MIRA INFORM REPORT
|
Report No. : |
336786 |
|
Report Date : |
25.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
TREVI GROUP S.R.L. |
|
|
|
|
Registered Office : |
Via Vecchia Ferriera, 70 36100- Vicenza |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
10.07.2007 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in wholesale of clocks, watches and jewellery |
|
|
|
|
No. of Employee : |
From 1 to 5 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Italy |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
ITALY - ECONOMIC OVERVIEW
Italy has a diversified economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is higher. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 132% of GDP in 2014, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and tax evasion. In 2014 economic growth and labor market conditions continued to deteriorate, with overall unemployment rising to 12.2% and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007 pre-crisis level.
|
Source
: CIA |
Company
name and address
TREVI
GROUP S.R.L.
Via Vecchia Ferriera, 70
36100-
Vicenza (VI) -IT-
Summary
|
Fiscal
Code |
: |
03407770241 |
|
Legal
Form |
: |
Limited
liability company |
|
start
of Activities |
: |
27/11/2007 |
|
Equity |
: |
1.000.000 |
|
Turnover
Range |
: |
2.250.000/3.000.000 |
|
Number
of Employees |
: |
from
1 to 5 |
Activity
Wholesale
of clocks, watches and jewellery
Legal
Data
Legal
Form : Limited liability company
|
Fiscal
Code : 03407770241 |
|
Chamber
of Commerce no. : 323022 of Vicenza since 16/07/2007 |
|
V.A.T.
Code : 03407770241 |
|
Establishment
date |
:
10/07/2007 |
|
|
Start
of Activities |
:
27/11/2007 |
|
|
Legal
duration |
:
31/12/2030 |
|
|
Nominal
Capital |
:
50.000 |
|
|
Subscribed
Capital |
:
50.000 |
|
|
Paid
up Capital |
:
50.000 |
|
Legal
mail : |
TREVIGROUPSRL@PEC.IT |
Members
|
Trevisan |
Maurizio |
|
|
Born
in Verona |
(VR) |
on
01/01/1960 |
-
Fiscal Code : TRVMRZ60A01L781I |
|
|
Residence: |
Localita'
Dossi |
,
3 |
-
37036 |
San
Martino Buon Albergo |
(VR) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
09/07/2010 |
||
|
Managing
Director |
09/07/2010 |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
Ambroso |
Nicola |
|
|
Born
in Legnago |
(VR) |
on
03/12/1973 |
-
Fiscal Code : MBRNCL73T03E512Q |
|
|
Residence: |
Iv
Novembre |
,
84 |
-
37050 |
Angiari |
(VR) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Board
Chairman |
09/07/2010 |
||
|
Managing
Director |
09/07/2010 |
||
|
Director |
09/07/2010 |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
Costola |
Nicola |
|
|
Born
in Padova |
(PD) |
on
30/09/1967 |
-
Fiscal Code : CSTNCL67P30G224N |
|
|
Residence: |
Dei
Bevilacqua |
,
12 |
-
37134 |
Verona |
(VR) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
09/07/2010 |
Companies
connected to members *
*checkings
have been performed on a national scale.
In
this module are listed the companies in which members hold or have holded
positions.
|
Trevisan |
Maurizio |
|
Firm's
Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
Gandini
E Trevisan S.n.c. Di Gandini G.E Trevisan M. |
Verona
(VR) - IT - |
01888550231 |
Partner |
Withdrawn |
Ceased |
|
Gandini
E Trevisan S.n.c. Di Gandini G.E Trevisan M. |
Verona
(VR) - IT - |
01888550231 |
Partner |
Withdrawn |
Ceased |
|
D.g.
S.r.l. |
Vicenza
(VI) - IT - |
02986690234 |
Managing
Director |
Withdrawn |
Ceased |
|
D.g.
S.r.l. |
Vicenza
(VI) - IT - |
02986690234 |
Director |
Withdrawn |
Ceased |
|
D.g.
