MIRA INFORM REPORT
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Report Date : |
25.04.2013 |
IDENTIFICATION DETAILS
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Name : |
J. BLACKWOOD & SON PTY LTD |
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Formerly Known as: |
J. BLACKWOOD & SON LIMITED |
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Registered Office : |
C/O Wesfarmers Limited, Level 11, Wesfarmers House, 40 The Esplanade, Perth, Western Australia, Zip/Postal Code 6000 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
12.10.1920 |
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Com. Reg. No.: |
000010300 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Import, distribution and retail sales of industrial, engineering, and safety products |
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No. of Employees : |
201,413 employees (Wesfarmers Group) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Australia |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Australia - ECONOMIC OVERVIEW
The Australian economy has experienced continuous growth and features low unemployment, contained inflation, very low public debt, and a strong and stable financial system. By 2012, Australia had experienced more than 20 years of continued economic growth, averaging 3.5% a year. Demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports. The high Australian dollar has hurt the manufacturing sector, while the services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control. Australia has benefited from a dramatic surge in its terms of trade in recent years, stemming from rising global commodity prices. Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron ore, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the World Trade Organization, APEC, the G20, and other trade forums. Australia has bilateral free trade agreements (FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has a regional FTA with ASEAN and New Zealand, is negotiating agreements with China, India, Indonesia, Japan, and the Republic of Korea, as well as with its Pacific neighbors and the Gulf Cooperation Council countries, and is also working on the Trans-Pacific Partnership Agreement with Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.
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Source : CIA |
Verified Address
Subject name : J. BLACKWOOD & SON
PTY LTD
Other style / Business name :
BLACKWOODS / BAKERS CONSTRUCTION + INDUSTRIAL
SUPPLIES
Business address : Level 4, 26-38 Talavera
Road
Town : MacQuarie
Park
Province : New South Wales
Zip/postal code : 2113
Country : Australia
Tel : +61 2 88734800
Fax : +61 2 88734940
Website : www.blackwoods.com.au / www.bakers.net.au
Registered address : C/o WESFARMERS LIMITED
Level 11,
Wesfarmers House
40 The
Esplanade
Town : Perth
Province : Western
Australia
Zip/postal code : 6000
Country : Australia
Comments : The provided
address 13 Cooper Street, Smithfield, NSW 2164, Australia
belongs to the Subject's branch office.
Executive Summary
Date founded or registered : 12/10/1920
Legal form : Australian
Proprietary Company
Chief executive : Olivier Jean-Marie
Chretien
Issued & paid up capital
: AUD 1
Sales turnover : AUD 58,080,000,000 (Group
consolidated 12 months, 30/06/2012)
Net income : AUD 2,126,000,000
(Group consolidated 12 months, 30/06/2012)
Total fixed assets : AUD 42,312,000,000 (Group
consolidated 12 months, 30/06/2012)
Line of business : Import, distribution and
retail sales of industrial, engineering, and safety products.
Staff employed : 201,413
employees (Wesfarmers Group
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
steady
Management experience : Management is adequately experienced
Financial performance : Financial performance is very good
Organization structure : Organizational structure is stable
Detrimental : No detrimental found
Payment history : No payment delays noted
Registry Data
Registration date : 12/10/1920
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 000010300
Registered authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business
Number: 43000010300
Registry status : Live/Active
Previous name : J. BLACKWOOD & SON
LIMITED (initial)
Change of legal form : None reported.
Key Management
Name : Olivier Jean-Marie
Chretien
Designation : Chief Executive Officer
Appointments
Name : Bruce Rodney Olsen
Designation : Director
Appointment date : 01/12/04
Address : 23 Grosvenor Road
Lindfield,
NSW 2070
Australia
Biography : Born on 05/04/1965 in
Warwick, Queensland, Australia.
Name : Richard James Barr Goyder
Designation : Director
Appointment date : 01/07/02
Address : C/o WESFARMERS LIMITED
Level 11,
Wesfarmers House
40 The
Esplanade
Perth, WA
6000
Australia
Biography : Born on 18/01/1960 in
Tambellup, Western Australia, Australia.
Mr.
Richard Goyder serves as Chief Executive Officer, Group
Managing
Director, Executive Director of Wesfarmers Limited. He
holds a
Bachelor of Commerce degree from the University of Western
Australia
and has completed the Advanced Management Program at
the
Harvard Business School. He held a number of positions with
Tubemakers
of Australia, particularly business development roles,
before
joining Wesfarmers in 1993. He is a director of Gresham
Partners
Holdings and a number of Wesfarmers group subsidiaries
and
related companies.
