MIRA INFORM REPORT

 

 

Report Date :

23.07.2012

 

IDENTIFICATION DETAILS

 

Name :

BEKAERT HLOHOVEC, A.S. 

 

 

Registered Office :

Mierová 2317 920 28 Hlohovec

 

 

Country :

Slovakia

 

 

Financials (as on) :

2011

 

 

Date of Incorporation :

18.10.1999

 

 

Com. Reg. No.:

10129/T 

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture of basic metals

 

 

No. of Employees :

1.500

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Slovakia

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 


 

 

 

 

COMPANY REPORTED    

 

 

 

BEKAERT HLOHOVEC, A.S. 

Principal Address:
Mierová 2317
920 28 Hlohovec
Slovakia
Telephone: +421-33-7363111, +421-33-7363920, +421-33-7363780
Fax: +421-33-7363204
Email: miroslav.muller@bekaert.com
Web: www.bekaert.com

Registered office:
Mierová 2317
920 28 Hlohovec
Slovakia

 

ICON number: 4228450 
National ID: 36234052 
International VAT number: SK2020172990 
VAT number: SK2020172990

 

 

Registration status: 18.10.1999 - registered company

 

 

 

Date of Last Research:

20.07.2012

 

 

 

CREDIT INFORMATION SUMMARY  

 

 

 

Insolvency Information:

According to available information sources the company is not in a insolvency/preliminary/debt regulation proceeding.

 

 

 

 

 

 

 

Payment Practices:

Payments are made mostly according to terms

 

 

 

Further Rating Information:

Researched company is categorized as a big company.
Turnover volume of EUR 264.936.665 in the year 2011 increased by 19,57% compared with 2010. In the previous period this change was 33,76%.
Fixed assets increased by EUR 6.038.413 and are 50,43% of total assets.

 

 

 

 

 

 

COMPANY DETAILS   

 

 

 

Established:

18.10.1999

 

 

 

Registration:

No. 10129/T 
18.10.1999 
Trnava, Slovakia

 

 

 

Legal Form:

18.10.1999
joint stock company

 

 

 

History:

Bekaert Hlohovec,a.s. 30.09.2003-
Drôtovňa Drôty,a.s. 18.10.1999-30.09.2003

 

 

 

Capital:

Nominal capital:

 

EUR 15.939.317,00

since 04.07.2007

 

Changed from:

SKK 480.187.000,00

 since 01.10.2003

 

 

 

Shareholders:

Full Name

Function

Address

Equity capital

Bekaert 
Registration: 01.04.1924, Kortrijk, Belgium

Shareholder

Bekaertstraat 2
8550 Zwevegem
Belgium

100,00%

 

 

 

Management:

Full Name

Function

Address

HAVER Geert Van
23.06.2003 - Present

Chairman of the executive board

Meiweg 8/A
9870 Zulte
Belgium

CLUYDTS Bruno
23.06.2003 - Present

Member of the executive board

Leieriggestraat 44
9051 Gent-Afsnee
Belgium

CUVELIER Mike
11.02.2011 - Present

Member of the executive board

Bollaardstraat 18
8800 Roeselare
Belgium

DE KEYZER Patrick

Member of the executive board

Tapuitstraat 51
8540 Deerlijk
Belgium

VROMANT Frank
04.07.2009 - Present

Member of the executive board

Abdijweg 30
8560 Wevelgem
Belgium

ROELENS Geert

Member of the supervisory board

Graaf Pierre de Brieylaan 14
8200 Sint-Michiels
Belgium

Ing. SUPUKA Jozef

Member of the supervisory board

Mostná 221/16
Nitra
Slovakia

Ing. SUPUKA Jozef

Member of the supervisory board

Mostná 221/16
949 01 Nitra
Slovakia

VELGE Henri Jean
23.06.2003 - Present

Member of the supervisory board

Louis Jasminlaan 71
1150 Sint-Pieters-Woluwe
Belgium

 

 

 

Person functions in other companies:

Function

Company

Other known functions of  Haver Geert Van

Chairman of the executive board

Drôtovňa KORDY, a.s. (SK)
National ID: 36233706

Other known functions of  Roelens Geert

Member of the executive board

Drôtovňa KORDY, a.s. (SK)
National ID: 36233706

Other known functions of  Velge Henri Jean

Member of the supervisory board

Drôtovňa KORDY, a.s. (SK)
National ID: 36233706

Other known functions of  Vromant Frank

Managing director

Bekaert Slovakia, s.r.o. (SK)
National ID: 36045161

Other known functions of  Cuvelier Mike

Managing director

Bekaert Bohumín s.r.o. (CZ)
National ID: 64613828

Managing director

Bekaert Petrovice s.r.o. (CZ)
National ID: 25398075

 

