MIRA INFORM REPORT

Report No. :	317836
Report Date :	23.04.2015

IDENTIFICATION DETAILS

Name :	GINTECH ENERGY CORPORATION
Registered Office :	No.21, Kebei 1st Rd., Zhunan Town, Miaoli County 350
Country :	Taiwan
Financials (as on) :	31.12.2014
Date of Incorporation :	10.08.2005
Com. Reg. No.:	27757133
Legal Form :	Joint Stock Company
Line of Business :	Subject is engaged in manufacturing and sale of solar cell
No. of Employee :	1,600

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 :	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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Taiwan	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

TAIWAN - ECONOMIC OVERVIEW

Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are other major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, and following the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, Taiwan in July 2013 signed a free trade deal with New Zealand—Taipei’s first-ever with a country with which it does not maintain diplomatic relations—and in November inked a trade pact with Singapore. However, negotiations on follow-on components of ECFA, including an agreement on trade in services, deals on trade in goods, and dispute resolution—have stalled. In early 2014, the government bowed to public demand for a new law governing the oversight of cross-Strait agreements, before any additional deals with China are implemented; the legislature has yet to vote on such legislation, leaving the future of ECFA up in the air as President MA enters his final full year in office. MA has portrayed ECFA as Taiwan’s key to greater participation in East Asia’s free trade networks. Taiwan's Total Fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 expected to account for 20% of the island's total population by 2025. The island runs a trade surplus, largely because of its surplus with China, and its foreign reserves are the world's fourth largest, behind those of China, Japan, and Russia. In 2006 China overtook the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Taiwan since 2009 has gradually loosened rules governing Chinese investment on the island, and has also secured greater market access for its investors in the mainland. In August 2012, the Taiwan Central Bank signed a memorandum of understanding on cross-Strait currency settlement with its Chinese counterpart. The MOU allows for the direct settlement of Chinese RMB and the New Taiwan dollar across the Strait, which has helped Taiwan develop into a local RMB hub. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also pose new challenges as the island becomes more economically dependent on China at a time when political differences remain unresolved. During 2014, the press paid increasing attention to domestic economic issues while pushing aside the debates over trade liberalization that were a hallmark of MA’s tenure. The media focused on the divide between Taiwan’s “haves” and “have nots,” providing extensive coverage of public frustration with stagnant wages, skyrocketing housing prices, and the difficulty of finding entry-level jobs.

Source : CIA

Contact Points

Company Name:	Gintech Energy Corporation
Supplied Name:	Gintech Energy Corporation
Trading Address:	No.21, Kebei 1st Rd., Zhunan Town, Miaoli County 350, Taiwan (R.O.C.)
Supplied Address:	9F, No. 295 Tiding Blvd Sec-2, Taipei Taiwan 11493 ROC
Telephone Number:	+886-37-586-198
Fax Number:	+886-37-586-199
E-mail:	syore.wang@gintech.com.tw

Note: The exact address is as above. The supplied address, telephone and fax numbers belong to subject’s Taipei Branch.

Company Identification Details

Registered Name:	GINTECH ENERGY CORPORATION
Registered Address:	No.21, Kebei 1st Rd., Zhunan Town, Miaoli County 350, Taiwan (R.O.C.)
Date of Foundation:	2005-8-10
Registration Number:	27757133
Registry:	Science Park Administration, MOST
Registered Capital:	NTD 5,000,000,000 (USD 161,000,000) (As of 2015.04, 1 NTD = 0.0322 USD)
Paid-up Capital:	NTD 4,075,898,770 (USD 131,243,940.39)
Legal Representatives:	Wenyan Pan
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sale of solar cell.
Staff:	About 1,600 Employees
Listed at Stock Exchange:	Yes; Stock Code: 3514
Date of Last Annual Return:	2014-8-25

History

Subject was incorporated on 2005-8-10 with registered number 27757133 as Joint Stock Company in Taiwan.

Subject is listed on Taiwan Stock Exchange on 2007-11-2.

