3decades

MIRA INFORM REPORT

Report No. :	515335
Report Date :	22.06.2018

IDENTIFICATION DETAILS

Name :	MATHIOS REFRACTORIES S.A.

Registered Office :	5 Epidavrou str, Agios Ioannis Rentis 18233, Attiki

Country :	Greece

Financials (as on) :	December, 2017

Date of Incorporation :	12.11.1986

Com. Reg. No.:	6445/006/Β/86/35

Legal Form :	SA - Societe Anonyme

Line of Business :	Manufacture of refractory products, Manufacture of concrete products for construction purposes, Manufacture of other non-metallic mineral products, Wholesale of wood, construction materials and sanitary equipment, Non-specialised wholesale trade, Wholesale of hardware, plumbing and heating equipment and supplies, Manufacture of bricks, tiles and construction products, in baked clay, Manufacture of mortars, Construction of residential and non-residential buildings, Construction of other civil engineering projects

No. of Employees :	117

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate

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

Country Name

Previous Rating

(31.12.2017)

Current Rating

(01.04.2018)

Greece

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

GREECE - ECONOMIC OVERVIEW

Greece has a capitalist economy with a public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 18% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP.

The Greek economy averaged growth of about 4% per year between 2003 and 2007, but the economy went into recession in 2009 as a result of the world financial crisis, tightening credit conditions, and Athens' failure to address a growing budget deficit. By 2013, the economy had contracted 26%, compared with the pre-crisis level of 2007. Greece met the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP in 2007-08, but violated it in 2009, when the deficit reached 15% of GDP. Deteriorating public finances, inaccurate and misreported statistics, and consistent underperformance on reforms prompted major credit rating agencies to downgrade Greece's international debt rating in late 2009 and led the country into a financial crisis. Under intense pressure from the EU and international market participants, the government accepted a bailout program that called on Athens to cut government spending, decrease tax evasion, overhaul the civil-service, health-care, and pension systems, and reform the labor and product markets. Austerity measures reduced the deficit to 1.3% in 2017. Successive Greek governments, however, failed to push through many of the most unpopular reforms in the face of widespread political opposition, including from the country's powerful labor unions and the general public.

In April 2010, a leading credit agency assigned Greek debt its lowest possible credit rating, and in May 2010, the IMF and euro-zone governments provided Greece emergency short- and medium-term loans worth $147 billion so that the country could make debt repayments to creditors. Greece, however, struggled to meet the targets set by the EU and the IMF, especially after Eurostat - the EU's statistical office - revised upward Greece's deficit and debt numbers for 2009 and 2010. European leaders and the IMF agreed in October 2011 to provide Athens a second bailout package of $169 billion. The second deal called for holders of Greek government bonds to write down a significant portion of their holdings to try to alleviate Greece’s government debt burden. However, Greek banks, saddled with a significant portion of sovereign debt, were adversely affected by the write down and $60 billion of the second bailout package was set aside to ensure the banking system was adequately capitalized.

In 2014, the Greek economy began to turn the corner on the recession. Greece achieved three significant milestones: balancing the budget - not including debt repayments; issuing government debt in financial markets for the first time since 2010; and generating 0.7% GDP growth — the first economic expansion since 2007.

