|
Report Date : |
25.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
TSRC CORPORATION |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
22.11.1973 |
|
|
|
|
Com. Reg. No.: |
03553737 |
|
|
|
|
Legal Form : |
Joint
Stock Company |
|
|
|
|
Line of Business : |
Manufacture
and sales of Synthetic rubber products, etc |
|
|
|
|
No. of Employees : |
1,300 |
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 : |
Good |
|
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 – March 31st,
2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Company Name: |
|
|
Supplied Name: |
TSRC CORPORATION |
|
Trading Address: |
|
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-3701-6000 |
|
Fax Number: |
+886-2-3701-6868 |
|
E-mail: |
Notes: Subject’s exact
name and address are as above.
|
Registered Name: |
TSRC CORPORATION |
|
Registered Address: |
|
|
Date of Foundation: |
|
|
Registration Number: |
03553737 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 9,000,000,000 (USD 304,200,000) (As of 2012.05, 1 NTD = 0.0338
USD) |
|
Paid-up Capital: |
NTD 7,149,004,150 (USD 241,636,340) |
|
Legal Representatives: |
Shaoyu Wang |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock Exchange: |
Yes
Stock Symbol: 2103 |
|
Date of Last Annual Return: |
|
TSRC, CPC and Fubon completed
joint venture negotiations and signed the agreement to form Taiwan Advanced
Materials Corporation. |
|
|
Apr 2011 |
TSRC acquired 100% stake in
Dexco Polymers. |
|
May 2010 |
TSRC established a joint
venture, LANXESS-TSRC (Nantong) Chemical Industrial Co., Ltd., with Lanxess
A.G. of German in China and started a 30,000 tons per year of NBR plant. |
|
Apr 2010 |
TSRC established a joint
venture, Indian Synthetic Rubber Ltd, with Indian Oil Corporation Ltd. and
Marubeni Corporation in Panipat, India and started a 120,000 tons per year of
ESBR plant. |
|
Dec 2009 |
TSRC obtained the
certifications from Occupational Health and Safety Advisory Services
(“OHSAS”) 18001 and Taiwan Occupational Safety and Health Management System
(“TOSHMS”) |
|
May 2009 |
TSRC signed the
styrene-butadiene-styrene (“SBS”) technology license agreement with Russian
RUSTEP LLC/ OJSC SIBUR HOLDING. |
|
May 2009 |
TSRC-UBE (Nantong) Chemical
Industrial Company Limited started BR production. |
|
Jul 2008 |
TSRC started operation of
Singapore's Polybus Corporation Pte. Ltd. |
|
Jul 2008 |
TSRC (Nantong) Industries Ltd.
started SEBS production. |
|
Nov 2007 |
Atlantic Polymers GmbH, in
Germany, was terminated. |
|
Sep 2007 |
TSRC (Jinan) Industries Ltd.
started compound production. |
|
Dec 2006 |
TSRC established TSRC-UBE
(Nantong) Chemical Industrial Company Limited in Nantong, China with
50,000 tons per year of BR plant. |
|
Sep 2006 |
TSRC established TSRC (Jinan)
Industries Ltd. in Jinan, China with a 5,000 tons per year of compound plant. |
|
Sep 2006 |
TSRC established TSRC (Nantong)
Industries Ltd. in Nantong, China with 20,000 tons per year
of SEBS plant. |
|
Dec 2005 |
The building of TPE Application
Center in Gangshan, Taiwan was completed. |
|
Jul 2005 |
Shen Hua Chemical Industrial
Co., Ltd. completed ESBR expansion to 180,000 tons per year. |
|
Apr 2005 |
The compound production lines
in Gangshan plant was on stream. |
|
Oct 2004 |
The completion of Taipei new
offic. |
|
Aug 2004 |
TSRC started the construction
of compound plant in Gangshan, Taiwan. |
|
Jul 2004 |
TSRC started to build TPE
Application Center. |
|
Apr 2004 |
Nantong Qix Storage Co., Ltd.
commenced commercial operation. |
|
Oct 2003 |
Shen Hua Chemical Industrial
Co., Ltd. completed ESBR de-bottlenecking and expanded the capacity to
120,000 tons per year. |
|
Feb 2002 |
TSRC completed successfully the
trial run of SEBS, brought a new opportunity for the diversified application
of rubber products, at TPE plant. |
|
Aug 2001 |
TSRC (Shanghai) Industries Ltd.
