|
Report Date : |
28.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
INDO FARM EQUIPMENT LIMITED |
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Formerly Known
As : |
WELCUT TOOLS PRIVATE LIMITED |
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Registered
Office : |
SCO 859, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.10.1994 |
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Com. Reg. No.: |
16-15132 |
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CIN No.: [Company Identification
No.] |
U29219CH1994PLC015132 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PTLI10730G |
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PAN No.: [Permanent Account No.] |
AAACW1982A |
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|
Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of Power Generators Alternators and Cranes Forklifts. |
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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
SCO 859, |
|
Tel. No.: |
91-172-2736901/ 2736974 |
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Fax No.: |
91-172-2734913 |
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E-Mail : |
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Website : |
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Head Office/ Factory : |
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Tel. No.: |
91-1795-274241 (8 Lines) |
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Fax No.: |
91-1795-274308-309 |
DIRECTORS
|
Name : |
Mr. R S Khadwalia |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
H. No. 102, Sector 6, Panchkula-134109, |
|
Date of Birth/Age : |
31.10.1960 |
|
Date of Appointment : |
01.07.2008 |
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|
|
|
Name : |
Ms. Sunita Saini |
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Designation : |
Whole Time Director |
|
Address : |
H. No. 102, Sector 6, Panchkula-134109, |
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Date of Birth/Age : |
09.06.1969 |
|
Date of Appointment : |
01.01.2009 |
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|
|
|
Name : |
Mr. S P Mittal |
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Designation : |
Director |
|
Address : |
H. No. 334, Sector 10, Panchkula-134109, |
|
Date of Birth/Age : |
15.04.1959 |
|
Date of Appointment : |
05.10.1994 |
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|
|
|
Name : |
Mr. Mewa Singh Turan |
|
Designation : |
Director |
|
Address : |
E 6, University Campus, |
|
Date of Birth/Age : |
15.04.1957 |
|
Date of Appointment : |
16.04.2006 |
|
|
|
|
Name : |
Mr. Raghbir Singh |
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Designation : |
Director |
|
Address : |
H. No. 289, Mansa Devi Complex, Sector -4, Panchkula-134114, |
|
Date of Birth/Age : |
12.06.1937 |
|
Date of Appointment : |
16.04.2006 |
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|
|
|
Name : |
Mr. Yogesh Chander Aggarwal |
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Designation : |
Director |
|
Address : |
# 838, Sector 2, Panchkula-134109, |
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Date of Birth/Age : |
01.11.1947 |
|
Date of Ceasing : |
15.01.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
R |
|
6009000 |
|
Sunita Saini |
|
1699120 |
|
S P Mittal |
|
109990 |
|
Futuristic Mining and Construction Solutions Limited, |
|
1092990 |
|
K and A Forge Limited, |
|
91800 |
|
Nirmal Mittal |
|
40000 |
|
Preeti Mittal |
|
21000 |
|
Attar Singh Saini |
|
2000 |
|
Ritu Saini |
|
2000 |
|
Total |
|
9067900 |
Equity Share Breakup (Percentage of Total Equity)
As on 25.09.2010
|
Category |
Percentage |
|
Bodies corporate |
13.07 |
|
Directors or relatives of Directors |
86.93 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Power Generators Alternators and Cranes Forklifts. |
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Products : |
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GENERAL INFORMATION
|
Bankers : |
Canara Bank, SCO 255-256, Sector 44C, Chandigarh-160047, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Datta Singla and Company Chartered Accountant |
|
Address : |
SCO 2935-36, Level 1, Sector
22C, Chandigarh-16022, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9067900 |
Equity Shares |
Rs. 10/- each |
Rs. 90.679
Millions |
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 |
|
|
|
|
|
1] Share Capital |
90.679 |
90.679 |
90.679 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1009.842 |
852.997 |
