MIRA
INFORM REPORT
|
Report Date : |
21.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
LIBERTY HOLDING
GROUP CO., LTD. |
|
|
|
|
Registered Office : |
55, 55/1-3
Moo 8, SOI
Mangkorn-Kundee, Teparak Road, T. Teparak, A. Muang, Samutprakarn 10270,
|
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.03.2002 |
|
|
|
|
Com. Reg. No.: |
0105545025129 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject
is engaged in
distributing various kinds
of hardware, hand
tools, paints, coatings,
steels, consumable and
safety products |
|
|
|
|
No. of Employees : |
30 |
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 : |
Slow |
|
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 and address
LIBERTY HOLDING GROUP CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 55, 55/1-3 MOO
8, SOI MANGKORN-KUNDEE,
TEPARAK ROAD,
T. TEPARAK, A. MUANG,
SAMUTPRAKARN 10270,
THAILAND
TELEPHONE : [66] 2762-0911-4
FAX :
[66] 2762-0915-6
E-MAIL
ADDRESS : info@lbtholding.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0105545025129
TAX
ID NO. : 3030502513
CAPITAL REGISTERED : BHT. 8,000,000
CAPITAL PAID-UP : BHT.
8,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. THAWAT CHANTAVAT,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : TRADING COMPANY
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on March 4,
2002 as a private
limited company under the
registered name LIBERTY
HOLDING GROUP CO.,
LTD., by Thai groups,
with the business
objective to distribute
wide range of
products to domestic
market. It currently
employs approximately 30
staff.
The
subject’s registered address
is 55, 55/1-3 Moo
8, Soi Managkorn-Kundee, Teparak
Road, T. Teparak, A. Muang, Samutprakarn
10270, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Thawat Chantavat |
|
Thai |
48 |
Note:
He has been
the subject’s director
since September 12,
2013.
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Thawat Chantavat is
the Managing Director.
He is Thai
nationality with the
age of 48
years old.
BUSINESS OPERATIONS
The subject
is engaged in
distributing various kinds
of hardware, hand
tools, paints, coatings,
steels, consumable and
safety products. The
products are as
follows:
·
Paints
Brand : “TOA-Chugoku”, “TOA”,
“JOTUN”, “HAMPEL”, “CAPTAIN” & etc.
·
Thinner
-
Epoxy thinner
-
Vanish
-
Turpentine
-
Floor coating
-
Ceramic coating
-
Fire proof
paint
·
Consumables and
safety products
-
Painting
brush
-
Troller
-
Wire brush
-
Power tool
-
Disc grinder
-
Wire wilding
·
Steel products
-
Angle
channel
-
Steel pipe
-
Steel plate
-
Floor
coating
PURCHASE
100%
of the products
is purchased from
local suppliers.
MAJOR
SUPPLIERS
TOA-Chugoku
Paints Co., Ltd. : Thailand
TOA
Paint [Thailand] Co.,
Ltd. : Thailand
Jotun
Thailand Co., Ltd. : Thailand
Captain
Paints [Thailand] Co.,
Ltd. : Thailand
SALES
100% of the
products is sold
locally to wholesalers
and end-users.
RELATED AND AFFILIATED
COMPANIES
Liberty Container Part
Co., Ltd.
Business Type :
Distributor of container
equipment
D M P Marketing Co.,
Ltd.
Business Type :
Distributor of coating
equipment
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
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 30 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in provincial, on the
outskirts of Bangkok.
Branch
office is located
at 709 Moo 8,
Soi Managkorn-Kundee, Teparak
Road, T. Teparak, A. Muang, Samutprakarn
10270.
COMMENT
The
subject is a trading
company especially household
equipment and hand tool
including paints and
related products. The
subject reported drastically
dropped of sales
revenue in 2012
from strong market
rivals like HOMEPRO
and HOME WORK
which provide various
products for households
used at bargain
prices.
Subject
also disclosed its
current business performance
which has grown
at slow pace.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000 shares
of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 5,000,000
on June 30,
2008
Bht. 8,000,000
on May 19,
2010
The
latest registered capital
was increased to
Bht. 8,000,000 divided
into 80,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
September 11, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Thawat Chantavat Nationality: Thai Address : 25
Soi Udomsuk 30,
Bangna, Bangkok |
48,000 |
60.00 |
|
Mr. Kittikaj Sutthipisal Nationality: Thai Address : 59/323
Moo 3, T.