S.r.l. |
Vicenza
(VI) - IT - |
02986690234 |
Assistant
board Chairman |
Withdrawn |
Ceased |
|
Gold
Star Europe S.r.l. |
Vicenza
(VI) - IT - |
03410450245 |
Director |
Withdrawn |
Registered |
|
Gold
Star Europe S.r.l. |
Vicenza
(VI) - IT - |
03410450245 |
Board
Chairman |
Withdrawn |
Registered |
|
Trevisan
Maurizio |
San
Martino Buon Albergo (VR) - IT - |
TRVMRZ60A01L781I |
Proprietor |
Withdrawn |
Ceased |
|
G.t.
Gold Star Jewellery S.r.l. |
Verona
(VR) - IT - |
03562550230 |
Sole
Director |
Withdrawn |
Registered |
|
Progetto
G.s.e. S.r.l. |
Vicenza
(VI) - IT - |
03475350249 |
Managing
Director |
Withdrawn |
Registered |
|
Progetto
G.s.e. S.r.l. |
Vicenza
(VI) - IT - |
03475350249 |
Director |
Withdrawn |
Registered |
|
Progetto
G.s.e. S.r.l. |
Vicenza
(VI) - IT - |
03475350249 |
Board
Chairman |
Withdrawn |
Registered |
|
Gruppo
Cantelli S.r.l. |
Imola
(BO) - IT - |
03440891202 |
Director |
Active |
Registered |
|
Ambroso |
Nicola |
|
Firm's
Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
Ambroso
Nicola |
Angiari
(VR) - IT - |
MBRNCL73T03E512Q |
Proprietor |
Withdrawn |
Registered |
The
indication "REGISTERED" as Firm Status could refer to Firms in
Liquidation, Active, Inactive, etc.
For
more information, in this case, we advise to request further investigations.
Capital
Shareholders
Shareholders'
list as at date of data collection:
|
Firm's
Style / Name |
Seat
/ Residence |
Fiscal
Code |
Owned
Shares |
%
Ownership |
|
Trevisan
Maurizio |
San
Martino Buon Albergo - IT - |
TRVMRZ60A01L781I |
26.000
.Eur |
52,00 |
|
Ambroso
Nicola |
Angiari
- IT - |
MBRNCL73T03E512Q |
12.000
.Eur |
24,00 |
|
Costola
Nicola |
Verona
- IT - |
CSTNCL67P30G224N |
12.000
.Eur |
24,00 |
Direct
Participations
The
Company under review has participations in the following Companies:
|
Firm's
Style |
Seat |
Fiscal
Code |
Owned
Shares Amount |
%
Ownership |
since |
until |
Share
Status |
|
Creativity
Factory S.r.l. |
02233660220 |
1.500
.Eur |
15,00 |
Active |
|||
|
San
Zeno S.r.l. |
04113460234 |
12.500
.Eur |
25,00 |
Active |
|||
|
Gruppo
Cantelli S.r.l. |
Imola
- IT - |
03440891202 |
12.000
.Eur |
40,00 |
Active |
Firm's
location and structure
In
order to carry out its activities the firm uses the following locations:
|
- |
Legal
and operative seat |
|
Vecchia
Ferriera |
,
70 |
-
36100 |
-
Vicenza |
(VI) |
-
IT - |
|
PHONE |
:
0444961020 |
|
Legal
mail |
:
TREVIGROUPSRL@PEC.IT |
|
Employees |
:
1 |
|
Active
partners |
:
3 |
|
Stocks
for a value of 150.000 |
Eur |
Protests
Protests
checking on the subject firm has given a negative result.
Data
Base Prejudicial Events Search
Search
performed on a National Scale
|
Prejudicial
Events Search Result: NEGATIVE |
Search
performed on a specialized data base.
Legal
Procedures
None
reported, standing to the latest received edition of the Official Publications.
Financial
and Economical Analysis
Subject
is active since 2007
The
analysis is based on the latest 3 balance sheets.
Under
an economic point of view, profits were registered during the last years with a
r.o.e. of 6,81% in 2013 and with an upward trend in turnover trend during the
last financial year (+38,07% in 2013).
The
operating result in 2013 was positive (4,07%) falling within the field's
average.
The
operating result is positive and amounts to Eur. 78.928 on stable levels if
compared to the previous year.
During
the latest financial year the gross operating margin amounted to Eur. 109.224
stable if compared to the financial year 2012.
Company's
financial status is balanced since indebtedness is not high (1,6) even though
on the increase if compared to 2012.
