MIRA INFORM REPORT
|
Report No. : |
339745 |
|
Report Date : |
10.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
PRITI GEMS CO.,
LTD. |
|
|
|
|
Registered Office : |
Suite 3110, 31st Floor,
Jewelry Trade Center,
919/395 Silom Road,
Silom, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
15.05.1990 |
|
|
|
|
Com. Reg. No.: |
0105533054463 [Former : 5445/ 2533] |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
The subject
is engaged in
importing and distributing of
various kinds of
cutting diamonds, gemstones
and pearls, as
well as exporting
of Thai cutting
diamonds and gemstones. |
|
|
|
|
No. of Employee : |
6 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
B1 |
B1 |
|
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’�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 and address
PRITI GEMS CO., LTD.
SUMMARY
BUSINESS ADDRESS : SUITE
3110, 31st FLOOR,
JEWELRY TRADE CENTER,
919/395 SILOM ROAD,
SILOM, BANGRAK,
BANGKOK 10500, THAILAND
TELEPHONE : [66] 2630-0048-9
FAX : [66]
2630-0047
E-MAIL ADRESS : pritigem@samart.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1990
REGISTRATION NO.
: 0105533054463 [Former : 5445/ 2533]
TAX ID NO. : 3101832990
CAPITAL REGISTERED : BHT. 12,000,000
CAPITAL PAID-UP
: BHT.
12,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
FOREIGN :
49.00%
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
CHANDRA KUMAR PUROHIT,
INDIAN
MANAGING
DIRECTOR
NO. OF
STAFF : 6
LINES OF
BUSINESS : DIAMONDS AND
GEMSTONES
TRADING
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 May 15,
1990 as a
private limited company
under the name
style PRITI GEMS
CO., LTD., by
Thai and foreign
groups, to be
engaged in jewelry
trading business. It currently
employs 6 staff.
The subject’s
registered address is
Suite 3110, 31st Floor,
Jewelry Trade Center,
919/395 Silom Rd., Silom, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr.
Chandra Kumar Purohit |
|
Indian |
44 |
|
Mr.
Krupesh Mahendrakumar Shah |
|
Indian |
23 |
AUTHORIZED
PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Chandra Kumar
Purohit is the
Managing Director.
He is
Indian nationality with
the age of 44 years
old.
BUSINESS
OPERATIONS
The subject is engaged
in importing and distributing of
various kinds of
cutting diamonds, gemstones
and pearls, as
well as exporting
of Thai cutting
diamonds and gemstones.
PURCHASE
Thai cutting
diamonds are purchased
from local suppliers.
IMPORT
Diamonds, gemstones
and pearls are
imported from India, Japan,
Republic of China,
Hong Kong,
Belgium and South
Africa.
MAJOR
SUPPLIER
Sejal Gems
Pvt. Ltd. : India
SALES
The imported
products are sold
locally to wholesalers
and jewelry manufacturers.
EXPORT
Thai diamonds
and gemstones are
exported to India, Hong Kong,
U.S.A., Singapore and European Union.
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 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
Bangkok Bank
Public Co., Ltd.
[Head Office :
333 Silom Rd.,
Silom, Bangrak, Bangkok]
EMPLOYMENT
The subject currently employs 6 staff.
LOCATION
DETAILS
The premise
is rented for
administrative office at
the heading address.
Premise is located
in a prime
commercial area.
COMMENT
Most of Thai
manufacturers in the jewelry industry are original equipment manufacturers
(OEM) which supply products to international buyers. Consequently, Thai jewelry
producers were encouraged by the government to improve of their products
in term of brand, design, quality and
technology processing, including
cutting diamond.
The subject’s
products currently play
a significant role
in supplying advance and technology
of cutting diamond from
Thai manufacture into
international markets.
The subject’s
operating performance in
2014 was considered
moderately fair despite
of a decrease
in sales revenue
comparing to the
previous year, but it
managed to obtain an
increase in net
profit at the
end of year.
Generally, the jewelry
industry would encounter
a slow growth
mainly due to
a global economic
sluggish. Nevertheless, the
company would be
able to maintain
a moderate business despite of a slowdown of economy.
FINANCIAL
INFORMATION
The capital
was initially registered
at Bht. 4,000,000 divided
into 40,000 shares
of Bht. 100
each.
On October
17, 1996, the
capital was increased
to Bht. 12,000,000 divided
into 120,000 shares
of Bht. 100
each with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at April 30,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chandra Kumar
Purohit Nationality: Indian Address :
31st Floor, Jewelry
Trade Center, 919/395 Silom
Rd., Silom, Bangrak, Bangkok |
36,000 |
30.00 |
|
Sejal Gems
International DMCC Nationality: U.A.E. Address :
Dubai, United Arab
Emirate |
22,800 |
19.00 |
|
Mrs. Ratree Samanavanich Nationality: Thai Address :
84 Phyathai Rd.,
Thungphyathai, Phyathai, Bangkok |
13,200 |
11.00 |
|
Ms. Rawadee A. S.
