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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

496971

Report Date :

12.03.2018

 

 

IDENTIFICATION DETAILS

 

Name :

ANGORA HALI SANAYI VE TICARET A.S.

 

 

Formerly Known As :

AKRIFIL TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

4. Organize Sanayi Bolgesi 83404 Cad. No:15 Sehitkamil 27600 Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

06.04.2000

 

 

Com. Reg. No.:

22012

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of machine-made carpet

 

 

No. of Employees :

382

 

 

 

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 :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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

(30.09.2017)

Current Rating

(31.12.2017)

Turkey

B2

B2

 

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

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are generating financial market volatility and weighing on Turkey’s economic outlook.

Current government policies emphasize populist spending measures and credit breaks, while implementation of structural economic reforms has slowed. The government is playing a more active role in some strategic sectors and has used economic institutions and regulators to target political opponents, undermining private sector confidence in the judicial system. Between July 2016 and March 2017, three credit ratings agencies downgraded Turkey’s sovereign credit ratings, citing concerns about the rule of law and the pace of economic reforms.

Turkey remains highly dependent on imported oil and gas but is pursuing energy relationships with a broader set of international partners and taking steps to increase use of domestic energy sources including renewables, nuclear, and coal. The joint Turkish-Azerbaijani Trans-Anatolian Natural Gas Pipeline is moving forward to increase transport of Caspian gas to Turkey and Europe, and when completed will help diversify Turkey's sources of imported gas.

After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth averaging more than 6% annually until 2008. An aggressive privatization program also reduced state involvement in basic industry, banking, transport, power generation, and communication. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis, and GDP growth rebounded to around 9% in 2010 and 2011, as exports and investment recovered following the crisis.

The growth of Turkish GDP since 2016 has revealed the persistent underlying imbalances in the Turkish economy. In particular, Turkey’s large current account deficit means it must rely on external investment inflows to finance growth, leaving the economy vulnerable to destabilizing shifts in investor confidence. Other troublesome trends include rising unemployment and inflation, which increased in 2017, given the Turkish lira’s continuing depreciation against the dollar. Although government debt remains low at about 30% of GDP, bank and corporate borrowing has almost tripled as a percent of GDP during the past decade, outpacing its emerging-market peers and prompting investor concerns about its long-term sustainability.

 

Source : CIA

 

NOTES

 

NOTES

Address at your inquiry is the former address.                                                                                                                                                                          

 

 

COMPANY IDENTIFICATION

 

 

 

NAME

ANGORA HALI SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

4. Organize Sanayi Bolgesi 83404 Cad. No:15 Sehitkamil 27600 Gaziantep / Turkey

PHONE NUMBER

90-342-337 92 30

 

FAX NUMBER

90-342-337 92 35

 

WEB-ADDRESS

www.angoracarpet.com

E-MAIL

info@angoracarpet.com

 

 

LEGAL STATUS AND HISTORY

 

 

 

 TAX OFFICE

Sehitkamil

TAX NO

0340117016

REGISTRATION NUMBER

22012

REGISTERED OFFICE

Gaziantep Chamber of Industry

COMMERCIAL REGISTRY

Gaziantep Commercial Registry

DATE ESTABLISHED

06.04.2000

ESTABLISHMENT GAZETTE DATE/NO

19.04.2000/5027

LEGAL FORM

Joint Stock Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL   45.030.000

PAID-IN CAPITAL

TL   45.030.000

HISTORY

Previous Name   :  

Akrifil Tekstil Sanayi Ve Ticaret A.S.    / Changed on : 11.04.2002/(Commercial Gazette Date /Number 22.04.2002 /5532)

Previous Registered Capital   :  

TL 14.000.000    / Changed on : 26.12.2008/(Commercial Gazette Date /Number 07.01.2009 /7222)

Previous Registered Capital   :  

TL 20.000.000    / Changed on : 15.12.2009/(Commercial Gazette Date /Number 05.01.2010 /7472)

Previous Registered Capital   :  

TL 21.228.140    / Changed on : 30.12.2010/(Commercial Gazette Date /Number 12.01.2011 /7728)

Previous Registered Capital   :  

TL 25.000.000    / Changed on : 29.12.2011/(Commercial Gazette Date /Number 06.01.2012 /7978)

Previous Registered Capital   :  

TL 33.000.000    / Changed on : 23.12.2014/(Commercial Gazette Date /Number 31.12.2014 /8727)

Previous Registered Capital   :  