commenced commercial operation to enhance compound market position in Greater
China. |
|
Mar 2001 |
Rubber Business Division (SRD)
and Applied Polymers Business Division (AMD) were established as business
units. |
|
Aug 2000 |
TSRC established a German joint
venture, Atlantic Polymers GmbH, to promote TSRC's products in the European
Market. |
|
Nov 1999 |
The name of Taiwan Synthetic
Rubber Corporation was changed to TSRC Corporation and the company logo was
redesign to diversify company future development. |
|
Apr 1999 |
TSRC invested in Taiwan High
Speed Railway project. |
|
Aug 1998 |
BR plant was de-bottlenecked to
expand the capacity to 55,000 tons per year. |
|
Feb 1998 |
TSRC received ISO-14001 for
Environment Management System at Kaohsiung plant. |
|
Jan 1997 |
TSRC received ISO-9001for the
Quality Management System at Kaohsiung plant. |
|
Apr 1996 |
TSRC led a US$92 million
investment project in 100,000 tons per year of SBR plant in
China. |
|
Feb 1996 |
TSRC received the honorable
award in “Great Achievement of Industrial R&D” from the Ministry of
Economic Affairs, R.O.C. (Taiwan) |
|
Oct 1995 |
TSRC participatedUS$2.4 million
in 50,000 tons per year of BR plant in Thailand. |
|
May 1995 |
The hydrogenated type TPE
product was successfully developed and ready for commercialization. |
|
Apr 1995 |
TSRC invested in power
business. |
|
Sept 1994 |
BR plant was de-bottlenecked to
expand production capacity to 51,000 tons per year. |
|
Apr 1994 |
TSRC developed new type of TPE
and built the second TPE production line. The total TPE capacity reached
54,000 tons per year. |
|
Jan 1994 |
TSRC receipted ISO-9002 for the
Quality Assurance at Kaohsiung plant. |
|
Sep 1991 |
A pilot plant and a
co-generation facility were built. |
|
April 1988 |
Thermoplastic Elastomer (“TPE”)
plant was constructed and the trial run was completed. |
|
June 1985 |
The gas treatment equipment for
BR plant was installed to prevent pollution and preserve ecological
environment. |
|
May 1984 |
TPE plant construction started
for 20,000 tons per year of butadiene-styrene block copolymer (“SBC”). |
|
Sept 1982 |
TSRC was listed on Taiwan Stock
Exchange. |
|
June 1982 |
A 40,000 tons per year of
Polybutadiene Rubber (“BR”) plant was on stream. |
|
Feb 1977 |
TSRC completed the construction
of a 100,000 tons per year of Styrene Butadiene Rubber (“SBR”) plant. |
|
|
Subject was incorporated as Taiwan
Synthetic Rubber Corporation with a production site in Tashe Petrochemical
Industrial Park, Kaohsiung, Taiwan. |
Change of Name
|
Former Chinese Name |
台灣合成橡膠股份有限公司 |
|
Current Chinese Name |
台橡股份有限公司 |
|
Former English Name |
TAIWAN SYNTHETIC RUBBER
CORPORATION |
|
Current English Name |
TSRC CORPORATION |
Awards
|
Year |
Awards |
|
2008 |
Blue chip importer and exporter |
|
2009 |
Blue chip importer and exporter |
|
2010 |
Blue chip importer and exporter |
Standard of Blue chip importer and exporter
Unit: USD
|
Year |
Amount |
|
2008 |
19,000,000 |
|
2009 |
15,000,000 |
|
2010 |
20,000,000 |
|
Name |
Subscription
Shares |
|
(Incorporated Foundation) |
52,096,381 |
| Wei Da Development Co., Ltd |
24,636,796 |
|
Qing Shan Town Enterprises Co., Ltd (Literal Translation) |
572,906 |
|
Long Da Investment Co., Ltd (Literal Translation) |
21,864,438 |
The information above is that of
subject’s major shareholders.
