MIRA INFORM REPORT
|
Report Date : |
19.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
GOODSCOUR INDUSTRIAL CO., LTD. |
|
|
|
|
Registered Office : |
30/1 Moo 3, T. Nong-I-Run, A. Banbung, Chonburi 20220 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
29.08.1990 |
|
|
|
|
Com. Reg. No.: |
0105533103308 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturing Contractor of Household Cleaning Materials |
|
|
|
|
No. of Employees : |
70 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 (31.03.2011) |
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 achieved steady growth due largely to industrial and agriculture
exports - mostly electronics, agricultural commodities, automobiles and parts,
and processed foods. Thailand is trying to maintain growth by encouraging
domestic consumption and public investment to offset weak exports in 2012.
Unemployment, at less than 1% of the labor force, stands as one of the lowest levels
in the world, which puts upward pressure on wages in some industries. Thailand
also attracts nearly 2.5 million migrant workers from neighboring countries.
The Thai government is implementing a nation-wide 300 baht ($10) per day
minimum wage policy and deploying new tax reforms designed to lower rates on
middle-income earners. The Thai economy has weathered internal and external
economic shocks in recent years. The global economic severely cut Thailand's
exports, with most sectors experiencing double-digit drops. In 2009, the
economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%,
its fastest pace since 1995, as exports rebounded. In late 2011 growth was
interrupted by historic flooding in the industrial areas in Bangkok and its five
surrounding provinces, crippling the manufacturing sector. Industry recovered
from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The
government has approved flood mitigation projects worth $11.7 billion, which
were started in 2012, to prevent similar economic damage, and an additional $75
billion for infrastructure over the next seven years with a plan to start in
2013.
Source
: CIA
Company name
GOODSCOUR
INDUSTRIAL CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 30/1
MOO 3, T. NONG-I-RUN, A. BANBUNG,
CHONBURI 20220,
THAILAND
TELEPHONE : [66] 38
192-853-6
FAX :
[66] 38
192-857-8
E-MAIL
ADDRESS : goodscour@goodscour.com
REGISTRATION
ADDRESS : 11th FLOOR,
FORTUNE UNI-MANSION,
226/293 PATTANAKARN
ROAD, PRAWET,
BANGKOK 10250
ESTABLISHED
: 1990
REGISTRATION
NO. : 0105533103308
TAX
ID NO. : 3101875379
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI :
51%
CHINESE :
49%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHANG HUI
CHUNG, CHINESE
MANAGING DIRECTOR
NO. OF STAFF : 70
LINES
OF BUSINESS : HOUSEHOLD CLEANING
MATERIALS
MANUFACTURING CONTRACTOR
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 August 29, 1990
as a private
limited company under the
registered name GOODSCOUR
INDUSTRIAL CO., LTD., by
Thai and Chinese
groups, with the
business objective to
manufacturing service various
household cleaning materials.
It currently employs
approximately 70 staff.
The
subject’s registered address
is 11th Floor, Fortune
Uni-Mansion, 226/293 Pattanakarn
Rd., Prawet, Bangkok
10250, while the
current operation address
is 3/1 Moo
3, T. Nong-I-Run, A. Banbung,
Chonburi 20220.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chang Hui Chung |
|
Chinese |
58 |
|
Mr. Chang Hui Ming |
|
Chinese |
55 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Chang Hui Chung
is the Managing
Director.
He is Chinese
nationality with the
age of 58
years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and distributing
various kinds of
household cleaning materials,
such as scouring
pads, scrub sponges,
scouring pad with
handle and non-woven
abrasive products, under
its owned brands
“GOODSCOUR” and “BEST
BRITE”, as well
as providing manufacturing
service of the
products according to
customer’s brands.
PRODUCTION CAPACITY
4,000,000 square meters
per annum
PURCHASE
Most of raw materials, such
as nylon fiber,
PP plastic, polyester fiber and
etc., are purchased
from local suppliers,
the remaining is
imported from Republic
of China and
Taiwan.
MAJOR
SUPPLIER
Goodscour
Chemistry Fibre Manufacture
Co., Ltd. :
Republic of China
SALES
100% of the
products is sold
locally to wholesalers
and end-users.
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
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The subject
currently employs approximately 70
office staff and
factory workers.
LOCATION DETAILS
The
premise is owned for
administrative office, factory
and warehouse at the heading
address. Premise is
located in provincial,
the Eastern region.
COMMENT
The
subject is engaged in
manufacturing and distributing of
new and used
industrial household
cleaning materials. Its
business had been
growing slowly during
the past years.
The subject started
to gain net
profit in 2011.