Despite the nascent recovery, widespread discontent with austerity measures helped propel the far-left Coalition of the Radical Left (SYRIZA) party into government in national legislative elections in January 2015. Between January and July 2015, frustrations between the SYRIZA-led government and Greece’s EU and IMF creditors over the implementation of bailout measures and disbursement of funds led the Greek government to run up significant arrears to suppliers and Greek banks to rely on emergency lending, and also called into question Greece’s future in the euro zone. To stave off a collapse of the banking system, Greece imposed capital controls in June 2015 shortly before rattling international financial markets by becoming the first developed nation to miss a loan payment to the IMF. Unable to reach an agreement with creditors, Prime Minister Alexios TSIPRAS held a nationwide referendum on 5 July on whether to accept the terms of Greece’s bailout, campaigning for the ultimately successful “no” vote. The TSIPRAS government subsequently agreed, however, to a new $96 billion bailout in order to avert Greece’s exit from the monetary bloc. On 20 August, Greece signed its third bailout which allowed it to cover significant debt payments to its EU and IMF creditors and ensure the banking sector retained access to emergency liquidity. The TSIPRAS government — which retook office on 20 September after calling new elections in late August — successfully secured disbursal of two delayed tranches of bailout funds. Despite the economic turmoil, Greek GDP did not contract as sharply as feared, with official estimates of a -0.2% contraction in 2015, boosted in part by a strong tourist season.

In 2017, Greece saw improvements in GDP and unemployment. Unfinished economic reforms, a massive non-performing loan problem, and ongoing uncertainty regarding the political direction of the country hold the economy back. Some estimates put Greece’s black market at 20- to 25% of GDP, as more people have stopped reporting their income to avoid paying taxes that, in some cases, have risen to 70% of an individual’s gross income. These issues will continue to be a drag on the economy in 2018 and further delay recovery from the financial crisis.

Source : CIA

Basic Details

Registered Name	MATHIOS REFRACTORIES S.A.
English Name	MATHIOS REFRACTORIES S.A.
Trade Name	MATHIOS REFRACTORIES S.A.
Registered Address	5 Epidavrou str, Agios Ioannis Rentis 18233, Attiki, Greece
Activities	Manufacture of refractory products, Manufacture of concrete products for construction purposes, Manufacture of other non-metallic mineral products, Wholesale of wood, construction materials and sanitary equipment, Non-specialised wholesale trade, Wholesale of hardware, plumbing and heating equipment and supplies, Manufacture of bricks, tiles and construction products, in baked clay, Manufacture of mortars, Construction of residential and non-residential buildings, Construction of other civil engineering projects
Company Status	Registered and operational
Company Reg. No	6445/006/Β/86/35
Company Reg. Date	12/11/1986
Start Date	12/11/1986
Tax Reg. No	094173316
Telephone	+2104913502 , 2104918767 , 2104257310	Fax	+30 2104903949

E-mail	mathios@mathios.gr	Websites	www.mathios.com

Financial Summary

Basic Financial Figures	2017 (EUR)	2016 (EUR)
Revenue	13,452,075	13,173,320
Gross Profit	5,497,516	5,037,531
Operating Profit	356,078	315,813
Profit Before Tax	-275,221	-391,220
Net Profit	-225,272	-380,440
Working Capital	1,908,525	2,281,914
Total Equity - Net Worth	6,908,284	7,135,373
Long-term Debt	1,175,000	1,375,000

Accounts Receivable	122,696	123,976
Days Sales Outstanding	195.22035002035	238.808520175628
Revenue Per Employee	1,636,646	1,834,600
Trend	EVEN	EVEN
Key Ratios	2017	2016
Gross Profit margin on sales	40.87	38.24
Current Ratio	1.18	1.2
Solvency Ratio	-0.02	-0.03
Debtor Days	195.22	238.81
Creditor Days	113	108.94
Probability of Default	Safe zones	Safe zones

Legal Status

CR Number	6445/006/Β/86/35
Legal Type	SA - Société Anonyme
Auditors	SOL S.A. TZIMPRAGOS GEORG. NIKOLAOS

Capital

Authorized Capital

€ 6,775,365

Corporate Structure

Directors

Name	Position	ID	Occupation	Age	Nationality	Other Rel.	Appointment date
Mr Kokkiniotis, Panagiotis Ath.	Director	-	Board Member	-	Unknown	No	-


