MIRA INFORM REPORT
|
Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
KRONES [THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
39th Floor,
TCIF Tower, 1858/138
Bangna-Trad Road, Bangna, Bangkok 10260,
|
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
12.02.1997 |
|
|
|
|
Com. Reg. No.: |
0105540015681 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in importing and
distributing of machinery
and spare parts
for packaging, foods
and beverage industries |
|
|
|
|
No. of Employees : |
20 |
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 : |
Satisfactory |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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 in
2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and
deployed 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 recession severely cut Thailand's exports, with most
sectors experiencing double-digit drops. In late 2011 Thailand's recovery was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. The government
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 following seven years. This was expected to lead to an
economic upsurge but growth has remained slow, in part due to ongoing political
unrest and resulting uncertainties. Spending on infrastructure will require re-approval
once a new government is seated
|
Source
: CIA |
Company
name
KRONES [THAILAND]
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 39th FLOOR,
TCIF TOWER,
1858/138 BANGNA-TRAD
ROAD, BANGNA,
BANGKOK 10260,
THAILAND
TELEPHONE
NO. : [66]
2763-6500, 086 364-2734
FAX :
[66] 2763-6501
E-MAIL
ADDRESS : jaturong.l@krones.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1997
REGISTRATION
NO. : 0105540015681
TAX
ID NO. : 3011829202
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : GERMAN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. MARKUS WINTER,
GERMAN
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 20
LINES
OF BUSINESS : INDUSTRIAL MACHINERY
AND SPARE PARTS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established on February 12, 1997 as a
private limited company under
the registered name
style KRONES [THAILAND]
CO., LTD. by German group,
with the business
objective to supply
product and service
for industrial machinery
and spare parts. It currently employs
approximately 20 staff.
The
subject is a
wholly owned subsidiary
of Krones AG, in
Germany.
The
subject’s registered address is 39th Floor,
TCIF Tower, 1858/138
Bangna-Trad Rd., Bangna,
Bangkok 10260, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Johann Rainulf Guntram
Diepold |
|
German |
53 |
|
Mr. Markus Winter |
|
German |
47 |
AUTHORIZED PERSON
1. Both of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
2. In case
of contact to
government sector, one
of the above
directors can sign
on
behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Markus Winter is
the Chief Executive
Officer.
He is German
nationality with the
age of 47
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
of machinery and
spare parts for
packaging, foods and
beverage industries.
The subject
is also providing design, installation
and maintenance services,
as well as
technical and engineering
consultant.
PURCHASE
Most of the
products are imported
from Germany, Republic
of China and
Malaysia, the remaining
is purchased from
local suppliers.
MAJOR
SUPPLIER
Krones
AG. : Germany
SALES
100% of the
products is sold
locally to manufacturers
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
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
20 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
Subject has
witnessed persistent increase
in its business turnover in addition
to secure reliable
product quality and
efficient services during
the past few
years. Subject has built up good-term
supply and marketing relations
with numerous recognized companies in domestic market.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000 divided
into 1,000,000 shares
of Bht. 10
each.
On
August 23, 2000,
the registered capital
was decreased to
Bht. 5,000,000 divided
into 500,000 shares
of Bht. 10 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 21, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Krones AG. Nationality: German Address : Böhmerwaldstraße
5 93068 Neutraubling Germany |
499,994 |
99.99 |
|
Mr. Volker Kronester Nationality: German Address : Neutraubling, Germany |
1 |
|
|
Mr. Johann Rainulf Guntram
Diepold Nationality: German Address : Böhmerwaldstraße
5 93068 Neutraubling Germany |
1 |
|
|
Mr. Dieter Stadler Nationality: German Address : Böhmerwaldstraße
5 93068 Neutraubling Germany |
1 |
= 0.01 |
|
Mr. Thomas Gerstl Nationality: German Address : Böhmerwaldstraße
5 93068 Neutraubling Germany |
1 |
|
|
Mr. Christian Wagner Nationality: German Address : Böhmerwaldstraße
5 93068 Neutraubling Germany |
1 |
|
|
Mr. Markus Winter Nationality: German Address : 1858/138
Bangna-Trad Road, Bangna,
Bangkok |
1 |
|
Total Shareholders : 7
Share Structure [as
at April 21,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - German |
7 |
500,000 |
100.00 |
|
Total |
7 |
500,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Wilai Buranakittisopon No.
