|
Report Date : |
12.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
ULTRASEAL (INDIA) PRIVATE LIMITED (w.e.f. 1986) |
|
|
|
|
Formerly Known
As : |
STERLING MARKETING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
43-1, D-II Block, Telco Road, MIDC Chinchwad, Pune – 411019,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
19.12.1978 |
|
|
|
|
Com. Reg. No.: |
11-020858 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.4.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27104MH1978PTC020858 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture of Vacuum Impregnation Plants and Caskade Washing Systems. |
|
|
|
|
No. of Employees
: |
45 (Approximately) |
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 110000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record.
There appears some dip in the profitability of the company. However, networth
appears to be satisfactory. Trade relations are reported as fair. Business is
active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered/ Corporate Office/ Factory : |
43-1, D-II Block, Telco Road, MIDC Chinchwad, Pune – 411019,
Maharashtra, India |
|
Tel. No.: |
91-20-27472432/ 27477390/ 27470045 |
|
Mobile No.: |
91-8550993336 (Mr. N. Ganesan) |
|
Fax No.: |
91-20-27477390/ 27470045/ 27472432 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Branch Office : |
Atampas S-3, Olympus Annexe, Altamount Road, Grant Road,
Mumbai-400026, Maharashtra, India |
|
Tel. No.: |
91-22-23534225 |
|
Fax No.: |
91-22-23519762 |
|
|
|
|
Impregnation Franchises
: |
Located at: · Mumbai · Delhi · Chennai · Bangalore · Nasik · Pantnagar · Coimbatore · Chakan (Pune) · Aurangabad |
DIRECTORS
(AS ON 24.09.2012)
|
Name : |
Mr. Sharat Devemdra Nath |
|
Designation : |
Director |
|
Address : |
136/15, Phase-III, Forest Park, Lohgaon Pune-411014, Maharashtra,
India |
|
Date of Birth/Age : |
07.10.1961 |
|
Date of Appointment : |
01.09.1992 |
|
DIN No.: |
00433900 |
|
|
|
|
Name : |
Mr. Ganeshan Natarajan Iyer |
|
Designation : |
Director |
|
Address : |
FL No.22, Building F. S. No.138, Shri Ram Nagr Aundh, Pune – 411007,
Maharashtra, India |
|
Date of Appointment : |
01.09.1992 |
|
DIN No.: |
00648910 |
|
|
|
|
Name : |
Mr. Devindra Ghanshamdas Nath |
|
Designation : |
Director |
|
Address : |
101, Olympus Building, Altamount Road, Cumbala Hills, Mumbai – 400026,
Maharashtra, India |
|
Date of Birth/Age : |
31.10.1929 |
|
Date of Appointment : |
10.02.1992 |
|
DIN No.: |
00680107 |
|
|
|
|
Name : |
Mr. Gary Roy Lloyd |
|
Designation : |
Director |
|
Address : |
26, Joeberry Drives Old Wine, Ford, |
|
Date of Appointment : |
20.07.1999 |
|
DIN No.: |
02507170 |
|
|
|
|
Name : |
Ms Shanta Devindra Nath |
|
Designation : |
Director |
|
Address : |
136/15, Phase-I, |
|
Date of Appointment : |
01.09.1992 |
|
DIN No.: |
02515983 |
KEY EXECUTIVES
|
Name : |
Mr. Gorakshanath |
|
Designation : |
Accounts Head |
|
|
|
|
Name : |
Mr. Prashant Chitnis |
|
Designation : |
Marketing Manager |
|
Date of Appointment : |
91-8550993361 |
|
|
|
|
Name : |
Mr. Kuttan Nair |
|
Designation : |
General Manager (Marketing) |
|
Date of Appointment : |
