MIRA
INFORM REPORT
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Report Date : |
06.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
ANDHRA FERRO ALLOYS LIMITED |
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Registered Office : |
Y.I.G. Plot No. 1, North Extension, Seethammadhara, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
20.03.1986 |
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Com. Reg. No.: |
01-006292 |
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Capital
Investment / Paid-up Capital : |
Rs.30.585 Millions |
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CIN No.: [Company
Identification No.] |
U27101AP1986PLC006292 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
VPNA00104G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of high Carbon Ferro Chrome, Manganese etc. |
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No. of Employees
: |
500 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 940000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Brajendra Khandelwal |
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Designation : |
Director |
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Contact No.: |
91-9491058682 |
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Date : |
27.05.2011 |
LOCATIONS
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Registered Office : |
Y.I.G. Plot No. 1, North Extension, Seethammadhara, |
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Tel. No.: |
91-8966-273311 / 273289 |
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Mobile No.: |
91-941058682 [Mr. Brajendra] |
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Fax No.: |
91-8966-273344 91-8916-637484 |
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E-Mail : |
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Corporate Office : |
501, Swagruha Coral, Pandurangapuram, |
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Tel. No.: |
91-891-2558998 |
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Mobile No.: |
91-944066266 / 9849339113 (Mr. Brajendra Khandelwal) 91-9810155695 ( Mr. Babu Khandelwal) 91-9393107922 (Mr. M.Dinkar Shetty) |
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Fax No.: |
91-891-2558998 |
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E-Mail : |
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Head Office : |
303, B.D.Chambers, 10/54, |
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Tel. No.: |
91-011-23527544 / 23527545 / 27538714 |
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Fax No.: |
91-011-23680431,23557606 |
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Unit 1 : |
Garbham, Merakamudidam Mandal, Vizianagaram District -
Andhra Pradesh |
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Tel. No.: |
91-8952-288344,288408 |
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Unit 2 : |
Srinivasanagar, Chinthalapalem (PO), Pendurthi (SO), Via |
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Tel. No.: |
91-8966-273311,273289 |
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Fax No.: |
91-8966-273344 |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Brajendra Khandelwal |
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Designation : |
Managing Director |
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Address : |
Flat No. 501, Swagruha Coral, |
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Date of Birth/Age : |
05.10.1984 |
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Date of Appointment : |
01.04.1997 |
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DIN : |
00201689 |
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Name : |
Mr. Babu Khandelwal |
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Designation : |
Director |
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Address : |
B-99, Foirst Floor, Derawalnagar, |
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Date of Birth/Age : |
10.03.1962 |
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Date of Appointment : |
01.04.1997 |
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Date of Cessation : |
14.12.2009 |
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Name : |
Mrs. Manjubala Khandelwal |
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Designation : |
Wholetime Director |
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Address : |
Flat No. 501, Swagruha Coral, |
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Date of Birth/Age : |
29.10.1954 |
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Date of Appointment : |
22.12.1999 |
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DIN : |
00201730 |
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Name : |
Mr. Garvit Khandelwal |
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Designation : |
Director |
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Address : |
Flat No. 501, Swagruha Coral, |
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Date of Appointment : |
01.04.2006 |
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DIN : |
00808053 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
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Mr. Babu Lal Khandelwal |
|
385029 |
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Mr. Brajendra Khandelwal |
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1216866 |
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Mrs. Manjubala Khandelwal |
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959806 |
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Mr. Garvit Khandelwal |
|
335000 |
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Mr. Sangeeta Khandelwal |
|
122671 |
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Sri K R B Prakash |
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4400 |
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Mr. M Chittayya |
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4800 |
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Mr. M Nageswara Rao |
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1000 |
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Sri. K |
|
11700 |
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Mr. T Veera Reddy |
|
11600 |
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Mr. K Ravi |
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600 |
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Mrs. T Deepthi |
|
600 |
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Mr. K K T Raju |
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2300 |
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Mr. T Simhadri Raju |
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732 |
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Mrs. T Prabhavathi Devi |
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214 |
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Others |
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1172 |
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Total |
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3058490 |
As on 30.09.2010
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Category |
