MIRA
INFORM REPORT
|
Report Date : |
31.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
RUBAN DU |
|
|
|
|
Registered Office : |
19 Lotissement Laayoune, Ain Borja, |
|
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Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
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Date of Incorporation : |
04.06.1986 |
|
|
|
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Com. Reg. No.: |
47891 |
|
|
|
|
Legal Form : |
Societe A Responsibilite Limitee |
|
|
|
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Line of Business : |
Manufacture of other taps and valves |
|
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|
|
No. of Employees : |
300 |
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 : |
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 – June 30th,
2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Morocco |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Morocco - ECONOMIC OVERVIEW
Morocco has capitalized on its proximity to Europe and relatively low labor costs to build a diverse, open, market-oriented economy. In the 1980s Morocco pursued austerity measures and pro-market reforms, overseen by the IMF. Since taking the throne in 1999, King MOHAMMED VI has presided over a stable economy marked by steady growth, low inflation, and generally declining government debt. Industrial development strategies and infrastructure improvements - most visibly illustrated by a new port and free trade zone near Tangier - are improving Morocco's competitiveness. Key sectors of the economy include agriculture, tourism, phosphates, textiles, apparel, and subcomponents. In 2006 Morocco entered into a bilateral Free Trade Agreement with the United States; it remains the only African country to have one. In 2008 Morocco entered into an Advanced Status agreement with the European Union. Despite Morocco's economic progress, the country suffers from high unemployment and poverty. In 2011, high food and fuel prices strained the government's budget and widened the country's current account deficit. Key economic challenges for Morocco include fighting corruption, reducing government spending, reforming the education system and judiciary, addressing socioeconomic disparities, and building more diverse, higher value-added industries.
|
Source : CIA |
Company name
RUBAN DU MAGHREB
Rating Briefing
Payment Record: NO COMPLAINTS
This rating is based on available data. In the event of additional information a possibility for a different rating applies.
Registration Briefing
Registration
Number: 47891
Registration
Date: 04/06/1986
Legal
Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest
Financials: December
31, 2010
Financial Briefing
Nominal
Capital: 9,000,000
Moroccan Dirham
Issued
Capital: N/A
Turnover: 100,500,574
Moroccan Dirham
Net
Profit: 1,926,941
Moroccan Dirham
Net
Worth: 11,626,852
Moroccan Dirham
Company Details
Company
Name: RUBAN
DU MAGHREB
Company
acronym: R.D.M
Headquarter
Address: 19
Lotissement Laayoune,
Ain
Borja,
Casablanca
20300,
Morocco
Telephone: +212522
618278
+212522
618279
+212522
627948
Fax: +212522
618276
E‑Mail: rdm@rubandumaghreb.com
Web
Site: www.rubandumaghreb.com
Company
was originally started on 04/06/1986
Registration & Legal Details
Current
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: 19
Lotissement Laayoune,
Casablanca
20300
Registration
Number: 47891
Registration
Date: 04/06/1986
Year/Date
Company Established: 04/06/1986
Registration
Town: Casablanca
Tax
Registration Number: 1620801
Capital
Currency: Moroccan
Dirham
Authorized
Capital: 9,000,000
Paid
Up Capital: 9,000,000
Authorized Capital Breakdown
Number of Shares: 90,000 Type of Shares: None Selected
Issued Shares: 90,000 Value per share: MDH 100.00 Value of this type: 9,000,000.00
Shareholders / Owners
Shareholders:
|
Name/Other Information |
Shares Held |
% of Voting/Non‑Voting capital |
|
Mr Ahmed Assaboui, |
9,825 |
98.25% (VOTING) |
|
Casablanca, |
|
|
|
Morocco |
|
|
|
Ms Fadma Assaboui, |
50 |
0.50% (VOTING) |
|
Casablanca, |
|
|
|
Morocco |
|
|
|
Mr Mohamed Assaboui, |
50 |
0.50% (VOTING) |
|
Casablanca, |
|
|
|
Morocco |
|
|
|
Mr Brahim Assaboui, |
25 |
0.25% (VOTING) |
|
Casablanca, |
|
|
|
Morocco |
|
|
|
Ms Khadija Assaboui, |
25 |
0.25% (VOTING) |
|
Casablanca, |
|
|
|
Morocco |
|
|
|
Ms Zineb Assaboui, |
25 |
0.25% (VOTING) |
|
Casablanca, |
|
|
|
Morocco |
|
|
Principals
Name: Mr
Ahmed Assaboui
Position
within the company: Managing
director
Date
of Birth: 1950
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Ms
Khadija Assaboui
Position
within the company: Manager
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Ms
Zineb Assaboui
Position
within the company: Manager
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Company Activities
NACE
Codes: 2814 Manufacture of other taps and valves
Subject is dealing with manufacturing of
elastic tapes and knitting. Subject imports 90% of raw materials from China,
Thailand, India, France, Italy, Spain and Turkey and purchases the other 10%
locally. Subject distributes 100% of manufactured products to the local market
mainly to exporters.
