MIRA
INFORM REPORT
|
Report Date : |
29.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
KOHINOOR SPECIALITY FOODS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
401, Vipps
Center, Masjid Moth, Greater Kailash-II, New Delhi – 110 048 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation
: |
25.05.2011 |
|
|
|
|
Com. Reg. No.: |
55-219766 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2.944
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15209DL2011PTC219766 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
DELK11641A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECK3508Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged
in the manufacturing and selling of packed food and trade of rice in domestic
market. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 12296000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between McCormick, USA a global leader in
manufacturing, marketing and distribution of spices, seasonings and speciality
foods and flavours and Kohinoor Foods, India a Basmati Rice Company. It is an established company having moderate track record. Management has file the latest financials of 2013 with the Government
Department but the same are not available with us. As per the available financials of 2012, the company has reported a
loss from its first year of operations. However, the position of networth
appears to be healthy. Trade relations are fair. Business is active. Payment terms are reported
as slow but correct. In view of strong holdings, the subject can be considered for business
dealings with some caution. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very
High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
401, Vipps
Center, Masjid Moth, Greater Kailash-II, New Delhi – 110 048, India |
|
Tel. No.: |
91-11-41635757 |
|
Fax No.: |
91-11-41638586/ 87 |
|
E-Mail : |
|
|
|
|
|
Factory : |
71, Libaspur, Bahalgarh, District Sonepat – 131 021, Haryana,
India |
|
Tel. No.: |
91-130-2381173/ 6451662
|
DIRECTORS
AS ON 23.11.2012
|
Name : |
Mr. Satish Premanand Rao |
|
Designation : |
Managing Director |
|
Address : |
2/17, Chandra Brabha Murar Road, Mulund (West), Opposite Kate Das Hall,
Mumbai – 400 080, Maharashtra, India |
|
Date of Birth/Age : |
18.04.1965 |
|
Date of Appointment : |
13.10.2011 |
|
DIN No.: |
03265301 |
|
|
|
|
Name : |
Timothy John Large |
|
Designation : |
Director |
|
Address : |
70 Dalgetty RD, Beaumaris VIC, 3193,
Australia |
|
Date of Birth/Age : |
05.06.1959 |
|
Date of Appointment : |
09.09.2011 |
|
DIN No.: |
03198348 |
|
|
|
|
Name : |
Paul Craig Beard |
|
Designation : |
Director |
|
Address : |
8/197 Bay Street, Brighton, 3186, Australia |
|
Date of Birth/Age : |
12.01.1955 |
|
Date of Appointment : |
09.09.2011 |
|
DIN No.: |
03459754 |
KEY EXECUTIVES
|
Name : |
Mr. Ravi Girdharilal Chhabra |
|
Designation : |
Secretary |
|
Address : |
B-29, Second Floor, Platinum Deluxe, Gurgaon – 122 011, Haryana, India
|
|
Date of Birth/Age : |
06.02.1978 |
|
Date of Appointment : |
16.04.2013 |
|
Mobile No.: |
91-9971899975 |
|
PAN No.: |
ADFPC2773C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.11.2012
|
Names of Shareholders |
|
No. of Shares |
|
Kohinoor Foods Limited, India |
|
44061 |
|
Gurnam Arora |
|
100 |
|
McCormick Ingredients Southeast Asia Pte
Limited, Singapore |
|
250246 |
|
Total
|
|
294407 |
AS ON 23.11.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
85.00 |
|
Bodies
corporate |
|
15.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged
in the manufacturing and selling of packed food and trade of rice in domestic
market. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
||||||||||
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Bankers : |
Not Available |
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||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
SRBC and Company Chartered Accountants |
|
Address : |
3rd
Floor, Golf View Corporate Tower-B, Sector 42, Sector Road, Gurgaon – 122
002, Haryana, India |
|
PAN No.: |
ABSFS4151K |
|
|
|
|
Holding Company
: |
McCormick Ingredients Southeast Asia Pte Limited |
|
|
|
|
Ultimate holding
company : |
McCormick and Company Inc., USA |
|
|
|
|
Fellow
Subsidiary : |
McCormick Foods Australia Pty Limited |
CAPITAL STRUCTURE
AS ON 23.11.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
294407 |
Equity Shares |
Rs.10/- each
|
Rs.2.944
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
2.944 |
|
(b) Reserves & Surplus |
|
|
3071.013 |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
3073.957 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
|
3.407 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long
term liabilities |
|
|
0.000 |
|
(d) Long-term
provisions |
|
|
3.691 |
|
Total Non-current
Liabilities (3) |
|
|
7.098 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
0.000 |
|
(b)
Trade payables |
|
|
267.416 |
|
(c)
Other current liabilities |
|
|
15.056 |
|
(d) Short-term
provisions |
|
|
1.820 |
|
Total Current
Liabilities (4) |
|
|
284.292 |
|
|
|
|
|
|
TOTAL |
|
|
3365.347 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
224.623 |
|
(ii)
Intangible Assets |
|
|
2739.202 |
|
(iii) Capital
work-in-progress |
|
|
0.449 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
17.517 |
|
(e) Other Non-current
assets |
|
|
0.300 |
|
Total Non-Current
Assets |
|
|
2982.091 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
63.709 |
|
(c)
Trade receivables |
|
|
246.170 |
|
(d) Cash