Corporate Structure

Factories

1
Name:	Guanyin Factory
Address:	No. 19, Datong Yi Rd., Caoluo Village, Guanyin Xiang, Taoyuan County, Taiwan
Date of Registration:	2006-6-22
Factory Registration Number:	99706399
Factory Manager:	Wenyan Pan
Status:	In Production
Date of Last Annual Return:	2011-8-16
Major Products:	264 photoelectric material and components 281 electricity generation, transmission and power machinery 282 battery 284 lighting equipment 285 household appliances 289 other power equipment
2
Name:	Zhuke A Factory
Address:	No.21, Kebei 1st Rd., Zhunan Town, Miaoli County, Taiwan
Date of Registration:	2007-10-30
Factory Registration Number:	95A00751
Factory Manager:	Wenhui Pan
Status:	In Production
Date of Last Annual Return:	2011-10-18
Major Products:	264 photoelectric material and components 281 electricity generation, transmission and power machinery 289 other power equipment
3
Name:	Zhuke B Factory
Address:	No. 66, 68, Keyan Rd., Dingpu Li, Zhunan Town, Miaoli County, Science Industrial Park, Xinzhu, Taiwan
Date of Registration:	2011-10-31
Factory Registration Number:	95B00751
Factory Manager:	Wenhui Pan
Status:	In Production
Date of Last Annual Return:	2011-10-31
Major Products:	264 Photoelectric material and components

Branch

Name:	Gintech Energy Corporation Taipei Branch
Address:	9F., No.295, Sec. 2, Tiding Blvd., Neihu Dist., Taipei City 11493, Taiwan
Date of Registration:	2007-9-5
Registration Number:	28112532
Manager Name:	Wenhui Pan
Status:	Active
Date of Last Annual Return:	2011-1-12
Telephone Number:	+886-2-2656-2000
Fax Number:	+886-2-2656-0593

Shareholders

Major Shareholders

Name	Subscription Shares
Zhongwei Investment Co., Ltd. (Literal Translation)
15,184,379
Wenhui Pan	2,761,757
Heyang Assets Management Co., Ltd. (Literal Translation)	966,470
Zhongqian Zhang	25,291
Witty Corporation	3,032,278
Chuangding Investment Co., Ltd. (Literal Translation)	277,000

Shareholder Information:

1
Registered Name:	Zhongwei Investment Co., Ltd. (Literal Translation)
Registered Address:	7F, No. 285, Sec. 4, Zhongxiao East Rd., Da’an Dist., Taipei City, Taiwan
Date of Foundation:	2005-9-28
Registration Number:	27953705
Registry:	Taipei City Government
Registered Capital:	NTD 27,000,000 (USD 869,400) (As of 2015.04, 1 NTD = 0.0322 USD)
Paid-up Capital:	NTD 27,000,000 (USD 869,400)
Legal Representatives:	Wenyan Pan
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2009-11-13
2
Registered Name:	Heyang Assets Management Co., Ltd. (Literal Translation)
Registered Address:	7F, No. 15, Lane 8, Sec. 5, Xinyi Rd., Xinyi Dist., Taipei City, Taiwan
Date of Foundation:	2007-9-6
Registration Number:	28707745
Registry:	Taipei City Government
Registered Capital:	NTD 5,000,000 (USD 161,000) (As of 2015.04, 1 NTD = 0.0322 USD)
Paid-up Capital:	NTD 1,000,000 (USD 32,200)
Legal Representatives:	Zhifen Li
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2011-1-12
3
Registered Name:	Witty Corporation
Registered Address:	10F., No.136, Sec. 3, Ren-Ai Rd., Da-An District, Taipei 106, Taiwan
Date of Foundation:	1976-12-28
Registration Number:	30813166
Registry:	Taipei City Government
Registered Capital:	NTD 40,000,000 (USD 1,288,000) (As of 2015.04, 1 NTD = 0.0322 USD)
Paid-up Capital:	NTD 40,000,000 (USD 1,288,000)
Legal Representatives:	Dongyuan Liu
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2014-10-3
4
Registered Name:	Chuangding Investment Co., Ltd. (Literal Translation)
Registered Address:	10F, No. 89, Sec. 6, Zhongshan North Rd., Shilin Dist., Taipei City, Taiwan
Date of Foundation:	1999-2-5
Registration Number:	16835941
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 1,600,000,000 (USD 51,520,000) (As of 2015.04, 1 NTD = 0.0322 USD)
Paid-up Capital:	NTD 1,100,000,000 (USD 35,420,000)
Legal Representatives:	Zongxing Yang
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2014-7-8

