MIRA
INFORM REPORT
|
Report Date : |
07.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.N.V.
POLYTECH COMPANY LIMITED |
|
|
|
|
Registered Office : |
181/1-2 Moo 1,
Soi Bancha 2, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
13.03.1991 |
|
|
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Com. Reg. No.: |
0745534000191 |
|
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|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Water Pumps and Valve System |
|
|
|
|
No. of Employees : |
48 employees |
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 : |
Slow but Correct |
|
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) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company name
P.N.V. POLYTECH COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 181/1-2 MOO
1, SOI BANCHA
2,
SUKSAWAD ROAD,
PAKKLONGBANGPLAGOD,
PHRASAMUTJAEDEE, SAMUTPRAKARN
10290,
THAILAND
TELEPHONE : [66]
2815-6880
FAX :
[66] 2815-7217
E-MAIL
ADDRESS : pnvmail@pnvpolytech.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION
NO. : 0745534000191
TAX
ID NO. : 3751005690
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. NARUENART CHAIWATTANAYON, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 48
LINES
OF BUSINESS : WATER
PUMPS AND VALVE
SYSTEM
IMPORTER AND
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 March 13,
1991 as a
private limited company under
the originally registered
name “N T N Engineering
Co., Ltd.” by
Thai groups. On
February 24, 1993,
subject’s name was changed
to P.N.V. POLYTECH
COMPANY LIMITED. Its
business objective is an importer
and distributor various
kinds of water
pumps and valve
system to domestic
market. It currently
employs 48 staff.
The
subject’s registered address
is 181/1-2 Moo
1, Soi Bancha 2,
Suksawad Rd., Pakklongbangplagod, Phrasamutjaedee, Samutprakarn
10290, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Naruenart Chaiwattanayon |
Thai |
63 |
|
Ms. Sumitra Suchindawat |
Thai |
46 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Naruenart Chaiwattanayon is
the Managing Director.
He is Thai
nationality with the
age of 63
years old.
Mr. Prakit Thiensuratchaisri is
the Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of water
pump and valve
system and related
equipments for power
plant and water
works system. The products
and brands are
as follows:
“JOHNSON” brand
Heavy
Duty Horizontal Process
Pump, Horizontal Centrifugal
Pump, Self-Priming
Centrifugal
Pump, Vertical/ Horizontal Multi-Stage
Pump, Vertical/Horizontal Self-Priming
Centrifugal Pump, In-line
Circulation Pump, Close
Coupled Pump, Internal
Rotary Gear Pump,
Bi-Wing & Rotary Lobe Pump
for Sanitary Pump,
Flexible Impeller Pump,
Self-Priming, Centrifugal Pumps,
In-Line Circulating Pump
with Dry, Electric
Motor, Combi- Bloc Blue,
Internal Gear Pumps,
Top Lobe/Tri-Lobe Rotary
Lobe Pumps, Top
Wing-Bi-Wing Rotary Lobe
Pumps, Combi Mag Bloc/
Combi Prime, The
MDR-series in PP
and PVDF, Multistage
Centrifugal Pumps, CombiDirt/ CombiFlex, CombiSump/CombiWell
“WARMAN” brand
Heavy Duty
Slurry Pump, Cavex
Hydrocyclone, Heavy Duty
Slurry Knife Gate
Valve, and
Autoball tm3-Way Check
Valve-Slurry Type
“FLOWAY” brand
Vertical Turbine
Pump for Fire
Pump
“ROTO-JET” brand
Centrifugal Process
Pump
“TORISHIMA” brand
End Suction
Centrifugal Volute Pump,
Centrifugal Process Pump, Double
Suction
Casing Pump,
High Pressure Centrifugal
Multi-Stage Pump, Heavy
Duty/Multi [Stage
Diffuser Pump/Large
Capacities Boiler Feed
Pump]
“ROBUSCHI” brand
Chemical Process
Pump, Process Pump
for Slurry Application,
Liquid Ring Vacuum
Pump and
Compressor, Rotary Roots
Air Blower/Vacuum Blower,
High Vacuum
Blower
“TECNIUM” brand
Plastic Chemical
Process Pump
“INOXPA” brand
Sanitary Pumps
for CIP & MIP
“ORBIT” brand
Positive
Displacement Helical Roter
Pump, Axial Flow
Pumps, Power Pumps,
Borehole Pumps
“MATHER-PLATT” brand
Water Pumps,
Economical Price, End
Suction Process Pump
“DURAFLO” brand
End Suction
Horizontal Pump, Split
Casing Pump, Self-Priming
Centrifugal Pump,
Vertical Multi-Stage
Centrifugal Pump
“RATH” brand
Snap Wrap
Couplings, Jaw-Flex Spacer
Couplings, Flange-Flex Couplings,
RFC Couplings,
Cone-Flex Couplings, Pin
Bush Couplings, Tyre-Flex
Couplings,
Polygear Couplings,
Curveflex Coupling
The subject also
provides installation service.