831.951 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1100.521 |
943.676 |
922.630 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
278.768 |
316.332 |
402.026 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
50.047 |
|
|
TOTAL BORROWING |
278.768 |
316.332 |
452.073 |
|
|
DEFERRED TAX LIABILITIES |
46.618 |
41.652 |
36.650 |
|
|
|
|
|
|
|
|
TOTAL |
1425.907 |
1301.660 |
1411.353 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
451.533 |
402.747 |
405.334 |
|
|
Capital work-in-progress |
3.610 |
10.785 |
7.464 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.215 |
0.215 |
0.035 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
454.246
|
399.112 |
305.078 |
|
|
Sundry Debtors |
535.117
|
580.089 |
813.914 |
|
|
Cash & Bank Balances |
23.478
|
30.283 |
67.923 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
160.348
|
109.788 |
108.262 |
|
Total
Current Assets |
1173.189
|
1119.272 |
1295.177 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
124.918
|
136.109 |
182.980 |
|
|
Other Current Liabilities |
39.833
|
67.024 |
88.053 |
|
|
Provisions |
37.889
|
28.226 |
25.622 |
|
Total
Current Liabilities |
202.640
|
231.359 |
296.655 |
|
|
Net Current Assets |
970.549
|
887.913 |
998.520 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1425.907 |
1301.660 |
1411.353 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1229.722 |
661.083 |
1170.007 |
|
|
|
Other Income |
65.265 |
69.047 |
36.538 |
|
|
|
TOTAL (A) |
1294.987 |
730.130 |
1206.545 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials, Finished and Semi Finished Goods |
801.947 |
429.655 |
796.597 |
|
|
|
Manufacturing, administrative and other expenses |
143.935 |
83.175 |
90.863 |
|
|
|
Personnel Expenses |
103.079 |
95.489 |
91.637 |
|
|
|
Prior period adjustment |
0.818 |
[4.058] |
0.621 |
|
|
|
TOTAL (B) |
1049.779 |
604.261 |
979.718 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
245.208 |
125.869 |
226.827 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
35.086 |
50.426 |
36.249 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
210.122 |
75.443 |
190.578 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
28.649 |
26.817 |
25.705 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
181.473 |
48.626 |
164.873 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
8.716 |
6.362 |
12.184 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
172.757 |
42.264 |
152.689 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
13.602 |
-- |
0.000 |
|
|
|
Tax on Interim Dividend |
2.312 |
-- |
0.000 |
|
|
|
Proposed dividend |
-- |
18.136 |
13.602 |
|
|
|
Tax on corporate dividend |
-- |
3.082 |
2.312 |
|
|
|
Transfer to General reserve |
10.000 |
10.000 |
100.000 |
|
|
|
Proposed Dividend Reverses |
-- |
-- |
[9.068] |
|
|
|
Tax on proposed dividend Reversed |
-- |
-- |
[1.541] |
|
|
BALANCE CARRIED
TO THE B/S |
146.843 |
11.046 |
47.384 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
32.588 |
36.719 |
7.887 |
|
|
TOTAL EARNINGS |
32.588 |
36.719 |
7.887 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1.227 |
10.420 |
0.225 |
|
|
|
Capital Goods |
0.743 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
1.970 |
10.420 |
0.225 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.05 |
4.66 |
16.84 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
13.34
|
5.79 |
12.66 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.76
|
7.36 |
14.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.17
|
3.19 |
9.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.05 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.44
|
0.58 |
0.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.79
|
4.84 |
4.37 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
PERFORMANCE:
During the fiscal year 2009-10, The Company has sold 2722 tractors as
against 1561 tractors in the previous year registering a growth of 74%. Sales and
operating income amounted to Rs. 1294.987 Millions as against Rs. 730.130
Millions in the previous year. The Tractor industry is gaining its strength
gradually which has mitigated, to an extent, adverse impact of recession during
period of 2007-08 and 2008-09.
Profit before interest and depreciation has also grown from Rs. 121.800
Millions, in the previous year to Rs. 246.000 Millions, registering an increase
of 102%.
The company also produced 1723 M.T. of casting during the fiscal 2009-10
as against 934 M.T in the previous year and all the castings were Captively
consumed.
The company has launched new products namely Forklift, Power Generation
Sets and Hydraulic Motors and Cylinders.