Management Information

Core Management

Directors

1
Name		Wenyan Pan
Position		Board Chairman
2
Name	Wenhui Pan
Position		Director
3
Name	Junyan Yu
Position		Director
4
Name	Heyang Assets Management Co., Ltd. (Literal Translation)
Position		Director
5
Name	Zhongqian Zhang
Position		Director
6
Name	Shijun Xu
Position		Independent Director
7
Name	Guansheng Wang
Position		Independent Director
8
Name	Dongyuan Liu
Position		Supervisor
9
Name	Rongbao Kang
Position		Supervisor
10
Name	Bichuan Chen
Position		Supervisor
11
Name	Wenhui Pan
Position		Manager
Date of Appointment		2010-3-1

Personnel Structure

Total Employees

About 1,600 Employees

Operation Information

Offices & Factories

	Headquarters
Add	No.21, Kebei 1st Rd., Zhunan Town, Miaoli County 350, Taiwan

Production Information

l Subject is engaged in manufacturing of solar cell

l Subject has factories in Taiwan for production.

l Subject obtained the certification of ISO 9001：2007, ISO 9001：2008, TUV, and ISO/TS 16949.

Purchase Information

l The registered activities of subject:

Business Code	Details
CC01010	Manufacturing of electricity generation, transmission and distribution machinery
CC01080	Electronic components manufacturing
F401010	The international trade
CC01090	Battery manufacturing
IG03010	Energy technology services
E601010	Electrical appliance industry (limited to operating area)
--	Research and development of the solar cell and related systems
--	Research and development of solar module
--	Trading of the above related products.

l The components and raw materials for production are mostly purchased at domestic market such as Taiwan, Mainland China and abroad like Southeast Asia, America, Europe, etc.

Sales Information

l Subject is engaged in sale of solar cell, etc.

l The major categories of products include solar cell and modules, etc.

l Subject’s sales regions include domestic market, Japan, Republic Of Korea, Singapore, Thailand, United States, Canada, Australia, New Zealand, Spain, Germany, United Kingdom, and Italy, etc.

l Subject’s major types of customers are manufacturers of machineries and autos, dealers, and wholesalers, etc.

l Subject’s major customers are Costco Wholesale Canada Ltd., Axitec, Llc, and Solartech Power Inc., etc.

Major Products

Category	Products
Cells	Diamond Series, Douro Series, Phoenix Series, Gintech Onboard, etc.
Modules	Multi 60, Multi 72, Mono 60, etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

1. Domestic Purchase

Products	Components and raw materials, etc.
Payment Terms	T/T, Cash, etc.

2. Import

Products	Components and raw materials, etc.
Payment Terms	L/C, T/T, etc.

Sales

1. Domestic Markets

Product	Solar cell, etc.
Selling Terms	T/T, Cash, etc.

2. Export

Product	Solar cell, etc.
Selling Terms	L/C, T/T, etc.

