MIRA INFORM REPORT
|
Report No. : |
320594 |
|
Report Date : |
23.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
NEOGEN CHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
Office No.115, 1st Floor, Vardhman Industrial Complex, Old Agra
Road, Gokul Nagar, Thane - 400 601, Maharashtra |
|
Tel. No.: |
Not Available |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
07.03.1989 |
|
|
|
|
Com. Reg. No.: |
11-050919 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 58.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24200MH1989PLC050919 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN10061C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN5836E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Organic and Inorganic Chemicals. |
|
|
|
|
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 550000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. For the financial year ended 2014, the company has reported nearly 9.71%
topline growth and it has maintained profitability margins at 4.83%. Rating also takes into consideration NCL’s strong market position in
the bromine compound manufacturing segment supported by sound financial base
and fair liquidity profile of the company. Trade relations are fair. Business is active. Payments are reported to
be usually correct. In view of sound financial profile, the company can be considered for
business dealings at usual trade terms and condition. |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
CRISIL |
|
Rating |
Long Term Rating - (BBB-) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
March 27, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating- (A3) |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
March 27, 2014 |
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
31-03-2014.
LOCATIONS
|
Registered Office : |
Office No.115, 1st Floor, Vardhman Industrial Complex, Old
Agra Road, Gokul Nagar, Thane - 400 601, Maharashtra, India |
|
Tel. No.: |
91-22-21723716 |
|
Fax No.: |
91-22-21721083 |
|
E-Mail : |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Haridas Thakarshi Kanani |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
802, |
|
Date of Birth/Age : |
30.09.1945 |
|
Qualification: |
|
|
|
|
|
Date of Appointment : |
07.03.1989 |
|
DIN No.: |
00185487 |
|
|
|
|
Name : |
Mrs. Beena Haridas Kanani |
|
Designation : |
Whole Time Director |
|
Address : |
802, |
|
Date of Birth/Age : |
15.07.1947 |
|
Qualification: |
|
|
Date of Appointment : |
07.03.1989 |
|
DIN No.: |
00185791 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Names of Shareholders |
|
No. of Shares |
|
Haridas Thakarshi Kanani |
|
3149946 |
|
Beena Haridas Kanani |
|
675000 |
|
Haren Haridas Kanani |
|
450000 |
|
Pallika Haridas Kanani |
|
225000 |
|
B B Reshamwala |
|
18 |
|
B.T. Kaushal |
|
18 |
|
Sanjay Mehta |
|
18 |
|
Total |
|
45,00,000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.99 |
|
Other top fifty shareholders |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Organic and Inorganic Chemicals. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
|
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Auditors : |
|
|
Name : |
JMT and Associates Chartered Accountants |
|
Address : |
304/305, A- Wing, Wins way Complex, Old Police Lane, Opp. Andheri
Railway Station Andheri (East), Mumbai-400069, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AACFJ9061E |
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|
|
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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|
|
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4500000 |
Equity Shares |
Rs.10/- each |
Rs.45.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4500000 |
Equity Shares |
Rs.10/- each |
Rs.45.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
45.000 |
45.000 |
25.000 |
|
(b) Reserves & Surplus |
150.435 |
124.800 |
114.162 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
195.435 |
169.800 |
139.162 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
47.613 |
57.536 |
28.651 |
|
(b) Deferred tax liabilities (Net) |
16.380 |
9.391 |
9.427 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
2.975 |
3.068 |
1.572 |
|
Total Non-current
Liabilities (3) |
66.968 |
69.995 |
39.650 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
189.962 |
138.776 |
111.965 |
|
(b) Trade
payables |
143.546 |
133.433 |
130.259 |
|
(c) Other
current liabilities |
26.749 |
34.921 |
22.669 |
|
(d) Short-term
provisions |
6.412 |
2.534 |
10.999 |
|