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Percentage of Holding |
|
Directors or relatives of directors |
|
98.00 |
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Other top fifty shareholders |
|
2.00 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of high Carbon Ferro Chrome, Manganese etc. |
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Products : |
» Ferro Alloys
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PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
High Carbon Ferro Chrome |
Mt |
30000 |
19483.459 |
|
High Carbon Ferro Manganese |
Mt |
23000 |
-- |
GENERAL INFORMATION
|
500 [Approximately] |
500 [Approximately] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Murthy Associates Chartered Accountants |
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Address : |
Flat No. 102, Lakshmi Apartments, Facor Layout, Waltair Upland, |
CAPITAL STRUCTURE
AS ON 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
3,058,490 |
Equity Shares |
Rs.10/-
each |
Rs.30.585
millions |
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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 |
|
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1] Share Capital |
30.585 |
21.435 |
18.537 |
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2] Share Application Money |
0.000 |
0.000 |
2.898 |
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3] Reserves & Surplus |
205.539 |
153.861 |
134.421 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
236.124 |
175.296 |
155.856 |
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LOAN FUNDS |
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1] Secured Loans |
184.935 |
133.245 |
88.254 |
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2] Unsecured Loans |
0.000 |
0.000 |
40.540 |
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TOTAL BORROWING |
184.935 |
133.245 |
128.794 |
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|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
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|
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TOTAL |
421.059 |
308.541 |
284.650 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
182.364 |
165.714 |
172.092 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.348 |
0.348 |
0.348 |
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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 |
121.189
|
194.256
|
76.992 |
|
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Sundry Debtors |
86.953
|
26.350
|
83.293 |
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Cash & Bank Balances |
145.403
|
22.927
|
0.909 |
|
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Other Current Assets |
15.000
|
0.763
|
99.301 |
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Loans & Advances |
66.046
|
62.589
|
14.155 |
|
Total
Current Assets |
434.591
|
306.885
|
274.650 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
80.874
|
36.485
|
22.441 |
|
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Sundry Creditors |
77.529
|
112.535
|
101.958 |
|
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Provisions |
37.841
|
15.386
|
38.041 |
|
Total
Current Liabilities |
196.244
|
164.406
|
162.440 |
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Net Current Assets |
238.347
|
142.479
|
112.210 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
TOTAL |
421.059 |
308.541 |
284.650 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
|
Income |
1179.994 |
1094.621 |
1254.683 |
|
|
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Other Income |
16.937 |
20.425 |
75.849 |
|
|
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TOTAL (A) |
1196.931 |
1115.046 |
1330.532 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Finished Goods |
0.000 |
0.514 |
3.747 |
|
|
|
Material Consumed |
559.531 |
775.222 |
756.641 |
|
|
|
Payments to Employees |
15.455 |
15.614 |
13.885 |
|
|
|
Manufacturer and other Expenses |
392.222 |
386.488 |
423.945 |
|
|
|
Construction Expenses |
0.000 |
2.000 |
0.000 |
|
|
|
Increase Decrease in Finished Goods |
117.484 |
[121.405] |
[0.304] |
|
|
|
TOTAL (B) |
1084.692 |
1058.433 |
1197.914 |
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|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
112.239 |
56.613 |
132.618 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
15.508 |
13.508 |
12.969 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
96.731 |
43.105 |
119.649 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.499 |
12.754 |
11.414 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
83.232 |
30.351 |
108.235 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
31.554 |
12.911 |
36.892 |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
51.678 |
19.440 |
71.343 |
|
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|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
145.774 |
126.334 |
54.991 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
197.452 |
145.774 |
126.334 |
|
|
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
822.351 |
932.498 |
1217.337 |
|
|
TOTAL EARNINGS |
822.351 |
932.498 |
1217.337 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
16.89 |
14.16 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.32
|
1.74
|
5.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.05
|
2.77
|
8.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.49
|
6.42
|
24.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.17
|
0.69 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.61
|
1.70
|
1.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.21
|
1.87
|
1.69 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF OPERATIONS AND OTHER MATTERS :
COMPANY OPERATIONS :
There is remarkable
progress and tremendous growth in the business activities and operations of the
company. During the financial year 2009-10, the company has achieved production
of 19,483.459 MT of high carbon ferro chrome and silicon manganese and out of
this exported 16,588MT to different countries. In terms of Rupee value, the
export is of Rs.840.070 millions and this way the company has contributed
foreign currency to the ex-chequer.
The company has
achieved a turnover of Rs.1179.900 millions which comprises of both domestic
and export turnover this as against Rs.1094.600 millions turnover achieved in
the immediate preceding financial year.
The net profit
achieved by the company is of Rs.832.300 millions as against Rs.303.500 millions(before
tax and after depreciation), a sizable growth in the profit earning of the
company.
In the ensuring
years, taking overall economy growth and upward trends in all spheres, the
directors are confident that there would be huge market for alloys steel,
stainless and special steel which would in turn potentially increase the demand
for ferro chrome and silicon manganese. Keeping these factors in mind and also
the future market the directors are proposing for installing 11 MVA ORC with
132 KV dedicated line feeder at Kothavalasa, unit-1 and proposing for
installing 11 MVA ORC Furness at Garb ham, unit-2. These plans are subject to
various clearances from different statutory authorities.
