MIRA
INFORM REPORT
|
Report Date : |
29.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
TRAVEX CO., LTD. |
|
|
|
|
Registered Office : |
86 Soi Langsuan, Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
11.02.1975 |
|
|
|
|
Com. Reg. No.: |
0105518001389 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Tour and Travel Agency Services |
|
|
|
|
No. of Employees : |
60 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 crisis 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
TRAVEX
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 86
SOI LANGSUAN, PLOENCHIT
ROAD,
LUMPINI, PATHUMWAN, BANGKOK
10330
TELEPHONE : [66] 2638-1600
FAX :
[66] 2253-7610,
2652-1033
E-MAIL
ADDRESS : info@travexnet.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1975
REGISTRATION
NO. : 0105518001389
TAX
ID NO. : 3101022162
CAPITAL REGISTERED : BHT. 80,000,000
CAPITAL PAID-UP : BHT.
80,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. NARONG KHEAWKAEW,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 60
LINES
OF BUSINESS : TOUR
AND TRAVEL AGENCY
SERVICES
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on February 11,
1975 as a private limited
company under the originally
registered name “Travel
Export Co., Ltd.”
by Thai groups. On
October 8, 1975, its
registered name was
changed to TRAVEX CO.,
LTD. Its business
objective is to provide
inbound-tour and travel
services. It currently
employs approximately 60
staff.
The
subject’s registered address
is 86 Soi
Langsuan, Ploenchit Rd., Lumpini, Pathumwan, Bangkok
10330, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Narong Kheawkaew |
[x] |
Thai |
70 |
|
Mr. Due Kheawkaew |
[*] |
Thai |
33 |
|
Mr. Don Kheawkaew |
[*] |
Thai |
38 |
|
Mrs. Mercedez Chamnaeklarp |
[x] |
Thai |
82 |
|
Mr. Suthep Chamnaeklarp |
[x] |
Thai |
71 |
|
Mr. Thomas Chamnaeklarp |
[-] |
Thai |
45 |
|
Mr. Oscarmozo Chamnaeklarp |
[-] |
Thai |
48 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can jointly sign
with anyone of
the directors [-]
and [*] with
totally 3 persons,
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Narong Kheawkaew is
the Managing Director.
He is Thai
nationality with the
age of 70
years old.
BUSINESS OPERATIONS
The subject
is engaged in
professional travel services
for inbound-outbound tours
operators, comprising
private group and
incentive group in
Thailand, Vietnam, Cambodia
and Myanmar, as well as
ticketing services of
railway, airline, hotel
reservation and etc.
PURCHASE
100%
of purchasing is from local
suppliers.
SALES
Its business are
served to clients
both Thais and
foreigners.
RELATED AND AFFILIATED
COMPANY
Travex [Chiangmai] Co.,
Ltd.
Business Type :
Providing of travel
agency
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.
BANKING
Kasikornbank
Public Co., Ltd.
[Langsuan
Branch, Soi Langsuan,
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok]
The
Siam Commercial Bank
Public Co., Ltd.
Wireless
Branch, Wireless Rd.,
Lumpini, Pathumwan, Bangkok]
EMPLOYMENT
The
subject employs approximately 60
staff.
LOCATION DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in a prime commercial
area.
Branch
office is located
at 7 Moo
4, Theparaj-Onnuch Rd.,
T. Preng, A. Bangbor,
Samutprakarn
10560.
COMMENT
Despite the
stiff competitive market,
the subject’s business
remains in good
condition. Sales of
air-ticketing and outbound tour
are likely to
grow well from
Thai consumers.
The
subject is doing good
business and its business
trend is moderate.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 500,000
divided into 500
shares of Bht.
1,000 each with
fully paid.
