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Report Date : |
25.08.2014 |
IDENTIFICATION DETAILS
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Name : |
WILLIAM E. CONNOR & ASSOCIATES LTD. |
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Registered Office : |
6/F., Office Tower II, The Harbourfront, |
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Country : |
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Date of Incorporation : |
24.05.1983 |
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Com. Reg. No. |
8426448 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is a exporter and Buying Agent; Catering/Food Provision Service; Forest Products Marketing. |
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No. of Employees |
250 |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No complaints |
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
HONG KONG ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 12% of total system deposits in Hong Kong by the end of 2013. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's total trade by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 34.9 million in 2012, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies
|
Source
: CIA |
WILLIAM E.
CONNOR & ASSOCIATES
LTD.
ADDRESS: 6/F., Office Tower II, The Harbourfront, 18-22 Tak Fung Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2621 2888, 2621 3282
FAX: 852-2621 2688, 2621 5223
E-MAIL: info@weconnor.com
hotline@weconnor.com
Chairman & Chief Executive Officer: Mr. William E. Connor II
Incorporated on: 24th May, 1983.
Organization: Private Limited Company.
Capital: Nominal:HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Exporter and Buying Agent.
Group Annual Turnover: US$2.0-2.5 billion.
Group Employees: 250. (Hong Kong)
Main Dealing Banker: Citibank N.A., Hong Kong Branch.
Banking Relation: Very Good.
Registered Head
Office:-
6/F., Office Tower II, The Harbourfront, 18-22 Tak Fung Street, Hunghom, Kowloon, Hong Kong.
Mailing Address:-
P.O. Box 97089, Tsimshatsui, Kowloon, Hong Kong.
Representative Offices: Indonesia, Madras and Shanghai.
Holding Company:-
WSB Holdings Ltd., Hong Kong.
Subsidiary:-
Omega Compliance Ltd., Hong Kong.
Associated/Affiliated
Companies:-
Connor International Ltd., Portugal.
Connor International Ltd., Turkey.
Regis Gard Ltd., Korea.
Southgate Ltd., Philippines.
William E. Connor (China) Ltd., Shanghai, China.
William E. Connor (Fuzhou) Ltd., China.
William E. Connor (Hong Kong) Ltd., Hong Kong. [Dissolved]
William E. Connor (India) Ltd., India.
William E. Connor (Indonesia) Ltd., Indonesia.
William E. Connor (Korea) Ltd., South Korea.
William E. Connor (Philippines) Ltd., Philippines.
William E. Connor (Shanghai) Ltd., China.
William E. Connor (Shenzhen) Ltd., China.
William E. Connor (Singapore) Pte. Ltd., Singapore.
William E. Connor (Sri Lanka) Ltd., Sri Lanka.
William E. Connor (Taiwan) Ltd., Taiwan.
William E. Connor (Thailand) Ltd., Thailand.
William E. Connor De Mexico S.A. de C.V., Mexico.
William E. Connor Inc., Japan.
Worldwindows LLC, United States.
8426448
0124632
Chairman & Chief Executive Officer: Mr. William E. Connor II
Director & Contact Person: Mr. William Henry Frederick Mills
Nominal Share Capital: HK$1,000,000.00 (Divided into 10,000 shares of HK$100.00 each)
Issued Share Capital: HK$1,000,000.00
SHAREHOLDERS: (As per registry dated 24-05-2014)
|
Name |
|
No. of shares |
|
William E. CONNOR II |
|
1 |
|
WSB Holdings Ltd., Hong Kong. |
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9,999 |
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|
|
|
|
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Total: |
10,000 ===== |
DIRECTORS: (As per registry dated 30-07-2014)
|
Name (Nationality) |
Address |
|
William E. CONNOR II (American) |
House 2, 72 Deep Water Bay Road, Hong Kong. |
|
Justin Bruce KENT |
House 4, Ondina Heights, 62-66 Peak Road, The Peak, Hong Kong. |
|
James Ernest GAGNON |
Flat B, 18/F., Block 1, Carmens Garden, 9 Coxs Road, Kowloon, Hong Kong. |
SECRETARY: (As per registry dated 24-05-2014)
|
Name |
Address |
Co. No. |
|
East Asia Sentinel Services Ltd. |
22/F., Tai Yau Building, 181 Johnston Road, Wanchai, Hong Kong. |
0509562 |
The subject was incorporated on 24th May, 1983 as a private limited liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of EAL (H.K.) Ltd., name changed to the present style on 2nd December, 1986.