TL 36.500.000    / Changed on : 22.12.2016/(Commercial Gazette Date /Number 06.01.2017 /9236)

Previous Address   :  

Gazimuhtarpasa Bulvari Hali Sarayi Zemin Kat No:8 Gaziantep    / Changed on : 30.11.2007/(Commercial Gazette Date /Number 24.12.2007 /6962)

Previous Address   :  

3. Organize Sanayi Bolgesi 83303 Nolu Cad. No:6 Baspinar Sehitkamil Gaziantep (The address was changed from "Mehmet Batalli Bulvari 3. Cad. No:6 Baspinar" by the municipality.)    / Changed on : 09.01.2017/(Commercial Gazette Date /Number 17.01.2017 /9243)

 

 

OWNERSHIP / MANAGEMENT

 

 

 

SHAREHOLDERS

Ersoy Siveydinli

75,61 %

Nejla Siveydinli

24,38 %

 

SISTER COMPANIES

 

 

 

- ANGORA PAZARLAMA VE DIS TICARET A.S. ( Origin: Turkey,  Tax Number: 0690287479,  Registration Number: 24437 )

 

 

SUBSIDIARIES

 

 

 

- ANGORA PAZARLAMA VE DIS TICARET A.S.  ( Tax Number: 0690287479,  Registration Number: 24437,  Origin: Turkey )

 

 

BOARD OF DIRECTORS

 

Ersoy Siveydinli ( Chairman )

Nejla Siveydinli ( Vice-Chairman )

 

 

 

OPERATIONS

 

 

 

 BUSINESS ACTIVITIES

Manufacture and trade of machine-made carpet.

 

NACE CODE

DB.17.51

 

SECTOR

Textile

 

TRADEMARKS OWNED

Angora

Flora

 

NUMBER OF EMPLOYEES

382

 

NET SALES

16.256.779 TL

(2004) 

18.579.817 TL

(2005) 

29.100.276 TL

(2006) 

32.199.637 TL

(2007) 

45.329.921 TL

(2008) 

46.344.527 TL

(2009) 

55.559.333 TL

(2010) 

69.153.473 TL

(2011) 

89.616.862 TL

(2012) 

103.191 TL Thousand

(2013) 

118.773 TL Thousand

(2014) 

122.118 TL Thousand

(2015) 

122.975 TL Thousand

(2016) 

88.166 TL Thousand

(01.01-30.09.2017) 

CAPACITY

Machine-made carpet  ( Sqm/yr)

 

2.295.994

(2017)

2.295.994

(2018)

 

IMPORT COUNTRIES

India

Bangladesh

Malaysia

U.K.

U.S.A.

 

MERCHANDISE IMPORTED

Jute

Raw materials

Yarn

 

EXPORT VALUE

16.077 TL

(2012)

2.909 TL

(2013)

0 TL

(2014)

0 TL

(2015)

2.004 TL

(2016)

0 TL

(01.01-30.09.2017)

 

EXPORT COUNTRIES

European Countries

U.S.A.

 

MERCHANDISE  EXPORTED

Carpet

 

HEAD OFFICE ADDRESS

4. Organize Sanayi Bolgesi 83404 Cad. No:15 Sehitkamil  Gaziantep / Turkey

( owned )

 

BRANCHES

Regional Directorate  :  Evren Mah. Gulbahar Cad. No:19/23 Gunesli Istanbul/Turkey   

 

Regional Directorate  :  Sanayi Mah. D130 Karayolu Uzeri Kugu Cad. No:48 Izmit Kocaeli/Turkey   

 

Regional Directorate  :  Karacaoglan Mah. 6166 Sk. No:23/A Bornova Izmir/Turkey   

 

Head Office/Factory  :  4. Organize Sanayi Bolgesi 83404 Cad. No:15  Sehitkamil Gaziantep/Turkey ( owned ) ( 18.000  sqm )

 

Administrative Office  :  Evren Mah. Gulbahar Cad. No:17 Gunesli Istanbul/Turkey   

                                                                                

GENERAL INFORMATION ON OPERATIONS

The firm has a considerable market potential.

TREND OF BUSINESS

There was a slowdown at business volume in real terms in 2015 and 2016. There appears a decline at business volume in nominal terms in the first 9 months of 2017.