and cash equivalents |
|
|
67.438 |
|
(e)
Short-term loans and advances |
|
|
5.927 |
|
(f)
Other current assets |
|
|
0.012 |
|
Total
Current Assets |
|
|
383.256 |
|
|
|
|
|
|
TOTAL |
|
|
3365.347 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
2189.220 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
|
2189.220 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
|
2159.880 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
29.340 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
466.960 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
|
(437.620) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
|
(437.620) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
11.220 |
|
|
|
Components & Spare Parts |
|
|
0.037 |
|
|
TOTAL IMPORTS |
|
|
11.257 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
|
|
(1486.45) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2012 |
|
PAT / Total Income |
(%) |
|
|
(19.99) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
(19.99) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(13.01) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
(0.14) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.35 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last one year |
Yes |
|
12) Profitability for last one year |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
No |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
No |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
Note:
No Charges Exist for Company.
CORPORATE INFORMATION:
The Company is a
private limited company domiciled in India and incorporated under the
provisions of the Companies Act, 1956. The Company is engaged in the
manufacturing and selling of packed food and trade of rice in domestic market.
ACQUISITION OF
BUSINESS:
During the year,
the Company has acquired business relating to (i) manufacturing, processing,
finishing, marketing, trading, distributing, importing and/or supply of food products,
including ready to eat products, cook-in sauces, cooking pastes, spices,
seasonings and frozen food; and (ii) the marketing, trading, selling and
distributing of rice products in the territory of India along with its Food
Factory situated at Bahalgarh, Haryana (collectively the ‘Business’) together
with all the assets and liabilities, employees, contracts, licenses, agreements
etc., as a going concern on a slump sale from Kohinoor Foods Limited pursuant
to a Joint Collaboration agreement between McCormick Ingredients Southeast Asia
Private Limited, Singapore having 85% shareholding and Kohinoor Foods Limited
having 15% Shareholding.
The Company shall,
exclusively manufacture/process and/or package the food products, for export by
Kohinoor Foods Limited.
Further, Kohinoor Foods Limited shall, exclusively manufacture/process
and/or package the Rice, for the Company for sale in India.
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Equipment
·
Factory Equipments
·
Furniture and fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
WEBSITE DETAILS:
PRESS RELEASES:
KOHINOOR FOODS FORMS
JV WITH US-BASED SPICE MAKER MCCORMICK
September 14, 2011
NEW DELHI: Rice exporter Kohinoor Foods today said it has completed the Rs.5200.000 millions deal with US-based spice maker McCormick to set up a joint venture for marketing basmati rice and other food products in India.
In the joint venture Kohinoor Speciality India, McCormick has 85 per cent stake and rest is with Kohinoor Foods.
"McCormick today completed the formation of joint venture with Kohinoor Foods to market and sell basmati rice and food product in India. The venture was announced in June 2011 and will now be named as Kohinoor Specialty Foods India Private Limited," McCormick said in a statement.
"McCormick had invested a total of Rs.5200.000 millions (USD 113 million) in the deal and thus commands an 85 per cent interest in Kohinoor Specialty Foods India," it added.
McCormick expects the joint venture sales to be about USD 85 million in the first year. Satish Rao, who has been associated with McCormick for the past 16 years, will act as the Managing Director of the JV.
The joint venture will have about 275 employees and a modern production facility at Bahalgarh in Haryana, which has been transferred from Kohinoor Foods into the JV.
With more than USD 3 billion in annual sales, McCormick manufactures, market and distributes spices, seasoning mixes, condiments and other flavorful products to the entire food industry.
Through this JV, McCormick plans to develop and launch new products, penetrate potential and under-served markets and thereby expand in the food service channel in India.
"The joint venture is a part of McCormick's strategic business plan to expand sales in emerging markets. Including India, McCormick expects emerging markets to contribute about 12 per cent of total sales by 2015," the statement said.
This is the McCormick's third investment in India. It first joined with AV Thomas Group in 1994. In 2010, McCormick acquired a 26 per cent stake in Eastern Condiments Limited, which has become a leading brand of spices, seasonings and other related food products in India and the Middle East.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.39 |
|
|
1 |
Rs.101.80 |
|
Euro |
1 |
Rs.84.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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%)
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 report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.