Formerly the subject was located at 15/F., Silvercord, Tower 2, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present location in June 1995.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Exporter and Buying Agent; Catering/Food Provision Service; Forest Products Marketing.
Lines:-
Apparel and Accessories
Ready-to-wear Missy sportswear, career wear, junior sportswear, special sizes, outerwear, activewear
Mens wear Sportswear, outerwear, dressshirts, suit/blazers/trousers
Infants and childrens
Intimate apparel
Fashion accessories/shoes
Homestore
Houseware Cookware, kitchen utensils, tableware (flatware, dinnerware, glassware), plasticware, acrylic drinkware and serving, baskets, decorative accessories, storage
Trim-a-home Stockings, treeskirts, tree ornaments and wreathes, Christmas lights, table top, wall dιcor, animated toys, plush toys
Decorative accessories Artificial flowers, silverware, photo frames, lighting (candles/candle holders), decorative accessories, baskets, vases
Home textiles Table linen, bed linen, drapes, pillow covers, cushion covers, carpets, bath towels, shower curtains, laundry basket liners, slip covers, top of the bed (quilts, duvet covers, shams)
Furniture Indoor, outdoor tables, chairs, occasional chairs, casegoods and cabinets, shelves, mirrors and accent furniture
Stationery and home office products Desk top items, organizers, furniture, paper products
Luggage Soft and hard sided, totes, expandables
Toys Plush
Group Employees: 250. (Hong Kong)
Commodities Imported: Imported and bought from various sources.
Markets: USA, Europe, Hong Kong, etc.
Group Annual Turnover: US$2.0-2.5 billion.
Terms/Sales: L/C (main) or T/T.
Terms/Buying: L/C or as per contracted.
MEMBERSHIP: The American Chamber of Commerce in Hong Kong.
The Hong Kong General
Chamber of Commerce, Hong Kong.
[Membership No. HKW0063]
Nominal Share Capital: HK$1,000,000.00 (Divided into 10,000 shares of HK$100.00 each)
Issued Share Capital: HK$1,000,000.00
Profit & Loss: Operation is profitable.
Condition: Maintaining in an active and good manner.
Facilities: Making active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Very Good.
Bankers:-
Citibank N.A., Hong Kong Branch.
Hang Seng Bank Ltd., Hong Kong.
First Interstate Bank of California, Hong Kong Branch.
BNP Paribas, Hong Kong Branch.
Standing: Very Good.
William E. Connor & Associates Ltd. was incorporated in May 1983. It had remained inactive until it took over all the trading activities from William E. Connor (Hong Kong) Ltd. on 1st January, 1988. The latter company was incorporated in January 1949 in Hong Kong as an affiliate of William E. Connor Inc., Japan. It was a well-established trading firm which has been banking with Citibank N.A. since May 1967.
The subject has set up an office in Dongguan City, Guangdong Province, China. This office is responsible for sourcing commodities from China suppliers.
It was reported that the subject was originally established more than 59 years ago in Tokyo, Japan.
Now, the subject is a subsidiary company of WSB Holdings Ltd. which is a Hong Kong-based company.
The subject continues to carry on the same lines of business as an exporter and buying agent for a number of large American department stores which are selling substantial volume of garments, sundry goods, toys and plastic products from the Asia Pacific region. It also serves the customers in South America, Europe, South Africa and Australia.
The subject now is specialized in fashion-related goods, fabrics, footwear, house wares, furniture, lighting products, decorative accessories, stationery, office equipment and other consumer products.
The subject is pure service company. It is sourcing commodities on behalf of its clients worldwide.
The subject is a member of the old and well-established Connor Group. The Conner Groups services embrace all stages of global supply-chain management. It offers comprehensive product development assistance, identifying manufacturers, negotiating prices, handling logistics, providing comprehensive quality assurance, monitoring compliance with country-of-origin requirements, and assisting clients meet government regulations. The Group now has over 250 technicians and professionals.