Name : Olivier Jean-Marie
Chretien
Designation : Director
Appointment date : 25/10/06
Address : 33 Narooma Road
Northbridge,
NSW 2063
Australia
Biography : Born on 01/09/1967 in Lille,
France.
Mr. Olivier
Chretien serves as Managing Director - Wesfarmers
Industrial
and Safety of Wesfarmers Limited. He holds an engineering
degree
from Ecole Centrale Paris, France and a Master of Business
Administration
from INSEAD. He has worked in logistics project
management
roles with an engineering contractor, Jacobs Serete. He
then spent
nine years in management consulting with The Boston
Consulting
Group in France and Australia. He joined Wesfarmers as
General
Manager Commercial, Wesfarmers Industrial and Safety in
February
2006. He was appointed Managing Director of Wesfarmers
Industrial
and Safety in November 2007. He is a director of a number
of Wesfarmers Group subsidiaries and related companie
Name : Terence
James Bowen
Designation : Director
Appointment date : 01/05/09
Address : C/o
WESFARMERS LIMITED
Level 11, Wesfarmers
House
40 The Esplanade
Perth, WA 6000
Australia
Biography : Born on 24/12/1966 in London, United Kingdom.
Mr. Terry J. Bowen is
the Finance Director, Executive Director of
Wesfarmers Limited. He
appointed in 2009 as an executive director
(non-independent). He
holds a Bachelor of Accountancy degree and
is a Fellow of CPA
Australia. He has held a number of finance
positions with
Tubemakers of Australia Ltd, culminating in his
appointment as General
Manager Finance. He joined Wesfarmers in
1996 and undertook
various roles with Wesfarmers Landmark, where
he was appointed Chief
Financial Officer, until its acquisition by AWB
Limited in 2003. He
was then appointed the inaugural Chief Financial
Officer for Jetstar
Airways, prior to rejoining Wesfarmers as Managing
Director, Wesfarmers
Industrial and Safety in November 2005. He
became Finance
Director, Coles in 2007, and was appointed Finance
Director, Wesfarmers
in May 2009. He is also a director of Gresham
Partners Holdings Ltd,
the Western Australian Opera Company
Incorporated, the
Western Australian Institute for Medical Research
Incorporatedand a
number of Wesfarmers Group subsidiaries. He is a
member of both the
National Executive of the Group of 100 Inc and
Curtin University
School of Accountancy Advisory Board.
Name : Kimalee
Elizabeth Hunter
Designation : Company Secretary
Appointment date : 03/02/10
Address : 61A Teague Street
Victoria Park, WA 6100
Australia
Biography : Born on 22/07/1975 in Goulburn, New South Wales,
Australia.
Name : Marnie
Kronja
Designation : Company Secretary
Appointment date : 18/03/13
Address : 72 Carr Street
West Perth, WA 6005
Australia
Biography : Born on 07/01/1975 in Subiaco, Western Australia,
Australia.
Staff employed : 201,413 employees (Wesfarmers Group)
Composition
Authorized Capital : AUD 1
No of shares : 1 Ordinary Share
Share par value : AUD 1
Issued capital : AUD 1
Paid up capital : AUD
1
How listed : Full List
Composition
Shareholder name : WESFARMERS INDUSTRIAL AND SAFETY PTY LTD
Address : Level 4, 26-38 Talavera
Road
MacQuarie
Park, NSW 2113
Australia
No. of shares : 1 Ordinary Share
% of shares : 100%
Structure
Name : WESFARMERS LIMITED
Affiliation type : Ultimate Holding Company
Address : 11th Floor, Wesfarmers
House
40 The
Esplanade
Perth 6000
WA
Australia
Comments : Wesfarmers Ltd (WES) Details
Wesfarmers
Limited engages in the retail; coal mining and production; gas
processing
and distribution; insurance; industrial and safety product distribution;
chemicals
and fertilizers manufacture; and investment businesses in Australia,
New
Zealand, and internationally. The company operates approximately 749
supermarkets,
including BI-LO branded stores; 792 liquor stores trading under the
Liquorland,
Vintage Cellars, and 1st Choice Liquor Superstores brands; 92 hotels;
627 fuel
and convenience store outlets under the Coles Express name; and an
online
supermarket. It also retails home improvement and outdoor living products,
building
materials, and office and technology products; apparel, home wares, and
general
merchandise through 291 Target and Target Country stores; and apparel
and
general merchandise through 186 Kmart stores. In addition, the company is
involved
in property business; servicing project builders and the housing industry;
automotive
service, repair, and tire businesses through 251 Kmart Tyre and Auto
Service
stores; and supplying and distributing maintenance, repair, and operating
products,
as well as industrial safety products and services. Further, it provides
rural and
small business regional insurance; general insurance through broking
intermediaries;
insurance broking services; and risk management solutions to
corporates,
small-to-medium sized businesses, not-for-profit organizations, and
individuals.