91-8550993360 |
|
|
|
|
Name : |
Mr. G. Vasudevan |
|
Designation : |
Senior Manager ( Chemical Division) |
|
Date of Appointment : |
91-8550993344 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 24.09.2012)
|
Names of Shareholders |
|
No of Shares |
|
|
|
|
|
Devindra Ghanshamdas Nath J/W Shanta Devindra Nath |
|
20201 |
|
Shanta Devindra Nath J/W Devindra Ghanshamdas Nath |
|
3000 |
|
Sharat Devemdra Nath J/W Devindra Ghanshamdas Nath |
|
4250 |
|
Surface Technologies PLC, |
|
12000 |
|
Devindra Ghanshamdas Nath |
|
402 |
|
Shanta Devindra Nath |
|
146 |
|
Devindra Ghanshamdas Nath (HUF) |
|
01 |
|
|
|
|
|
Total |
|
40000 |
(AS ON 30.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
30.00 |
|
Directors or relatives of directors |
|
70.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Vacuum Impregnation Plants and Caskade Washing Systems. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
|
|
|
|
|
Job Work Impregnation |
MT |
2000 |
2000 |
GENERAL INFORMATION
|
Customers : |
OEM's, Engineering and Foundry Industries. |
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No. of Employees : |
45 (Approximately) |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Bankers : |
·
The Shamrao Vithal Co-Operative Bank Limited Maker Towers, ‘E’, 1st Floor, Cuffe Parade, Mumbai-400005,
Maharashtra, India |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
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Facilities : |
|
||||||||||||||||||||||||
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
G M Savalia and Company Chartered Accountant |
|
Address : |
G-3, Ground Floor, Vraj Kunj Compound, Vallabhai Patel Road, Near
Railway Station Vile Parle, Mumbai – 400056, Maharashtra, India |
|
PAN No.: |
AANPS7723F |
|
|
|
|
Name : |
R M Khadilkar and Company Chartered Accountant |
|
Address : |
Plot No J/Sei 12/10, MIDC, Indrayani Nagar Colony, Bhosari,
Pune-411026, |
|
Tel No.: |
91-20-27124501/ 64105424 |
|
Mobile No.: |
91-9850817147 |
|
PAN No.: |
ACEPK2699B |
|
Email : |
|
|
|
|
|
Collaborators : |
Ultraseal Intl, UK. |
CAPITAL STRUCTURE
(AS ON 24.09.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000
Millions |
|
|
|
|
|
(AS ON 31.03.2012)
Authorised Capital: @
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000 |
Equity Shares |
Rs.100/- each |
Rs. 4.000 Millions |
|
|
|
|
|
Issued Capital: #
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000 |
Equity Shares |
Rs.100/- each |
Rs. 4.000 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000 |
Equity Shares |
Rs.100/- each |
Rs. 4.000 Millions |
|
|
|
|
|
NOTE:
@ Presently, under the companies Act, 1956,
there are two classes of capital equity and preference. There could be further
sub-classes within equity and preference shares should be disclosed under
shares capital redemption and even it redemption is due overdue.
# Issued shares are those which are offered
for subscription within the authorised capital. It is possible that all issued
are not subscribed/ allotted after subscribed (e.g. share warrants outstanding,
non-refundable share application money pending Allotment etc.)