Klongklua, A. Pakkred, Nonthaburi |
8,000 |
10.00 |
|
Mr. Manu Vanitchanon Nationality: Thai Address : 263
Chonkasem Road, T. Talad, A.
Muang, Suratthani |
8,000 |
10.00 |
|
Mr. Sakda Seedapongphan Nationality: Thai Address : 39/404
Moo 11, T. Bangkaew, A.
Bangplee, Samutprakarn |
8,000 |
10.00 |
|
Ms. Punika Seedapongphan Nationality: Thai Address : 39/404
Moo 11, T. Bangkaew, A.
Bangplee, Samutprakarn |
8,000 |
10.00 |
Total Shareholders : 5
Share Structure [as
at September 11,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
80,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
80,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Nitra Thanaviwat No.
7835
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 |
91,994.58 |
1,126,082.02 |
1,431,231.08 |
|
Trade Accounts & Other Receivable |
24,668,837.63 |
6,228,392.29 |
16,584,980.59 |
|
Inventories |
104,654.41 |
455,019.59 |
1,006,557.32 |
|
Short-term Loan |
51,400,000.00 |
44,145,000.00 |
33,912,898.00 |
|
Other Current Assets
|
22,089.84 |
87,653.13 |
1,304,350.14 |
|
|
|
|
|
|
Total Current Assets
|
76,287,576.46 |
52,042,147.03 |
54,240,017.13 |
|
Other Long-term Investment
|
- |
3,529,452.50 |
15,300,118.75 |
|
Fixed Assets |
7,723,094.94 |
9,644,786.54 |
7,662,628.69 |
|
Other Non-current Assets |
- |
2,000.00 |
2,000.00 |
|
Total Assets |
84,010,671.40 |
65,218,386.07 |
77,204,764.57 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft |
68,367,794.04 |
45,174,900.18 |
46,360,841.92 |
|
Trade Accounts & Other Payable
|
3,855,286.03 |
7,310,323.55 |
19,636,358.23 |
|
Current Portion of
Long-term Loan under Contract
Payable |
247,104.00 |
297,099.75 |
112,140.00 |
|
Current Portion of
Long-term Loan |
2,396,400.00 |
1,364,400.00 |
720,000.00 |
|
Other Current Liabilities |
2,056.91 |
24,528.61 |
77,359.75 |
|
|
|
|
|
|
Total Current Liabilities |
74,868,640.98 |
54,171,252.09 |
66,906,699.90 |
|
Long-term Loan under Contract
Payable |
41,896.50 |
242,625.30 |
46,725.00 |
|
Long-term Loan, Net |
3,260,047.26 |
4,895,971.39 |
799,653.31 |
|
Total Liabilities |
78,170,584.74 |
59,309,848.78 |
67,753,078.21 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 80,000 shares |
8,000,000.00 |
8,000,000.00 |
8,000,000.00 |
|
|
|
|
|
|
Capital Paid |
8,000,000.00 |
8,000,000.00 |
8,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
[2,159,913.34] |
[2,091,462.71] |
1,451,686.36 |
|
Total Shareholders' Equity |
5,840,086.66 |
5,908,537.29 |
9,451,686.36 |
|
Total Liabilities & Shareholders' Equity |
84,010,671.40 |
65,218,386.07 |
77,204,764.57 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
48,895,107.36 |
160,590,649.11 |
219,551,690.94 |
|
Other Income |
10,526.32 |
29,750.00 |
2,849,604.63 |
|
Total Revenues |
48,905,633.68 |
160,620,399.11 |
222,401,295.57 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
40,369,042.77 |
148,146,649.59 |
207,206,093.58 |
|
Selling Expenses |
812,046.31 |
2,562,107.28 |
2,963,421.00 |
|
Administrative Expenses |
7,501,645.29 |
12,156,897.38 |
11,763,410.46 |
|
Total Expenses |
48,682,734.37 |
162,865,654.25 |
221,932,925.04 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
222,899.31 |
[2,245,255.14] |
468,370.53 |
|
Financial Cost |
[291,349.94] |
[1,297,893.93] |
[208,999.10] |
|
Profit / [Loss] before Income Tax |
[68,450.63] |
[3,543,149.07] |
259,371.43 |
|
Income Tax |
- |
- |
[123,479.57] |
|
|
|
|
|
|
Net Profit / [Loss] |
[68,450.63] |
[3,543,149.07] |
135,891.85 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.02 |
0.96 |
0.81 |
|
QUICK RATIO |
TIMES |
0.33 |
0.14 |
0.27 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.33 |
16.65 |
28.65 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.58 |
