|
Report Date : |
22.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
HSBC INVESTDIRECT SECURITIES (INDIA) LIMITED (w.e.f 15.07.2009) |
|
|
|
|
Formerly Known
As : |
IL AND FS INVESTSMART SECURITIES LIMITED |
|
|
|
|
Registered
Office : |
HSBC Umang, Fifth Floor, Mind Space, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
23.02.2006 |
|
|
|
|
Com. Reg. No.: |
11-159988 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1303.109
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67120MH2006PLC159988 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI07259A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCI4793G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Provides Online
Trading, share broking services, wealth management etc with the latest online
trading platforms. |
|
|
|
|
No. of Employees
: |
Not divulged by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3223000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of HSBC InvestDirect ( There appears to be accumulated losses recorded by the company.
Profitability of the company is under pressure. However, trade relations are fair.
Payments are reported to be usually correct and as per commitments. In view of strong holding, 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.
INFORMATION DECLINED
Unable to contact
LOCATIONS
|
Registered Office : |
HSBC Umang, Fifth Floor, Mind Space, |
|
Tel. No.: |
91-22-67897777 |
|
Fax No.: |
91-22-67897968 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 21.09.2011
|
Name : |
Dr. Ajay Kumar Dua |
|
Designation : |
Chairman |
|
Address : |
B-3, Defence Colony, |
|
Date of Birth/Age : |
15.07.1947 |
|
Qualification : |
Ph. D;
University of Mumbai, M Sc (Econ), London School of Economics and Politics,
U.K., B.A. Honours Economics, St. Stephens College, Delhi University, Diploma
in Business Management, Mumbai, Diploma in Marketing Management, Mumbai |
|
Date of Appointment : |
11.12.2008 |
|
DIN No. : |
02318948 |
|
|
|
|
Name : |
Mr. Hardeep Singh |
|
Designation : |
Director |
|
Address : |
608-A, The Aralias, DLF Golf Course, DLF Phase 5, Gurgaon – 122 009, |
|
Date of Birth/Age : |
08.09.1954 |
|
Qualification : |
Graduate, BA
Hons, A E P (Kellogg) |
|
Date of Appointment : |
11.12.2008 |
|
DIN No. : |
00088096 |
|
|
|
|
Name : |
Mr. Manasije Mishra |
|
Designation : |
Director |
|
Address : |
3/7, Sarvpriya Vihar, |
|
Date of Birth/Age : |
31.07.1965 |
|
Qualification : |
Graduate, BA
(Hons) Economics, MBA Marketing and Finance |
|
Date of Appointment : |
30.01.2009 |
|
DIN No. : |
01854071 |
|
|
|
|
Name : |
Mr. Porus Fredy Vazifdar |
|
Designation : |
Director |
|
Address : |
1101, Safal Heights, Opposite Union Bank, Chembur, Mumbai - 400 071, |
|
Date of Birth/Age : |
30.01.1967 |
|
Qualification : |
B.Com, ACA |
|
Date of Appointment : |
18.02.2009 |
|
DIN No. : |
02403394 |
|
|
|
|
Name : |
Ms. Kashmira Joji Mathew |
|
Designation : |
Director |
|
Address : |
Flat No. G 1, |
|
Date of Birth/Age : |
14.12.1970 |
|
Qualification : |
B.Com, ACS |
|
Date of Appointment : |
18.02.2009 |
|
DIN No. : |
02341875 |
|
|
|
|
Name : |
Mr. Kapil Deepak Seth |
|
Designation : |
Director |
|
Address : |
B-61, Cozihom Co-Operative Housing Society, |
|
Date of Birth/Age : |
15.01.1974 |
|
Date of Appointment : |
13.09.2011 |
|
DIN No. : |
03596866 |
|
|
|
|
Name : |
Mr. Prasanna Bhalchandra Padhye |
|
Designation : |
Director |
|
Address : |
A-61, Ultra Society, |
|
Date of Birth/Age : |
28.03.1964 |
|
Date of Appointment : |
13.09.2011 |
|
DIN No. : |
03596869 |
KEY EXECUTIVES
|
Name : |
Ms. Sneha Doshi |
|
Designation : |
Company Secretary |
|
Address : |
502, Rajyog, |
|
Date of Birth/Age : |
13.02.1980 |
|
Date of Appointment : |
01.12.2010 |
|
PAN No.: |
BAXPS4021H |
|
|
|
|
Name : |
Mr. Ashish Kumar Mishra |
|
Designation : |
Manager |
|
Address : |
Flat # 102, Kadambari Apartments, Plot #22, Sector 1, Sanpada (East),
Navi Mumbai – 400 705, Maharashtra, India |
|
Date of Birth/Age : |
23.03.1977 |
|
Date of Appointment : |
01.04.2010 |
|
PAN No. : |
AHYPM1872F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.09.2011
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
HSBC InvestDirect ( |
|
43310877 |
|
HSBC InvestDirect ( |
|
1 |
|
HSBC InvestDirect ( |
|
1 |
|
HSBC InvestDirect ( |
