |
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Designation : |
Director |
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Name : |
Mr. Dinesh Joshi |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Girish
Gokhale |
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Designation : |
IAS Executive
Officer – Chief sec. Government of |
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Name : |
Mr. Anil G. Joshi |
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Designation : |
Chairman – Dena Bank |
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Name : |
Mr. Suresh Iyer |
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Designation : |
Executive IRS
Officer |
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Name : |
Mr. Yogen Lal |
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Designation : |
Chief Operating Officer |
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Name : |
Mr. Madnav
Nadkarni |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Rajiv Shah |
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Designation : |
Chief Procurement Officer |
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Name : |
Mr. Manoj Thakar |
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Designation : |
Company Secretary |
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Name : |
Mr. Iftekar Ahmed |
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Designation : |
Senior Vice-President |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Category of
Shareholder |
Total No. of
Shares |
% of total No.
of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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24,718,000 |
33.36 |
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21,746,500 |
29.35 |
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46,464,500 |
62.72 |
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Total shareholding of Promoter and Promoter Group (A) |
46,464,500 |
62.72 |
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(B) Public Shareholding |
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305,617 |
0.41 |
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4,554,733 |
6.15 |
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8,625,512 |
11.64 |
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13,485,862 |
18.20 |
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5,030,250 |
6.79 |
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6,631,932 |
8.95 |
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1,831,650 |
2.47 |
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643,186 |
0.87 |
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11,945 |
0.02 |
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384,201 |
0.52 |
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247,040 |
0.33 |
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14,137,018 |
19.08 |
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Total Public shareholding (B) |
27,622,880 |
37.28 |
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Total (A)+(B) |
74,087,380 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
74,087,380 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Construction of buildings –
residential, commercial and industrial.
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
GENERAL INFORMATION
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Customers : |
Corporate, MNC, Residential |
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No. of Employees : |
1000 Approximately |
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Bankers : |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
C B Chhajed and Company Chartered Accountant |
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Address : |
13, Manik Apartment, |
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Tel. No.: |
91-22-4226830 / 4314804 |
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Group Companies : |
· Ved PMC Limited · Kairavi Agencies Private Limited · Avarsekar and Sons Private Limited · Avarsekar and Kejriwal Construction Private Limited · Pathare Construcion and Investment Private Limited · Krishnangi Fabrics Private Limited · Aishwarya Projects Limited · Unity Concepts India Private Limited · Unity Construction Company · Unity Asian (W) Construction Company · Avarsekar Developer · Astra Concrete Products Private Limited · Aura Punjab Megafood Park Private Limited · Krish Interiors Developers |
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Subsidiaries : |
· Unity Infrastructure Assets Limited · Unity Telecom Infrastructure Limited · Unity Natural Resources Private Limited · Unity Middle East · Unity Realty and Developers Limited |
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Associates: |
· Shye Unity Impex private Limited · B W Highway Star Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
25000000 |
Equity Shares |
Rs. 10 each |
Rs.250.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
14817476 |
Equity Shares |
Rs. 10 each |
Rs. 148.175 millions |
Note:
The Company has allotted
27,68,000 fully paid equity shares of Rs. 10/- each at a premium of Rs. 665/-
per equity share to the public, during the financial year 2006/2007.
The Company has
allotted 14,49,476 fully paid equity shares of Rs.10/- each at a premium of Rs.
