MIRA INFORM REPORT
|
Report Date : |
25.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
AMERICAN FEEDS COMPANY LIMITED |
|
|
|
|
Registered Office : |
Quan Goi Street, Hung Thinh Commune, Binh Giang District, Hai Duong
Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
1995 |
|
|
|
|
Com. Reg. No.: |
041043000010 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Manufacture and trading of animal and aquatic feed |
|
|
|
|
No. of Employees : |
190 |
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) |
|
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 |
||
|
English Name |
|
AMERICAN FEEDS COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH THUC AN CHAN NUOI HOA KY |
|
Trade name |
|
AMERICAN FEEDS COMPANY LTD |
|
Short name |
|
AMERICAN FEEDS CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
1995 |
|
Investment Certificate No |
|
041043000010 |
|
Date Of Issuance |
|
22 Jan 2007 |
|
Place of Issuance |
|
People's Committee of Hai Duong Province |
|
Registered Investment Capital |
|
USD 5,000,000 |
|
Chartered capital |
|
USD 4,000,000 |
|
Investment Duration |
|
30 years |
|
Status |
|
Unlisted |
|
Tax code |
|
0100113656 |
|
Total Employees |
|
190 |
|
Size |
|
Medium |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Board Of Director: Mr. KOH BOON HOCK - General
Director Changed to: Mr. HA VAN MINH - General Director |
2011 |
|
2 |
Subject has got former Shareholders: AMERICAN FEEDS HOLDING LIMITED located
at Unit 602, ChungNam Building, 1 Lockhart Road, Hong Kong Changed to: GOLD COIN FEEDMILL DONG NAI COMPANY LIMITED |
20 Jun 2007 |
|
3 |
Subject has got former Chartered capital: 6,500,000 USD Changed to: 4,000,000 USD |
22 Jan 2007 |
|
4 |
Subject has got former Registered Investment Capital: 14,900,000 USD
Changed to: 5,000,000 USD |
22 Jan 2007 |
|
5 |
Subject has got former Investment Certificate No: 1378/GP signed by
Ministry of Planning and Investment on September 22nd, 1995 Changed to: 041043000010 signed by Hai Duong People’s Committee |
22 Jan 2007 |
|
6 |
Subject has got former Address: 6 Fl, Sun Red River Bldg, No.23 Phan
Chau Trinh Str, Hoan Kiem Dist, Hanoi City Changed to: Hung Thinh Commune, Binh Giang Dist, Hai Duong Province |
N/A |
|
7 |
Subject has got former Board Of Director: Mr. BONG LIMAN - Chairman
Changed to: Mr. KOH BOON HOCK - General Director and Chairman |
N/A |
ADDRESSES
|
Head Office |
||
|
Address |
|
Quan Goi Street, Hung Thinh Commune, Binh Giang District, Hai Duong
Province, Vietnam |
|
Telephone |
|
(84-320) 3777113/ 3777114/ 3776935 |
|
Fax |
|
(84-320) 3777120 |
|
Email |
|
|
SUBSIDIARIES AND RELATED COMPANIES
|
1. PARENT COMPANY - GOLD COIN FEEDMILL (DONG NAI) CO.,LTD |
||
|
Registered Capital |
|
USD 420,000 |
|
Tax code |
|
3600676035 |
|
Address |
|
Lot D12 - 1.1 Long Binh Industrial zone National Road 15A - Long Binh
Ward, Bien Hoa City, Dong Nai Province, Vietnam |
|
Tel |
|
(84-61) 3 993 588/ 3 993 589 |
|
Fax |
|
(84-61) 3 993 590 |
DIRECTORS
|
1. NAME |
|
Mr. HA VAN MINH |
|
Position |
|
General Director |
|
ID Number/Passport |
|
012960174 |
|
Resident |
|
Dong Nai
Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84) 913 230 676 |
|
|
||
|
2. NAME |
|
Ms. NGUYEN THI THU HONG |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84) 904083075 |
|
Email |
|
nt.hong@goldcoin-vn.com |
BUSINESS NATURE AND ACTIVITIES
The subject registers and operates in manufacture and trading of animal
and aquatic feed.
