|
Report Date : |
10.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
SANDVIK
MINING AND CONSTRUCTION AUSTRALIA (PRODUCTION/SUPPLY) PTY LTD |
|
|
|
|
Registered Office : |
60-62 Qantas
Drive Eagle Farm Queensland 4009 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
14.06.1988 |
|
|
|
|
Com. Reg. No.: |
008640908 |
|
|
|
|
Legal Form : |
Australian Proprietary
Company |
|
|
|
|
Line of Business : |
Import,
manufacturing and distribution of mining and construction equipments and
related accessories. |
|
|
|
|
No. of Employees : |
3,000 |
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 : |
Good |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
AUSTRALIA - ECONOMIC
OVERVIEW
The Australian economy has experienced continuous growth and features low unemployment, contained inflation, very low public debt, and a strong and stable financial system. By 2012, Australia had experienced more than 20 years of continued economic growth, averaging 3.5% a year. Demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports. The high Australian dollar has hurt the manufacturing sector, while the services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control. Australia has benefited from a dramatic surge in its terms of trade in recent years, stemming from rising global commodity prices. Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the World Trade Organization, APEC, the G20, and other trade forums. Australia has bilateral free trade agreements (FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has a regional FTA with ASEAN and New Zealand, is negotiating agreements with China, India, Indonesia, Japan, and the Republic of Korea, as well as with its Pacific neighbors and the Gulf Cooperation Council countries, and is also working on the Trans-Pacific Partnership Agreement with Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam
|
Source
: CIA |
Verified Address
Subject name : SANDVIK MINING AND CONSTRUCTION AUSTRALIA
(PRODUCTION/SUPPLY) PTY LTD
Business
address : 60-62 Qantas Drive
Town : Eagle Farm
Province : Queensland
Zip/postal code : 4009
Country : Australia
Tel : +61 7 36377400
Fax : +61 7 36377511
Email : info.smc-au@sandvik.com
Website : www.miningandconstruction.sandvik.com
Registered
address : 60-62 Qantas Drive
Town : Eagle Farm
Province : Queensland
Zip/postal code : 4009
Country : Australia
Postal address : Locked Bag 4
Town : Eagle Farm
Province : Queensland
Zip/postal code : 4009
Country : Australia
Comments : Address provided 47-51 Vulcon
Road, Canning Vale, WA 6155, Australia belongs
to the Subjects Canning Vale Office in
Western Australia.
Executive Summary
Date founded
or registered : 14/06/1988
Legal form : Australian
Proprietary Company
Chief
executive : Karl
Francis Newman
Issued &
paid up capital : AUD 2,890,020
Sales turnove r : SEK
87,328,000,000 (Group-Consolidated 12 months, 31/12/2013)
Net income : SEK 5,008,000,000
(Group-Consolidated 12 months, 31/12/2013)
Total fixed
assets : SEK
93,882,000,000 (Group-Consolidated 12 months, 31/12/2013)
Line of business : Import, manufacturing and
distribution of mining and construction equipments and related accessories.
Staff employed
: 3,000 (Subject);
47,338 (Sandvik Group)
Company Analysis
Country risk :
Country risk
is minimal
Operation
trend : Operational
trend is steady
Management
experience : Management is
adequately experienced
Financial
performance : Financial
performance is good
Organization
structure : Organizational
structure is stable
Detrimental : No
detrimental found
Payment
history : No payment
delays noted
Comments : Larger credit can
be provided if guaranteed by ultimate holding company Sandvik
AB.
Registry Data
Registration
date : 14/06/1988
Legal form : Australian
Proprietary Company
Registration
no Australian Company Number: 008640908
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no
: Australian Business Number: 14008640908
Registry
status : Live/Active
Previous name
: ROXON
PTY. LIMITED
ESCAMBIO PTY. LIMITED (initial)
Change of
legal form : None
reported.
Other
registration : The
Subject owns the following business names:
SANDVIK RC TOOLS AUSTRALIA
SANDVIK MINING AND CONSTRUCTION MANUFACTURING
SANDVIK MINING AND CONSTRUCTION EXPLORATION
SANDVIK SHARK
SANDVIK UNDERGROUND MINING FLAMEPROOF EQUIPMENT
Key Management
Name : Karl Francis Newman
Designation : Managing Director & Company Secretary
Appointments
Name : Matthew Dean Coogan
Designation : Director
Appointment
date : 18/06/08
Address : 53 Gilbert Road
Windsor, QLD 4030
Australia
Biography : Born on 31-05-1966 in
Brisbane, Queensland, Australia.
