MIRA
INFORM REPORT
|
Report Date : |
03.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
NAM SIANG COMPANY LIMITED |
|
|
|
|
Registered Office : |
19 Soi Sukhumvit 70, Sukhumvit Road, Bangna, Bangkok 10260 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
16.02.1973 |
|
|
|
|
Com. Reg. No.: |
0105516001888 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer & Distributor of Specialty Chemicals & Raw Materials |
|
|
|
|
No. of Employees : |
90 |
RATING & COMMENTS
|
MIRAs 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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
NAM
SIANG COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 19
SOI SUKHUMVIT 70,
SUKHUMVIT ROAD,
BANGNA, BANGKOK
10260, THAILAND
TELEPHONE : [66] 2744-8257-60, 2361-7304-5
FAX : [66] 2361-5889,
2361-7304-5
E-MAIL
ADDRESS : info@namsiang.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1973
REGISTRATION
NO. : 0105516001888 [Former :
189/2516]
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDERS PROPORTION : THAI :
90%
CHINESE :
10%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SURAPHAT KRISADAPHONG, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 90
LINES
OF BUSINESS : SPECIALTY CHEMICALS
& RAW MATERIALS
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on February
16, 1973 as
a private limited
company under the
name style NAM SIANG
COMPANY LIMITED, by
Thai groups. It
currently employs approximate
90 staff.
Since 1927, Nam Siang
has been an
independent family business
and has grown
to become the leader in
chemical distribution to
cosmetic industry in
Thailand. At present, subject
expands its industrial
chemicals distribution business
to various industries.
The subjects registered
address is 19
Soi Sukhumvit 70,
Sukhumvit Rd., Bangna,
Bangkok 10260, and
this is the
subjects currently operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Suraphat Krisadaphong |
[x] |
Thai |
75 |
|
Ms. Kanjaporn Krisadaphong |
|
Thai |
69 |
|
Ms. Supang Krisadaphong |
|
Thai |
41 |
|
Mr. Ravipol Krisadaphong |
[x] |
Thai |
39 |
AUTHORIZED PERSON
One of the mentioned
directors [x] can
sign or both
of the rest
directors can jointly sign
on behalf of
the subject with
companys affixed.
MANAGEMENT
Mr. Suraphat Krisadaphong is
the Managing Director.
He is Thai
nationality with the
age of 75
years old.
Mr. Ravipol Krisadaphong is
the Deputy Managing Director.
He is Thai
nationality with the
age of 39
years old.
Mrs. Chamniensri Thasai
is the Sales
Manager.
She is Thai
nationality with the
age of 51
years old.
BUSINESS OPERATIONS
The subjects activity
is an importer
and distributor of
specialty chemicals for
various industries as the followings:
1. Cosmetic &
Toiletries Industries: cosmetic
ingredients, equipment &
skin testing-
devices, fragrance
& flavours and
packaging.
2. Food &
Food Supplement Industries:
food and oral
cosmetic ingredients
3. Household Industry
4. Pharmaceutical Industry
5. Packaging Industry
IMPORT [COUNTRIES]
80% of its
products is imported
from Japan, Germany, France, Italy,
Israel, Australia, United
States of America, Korea,
Hong Kong, Republic
of China, Taiwan
and India.
MAJOR SUPPLIERS
|
Name |
Country |
|
|
|
|
Kumar Organic Products
Pvt. Ltd. |
: India |
|
Ter Hell & Co. GmbH. |
: Germany |
|
Desert Whale Jojoba Company Inc. |
: United States of America |
|
Payan & Bertrand
S.A. |
: France |
|
Soda Arometic Co.,
Ltd. |
: Japan |
|
Southern Cross Botanicals
Pty. Ltd. |
: Australia |
|
Zohar Dalia |
: Israel |
|
Daiichi Fine Chemical Co., Ltd. |
: Japan |
|
Eisai Food &
Chemical Co., Ltd. |
: Japan |
|
International Specialty Products
Inc. |
: United States of
America |
|
Induchem AG |
: Switzerland |
|
Nikko Group |
: Japan |
|
TOA Kasei Co.,
Ltd. |
: Japan |
|
Kyowa Hakko Chemical
Co., Ltd. |
: Japan |
|
Optometric |
: United States of
America |
|
Indena S.P.A. |
: Italy |
SALES [LOCAL]
100% of its
products is sold
locally to wholesalers,
manufacturers and end-users.