The
capital was increased
later as follows:
Bht. 2,000,000
on February 22,
1989
Bht. 8,000,000
on December 1,
1995
Bht. 12,000,000
on November 29,
2002
Bht. 20,000,000
on May 19,
2005
Bht. 40,000,000
on November 8,
2010
Bht. 80,000,000
on May 30,
2011
The
latest registered capital
was increased to
Bht. 80 million,
divided into 80,000
shares of Bht. 1,000
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Narong Kheawkaew Nationality: Thai Address : 275
Soi Rama 9 [46],
Suanluang, Bangkok |
19,000 |
23.75 |
|
Mrs. Tarathip Kheawkaew Nationality: Thai Address : 275
Soi Rama 9 [46],
Suanluang,
Bangkok |
19,000 |
23.75 |
|
Mrs. Mercedez Chamnaeklarp Nationality: Thai Address : 722/44
Sukhumvit Rd., Klongton,
Klongtoey, Bangkok |
18,000 |
22.50 |
|
Mr. Suthep Chamnaeklarp Nationality: Thai Address : 858/132
Soi Sukhumvit 55,
Klongtoey,
Bangkok |
17,600 |
22.00 |
|
Mr. Oscarmozo Chamnaeklarp Nationality: Thai Address : 242/2
Soi Sukhumvit 35,
Klongtonnua,
Wattana, Bangkok |
6,000 |
7.50 |
|
Mrs. Rangsima Sukhachaisri Nationality: Thai Address : 681
Soi Pattananakarn 29,
Suanluang, Bangkok |
400 |
0.50 |
Total Shareholders : 6
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
80,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
80,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sakasiri
Wattanasoponwong No. 5594
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
4,465,176.17 |
4,893,743.70 |
7,894,790.22 |
|
Trade Accounts & Other Receivable |
133,619,675.77 |
128,841,422.73 |
87,700,907.13 |
|
|
|
|
|
|
Total Current Assets
|
138,084,851.94 |
133,735,166.43 |
95,595,697.35 |
|
Long-term Investment |
1,501,000.00 |
1,501,000.00 |
1,501,000.00 |
|
Fixed Assets |
74,909,274.10 |
66,916,081.31 |
69,807,549.29 |
|
Other Non-current Assets |
20,090,360.59 |
19,278,011.68 |
19,151,340.92 |
|
Total Assets |
234,585,486.63 |
221,430,259.42 |
186,055,587.56 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft from Financial Institutions |
43,106,590.58 |
47,079,370.49 |
42,583,530.75 |
|
Trade Accounts & Other
Payable |
69,434,758.92 |
62,501,755.64 |
74,487,126.36 |
|
Current Portion of
Long-term Liabilities |
14,242,880.00 |
11,625,333.50 |
7,476,781.88 |
|
Accrued Income Tax |
522,024.09 |
1,132,643.62 |
- |
|
Income Tax Provision
& a Half Years |
- |
- |
229,896.60 |
|
|
|
|
|
|
Total Current Liabilities |
127,306,253.59 |
122,339,103.25 |
124,777,335.59 |
|
Long-term Liabilities, Net of Current Portion |
13,512,077.60 |
9,819,400.60 |
14,574,338.61 |
|
Liabilities for Employee
Benefits |
2,936,943.00 |
2,801,996.00 |
- |
|
Total Liabilities |
143,755,274.19 |
134,960,499.85 |
139,351,674.20 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 80,000 shares in 2012 & 2011; 40,000 shares in
2011 |
80,000,000.00 |
80,000,000.00 |
40,000,000.00 |
|
|
|
|
|
|
Capital Paid |
80,000,000.00 |
80,000,000.00 |
40,000,000.00 |
|
Retained Earnings Unappropriated
|
10,830,212.44 |
6,469,759.57 |
6,703,913.36 |
|
Total Shareholders' Equity |
90,830,212.44 |
86,469,759.57 |
46,703,913.36 |
|
Total Liabilities & Shareholders' Equity |
234,585,486.63 |
221,430,259.42 |
186,055,587.56 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales & Services Income |
291,224,939.09 |
259,560,693.71 |
169,673,725.24 |
|
Other Income |
3,381,116.71 |
9,293,119.10 |
1,946,718.46 |
|
Total Revenues |
294,606,055.80 |
268,853,812.81 |
171,620,443.70 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
223,719,336.46 |
198,344,266.70 |
116,699,927.04 |
|
Administrative Expenses |
59,630,114.71 |
60,979,198.53 |
51,485,544.59 |
|
Total Expenses |
283,349,451.17 |
259,323,465.23 |
168,185,471.63 |
|
|
|
|
|
|
Profit / [Loss] before
Financial Cost & Income
Tax |
11,256,604.63 |
9,530,347.58 |
3,434,972.07 |
|
Financial Costs |
[4,672,847.00] |
[4,363,272.17] |
[2,705,483.56] |
|
Profit / [Loss] before Income
Tax |
6,583,757.63 |
5,167,075.41 |
729,488.51 |
|
Income Tax |
[2,223,304.76] |
[2,845,604.20] |
[459,793.19] |
|
|
|
|
|
|
Net Profit / [Loss] |
4,360,452.87 |
2,321,471.21 |
269,695.32 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.08 |
1.09 |
0.77 |
