MIRA INFORM REPORT
|
Report No. : |
337321 |
|
Report Date : |
20.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
KYOCERA CORPORATION |
|
|
|
|
Registered Office : |
6, Takeda Tobadono-Cho, Fushimi-Ku, Kyoto-Shi, Kyoto 612-8450 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
06.11.1946 |
|
|
|
|
Com. Reg. No.: |
1300-01-000049 (Kyoto Legal Affairs Bureau) |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Subject is engaged in Developing, Manufacturing, Selling, exporting
and importing of Information-Related Equipment & Devices, Electronic
Devices, Fine Ceramic-Applied Products, Communications-Related Equipment
& Devices, Semiconductor Components as well as Fine Ceramic Parts &
Components. |
|
|
|
|
No. of Employees : |
69,072 |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 50,000,000 |
|
Status : |
Excellent Company |
|
Payment Behaviour : |
Regular |
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
JAPAN - ECONOMIC OVERVIEW
In the years following World War II, government-industry
cooperation, a strong work ethic, mastery of high technology, and a
comparatively small defense allocation (1% of GDP) helped Japan develop an
advanced economy. Two notable characteristics of the post-war economy were the
close interlocking structures of manufacturers, suppliers, and distributors,
known as keiretsu, and the guarantee of lifetime employment for a substantial
portion of the urban labor force. Both features are now eroding under the dual
pressures of global competition and domestic demographic change. Scarce in many
natural resources, Japan has long been dependent on imported raw materials.
Since the complete shutdown of Japan’s nuclear reactors after the earthquake
and tsunami disaster in 2011, Japan's industrial sector has become even more
dependent than it was previously on imported fossil fuels. A small agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. While self-sufficient in rice production, Japan imports about 60%
of its food on a caloric basis. For three decades, overall real economic growth
had been impressive - a 10% average in the 1960s, a 5% average in the 1970s,
and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging
just 1.7%, largely because of the aftereffects of inefficient investment and an
asset price bubble in the late 1980s that required a protracted period of time
for firms to reduce excess debt, capital, and labor. Modest economic growth
continued after 2000, but the economy has fallen into recession four times
since 2008. Government stimulus spending helped the economy recover in late
2009 and 2010, but the economy contracted again in 2011 as the massive 9.0
magnitude earthquake and the ensuing tsunami in March of that year disrupted
manufacturing. The economy has largely recovered in the four years since the
disaster, although reconstruction in the affected Tohoku region has lagged, in
part due to a shortage of labor in the construction sector. Japan enjoyed a
sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s
“Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of
monetary easing, “flexible” fiscal policy, and structural reform. Abe’s
government has replaced the preceding administration’s plan to phase out
nuclear power with a new policy of seeking to restart nuclear power plants that
meet strict new safety standards, and emphasizing nuclear energy’s importance
as a base-load electricity source. Japan joined the Trans-Pacific Partnership
(TPP) negotiations in 2013, a pact that would open Japan's economy to increased
foreign competition and create new export opportunities for Japanese
businesses. Measured on a purchasing power parity (PPP) basis that adjusts for
price differences, Japan in 2014 stood as the fourth-largest economy in the
world after first-place China, which surpassed Japan in 2001, and third-place
India, which edged out Japan in 2012. While seeking to stimulate and reform the
economy, the government must also devise a strategy for reining in Japan's huge
government debt, which amounts to more than 230% of GDP. To help raise
government revenue, Japan adopted legislation in 2012 to gradually raise the
consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8%
implemented in April 2014. That increase had a contractionary effect on GDP,
however, so PM Abe in late 2014 decided to postpone the final phase of the
increase until April 2017 to give the economy more time to recover. Led by the
Bank of Japan’s aggressive monetary easing, Japan is making progress in ending
deflation, but demographics - low birthrate and an aging, shrinking population
- pose major long-term challenges for the economy.