496/- per equity share through Q.I.P., during the financial year 2009/2010.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
148.175 |
133.680 |
133.680 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5503.665 |
4048.827 |
3422.680 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5651.840 |
4182.507 |
3556.360 |
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LOAN FUNDS |
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1] Secured Loans |
4527.902 |
4325.284 |
2460.709 |
|
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2] Unsecured Loans |
2335.546 |
395.177 |
333.471 |
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TOTAL BORROWING |
6863.448 |
4720.461 |
2794.180 |
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DEFERRED TAX LIABILITIES |
14.704 |
16.767 |
10.732 |
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TOTAL |
12529.992 |
8919.735 |
6361.272 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1002.958 |
1073.365 |
573.277 |
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Capital work-in-progress |
6.672 |
0.000 |
0.000 |
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INVESTMENT |
342.128 |
338.415 |
442.850 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
1330.140
|
1103.435 |
384.695 |
|
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Sundry Debtors |
5615.749
|
4101.873 |
3521.511 |
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Cash & Bank Balances |
1610.202
|
1112.962 |
1050.097 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
6092.633
|
5269.995 |
3885.435 |
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Total
Current Assets |
14648.724
|
11588.265 |
8841.738 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
2870.512
|
2850.335 |
1673.996 |
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Other Current Liabilities |
366.442
|
1059.458 |
1112.413 |
|
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Provisions |
233.536
|
170.517 |
710.962 |
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Total
Current Liabilities |
3470.490
|
4080.310 |
3497.371 |
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Net Current Assets |
11178.234
|
7507.955 |
5344.367 |
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.778 |
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|
|
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|
|
|
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TOTAL |
12529.992 |
8919.735 |
6361.272 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
|
|
|
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Sales |
14767.701 |
11307.918 |
8495.487 |
|
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Share of Profit - Joint Ventures |
21.981 |
15.363 |
6.464 |
|
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Other Income |
122.101 |
155.668 |
121.870 |
|
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TOTAL (A) |
14911.783 |
11478.949 |
8623.821 |
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|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Construction Expenses |
11943.349 |
9183.684 |
6966.170 |
|
|
|
Employees Remuneration |
532.321 |
432.927 |
265.335 |
|
|
|
Office Expenses |
378.927 |
263.610 |
201.962 |
|
|
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TOTAL (B) |
12854.597 |
9880.221 |
7433.467 |
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|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2057.186 |
1598.728 |
1190.354 |
|
|
|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
583.868 |
400.436 |
206.309 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1473.318 |
1198.292 |
984.045 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
174.705 |
159.118 |
73.028 |
|
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|
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|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
1298.613 |
1039.174 |
911.017 |
|
|
|
|
|
|
|
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Less |
TAX (H) |
447.287 |
342.649 |
310.562 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
851.326 |
696.525 |
600.455 |
|
|
|
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1681.861 |
1125.714 |
647.821 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
86.000 |
70.000 |
60.000 |
|
|
|
Dividend |
74.087 |
60.156 |
53.472 |
|
|
|
Tax on Dividend |
12.591 |
10.222 |
9.090 |
|
|
BALANCE CARRIED
TO THE B/S |
2360.509 |
1681.861 |
1125.714 |
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
61.241 |
105.240 |
NA |
|
|
|
Capital Goods |
0.000 |
137.101 |
NA |
|
|
TOTAL IMPORTS |
61.241 |
242.341 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
62.00 |
52.14 |
44.86 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
3397.900 |
3461.260 |
4457.430 |
5702.860 |
|
Total Expenditure |
2954.770 |
2969.620 |
3900.950 |
4917.990 |
|
PBIDT (Excl OI) |
443.130 |
491.640 |
556.480 |
784.870 |
|
Other Income |
35.210 |
42.160 |
16.710 |
74.740 |
|
Operating Profit |
478.340 |
533.790 |
573.190 |
859.610 |
|
Interest |
159.920 |
175.850 |
195.580 |
301.330 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
318.420 |
357.940 |
377.610 |
558.280 |
|
Depreciation |
39.560 |
41.710 |
41.730 |
56.930 |
|
Profit Before Tax |
278.850 |
316.230 |
335.870 |
501.350 |
|
Tax |
83.700 |
101.000 |
110.840 |
194.460 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
195.150 |
215.230 |
225.030 |
306.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.70
|
6.06 |
6.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.79
|
9.18 |
10.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.29
|
8.20 |
9.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.24 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.83
|
2.10 |
1.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.22
|
2.84 |
2.52 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs. In Millions
|
Particulars
|
31.03.2010
|
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
For Contractors |
499.053
|
695.858 |
411.504 |
|
For Materials |
674.869
|
931.168 |
454.424 |
|
For Expanses |
1696.590
|
1223.309 |
808.068 |
|
|
|
|
|
|
Sundry
Creditors |
2870.512
|
2850.335 |
1673.996 |
CAPITAL STRUCTURE
During the year
under review, paid-up capital increased from Rs. 133.6 millions to Rs. 148.1
millions owing to allotment of 14,49,476 equity shares of Rs. 10 each, at
premium of Rs. 496 per share, to qualified institutional investors. On April 9,
2010, the Company’s equity share was split from one equity share of Rs. 10
each, to five equity shares of Rs. 2 each. The new ISIN number for face value
of Rs. 2 per share is INE466H01028.