|
QUICK RATIO |
TIMES |
1.08 |
1.09 |
0.77 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.89 |
3.88 |
2.43 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.24 |
1.17 |
0.91 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
167.47 |
181.18 |
188.66 |
|
RECEIVABLES TURNOVER |
TIMES |
2.18 |
2.01 |
1.93 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
113.28 |
115.02 |
232.97 |
|
CASH CONVERSION CYCLE |
DAYS |
54.19 |
66.16 |
(44.31) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
76.82 |
76.42 |
68.78 |
|
SELLING & ADMINISTRATION |
% |
20.48 |
23.49 |
30.34 |
|
INTEREST |
% |
1.60 |
1.68 |
1.59 |
|
GROSS PROFIT MARGIN |
% |
24.34 |
27.16 |
32.37 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.87 |
3.67 |
2.02 |
|
NET PROFIT MARGIN |
% |
1.50 |
0.89 |
0.16 |
|
RETURN ON EQUITY |
% |
4.80 |
2.68 |
0.58 |
|
RETURN ON ASSET |
% |
1.86 |
1.05 |
0.14 |
|
EARNING PER SHARE |
BAHT |
54.51 |
29.02 |
6.74 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.61 |
0.61 |
0.75 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.58 |
1.56 |
2.98 |
|
TIME INTEREST EARNED |
TIMES |
2.41 |
2.18 |
1.27 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
12.20 |
52.98 |
|
|
OPERATING PROFIT |
% |
18.11 |
177.45 |
|
|
NET PROFIT |
% |
87.83 |
760.78 |
|
|
FIXED ASSETS |
% |
11.95 |
(4.14) |
|
|
TOTAL ASSETS |
% |
5.94 |
19.01 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 12.2%. Turnover has increased from THB 259,560,693.71
in 2011 to THB 291,224,939.09 in 2012. While net profit has increased from THB
2,321,471.21 in 2011 to THB 4,360,452.87 in 2012. And total assets has
increased from THB 221,430,259.42 in 2011 to THB 234,585,486.63 in 2012.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
24.34 |
Acceptable |
Industrial
Average |
46.36 |
|
Net Profit Margin |
1.50 |
Satisfactory |
Industrial
Average |
1.70 |
|
Return on Assets |
1.86 |
Acceptable |
Industrial
Average |
3.61 |
|
Return on Equity |
4.80 |
Acceptable |
Industrial
Average |
9.43 |
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 24.34%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have 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 1.5%. 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 1.86%.
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 4.8%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.08 |
Satisfactory |
Industrial
Average |
1.38 |
|
Quick Ratio |
1.08 |
|
|
|
|
Cash Conversion Cycle |
54.19 |
|
|
|
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 1.08 times in 2012, decreased from 1.09 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 1.08 times in 2012,
decreased from 1.09 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 55 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.61 |
Impressive |
Industrial
Average |
0.64 |
|
Debt to Equity Ratio |
1.58 |
Acceptable |
Industrial
Average |
1.77 |
|
Times Interest Earned |
2.41 |
Impressive |
Industrial
Average |
(0.20) |
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 2.41 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 0.61 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 Downtrend
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.89 |
Impressive |
Industrial
Average |
(1.62) |
|
Total Assets Turnover |
1.24 |
Acceptable |
Industrial
Average |
1.74 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
(12.18) |
|
Receivables Conversion Period |
167.47 |
|
|
|
|
Receivables Turnover |
2.18 |
Satisfactory |
Industrial
Average |
2.83 |
|
Payables Conversion Period |
113.28 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.18 and 2.01 in
2012 and 2011 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 2012
increased from 2011. This would suggest the company had good performance in the
management of its debt collections.
The company's Total Asset Turnover is calculated as 1.24 times and 1.17
times in 2012 and 2011 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 Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.68.36 |
|
|
1 |
Rs.106.03 |
|
Euro |
1 |
Rs.91.47 |
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.