Name : Jonathan Nichol
Designation : Director
Appointment
date : 15/11/13
Address : 28 Coburg Street E
Cleveland, QLD 4163
Australia
Biography : Born on 23-09-1970 in London,
United Kingdom.
Name : Manuel Ian Maloney
Designation : Director
Appointment
date : 15/11/13
Address : 64 Mclennan Street
Albion, QLD 4010
Australia
Biography : Born on 03-05-1978 in Manilla,
Philippines.
Name : Karl
Francis Newman
Designation : Company Secretary
Appointment
date : 15/11/13
Address : 6 Jacaranda Close
Sinnamon Park, QLD 4073
Australia
Biography : Born on 11-03-1980 in
Lowestoft, United Kingdom.
Staff employed
: 3,000 (Subject); 47,338 (Sandvik
Group)
Key Advisors
Auditors : KPMG
152-158 St George Terrace
Perth, WA 6000
Australia
Composition
Authorized
Capital : AUD 2,890,020
No of shares :
290,020 Ordinary Shares /
2,600,000 Redeemable Shares
Share par
value : AUD 1
Issued capital
: AUD 2,890,020
Paid up
capital : AUD 2,890,020
How listed : Full List
Composition
Shareholder
name : SANDVIK AUSTRALIA HOLDINGS PTY LTD
Address : 60 Qantas Drive
Eagle Farm, QLD 4009
Australia
No. of shares
: 290,020 Ordinary Shares / 2,600,000 Redeemable Shares
% of shares :
100%
Structure
Name : SANDVIK AB
Affiliation
type : Ultimate Holding Company
Address : Kungsbron 1 (Section G, Floor 6)
SE-111 22 Stockholm
Sweden
Comments :
Sandvik AB is a Sweden-based engineering company. It operates in five business
areas: Sandvik
Construction, Sandvik Machining Solutions, Sandvik Materials
Technology,
Sandvik Mining and Sandvik Venture. The Sandvik Construction
business area
offers products, solutions and services for the construction
industry. The
Sandvik Machining Solutions business area offers products and
solutions for
cutting primarily in metals. The area operates under such brand
names, as
Sandvik Coromant, Seco Tools, Walter and Safety. The Sandvik
Materials
Technology area is specialized in products in advanced metallic and
ceramic
materials for demanding industries and fields of applications. The
business area
operates such product groups, as Tube, Strip, Wire and Heating
Technology,
and Primary Products. The Sandvik Mining area offers products,
solutions and
services for surface and underground mining. The Sandvik Venture
business area
is engaged in investments in small companies.
Name : SANDVIK AUSTRALIA HOLDINGS PTY LTD
Affiliation
type : Parent Company
Address : 60 Qantas Drive
Eagle Farm, QLD 4009
Australia
Name : SANDVIK (PTY) LTD.
Affiliation
type : Sister Company
Address : 64 Jet Park Road, Jet Park
Boksburg, Johannesburg 1462
South Africa
Name : SANDVIK INC.
Affiliation
type : Sister Company
Address : 1702
Nevins Road
Fair Lawn, NJ
07410
United States
of America
Name : SANDVIK
AUSTRALIA PTY LTD
Affiliation
type : Sister Company
Address :
23-47 Percival Road
Smithfield
Sydney, NSW
2164
Australia
Related companies and corporate
affiliations
comments: Other companies of the Sandvik Group should be considered affiliated
companies
of the
Subject.
Bank Details
Name of bank : The Commonwealth Bank of Australia
Address : Australia
Account
details : Current Account
Comments : It is generally not the policy of local
banks to provide credit status information to
non related parties, however interested parties would be advised to
consult first
with the Subject if banker's references are required.
Mortgages : None reported.
Legal Fillings
Bankruptcy
fillings : None reported.
Court
judgements : None reported.
Tax liens :
None reported.
Others : None
reported.