|
Source
: CIA |
Company
name & address
KYOCERA CORPORATION
6, TAKEDA TOBADONO-CHO, FUSHIMI-KU, KYOTO-SHI, KYOTO 612-8450, JAPAN
TEL: 075-604-3500 FAX:
075-604-3501
EXECUTIVE
SUMMARY
INCORPORATION DATE :
NOVEMBER 6, 1946
REGISTRATION NO. :
1300-01-000049 (KYOTO LEGAL AFFAIRS BUREAU)
LEGAL FORM :
PRIVATE COMPANY
CHIEF EXECUTIVE : MR. TETSUO KUBA (CHAIRMAN)
STAFF STRENGTH
: 69,072
PAID-UP CAPITAL :
JPY 115,703,327,726
BUSINESS LINE : DEVELOPING, MANUFACTURING AND TRADING
TURNOVER : JPY 1,447,369,000,000 (CONSOLIDATED, AS OF MARCH 31, 2014)
EQUITIES :
JPY 1,910,083,000,000 (CONSOLIDATED, AS OF MARCH 31, 2014)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 50,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
JPY 124.0635 = USD 1
Adopted
abbreviations:
ANS - amount not stated NS
- not stated SC - subject company (the
company inquired by you)
NA - not available M
- million JPY- Japanese JPY
JAPAN - ECONOMIC OVERVIEW
In
the years following World War II, government-industry cooperation, a strong
work ethic, mastery of high technology, and a comparatively small defence
allocation (1% of GDP) helped Japan develop a technologically advanced economy.
Two notable characteristics of the post-war economy were the close interlocking
structures of manufacturers, suppliers, and distributors, known as keiretsu,
and the guarantee of lifetime employment for a substantial portion of the urban
labour force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is heavily
dependent on imported raw materials and fuels. A small agricultural sector is
highly subsidized and protected, with crop yields among the highest in the
world. While self-sufficient in rice production, Japan imports about 60% of its
food on a caloric basis. For three decades, overall real economic growth had
been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a
4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just
1.7%, largely because of the after effects of inefficient investment and an
asset price bubble in the late 1980s that required a protracted period of time
for firms to reduce excess debt, capital, and labour. Modest economic growth
continued after 2000, but the economy has fallen into recession three times
since 2008. A sharp downturn in business investment and global demand for
Japan's exports in late 2008 pushed Japan into recession. Government stimulus
spending helped the economy recover in late 2009 and 2010, but the economy
contracted again in 2011 as the massive 9.0 magnitude earthquake and the
ensuing tsunami in March disrupted manufacturing. The economy has largely
recovered in the two years since the disaster, but reconstruction in the Tohoku
region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared
the economy his government's top priority; he has pledged to reconsider his
predecessor's plan to permanently close nuclear power plants and is pursuing an
economic revitalization agenda of fiscal stimulus and regulatory reform and has
said he will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 stood as the fourth-largest economy in the world after second-place
China, which surpassed Japan in 2001, and third-place India, which edged out
Japan in 2012. The new government will continue a longstanding debate on
restructuring the economy and reining in Japan's huge government debt, which
exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth,
and an aging and shrinking population are other major long-term challenges for
the economy.
COMPANY OUTLINE
Name in local language KYOCERA K.K.
Corporate formation: Listed
Status: Active
Location:
Registered address is same as that of the operational head office.
The quoted address,
COMPANY HISTORY
Date Development
-----------------------------------------------------------------
November 6, 1946 Incorporated in Kyoto City.
April 1, 1959 Started an operation under the name of
"Kyoto Ceramic Co., Ltd."
(Actual date of foundation)
October 1971 Public listed. (#6971)
May 1980 Listed on the NYSE.
October 1982 Changed the company name to the current
"Kyocera Corporation."
October 1983 Merged "Yasica Corp."
June 1984 Jointly founded "DDI"(now
KDDI) with Mitsubishi Corp., Sony
Corp.
and Secom Corp.
August 1998 Completed the head office building and
relocated to the current
address.
January 2001 Acquired "Tycom Corp."(USA).
August 2002 Acquired "Toshiba
Chemical"(now Kyocera Chemical) Co., Ltd.
August 2003 "Kinseki Co., Ltd." became a
group member.
May 2005 Mita Industries Co., Ltd. became a
group member (now Kyocera
Mita)
September 2005 Withdrew from the camera business.
April 2008 Acquired the business assets of
mobile phone from Sanyo Electric
(now
Panasonic Corp. group)
January 2009 Acquired "TA Triumph-Adler
AG," Germany.
July 2011 "Unimerco Group
A/S"(Denmark) became a group member.
