MIRA
INFORM REPORT
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Name :
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SEKISUI RIB LOC AUSTRALIA PTY LTD
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Formerly Known As :
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RIB LOC AUSTRALIA PTY. LIMITED
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Registered Office :
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587 Grand Junction Road, Gepps
Cross, South Australia 5094
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Country :
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Australia
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Financials (as on) :
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30.06.14
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Date of Incorporation :
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07.06.1984
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Com. Reg. No.:
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008040800
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Legal Form :
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Australian Proprietary Company, Limited by Shares
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Line of Business :
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Manufacturing and Distribution of Pipeline Products and Providing
Pipeline Rehabilitation Services.
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No. of Employees :
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70 employees (Subject)
23,017 employees (Sekisui Group)
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RATING
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STATUS
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PROPOSED CREDIT LINE
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41-55
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Ba
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Overall operation is considered normal. Capable to meet normal
commitments.
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Satisfactory
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Status :
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Satisfactory
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Payment Behaviour :
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No Complaints
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Litigation :
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Clear
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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
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Country Name
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Previous Rating
(31.03.2014)
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Current Rating
(01.06.2014)
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Australia
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A1
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A1
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Risk Category
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ECGC
Classification
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Insignificant
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A1
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Low
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A2
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Moderate
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B1
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High
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B2
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Very High
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C1
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Restricted
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C2
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Off-credit
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D
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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.
Company Name
SEKISUI RIB LOC AUSTRALIA PTY LTD
CORPORATE DETAILS
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Verified Address
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Subject
name
SEKISUI RIB LOC AUSTRALIA PTY LTD
Business address
587 Grand Junction Road
Town
Gepps Cross
Province
South Australia
Zip / Postal code
5094
Country
Australia
Telephone
+61 8 82608000
Fax
+61 8 82608084
Email
info@sekisuispr.com.au
Website
www.sekisuispr.com
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Registered
address
587 Grand Junction Road
Town
Gepps Cross
Province
South Australia
Zip / Postal code
5094
Country
Australia
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SUMMARY DETAILS
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Report Summary
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Date
registered
07/06/1984
Legal form
Australian Proprietary Company, Limited by Shares
Key personnel
Edmund Leo Luksch
Line of business
The Subject’s business consist of manufacturing and distribution of pipeline
products and providing pipeline rehabilitation services.
Staff employed
70 employees (Subject); 23,017 employees (Sekisui Group)
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Paid-up
capital
AUD 2.00
Sales turnover / Revenue / Income
AUD 25,000,000.00 (Estimated Non-Consolidated 12 months, 30/06/2014)
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CREDIT RISK OUTLOOK
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Subject’s Credit
Risk Analysis
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Country
risk
Country risk is minimal
Operation trend
Operational trend is steady
Management experience
Management is adequately experienced
Financial performance
Financial performance is fair
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Organisation
structure
Organisational structure is stable
Detrimental
No detrimental found
Payment history
No payment delays noted
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STATUTORY DETAILS
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Registry
Information
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Date
registered
07/06/1984
Legal form
Australian Proprietary Company, Limited by Shares
Registration number
Australian Company Number: 008040800
Registered authority
Australian Securities and Investments Commission
Tax / VAT number
Australian Business Number: 57008040800
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Statutory
status
Active
Previous name
RIB LOC AUSTRALIA PTY. LIMITED
RIB LOC (AUST.) PTY. LTD.
MENZEL & ASSOCIATES PTY. LTD. (initial)
Change of legal form
None reported.
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BOARD OF MANAGEMENT
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Key Personnel
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Name
Edmund Leo Luksch
Designation
Managing Director
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BOARD OF DIRECTORS
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Appointments
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Name
Barry Laurence Taylor
Title
Director
Appointment date
19/01/09
Address
23 Gilles Road
Glen Osmond, SA 5064
Australia
Biography
Born on 18-09-1950 in Penola, South Australia, Australia.
Name
John Gerard Taylor
Title
Director
Appointment date
19/12/13
Address
11 Avenue Road
Prospect, SA 5082
Australia
Biography
Born on 02-10-1964 in Kyabram, Victoria, Australia.