Local
Reporters consider the investigated company to be MEDIUM in their field of
concern.
Operations
Employees Company
Employs: 300
HQ Premises Operates
from: Rented Offices
Location: Central Business Area, Side Road
Branches Sidi
Hajjaj,
Casablanca,
Morocco
Branch
is: Rented
Description
of branch: Factory
Branch
premises size: 1,800.00 sq.mtrs.
Imports
Import
% and type of product: 90% Raw
Materials
Imports
From: China, Thailand, India, France, Italy, Spain, Turkey
Importing
Terms: Cash against
documents
Additional
Information: Letters of
credit
Exports
Export
% and type of product: Subject does
not export
Trading & Selling
Territory: 100%
Nationally
Type
of Customer: Resellers
& Wholesalers
Related Companies
Subsidiaries
Affiliates Information
on Related Companies is not available/applicable
Bankers
Attijariwafa
Bank,
Branch:
Centre d'Affaires Mechouar
Place
Hamidou El Watani Angle Rue d'Ifni,
Casablanca,
Morocco
Financial Information
Financial
Interview Date: 11/07/2012
Source: Companies
Registry
Figures
are: Official
Figures
Currency: Moroccan
Dirham
|
Months |
Sales Figures |
Sales |
Gross Profit/Loss |
Net Profit/Loss |
|
12 |
31/12/2010 |
100,500,574 |
2,856,197 |
1,926,941 |
|
12 |
31/12/2009 |
107,409,789 |
2,805,544 |
1,936,180 |
|
12 |
31/12/2008 |
98,000,000 |
|
|
|
12 |
31/12/2007 |
90,195,914 |
1,995,103 |
1,300,991 |
|
12 |
31/12/2006 |
64,779,201 |
1,301,916 |
810,825 |
|
12 |
31/12/2005 |
42,309,279 |
1,099,874 |
808,706 |
|
12 |
31/12/2004 |
49,745,177 |
963,383 |
430,875 |
Balance Sheet & Profit &
Loss
BALANCE
SHEET
|
|
As at: 31‑Dec‑2010 |
As at: 31‑Dec‑2009 |
As at: 31‑Dec‑2007 |
|
Fixed Assets |
|
|
|
|
Land & Buildings |
|
|
|
|
Plant & Machinery |
3,792,813 |
4,649,780 |
6,152,784 |
|
Furniture & Equipment |
380,024 |
392,889 |
317,162 |
|
Motor Vehicles |
17,201 |
92,284 |
520,306 |
|
Misc. Fixed Assets |
|
|
|
|
Total Fixed Assets |
4,190,038 |
5,134,953 |
6,990,252 |
|
|
|
|
|
|
Financial Assets |
|
|
|
|
Shares in Related Companies |
|
|
|
|
Loans to related companies |
|
|
|
|
Investments |
|
|
|
|
Deposits |
|
|
|
|
Misc. Financial Assets |
23,777 |
338,186 |
81,011 |
|
Total Financial Assets |
23,777 |
338,186 |
81,011 |
|
|
|
|
|
|
Intangibles |
|
|
|
|
Goodwill |
|
|
|
|
Organisational Expenses |
|
|
|
|
Patents |
380 |
760 |
1,520 |
|
Misc. Intangible Assets |
|
|
|
|
Total Intangible Assets |
380 |
760 |
1,520 |
|
|
|
|
|
|
Current Assets |
|
|
|
|
Stock |
13,941,704 |
17,879,708 |
7,977,047 |
|
Stock & Work in Progress |
|
|
|
|
Trade Debtors & receivables |
21,896,067 |
22,730,787 |
14,791,494 |
|
Provision for bad debs |
|
|
|
|
Other receivables |
261,763 |
23,263 |
|
|
Due from related companies |
|
|
|
|
Owed by shareholders |
|
|
|
|
Prepaid expenses |
2,760,237 |
2,673,650 |
|
|
Cash |
705,128 |
159,842 |
320,538 |
|
Tax recoverable |
2,835,759 |
3,015,990 |
1,617,856 |
|
Marketable Securities |