The outlook
of its business
in 2013 is
fair from moderate
consumption.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000
divided into 30,000 shares
of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 16,000,000
on May 6,
1997
Bht. 20,000,000
on March 10,
2003
The
latest registered capital
was increased to Bht. 20,000,000 divided
into 200,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 29, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chang Hui Chung Nationality: Chinese Address : Yen-Lin,
Taiwan |
64,000 |
32.00 |
|
Mr. Apichart Panyavuthilert Nationality: Thai Address : 791
Soi Ladprao 95,
Wangthonglang,
Bangkok |
40,000 |
20.00 |
|
Ms. Anusara Saewang Nationality: Thai Address : 162/195 Moo
5, Praeksa, Muang, Samutprakarn |
22,000 |
11.00 |
|
Mrs. Wanphen Chaichanpanich Nationality: Thai Address : 309/215
Moo 6, Prawet,
Bangkok |
20,000 |
10.00 |
|
Mr. Siri Chaichanpanich Nationality: Thai Address : 1158
Soi Sena Villa,
Klongchan, Bangkapi, Bangkok
|
20,000 |
10.00 |
|
Mr. Chang Hui Ming Nationality: Chinese Address : Yen-Lin,
Taiwan |
20,000 |
10.00 |
|
Mrs. Chang Li Zee Nationality: Chinese Address : Yin-Lin,
Taiwan |
14,000 |
7.00 |
Total Shareholders : 7
Share Structure [as
at April 29,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
102,000 |
51.00 |
|
Foreign-Chinese |
3 |
98,000 |
49.00 |
|
Total |
7 |
200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Napa Chanrueng
No. 2470
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
575,889.75 |
364,947.74 |
3,251,770.68 |
|
Trade Accounts Receivable
|
20,373,367.73 |
22,172,407.98 |
26,151,293.79 |
|
Inventories |
6,491,910.24 |
4,657,147.80 |
2,196,582.84 |
|
Other Current Assets
|
1,945,692.22 |
1,943,877.85 |
409,658.33 |
|
|
|
|
|
|
Total Current Assets
|
29,386,859.94 |
29,138,381.37 |
32,009,305.64 |
|
|
|
|
|
|
Fixed Assets |
27,140,522.82 |
18,533,596.11 |
17,875,442.77 |
|
Other Non - current Assets |
23,824,662.73 |
4,077,231.10 |
6,500.00 |
|
Total Assets |
80,352,045.49 |
51,749,208.58 |
49,891,248.41 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft from Financial Institutions |
10,552,655.43 |
1,293,408.75 |
- |
|
Trade Accounts Payable & Promissory Note |
19,065,507.90 |
20,018,491.07 |
16,746,104.14 |
|
Accrued Expenses |
1,889,415.31 |
329,643.46 |
440,406.33 |
|
Other Current Liabilities |
511,851.73 |
2,603,771.10 |
402,826.29 |
|
|
|
|
|
|
Total Current Liabilities |
32,019,430.37 |
24,245,314.38 |
17,589,336.76 |
|
Long-term Loan from Person or Related Company |
20,600,000.00 |
11,800,000.00 |
13,000,000.00 |
|
Other Long-term Payable |
9,516,900.00 |
- |
- |
|
Total Liabilities |
62,136,330.37 |
36,045,314.38 |
30,589,336.76 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 200,000 shares |
20,000,000.00 |
20,000,000.00 |
20,000,000.00 |
|
|
|
|
|
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning Unappropriated |
[1,784,284.88] |
[4,296,105.80] |
[698,088.35] |
|
Total Shareholders' Equity |
18,215,715.12 |
15,703,894.20 |
19,301,911.65 |
|
Total Liabilities & Shareholders' Equity |
80,352,045.49 |
51,749,208.58 |
49,891,248.41 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales & Services Income |
45,628,443.22 |
44,613,147.11 |
37,333,775.60 |
|
Other Income |
10,526,733.07 |
122,018.56 |
9,998.00 |
|
Total Revenues |
56,155,176.29 |
44,735,165.67 |
37,343,773.60 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
36,196,046.29 |
33,847,988.54 |
27,960,163.26 |
|
Selling Expenses |
6,237,367.32 |
6,241,412.87 |
5,461,947.59 |
|
Administrative Expenses |
7,972,022.72 |
7,797,052.12 |
7,584,308.75 |
|
Total Expenses |
50,405,436.33 |
47,886,453.53 |
41,006,419.60 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
5,749,739.96 |
[3,151,287.86] |
[3,662,646.00] |
|
Financial Costs |
- |
[116,710.08] |
[261,895.33] |
|
Profit / [Loss] before Income
Tax |
5,749,739.96 |
[3,267,997.94] |
[3,924,541.33] |
|
Income Tax |
[3,237,919.04] |
[330,019.51] |
[375,580.32] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,511,820.92 |
[3,598,017.45] |
[4,300,121.65] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.92 |
1.20 |
1.82 |
|
QUICK RATIO |
TIMES |
0.65 |
0.93 |
1.67 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.68 |
2.41 |
2.09 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.57 |
0.86 |
0.75 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
