|
Report Date : |
12.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
UNITED ORTHOPEDIC CORP. |
|
|
|
|
Registered Office : |
57, Park Ave. 2, Science Park, Hsinchu,
Taiwan R.O.C. |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
05.03.1993 |
|
|
|
|
Com. Reg. No.: |
22099982 |
|
|
|
|
Legal Form : |
Joint
Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales of joint prosthesis,
etc |
|
|
|
|
No. of Employees : |
200 |
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) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
TAIWAN - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with
gradually decreasing government guidance of investment and foreign trade. In
keeping with this trend, some large, state-owned banks and industrial firms
have been privatized. Exports, led by electronics, machinery, and
petrochemicals have provided the primary impetus for economic development. This
heavy dependence on exports exposes the economy to fluctuations in world demand.
In 2009, Taiwan's GDP contracted 1.9%, due primarily to a 20% year-on-year
decline in exports. In 2010 GDP grew 10.9%, as exports returned to the level of
previous years, and in 2011, grew 5.2%. However, 2012 growth will likely be
less, according to most forecasters, because of softening global demand.
Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are
major long-term challenges. Free trade agreements have proliferated in East
Asia over the past several years, but so far Taiwan has been excluded from this
greater economic integration largely because of its diplomatic status with the
exception of the landmark Economic Cooperation Framework Agreement (ECFA)
signed with China in June 2010. The MA administration has said that the ECFA
will serve as a stepping stone toward trade pacts with other regional partners,
and negotiations on a deal with Singapore began this year. Follow-on components
of ECFA, including deals on trade in goods, services, and investment, have yet
to be completed. Taiwan's Total Fertility rate of just over one child per woman
is among the lowest in the world, raising the prospect of future labor
shortages, falling domestic demand, and declining tax revenues. Taiwan's
population is aging quickly, with the number of people over 65 accounting for
10.9% of the island's total population as of 2011. The island runs a large
trade surplus, and its foreign reserves are the world's fourth largest, behind
China, Japan, and Russia. Since 2005 China has overtaken the US to become
Taiwan's second-largest source of imports after Japan. China is also the
island's number one destination for foreign direct investment. Three financial
memorandums of understanding, covering banking, securities, and insurance, took
effect in mid-January 2010, opening the island to greater investments from the
mainland's financial firms and institutional investors, and providing new
opportunities for Taiwan financial firms to operate in China. Closer economic
links with the mainland bring greater opportunities for the Taiwan economy, but
also poses new challenges as the island becomes more economically dependent on
China while political differences remain unresolved
|
Source
: CIA |
|
Company Name: |
United Orthopedic Corp. |
|
Former Name: |
United
Orthopedic Corporation |
|
Supplied Name: |
UNITED ORTHOPEDIC |
|
Trading Address: |
12F, No.80, Sec. 1,Chenggong Road., Yonghe Dist., New Taipei City
23452, Taiwan |
|
Supplied Address: |
Taiwan |
|
Telephone Number: |
+886-2-2929-4567 |
|
Fax Number: |
+886-2-2922-4567 |
|
E-mail: |
Notes: The exact name and address are as above.
|
Registered Name: |
United Orthopedic Corp. |
|
Registered Address: |
57, Park Ave. 2, Science Park, Hsinchu, Taiwan R.O.C. |
|
Date of Foundation: |
1993-3-5 |
|
Registration Number: |
22099982 |
|
Registry: |
Science and Industry Zone Administration Bureau |
|
Registered Capital: |
NTD 600,000,000 (USD 20,460,000) (As of 2012.10, 1 NTD = 0.0341 USD) |
|
Paid-up Capital: |
NTD 463,625,000 (USD 15,809,612.50) |
|
Legal Representatives: |
Yansheng Lin |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock
Exchange: |
|
|
Date of Last Annual
Return: |
Subject was incorporated on 1993-3-5
with registered number 22099982
as Joint Stock Company in
Taiwan.
