MIRA
INFORM REPORT
|
Report Date : |
20.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
EXELCO SOURCING BVBA |
|
|
|
|
Registered Office : |
Pelikaanstraat 62, 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
25.10.2007 |
|
|
|
|
Com. Reg. No.: |
893075337 |
|
|
|
|
Legal Form : |
Private Limited Company
(BL/LX) |
|
|
|
|
Line of Business : |
Wholesale of diamonds and
other precious stones |
|
|
|
|
No. of Employees |
2 |
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 : |
Slow but correct |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Belgium |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
BELGIUM - ECONOMIC OVERVIEW
This modern, open, and
private-enterprise-based economy has capitalized on its central geographic
location, highly developed transport network, and diversified industrial and commercial
base. Industry is concentrated mainly in the more heavily-populated region of
Flanders in the north. With few natural resources, Belgium imports substantial
quantities of raw materials and exports a large volume of manufactures, making
its economy vulnerable to volatility in world markets. Roughly three-quarters
of Belgium's trade is with other EU countries, and Belgium has benefited most
from its proximity to Germany. In 2013 Belgian GDP grew by 0.1%, the
unemployment rate increased to 8.8% from 7.6% the previous year, and the
government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%.
Despite the relative improvement in Belgium's budget deficit, public debt
hovers around 100% of GDP, a factor that has contributed to investor perceptions
that the country is increasingly vulnerable to spillover from the euro-zone
crisis. Belgian banks were severely affected by the international financial
crisis in 2008 with three major banks receiving capital injections from the
government, and the nationalization of the Belgian retail arm of a
Franco-Belgian bank
|
Source
: CIA |
Company summary
Business number 893075337
Company name EXELCO SOURCING
BVBA
Address PELIKAANSTRAAT 62
2018 ANTWERPEN
Number of staff 2
Date of establishment 25/10/2007
Telephone number 032322804
Commentary
The business was established over 6 years ago.
The business has 1 employees.
The business has been at the address for over 15 months.
Operating Result in the latest trading period decreased 21% on the previous
trading period.
Net Worth increased by 643% during the latest trading period.
A 31% decline in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 52% compared to the previous trading
period.
The business saw a decrease in their Cash Balance of 62% during the
latest trading period.
Turnover in the latest trading period decreased 31% on the previous
trading period.
Accounts
DATE OF LATEST ACCOUNTS TURNOVER
PROFIT BEFORE TAX NET WORTH WORKING CAPITAL
31/12/2012 23,548,321
26,946 1,104,653 1,663,905
31/12/2011 34,323,946
57,018 148,565 1,680,408
31/12/2010 22,584,361
58,086 110,269 1,217,867
Accounts
DATE OF LATEST ACCOUNTS BALANCE
TOTAL NUMBER OF EMPLOYEES CAPITAL CASHFLOW
31/12/2012 8,729,305
2 967,683 14,315
31/12/2011 12,758,369
2 20,710 38,720
31/12/2010 10,000,204
2 20,053 45,993
Payment expectations
Past payments
Payment expectation days 67.77
Industry average payment expectation days 165.18