Ms Mathiou, Thaleia Joh.	Director	-	Board Member	-	Unknown	No	-


Mr Mathios, Nikolaos Joh.	Director	-	Board Member	-	Unknown	No	-


Mr Stroutsis, John Pan.	Director	-	Board Member	-	Unknown	No	-


Mr Moschopoulos, George Ang.	Director	-	Board Member	-	Unknown	No	-


Mr Maridis, Christos Geo.	Director	-	Board Member	-	Unknown	No	-


Mr Mathios, John Kon.	Director	-	Chairman of the Board	-	Unknown	No	-
Comment: Legal Representative


Mr Mathios, John Nik.	Director	-	Executive Vice Chairman	-	Unknown	No	-

Other Key Personnel

Name	Reg. No. / ID	Occupation	Country	Relation	Date Registered
Mr Mathios, Dimitrios Nik.	-	-	Unknown	Chief Executive Officer
Comment: Legal Representative

Mrs Antonaki, Sofia	-	-	Unknown	Chief Financial Officer

Shareholders

Name	ID/Reg. No	Nationality	Number of Shares	Percentage of Shares	Other Rel
Mr Mathios, John Kon.	(Reg. No.)	Unknown		46.9

Other Directorship of: Mathios, John Kon.
No information available
Other Shareholding of: Mathios, John Kon.
No information available

Rest Investors		Not Available		26.05	No

Other Directorship of: Rest Investors
No information available
Other Shareholding of: Rest Investors
No information available

Mr Mathios, Dimitrios Nik.	(Reg. No.)	Unknown		14.25

Other Directorship of: Mathios, Dimitrios Nik.
No information available
Other Shareholding of: Mathios, Dimitrios Nik.
No information available

Mr Mathios, John Nik.	(Reg. No.)	Unknown		12.8

Other Directorship of: Mathios, John Nik.
No information available
Other Shareholding of: Mathios, John Nik.
No information available

Operation and Activities

Activity Code	Description
NACE Code	NACE Description
2320	Manufacture of refractory products
2695	Manufacture of concrete products for construction purposes
DI	Manufacture of other non-metallic mineral products
5153	Wholesale of wood, construction materials and sanitary equipment
4690	Non-specialised wholesale trade
5143	Wholesale of hardware, plumbing and heating equipment and supplies
2640	Manufacture of bricks, tiles and construction products, in baked clay
2664	Manufacture of mortars
4120	Construction of residential and non-residential buildings
4290	Construction of other civil engineering projects

Line of business

SECTOR: Construction materials

The subject company is engaged in the manufacture of refractories, mortar, artificial stone slabs and decorative bricks. Representations, exclusive imports and wholesale trade of refractories, insulating and decorative
construction materials, tiles, melamine floorings, prefabricated ovens, adhesives, air ducts, sanitary ware, energy fireplaces-stoves-heating systems. Technical work contractors

Products
Prefabricated fireplaces - Production
Electric household appliances - Trade
Construction materials - Production
Fire bricks - Production
Bricks - Production
Building works - Services
Fire & acid resistant products- Production
Construction material chemicals- Trade
Fire clay - Production
Wooden floorings - Production
Insulating materials - Production
Non-electric household appliances - Trade
Prefabrications - Services
Decorative stone slabs & tiles- Production
Slabs & tiles - Production
Fire resistant products - Production
Sanitary ware & bathroom accessories- Production
Natural gas central heating equipment - Production
Industrial energy works - Services
Mortar & plaster - Trade
Foundry refractories - Production

Export to	Payment terms	Percentage
-	-	N/A
The subject company exports to: Japan Thailand United Arab Emirates Kuwait Saudi Arabia Israel Lebanon Cyprus Uruguay United States Minor Outlying Islands Macedonia, the former Yugoslav Republic of Georgia Russian Federation Ukraine Romania Hungary

Import from	Payment terms	Percentage
-	-	N/A
The subject company imports from : China United States Minor Outlying Islands South Africa Croatia Ukraine Romania Slovakia Belgium

