MIRA INFORM REPORT
|
Report Date : |
10.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
ALLIED-TEK
[THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
21/27 Soi Nawamin 133, Nawamin Road, Nuanchan, Buengkum, Bangkok 10230 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
20.07.1984 |
|
|
|
|
Com. Reg. No.: |
0105527026585 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer, distributor and installation of service of technical cutting and welding equipments |
|
|
|
|
No. of Employees : |
65 employees |
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 : |
Slow but Correct |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy,
generally pro-investment policies, and strong export industries, Thailand
enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as
it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly
machinery and electronic components, agricultural commodities, and jewelry -
continue to drive the economy, accounting for more than half of GDP. The global
financial crisis of 2008-09 severely cut Thailand's exports, with most sectors
experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010,
Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports
rebounded from their depressed 2009 level. Steady economic growth at just below
4% during the first three quarters of 2011 was interrupted by historic flooding
in October and November in the industrial areas north of Bangkok, crippling the
manufacturing sector and leading to a revised growth rate of only 0.1% for the
year. The industrial sector is poised to recover from the second quarter of
2012 onward, however, and the government anticipates the economy will probably
grow between 5.5 and 6.5% for 2012, while private sector forecasts range
between 3.8% and 5.7%.
|
Source : CIA |
Company
name
ALLIED-TEK [THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 21/27
SOI NAWAMIN 133,
NAWAMIN ROAD,
NUANCHAN, BUENGKUM,
BANGKOK 10230
THAILAND
TELEPHONE : [66] 2944-1931-40,
2510-7104
FAX :
[66] 2510-8209,
2510-8208, 2510-2721
E-MAIL
ADDRESS : info@allied-tek.com
sales@allied-tek.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1984
REGISTRATION
NO. : 0105527026585
TAX
ID NO. : 3101306415
CAPITAL REGISTERED : BHT. 33,000,000
CAPITAL PAID-UP : BHT.
33,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SOMPORN PONGKACHORN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 65
LINES
OF BUSINESS : TECHNICAL CUTTING
AND WELDING EQUIPMENTS
IMPORTER, DISTRIBUTOR
AND INSTALLATION
SERVICE
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on July
20, 1984 as
a private limited
company under the name style ALLIED-TEK [THAILAND]
CO., LTD., by Thai
groups, in order
to provide products
and service of
technical cutting and
welding equipments for
various industries. It
currently employs 65
staff.
The subject’s registered address was initially
at 21/27 Moo 10, Nawamin
Rd., Klongkum, Buengkum,
Bangkok 10230.
Later, the registered
address was changed
to 21/27 Soi
Nawamin 133, Nawamin
Rd., Nuanchan, Buengkum,
Bangkok 10230 by
the Government District
Office. Actually both
are the same
location, and this is
also the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somporn Pongkachorn |
[x] |
Thai |
59 |
|
Mr. Virach Benjaphantawee |
|
Thai |
64 |
|
Mr. Somchai Pongkachorn |
[x] |
Thai |
56 |
|
Mr. Somkiat Wongkittikul |
|
Thai |
50 |
|
Ms. Choojit Rodthong |
|
Thai |
51 |
AUTHORIZED
PERSON
One of mentioned directors
[x] can jointly
sign with one
of the rest
directors on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Somporn Pongkachorn
is the Managing
Director.
He is Thai
nationality with the
age of 59
years old.
Ms. Choojit Rodthong
is the General Manager
and Executive Director.
She is Thai
nationality with the
age of 51
years old.
BUSINESS
OPERATIONS
The subject is
engaged in importing,
distributing and installation
service wide range
of welding and
oxy-fuel equipment, such
as welding consumables,
welding machinery &
equipment, ATE chains,
sugar cane shredder,
machinery parts, block
rubber parts and
etc., as well
as providing of
repair and maintenance
services. The products
and services can
be classified as
the followings:
-
Welding
Technology: consist of
welding consumables, welding machines, welding processes
technology and equipments.
-
Cane
Sugar Technology: complete/partly turnkey
project or supply of machines
as well as
equipment.
-
Block
Rubber Technology: complete/partly turnkey
project or supply
of machines as
well as equipment.
-
Machinery
Fabrication & Parts
Production: wood bark
shredder/ sugar continuous centrifugal/ bagasse feeder,
etc., shredder hammer,
cane knife, cane
mill rolls, cane
shredder rotor or
discs.
-
Maintenance & Repair Service:
welding repair of
cracks or broken
parts like crack
on machinery shafts,
cracks of gear
wheel & etc., build up
of worn out
surfaces.
-
Industrial
Steel Chains: for
heavy duty power
transmission and conveyors.
MAJOR BRANDS
“FRONIUS”, “BOHLER”, “UTP”,
“LINN”, “SOUDOKAY”, “WELDOTHERM”
and etc.
IMPORT
90% of the
products is imported
from Germany, Belgium,
Austria, Republic of
China and Taiwan.
