MIRA
INFORM REPORT
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Report Date : |
11.03.2011 |
IDENTIFICATION DETAILS
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Name : |
STERLING AND WILSON LIMITED (w.e.f. 24.06.2009) |
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Formerly Known As : |
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Registered Office : |
Bussa Udyog Bhavan, Industrial Premises Co-Op Society Limited, Ground
Floor, Tokersey Jivraj Road, Sewri West, Mumbai – 400 015, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
13.06.1974 |
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Com. Reg. No.: |
11-17538 |
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CIN No.: [Company
Identification No.] |
U31200mh1974ptc017538 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
Mums48651B |
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PAN No.: [Permanent
Account No.] |
AAACS9939D |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business : |
Subject is an Electro-Mechanical Engineering Company |
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 9100000 |
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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 subsidiary of Shapoorji Pallonji and Company Limited. It 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.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 |
LOCATIONS
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Registered Office : |
Bussa Udyog Bhavan, Industrial Premises Co-Op Society Limited, Ground Floor,
Tokersey Jivraj Road, Sewri West, Mumbai – 400 015, Maharashtra, India |
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Tel. No.: |
91-22-24177300 |
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Fax No.: |
91-22-24177331 |
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E-Mail : |
mumbai@sterlingwilson.com swilson@vsnl.net info@sterlingwilson.com |
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Website : |
http://www.sterlingandwilson.com |
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Location : |
Owned |
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Administrative Office / Head Office : |
Kasturi Building, Sanghavi Industrial Estate, Govandi Station Road, Govandi (E), Mumbai - 400 088, Maharashtra, India |
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Tel. No.: |
91-22-25485300 |
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Fax No.: |
91-22-25485331 / 352 |
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E-Mail : |
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Area : |
5000 Sq.fts |
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Location : |
Owned |
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Factory : |
Survey No. 59, 343/1, Village kala, Kherdi, Khanvel, Silvassa, U.T. of Dadra and Nagar Haveli |
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Tel. No.: |
91-260 - 2677408 / 419 |
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Fax No.: |
91-260 - 2677408 |
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E-Mail : |
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International Office: |
Located At:
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DIRECTORS
As on 30.09.2010
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Name : |
Mr. Zarine Yazdi Daruwala |
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Designation : |
Director |
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Address : |
613 Dinshaw Mody Building, |
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Date of Birth/Age : |
17.12.1944 |
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Date of Appointment : |
06.03.1980 |
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Name : |
Mr. Khurshed Yazdi Daruvala |
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Designation : |
Director |
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Address : |
613 Dinshaw Mody Building, |
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Date of Birth/Age : |
22.03.1969 |
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Date of Appointment : |
01.09.1993 |
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Name : |
Mr. Nimrod Weiselfishs |
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Designation : |
Director |
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Address : |
Flat No. 91, 9/F, |
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Date of Birth/Age : |
28.05.1974 |
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Date of Appointment : |
16.04.2009 |
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Date of Ceasing: |
13.02.2010 |
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Name : |
Mr. Jimmy Jehangir Parakh |
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Designation : |
Director |
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Address : |
502 Sterling Tower, Harish Chandra , Goregaonkar Marg Gamdevi, Mumbai
– 400 007, |
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Date of Birth/Age : |
01.1.01949 |
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Date of Appointment : |
12.08.2008 |
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Name : |
Mr. Vijay Karnani |
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Designation : |
Alternate Director |
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Address : |
Samshita Apartment, 3rd Floor, |
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Date of Birth/Age : |
06.07.1970 |
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Date of Appointment : |
12.08.2008 |
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Date of Ceasing : |
29.09.2009 |
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Name : |
Mr. Lakshmiah Balachandra Naidu |
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Designation : |
Director |
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Address : |
A 1302, |
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Date of Birth/Age : |
05.10.1973 |
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Date of Appointment : |
13.02.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Shapoorji Pallonji and Company limited,
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8836000 |
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Pallonji S. Mistry |
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144000 |
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Khurshed Y. Daruvala |
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5231865 |
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GS Strategic Investment Limited, |
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1824095 |
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Zarir Madan Jointly With Khurshed Y. Daruvala |
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10 |
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Parvin Z Madan Jointly With Khurshed Y Daruvala |
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10 |
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Kainaz K. Daruvala jointly With Khurshed Y Daruvala |
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20 |
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Total |
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16036000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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11.00 |
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Bodies
corporate |
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55.00 |
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Directors
or relatives of directors |
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33.00 |
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Other
top fifty shareholders |
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1.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is an Electro-Mechanical Engineering Company |
GENERAL INFORMATION
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Bankers : |
· Union Bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai – 400 023, Maharashtra, India · ICICI Bank Limited · Barclays Bank · Axis Bank, Nariman Point Branch, Atlanta, Ground Floor, Nariman Point, Mumbai – 400 021, Maharashtra · Yes Bank Limited ·
State
Bank of |
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Facilities : |