42,150 |
|
|
|
Misc. Current Assets |
91,407 |
190,300 |
1,870 |
|
Total Current Assets |
42,230,302 |
46,912,040 |
24,774,218 |
|
Total Assets |
46,444,497 |
52,385,939 |
31,847,001 |
|
Owner's Equity & Liabilities |
|
|
|
|
Issued and paid up capital |
9,000,000 |
9,000,000 |
9,000,000 |
|
Share premium account |
|
|
|
|
Retained earnings |
8,535 |
164 |
555 |
|
Net profit/Loss for the year |
1,926,941 |
1,936,180 |
1,300,991 |
|
Revaluation reserves |
|
|
|
|
Legal Reserves |
691,376 |
594,568 |
467,019 |
|
Other reserves |
599,000 |
605,186 |
|
|
Net Worth |
11,626,852 |
12,129,912 |
11,373,751 |
|
|
|
|
|
|
|
|
|
|
|
Deffered Taxation |
|
|
|
|
Provisions/allowances |
|
|
|
|
Mortgages/Loans |
|
|
|
|
Hire purchase |
|
|
|
|
Due to group of companies |
|
|
|
|
Minority interest |
|
|
|
|
Misc. deferred liabilities |
|
|
|
|
Total Long Term Liabilities |
0 |
0 |
0 |
Current Liabilities
|
Creditors |
15,669,078 |
20,541,567 |
11,837,258 |
|
Other creditors |
2,458,465 |
1,200,000 |
1,538,000 |
|
Accruals |
1,045 |
21,373 |
103,399 |
|
Bank overdrafts/Loans |
7,688,916 |
8,733,504 |
4,432,205 |
|
Misc. Loans |
|
|
|
|
Directors accounts |
|
|
|
|
Owing to shareholders |
6,000,000 |
5,813,065 |
243,065 |
|
Owing to related companies |
|
|
|
|
Proposed dividend |
|
|
|
|
Long Term‑due 1 year |
|
|
|
|
Hire Purchase‑under 1 year |
|
|
|
|
Taxation |
2,745,634 |
3,658,606 |
2,191,802 |
|
Advance receipts |
91,467 |
93,357 |
73,073 |
|
Misc. Current Liabilities |
163,040 |
194,555 |
54,448 |
|
Total Current Liabilities |
34,817,645 |
40,256,027 |
20,473,250 |
|
Owner's Equity & Liabilities |
46,444,497 |
52,385,939 |
31,847,001 |
|
|
|
|
|
PROFIT & LOSS
|
|
Figures are: |
Figures are: |
Figures are: |
|
|
Fiscal Year |
Fiscal Year |
Fiscal Year |
|
|
|
|
|
|
|
01/01/2010 to
31/12/2010 |
01/01/2009 to
31/12/2009 |
01/01/2007 to
31/12/2007 |
|
Total Income/Turnover |
100,500,574 |
107,409,789 |
90,195,914 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
Gross Profit/(Loss) |
100,500,574 |
107,409,789 |
90,195,914 |
|
|
|
|
|
|
Admin/selling expenses |
86,926,704 |
93,345,573 |
77,181,589 |
|
Services |
2,570,968 |
2,539,595 |
2,652,117 |
|
Salaries |
6,430,573 |
7,129,097 |
6,018,759 |
|
Auditors Fee |
117,128 |
107,498 |
150,224 |
|
Stock Depreciation |
191,261 |
‑312,605 |
407,823 |
|
Depreciation |
1,094,731 |
1,779,149 |
|
|
Misc. Operating Expenses |
1,319,987 |
|
|
|
Misc. Operating Income |
30,280 |
|
|
|
Net Operating Profit/(Loss) |
3,169,209 |
3,310,924 |
2,006,253 |
|
|
|
|
|
|
Interest Receivable/Finance Income |
|
|
|
|
Group related income |
|
|
|
|
Misc. Financial Income |
1,821,100 |
2,002,212 |
235,644 |
|
Total Financial Income |
1,821,100 |
2,002,212 |
235,644 |
|
|
|
|
|
|
Interest Payable/Finance costs |
39,351 |
|
|
|
Misc. financial expenses |
2,134,112 |
2,507,592 |
207,443 |
|
Total Financial Expenses |
