MIRA
INFORM REPORT
|
Report Date : |
13.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
DEESAN AGRO-TECH LIMITED |
|
|
|
|
Formerly Known
As : |
DESSAN INDUSTRIAL GASESA DN CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
4A Vikas Centre, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
19.03.1991 |
|
|
|
|
Com. Reg. No.: |
060810 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 96.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40200MH1991PLC060810 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD04654G |
|
|
|
|
PAN No. : |
AAACD1662N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company Engaged in Manufacturing and Marketing of Refined Edible
Oils and De Oiled Cakes. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2857000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. Even though the profitability and performance of the company is fair,
the liquidity position of the company is stretched on account of higher
working capital requirements. Further, edible oil industry in India is also
sensitive to policy changes by government especially import duties on
substitutes like palm oil. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. In view of experienced promoters, the company can be considered for
business dealings with some caution. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loans = BB- |
|
Rating Explanation |
Moderate risk of default |
|
Date |
March, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Bank Guarantee =A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
March, 2013 |
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 Office : |
4A Vikas Centre, 104 S.V. Road, Santacruz West, Mumbai-400054,
Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Head Office : |
A-1/2, M.I.D.C., Dhulia – 424006, Maharashtra, India |
|
Tel. No.: |
91-2562-288991/92/93 |
DIRECTORS
As on: 24.08.2012
|
Name : |
Mr. Tajindersingh Bhathal |
|
Designation : |
Director |
|
Address : |
Bunglow No. 25, |
|
Date of Appointment : |
24.08.2006 |
|
DIN No.: |
00342971 |
|
|
|
|
Name : |
Mr. Ajay Balmukund Pasari |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
43, Sneh Nagar, |
|
Date of Appointment : |
03.08.1998 |
|
DIN No.: |
01672749 |
|
|
|
|
Name : |
Mr. Santosh Dwarkadas Agrawal |
|
Designation : |
Managing Director |
|
Address : |
Plot No. 18, Vallabh Nagar, |
|
Date of Appointment : |
03.08.1999 |
|
DIN No.: |
01686768 |
|
|
|
|
Name : |
Mr. Ajay Sureschandra Agrawal |
|
Designation : |
Director |
|
Address : |
55, Abhay Nagar, |
|
Date of Appointment : |
03.08.1999 |
|
DIN No.: |
02519012 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 24.08.2012
NOTE:
Shareholding Details File Attached
As on: 24.08.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company Engaged in Manufacturing and Marketing of Refined Edible
Oils and De Oiled Cakes. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Oil Extraction
and Refining |
MT |
120000 |
120000 |
|
|
Soya Refining Oil |
MT |
-- |
-- |
1456.730 |
|
R.S. Refining Oil |
MT |
-- |
-- |
34.890 |
|
Soya DOC |
MT |
-- |
-- |
4924.215 |
|
Hipro Soya DOC |
MT |
-- |
-- |
1964.428 |
|
R.S. DOC |
MT |
-- |
-- |
637.834 |
|
|
|
|
|
|
|
Wind Power
Generation |
KW |
-- |
-- |
6.303 |
GENERAL INFORMATION
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V.S. Agrawal and Company Chartered Accountants |
|
Address : |
3147, J Bajaj Road, Dhule – 424001, Maharashtra, India |
|
PAN No. : |
AAPPA5347M |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9600000 |
Equity Shares |
Rs.10/- each |
Rs. 96.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
||||
|
I.
EQUITY
AND LIABILITIES |
|
|
|
||||
|
(1)Shareholders' Funds |
|
|
|
||||
|
(a) Share Capital |
|
96.000 |
96.000 |
||||
|
(b) Reserves & Surplus |
|
618.341 |
386.960 |
||||
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
||||
|
|
|
|
|
||||
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
||||
|
|
|
|
|
||||
|
(3)
Non-current liabilities |
|
|
|
||||
|
(a) long-term borrowings |
|
210.085 |
199.494 |
||||
|
(b) Deferred tax liabilities (Net) |
|
104.240 |
90.948 |
||||
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
||||
|
(d) long-term provisions |
|
0.000 |
0.000 |
||||
|
|
|
|
|
||||
|
(4) Current liabilities |
|
|
|
||||
|
(a) Short term
borrowings |
|
429.727 |
308.207 |
||||
|
(b) Trade payables |
|
9.689 |
32.991 |
||||
|
(c) Other current
liabilities |
|
206.707 |
8.783 |
||||
|
(d) Short-term provisions |
|
7.858 |
5.000 |
||||
|
TOTAL |
|
1682.647 |
1128.383 |
||||
|
|
|
|
|
||||
|
II. ASSETS |
|
|
|
||||
|
(1) Non-current assets |
|
|
|
||||
|
(a) Fixed Assets |
|
|
|
||||
|
(i) Tangible assets |
|
755.765 |
499.899 |
||||
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
||||
|
(iii) Capital
work-in-progress |
|
0.000 |
48.089 |
||||
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
||||
|
(b) Non-current Investments |