Industry average day sales outstanding 127.11
Day sales outstanding 86.84
Court data summary
BANKRUPTCY DETAILS
Court action Type
no
PROTESTED BILLS
Bill amount -
NSSO DETAILS
Date of summons –
Company information
|
Business
number |
893075337 |
Company
name |
EXELCO
SOURCING BVBA |
|
|
Fax number |
|
Date
founded |
25/10/2007 |
|
|
Company
status |
active |
Company
type |
Private Limited Company (BL/LX) |
|
|
Currency |
Euro (€) |
Date of
latest accounts |
31/12/2012 |
|
|
Activity
code |
46761 |
Liable for
VAT |
yes |
|
|
Activity
description |
Wholesale of diamonds and other precious stones |
VAT Number |
BE.0893.075.337
Check VAT number |
|
|
Belgian Bullettin of Acts Publications - |
moniteur
belge |
|
|
|
|
Contractor
details |
||||
|
Registered
contractor number |
- |
|
|
|
|
Contractor
description |
- |
|
|
|
|
Date
struck off register |
||||
Social Balance Sheet details
|
Social
Balance Sheet |
Total |
|
During the
reporting year |
|
|
ended
31-12-2012 |
|
|
Full-time
Employees |
2 |
|
Part-time
Employees |
- |
|
Total Fte
Employees |
2 |
|
|
|
|
Number of
hours worked |
|
|
Full-time
Employees |
3,572 |
|
Part-time
Employees |
- |
|
Total |
3,572 |
|
|
|
|
Personnel
Charges |
|
|
Full-time Employees |
67,086 |
|
Part-time
Employees |
- |
|
Total |
67,086 |
|
Benefits
In Addition To Wages |
- |
|
|
|
|
During the
previous reporting year |
|
|
Average
number employees in Fte |
2 |
|
Actual
working hours |
4,271 |
|
Personnel
Charges |
74,105 |
|
Benefits
In Addition To Wages |
- |
|
1 |
|
|
|
|
|
|
------------- K |
|
Type of
Contract |
Full-Time |
Part-Time |
Total Fte |
|
|
Unlimited Duration Contracts |
2 |
- |
2 |
|
|
Limited
Duration Contracts |
- |
- |
- |
|
|
Contracts For Specific Work |
- |
- |
- |
|
|
Contracts Regarding Substitution |
- |
- |
- |
|
|
|
|
|
|
|
|
|
||||
|
Gender and Education Level |
|
|
|
\. |
|
Men |
Full-Time |
Part-Time |
Total Fte |
|
|
Primary
education |
- |
- |
- |
|
|
Secondairy
education |
1 |
- |
1 |
|
|
Higher
education (non university) |
- |
- |
- |
|
|
Higher
education (university) |
- |
- |
- |
|
|
Women |
Full-Time |
Part-Time |
Total Fte |
|
|
Primary
education |
1 |
- |
1 |
|
|
Secondairy
education |
- |
- |
- |
|
|
Higher
education (non university) |
- |
- |
- |
|
|
Higher
education (university) |
- |
- |
- |
|
|
|
|
|
|
|
|
|
||||
|
Working
Category |
Full-Time |
Part-Time |
Total Fte |
\. |
|
Management |
- |
- |
- |
|
|
White
collar worker |
2 |
- |
2 |
|
|
Blue
collar worker |
- |
- |
- |
|
|
Other |
- |
- |
- |
|
|
|
|
|
|
|
|
|
||||
|
Temporary
personnel |
|
Total |
|
\. |
|
Average
number of temporary staff |
- |
|
|
|
|
Actual
working hours |
|
- |
|
|
|
Cost of
temporary staff |
|
- |
|
|
|
|
|
|
|
J |
|
|
||||
|
New staff
and leavers |
Full-Time |
Part-Time |
Total Fte |
|
|
New
Starters |
- |
- |
- |
|
|
Leavers |
- |
- |
- |
|
Personnel (NSSO classification)
Code
-
Description FROM 1 TO 4 EMPLOYEES
Joint Industrial Committee (JIC)
JIC Code 218
Description Additional
national joint committee for the employees
JIC Code 324
Description Joint committee
for the industry and the trade in diamant
Category
Significant Events
Event Date 23/07/2013
Event Description
Event Details Toekenning van 515
nieuwe aandelen aan NV Exelco.
