MIRA
INFORM REPORT
|
Report Date : |
14.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
FMC
CHEMICAL [THAILAND] LTD. |
|
|
|
|
Registered Office : |
15th Floor, K Tower Building, Tower A, Sukhumvit 21 [Asoke] Road, Klongtoeynua, Wattana, Bangkok 10110,
Thailand |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
21.02.2001 |
|
|
|
|
Com. Reg. No.: |
0105544017963 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
importer and distributor of agriculture
chemicals, specialized in
insecticides and herbicides
under the brand
“FMC”. |
|
|
|
|
No. of Employees : |
40 |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 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
FMC CHEMICAL [THAILAND]
LTD.
SUMMARY
BUSINESS
ADDRESS : 15th FLOOR,
K TOWER BUILDING,
TOWER A,
209
SUKHUMVIT 21
[ASOKE] ROAD,
KLONGTOEYNUA, WATTANA,
BANGKOK
10110, THAILAND
TELEPHONE : [66] 2664-1156,
2664-4322
FAX :
[66] 2664-1326
E-MAIL
ADDRESS : kung.quah@fmc.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2001
REGISTRATION
NO. : 0105544017963
TAX
ID NO. : 3030243348
CAPITAL REGISTERED : BHT. 759,223,000
CAPITAL PAID-UP : BHT.
759,223,000
SHAREHOLDER’S PROPORTION : AMERICAN
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. QUAH KUNG
BOON, MALAYSIAN
ASIAN MANAGER
NO.
OF STAFF : 40
LINES
OF BUSINESS : AGRICULTURE CHEMICALS
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 February 21, 2001
as a private
limited company under the
registered name FMC CHEMICAL
[THAILAND] LTD. by American
group, with the
business objective to
import and distribute
agriculture chemicals to
domestic market. It
currently employs approximately 40
staff.
The
subject is a
wholly owned subsidiary
of FMC Corporation,
U.S.A.
The
subject’s registered address
is 15th Floor,
K. Tower Building,
Tower A, 209 Sukhumvit 21 [Asoke]
Road, Klongtoeynua, Wattana,
Bangkok 10110, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Vanida Meelakchai |
|
Thai |
47 |
|
Mr. Kim Yoon Sup |
|
American |
44 |
|
Mr. James Joseph Decleene |
|
American |
51 |
|
Mr. Quah Kung Boon |
|
Malaysian |
48 |
|
Mr. Stewart Brian Campbell |
|
American |
44 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Quah Kung Boon
is the Asian
Manager.
He is Malaysian
nationality with the
age of 48
years old.
Mrs. Vanida Meelakchai is
the Executive Director.
She is Thai
nationality with the
age of 47
years old.
Ms. Wannapa Naiyabuth is
the Branch Manager
[Rayong].
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s
core business is
engaged in importing
and distributing agriculture
chemicals, specialized in
insecticides and herbicides
under the brand
“FMC”.
The subject
is also manufacturer
and distributor of
food ingredients for
health and nutrition
production industry. However,
its production facility
is under construction,
and expects to
complete and start
the production during the
year 2014-2015. Its
plant is located
in Hemaraj Eastern
Seaboard Industrial Estate,
Rayong province.
IMPORT
100%
of the products
is imported from
Indonesia and Republic
of China.
MAJOR
SUPPLIERS
FMC Asia Pacific
Inc. : Republic
of China
FMC Ltd. :
Indonesia
SALES
100% of the
products is sold
locally to wholesalers,
manufacturers 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.
Imports are by
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
approximately 40 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in a prime
commercial area.
Factory
under Construction:
Health & Nutrition Division,
Hemaraj Eastern Seaboard
Industrial Estate 500/153
Moo 3, T. Tasith,
A. Pluakdaeng, Rayong 21140.
COMMENT
The
subject is an
importer and distributor of chemical
for agricultural industry.
The
products have been
widely used among
local consumers. Despite slow
sales were reported
in 2012, subject still
maintains strong business.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 1,000 shares of Bht.
1,000 each with
fully paid.
