MIRA INFORM REPORT
|
Report Date : |
03.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
TANAPON
SPAREPARTS CO., LTD. |
|
|
|
|
Registered Office : |
305 Moo 5, Lat Wai Road, T. Bang Phriang, A. Bangbo, Samutprakarn 10550 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
19.05.2000 |
|
|
|
|
Com. Reg. No.: |
0115543003179 [Former :
SOR POR. 9628] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
importer and distributor of
weaving machinery and
spare parts, such
as needle, shuttle. |
|
|
|
|
No. of Employees : |
09 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
TANAPON SPAREPARTS CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 305
MOO 5, LAT
WAI ROAD,
T. BANG PHRIANG,
A. BANGBO,
SAMUTPRAKARN
10550, THAILAND
TELEPHONE : [66] 2706-7177-8
FAX :
[66] 2706-7179
E-MAIL
ADDRESS : tsctanapon@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION
NO. : 0115543003179 [Former
: SOR POR. 9628]
TAX
ID NO. : 3030091499
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KASEM TANAPONPAISIT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 9
LINES
OF BUSINESS : WEAVING MACHINERY,
EQUIPMENT &
SPARE PARTS
IMPORTER 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 May 19,
2000 as a
private limited company under
the name style TANAPON SPAREPARTS CO., LTD.
by Thai groups.
Its business objective
is to import and
distribute weaving machinery, equipment and
spare parts to
domestic market. It
currently employs 9
staff.
The
subject’s registered address
was initially located
at 369/614 Moo
3, Sukhumvit Rd.,
T. Bangpoomai, A.
Muang, Samutprakarn 10270.
On
March 22, 2011,
its registered address
was relocated to 305 Moo
5, Lat Wai
Rd., T. Bang Phriang,
A. Bangbo, Samutprakarn
10550, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kasem Tanaponpaisit |
|
Thai |
44 |
|
Mrs. Kannika Tanaponpaisit |
|
Thai |
43 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Kasem Tanaponpaisit is
the Managing Director.
He is Thai
nationality with the
age of 44
years old.
BUSINESS OPERATIONS
The subject
is engaged in importing
and distributing of
weaving machinery and
spare parts, such
as needle, shuttle and
others.
PURCHASE
Most of the
products are imported
from Taiwan, Republic
of China, India
and U.S.A., the
remaining is purchased
from local suppliers.
SALES
100% of the
products is sold
locally to wholesalers,
retailers and end-users.
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.
Imports are by
L/C at sight
or T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 9
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office at
the heading address. Premise is
located in provincial.
COMMENT
The
subject is an importer
and distributor of
weaving machinery and
related equipments for
various applications with
high quality products and
services. Its products
enable the customers demand in
order to expand
their productivity.
However,
subject reported slow business
in 2012 from slowdown of
industrial sector, while current
market situation is
relatively slow with
negative outcome.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 2,000
shares of Bht.