Company accounts
|
Annual
accounts |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
Industry
average 2012 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Turnover |
23,548,321 |
-31.39 |
34,323,946 |
51.98 |
22,584,361 |
46,485,458 |
-49.34 |
|
Total
operating expenses |
23,353,412 |
-31.47 |
34,075,479 |
52.38 |
22,362,364 |
46,114,879 |
-49.36 |
|
Operating
result |
194,909 |
-21.56 |
248,467 |
11.92 |
221,997 |
140,644 |
38.58 |
|
Total
financial income |
15,249 |
-36.90 |
24,165 |
5.32 |
22,944 |
97,700 |
-84.39 |
|
Total
financial expenses |
183,212 |
-15.03 |
215,614 |
1 5.39 |
186,855 |
205,052 |
-10.65 |
|
Results on ordinary operations before taxation |
26,946 |
-52.74 |
57,018 |
-1.84 |
58,086 |
25,212 |
6.88 |
|
Taxation |
13,492 |
-39.58 |
22,332 |
59.82 |
13,973 |
20,811 |
-35.17 |
|
Results on
ordinary operations after taxation |
13,454 |
-61.21 |
34,686 |
-21.37 |
44,113 |
10,416 |
29.17 |
|
Extraordinary
items |
-1,858 |
- |
0 |
0 |
-293 |
-3,982 |
46.66 |
|
Other
appropriations |
0 |
0 |
-1 |
- |
0 |
- |
- |
|
Net result OTHER INFORMATION |
11,596 |
-66.57 |
34,685 |
-20.85 |
43,820 |
6,453 |
79.70 |
|
Gross
Operating Margin |
- |
- |
- |
- |
- |
55,998 |
- |
|
Dividends |
- |
- |
- |
- |
- |
172,177 |
- |
|
Director
remuneration |
29,514 |
- |
- |
- |
29,146 |
112,544 |
-73.78 |
|
Employee
costs |
67,086 |
-11.23 |
75,572 |
320 |
17,963 |
126,172 |
-46.83 |
|
Wages and salary |
53,274 |
-14.93 |
62,627 |
318 |
14,967 |
105,771 |
-49.63 |
|
Employee pension costs |
- |
- |
- |
- |
- |
14,428 |
- |
|
Social security contributions |
11,240 |
14.92 |
9,781 |
506 |
1,614 |
26,708 |
-57.92 |
|
Other employee costs |
2,571 |
-18.72 |
3,163 |
128 |
1,382 |
4,356 |
-40.98 |
|
Amortization
and depreciation |
2,719 |
-32.61 |
4,035 |
85.69 |
2,173 |
17,866 |
-84.78 |
Balance sheet
|
Annual
accounts |
31-12-2012 |
|
31-12-2011 |
% |
31-12-2010 |
Industry
average 2012 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Intangible
fixed assets |
0 |
- |
0 |
- |
0 |
1,576 |
-100 |
|
Tangible
fixed assets |
8,153 |
-36.88 |
12,917 |
-11.55 |
14,603 |
184,536 |
-95.58 |
|
Land & building |
- |
- |
- |
- |
- |
362,988 |
- |
|
Plant & machinery |
7,490 |
28.45 |
5,831 |
-14.51 |
6,821 |
22,615 |
-66.88 |
|
Furniture & Vehicles |
663 |
-90.64 |
7,087 |
-8.93 |
7,782 |
17,300
5,364 |
-96.17 |
|
Leasing & Other Similar Rights |
- |
- |
- |
- |
- |
142,153 32,369 |
- |
|
Other tangible assets |
0 |
0 |
-1 |
- |
0 |
7,611 |
-100 |
|
Financial
fixed assets |
1,019 |
-2.02 |
1,040 |
160 |
400 |
306,761 |
-99 |
|
Total
fixed assets |
9,173 |
-34.28 |
13,957 |
-6.97 |
15,002 |
395,576 |
-97.68 |
|
Inventories |
3,000,462 |
47.59 |
2,032,950 |
-22.80 |
2,633,373 |
3,111,766 |
-3.58 |
|
Raw materials & consumables |
- |
- |
- |
- |
- |
7,209,884 |
- |
|
Work in progress |
0 |
- |
0 |
- |
0 |
2,392 |
-100 |
|
Finished goods |
3,000,462 |
47.59 |
2,032,950 |
-22.80 |
2,633,373 |
