MIRA INFORM REPORT

 

 

Report Date :

24.09.2012

 

 

IDENTIFICATION DETAILS

 

Name :

ESM PRECISE MANUFACTURING SDN BHD

 

 

Registered Office :

12a-3, Jalan Pju 8/5c, Perdana Business Centre, Bandar Damansara Perdana, 47820 Petaling Jaya, Selangor

 

 

Country :

Malaysia

 

 

Date of Incorporation :

03.03.2011

 

 

Com. Reg. No.:

934832-U

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturing of plastic injection molding machine

 

 

No. of Employees :

50 employees

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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)

Malaysia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

MALAYSIA - ECONOMIC OVERVIEW

 

Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. The NAJIB administration also is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with strained government finances, has forced Kuala Lumpur to begin to reduce government subsidies. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies more than 40% of government revenue. The central bank maintains healthy foreign exchange reserves, and a well-developed regulatory regime has limited Malaysia''s exposure to riskier financial instruments and the global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a general slowdown in global economic activity because exports are a major component of GDP. In order to attract increased investment, NAJIB has raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but he has encountered significant opposition, especially from Malay nationalists and other vested interests.

Source: CIA

 

 

 

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

934832-U

COMPANY NAME

:

ESM PRECISE MANUFACTURING SDN BHD

FORMER NAME

:

N/A

INCORPORATION DATE

:

03/03/2011

COMPANY STATUS

:

EXIST

LEGAL STATUS

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

12A-3, JALAN PJU 8/5C, PERDANA BUSINESS CENTRE, BANDAR DAMANSARA PERDANA, 47820 PETALING JAYA, SELANGOR, MALAYSIA.

BUSINESS ADDRESS

:

26, SERULING 58,TAMAN KLANG JAYA,, 41200 KLANG, SELANGOR, MALAYSIA.

TEL.NO.

:

03-33262900

FAX.NO.

:

03-33262901

EMAIL

:

sales1@esmachinery.com.my

WEB SITE

:

esmachinery.com.my

CONTACT PERSON

:

POH CHOON HOCK ( DIRECTOR )

 

 

 

INDUSTRY CODE

:

2922

PRINCIPAL ACTIVITY

:

MANUFACTURING OF PLASTIC INJECTION MOLDING MACHINE

AUTHORISED CAPITAL

:

MYR 500,000.00 DIVIDED INTO 
ORDINARY SHARE 500,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 500,000.00 DIVIDED INTO 
ORDINARY SHARES 500,000 CASH OF MYR 1.00 EACH.

 

 

 

SALES

:

N/A

NET WORTH

:

N/A

 

 

 

STAFF STRENGTH

:

50 [2012]

BANKER (S)

:

UNITED OVERSEAS BANK (MALAYSIA) BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

POOR

 

HISTORY / BACKGROUND

 

The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act, 1965 and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

 

The SC is principally engaged in the (as a / as an) manufacturing of plastic injection molding machine.

 

The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).

 

The major shareholder(s) of the SC are shown as follows :

Name

Address

IC/PP/Loc No

Shareholding

(%)

WANG WENGEN +

99, WEISAN ROAD, XIAOGANG BEILUN NINGBO, CHINA.

G38368869

300,000.00

60.00

MS. MA AH YONG +

1-16-07, LOT 6, JALAN PJU 8/3, PERDANA EMERALD CONDOMINIUM, DAMANSARA PERDANA, 47820 PETALING JAYA, SELANGOR, MALAYSIA.

570308-02-5832 5253105

40.00

0.01

MHA INDUSTRIES SDN BHD

 

791550

199,960.00

39.99

 

 

 

---------------

------

 

 

 

500,000.00

100.00

 

 

 

============

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MR. POH CHOON HOCK

Address

:

1-16-07, LOT 6, JALAN PJU 8/3, PERDANA EMERALD CONDOMINIUM, DAMANSARA PERDANA, 47820 PETALING JAYA, SELANGOR, MALAYSIA.

IC / PP No

:

4431532

New IC No

:

530331-02-5287

Date of Birth

:

31/03/1953

 

 

 

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

03/03/2011

 

DIRECTOR 2

 

Name Of Subject

:

ZHU JINGFEN

Address

:

99, WEISAN ROAD, XIAOGANG BEILUN NINGBO, CHINA.

IC / PP No

:

G38951982

 

 

 

 

 

 

 

 

 

Nationality

:

CHINESE

Date of Appointment

:

03/03/2011

 

DIRECTOR 3

 

Name Of Subject

:

LIU ZHENFENG

Address

:

99 WEISAN ROAD, XIAOGANG BEILUN NINGBO, CHINA.

IC / PP No

:

G42506601

 

 

 

 

 

 

 

 

 

Nationality

:

CHINESE

Date of Appointment

:

03/03/2011

 

DIRECTOR 4

 

Name Of Subject

:

MS. MA AH YONG

Address

:

1-16-07, LOT 6, JALAN PJU 8/3, PERDANA EMERALD CONDOMINIUM, DAMANSARA PERDANA, 47820 PETALING JAYA, SELANGOR, MALAYSIA.