Change of Name
|
Former
Name |
United
Orthopedic Corporation |
|
Current
Name |
United Orthopedic Corp. |
Awards
|
Year
|
Awards
|
|
2009 |
Blue
chip importer and exporter |
|
2010 |
Blue
chip importer and exporter |
Standard of Blue chip importer and
exporter
Unit: USD
|
Year |
Amount |
|
2009 |
15,000,000 |
|
2010 |
20,000,000 |
|
Name |
Subscription Shares |
|
Yansheng Lin |
1,716,000 |
| Chunsheng Lin |
1,425,000 |
|
Haiman Hao |
583,260 |
|
Chuhua Wu |
660,000 |
|
Qi Yi Investment Corporation (Literal
Translation) |
794,000 |
|
Zongyuan Xu |
372,000 |
The information above is that of subject’s major shareholders.
Related Companies
|
1 |
|
|
Name |
UOC USA Inc. |
|
Address |
20 Fairbanks
Suite 173 Irvine, CA 92618 |
|
Telephone Number |
+949-328-3366 |
|
Fax Number |
+949-328-3367 |
|
2 |
|
|
Name |
United Medical
Instrument Co., Ltd. |
|
Address |
Room 509-510, 10th
Building Daning International Commercial Square, No.1988 Gonghe Xin Road,
Zhabei District, Shanghai City, China |
|
Telephone Number |
+86-21-3387-1088 |
|
Fax Number |
+86-21-3387-1089 |
Plants
|
1 |
|
|
Name |
Hsinchu Plant |
|
Address |
57, Park Ave. 2, Science Park, Hsinchu, Taiwan R.O.C. |
|
Telephone Number |
+886-3-577-3351 |
|
Fax Number |
+886-3-577-7156 |
|
2 |
|
|
Name |
Kaohsiung Plant |
|
Address |
No. 16, Luke 1st
Rd., Luzhu Dist., Kaohsiung City 82151, Taiwan |
|
Telephone Number |
+886-7-695-5850 |
|
Fax Number |
+886-7-695-5055 |
|
3 |
|
|
Name |
Xi An Plant |
|
Address |
No. 32 Daxing
West Road, Xi An City, Shanxi Province, China |
|
Telephone Number |
+86-29-8441-7129 |
|
Fax Number |
+86-29-8441-7088 |
Core
Management
Directors
|
1 |
|
|
Name |
Yansheng Lin |
|
Position |
Board Director |
|
Date of
Appointment |
2008-6-30 |
|
2 |
|
|
Name |
Chunsheng Lin |
|
Position |
Director |
|
3 |
|
|
Name |
Haiman Hao |
|
Position |
Director |
|
4 |
|
|
Name |
Junxian Li |
|
Position |
Independent
Director |
|
5 |
|
|
Name |
Yuecheng Wang |
|
Position |
Independent
Director |
|
6 |
|
|
Name |
Chuhua Wu |
|
Position |
Director |
|
7 |
|
|
Name |
Qi
Yi Investment Corporation (Literal Translation) |
|
Position |
Director |
|
8 |
|
|
Name |
Zongyuan Xu |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Jinxiang Wang |
|
Position |
Supervisor |
|
10 |
|
|
Name |
Liru Chen |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 200 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
12F, No.80, Sec. 1,Chenggong Road., Yonghe Dist., New Taipei City
23452, Taiwan |
Production
Information
l
Subject is engaged in manufacturing of joint prosthesis, etc.
l
Subject has factories in Taiwan and
mainland China for production and Xi An plant in mainland China is about 14,000
square meters.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Research, developing, manufacturing and sales
following products: 1. Artificial implant materials, joint prosthesis,
artificial bone plate, nail, and bone spicule used by orthopedics department
2. Surgical medical equipment and manufacturing equipment 3. Special metals
and plastic material |
|
-- |
Import and export of above products |
l
The components and raw materials for
production are purchased both home and abroad.
l Subject
is engaged in sales of joint prosthesis, etc.
l
Subject’s sales regions include Taiwan,
mainland China, Europe, USA, South Africa, South Korea and Southeast Asia, etc.
l
Subject obtained the certifications of
ISO 9001 and ISO 13485, etc.
l
It is introduced that subject can
provide OEM and ODM services.