Factories
|
1 |
|
|
Address |
No.2, Singgong Rd., Dashe Dist,
Kaohsiung City 815, Taiwan |
|
Tel |
+886-7-351-3811 |
|
Fax |
+886-7-351-4705 |
|
2 |
|
|
Address |
No.39, Bengong 1st Road,
Gangshan Dist, Kaohsiung City 820, Taiwan |
|
Tel |
+886-7-623-3005 |
|
Fax |
+886-7-622-5481 |
Major Related Companies
|
Trimurti Holding Corporation Hardison International
Corporation Dymas Corporation Polybus Corporation Pte Ltd Senpol Corporation Ltd TSRC SRD Ltd TSRC AMD Ltd TSRC (Hong Kong) Limited TSRC (Shanghai) Industries
Limited (Literal Translation) Polybus Corporation Pte Ltd TSRC Biotech Ltd |
Core Management
Directors
|
1 |
|
|
Name |
Shaoyu Wang |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Qi Yin |
|
Position |
Director |
|
3 |
|
|
Name |
Ziwei Li |
|
Position |
Director |
|
4 |
|
|
Name |
Liang Zhang |
|
Position |
Director |
|
Position |
Director |
|
5 |
|
|
Name |
Yuzheng Huang |
|
Position |
Director |
|
6 |
|
|
Name |
Runkang Lu |
|
Position |
Director |
|
7 |
|
|
Name |
Dazhi Zheng |
|
Position |
Director |
|
8 |
|
|
Name |
Mingfu Huang |
|
Position |
Independent Director |
|
9 |
|
|
Name |
Dingkai Wu |
|
Position |
Independent Director |
|
10 |
|
|
Name |
Long Dai |
|
Position |
Supervisor |
|
11 |
|
|
Name |
Jinhu Xie |
|
Position |
Supervisor |
|
12 |
|
|
Name |
Weihua Tu |
|
Position |
Manager |
Personnel Structure
|
Total
Employees |
Over 1,300 employees |
Offices & Factories
|
|
Headquarters |
|
Add |
|
Production
Information
Subject
is engaged in manufacture and sale of synthetic rubber, etc
l
Subject has obtained
the certification of ISO 9001 and 14001
l
It is introduced that
subject’s annual output of SBR, BR, NBR, TPE, compounding and other synthetic
rubbers has reached 600,000 tons.
It is introduced that subject has
worked with UBE Industries Ltd. and Marubeni Corporation of Japan on BR plants,
state-owned Indian Oil Corporation Ltd. and Marubeni Corporation on ESBR plant,
and Lanxess AG of Germany on NBR plant. It also signed a SBS technical license
agreement with OJSC SIBUR Holding of Russia.
Purchase
Information
The
registered activities of subject:
|
Business Code |
Details |
|
C804020 |
Manufacture of industrial rubber products |
|
C804990 |
Manufacture of other rubber products |
|
D101040 |
non-public power generation |
|
D401010 |
Heat supply industry |
|
F401010 |
International Trading Business |
|
ZZ99999 |
Besides licensed business, all other business items those are
not banned or restricted. |
Subject
purchases both at home and abroad.
l
The subject is mainly
engaged in Manufacture and sales of all kinds of Synthetic rubber products and
relevant import and export business and its major products include
styrene-butadiene rubber (SBR), for manufacturing tires, shoes, conveyor belts,
sporting goods and toys; butadiene rubber (BR), applied to high-speed tires,
shoes and sporting goods, and thermoplastic elastomer (TPE), applied to shoe
soles, adhesives, hot melts, plastic modifications, asphalt modifications and
others.