Name
Edmund Leo Luksch
Title
Director
Appointment date
02/08/04
Address
8 Swanwick Street
Henley Beach, SA 5022
Australia
Biography
Born on 01-02-1955 in Essen, Germany.
Name
Gloria Ann Porcelli
Title
Company Secretary
Appointment date
20/07/06
Address
107a Esplanade
Hove, SA 5048
Australia
Biography
Born on 08-07-1957 in Adelaide, South Australia, Australia.
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Staff
employed
70 employees (Subject); 23,017 employees (Sekisui Group)
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Other
Appointments
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Auditor
DELOITTE TOUCHE TOHMATSU
Deloitte House
190 Flinders Street
Adelaide SA 5000
Australia
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SHARE CAPITAL
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Composition
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Authorized
capital
AUD2.00
Number / Type of shares
2 Ordinary Shares
Share par value
AUD1.00
Issued capital
AUD2.00
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Paid-up
capital
AUD2.00
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OWNERSHIP / SHAREHOLDERS
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Composition
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Shareholder
name
SEKISUI RIB LOC GROUP PTY LTD
Address
587 Grand Junction Road
Gepps Cross, SA 5094
Australia
Number / Type of shares
2 Ordinary Shares
Percentage (%) of shares
100%
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CORPORATE AFFILIATIONS AND RELATED COMPANIES
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Structure
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Company
name
SEKISUI CHEMICAL CO., LTD.
Affiliation type
Ultimate Holding Company
Country of business
Japan
Comments
Sekisui Chemical Co., Ltd. is engaged in high performance plastics, urban
infrastructure and environmental products, and housing businesses worldwide.
Its High Performance Plastics segment manufactures and sells automotive
materials, such as interlayer films for laminated glass, polyolefin foams,
molded resin products, and double-sided tapes; and IT related materials
comprising LCD fine particles, photosensitive and semiconductor materials,
optical adhesive tapes and films, and ITO films. This segment also offers
diagnostic agents, blood sampling plastic tubes, medical devices,
pharmaceuticals, and drug-discovery support services; and functional
materials, such as adhesives, fire resistant tapes and sheets, packaging
tapes, packaging and agricultural films, plastic containers, and polyvinyl
alcohol resins. The company’s Urban Infrastructure & Environmental
Products segment provides PVC pipes, polyethylene pipes and joints, plumbing
systems, reinforced compound plastic pipes, etc.; pipe materials comprising
valves, pipes, and joints for factory production equipment; and construction
materials, such as rain gutters, flooring materials, etc., as well as
insulation materials and bathroom units. This segment also offers aircraft
interiors sheets, vehicle interior and exterior sheets, and fiber-reinforced
foamed urethane; and materials, equipment, and installation methods for
pipeline renewal. Its Housing segment is involved in the manufacture,
construction, sale, and refurbishing of steel and wooden-frame detached
houses, and housing complexes; creation of interior and exterior spaces;
provision of real estate leasing and brokerage services; and nursing and
elderly business. Sekisui also offers flat panel display manufacturing
equipment, and agricultural and construction materials. The company was
formerly known as Sekisui Sangyo Co., Ltd. and changed its name to Sekisui
Chemical Co., Ltd. in 1948. The company was founded in 1947 and is
headquartered in Osaka, Japan.
Company name
SEKISUI RIB LOC GROUP PTY LTD
Affiliation type
Parent Company
Country of business
Australia
Company name
SEKISUI ASIA PIPE SOLUTIONS PTE LTD
Affiliation type
Sister Company
Country of business
Singapore
Company name
SEKISUI REFRESH CO., LTD.
Affiliation type
Sister Company
Country of business
South Korea
Company name
SEKISUI SPR EUROPE GMBH
Affiliation type
Sister Company
Country of business
Germany
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Remarks
on corporate affiliations and related companies
Other companies of the Sekisui group should be considered affiliates of the Subject.
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BANK AND MORTGAGES
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Bank Details
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Name
of bank
HSBC Bank Australia
Address
Australia
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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.
