MIRA
INFORM REPORT
|
Report Date : |
10.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
BARBE (THAILAND) LTD |
|
|
|
|
Registered Office : |
64/71 Moo 4, Eastern Seaboard Industrial Estate, Esie 16 Road, T. Pluakdaeng, A. Pluakdaeng, Rayong 21140 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
15.12.2000 |
|
|
|
|
Com. Reg. No.: |
0105543114663 [Former
: 1758/2543] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor and
exporter of industrial
chemicals |
|
|
|
|
No. of Employees : |
60 |
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 (31.03.2012) |
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
BARBE [THAILAND] LTD.
SUMMARY
BUSINESS
ADDRESS : 64/71
MOO 4, EASTERN
SEABOARD INDUSTRIAL
ESTATE, ESIE
16 ROAD, T. PLUAKDAENG,
A.
PLUAKDAENG, RAYONG 21140
TELEPHONE : [66] 38
919-189, 38 955-580
FAX :
[66] 38
955-582
E-MAIL
ADDRESS : info@barbe.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION
NO. : 0105543114663 [Former
: 1758/2543]
TAX
ID NO. : 3030226136
CAPITAL REGISTERED : BHT. 40,000,000
CAPITAL PAID-UP : BHT.
40,000,000
SHAREHOLDER’S PROPORTION : THAI :
0.25%
GERMAN :
99.75%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHRISTIAN BARBE,
GERMAN
MANAGING DIRECTOR
NO.
OF STAFF : 60
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 December 15,
2000 as a private
limited company under
the name style
BARBE [THAILAND] LTD.
by German group.
Its business objective
is a manufacture of industrial chemicals with BOI promotion,
to both domestic and international
markets. It currently
employs approximately 60
staff.
Subject
is a subsidiary
of Barbe Beteiligungen
GmbH, Germany.
The
subject’s registered address
is 64/71 Moo
4, Eastern Seaboard
Industrial Estate, ESIE
16 Rd., T. Pluakdaeng, A. Pluakdaeng, Rayong 21140,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Thomas Barbe |
|
German |
66 |
|
Mr. Christian Barbe |
|
German |
35 |
|
Mr. Sumeth Mingmongkolmit |
|
Thai |
45 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Christian Barbe is
the Managing Director.
He is German
nationality with the
age of 35
years old.
Mr. Sumeth Mingmongkolmit is
the General Manager.
He is Thai nationality with
the age of 45 years
old.
Mr. Rungchai Hongthong is
the Plant Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, distributing and
exporting industrial
chemicals, the main
raw material for
polymer, rubber and
auto tire industries.
PRODUCTION CAPACITY
approximately 4,600
tons per annum
MAJOR BRAND
“BARBE”
PURCHASE
Most of raw materials and
chemicals are purchased from
local suppliers, the remaining are
imported from Germany,
Taiwan, Japan and
Republic of China.
MAJOR SUPPLIER
Barbe
Beteiligungen GmbH :
Germany
SALES
The products are sold
to customers both local
and overseas, mainly in
Germany, Indonesia, India,
Republic of China,
Korea and Japan.
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 are against
T/T.
BANKING
Deutsche
Bank AG.
[Bangkok Office, 208
Wireless Rd., Lumpini,
Pathumwan, Bangkok]
EMPLOYMENT
The
subject employs approximately
60 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and factory at
the heading address.
Premise is located
in industrial area.
COMMENT
The subject’s business performance
in 2011 was
considered good. Subject produced
industrial chemicals for
various industries.
With the
improvement of industrial
sector since the
beginning of 2011 has prompted
the subject to
increase its sales volume
to meet with rising
demand of products.
Its current business outlook
is promising and
growth rate is relatively
strong.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 20,000,000 divided
into 200 shares of Bht. 100,000 each
with fully paid.
On
November 19, 2002,
the capital was
increased to Bht.