Description
Source of
financial statement : Public Record
Sources
Financial
statement date : 31/12/13
Type of
accounts : Full audited
Currency : Sweden, Krona
(SEK)
Exchange rate
: 1 USD = SEK 1.12
as of 09-03-2014
Summarized Financial Information
Consolidation
type : Group Consolidated
Group Consolidated
Currency : Sweden, Krona
(SEK) Sweden, Krona (SEK)
Denomination :
(x1) One (x1) One
Date of
financial year end : 31/12/13 31/12/12
Length of
accounts : 12 months 12 months
Sale turnover
/ Income : 87,328,000,000 98,529,000,000
Gross profit :
28,480,000,000 34,703,000,000
Operating
profit :
8,638,000,000 13,490,000,000
Profit before
tax : 6,753,000,000 11,516,000,000
Net income : 5,008,000,000 8,107,000,000
Non current
assets : 37,202,000,000 36,939,000,000
Current assets
: 56,680,000,000 67,116,000,000
Inventories : 23,318,000,000 25,508,000,000
Total assets :
93,882,000,000 104,055,000,000
Current
liabilities :
28,632,000,000 26,799,000,000
Non current
liabilities : 31,640,000,000
44,720,000,000
Total
liabilities : 60,272,000,000
71,519,000,000
Share equity :
33,610,000,000 32,536,000,000
Comments : The
group’s consolidated financial information above relates to the Subject’s
Ultimate
Holding Company Sandvik AB and all its subsidiaries which includes the
Subject.
The Subject is
classified as a small proprietary company by the Australian
Securities
& Investments Commission hence is not required to disclose their
financial
statement.
A proprietary
company is defined as small for a financial year if it satisfies at least
two of the
following:
- The
consolidated revenue for the financial year of the company and any entities
it controls is
less than $25 million;
-The value of the
consolidated gross assets at the end of the financial year of the
company and
any entities it controls is less than $12.5 million, and
-The company
and any entities it controls have fewer than 50 employees at the
end of the
financial year.
Main
activities : The Subject engages in import, manufacturing and distribution of
mining
and
construction equipments and related accessories.
The Subject is
ultimately owned by Sandvik AB.
Sandvik AB
operates as an engineering company in tooling, materials
technology,
and mining and construction industries worldwide. The
company offers
stainless steels, special alloys, and titanium products, such
as bar and
hollow bar, controlled expansion alloy products, metal powders,
strip steel
and strip-based products, billets and blooms, wire products, hot
isostatic
pressed products, plate and sheet, tubes, pipes, fittings and
flanges, and
welding products; cemented-carbide solutions, including
engineered
components, tool blanks, and wear parts; steel belts and
processing
systems comprising conveyor components, processing systems
and conveyors,
press plates, and steel belts; and diffusion and
pasteurization
furnaces, and furnace products and heating materials. It also
provides
mining and construction equipment and tools, including breakers
and demolition
tools, bulk materials handling equipment, continuous-mining
and tunneling
machines, conveyors and conveyor components, crushers
and screens,
drill rigs and rock drills, load and haul equipments, mine
automation
systems, rock tools and systems, and safety and environmental
products. In
addition, the company offers tools and tooling systems for
metal cutting,
such as drilling, reaming, milling, turning, and boring tools;
engineered solutions;
tailor made services; and tool holding systems. It
serves various
companies primarily in mining, automotive, construction,
energy,
engineering, aerospace, electronics, medical technology, and
consumer-related
industries. Sandvik AB was founded in 1862 and is
headquartered
in Stockholm, Sweden.
Product &
services : Rock tools and systems
Drill rigs and
rock drills
Load and haul
equipment
Crushers and
screens
Mobile
crushing equipment
Mechanical
Cutting
Conveyor
components
Bulk materials
handling equipment
Breakers and
demolition tools
Continuous-mining
and tunneling machines
Mine
automation systems
Safety and
environmental products
Rock drilling
products
Rock
excavation products
Brand :
SANDVIK
Purchases
International
: Worldwide
Sales
Local : Yes
International
: New Zealand
Key events : 7
February, 2014
Sandvik
secures major Mining Systems order in Australia
Sandvik Mining
has been awarded a major materials handling contract in
Australia.
The value of the
contract exceeds 450 million SEK and will be executed
and contribute
to Sandvik Minings business for the period of the years
2014 until
2016.
The order for
the project includes engineering, procurement and
construction
of two bucket-wheel stacker/reclaimers for coal handling with
stacking
capacity of 8,600 tons per hour and reclaiming capacity of 7,250
tons per hour.
"The
importance, size and complexity of the project and the impressive
performance
data again demonstrate Sandvik Minings capability to provide
high-tech
solutions in the area of mobile materials handling machines",
says Gary
Hughes, President of the Sandvik Mining business area.