2.46 |
2.84 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
0.95 |
1.12 |
1.77 |
|
INVENTORY TURNOVER |
TIMES |
385.74 |
325.58 |
205.86 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
184.15 |
14.16 |
27.57 |
|
RECEIVABLES TURNOVER |
TIMES |
1.98 |
25.78 |
13.24 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
34.86 |
18.01 |
34.59 |
|
CASH CONVERSION CYCLE |
DAYS |
150.24 |
(2.73) |
(5.24) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
82.56 |
92.25 |
94.38 |
|
SELLING & ADMINISTRATION |
% |
17.00 |
9.17 |
6.71 |
|
INTEREST |
% |
0.60 |
0.81 |
0.10 |
|
GROSS PROFIT MARGIN |
% |
17.46 |
7.77 |
6.92 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.46 |
(1.40) |
0.21 |
|
NET PROFIT MARGIN |
% |
(0.14) |
(2.21) |
0.06 |
|
RETURN ON EQUITY |
% |
(1.17) |
(59.97) |
1.44 |
|
RETURN ON ASSET |
% |
(0.08) |
(5.43) |
0.18 |
|
EARNING PER SHARE |
BAHT |
(0.86) |
(44.29) |
1.70 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.93 |
0.91 |
0.88 |
|
DEBT TO EQUITY RATIO |
TIMES |
13.39 |
10.04 |
7.17 |
|
TIME INTEREST EARNED |
TIMES |
0.77 |
(1.73) |
2.24 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(69.55) |
(26.86) |
|
|
OPERATING PROFIT |
% |
(109.93) |
(579.38) |
|
|
NET PROFIT |
% |
98.07 |
(2,707.33) |
|
|
FIXED ASSETS |
% |
(19.92) |
25.87 |
|
|
TOTAL ASSETS |
% |
28.81 |
(15.53) |
|
ANNUAL GROWTH : ACCEPTABLE
An annual sales growth is -69.55%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
17.46 |
Satisfactory |
Industrial
Average |
21.11 |
|
Net Profit Margin |
(0.14) |
Deteriorated |
Industrial
Average |
1.17 |
|
Return on Assets |
(0.08) |
Deteriorated |
Industrial
Average |
2.26 |
|
Return on Equity |
(1.17) |
Deteriorated |
Industrial
Average |
5.71 |
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 17.46%. 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 -0.14%.
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 -1.17%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.02 |
Acceptable |
Industrial
Average |
1.50 |
|
Quick Ratio |
0.33 |
|
|
|
|
Cash Conversion Cycle |
150.24 |
|
|
|
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 1.02 times in 2012, increased from 0.96 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 0.33 times in 2012,
increased from 0.14 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 151 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.93 |
Acceptable |
Industrial
Average |
0.61 |
|
Debt to Equity Ratio |
13.39 |
Risky |
Industrial
Average |
1.58 |
|
Times Interest Earned |
0.77 |
Risky |
Industrial
Average |
- |
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 0.77 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 0.93 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 Downtrend
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.33 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.58 |
Deteriorated |
Industrial
Average |
1.94 |
|
Inventory Conversion Period |
0.95 |
|
|
|
|
Inventory Turnover |
385.74 |
Impressive |
Industrial
Average |
4.52 |
|
Receivables Conversion Period |
184.15 |
|
|
|
|
Receivables Turnover |
1.98 |
Acceptable |
Industrial
Average |
3.20 |
|
Payables Conversion Period |
34.86 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.98 and
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 is 1 day at the end of 2011,
same number of
day as in
2012. This represents a positive trend. And Inventory turnover has
increased from 325.58 times in year 2011 to 385.74 times in year 2012.
The company's Total Asset Turnover is calculated as 0.58 times and 2.46
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.62.24 |
|
|
1 |
Rs.101.81 |
|
Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.