|
1 |
|
HSBC InvestDirect ( |
|
1 |
|
HSBC InvestDirect ( |
|
1 |
|
HSBC InvestDirect ( |
|
1 |
|
Total |
|
43310883 |
|
Names of Shareholders (0.001% Compulsory Convertible Preference
Shares) |
|
No. of Shares |
|
HSBC Securities and Capital Markets ( |
|
8700000 |
|
Total |
|
8700000 |
As on 21.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provides Online
Trading, share broking services, wealth management etc with the latest online
trading platforms. |
|
|
|
|
Services : |
Stock Broking and Related Services |
GENERAL INFORMATION
|
No. of Employees : |
Not divulged by management |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
Not Available |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi
Marg, Mahalakshmi, Mumbai – 400 011, |
|
PAN No.: |
AAAFB9852F |
|
|
|
|
Holding Company : |
HSBC InvestDirect ( CIN No.: U67120MH1997PLC110386 |
|
|
|
|
Enterprises that
have Control over the Company : |
v
HSBC Securities and Capital Markets ( v
HSBC Holdings Plc v
HSBC Finance ( v
HSBC v
HSBC Investment Bank v
HSBC Violet Investments ( v
The Hongkong and Shanghai Banking Corporation
Limited, Hongkong v
The Hongkong and Shanghai Banking Corporation
Limited, v
HSBC v HSBC Asia
Holdings ( |
|
|
|
|
Fellow
Subsidiaries : |
v
v
HSBC InvestDirect Distribution Services ( v
Investsmart Financial Services Limited v IL and FS
Investsmart Asia Pacific Private Limited, |
CAPITAL STRUCTURE
After 21.09.2011
Authorised Capital : Rs.1920.000 millions
Issued, Subscribed & Paid-up Capital : Rs.1303.109 millions
As on 21.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 millions |
|
9000000 |
Preference Shares |
Rs.100/- each |
Rs.900.000 millions |
|
|
Total |
|
Rs.1500.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
43310883 |
Equity Shares |
Rs.10/- each |
Rs.433.109
millions |
|
8700000 |
Preference Shares |
Rs.100/- each |
Rs.870.000
millions |
|
|
Total |
|
Rs.1303.109 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 |
1303.109 |
1252.327 |
337.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
430.000 |
|
|
3] Reserves & Surplus |
1600.891 |
1001.672 |
909.500 |
|
|
4] (Accumulated Losses) |
(2098.339) |
(1502.774) |
(1009.891) |
|
|
NETWORTH |
805.661 |
751.225 |
667.109 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
200.000 |
200.000 |
|
|
2] Unsecured Loans |
604.900 |
434.900 |
288.000 |
|
|
TOTAL BORROWING |
604.900 |
634.900 |
488.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1410.561 |
1386.125 |
1155.109 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
309.395 |
389.604 |
452.424 |
|
|
Capital work-in-progress |
6.876 |
3.161 |
5.716 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
7.204 |
|
|
Sundry Debtors |
544.022
|
877.302
|
307.881 |
|
|
Cash & Bank Balances |
246.737
|
938.127
|
743.804 |
|
|
Other Current Assets |
28.902
|
36.846
|
27.860 |
|
|
Loans & Advances |
1094.967
|
967.423
|
757.771 |
|
Total
Current Assets |
1914.628
|
2819.698
|
1844.520 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
708.397 |
1643.239 |
950.525 |
|
|
Other Current Liabilities |
74.618
|
115.643
|
97.833 |
|
|
Provisions |
37.323
|
67.456
|
99.193 |
|
Total
Current Liabilities |
820.338
|
1826.338
|
1147.551 |
|
|
Net Current Assets |
1094.290
|
993.360
|
696.969 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1410.561 |
1386.125 |
115.109 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating Revenue |
980.619 |
1212.532 |
962.407 |
|
|
|
Other Income |
26.854 |
1.574 |
9.314 |
|
|
|
TOTAL (A) |
1007.473 |
1214.106 |
971.721 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee related expenses |
656.776 |
632.332 |
703.493 |
|
|
|
Administrative selling other expenses |
695.639 |
856.008 |
1013.781 |
|
|
|
Prior period items |
0.000 |
0.213 |
0.000 |
|
|
|
TOTAL (B) |
1352.415 |
1488.553 |
1717.274 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(344.942) |
(274.447) |
(745.553) |
|
|
|
|
|
|
|
|
|
Less |
INTEREST
FINANCIAL EXPENSES (D) |
98.308 |
61.232 |
92.407 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(443.250) |
(335.679) |
(837.960) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
151.705 |
156.665 |
177.126 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(594.955) |
(492.344) |
(1015.086) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.609 |
