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%20LTD%20%20-%20492048%2016-Feb-2018_files/image002.jpg){kind=small}
%20LTD%20%20-%20492048%2016-Feb-2018_files/image004.jpg)
%20LTD%20%20-%20492048%2016-Feb-2018_files/image006.gif)
MIRA INFORM REPORT
|
Report No. : |
492048 |
|
Report Date : |
16.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
MCCORMICK
(THAILAND) LTD. |
|
|
|
|
Registered Office : |
64/149 Moo 4, T. Pluakdaeng, A. Pluakdaeng,
Rayong 21140 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.11.2016 |
|
|
|
|
Date of Incorporation : |
25.05.1995 |
|
|
|
|
Com. Reg. No.: |
0105538062987 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer,
Distributor and Exporter of Food Seasonings. |
|
|
|
|
No. of Employees : |
50 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about one-third of the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries.
Over the last few decades, Thailand has reduced poverty substantially. In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners.
Thailand’s economy is recovering from slow growth during the years since the 2014 coup. Thailand’s economic fundamentals are sound, with low inflation, low unemployment, and reasonable public and external debt levels. Tourism and government spending - mostly on infrastructure and short-term stimulus measures – have helped to boost the economy, and The Bank of Thailand has been supportive, with several interest rate reductions.
Over the longer-term, household debt levels, political uncertainty, and an aging population pose risks to growth.
|
Source
: CIA |
Company name
MCCORMICK (THAILAND) LTD.
SUMMARY
BUSINESS
ADDRESS : 64/149 MOO
4, T. PLUAKDAENG, A.
PLUAKDAENG, RAYONG 21140,
THAILAND
TELEPHONE : [66] 38
955-722-32
FAX :
[66] 38
955-733
E-MAIL
ADDRESS : tr_rojanasasitornwong@mccormick.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538062987
[Former : [2] 2420/2538]
TAX
ID NO. : 3011581797
CAPITAL REGISTERED : BHT. 19,000,000
CAPITAL PAID-UP : BHT.
19,000,000
FISCAL YEAR CLOSING DATE : NOVEMBER 30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
JEFFERY DARREL
SCHWARTZ, AMERICAN
MANAGING DIRECTOR
NO. OF
STAFF : 50
LINES
OF BUSINESS : FOOD
SEASONINGS
MANUFACTURER, 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 May 25, 1995 as a private limited company under the registered name MCCORMICK (THAILAND) LTD., by Thai and American groups, in order to manufacture and market food seasoning products to both domestic and international markets. It currently employs approximately 50 staff.
It is a wholly owned subsidiary of McCormick Thailand, Inc. in U.S.A.
The subject’s registered address was initially at 16th Floor, Alma Link Building, 25 Soi Chidlom, Ploenchit Rd., Lumpini, Pathumwan, Bangkok 10330.
On November 2, 2004, it was relocated to 64/149 Moo 4, T. Pluakdaeng, A. Pluakdaeng, Rayong 21140, and this is the subject’s current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Captain Natee Thongdee |
[x] |
Thai |
74 |
|
Mr. Daniel Zoltan Moorfield |
|
Australian |
46 |
|
Mr. Jeffery Darrel Schwartz |
[x] |
American |
48 |
|
Mr. Rohun Edward Best |
|
Australian |
45 |
|
Mr. Thitigorn Rojanasasitornwong |
[x] |
Thai |
50 |
AUTHORIZED PERSON
One of the mentioned
directors [x] can
sign or one
of the directors [x]
can jointly sign
with one of
the rest directors
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Jeffery Darrel Schwartz
is Managing Director.
He is American
nationality with the
age of 48
years old.
Captain Natee Thongdee
is the Deputy
Managing Director.
He is Thai
nationality with the
age of 74
years old.
Mr. Thitigorn Rojanasasitornwong is
the General Manager
and Factory Manager.
He is Thai
nationality with the
age of 50
years old.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing, distributing
and exporting various
kinds of food
seasoning products such
as snacks & dips, spices & flavors, extracts & herbs, specially
blended, chili / sauces
& marinades, smoothie
boosts, breakfast toppers & seasonings, etc.
BRAND NAME
“McCormick”
PURCHASE
70% of raw materials is
purchased from local
suppliers, the remaining
30% is imported
from U.S.A., Australia,
Japan, India, Cambodia,
and Indonesia.
MAJOR SUPPLIERS
International Ingredients, Inc. : U.S.A.
McCormick & Company
Inc. : U.S.A.
SALES
80% of its
products is sold
locally by wholesale
to manufacturers and
end-users mainly supermarkets, restaurant and
food industry, the
remaining 20% is
exported to Singapore,
India, Taiwan, Hong Kong, Malaysia,
Korea, Japan, Cambodia,
Vietnam, Indonesia and
etc.
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
Bangkok Bank Public
Company Limited
[Head Office : 333 Silom
Rd., Silom, Bangrak, Bangkok
10500]
EMPLOYMENT
The
subject employs approximately
50 staff [office
staff and factory
workers].
