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MIRA INFORM REPORT
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Report No. : |
506558 |
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Report Date : |
09.05.2018 |
IDENTIFICATION DETAILS
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Name : |
CANADIAN SOLAR INTERNATIONAL LIMITED |
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Registered Office : |
Unit 1520, 15/F., Tower 2, Grand Century Place,
193 Prince Edward Road West, Mongkok, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.03.2011 |
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Com. Reg. No.: |
58139273 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of solar energy
products |
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No. of Employees : |
10 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
HONG KONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of reexports, is about four times GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's total trade by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts, RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% of the exchange's market capitalization.
During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. In 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement (CEPA), adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, which took effect in March 2015, cover a negative list and a most-favored treatment provision. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie LAM announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Note
Note: Please be advised that there is no such a
company known as ‘Canadia Solar’ registered with the Authorities of Hong
Kong. Located at your is a company known
as ‘Canadian Solar International Limited’ which we consider your enquiry. A report of it was compiled for your
reference.
Company
Name And Address
CANADIAN SOLAR
INTERNATIONAL LIMITED
ADDRESS: Unit 1520, 15/F., Tower 2, Grand Century
Place, 193 Prince Edward Road West, Mongkok, Kowloon, Hong Kong.
PHONE: 852-2528 1286, 2398 4680
FAX: 852-2528 1622
E-MAIL: Joyce.li@canadiansolar.com
MANAGEMENT:
Managing Director: Ms. Li Yin Sze
SUMMARY
Incorporated on: 25th
March, 2011.
Organization:
Private Limited
Company.
Issued Share Capital: US$91,817,682.00
Business Category: Importer and Exporter.
Group Turnover: US$3,390,393,000.00 (Year ended 31-12-2017)
Employees:
10.
Group Employees: 12,129. (Year ended 31-12-2017)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Unit 1520, 15/F., Tower 2, Grand Century
Place, 193 Prince Edward Road West, Mongkok, Kowloon, Hong Kong.
Holding Company:-
CSI Solar Power Group Co. Ltd., China.
Ultimate Holding Company:-
Canadian Solar Inc., Canada.
Associated Companies:-
Canadian Solar (Australia) Pty. Ltd.,
Australia.
Canadian Solar (USA) Inc., US.
Canadian Solar Brazil Commerce, Import &
Export of Solar Panels Ltd., Brazil.
Canadian Solar Construction (USA) LLC, US.
Canadian Solar EMEA GmbH, Germany.
Canadian Solar Energy Holding Singapore 1
Pte. Ltd., Singapore.
Canadian Solar Energy Private Ltd., India.
Canadian Solar Japan K.K., Japan.
Canadian Solar Manufacturing (Changshu) Inc.,
China.
Canadian Solar Manufacturing (Luoyang) Inc.,
China.
Canadian Solar Manufacturing (Thailand) Co.
Ltd., Thailand.
Canadian Solar Manufacturing Vietnam Co.
Ltd., Vietnam.
Canadian Solar Middle East Ltd.,UAE.
Canadian Solar MSS (Australia) Pte Ltd.,
Australia.
[Formerly known as Canadian Solar Australia 1 Pty. Ltd.]
Canadian Solar O&M (Ontario) Inc.,
Canada.
Canadian Solar Project K.K., Japan.
Canadian Solar Solutions Inc., Canada.
Canadian Solar South Africa (Pty) Ltd., South
Africa.
Canadian Solar South East Asia Pte. Ltd.,
Singapore.
Canadian Solar Sunenergy (Baotou) Co.Ltd.,
China.
Canadian Solar Sunenergy (Suzhou) Co. Ltd.,
China.
Canadian Solar Trading (Changshu) Inc.,
China.
Canadian Solar UK Ltd., U.K.
Canadian Solar UK Projects Ltd., U.K.
Changshu Tegu New Materials Technology Co.
Ltd., China.
Changshu Tlian Co. Ltd., China.
CSI Cells (Yancheng) Co. Ltd., China.
CSI Cells Co. Ltd., China.
CSI Modules (Dafeng) CO. Ltd., China.
CSI New Energy Holding Co. Ltd., China.
