MIRA
INFORM REPORT
|
Report Date : |
11.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
ULTIMATE
PRODUCTS CO., LTD. |
|
|
|
|
Registered Office : |
149/246
Moo 13, Petchkasem 95
Road, Omnoi, Krathumban, Samutsakorn
74130 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
27.06.1994 |
|
|
|
|
Com. Reg. No.: |
0105537074221 [Former :
0105537074221] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and distributor of food ingredients |
|
|
|
|
No. of Employees : |
60 |
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 : |
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
ULTIMATE PRODUCTS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 149/246 MOO 13,
PETCHKASEM 95 ROAD,
OMNOI, KRATHUMBAN,
SAMUTSAKORN 74130
TELEPHONE : [66] 2813-7611-6,
089 912-9696, 081
554-4094
FAX
: [66] 2813-7622,
2813-8213
E-MAIL
ADDRESS : ultimate@ksc.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0105537074221 [Former :
0105537074221]
TAX
ID NO. : 3011437421
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
NARONGSAK LIMPRASITTHIPORN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 60
LINES
OF BUSINESS : FOOD
INGREDIENTS
MANUFACTURER 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 June 27, 1994
as a private
limited company under
the name style
ULTIMATE PRODUCTS CO., LTD.,
by Thai groups,
to produce wide range
of food ingredients
for domestic market.
It currently employs
approximate 60 staff.
The subject’s registered address is 149/246
Moo 13, Petchkasem 95 Rd., Omnoi,
Krathumban, Samutsakorn 74130,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Narongsak Limprasitthiporn |
|
Thai |
51 |
|
Ms. Thasanee Srikalaya |
|
Thai |
46 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Narongsak Limprasitthiporn is
the Managing Director.
He is Thai
nationality with the
age of 51
years old.
Ms. Thasanee Srikalaya
is the Deputy
Managing Director [Sales &
Marketing].
She is Thai
nationality with the
age of 46
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
wide range of
food ingredients including
food colorings [powder/liquid],
flavor, fragrance and other related
chemicals in food
processing, confectionery, ice
cream and fruit
juice industries.
PURCHASE
80%
of its raw
material is purchased
from local suppliers,
and the remaining 20% is imported
from United States
of America, France,
Germany, Republic of
China, Malaysia, Taiwan, Japan, India, Italy,
Korea, United Kingdom
and Singapore.
MAJOR
SUPPLIER
Neo
Pacific Co., Ltd. : Thailand
SALES
100% of its
products is sold
locally by wholesale
to manufacturers and
end-users.
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.
RELATED AND AFFILIATED
COMPANIES
Neo Pacific Co.,
Ltd.
Business Type :
Importer and distributor
of colors and
flavor chemical
Thai Chemistry Co.,
Ltd.
Business Type :
Importer and distributor
of industrial chemicals
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
30-60-90 days.
Imports are by
L/C at sight
or T/T on
negotiated term.
BANKING
Kasikornbank
Public Co., Ltd.
United
Overseas Bank [Thai]
Public Co., Ltd.
[Nongkaem Branch : Petchkasem Rd.,
Nongkaem, Bangkok 10160]
EMPLOYMENT
The
subject employs approximately
60 staff [office,
sales staff and
factory workers].
LOCATION
DETAILS
The
premise is owned
for administrative office
& factory at the heading
address. Premise is
located in industrial
area.
Warehouse
is located at
35 Moo 5, Thamai,
Krathumban, Samutsakorn 74130.
COMMENT
Subject
was formed in 1994
as an importer and
distributor of food
ingredients and related
products. Its products
are food flavor,
food chemical, concentrated
fragrance and etc. Subject
served mainly to
industrial sector. Subject
has solid business
due to demand
of food ingredients
was strong. Its
products are widely
used for commercial
production. Subject’s business
outlook is strong.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each.
The
capital was increased
later as follows:
Bht. 3,000,000
on October 17,
2001
Bht. 5,000,000
on September 29,
2005
The
latest registered capital
was increased to Bht.
