MIRA
INFORM REPORT
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Report No. : |
345508 |
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Report Date : |
21.10.2015 |
IDENTIFICATION DETAILS
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Name : |
SANCO FOODS [ |
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Formerly Known As : |
CETES [ |
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Registered Office : |
100 Soi Srinakarin 24, |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
14.09.1992 |
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Com. Reg. No.: |
0105535128120 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject
is engaged in international trading business by importing, distributing and
exporting wide range of foods, food ingredients, fruits and vegetable
products. |
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|
No. of Employees : |
17 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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’�tat, 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
SANCO FOODS
[THAILAND] LTD.
SUMMARY
BUSINESS ADDRESS : 100
SOI SRINAKARIN 24,
SUANLUANG, BANGKOK 10250, THAILAND
TELEPHONE
: [66] 2720-5800.
2721-3371-2
FAX :
[66] 2721-5514
E-MAIL ADDRESS : info@sanco.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1992
REGISTRATION NO. : 0105535128120
TAX ID NO. : 3011172223
CAPITAL REGISTERED : BHT.
2,804,000
CAPITAL PAID-UP
: BHT.
2,804,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE
: MR.
SURAKIT KERDSONGKRAN, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 17
LINES OF
BUSINESS : INTERNATIONAL TRADING COMPANY
IMPORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject
was established on
September 14, 1992 as
a private limited
company under the
registered name “Cetes
[Thailand] Ltd.”, originally
by Dutch groups.
It was a
subsidiary of Van Ommeren
Ceteco group of
companies based in Netherlands.
Later, the
subject has become
100% owned by
Thai group. On
October 12, 1993,
its registered name
was changed to
SANCO FOODS [THAILAND]
LTD. Its business
objective is engaged
in international trading
a wide range
of foods and
feed products. It
currently employs 17
staff.
ASSOCIATION
The Thai
Chamber of Commerce
Asian Vegetable
Oil Club
Thai Food
Processors’ Association
Thailand-Hong Kong
Business Council
Thailand-China Business
Council
Thailand National
Shipper’Council
The subject’s
registered address is 100
Soi Srinakarin 24,
Srinakarin Road, Suanluang,
Bangkok 10250, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Surakit
Kerdsongkran |
[x] |
Thai |
52 |
|
Mrs. Natwatra
Kerdsongkran |
|
Thai |
53 |
|
Mrs. Panaporn
Praipiroonroj |
|
Thai |
69 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs
or both of
the rest directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Surakit
Kerdsongkran
is the Managing
Director.
He is Thai
nationality with the
age of 52 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
international trading business
by importing, distributing
and exporting wide
range of foods,
food ingredients, fruits
and vegetable products.
Range of
products are as
follows:
·
Foods and food
ingredients
: Fatty acids, acid
oils, edible oils, non-edible
oils, tallow & grease, tuna
oils,
pet foods & others; oil
for animal feed
and vegetable cooking
oil
·
Fruits & Vegetable
products
: Frozen & canned Aloe Vera,
pineapple, fruit juices,
coconut milk, mango,
Papaya
·
Canned Food Products
: Canned
tuna, canned sardine,
canned coffee
PURCHASE
The products
are purchased from
suppliers both domestic
and overseas, mainly
in India, Japan,
U.S.A., Republic of
China, Hong Kong
and the countries
in Europe.
SALES
The products are
sold by wholesale
to customers both
local and overseas,
mainly in Japan,
India, Hong Kong, Vietnam,
Indonesia, U.S.A and
the countries in Europe.
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
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
Kasikornbank Public
Co., Ltd.
EMPLOYMENT
The subject
currently employs 17
staff.
LOCATION DETAILS
The premise
is owned for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The subject
was formed in
1992 as a
general trading business.
Most of its
clients are wholesaler. Subject’s business is related to
local consumption which is
currently slow from economic
uncertainty. Its market
is likely to
slowdown from decline
consumption.
Subject reported
slow sales in
2013 compared to
the previous year.
FINANCIAL INFORMATION
The capital
was registered at Bht. 1,804,000 divided
into 1,804 shares
of Bht. 1,000 each.
On May
21, 1999, the
registered capital was
increased to Bht. 2,804,000 divided
into
2,804 shares
of Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Surakit
Kerdsongkran Nationality: Thai Address : 102
Soi Anamai, Suanluang,
Bangkok |
1,190 |
42.44 |
|
Ms. Chintana
Kerdsongkran Nationality: Thai Address : 100 Soi Anamai,
Suanluang, Bangkok |
536 |
19.11 |
|
Mrs. Napaporn
Praipiroonroj Nationality: Thai Address : 9/19
Moo 5, Ladyao,
Jatujak, Bangkok |
390 |
13.91 |
|
Mr. Phisanu
Kerdsongkran Nationality: Thai Address : 102
Soi Anamai, Suanluang,
Bangkok |
384 |
13.69 |
|
Mrs. Nawatra
Kerdsongkran Nationality: Thai Address : 369/531
Moo 3, T. Bangpoomai, A. Muang,
Samutprakarn |
286 |
10.20 |
|
Ms. Pinyapatch
Kerdsongkran Nationality: Thai Address : 369/531
Moo 3, Bangpoomai,
Muang,
Samutprakarn |
8 |
0.29 |
|
Mr. Harit
Kerdsongkran Nationality: Thai Address : 369/531
Moo 3, T. Bangpoomai, A. Muang,
Samutprakarn |
8 |
0.29 |
|
Ms. Non Srikoon Nationality: Thai Address : 53
Moo 11, T. Kokkung,
A. Muangsuang,
Roi-ed |
2 |
0.07 |
Total
Shareholders : 8
Share Structure [as at
April 30, 2014]
|
Nationality |
Shareholders |
No.