Sandvik cuts
NSW manufacturing jobs
Mining
equipment manufacturer Sandvik will cut 37 jobs from its New
South Wales
operations as it battles weaker demand.
“Unfortunately,
the continuing decline in market conditions has meant a
decreasing
order intake for our mining products,” Sandvik Australia country
manager Rowan
Melrose said.
The company
said 25 jobs will be lost when it closes its conveyor
component
production unit located in Heatherbrae, NSW, relocating
operations to
Bayswater, WA.
“We deeply
regret the impact these decisions will have on the individuals
concerned,
their families and the Newcastle/Hunter region,” he said.
Melrose said
the move is “absolutely necessary” to ensure its components
business stays
in Australia.
“While the
closure of the Heatherbrae conveyor component production unit
is a poor outcome
for all concerned, the company is in the position where
this is
absolutely necessary to ensure the continuing viability of our
conveyor
components business,” he said.
The company
said redundancies will be finalised once its voluntary
redundancy process
is completed.
Weaker
conditions across both Australian and global mining sectors will
see an
additional 12 redundancies made across other production units at
its
Heatherbrae Hunter Valley Site (HVS) facility.
“Since we
announced some redundancies at this site in May 2013, forward
orders have
slowed further, plus we have seen a further reduction in
outbound
orders during the year,” Melrose said.
“This means we
have no choice but to make these additional changes.”
Sandviks
existing Bayswater operation currently manufactures the majority
of rollers and
pulleys for the local Australian market.
Melrose said
the company conducted a review of its global conveyor
component
capacity and decided to consolidate its entire Australian roller
manufacturing
activities.
“Operating for
over 50 years, the Bayswater facility is also our main
location for
conveyor components engineering, technical and production
expertise,” he
said.
Melrose said
Bayswater has recently been upgraded to improve production
efficiency.
“We have made
significant investments in equipment, facilities and
processes,” he
said.
Job losses
have been experienced across many of the major mining
equipment
manufacturers this year.
“Unfortunately,
Sandvik is not alone in having to make these difficult
decisions,
with other suppliers of equipment and services, along with
mining
companies, announcing employment reductions and facing the
same
situation,” Melrose said.
Source:
www.miningaustralia.com.au
7 May, 2013
Sandvik to
close Mayfield plant
Mining services
company, Sandvik has announced its closing one of its
Hunter
facilities and cutting jobs at another.
Due to reduced
business opportunities its hard materials facility at Mayfield
will close,
resulting in 26 job losses.
The company
has also asked for voluntary redundancies at its
manufacturing,
assembly and distribution facility at Heatherbrae.
It says 43
jobs will be made redundant.
The $50
million facility at Heatherbrae was only opened just over a year
ago, with the
latest redundancies on top of 28 made late last year.
President of
Sandvik Asia Pacific, Rowan Melrose says the redundancies
are a result
of the downturn in the mining industry.
"Unfortunately,
current market conditions have meant a decreasing order
intake for our
market-leading load-and-haul products for the coal mining
sector,"
he said.
"This
decrease in capital sales means we will have had to make a number
of positions
redundant at Heatherbrae.
"Since we
announced some redundancies at this site in December 2012,
forward orders
have slowed further.
"Over the
past few months, Sandvik management has done everything it
can to avoid
further redundancies at our Newcastle facilities; we have
restructured
our workflows, redeployed employees to other worksites and
cut overtime
to reduce costs as much as possible in order to keep our
trained
workforce."
Australian
Manufacturing Workers Union spokesman Corey Wright says
the Mayfield
plant is expected to close later this year.
"We are still
discussing the downturn arrangements for the Mayfield site,"
he said.
"It is
also been announced that there will be further job losses at the
Heatherbrae
site, which again is an unfortunate twist and turn in the mining
world at the
moment and a harsh reality of the downturn."
Source:
www.abc.net.au
Property &
Assets
Premises : The
Subject operates from the verified heading address consisting of an
administrative
office.
Branches : In
addition, the Subject operates from 10 branches and production facilities
located
across
Australia.
