|
Report Date : |
05.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
MINH PHU - HAU GIANG SEAFOOD PROCESSING CORPORATION |
|
|
|
|
Registered Office : |
Lot No. 9, Road 3A, Hau River Industrial Zone Dong Phu Commune, Chau Thanh District, Hau Giang Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Incorporation : |
2006 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Processing, preserving and exporting seafood, especially shrimp. |
|
|
|
|
No. of Employees : |
7,000 |
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 : |
Slow but correct |
|
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) |
|
Vietnam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
VIETNAM - ECONOMIC OVERVIEW
Vietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises, which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the World Trade Organization in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 22% in 2011, while industry's share increased from 36% to 40% in the same period. Deep poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession has hurt Vietnam's export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum average achieved during the last decade. In 2011, exports increased by more than 33%, year-on-year, and the trade deficit, while reduced from 2010, remained high, prompting the government to maintain administrative trade measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it in excess of 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached as high as 23% in August 2011 and averaged 18% for the year. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In early 2012 Vietnam unveiled a broad "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises and the banking sector. Vietnam's economy continues to face challenges from low foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.
Source
: CIA
SUBJECT IDENTIFICATION & LEGAL FORM
|
||
|
|
||
Current legal status
|
||
|
Registered English Name |
|
MINH PHU - HAU GIANG SEAFOOD PROCESSING
CORPORATION |
|
Registered Vietnamese Name |
|
CONG TY TNHH CHE BIEN THUY SAN MINH PHU -
HAU GIANG |
|
Registered Short name |
|
MINH PHU – HAU GIANG SEAFOOD CORP. |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2006 |
|
Investment Certificate No |
|
642041000003 |
|
Date Of Issuance |
|
29 Dec 2006 |
|
Date of latest adjustment (9th) |
|
25 Jul 2011 |
|
Place of Issuance |
|
Hau Giang Industrial Zones Authority |
|
Registered Investment Capital |
|
VND 1,050,000,000,000 |
|
Investment Duration |
|
50 years since 29 Dec 2006 |
|
Tax code |
|
6300033769 |
|
Total Employees |
|
7,000 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Chartered capital:
VND 90,000,000,000 Changed to: VND 150,000,000,000 Changed to: VND 300,000,000,000 on 22 Jun
2010 Changed to: VND 500,000,000,000 on 08 Oct
2010 Changed to: VND 600,000,000,000 |
01
Apr 2011 |
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Lot No. 9, Road 3A, Hau River Industrial Zone
Dong Phu Commune, Chau Thanh District, Hau Giang Province, Vietnam |
|
Telephone |
|
(84-711) 2228 788 |
|
Fax |
|
(84-711) 2228 789 |
|
Occupied Area |
|
28 ha |
|
|
||
SUBSIDIARIES AND RELATED COMPANIES
|
||
|
PARENT COMPANY -
MINH PHU SEAFOOD JOINT STOCK COMPANY |
||
|
Business Registration |
|
2000393273 |
|
Date of Registration |
|
25 Jun 2010 |
|
Place of Registration |
|
Department of Planning and Investment of Ca Mau Province |
|
Registered Capital |
|
VND 700,000,000,000 |
|
Tax code |
|
2000393273 |
|
Address |
|
Ward 8 Industrial Zone, Ca Mau City, Ca Mau Province, Vietnam |
|
Tel |
|
(84 780) 3838 262 - 3839 391 - 3820 044 |
|
Fax |
|
(84 780) 3833 119 - 3668 036 |
|
Website |
|
|
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
LE VAN QUANG |
|
Position |
|
Chairman |
|
Date of Birth |
|
28 Oct 1958 |
|
ID Number/Passport |
|
024038687 |
|
ID Issue Date |
|
20 Aug 2002 |
|
ID Issue Place |
|
Police Of Ho Chi Minh
City |
|
Resident |
|
No. 385/37B Dien Bien
Phu Street, Ward 4, District 3, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 913 893 207 |
|
Qualification |
|
Management |
|
|
||
|
2.
NAME |
|
Ms.
CHU THI BINH |
|
Position |
|
General Director |
|
Date of Birth |
|
26 Jul 1964 |
|
ID Number/Passport |
|
380658194 |
|
ID Issue Date |
|
19 Jun 2001 |
|
ID Issue Place |
|
Police station of Ca
Mau Province |
|
Resident |
|
No. 112 B Phan Boi
Chau Str., Ward 7, Ca Mau City, Ca Mau Province, Vietnam |
|
Nationality |
|
Vietnameses |
|
Qualification |
|
Management |
|
|
||
|
3.