Major
types sold
|
Type |
Detail |
|
HIP |
U2 Hip System U1 Hip System U-Motion Ceramic System Instrument U2 Revisin Hip UTF Delta Head |
|
Knee |
U2 Knee System UKnee System Instrument U2 Revision PSA System MBC System |
|
Oncology |
Ustar System |
|
Trauma |
Unify System |
Import
and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
(Taiwan and Mainland, China)
|
Payment Terms |
Proportion |
|
|
COD, CBD, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Components and raw materials |
CBD, etc |
100% |
Sales
Domestic Markets (Taiwan and Mainland,
China)
|
Sales Terms |
Proportion |
|
|
Joint
prosthesis, etc. |
COD, CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Joint
prosthesis, etc. |
CBD, etc |
100% |
Unit: NTD/000
|
Date |
2012-6-30 |
2011-6-30 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
66,896.00 |
130,461.00 |
|
Notes receivable - net |
740.00 |
906.00 |
|
Accounts receivable - net |
138,076.00 |
107,767.00 |
|
Accounts receivable–related parties - net |
127,922.00 |
88,023.00 |
|
Inventories |
189,141.00 |
183,397.00 |
|
Other current assets |
13,682.00 |
19,451.00 |
|
Current assets |
536,457.00 |
530,005.00 |
|
Funds and Investments |
|
|
|
Income from long-term equity investments under
the equity method |
121,885.00 |
121,411.00 |
|
Investments |
121,885.00 |
121,411.00 |
|
Funds and investments |
121,885.00 |
121,411.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
41,855.00 |
27,182.00 |
|
Buildings and structures |
91,299.00 |
68,405.00 |
|
Machinery and equipment |
276,752.00 |
248,411.00 |
|
Mold equipment |
10,172.00 |
3,135.00 |
|
Computer and communication equipment |
8,070.00 |
7,084.00 |
|
Lease improved |
9,330.00 |
4,872.00 |
|
Other facilities |
31,852.00 |
27,923.00 |
|
Revaluation increment |
0.00 |
0.00 |
|
Cost and revaluation increment |
469,330.00 |
387,012.00 |
|
Accumulated depreciation |
-151,139.00 |
-129,417.00 |
|
Construction in process and prepayment for
equipments |
58,836.00 |
14,292.00 |
|
Fixed assets |
377,027.00 |
271,887.00 |
|
Intangible Assets |
|
|
|
Deferred pension cost |
237.00 |
0.00 |
|
Other intangible assets |
19,905.00 |
14,574.00 |
|
Intangible assets |
20,142.00 |
14,574.00 |
|
Other Assets |
|
|
|
Deferred charges |
50,501.00 |
48,844.00 |
|
Deferred income tax assets –Non Current |
1,477.00 |
8,831.00 |
|
Other assets-other |
28,673.00 |
27,616.00 |
|
Other assets |
80,651.00 |
85,291.00 |
|
Assets |
1,136,162.00 |
1,023,168.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
20,000.00 |
0.00 |
|
Changes in the fair value of the financial liability
on profit and loss-flow |
0.00 |
42.00 |
|
Notes payable |
0.00 |
1,947.00 |
|
Accounts payable |
53,724.00 |
50,630.00 |
|
Accounts payable-related parties |
6,855.00 |
8,511.00 |
|
Income tax payable |
8,094.00 |
3,421.00 |
|
Accrued expenses |
76,291.00 |
65,202.00 |
|
Other payables |
46,362.00 |
31,549.00 |
|
Long-Term Liabilities -Current Portion |
55,148.00 |
30,260.00 |
|
Other current liabilities |
22,152.00 |
25,277.00 |
|
Current liabilities |
288,626.00 |
216,839.00 |
|
Long term Liabilities |
|
|
|
Long-term borrowings |
148,904.00 |
150,547.00 |
|
Long-term liabilities |
148,904.00 |
150,547.00 |
|
Reserves |
|
|
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
18,416.00 |
14,717.00 |
|
Other liabilities - other |
41,062.00 |
19,875.00 |
|
Other liabilities |
59,478.00 |
34,592.00 |
|
Liabilities |
497,008.00 |