l
Subject also supplies thermal
plastic rubber
l
Subject is also
engaged in Production and sales of steam and
commercial power
from cogeneration
l
Subject’s products are
both sold in domestic and overseas market and Subject has sales business in the
Mainland of China, Japan, India, Southeast Asia and the United States.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials, etc |
COD, Credit Sales, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials, etc |
CBD, Credit Sales, etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Synthetic rubber, etc |
CBD, COD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Synthetic rubber, etc |
CBD, etc |
100% |
Unit:
NTD/000
|
|
|
|
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
651,483.00 |
2,293,245.00 |
|
Financial assets measured at
fair value through profit or loss - current |
0.00 |
0.00 |
|
Available-for-sale financial
assets - current |
0.00 |
55,640.00 |
|
Notes receivable - net |
16,107.00 |
1,400.00 |
|
Accounts receivable - net |
2,400,944.00 |
2,497,502.00 |
|
Accounts receivable - related
parties - net |
60,644.00 |
25,771.00 |
|
Other financial assets -
current |
447,203.00 |
94,678.00 |
|
Inventories |
3,598,800.00 |
1,987,418.00 |
|
Prepaid expenses |
0.00 |
0.00 |
|
Other current assets |
52,602.00 |
170,316.00 |
|
Current assets |
7,227,783.00 |
7,125,970.00 |
|
Funds and Investments |
|
|
|
Financial assets carried at
cost - non current |
839,317.00 |
1,227,390.00 |
|
Equity investments under equity
method |
11,652,244.00 |
7,584,656.00 |
|
Prepayments for long-term
investments |
0.00 |
0.00 |
|
Investments |
11,652,244.00 |
7,584,656.00 |
|
Other financial assets - non current |
4,258.00 |
3,345.00 |
|
Funds and long-term investments |
12,495,819.00 |
8,815,391.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
286,262.00 |
286,262.00 |
|
Land improvements |
54,204.00 |
54,204.00 |
|
Buildings and structures |
1,095,607.00 |
1,088,246.00 |
|
Machinery and equipment |
6,585,980.00 |
6,564,645.00 |
|
Transportation equipment |
0.00 |
0.00 |
|
Office equipment |
63,543.00 |
57,628.00 |
|
Leased assets |
94,596.00 |
94,596.00 |
|
Revaluation increment |
434,913.00 |
434,913.00 |
|
Cost and revaluation increment |
8,615,105.00 |
8,580,494.00 |
|
Accumulated depreciation |
-7,088,446.00 |
-7,071,256.00 |
|
Construction in process and
prepayment for equipments |
579,061.00 |
308,450.00 |
|
Fixed assets |
2,105,720.00 |
1,817,688.00 |
|
Intangible Assets |
|
|
|
Computer software cost |
40,475.00 |
2,597.00 |
|
Deferred pension cost |
26,418.00 |
31,703.00 |
|
Intangible assets |
66,893.00 |
34,300.00 |
|
Other Assets |
|
|
|
Rental assets |
1,777,162.00 |
1,791,888.00 |
|
Idled assets |
120,221.00 |
120,221.00 |
|
Other assets - other |
0.00 |
0.00 |
|
Other assets |
1,897,383.00 |
1,912,109.00 |
|
Assets |
23,793,598.00 |
19,705,458.00 |
|
Liabilities and Stockholders'
Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
1,411,555.00 |
1,293,673.00 |
|
Short-term notes and bills
payable |
249,639.00 |
0.00 |
|
Financial liabilities measured
at fair value through profit or loss - current |
0.00 |
0.00 |
|
Accounts payable |
1,616,989.00 |
1,379,492.00 |
|
Income tax payable |
499,615.00 |
377,017.00 |
|
Long-term liabilities - current
portion |
50,000.00 |
250,000.00 |
|
Other current liabilities |
593,751.00 |
525,448.00 |
|
Current liabilities |
4,421,549.00 |
3,825,630.00 |
|
Long term Liabilities |
|
|
|
Long-term borrowings |
0.00 |
50,000.00 |
|
Long-term liabilities |
0.00 |
50,000.00 |
|
Reserves |
|
|
|
Reserve for land revaluation
increment tax |
56,683.00 |
56,683.00 |
|
Reserves |
56,683.00 |
56,683.00 |
|
Other Liabilities |
|
|
|
Pension reserve / accrued
pension liability |
143,354.00 |
152,214.00 |
|
Guarantee deposits received |
17,704.00 |
17,219.00 |
|
Deferred income tax liabilities |
1,238,260.00 |
740,850.00 |
|
Other liabilities - other |
164,527.00 |
186,887.00 |
|
Other liabilities |
1,563,845.00 |