 

 

Related Companies:

Predecessor company
Bekaert Petrovice s.r.o., organizačná zložka Košice , Slovakia , National ID: 31313531

trustee relationship
Bekaert Slovakia, s.r.o. , Slovakia , National ID: 36045161
Registration: registered company (11.12.2000)

 

 

KEY DATA ON OPERATIONS      

 

 

 

Subject of Operation:

NACE
  main activity:
  2434 Cold drawing of wire

  2400 Manufacture of basic metals

NACE codes given are based on the most recent NACE Revision 2.

The company is active in the Coface sector 'Metals'.



Note: the Coface Sector Rating for this industry in the emerging markets of CEE is 'B' (Last rating: 'B')

Comment to Import: This sector is currently experiencing a slight decrease.
Comment to Export: This sector is currently experiencing a slight decrease.
Comment to Wholesale: This sector is currently experiencing a slight decrease.
Comment to Retail trade: This sector is currently experiencing a slight decrease.
Comment to Production: This sector is currently experiencing a slight decrease.
Comment to Consultancy: This sector is currently experiencing a slight decrease.
Comment to Service: This sector is currently experiencing a slight decrease.

 

 

 

Company Development:

300: Satisfactory business development

 

 

 

Key Data: 

Amounts shown in Euro (EUR)

 

2011

2010

2009

2008

Turnover

264.936.665

221.579.000

165.650.000

180.205.736

Non-current assets

105.416.413

99.378.000

95.927.000

89.385.249

Equity

49.918.321

48.487.000

40.469.000

35.788.986

Sum of Liabilities

159.102.331

136.550.000

120.237.000

124.372.967

Profit for accounting period

 

8.018.000

2.410.000

0

Loss for accounting period

 

0

0

7.804.322

Operating result - profit (before tax)

16.742.843

11.240.000

3.506.000

0

Operating result - loss (before tax)

0

0

0

4.913.762

 

 

 

Workforce:

 

2011

2010

2009

2008

Total workforce

1.500

1.300 (approximately)

1.359

1.700

 

 

 

Motor Vehicles:

 

2009

2007

Total number of vehicles

11

20

 

 

 

Imports:

2009

Czech Republic

Germany

Poland

Ukraine

 

 

 

Exports:

2009

European Union

United States of America

 

 

 

FINANCIAL INFORMATION   

 

 

 

Financials: 

Amounts shown in Euro (EUR) 

2011

2010

2009

2008

 



BALANCE SHEET

 

ASSETS

 

TOTAL ASSETS

209.020.652,00

185.037.000,00

160.706.000,00

160.161.953,00

A. 

NON-CURRENT ASSETS

105.416.413,00

99.378.000,00

95.927.000,00

89.385.249,00

I. 

Intangible fixed assets

805.705,00

 

255.000,00

347.905,00

1. 

Incorporation expenses

 

 

 

0,00

2. 

Research and development costs

 

 

 

0,00

3. 

Software

273.981,00

 

 

347.905,00

4. 

Valuable rights

531.724,00

 

 

0,00

5. 

Goodwill

 

 

 

0,00

6. 

Other intangible fixed assets

 

 

 

0,00

7. 

Intangible fixed assets in acquisition

 

 

 

0,00

8. 

Advance payments for intangible fixed assets

 

 

 

0,00

II. 

Tangible fixed assets

 

 

 

89.037.343,00

1. 

Land

 

 

 

2.227.810,00

2. 

Structures

 

 

 

19.139.016,00

3. 

Separate movable assets and sets of moveables

 

 

 

55.428.733,00

4. 

Natural agricultural assets

 

 

 

0,00

5. 

Livestock and draught animals

 

 

 

0,00

6. 

Other tangible fixed assets

 

 

 

0,00

7. 

Tangible fixed assets in acquisition

 

 

 

12.241.785,00

8. 

Advance payments for tangible fixed assets

 

 

 

0,00

9. 

Correction item to acquired assets

 

 

 

0,00

III. 

Long-term financial investments

 

 

 

0,00

1. 

Shares and ownership interests in subsidiaries

 

 

 

0,00

2. 

Shares and ownership interests in associates

 

 

 

0,00

3. 

Other long-term securities and ownership interests

 

 

 

0,00

4. 

Loans to entities in consolidation field

 

 

 

0,00

5. 

Other long-term financial assets

 

 

 

0,00

6. 