SIZE OF BUSINESS

Giant

 

 

FINANCE

 

 

 

MAIN DEALING BANKS

Turk Ekonomi Bankasi Gaziantep Branch

ING Bank Gaziantep Branch

Kuveyt Turk Katilim Bankasi Gaziantep Branch

Yapi ve Kredi Bankasi Gaziantep Branch

QNB Finansbank Gaziantep Branch

 

CREDIT FACILITIES

 

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

 

No Complaints.

 

KEY FINANCIAL ELEMENTS

 

(2013)                                                                                TL Thousand

(2014)                                                                                TL Thousand

(2015)                                                                                TL Thousand

(2016)                                                                                TL Thousand

(01.01-30.09.2017)                                                                                TL Thousand

Net Sales

103.191

118.773

122.118

122.975

88.166

Profit (Loss) Before Tax

994

6.010

3.028

2.767

3.202

Stockholders' Equity

58.102

66.323

97.444

81.118

 

Total Assets

189.975

224.289

310.210

275.773

 

Current Assets

122.914

146.980

188.181

176.763

 

Non-Current Assets

67.061

77.309

122.029

99.010

 

Current Liabilities

74.503

101.416

137.213

134.946

 

Long-Term Liabilities

57.370

56.550

75.553

59.709

 

Gross Profit (loss)

23.256

24.767

32.546

31.797

20.703

Operating Profit (loss)

16.868

18.324

24.843

24.618

16.948

Net Profit (loss)

936

5.681

2.841

2.602

3.202

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2016

Liquidity

Insufficient As of 31.12.2016

Remarks On Liquidity

 

The liquid assets consist mainly of receivables the amount of cash and banks or marketable securities (which are more liquid) are low.                                                                                                                                                

 

Profitability

High Operating Profitability  in 2013

Low Net Profitability  in 2013

High Operating Profitability  in 2014

Good Net Profitability  in 2014

High Operating Profitability  in 2015

Fair Net Profitability  in 2015

High Operating Profitability  in 2016

Fair Net Profitability  in 2016

High Operating Profitability (01.01-30.09.2017)

Fair Net Profitability (01.01-30.09.2017)

 

Gap between average collection and payable periods

Unfavorable in 2016

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 2015 )

5,71 %

2,7230

3,0254

4,1661

 ( 2016 )

9,94 %

3,0292

3,3349

4,1006

 ( 01.01-30.09.2017)

9,78 %

3,5731

3,9855

4,5746

 ( 2017 )

15,47 %

3,6337

4,1120

4,7059

 ( 01.01-31.01.2018)

0,99 %

3,7698

4,6025

5,2223

 

 

Financials

 

BALANCE SHEETS

 

 

31.12.2013  ( Full Year  )  TL Thousand

 

31.12.2014  ( Full Year  )  TL Thousand

 

31.12.2015  ( Full Year  )  TL Thousand

 

31.12.2016  ( Full Year  )  TL Thousand

 

CURRENT ASSETS

122.914

0,65

146.980

0,66

188.181

0,61

176.763

0,64

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

471

0,00

399

0,00

3.867

0,01

1.065

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

86.349

0,45

100.977

0,45

130.305

0,42

132.427

0,48

Other Receivable

227

0,00

9

0,00

6

0,00

22

0,00

Inventories

29.966

0,16

36.225

0,16

35.064

0,11

33.542

0,12

Advances Given

4.030

0,02

8.372

0,04

17.200

0,06

7.136

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.871

0,01

998

0,00

1.739

0,01

2.571

0,01

NON-CURRENT ASSETS

67.061

0,35

77.309

0,34

122.029

0,39

99.010

0,36

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

1.500

0,01

1.500

0,01

1.500

0,00

1.500

0,01

Tangible Fixed Assets (net)