401,978.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
463,625.00 |
463,625.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in capital |
118,178.00 |
118,178.00 |
|
Capital surplus |
118,178.00 |
118,178.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
14,042.00 |
8,246.00 |
|
Unappropriated retained earnings |
37,313.00 |
29,319.00 |
|
Retained earnings |
51,355.00 |
37,565.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
9,429.00 |
1,822.00 |
|
Net loss not recognized as pension cost |
-3,433.00 |
0.00 |
|
Stockholders' equity and other adjustment |
5,996.00 |
1,822.00 |
|
Stockholders’ equity |
639,154.00 (USD 21,795,151.40) |
621,190.00 (USD 21,182,579) |
|
Number of treasury stock acquired by the company
and subsidiaries (unit: share) |
0.00 |
0.00 |
|
Equivalent Shares of Outstandings of Advance
Receipts for Common Stock (Unit: Share) |
0.00 |
0.00 |
(As of 2012.10, 1 NTD = 0.0341 USD)
Unit: NTD/000
|
Date |
2012-1-1~2012-6-30 |
2011-1-1~2011-6-30 |
|
Sales |
404,309.00 (USD 13,786,936.90) |
347,408.00 (USD 11,846,612.80) |
|
Sales returns |
5,921.00 |
2,230.00 |
|
Sales discounts and allowances |
1,887.00 |
3,962.00 |
|
Sales |
396,501.00 |
341,216.00 |
|
Operating income |
396,501.00 |
341,216.00 |
|
Operating costs |
176,985.00 |
181,103.00 |
|
Gross profit (loss) from operations |
219,516.00 |
160,113.00 |
|
Unrealized gain from inter-affiliate accounts. |
38,829.00 |
19,731.00 |
|
Realized gain from inter-affiliate accounts. |
23,199.00 |
17,699.00 |
|
Selling expense |
64,880.00 |
55,172.00 |
|
General and administrative expenses |
38,887.00 |
34,558.00 |
|
Research and development expenses |
56,975.00 |
47,003.00 |
|
Operating expenses |
160,742.00 |
136,733.00 |
|
Operating income (loss) |
43,144.00 |
21,348.00 |
|
Non-Operating Income |
|
|
|
Interest income |
152.00 |
149.00 |
|
Investment income |
0.00 |
11,012.00 |
|
Investment profit recognized under equity method |
0.00 |
11,012.00 |
|
Gains on disposal of fixed assets |
0.00 |
66.00 |
|
Foreign exchange gains |
0.00 |
2,198.00 |
|
Miscellaneous income |
5,497.00 |
4,334.00 |
|
Non-operating revenues and gains |
5,649.00 |
17,759.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
2,024.00 |
1,440.00 |
|
Investment loss recognized under equity method |
1,170.00 |
0.00 |
|
Investment loss |
1,170.00 |
0.00 |
|
Loss on disposal of fixed assets |
53.00 |
0.00 |
|
Loss on exchange |
2,114.00 |
0.00 |
|
Loss on financial liability evaluation |
7.00 |
42.00 |
|
Miscellaneous disbursements |
0.00 |
6.00 |
|
Non-operating expenses and losses |
5,368.00 |
1,488.00 |
|
Income from continuing operations before income
tax |
43,425.00 |
37,619.00 |
|
Income tax expense (benefit) |
11,914.00 |
8,300.00 |
|
Income from continuing operations |
31,511.00 |
29,319.00 |
|
Net income (loss) |
31,511.00 (USD 1,074,525.10) |
29,319.00 (USD 999,777.90) |
|
Primary Earnings per Share |
|
|
|
Primary Earnings per Share |
0.68 |
0.63 |
|
Diluted earnings per share |
|
|
(As of 2012.10, 1 NTD = 0.0341 USD)
Unit: NTD/000
|
Date |
2012-1-1~2012-6-30 |
2011-1-1~2011-6-30 |
|
Net Income (Loss) |
31,511 |
29,319 |
|
Adjustments to Reconcile Net Income to Net Cash
Provided by (Used in) Operating Activities |
|
|
|
Depreciation Expense |
19,221 |
13,353 |
|
Amortization Expense |
6,357 |
5,550 |
|
Investment Loss (Profit) Recognized under Equity
Method |
1,170 |
-11,012 |
|
Loss (Gain) on Disposal of Property, Plant and
Equipment |