Note:
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Associates Chartered Accountant |
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Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi
Marg, Mahalakshmi, Mumbai-400011, |
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Tel. No.: |
91-22-30440800 |
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Fax No.: |
91-22-30440900 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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18000000 |
Equity Shares |
Rs.10/- each |
Rs.180.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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16036000 |
Equity Shares |
Rs.10/- each |
Rs.160.360
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
160.360 |
160.360 |
144.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2129.631 |
1875.559 |
600.825 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2289.991 |
2035.919 |
744.825 |
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LOAN FUNDS |
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1] Secured Loans |
905.388 |
446.569 |
295.584 |
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2] Unsecured Loans |
448.000 |
99.300 |
501.200 |
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TOTAL BORROWING |
1353.388 |
545.869 |
796.784 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3643.379 |
2581.788 |
1541.609 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
289.630 |
229.412 |
233.683 |
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Capital work-in-progress |
0.000 |
34.423 |
0.000 |
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INVESTMENT |
113.844 |
61.029 |
62.460 |
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DEFERREX TAX ASSETS |
16.350 |
11.998 |
17.973 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
588.368
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882.106 |
591.191 |
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Sundry Debtors |
6217.543
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4715.258 |
2918.251 |
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Cash & Bank Balances |
99.812
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126.009 |
116.461 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
561.128
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361.296 |
233.177 |
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Total
Current Assets |
7466.851
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6084.669 |
3859.080 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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2639.233 |
1806.027 |
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Other Current Liabilities |
4101.920
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1030.262 |
758.886 |
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Provisions |
141.376
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170.248 |
66.674 |
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Total
Current Liabilities |
4243.296
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3839.743 |
2631.587 |
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Net Current Assets |
3223.555
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2244.926 |
1227.493 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3643.379 |
2581.788 |
1541.609 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
10825.695 |
10362.465 |
7228.439 |
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Other Income |
13.480 |
71.011 |
17.750 |
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TOTAL (A) |
10839.175 |
10433.476 |
7246.189 |
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Less |
EXPENSES |
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Construction Cost |
8799.519 |
8772.054 |
6014.039 |
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Personal Costs |
748.411 |
655.834 |
399.547 |
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Selling and Administrative Costs |
357.288 |
299.309 |
180.917 |
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Decrease / Increase in Inventories |
293.737 |
(290.914) |
28.819 |
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TOTAL (B) |
10198.955 |
9436.283 |
6623.322 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
640.220 |
997.193 |
622.867 |
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Less |
FINANCIAL
EXPENSES (D) |
162.325 |
70.348 |
94.615 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
477.895 |
926.845 |
528.252 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
56.447 |
40.252 |
31.210 |
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PROFIT BEFORE
TAX (E-F) (G) |
421.448 |
886.593 |
497.042 |
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Less |
TAX (H) |
148.676 |
326.844 |
177.749 |
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PROFIT AFTER TAX
(G-H) (I) |
272.772 |
559.749 |
319.293 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1057.413 |
572.425 |
274.153 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
27.500 |
56.000 |
3.600 |
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Dividend |
16.036 |
16.036 |
4.811 |
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Tax on Dividend |
2.663 |
2.725 |
2.530 |
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Interim Dividend |
0.000 |
0.000 |
10.080 |
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BALANCE CARRIED
TO THE B/S |
1283.986 |
1057.413 |
572.425 |
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Earnings Per
Share (Rs.) |
17.01 |
35.04 |
22.17 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
2.52
|
5.36 |
4.41 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.89
|
8.55 |
6.88 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.43
|
14.04 |
12.14 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.44 |
0.67 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.44
|
2.15 |
4.60 |
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Current Ratio (Current Asset/Current Liability) |
|
1.76
|
1.58 |
1.47 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND
Systems, etc.
The company
primarily provides turnkey solutions for electrical, HVAC and DG sets to
clients across industry segments. It also provides electrical maintenance
services to select clients.
The Company was
established in 1927 under the name of Wilson Electric Works. The Company was
renamed as
OPERATIONS:
The business
environment in the Domestic market showed signs of recovery only in the second
half of the current fiscal due to the measures initiated by the Government to
propel growth through planned investments in infrastructure projects. The weak
market sentiments and stressed liquidity conditions impacted the order inflows
from all segments of the market and the investments in ongoing projects in the
first half.
The investment in IT
Infrastructure is seeing a slow revival while the commercial real estate still
remains in a protracted slump. Nevertheless, the Company has shown an increase
of 17% in the order booked as compared to last fiscal as it focused on the infrastructure
and other sectors. The Company's move to align with the fast growing
Infrastructure
projects and Power Transmission and Distribution
Projects provided the critical mass to the order book and enabled the Company
to marginally improve the turnover for the year over last year. The profit
after tax was lower than last year at Rs.272.700 millions mainly due to margins
getting squeezed due to a very competitive market, cost overruns consequent to
prolonged implementation of project investments and overheads built-up to
expand the activities. Poor liquidity in the system lead to an increase in
working capital requirements and hence significant increase in borrowing costs.
OUTLOOK FOR 2010-11:
The first quarter
has witnessed a visible change in the investment climate with industry
spearheading expansion resulting in robust order book position as of end June
2010. The challenge of over built commercial real estate still remains and is
likely to take another 12 to 18 months to return to normalcy
The Company's focus
on fast growing infrastructure segment including EPC is expected to the fill
the gap created by shrinking size of the traditional markets for MEP business.