Agencies, Suppliers & Brands	Country	Relation	Comment
ACHAIKA PLASTICS THANASSOULIAS BROS S.A.	Greece	Supplier	VAT Number: 094099660
KRITHARIS S.A.	Greece	Supplier	VAT Number: 094468259
NEOTEX S.A.	Greece	Supplier	VAT Number: 094029945

Banks	Bank Number	Comments
PIRAEUS BANK S.A. - LACHANAGORAS, RENTI MOSCHATO, Greece	0172034
EFG EUROBANK ERGASIAS S.A. - PETRU RALLI Tavros, Greece	0260067
NATIONAL BANK OF GREECE S.A. KAMINIA, Greece	0110195
ALPHA BANK - NEON PHALERON Greece	0140144

Premises	Comprise of	Address	Square Meters	Type	Comment
Branch	-	Road D.A. 8. Building Block 49, Sindos 57022, Thessaloniki, Thessaloniki, Greece	-	Owned	-
Plant	Factory	Athinas - Halkidas National Rd (16th km, Palaia), Ritsona, Athens 11527, Attiki, Greece	-	Owned	-
Registered	Office,Warehouse	5 Epidavrou str, Agios Ioannis Rentis 18233, Attiki, Greece	-	Owned	LAND m2: 5407, BUILDINGS m2: 855 HEAD OFFICE - WAREHOUSE: 2104918767 (Phone) HEAD OFFICE - WAREHOUSE: 2104257310 (Phone)

Employees	Jun 2018
Full Time Employees of Company	117

Negative Incidents

According to our records against the subject no negatives have been registered.

Financial information

Currency	Euro - €
Group Consolidated Accounts	No
Type	Trading & Manufacturing

Corporate financial statement	December 2017	December 2016
STATEMENT OF FINANCIAL POSITION
ASSETS
Non current Assets
Property, Plant & Equipment	€ 2,611,999	€ 2,701,537
Investment properties	€ 104,548	€ 105,864
Intangible assets	€ 1,836,472	€ 1,840,965
Investment in subsidiaries	€ 1,765,105	€ 1,732,105
Other Financial Assets	€ 1,280
Receivables	€ 122,696	€ 123,976
Deferred tax assets	€ 194,305	€ 183,612
Total Non current Assets	€ 6,636,405	€ 6,688,059
Current Assets
Inventories	€ 4,069,564	€ 3,513,392
Prepayments	€ 3,455	€ 9,834
Receivables	€ 7,194,846	€ 8,618,907
Financial Assets at fair value through profit or loss	€ 495,416	€ 497,878
Other Assets	€ 407,466	€ 360,012
Cash at bank and in hand	€ 300,561	€ 588,492
Total current Assets	€ 12,471,308	€ 13,588,515
Total Assets	€ 19,107,713	€ 20,276,574
EQUITY AND LIABILITIES
Equity
Share capital	€ 6,775,365	€ 6,775,365
Share Premium	€ 2,356,401	€ 2,356,401
Other reserves	€ 2,604,979	€ 2,604,979
Retained Earnings (Accumulated Losses)	€ -4,828,461	€ -4,601,372
Total Equity	€ 6,908,284	€ 7,135,373
LIABILITIES
Non-current liabilities
Borrowings	€ 1,175,000	€ 1,375,000
Post-Employment Benefit Obligation	€ 402,155
Deferred income	€ 59,491	€ 94,319
Provisions for other liabilities and charges		€ 365,281
Total non-current liabilities	€ 1,636,646	€ 1,834,600
Current liabilities
Trade and other payables	€ 2,462,572	€ 2,428,326
Accrued Liabilities	€ 123,258	€ 173,517
Borrowings	€ 7,373,128	€ 8,495,266
Current tax liabilities	€ 174,074	€ 205,016
Other Liabilities	€ 429,751	€ 4,476
Total current liabilities	€ 10,562,783	€ 11,306,601
Total Liabilities	€ 12,199,429	€ 13,141,201
Total Equity and liabilities	€ 19,107,713	€ 20,276,574
STATEMENT OF COMPREHENSIVE INCOME
Revenue	€ 13,452,075	€ 13,173,320
Cost of Sales	€ -7,954,559	€ -8,135,789
Gross Profit	€ 5,497,516	€ 5,037,531
Other income	€ 66,378	€ 162,562
Other expenses	€ -5,207,816	€ -4,884,280
Operating Loss/Profit	€ 356,078	€ 315,813
Finance costs	€ -631,299	€ -607,033
Net finance costs	€ -631,299	€ -607,033
Impairment Provisions for Tangible And Intangible Assets		€ -100,000
Profit before tax	€ -275,221	€ -391,220
Tax	€ 49,949	€ 10,780
Net profit/loss for the year*	€ -225,272	€ -380,440
Other comprehensive income
Total comprehensive income for the year	€ -225,272	€ -380,440
CASH FLOW STATEMENT
Profit before tax	€ -275,221	€ -391,220
Adjustments for:
Cash flows (used in)/ from operations	€ -275,221	€ -391,220
Net Cash flows (used in)/ from operating activities	€ -275,221	€ -391,220
Net (decrease)/increase in cash and cash equivalents	€ -275,221	€ -391,220
Cash and cash equivalents:
At end of the year	€ -275,221	€ -391,220