|
0.022 |
0.022 |
||||
|
(c) Deferred tax assets (net) |
|
2.927 |
0.000 |
||||
|
(d) Long-term Loan and Advances |
|
9.668 |
11.631 |
||||
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
||||
|
|
|
|
|
||||
|
(2) Current assets |
|
|
|
||||
|
(a) Current investments |
|
0.000 |
0.000 |
||||
|
(b) Inventories |
|
569.445 |
327.989 |
||||
|
(c) Trade receivables |
|
209.771 |
111.638 |
||||
|
(d) Cash and cash
equivalents |
|
67.777 |
47.012 |
||||
|
(e) Short-term loans
and advances |
|
67.082 |
81.947 |
||||
|
(f) Other current
assets |
|
0.190 |
0.156 |
||||
|
TOTAL |
|
1682.647 |
1128.383 |
||||
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|||
|
SHAREHOLDERS FUNDS |
|
|
|
|
|||
|
1] Share Capital |
|
|
96.000 |
|
|||
|
2] Share Application Money |
|
|
0.000 |
|
|||
|
3] Reserves & Surplus |
|
|
368.806 |
|
|||
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|||
|
NETWORTH |
|
|
464.806 |
|
|||
|
LOAN FUNDS |
|
|
|
|
|||
|
1] Secured Loans |
|
|
253.185 |
|
|||
|
2] Unsecured Loans |
|
|
130.711 |
|
|||
|
TOTAL BORROWING |
|
|
383.896 |
|
|||
|
DEFERRED TAX LIABILITIES |
|
|
20.585 |
|
|||
|
|
|
|
|
|
|||
|
TOTAL |
|
|
869.287 |
|
|||
|
|
|
|
|
|
|||
|
APPLICATION OF FUNDS |
|
|
|
|
|||
|
|
|
|
|
|
|||
|
FIXED ASSETS [Net Block] |
|
|
485.523 |
|
|||
|
Capital work-in-progress |
|
|
0.000 |
|
|||
|
|
|
|
|
|
|||
|
INVESTMENT |
|
|
0.022 |
|
|||
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|||
|
|
|
|
|
|
|||
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|||
|
|
Inventories |
|
|
197.301 |
|
||
|
|
Sundry Debtors |
|
|
114.054 |
|
||
|
|
Cash & Bank Balances |
|
|
56.673 |
|
||
|
|
Other Current Assets |
|
|
0.000 |
|
||
|
|
Loans & Advances |
|
|
35.244 |
|
||
|
Total
Current Assets |
|
|
403.272 |
|
|||
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|||
|
|
Sundry Creditors |
|
|
17.030 |
|
||
|
|
Other Current Liabilities |
|
|
0.000 |
|
||
|
|
Provisions |
|
|
2.500 |
|
||
|
Total
Current Liabilities |
|
|
19.530 |
|
|||
|
Net Current Assets |
|
|
383.742 |
|
|||
|
|
|
|
|
|
|||
|
MISCELLANEOUS EXPENSES |
|
|
|
|
|||
|
|
|
|
|
|
|||
|
TOTAL |
|
|
869.287 |
|
|||
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3531.761 |
2402.233 |
2119.311 |
|
|
|
Other Income |
13.517 |
12.263 |
5.003 |
|
|
|
TOTAL (A) |
3545.278 |
2414.496 |
2124.314 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3020.746 |
1989.986 |
|
|
|
|
Purchases of stock-in-trade |
4.728 |
58.801 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(2.512) |
3.692 |
|
|
|
|
Employee benefit expense |
13.604 |
8.350 |
|
|
|
|
Other expenses |
374.363 |
264.703 |
|
|
|
|
TOTAL (B) |
3410.929 |
2325.532 |
2070.481 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
134.349 |
88.964 |
53.833 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
76.894 |
52.946 |
26.868 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
57.455 |
36.018 |
26.965 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.238 |
10.924 |
9.811 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
43.217 |
25.094 |
17.154 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(9.481) |
0.486 |
(2.776) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
52.698 |
24.608 |
19.930 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
52.698 |
24.608 |
1028.784 |
|
|
|
TOTAL EARNINGS |
52.698 |
24.608 |
1028.784 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
14.669 |
6.080 |
95.127 |
|
|
TOTAL IMPORTS |
14.669 |
6.080 |
95.127 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.49 |
2.56 |
2.88 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.49
|
1.02 |
0.94 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.22
|
1.04 |
0.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.57
|
2.32 |
1.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.05 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.89
|
1.05 |
0.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.12
|
4.79 |
20.65 |
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 |
No |
|
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% |
No |
|
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 |
No |
|
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 |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2012 [Rs.
in Millions] |
31.03.2011 [Rs.
in Millions] |
|
Long Term
Borrowing |
|
|
|
Interoperate borrowings |
40.744 |
29.830 |
|
Loan and advances from director |
30.800 |
35.554 |
|
Loan and advances from other |
41.690 |
41.655 |
|
|
|
|
|
Total |
113.234 |
107.039 |
FIXED ASSETES:
·
·
·
Building
·
Land Development
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fixture
·
Vehicles
·
Wind Power Project
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 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. 58.27 |
|
|
1 |
Rs.91.16 |
|
Euro |
1 |
Rs.77.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.