MIRA
INFORM REPORT
|
Report Date : |
06.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
CARETEX ASIA LTD. |
|
|
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Registered Office : |
49/44 Moo 5, Laemchabang Industrial Esatte, T. Thungsukhla, A. Sriracha, Chonburi 20230 |
|
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Country : |
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Financials (as on) : |
30.06.2012 |
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|
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Date of Incorporation : |
07.01.2002 |
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Com. Reg. No.: |
0105545001939 |
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|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Plastic Container Liners |
|
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No. of Employees : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
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
CARETEX
ASIA LTD.
SUMMARY
BUSINESS
ADDRESS : 49/44
MOO 5, LAEMCHABANG
INDUSTRIAL ESATTE,
T.
THUNGSUKHLA, A. SRIRACHA, CHONBURI
20230
TELEPHONE : [66] 38
493-326-9
FAX
: [66] 38
493-330, 38 494-161
E-MAIL
ADDRESS : arisa@caretexasia.co.th
caretex@caretex.dk
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0105545001939
CAPITAL REGISTERED : BHT. 12,000,000
CAPITAL PAID-UP : BHT.
12,000,000
SHAREHOLDER’S PROPORTION : FOREIGN :
100%
FISCAL YEAR CLOSING DATE : JUNE
30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. FINN SORENSEN, DANISH
MANAGING DIRECTOR
NO.
OF STAFF : 500
LINES
OF BUSINESS : PLASTIC CONTAINER
LINERS
MANUFACTURER, DSITRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on January 7, 2002 as
a private limited
company under the
registered name style CARETEX ASIA
LTD. by Danish groups. Its business
objective is to manufacture
and supply plastic container
liners for bulk transportation industry
of both domestic and international markets. It
currently employs
approximately 500 staff. It also
achieved the international
standard ISO 9001 certification.
The
subject is a
wholly owned subsidiary
of Caretex APS of Denmark.
The subject’s registered address is 49/44
Moo 5, Laemchabang Industrial Estate, T.
Thungsukhla, A. Sriracha,
Chonburi 20230, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Finn Sorensen |
|
Danish |
56 |
|
Mr. Michael Dennis Loeschen |
|
American |
59 |
|
Mr. Robert Joe Evans |
|
American |
50 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Finn Sorensen is
the Managing Director.
He is Danish
nationality with the
age of 56
years old.
Mr. Suktham Dechapitaktham is
the General Manager.
He is Thai
nationality.
Mr. Pornchai Tayabavorn is
the Factory Manager.
He is Thai
nationality.
Mr. Kham-aoon Charoenying is
the Marketing &
Sales Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in
manufacturing and supplying of
plastic container liners, made from polyethylene [PE] and polypropylene
[PP], used for bulk transportation
for variety of products, such
as petrochemical resins
and powders, hides,
malt, starch, fish
meal, sugar, rice,
coffee beans, carbon
black, cement and etc.
BRAND NAME
“CARETEX”
PURCHASE
Raw materials such as
plastic resin [PP
and PE] are
purchased from suppliers
both domestic and
overseas, mainly in
Denmark, U.S.A., Germany
and Republic of
China.
MAJOR
SUPPLIER
Caretex
APS :
Denmark
SALES
60% of the
products is sold
locally to end-users,
the remaining 40%
is exported to
Denmark, Japan, Germany, India,
Indonesia, Singapore,
Malaysia, Republic of China
and U.S.A.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
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
or T/T.
Exports area against
T/T.
BANKING
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
500 office staff,
engineers and factory
workers.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory I and warehouse at the heading
address. Premise is
located in provincial/industrial area.
Factory
II is located
at 49/33 Moo 5,
Laemchabang Industrial Estate,
T. Thungsukhla, A. Sriracha, Chonburi
20230.
Warehouse is
located at 49/43 Moo 5, Laemchabang
Industrial Estate, T. Thungsukhla, A. Sriracha,
Chonburi 20230.