IC / PP No

:

5253105

New IC No

:

570308-02-5832

Date of Birth

:

08/03/1957

 

 

 

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

03/03/2011

 

DIRECTOR 5

 

Name Of Subject

:

WANG WENGEN

Address

:

99, WEISAN ROAD, XIAOGANG BEILUN NINGBO, CHINA.

IC / PP No

:

G38368869

 

 

 

 

 

 

 

 

 

Nationality

:

CHINESE

Date of Appointment

:

03/03/2011




MANAGEMENT

 

 

1)

Name of Subject

:

POH CHOON HOCK

 

Position

:

DIRECTOR

 

 

AUDITOR


No Auditor found in our databank 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. CHOONG LAI LENG

 

IC / PP No

:

A3617338

 

New IC No

:

770105-10-5556

 

Address

:

81, JALAN SS 9A/4, SUNGAI WAY, 47300 PETALING JAYA, SELANGOR, MALAYSIA.

 

2)

Company Secretary

:

MS. CHEE SOCK KION

 

IC / PP No

:

A1423086

 

New IC No

:

690905-01-5460

 

Address

:

23, JALAN ARA SD 7/3C, BANDAR SRI DAMANSARA, 52200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

UNITED OVERSEAS BANK (MALAYSIA) BHD

 

 

 

 

 

The SC enjoys normal banking routine with above mentioned banker(s). No adverse record was found during our investigation.

 

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation. 

LEGAL CHECK AGAINST SC


* A check has been conducted in our databank againt the SC whether the subject has been involved in any litigation. Our databank consists of 99% of the wound up companies in Malaysia.

No legal action was found in our databank. 

No winding up petition was found in our databank. 

DEFAULTER CHECK AGAINST SC


* We have checked through the SC in our defaulters' database which comprised of debtors that have been blacklisted by our customers and debtors that have been placed or assigned to us for collection since 1990. Information was provided by third party where the debt amount can be disputed. Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. 

No blacklisted record & debt collection case was found in our defaulters' databank. 

PAYMENT RECORD

 

SOURCES OF RAW MATERIALS:

 

Local

:

YES

 

Overseas

:

YES

 

Import Countries

:

CHINA

 


CLIENTELE

 

Local

:

YES

 

Domestic Markets

:

MALAYSIA

Overseas

:

YES

 

 

 

Export Market

:

THAILAND, INDONESIA, VIETNAM, PHILIPPINES, SRI LANKA, INDIA

Credit Term

:

30 - 60 DAYS,AS AGREED

 

 

 

 

 

 

Payment Mode

:

LETTER OF CREDIT (LC),CASH,CHEQUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Products manufactured

:

PLASTIC INJECTION MOLDING MACHINE

 

 

 

Competitor(s)

:

ASIAN GRINDING TECHNOLOGY SDN BHD
CHECKPOINT SYSTEMS (M) SDN BHD
LEAP VENTURE (M) SDN BHD
SENJU (MALAYSIA) SDN BHD
WB COATINGS ASIA SDN BHD

 

 

 

 

 

 

 

 

 

Total Number of Employees:

 

YEAR

2012

 

 

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

50

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

 

Other Information:


The SC is principally engaged in the (as a / as an) manufacturing of plastic injection molding machine.

The SC supply high performance and high precise plastic injection molding machine for the customers of all over the world. 


In domestic market, the SC set up three sales and service centers in Kuala Lumpur, Johor Baharu and Pinang.

The SC also have so many partnerships in Thailand, Indonesia, Viet Nam, Philippines, Sri Lanka, India and also in Africa and American countries. 

 

 

PROJECTS


No projects found in our databank 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

03-33262900

Match

:

N/A

 

 

 

Address Provided by Client

:

MALAYSIA

Current Address

:

26, SERULING 58,TAMAN KLANG JAYA,, 41200 KLANG, SELANGOR, MALAYSIA.

Match

:

NO

 

 

 

Latest Financial Accounts

:

NO


We have contacted the SC's Accountant and its Company Secretary for the latest financial accounts. However they have rejected our request in view of the confidentiality of the documents.

 

 

Other Investigations

we contacted one of the staff from the SC and she provided some information on the SC.

The address provided is incomplete.

FINANCIAL ANALYSIS

 

No latest financial accounts are available at the Registry Office, thus we are not able to comment on the SC's financial performance.

