MIRA INFORM REPORT
|
Report No. : |
352064 |
|
Report Date : |
01.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
NRB
BEARINGS [THAILAND] LTD. |
|
|
|
|
Registered Office : |
300/69 Moo 1, Eastern Seaboard Industrial Estate, T. Tasit, A. Pluakdaeng, Rayong 21140 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
27.02.2007 |
|
|
|
|
Com. Reg. No.: |
0215550000626 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Needle Roller
and Needle Roller Bearings |
|
|
|
|
No. of Employees : |
300 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise
economy, and generally pro-investment policies Thailand has historically had a
strong economy due in part to competitive industrial and agriculture exports - mostly
electronics, agricultural commodities, automobiles and parts, and processed
foods. The economy experienced slow growth and declining exports in 2014, in
part due to domestic political turmoil and sluggish global demand. With full
employment, Thailand attracts an estimated 2-4 million migrant workers from
neighboring countries, and faces labor shortages. Following the May 2014 coup
d'etat, tourism decreased 6-7% but is beginning to recover. The household debt
to GDP ratio is over 80%. The Thai government in 2013 implemented a nation-wide
300 baht ($10) per day minimum wage policy and deployed new tax reforms
designed to lower rates on middle-income earners. The Thai baht has remained
stable.
|
Source
: CIA |
Company
Name
NRB BEARINGS [THAILAND] LTD.
SUMMARY
BUSINESS ADDRESS : 300/69 MOO 1, EASTERN SEABOARD INDUSTRIAL
ESTATE, T. TASIT,
A. PLUAKDAENG,
RAYONG 21140,
THAILAND
TELEPHONE
: [66] 38
955-824-5, 092 263-7770
FAX :
[66] 38
955-826
E-MAIL ADDRESS : nrbtmkt@nrbbearings.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2007
REGISTRATION NO. : 0215550000626
TAX ID NO. : 3032561464
CAPITAL REGISTERED : BHT.
110,000,000
CAPITAL PAID-UP
: BHT.
110,000,000
SHAREHOLDER’S PROPORTION : INDIAN : 100%
FISCAL YEAR CLOSING DATE : MARCH
31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE
: MR.
ARVINDER SINGH KOHLI,
INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 300
LINES OF
BUSINESS : NEEDLE ROLLER AND
NEEDLE ROLLER BEARINGS
MANUFACTURER, DISTRIBUTOR AND
EXPORTER
CORPORATE
PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject
was established on February
27, 2007
as a private
limited company under
the registered name
NRB BEARINGS [THAILAND]
LTD., by Indian group,
with the business
objective to manufacture
and distribute needle roller and
needle roller bearings
for various industries of
both domestic and overseas. It
currently employs approximately 300 staff.
The subject is a wholly owned
subsidiary of NRB
Bearings Limited of India.
The subject’s
registered address is
300/69 Moo 1,
Eastern Seaboard Industrial
Estate, T. Tasit, A. Pluakdaeng,
Rayong 21140, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Harshbeena
Sahney Zaveri |
|
Indian |
54 |
|
Mr. Satish
Chellaram Rangani |
|
Indian |
66 |
|
Mr. Arvinder Singh Kohli |
|
Indian |
59 |
AUTHORIZED
PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Arvinder
Singh Kohli is
the Managing Director.
He is Indian
nationality with the
age of 59
years old.
Ms. Lapassaporn
Thongprao is the
Operation Manager.
She is Thai
nationality.
Mr. Somchart
Bureethong is the
Factory Manager.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject
is engaged in manufacturing, distributing
and exporting needle
roller and needle roller bearings for automobiles, machinery,
electric engineering and other
industries.
BRAND NAME
“NRB BEARINGS”
PURCHASE
Raw material and
machinery are purchased
from suppliers both
domestic and overseas
in India and
Republic of China.
MAJOR SUPPLIER
NRB Bearings
Limited : India
SALES
The products are
sold by wholesale
to traders, manufacturers
and end-users of
both local and overseas in
India, Malaysia, Indonesia,
Japan and U.S.A..
SUBSIDIARY
AND AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
according for the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
N/A
EMPLOYMENT
The subject
employs approximately 300
staff.
LOCATION
DETAILS
The premise
is owned for administrative office,
factory and warehouse
at the heading
address. Premise is
located in provincial/industrial area.