COMMENT
Caretex
fabricates and sells high
quality custom-made container
liners for transport
of dry bulk products
in standard ISO containers. Its
products are manufactured at
its wholly owned
and ISO 9001
certified plant in Thailand,
which means the
clients can rely
on quality consistency
in Caretex liners. They
are manufactured under
highly clean conditions,
from strong, durable, food-grade co-extruded virgin polyethylene film. In general, the
subject is doing
a moderate business.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 6,000,000
on September 10, 2004
Bht. 8,000,000
on September 27,
2004
Bht. 10,000,000
on April 20,
2009
Bht. 12,000,000
on May 31,
2010
The
latest registered capital
was increased to
Bht. 12 million, divided
into 120,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
October 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Caretex APS Nationality: Danish Address : Sudergade
35 B, 3000 Helsingor,
Denmark |
119,998 |
100.00 |
|
ITW International Holdings
LLC Nationality: American Address : 3600
W Lake Avenue,
Glenview,
Illinois 60026-1215, U.S.A. |
1 |
- |
|
Caretex ROH [Thailand] Co.,
Ltd. Nationality: Thai Address : 49/44
Moo 5, T. Thungsukhla, A. Sriracha, Chonburi |
1 |
- |
Total Shareholders : 3
Share Structure [as
at October 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
1 |
- |
|
Foreign |
2 |
199,999 |
100.00 |
|
Total |
3 |
200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Nutchalee Boonyakornkul No. 3126
BALANCE SHEET [BAHT]
The
latest financial figures
published for June
30, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalent |
21,059,708 |
11,132,442 |
18,844,490.82 |
|
Trade Accounts & Other Receivable |
53,456,590 |
105,310,977 |
- |
|
Related Companies |
- |
- |
71,489,756.44 |
|
Non Related Companies |
- |
- |
6,728,230.28 |
|
Inventories |
55,280,267 |
76,287,371 |
66,242,965.74 |
|
Value Added Tax
Receivable |
- |
- |
235,284.46 |
|
Other Current Assets |
4,516,028 |
4,735,017 |
3,068,844.47 |
|
|
|
|
|
|
Total Current Assets
|
134,312,593 |
197,465,807 |
166,609,572.21 |
|
|
|
|
|
|
Fixed Assets |
14,971,150 |
17,076,557 |
14,886,434.62 |
|
Intangible Assets |
1,005,004 |
1,518,872 |
- |
|
Other Non-current Assets |
3,163,801 |
3,269,501 |
2,205,897.62 |
|
Total Assets |
153,452,548 |
219,330,737 |
183,701,904.45 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
70,776,672 |
146,257,613 |
9,427,955.81 |
|
Related Company Payable |
- |
- |
98,811,611.00 |
|
Current Portion of Hire-purchase Payable |
115,240 |
276,576 |
276,576.00 |
|
Accrued Income Tax |
5,797,782 |
103,761 |
1,809,450.77 |
|
Other Current Liabilities |
654,340 |
776,003 |
3,980,326.95 |
|
|
|
|
|
|
Total Current Liabilities |
77,344,034 |
147,413,953 |
114,305,920.53 |
|
|
|
|
|
|
Hire-purchase Payable, Net of
Current Portion |
- |
115,240 |
391,816.00 |
|
Employee Benefits Obligation |
1,082,003 |
- |
- |
|
Total Liabilities |
78,426,037 |
147,529,193 |
114,697,736.53 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 120,000 shares |
12,000,000 |
12,000,000 |
12,000,000.00 |
|
|
|
|
|
|
Capital Paid |
12,000,000 |
12,000,000 |
12,000,000.00 |
|
Retained Earning-
Unappropriated |
63,026,511 |
59,801,544 |
57,004,167.92 |
|
Total Shareholders' Equity |
75,026,511 |
71,801,544 |
69,004,167.92 |
|
Total Liabilities &
Shareholders' Equity |
153,452,548 |
219,330,737 |
183,701,904.45 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
378,538,036 |
336,726,741 |
307,839,498.90 |
|
Gain on Exchange Rate |
3,863,552 |
473,546 |
- |
|
Other Income |
9,865,319 |
8,692,976 |
7,206,284.34 |
|
Total Revenues |
392,266,907 |
345,893,260 |
315,045,783.24 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
312,988,255 |
264,536,055 |
210,987,879.19 |
|
Selling Expenses |
13,519,666 |
16,629,602 |
15,489,078.87 |
|
Administrative Expenses |
56,161,894 |
60,811,467 |
77,935,261.59 |
|
Total Expenses |
382,669,815 |
341,977,124 |
304,412,219.65 |
|
|
|
|
|
|
Profit before Financial
Cost & Income Tax |
9,597,092 |
3,916,136 |
10,633,563.59 |
|
Financial Cost |
- |
- |
[405,988.78] |
|
Profit before Income Tax |
9,597,092 |
3,916,136 |
10,227,574.81 |
|
Income Tax |
[6,372,125] |
[1,118,760] |
[3,084,771.95] |
|
|
|
|
|
|
Net Profit / [Loss] |
3,224,967 |
2,797,376 |
7,142,802.86 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.74 |
