MIRA INFORM REPORT
|
Report No. : |
311587 |
|
Report Date : |
12.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
L-FASHION GROUP OY |
|
|
|
|
Formerly Known As : |
LUHTA OY |
|
|
|
|
Registered Office : |
Tiilimäenkatu 9, 15680, Lahti |
|
|
|
|
Country : |
Finland |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
12.01.1937 |
|
|
|
|
Legal Form : |
Limited company |
|
|
|
|
Line of Business : |
Manufacture of other outerwear |
|
|
|
|
No. of Employee : |
739 |
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) |
|
Finland |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
FINLAND ECONOMIC OVERVIEW
Finland has a highly industrialized, largely free-market
economy with per capita output almost as high as that of Austria, Belgium, the Netherlands,
or Sweden. TRADE
is
important, with exports accounting for over one-third of GDP in recent years.
Finland is historically competitive in manufacturing - principally the wood,
metals, engineering, telecommunications, and electronics industries. Finland
excels in export of technology for mobile phones as well as promotion of
startups in the ICT, gaming, cleantech, and biotechnology sectors. Except for
timber and several minerals, Finland depends on imports of raw materials,
energy, and some components for manufactured goods. Because of the climate,
agricultural development is limited to maintaining self-sufficiency in basic
products. Forestry, an important export earner, provides a secondary occupation
for the rural population. Finland had been one of the best performing economies
within the EU in recent years and its banks and financial markets avoided the
worst of global financial crisis. However, the world slowdown hit exports and
domestic demand hard in 2009, with Finland experiencing one of the deepest
contractions in the euro zone. A recovery of exports, domestic trade, and
household consumption stimulated economic growth in 2010-11, however, continued
recession within the EU dampened the economy in 2012-13. The recession affected
general government FINANCES and
the debt ratio, turning previously strong budget surpluses into deficits, but
Finland took action to ensure it that it met the EU deficit targets in 2013 and
retained its triple-A credit rating. Finland's main challenge will be to
stimulate growth while faced with weak export demand in the EU and its own
government austerity measures. Longer-term, Finland must address a rapidly
aging population and decreasing productivity in traditional industries that
threaten competitiveness, fiscal sustainability, and economic growth.
|
Source
: CIA |
Company
summary
|
Trading Name |
L-Fashion Group
Oy |
Trade Registry Number |
|
||
|
Company Name |
L-FASHION GROUP OY |
Business ID |
01491585 |
|
|
|
Previous Name |
Luhta Oy |
Safe Number |
FI00739237 |
|
|
|
Telephone Number |
03822111 |
Registered Address |
Tiilimäenkatu 9, 15680, LAHTI |
|
|
|
Fax Number |
038221215 |
Visiting Address |
Tiilimäenkatu 9, 15680, LAHTI |
|
|
|
Home Municipality |
Lahti |
Postal Address |
PL 55, 15501, LAHTI |
|
|
|
Incorporation Date |
12.01.1937 |
Branches |
61 |
|
|
|
Company Type |
Limited company |
Website Address |
|
||
|
Primary Sic Code |
14130 |
Accountant |