LOCATION DETAILS
The
premise is rented
for administrative office,
factory & warehouse at the heading
address.
Premise is located in
industrial area.
COMMENT
The company’s products have been marketed in
Thailand for more than two decades with
strong supported by local consumers. As well, its seasoning products have also been exported to international markets for
many years as well as continue growing each year.
Despite a net loss as of November 30, 2016, it
has accumulated a
large amount of retained earning. Generally, its business remains
strong and profitable.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each.
The
capital was increased
later as following:
Bht. 2,000,000
on September 22,
2000
Bht. 14,000,000
on December 9,
2002
Bht. 19,000,000
on March 13,
2009
The
latest registered capital
was increased to Bht. 19,000,000 divided into 190,000 shares
of Bht. 100 each with fully paid.
THE SHAREHOLDERS LISTED WERE
[As at July
6, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
McCormick Thailand, Inc. Nationality: American Address : 18 Loveton Circle Sparks, Maryland 21152, U.S.A.
|
189,988 |
99.99 |
|
Mr. Jeffery Darrel Schwartz Nationality: American Address : 18 Loveton Circle Sparks, Maryland 21152, U.S.A.
|
8 |
|
|
International Ingredients, Inc. Nationality: American Address : 18 Loveton Circle Sparks, Maryland 21152, U.S.A.
|
2 |
= 0.01 |
|
Captain Natee Thongdee Nationality: Thai Address : 6/161 Soi
Mahadlekluang 2, Lumpini,
Pathumwan, Bangkok |
2 |
|
Total Shareholders : 4
Share Structure
[As at July 6, 2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
2 |
- |
|
Foreign - American |
3 |
189,998 |
100.00 |
|
Total |
4 |
190,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mrs. Kamolthip Lertvitvorathep No.
4377
BALANCE SHEET [BAHT]
The
latest financial figures
published for November
30, 2016, 2015
and 2014 were:
ASSETS
|
Current Assets |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Cash and Cash Equivalents |
222,675,551 |
305,589,894 |
314,028,427 |
|
Trade Accounts and
Other Receivable |
24,309,316 |
26,821,003 |
10,229,549 |
|
Inventories |
40,899,722 |
20,817,980 |
20,184,972 |
|
Other Current Assets |
1,684,655 |
1,383,275 |
2,378,549 |
|
Total Current Assets
|
289,569,244 |
354,612,152 |
346,821,497 |
|
|
|
|
|
|
Advance Payment for Land |
57,500,000 |
- |
- |
|
Leasehold Improvements and
Equipment |
59,418,730 |
46,684,565 |
50,093,801 |
|
Intangible Assets |
808,845 |
1,726,183 |
2,643,520 |
|
Other Non-current Assets |
3,443,800 |
3,365,200 |
4,274,872 |
|
Total Assets |
410,740,619 |
406,388,100 |
403,833,690 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Trade Accounts and Other
Payable |
40,897,812 |
26,203,885 |
16,212,254 |
|
Other Current Liabilities |
25,731 |
99,413 |
83,400 |
|
Total Current Liabilities |
40,923,543 |
26,303,298 |
16,295,654 |
|
|
|
|
|
|
Provision for Employee Benefits |
2,787,290 |
2,118,971 |
746,000 |
|
Total Liabilities |
43,710,833 |
28,422,269 |
17,041,654 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, and
issued share capital
190,000 shares
|
19,000,000 |
19,000,000 |
19,000,000 |
|
Capital Paid |
19,000,000 |
19,000,000 |
19,000,000 |
|
Retained Earning : [Deficit] Appropriated statutory
reserve |
1,900,000 |
1,900,000 |
1,900,000 |
|
Unappropriated |
346,129,786 |
357,065,831 |
365,892,036 |
|
Total Shareholders’ Equity |
367,029,786 |
377,965,831 |
386,792,036 |
|
Total Liabilities and
Shareholders’ Equity |
410,740,619 |
406,388,100 |
403,833,690 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales Income |
203,136,985 |
178,292,699 |
148,387,233 |
|
Gain on Exchange Rate |
- |
301,325 |
131,294 |
|
Other Income |
2,639,281 |
3,388,544 |
4,436,881 |
|
Total Revenues |
205,776,266 |
181,982,568 |
152,955,408 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
163,373,562 |
143,153,921 |
124,814,911 |
|
Selling Expenses |
21,011,990 |
15,980,584 |
8,801,193 |
|
Administrative Expenses |
31,436,462 |
31,386,340 |
27,160,205 |
|
Loss on Exchange Rate |
612,631 |
- |
- |
|
Total Expenses |
216,434,645 |
190,520,845 |
160,776,309 |
|
|
|
|
|
|
Loss before Financial
Expenses |
[10,658,379] |
[8,538,277] |
[7,820,901] |
|
Financial Expenses |
[277,666] |
[287,928] |
[274,849] |
|
Net Loss For
The Year |
[10,936,045] |
[8,826,205] |
[8,095,750] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
7.08 |
13.48 |
21.28 |
|
QUICK RATIO |
TIMES |
6.04 |
12.64 |
19.90 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.42 |
3.82 |