1.34 |
1.46 |
|
QUICK RATIO |
TIMES |
0.96 |
0.79 |
0.85 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
25.28 |
19.72 |
20.68 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.47 |
1.54 |
1.68 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
64.47 |
105.26 |
114.60 |
|
INVENTORY TURNOVER |
TIMES |
5.66 |
3.47 |
3.19 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
51.54 |
114.15 |
7.98 |
|
RECEIVABLES TURNOVER |
TIMES |
7.08 |
3.20 |
45.75 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
82.54 |
201.80 |
16.31 |
|
CASH CONVERSION CYCLE |
DAYS |
33.47 |
17.61 |
106.27 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
82.68 |
78.56 |
68.54 |
|
SELLING & ADMINISTRATION |
% |
18.41 |
23.00 |
30.35 |
|
INTEREST |
% |
- |
- |
0.13 |
|
GROSS PROFIT MARGIN |
% |
20.94 |
24.16 |
33.80 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.54 |
1.16 |
3.45 |
|
NET PROFIT MARGIN |
% |
0.85 |
0.83 |
2.32 |
|
RETURN ON EQUITY |
% |
4.30 |
3.90 |
10.35 |
|
RETURN ON ASSET |
% |
2.10 |
1.28 |
3.89 |
|
EARNING PER SHARE |
BAHT |
26.87 |
23.31 |
59.52 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.51 |
0.67 |
0.62 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.05 |
2.05 |
1.66 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
26.19 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
12.42 |
9.38 |
|
|
OPERATING PROFIT |
% |
145.07 |
(63.17) |
|
|
NET PROFIT |
% |
15.29 |
(60.84) |
|
|
FIXED ASSETS |
% |
(12.33) |
14.71 |
|
|
TOTAL ASSETS |
% |
(30.04) |
19.39 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 12.42%. Turnover has increased from THB
336,726,741.00 in 2011 to THB 378,538,036.00 in 2012. While net profit has
increased from THB 2,797,376.00 in 2011 to THB 3,224,967.00 in 2012. And total
assets has decreased from THB 219,330,737.00 in 2011 to THB 153,452,548.00 in
2012.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
20.94 |
Impressive |
Industrial
Average |
15.50 |
|
Net Profit Margin |
0.85 |
Deteriorated |
Industrial
Average |
4.07 |
|
Return on Assets |
2.10 |
Deteriorated |
Industrial
Average |
6.07 |
|
Return on Equity |
4.30 |
Deteriorated |
Industrial
Average |
15.34 |
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. Gross Profit Margin is 20.94%. When compared with the industry
average, the ratio of the company was higher, 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 0.85%.
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 2.1%.
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 4.3%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.74 |
Impressive |
Industrial
Average |
1.12 |
|
Quick Ratio |
0.96 |
|
|
|
|
Cash Conversion Cycle |
33.47 |
|
|
|
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 1.74 times in 2012, increase from 1.34 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 0.96 times in 2012,
increase from 0.79 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 34 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.51 |
Impressive |
Industrial
Average |
0.57 |
|
Debt to Equity Ratio |
1.05 |
Acceptable |
Industrial
Average |
1.28 |
|
Times Interest Earned |
- |
|
Industrial
Average |
4.03 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.51 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
25.28 |
Impressive |
Industrial
Average |
2.86 |
|
Total Assets Turnover |
2.47 |
Impressive |
Industrial
Average |
1.53 |
|
Inventory Conversion Period |
64.47 |
|
|
|
|
Inventory Turnover |
5.66 |
Satisfactory |
Industrial
Average |
7.11 |
|
Receivables Conversion Period |
51.54 |
|
|
|
|
Receivables Turnover |
7.08 |
Impressive |
Industrial
Average |
5.08 |
|
Payables Conversion Period |
82.54 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.08 and 3.20 in
2012 and 2011 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2012
increased from 2011. This would suggest the company had good performance in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 105 days at the
end of 2011 to 64 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 3.47 times in year 2011 to 5.66 times
in year 2012.
The company's Total Asset Turnover is calculated as 2.47 times and 1.54
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.88 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.90 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.