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
Types of products |
|
Soybean, additives |
|
Market |
|
USA, Singapore |
|
Ratio |
|
N/A |
|
Mode of payment |
|
D/P, T/T |
|
|
||
|
EXPORT: |
||
|
Note:
Currently, the subject does not export |
||
BANKERS
|
1. ANZ BANK HA NOI BRANCH |
||
|
Address |
|
No. 14 Le Thai To Str., Hoan Kiem District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3825 8190 |
|
Fax |
|
(84-4) 3825 8188 |
|
|
||
|
2. JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM HAI DUONG
BRANCH |
||
|
Address |
|
No.66 Nguyen Luong Bang, Hai Duong City, Hai Duong Province, Vietnam |
|
Telephone |
|
(84-320) 3891173 / 3891259 |
|
Fax |
|
(84-320) 3891807 |
|
|
||
|
3. SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK HAI DUONG BRANCH |
||
|
Address |
|
No.144 Thong Nhat str, Hai Duong City, Hai Duong Province, Vietnam |
|
Telephone |
|
(84-320) 3833208 |
|
Fax |
|
(84-320) 3833209 |
|
VND Account |
|
030001379131 |
SHAREHOLDERS
|
1. NAME |
|
GOLD COIN FEEDMILL (DONG NAI) CO.,LTD |
|
Registered Capital |
|
USD 420,000 |
|
Tax code |
|
3600676035 |
|
Address |
|
Lot D12 - 1.1 Long Binh Industrial zone National Road 15A - Long Binh Ward,
Bien Hoa City, Dong Nai Province, Vietnam |
|
Tel |
|
(84-61) 3 993 588/ 3 993 589 |
|
Fax |
|
(84-61) 3 993 590 |
|
Value of shares |
|
USD 4,000,000 |
|
Percentage |
|
100% |
FINANCIAL DATA
|
BALANCE SHEET |
||
|
Unit: One VND |
||
|
Balance sheet
date |
31/12/2011
|
31/12/2010
|
|
Number of weeks |
52
|
52
|
|
ASSETS |
||
|
A – CURRENT ASSETS |
203,946,000,000 |
165,476,000,000 |
|
I. Cash and cash equivalents |
19,335,000,000 |
19,768,000,000 |
|
1. Cash |
19,335,000,000 |
19,768,000,000 |
|
2. Cash equivalents |
0 |
0 |
|
II. Short-term investments |
24,703,000,000 |
0 |
|
1. Short-term investments |
24,703,000,000 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
|
III. Accounts receivable |
2,283,000,000 |
21,037,000,000 |
|
1. Receivable from customers |
1,136,000,000 |
278,000,000 |
|
2. Prepayments to suppliers |
314,000,000 |
330,000,000 |
|
3. Inter-company receivable |
0 |
19,907,000,000 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
833,000,000 |
522,000,000 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
155,008,000,000 |
123,314,000,000 |
|
1. Inventories |
156,411,000,000 |
124,091,000,000 |
|
2. Provisions for devaluation of inventories |
-1,403,000,000 |
-777,000,000 |
|
V. Other Current Assets |
2,617,000,000 |
1,357,000,000 |
|
1. Short-term prepaid expenses |
334,000,000 |
156,000,000 |
|
2. VAT to be deducted |
2,083,000,000 |
1,183,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
200,000,000 |
18,000,000 |
|
B. LONG-TERM ASSETS |
23,608,000,000 |
25,840,000,000 |
|
I. Long term accounts receivable |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
|
II. Fixed assets |
23,222,000,000 |
25,438,000,000 |
|
1. Tangible assets |
22,264,000,000 |
24,902,000,000 |
|
- Historical costs |
78,195,000,000 |
74,946,000,000 |
|
- Accumulated depreciation |
-55,931,000,000 |
-50,044,000,000 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
0 |
0 |
|
- Initial costs |
0 |
0 |
|
- Accumulated amortization |
0 |
0 |
|
4. Construction-in-progress |
958,000,000 |
536,000,000 |
|
III. Investment property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV. Long-term investments |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
V. Other long-term assets |
386,000,000 |
402,000,000 |
|
1. Long-term prepaid expenses |
197,000,000 |
212,000,000 |
|
2. Deferred income tax assets |
189,000,000 |
190,000,000 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
|
|
1. Goodwill |
0 |
|
|
TOTAL ASSETS |
227,554,000,000 |
191,316,000,000 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
106,403,000,000 |
95,704,000,000 |
|
I. Current liabilities |
104,638,000,000 |
94,261,000,000 |
|
1. Short-term debts and loans |
7,000,000,000 |
0 |
|
2. Payable to suppliers |
62,654,000,000 |
73,960,000,000 |
|
3. Advances from customers |
329,000,000 |
0 |
|
4. Taxes and other obligations to the State Budget |
5,149,000,000 |
2,044,000,000 |
|
5. Payable to employees |
339,000,000 |
195,000,000 |
|
6. Accrued expenses |
28,071,000,000 |
17,462,000,000 |
|
7. Inter-company payable |
1,068,000,000 |
610,000,000 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
28,000,000 |
-10,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
11. Bonus and welfare funds |
0 |
|
|
II. Long-Term Liabilities |
1,765,000,000 |
1,443,000,000 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
|
4. Long-term debts and loans |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
1,443,000,000 |
|
7. Provisions for long-term accounts payable |
1,765,000,000 |
0 |
|
8. Unearned Revenue |
