|
Report Date : |
15.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ISPAT INDO |
|
|
|
|
Formerly Known As : |
P.T. ANDHARA STEEL INDONESIA |
|
|
|
|
Registered Office : |
Jalan Desa Kedungturi Taman Sidoarjo 61257 East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
17.11.1975 |
|
|
|
|
Com. Reg. No.: |
No. AHU-05967.AH.01.02.TH.2010 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Steel Making Industry |
|
|
|
|
No. of Employees : |
1,820 persons |
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 : |
Regular |
|
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) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal deficit below 2%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of rising oil prices.
Source
: CIA
P.T. ISPAT
INDO
Head Office &
Factory
Jalan Desa
Kedungturi
Taman Sidoarjo
61257
East Java
Indonesia
P.O. Box - 1083 Surabaya
Phones -
(62-31) 7887000 (Hunting), 7882915 (Hunting)
Fax - (62-31) 7882917, 7881924, 7887500
E-mail - ispatindo@mittalsteel.com
Website - http://www.ispatindo.com
Land Area - 175,000 sq.
meters
Building Area - 123,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Branches
a. Spinindo Building 1st Floor
Jalan K.H. Wahid Hasyim No. 76
Jakarta
Pusat, 10340
Indonesia
Phones - (62-21) 3983 5025 (Hunting)
Fax - (62-21) 3981 6014
Building Area - 2 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
b. ISPAT Group
Park
Plaza
71
Park Street
Calcutta
700016
Phones - (33) 293914, 4314, 4395
Fax - (33) 297396
c. Berkeley Square House, 7th Floor
Berkeley
Square, London W1X 5PN
United
Kingdom
Phone - (44) 171 6297988
Fax - (44) 171 6297993
Date of Incorporation :
a. 17 November 1975 as P.T. ANDHARA STEEL
INDONESIA
b. 1978 as P.T. ISPAT INDO
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C-16968.HT.01.04.TH.1999
Dated 28 September 1999
- No. AHU-AH.01.10-3254
Dated 11
February 2008
- No. AHU-05967.AH.01.02.TH.2010
Dated 4 February 2010
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.000.231.9.603.001
The Department of Industry and Trade
TDP No.
131712700104
Dated 12 December
2000
The President of the Republic of Indonesia
No.
B-102/Pres/11/1974
Dated 4 November
1974
The Capital Investment Coordinating Board
- No. 24/II/PMA/1983
Dated 23
August 1983
- No. 33/II/PMA/1988
Dated 1
August 1988
- No. 59/II/PMA/1990
Dated 15
April 1990
- No. 35/II/PMA/1995
Dated 14
February 1995
- No. 775/III/PMA/1998
Dated 17 June 1998
- No. 1237/III/PMA/2002
Dated 11 November 2002
- No. 861/III/PMA/2003
Dated 29 July 2003
Related
Company :
A Member of the
MITTAL Group or ISPAT Group (see attachment)
Capital
Structure :
Authorized
Capital : US$
52,350,000.-
Issued Capital : US$
52,350,000.-
Paid up Capital : US$
52,350,000.-
Shareholders/Owners
:
a. INDO INVESTMENTS PTE LTD - US$ 49,604,900.-
Address :
101 Cecil Street
18-08 Tong Eng
Building
Singapore
b. THE ISPAT PROJECTS LTD. - US$ 1,887,000.-
Address : Chatterjee
International Center 33 A
JL Nehru Road
India
c. MUDRA VINIYOG LTD. -
US$ 858,000.-
Address :
Chatterjee International Center 33 A
JL Nehru Road
India
d. Mr. Bintarto Triatmodjo, SH. -
US$ 100.-
Address : Jl. Tenggilis Utara
II/1
Surabaya, East
Java
Indonesia
Lines of
Business :
a. Steel Making Industry
b. Investment Holding
Production
Capacity :
a. Steel Billets - 700,000 tons p.a.
b. Steel Round
Bars Flats, Shapes - 200,000 tons p.a.
c. Steel Wire
Rods - 650,000 tons p.a.
d. Hot
Strips/Sheets - 200,000 tons p.a.
e. Wires/Wire
Products - 100,000 tons p.a.
f. Oxygen -
2,016,000 metric ton p.a.
Total
Investment :
a. Equity Capital - US$ 52.4 million
b. Reinvested
Profit - US$ 12.5 million
c. Loan
Capital -
US$ 181.6 million
d. Total
Investment - US$
246.5 million
Started
Operation :
1978
Brand Name :
ISPAT INDO
Technical
Assistance :
Technology of
Germany
Number of
Employee :
1,820 persons
Marketing Area
:
Local -
70%
Export -
30%
Main Customers
:
a. General Contracting Companies such as P.T.