5,000,000 divided into
50,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Thasanee Srikalaya Nationality: Thai Address : 21/249
Moo 10, Salathammasop,
Taweewattana, Bangkok |
17,000 |
34.00 |
|
Mr. Narongsak Limprasitthiporn Nationality: Thai Address : 150/15
Moo 7, Budhamonthon Sai
4 Rd.,
Sampran, Nakornpathom |
10,000 |
20.00 |
|
Ms. Nathita Limprasitthiporn Nationality: Thai Address : 21/249
Moo 10, Salathammasop,
Taweewattana, Bangkok |
10,000 |
20.00 |
|
Mr. Satayu Limprasitthiporn Nationality: Thai Address : 21/249
Moo 10, Salathammasop,
Taweewattana, Bangkok |
10,000 |
20.00 |
|
|
|
|
|
Mr. Boonlert Sudsakorn Nationality: Thai Address : 157/23
Moo 9, Bangpla, Bangplee,
Samutprakarn |
1,000 |
2.00 |
|
Mr. Boonying Sudsakorn Nationality: Thai Address : 157/23
Moo 9, Bangpla, Bangplee,
Samutprakarn |
1,000 |
2.00 |
|
Mrs. Somchit Limprasitthiporn Nationality: Thai Address : 158/5
Bangyeerua, Thonburi, Bangkok
|
1,000 |
2.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO. :
Ms. Suchada Rodchanthong No.
6271
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 |
16,343,693.29 |
5,904,413.32 |
10,478,405.51 |
|
Trade Accounts Receivable |
51,643,528.21 |
52,567,403.83 |
35,225,876.25 |
|
Inventories |
28,361,989.04 |
33,016,590.99 |
21,637,390.21 |
|
Other Current Assets
|
4,694,241.01 |
2,475,831.48 |
1,571,604.74 |
|
|
|
|
|
|
Total Current Assets
|
101,043,451.55 |
93,964,239.62 |
68,913,276.71 |
|
|
|
|
|
|
Long-term Investment |
1,399,900.00 |
1,399,900.00 |
1,399,900.00 |
|
Fixed Assets |
41,548,229.34 |
42,624,943.29 |
2,420,731.73 |
|
Total Assets |
143,991,580.89 |
137,989,082.91 |
102,733,908.44 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
74,771,106.09 |
59,953,263.19 |
41,038,890.36 |
|
Short-term Loan from
Person or Related Company |
50,949,899.96 |
61,291,807.74 |
37,969,170.32 |
|
Accrued Income Tax |
69,200.49 |
357,719.37 |
- |
|
Other Current Liabilities |
1,115,253.98 |
714,906.68 |
9,704,529.67 |
|
|
|
|
|
|
Total Current Liabilities |
126,905,460.52 |
122,317,696.98 |
88,712,590.35 |
|
Total Liabilities |
126,905,460.52 |
122,317,696.98 |
88,712,590.35 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning - Unappropriated |
12,086,120.37 |
10,671,385.93 |
9,021,318.09 |
|
Total Shareholders' Equity |
17,086,120.37 |
15,671,385.93 |
14,021,318.09 |
|
Total Liabilities &
Shareholders' Equity |
143,991,580.89 |
137,989,082.91 |
102,733,908.44 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales |
298,609,170.59 |
287,006,701.98 |
237,812,598.10 |
|
Profit from Exchange
Rate |
1,323,791.09 |
2,423,089.83 |
1,905,764.15 |
|
Rental Income |
1,022,210.55 |
787,255.76 |
- |
|
Interest Income |
88,724.53 |
22,440.25 |
25,656.54 |
|
Total Revenues |
301,043,896.76 |
290,239,487.82 |
239,744,018.79 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
276,761,993.83 |
262,014,240.77 |
211,059,806.70 |
|
Selling Expenses |
10,411,300.03 |
13,427,034.26 |
15,035,732.14 |
|
Administrative Expenses |
12,143,322.00 |
12,588,864.79 |
11,937,171.62 |
|
Total Expenses |
299,316,615.86 |
288,030,139.82 |
238,032,710.46 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
1,727,280.90 |
2,209,348.00 |
1,711,308.33 |
|
Financial Cost |
- |
- |
[72.58] |
|
Income Tax |
[312,546.46] |
[559,280.16] |
[371,261.58] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,414,734.44 |
1,650,067.84 |
1,339,974.17 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.80 |
0.77 |
0.78 |
|
QUICK RATIO |
TIMES |
0.54 |
0.48 |
0.52 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.21 |
6.75 |
98.24 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.08 |
2.09 |
2.31 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
37.40 |
45.99 |
37.42 |
|
INVENTORY TURNOVER |
TIMES |
9.76 |
7.94 |
9.75 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
62.91 |
66.67 |
54.07 |
|
RECEIVABLES TURNOVER |
TIMES |
5.80 |
5.47 |