OPERATIONS
The turnover
achieved by the Company increased 29.90% to Rs. 14911.8 millions, compared with
Rs. 11478.9 millions in the previous year. Profit before tax increased 24.96%
to Rs. 1298.6 millions, compared with Rs. 1039.2 millions in the previous year.
Profit after tax increased 22.14% to Rs. 851.3 millions, compared with Rs.
697.0 millions in the previous year. Earning per share stood at Rs. 62.00,
compared with Rs. 52.14 in the previous year. The Directors are pleased to note
that the total balance value of work-on-hand, as on March 31, 2010, was Rs.
3477crores
MANAGEMENT
DISCUSSION AND ANALYSIS
Even after the Planning
Commission’s assumptions of tempered GDP and GCF growth, infrastructure
investments may still touch USD 500 bn during the Eleventh Five Year Plan, an
almost 70% increase over the previous infrastructure plan investments. Besides,
projections over the Twelfth Five Year Plan suggest that infrastructure
investments will touch USD 1 tn over the said period.
Roads
The Indian road
system was the first infrastructure segment to gain serious government
attention. The Planning Commission estimated a roads investment of Rs. 3,118 bn
under the Eleventh Plan against Rs. 1,448 bn in the Tenth Plan. These
investments will be largely directed into three main programs – the National
Highways Development Program (NHDP), the State Roads and the Rural Roads
programmes – with investment under the NHDP being the key sectoral driver. With
a new MCA in place, an increase in NHDP activity is anticipated. Most NHDP
awards will be on a BOT basis.
INDUSTRY REVIEW
Water supply and environment
India is the
second largest urban system after China. According to the Ministry of Urban
Development, the proportion of India’s urban population is expected to increase
from 30% of the national population to 40% by 2030. The government estimates
that 91% of its urban population has access to drinking water, but only 58%
enjoys this availability within their premises. The coverage of sewerage and
sanitation is a mere 63%. It is estimated that the sewage generation in Tier-I
and Tier-II towns is 33,212 mn litres per day and treatment capacity, only
6,190 mn litres per day. Only a tenth of the sewage generated is treated before
discharge. The Eleventh Plan aims at covering 100% of the urban population for
drinking water, sanitation and waste management. There is a substantial
increase in the estimates because the total funds requirement for the Eleventh
Plan is Rs. 1,276 bn, 6.3 times the Tenth Plan allocation. Almost 55% of this
outlay is scheduled to be met through the Jawaharlal Nehru Urban Renewal
Mission (JNNURM) and the Urban Infrastructure Development Scheme for Small and
Medium Towns (UIDSSMT). The Planning Commission estimates total investments of
Rs. 2,343 bn in water supply and sanitation sector over five years. Of this,
around Rs. 1,438 bn was earmarked for water supply and the rest for the
sanitation sector. In a recent consultation paper, the Planning Commission
assumed a 15% cut on these investments to arrive at a targeted outlay of Rs.
1,991 bn over five years.
Jawaharlal Nehru National Urban Renewal Mission
(JNNURM), the flagship program
The JNNURM was
initiated in December 2005 to assist urban local bodies (ULBs) to develop urban
infrastructure in 63 cities. JNNURM mandated reforms to improve the financial
condition of ULBs, including the adoption of an accrual-based double accounting
system, e-governance, and a levy of user charges with the objective of
recovering costs. In the first two years of JNNURM, only Vishakapatnam was able
to recover full operating and maintenance (O&M) costs in water supply and
solid waste management. JNNURM proposes to recover 100% O&M costs from user
charges by 2012
FIXED
ASSETS:
·
Land and Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Computers
·
Software
·
Vehicles
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.44.94 |
|
|
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.64.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
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.