NAME |
|
Mr.
BUI ANH DUNG |
|
Position |
|
Deputy General Director |
|
Current resident |
|
Hau Giang Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
4.
NAME |
|
Mr.
HUYNH TRUNG |
|
Position |
|
Deputy General Director |
|
Current resident |
|
Hau Giang Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
5.
NAME |
|
Mr.
NGUYEN VAN NHAN |
|
Position |
|
Deputy General Director |
|
Current resident |
|
Hau Giang Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
6.
NAME |
|
Mr.
NGUYEN VAN DI |
|
Position |
|
Chief Accountant |
|
Current resident |
|
Hau Giang Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-711) 2228 788 ext 113 |
|
Qualification |
|
Management |
|
|
||
|
7.
NAME |
|
Mr.
VU VAN DUC |
|
Position |
|
Administration Director |
|
Current resident |
|
Hau Giang Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Bachelor |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
Processing,
preserving and exporting seafood, especially shrimp. |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Machine; equipment |
|
·
Market |
|
Germany, Japan, USA and Sweden |
|
·
Mode of payment |
|
Through its bank |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Shrimp |
|
·
Market |
|
Taiwan |
|
·
Mode of payment |
|
L/C, T/T, D/P |
|
|
||
BANKERS
|
||
|
|
||
|
1.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE CA MAU BRANCH |
||
|
Address |
|
No.94 Ly Thuong Kiet, Ca Mau City, Ca Mau Province, Vietnam |
|
Telephone |
|
(84-780) 3831 102 |
|
Telephone |
|
(84-780) 3831 103 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
MINH
PHU SEAFOOD JOINT STOCK COMPANY |
|
Business Registration |
|
2000393273 |
|
Date of Registration |
|
25 Jun 2010 |
|
Place of Registration |
|
Department of Planning and Investment of Ca Mau Province |
|
Representative |
|
Mr. LE VAN QUANG |
|
Registered Capital |
|
VND 700,000,000,000 |
|
Tax code |
|
2000393273 |
|
Address |
|
Ward 8 Industrial Zone, Ca Mau City, Ca Mau
Province, Vietnam |
|
Tel |
|
(84 780) 3838 262 - 3839 391 - 3820 044 |
|
Fax |
|
(84 780) 3833 119 - 3668 036 |
|
Email |
|
|
|
Website |
|
|
|
Value of shares |
|
VND 585,000,000,000 |
|
Percentage |
|
97.5% |
|
|
||
|
2.
NAME |
|
LONG
PHUNG INVESTMENT CORPORATION |
|
Business Registration |
|
4103011851 |
|
Representative |
|
Ms. CHU THI BINH |
|
Tax code |
|
0306287141 |
|
Address |
|
21 Le Qui Don, Ward 6, District 3, Ho Chi
Minh City, Vietnam |
|
Tel |
|
(84-8) 3930 9625 |
|
Value of shares |
|
VND 15,000,000,000 |
|
Percentage |
|
0.25% |
|
|
||
FINANCIAL DATA
|
|
|
|
|
|
BALANCE
SHEET |
|
Unit: One
VND
|
|
|
Balance sheet
date |
31/12/2011 |
|
Number of weeks |
52 |
ASSETS
|
|
|
A – CURRENT
ASSETS |
841,924,098,207 |
|
I. Cash and cash
equivalents |
1,513,924,894 |
|
1. Cash |
1,513,924,894 |
|
2. Cash equivalents |
0 |
|
II. Short-term
investments |
0 |
|
1. Short-term investments |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
|
III. Accounts
receivable |
583,744,594,553 |
|
1. Receivable from customers |
553,072,245,145 |
|
2. Prepayments to suppliers |
19,636,606,360 |
|
3. Inter-company receivable |
0 |
|
4. Receivable according to the progress of construction |
0 |
|
5. Other receivable |
11,035,743,048 |
|
6. Provisions for bad debts |
0 |
|
IV. Inventories |
249,436,882,100 |
|
1. Inventories |
253,140,265,673 |
|
2. Provisions for devaluation of inventories |
-3,703,383,573 |
|
V. Other Current
Assets |
7,228,696,660 |
|
1. Short-term prepaid expenses |
3,244,593,084 |
|
2. VAT to be deducted |
3,754,036,032 |
|
3. Taxes and other accounts receivable from the State |
0 |
|
4. Other current assets |
230,067,544 |
|
B. LONG-TERM
ASSETS |
1,123,889,463,212
|
|
I. Long term
accounts receivable |
0 |
|
1. Long term account receivable from customers |
0 |
|
2. Working capital in affiliates |
0 |
|
3. Long-term inter-company receivable |
0 |
|
4. Other long-term receivable |
0 |
|
5. Provisions for bad debts from customers |
0 |
|
II. Fixed assets