Ernst & Young Oy |
||
|
Primary Sic Description |
Manufacture of other outerwear |
Last Accounts Date |
31.12.2013 |
||
|
Share Capital (€) |
10.462.130 |
Holding Company |
|||
|
Deals in importing |
Yes |
Foreign Ownership |
No |
||
|
Deals in exporting |
Yes |
Currency |
EUR |
||
Key Financials (€)
|
Year |
31.12.2013 |
% |
31.12.2012 |
% |
31.12.2011 |
31.12.2010 |
|
|
Number of weeks |
52 |
52 |
52 |
52 |
|||
|
Turnover |
197.178.784 |
-1% |
199.833.919 |
1% |
197.737.337 |
249.310.414 |
|
|
Operating
Profit/Loss |
894.328 |
-72% |
3.168.592 |
-66% |
9.281.415 |
17.075.270 |
|
|
Profit/Loss after
Financial Items |
5.674.222 |
-19% |
6.973.153 |
-27% |
9.546.197 |
15.510.780 |
|
|
Profit/Loss after
tax |
5.529.722 |
-17% |
6.682.543 |
7% |
6.250.363 |
12.005.594 |
|
|
Current Assets |
95.723.537 |
9% |
88.157.525 |
-15% |
103.180.148 |
123.723.933 |
|
|
Fixed Assets |
47.062.738 |
-3% |
48.369.398 |
110% |
22.978.933 |
21.716.085 |
|
|
Long Term Debts |
13.920.664 |
-27% |
19.177.541 |
1374% |
1.300.872 |
3.756.330 |
|
|
Current
Liabilities |
59.278.214 |
18% |
50.226.360 |
-16% |
59.461.561 |
58.624.855 |
|
|
Shareholders
Equity |
69.587.397 |
4% |
67.123.022 |
3% |
65.396.648 |
83.058.833 |
|
|
Balance sheet
total |
142.786.275 |
5% |
136.526.923 |
8% |
126.159.081 |
145.440.018 |
|
|
Number of
employees |
739 |
832 |
737 |
1811 |
|||
|
Auditor
qualification |
The auditor has
no reservations |
The auditor has
no reservations |
The auditor has
no reservations |
The auditor has
no reservations |
Ratios
|
Year |
31.12.2013 |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|||
|
Solvency Ratio |
49% |
49% |
52% |
57% |
|||
|
Low Indebtedness |
Low Indebtedness |
Low Indebtedness |
Low Indebtedness |
||||
|
Net margin (%) |
3% |
3% |
5% |
6% |
|||
|
Interest Coverage
Ratio (times) |
6 |
8 |
8 |
7 |
|||
|
Gearing (%) |
61% |
67% |
55% |
31% |
|||
|
Liquidity
Ratio/Acid Test |
1 |
1 |
1 |
1 |
|||
|
Risk Buffer (%) |
3% |
4% |
6% |
8% |
Shareholder Information
|
Year |
31.12.2013 |
|
|
Total Value of
Shares |
10.462.130 |
|
|
Number of Shares |
957.000 |
|
|
Value of Shares |
10.93 |
Registrations in Force
|
State |
Registration Date |
|
|
Tax
Administration |
Registered |
15.03.1978 |
|
Trade Register |
Registered |
12.01.1937 |
|
Employer Register |
Registered |
01.01.1979 |
|
Prepayment
Register |
Registered |
01.03.1995 |
|
Value Added
Tax-Liability |
VAT-liable for business
activity |
01.06.1994 |
Business History
|
Date |
Event |
Source Company
Name |
|
01.07.2011 |
Merger |
Aleksi 13 tavaratalo merged
into L-Fashion Group Oy |
|
30.06.2011 |
Merger |
Aleksi 13 tavaratalo merged
into L-Fashion Group Oy |
|
01.01.2011 |
Merger |
L-Retail Oy merged into
L-Fashion Group Oy |
|
31.12.2010 |
Merger |
L-Retail Oy merged into
L-Fashion Group Oy |
|
01.07.2010 |
Merger |
Everdeal Retail Oy merged
into L-Fashion Group Oy |
|
30.06.2010 |
Merger |
Everdeal Retail Oy merged
into L-Fashion Group Oy |
|
31.12.1996 |
Merger |
07491295
merged into L-Fashion Group Oy |
|
26.07.1995 |
Merger |
06902312
merged into L-Fashion Group Oy |
Current Directors
|
Name |
Luhtanen Keni
Mikael |
||
|
Date of Birth |
30.05.1972 |
Appointment Date |
28.06.2013 |
|
Nationality |
FINLAND |
