|
Report Date : |
18.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
SAGAR GRANDHI EXPORTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.53, |
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|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
10.02.1998 |
|
|
|
|
Com. Reg. No.: |
18-039895 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.20.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999TN1998PTC039895 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHES05474A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCS4818A |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Sea Foods. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 435000 |
|
|
|
|
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. Profit and loss
account of the company for the current year is not available. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
No.53, |
|
Tel. No.: |
91-44-28535559/ 28533897/ 28526711/ 28453897/ 28455559/ 28455524 |
|
Fax No.: |
91-44-28526707/ 28456707 |
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E-Mail : |
DIRECTORS
As on 08.09.2011
|
Name : |
Mr. Chellarao Grandhi |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
25.04.1970 |
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Date of Appointment : |
10.02.1998 |
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DIN No.: |
02438437 |
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||||||||||||||||||||||||
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Name : |
Mr. Venkateswara Rao Grandhi |
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Designation : |
Director |
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Address : |
No.17-7-35, |
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Date of Birth/Age : |
18.02.1945 |
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Date of Appointment : |
10.02.1998 |
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DIN No.: |
01996426 |
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Other Directorship :
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||||||||||||||||||||||||
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Name : |
Mr. Balaji Rao Grandhi |
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Designation : |
Managing Director |
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Address : |
No.53, |
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Date of Birth/Age : |
06.07.1965 |
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Date of Appointment : |
10.02.1998 |
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DIN No.: |
01996391 |
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Other Directorship :
|
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|
||||||||||||||||||||||||
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Name : |
Mr. Srinivas Grandhi |
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Designation : |
Director |
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Address : |
No.17-7-35, Near New Bus Station, Bhimavaram – 534 201, |
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Date of Birth/Age : |
05.08.1964 |
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Date of Appointment : |
10.02.1998 |
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DIN No.: |
01996460 |
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Other Directorship :
|
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
G. Balaji |
|
50000 |
|
G. Venkateshwara Rao |
|
50000 |
|
G. Srinivas |
|
50000 |
|
G. Chella Rao |
|
50000 |
|
Total |
|
200000 |
As on 08.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Sea Foods. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|||||||||
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Bankers : |
v
State
Bank of v
ICICI
Bank Limited v
Andhra
Bank |
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
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Auditors : |
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|
Name : |
Abraham and Philip Chartered Accountants |
|
Address : |
No.6, |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAPP9652M |
CAPITAL STRUCTURE
After 08.09.2011
Authorised Capital : Rs.42.312 millions
Issued, Subscribed & Paid-up Capital : Rs.20.000
millions
As on 08.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.000 |
20.000 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
88.747 |
91.955 |
91.692 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
108.747 |
111.955 |
111.692 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
238.186 |
92.461 |
172.190 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
238.186 |
92.461 |
172.190 |
|
|
DEFERRED TAX LIABILITIES |
4.191 |
1.263 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
351.124 |
205.679 |
283.882 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
125.671 |
102.630 |
94.586 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
119.992
|
83.994 |
111.157 |
|
|
Sundry Debtors |
137.261
|
27.804 |
75.724 |
|
|
Cash & Bank Balances |
52.605
|
47.812 |
42.994 |
|
|
Other Current Assets |
1.710
|
2.895 |
2.810 |
|
|