Additionally, the company offers chemicals for industry, mining, and
mineral
processing activities; broadacre and horticultural fertilizers; LPG and
LNG;
industrial, medical, and specialty gases; and industrial equipment. It holds
interest
in the Curragh and Bengalla cola mines in Australia. The company also
provides
investment banking advisory and structured finance services; manages
investment
funds in private equity and property; and operates a softwood sawmill.
Wesfarmers
Limited was founded in 1914 and is headquartered in Perth,
Australia.
Name : WESFARMERS INDUSTRIAL
AND SAFETY PTY LTD
Affiliation type : Parent Company
Address : Level 4, 26-38 Talavera
Road
MacQuarie
Park, NSW 2113
Australia
Name : TARGET AUSTRALIA PTY
LTD
Affiliation type : Sister Company
Address : 12-14 Thompson Road
North
Geelong, VIC 3215
Australia
Name : KMART AUSTRALIA LIMITED
Affiliation type : Sister Company
Address : Level 3, 690 Springvale
Road
Mulgrave,
VIC 3170
Australia
Name : WESFARMERS RESOURCES
LIMITED
Affiliation type : Sister Company
Address : 'Central Plaza 1' Level 31
345 Queen
Street
Brisbane,
QLD 4000
Australia
Related companies and corporate affiliations comments
Other companies of the
Wesfarmers Group should be considered affiliates of the Group.
Bank Details
Name of bank : National Australia Bank
Address : Australia
Account details : Current Account
Comments : It is generally not the policy
of local banks to provide credit status information to
non
related parties, however interested parties would be advised to consult first
with the
Subject if banker's references are required.
Mortgages : None
reported.
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others None reported
Description
Source of financial statement
: Public Record Sources
Financial statement date : 30/06/12
Type of accounts : Full audited
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 0.98 as of
23-04-2013
Summarized Financial
Information
Consolidation type : Group
Consolidated Group
Consolidated
Currency : Australia Dollar
(AUD) Australia Dollar
(AUD)
Denomination : (x1) One (x1) One
Date of financial year end : 30/06/12 30/06/11
Length of accounts : 12 months 12 months
Sale turnover / Income : 58,080,000,000 54,875,000,000
Profit before tax : 3,044,000,000 2,706,000,000
Net income : 2,126,000,000 1,922,000,000
Non current assets : 31,401,000,000 30,596,000,000
Current assets : 10,911,000,000 10,218,000,000
Inventories : 5,006,000,000 4,987,000,000
Total assets : 42,312,000,000 40,814,000,000
Current liabilities : 10,747,000,000 8,722,000,000
Non current liabilities : 5,938,000,000 6,763,000,000
Total liabilities : 16,685,000,000 15,485,000,000
Share equity : 25,627,000,000 25,329,000,000
Reserve : 269,000,000 310,000,000
Retained earning : 2,103,000,000 1,774,000,000
Comments : The group’s
consolidated financial information above relates to the Subject’s
Ultimate
Holding Company Wesfarmers Limited and all its subsidiaries which
include
the Subject.
Main activities : The Subject engages in
import, distribution and retail sales of industrial,
engineering, and safety products.
The
Subject is ultimately owned by Wesfarmers Limited.
Wesfarmers
Limited engages in the retail; coal mining and production; gas
processing
and distribution; insurance; industrial and safety product
distribution;
chemicals and fertilizers manufacture; and investment
businesses
in Australia, New Zealand, and internationally. The company
operates
approximately 749 supermarkets, including BI-LO branded stores;
792 liquor
stores trading under the Liquorland, Vintage Cellars, and 1st
Choice
Liquor Superstores brands; 92 hotels; 627 fuel and convenience
store
outlets under the Coles Express name; and an online supermarket. It
also
retails home improvement and outdoor living products, building
materials,
and office and technology products; apparel, home wares, and
general
merchandise through 291 Target and Target Country stores; and
apparel
and general merchandise through 186 Kmart stores. In addition,
the
company is involved in property business; servicing project builders
and the
housing industry; automotive service, repair, and tire businesses
through
251 Kmart Tyre and Auto Service stores; and supplying and
distributing
maintenance, repair, and operating products, as well as
industrial
safety products and services. Further, it provides rural and small
business
regional insurance; general insurance through broking
intermediaries;
insurance broking services; and risk management solutions
to
corporates, small-to-medium sized businesses, not-for-profit
organizations,
and individuals. Additionally, the company offers chemicals
for
industry, mining, and mineral processing activities; broadacre and
horticultural
fertilizers; LPG and LNG; industrial, medical, and specialty
gases; and
industrial equipment. It holds interest in the Curragh and
Bengalla
cola mines in Australia. The company also provides investment
banking
advisory and structured finance services; manages investment
funds in
private equity and property; and operates a softwood sawmill.