FINANCIAL DATA
[all figures are
in Rupees Millions]
FINANCIAL DETAILS
FILE ATTACHED
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three 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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOANS
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Deposits |
0.300 |
0.300 |
|
Loans and Advances from related Parties |
4.500 |
4.500 |
|
|
|
|
|
Total |
4.800 |
4.800 |
FORM 8
|
Corporate
identity number of the company |
U27104MH1978PTC020858 |
|
Name of the
company |
ULTRASEAL ( |
|
Address of the
registered office or of the principal place of business in |
43/1, D II Block, MIDC Telco Road, Chichwad, Pune-411019, Maharashtra,
India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property (not
being pledge) |
|
Particular of
charge holder |
·
The Shamrao Vithal Co-Operative Bank Limited Maker Towers, ‘E’, 1st Floor, Cuffe Parade, Mumbai-400005,
Maharashtra, India |
|
Nature of description
of the instrument creating or modifying the charge |
Hypothecation
Agreement of Vehicles |
|
Date of
instrument Creating the charge |
20.04.2012 |
|
Amount secured by
the charge |
Rs.2.300 Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest 12% p.a. Terms of
Repayment Loan will be
repaid by EMI of Rs.51157/- through CC127 Margin NA Extent and
Operation of the charge Advance is secured
by way of Hypothecation of the Vehicle. |
|
Short particulars
of the property charged |
Motor Vehicle as
a hypothecated property |
CONTINGENT LIABILITIES
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In
Millions) |
||
|
|
|
|
|
|
Bank Guarantee / Letter of Credit |
|
|
|
|
Issued |
NA |
1.818 |
2.179 |
|
Gratuity |
NA |
0.000 |
0.000 |
FIXED ASSETS:
· Land
· Building
· Plant and Machinery
· Furniture and Fixtures
· Vehicle
· Office Equipments
· Leasehold Improvement
WEBSITE DETAILS:
PROFILE
·
Headquarter at Pune in prime industrial belt of
Pimpri-Chinchwad.
·
Corporate office at Mumbai.
·
Formed in 1986, introduced first time Vacuum Impregnation
System in India, using unique thermocuring methacrylate porosity sealing
systems & sealants i.e. PC - 504/661
·
Having technical and financial collaboration with
M/s Ultraseal Intl, UK.
·
Manufacturers of "Vacuum Impregnation
Plants" and "Caskade Washing Systems" in India.
·
Staffed by more than 100 highly experienced
engineers and commercial personals.
·
Impregnation Franchises are located at Mumbai,
Delhi, Chennai, Bangalore, Nasik, Pantnagar, Coimbatore, Chakan (Pune) and
Aurangabad.
·
Leading Supplier to all major OEM's, Eng. and
Foundry Industries.
·
Sold more than 200 Impregnation plants in India and
recently exported fully Automatic Impregnation plant to UK, Philippines, Dubai,
Srilanka and Malaysia.
INTRODUCTION
Subject is in technical and financial collaboration with Ultraseal
International, Coventry, U.K. Ultraseal India, formed in 1986, are pioneers in
introducing new technology in India, introduced for the first time “ Vacuum
Impregnation” Technology by using unique thermo curing methacrylate sealants
and porosity sealing plants. At Ultraseal India, they design, develop and
supply Vacuum impregnation plants as per the needs of the customer depending on
the size, type and quantity of components / castings to be impregnated.
Seventy-Five qualified, experienced engineers and commercial personals staff
are with Ultraseal India.
The porosity sealing plant is based on vacuum Technology and seals micro and
macro porosities in castings / components of any material such as Aerospace
Components, Air Compressor Parts, Automotive Engine Cylinder Heads and Blocks,
Electronic Housing and Connectors, Fuel Supply Systems, Hydraulic Pumps and
valves, Process Control Equipment Parts, Plated components, Telecommunication
equipments, Transmission Housing, Carbon seals, Graphite components and many
more.
They also manufacture, fully automatic Front Loading Aqueous washing Machines
for cleaning the machined components, which effectively removes dust particles,
oil, grease and loose burrs.
Through the Diecasting Division, they represent
many international foundry related machines and equipment such as High Pressure
Die Casting machines, Low Pressure Die casting machines, vacuum Die casting
attachments for Pressure die casting, Heating and Cooling units for Die temperature
regulation, Aluminum Melting furnaces and Dosing units for PDC, Tie bar stress
monitoring strain gauges, Hand spray guns, Pistons and rings for PDC machines,
pollution control devices for PDC machines and Water / Oil base Die and Plunger
lubricants. They also import and distribute ladle coatings, anti soldering
material and high temperature grease used in PDC foundries.
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.53.68 |
|
|
1 |
Rs.84.85 |
|
Euro |
1 |
Rs.71.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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.