The company should have
a decent growth in turnover during the current year. The strain on margins as
well as on working capital will continue to be a challenge during the year.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10181814 |
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Corporate
identity number of the company |
U31200MH1974PLC017538 |
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Name of the
company |
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Address of the
registered office or of the principal place of business in |
Bussa Udyog Bhavan, Industrial Premises Co-Op Society Limited, Ground
Floor, Tokersey Jivraj Road, Sewri West, Mumbai – 400 015, Maharashtra, India
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Union Bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai – 400 023, Maharashtra, India |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum for
creation of joint equitable mortgage by deposit of title deeds |
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Date of
instrument Creating the charge |
10.04.2010 |
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Amount secured by
the charge |
Rs.7200.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate or rates as may be stipulated in the relevant sanction letters of each
bank of union bank consortium. Terms of
Repayment On Demand Margin As per sanction
terms of each bank of union bank consortium. Extent and
Operation of the charge To secure the
aggregate amount of Rs.7200.000 Millions
granted by union bank consortium as under :-
Others Union bank
consortium comprises of union bank of Union bank of |
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Short particulars
of the property charged |
I)
Creation
of Joint Equitable Mortgage In Favour of Union Bank Consortium In Respect of
The Company's Immovable Porperty Being Commercial Property Comprising of
Building Consisting Of Ground And II)
Three
Upper Floors Constructed On Property Bearing Municipal No.4a/14; 4/3 7 5-6/1,
Survey No.88/1b, Site No.4, 4a, 5, 6 - Tavarekere Main Road, Division 58, 4th
A Main, Chikka Adugodi New Extension, III)
Bmp
Ward No.66, Madiwala, |
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Date of latest
modification prior to the present modification |
04.12.2009 |
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Particulars of
the present modification |
Creation of joint
equitable mortgage in favour of union bank consortium in respect of the
company's commercial property comprising of building consisting of ground and
three upper floors constructed on property bearing municipal No.4a/14, 4/3 7
5-6/1, survey no.88/1b, site no.4, 4a, 5, 6 - Tavarekere main road, division
58, 4th a main, Chikka Adugodi New Extension, bmp ward no.66, Madiwala,
Bangalore City - 400081 to secure the aggregate amount of Rs.7200.000
Millions granted by union bank
consortium. |
fixed assets:
· Plant and Machinery
· Computers
· Vehicles
· Furniture and Fixtures
· Premises
website details:-
CORPORATE HISTORY:
Established in 1927 as Wilson Electric Works by the Daruvala
family, Subject was formed in 1971 with the Shapoorji Pallonji Group taking a
51% stake in the company. Till 1997 the company was mainly focused on the
Mumbai and
Mr. Khurshed Daruvala joined his family business in 1997 and along with the new management team chalked out the growth plans for subject.
In the initial years, the focus was to make Subject a
national electrical contracting company. There was a large requirement from the
IT sector for having contractors with a National presence as they were
expanding rapidly countrywide. With developers planning a National expansion
and with the retail, mall and multiplex boom in its infancy, the need for a
national contractor would only grow. From one branch office in 1997
Consistent and repeat orders by many key clients enabled
subject to become
With the Indian industry booming from 2003, the construction
industry got a fillip. The requirement for fast track project execution became
the requirement of the day. Due to Multi-National Company’s (MNC) setting up
their operations in
In 2005, the company started its HVAC division with its
first project being the
Having successfully built a strong team for the HVAC division, subject decided to enter the Plumbing and fire fighting services market. With a strong base of clients and consultants encouraging them to enter this sector, it was only a question of getting the right team in place.
In 2007, Subject established the plumbing and fire fighting service offerings. With a highly experienced team, the company has executed projects with specialization in Sanitary wares, Hydro Pneumatic system, Water treatment plant (Filtration system), Reverse Osmosis system, Drainage system, Solar water system, Swimming pools, Boiler and Hot water generator system, Hydrant and Sprinkler. With a lack of good organized players in this industry sector, there is a huge scope for growth.
Today Subject, has evolved as
While the company has been instrumental in pioneering MEP
services in
Since 2007 Subject into transmission and distribution
through ADB and PFC funded Rajiv Gandhi Grameen Vidyutikaran Yojna by the
Government of India for improving the Rural Electrification scenario throughout
the country. The major focus area is to work with various state power
distribution companies to execute 33 and
11 kV power distribution networks in order to provide power to various
villages in
Subject started its own EPC Division in 2008, giving a turnkey solution for cross section of Industrial sectors like aluminum, copper, steel, paper, chemical and petrochemical, material handling projects, E.B.O.P. of power plants, Indian railways feeding substation and substations up to 400 kv providing high end project management services, professional installation and commissioning.
EPC Business unit is operated by a highly experienced team of professionals
having long and rich experience in the Industry in various facets of discipline
viz. Project management, Design and Engineering, Construction, Field operation
as well as in survey, testing and commissioning.
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.45.11 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.62.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--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.