Key Ratios	December 2017	December 2016
Profitability Ratios
Gross Profit margin on sales	0.41	0.38
Return on assets (ROA)	-0.01	-0.02
Return on Equity	-3.26	-5.33
Operating Income margin	2.65	2.4
Liquidity Ratios
Current Ratio	1.18	1.2
Quick Ratio	0.8	0.89
Turnover Ratios
Sales to Net Working Capital Ratio	7.05	5.77
Total assets turnover (times)	0.7	0.65
Debtor Days	195.22	238.81
Creditor Days	113	108.94
Leverage Ratios
Debt to Equity	1.77	1.84
Interest Coverage Ratio	1.44	1.64

Additional Information

Conclusion

G.E.MI.: 44347007000

Please note that the subject company holds the below certificate:
ISO 9001:2008, TUV AUSTRIA HELLAS SOLE SHAREHOLDER CO. LTD

Please note that the subject company was established in 1986, in Agios Ioannis Rentis in Attica, resulting the the change in the legal status of the general partnership MATHIOS BROS O.E, under the name MATHIOS REFRACTORIES S.A., dealing with the production of refractory mortars and ready-mixed concrete. On 23/12/2004, absorbed the company MATHIOS K. S.A. In 2010 (Gov. Gaz.7539/2010), subject added to its activities the production of electric power from renewable sources and the retail trade of sanitary ware and tiles. Subject`s shares have been quoted at Athens Exchange since 17.03.2000 (Gov. Gaz. No. 1774/2000).

PUBLIC LISTING INFORMATION
EXCHANGE NAME: Athens Stock Exchange (ASE)
SYMBOL: MATHIO
TRADING SECTOR: Building Materials & Fixtures

Please note that the information provided in this report was obtained from official and publicly available sources.

