MIRA
INFORM REPORT
|
Report Date : |
07.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
ZI-ARGUS LTD. |
|
|
|
|
Formerly Known As : |
MPE INDUSTRIAL AUTOMATION
LTD |
|
|
|
|
Registered Office : |
1st-2nd Floor,
B Building, Raintree Office
Garden, 278 Soi Soonvijai
4, Rama 9
Road, Bangkapi, Huaykwang, Bangkok
10320 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
15.02.1999 |
|
|
|
|
Com. Reg. No.: |
0105542011976 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Service Provider of
Industrial Automation and
Control Solution |
|
|
|
|
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 : |
Good |
|
|
|
|
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) |
|
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 enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company name
ZI-ARGUS LTD.
[FORMER : MPE
INDUSTRIAL AUTOMATION LTD.]
SUMMARY
BUSINESS ADDRESS : 1st-2nd FLOOR,
B BUILDING, RAINTREE OFFICE
GARDEN,
278 SOI
SOONVIJAI 4, RAMA
9 ROAD,
BANGKAPI, HUAYKWANG,
BANGKOK 10320
TELEPHONE : [66] 2319-9933
FAX : [66] 2319-9949
E-MAIL ADDRESS : bangkok@zi-argus.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1999
REGISTRATION NO. : 0105542011976
TAX ID NO. : 3011991923
CAPITAL REGISTERED : BHT. 2,400,000
CAPITAL PAID-UP : BHT.
2,400,000
SHAREHOLDER’S PROPORTION : THAI
: 50.10%
FOREIGN :
49.90%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. FRANSISCUS ANTONIUS
JACOBUS
MARIA VAN
BAAL, DUTCH
MANAGING DIRECTOR
NO. OF STAFF
: 60
LINES OF BUSINESS : INDUSTRIAL AUTOMATION
AND PROCESS
CONTROL SOLUTION
SERVICE PROVIDER
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
15, 1999 as
a private limited
company under the
originally registered name “MPE Industrial
Automation Ltd.,” by a
joint investment among
Thai and Foreign
groups. On October
16, 2006, subject’s name was
changed to ZI-ARGUS
LTD. Its business
objective is to
provide wide range of system solutions for
industrial automation and
process control. It currently employs approximately
60 staff.
The subject’s registered
address is 1st - 2nd Flr., B
Bldg., Raintree Office
Garden, 278 Soi
Soonvijai 4, Rama
9 Rd., Bangkapi,
Huaykwang, Bangkok 10320,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Fransiscus Antonius Jacobus
Maria Van Baal |
|
Dutch |
48 |
|
Mr. Daniel Christian Zuellig |
|
Filipino |
53 |
|
Mr. William Stuart McArthur |
|
American |
62 |
|
Mr. Thomas Zuellig |
|
Filipino |
56 |
|
Mr. Vinyart Chindaprasert |
|
Thai |
60 |
AUTHORIZED PERSON
Any two of the
above directors can jointly
sign on behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Fransiscus Antonius Jacobus
Maria Van Baal
is the Managing
Director.
He is Dutch
nationality with the
age of 48
years old.
BUSINESS OPERATIONS
The subject is
engaged in providing
wide range of
system solutions, specialized
in industrial automation
and process control.
Range of services
includes turnkey projects
on level of
process control and
industrial automation, project
management and consultancy
services, hardware engineering
services, software engineering
services, control panel
assembling services, commissioning
and start-up, maintenance
and support services
and training services
for various industries,
such as foods
and beverages, consumer
goods, chemicals, automobiles,
pharmaceuticals, oil &
gas, logistics and
packaging industries.
PURCHASE
Industrial automation system and equipment, including electrical
equipment, industrial connection technology,
PCB connection system
and etc., are
purchased from suppliers
and agents in
both domestic and
overseas, mainly U.S.A., Taiwan, Republic
of China, United Kingdom, Singapore
and Germany.
MAJOR SUPPLIERS
Phoenix Contact S.E.A.
Pte. Ltd. : Singapore
Rittal Ltd. : Thailand
SERVICES
100% of the
products and services
are for industrial
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
CREDIT
Sales & services
are by cash
or depending on
agreement.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 60 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Branches:
222 Moo 17,
Samwa Rd., Minburi,
Bangkok 10510
Rm. 309, Airport Business
Park, Chiangmai Airport,
Mahidol Rd., Haiya,
Muang,
Chiangmai 50000.
COMMENT
The subject was
formed in 1999
as a leading
industrial automation and
process control solution
provider in the
Asia-Pacific region. It has
established an excellent
reputation in the market.