Today, the Conner Group is a global product sourcing organization headquartered in Hong Kong, having more than 1,500 employees in 35 offices in 20 countries. The Group represents some of the most significant brands, department stores, specialty retailers and catalogue companies in Japan, North America, Latin America, Europe and Australia.
Its comparatively new subsidiary Omega Compliance Ltd. provides its clients with supply chain evaluation and compliance services. Clients include department stores, catalogue and e-commerce retailers, and importers in North America, Europe, Latin America, Australia, Japan, etc. Every year, the Group sources, at cost, in excess of US$1.7 billion of merchandise from 33 different countries for over 70 customers. Main customers include Nordstrom, Williams-Sonoma, Saks, Neiman Marcus, etc.
The annual sales turnover of the Group ranges from US$2.0 to 2.5 billion. Business is lucrative.
The directors of the subject has been changed in recent years.
The subject has been involved in a number of litigation while most of them concerning labour dispute and Exporting Prohibited Articles Without Licence, etc.
Mr. William E. Connor II, aged 62 and being an American, is the Groups Chief Executive Officer. He obtained the Associate in Arts/Science degree in Stanford University, and Doctor of Jurisprudence from University of Santa Clara. Married with 3 children, Mr. William E. Connor II was ranked one of the Worlds Richest People by Forbes with a total net worth of about US$2.0 billion.
On the whole, supported by the Connor family, the subject is considered good for normal business engagements.
Court case:-
|
Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
25-10-2000 |
SPK13276 |
Government of HKSAR |
William E. Connor & Associates Ltd. |
Exporting Prohibited Articles Without Licence |
Not stated |
|
25-10-2000 |
SPK13277 |
Government of HKSAR |
William E. Connor & Associates Ltd. |
Exporting Prohibited Articles Without Licence |
Not stated |
|
25-10-2000 |
SPK13278 |
Government of HKSAR |
William E. Connor & Associates Ltd. |
Exporting Prohibited Articles Without Licence |
Not stated |
|
25-10-2000 |
SPK13279 |
Government of HKSAR |
William E. Connor & Associates Ltd. |
Exporting Prohibited Articles Without Licence |
Not stated |
|
25-10-2000 |
SPK13280 |
Government of HKSAR |
William E. Connor & Associates Ltd. |
Exporting Prohibited Articles Without Licence |
Not stated |
|
25-10-2000 |
SPK13281 |
Government of HKSAR |
William E. Connor & Associates Ltd. |
Exporting Prohibited Articles Without Licence |
Not stated |
|
25-10-2000 |
SPK13282 |
Government of HKSAR |
William E. Connor & Associates Ltd. |
Exporting Prohibited Articles Without Licence |
Not stated |
|
Nov. 2000 |
H9899 |
Microsoft Corporation |
William E. Connor & Associates Ltd. |
Injunction |
Not stated |
|
08-01-2001 |
R9213 |
Chu Kam Ha |
William E. Connor & Associates Ltd. |
Labour Dispute |
Not stated |
|
11-01-2001 |
SPK13276 |
Government of HKSAR |
William E. Connor & Associates Ltd. |
Exporting Prohibited Articles Without Licence |
Not stated |
|
11-01-2001 |
SPK13277 |
Government of HKSAR |
William E. Connor & Associates Ltd. |
Exporting Prohibited Articles Without Licence |
Not stated |
|
11-01-2001 |
SPK13278 |
Government of HKSAR |
William E. Connor & Associates Ltd. |
Exporting Prohibited Articles Without Licence |
Not stated |
|
11-01-2001 |
SPK13279 |
Government of HKSAR |
William E. Connor & Associates Ltd. |
Exporting Prohibited Articles Without Licence |
Not stated |
|
11-01-2001 |
SPK13280 |
Government of HKSAR |
William E. Connor & Associates Ltd. |
Exporting Prohibited Articles Without Licence |
Not stated |
|
11-01-2001 |
SPK13281 |
Government of HKSAR |
William E. Connor & Associates Ltd. |
Exporting Prohibited Articles Without Licence |
Not stated |
|
11-01-2001 |
SPK13282 |