40,000,000 divided into
400 shares of
Bht. 100,000 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 27, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Barbe Beteiligungen GmbH
Nationality: German Address : Germany |
389 |
97.25 |
|
Mr. Christian Barbe Nationality: German Address : Germany |
2 |
0.50 |
|
Dr. Michael Barbe Nationality: German Address : Germany |
2 |
0.50 |
|
Dr. Volfgang Mende Nationality: German Address : Germany |
2 |
0.50 |
|
Mr. Zebastian Barbe Nationality: German Address : Germany |
2 |
0.50 |
|
Mr. Rheine Roferside Nationality: German Address : Germany |
2 |
0.50 |
|
Mr. Sumeth Mingmongkolmit Nationality: Thai Address : 10/20
Isaraphap Rd., Banchanglor,
Bangkoknoi, Bangkok |
1 |
0.25 |
Total Shareholders : 7
Share Structure : [as at
April 27, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
1 |
0.25 |
|
Foreign - German |
6 |
399 |
99.75 |
|
Total |
7 |
400 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Wannaporn
Jongpeeradejanont No. 4098
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash
Equivalents |
12,297,703 |
83,816,475 |
12,950,199 |
|
Trade Accounts Receivable
|
20,373,165 |
17,535,250 |
18,095,051 |
|
Receivable - Related Company |
1,392,339 |
- |
745,286 |
|
Inventories |
40,284,420 |
31,028,626 |
23,262,412 |
|
Receivable - Revenue
Department |
1,203,372 |
1,059,063 |
1,695,560 |
|
Spare Part |
1,488,639 |
1,247,203 |
952,661 |
|
Other Current Assets
|
166,644 |
138,994 |
130,511 |
|
Total Current Assets
|
77,206,282 |
134,825,611 |
57,831,680 |
|
|
|
|
|
|
Cash at Bank Pledged as a Collateral |
200,000 |
200,000 |
200,000 |
|
Fixed Assets |
113,929,074 |
51,824,393 |
52,799,641 |
|
Advance Payment for Construction |
168,962 |
6,300,000 |
- |
|
Other Non-current Assets |
122,677 |
96,026 |
76,944 |
|
Total Assets |
191,626,995 |
193,246,030 |
110,908,265 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Trade Account Payable |
13,072,865 |
13,576,411 |
15,282,988 |
|
Other Payable-Related Company |
2,463,853 |
1,639,538 |
1,909,732 |
|
Current Portion of Long-term Loans from Financial
Institution |
10,610,633 |
10,098,766 |
- |
|
Guarantee Works |
1,567,067 |
- |
- |
|
Accrued Expenses |
5,424,629 |
3,167,030 |
3,489,732 |
|
Other Current Liabilities |
170,523 |
300,735 |
370,175 |
|
Total Current Liabilities |
33,309,570 |
28,782,480 |
21,052,627 |
|
|
|
|
|
|
Long-term Loan from Parent Company |
30,000,000 |
40,000,000 |
40,000,000 |
|
Long-term Loan from Financial Institution |
42,442,534 |
50,493,834 |
- |
|
Total Liabilities |
105,752,104 |
119,276,314 |
61,052,627 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100,000 value authorized,
issued and fully paid
share capital 400
shares |
40,000,000 |
40,000,000 |
40,000,000 |
|
Capital Paid |
40,000,000 |
40,000,000 |
40,000,000 |
|
Retained Earning Appropriated for Statutory Reserve |
1,000,000 |
- |
- |
|
Unappropriated |
44,874,891 |
33,969,716 |
9,855,638 |
|
Total Shareholders' Equity |
85,874,891 |
73,969,716 |
49,855,638 |
|
Total Liabilities & Shareholders' Equity |
191,626,995 |
193,246,030 |
110,908,265 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
162,916,648 |
142,953,451 |
106,315,006 |
|
Other Income |
98,473 |
618,115 |
46,171 |
|
Total Revenues |
163,015,121 |
143,571,566 |
106,361,177 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
107,011,501 |
91,642,124 |
74,069,256 |
|
Selling Expenses |
15,812,049 |
14,841,498 |
11,345,458 |
|
Administrative Expenses |
15,114,668 |
10,740,209 |
9,521,518 |
|
Loss on Exchange Rate |
772,739 |
985,657 |
28,252 |
|
Total Expenses |
138,710,957 |
118,209,488 |
94,964,484 |
|
Profit before Financial
Cost |
24,304,164 |
25,362,078 |
11,396,693 |
|
Financial Cost |
[2,398,989] |
[1,248,000] |
[1,485,063] |
|
Net Profit / [Loss] |
21,905,175 |
24,114,078 |
9,911,630 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.32 |
4.68 |
2.75 |
|
QUICK RATIO |
TIMES |
1.02 |
3.52 |
1.51 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.43 |
2.76 |
2.01 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.85 |
0.74 |
0.96 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
137.40 |
123.58 |
114.63 |
|
INVENTORY TURNOVER |
TIMES |
2.66 |
2.95 |
3.18 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
45.64 |
44.77 |