The subject has significantly
grown both organically
and through the
acquisition of leading integrators
within the region.
With its long
term professional engineering
services has earned
a renowned reputation
for providing world class
solutions at competitive
prices.
FINANCIAL INFORMATION
The capital was
registered at Bht. 2,400,000 divided into 1,000 shares of
Bht. 2,400 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE
[as at
April 27, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Inter Thai Holdings
Ltd. Nationality: Thai Address : 2
Sukhumvit Rd., Klongtoey,
Bangkok |
501 |
50.10 |
|
Finac Group Limited Nationality: BVI Address : Road
Town, Tortola, British
Virgin Island |
200 |
20.00 |
|
Argus Industrial Group
Holdings Limited Nationality: BVI Address : Road
Town, Tortola, British
Virgin Island |
199 |
19.90 |
|
Manders Houtrijk B.V. Nationality: Dutch Address : Nuenen,
Netherlands |
100 |
10.00 |
Total Shareholders : 4
Share Structure
[as at April
27, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
501 |
50.10 |
|
Foreign |
3 |
499 |
49.90 |
|
Total |
4 |
1,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mrs. Wannawat Hamechayart No. 7049
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 |
34,469,235 |
49,036,782 |
33,390,625 |
|
Trade Accounts Receivable
|
35,310,324 |
37,207,374 |
28,114,628 |
|
Inventories |
12,670,863 |
11,758,231 |
6,931,292 |
|
Unbilled Income |
4,988,863 |
240,000 |
2,752,031 |
|
Short-term Lending to
Related Company |
- |
1,208,831 |
5,013,562 |
|
Other Current Assets
|
2,391,054 |
2,660,736 |
3,228,419 |
|
|
|
|
|
|
Total Current Assets
|
89,830,339 |
102,111,954 |
79,430,557 |
|
|
|
|
|
|
Fixed Assets |
3,730,918 |
3,434,539 |
3,686,726 |
|
Intangible Assets |
525,043 |
478,053 |
551,859 |
|
Other Non-current Assets |
1,131,248 |
1,120,049 |
1,162,771 |
|
Total Assets |
95,217,548 |
107,144,595 |
84,831,913 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Trade Accounts Payable
|
18,409,725 |
12,565,700 |
11,460,509 |
|
Pre-received Income |
3,988,617 |
11,020,123 |
677,347 |
|
Other Payable-Related Company |
1,298,171 |
1,271,121 |
1,028,039 |
|
Current Portion of
Financial Lease Contract Liabilities |
330,141 |
153,736 |
146,787 |
|
Accrued Expenses |
12,393,442 |
8,324,747 |
2,832,445 |
|
Other Payable |
3,146,292 |
5,575,585 |
575,622 |
|
Accrued Income Tax |
2,260,547 |
- |
1,826,911 |
|
Other Current Liabilities |
509,906 |
859,937 |
221,233 |
|
|
|
|
|
|
Total Current Liabilities |
42,336,841 |
39,770,949 |
18,768,893 |
|
Financial Lease Contract
Liabilities |
- |
330,141 |
483,877 |
|
Total Liabilities |
42,336,841 |
40,101,090 |
19,252,770 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 2,400
par value authorized, issued
and fully paid share
capital 1,000 shares |
2,400,000 |
2,400,000 |
2,400,000 |
|
|
|
|
|
|
Capital Paid |
2,400,000 |
2,400,000 |
2,400,000 |
|
Retained Earnings: Appropriated for Statutory Reserve |
734,794 |
734,794 |
734,794 |
|
Unappropriated |
49,745,913 |
63,908,711 |
62,444,349 |
|
Total Shareholders' Equity |
52,880,707 |
67,043,505 |
65,579,143 |
|
Total Liabilities & Shareholders' Equity |
95,217,548 |
107,144,595 |
84,831,913 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales & Services
Income |
268,148,562 |
196,363,302 |
288,125,533 |
|
Other Income |
131,683 |
85,779 |
319,228 |
|
Total Revenues |
268,280,245 |
196,449,081 |
288,444,761 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
120,111,568 |
78,727,087 |
160,216,525 |
|
Selling and Administrative Expenses |
83,694,068 |
71,736,359 |
93,334,360 |
|
Total Expenses |
241,150,636 |
180,666,931 |
253,550,885 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
27,129,609 |
15,782,150 |
34,893,876 |
|
Financial Costs |
- |
- |
[37,901] |
|
Profit before Income
Tax |
27,129,609 |
15,782,150 |
34,855,975 |
|
Income Tax |
[2,532,407] |
[517,788] |
[2,234,613] |
|
|
|
|
|
|
Net Profit / [Loss] |
24,597,202 |
15,264,362 |
32,621,362 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.12 |
2.57 |
4.23 |
|
QUICK RATIO |
TIMES |
1.65 |
2.17 |
3.28 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
71.87 |
57.17 |
78.15 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.82 |
1.83 |