MAJOR SUPPLIERS
Fronius International GmbH. :
Germany
Bohler Schweisstecnik GmbH. : Austria
UTP Schwei &
Material GmbH. :
Germany
Soudokay S.A. : Belgium
Allied-Tek Engineering Co.,
Ltd. : Thailand
Weldotherm GmbH. : Germany
HKS Prozesstechnik GmbH. : Germany
SALES
100% of the
products is sold
and serviced locally
to dealers and
end-users.
RELATED COMPANY
Allied-Tek Engineering Co., Ltd.
Business Type: Manufacturer, distributor
and service of
mechanical engineering
equipment for
cane sugar mills
LITIGATION
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are by
cash or on
the credits term of
30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
and T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Trokchan Branch : 1564/8 Chan
Rd., Thungwatdon, Sathorn,
Bangkok 10120]
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
65 staff [office and
sales staff].
LOCATION DETAILS
The premise is
rented for administrative office
and warehouse at the heading
address. Premise is
located in commercial/residential area.
Branch:
33/69 Soi Nawamin
141, Nawamin Rd.,
Nuanchan, Buengkum, Bangkok
COMMENT
The subject was formed in 1984 as a
an importer and
distributor of industrial
equipments. Outlook of domestic
industries is improving, subject’s business performance
remains active growth
with strong reliable
from the industry.
Demand of industrial tools, equipment and
machinery is upbeat
especially in sugar and
rubber industries for
maintenance and repairing
services.
Overall business outlook
is promising.
FINANCIAL
INFORMATION
The capital was initially
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each.
The capital was
increased later as
the followings:
Bht. 2,000,000
on January 11, 1985
Bht. 3,000,000
on December 8,
1987
Bht. 6,000,000
on July 26,
1989
Bht. 12,000,000 on
October 3, 1991
Bht. 33,000,000 on
December 28, 1995
The latest registered
capital was increased
to Bht. 33,000,000 divided
into 330,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somporn Pongkachorn Nationality: Thai Address : 21/28 Soi
Nawamin 133, Nawamin Rd.,
Nuanchan, Buengkum, Bangkok |
93,000 |
28.18 |
|
Ms. Saniwar Pongkachorn Nationality: Thai Address : 21/28 Soi
Nawamin 133, Nawamin Rd.,
Nuanchan,
Buengkum, Bangkok |
30,000 |
9.09 |
|
Mr. Pichit Thernhit Nationality: Thai Address : 46/62 Moo
7, Raj-uthis Rd.,
Saensaeb,
Minburi, Bangkok |
30,000 |
9.09 |
|
Mr. Virach Benjaphantawee Nationality: Thai Address : 337/237 Moo Ban Sethsiri, Sanambinnam Rd., Thasai, Muang,
Nonthaburi |
26,000 |
7.88 |
|
|
|
|
|
Mrs. Somsri Pongkachorn Nationality: Thai Address : 21/28 Soi
Nawamin 133, Nawamin Rd.,
Nuanchan,
Buengkum, Bangkok |
25,000 |
7.58 |
|
Mrs. Thitaporn Benjaphantawee Nationality: Thai Address : 337/237 Moo Ban
Sethsiri, Sanambinnam Rd.,
Thasai, Muang, Nonthaburi |
25,000 |
7.58 |
|
Mr. Somkiat Wongkittikul Nationality: Thai Address : 21/15 Soi Nawamin 133, Nawamin
Rd.,
Klongkum, Buengkum,
Bangkok |
23,000 |
6.97 |
|
Ms. Chujit Rodthong Nationality: Thai Address : 33 Soi
Onnuch 51/3 Rd.,
Prawet, Bangkok |
15,000 |
4.54 |
|
Mr. Somboon Pongkachorn Nationality: Thai Address : 122/2 Moo 13,
Naimuang, Muang, Khon Kaen |
14,000 |
4.24 |
|
Mr. Atichart Pancharoen Nationality: Thai Address : 33/69 Soi Nawamin 141, Nawamin
Rd.,
Nuanchan, Buengkum, Bangkok |
13,000 |
3.94 |
|
Others |
36,000 |
10.91 |
Total Shareholders : 17
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
17 |
330,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
17 |
330,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Supsangad Pemavipark No.
2357
Note
The half-year of
2012 financial statement
was not available
during investigation.