53 |
-66 |
|
Changes in Operating Assets and Liabilities |
|
|
|
Decrease (Increase) in Notes Receivable |
-35 |
980 |
|
Decrease (Increase) in Accounts Receivable |
-8,081 |
4,073 |
|
Increase (Decrease) in-Related Parities- Accounts
Receivable |
-22,224 |
-23,358 |
|
Decrease (Increase) in Inventories |
-3,348 |
-7,380 |
|
Decrease (Increase) in Other Current Asset |
4,451 |
10,211 |
|
Decrease (Increase) in Other Financial Asset |
7 |
0 |
|
Decrease (Increase) in Deferred Income Tax
Assets |
4,134 |
3,790 |
|
Increase (Decrease) in Notes Payable |
-5,421 |
1,314 |
|
Increase (Decrease) in Accounts Payable |
-3,152 |
9,318 |
|
Increase (Decrease) in-Related Parities- Accounts
Payable |
-1,060 |
-345 |
|
Increase (Decrease) in Income Tax Payable |
1,180 |
-1,908 |
|
Increase (Decrease) in Accrued Expenses |
-9,368 |
-7,340 |
|
Increase (Decrease) in Other Financial
Liabilities |
0 |
42 |
|
Increase (Decrease) in Other Current Liabilities |
8,683 |
401 |
|
Increase (Decrease) in Accrued Pension
Liabilities |
-642 |
849 |
|
Increase (Decrease) in Deffered Credit |
15,630 |
2,032 |
|
Increase (Decrease) in Other Operating
Liabilities |
-2,167 |
-67 |
|
Net Cash Provided by (Used in) Operating
Activities |
36,899 |
29,756 |
|
Cash Flows from Investing Activities |
|
|
|
Purchase of Property, Plant and Equipment |
-77,595 |
-47,540 |
|
Proceeds from Disposal of Property, Plant and
Equipment |
0 |
95 |
|
Decrease (Increase) in Refundable Deposits |
-427 |
75 |
|
Increase in Deferred Charges |
-8,173 |
-6,128 |
|
Decrease (Increase) in Other Account Receivable-
Related Parities |
0 |
0 |
|
Decrease (Increase) in Restricted Assets |
-15 |
-3,802 |
|
Purchase intangible assets |
-3,676 |
-9,974 |
|
Net Cash Provided by (Used in) Investing
Activities |
-89,886 |
-67,274 |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term Loans |
20,000 |
-20,000 |
|
Borrow Long-term Loan |
7,997 |
53,545 |
|
Net Cash Provided by (Used in) Financing
Activities |
27,997 |
33,545 |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
-24,990 |
-3,973 |
|
Cash and Cash Equivalents, Beginning of year |
91,886 |
134,434 |
|
Cash and Cash Equivalents, End of year |
66,896 |
130,461 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid- Excluding Capitalized Interest |
2,027 |
1,372 |
|
Income Tax Paid |
6,599 |
6,418 |
|
Non-cash Investing and Financing Activities |
|
|
|
Current Portion of Long-term Liabilities |
55,148 |
30,260 |
|
Cumulative Conversion Adjustment |
(2,246) |
645 |
|
Investing Activities Affecting Both Cash and
Non-cash Items |
|
|
|
Cash Paid for Acquisition of Property, Plant and
Equipment |
|
|
|
Cash Paid for Acquisition of Property, Plant and
Equipment |
77,595 |
47,540 |
Subject declined to disclose its bank details; from other source we cannot obtain the relevant information, either.
Mortgage
No chattel mortgage record of subject has been found within
the recent 3 months.
Lawsuit
|
Trial Number: |
2005,Zhujian,1514 |
|
Date of Trial: |
2006-3-16 |
|
Reason: |
Return unauthorized possession goods |
|
2 |
|
|
Trial Number: |
2005,Bu.560 |
|
Date of Trial: |
2005-8-25 |
|
Reason: |
Pay for remuneration |
|
3 |
|
|
Trial Number: |
2002,Zhujian,293 |
|
Date of Trial: |
2002-5-6 |
|
Reason: |
Pay for fare |
|
Name |
Ms. Li |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.07 |
|
|
1 |
Rs.84.94 |
|
Euro |
1 |
Rs.68.23 |
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.