The
management generated equity capital for an amount of Eur. 761.009 , stable in
comparison with the value of the previous year.
Total
indebtedness amounts to Eur. 1.229.613, increasing if compared to the previous
year, during which they were equal to Eur. 769.486 (59,79%).
The
recourse to financial credit is within the limits; on the other hand the
recourse to suppliers' credit is rated as fairly high besides being higher than
sector's average.
Liquidity
is however good.
As
far as the collection of credit goes, the average is high (175,27 days). even
higher than the average of the specific sector.
As
far as the cash flow is concerned during the latest financial year it amounted
to Eur. 82.104
The
financial charges do not negatively affect the management, as they are covered
by the incomes.
Financial Data
|
Complete
balance-sheet for the year |
al
31/12/2013 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
2.291.977 |
|
Profit
(Loss) for the period |
51.808 |
|
Complete
balance-sheet for the year |
al
31/12/2012 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
1.659.977 |
|
Profit
(Loss) for the period |
29.666 |
|
Complete
balance-sheet for the year |
al
31/12/2011 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
2.995.640 |
|
Profit
(Loss) for the period |
40.505 |
|
Complete
balance-sheet for the year |
al
31/12/2010 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
2.056.227 |
|
Profit
(Loss) for the period |
85.879 |
|
Complete
balance-sheet for the year |
al
31/12/2009 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
1.412.641 |
|
Profit
(Loss) for the period |
50.531 |
Balance
Sheets
From
our constant monitoring of the relevant Public Administration offices, no more
recent balance sheets result to have been filed.
|
-
Balance Sheet as at 31/12/2013 - 12 Mesi - Currency: - Amounts x 1 |
|
-
Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1 |
|
-
Balance Sheet as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
RATIOS |
Value
Type |
as
at 31/12/2013 |
as
at 31/12/2012 |
as
at 31/12/2011 |
Sector
Average |
|
COMPOSITION
ON INVESTMENT |
|||||
|
Rigidity
Ratio |
Units |
0,33 |
0,49 |
0,45 |
0,09 |
|
Elasticity
Ratio |
Units |
0,66 |
0,50 |
0,55 |
0,89 |
|
Availability
of stock |
Units |
0,08 |
0,10 |
0,23 |
0,26 |
|
Total
Liquidity Ratio |
Units |
0,58 |
0,40 |
0,32 |
0,54 |
|
Quick
Ratio |
Units |
0,01 |
0,00 |
0,04 |
0,03 |
|
COMPOSITION
ON SOURCE |
|||||
|
Net
Short-term indebtedness |
Units |
1,60 |
1,05 |
0,97 |
3,95 |
|
Self
Financing Ratio |
Units |
0,39 |
0,48 |
0,47 |
0,17 |
|
Capital
protection Ratio |
Units |
0,87 |
0,89 |
0,88 |
0,62 |
|
Liabilities
consolidation quotient |
Units |
n.c. |
0,02 |
0,07 |
0,10 |
|
Financing |
Units |
1,62 |
1,09 |
1,12 |
4,85 |
|
Permanent
Indebtedness Ratio |
Units |
0,39 |
0,49 |
0,51 |
0,29 |
|
M/L
term Debts Ratio |
Units |
n.c. |
0,01 |
0,03 |
0,07 |
|
Net
Financial Indebtedness Ratio |
Units |
0,24 |
0,23 |
0,08 |
1,04 |
|
CORRELATION |
|||||
|
Fixed
assets ratio |
Units |
1,17 |
0,99 |
1,14 |
2,37 |
|
Current
ratio |
Units |
1,04 |
0,98 |
1,11 |
1,18 |
|
Acid
Test Ratio-Liquidity Ratio |
Units |
0,92 |
0,79 |
0,64 |
0,80 |
|
Structure's
primary quotient |
Units |
1,17 |
0,97 |
1,06 |
1,48 |
|
Treasury's
primary quotient |
Units |
0,01 |
0,01 |
0,08 |
0,04 |
|
Rate
of indebtedness ( Leverage ) |
% |
255,00 |
209,14 |
211,54 |
602,26 |
|
Current
Capital ( net ) |
Value |
49.115 |
-12.812 |
87.194 |
191.984 |
|
RETURN |
|||||
|
Return
on Sales |
% |
3,58 |
3,51 |
1,84 |
2,03 |
|
Return
on Equity - Net- ( R.O.E. ) |
% |
6,81 |
4,18 |
5,55 |
6,31 |
|
Return
on Equity - Gross - ( R.O.E. ) |