6.75 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
98.61 |
83.52 |
70.97 |
|
CASH CONVERSION CYCLE |
DAYS |
1.70 |
29.15 |
20.51 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.37 |
91.04 |
88.75 |
|
SELLING & ADMINISTRATION |
% |
7.53 |
9.04 |
11.34 |
|
INTEREST |
% |
- |
- |
0.00 |
|
GROSS PROFIT MARGIN |
% |
8.10 |
9.81 |
12.06 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.58 |
0.77 |
0.72 |
|
NET PROFIT MARGIN |
% |
0.47 |
0.57 |
0.56 |
|
RETURN ON EQUITY |
% |
8.28 |
10.53 |
9.56 |
|
RETURN ON ASSET |
% |
0.98 |
1.20 |
1.30 |
|
EARNING PER SHARE |
BAHT |
28.29 |
33.00 |
26.80 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.88 |
0.89 |
0.86 |
|
DEBT TO EQUITY RATIO |
TIMES |
7.43 |
7.81 |
6.33 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
23,578.24 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
4.11 |
21.02 |
|
|
OPERATING PROFIT |
% |
(21.82) |
29.10 |
|
|
NET PROFIT |
% |
(14.26) |
23.14 |
|
|
FIXED ASSETS |
% |
(2.53) |
1,660.83 |
|
|
TOTAL ASSETS |
% |
4.35 |
34.32 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 4.11%. Turnover has increased from THB 287,793,957.74
in 2010 to THB 299,631,381.14 in 2011. While net profit has decreased from THB
1,650,067.84 in 2010 to THB 1,414,734.44 in 2011. And total assets has
increased from THB 137,989,082.91 in 2010 to THB 143,991,580.89 in 2011.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.10 |
Deteriorated |
Industrial
Average |
18.74 |
|
Net Profit Margin |
0.47 |
Deteriorated |
Industrial
Average |
5.90 |
|
Return on Assets |
0.98 |
Deteriorated |
Industrial
Average |
10.25 |
|
Return on Equity |
8.28 |
Deteriorated |
Industrial
Average |
17.98 |
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 8.1%. 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 0.47%.
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. When compared with the
industry average, it was lower, the company's figure is 0.98%.
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 8.28%.
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 |
0.80 |
Risky |
Industrial
Average |
1.96 |
|
Quick Ratio |
0.54 |
|
|
|
|
Cash Conversion Cycle |
1.70 |
|
|
|
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 0.8 times in 2011, increased from 0.77 times, then the company may not be
efficiently using its current assets. 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 0.54 times in 2011,
increased from 0.48 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 2 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.88 |
Acceptable |
Industrial
Average |
0.41 |
|
Debt to Equity Ratio |
7.43 |
Risky |
Industrial
Average |
0.75 |
|
Times Interest Earned |
- |
|
Industrial
Average |
10.97 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.88 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
7.21 |
Impressive |
Industrial
Average |
3.16 |
|
Total Assets Turnover |
2.08 |
Impressive |
Industrial
Average |
1.82 |
|
Inventory Conversion Period |
37.40 |
|
|
|
|
Inventory Turnover |
9.76 |
Impressive |
Industrial
Average |
8.02 |
|
Receivables Conversion Period |
62.91 |
|
|
|
|
Receivables Turnover |
5.80 |
Satisfactory |
Industrial
Average |
6.12 |
|
Payables Conversion Period |
98.61 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.80 and 5.47 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
increased from 2010. 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 46 days at the
end of 2010 to 37 days at the end of 2011. This represents a positive trend.
And Inventory turnover has increased from 7.94 times in year 2010 to 9.76 times
in year 2011.
The company's Total Asset Turnover is calculated as 2.08 times and 2.09
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 Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.40 |
|
UK Pound |
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.71.24 |
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.