MIRA
INFORM REPORT
|
Report Date : |
24.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
D. S.
RUBBER AND LATEX
CO., LTD. |
|
|
|
|
Registered Office : |
160/1 Moo 4,
T. Kongdin, A. Klaeng,
Rayong 22160 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
15.12.1993 |
|
|
|
|
Com. Reg. No.: |
0215536001424 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
manufacturer, exporter and distributor of natural latex concentrated, ribbed
smoked sheet [RSS], and
skim block [by products
from latex production]. |
|
|
|
|
No. of Employees : |
105 |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013.
Source
: CIA
Company name
D. S. RUBBER AND
LATEX CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 160/1
MOO 4, T. KONGDIN,
A. KLAENG,
RAYONG 22160,
THAILAND
TELEPHONE : [66] 38
806-357
FAX :
[66] 38
806-358
E-MAIL
ADDRESS : export@dsrubberlatex.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0215536001424
TAX
ID NO. : 3241008989
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. THEERA VORAPITHPONG,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 105
LINES
OF BUSINESS : NATURAL LATEX
AND RUBBER PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
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 December 15,
1993 as a
private limited company under
the registered name
D.S. RUBBER AND
LATEX CO., LTD.,
by Thai groups, with
the business objective
to manufacture and distribute
natural latex and
rubber products to
both domestic and
international markets. It
currently employs 105
staff.
The subject’s registered
address is 160/1 Moo 4,
T. Kongdin, A. Klaeng, Rayong
22160, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
Mr. Theera Vorapithpong
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Theera Vorapithpong is
the Managing Director.
He is Thai
nationality with the
age of 36
years old.
BUSINESS
OPERATIONS
The subject is
engaged in manufacturing, exporting and distributing natural latex concentrated,
ribbed smoked sheet [RSS],
and skim block [by
products from latex production]. The
products are supplied to
various industries, such as
industrial gloves, shoe
sole, furniture, wheel & castors, mattresses,
car mats & carpets, automobiles
parts, general rubber
products industries.
PURCHASE
100% of raw
materials mainly concentrated
latex and rubber
sheet, as well
as rubber chemical
are purchased from
local planters and
suppliers.
SALES
90% of the products is exported
to U.S.A., Singapore, Hong Kong,
India, Taiwan, Argentina,
Indonesia, Korea, Malaysia
and the countries
in Middle East
and Europe, the
remaining 10% is
sold locally.
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.
Exports are against
L/C or T/T.
BANKING
Kasikornbank
Public Co., Ltd.
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
105 staff.
LOCATION
DETAILS
The premise
is owned for
administrative office, factory
and warehouse at the heading
address. Premise is
located in provincial,
in the Eastern region.
COMMENT
The subject is a
manufacturer, distributor and
exporter of rubber
and latex. The
products have been served
various industries both local and
overseas. The subject’s business
performance in 2013
was considered excellent.
The subject’s business this year has
grown further in relation to a
strong demand of
industrial goods. Unfortunately, economy slowdown
and political conflict
in recent months has
declined consumption of rubber
and latex. This
would slowdown its
growth from earlier
forecast.
FINANCIAL INFORMATION
The
capital was registered at Bht. 10,000,000 divided into 10,000 shares
of Bht. 1,000 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
July 31, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Theera Vorapithpong Nationality: Thai Address : 85/2
Moo 1, T. Samnakthong, A. Muang,
Rayong |
2,500 |
25.00 |
|
Mr. Surach Vorapithpong Nationality: Thai Address : 85/2
Moo 1, T. Samnakthong, A. Muang,
Rayong |
2,000 |
20.00 |
|
Ms. Pornnipa Vorapithpong Nationality: Thai Address : 85/2
Moo 1, T. Samnakthong, A. Muang,
Rayong |
2,000 |
20.00 |
|
Ms. Ajcharee Vorapithpong Nationality: Thai Address : 85/2
Moo 1, T. Samnakthong, A. Muang,
Rayong |
2,000 |
20.00 |
|
Mr. Vorachart Vorapithpong Nationality: Thai Address : 85/2
Moo 1, T. Samnakthong, A. Muang,
Rayong |
1,500 |
15.00 |
Total Shareholders : 5
Share Structure [as
at July 31,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Panupol Thanachindanont No.