Function |
Actual Member of
Board |
|
Name |
Luhtanen-Virtanen
Tiina-Kaisa |
||
|
Date of Birth |
31.08.1968 |
Appointment Date |
28.06.2013 |
|
Nationality |
FINLAND |
Function |
Actual Member of
Board |
|
Name |
Luhtanen Juha
Jaakko |
||
|
Date of Birth |
12.12.1969 |
Appointment Date |
28.06.2013 |
|
Nationality |
FINLAND |
Function |
Actual Member of
Board |
|
Name |
Sutinen Mika Esko
Petteri |
||
|
Date of Birth |
06.03.1966 |
Appointment Date |
28.06.2013 |
|
Nationality |
FINLAND |
Function |
Actual Member of
Board |
|
Name |
Luhtanen Jukka
Veikko |
||
|
Date of Birth |
10.07.1944 |
Appointment Date |
28.06.2013 |
|
Nationality |
FINLAND |
Function |
Actual Member of
Board |
|
Name |
Myyryläinen Ari
Mikko |
||
|
Date of Birth |
26.06.1966 |
Appointment Date |
28.06.2013 |
|
Nationality |
FINLAND |
Function |
Actual Member of
Board |
|
Name |
Kulvik Pauli
Bertel |
||
|
Date of Birth |
12.07.1951 |
Appointment Date |
28.06.2013 |
|
Nationality |
FINLAND |
Function |
Chairman of Board |
|
Name |
Luhtanen Vesa
Pekka |
||
|
Date of Birth |
09.04.1961 |
Appointment Date |
03.04.2000 |
|
Nationality |
FINLAND |
Function |
Managing director |
Other Company Officials
|
Name |
Kasurinen Terhi |
||
|
Date of Birth |
30.04.1976 |
Appointment Date |
12.05.2011 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Luhtanen Jukka
Veikko |
||
|
Date of Birth |
10.07.1944 |
Appointment Date |
12.05.2011 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Sistonen Ville
Petteri |
||
|
Date of Birth |
17.03.1976 |
Appointment Date |
12.05.2011 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Peitso Marja
Helinä |
||
|
Date of Birth |
03.11.1959 |
Appointment Date |
12.05.2011 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Luhtanen Juha
Jaakko |
||
|
Date of Birth |
12.12.1969 |
Appointment Date |
12.05.2011 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Havukainen Jari
Juhani |
||
|
Date of Birth |
29.12.1962 |
Appointment Date |
03.07.2008 |
|
Nationality |
FINLAND |
Function |
Principal
accountant |
Profit & Loss (€)
|
OPERATING INCOME |
31.12.2013 |
% |
31.12.2012 |
% |
31.12.2011 |
31.12.2010 |
||
|
Number of weeks |
52 |
52 |
52 |
52 |
||||
|
Consolidated
Accounts |
no |
no |
no |
yes |
||||
|
Sales Revenue |
197.178.784 |
-1% |
199.833.919 |
1% |
197.737.337 |
249.310.414 |
||
|
Other Operating
Income |
2.907.042 |
54% |
1.892.103 |
60% |
1.180.561 |
833.864 |
||
|
Total Operating
Income |
200.085.826 |
-1% |
201.726.022 |
1% |
198.917.898 |
250.144.278 |
||
|
Wages &
Salaries |
27.902.199 |
-7% |
29.927.246 |
17% |
25.650.928 |
37.928.143 |
||
|
Depreciation |
5.326.554 |
25% |
4.267.870 |
0% |
4.251.313 |
3.921.001 |
||
|
Total Operating
Expenses |
199.191.498 |
0% |
198.557.430 |
5% |
189.636.483 |
233.069.008 |
||
|
Operating
Profit/Loss |
894.328 |
-72% |
3.168.592 |
-66% |
9.281.415 |
17.075.270 |
||
|
RESULT FROM
FINANCIAL INVESTMENTS |
||||||||
|
Financial Income |
5.830.609 |
22% |
4.797.217 |
197% |
1.614.050 |
1.109.684 |
||
|
Financial
Expenses |
1.050.715 |
6% |
992.656 |
-26% |
1.349.268 |
2.674.174 |
||
|
Total Financial
Investments |
4.779.894 |
26% |
3.804.561 |
1337% |
264.782 |
-1.564.490 |
||
|
Profit/Loss after
Financial Items |