The company and its
quality product is patternized in the international market and this is evident
from the continuous orders it has been receiving from different countries like
South Korea, China, Thailand, Malaysia, Japan, Vietnam, South Africa, some
European Countries and US. The directors are making every effort by keeping
good relations with the customers in these countries.
The directors are
proud to inform that having been maintaining high standards of quality
production, the company has been awarded ISO 9000-2008 certificate. Besides
this, the company has also received export Excellency award for the year
2007-08 instituted by Engineering Export Promotion Council from the hands of
the Hon’ble Industries Minister, Govt. of India.
CAPITAL AND
RESERVES:
The aggregate capital and reserves as on 31.3.2010 stood at Rs.30.585 millions and Rs.205.538 millions respectively against Rs.21.435 millions and Rs.153.861 millions as at 31.03.2009.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
Rs. in million
|
Particulars |
31.03.2010 |
31.03.2009 |
|
Bank Guarantees |
50.000 |
50.000 |
FORM 8:
|
Corporate
identity number of the company |
U27101AP1986SGC006292 |
|
Name of the
company |
ANDHRA FERRO ALLOYS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Y.I.G. Plot No. 1, North Extension, Seethammadhara, Vishakhapatnam
500013, |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10269350 |
|
Type of charge |
|
|
Particular of
charge holder |
IDBI Bank Limited, |
|
Nature of
instrument creating charge |
1.Facility Agreement 2.Deed of Hypothecation. 3.Omni Bus Counter Guarantee Agreement |
|
Date of
instrument Creating the charge |
18.02.2011 |
|
Amount secured by
the charge |
Rs.150.000 millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- CC : @BBR+475 BPS(PRESENTLY BBR IS 9% p.a). EPC/PCFC and FBP/PSCFC: As per
extant guidelines LC and BG: commission 1.25% pa plus ST, BC -
extant tariff Treasury Limit :
Commission As per bank tariff Terms of
Repayment - Repayable on demand. Margin - Cash
Credit : 25% on stocks and debtors up to 180 days and 100% on debtors above
180 days. FBP/PSCFC:NIL on
export receivables up to 180 days. EPC : 10% on EPC
Stocks. Letter of Credit
: 10% cash margin payable upfront. Bank Guarantee :
10% Cash Margin. Treasury Limit :
NIL. Extent and
Operation of the charge - The bank shall have hypothecation by way of first pari
passu charge on the entire current assets (including Book-debts) of the
Company both present and future ranking pari passu with other banks in
Multiple Banking Arrangement and Second charge on the entire movable assets
(excluding current assets) and immovable properties of the company both
present and future to the tune of credit facilities extended to the Company
by the bank together with interest and other charges accrued thereon. Others - The
total credit facilities of Rs.150.000 millions comprises of 1.PSCFC/FBP/FBD/FBN
of Rs.50.000 millions with sub limit of EPC/PCFC/CC - Rs.50.000 millions. 2.Letter of
Credit Limit : 100.000 millions with a sub-limit of Bank guarantee Limit of
Rs.20.000 millions. 3.Treasury Limit
: Rs.10.000 millions as sub limit to Letter of credit. |
|
Short particulars
of the property charged (Including location of the property) |
1. The borrowers entire stocks of raw
materials, semi finished goods and finished goods, consumable stores and
spares and such other movables including book-debts both present and future. 2. Whole of the moveable and immovable
properties of the borrower including its moveable plant and machinery,
machinery spares, tools and accessories and other movables both present and
future, situate |
|
Particulars of
the present modification |
The over all credit facilities are reduced from Rs.170.000 millions to
Rs.150.000 millions as follows: PSCFC/FBP/FBD/FBN from
Rs.40.000 millionss to Rs.50.000 millions. EPC/PCFC from Rs.40.000 milliojs to Rs.30.000 millions - Sub limit of
PSCFC/FBP/FBD/FBN Cash Credit From Rs.40.000 millions to Rs.30.000 millions - Sub limit
of PSCFC/FBP/FBD/FBN Letter of Credit [NFB LIMIT] from Rs.120.000 millions to Rs.100.000
millions. LER - Rs.10.000 millions - Sub Limit of NFB Limit. |
FIXED ASSETS
Land
Buildings
- Factory
- Factory -
(Unit-2)
- Non Factory
- Roads
- Compound Wall
Plant & Machinery
- Plant and
Machinery
- Brequeting
Plant (unit-2)
- Plant and Machinery
(UNIT-2)
- Electrical
Installations
- Electrical
Installations(Unit-2)
- Sewage and
Water Supply
- Mollases Tank
- Material
Handling Equipment
- Lab Equipment
- Pollution
Control Equipment
- Belt Conveyor
- Cooling Tower
Furniture And Fixtures
Office Equipment
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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.