6551
BALANCE SHEET [BAHT]
The latest financial figures published for March 31, 2013, January-March 2012 & December 31, 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalent |
5,610,837.70 |
374,441.17 |
107,243.17 |
|
Short-term Investment |
590,058.39 |
577,297.26 |
577,297.26 |
|
Trade Accounts & Other Receivable |
15,211,190.25 |
8,370,914.78 |
30,343,177.25 |
|
Short-term Loan |
999,000.00 |
- |
- |
|
Inventories |
27,530,033.75 |
29,992,431.93 |
36,447,835.69 |
|
Withholding Income Tax |
2,346.60 |
1,659,806.69 |
4,655,387.19 |
|
Current Bin |
2,154,064.26 |
1,451,538.37 |
1,770,333.36 |
|
Insurance Contract Latex |
2,130,000.00 |
630,000.00 |
- |
|
|
|
|
|
|
Total Current Assets
|
54,227,530.95 |
43,056,430.20 |
73,901,273.92 |
|
|
|
|
|
|
Fixed Assets |
34,889,796.59 |
33,451,854.36 |
33,610,594.16 |
|
Intangible Assets |
235,250.16 |
252,250.08 |
256,500.05 |
|
Total Assets |
89,352,577.70 |
76,760,534.64 |
107,768,368.13 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institution |
25,000,000.00 |
231,292.40 |
50,703,584.61 |
|
Trade Accounts & Other Payable |
4,541,990.91 |
7,847,096.07 |
10,949,932.48 |
|
Current Portion of Hire-purchase Payable |
434,965.52 |
406,260.00 |
401,612.00 |
|
Short-term Loan |
10,500,000.00 |
20,500,000.00 |
7,000,000.00 |
|
Bail |
- |
- |
18,600.00 |
|
|
|
|
|
|
Total Current Liabilities |
40,476,956.43 |
28,984,648.47 |
69,073,729.09 |
|
|
|
|
|
|
Hire-purchase Payable, net of Current Portion |
402,266.56 |
411,070.38 |
514,453.13 |
|
Employee Benefits Obligation |
262,809.76 |
104,765.57 |
122,643.21 |
|
Total Liabilities |
41,142,032.75 |
29,500,484.42 |
69,710,825.42 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 10,000 shares |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning: |
|
|
|
|
Statutory Reserve |
1,000,000.00 |
- |
- |
|
Unappropriated |
37,210,544.95 |
37,260,050.22 |
28,057,542.70 |
|
Total Shareholders' Equity |
48,210,544.95 |
47,260,050.22 |
38,057,542.70 |
|
Total Liabilities &
Shareholders' Equity |
89,352,577.70 |
76,760,534.64 |
107,768,368.13 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
Mar.
31, 2013 |
Jan. 1,
2012 – Mar.
31, 2012 |
Dec.
31, 2011 |
|
|
|
|
|
|
Sales Income |
723,691,776.53 |
122,405,603.82 |
829,613,183.79 |
|
Other Income |
2,268,901.61 |
224,204.43 |
229,401.84 |
|
Total Revenues |
725,960,678.14 |
122,629,805.25 |
829,842,585.63 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
702,215,809.94 |
108,107,146.80 |
801,575,924.46 |
|
Selling Expenses |
11,614,360.05 |
2,924,828.84 |
11,603,672.12 |
|
Administrative Expenses |
6,504,130.57 |
2,349,830.01 |
6,540,706.42 |
|
Other Expenses |
- |
- |
61,474.37 |
|
Total Expenses |
720,334,300.56 |
113,381,805.65 |
819,781,777.35 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost |
5,626,377.58 |
9,247,999.60 |
10,060,808.28 |
|
Financial Cost |
[1,675,882.85] |
[45,492.08] |
[2,133,174.18] |
|
|
|
|
|
|
Net Profit / [Loss] |
3,950,494.73 |
9,202,507.52 |
7,927,634.10 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.34 |
1.49 |
1.07 |
|
QUICK RATIO |
TIMES |
0.55 |
0.32 |
0.45 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
20.74 |
3.66 |
24.68 |
|
TOTAL ASSETS TURNOVER |
TIMES |
8.10 |
1.59 |
7.70 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
14.31 |
101.26 |
16.60 |
|
INVENTORY TURNOVER |
TIMES |
25.51 |
3.60 |
21.99 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
7.67 |
24.96 |
13.35 |
|
RECEIVABLES TURNOVER |
TIMES |
47.58 |
14.62 |
27.34 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
2.36 |
26.49 |
4.99 |
|
CASH CONVERSION CYCLE |
DAYS |
19.62 |
99.73 |
24.96 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.03 |
88.32 |
96.62 |
|
SELLING & ADMINISTRATION |
% |
2.50 |
4.31 |
2.19 |
|
INTEREST |
% |
0.23 |
0.04 |
0.26 |
|