3.40 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
38.50 |
54.51 |
15.79 |
|
INVENTORY TURNOVER |
TIMES |
9.48 |
6.70 |
23.11 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
48.06 |
69.16 |
35.62 |
|
RECEIVABLES TURNOVER |
TIMES |
7.59 |
5.28 |
10.25 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
55.94 |
58.26 |
26.11 |
|
CASH CONVERSION CYCLE |
DAYS |
30.62 |
65.42 |
25.30 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
44.79 |
40.09 |
55.61 |
|
SELLING & ADMINISTRATION |
% |
31.21 |
36.53 |
32.39 |
|
INTEREST |
% |
- |
- |
0.01 |
|
GROSS PROFIT MARGIN |
% |
55.26 |
59.95 |
44.50 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
10.12 |
8.04 |
12.11 |
|
NET PROFIT MARGIN |
% |
9.17 |
7.77 |
11.32 |
|
RETURN ON EQUITY |
% |
46.51 |
22.77 |
49.74 |
|
RETURN ON ASSET |
% |
25.83 |
14.25 |
38.45 |
|
EARNING PER SHARE |
BAHT |
24,597.20 |
15,264.36 |
32,621.36 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.44 |
0.37 |
0.23 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.80 |
0.60 |
0.29 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
920.66 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
36.56 |
(31.85) |
|
|
OPERATING PROFIT |
% |
71.90 |
(54.77) |
|
|
NET PROFIT |
% |
61.14 |
(53.21) |
|
|
FIXED ASSETS |
% |
8.63 |
(6.84) |
|
|
TOTAL ASSETS |
% |
(11.13) |
26.30 |
|
ANNUAL GROWTH : IMPRESSIVE
An annual sales growth is 36.56%. Turnover has increased from THB 196,363,302.00
in 2010 to THB 268,148,562.00 in 2011. While net profit has increased from THB
15,264,362.00 in 2010 to THB 24,597,202.00 in 2011. And total assets has
decreased from THB 107,144,595.00 in 2010 to THB 95,217,548.00 in 2011.
PROFITABILITY : EXCELLENT
PROFITABILITY RATIO
|
Gross Profit Margin |
55.26 |
Impressive |
Industrial Average |
40.24 |
|
Net Profit Margin |
9.17 |
Impressive |
Industrial Average |
7.60 |
|
Return on Assets |
25.83 |
Impressive |
Industrial Average |
9.40 |
|
Return on Equity |
46.51 |
Impressive |
Industrial Average |
19.04 |
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 55.26%. 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 9.17%, higher figure when
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. Return on Assets ratio is
25.83%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
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. Return on Equity ratio
is 46.51%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
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 |
2.12 |
Satisfactory |
Industrial Average |
2.61 |
|
Quick Ratio |
1.65 |
|
|
|
|
Cash Conversion Cycle |
30.62 |
|
|
|
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 2.12 times in 2011, decreased from 2.57 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 1.65 times in 2011,
decreased from 2.17 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 31 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.44 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
0.80 |
Impressive |
Industrial Average |
1.12 |
|
Times Interest Earned |
- |
|
Industrial Average |
6.90 |
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 0.44 less than 0.5, most of the company's
assets are financed through equity.
Trend of the average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY : IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
71.87 |
Impressive |
Industrial Average |
4.47 |
|
Total Assets Turnover |
2.82 |
Impressive |
Industrial Average |
1.69 |
|
Inventory Conversion Period |
38.50 |
|
|
|
|
Inventory Turnover |
9.48 |
Deteriorated |
Industrial Average |
41.63 |
|
Receivables Conversion Period |
48.06 |
|
|
|
|
Receivables Turnover |
7.59 |
Impressive |
Industrial Average |
4.36 |
|
Payables Conversion Period |
55.94 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.59 and 5.28 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 decreased from 55 days at the
end of 2010 to 39 days at the end of 2011. This represents a positive trend.
And Inventory turnover has increased from 6.7 times in year 2010 to 9.48 times
in year 2011.
The company's Total Asset Turnover is calculated as 2.82 times and 1.83
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.53.08 |
|
|
1 |
Rs.83.11 |
|
Euro |
1 |
Rs.72.01 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.