COMMENT
The subject
is a manufacturer and
distributor of needle
rollers and needle
roller bearings. Its
operating performance in
2014 was moderately
fair with an
increase in sales revenues
and a decrease
in net loss
comparing to the previous year.
However, the subject
also has an
impact from industrial
weakness.
FINANCIAL
INFORMATION
The capital
was registered at
Bht. 50,000,000 divided
into 5,000,000 shares
of Bht. 10
each with fully
paid.
On May
16, 2012, the
registered capital was
increased to Bht.
110,000,000 divided into
11,000,000 shares of
Bht. 10 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at
June 29, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
NRB Bearings Limited Nationality: Indian Address : Mumbai,
India |
10,999,994 |
100.00 |
|
Mr. Triloshan
Singh Sahney Nationality: Indian Address : Mumbai,
India |
1 |
- |
|
Mrs. Hanwander Ker
Sahney Nationality: Indian Address : Mumbai,
India |
1 |
- |
|
Mr. Devesh
Singh Sahney Nationality: Indian Address : Mumbai,
India |
1 |
- |
|
Mr. Satish
Chellaram Rangani Nationality: Indian Address :
Mumbai, India |
1 |
- |
|
Mrs. Harshbeena
Sahney Zaveri Nationality: Indian Address : Mumbai,
India |
1 |
- |
|
|
|
|
|
Mr. Arvinder
Singh Kohli Nationality: Indian Address : Mumbai,
India |
1 |
- |
Total
Shareholders : 7
Share Structure [as at
June 29, 2015]
|
Nationality |
Shareholders |
No.
of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - Indian |
7 |
11,000,000 |
100.00 |
|
Total |
7 |
11,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Nawamin
Teerakasetchai No. 4775
BALANCE
SHEET [BAHT]
The latest
financial figures published
for March 31,
2015, 2014 &
2013 were:
ASSETS
|
Current
Assets |
2015 |
2014 |
2013 |
|
|
|
|
|
|
Cash and Cash
Equivalents |
2,636,744 |
2,794,464 |
2,316,164 |
|
Cash at Bank
pledged as a
Collateral |
389,000 |
389,000 |
389,000 |
|
Trade Accounts &
Other Receivable |
3,860,880 |
61,483,803 |
18,931,020 |
|
Inventories |
52,091,715 |
51,179,867 |
35,111,480 |
|
Revenue
Department Receivable |
33,239,581 |
2,013,078 |
2,242,416 |
|
Other Current Assets
|
984,483 |
2,015,581 |
655,417 |
|
|
|
|
|
|
Total Current Assets |
93,202,403 |
119,875,793 |
59,645,497 |
|
Fixed Assets |
157,405,131 |
152,573,631 |
135,165,571 |
|
Total Assets |
250,607,534 |
272,449,424 |
194,811,068 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2015 |
2014 |
2013 |
|
|
|
|
|
|
Trade Accounts
& Other Payable |
156,835,418 |
135,376,734 |
70,263,878 |
|
Short-term Loan from
Financial Institution |
57,960,819 |
57,858,283 |
57,391,699 |
|
Short-term Loan from
Related Company |
13,500,000 |
13,500,000 |
- |
|
Current Portion
of Long-term Loan |
14,193,015 |
18,853,771 |
24,540,345 |
|
Other Current
Liabilities |
41,241,370 |
50,876,025 |
1,770,727 |
|
|
|
|
|
|
Total
Current Liabilities |
283,730,622 |
276,464,813 |
153,966,649 |
|
Long-term Loan from Financial Institution |
- |
14,140,327 |
29,820,602 |
|
Total Liabilities |
283,730,622 |
290,605,140 |
183,787,251 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital :
Baht 10 par value
Authorized &
issued share capital
11,000,000 shares
|
110,000,000 |
110,000,000 |
110,000,000 |
|
|
|
|
|
|
Capital Paid |
110,000,000 |
110,000,000 |
110,000,000 |
|
Retained Earning - Unappropriated [Deficit] |
[143,123,088] |
[128,155,716] |
[98,976,183] |
|
|
|
|
|
|
Total Shareholders' Equity
|
[33,123,088] |
[18,155,716] |
11,023,817 |
|
Total Liabilities
& Shareholders' Equity |
250,607,534 |
272,449,424 |