 

 

 

 

 

 

 

Overall financial condition of the SC : N/A

 

 

MALAYSIA ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators:

2008

2009

2010

2011*

2012**

 

 

 

 

 

 

Population ( Million)

27.73

28.13

28.35

28.70

29.10

Gross Domestic Products ( % )

4.6

<0.5>

7.2

5.5

5.3

Domestic Demand ( % )

6.9

2.9

6.3

4.8

7.6

Private Expenditure ( % )

7.1

<2.7>

8.1

7.0

8.7

Consumption ( % )

8.4

0.7

6.7

6.3

7.1

Investment ( % )

1.5

<17.2>

17.7

16.2

15.9

Public Expenditure ( % )

6.5

5.2

3.8

7.6

4.7

Consumption ( % )

11.6

3.1

0.2

8.9

3.0

Investment ( % )

0.7

8.0

2.8

0.6

7.0

 

 

 

 

 

 

Balance of Trade ( MYR Million )

129,563

89,650

118,356

116,058

-

Government Finance ( MYR Million )

<34,462>

<28,450>

<40,482>

<45,511>

<43,021>

Government Finance to GDP / Fiscal Deficit ( % )

<4.8>

<4.8>

<5.6>

<5.4>

<4.7>

Inflation ( % Change in Composite CPI)

<3.3>

<5.2>

5.1

3.1

-

Unemployment Rate

3.7

4.5

3.9

3.3

-

 

 

 

 

 

 

Net International Reserves ( MYR Billion )

388

331

329

415

-

Average Risk-Weighted Capital Adequacy Ratio ( % )

1.91

2.87

2.20

3.50

-

Average 3 Months of Non-performing Loans ( % )

13.24

11.08

15.30

14.80

-

Average Base Lending Rate ( % )

6.72

5.53

6.30

6.60

-

Business Loans Disbursed( % )

11.6

10.5

14.7

15.3

-

Foreign Investment ( MYR Million )

23,261.4

22,156.8

22,517.9

23,546.1

-

Consumer Loans ( % )

-

-

-

-

-

 

 

 

 

 

 

Registration of New Companies ( No. )

41,599

41,578

44,148

-

-

Registration of New Companies ( % )

<4.0>

<0.1>

6.2

-

-

Liquidation of Companies ( No. )

27,992

39,075

25,585

-

-

Liquidation of Companies ( % )

23.7

39.6

<34.5>

-

-

 

 

 

 

 

 

Registration of New Business ( No. )

269,866

312,581

271,414

-

-

Registration of New Business ( % )

-

-

-

-

-

Business Dissolved ( No. )

18,885

19,345

19,738

-

-

Business Dissolved ( % )

<7.6>

2.4

2.0

-

-

 

 

 

 

 

 

Sales of New Passenger Cars (' 000 Unit )

497.5

486.3

543.6

363.0

-

Cellular Phone Subscribers ( Million )

25.1

30.1

32.8

35.3

-

Tourist Arrival ( Million Persons )

21.5

23.6

24.6

25.3

-

Hotel Occupancy Rate ( % )

68.0

58.0

63.0

51.3

-

 

 

 

 

 

 

Credit Cards Spending ( % )

17.1

12.8

14.1

15.6

-

Bad Cheque Offenders (No.)

34,834

36,667

33,568

27,208

-

Individual Bankruptcy ( No.)

13,907

16,228

18,119

16,155

-

Individual Bankruptcy ( % )

5.1

16.7

11.7

<10.8>

-

 

INDUSTRIES ( % of Growth ):

2008

2009

2010

2011*

2012**

 

 

 

 

 

 

Agriculture

3.6

0.4

2.1

4.7

4.1

Palm Oil

7.0

<1.1>

<3.4>

7.3

-

Rubber

<1.1>

<19.8>

9.9

6.4

-

Forestry & Logging

<1.5>

<5.9>

<3.3>

<4.7>

-

Fishing

4.0

5.5

5.6

2.8

-

Other Agriculture

5.9

9.0

7.9

8.5

-

Industry Non-Performing Loans ( MYR Million )

393.0

413.7

508.4

634.1

-

% of Industry Non-Performing Loans

<2.0>

1.3

2.1

3.2

-

 

 

 

 

 

 

Mining

<0.8>

<3.8>

0.2

<2.4>

2.5

Oil & Gas

12.7

2.1

0.5

<1.7>

-

Other Mining

-

-

-

-

-

Industry Non-performing Loans ( MYR Million )

36.0

44.2

49.7

46.5

-

% of Industry Non-performing Loans

0.1

0.1

0.1

0.1

-

 

 

 

 

 

 