MAJOR CUSTOMERS
|
Name |
Country |
|
Proctor & Gamble Manufacturing
Co., Ltd. |
: Thailand |
|
Unilever [Thai] Holding Co.,
Ltd. |
: Thailand |
|
K.M. Interlab Co., Ltd. |
: Thailand |
|
Colgate Palmolive [Thailand]
Co., Ltd. |
: Thailand |
|
Government Pharmaceutical Organization |
: Thailand |
|
Saha Pathanapibul Group |
: Thailand |
|
Lion [Thailand] Co., Ltd. |
: Thailand |
|
S & J International Enterprises
Public Company Limited |
: Thailand |
SUBSIDIARIES &
AFFILIATED COMPANIES
Nam Siang Trading
Co., Ltd.
Business Type : Importer &
distributor of cosmetic products
Nam Siang International
Co., Ltd.
Business Type : Importer &
distributor of specialty chemicals
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
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
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Rajawong Branch : Rajawong Rd.,
Samphantawong, Bangkok 10100]
Bank of Ayudhya
Public Co., Ltd.
[Chakrawad Branch : Chakrawad Rd.,
Samphantawong, Bangkok 10200]
EMPLOYMENT
The subject employs
approximately 90 staff.
[office and sales
staff]
LOCATION DETAILS
The premise is owned
for administrative office
in a 3
storey building of
2 row shop
houses at the
heading address. Premise
is located in
commercial/residential area.
Branch office:
- 233-235 Chakrawad
Road, Samphanthawong, Bangkok
10100
Tel :
[66] 2221-8764, 2224-9961-3,
2222-9716, Fax [66] 2222-0279.
- 197 Soi
Rongmuang 8, Rama
6 Rd., Rongmuang,
Pathumwan, Bangkok 10330
Warehouse:
- 199/6 Moo
8, Soi Onnuch,
Sukhapibal 2 Rd.,
Pravet, Bangkok 10250
Tel : [66] 2329-1677,
Fax : [66] 2726-4200
- 199/14 Moo 8,
Sukhapibal 2 Rd.,
Pravet, Bangkok 10250
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT US$
1,000,000.
COMMENT
Thailand has been chosen
from many international
cosmetics and toiletries
firms to produce
variety products for
both local and
international brands.
Superior
products and efficient services are the consequence of its long years of
experience. Subject maintains reputation
with high quality products as its laboratory facilities operates by competent
chemists and equipped with reliable and modest equipment for its own R&D,
as well as helping its customers in any technical issues.
Subject reported strong
sales in 2010
comparing to the previous year,
while current market
situation remains positive.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided into 100
shares of Bht. 10,000
each with fully
paid.
The capital was
increased later as
followings :
Bht. 2,000,000 on
January 23, 1986
Bht. 4,000,000 on
August 5, 1986
The latest registered
capital was increased
to Bht. 4,000,000
divided into 400
shares of Bht.