WIJAYA KARYA, P.T. ADHI KARYA, P.T.
PEMBANGUNAN
PERUMAHAN, P.T. WASKITA KARYA, etc
b. Building material trading and distribution in
the country
c. Export to Singapore, Bangladesh, PNG, Hong Kong,
India, etc
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. BLUESCOPE
STEEL INDONESIA
b. P.T. BUMI KAYA
STEEL
c. P.T. GUNUNG
GARUDA
d. P.T. GUNAWAN
DIANJAYA STEEL
e. P.T. JAKARTA
CAKRATUNGGAL STEEL
f. P.T. JAYA PARI STEEL
g. P.T. KRAKATAU STEEL Tbk
h. P.T. THEMASTER
STEEL, Etc
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank
MANDIRI Tbk
Jalan
Kembang Jepun No. 168-170
Surabaya,
East Java, Indonesia
b. P.T. Bank DANAMON INDONESIA Tbk
Jalan Kembang Jepun No. 132
Surabaya, East Java, Indonesia
c. The Hongkong and Shanghai Banking Corp. Ltd.
Jalan Jenderal Basuki Rachmat 106-128
Surabaya, East Java, Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp.
3,175.0 billion
2011 – Rp.
3,260.0 billion
2012 – Rp.
3,296.0 billion
Net Profit
(estimated) :
2010 – Rp. 158.7
billion
2011 – Rp. 163.0
billion
2012 – Rp. 168.0
billion
Payment Manner
:
Almost Promptly
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mrs. Usha Mittal
Directors -
a. Mr. Bintarto Triatmodjo, SH
b. Mr. Baldeo Prasad Banka
c. Mrs. Megha Mittal
d. Mr. Amit Bhatia
Board of Commissioners :
President Commissioner -
Mr. Mohan Lal Mittal
Commissioners -
a. Mr. Haji Kanaty Erman
b. Mr. Vanisha Mittal
Signatories :
President Director (Mrs.
Usha Mittal) or one of the Directors (Mr. Bintarto Triatmodjo, SH., Mr. Baldeo
Prasad Banka, Mrs. Megha Mittal or Mr. Amit Bhatia) which must be approved by
Board of Commissioners.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate amount
Originally named
P.T. ANDHARA STEEL INDONESIA, the company was established in November 1975 in Surabaya, East Java, with
an authorized capital of US$ 2,750,000 of which US$ 550,000 was issued and paid
up. The company was founded by ASC ENGINEERING & CONSULTANTS LTD., AUTUMN
INVESTMENT LTD., both of Hong Kong, TOR ISTEG STEEL CORP., of Luxembourg, P.T.
TEKNIK UMUM, a national private company, the late Mr. Haji Eddy Kowara, Mr.
Haji Erma Erman, both indigenous businessmen and Mr. Budianto Hartono, an
Indonesian businessman of Chinese extraction as the original shareholders. The
company notary deed had been changed a couple of times. In 1978 the company's
name was changed its name to P.T. ISPAT INDO. Then in November 1989 the
company's authorized capital was increased to US$ 52,350,000 entirely issued
and paid up. In July 1998 the shareholders of the company are consisting of The
ISPAT PROJECTS Ltd., India, AMALGAMATED TRADING Ltd., of the Isle of Man and
MUDRA VINIYOG, Ltd., India (formerly named MITCO FABRICATION CONSULTANTS
PRIVATE Ltd.). The deed of amendment was made by Mrs. Tantien Binatarti, SH.,
was approved by the Ministry of Law and Human Right in its Decision Letter No.
C-16968.01.04.TH.1999, dated September 28, 1999.
In early 2008,
AMALGAMATED TRADING Ltd., Isle of Man pulled out and replaced by INDO
INVESTMENTS PTE., LTD., of Singapore.
The latest shareholders of P.T. ISPAT INDO are INDO INVESTMENT Pte.,
Ltd, of Singapore (94.76%), The ISPAT PROJECTS LIMITED of India (3.60%) MUDRA
VINIYOG LIMITED of India (1.64%) and Mr. Bintarto Triatmodjo, SH., (0.00%). The
notary deed of amendment was approved by the Ministry of Law and Human Right in
its Decision Letter No. AHU-AH.01.10-3254, dated 11 February 2008. Then
according to the latest revision of notary documents of Mrs. Tantien Binatari,
SH., No. 02 dated 2 September 2010 the board of directors and the board of
commissioner reappointed to lead and runs of the company’s operation. The
latest revision of notary documents was approved by the Ministry of Law and
Human Rights in its decision letter No. AHU-05967.AH.01.02.TH.2010 dated
February 4, 2010.