Aree Nationality: Thai Address :
229/25 Petchburi Rd.,
Thungphyathai, Phyathai, Bangkok |
9,600 |
8.00 |
|
Mrs.
Cholrudee Chantadul Nationality: Thai Address :
229/25 Petchburi Rd.,
Thungphyathai, Phyathai, Bangkok |
9,600 |
8.00 |
|
Mr. Boonlert Phuprakorn Nationality: Thai Address :
433/12 Petchburi Rd.,
Thungphyathai, Phyathai, Bangkok |
9,600 |
8.00 |
|
Ms. Anthana Boonmalert Nationality: Thai Address :
30/1 Moo 5, T. Yothaka,
A. Bangnampriew, Chachoengsao |
9,600 |
8.00 |
|
Mrs. Sumalee Langsanti Nationality: Thai Address :
283 Asoke-Dindaeng Rd.,
Samsennai, Phyathai, Bangkok |
9,600 |
8.00 |
Total Shareholders
: 8
Share
Structure [as at April 30,
2015]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
61,200 |
51.00 |
|
Foreign |
2 |
58,800 |
49.00 |
|
Total |
8 |
120,000 |
100.00 |
NAME
OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Borwornsit
Sornsilp No. 6131
BALANCE
SHEET [BAHT]
The latest
financial figures published as at
December 31, 2014,
2013 & 2012
were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
104,054.82 |
757,778.00 |
3,504,027.46 |
|
Trade Accounts
& Other Receivable |
145,652,265.04 |
134,671,582.53 |
193,632,563.32 |
|
Short-term
Loans |
- |
940,000.00 |
- |
|
Inventories |
101,201,725.74 |
142,706,275.72 |
167,855,313.20 |
|
|
|
|
|
|
Total Current
Assets |
246,958,045.60 |
279,075,636.25 |
364,991,903.98 |
|
|
|
|
|
|
Fixed Assets |
240,976.28 |
478,282.28 |
1,354,701.34 |
|
Other Non-current
Assets |
15,146.73 |
15,146.73 |
185,146.73 |
|
Total Assets |
247,214,168.61 |
279,569,065.26 |
366,531,752.05 |
LIABILITIES & SHAREHOLDERS’ EQUITY
[BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank
Overdraft from Financial
Institutions |
3,507,819.82 |
3,972,453.19 |
11,059,987.68 |
|
Trade Accounts
& Other Payable |
186,305,061.58 |
226,336,292.90 |
301,765,504.23 |
|
Short-term
Loans from Related Person |
1,860,000.00 |
- |
- |
|
Current Portion
of Hire-purchase Payable |
- |
- |
162,718.18 |
|
Accrued Expenses |
676,980.77 |
221,039.37 |
1,489,714.06 |
|
|
|
|
|
|
Total Current
Liabilities |
192,349,862.17 |
230,529,785.46 |
314,477,924.15 |
|
Total Liabilities |
192,349,862.17 |
230,529,785.46 |
314,477,924.15 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital
120,000 shares |
12,000,000.00 |
12,000,000.00 |
12,000,000.00 |
|
|
|
|
|
|
Capital Paid |
12,000,000.00 |
12,000,000.00 |
12,000,000.00 |
|
Retained
Earning Unappropriated [Deficit] |
42,864,306.44 |
37,039,279.80 |
40,053,827.90 |
|
Total Shareholders' Equity |
54,864,306.44 |
49,039,279.80 |
52,053,827.90 |
|
Total Liabilities & Shareholders' Equity |
247,214,168.61 |
279,569,065.26 |
366,531,752.05 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
313,500,700.23 |
331,724,092.59 |
460,117,296.98 |
|
Other Income |
1,446,884.43 |
94,777.15 |
8,938,326.02 |
|
Total Revenues |
314,947,584.66 |
331,818,869.74 |
469,055,623.00 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of
Goods Sold & Services |
296,645,408.00 |
317,234,828.64 |
449,740,628.82 |
|
Selling Expenses |
786,008.52 |
747,189.81 |
5,992,846.25 |
|
Administrative Expenses |
9,145,448.06 |
8,844,558.92 |
4,370,531.65 |
|
Other Expenses |
382,896.42 |
1,133,855.03 |
- |
|
Total Expenses |
306,959,761.00 |
327,960,432.40 |
460,104,006.72 |
|
|
|
|
|
|
Profit /
[Loss] before Financial Cost & Income
Tax |
7,987,823.66 |
3,858,437.34 |
8,951,616.28 |
|
Financial Costs |
[610,816.25] |
[1,100,431.95] |
[1,157,384.20] |
|
Profit /
[Loss] before Income
Tax |
7,377,007.41 |
2,758,005.39 |
7,794,232.08 |
|
Income Tax |
[1,551,980.77] |
[1,221,039.37] |
[2,099,214.06] |
|
|
|
|
|
|
Net Profit / [Loss] |
5,825,026.64 |
1,536,966.02 |
5,695,018.02 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.28 |
1.21 |
1.16 |
|
QUICK RATIO |
TIMES |
0.76 |
0.59 |
0.63 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS
TURNOVER |
TIMES |
1,300.96 |
693.57 |
339.64 |
|
TOTAL ASSETS
TURNOVER |
TIMES |
1.27 |
1.19 |
1.26 |
|
INVENTORY
CONVERSION PERIOD |
DAYS |
124.52 |
164.19 |
136.23 |
|
INVENTORY
TURNOVER |
TIMES |
2.93 |