CSI Solar Technologies Inc., China.
CSI Solartronics (Changshu) Co. Ltd., China.
CSI-GCL Solar Manufacturing (Yancheng) Inc.,
China.
PT. Canadian Solar Indonesia, Indonesia.
Recurrent Energy Group Inc, US.
Recurrent Energy LLC, US.
Suzhou Sanysolar Materials Technology Co.
Ltd., China.
etc.
BUSINESS
REGISTRATION NUMBER
58139273
COMPANY
FILE NUMBER
1579177
MANAGEMENT
Managing Director: Ms. Li Yin Sze
Contact Person: Ms. Joyce Li
ISSUED
SHARE CAPITAL
US$91,817,682.00
SHAREHOLDERS
(As per registry dated 25-03-2018)
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Name |
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No. of shares |
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CSI Solar Power Group Co. Ltd. 199 Lushan Road, Suzhou New District
Jiangsu, China. |
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91,745,532 |
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Canadian Solar Manufacturing (Changshu)
Inc. Chang Sheng Road, Yang Yuan Xin Zhuang Town,
Changshu, Jiangsu, China. |
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72,150 |
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––––––––– |
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Total: |
91,817,682 ======== |
DIRECTORS
(As per registry dated 09-04-2018)
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Name (Nationality) |
Address |
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QU Xiaohua |
199 Lushan Road, SND, Suzhou, Jiangsu Province,
China. |
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LI Yin Sze |
Flat 8, 11/F., Block F, Garden Vista, On
King Street, Shatin, New Territories, Hong Kong. |
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Steven Jr. LU |
Flat A, 3/F., Block 7, Monte Carlton, 363
Tai Po Road, Cheung Sha Wan, Kowloon, Hong Kong. |
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ZHUANG Yan |
Flat H, 3/F., Block 3, Sceneway Garden, 8
Sceneway Road, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 25-03-2018)
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Name |
Address |
Co. No. |
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Hong Kong Corporation Secretaries Ltd. |
Unit 1001, 10/F., Infinitus Plaza,
199 Des Voeux Road Central, Hong Kong. |
1192442 |
HISTORY
The subject was incorporated on 25th March,
2011 as a private limited liability company under the Hong Kong Companies
Ordinance.
Formerly the subject’s registered address was
located at Room 1802, 18/F., Hopewell Centre, 183 Queen’s Road East, Wanchai,
Hong Kong, moved to the present address in January, 2014.
The subject changed its director in May 2016
and a new director Mr. Steven Jr. Lu was appointed on 15th August, 2017.
Apart from these, neither material change nor
amendment has been ever traced and noted.
OPERATIONS
Activities: Importer
and Exporter.
Lines: All
kinds of solar energy products
Employees: 10.
Group Employees: 12,129. (Year ended 31-12-2017)
Commodities Imported: China, Europe, etc.
Markets: China,
other Asian countries, Europe, North America, etc.
Group Turnover: US$1,654,356,064
(Year ended 31-12-2013)
US$2,960,626,610 (Year ended 31-12-2014)
US$3,467,626,000 (Year ended 31-12-2015)
US$2,853,078,000 (Year ended 31-12-2016)
US$3,390,393,000 (Year ended 31-12-2017)
Terms/Sales:
As per contracted.
Terms/Buying:
Various terms.
FINANCIAL
INFORMATION
Issued Share Capital: US$91,817,682.00
Mortgage or Charge: (See attachment)
Group Net Income/(Loss):-
US$
45,564,936 (Year ended
31-12-2013)
US$243,886,084 (Year ended 31-12-2014)
US$173,316,000 (Year ended 31-12-2015)
US$
65,275,000 (Year ended
31-12-2016)
US$102,983,000 (Year ended 31-12-2017)
Profit or Loss: Group business was profitable in past 5 years.
Condition: Business
is active.
Facilities: Making
active use of general banking facilities.
Payment:
No Complaints.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
KEB Hana Bank, Tokyo Branch, Japan.
Kookmin Bank, South Korea.
Shinhan Bank, Japan.
Standing:
Very Good.