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Legal Filings
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Bankruptcy
filings
None reported.
Court judgements
None reported.
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Tax liens
None reported.
Others
None reported.
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FINANCIAL STATISTICS
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Description
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Financial
statement source
Provided by the Subject
Financial statement date
30/06/14
Style of financial statement
Estimated key figures
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Currency
of financial statement
Australia Dollar (AUD)
Exchange rate
1 USD = AUD 1.14 as of 29-09-2014
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Concise
Financial Data
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Consolidation
style
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Non Consolidated
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Non Consolidated
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Currency
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Australia Dollar (AUD)
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Australia Dollar (AUD)
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Date of
financial year end
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30/06/14
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30/06/13
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Length of
financial accounts
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12 months
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12 months
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Sales turnover /
Revenue / Income
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25,000,000.00
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24,000,000.00
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Remarks
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The estimated turnover was provided by Mr. Andy (Finance Manager).
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BUSINESS DETAILS
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Operational
Details
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Main
activities
The Subject engages in
manufacturing and distribution of pipeline products and providing pipeline rehabilitation
services.
The Subject is ultimately owned by Sekisui Chemical Co., Ltd.
Sekisui Chemical Co., Ltd. is engaged in high performance plastics, urban
infrastructure and environmental products, and housing businesses worldwide.
Its High Performance Plastics segment manufactures and sells automotive
materials, such as interlayer films for laminated glass, polyolefin foams,
molded resin products, and double-sided tapes; and IT related materials
comprising LCD fine particles, photosensitive and semiconductor materials,
optical adhesive tapes and films, and ITO films. This segment also offers
diagnostic agents, blood sampling plastic tubes, medical devices,
pharmaceuticals, and drug-discovery support services; and functional
materials, such as adhesives, fire resistant tapes and sheets, packaging
tapes, packaging and agricultural films, plastic containers, and polyvinyl
alcohol resins. The company’s Urban Infrastructure & Environmental
Products segment provides PVC pipes, polyethylene pipes and joints, plumbing
systems, reinforced compound plastic pipes, etc.; pipe materials comprising
valves, pipes, and joints for factory production equipment; and construction
materials, such as rain gutters, flooring materials, etc., as well as
insulation materials and bathroom units. This segment also offers aircraft
interiors sheets, vehicle interior and exterior sheets, and fiber-reinforced
foamed urethane; and materials, equipment, and installation methods for
pipeline renewal. Its Housing segment is involved in the manufacture,
construction, sale, and refurbishing of steel and wooden-frame detached
houses, and housing complexes; creation of interior and exterior spaces;
provision of real estate leasing and brokerage services; and nursing and
elderly business. Sekisui also offers flat panel display manufacturing
equipment, and agricultural and construction materials. The company was
formerly known as Sekisui Sangyo Co., Ltd. and changed its name to Sekisui
Chemical Co., Ltd. in 1948. The company was founded in 1947 and is
headquartered in Osaka, Japan.
Products and services
Pipeline products
Spiral wound pipeline products
Stormwater products and services
Underground water storage / detention system
Pipeline rehabilitation services
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Purchases
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International
The Subject sources its product(s) / material(s) from countries such as South
Korea, China, Japan and United States America.
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Sales
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Local
The Subject provides its products and services locally.
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International
The Subject provides its products and services to countries such as New
Zealand, Singapore, India, Malaysia, USA and Europe.
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Key
events
October, 2009
Rewind: a history of Rib Loc
The innovative trenchless industry has created machinery, products and
techniques to facilitate the renovation and repair of underground
infrastructure. In Australasia, Rib Loc has been at the forefront of these
developments.
Trenchless international spoke with Product Manager Shaun Melville regarding
the evolution of Rib Loc and the company’s products. An Australian company,
Rib Loc has developed a range of technical solutions appreciated worldwide.
Rib Loc’s spiral wound system was first invented by Bill Menzel, AO OBE, in
1978 and patented in 1983. Rib Loc’s official establishment would perhaps be
best defined by its listing on the Australian Stock Exchange, which occurred
in 1986, Mr Melville explained.