Balance Sheet

Unit: NTD/000

Consolidated	2014-12-31	2013-12-31
Assets
Current assets
Cash and cash equivalents
Total cash and cash equivalents	2,384,333	2,881,447
Current financial assets at fair value through profit or loss
Total current financial assets at fair value through profit or loss	1,755	0
Current available-for-sale financial assets
Current available-for-sale financial assets, net	154,537	146,854
Accounts receivable, net
Accounts receivable, net	3,107,647	2,992,293
Accounts receivable due from related parties, net
Accounts receivable due from related parties, net	7,441	0
Other receivables
Other receivables, net	3,451	5,205
Other receivables due from related parties
Other receivables due from related parties, net	78,723	178,454
Current tax assets
Total current tax assets	1,614	995
Inventories
Total inventories	1,445,138	1,259,476
Prepayments
Total prepayments	1,556,516	1,607,745
Other current assets
Total other current assets	711,881	744,578
Total current assets	9,453,036	9,817,047
Non-current assets
Non-current financial assets at cost
Non-current financial assets at cost, net	31,800	31,800
Investments accounted for using equity method
Investments accounted for using equity method, net	601,389	362,974
Property, plant and equipment
Total property, plant and equipment	8,406,499	9,895,253
Intangible assets
Total intangible assets	11,641	11,887
Deferred tax assets	680,411	661,346
Other non-current assets
Other non-current assets, others
Total other non-current assets, others	1,997,925	1,571,190
Total other non-current assets	1,997,925	1,571,190
Total non-current assets	11,729,665	12,534,450
Total assets	21,182,701	22,351,497
Liabilities
Current liabilities
Short-term borrowings
Total short-term borrowings	869,454	569,554
Notes payable
Total notes payable	1	0
Accounts payable
Total accounts payable	1,606,781	1,826,225
Accounts payable to related parties
Total accounts payable to related parties	13,967	175,117
Other payables
Total other payables	475,880	551,739
Other current liabilities
Advance receipts
Total advance receipts	29,003	11,617
Long-term liabilities, current portion
Total long-term liabilities, current portion	1,605,000	1,038,000
Other current liabilities, others	8,035	7,028
Total other current liabilities	1,642,038	1,056,645
Total current liabilities	4,608,121	4,179,280
Non-current liabilities
Non-current financial liabilities at fair value through profit or loss
Total non-current financial liabilities at fair value through profit or loss	6,195	2,690
Bonds payable
Total bonds payable	614,141	715,064
Long-term borrowings
Total long-term borrowings	3,208,190	4,390,954
Non-current provisions
Total non-current provisions	1,825	1,825
Deferred tax liabilities
Total deferred tax liabilities	298	0
Other non-current liabilities
Guarantee deposits received	2,540	2,197
Total other non-current liabilities	2,540	2,197
Total non-current liabilities	3,833,189	5,112,730
Total liabilities	8,441,310	9,292,010
Equity
Share capital
Ordinary share	4,076,190	3,922,069
Advance receipts for share capital	0	107,110
Total capital stock	4,076,190	4,029,179
Capital surplus
Total capital surplus	9,136,712	9,645,359
Retained earnings
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	-486,762	-593,294
Total retained earnings	-486,762	-593,294
Other equity interest
Total other equity interest	15,251	-21,757
Total equity	12,741,391	13,059,487
Number of share capital awaiting retirement	0	0
Equivalent issue shares of advance receipts for ordinary share	0	10,710,947
Number of shares in entity held by entity and by its subsidiaries	0	0

Profit and Loss Account

Unit: NTD/000

Consolidated	2014	2013
Operating revenue
Net sales revenue
Sales revenue
Total sales revenue	15,649,689	15,137,178
Sales returns	73,779	22,477
Sales discounts and allowances	8,463	17,071
Net sales revenue	15,567,447	15,097,630
Total operating revenue	15,567,447	15,097,630
Operating costs
Total operating costs	14,979,594	14,663,550
Gross profit (loss) from operations	587,853	434,080
Realized profit (loss) on from sales	0	2,462
Gross profit (loss) from operations	587,853	436,542
Operating expenses
Selling expenses
Total selling expenses	197,480	241,736
Administrative expenses
Total administrative expenses	210,995	165,375
Research and development expenses
Total research and development expenses	275,251	300,174
Total operating expenses	683,726	707,285
Net other income (expenses)
Net other income (expenses)	-12,112	0
Net operating income (loss)	-107,985	-270,743
Non-operating income and expenses
Other income
Other income, others	59,321	42,485
Total other income	59,321	42,485
Other gains and losses
Other gains and losses, net	35,709	34,942
Finance costs
Finance costs, net	129,916	158,491
Share of profit (loss) of associates and joint ventures accounted for using equity method
Share of profit (loss) of associates and joint ventures accounted for using equity method, net	-254,003	-184,330
Total non-operating income and expenses	-288,889	-265,394
Profit (loss) from continuing operations before tax	-396,874	-536,137
Tax expense (income)
Total tax expense (income)	-18,745	55,047
Profit (loss) from continuing operations	-378,129	-591,184
Profit (loss)	-378,129	-591,184
Other comprehensive income
Unrealised gains (losses) on valuation of available-for-sale financial assets	7,534	-27,315
Share of other comprehensive income of associates and joint ventures accounted for using equity method
Total share of other comprehensive income of associates and joint ventures accounted for using equity method	-965	5,639
Other comprehensive income, net	6,569	-21,676
Total comprehensive income	-371,560	-612,860
Basic earnings per share
Basic earnings (loss) per share from continuing operations	-0.93	-1.65
Total basic earnings per share	-0.93	-1.65