February 2012 "Optrex Corp." became a group
member.
www.kyocera.co.jp
The design is professional and the content is well organized, and now it is in
English and Japanese versions.
For the past two years there is no record of litigation.
As of September 30, 2014:
Paid in capital JPY
115,703,327,726
Number of authorized shares 600,000,000
shares
Number of outstanding shares 377,618,580
shares
Number of shareholders 56,713
Major
shareholders No.
of thousand shares (%)
-------------------------------------------------------------------------------------------------------
Master Trust Bank of Japan, Ltd.
29,556
(7.83)
State Street Bank and Trust Co. (USA) 21,306
(5.64)
Japan Trustee Services Bank, Ltd. 20,235
(5.36)
Bank of Kyoto, Ltd. 14,436
(3.82)
Mr. Kazuo Inamori, the founder
11,212 (2.97)
Kyocera Corporation (treasury stock)
10,754 (2.85)
Inamori Foundation 9,360
(2.48)
K.I. Kosan Co., Ltd. 7,099
(1.88)
BNP Paribas Securities, Inc. 7,058 (1.87)
Employees shareholders fund
5,372 (1.42)
-------------------------------------------------------------------------------------------------------
Total 136,389
(36.12)
Chairman Mr. Tetsuo Kuba (*)
Nationality: Japan
Vice Chairman Mr. Tatsumi Maeda (*)
Nationality: Japan
President Mr. Goro Yamaguchi (*)
Nationality: Japan
Senior Managing Director Mr.
Katsumi Komaguchi
Nationality: Japan
Senior Managing Director Mr.
Yasuyuki Yamamoto
Nationality: Japan
Director Mr. Takeshi Ishii
Nationality: Japan
Director Mr. Yoshihito
Ota
Nationality: Japan
Director Mr. Shoichi
Aoki
Nationality: Japan
Director Mr. Hiroshi
Fure
Nationality: Japan
Director Mr. Yoji Date
Nationality: Japan
Director Mr. John Gilbertson
Nationality: USA
Director Mr. John Rigby
Nationality: USA
Director Mr. Tadashi Onodera
Nationality Japan
Auditor Mr.
Yoshihiro Kano
Nationality: Japan
Auditor Mr. Koji Mae
Nationality: Japan
Auditor Mr. Osamu
Nishieda
Nationality: Japan
Auditor Mr. Yoshinori
Yasuda
Nationality: Japan
Auditor Mr.
Nichimu Inada
Nationality: Japan
Auditor Mr. Yasuya
Koyano
Nationality: Japan
Note: The names of director(s) and auditor(s) are phonetically spelt.
(*): Representative directors.
*Key Personnel*
=============
Mr. Goro Yamaguchi
Representative director and president since April 2013
Born on January 21, 1956
Business career:
March 1978: Employed by the subject.
June 2009: Director.
Other responsibilities:
Chairman of board of:
- Kyocera Korea Co., Ltd.
- Kyocera (China) Sales & Trading Corporation
Nothing
detrimental is known as to commercial morality of executives.
Business type: Manufacturer
Industry: Electronic Products &
Components
SC is engaged in Developing, Manufacturing, Selling, exporting and
importing of Information-Related Equipment & Devices, Electronic Devices,
Fine Ceramic-Applied Products, Communications-Related Equipment & Devices,
Semiconductor Components as well as Fine Ceramic Parts & Components.
DETAILED PRODUCT CLASSFICATION & ACTIVITY
Activity Product/Service
Description
-------------------------------------------------------------------------------
Manufacturing Fine ceramic products and application
products
Manufacturing Semiconductor
Manufacturing Smart phone and other electronic
devices
Manufacturing Communication equipment
Manufacturing Information equipment
Manufacturing Optical equipment
Brands & Trade marks
=================
Kyocera
PRODUCT, TECHNOLOGY, SERVICE DESCRIPTION
Main Business:
Development, manufacture, sales, exports and imports of the following
products;
For Mar. 2014 term:
- Information-related equipment & devices (21%)
- Electronic devices (20%)
- Fine ceramic-applied products (19%)
- Communications-related equipment & devices (13%)
- Semiconductor components (13%)
- Fine ceramic parts & components (6%)
- Other products (9%)
Overseas business accounts for 56%.
TRADE REFERENCES
Major Customers:
Sharp Corp.