Government of HKSAR |
William E. Connor & Associates Ltd. |
Exporting Prohibited Articles Without Licence |
Not stated |
|
12-02-2001 |
R357 |
Tai Siu Shing, Ricky and Law Ming Keung |
William E. Connor & Associates Ltd. |
Labour Dispute |
Not stated |
|
08-03-2001 |
SPK13276 |
Government of HKSAR |
William E. Connor & Associates Ltd. |
Exporting Prohibited Articles Without Licence |
Not stated |
|
08-03-2001 |
SPK13277 |
Government of HKSAR |
William E. Connor & Associates Ltd. |
Exporting Prohibited Articles Without Licence |
Not stated |
|
08-03-2001 |
SPK13278 |
Government of HKSAR |
William E. Connor & Associates Ltd. |
Exporting Prohibited Articles Without Licence |
Not stated |
|
08-03-2001 |
SPK13279 |
Government of HKSAR |
William E. Connor & Associates Ltd. |
Exporting Prohibited Articles Without Licence |
Not stated |
|
08-03-2001 |
SPK13280 |
Government of HKSAR |
William E. Connor & Associates Ltd. |
Exporting Prohibited Articles Without Licence |
Not stated |
|
08-03-2001 |
SPK13281 |
Government of HKSAR |
William E. Connor & Associates Ltd. |
Exporting Prohibited Articles Without Licence |
Not stated |
|
08-03-2001 |
SPK13282 |
Government of HKSAR |
William E. Connor & Associates Ltd. |
Exporting Prohibited Articles Without Licence |
Not stated |
|
07-12-2001 |
R8784 |
Chan Ho Fai, Stephen |
William E. Connor & Associates Ltd. |
Labour Dispute |
Not stated |
|
03-01-2002 |
R8784 |
Chan Ho Fai, Stephen |
William E. Connor & Associates Ltd. |
Labour Dispute |
Not stated |
|
28-02-2002 |
R8784 |
Chan Ho Fai, Stephen |
William E. Connor & Associates Ltd. |
Labour Dispute |
Not stated |
|
11-03-2002 |
R8784 |
Chan Ho Fai, Stephen |
William E. Connor & Associates Ltd. |
Labour Dispute |
Not stated |
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12-07-2002 |
D1979 |
Chan Ho Fai, Stephen |
William E. Connor & Associates Ltd. |
Registration of LT Award |
Not stated |
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05-02-2003 |
H22 |
Chan Ho Fai, Stephen |
William E. Connor & Associates Ltd. |
Appeal from the Labour Tribunal |
Not stated |
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13-02-2003 |
S87132 |
Five Continental Candle Factory |
William E. Connor & Associates Ltd. |
Service Rendered |
Not stated |
|
05-09-2003 |
R6984 |
Li Pun Sum |
William E. Connor & Associates Ltd. |
Labour Dispute |
Not stated |
|
04-04-2006 |
R1279 |
Henry Chen, Ho Kwong Wing, Li Siu Wai and Yung Sin Lung |
William E. Connor & Associates Ltd. |
Labour Dispute |
Not stated |
|
06-06-2006 |
R1279 |
Henry Chen, Ho Kwong Wing, Li Siu Wai and Yung Sin Lung |
William E. Connor & Associates Ltd. |
Labour Dispute |
Not stated |
|
07-08-2006 |
R1279 |
Henry Chen, Ho Kwong Wing, Li Siu Wai and Yung Sin Lung |
William E. Connor & Associates Ltd. |
Labour Dispute |
Not stated |
|
08-08-2006 |
R1279 |
Henry Chen, Ho Kwong Wing, Li Siu Wai and Yung Sin Lung |
William E. Connor & Associates Ltd. |
Labour Dispute |
Not stated |
|
05-10-2006 |
R1279 |
Henry Chen, Ho Kwong Wing, Li Siu Wai and Yung Sin Lung |
William E. Connor & Associates Ltd. |
Labour Dispute |
Not stated |
|
19-10-2006 |
R1279 |
Henry Chen, Ho Kwong Wing, Li Siu Wai and Yung Sin Lung |
William E. Connor & Associates Ltd. |
Labour Dispute |
Not stated |
|
14-12-2006 |
H51 |
William E. Connor & Associates Ltd. |
William E. Connor & Associates Ltd. |
For Leave to Appeal |
Not stated |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.43 |
|
|
1 |
Rs.100.23 |
|
Euro |
1 |
Rs.80.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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|
Report Prepared
by : |
NIS |
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 |
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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 SCs 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.