Rib Loc has undergone several changes in this time, having developed
businesses to employ its spiral wound system in different markets – such as
for column formwork, and new stormwater pipe and turnkey manufacturing
systems for its stormwater pipe. In recent years, these businesses have been
sold in order for Rib Loc to focus on its core business – that of pipeline
rehabilitation technology.
Beyond its initial activities in Australia, Rib Loc has continued to expand
its rehabilitation operations elsewhere throughout the world. After the
pioneering large diameter rehabilitation work performed in the Middle East,
Rib Loc technologies have been used extensively throughout Asia – with
recent, large scale projects in Singapore and India and developing work in
Malaysia. The United States market continues to present a large opportunity
for trenchless rehabilitation work, as do various countries throughout
Europe. More recently, Rib Loc products have been employed within emerging
markets in Africa and South America.
Rib Loc’s first pipe rehabilitation technology was Expanda, developed in 1983
for the close fit lining of small diameter pipes. Other technologies were
developed in time, as the need for more innovative approaches in large
diameter pipe rehabilitation became apparent. Ribsteel followed in 1996, as a
large diameter, high stiffness liner. Rotaloc was developed in 2001,
initially in order to line conduits not directly adjacent to access chambers.
Ribline was developed in 2005, providing a more cost efficient means of large
diameter rehabilitation.
As of 2009, Rib Loc now has access to Sekisui’s SPR technology for the
rehabilitation of non-circular conduits.
Mr Melville said the core principle behind each of Rib Loc’s technologies is
the in situ forming of a standalone structural liner through the helical
winding of a factory extruded profile. Each of the systems offer slight
variations on this theme, such as the expansion process used by Expanda, the
welding process and fully encapsulated steel reinforcement employed by
Ribline, or the fact that the Rotaloc and SPR machines travel down the
pipeline, winding the liner behind them.
Mr Melville said “All pipe rehabilitation methods on the market offer
different advantages in different situations.
“One of the fundamental differences with the spiral wound family of products
is the ease of installation and high quality control made possible by the
factory extrusion of the materials.
“The systems are cost effective and low risk, as the site installation
process is a mechanical operation. This leads to advantages through
eliminating variation in the quality and properties of the finished liner due
to job site conditions in addition to being able to easily employ the systems
in developing countries.”
Another advantage is the ability of the system to handle high ambient
temperature conditions, as well as being able to operate in wet environments
without the requirement for full bypass of flow – and quite often no bypass
required at all, he explained.
Working together
Rib Loc and Interflow have a long history of working together to develop
innovative solutions to the often complex pipe rehabilitation problems found
within Australia and New Zealand. The relationship of mutual respect and
desire for excellence in innovation between contractor and technology developer
has lead to many advances in the industry and to the ongoing success of both
businesses.
Rib Loc has recently become part of the Sekisui SPR Group, a global group of
companies that can offer both spiral wound products for gravity pipe
rehabilitation and cured-in-place products for pressure main rehabilitation.
Becoming part of the Sekisui SPR Group has allowed Rib Loc to share its
proven skills in product development, with the support of Sekisui’s strengths
in material formulation and manufacturing. Additionally, Rib Loc is now able
to introduce to Australia the Sekisui SPR system – a technology for the
structural rehabilitation of large diameter non-circular conduits.
The industry
When asked about the changes in the industry, Mr Melville said “Obviously
there’s been a great deal of development within the industry, with both a
growing number of technologies available and also advances in existing
products and techniques.
“Municipal water authorities have recognised the significant advantages that
trenchless methods offer – through promotion by industry bodies such as the
various Societies for Trenchless Technology through conferences and
exhibitions.”
Mr Melville said that the most obvious new policies needed to drive growth
and production of trenchless rehabilitation methods in the industry relate to
“environmental and social impact”.
“Clearly trenchless technologies offer significant advantages in these areas.
This may be as simple as employing sewer pipe rehabilitation to prevent
contamination of groundwater or conducting water main rehabilitation to
conserve potable water – all while avoiding the disruption of conventional
dig up and replace techniques. These are outcomes that would be appreciated
by all concerned.”