3920
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December 31,
2013, 2012 &
2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
165,195,820 |
108,629,245 |
103,085,558 |
|
Trade Accounts Receivable
|
515,284,903 |
352,665,179 |
259,981,204 |
|
Other Receivable |
5,457,320 |
3,924,916 |
- |
|
Inventories |
223,499,787 |
132,896,929 |
93,956,862 |
|
Deferred Income |
3,053,217 |
3,954,408 |
4,327,059 |
|
Other Current Assets
|
1,915,597 |
1,177,105 |
7,312,726 |
|
|
|
|
|
|
Total Current Assets
|
914,406,644 |
603,247,782 |
468,663,409 |
|
Cash at Bank pledged as a Collateral |
185,000 |
185,000 |
185,000 |
|
Fixed Assets |
63,586,222 |
62,336,916 |
64,797,078 |
|
Deposits |
2,350,389 |
2,369,789 |
2,222,454 |
|
Total Assets |
980,528,255 |
668,139,487 |
535,867,941 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts Payable
|
273,828,947 |
123,159,567 |
68,398,825 |
|
Current Portion of
Financial Lease Contract Liabilities |
5,047,358 |
4,733,377 |
4,625,060 |
|
Accrued Income Tax |
19,025,525 |
5,331,850 |
7,337,802 |
|
Other Payable |
58,328,284 |
30,641,659 |
24,794,468 |
|
Other Current Liabilities |
19,091,883 |
17,455,506 |
10,565,130 |
|
|
|
|
|
|
Total Current Liabilities |
375,321,997 |
181,321,959 |
115,721,285 |
|
|
|
|
|
|
Employee Benefits Obligation |
6,761,171 |
5,664,869 |
4,888,525 |
|
Financial Lease Contract
Liabilities |
6,205,791 |
5,242,253 |
3,281,459 |
|
Demolition and Restoration
Liabilities from Assets |
1,919,005 |
1,919,005 |
- |
|
Total Liabilities |
390,207,964 |
194,148,086 |
123,891,269 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 500,000 shares |
5,000,000 |
5,000,000 |
5,000,000 |
|
|
|
|
|
|
Capital Paid |
5,000,000 |
5,000,000 |
5,000,000 |
|
Retained Earning Unappropriated |
585,320,291 |
468,991,401 |
406,976,672 |
|
Total Shareholders' Equity |
590,320,291 |
473,991,401 |
411,976,672 |
|
Total Liabilities & Shareholders' Equity |
980,528,255 |
668,139,487 |
535,976,672 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
1,381,929,570 |
879,446,408 |
583,711,485 |
|
Service Income |
418,679,243 |
351,292,817 |
269,865,963 |
|
Gain on Exchange Rate |
16,399,183 |
297,980 |
4,875,541 |
|
Other Income |
39,441,319 |
4,846,138 |
4,561,132 |
|
Total Revenues |
1,856,449,315 |
1,235,883,343 |
863,014,121 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,058,894,458 |
676,704,350 |
444,268,034 |
|
Cost of Services |
371,410,862 |
310,644,485 |
200,581,890 |
|
Selling Expenses |
99,553,924 |
54,786,080 |
39,720,160 |
|
Administrative Expenses |
179,551,077 |
112,199,753 |
94,932,176 |
|
Total Expenses |
1,709,410,321 |
1,154,334,668 |
779,502,260 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
147,038,994 |
81,548,675 |
83,511,861 |
|
Financial Cost |
[380,749] |
[259,559] |
[243,225] |
|
Profit / [Loss] before Income
Tax |
146,658,245 |
81,289,116 |
83,268,636 |
|
Income Tax |
[30,329,355] |
[19,274,387] |
[25,672,842] |
|
|
|
|
|
|
Net Profit / [Loss] |
116,328,890 |
62,014,729 |
57,595,794 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.44 |
3.33 |
4.05 |
|
QUICK RATIO |
TIMES |
1.83 |
2.57 |
3.14 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
28.32 |
19.74 |
13.17 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.84 |
1.84 |
1.59 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
57.03 |
49.13 |
53.18 |
|
INVENTORY TURNOVER |
TIMES |
6.40 |
7.43 |
6.86 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
104.45 |
104.59 |
111.17 |
|
RECEIVABLES TURNOVER |
TIMES |
3.49 |
3.49 |
3.28 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
69.88 |
45.53 |
38.72 |
|
CASH CONVERSION CYCLE |
DAYS |
91.61 |
108.19 |
125.64 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
79.43 |
80.22 |
75.55 |
|
SELLING & ADMINISTRATION |
% |
15.50 |
13.57 |
15.78 |
|
INTEREST |
% |
0.02 |
0.02 |
0.03 |
|
GROSS PROFIT MARGIN |
% |
23.67 |
20.19 |
25.56 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.17 |