During the financial year, the Company has exported 336 Engines/Blocks
to different Countries and has generated revenue to the tune of Rs. 32.184
Millions in foreign currency.
EXPANSION:
During the year 2009-10, the Company has developed Hydraulic Mobile Pick
and Carry Crane with a load capacity of 9, 11 tonne and fuel efficient Crane
model Indo Power-12 tonne. All the models of Indo Power Pick and Carry Crane
which were introduced in the market on trial basis received a tremendous
response from all over the Country. Keeping in view the enthusiasm that market
has shown in Company's Mobile Crane, The Company has established a new unit
namely “Construction Equipment Division” which started the commercial
production in March, 2010. The new unit i.e. “Construction Equipment Division”
shall manufacture the different capacity and variant of Indo Power Pick and
Carry Crane and Forklifts.
During the year 2009-10, The Company has added up Power Generation Sets
in product line and successfully launched it in the domestic market. The
company has established another independent Unit at the existing land at Baddi
to manufacture of Power Generation Sets which has started the commercial
production in March, 2010. The response to the product is overwhelming.
Keeping in view the growing demand of Indo Power Pick and Carry Crane in
the construction Industry. The Company has decided to go for backward
integration and established a “Hydraulic Division” at plot of the Company
located at HPSIDC, Baddi. “Hydraulic Division” has also started the commercial
production in March, 2010 and will manufacture Hydraulic Motors, Hydraulic
Cylinder and Hydraulic Winches etc. The Production from this unit will cater to
the requirements of the other units of the Company and will also help in substantially
reducing the manufacturing cost of Mobile Cranes. These Products will also be
sold independently in the open market.
Infrastructure and Power being the most potential areas, the Company is
committed to striving hard to make it a great success by providing the best
technology and consumer friendly products at competitive price.
Contingent Liabilities not provided for in respect of:
|
Particulars |
31.03.2010 Rs. In Millions |
|
a) Counter guarantee to banks |
2.271 |
|
b) Bond Executed by the company in favour of DGFT |
0.641 |
|
c) Claims against the company not acknowledged as debts |
8.132 |
|
d) Excise matters in dispute |
34.464 |
|
e) Industrial Relations matters under appeal |
0.177 |
|
f) Consumer cases in dispute/under appeal |
11.205 |
|
g) Sales Tax matters under appeal (Sales tax assessment is completed upto assessment year 2004-05) |
0.306 |
|
h) Income tax assessment is completed upto assessment year 2007-08 and
demand is |
8.465 |
|
I) Bill Discounting |
16.775 |
As per Export Promotion Capital Goods Scheme ('EPCG' or the 'scheme'),
the Company is required to meet cumulative export obligations of Rs. 34.205 Millions
(Previous year - Rs. 41.125 Millions) over a period of eight years from the
date of issuance of respective licences under the scheme. In accordance with
such Scheme, the Company may import capital goods on payment of concessional
duties and has executed agreements and bonds amounting to Rs. 1.191 Millions
(Previous year- Rs. 0.550 Million in favour of the Deputy Commissioner of
Customs, Government of India. The Company has outstanding export obligations of
Rs. 34.205 Millions (Previous year – Rs. NIL) under the EPCG Scheme as on the
reporting date. The cumulative value of concession/remission from payment of
custom duty related to such imports aggregated to Rs. 4.278 Millions (Previous
year - Rs. 5.258 Millions). The Company has executed legal undertakings where
it may be required to pay customs duty/central excise duty levied and
liquidated damages at applicable rates, in respect of imported and indigenous
capital goods and stores and spares consumed duty free, in the event certain
conditions are not fulfilled.