Toshiba Corp.
Panasonic Corp.
Group companies
Customers:
Major electronic companies worldwide
KDDI Corp.
Group companies
LOCAL BRANCHES & MANAGEMENT
Branch name: SAPPORO - SAPPORO-SHI
Branch name: TOHOKU - SENDAI-SHI
Branch name: NAGOYA - NAGOYA-SHI
Branch name: OSAKA - OSAKA-SHI
Branch name: KYUSHU - FUKUOKA-SHI
Domestic Business Network:
Besides the above-listed sales branches, the subject is operating a
total of 16 local offices across the nation.
FACTORY FACILITIES & MANUFACTURING CAPABILITIES
Domestic Manufacturing, R&D Facilities:
Plants:
A total of ten plants including:
- Kitami..........................Hokkaido
- Okaya...........................Nagano
- Shiga-yohkaichi...........Shiga Pref.
- Kagoshima-sendai........Kagoshima Pref.
Facilities:
A total of nine production facilities including;
- Yokohama....................Yokohama City, Kanagawa Pref.
- Kyto-fushimi................Kyoto City, Kyoto Pref.
- Osaka-daitoh................Daitoh City, Osaka Pref.
R&Ds:
A total of four R&Ds including;
- Management Institute................Kyoto Pref.
- Central Institute.........................Kyoto Pref.
- Total R&D Institute...................Kagoshima Pref.
SUBSIDIARIES, JOINT-VENTURES & AFFILIATES
Company name: KYOCERA SLC TECHNOLOGY CO., LTD.
Country: Japan
Status: Subsidiary
Company name: KYOCERA SOLAR CORPORATION
Country: Japan
Status: Subsidiary
Company name: JAPAN MEDICAL MATERIAL CO., LTD.
Country: Japan
Status: Subsidiary
Company name: KYOCERA KINSEKI CO., LTD.
Country: Japan
Status: Subsidiary
Company name: OPTREX CORPORATION
Country: Japan
Status: Subsidiary
Company name: KYOCERA MITA CORPORATION
Country: Japan
Status: Subsidiary
Company name: KYOCERA MITA AMERICA, INC.
Country: USA
Status: Subsidiary
Company name: TA
TRIUMPH-ADLER GMBH
Country: Germany
Status: Subsidiary
Company name: KYOCERA ELECTRONICS (SHANGHAI) CO., LTD.
Country: China
Status: Subsidiary
Company name: KYOCERA KOREA CO., LTD.
Country: South Korea
Status: Subsidiary
Company name: KYOCERA AMERICA, INC.
Country: USA
Status: Subsidiary
Subsidiaries &
Affiliates
As of March 31, 2014 the subject owns and controls a total of 217
subsidiaries and 12 affiliates at home and abroad.
Currency: (local currency - JPY)
|
Year |
Sales |
Net Income |
|
2009 |
1,128,586,000,000 |
29,506,000,000 |
|
2010 |
1,073,805,000,000 |
40,095,000,000 |
|
2011 |
1,266,924,000,000 |
122,448,000,000 |
|
2012 |
1,190,870,000,000 |
79,357,000,000 |
|
2013 |
1,280,054,000,000 |
66,473,000,000 |
|
2014 |
1,447,369,000,000 |
146,268,000,000 |
FINANCIAL DESCRIPTION (As of March 31)
|
Consolidated Balance Sheet |
|
|
|
|
Unit: millions of JPY |
|
|
|
|
|
|
|
|
|
Current Assets |
1,144,603 |
1,268,383 |
1,367,435 |
|
Cash & deposits |
273,288 |
305,454 |
335,174 |
|
Account receivables |
240,344 |
291,283 |
274,842 |
|
Inventories |
270,336 |
296,450 |
335,802 |
|
Others |
360,635 |
375,196 |
421,617 |
|
Fixed assets |
849,500 |
1,014,470 |
1,269,269 |
|
Tangible assets |
260,537 |
268,824 |
270,557 |
|
Intangible assets |
197,086 |
226,495 |
245,653 |
|
Investments & others |
391,877 |
519,151 |
753,059 |
|
Total Assets |
1,994,103 |
2,282,853 |
2,636,704 |
|
|
|
|
|
|
Current liabilities |
301,048 |
326,630 |
327,451 |
|
Account payables |
102,699 |
111,249 |
122,424 |
|
Short term loans |
4,062 |
3,135 |
4,064 |
|
Long term loans due |
10,610 |
9,817 |