0 |
|
|
9. Science and technology development fund |
0 |
|
|
B- OWNER’S EQUITY |
121,151,000,000 |
95,612,000,000 |
|
I. OWNER’S EQUITY |
121,151,000,000 |
95,612,000,000 |
|
1. Capital |
73,580,000,000 |
73,580,000,000 |
|
2. Share premiums |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
|
6. Foreign exchange differences |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
47,571,000,000 |
22,032,000,000 |
|
11. Construction investment fund |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
|
|
II. Other sources and funds |
0 |
0 |
|
1. Bonus and welfare funds (Elder form) |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
|
MINORITY’S INTEREST |
0 |
|
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
227,554,000,000 |
191,316,000,000 |
|
|
||
|
PROFIT &
LOSS STATEMENT |
||
|
|
||
|
Description |
FY2011 |
FY2010 |
|
1. Total Sales |
1,168,895,000,000
|
776,528,000,000 |
|
2. Deduction item |
88,977,000,000 |
63,996,000,000 |
|
3. Net revenue |
1,079,918,000,000
|
712,532,000,000 |
|
4. Costs of goods sold |
992,130,000,000 |
666,355,000,000 |
|
5. Gross profit |
87,788,000,000 |
46,177,000,000 |
|
6. Financial income |
2,412,000,000 |
851,000,000 |
|
7. Financial expenses |
6,765,000,000 |
2,646,000,000 |
|
- In which: Loan interest expenses |
0 |
0 |
|
8. Selling expenses |
17,734,000,000 |
8,394,000,000 |
|
9. Administrative overheads |
15,294,000,000 |
10,541,000,000 |
|
10. Net operating profit |
50,407,000,000 |
25,447,000,000 |
|
11. Other income |
946,000,000 |
483,000,000 |
|
12. Other expenses |
0 |
0 |
|
13. Other profit /(loss) |
946,000,000 |
483,000,000 |
|
14. Total accounting profit before tax |
51,353,000,000 |
25,930,000,000 |
|
15. Current corporate income tax |
3,783,000,000 |
2,542,000,000 |
|
16. Deferred corporate income tax |
0 |
1,356,000,000 |
|
17. Interest from subsidiaries/related companies |
0 |
|
|
18. Profit after tax |
47,570,000,000 |
22,032,000,000 |
FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
|
Description |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.95 |
1.76 |
1.21 |
|
Quick liquidity ratio |
0.47 |
0.45 |
0.41 |
|
Inventory circle |
6.40 |
5.40 |
4.09 |
|
Average receive period |
0.77 |
10.78 |
35.22 |
|
Utilizing asset performance |
4.75 |
3.72 |
1.99 |
|
Liability by total assets |
46.76 |
50.02 |
64.75 |
|
Liability by owner's equity |
87.83 |
100.10 |
199.02 |
|
Ebit / Total assets (ROA) |
22.57 |
13.55 |
12.59 |
|
Ebit / Owner's equity (ROE) |
42.39 |
27.12 |
36.14 |
|
Ebit / Total revenue (NPM) |
4.39 |
3.34 |
6.48 |
|
Gross profit / Total revenue (GPM) |
7.51 |
5.95 |
12.11 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data |
|||
PAYMENT HISTORY &
PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium / High |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
L/C, T/T |
|
Sale Methods |
|
To contracts |
|
Public opinion |
|
Good |
INTERPRETATION ON THE SCORES
AMERICAN FEEDS COMPANY LIMITED is founded in 1995, funded totally by Gold Coin
Feedmill Dong Nai Company Limited. Currently, the subject has been operating
under investment Certificate No.041043000010 signed by People's Committee of
Hai Duong Province with USD 5 million in investment capital and USD 4 million
in chartered capital.
Management
capacity is considered at good. Mr. Ha Van Minh is general director of both the
subject and its parent company in Dong Nai. The head office and factory of the
company are located at Hung Thinh Commune - Binh Giang District - Hai Duong
Province - Vietnam. Total employees are about 190 people working in good
condition of premises and facilities.
The subject focuses on manufacturing and trading animal and aquatic feed. It imports soybean and additives from USA and Singapore. The finished products are only distributed in the domestic market.
The result of
operation of the subject is considered good. Following is financial statements of
the subject from 2006 to 2011
Overall, the revenue of the subject was high and increased annually. The profit after tax was also remarkable compared with other companies in the same field. According to Ms. Nguyen Thi Thu Hong - Chief accountant, the growth rate of revenue of the subject in 2012 is 10% compared with 2011. In addition, almost financial ratios were better than average industry, indicating that the subject’s business effectiveness was fair.
In short, the
subject is operating in a medium scale in the market. The manufacture of animal
feed industry is now developing. Its future prospect seems bright. The subject
has capability to meet small and normal financial commitments.
|
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.53.85 |
|
|
1 |
Rs.85.25 |
|
Euro |
1 |
Rs.71.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.