Cash Flows

Unit: NTD/000

Consolidated	2014	2013
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	-396,874	-536,137
Profit (loss) before tax	-396,874	-536,137
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	1,735,408	1,912,500
Amortization expense	8,114	12,853
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	2,141	-9,208
Interest expense	114,874	139,595
Interest income	-6,393	-4,053
Dividend income	-6,962	-8,512
Share-based payments	44,039	18,424
Share of loss (profit) of associates and joint ventures accounted for using equity method	254,003	184,330
Loss (gain) on disposal of property, plan and equipment	116	0
Realized loss (profit) on from sales	0	-2,462
Unrealized foreign exchange loss (gain)	33,992	73,735
Other adjustments to reconcile profit (loss)	0	545,414
Total adjustments to reconcile profit (loss)	2,179,332	2,862,616
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in accounts receivable	-31,871	-969,942
Decrease (increase) in accounts receivable due from related parties	-7,157	174
Decrease (increase) in other receivable	2,396	30,652
Decrease (increase) in other receivable due from related parties	101,724	-158,351
Decrease (increase) in inventories	-185,662	106,312
Decrease (increase) in prepayments	119,309	169,517
Decrease (increase) in other current assets	-10,270	42,369
Total changes in operating assets	-11,531	-779,269
Changes in operating liabilities
Increase (decrease) in notes payable	1	-125
Increase (decrease) in accounts payable	-261,370	719,885
Increase (decrease) in accounts payable to related parties	-161,150	173,479
Increase (decrease) in other payable	-88,946	46,770
Increase (decrease) in receipts in advance	17,386	-1,933
Increase (decrease) in other current liabilities	1,007	530
Increase (decrease) in other operating liabilities	0	-167
Total changes in operating liabilities	-493,072	938,439
Total changes in operating assets and liabilities	-504,603	159,170
Total adjustments	1,674,729	3,021,786
Cash inflow (outflow) generated from operations	1,277,855	2,485,649
Interest received	5,763	3,685
Interest paid	-104,145	-129,478
Income taxes refund (paid)	-641	-4,296
Net cash flows from (used in) operating activities	1,178,832	2,355,560
Cash flows from (used in) investing activities
Acquisition of available-for-sale financial assets	-149	-3,102
Acquisition of investments accounted for using equity method	-602,016	-45,500
Acquisition of property, plant and equipment	-94,745	-325,993
Proceeds from disposal of property, plant and equipment	44	0
Decrease in refundable deposits	378,686	332,491
Acquisition of intangible assets	-6,868	-6,761
Increase in prepayments for business facilities	-965,850	-103,330
Dividends received	6,962	8,512
Net cash flows from (used in) investing activities	-1,283,936	-143,683
Cash flows from (used in) financing activities
Decrease in short-term loans	281,256	-1,362,818
Proceeds from issuing bonds	0	497,200
Proceeds from long-term debt	2,844,600	2,220,277
Repayments of long-term debt	-3,466,604	-4,359,805
Decrease in guarantee deposits received	343	-45,773
Proceeds from issuing shares	0	1,152,598
Net cash flows from (used in) financing activities	-340,405	-1,898,321
Effect of exchange rate changes on cash and cash equivalents	-51,605	-78,522
Net increase (decrease) in cash and cash equivalents	-497,114	235,034
Cash and cash equivalents at beginning of period	2,881,447	2,646,413
Cash and cash equivalents at end of period	2,384,333	2,881,447
Cash and cash equivalents reported in the statement of financial position	2,384,333	2,881,447

Subject didn’t submit its individual financial information; we obtained its consolidated financials as follows for reference.

The above financial figures are based on the IFRSs Accounting System.

Bankers

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

Public Record

Mortgage

Case Type:	Chattel Mortgage
File No.:	106999
Debtor Name:	Gintech Energy Corporation
Document Number:	10130364120
Date of Registration:	2012-12-14
Date of Alteration:	--

Lawsuit

1
Trial Number:	2011, bu, 651
Date of Trial:	2011-10-12
Reason:	Payment of remuneration
Claimant:	Taiwan Shiruike Baoquan Co., Ltd. (Literal Translation)
Defendant:	Gintech Energy Corporation
2
Trial Number:	2011, bu, 148
Date of Trial:	2011-4-1
Reason:	Confirm the employment relationship
Claimant:	Yiru Chen
Defendant:	Gintech Energy Corporation

Special Note

Interview Details

Name	Ms. Liao
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.82
UK Pound	1	Rs.93.85
Euro	1	Rs.67.59

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ASH

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.