2,134,112 |
2,507,592 |
246,794 |
|
|
|
|
|
|
Profit/(Loss) before taxes |
2,856,197 |
2,805,544 |
1,995,103 |
|
|
|
|
|
|
Income Tax |
929,256 |
869,364 |
694,112 |
|
Other Tax |
|
|
|
|
Profit/(Loss) after taxes |
1,926,941 |
1,936,180 |
1,300,991 |
|
|
|
|
|
|
Extraordinary items |
|
|
|
|
Exceptional items |
|
|
|
|
Misc. Items |
|
|
|
|
|
|
|
|
|
Net Profit/(Loss) |
1,926,941 |
1,936,180 |
1,300,991 |
|
|
|
|
|
|
|
|
|
|
|
Previous years retained earnings |
|
|
|
|
Current years net income |
1,926,941 |
1,936,180 |
1,300,991 |
|
Misc. additions in current year |
|
|
|
|
Current years net loss |
|
|
|
|
Dividends in current year |
|
|
|
|
Withdrawals in current year |
|
|
|
|
Misc. deductions in current year |
|
|
|
|
|
|
|
|
|
Retained earnings at end of |
1,926,941 |
1,936,180 |
1,300,991 |
|
financial period |
|
|
|
|
|
|
|
|
|
Average employees |
|
|
|
|
|
|
|
|
|
Directors fee |
|
|
|
|
Earnings per share |
|
|
|
|
Earnings per share‑previous year |
|
|
|
Auditors Comments
Date
accounts obtained: 11/07/2012
Accounts
obtained from: Companies
registry
Auditors Opinion: The audited
financial statement gives a true and fair view of the state of affairs of the
subject
Financial
Statements have been prepared on an on‑going basis.
Assuming
support of: shareholders
FINANCIAL RATIOS / COMPARATIVE
DATA
|
|
Actual Company |
Industrial Averages |
Actual Company |
Industrial Averages |
|
Results (2010) |
(2010) |
Results (2009) |
(2009) |
|
|
Liquidity Ratios |
|
|
|
|
|
Current Ratio |
1.21 |
1.62 |
1.17 |
1.57 |
|
Acid Test Ratio |
0.81 |
1.07 |
0.72 |
1.07 |
|
Accounts |
0.16 |
0.33 |
0.19 |
0.35 |
|
Payable/Sales Ratio |
|
|
|
|
|
Current Liabilities/Net |
2.99 |
0.83 |
3.32 |
3.05 |
|
Worth |
|
|
|
|
|
Total Liabilities/Net |
2.99 |
‑0.29 |
3.32 |
3.46 |
|
Worth |
|
|
|
|
|
Fixed Assets/Net |
36.04 |
‑71.33 |
42.33 |
112.66 |
|
Worth (%) |
|
|
|
|
|
|
|
|
|
|
|
Profitability Ratios |
|
|
|
|
|
Gross Profit Ratio (%) |
100.00 |
94.99 |
100.00 |
93.84 |
|
Return on Capital |
24.57 |
3.66 |
23.13 |
13.23 |
|
Employed (ROCE)(%) |
|
|
|
|
|
Net Profit/Sales (%) |
2.84 |
‑4.28 |
2.61 |
‑7.44 |
|
Return on Assets (%) |
6.15 |
4.06 |
5.36 |
3.04 |
|
|
|
|
|
|
|
Efficiency Ratios |
|
|
|
|
|
Sales/Working Capital |
13.56 |
21.03 |
16.14 |
2.96 |
|
Assets/Sales(%) |
46.21 |
168.16 |
48.77 |
170.22 |
|
Shareholders |
24.57 |
17.62 |
23.13 |
11.15 |
|
Return(%) |
|
|
|
|
|
Average Collection |
81.04 |
119.66 |
116.51 |
|
|
Period |
|
|
|
|
|
|
|
|
|
|
|
Leverage Ratios |
|
|
|
|
|
Capital Employed |
8.64 |
3.75 |
8.86 |
4.85 |
|
|
|
|
|
|
|
Number of |
373 |
373 |
|
|
|
Companies within the |
|
|
|
|
|
industry (NACE C) |
|
|
|
|
|
Statistics based on |
Manufacturing |
Manufacturing |
|
|
|
NACE(C) |
|
|
|
|
The statistical Industrial Average results are
calculated against companies within the database for the specific country.