2,000,677 |
49.97 |
|
Other stocks |
0 |
- |
0 |
- |
0 |
570,162 |
-100 |
|
Trade
debtors |
5,602,814 |
-46.44 |
10,460,817 |
43.78 |
7,275,734 |
4,249,443 |
31.85 |
|
Cash |
89,362 |
-62.34 |
237,283 |
249 |
67,981 |
225,558 |
-60.38 |
|
other
amounts receivable |
26,237 |
175 |
9,512 |
97.18 |
4,824 |
209,360 |
-87.47 |
|
Miscellaneous
current assets |
1,257 |
-67.35 |
3,850 |
17.02 |
3,290 |
18,289 |
-93.13 |
|
Total
current assets |
8,720,132 |
-31.58 |
12,744,412 |
27.63 |
9,985,202 |
7,337,366 |
18.85 |
|
Total
Assets |
8,729,305 |
-31.58 |
12,758,369 |
27.58 |
10,000,204 |
7,692,885
1,451,744 |
13.47 |
Current liabilities
|
Trade
creditors |
4,336,155 |
-47.68 |
8,288,276 |
23.35 |
6,719,185 |
3,151,222 |
37.60 |
|
Short term
group loans |
- |
- |
- |
- |
- |
- |
- |
|
Financial
debts |
2,690,362 |
-1.58 |
2,733,587 |
35.10 |
2,023,400 |
4,297,815 189,666 |
-37.40 |
|
Current
portion of long term debt |
- |
- |
- |
- |
- |
110,204
15,373 |
- |
|
Amounts Payable for Taxes, Remuneration & Social
Security |
16,429 |
-20.37 |
20,631 |
19.10 |
17,322 |
9,727 - |
-51.63 |
|
Miscellaneous
current liabilities |
13,281 |
-38.26 |
21,510 |
189 |
7,428 |
-95.52 |
- - |
|
Total
current liabilities |
7,056,227 |
-36.22 |
11,064,004 |
26.20 |
8,767,335 |
5,468,297 |
29.04 |
|
LONG TERM DEBTS AND LIABILITIES |
|
|
|
|
|
|
|
|
Long term
group loans |
- |
- |
- |
- |
- |
- |
- - |
|
Other long
term loans |
- |
- |
- |
- |
- |
- |
- - |
|
Deffered
taxes |
- |
- |
- |
- |
- |
37,626
26,358 |
- |
|
Provisions
for Liabilities & Charges |
0 |
- |
0 |
- |
0 |
3,174 0 |
-100 |
|
Other long
term liabilities |
568,425 |
-63.23 |
1,545,800 |
37.70 |
1,122,600 |
128,284 |
343 |
|
Total long term debts SHAREHOLDERS
EQUITY |
568,425 |
-63.23 |
1,545,800 |
37.70 |
1,122,600 |
563,937 |
0.80 |
|
Issued
share capital |
967,683 |
4572 |
20,710 |
3.28 |
20,053 |
967,079 |
0.06 |
|
Share
premium account |
- |
- |
- |
- |
- |
109,362 |
- |
|
Reserves |
136,970 |
7.13 |
127,855 |
41.72 |
90,216 |
657,910 |
-79.18 |
|
Revaluation
reserve |
- |
- |
- |
- |
- |
939,206 |
- |
|
Total
shareholders equity |
1,104,653 |
643 |
148,565 |
34.73 |
110,269 |
1,654,570 |
-33.24 |
|
Working
capital |
1,663,905 |
-0.98 |
1,680,408 |
37.98 |
1,217,867 |
1,869,068 |
-10.98 |
|
Cashflow |
14,315 |
-63.03 |
38,720 |
-15.81 |
45,993 |
21,225 |
-32.56 |
|
Net worth |
1,104,653 |
643 |
148,565 |
34.73 |
110,269 |
1,651,328 |
-33.11 |
Ratio analysis
|
Annual
accounts |
31-12-2012 |
change(%) |
31-12-2011 |
change(%) |
31-12-2010 |
Industry average 2012 |
% |
|
TRADING PERFORMANCE |
|
|
|
|
|
|
|
|
Profit
Before Tax |
0.11 |
-35.29 |
0.17 |
-34.62 |
0.26 |
-29,00 |
0.38 |
|
Return on
capital employed |
1.61 |
-52.23 |
3.37 |
-28.45 |
4.71 |
29,00 |
-94.45 |
|
Return on
total assets employed |
0.31 |
-31.11 |
0.45 |
-22.41 |
0.58 |
-201,00 |
0.15 |
|
Return on
net assets employed |
2.44 |
-93.64 |
38.38 |
-27.15 |
52.68 |
19,00 |