Loans due in one year

 

 

 

0,00

7. 

Long-term financial assets in acquisition

 

 

 

0,00

8. 

Advance payments for long-term financial assets

 

 

 

0,00

B. 

CURRENT ASSETS

103.604.239,00

85.659.000,00

64.779.000,00

70.708.225,00

I. 

Inventory

45.267.825,00

42.917.000,00

31.034.000,00

41.245.801,00

1. 

Material

 

 

 

18.636.593,00

2. 

Work-in-progress and own semi-finished products

 

 

 

11.189.803,00

3. 

Construction contracts with anticipated expiry period exceeding one year

 

 

 

0,00

4. 

Finished products

 

 

 

11.419.405,00

5. 

Livestock

 

 

 

0,00

6. 

Merchandise

 

 

 

0,00

7. 

Advance payments for inventory

 

 

 

0,00

II. 

Long-term receivables

 

 

 

0,00

1. 

Trade receivables

 

 

 

0,00

2. 

Receivables from subsidiaries and controlling entity

 

 

 

0,00

3. 

Other receivables from entities in consolidation field

 

 

 

0,00

4. 

Receivables from partners, members and consortium

 

 

 

0,00

5. 

Other receivables

 

 

 

0,00

6. 

Deferred tax assets

 

 

 

0,00

III. 

Short-term receivables

 

 

 

27.429.795,00

1. 

Trade receivables

52.294.828,00

41.226.000,00

28.305.000,00

25.087.632,00

2. 

Receivables from subsidiaries and controlling entity

 

 

 

0,00

3. 

Other receivables from entities in consolidation field

 

 

 

0,00

4. 

Receivables from partners, members and consortium

 

 

 

0,00

5. 

Social security

 

 

 

0,00

6. 

Tax assets and grants

 

 

 

2.332.437,00

7. 

Other receivables

 

 

 

9.726,00

IV. 

Financial accounts

 

 

 

2.032.630,00

1. 

Cash in hand

 

240.000,00

203.000,00

18.091,00

2. 

Bank accounts

 

 

 

1.832.238,00

3. 

Bank accounts bound for period exceeding one year

 

 

 

0,00

4. 

Short-term financial assets

 

 

 

182.301,00

5. 

Short-term financial assets in acquisition

 

 

 

0,00

C. 

ACCRUED AND DEFERRED ITEMS

 

 

 

68.479,00

1. 

Prepaid expenses - short-term

 

 

 

68.479,00

2. 

Accrued income - shortterm

 

 

 

0,00

 



LIABILITIES

 

TOTAL LIABILITIES AND EQUITY

209.020.652,00

185.037.000,00

160.706.000,00

160.161.953,00

A. 

EQUITY

49.918.321,00

48.487.000,00

40.469.000,00

35.788.986,00

I. 

Registered capital

15.939.317,00

15.939.000,00

15.939.000,00

15.939.288,00

1. 

Registered capital (paid)

 

 

 

15.939.288,00

2. 

Treasury stocks and treasury shares

 

 

 

0,00

3. 

Changes in registered capital

 

 

 

0,00

II. 

Capital funds

 

16.630.000,00

16.630.000,00

16.630.153,00

1. 

Share premium

 

 

 

0,00

2. 

Other capital funds

 

 

 

16.630.153,00

3. 

Legal reserve fund (Non-distributable fund) from capital contributions

 

 

 

0,00

4. 

Asset and liability revaluation reserve

 

 

 

0,00

5. 

Financial investments revaluation reserve

 

 

 

0,00

6. 

Revaluation reserve from mergers and separations

 

 

 

0,00

III. 

Funds from profit

 

 

 

0,00

1. 

Legal reserve fund

 

 

 

0,00

2. 

Non-distributable fund

 

 

 

0,00

3. 

Statutory and other funds

 

 

 

0,00

IV. 

Profit/Loss from prior years

 

15.828.000,00

7.769.000,00

11.023.866,00

1. 

Non-distributed profit from prior years

 

 

7.769.000,00

11.023.866,00

2. 

Accumulated losses from prior years

 

 

 

0,00

V. 

Profit/Loss for current accounting period (after tax)

 

 

 

-7.804.322,00

B. 

SUM OF LIABILITIES

159.102.331,00

136.550.000,00

120.237.000,00

124.372.967,00

I. 

Provisions

2.599.355,00

1.618.000,00

1.737.000,00

4.658.999,00

1. 

Legal provisions - long-term

2.349.587,00

 

 

0,00

2. 

Legal provision - short-term

249.768,00

 

 

 

3. 