1,000 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kasem Tanaponpaisit Nationality: Thai Address : 369/410
Moo 3, T. Bangpoomai, A. Muang,
Samutprakarn |
980 |
49.00 |
|
Mrs. Kannika Tanaponpaisit Nationality: Thai Address : 369/410
Moo 3, T. Bangpoomai, A. Muang,
Samutprakarn |
970 |
48.50 |
|
Mr. Somkiat Chuangcharoen Nationality: Thai Address : 102/16
Moo 2, T. Namchued, A. Kraburi,
Ranong |
10 |
0.50 |
|
Mrs. Ladda Chuangcharoen Nationality: Thai Address : 104
Santiphap Rd., Pomprab,
Bangkok |
10 |
0.50 |
|
Ms. Banthita Boonthos Nationality: Thai Address : 135
Moo 3, T. Krajay,
A. Patiw, Yasothorn |
10 |
0.50 |
|
Ms. Patjira Boonthos Nationality: Thai Address : 135
Moo 3, T. Krajay,
A. Patiw, Yasothorn |
10 |
0.50 |
|
Mr. Taweesap Tanglaocharoen Nationality: Thai Address : 369/410
Moo 3, T. Bangpoomai, A. Muang,
Samutprakarn |
10 |
0.50 |
Total Shareholders : 7
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
2,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
2,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sinaras Trakulwongvanich No. 9177
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
867,823.95 |
69,609.89 |
752,959.81 |
|
Trade Accounts Receivable
|
915,973.82 |
866,421.80 |
8,580,429.80 |
|
Short-term Lending to Related
Person |
- |
4,948,497.85 |
- |
|
Inventories |
4,851,980.34 |
5,532,900.38 |
3,506,900.45 |
|
Other Current Assets
|
917,586.68 |
1,286,412.94 |
6,797,906.25 |
|
|
|
|
|
|
Total Current Assets
|
7,553,364.79 |
12,703,842.86 |
19,638,196.31 |
|
|
|
|
|
|
Fixed Assets |
16,856,467.58 |
17,010,763.42 |
13,231,492.29 |
|
Other Non-current Assets |
243,715.29 |
243,215.29 |
1,138,215.29 |
|
Total Assets |
24,653,547.65 |
29,957,821.57 |
34,007,903.89 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
- |
7,983,586.94 |
5,362,649.66 |
|
Trade Accounts & Other Payable
|
5,041,429.22 |
6,848,896.58 |
11,317,381.52 |
|
Current Portion of
Lease Contract Liabilities |
677,784.36 |
646,999.80 |
38,128.00 |
|
Other Current Liabilities |
1,150,120.36 |
1,009,259.46 |
1,402,434.57 |
|
|
|
|
|
|
Total Current Liabilities |
6,689,333.94 |
16,488,742.78 |
18,120,593.75 |
|
Long-term Loan from
Related Person |
6,855,000.00 |
- |
1,500,000.00 |
|
Lease Contract Liabilities
|
1,017,520.65 |
1,757,154.01 |
- |
|
Total Liabilities |
14,741,854.59 |
18,245,896.79 |
19,620,593.75 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 2,000 shares |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning Unappropriated |
7,911,693.06 |
9,711,924.78 |
12,387,310.14 |
|
Total Shareholders' Equity |
9,911,693.06 |
11,711,924.78 |
14,387,310.14 |
|
Total Liabilities & Shareholders' Equity |
24,653,547.65 |
29,957,821.57 |
34,007,903.89 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
25,664,819.70 |
53,928,059.72 |
85,286,956.28 |
|
Other Income |
10,859.57 |
553,731.86 |
11,745.68 |
|
Total Revenues |
25,675,679.27 |
54,481,791.58 |
85,298,701.96 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
18,237,832.72 |
40,454,093.37 |
69,089,836.54 |
|
Selling Expenses |
1,986,882.68 |
7,492,518.83 |
6,819,542.25 |
|
Administrative Expenses |
5,575,025.39 |
6,680,595.57 |
4,726,561.09 |
|
Remuneration Management |
1,080,000.00 |
1,080,000.00 |
1,490,000.00 |
|
Total Expenses |
26,879,740.79 |
55,707,207.77 |
82,125,939.88 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
[1,204,061.53] |
[1,225,416.19] |
3,172,72.08 |
|
Financial Costs |
[596,170.19] |
[1,449,969.17] |
[284,642.86] |
|
|
|
|
|
|
Profit / [Loss] before Income Tax |
[1,800,231.72] |
[2,675,385.36] |
2,888,119.22 |
|
Income Tax |
- |
- |
[637,875.43] |
|
|
|
|
|
|
Net Profit / [Loss] |
[1,800,231.72] |
[2,675,385.36] |
2,250,243.79 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.13 |
0.77 |
1.08 |
|
QUICK RATIO |
TIMES |
0.27 |
0.36 |
0.52 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.52 |
3.17 |
6.45 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.04 |
1.80 |
2.51 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
97.10 |
49.92 |
18.53 |
|
INVENTORY TURNOVER |
TIMES |
3.76 |
7.31 |
19.70 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
13.03 |
5.86 |
36.72 |
|
RECEIVABLES TURNOVER |