12,360 |
|
Outstanding accounts |
60,993 |
52,018 |
48,224 |
|
Reserves for bonus pays due |
49,880 |
52,420 |
56,068 |
|
Others |
72,804 |
97,991 |
84,311 |
|
Fixed liabilities |
158,814 |
241,281 |
322,027 |
|
Long term loans |
21,197 |
20,855 |
19,466 |
|
Retirement/pension benefits |
32,441 |
36,322 |
36,812 |
|
Others |
105,176 |
184,104 |
265,749 |
|
Shareholders' equity |
1,469,505 |
1,646,157 |
1,910,083 |
|
Paid up capital |
115,703 |
115,703 |
115,703 |
|
Capital reserves |
162,617 |
163,062 |
162,666 |
|
Retained earnings |
1,324,052 |
1,368,512 |
1,415,784 |
|
Treasury stock |
-51,228 |
-51,258 |
-35,033 |
|
Valuation & adjustment |
-81,639 |
50,138 |
250,963 |
|
Minority Interest |
64,736 |
68,785 |
77,143 |
|
Total Net Assets |
1,534,241 |
1,714,942 |
1,987,226 |
|
Total Liabilities & Net Assets |
1,994,103 |
2,282,853 |
2,636,704 |
|
Consolidated Income Statement |
|
|
|
|
Unit : millions of JPY |
|
|
|
|
|
|
|
|
|
Sales |
1,190,870 |
1,280,054 |
1,447,369 |
|
Cost of goods sold |
870,143 |
952,350 |
1,068,465 |
|
Gross profit(loss) |
320,727 |
327,704 |
378,904 |
|
Sales/administrative expenses |
223,052 |
250,778 |
258,322 |
|
Operating profit(loss) |
97,675 |
76,926 |
120,582 |
|
Pretax profit |
114,893 |
101,363 |
146,268 |
|
Taxes & adjustment |
30,135 |
34,012 |
51,254 |
|
Minority interest |
-5,401 |
-878 |
-6,258 |
|
Net profit |
79,357 |
66,473 |
88,756 |
Latest Financials
============
On October 30, 2014 the subject released the following business results
and forecast:
As of September 30, 2014 (2Q):
Unit: millions of JPY
|
Year |
Sales |
Operating profit |
Pretax profit |
Net profit |
|
2Q 2014 |
699,663 |
58,203 |
69,053 |
42,930 |
|
2Q 2015 |
714,329 |
54,751 |
68,118 |
43,649 |
|
FY 2015(F) |
1,580,000 |
135,000 |
158,000 |
97,000 |
|
Current assets |
1,368,096 |
|
Fixed assets |
1,405,577 |
|
Total assets |
2,773,673 |
|
Current liabilities |
351,922 |
|
Fixed liabilities |
333,409 |
|
Shareholders' equity |
2,009,597 |
|
Retained earnings |
1,444,758 |
|
Total net assets |
2,088,342 |
|
Total liabilities & net assets |
2,773,673 |
Bank Name: Bank of Kyoto, Ltd.
Branch: Head office
Bank Name: Bank of
Tokyo-Mitsubishi UFJ, Ltd.
Branch: Kyoto
Bank Name: Sumitomo Mitsui
Banking Corp.
Branch: Kyoto
Bank Name: Mizuho Bank, Ltd.
Branch: Kyoto corporate banking department
Relations: Satisfactory
The subject is a major manufacturer of electronic components such as
capacitor. While solar panel and organic package businesses are suffering a
price down competition, other mainstay products have been boosting its whole
performance. The subject is aiming at increasing the market share of LCD
display and sensor. A taskforce team has been set up to double up the sales to
JPY 300 billion in the sphere of car-mounted devices for Mar. 2017 term. A new
plant in Kyoto is ready for full-fledged operation for organic package. SC’s
financial condition is excellent and financial strength is quite high.
SC can be considered
good for normal business dealings at usual trade terms and conditions, its
credit risk assessment is minimal, credit can proceed with favorable terms. After our research and based on the information
obtained, we suggest a credit line up to USD 50,000,000 appears to be within
SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.25 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.