Other long-term provisions

 

 

 

2.613.556,00

4. 

Other current provisions

 

 

 

2.045.442,00

II. 

Long-term liabilities

5.875.903,00

4.328.000,00

3.146.000,00

316.172,00

1. 

Long-term trade liabilities

 

 

 

0,00

2. 

Long-term liabilities unbilled

 

 

 

0,00

3. 

Long-term liabilities to subsidiaries and controlling entity

 

 

 

0,00

4. 

Other long-term liabilities to entities in consolidation field

 

 

 

0,00

5. 

Long-term advance payments received

 

 

 

4.116,00

6. 

Long-term bills of exchange to be paid

 

 

 

0,00

7. 

Bonds issued

 

 

 

0,00

8. 

Social fund payable

 

 

 

115.216,00

9. 

Other long-term payables

 

 

 

0,00

10. 

Deferred tax liability

 

2.124.000,00

710.000,00

196.840,00

III. 

Short-term liabilities

150.627.073,00

132.222.000,00

117.091.000,00

119.393.414,00

1. 

Trade payables

 

37.512.000,00

25.034.000,00

16.200.491,00

2. 

Liabilities unbilled

 

 

 

10.707.661,00

3. 

Liabilities to subsidiaries and controlling entity

 

 

 

0,00

4. 

Other liabilities to entities in consolidation field

 

 

 

90.897.763,00

5. 

Payable to partners and consortium

 

 

 

0,00

6. 

Employee liabilities

 

3.616.000,00

2.107.000,00

845.250,00

7. 

Social security payables

 

 

 

544.480,00

8. 

Tax liability and subsidies

 

 

 

121.457,00

9. 

Other payable

 

 

 

76.313,00

IV. 

Short-term financial assistance

 

 

 

0,00

V. 

Bank loans

 

 

 

4.382,00

1. 

Long-term bank loans

 

 

 

0,00

2. 

Short-term bank loans

 

 

 

4.382,00

C. 

ACCRUED AND DEFERRED ITEMS

 

 

 

0,00

1. 

Accrued expenses - short-term

 

 

 

0,00

2. 

Deferred income - short-term

 

 

 

0,00

 

BALANCE SHEET TOTAL

209.020.652,00

185.037.000,00

160.706.000,00

160.161.953,00

 



STATEMENT OF PROFIT AND LOSS

 

TURNOVER

264.936.665,00

221.579.000,00

165.650.000,00

180.205.736,00

 

Sales of goods bought for resale

 

 

 

1.199.462,00

A. 

Cost of goods sold

 

 

 

1.223.694,00

Gross margin

 

 

 

-24.232,00

 

Production

 

 

 

187.191.396,00

 

Sales of own products and services

 

 

 

179.006.274,00

1. 

Changes in stock of finished products and work-in-progress

 

 

 

7.628.228,00

2. 

Own work capitalized

 

 

 

556.894,00

B. 

Consumables and services purchased

 

 

 

160.187.678,00

1. 

Consumed material, energy and other non-inventory items

 

 

 

131.365.830,00

2. 

Services

 

 

 

28.821.848,00

Added value

 

 

 

26.979.486,00

C. 

Personnel expenses

 

 

 

19.528.746,00

1. 

Wages and salaries

 

 

 

13.949.811,00

2. 

Remuneration of board and co-operative members

 

 

 

0,00

3. 

Social insurance

 

 

 

4.651.729,00

4. 

Other social security expenses

 

 

 

927.206,00

D. 

Taxes and charges

 

 

 

312.454,00

E. 

Depreciation of intangible and tangible fixed assets

 

 

 

12.399.124,00

 

Sales of fixed assets and inventory

 

 

 

4.655.746,00

F. 

Net book value of fixed assets and inventory sold

 

 

 

3.442.276,00

 

Other operating income

 

 

 

209.254,00

G. 

Other operating expenses

 

 

 

1.075.649,00

 

Transfer of operating income

 

 

 

0,00

H. 

Transfer of operating expenses

 

 

 

0,00

Operating profit/loss (before tax)

16.742.843,00

11.240.000,00

3.506.000,00

-4.913.762,00

 

Proceeds from sale of securities and ownership interests

 

 

 

0,00

I. 

Security and ownership interest disposals

 

 

 

0,00

 

Revenues from long-term financial investments

 

 

 

0,00

1. 

Revenues from securities and ownership interests in subsidiaries and associates

 

 

 

0,00

2. 

Revenues from other long-term securities and ownership interests

 

 

 

0,00

3. 