65.46 |
50.22 |
28.67 |
|
INVENTORY TURNOVER |
TIMES |
5.58 |
7.27 |
12.73 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
162.97 |
181.40 |
255.67 |
|
RECEIVABLES TURNOVER |
TIMES |
2.24 |
2.01 |
1.43 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
192.26 |
215.87 |
218.61 |
|
CASH CONVERSION CYCLE |
DAYS |
36.18 |
15.75 |
65.74 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
79.33 |
75.87 |
74.89 |
|
SELLING & ADMINISTRATION |
% |
31.14 |
31.47 |
34.94 |
|
INTEREST |
% |
- |
0.26 |
0.70 |
|
GROSS PROFIT MARGIN |
% |
43.74 |
24.40 |
25.13 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
12.60 |
(7.06) |
(9.81) |
|
NET PROFIT MARGIN |
% |
5.50 |
(8.06) |
(11.52) |
|
RETURN ON EQUITY |
% |
13.79 |
(22.91) |
(22.28) |
|
RETURN ON ASSET |
% |
3.13 |
(6.95) |
(8.62) |
|
EARNING PER SHARE |
BAHT |
12.56 |
(17.99) |
(21.50) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.77 |
0.70 |
0.61 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.41 |
2.30 |
1.58 |
|
TIME INTEREST EARNED |
TIMES |
- |
(27.00) |
(13.99) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
2.28 |
19.50 |
|
|
OPERATING PROFIT |
% |
(282.46) |
(13.96) |
|
|
NET PROFIT |
% |
169.81 |
16.33 |
|
|
FIXED ASSETS |
% |
46.44 |
3.68 |
|
|
TOTAL ASSETS |
% |
55.27 |
3.72 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 2.28%. Turnover has increased from THB
44,613,147.11 in 2010 to THB 45,628,443.22 in 2011. While net profit has
increased from THB -3,598,017.45 in 2010 to THB 2,511,820.92 in 2011. And total
assets has increased from THB 51,749,208.58 in 2010 to THB 80,352,045.49 in
2011.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
43.74 |
Impressive |
Industrial
Average |
24.36 |
|
Net Profit Margin |
5.50 |
Impressive |
Industrial
Average |
3.44 |
|
Return on Assets |
3.13 |
Deteriorated |
Industrial
Average |
6.81 |
|
Return on Equity |
13.79 |
Satisfactory |
Industrial
Average |
16.28 |
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 43.74%. When
compared with the industry average, the ratio of the company was higher,
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 5.5% 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. When compared with the
industry average, its was lower, the company's figure is 3.13%.
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 13.79%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.92 |
Risky |
Industrial
Average |
1.56 |
|
Quick Ratio |
0.65 |
|
|
|
|
Cash Conversion Cycle |
36.18 |
|
|
|
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 0.92 times in 2011, decreased from 1.2 times, then the company may
have problems meeting its short-term obligations. 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 0.65 times in 2011,
decreased from 0.93 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 37 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.77 |
Acceptable |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
3.41 |
Risky |
Industrial
Average |
1.32 |
|
Times Interest Earned |
- |
|
Industrial
Average |
5.51 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.77 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.68 |
Deteriorated |
Industrial
Average |
5.13 |
|
Total Assets Turnover |
0.57 |
Deteriorated |
Industrial
Average |
2.01 |
|
Inventory Conversion Period |
65.46 |
|
|
|
|
Inventory Turnover |
5.58 |
Satisfactory |
Industrial
Average |
6.19 |
|
Receivables Conversion Period |
162.97 |
|
|
|
|
Receivables Turnover |
2.24 |
Deteriorated |
Industrial
Average |
4.57 |
|
Payables Conversion Period |
192.26 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.24 and 2.01 in
2011 and 2010 respectively. This ratio measures the efficiency of the company in
managing its trade debtors to generate revenue. A lower ratio may indicate over
extension and collection problems. Conversely, a higher ratio may indicate an
overtly stringent policy. In this case, the company's A/R ratio in 2011
increased from 2010. This would suggest the company had good performance in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 50 days at the
end of 2010 to 65 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 7.27 times in year 2010 to 5.58 times
in year 2011.
The company's Total Asset Turnover is calculated as 0.57 times and 0.86
times in 2011 and 2010 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.