PURCHASE
Most of the
products are imported
from Japan, Germany, United States
of America, Australia,
South Africa, France,
Spain, India and
Italy, the remaining
is purchased from
local suppliers and
agents.
MAJOR SUPPLIERS
Robuschi
S.P.A. : Italy
Torishima
Pump MFG. Co.,
Ltd. : Japan
SALES
95% of the
products is sold
locally by wholesale
to dealers, manufacturers
and
end-users both private
and government sectors,
the remaining 5%
is exported to
Laos.
MAJOR CUSTOMERS
Electricity Generating Authority
of Thailand
Metropolitan Water Works
Provincial Water Work
Authority
Royal Irrigation Department
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to have
any subsidiary or
affiliated company here
in Thailand.
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
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 48
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in industrial
area.
COMMENT
The
subject was formed
in 1991 as
an importer and
distributor of water
pumps and valves
system. The subject
maintains long term
sustainable growth by adjusting
the appropriate product
mix and implement
effective marketing and
servicing for premium
market. The subject
has also focused
on strengthening the
quality products that
suit for its clients.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 200,000
divided into 2,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 2,000,000
on September 1,
1993
Bht. 4,000,000
on February 23,
1994
Bht. 8,000,000
on October 14,
1994
Bht. 12,000,000
on July 25,
1996
Bht. 20,000,000
on February 25,
1999
The
latest registered capital
was increased to
Bht. 20 million, divided into
200,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 27, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Naruenart Chaiwattanayon Nationality: Thai Address : 181/1
Moo 1, Suksawad
Rd.,
Pakklongbangplagod,
Phrasamutjaedee,
Samutprakarn |
81,000 |
40.50 |
|
Ms. Sukanda Chaiwattanayon Nationality: Thai Address : 296/6
Rama 3 Rd.,
Chongnonsi, Yannawa, Bangkok |
57,900 |
28.95 |
|
Mrs. Laksana Wongrungrojkij Nationality: Thai Address : 23/3
Sathupradit Rd., Yannawa,
Bangkok |
41,000 |
20.50 |
|
Mr. Pakris Thiensurachaisri Nationality: Thai Address : 152/52
Charansanitwong Rd., Banchanglor,
Bangkoknoi, Bangkok |
10,000 |
5.00 |
|
Ms. Sumitra Suchindawat Nationality: Thai Address : 548/16
Soi Wat Paingern,
Bangklo,
Bangkorlaem, Bangkok |
10,000 |
5.00 |
|
Mr. Chaiwat Damnernwuth Nationality: Thai Address : 226/81
Moo 4, Omnoi,
Krathumban,
Samutsakorn |
100 |
0.05 |
Total Shareholders : 6
Share Structure [as
at April 27,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
200,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sompoch Intranukul No. 2063
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
8,326,466.89 |
7,960,654.73 |
|
Short-term Investment |
64,417,406.33 |
10,043,193.84 |
|
Trade Accounts &
Other Receivable |
34,171,219.00 |
27,476,019.76 |
|
Inventories |
20,040,515.87 |
23,780,948.58 |
|
Other Current Assets
|
1,298,100.49 |
537,027.50 |
|
Total Current Assets
|
128,253,708.58 |
69,797,844.41 |
|
|
|
|
|
Fixed Assets |
23,193,486.20 |
21,115,195.18 |
|
Other Non-current Assets |
1,785,378.51 |
1,671,888.79 |
|
Total Assets |
153,232,573.29 |
92,584,928.38 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
- |
259,909.42 |
|
Trade Accounts & Other
Payable |
108,951,176.65 |
57,190,373.12 |
|
Accrued Income Tax |
3,485,986.57 |
838,570.23 |
|
Other Current Liabilities |
1,180,630.89 |
124,913.09 |
|
Total Current Liabilities |
113,617,794.11 |
58,413,765.86 |
|
Estimated Liabilities from
Employee Benefits |
6,801,141.60 |
- |
|
Other Non-current Liabilities |
6,609,303.31 |
- |
|
Total Liabilities |
127,028,239.02 |
58,413,765.86 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 200,000 shares |
20,000,000.00 |
20,000,000.00 |
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve |
110,000.00 |
110,000.00 |
|
Unappropriated |
6,094,334.27 |
14,061,162.52 |
|
Total Shareholders' Equity |
26,204,334.27 |
34,171,162.52 |
|
Total Liabilities &
Shareholders' Equity |
153,232,573.29 |
92,584,928.38 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
243,877,731.33 |
171,286,524.59 |
|
Other Income |
2,015,160.43 |
923,347.93 |
|
Total Revenues |
245,892,891.76 |
172,209,872.52 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
186,265,836.39 |