Wesfarmers
Limited was founded in 1914 and is headquartered in Perth,
Australia.
Product & services :
· Adhesives, Sealants & Fillers products
Automotive
Parts, Electrical & Accessories
Bearings
Building
& Construction Hardware products
Fasteners
& Fixings products
Footwear
products
Gasket
Material, Packing and Seals
General
Hardware products
Hose
& Hose Fittings
Hygiene,
Janitorial & Cleaning products
Industrial
Electrical products
Ladders
& Platforms
Lifting
& Rigging products
Lubricants
& Lubrication Equipment
Manual
Handling & Storage products
Office
Stationery products
Paints,
Marking & Spray Equipment
page
13 / 17
Pipe
& Tube Fittings
Pumps
Safety
- Personal Protective Equipment
Safety
- Site & Environmental
Steel
& Metals
Tapes
& Packaging
Tools
- Cutting, Threading & Carbide
Tools
- Hand, Measuring & Precision
Tools
- Machinery & Workshop
Tools
- Power, Pneumatic & Petrol
Valves
& Flow Control products
Welding
Equipment & Consumables
Purchases
Local : Yes
International : Europe, Asia, United States
Sales
Local : Yes
International : No exports.
Property &
Assets
Premises : The Subject operates from
premises at the verified heading address
consisting of an administrative office.
Branches : In addition, the Subject
operates from approximately 70 retail stores
located
throughout Australia under the name Blackwoods, Blackwoods
Electrical
and Bakers Construction + Industrial Supplies.
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 43.879 billion
Gross domestic product – GDP : US$ 1.586 trillion
GPP (Purchasing power parity) : 954.296 billion of International dollars
GDP per capita - current prices : US$ 68,916
GDP - composition by sector : agriculture: 4% industry: 25.6% services: 70.4%
Inflation : 2009: 1.8%
2010: 2.8%
2011: 3.4%
Unemployment rate 2009: 5.6 %
2010: 5.2 %
2011:5.1 %
Public debt
(General Government gross
debt as a % GDP) 2009: 16.9%
2010: 20.4%
2011: 22.9 %
Government bond
ratings Standard
& Poor's: AAA-/Stable/A-1+
Moody's rating: Aaa
Moody's outlook: STA
Market value of publicly traded shares US$ 1.258 trillion
Largest companies in the country Commonwealth Bank (Banking), BHP Billiton (Materials), Westpac
Banking Group (Banking), Rio Tinto (Materials), National Australia Bank (Banking), ANZ Banking (Banking), Telstra (Telecommunications)
Trade & Competitiveness Overview
Total exports US$210.7
billion
Exports commodities coal,
iron ore, gold, meat, wool, alumina, wheat
Total imports US$187.2
billion
Imports commodities machinery and
transport equipment, computers and office machines, telecommunication equipment
and parts, crude oil and petroleum products
Export - major partners Japan 18.9%, China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India
5.5%, UK 4.2%
Import - major partners China 15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany
5.2%, UK 4.3%, Thailand 4.2%
FDI Inflows 2009: US$46,843 million
2009: US$25,716 million
2010: US$32,472 million
FDI Outflows 2008: US$33,604 million
2009: US$ 16,160 million
2010: US$26,431 million
Best countries for doing business : 10
out of 183 countries
Global competitiveness ranking : 20
(ranking by country on a basis of 142, the first is the best)
Country and Population Overview
Total population :
22.23 million
Total area :
7,692,024 km2
Capital : Canberra
Currency : Australian Dollars (AUD)
Internet
users as % of total population
: 76%
Purchase Term
Local : Bank transfer, D/P,
Credit 30-120 days
International : Telegraphic transfer, L/C, D/P,
Credit 30-120 days
Sales Term
Local : Cash, Credit card
Trade Reference/
Payment Behaviour
Comments : As local and international trade
references were not supplied, the Subject's
payment
track record history cannot be appropriately determined but based
on our
research, payments are believed to be met without delay.
Investigation Note
Sources : Interviews and material
provided by the Subject
Other official and local business sources
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.30 |
|
UK Pound |
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
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 |
|
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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.