2.96 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.49 |
0.44 |
0.37 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
91.38 |
53.08 |
59.03 |
|
INVENTORY TURNOVER |
TIMES |
3.99 |
6.88 |
6.18 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
43.68 |
54.91 |
25.16 |
|
RECEIVABLES TURNOVER |
TIMES |
8.36 |
6.65 |
14.51 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
91.37 |
66.81 |
47.41 |
|
CASH CONVERSION CYCLE |
DAYS |
43.68 |
41.18 |
36.78 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
80.43 |
80.29 |
84.11 |
|
SELLING & ADMINISTRATION |
% |
25.82 |
26.57 |
24.23 |
|
INTEREST |
% |
0.14 |
0.16 |
0.19 |
|
GROSS PROFIT MARGIN |
% |
20.87 |
21.78 |
18.96 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(5.25) |
(4.79) |
(5.27) |
|
NET PROFIT MARGIN |
% |
(5.38) |
(4.95) |
(5.46) |
|
RETURN ON EQUITY |
% |
(2.98) |
(2.34) |
(2.09) |
|
RETURN ON ASSET |
% |
(2.66) |
(2.17) |
(2.00) |
|
EARNING PER SHARE |
BAHT |
(57.56) |
(46.45) |
(42.61) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.11 |
0.07 |
0.04 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.12 |
0.08 |
0.04 |
|
TIME INTEREST EARNED |
TIMES |
(38.39) |
(29.65) |
(28.46) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
13.93 |
20.15 |
|
|
OPERATING PROFIT |
% |
24.83 |
9.17 |
|
|
NET PROFIT |
% |
(23.90) |
(9.02) |
|
|
FIXED ASSETS |
% |
27.28 |
(6.81) |
|
|
TOTAL ASSETS |
% |
1.07 |
0.63 |
|
ANNUAL GROWTH:
IMPRESSIVE
An annual sales growth is 13.93%. Turnover has increased from THB
PROFITABILITY :
ACCEPTABLE
%20LTD%20%20-%20492048%2016-Feb-2018_files/image008.gif)
PROFITABILITY
RATIO
|
Gross Profit Margin |
20.87 |
Impressive |
Industrial
Average |
3.53 |
|
Net Profit Margin |
(5.38) |
Deteriorated |
Industrial
Average |
0.34 |
|
Return on Assets |
(2.66) |
Deteriorated |
Industrial
Average |
0.92 |
|
Return on Equity |
(2.98) |
Deteriorated |
Industrial
Average |
4.24 |
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. Gross Profit Margin is 20.87%. 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 -5.38%.
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 -2.66%.
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. When compared with the
industry average, it was lower, the company's figure is -2.98%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Uptrend
LIQUIDITY :
IMPRESSIVE
%20LTD%20%20-%20492048%2016-Feb-2018_files/image010.gif)
LIQUIDITY RATIO
|
Current Ratio |
7.08 |
Impressive |
Industrial
Average |
0.93 |
|
Quick Ratio |
6.04 |
|
|
|
|
Cash Conversion Cycle |
43.68 |
|
|
|
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 7.08 times in 2016, decrease from 13.48 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 6.04 times in 2016,
decrease from 12.64 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 44 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : SATISFACTORY
%20LTD%20%20-%20492048%2016-Feb-2018_files/image012.gif)
%20LTD%20%20-%20492048%2016-Feb-2018_files/image014.gif)
LEVERAGE RATIO
|
Debt Ratio |
0.11 |
Impressive |
Industrial
Average |
0.86 |
|
Debt to Equity Ratio |
0.12 |
Impressive |
Industrial
Average |
6.35 |
|
Times Interest Earned |
(38.39) |
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 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 -38.39 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 0.11 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 Uptrend
Times Interest Earned Stable
ACTIVITY:
SATISFACTORY
%20LTD%20%20-%20492048%2016-Feb-2018_files/image016.gif)
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.42 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.49 |
Deteriorated |
Industrial
Average |
2.72 |
|
Inventory Conversion Period |
91.38 |
|
|
|
|
Inventory Turnover |
3.99 |
Acceptable |
Industrial
Average |
8.87 |
|
Receivables Conversion Period |
43.68 |
|
|
|
|
Receivables Turnover |
8.36 |
Impressive |
Industrial
Average |
7.48 |
|
Payables Conversion Period |
91.37 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.36 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 53 days at the end of 2015 to 91
days at the end of 2016. This represents a negative trend. And Inventory
turnover has decreased from 6.88 times in year 2015 to 3.99 times in year 2016.
The company's Total Asset Turnover is calculated as 0.49 times and 0.44
times in 2016 and 2015 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 |
INR 63.92 |
|
|
1 |
INR 89.55 |
|
Euro |
1 |
INR 79.68 |
|
Thai Baht |
1 |
INR 2.06 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.