P.T. ISPAT INDO
is a member of the MITTAL Group, a large sized business company group of which
the operation based in London, the UK, being led by Mr. Mohan Lal Mittal, an
International businessman of Indian extraction. The MITTAL Group is dealing
with integrated iron steel processing industry of which the operational
networks covering India, Hong Kong, Mexico, Thailand, the UK, Trinidad,
Indonesia and several other companies.
P.T. ISPAT INDO
operates in the steel making industry under Foreign Capital Investment (PMA)
facilities with its plant located in Desa Kedung Turi, Taman, Sidoarjo (East
Java) where it stands on some 17.5 hectare land area. The plant, which went
into operation in 1978, has been expanded several times, and now has a produces
of high carbon steel wire rods, low carbon steel wire rods, cold heading
quality steel wire rods, welding electrode grades steel wire rods, straight
bars for concrete reinforcement. In September 1997 P.T. ISPAT INDO planned to
merge with its sister company P.T. ISPAT STEEL (the then P.T. ISPAT SPONGE), a
foreign capital investment (PMA) planning to engage in steel building materials
manufacturing. P.T. ISPAT STEEL previously planned to manage a plant in Desa
Sukamulyo, Manyar district, Gresik, East Java, but such merger has no
indication to be realized imminent, and P.T. ISPAT STEEL has yet been operating
to date.
The company
operation had kept on running until early 1997 with production reached 80% to
85% of installed production capacity. But since end 1997 the operation had been
dropping and within the last one year the production was only 35% of its
installed production capacity. Since 1998 the company operation started to rise
again and its utility reached 70% to 85% in the last ten years. Some 85% of steel billet products marketed
domestically and the rest exported to Singapore, Bangladesh, PNG and others.
While large portion of basic materials like scrap iron, redeuz iron pallet and
steel billet still is imported from Ukraina, PR. China and Taiwan.
On 28 September
2004, the plant of P.T. ISPAT INDO located in Kedung Turi Village, Taman,
Sidoarjo, East Java exploded causing an employee died and another one seriously
wounded on his face on account of being smashed by a broken gas pipe filter.
The explosion being heard within the radius of 300 meters was estimated to come
from the control pipe of gas incineration line in Valop Control Gas Unit.
Although the accident caused an employee died and injured another one, the
activities of the employees are normally running. This was the second explosion
experienced by P.T. ISPAT INDO during 2004 the first one was occurred on 3
March 2004 causing 14 employees wounded and some 22 public houses damaged.
Since yearly
2005, the operation of P.T. ISPAT INDO has been running normally and smoothly.
In its initial operation in 1976, P.T. ISPAT INDO’s annual production capacity
reached 60,000 tons of steel billets. However, the annual production of the
company at present reaches 700,000 tons of steel billets with types of low and
high carbon grades of billets, wire rods and bars. Some 70% of P.T. ISPAT
INDO’s products are locally exported and some 30% of which are exported to Asia
Pacific’s markets.
Besides, P.T.
ISPAT INDO is also dealing with investment holding by controlling 100% shares
of P.T. ISPAT WIRE PRODUCTS dealing with nail making, wire drawing, straight
bars, etc. Its plant is located in Kedungturi Village, Taman Sidoarjo, East
Java with annual production capacity of 36,000 tons of wire drawing and nail
making, 75,000 tons of straight bars. Some 20% of the company’s products is
exported to the USA, South Africa, Australia, New Zealand, Papua New Guinea,
Thailand and others.
P.T. ISPAT INDO
is also controlling 100% shares of P.T. ISPAT PANCA PUTERA dealing with round
bar, deformed bar and shafting bar manufacturing. Its plant is located in the Gresik Industrial
Estate on East Java and P.T. ISPAT INDO is also controlling 100% shares of P.T.
ISPAT BUKIT BAJA dealing with steel manufacturer that produces steel long
products i.e. steel angle bars, steel channel, round bars and steel strips.
P.T. ISPAT INDO is also controlling 100% shares of P.T. ISPAT PANCA PUTERA
dealing with round bar, deformed bar and shafting bar manufacturing. Its plant is located in the Gresik Industrial
Estate on East Java. Since mid-2009 P.T.
ISPAT INDO is also controlling 100% shares of P.T. ISPAT BUKIT BAJA (formerly
PT. BUKIT JAYA STEEL) dealing with steel product manufacturing that produces
steel long products i.e. steel angle bars, steel channel, round bars and steel
strips. Its plant is located in West
Java with production capacity 126,000 tons per annum.
P.T. ISPAT INDO
is also holds 50% shares of P.T. MITTAL INDO ENERGY, a private national company
dealing with trading and export of petroleum products, coke, coal, iron ore,
nickel, condensate etc. P.T. ISPAT INDO is classified as a largest sized
company of wire rode in the country of which the operation has been growing in
the last three years.