125,278,129.16 |
|
Selling Expenses |
41,160,283.79 |
31,165,192.07 |
|
Administrative Expenses |
22,285,551.63 |
13,711,283.04 |
|
Other Expenses |
- |
104,541.93 |
|
Total Expenses |
249,711,671.81 |
170,259,146.20 |
|
Profit / [Loss] Before
Financial Cost & Income Tax |
[3,818,780.05] |
1,950,726.32 |
|
Financial Cost |
[662,061.63] |
[508,640.30] |
|
Profit / [Loss] Before Income
Tax |
[4,480,841.68] |
1,442,086.02 |
|
Income Tax |
[3,485,986.57] |
[838,570.23] |
|
Net Profit / [Loss] |
[7,966,828.25] |
603,515.79 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.13 |
1.19 |
|
QUICK RATIO |
TIMES |
0.94 |
0.78 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.51 |
8.11 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.59 |
1.85 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
39.27 |
69.29 |
|
INVENTORY TURNOVER |
TIMES |
9.29 |
5.27 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
51.14 |
58.55 |
|
RECEIVABLES TURNOVER |
TIMES |
7.14 |
6.23 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
213.50 |
166.63 |
|
CASH CONVERSION CYCLE |
DAYS |
(123.08) |
(38.79) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
76.38 |
73.14 |
|
SELLING & ADMINISTRATION |
% |
26.02 |
26.20 |
|
INTEREST |
% |
0.27 |
0.30 |
|
GROSS PROFIT MARGIN |
% |
24.45 |
27.40 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(1.57) |
1.14 |
|
NET PROFIT MARGIN |
% |
(3.27) |
0.35 |
|
RETURN ON EQUITY |
% |
(30.40) |
1.77 |
|
RETURN ON ASSET |
% |
(5.20) |
0.65 |
|
EARNING PER SHARE |
BAHT |
(39.83) |
3.02 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.83 |
0.63 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.85 |
1.71 |
|
TIME INTEREST EARNED |
TIMES |
(5.77) |
3.84 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
42.38 |
|
|
OPERATING PROFIT |
% |
(295.76) |
|
|
NET PROFIT |
% |
(1,420.07) |
|
|
FIXED ASSETS |
% |
9.84 |
|
|
TOTAL ASSETS |
% |
65.50 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
24.45 |
Impressive |
Industrial
Average |
8.56 |
|
Net Profit Margin |
(3.27) |
Deteriorated |
Industrial
Average |
0.99 |
|
Return on Assets |
(5.20) |
Deteriorated |
Industrial
Average |
1.89 |
|
Return on Equity |
(30.40) |
Deteriorated |
Industrial
Average |
7.75 |
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 24.45%. When compared with
the industry average, the ratio of the company was higher, this indicated that
company was more profitable than the same industry.
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 -3.27%.
When compared with the industry average, the ratio of the company was lower.
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. When compared with the
industry average, it was lower, the company's figure is -5.2%.
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. When compared with the
industry average, it was lower, the company's figure is -30.4%.
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 |
1.13 |
Satisfactory |
Industrial
Average |
1.36 |
|
Quick Ratio |
0.94 |
|
|
|
|
Cash Conversion Cycle |
(123.08) |
|
|
|
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 1.13 times in 2011, decreased from 1.19 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 0.94 times in 2011,
increased from 0.78 times, by excluding inventory, the company may have
problems meeting current liabilities.
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 -124 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.83 |
Acceptable |
Industrial
Average |
0.74 |
|
Debt to Equity Ratio |
4.85 |
Risky |
Industrial
Average |
3.06 |
|
Times Interest Earned |
(5.77) |
Risky |
Industrial
Average |
1.66 |
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 -5.77 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.83 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 |
10.51 |
Satisfactory |
Industrial
Average |
11.08 |
|
Total Assets Turnover |
1.59 |
Satisfactory |
Industrial
Average |
1.93 |
|
Inventory Conversion Period |
39.27 |
|
|
|
|
Inventory Turnover |
9.29 |
Impressive |
Industrial
Average |
2.77 |
|
Receivables Conversion Period |
51.14 |
|
|
|
|
Receivables Turnover |
7.14 |
Impressive |
Industrial
Average |
5.14 |
|
Payables Conversion Period |
213.50 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.60 |
|
UK Pound |
1 |
Rs.87.31 |
|
Euro |
1 |
Rs.69.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.