Industry Developments

INDUSTRY HIGHLIGHTS
The sector of construction materials consists of numerous production and commercial companies that distribute a wide variety of materials in the Greek market, like concrete reinforcement,
aluminum products, wire mesh, ceramics, lime, mortars, plaster, concrete, tiles etc.
The most important domestic segments are steel-iron, aluminum, cement and concrete. Thermal insulation, paints, dry mortars, ceramics, limekiln, refractory and non-refractory ceramic products
etc. are smaller markets.
The economic recession that emerged in 2009, as well as the fiscal consolidation measures, led to the continuous reduction of construction activity and building erections, resulting in the declining
sales in most categories of construction materials.
However, during 2014 and until the first half of 2015 the demand in some market segments, mainly ready-mixed concrete and aggregate materials, showed mild recovery due to the restart of
construction of major highways. However, the imposition of capital controls and the deteriorating economic conditions since then ceased the works at several construction projects.
Thus, in 2016 domestic demand for most categories of building materials remained stagnant due to lack of liquidity, while consumption was attributed mainly to the afore-mentioned road projects,
which have now been completed; moreover, private construction remained sluggish.
Specifically, in 2016 the disbursements of the Public Investment Program (PIP), which also includes expenditure on public works, amounted to ?6.29 billion, declining further by 1.8% over the
previous year.
Regarding 2017, the market (both constructions and building erections) remained at low levels, while some positive trends emerged from the implementation of tourism infrastructure projects.
However, internationally-oriented companies continued exporting significant part of their production, facing fierce competition. Demand from Eurozone countries was reduced, while favorable
trends emerged in non-EU countries, where growth prospects are evident.
Demand from the building sector is still weak. Specifically, total building activity exhibits a continuous reduction after 2005, reaching 12,526 issued licenses in 2016, declined by 5.5% from the
previous year. Overall, this figure showed a cumulative decline of 85% during the last decade.
Overall, during 2016, the construction of just 4,305 buildings was completed, a figure decreased by 6.8% compared to the previous year. Comparatively, over 34,000 buildings had been built in 2008.
The domestic production activity of the wider nonmetallic minerals sector, depicted by the relevant ELSTAT index, increased significantly by 14.3% in 2016, after the stability of 2015, when capital
controls caused difficulties.
Regarding individual markets of building materials, in 2016 production increased in the segments of: cement (+22.9%), ready-mixed concrete (+13.6%) and powdered mortars (+11%). Also, the
production of prefabricated structural elements of cement, concrete or artificial stone remained at the same level. On the contrary, reduction was evident in non-refractory ceramic building bricks
(-2.9%) and marble and granite products (-5.5%).
Afterwards, during the first 11 months of 2017 the production index of the sector recorded decreased mildly by 2.3% compared to the respective period of 2016.
The domestic market features competitive pressures at several segments by imports of uncertified products, mainly from low cost countries. Additionally, there is a wide distribution of imported
and domestic products of low quality with possibly fake CE marks

FINANCIAL ANALYSIS
Financial benchmarking analysis
Short term bank debt decrease as percentage of total assets, at 38.59% , (41.90% in 2016) . As a percentage of turnover it is -and lower compared to 2016- levels, at
54.81% .
Total liabilities decrease as percentage of total assets, at 63.85% , (64.81% in 2016) . Debt to equity ratio (leverage) is -and lower compared to 2016- levels, at 1.77 to 1.
Interest coverage by operating profit is -and lower compared to 2016- levels, at 1.23 times.
Total current assets decrease as percentage of total assets, at 65.27% , (67.02% in 2016) . driving the quick ratio to 1.18 -and lower compared to 2016- . Inventory as
percentage of total assets are 32.63% , (25.86% in 2016) . In addition, acid test ratio at 0.80 -and lower compared to 2016- .
Trade cycle is estimated at 242 days while its duration shortens compared to 2016 by 19 days . Total assets turnover slightly improves at 0.70 times (0.65 in 2016), .
Gross profit margin slightly improves at 40.87% , (from 38.24% in 2016) . EBITDA margin drops to 5.79% , (from 6.87% in 2016) . Return on equity (RoE) remains negative
but improves at -3.98% , (compared to -5.48% in 2016) .

Country Developments

Below information is taken from World Bank Report of 2015
Ease of Doing Business rank (1-189)	61
Overall Distance to frontier (DTF) Score (0-100)
GNI per Capita (US$)	20,290
Getting Credit(rank)
Protecting minority investors (rank)
Trading across borders (rank)
Population	10,823,732
Resolving insolvency (0-100)	52

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.20
UK Pound	1	INR 89.58
Euro	1	INR 78.79
EURO	1	INR 78.96

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY

Report Prepared by :	SDA

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)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.