194,811,068 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2015 |
2014 |
2013 |
|
|
|
|
|
|
Sales |
112,371,847 |
87,398,840 |
76,407,678 |
|
Other Income |
1,204,343 |
173,810 |
306,153 |
|
Gain on Exchange
Rate |
1,250,604 |
- |
4,625,796 |
|
Total Revenues |
114,826,794 |
87,572,650 |
81,339,627 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Change in Finished
Goods & Work in Progress |
[2,826,219] |
[12,339,911] |
[6,777,540] |
|
Packaging Materials
& Components |
60,873,021 |
62,136,833 |
53,986,247 |
|
Material Supplies
& Storing Expenses |
7,389,735 |
3,954,799 |
1,461,687 |
|
Other
Operating Expenses |
2,331,094 |
1,488,699 |
80,426 |
|
Employees Expenses |
23,473,594 |
17,047,761 |
13,503,266 |
|
Directors’
Remuneration |
1,184,425 |
1,135,825 |
1,439,244 |
|
Depreciation |
11,926,480 |
10,674,489 |
10,723,773 |
|
Advice & Consulting
Fee |
756,561 |
531,075 |
379,440 |
|
Sales
Promotion Expenses |
542,667 |
168,162 |
69,246 |
|
Travelling Expenses |
3,168,124 |
2,827,103 |
2,546,853 |
|
Rental Expenses |
326,858 |
266,203 |
254,000 |
|
Fuel Expenses |
5,161,316 |
3,968,025 |
3,304,792 |
|
Audit Fee |
103,523 |
85,168 |
79,694 |
|
Others |
9,642,262 |
19,328,116 |
7,087,163 |
|
Total Expenses |
124,053,441 |
111,272,347 |
88,138,291 |
|
|
|
|
|
|
Profit / [Loss]
before Financial Cost |
[9,226,647] |
[23,699,697] |
[6,798,664] |
|
Financial Cost |
[5,740,725] |
[5,479,836] |
[6,860,586] |
|
Net Profit / [Loss]
|
[14,967,372] |
[29,179,533] |
[13,659,250] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2015 |
2014 |
2013 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.33 |
0.43 |
0.39 |
|
QUICK RATIO |
TIMES |
0.14 |
0.24 |
0.16 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.71 |
0.57 |
0.57 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.45 |
0.32 |
0.39 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
278.53 |
282.65 |
231.13 |
|
INVENTORY TURNOVER |
TIMES |
1.31 |
1.29 |
1.58 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
109.99 |
256.77 |
90.43 |
|
RECEIVABLES TURNOVER |
TIMES |
3.32 |
1.42 |
4.04 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
838.60 |
747.64 |
462.53 |
|
CASH CONVERSION CYCLE |
DAYS |
(450.08) |
(208.22) |
(140.97) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
60.75 |
75.62 |
72.57 |
|
SELLING & ADMINISTRATION |
% |
43.58 |
43.70 |
42.38 |
|
INTEREST |
% |
5.11 |
6.27 |
8.98 |
|
GROSS PROFIT MARGIN |
% |
41.44 |
24.58 |
33.89 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(8.21) |
(27.12) |
(8.90) |
|
NET PROFIT MARGIN |
% |
(13.32) |
(33.39) |
(17.88) |
|
RETURN ON EQUITY |
% |
- |
- |
(123.91) |
|
RETURN ON ASSET |
% |
(5.97) |
(10.71) |
(7.01) |
|
EARNING PER SHARE |
BAHT |
(13.61) |
(26.53) |
(12.42) |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
1.13 |
1.07 |
0.94 |
|
DEBT TO EQUITY RATIO |
TIMES |
(8.57) |
(16.01) |
16.67 |
|
TIME INTEREST EARNED |
TIMES |
(1.61) |
(4.32) |
(0.99) |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
28.57 |
14.38 |
|
|
OPERATING PROFIT |
% |
(61.07) |
248.59 |
|
|
NET PROFIT |
% |
48.71 |
(113.62) |
|
|
FIXED ASSETS |
% |
3.17 |
12.88 |
|
|
TOTAL ASSETS |
% |
(8.02) |
39.85 |
|
ANNUAL
GROWTH : SATISFACTORY
An annual sales growth is 28.57%. Turnover has increased
from THB 87,398,840.00 in 2014 to THB 112,371,847.00 in 2015. While net profit has
increased from THB - 29,179,533.00 in 2014 to THB -14,967,372.00 in 2015. And
total assets has decreased from THB 272,449,424.00 in 2014 to THB
250,607,534.00 in 2015.