of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
2,804 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
2,804 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mrs. Thanhatai
Supakasem No. 5394
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current
Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash
Equivalents |
2,217,690.92 |
5,391,702.49 |
5,260,540.11 |
|
Short-term
Investment |
13,920.00 |
207,350.00 |
207,350.00 |
|
Trade Accounts & Other
Receivable |
8,452,337.44 |
2,327,796.49 |
6,007,610.03 |
|
Inventories |
16,475,602.50 |
11,585,070.00 |
5,284,895.00 |
|
Other Current Assets
|
971,019.40 |
748,704.39 |
1,244,266.78 |
|
|
|
|
|
|
Total Current Assets |
28,130,570.26 |
20,260,623.37 |
18,004,661.92 |
|
Long-term Lending to
Person or Related Company |
6,418,768.33 |
6,432,289.50 |
7,500,000.00 |
|
Fixed Assets |
5,303,039.98 |
5,902,806.29 |
6,205,521.37 |
|
Other
Non-current Assets |
1,244,570.17 |
1,744,888.46 |
1,764,929.45 |
|
Total Assets |
41,096,948.74 |
34,340,607.62 |
33,475,112.74 |
LIABILITIES
& SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
5,082,078.54 |
2,055,163.86 |
3,624,425.89 |
|
Current
Portion of Long-term Loans |
575,965.76 |
608,082.68 |
565,105.37 |
|
Accrued Income Tax |
646,977.57 |
903,255.78 |
2,412,415.37 |
|
Other Current Liabilities |
60,297.43 |
61,450.95 |
109,567.70 |
|
|
|
|
|
|
Total Current Liabilities |
6,365,319.30 |
3,627,953.27 |
6,711,514.33 |
|
Long-term Loan |
- |
570,976.25 |
1,169,085.25 |
|
Total Liabilities |
6,365,319.30 |
4,198,929.52 |
7,880,599.58 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital :
Baht 1,000 par
value authorized, issued
and fully paid share
capital 2,804 shares |
2,804,000.00 |
2,804,000.00 |
2,804,000.00 |
|
|
|
|
|
|
Capital Paid |
2,804,000.00 |
2,804,000.00 |
2,804,000.00 |
|
Retained Earning - Unappropriated |
31,927,629.44 |
27,337,678.10 |
22,790,513.35 |
|
Total Shareholders'
Equity |
34,731,629.44 |
30,141,678.10 |
25,594,513.35 |
|
Total Liabilities
& Shareholders' Equity |
41,096,948.74 |
34,340,607.62 |
33,475,112.74 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
138,923,555.82 |
147,507,420.27 |
153,078,086.48 |
|
Other Income |
6,071,558.89 |
4,061,415.17 |
3,606,582.53 |
|
Total Revenues |
144,995,114.71 |
151,568,835.44 |
156,684,669.01 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
113,259,364.75 |
123,307,695.89 |
124,318,782.61 |
|
Selling Expenses |
15,386,248.98 |
11,967,616.51 |
12,224,102.69 |
|
Administrative
Expenses |
9,970,444.69 |
9,456,555.39 |
9,135,946.59 |
|
Other Expenses |
575,868.22 |
817,838.18 |
683,034.02 |
|
Total Expenses |
139,191,926.64 |
145,549,705.97 |
146,361,865.91 |
|
|
|
|
|
|
Profit / [Loss]
before Financial Cost & Income
Tax |
5,803,188.07 |
6,019,129.47 |
10,322,803.10 |
|
Financial Costs |
[73,020.29] |
[120,468.31] |
[209,584.08] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
5,730,167.78 |
5,898,661.16 |
10,113,219.02 |
|
Income Tax |
[1,140,216.44] |
[1,351,496.41] |
[2,699,604.93] |
|
|
|
|
|
|
Net Profit / [Loss]
|
4,589,951.34 |
4,547,164.75 |
7,413,614.09 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.42 |
5.58 |
2.68 |
|
QUICK RATIO |
TIMES |
1.68 |
2.18 |
1.71 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
26.20 |
24.99 |
24.67 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.38 |
4.30 |
4.57 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
53.10 |
34.29 |
15.52 |
|
INVENTORY TURNOVER |
TIMES |
6.87 |
10.64 |
23.52 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
22.21 |
5.76 |
14.32 |
|
RECEIVABLES TURNOVER |
TIMES |
16.44 |
63.37 |
25.48 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
16.38 |
6.08 |
10.64 |
|
CASH CONVERSION CYCLE |
DAYS |
58.93 |
33.97 |
19.20 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
81.53 |
83.59 |
81.21 |
|
SELLING & ADMINISTRATION |
% |
18.25 |
14.52 |
13.95 |
|
INTEREST |
% |
0.05 |
0.08 |
0.14 |
|
GROSS PROFIT MARGIN |
% |
22.84 |
19.16 |
21.14 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.18 |
4.08 |
6.74 |
|
NET PROFIT MARGIN |
% |
3.30 |
3.08 |
4.84 |
|
RETURN ON EQUITY |
% |
13.22 |
15.09 |
28.97 |
|
RETURN ON ASSET |
% |
11.17 |
13.24 |
22.15 |
|
EARNING PER SHARE |
BAHT |
1,636.93 |
1,621.67 |
2,643.94 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.15 |
0.12 |
0.24 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.18 |