|
1,085,721,885,621
|
|
1. Tangible assets |
824,490,511,836 |
|
- Historical costs |
852,875,641,967 |
|
- Accumulated depreciation |
-28,385,130,131 |
|
2. Financial leasehold assets |
0 |
|
- Historical costs |
0 |
|
- Accumulated depreciation |
0 |
|
3. Intangible assets |
22,521,875,285 |
|
- Initial costs |
22,718,804,000 |
|
- Accumulated amortization |
-196,928,715 |
|
4. Construction-in-progress |
238,709,498,500 |
|
III. Investment
property |
0 |
|
Historical costs |
0 |
|
Accumulated depreciation |
0 |
|
IV. Long-term investments
|
0 |
|
1. Investments in affiliates |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
|
3. Other long-term investments |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
|
V. Other
long-term assets |
38,167,577,591 |
|
1. Long-term prepaid expenses |
37,074,677,813 |
|
2. Deferred income tax assets |
1,092,899,778 |
|
3. Other long-term assets |
0 |
|
VI. Goodwill |
0 |
|
1. Goodwill |
0 |
|
TOTAL ASSETS |
1,965,813,561,419
|
|
|
|
LIABILITIES
|
|
|
A- LIABILITIES |
1,388,618,920,060
|
|
I. Current
liabilities |
958,853,928,199 |
|
1. Short-term debts and loans |
796,834,500,372 |
|
2. Payable to suppliers |
127,492,979,284 |
|
3. Advances from customers |
0 |
|
4. Taxes and other obligations to the State Budget |
0 |
|
5. Payable to employees |
14,011,515,628 |
|
6. Accrued expenses |
17,869,932,915 |
|
7. Inter-company payable |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
|
9. Other payable |
2,645,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
|
11. Bonus and welfare funds |
0 |
|
II. Long-Term
Liabilities |
429,764,991,861 |
|
1. Long-term accounts payable to suppliers |
0 |
|
2. Long-term inter-company payable |
0 |
|
3. Other long-term payable |
0 |
|
4. Long-term debts and loans |
429,764,991,861 |
|
5. Deferred income tax payable |
0 |
|
6. Provisions for unemployment allowances |
0 |
|
7. Provisions for long-term accounts payable |
0 |
|
8. Unearned Revenue |
0 |
|
9. Science and technology development fund |
0 |
|
B- OWNER’S
EQUITY |
577,194,641,359 |
|
I. OWNER’S
EQUITY |
577,194,641,359 |
|
1. Capital |
600,000,000,000 |
|
2. Share premiums |
0 |
|
3. Other sources of capital |
0 |
|
4. Treasury stocks |
0 |
|
5. Differences on asset revaluation |
0 |
|
6. Foreign exchange differences |
0 |
|
7. Business promotion fund |
0 |
|
8. Financial reserved fund |
0 |
|
9. Other funds |
0 |
|
10. Retained earnings |
-22,805,358,641 |
|
11. Construction investment fund |
0 |
|
12. Business arrangement supporting fund |
0 |
|
II. Other
sources and funds |
0 |
|
1. Bonus and welfare funds (Elder form) |
0 |
|
2. Sources of expenditure |
0 |
|
3. Fund to form fixed assets |
0 |
|
MINORITY’S
INTEREST |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
1,965,813,561,419
|
|
|
|
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2011 |
|
1. Total Sales |
704,055,813,342 |
|
2. Deduction item |
353,982,600 |
|
3. Net revenue |
703,701,830,742 |
|
4. Costs of goods sold |
653,435,519,484 |
|
5. Gross profit |
50,266,311,258 |
|
6. Financial income |
130,918,693 |
|
7. Financial expenses |
61,746,689,062 |
|
- In which: Loan interest expenses |
|
|
8. Selling expenses |
2,088,953,359 |
|
9. Administrative overheads |
10,459,845,949 |
|
10. Net operating profit |
-23,898,258,419 |
|
11. Other income |
0 |
|
12. Other expenses |
0 |
|
13. Other profit /(loss) |
0 |
|
14. Total accounting profit before tax |
-23,898,258,419 |
|
15. Current corporate income tax |
0 |
|
16. Deferred corporate income tax |
-1,092,899,778 |
|
17. Interest from subsidiaries/related companies |
0 |
|
18. Profit after tax |
-22,805,358,641 |
|
|
||
FINANCIAL RATIOS AND AVERAGE
INDUSTRY RATIOS
|
||
|
|
||
|
Description |
FY2011 |
Average Industry |
|
Current liquidity ratio |
0.88 |
1.32 |
|
Quick liquidity ratio |
0.62 |
0.69 |
|
Inventory circle |
2.62 |
4.18 |
|
Average receive period |
302.78 |
69.24 |
|
Utilizing asset performance |