INDUSTRY SECTOR COMPARATIVE DATA
|
Elements Taken |
Result for specific |
RANKING |
Total Companies Used |
|
company |
|
|
|
|
DATE OF REGISTRATION |
04/06/1986 |
392 |
769 |
|
TOTAL EMPLOYEES |
300 |
159 |
759 |
|
SALES (2010) |
8,836,010 |
98 |
232 |
|
SALES (2009) |
9,443,469 |
134 |
355 |
|
NET PROFIT (2010) |
169,417 |
82 |
206 |
|
NET PROFIT (2009) |
170,229 |
131 |
362 |
|
TOTAL ASSETS (2010) |
4,083,400 |
122 |
202 |
|
TOTAL ASSETS (2009) |
4,605,772 |
190 |
363 |
Currency:
EUROS
Rankings
The results given below are calculated against
companies with the Database for the specific country.
Scale: 1 is the highest result found in our
database.
Example: Ranking 5: Total Companies used to
generate the Ranking : 20
This means that this company is the 5th largest
company out of 20 found in our database in the specific industry
Charts of Financial Trends and Industry Comparisons
PLEASE
NOTE THAT CHARTS ARE SHOWN IN EUROS FOR TREND AND COMPARISON PURPOSES
The
statistical Industrial Average results are calculated against companies within
the database for the
specific
country.
Payments
Subject's payments reported to be: NO COMPLAINTS
Representation
Other Comments
Other Comments: Patent N° : 31911986
Interview & Reporter Comments
Name/Title: Ms
Khadija Assaboui Manager
Comment: Subject
has confirmed the general details shown in the report.
Conclusions
Local Reputation: The company being investigated is considered by local reporters to be a Fair / Normal
Trade Risk.
General Conclusion: Local informants consider granting of credit to be a fair trade risk.
Owner/Shareholders Comments: Some of the owners / shareholders have an active participation in the running of the business.
Financial Results Trend: Financial Information indicates that the business activities of the company are
declining in strength.
Age of Business: The company is a long established family run business.
Country Intelligence Information
Country: Morocco
Date: 19/06/2012 00:00:00
Source: Economist Intelligence Unit
Economy: Fiscal situation remains difficult in the first quarter
Government expenditure rose by 13.9% year on year in the first quarter of 2012, to Dh61.2bn
(US$7bn). Current spending (excluding subsidies) grew at a rapid rate of 8.7% to Dh46.3bn, but
subsidy costs were the main driver of the sharp rise in spending, increasing by 33.8% year on year to
Dh14.9bn. This follows a surge in subsidy spending in 2011 and therefore comes off an already
elevated base. The energy import bill grew by 27.2% year on year in the first quarter of 2012, to
Dh21bn. Subsidies are a major burden on the public finances and are also highly erratic. In
1999‑2004 the cost of subsidies did not exceed an average of Dh5bn a year. Between 2005 and 2011
it ranged between Dh11bn in 2005 and a peak of Dh49bn in 2011, more than 50% higher than its
previous record level in 2008 (Dh31bn). The new government has suggested that it will introduce a
long‑awaited reform of the subsidy fund by the end of 2012 (February 2012, Economic policy), but the
authorities are likely to tread carefully in such a politically sensitive area, and any proposal is unlikely
to change the situation radically.
The wage bill remains another major strain on the public finances. It has grown from an annual
average of Dh48bn in 1999‑2004 to Dh89bn in 2011. The wages and salaries bill expanded by 17%
year on year to Dh24.9bn in the first quarter of 2012, accounting for 41% of ordinary expenditure. In
these particularly turbulent times, the government will find it hard to cut back the public‑sector
workforce.
Risk: Sovereign risk
Stable. Morocco's fiscal account will remain deeply in deficit, owing to high recurrent expenditure on
subsidies and wages, but the shortfalls should be financed mostly by borrowing from domestic
banks, thus keeping the external debt stock in check, although some new borrowing is likely.
Currency risk
Stable. The current exchange‑rate system—a managed float—will remain in place. The Moroccan
dirham will strengthen against the troubled euro, causing exporters problems in their main market,
but the central bank has some capacity to intervene, although foreign‑exchange reserves are falling.
Banking sector risk
Stable. The banking sector has benefited from prudential regulation, relatively low levels of
non‑performing loans (although these are rising) and limited direct foreign exposure, but government
borrowing from the banks is a concern.
Political risk
The government will increase public spending in the short term to quell political and social protests
over unemployment and poverty. Tensions over the disputed territory of Western Sahara may also
lead to violent demonstrations.
Economic structure risk
Dependence on agriculture leaves economic performance vulnerable to weather conditions. The fiscal
and external deficits fluctuate in line with movements in international commodity prices but are manageable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
|
1 |
Rs.88.39 |
|
Euro |
1 |
Rs.72.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
NLM |
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.