Key trends in Australia
Trends identified by Mr Melville include an increase in the amount of large
diameter rehabilitation work being undertaken. “Perhaps [it is] natural given
the increased acceptance of trenchless methods by municipal authorities and
the fact that a great deal of small diameter work has been completed,” he
said. “Additionally there is a growing push, both here in Australia and
internationally, for the sealing of lateral connections – resulting from a
growing number of studies that have demonstrated that no system offers a
perfect seal at these locations.”
Furthermore, Mr Melville said that recently greater attention has been given
to potable water mains, another area of aging underground infrastructure,
“with a growing number of failures leading to water losses in a nation where
water resources are at a premium”.
A trenchless future
“[We] have seen the Australian marketplace becoming far more conducive to the
development and trial of innovative approaches to the problems of
deteriorated underground infrastructure. Many other markets place greater
restrictions within specifications on allowable techniques – which can often
lead to a stifling of new development.”
Mr Melville said that as Australasia’s trenchless industry matures the
company believes that there will be a greater awareness as to the technical
requirements of rehabilitation techniques, leading to standardisation and
certain benchmark requirements established for products within the industry.
The nature of the market will hopefully leave it well positioned to find a
balance between standardisation and innovation.
Rib Loc will continue to develop rehabilitation technologies as needs become
apparent within the industry – with a drive toward material usage
efficiencies and improved product structural capabilities. The continued
successful expansion and growth of Rib Loc’s export markets is also planned
at an accelerated rate.
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Business
Facilities and Assets
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Premises
The Subject operates from the verified heading address consisting of a production
facility, warehouse and an administrative office.
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Branches
None reported.
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SUMMARIZED COUNTRY RISK
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Gross Domestic
Products (GDP) and Economic Overview
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Central
bank
Reserve Bank of Australia
Reserve of foreign exchange and gold
US$ 46.714 billion
Gross domestic product (GDP)
US$ 1.586 trillion
Purchasing power parity (GPP)
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%
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Public
debt (general Government gross debt as percentage (%) of 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
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Trade and
Competitiveness Overview
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Total
exports
US$263.9 billion
Export commodities
Coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport
equipment
Total imports
US$239.7 billion
Import commodities
Machinery and transport equipment, computers and office machines,
telecommunication equipment and parts; crude oil and petroleum products
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)
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Major
export partners
China 27.4%, Japan 19.2%, South Korea 8.9%, India 5.8
Major import 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
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Country and
Population Overview
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Total
population
22.68 million
Total area
7,692,024 km2
Capital
Canberra
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Currency
Australian dollars (AUD)
Internet users as percentage (%) of total population
79%
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PAYMENT OUTLOOK
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Purchases Term
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International
Prepayment, Telegraphic transfer, L/C, D/P, Credit 30-90 days
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Sales Term
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Local
Prepayment, Bank transfer, D/P, Credit 30-90 days
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International
Prepayment, Telegraphic transfer, L/C, D/P, Credit 30-90 days
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Trade Reference
/ Payment Behaviour
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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.
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Investigation
Note
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Sources
Interviews and material provided by the Subject
Other official and local business sources
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Currency
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Unit
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Indian Rupees
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US Dollar
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1
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Rs.61.43
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UK Pound
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1
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Rs.99.73
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Euro
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1
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Rs.77.93
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Analysis Done by
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SUB
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Report Prepared
by :
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NIT
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RATING
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STATUS
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PROPOSED CREDIT LINE
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>86
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Aaa
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Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums
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Unlimited
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71-85
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Aa
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Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums
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Large
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|
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56-70
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A
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Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums
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Fairly Large
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41-55
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Ba
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Overall operation is considered normal. Capable to meet normal
commitments.
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Satisfactory
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26-40
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B
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Capability to overcome financial difficulties seems comparatively
below average.
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Small
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11-25
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Ca
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Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity
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Limited with
full security
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<10
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C
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Absolute credit risk exists. Caution needed to be exercised
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Credit not
recommended
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--
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NB
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New Business
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--
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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.
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