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in hand
& at Bank
|
81,257.18 |
1,510,896.82 |
|
Trade Accounts &
Other Receivable |
56,811,476.97 |
45,242,355.10 |
|
Inventories |
85,706,037.56 |
97,114,475.81 |
|
|
|
|
|
Total Current Assets
|
142,598,771.71 |
143,867,727.73 |
|
Other Long-term Investment |
2,437,500.00 |
2,437,500.00 |
|
Fixed Assets |
16,948,271.87 |
18,580,718.11 |
|
Other Assets |
2,800.00 |
2,800.00 |
|
Total Assets |
161,987,343.58 |
164,888,745.84 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
64,328,002.39 |
68,257,051.98 |
|
Trade Accounts Payable |
22,683,849.34 |
20,268,240.27 |
|
Accrued Income Tax |
1,108,362.16 |
1,374,325.10 |
|
|
|
|
|
Total Current Liabilities |
88,120,213.89 |
89,899,617.35 |
|
Obligation from Employee
Benefits |
3,710,400.00 |
- |
|
Total Liabilities |
91,830,613.89 |
89,899,617.35 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 330,000 shares |
33,000,000.00 |
33,000,000.00 |
|
|
|
|
|
Capital Paid |
33,000,000.00 |
33,000,000.00 |
|
Statutory Reserve |
11,415,403.00 |
8,018,323.00 |
|
Retained Earning -
Unappropriated |
25,741,326.69 |
33,970,805.49 |
|
Total Shareholders' Equity |
70,156,729.69 |
74,989,128.49 |
|
Total Liabilities & Shareholders' Equity |
161,987,343.58 |
164,888,745.84 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales & Service Income |
131,495,678.97 |
145,555,725.38 |
|
Other Income |
1,634,453.05 |
2,888,029.48 |
|
Total Revenues |
133,130,132.02 |
148,443,754.86 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
93,768,405.54 |
103,738,878.43 |
|
Selling Expenses |
18,597,135.73 |
19,608,232.65 |
|
Administrative Expenses |
16,234,440.91 |
15,860,029.29 |
|
Other Expenses |
611.47 |
30,468.36 |
|
Total Expenses |
128,600,593.65 |
139,237,608.73 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
4,529,538.37 |
9,206,146.13 |
|
Financial Cost |
[229,885.43] |
[262,384.82] |
|
Income Tax |
[2,532,051.74] |
[2,692,268.90] |
|
Net Profit / [Loss] |
1,767,601.20 |
6,251,492.41 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.62 |
1.60 |
|
QUICK RATIO |
TIMES |
0.65 |
0.52 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.76 |
7.83 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.81 |
0.88 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
333.62 |
341.69 |
|
INVENTORY TURNOVER |
TIMES |
1.09 |
1.07 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
157.69 |
113.45 |
|
RECEIVABLES TURNOVER |
TIMES |
2.31 |
3.22 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
88.30 |
71.31 |
|
CASH CONVERSION CYCLE |
DAYS |
403.01 |
383.83 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
71.31 |
71.27 |
|
SELLING & ADMINISTRATION |
% |
26.49 |
24.37 |
|
INTEREST |
% |
0.17 |
0.18 |
|
GROSS PROFIT MARGIN |
% |
29.93 |
30.71 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.44 |
6.32 |
|
NET PROFIT MARGIN |
% |
1.34 |
4.29 |
|
RETURN ON EQUITY |
% |
2.52 |
8.34 |
|
RETURN ON ASSET |
% |
1.09 |
3.79 |
|
EARNING PER SHARE |
BAHT |
5.36 |
18.94 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.57 |
0.55 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.31 |
1.20 |
|
TIME INTEREST EARNED |
TIMES |
19.70 |
35.09 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(9.66) |
|
|
OPERATING PROFIT |
% |
(50.80) |
|
|
NET PROFIT |
% |
(71.73) |
|
|
FIXED ASSETS |
% |
(8.79) |
|
|
TOTAL ASSETS |
% |
(1.76) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
29.93 |
Impressive |
Industrial
Average |
19.71 |
|
Net Profit Margin |
1.34 |
Acceptable |
Industrial
Average |
2.12 |
|
Return on Assets |
1.09 |
Deteriorated |
Industrial
Average |
3.30 |
|
Return on Equity |
2.52 |
Deteriorated |
Industrial
Average |
7.27 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues after accounting for the cost
of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. The company’s figure is 29.93%. When compared with the industry
average, the ratio of the company was higher, this indicated that company was
more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 1.34%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is 1.09%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is 2.52%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.62 |
Satisfactory |
Industrial
Average |
1.73 |
|
Quick Ratio |
0.65 |
|
|
|
|
Cash Conversion Cycle |
403.01 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 1.62 times in 2011, increased from 1.6 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.65 times in 2011,
increased from 0.52 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 404 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.57 |
Acceptable |
Industrial
Average |
0.54 |
|
Debt to Equity Ratio |
1.31 |
Risky |
Industrial
Average |
1.22 |
|
Times Interest Earned |
19.70 |
Impressive |
Industrial
Average |
4.00 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 19.71 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.57 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
7.76 |
Impressive |
Industrial Average |
6.76 |
|
Total Assets Turnover |
0.81 |
Acceptable |
Industrial Average |
1.53 |
|
Inventory Conversion Period |
333.62 |
|
|
|
|
Inventory Turnover |
1.09 |
Deteriorated |
Industrial Average |
3.48 |
|
Receivables Conversion Period |
157.69 |
|
|
|
|
Receivables Turnover |
2.31 |
Acceptable |
Industrial Average |
4.47 |
|
Payables Conversion Period |
88.30 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.38 |
|
UK Pound |
1 |
Rs.83.99 |
|
Euro |
1 |
Rs.67.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.