0.14 |
0.31 |
|
TIME INTEREST EARNED |
TIMES |
79.47 |
49.96 |
49.25 |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(5.82) |
(3.64) |
|
|
OPERATING PROFIT |
% |
(3.59) |
(41.69) |
|
|
NET PROFIT |
% |
0.94 |
(38.66) |
|
|
FIXED ASSETS |
% |
(10.16) |
(4.88) |
|
|
TOTAL ASSETS |
% |
19.67 |
2.59 |
|
ANNUAL
GROWTH : ACCEPTABLE
An annual sales growth is -5.82%. Turnover has decreased
from THB
PROFITABILITY
: IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
22.84 |
Acceptable |
Industrial
Average |
33.49 |
|
Net Profit Margin |
3.30 |
Satisfactory |
Industrial
Average |
3.84 |
|
Return on Assets |
11.17 |
Impressive |
Industrial
Average |
4.28 |
|
Return on Equity |
13.22 |
Impressive |
Industrial
Average |
8.33 |
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 22.84%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have problems with control over its costs.
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 3.3%. 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. Return on Assets
ratio is 11.17%, higher figure when compared with those of its average
competitors in the same industry, indicated that business was an efficient
profit in a dominant position within its
industry.
Return on Equity indicates how profitable a company is by
comparing its net income to its average shareholders' equity, ROE measures how
much the shareholders earned for their investment in the company. Return on
Equity ratio is 13.22%, higher figure when compared with those of its average
competitors in the same industry, indicated that business was an efficient
profit in a dominant position within its
industry.
Trend
of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY
: IMPRESSIVE
LIQUIDITY
RATIO
|
Current Ratio |
4.42 |
Impressive |
Industrial
Average |
1.56 |
|
Quick Ratio |
1.68 |
|
|
|
|
Cash Conversion Cycle |
58.93 |
|
|
|
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 4.42 times in 2013, decreased from 5.58 times, then it is
generally considered to have good short-term financial strength. When compared
with the industry average, the ratio of the company was higher, indicated that
company was an efficient operator in a dominant position within its industry.
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 1.68
times in 2013, decreased from 2.18 times, although excluding inventory so the
company still have good short-term financial strength.
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 59 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: EXCELLENT
LEVERAGE
RATIO
|
Debt Ratio |
0.15 |
Impressive |
Industrial
Average |
0.48 |
|
Debt to Equity Ratio |
0.18 |
Impressive |
Industrial
Average |
0.93 |
|
Times Interest Earned |
79.47 |
Impressive |
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 lower the percentage means that the company is using less
leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet
its debt obligations. Ratio is 79.48 higher than 1, so the company can pay
interest expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which
are financed through debt. The company's figure is 0.15 less than 0.5, most of
the company's assets are financed through equity.
Trend of
the average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Stable
ACTIVITY
: EXCELLENT
ACTIVITY
RATIO
|
Fixed Assets Turnover |
26.20 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
3.38 |
Impressive |
Industrial
Average |
1.12 |
|
Inventory Conversion Period |
53.10 |
|
|
|
|
Inventory Turnover |
6.87 |
Impressive |
Industrial
Average |
2.86 |
|
Receivables Conversion Period |
22.21 |
|
|
|
|
Receivables Turnover |
16.44 |
Impressive |
Industrial
Average |
2.91 |
|
Payables Conversion Period |
16.38 |
|
|
|
The company's Account Receivable Ratio is calculated as
16.44 and
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 increased from 34 days at the
end of 2012 to 53 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 10.64 times in year 2012 to 6.87
times in year 2013.
The company's Total Asset Turnover is calculated as 3.38
times and 4.3 times in 2013 and 2012 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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.89 |
|
UK Pound |
1 |
Rs.100.39 |
|
Euro |
1 |
Rs.73.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
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.