6.63 |
9.78 |
|
NET PROFIT MARGIN |
% |
6.46 |
5.04 |
6.75 |
|
RETURN ON EQUITY |
% |
19.71 |
13.08 |
13.98 |
|
RETURN ON ASSET |
% |
11.86 |
9.28 |
10.75 |
|
EARNING PER SHARE |
BAHT |
232.66 |
124.03 |
115.19 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.40 |
0.29 |
0.23 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.66 |
0.41 |
0.30 |
|
TIME INTEREST EARNED |
TIMES |
386.18 |
314.18 |
343.35 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
46.30 |
44.19 |
|
|
OPERATING PROFIT |
% |
80.31 |
(2.35) |
|
|
NET PROFIT |
% |
87.58 |
7.67 |
|
|
FIXED ASSETS |
% |
2.00 |
(3.80) |
|
|
TOTAL ASSETS |
% |
46.76 |
24.68 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 46.3%. Turnover has increased from THB
1,230,739,225.00 in 2012 to THB 1,800,608,813.00 in 2013. While net profit has increased
from THB 62,014,729.00 in 2012 to THB 116,328,890.00 in 2013. And total assets
has increased from THB 668,139,487.00 in 2012 to THB 980,528,255.00 in 2013.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
23.67 |
Deteriorated |
Industrial
Average |
76.42 |
|
Net Profit Margin |
6.46 |
Impressive |
Industrial
Average |
4.15 |
|
Return on Assets |
11.86 |
Impressive |
Industrial
Average |
4.00 |
|
Return on Equity |
19.71 |
Impressive |
Industrial
Average |
6.71 |
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 23.67%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have problems with control over its costs.
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 6.46%, higher figure when compared with those
of its average competitors in the same industry, indicated that business was an
efficient operator in a dominant
position within its industry.
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. Return on Assets ratio is
11.86%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
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. Return on Equity ratio
is 19.71%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
2.44 |
Acceptable |
Industrial
Average |
3.53 |
|
Quick Ratio |
1.83 |
|
|
|
|
Cash Conversion Cycle |
91.61 |
|
|
|
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 2.44 times in 2013, decreased from 3.33 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 lower.
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 1.83 times in 2013,
decreased from 2.57 times, although excluding inventory so the company still have
good short-term financial strength.
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 92 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.40 |
Acceptable |
Industrial
Average |
0.28 |
|
Debt to Equity Ratio |
0.66 |
Impressive |
Industrial
Average |
0.40 |
|
Times Interest Earned |
386.18 |
Impressive |
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 386.19 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.4 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
28.32 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.84 |
Impressive |
Industrial
Average |
0.96 |
|
Inventory Conversion Period |
57.03 |
|
|
|
|
Inventory Turnover |
6.40 |
Impressive |
Industrial
Average |
4.67 |
|
Receivables Conversion Period |
104.45 |
|
|
|
|
Receivables Turnover |
3.49 |
Impressive |
Industrial
Average |
2.44 |
|
Payables Conversion Period |
69.88 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.49 and 3.49 in
2013 and 2012 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 is 3.49. This would suggest the company had good
performance 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 49 days at the
end of 2012 to 57 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 7.43 times in year 2012 to 6.4 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.84 times and 1.84
times in 2013 and 2012 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 Stable
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.31 |
|
|
1 |
Rs.99.00 |
|
Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.