PROFITABILITY
: ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
41.44 |
Impressive |
Industrial
Average |
0.01 |
|
Net Profit Margin |
(13.32) |
Deteriorated |
Industrial
Average |
7.49 |
|
Return on Assets |
(5.97) |
Deteriorated |
Industrial
Average |
19.80 |
|
Return on Equity |
- |
|
Industrial
Average |
37.71 |
Gross Profit Margin used to assess a firm's financial health
by revealing the proportion of money left over from revenues after accounting
for the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company's figure is in 41.44%. When
compared with the industry average, the ratio of the company was higher,
indicated that company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's
efficiency in that net profit takes into consideration all expenses of the
company. A low profit margin indicates a low margin of safety, higher risk that
a decline in sales will erase profits and result in a net loss. The company's
figure is -13.32%. When compared with the industry average, the ratio of the
company was lower.
Return on Assets measures how efficiently profits are being
generated from the assets employed in the business when compared with the
ratios of firms in a similar business. A low ratio in comparison with industry
averages indicates an inefficient use of business assets. When compared with
the industry average, it was lower, the
company's figure is -5.97%.
Trend
of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY
: ACCEPTABLE
LIQUIDITY
RATIO
|
Current Ratio |
0.33 |
Risky |
Industrial
Average |
0.87 |
|
Quick Ratio |
0.14 |
|
|
|
|
Cash Conversion Cycle |
(450.08) |
|
|
|
The Current Ratio is to ascertain whether a company's
short-term assets are readily available to pay off its short-term liabilities.
The company's figure is 0.33 times in 2015, decreased from 0.43 times, then the
company may not be efficiently using its current assets. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further
refines the current ratio by measuring the amount of the most liquid current
assets there are to cover current liabilities. The company's figure is 0.14
times in 2015, decreased from 0.24 times, then the company has not enough
current assets that presumably can be quickly converted to cash for pay
financial obligations.
The Cash Conversion Cycle measures the number of days a
company's cash is tied up in the production and sales process of its operations
and the benefit from payment terms from its creditors. It meant the company
could survive when no cash inflow was received from sale for -451 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: RISKY
LEVERAGE
RATIO
|
Debt Ratio |
1.13 |
Risky |
Industrial
Average |
0.46 |
|
Debt to Equity Ratio |
(8.57) |
Risky |
Industrial
Average |
0.81 |
|
Times Interest Earned |
(1.61) |
Risky |
Industrial
Average |
- |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet
its debt obligations. Ratio is -1.61 lower than 1, so the company is not
generating enough cash from EBIT to meet
its interest obligations.
Debt Ratio shows the proportion of a company's assets which
are financed through debt. The company's figure is 1.13 greater than 0.5, most
of the company's assets are financed through debt.
Trend
of the average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Stable
ACTIVITY
: ACCEPTABLE
ACTIVITY
RATIO
|
Fixed Assets Turnover |
0.71 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.45 |
Deteriorated |
Industrial
Average |
2.86 |
|
Inventory Conversion Period |
278.53 |
|
|
|
|
Inventory Turnover |
1.31 |
Deteriorated |
Industrial
Average |
16.26 |
|
Receivables Conversion Period |
109.99 |
|
|
|
|
Receivables Turnover |
3.32 |
Deteriorated |
Industrial
Average |
8.94 |
|
Payables Conversion Period |
838.60 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.32
and 1.42 in 2015 and 2014 respectively. This ratio measures the efficiency of
the company in managing its trade debtors to generate revenue. A lower ratio may
indicate over extension and collection problems. Conversely, a higher ratio may
indicate an overtly stringent policy. In this case, the company's A/R ratio in
2015 increased from 2014. This would suggest the company had good performance
in the management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of
inventory. It estimates the number of days that it will take to sell the
current inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 283 days at the
end of 2014 to 279 days at the end of 2015. This represents a positive trend.
And Inventory turnover has increased from 1.29 times in year 2014 to 1.31 times
in year 2015.
The company's Total Asset Turnover is calculated as 0.45
times and 0.32 times in 2015 and 2014 respectively. This ratio is determined by
dividing total assets into total sales turnover. The ratio measures the
activity of the assets and the ability of the firm to generate sales through
the use of the assets.
Trend
of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.81 |
|
|
1 |
Rs.100.37 |
|
Euro |
1 |
Rs.70.68 |
|
Thai Baht |
1 |
Rs.1.86 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.