Bankers Charges
Report as per Registry
|
Name of the company |
INDO FARM EQUIPMENT LIMITED |
|
Presented By |
Mr. S P Mittal, Director |
|
1) Date and description of instrument creating the change |
Common hypothecation agreement dated 22.08.2000 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 52.000 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of stocks of raw materials, finished goods in transit, goods in process, consumables, spares and book debts |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
OCC Rs. 52.000 Millions payable on demand against hypothecation of stocks of raw materials, finished goods, goods in transit, goods in process, consumable, spares and stores and book debts, margin 25% on stocks and 40% on book debts. Interest @ 15.75% |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank, SCO 255-256, Sector 44C, Chandigarh-160047, |
|
6) Date and brief description of instrument modifying the charge |
Supplemental common hypothecation Agreement Dated 27.07.2005 |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The modified limits are: Fund based OCC Rs. 110.000 Millions Non Fund Based FLC/ ILC Rs. 20.000 Millions Term Loan Rs. 40.000 Millions Other term and conditions remains the same. |
|
Corporate
identity number of the company |
U29219CH1994PLC015132 |
|
Name of the
company |
INDO FARM EQUIPMENT LIMITED |
|
Address of the
registered office or of the principal place of business in |
SCO 859, |
|
This form is for |
Modification of Charge
|
|
Charge
identification number of the charge to be modified |
90312456 |
|
Type of charge |
|
|
Particular of
charge holder |
Canara Bank, SCO 255-256, Sector 44C, Chandigarh-160047, |
|
Nature of
instrument creating charge |
Supplemental
common hypothecation agreement, counter indemnity, letter of renewal,
guarantee agreement, pronote, guarantee covering letter, documents deposit of
title deeds |
|
Date of
instrument Creating the charge |
29.09.2010 |
|
Amount secured by
the charge |
Rs. 490.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest For OCC/ ODBD:
Base Rate + 3.00% = 11.00% p.a. (Floating) (Base Rate : 8.00%) Terms of
Repayment On Demand Margin As per Agreement Extent and
Operation of the charge 100% |
|
Short particulars
of the property charged |
I.
Prime
Securities for working capital limits: 1st charge on current assets
viz. Raw Material, Work in process, Finished Goods, Spares and
Receivables of the company: Exclusive
the charge (Hypothecation) II.
Prime
Securities or Term Loan of Rs. 60.000 Millions: 1st Charge on
entire fixed assets including following land and building of the company
(present and future) by way of hypothecation and EMT: Exclusive Charge. A) EMT of Factory Land and Building (free
hold) at Plot no. 104-105, measuring 2646 sq.mts., phase I, HPSIDC,
Industrial Area, Baddi, District Solan (H.P) B) EMT of lease hold rights of Industrial
Plot No. 26 to 30, 69 to 73, 82 to 83, 89 to 99, C) EMT of Factory Building (Construction
Equipment Division) to be constructed on existing plot at EPIP, Industrial
Area, Phase II, Baddi And Project assets to be created out of TL. III.
Collateral
Securities: Securities available as Prime Securities for term loan are
available as collateral for working capital limits and vice versa. Personal
Guarantee: i) Personal Guarantee of Sh. R.S. Khadwalia worth Rs. 894.800
Millions (basis of Net worth NF 589 Dated 23.08.2010) ii) Personal
Guarantee of Smt. Suntia Saini worth Rs. 293.000 Millions (Basis of Net
Worth: NF 589 Dated 23.08.2010) iii) Personal
Guarantee of Sh. S.P. Mittal Worth Rs. 50.600 Millions (Basis of Net Worth :
NF 589 Dated 23.08.2010) Corporate
Guarantee: Corporate Guarante of Futuristic Mining and Construction Solutions
Limited. |
|
Particulars of the
present modification |
The limits are
modified as below: OCC = Rs. 340.000
Millions, sub limit ODBD (Rs. 200.000 Millions), Sub Limit PC = (Rs. 10.000
Millions), BULC/ FDB/ FBE/ BE = Rs. 50.000 Millions, Term Loan = Rs. 60.000
Millions, ILC = Rs. 35.000 Millions, Bank Guarantee = Rs. 5.000 Millions,
Total Credit Facilities = Rs. 490.000 Millions. |
Fixed Assets:
·
·
·
·
Residential Building
·
Plant and Machinery
·
Electrical Installation
·
Tools and Dies
·
Office Equipments
·
Computers
·
Furniture and Fixtures
·
Vehicles
·
·
Moulds
·
Patterns
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 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.62.06 |
|
|
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Information Gathered
by : |
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Report Prepared
by : |
SDA |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.