TIMES |
28.02 |
62.24 |
9.94 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
100.90 |
61.79 |
59.79 |
|
CASH CONVERSION CYCLE |
DAYS |
9.24 |
(6.01) |
(4.54) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
71.06 |
75.01 |
81.01 |
|
SELLING & ADMINISTRATION |
% |
29.46 |
26.28 |
13.54 |
|
INTEREST |
% |
2.32 |
2.69 |
0.33 |
|
GROSS PROFIT MARGIN |
% |
28.98 |
26.01 |
19.01 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(4.69) |
(2.27) |
3.72 |
|
NET PROFIT MARGIN |
% |
(7.01) |
(4.96) |
2.64 |
|
RETURN ON EQUITY |
% |
(18.16) |
(22.84) |
15.64 |
|
RETURN ON ASSET |
% |
(7.30) |
(8.93) |
6.62 |
|
EARNING PER SHARE |
BAHT |
(900.12) |
(1,337.69) |
1,125.12 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.60 |
0.61 |
0.58 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.49 |
1.56 |
1.36 |
|
TIME INTEREST EARNED |
TIMES |
(2.02) |
(0.85) |
11.15 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(52.41) |
(36.77) |
|
|
OPERATING PROFIT |
% |
(1.74) |
(138.62) |
|
|
NET PROFIT |
% |
32.71 |
(218.89) |
|
|
FIXED ASSETS |
% |
(0.91) |
28.56 |
|
|
TOTAL ASSETS |
% |
(17.71) |
(11.91) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -52.41%. Turnover has decreased from THB
53,928,059.72 in 2011 to THB 25,664,819.70 in 2012. While net profit has
increased from THB -2,675,385.36 in 2011 to THB -1,800,231.72 in 2012. And
total assets has decreased from THB 29,957,821.57 in 2011 to THB 24,653,547.65
in 2012.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
28.98 |
Impressive |
Industrial Average |
11.36 |
|
Net Profit Margin |
(7.01) |
Deteriorated |
Industrial Average |
2.76 |
|
Return on Assets |
(7.30) |
Deteriorated |
Industrial Average |
3.43 |
|
Return on Equity |
(18.16) |
Deteriorated |
Industrial Average |
8.14 |
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 in 28.98%. When compared with the industry average,
the ratio of the company was higher, indicated that company was more profitable
than the same industry.
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 -7.01%.
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 -7.3%.
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 -18.16%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.13 |
Impressive |
Industrial Average |
1.03 |
|
Quick Ratio |
0.27 |
|
|
|
|
Cash Conversion Cycle |
9.24 |
|
|
|
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 1.13 times in 2012, increased from 0.77 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 0.27 times in 2012,
decreased from 0.36 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 10 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.60 |
Acceptable |
Industrial Average |
0.56 |
|
Debt to Equity Ratio |
1.49 |
Risky |
Industrial Average |
1.27 |
|
Times Interest Earned |
(2.02) |
Risky |
Industrial Average |
- |
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 -2.02 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.6 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 Downtrend
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.52 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.04 |
Satisfactory |
Industrial Average |
1.24 |
|
Inventory Conversion Period |
97.10 |
|
|
|
|
Inventory Turnover |
3.76 |
Acceptable |
Industrial Average |
5.07 |
|
Receivables Conversion Period |
13.03 |
|
|
|
|
Receivables Turnover |
28.02 |
Impressive |
Industrial Average |
2.15 |
|
Payables Conversion Period |
100.90 |
|
|
|
The company's Account Receivable Ratio is calculated as 28.02 and 62.24
in 2012 and 2011 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 2012
decreased from 2011. This would suggest the company had deteriorated 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 increased from 50 days at the
end of 2011 to 97 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 7.31 times in year 2011 to 3.76 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.04 times and 1.8
times in 2012 and 2011 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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
UK Pound |
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
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.