0.36 |
1.47 |
|
Liability by total assets |
70.64 |
64.25 |
|
Liability by owner's equity |
240.58 |
263.88 |
|
Ebit / Total assets (ROA) |
-1.22 |
9.37 |
|
Ebit / Owner's equity (ROE) |
-4.14 |
32.97 |
|
Ebit / Total revenue (NPM) |
-3.39 |
6.94 |
|
Gross profit / Total revenue (GPM) |
7.14 |
13.08 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||
|
|
||
PAYMENT HISTORY &
PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Cash or through the bank, L/C, T/T |
|
Sale Methods |
|
To contracts |
|
Public opinion |
|
Normal |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
MINH
PHU – HAU GIANG SEAFOOD CORP was
established in the end of 2006. From 2007 to 2009, the subject was set up
land and built the processing shrimp factory in Song Hau Industrial Park. In
July 2011, it officially operated. Now the subject is operating under investment
license No. 642041000002 and investment capital VND
1,050 billion. MINH PHU SEAFOOD GROUP
JOINT STOCK COMPANY is the parent company of subject (hold 97.5% shares). Head
office as well as the factory is located at Lot No 9, Road 3A, Hau River
Industrial Zone, Dong Phu Commune, Chau Thanh District, Hau Giang Province,
Vietnam. The factory’s capacity is about 40,000 tons per year; the shrimp’s
productivity of the factory reached 10.6 thousand tons at the end of 2011. Total
employees of the subject are about 7,000 people, in which 6,500 workers
working in the factory. Main activity of the subject is processing and
exporting seafood products especially shrimp. Subject mainly imported
machines and equipment from Germany, Japan, Sweden, USA. Subject has some
exporting shrimp cargoes to Taiwan, but not much. According
to financial statement of subject in 2011, subject got remarkable revenue but
it got loss profit. However, this is the figure of first year official
operation. Financial ratio were also not good. Liquidity ratios were lower
industry and liability ratio was higher than average. It due to the firm used
more debts, especially short-term debts and loans. This shows that its
capital structure was fairly risk. Besides, the subject seems too easy in its
credit policy on deferred payment sale, so average receive period was very
long compared with the average industry. Its self-financing and solvency were
not high. In general, subject is operating quite busy now. Subject has capacity
to exist and develop in future but it needs more time to stable and expand
its market share and improve its finance. In our opinion, subject is reliable
for small and medium transactions. |
------------ APPENDIX ----------
INDUSTRY DATA
|
||||||
|
|
||||||
|
Industry code |
Growth speed by
price compared with 1994 (%) |
Total
enterprises 2010 |
Total employees
2011 (Thous.pers.) |
Annual average
capital of enterprises 2010 (billion dongs) |
||
|
2011 |
2010 |
|||||
|
Agriculture,
Forestry and Fishing |
4.00 |
2.78 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and
Construction |
5.53 |
7.70 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and
Services |
6.69 |
7.52 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
ECONOMIC INDICATORS
|
||||||
|
|
||||||
|
|
2011 |
2010 |
2009 |
|||
|
Population
(Million person) |
87.84 |
86.93 |
86.02 |
|||
|
Gross Domestic
Products (USD billion) |
119 |
102.2 |
91 |
|||
|
GDP Growth (%) |
5.89 |
6.78 |
5.32 |
|||
|
GDP Per Capita
(USD/person/year) |
1,300 |
1,160 |
1,080 |
|||
|
Inflation (%
Change in Composite CPI) |
18.58 |
11.75 |
6.88 |
|||
|
State Budget
Deficit compared with GDP (%) |
4.9 |
5.8 |
6.9 |
|||
|
|
||||||
SERVICE TRADE PERFORMANCE
|
||||||
|
|
||||||
|
Billion USD |
2011 |
2010 |
2009 |
|||
|
Exports |
96.3 |
72.2 |
57.1 |
|||
|
Imports |
105.8 |
84.8 |
69.9 |
|||
|
Trade Balance |
-9.5 |
-12.6 |
-12.8 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.97 |
|
|
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.72.20 |
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.