Manufacturing #

1.3

<9.4>

11.4

5.6

4.5

Exported-oriented Industries

2.7

<19.0>

12.1

2.8

-

Electrical & Electronics

2.4

<30.3>

28.4

<4.9>

-

Rubber Products

4.2

<10.1>

25.3

15.4

-

Wood Products

<6.0>

<24.1>

20.1

<7.3>

-

Textiles & Apparel

1.9

<19.5>

<0.4>

14.8

-

Domestic-oriented Industries

9.9

<9.8>

16.3

6.3

-

Food, Beverages & Tobacco

9.5

0.2

3.0

4.2

-

Chemical & Chemical Products

1.4

<7.7>

16.2

5.6

-

Plastic Products

6.5

<9.1>

2.4

3.8

-

Iron & Steel

16.8

<32.7>

29.3

2.4

-

Fabricated Metal Products

14.7

<2.5>

14.9

25.2

-

Non-metallic Mineral

8.3

<15.5>

20.2

16.3

-

Transport Equipment

27.1

<13.5>

36.5

<9.4>

-

Paper & Paper Products

8.6

<5.0>

18.7

15.6

-

Crude Oil Refineries

7.8

0.2

<11.4>

9.3

-

Industry Non-Performing Loans ( MYR Million )

5,729.4

6,007.3

6,217.5

6,537.2

-

% of Industry Non-Performing Loans

16.8

18.3

23.8

25.7

-

 

 

 

 

 

 

Construction

2.1

5.8

5.1

4.4

7.0

Industry Non-Performing Loans ( MYR Million )

4,149.8

3,241.8

4,038.5

3,856.9

-

% of Industry Non-Performing Loans

12.2

9.9

10.7

10.2

-

 

 

 

 

 

 

Services

7.3

2.6

6.5

6.4

6.5

Electric, Gas & Water

5.0

0.4

8.5

5.6

4.8

Transport, Storage & Communication

7.8

1.6

7.7

6.5

7.3

Wholesale, Retail, Hotel & Restaurant

10.0

2.8

4.7

5.2

6.9

Finance, Insurance & Real Estate

9.2

3.8

6.1

6.3

6.5

Government Services

8.6

2.0

6.7

7.6

5.6

Other Services

5.9

4.4

4.2

5.4

5.7

Industry Non-Performing Loans ( MYR Million )

8,281.4

6,631.3

7,384.6

6,825.2

-

% of Industry Non-Performing Loans

24.3

20.2

25.7

23.4

-

 

 

 

 

 

 

 

 

 

 

 

 

* Estimate / Preliminary

 

 

 

 

 

** Forecast

 

 

 

 

 

# Based On Manufacturing Production Index 
(Source : Department of Statistics / Economic Report / Bank Negara Report)

 

INDUSTRY ANALYSIS

 

MSIC CODE

 

2922 : Manufacture of machine tools

 

 

INDUSTRY :

MACHINERY


Malaysia is presently the leading manufacturer of automation machinery and equipment (M&E) for the electrical and electronics (E&E) industry in the ASEAN region with a total of 22 companies in production. The machinery and equipment industry has expanded and produce a diverse range of machinery which give importance to the overall industrial development of the country, due to its cross cutting linkages with all industrial sectors.


Malaysia implemented Industrial Master Plan 3 (IMP3, 2006-2020), which the machinery and equipment industry has been established as one of the key areas for growth and development. The implementation focused on the manufacture of high value-added and high technology machinery and equipment (M&E). Under this plan, M&E will positioned Malaysia as the regional production hub for high technology and specialized M&E in the ASEAN region for 2012.


Furthemore for the year 2012, Malaysia is the largest manufacturing hub of boilers in the Southeast Asia region. The exports are mainly directed to the neighboring countries such as Indonesia, Philippines, Thailand and Cambodia.


For enhance the machinery and equipment (M&E), the government has introduced two major tax incentives for companies investing in the manufacturing sector where the pioneer status and the investment tax allowance. The tax incentives would remain to be a competitive industry within ASEAN.

 

 

OVERALL INDUSTRY OUTLOOK : Marginal Growth

 


CREDIT RISK EVALUATION & RECOMMENDATION

 

Incorporated in 2011, the SC is a Private Limited company, focusing on manufacturing of plastic injection molding machine. With its relatively short operating history, the SC's position in the market is not stable as it has yet to build up its reputation among its suppliers and clients. The SC is considered as a medium size company with issued and paid up capital standing at RM500,000.


Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. The SC is operating on a medium scale and it has approximately 50 employees in its business operations. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.


No financial accounts are available for analysis. As such, we are not able to comment on the SC's current financial standing.


Investigation revealed that the SC imports its products from both local and overseas market. Thus it is affected by foreign currency fluctuation.


The industry has reached its maturity stage and only enjoying a marginal growth. Thus, we are of the opinion that there are a large number of other companies in the same industry. In another word, we believe that the SC faces stiff competitions from other local players.


In view of the above, we only recommend credit be proceeded to the SC with guarantee.



 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.90

UK Pound

1

Rs.87.60

Euro

1

Rs.70.00

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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

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NB

New Business

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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.