% |
11,83 |
8,44 |
10,01 |
17,00 |
|
Return
on Investment ( R.O.I. ) |
% |
4,07 |
4,52 |
8,21 |
4,18 |
|
Return/
Sales |
% |
3,44 |
4,04 |
4,23 |
3,46 |
|
Extra
Management revenues/charges incid. |
% |
65,64 |
44,27 |
31,96 |
27,96 |
|
Cash
Flow |
Value |
82.104 |
58.270 |
55.046 |
44.823 |
|
Operating
Profit |
Value |
78.928 |
67.019 |
126.731 |
74.603 |
|
Gross
Operating Margin |
Value |
109.224 |
95.623 |
141.272 |
111.383 |
|
MANAGEMENT |
|||||
|
Credits
to clients average term |
Days |
175,27 |
119,56 |
49,09 |
113,70 |
|
Debts
to suppliers average term |
Days |
163,46 |
147,73 |
86,61 |
118,14 |
|
Average
stock waiting period |
Days |
23,67 |
31,23 |
43,51 |
72,90 |
|
Rate
of capital employed return ( Turnover ) |
Units |
1,18 |
1,12 |
1,94 |
1,25 |
|
Rate
of stock return |
Units |
15,21 |
11,53 |
8,27 |
4,88 |
|
Labour
cost incidence |
% |
n.c. |
0,25 |
0,27 |
8,14 |
|
Net
financial revenues/ charges incidence |
% |
0,69 |
-0,43 |
-1,79 |
-1,38 |
|
Labour
cost on purchasing expenses |
% |
n.c. |
0,25 |
0,27 |
8,25 |
|
Short-term
financing charges |
% |
n.c. |
0,94 |
6,61 |
2,76 |
|
Capital
on hand |
% |
84,67 |
89,35 |
51,52 |
79,85 |
|
Sales
pro employee |
Value |
331.995 |
397.742 |
||
|
Labour
cost pro employee |
Value |
831 |
33.267 |
Remarks
1)
Protests checking (relative to the last five years) performed by crossing and
matching the members names and the Firm's Style with the reported addresses, is
supplied by the Informatic Registry managed by the Italian Chamber of Commerce.
If the fiscal code is not indicated, the eventual homonymous cases are
submitted to expert staff evaluation in order to limit wrong matching risks.
2)
The Legal Data, supplied and retrived from the Firm's Registry of the Italian
Chamber of Commerce, are in line with the last registered modifications.
3)
Risk evaluation and Credit Opinion have been performed on the base of the
actual data at the moment of their availability.
Market
/ Territory Data
|
Population
living in the province |
: |
|
|
Population
living in the region |
: |
|
|
Number
of families in the region |
: |
|
Monthly
family expences average in the region (in Eur..) :
|
-
per food products |
: |
|
|
-
per non food products |
: |
|
|
-
per energy consume |
: |
|
Sector
Data
The
values are calculated on a base of 9.175 significant companies.
The
companies cash their credits on an average of 114 dd.
The
average duration of suppliers debts is about 118 dd.
The
sector's profitability is on an average of 2,03%.
The
labour cost affects the turnover in the measure of 8,14%.
Goods
are held in stock in a range of 73 dd.
The
difference between the sales volume and the resources used to realize it is
about 1,25.
The
employees costs represent the 8,25% of the production costs.
Statistical
Detrimental Data
Statistcally
the trade activity shows periods of crisis.
The
area is statistically considered lowly risky.
In
the region 13.782 protested subjects are found; in the province they count to
2.234.
The
insolvency index for the region is 0,30, , while for the province it is 0,27.
Total
Bankrupt companies in the province : 2.546.
Total
Bankrupt companies in the region : 16.714.
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with some
medium and large diamond traders which are usually engaged in fictitious import
– export, inter-company transactions, financially assisted by banks. In the
process, several public sector banks lost several hundred million rupees. They
mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.51 |
|
|
1 |
Rs.104.01 |
|
Euro |
1 |
Rs.76.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.