The
capital was increased
later as follows:
Bht. 15,000,000
on June
26, 2001
Bht. 759,223,000
on September
10, 2012
The
latest registered capital
was increased to
Bht. 759,223,000 divided
into 759,223 shares
of Bht. 1,000 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
October 17, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
FMC Corporation Nationality: American Address : 1735
Market Street, Philadelphia,
Pennsylvania 19103, U.S.A.
|
759,207 |
100.00 |
|
Mrs. Vanida Meelakchai Nationality: Thai Address : 275/28
Moo 1, T. Laemfahpa, A.
Phrasamutjaedi, Samutprakarn |
10 |
- |
|
Mr. Stewart Bryan Campbell Nationality: American Address : 2222
Jian He Road,
108 Windsor Place,
Changning, Republic of
China |
5 |
- |
|
Mr. James Joseph DeCleene Nationality: American Address : 515
Sussex Road, Wynnewood,
Pennsylvania 19096, U.S.A. |
1 |
- |
Total Shareholders : 4
Share Structure [as
at October 17,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
10 |
- |
|
Foreign-American |
3 |
759,213 |
100.00 |
|
Total |
4 |
759,223 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Thanit Osathalert No.
5155
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 |
222,807,922 |
83,019,444 |
38,502,363 |
|
Trade Accounts Receivable
|
140,478,093 |
71,928,404 |
83,101,567 |
|
Other Receivable |
11,331,688 |
5,773,436 |
6,552,182 |
|
Inventories |
78,425,614 |
148,202,830 |
68,185,473 |
|
Deposit-Machinery |
135,053,353 |
- |
- |
|
|
|
|
|
|
Total Current Assets
|
588,096,670 |
308,924,114 |
196,341,585 |
|
Long-term Investment in Related Company |
- |
57,821,236 |
82,226,672 |
|
Fixed Assets |
227,563,371 |
5,544,640 |
5,369,277 |
|
Other Non-current Assets |
2,763,095 |
23,447,585 |
1,850,036 |
|
Total Assets |
818,425,136 |
395,737,575 |
285,787,570 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts Payable -
Related
Company |
109,085,397 |
97,036,484 |
61,066,375 |
|
Other Payable |
17,092,879 |
5,873,060 |
1,088,586 |
|
Accrued Expenses |
61,009,262 |
60,022,216 |
21,366,669 |
|
Other Current Liabilities |
4,479,116 |
21,195,935 |
13,979,724 |
|
|
|
|
|
|
Total Current Liabilities |
191,666,654 |
184,127,695 |
97,501,354 |
|
Long-term Loan from Related
Company |
228,422,307 |
- |
- |
|
Total Liabilities |
420,088,961 |
184,127,695 |
97,501,354 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, and
issued share capital 759,223 shares
in 2012; 15,000
in 2011 & 2010 respectively |
759,223,000 |
15,000,000 |
15,000,000 |
|
|
|
|
|
|
Capital Paid |
201,055,750 |
15,000,000 |
15,000,000 |
|
Retained Earning Unappropriated [Deficit] |
197,280,425 |
196,609,880 |
173,286,216 |
|
Total Shareholders' Equity |
398,336,175 |
211,609,880 |
188,286,216 |
|
Total Liabilities & Shareholders' Equity |
818,425,136 |
395,737,575 |
285,787,570 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
572,489,361 |
780,945,685 |
586,165,617 |
|
Interest Income |
848,312 |
3,976,248 |
4,273,865 |
|
Gain on Exchange Rate |
7,327,281 |
- |
- |
|
Other Income |
38,419 |
530,740 |
54,167 |
|
Total Revenues |
580,703,373 |
785,452,673 |
590,493,649 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
458,606,626 |
633,566,774 |
487,807,368 |
|
Selling Expenses |
100,193,437 |
79,018,635 |
77,635,357 |
|
Administrative Expenses |
13,123,989 |
5,239,822 |
5,551,963 |
|
Loss on Exchange Rate |
- |
14,341,304 |
5,358,807 |
|
Total Expenses |
571,924,052 |
732,166,535 |
576,353,495 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
8,779,321 |
53,286,138 |
14,140,154 |
|
Financial Cost |
[479,382] |
- |
- |
|
Profit / [Loss] before Income Tax |
8,299,939 |
53,286,138 |
14,140,154 |
|
Income Tax |
[7,629,394] |
[29,962,474] |
[20,204,830] |
|
|
|
|
|
|
Net Profit / [Loss] |
670,545 |
23,323,664 |
[6,064,676] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.07 |
1.68 |
2.01 |
|
QUICK RATIO |
TIMES |
2.66 |
0.87 |
1.31 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.52 |
140.85 |
109.17 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.70 |
1.97 |