5.674.222 |
-19% |
6.973.153 |
-27% |
9.546.197 |
15.510.780 |
||
|
Extraordinary
Income |
0 |
- |
0 |
- |
0 |
0 |
||
|
Extraordinary
Expenses |
0 |
- |
0 |
- |
1.717.156 |
0 |
||
|
Profit/Loss
Before Tax |
5.674.222 |
-19% |
6.973.153 |
-11% |
7.829.042 |
15.510.780 |
||
|
Tax |
144.500 |
-50% |
290.610 |
-82% |
1.578.679 |
3.505.186 |
||
|
Profit/Loss After
Tax |
5.529.722 |
-17% |
6.682.543 |
7% |
6.250.363 |
12.005.594 |
||
Balance Sheet (€)
|
ASSETS |
12.2013 |
% |
12.2012 |
% |
12.2011 |
12.2010 |
||
|
Number of weeks |
52 |
52 |
52 |
52 |
||||
|
Consolidated
Accounts |
no |
no |
no |
yes |
||||
|
FIXED ASSETS |
||||||||
|
Intangible Assets |
3.719.753 |
-10% |
4.152.964 |
-24% |
5.457.364 |
6.091.006 |
||
|
Tangible Assets |
39.945.006 |
-2% |
40.813.691 |
191% |
14.018.288 |
15.015.993 |
||
|
Other Fixed
Assets |
3.397.979 |
0% |
3.402.743 |
-3% |
3.503.281 |
609.086 |
||
|
Total Fixed
Assets |
47.062.738 |
-3% |
48.369.398 |
110% |
22.978.933 |
21.716.085 |
||
|
CURRENT ASSETS |
||||||||
|
Inventories |
50.682.606 |
14% |
44.430.084 |
-22% |
56.712.202 |
45.821.976 |
||
|
Trade Receivables |
30.478.510 |
2% |
29.907.618 |
-10% |
33.157.390 |
44.705.599 |
||
|
Other Receivables |
13.316.126 |
20% |
11.136.368 |
26% |
8.815.683 |
7.865.594 |
||
|
Cash & Bank
Balances |
1.015.698 |
-56% |
2.309.460 |
-49% |
4.493.544 |
24.702.391 |
||
|
Other Current
Assets |
230.597 |
-38% |
373.995 |
>9999% |
1.329 |
628.373 |
||
|
Total Current
Assets |
95.723.537 |
9% |
88.157.525 |
-15% |
103.180.148 |
123.723.933 |
||
|
Total Assets |
142.786.275 |
5% |
136.526.923 |
8% |
126.159.081 |
145.440.018 |
||
Equity and Liabilities (€)
|
EQUITY |
||||||||
|
Share Capital |
10.462.130 |
0% |
10.462.130 |
0% |
10.462.130 |
10.462.130 |
||
|
Share Premium
Reserve |
103.436 |
0% |
103.436 |
0% |
103.436 |
103.436 |
||
|
Retained Earnings |
30.108.804 |
9% |
27.644.429 |
7% |
25.918.055 |
43.140.016 |
||
|
Other Reserves |
28.913.027 |
0% |
28.913.027 |
0% |
28.913.027 |
29.353.251 |
||
|
Total Equity |
69.587.397 |
4% |
67.123.022 |
3% |
65.396.648 |
83.058.833 |
||
|
LONG TERM LIABILITIES |
||||||||
|
Long Term
Liabilities to Financial Institutions |
10.723.077 |
-26% |
14.400.000 |
- |
0 |
3.333.332 |
||
|
Other Long Term
Liabilities Finance |
0 |
- |
1.870.000 |
- |
0 |
0 |
||
|
Other Long Term
Liabilities |
3.197.587 |
10% |
2.907.541 |
124% |
1.300.872 |
422.998 |
||
|
Total Long Term
Debts |
13.920.664 |
-27% |
19.177.541 |
1374% |
1.300.872 |
3.756.330 |
||
|
CURRENT LIABILITIES |
||||||||
|
Trade Payables |
13.011.070 |
77% |
7.358.132 |
-19% |
9.102.574 |
20.490.492 |
||
|
Liabilities to
Financial Institutions |
28.359.250 |
10% |
25.740.930 |
-26% |
34.833.332 |
22.334.375 |
||
|
Other Short Term
Financial Loans |
0 |
- |
0 |
- |
0 |
0 |
||
|
Other Short Term
Liabilities |
17.907.894 |
5% |
17.127.298 |
10% |
15.525.655 |
15.799.988 |
||
|
Total Current
Liabilities |
59.278.214 |
18% |
50.226.360 |
-16% |
59.461.561 |
58.624.855 |
||
|
Total Liabilities |
73.198.878 |
5% |
69.403.901 |
14% |
60.762.433 |
62.381.185 |
||
|
Total Equity
& Liabilities |
142.786.275 |
5% |
136.526.923 |
8% |
126.159.081 |
145.440.018 |
||
Other Financials (€)
|
Working Capital |