-87.16 |
|
Sales /
net working capital |
14.15 |
-30.74 |
20.43 |
10.19 |
18.54 |
44,00 |
-99 |
|
Stock
turnover ratio |
12.74 |
115 |
5.92 |
-49.23 |
11.66 |
116,00 |
-89.02 |
|
Debtor
days |
86.84 |
-21.93 |
111.24 |
-5.40 |
117.59 |
143,00 |
-39.27 |
|
Creditor
days SHORT TERM STABILITY |
67.77 |
-23.67 |
88.78 |
-19.05 |
109.67 |
125,00 |
-45.78 |
|
Current
ratio |
1.24 |
7.83 |
1.15 |
0.88 |
1.14 |
6,00 |
-86.22 |
|
Liquidity
ratio / acid ratio |
0.81 |
-16.49 |
0.97 |
15.48 |
0.84 |
4,00 |
-79.75 |
|
Current
debt ratio |
6.39 |
-91.42 |
74.47 |
-6.34 |
79.51 |
9,00 |
-29.00 |
|
Liquidity
ratio reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
LONG TERM STABILITY |
|
|
|
|
|
|
|
|
Gearing |
243.55 |
-86.76 |
1839.99 |
0.27 |
1 834.97 |
358,00 |
-31.97 |
|
Equity in
percentage |
12.65 |
990 |
1.16 |
5.45 |
1.10 |
-3.198,00 |
0.40 |
|
Total debt
ratio |
6.90 |
-91.87 |
84.88 |
-5.36 |
89.69 |
10,00 |
-31.00 |
Payment Information
|
Suspension
of payments / moratorium history |
|
|
Amount |
- |
|
Details |
- |
|
Payment
expectations |
|
|
Payment
expectation days |
67.77 |
|
Day sales
outstanding |
86.84 |
|
Industry
comparison |
|
|
Activity
code |
46761 |
|
Activity
description |
Wholesale of diamonds and other
precious stones |
|
Industry average
payment expectation days |
165.18 |
|
Industry
average day sales outstanding |
127.11 |
Industry quartile analysis
|
Payment expectations |
|
|
Company result |
67.77 |
|
Lower |
134.34 |
|
Median |
84.97 |
|
Upper |
46 |
150
100
Day sales outstanding
Company
result 86.84
Lower 111.41
Median 59.01
Upper 28.09
Shareholder Details
Summary
Group - Number of Companies Linkages
- Number of Companies Number of Countries
Group Structure
No group
structure for this company.
Minority Shareholders
Business 454661071
Number Exelco NV
Company name
Safe number BE00326673
% -
Rating 82
Limit €1.650.000
Date of accounts 31/12/2012
Minority interests
No minority interest found
Linked Companies
Summary
Group - Number of Companies 0
Linkages - Number of Companies 0
Number of Countries 0
Court data
Protested bills
Drawee name -
Address -
Bill amount -
Bill currency -
Maturity of bill -
Name of drawer -
City of drawer -
NSSO details
Business number 893075337
Name of defendant -
Legal form of defendant -
Date of summons -
Labour court
-
Bankruptcy details
There is no bankruptcy data against this company
Bankruptcy Data
court data
there is no data for this company
director details
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DIAMOND INDUSTRY – INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S. Africa,
Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
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Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
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The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.86 |
|
|
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.