Total Current
Liabilities (4) |
366.669 |
309.664 |
275.892 |
|
|
|
|
|
|
TOTAL |
629.072 |
549.459 |
454.704 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
136.357 |
132.427 |
78.936 |
|
(ii) Intangible
Assets |
0.126 |
0.166 |
0.206 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.670 |
6.197 |
6.739 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
140.153 |
138.790 |
85.881 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
212.313 |
201.915 |
177.522 |
|
(c) Trade
receivables |
165.866 |
121.166 |
105.278 |
|
(d) Cash
and cash equivalents |
17.918 |
17.788 |
17.738 |
|
(e)
Short-term loans and advances |
49.823 |
30.401 |
30.883 |
|
(f) Other
current assets |
42.999 |
39.399 |
37.402 |
|
Total
Current Assets |
488.919 |
410.669 |
368.823 |
|
|
|
|
|
|
TOTAL |
629.072 |
549.459 |
454.704 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue From Operation |
744.393 |
|
|
|
|
|
Other Income |
4.096 |
3.861 |
|
|
|
|
TOTAL |
748.489 |
675.753 |
583.777 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
465.364 |
414.354 |
|
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(17.194) |
(20.302) |
|
|
|
|
Employees benefits expense |
34.987 |
36.092 |
|
|
|
|
Other expenses |
146.460 |
147.932 |
|
|
|
|
TOTAL |
629.617 |
578.076 |
527.267 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
118.872 |
97.677 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
47.558 |
35.933 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
71.314 |
61.744 |
56.510 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
9.835 |
8.184 |
6.543 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
61.479 |
53.560 |
49.967 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
25.314 |
12.463 |
15.866 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
36.165 |
41.097 |
34.101 |
|
|
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
8.04 |
9.13 |
0.76 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.86 |
6.12 |
NA |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
15.97 |
14.54 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.77 |
9.75 |
10.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.32 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.22 |
1.16 |
1.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.33 |
1.34 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
25.000 |
45.000 |
45.000 |
|
Reserves & Surplus |
114.162 |
124.800 |
150.435 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
139.162 |
169.800 |
195.435 |
|
|
|
|
|
|
long-term borrowings |
28.651 |
57.536 |
47.613 |
|
Short term borrowings |
111.965 |
138.776 |
189.962 |
|
Total
borrowings |
140.616 |
196.312 |
237.575 |
|
Debt/Equity
ratio |
1.010 |
1.156 |
1.216 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
583.777 |
675.753 |
748.489 |
|
|
|
15.755 |
10.764 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
583.777 |
671.892 |
744.393 |
|
Profit |
34.101 |
41.097 |
36.165 |
|
|
5.84% |
6.12% |
4.86% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
No |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10548807 |
22/01/2015 |
50,000,000.00 |
Citi Bank N.A. |
First International Financial Centre (FIDC), Plot |
C43424548 |
|
2 |
10004918 |
06/11/2007 * |
134,900,000.00 |
STATE BANK OF INDIA |
WAGLE INDUSTRIAL ESTATE BRANCH,, THANE (WEST),, T |
A26920629 |
|
3 |
90140785 |
15/06/2002 * |
65,000,000.00 |
STATE BANK OF INDIA |
MAGLE INDUSTRIAL ESTATE, THANE, Maharashtra - 4006 |
- |
|
4 |
90142777 |
11/03/2000 |
14,000,000.00 |
STATE BANK OF INDIA |
MAGLE INDUSTRIAL ESTATE, THANE, Maharashtra, INDIA |
- |
|
5 |
90142236 |
23/01/2015 * |
379,200,000.00 |
State Bank of India |
EEH Branch, SBI Building, 1st Floor, Plot No B-35, |
C43243104 |
|
6 |
90141699 |
17/07/1991 * |
3,700,000.00 |
STATE BANK OF INDIA |
NETAJI SUBHAS CHANDRA ROAD, THANE MAIN BRANCH, TH |
- |
|
7 |
90145850 |
17/07/1999 * |
4,500,000.00 |
STATE BANK OF
INDIA |
NETAJI SUBHAS
CHANDRA ROAD, THANE MAIN BRANCH, TH |
- |
FIXED ASSETS
- Land
- Factory
Building
- Plant and
Machinery
- Quality
Control Instrument
- R and D
Equipment
- Efficient
Treatment Equipment
- Safety
Equipment
- Office
Equipment
- I.T Equipment
- Motor Car
- Furniture and
Fixture
- Software
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.63.57 |
|
|
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.70.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PJA |
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 |
|
--PROFITABILITY |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.