10,000 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Ravipol Krisadaphong Nationality: Thai Address : 233-235
Chakrawad Rd., Samphantawong,
Bangkok 10100 |
80 |
20.00 |
|
Mr. Jaruphat Krisadaphong Nationality: Thai Address : 205
Soi Onnuch 70/1,
Pravet, Bangkok |
80 |
20.00 |
|
Ms. Teeraya Krisadaphong Nationality: Thai Address : 205
Soi Onnuch 70/1,
Pravet, Bangkok |
70 |
17.50 |
|
Mr. Eia Kok Siah Nationality: Chinese Address : 1/1
Soi Chalermkhet 3,
Chalermkhet 3 Rd.,
Watthepsirin, Pomprab, Bangkok |
40 |
10.00 |
|
Mr. Sompob Wanratseth Nationality: Thai Address : 1/1
Chalerkhet 3 Rd., Thepsirin,
Pomprab,
Bangkok 10100 |
40 |
10.00 |
|
Mrs. Sudaduang Krisadaphong Nationality: Thai Address : 197
Soi Rongmuang 4, Rongmuang,
Pathumwan, Bangkok |
22 |
5.50 |
|
Ms. Supang Krisadaphong Nationality: Thai Address : 3/77
Watcharapol Rd., Tharaeng,
Bangkhen, Bangkok |
22 |
5.50 |
|
Ms. Kanjaporn Krisadaphong Nationality: Thai Address : 195
Rongmuang Rd., Soi 4,
Pathumwan, Bangkok 10330 |
22 |
5.50 |
|
|
|
|
|
Ms. Janthorn Krisadaphong Nationality: Thai Address : 233-235
Chakrawad Rd., Samphantawong,
Bangkok 10100 |
22 |
5.50 |
|
Mr. Suraphat Krisadaphong Nationality: Thai Address : 56/63
Rongmuang Rd., Soi
4, Pathumwan,
Bangkok 10330 |
2 |
0.50 |
Total Shareholders : 10
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
9 |
360 |
90.00 |
|
Foreign
- Chinese |
1 |
40 |
10.00 |
|
Total |
10 |
400 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Suvit Wannasirisuk
No. 4742
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
25,047,221.04 |
25,220,292.60 |
|
Trade Accounts Receivable |
219,553,882.98 |
173,163,384.18 |
|
Inventories |
88,445,992.98 |
69,390,097.02 |
|
Other Current Assets
|
5,968,319.21 |
2,187,124.91 |
|
|
|
|
|
Total Current Assets
|
339,015,416.21 |
269,960,898.71 |
|
Fixed Assets |
25,672,381.78 |
17,296,402.07 |
|
Computer Programme |
109,959.84 |
256,589.42 |
|
Other Assets |
1,139,175.84 |
1,533,713.84 |
|
Total Assets |
365,936,933.67 |
289,047,604.04 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
96,099,909.10 |
83,207,899.68 |
|
Short-term Loan from
Director |
117,633,334.03 |
76,951,394.61 |
|
Current Portion of
Financial Lease Contract Liabilities |
747,145.80 |
- |
|
Accrued Expenses |
11,352,892.94 |
6,905,131.70 |
|
Accrued Income Tax |
3,440,624.74 |
2,521,414.78 |
|
Other Current Liabilities |
3,253,892.45 |
3,954,055.38 |
|
|
|
|
|
Total Current Liabilities |
232,527,799.06 |
173,539,896.15 |
|
Financial Lease Contract
Liabilities, net |
1,809,547.49 |
- |
|
Total Liabilities |
234,337,346.55 |
173,539,896.15 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10,000
par value authorized, issued
and fully paid share
capital 400 shares |
4,000,000.00 |
4,000,000.00 |
|
|
|
|
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve |
400,000.00 |
400,000.00 |
|
Unappropriated |
127,199,587.12 |
111,107,707.89 |
|
Total Shareholders' Equity |
131,599,587.12 |
115,507,707.89 |
|
Total Liabilities & Shareholders' Equity |
365,936,933.67 |
289,047,604.04 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
804,782,430.47 |
624,583,667.60 |
|
Other Income |
11,379,947.87 |
2,859,065.58 |
|
Total Revenues |
816,162,378.34 |
627,442,733.18 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
732,790,021.00 |
563,221,261.80 |
|
Selling Expenses |
8,702,799.07 |
5,928,259.54 |
|
Administrative Expenses |
51,537,158.81 |
41,546,320.34 |
|
Total Expenses |
793,029,978.88 |
610,695,841.68 |
|
|
|
|
|
Profit before Financial
Cost & Income Tax |
23,132,399.46 |
16,746,891.50 |
|
Financial Cost |
[80,523.83] |
[2,426.51] |
|
Profit before Income Tax |
23,051,875.63 |
16,744,464.99 |
|
Income Tax |
[6,959,996.40] |
[4,997,863.28] |
|
|
|
|
|
Net Profit / [Loss] |
16,091,879.23 |
11,746,601.71 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.46 |
1.56 |
|
QUICK RATIO |
TIMES |
1.05 |