Gross Domestic Products (GDP) &
Economic Overview
Central bank :
Reserve Bank of Australia
Reserve of
foreign exchange & gold : US$ 46.714 billion
Gross domestic
product - GDP : US$ 1.586 trillion
GPP
(Purchasing power parity) : 954.296 billion of International dollars
GDP per capita
- current prices : US$ 68,916
GDP -
composition by sector : agriculture: 4%
industry: 25.6%
services: 70.4%
Inflation : 2010: 2.8%
2011: 3.4%
2012: 2.7%
Unemployment
rate : 2010: 5.2%
2011: 5.1%
2012: 5.2%
Public debt
(General
Government gross debt as
a % GDP)
: 2010: 20.4%
2011: 22.9%
2012: 24%
Government
bond ratings : Standard &
Poor's: AAA
Moody's rating: Aaa
Moody's outlook: STA
Market value
of publicly traded
Shares : US$1.198
trillion
Largest companies in the country :
Qantas Airways
(Airline),Coca-Cola Amatil (Beverages), CSL
(Biotechs),Brambles
(Business & Personal Services),Crown Ltd (Casinos &
Gaming),Amcor
(Containers & Packaging),Suncorp-Metway (Diversified
Insurance),BHP
Billiton (Diversified Metals & Mining),Newcrest Mining
(DiversifiedMetals
& Mining), Orica (Diversified Metals & Mining), Iluka
Resources(Diversified
Metals & Mining), Origin Energy (Electric Utilities),
AGL
Energy(Electric Utilities), Wesfarmers (Food Retail), Woolworths
(Food
Retail),Metcash (Food Retail), Macquarie Group (Investment
services),
AMP(Investment services), Challenger Ltd (Investment services),
FortescueMetals
Group (Iron & Steel), Bluescope Steel (Iron & Steel),
Commonwealth
Bank (Major Banks), Westpac Banking Group
(MajorBanks),
National Australia Bank (Major Banks), ANZ (Major
Banks),Woodside
Petroleum (Oil & Gas Operations), Santos (Oil & Gas
Operations),
Caltex Australia (Oil & Gas Operations), WorleyParsons (Oil
Services &
Equipment), Toll Holdings (Other Transportation), Transurban
Group (Other
Transportation), QBE Insurance Group (Property & Casualty
Insurance),
Insurance Australia Group (Property & Casualty Insurance),
QR National
(Railroads), Westfield Group (Real Estate), Stockland
Australia
(Real Estate), Westfield Retail Trust (Real Estate), Lend Lease
(Real Estate),
CFS Retail Property Trust (Real Estate), Goodman Group
(Real Estate),
Bendigo & Adelaide Bank (Regional Banks), Bank of
Queensland
(Regional Banks), Incitec Pivot (Specialized Chemicals),
Telstra
(Telecommunications Services)
Trade & Competitiveness Overview
Total exports
: US$263.9 billion
Exports
commodities : Coal, iron ore, gold,
meat, wool, alumina, wheat, machinery and transport
equipment
Total imports
: US$239.7 billion
Imports
commodities : Machinery and transport
equipment, computers and office machines,
telecommunication equipment and parts;
crude oil and petroleum products
Export - major
partners : China 27.4%, Japan 19.2%, South Korea 8.9%, India 5.8%
Import - major
partners : China 18.5%, US 11.4%, Japan 7.9%, Singapore 6.3%, Germany 4.7%
FDI Inflows : 2009: US$26,554 million
2010: US$35,556 million
2011: US$41,317 million
FDI Outflows :
2009: US$16,693 million
2010: US$12,791 million
2011: US$19,999 million
Best countries
for doing business : 10 out of 185
countries
Global
competitiveness ranking : 20
(ranking by country on a basis of 144, the first is the best)
Country and Population Overview
Total population
: 22.68 million
Total area : 7,692,024 km2
Capital : Canberra
Currency : Australian dollars (AUD)
Internet users
as % of total
Population : 79%
Purchase Term
International
: L/C, Telegraphic transfer, D/P, Credit 30-120 days
Sales Term
Local :
Prepayment, Bank transfer, D/P, Credit 30-120 days
International
: L/C, Telegraphic transfer, D/P, Credit 30-120 days
Trade Reference/ Payment
Behaviour
Comments : As local
and international trade references were not supplied, the Subject's
payment track
record history cannot be appropriately determined but based
on our
research, payments are believed to be met without delay.
Investigation Note
Sources :
Interviews and material provided by the Subject
: Other
official and local business sources
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.99 |
|
|
1 |
Rs.102.07 |
|
Euro |
1 |
Rs.84.53 |
INFORMATION DETAILS
|
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 |
|
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.