62.12 |
|
RECEIVABLES TURNOVER |
TIMES |
8.00 |
8.15 |
5.88 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
44.59 |
54.07 |
75.31 |
|
CASH CONVERSION CYCLE |
DAYS |
138.46 |
114.28 |
101.44 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
65.68 |
64.11 |
69.67 |
|
SELLING & ADMINISTRATION |
% |
18.98 |
17.90 |
19.63 |
|
INTEREST |
% |
1.47 |
0.87 |
1.40 |
|
GROSS PROFIT MARGIN |
% |
34.38 |
36.33 |
30.37 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
14.92 |
17.74 |
10.72 |
|
NET PROFIT MARGIN |
% |
13.45 |
16.87 |
9.32 |
|
RETURN ON EQUITY |
% |
25.51 |
32.60 |
19.88 |
|
RETURN ON ASSET |
% |
11.43 |
12.48 |
8.94 |
|
EARNING PER SHARE |
BAHT |
54,762.94 |
60,285.20 |
24,779.08 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.55 |
0.62 |
0.55 |
|
DEBT TO EQUITY RATI |
TIMES |
1.23 |
1.61 |
1.22 |
|
TIME INTEREST EARNED |
TIMES |
10.13 |
20.32 |
7.67 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
13.96 |
34.46 |
|
|
OPERATING PROFIT |
% |
(4.17) |
122.54 |
|
|
NET PROFIT |
% |
(9.16) |
143.29 |
|
|
FIXED ASSETS |
% |
119.84 |
(1.85) |
|
|
TOTAL ASSETS |
% |
(0.84) |
74.24 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 13.96%. Turnover has increased from THB
142,953,451.00 in 2010 to THB 162,916,648.00 in 2011. While net profit has
decreased from THB 24,114,078.00 in 2010 to THB 21,905,175.00 in 2011. And
total assets has decreased from THB 193,246,030.00 in 2010 to THB
191,626,995.00 in 2011.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
34.38 |
Impressive |
Industrial Average |
13.98 |
|
Net Profit Margin |
13.45 |
Impressive |
Industrial Average |
4.31 |
|
Return on Assets |
11.43 |
Impressive |
Industrial Average |
4.00 |
|
Return on Equity |
25.51 |
Impressive |
Industrial Average |
7.52 |
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 34.38%. 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 13.45%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant position within its industry.
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. Return on Assets ratio is
11.43%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
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. Return on Equity ratio
is 25.51%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
2.32 |
Impressive |
Industrial Average |
1.63 |
|
Quick Ratio |
1.02 |
|
|
|
|
Cash Conversion Cycle |
138.46 |
|
|
|
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 2.32 times in 2011, decreased from 4.68 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 1.02 times in 2011,
decreased from 3.52 times, although excluding inventory so the company still
have good short-term financial strength.
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 139 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.55 |
Acceptable |
Industrial Average |
0.41 |
|
Debt to Equity Ratio |
1.23 |
Risky |
Industrial Average |
0.75 |
|
Times Interest Earned |
10.13 |
Impressive |
Industrial Average |
6.16 |
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 10.14 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 0.55 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.43 |
Satisfactory |
Industrial Average |
1.65 |
|
Total Assets Turnover |
0.85 |
Satisfactory |
Industrial Average |
0.94 |
|
Inventory Conversion Period |
137.40 |
|
|
|
|
Inventory Turnover |
2.66 |
Deteriorated |
Industrial Average |
5.52 |
|
Receivables Conversion Period |
45.64 |
|
|
|
|
Receivables Turnover |
8.00 |
Impressive |
Industrial Average |
4.67 |
|
Payables Conversion Period |
44.59 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.00 and 8.15 in
2011 and 2010 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 2011
decreased from 2010. This would suggest the company had deteriorated 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 increased from 124 days at the
end of 2010 to 137 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 2.95 times in year 2010 to 2.66 times
in year 2011.
The company's Total Asset Turnover is calculated as 0.85 times and 0.74
times in 2011 and 2010 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 Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.46 |
|
UK Pound |
1 |
Rs.83.13 |
|
Euro |
1 |
Rs.70.99 |
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.