2.05 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
62.42 |
85.38 |
51.02 |
|
INVENTORY TURNOVER |
TIMES |
5.85 |
4.27 |
7.15 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
89.56 |
33.62 |
51.75 |
|
RECEIVABLES TURNOVER |
TIMES |
4.08 |
10.86 |
7.05 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
151.98 |
119.00 |
102.77 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
80.11 |
81.13 |
83.22 |
|
SELLING & ADMINISTRATION |
% |
19.79 |
10.79 |
14.19 |
|
INTEREST |
% |
0.08 |
- |
- |
|
GROSS PROFIT MARGIN |
% |
21.33 |
19.45 |
17.52 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.53 |
6.82 |
2.41 |
|
NET PROFIT MARGIN |
% |
0.12 |
2.99 |
(1.03) |
|
RETURN ON EQUITY |
% |
0.17 |
11.02 |
(3.22) |
|
RETURN ON ASSET |
% |
0.08 |
5.89 |
(2.12) |
|
EARNING PER SHARE |
BAHT |
3.34 |
1,554.91 |
(404.31) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.51 |
0.47 |
0.34 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.05 |
0.87 |
0.52 |
|
TIME INTEREST EARNED |
TIMES |
18.31 |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(26.69) |
33.23 |
|
|
OPERATING PROFIT |
% |
(83.52) |
276.84 |
|
|
NET PROFIT |
% |
(97.13) |
484.58 |
|
|
FIXED ASSETS |
% |
4,004.20 |
3.27 |
|
|
TOTAL ASSETS |
% |
106.81 |
38.47 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -26.69%. Turnover has decreased from THB
780,945,685.00 in 2011 to THB 572,489,361.00 in 2012. While net profit has
decreased from THB 23,323,664.00 in 2011 to THB 670,545.00 in 2012. And total
assets has increased from THB 395,737,575.00 in 2011 to THB 818,425,136.00 in
2012.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
21.33 |
Satisfactory |
Industrial Average |
25.96 |
|
Net Profit Margin |
0.12 |
Deteriorated |
Industrial Average |
1.50 |
|
Return on Assets |
0.08 |
Deteriorated |
Industrial Average |
3.44 |
|
Return on Equity |
0.17 |
Deteriorated |
Industrial Average |
13.36 |
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 21.33%. 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 0.12%.
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 0.08%.
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 0.17%.
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 |
3.07 |
Impressive |
Industrial Average |
1.31 |
|
Quick Ratio |
2.66 |
|
|
|
|
Cash Conversion Cycle |
151.98 |
|
|
|
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 3.07 times in 2012, increased from 1.68 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 2.66 times in 2012,
increased from 0.87 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 152 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.51 |
Impressive |
Industrial Average |
0.73 |
|
Debt to Equity Ratio |
1.05 |
Impressive |
Industrial Average |
3.08 |
|
Times Interest Earned |
18.31 |
Impressive |
Industrial Average |
0.74 |
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 18.32 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 0.51 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.52 |
Impressive |
Industrial Average |
1.34 |
|
Total Assets Turnover |
0.70 |
Deteriorated |
Industrial Average |
2.19 |
|
Inventory Conversion Period |
62.42 |
|
|
|
|
Inventory Turnover |
5.85 |
Impressive |
Industrial Average |
3.86 |
|
Receivables Conversion Period |
89.56 |
|
|
|
|
Receivables Turnover |
4.08 |
Impressive |
Industrial Average |
3.92 |
|
Payables Conversion Period |
- |
|
|
|
The company's Account Receivable Ratio is calculated as 4.08 and 10.86
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 decreased from 2011. This would suggest the company had deteriorated 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 decreased from 85 days at the
end of 2011 to 62 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 4.27 times in year 2011 to 5.85 times
in year 2012.
The company's Total Asset Turnover is calculated as 0.7 times and 1.97
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.62.13 |
|
UK Pound |
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
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.