36.445.323 |
-4% |
37.931.165 |
-13% |
43.718.587 |
65.099.078 |
||
|
Net Worth |
65.867.644 |
5% |
62.970.058 |
5% |
59.939.284 |
76.967.827 |
Key Ratios
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|||||
|
Number of weeks |
52 |
52 |
52 |
52 |
||||
|
Consolidated
Accounts |
no |
no |
no |
yes |
||||
|
PROFITABILITY |
||||||||
|
Net Margin % |
2,9% |
3,5% |
4,8% |
6,2% |
||||
|
Operating
Profit/Loss % |
0,5% |
1,6% |
4,7% |
6,9% |
||||
|
Pre-Tax Profit
Margin % |
2,9% |
3,5% |
4,0% |
6,2% |
||||
|
TRADING
PERFORMANCE |
||||||||
|
Return on Net
Assets Employed % |
8,2% |
10,4% |
12,0% |
18,7% |
||||
|
Return on Total Capital
% |
4,7% |
5,8% |
8,6% |
12,5% |
||||
|
Interest Coverage
Ratio (times) |
6 |
8 |
8 |
7 |
||||
|
Return on Capital
Employed % |
6,8% |
8,1% |
11,7% |
17,9% |
||||
|
Return on Total
Assets Employed % |
4,0% |
5,1% |
6,2% |
10,7% |
||||
|
Interest on Debt
% |
1,4% |
1,4% |
2,2% |
4,3% |
||||
|
Risk Buffer % |
3,3% |
4,4% |
6,4% |
8,2% |
||||
|
SHORT TERM
LIQUIDITY |
||||||||
|
Liquidity
Ratio/Acid Test |
1 |
1 |
1 |
1 |
||||
|
Current Ratio % |
161,0% |
176,0% |
174,0% |
211,0% |
||||
|
Debtor Days |
56 |
55 |
61 |
65 |
||||
|
Working capital |
36.445.323 |
37.931.165 |
43.718.587 |
65.099.078 |
||||
|
LONG TERM
LIQUIDITY |
||||||||
|
Equity Ratio % |
48,7% |
49,2% |
51,8% |
57,1% |
||||
|
Gearing % |
60,8% |
66,9% |
55,3% |
31,4% |
||||
|
Current Debt
Ratio |
1 |
1 |
1 |
1 |
||||
|
Total Debt Ratio |
1 |
1 |
1 |
1 |
||||
|
Relative debt % |
37,1% |
34,7% |
30,7% |
25,0% |
||||
|
BUSINESS MEASURES |
||||||||
|
Change in
turnover % |
-1,3% |
1,1% |
- |
- |
||||
|
Turnover/employees |
266818 |
240185 |
268300 |
137665 |
||||
|
Sales/Net Working
Capital |
5 |
5 |
5 |
4 |
||||
|
Stock Turnover
Ratio % |
25,7% |
22,2% |
28,7% |
18,4% |
||||
|
Creditor Days |
24 |
13 |
17 |
30 |
||||
|
Equity in
Percentage % |
51,3% |
52,0% |
55,8% |
59,9% |
||||
Group structure
|
COMPANY NAME |
REGISTERED NUMBER |
LATEST KEY FINANCIALS |
PERCENTAGE OWNED |
TURNOVER |
|
|
02384378 |
31.12.2013 |
- |
- |
|
|
08797245 |
31.12.2013 |
81% |
- |
|
|
01491585 |
31.12.2013 |
66% |
- |
|
|
N/A |
- |
100% |
- |
|
|
N/A |
- |
100% |
- |
|
|
N/A |
- |
100% |
- |
|
|
N/A |
- |
100% |
- |
|
|
N/A |
- |
100% |
- |
|
|
06693514 |
31.12.2013 |
100% |
- |
|
|
N/A |
- |
100% |
- |
|
|
N/A |
- |
100% |
- |
|
|
190492 |
- |
100% |
- |
|
|
925112844 |
31.12.2014 |
100% |
27 259 KNOK |
|
|
5561917237 |
31.12.2013 |
100% |
33 545 KSEK |
|
|
N/A |
- |
90% |
- |
|
|
17080583 |
31.12.2011 |
100% |
- |
|
|
N/A |
- |
100% |
- |
|
|
N/A |
- |
100% |
- |
|
|
N/A |
- |
100% |
- |
|
|
BS521677 |
31.12.2013 |
100% |
€3 777 305 |
|
|
01493476 |
30.04.2014 |
79% |
- |
|
|
21847040 |
31.12.2013 |
61% |
- |
|
|
07884822 |
- |
100% |
- |
|
|
01505422 |
- |
100% |
- |
|
|
07250061 |
31.12.2008 |
100% |
€1 786 000 |
|
|
06448236 |
31.12.2008 |
100% |
€163 000 |
Linked Companies
|
NAME |
NUMBER |
LATEST KEY FINANCIALS |
TURNOVER |
|
L-FASHION GROUP GESELLSCHAFT
MIT BESCHRÄNKTER HAFTUNG |
HRB 89595 |
31.12.2013 |
- |
|
L-FASHION GROUP
OY |
- |
- |
- |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.75 |
|
|
1 |
Rs.94.60 |
|
Euro |
1 |
Rs.67.10 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.