42.920

0,23

51.807

0,23

95.670

0,31

84.553

0,31

Intangible Assets

21.076

0,11

23.211

0,10

24.082

0,08

12.699

0,05

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

1.565

0,01

791

0,00

777

0,00

258

0,00

TOTAL ASSETS

189.975

1,00

224.289

1,00

310.210

1,00

275.773

1,00

CURRENT LIABILITIES

74.503

0,39

101.416

0,45

137.213

0,44

134.946

0,49

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

39.114

0,21

48.867

0,22

79.203

0,26

69.900

0,25

Accounts Payable

30.272

0,16

40.272

0,18

49.823

0,16

58.125

0,21

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

416

0,00

456

0,00

589

0,00

659

0,00

Advances from Customers

4.427

0,02

11.327

0,05

7.132

0,02

5.672

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

236

0,00

251

0,00

279

0,00

425

0,00

Provisions

38

0,00

243

0,00

187

0,00

165

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

57.370

0,30

56.550

0,25

75.553

0,24

59.709

0,22

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

54.614

0,29

54.551

0,24

54.107

0,17

53.059

0,19

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

2.756

0,01

1.999

0,01

21.446

0,07

6.650

0,02

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

58.102

0,31

66.323

0,30

97.444

0,31

81.118

0,29

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

33.000

0,17

35.565

0,16

36.500

0,12

45.030

0,16

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

24.166

0,13

25.077

0,11

9.926

0,03

4.246

0,02

Revaluation Fund

0

0,00

0

0,00

48.177

0,16

29.240

0,11

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

936

0,00

5.681

0,03

2.841

0,01

2.602

0,01

TOTAL LIABILITIES AND EQUITY

189.975

1,00

224.289

1,00

310.210

1,00

275.773

1,00

 

 

 

INCOME STATEMENTS

 

 

(2013)  ( Full Year  )  TL Thousand

 

(2014)  ( Full Year  )  TL Thousand

 

(2015)  ( Full Year  )  TL Thousand

 

(2016)  ( Full Year  )  TL Thousand

 

(01.01-30.09.2017)  ( Interim Period )  TL Thousand

 

Net Sales

103.191

1,00

118.773

1,00

122.118

1,00

122.975

1,00

88.166

1,00

Cost of Goods Sold

79.935

0,77

94.006

0,79

89.572

0,73

91.178

0,74

67.463

0,77

Gross Profit

23.256

0,23

24.767

0,21

32.546

0,27

31.797

0,26

20.703

0,23

Operating Expenses

6.388

0,06

6.443

0,05

7.703

0,06

7.179

0,06

3.755

0,04

Operating Profit

16.868

0,16

18.324

0,15

24.843

0,20

24.618

0,20

16.948

0,19

Other Income

3.249

0,03

4.053

0,03

11.666

0,10

8.760

0,07

4.585

0,05

Other Expenses

12.937

0,13

9.794

0,08

25.946

0,21

20.883

0,17

10.223

0,12

Financial Expenses

6.186

0,06

6.573

0,06

7.535

0,06

9.728

0,08

8.108

0,09

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

994

0,01

6.010

0,05

3.028

0,02

2.767

0,02

3.202

0,04

Tax Payable

58

0,00

329

0,00

187

0,00

165

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

936

0,01

5.681

0,05

2.841

0,02

2.602

0,02

3.202

0,04

 

LAST FINANCIAL STATEMENT DETAILS

 

 

TL Thousand

Cash

266

Banks

799

Doubtful Trade Receivables

0

Other Miscellaneous Receivables (in Other Receivable)

22

Overdue, Delayed or Deferred Tax by Installments and Other Liabilities

0

Profit from Foreign Currency Exchange

4.503

Loss from Foreign Currency Exchange

10.185

 

FINANCIAL RATIOS

 

 

(2013)

(2014)

(2015)

(2016)

LIQUIDITY RATIOS

 

Current Ratio

1,65

1,45

1,37

1,31

Acid-Test Ratio

1,17

1,00

0,98

0,99

Cash Ratio

0,01

0,00

0,03

0,01

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,16

0,16

0,11

0,12

Short-term Receivable/Total Assets

0,46

0,45

0,42

0,48

Tangible Assets/Total Assets

0,23

0,23

0,31

0,31

TURNOVER RATIOS

 

Inventory Turnover

2,67

2,60

2,55

2,72

Stockholders' Equity Turnover

1,78

1,79

1,25

1,52

Asset Turnover

0,54

0,53

0,39

0,45

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,31

0,30

0,31

0,29

Current Liabilities/Total Assets

0,39

0,45

0,44

0,49

Financial Leverage

0,69

0,70

0,69

0,71

Gearing Percentage

2,27

2,38

2,18

2,40

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,02

0,09

0,03

0,03

Operating Profit Margin

0,16

0,15

0,20

0,20

Net Profit Margin

0,01

0,05

0,02

0,02

Interest Cover

1,16

1,91

1,40

1,28

COLLECTION-PAYMENT

 

Average Collection Period (days)

301,24

306,06

384,14

387,67

Average Payable Period (days)

148,75

161,88

286,44

255,75

WORKING CAPITAL

48411,00

45564,00

50968,00

41817,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.08

UK Pound

1

INR 89.85

Euro

1

INR 80.16

TRY

1

INR 17.06

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

KET

                                                


 

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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