GENERAL
Canadian Solar International Limited is a
subsidiary of CSI Solar Power Group Co. Ltd., a China-registered company.
The ultimate holding company of the subject
is Canadian Solar Inc. [Company/including associated companies are referred to
Group] which is a Canada-based and registered firm.
The Group designs, develops, and manufactures
solar wafers, cells and solar module products that convert sunlight into
electricity for a variety of uses. It
was incorporated in Canada and conduct most of its manufacturing operations in
China. Its products include a range of
standard solar modules built to general specifications for use in a wide range
of residential, commercial and industrial solar power generation systems. It also designs and produces specialty solar
modules and products based on its customers’ requirements. Specialty solar modules and products consist
of customized solar modules that its customers incorporate into their own
products, such as solar-powered bus stop lighting, and complete specialty
products, such as portable solar home systems and solar-powered car battery
chargers. It also sells its products
under its “CanadianSolar” brand name and to OEM customers under their brand
names. It also sells solar system kits
and implement solar power development projects.
Its product lines range from modules of
medium power, to high efficiency, high-power output mono-crystalline modules,
as well as a range of specialty products.
It currently sells its products to a diverse customer base in various
markets worldwide, including Germany, Spain, Italy, France, the Czech Republic,
the United States, Canada, China, Japan and India, among others. It sells its standard solar modules to
distributors and system integrators, as well as to solar projects.
The Group has had a main factory in Changshu
known as CSI Changshu Manufacturing.
Another factory is CSI Luoyang
Manufacturing. CSI Luoyang Manufacturing
holds a land use rights certificate for approximately 35,345 sq.m. of land in
Luoyang (Phase I), on which it has constructed a manufacturing facility for
module manufacturing and an office building.
CSI now has two segments:
MSS Segment
Energy Segment
CSI’s total net revenues increased by
US$537.3 million, or 18.8%, from US$2,853.1 million for the year ended December
31, 2016 to US$3,390.4 million for the year ended December 31, 2017. The increase was primarily due to an increase
in shipments from its MSS segment (from 5,138 MW to 6,539 MW) and an increase
in revenue contribution from the sale of solar power projects, partially offset
by a decrease in the average selling price of its solar modules. For the year ended December 31, 2017, Asia
contributed 56.8%, the Americas contributed 32.7%, and Europe and others
accounted for 10.5% of its net revenues.
Its top five customers by revenues collectively accounted for 27.7% of
its net revenues for the year ended December 31, 2017.
CSI has planned to expand its module, cell,
wafer and ingot manufacturing capacities to 6.97 GW, 4.49 GW, 4.0 GW and 1.7
GW, respectively, by December 31, 2017.
For the year ended 31st December, 2017, the
Group’s net income was US$103.0 million (2016: US$65.3 million, grew by 57.7%.
As of December 31, 2017, CSI had 2,919
employees at its facilities in Suzhou, 2,232 employees at its facilities in
Changshu, 2,329 employees at its facilities in Luoyang, 1,488 employees at its
facilities in Yancheng, 607 employees at its facilities in Baotou and 2,554
employees based in its facilities and offices in Canada, Japan, Australia,
Singapore, South Korea, Hong Kong, India, Indonesia, Thailand, Vietnam, Brazil,
United Arab Emirates, South Africa, the Americas and the EU (which includes
Germany, Italy, United Kingdom and Spain).
The total employees were 12,129.
The subject is fully supported by the
Group. History in Hong Kong is over
seven years and a month.
On the whole, consider it good for normal
business engagements.
MORTGAGE
OR CHARGE
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Date |
Description of Instrument |
Mortgagee |
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31-10-2016 |
First Priority
Equity Revolving Pledge Agreement |
1) KEB Hana Bank, Tokyo Branch, Japan. 2) Kookmin Bank, Korea. 3) Shinhan Bank Japan. |
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31-10-2016 |
Second Priority
Equity Revolving Pledge Agrement |
1) KEB Hana Bank, Tokyo Branch, Japan. 2) Kookmin Bank, Korea. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.08 |
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1 |
INR 91.14 |
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Euro |
1 |
INR 80.01 |
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HKD |
1 |
INR 8.58 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
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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.