1,097,170.00 |
|
Liabilities |
6,042,077.00 |
5,029,483.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
7,149,004.00 |
6,499,095.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional
paid-in capital |
849.00 |
849.00 |
|
Capital surplus - other |
68,154.00 |
68,154.00 |
|
Capital surplus |
69,003.00 |
69,003.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
2,523,529.00 |
2,195,612.00 |
|
Unappropriated retained
earnings |
7,286,136.00 |
5,607,038.00 |
|
Retained earnings |
9,809,665.00 |
7,802,650.00 |
|
Stockholders' Equity and Other
adjustmen |
|
|
|
Cumulative translation
adjustments |
761,523.00 |
348,128.00 |
|
Net loss not recognized as
pension cost |
-44,940.00 |
-48,156.00 |
|
Unrealized gains (losses) on
financial instruments |
0.00 |
-2,011.00 |
|
Unrealized Revaluation
Increment |
7,266.00 |
7,266.00 |
|
Equity adjustments |
723,849.00 |
305,227.00 |
|
Stockholdersˉ equity |
17,751,521.00 (USD 600,001,410) |
14,675,975.00 (USD 496,047,955) |
|
Number of treasury stock
acquired by the company and subsidiaries (unit: share) |
0.00 |
0.00 |
(As of 2012.05, 1 NTD = 0.0338
USD)
Unit:
NTD/000
|
|
~ |
~ |
|
Sales |
4,163,045.00 (USD 140,710,921) |
4,839,649.00 (USD 163,580,136) |
|
Sales returns |
8,962.00 |
0.00 |
|
Sales discounts and allowances |
0.00 |
0.00 |
|
Sales |
4,154,083.00 |
4,839,649.00 |
|
Operating income |
4,154,083.00 |
4,839,649.00 |
|
Operating costs |
3,588,599.00 |
3,677,017.00 |
|
Gross profit (loss) from
operations |
565,484.00 |
1,162,632.00 |
|
Selling expense |
105,694.00 |
115,805.00 |
|
General and administrative
expenses |
103,167.00 |
105,968.00 |
|
Research and development
expenses |
44,715.00 |
46,230.00 |
|
Operating expenses |
253,576.00 |
268,003.00 |
|
Operating income (loss) |
311,908.00 |
894,629.00 |
|
Non-Operating Income |
|
|
|
Interest income |
1,451.00 |
1,907.00 |
|
Income from long-term equity
investments under the equity method |
655,144.00 |
1,055,900.00 |
|
Dividends |
0.00 |
0.00 |
|
Investment income |
655,144.00 |
1,055,900.00 |
|
Gains on disposal of fixed
assets |
0.00 |
0.00 |
|
Gains on sale of investments |
0.00 |
1,537.00 |
|
Foreign exchange gains |
0.00 |
3,213.00 |
|
Rent income |
14,759.00 |
13,979.00 |
|
Reversal of provision for bad
debts |
0.00 |
0.00 |
|
Reversal of impairment loss on
assets |
0.00 |
0.00 |
|
Revaluation gain on financial
liabilities |
0.00 |
0.00 |
|
Miscellaneous income |
73,868.00 |
31,875.00 |
|
Non-operating revenues and
gains |
745,222.00 |
1,108,411.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
7,087.00 |
3,678.00 |
|
Loss on disposal of fixed
assets |
0.00 |
0.00 |
|
Loss on sale of investments |
17,894.00 |
0.00 |
|
Foreign exchange losses |
9,050.00 |
0.00 |
|
Impairment loss on assets |
0.00 |
0.00 |
|
Miscellaneous disbursements |
25,552.00 |
35,838.00 |
|
Non-operating expenses and
losses |
59,583.00 |
39,516.00 |
|
Income from continuing
operations before income tax |
997,547.00 |
1,963,524.00 |
|
Income tax expense (benefit) |
172,634.00 |
323,539.00 |
|
Income from continuing
operations |
824,913.00 |
1,639,985.00 |
|
Cumulative effect of changes in
accounting principle |
0.00 |
-4,914.00 |
|
Net income (loss) |
824,913.00 (USD 27,882,059) |
1,635,071.00 (USD 55,265,400) |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
1.15 |
2.28 |
|
Diluted earnings per share |
|
|
|
Diluted earnings per share |
1.15 |
2.28 |
(As of 2012.05, 1 NTD = 0.0338 USD)
Subject
declined to disclose it bank details, from other source we can not obtain the
relevant information, either.
Mortgage
No chattel
mortgage record of subject has been found within the recent 3 months.
Lawsuit
|
96,北勞簡,22 |
|
|
Trial Date: |
960510 |
|
Reason |
Pension payment |
|
Department |
Sales department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.56.28 |
|
UK Pound |
1 |
Rs.88.25 |
|
Euro |
1 |
Rs.70.81 |
INFORMATION DETAILS
|
Report
Prepared by : |
PDT |
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.