2.22 |
2.68 |
|
RECEIVABLES CONVERSION
PERIOD |
DAYS |
169.58 |
148.18 |
153.60 |
|
RECEIVABLES
TURNOVER |
TIMES |
2.15 |
2.46 |
2.38 |
|
PAYABLES
CONVERSION PERIOD |
DAYS |
229.23 |
260.42 |
244.91 |
|
CASH CONVERSION
CYCLE |
DAYS |
64.87 |
51.96 |
44.93 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS
SOLD |
% |
94.62 |
95.63 |
97.74 |
|
SELLING &
ADMINISTRATION |
% |
3.17 |
2.89 |
2.25 |
|
INTEREST |
% |
0.19 |
0.33 |
0.25 |
|
GROSS PROFIT
MARGIN |
% |
5.84 |
4.40 |
4.20 |
|
NET PROFIT
MARGIN BEFORE EX. ITEM |
% |
2.55 |
1.16 |
1.95 |
|
NET PROFIT
MARGIN |
% |
1.86 |
0.46 |
1.24 |
|
RETURN ON
EQUITY |
% |
10.62 |
3.13 |
10.94 |
|
RETURN ON ASSET |
% |
2.36 |
0.55 |
1.55 |
|
EARNING PER
SHARE |
BAHT |
48.54 |
12.81 |
47.46 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.78 |
0.82 |
0.86 |
|
DEBT TO EQUITY
RATIO |
TIMES |
3.51 |
4.70 |
6.04 |
|
TIME INTEREST
EARNED |
TIMES |
13.08 |
3.51 |
7.73 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(5.49) |
(27.90) |
|
|
OPERATING PROFIT |
% |
107.02 |
(56.90) |
|
|
NET PROFIT |
% |
279.00 |
(73.01) |
|
|
FIXED ASSETS |
% |
(49.62) |
(64.69) |
|
|
TOTAL ASSETS |
% |
(11.57) |
(23.73) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales
growth is -5.49%. Turnover has decreased from THB
PROFITABILITY : SATISFACTORY
PROFITABILITY RATIO
|
Gross Profit
Margin |
5.84 |
Deteriorated |
Industrial
Average |
16.41 |
|
Net Profit
Margin |
1.86 |
Impressive |
Industrial
Average |
1.41 |
|
Return on
Assets |
2.36 |
Satisfactory |
Industrial
Average |
3.02 |
|
Return on
Equity |
10.62 |
Impressive |
Industrial
Average |
8.20 |
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 5.84%. 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. Which the high ratio in 1.86%, higher figure when compared with those
of its average competitors in the same industry, indicated that business was an
efficient operator in a dominant position within its industry.
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 2.36%.
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 10.62%, 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 Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.28 |
Satisfactory |
Industrial
Average |
1.66 |
|
Quick Ratio |
0.76 |
|
|
|
|
Cash Conversion
Cycle |
64.87 |
|
|
|
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 1.28 times in 2014,
increase from 1.21 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 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 0.76 times in 2014, increase from 0.59 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 65 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.78 |
Acceptable |
Industrial
Average |
0.60 |
|
Debt to Equity
Ratio |
3.51 |
Risky |
Industrial
Average |
1.49 |
|
Times Interest
Earned |
13.08 |
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 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
13.08 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 0.78 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets
Turnover |
1,300.96 |
Impressive |
Industrial
Average |
- |
|
Total Assets
Turnover |
1.27 |
Acceptable |
Industrial
Average |
2.14 |
|
Inventory
Conversion Period |
124.52 |
|
|
|
|
Inventory
Turnover |
2.93 |
Satisfactory |
Industrial
Average |
3.44 |
|
Receivables
Conversion Period |
169.58 |
|
|
|
|
Receivables
Turnover |
2.15 |
Acceptable |
Industrial
Average |
4.11 |
|
Payables
Conversion Period |
229.23 |
|
|
|
The company's
Account Receivable Ratio is calculated as 2.15 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
decreased from 164 days at the end of 2013 to 125 days at the end of 2014. This
represents a positive trend. And Inventory turnover has increased from 2.22
times in year 2013 to 2.93 times in year 2014.
The company's Total
Asset Turnover is calculated as 1.27 times and 1.19 times in 2014 and 2013
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.29 |
|
|
1 |
Rs.101.89 |
|
Euro |
1 |
Rs.73.98 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SDA |
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.