Revenues from other long-term financial investments

 

 

 

0,00

 

Revenues from short-term financial assets

 

 

 

0,00

J. 

Expenses related to short-term financial assets

 

 

 

0,00

 

Gains from revaluation of securities and financial derivative instrument transactions

 

 

 

0,00

K. 

Expenses related to revaluation of securities and financial derivative instrument transactions

 

 

 

0,00

 

Interest income

 

 

 

104.727,00

L. 

Interest expense

 

 

 

3.622.486,00

 

Foreign exchange gains

 

 

 

6.594.072,00

M. 

Foreign exchange losses

 

 

 

6.349.067,00

 

Other revenue from financing activities

 

 

 

33,00

N. 

Other costs of financing activities

 

 

 

35.086,00

 

Transfer of financial revenues

 

 

 

0,00

O. 

Transfer of financial costs

 

 

 

0,00

Profit/Loss from financing activities (before tax)

 

 

 

-3.307.807,00

P. 

Income taxes on ordinary activities

 

-2.248.000,00

557.000,00

-417.248,00

1. 

Income taxes on ordinary activities - current

 

 

 

0,00

2. 

Income taxes on ordinary activities - deferred

 

 

 

-417.248,00

Profit/Loss from ordinary activities (after tax)

 

 

 

-7.804.322,00

 

Extraordinary revenue

 

 

 

0,00

Q. 

Extraordinary expenses

 

 

 

0,00

R. 

Income taxes on extraordinary activities

 

 

 

0,00

1. 

Income taxes on extraordinary activities - current

 

 

 

0,00

2. 

Income taxes on extraordinary activities - deferred

 

 

 

0,00

Profit/Loss from extraordinary activities (after tax)

 

 

 

0,00

Profit/Loss for accounting period (before tax)

 

10.307.000,00

1.864.000,00

 

S. 

Profits of partnership transferred to partners

 

 

 

0,00

Profit/Loss for accounting period (after tax)

 

8.018.000,00

2.410.000,00

-7.804.322,00







Efectively from January 1st 2009, the Slovakian currency SKK was changed
and replaced by new currency EUR. The conversion rate: 1 EUR = 30,1260 SKK.
The financial statements issued after 01.01.2009 have to be in EUR. In
order to compare the financial statements with previous years all financial
indicators were also converted by the new exchange rate.
The financial indicators are stated without decimal number. The differences
in total or sub-total rows may be caused by rounding of indicators.

 

 

 

Approximate Exchange Rates:

2010: 0,75 EUR = 1 USD
2009: 0,69 EUR = 1 USD
2008: 0,71 EUR = 1 USD
2007: 0,76 EUR = 1 USD

 

 

 

Financial data source:

2011: 
2010: 
2009: 
2008: 

 

Financial Comments:

The company is obliged by law to publish its financial statements.
The financial data were submitted directly by the management of the researched company.

 

 

 

Bankers:

Československá obchodní banka, a.s., pobočka zahraničnej banky v SR - Account no. 171280-0025335683/7500
815 63 Bratislava, Michalská 18

 

 

 

Ratios: 

 

2011

2010

2009

2008

Current Ratio
Current assets / Current liabilities

-

-

-

0,59

Quick Ratio 
(Current assets-Inventory) / Current liabilities

-

-

-

0,25

Leverage (%)
Long-term liabilities / Equity*100

-

-

-

0,88

Debt Ratio (%)
Sum of Liabilities/Total Assets*100

76,12

73,80

74,82

77,65

Equity ratio, in %
Equity / Total liabilities * 100

23,88

26,20

25,18

22,35

Sales to Total Assets
Turnover/Total Assets

1,27

1,20

1,03

1,13

Collection period in days
Receivables / Turnover * 360

-

-

-

55,56

Liabilities Maturity date
Liabilies / Turnover * 360

215,61

224,93

264,94

242,47

Inventory rotation in days
Inventory / Turnover*360

62,36

70,70

68,38

83,54

Return on Sales (%) ROS
Profit/Loss for accounting period/Turnover*100

-

3,62

1,45

NEGATIVE

Return on Assets (%) ROA
Profit/Loss for accounting period/Total Assets*100

-

4,33

1,50

NEGATIVE

Return on Equity (%) ROE
Profit/Loss for accounting period/Equity*100

-

16,54

5,96

NEGATIVE

 

 

 

ADDITIONAL INFORMATION      

 

 

 

Central Register of Right of Liens:

no

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.55.15

UK Pound

1

Rs.86.57

Euro

1

Rs.67.60

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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 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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.