GROSS PROFIT MARGIN |
% |
3.28 |
11.86 |
3.41 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.78 |
7.56 |
1.21 |
|
NET PROFIT MARGIN |
% |
0.55 |
7.52 |
0.96 |
|
RETURN ON EQUITY |
% |
8.19 |
19.47 |
20.83 |
|
RETURN ON ASSET |
% |
4.42 |
11.99 |
7.36 |
|
EARNING PER SHARE |
BAHT |
395.05 |
920.25 |
792.76 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.46 |
0.38 |
0.65 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.85 |
0.62 |
1.83 |
|
TIME INTEREST EARNED |
TIMES |
3.36 |
203.29 |
4.72 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
491.22 |
(85.25) |
|
|
OPERATING PROFIT |
% |
(39.16) |
(8.08) |
|
|
NET PROFIT |
% |
(57.07) |
16.08 |
|
|
FIXED ASSETS |
% |
4.30 |
(0.47) |
|
|
TOTAL ASSETS |
% |
16.40 |
(28.77) |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 491.22%. Turnover has increased from THB
122,405,603.82 in 2012 to THB 723,691,776.53 in 2013. While net profit has
decreased from THB 9,202,507.52 in 2012 to THB 3,950,494.73 in 2013. And total
assets has increased from THB 76,760,534.64 in 2012 to THB 89,352,577.70 in
2013.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.28 |
Deteriorated |
Industrial Average |
8.03 |
|
Net Profit Margin |
0.55 |
Deteriorated |
Industrial Average |
1.79 |
|
Return on Assets |
4.42 |
Impressive |
Industrial Average |
3.33 |
|
Return on Equity |
8.19 |
Satisfactory |
Industrial Average |
10.51 |
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 3.28%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company may have problems with control over its costs.
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 0.55%.
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. Return on Assets ratio is
4.42%, 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. When compared with the
industry average, it was lower, the company's figure is 8.19%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.34 |
Deteriorated |
Industrial Average |
7.03 |
|
Quick Ratio |
0.55 |
|
|
|
|
Cash Conversion Cycle |
19.62 |
|
|
|
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 1.34 times in 2013, decreased from 1.49 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 0.55 times in 2013,
increased from 0.32 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 20 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.46 |
Impressive |
Industrial Average |
0.66 |
|
Debt to Equity Ratio |
0.85 |
Impressive |
Industrial Average |
1.98 |
|
Times Interest Earned |
3.36 |
Impressive |
Industrial Average |
0.85 |
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 3.36 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 0.46 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Downtrend
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
20.74 |
Impressive |
Industrial Average |
(0.40) |
|
Total Assets Turnover |
8.10 |
Impressive |
Industrial Average |
1.58 |
|
Inventory Conversion Period |
14.31 |
|
|
|
|
Inventory Turnover |
25.51 |
Impressive |
Industrial Average |
4.29 |
|
Receivables Conversion Period |
7.67 |
|
|
|
|
Receivables Turnover |
47.58 |
Impressive |
Industrial Average |
2.30 |
|
Payables Conversion Period |
2.36 |
|
|
|
The company's Account Receivable Ratio is calculated as 47.58 and 14.62
in 2013 and 2012 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
2013 increased from 2012. 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 101 days at the
end of 2012 to 14 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 3.6 times in year 2012 to 25.51 times
in year 2013.
The company's Total Asset Turnover is calculated as 8.1 times and 1.59
times in 2013 and 2012 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.61.99 |
|
UK Pound |
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.84.82 |
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.