0.539 |
22.632 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(595.564) |
(492.883) |
(1037.718) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1502.774) |
(1009.891) |
27.827 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
(2098.338) |
(1502.774) |
(1009.891) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Other Income |
NA |
0.000 |
2.809 |
|
|
TOTAL EARNINGS |
NA |
0.000 |
2.809 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
(15.23) |
(13.17) |
(62.11) |
|
|
|
- Diluted |
(15.23) |
(13.17) |
(62.11) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(59.11) |
(40.60)
|
(106.79) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(60.67) |
(40.60)
|
(105.47) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(26.75) |
(15.34)
|
(44.19) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.74) |
(0.66)
|
(1.52) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.77 |
3.28
|
2.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.33 |
1.54
|
1.61 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- Creditors due small micro enterprises |
-- |
-- |
-- |
|
- Creditors due others |
708.397 |
1643.239 |
950.525 |
|
Total |
708.397 |
1643.239 |
950.525 |
BACKGROUND
The Company is a registered
Stock Broker, Merchant Banker and Portfolio Manager registered with Securities
and Exchange Board of India (‘SEBI’). The Company was incorporated on 23rd
February 2006 and is a 100% subsidiary of HSBC InvestDirect (
The Company
provides stock broking services, predominantly to retail investors, which
include broking services on security trading on recognised stock exchanges in
During the current year, the Company discontinued its Institutional
broking business.
OPERATIONS AND
OUTLOOK FOR THE CURRENT YEAR:
During the
financial year 2010-11, the gross income from operations of the Company reduced
to Rs.986.000 Millions as compared to Rs.1214.000 Millions in the previous year
and the Company incurred a loss before prior period items and tax of Rs.595.000
Millions for the year ended March 31, 2011 as compared to Rs.492.000 Millions
incurred in the previous year.
Revenues earned
out of Equity broking reduced by 13% from Rs.867.000 Millions during financial
year 2009-10 to Rs.752.000 Millions during the financial year 2010-11 and
income earned from distribution of financial products reduced from Rs.117.000
Millions to Rs.63.000 Millions during the same period. The overall revenues
from the retail business have fallen by 13% from Rs.1114.000 Millions to
Rs.975.000 Millions. The Company has opened 17,677 new Trading accounts during
the year taking the total customers base to 1,57,286 and has also opened 11,050
Depository Participant accounts during the same period.
In order to
develop centre of excellence in dealing, improved client engagement and
providing segmented services, the Company has set up 10 Central Dealing Rooms
(CDRs) across the country. In order to pilot the transition from a monoline
retail broker to a preferred wealth management service provider for premium
customers, the Company has set up 3 LITE Branches in Mumbai. The LITE branch is
a branch with no dealing set up and is a sales outlet which will focus on
customer acquisition, Sales of wealth products, Sales and referrals of NBFC
products, Mortgages.
INCREASE IN PAID UP SHARE CAPITAL:
During the year,
the Company issued 5,078,125 Equity shares of Rs.10 each at a premium of
Rs.118/- per share aggregating to Rs.650.000 Millions to HSBC InvestDirect
(India) Limited, the Holding Company resulting in increase of equity paid up
share capital of the Company from Rs.382.330 Millions to 433.110 Millions.
FIXED ASSETS:
Tangible Assets:
v Leasehold Improvements
v Office Equipments
v Data Processing Equipment
v Electrical Installations
v Furniture and Fixtures
v Vehicles
Intangible Assets:
v Purchased Software
v Internally Generated Software
v Trademark Arrangement
v Goodwill on Business Acquisition
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 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.50.59 |
|
|
1 |
Rs.80.34 |
|
Euro |
1 |
Rs.67.14 |
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 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
43 |
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.