Loans & Advances |
63.113
|
45.111 |
38.069 |
|
Total
Current Assets |
374.681
|
207.616 |
270.754 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
143.823
|
101.896 |
78.938 |
|
|
Other Current Liabilities |
3.043
|
2.476 |
2.520 |
|
|
Provisions |
2.362
|
0.195 |
0.000 |
|
Total
Current Liabilities |
149.228
|
104.567 |
81.458 |
|
|
Net Current Assets |
225.453
|
103.049 |
189.296 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
351.124 |
205.679 |
283.882 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
EXPORT SALES |
|
677.919 |
1006.096 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
17.819 |
17.641 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
9.686 |
10.355 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
8.133 |
7.286 |
|
|
|
|
|
|
|
Less |
TAX (H) |
|
4.928 |
3.330 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
3.205 |
3.956 |
|
|
|
|
|
|
|
|
Export of goods
on F.O.B. basis |
|
677.919 |
1006.096 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
16.02 |
19.78 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
2.62 |
1.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.07 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.56
|
1.76 |
2.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.51
|
1.99 |
3.32 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the firm |
Yes |
|
3) Constitutions
of the firm |
Yes |
|
4) Premises
details |
No |
|
5) Type of Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
Yes |
|
8) No. of
employees |
No |
|
9) Name of person
contacted |
No |
|
10) Designation
of contact person |
No |
|
11) Turnover of
firm for last two years |
Yes |
|
12) Profitability
for last two years |
Yes |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
No |
|
15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
No |
|
17) Major
suppliers |
No |
|
18) Major customers |
No |
|
19) Payments
terms |
No |
|
20) Export /
Import details (if applicable) |
No |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
Yes |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
Yes |
|
28) Incorporation
details, if applicable |
Yes |
|
29) Last accounts
filed at ROC |
Yes |
|
30) Major
Shareholders, if available |
Yes |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74999TN1998PTC039895 |
|
Name of the
company |
SAGAR GRANDHI EXPORTS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
No.53, Venkatesa Street, Chintadripet, Chennai – 600 002, Tamilnadu,
India E-Mail: pvijayaraj@yahoo.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90287845 |
|
Type of charge |
Immovable
Property Book Debts Movable Property |
|
Particular of
charge holder |
State Bank of E-Mail: mahendiran56@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
1. Agreement of
Loan form overall limit. Form C.1 (document couldn't be attached due to
increase in file size) 2. Agreement of
Hypothecation of Goods and Assets Form C-2 3. Letter
Regarding the Grant of individual limits within the overall limits Form C-5 4. EM
Confirmation Letters 5. Sanction
Letter |
|
Date of instrument
Creating the charge |
07.09.2011 |
|
Amount secured by
the charge |
Rs.578.900
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: CC: 6.50% above Base
Rate (i.e.) present effective rate 16.50%p.a.} TL: 5.40% above
Base Rate (i.e.) present effective rate 15.40% p.a.} with monthly rests. EPC: As
applicable to export packing credit Terms of
Repayment: Working Capital:
Repayable on Demand Term Loan: Repayable
in 42 monthly installments. First 6 monthly installments of Rs.0.300 million
each and next 36 monthly installments of Rs.0.370 million each Margin: EPC (Stocks) : 25% Cash Credit : 25% Letter of
Credit : 25% Bank Guarantee:
25% Extent and
Operation of the charge: As mentioned in
the Agreements |
|
Short particulars
of the property charged |
CC/EPC/SBL:
Hypothecation of entire Current Assets in the form of Raw Materials, Semi
Finished and Finished Goods, Stores, Spares, Receivables and other Current
Assets belonging to the Company FBDN (Non-LC):
Documents of title to goods/accepted Bill of Exchange and charge over the
Current Assets belonging to the Company BG: Counter
Guarantee of the Company and charge over the Current Assets belonging to the
Company LC: Merchandise
covered by the Letter of Credit, Document of title to Goods and charge over
the Current Assets belonging to the Company TL: First Charge
on the Assets purchased out of the Term Loan and charge over the Current
Assets belonging to the Company |
|
Date of latest
modification prior to the present modification |
30.12.2010 |
|
Particulars of
the present modification |
By the present
modification, the overall limit has been enhanced to Rs.578.900 millions and
secured by the Current Assets and immovable properties belonging to the
Company. |
FIXED ASSETS:
v Land
v Building
v Furniture and Fittings
v Plant and Machinery
v Vehicles
v Computer
v Television
v Revaluation of Assets
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.51.63 |
|
|
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.67.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.