1.14 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
31.35 |
36.11 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.20 |
2.16 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
44.05 |
44.97 |
|
INVENTORY TURNOVER |
TIMES |
8.29 |
8.12 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
99.58 |
101.19 |
|
RECEIVABLES TURNOVER |
TIMES |
3.67 |
3.61 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
47.87 |
53.92 |
|
CASH CONVERSION CYCLE |
DAYS |
95.76 |
92.24 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
91.05 |
90.18 |
|
SELLING & ADMINISTRATION |
% |
7.49 |
7.60 |
|
INTEREST |
% |
0.01 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
10.36 |
10.28 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.87 |
2.68 |
|
NET PROFIT MARGIN |
% |
2.00 |
1.88 |
|
RETURN ON EQUITY |
% |
12.23 |
10.17 |
|
RETURN ON ASSET |
% |
4.40 |
4.06 |
|
EARNING PER SHARE |
BAHT |
40,229.70 |
29,366.50 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.64 |
0.60 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.78 |
1.50 |
|
TIME INTEREST EARNED |
TIMES |
287.27 |
6,901.64 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
28.85 |
|
|
OPERATING PROFIT |
% |
38.13 |
|
|
NET PROFIT |
% |
36.99 |
|
|
FIXED ASSETS |
% |
48.43 |
|
|
TOTAL ASSETS |
% |
26.60 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
10.36 |
Deteriorated |
Industrial
Average |
33.27 |
|
Net Profit Margin |
2.00 |
Impressive |
Industrial
Average |
(11.03) |
|
Return on Assets |
4.40 |
Impressive |
Industrial
Average |
(2.51) |
|
Return on Equity |
12.23 |
Impressive |
Industrial
Average |
4.71 |
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. The company's figure is 10.36%. When
compared with the industry average, the ratio of the company was lower, indicated that company was originated from
the problems with control over its costs.
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 2%, higher
figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant position within its industry.
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. Return on Assets ratio is 4.4%, higher
figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient profit in a dominant position within its industry.
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. Return on Equity ratio
is 12.23%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a
dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.46 |
Deteriorated |
Industrial Average |
28.41 |
|
Quick Ratio |
1.05 |
|
|
|
|
Cash Conversion Cycle |
95.76 |
|
|
|
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 1.46 times in 2010, decreased from 1.56 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 lower.
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 1.05 times in 2010,
decreased from 1.14 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 96 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.64 |
Impressive |
Industrial
Average |
1.15 |
|
Debt to Equity Ratio |
1.78 |
Risky |
Industrial
Average |
1.39 |
|
Times Interest Earned |
287.27 |
Impressive |
Industrial
Average |
272.59 |
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 287.28 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.64 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
31.35 |
Deteriorated |
Industrial
Average |
11,965.68 |
|
Total Assets Turnover |
2.20 |
Impressive |
Industrial
Average |
1.69 |
|
Inventory Conversion Period |
44.05 |
|
|
|
|
Inventory Turnover |
8.29 |
Acceptable |
Industrial
Average |
14.30 |
|
Receivables Conversion Period |
99.58 |
|
|
|
|
Receivables Turnover |
3.67 |
Deteriorated |
Industrial
Average |
15.49 |
|
Payables Conversion Period |
47.87 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.13 |
|
|
1 |
Rs.77.85 |
|
Euro |
1 |
Rs.64.75 |
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 SCs 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.