We have
generally observed the demand for steel products had still been rising by 5% to
7% in the last five years. But the burden of the steel industry in the country
is constrained due to the falling raw material scrap. Besides, the increased
cost of production due to rising gas prices and the higher gas prices and the
higher cost of imported raw materials.
Starting in the second semester 2008, many markets in various parts of
the world experienced adverse economic condition. This condition was triggered
by, amongst others, the housing and mortgage loans crisis in the United States
of America (US) that spread to securities, structures products and commodity
markets. The volatility in the US markets coupled with the sharp appreciation
in the US Dollars and a series of corporate bankruptcies and takeovers enabled
the crisis to spread to other parts of the world. The impact of the global
economic crisis has also been felt in Indonesia as the Indonesian Rupiah
weakened, demand decrease, commodity prices decreased, securities market
declines, interest rate increased, followed by decreases, tightened liquidity
conditions, and increased credit risks. Up to this time, the Company has not
significantly suffered from the economic crisis. In response to these economic
events, during 2010 the Company have plans as follows: Negotiation with
main customer regarding increasing selling price. Cost reduction in business
trip, pantry needs, technical support cost from Japan, etc. Stop production of
products which do not reach profit target. In spite of the adverse economic
conditions, management believes that the Company will be able to continue
operating as going concern for the foreseeable future.
Indonesia’s Steel Production and Consumption, 2008 – 2011
|
Year |
Production (Million Ton) |
Consumption (Million Ton) |
|
2008 |
5.29 |
7.79 |
|
2009 |
3.71 |
5.65 |
|
2010 |
5.23 |
7.48 |
|
2011 |
6.01 |
8.6 |
|
2012* |
7.02 |
9.5 |
Source: Ministry
of Industry, Processed by ICB
*) Projected
Until this time
P.T. ISPAT INDO has not been registered with Indonesian Stock Exchange, so that
they shall not obliged to announce their financial statement. The management of
P.T. ISPAT INDO is very reclusive towards outsiders and rejected to disclose
its financial condition. We estimated that total sales turnover of the company
in 2010 amounted to Rp. 3,175.0 billion increased to Rp. 3,260.0 billion in
2011 to Rp. 3,296.0 billion in 2012 and projected to go on rising by at least
5% in 2013. The operation in 2012 is figured to gain a net profit of Rp. 168.0
billion and the company has an estimated total networth of Rp. 1,385.0 billion.
The company has an estimated total net worth of at least Rp. 1,385.0 billion.
Payment condition for domestic suppliers is good with the credit payment system
of 1 month to 3 months. So far, we did not heard that the company having been
black listed by the Central Bank (Bank Indonesia).
The management
of P.T. ISPAT INDO is led by Mrs. Usha Mittal (63) with 37 years experience in
steel making and trading. But daily operation in Indonesia is handled by Mr.
Baldeo Prasad Banka (65), Mr. Bintarto Triatmodjo, SH (48), Mrs. Megha Mittal
(67) and Mr. Amit Bhatia (34) as directors. Mr. Baldeo Prasad Banka is also a
top executive of the MITTAL Group. The company has an experienced management
further made up of professional managers in the steel products industry and
trade. They have wide business relation with government authorities and in
private business circles within and outside the country. So far, we did not
hear that the management of the company being filed to the district court for
detrimental cases or involved in any business malpractices. The company’s
litigation record is clean and it has not registered with the black list of
Bank of Indonesia. P.T. ISPAT INDO is sufficiently fairly good for business
transaction.
Attachment:
List of the MITTAL
Group or the ISPAT Group Members
1.
ADITYA INVESTMENT LTD., Indonesia (Investment Holding)
2.
ASHOK TEXTILE INDUSTRIES Pte. Ltd., Nepal (Textile Mills)
3.
AUTUMN INVESTMENT Ltd., Hong Kong (Investment Holding)
4.
AMALGAMATED TRADING Ltd. Isle of Man (Steel Trading and
Investment Holding)
5.
CARIBBEAN ISPAT Ltd., Trinidad (Steel Making)
6. CMBJ PENA COLORADA, S.A., Mexico (Iron Ore Pellets
Making)
7.
DIERA TRADING Ltd., Barduba (Steel Product Trading and
Investment Holding)
8.
DOMINION TRADING Ltd., England (Steel Trading and Investment
Holding)
9.
GONTERMANN PEIPERS Ltd., India (Iron and Steel Making)
10.
INDO RAMA CHEMICALS Ltd. Thailand (Chemical Processing)
11.
INDO RAMA SYNTHETIC Ltd. India (Textile Mills)
12.
INLAND STEEL COMPANY, the USA (Steel Making)
13.
ISPAT ALLOYS Ltd., India (Alloys Manufacturing)
14.
ISPAT BUKIT BAJA, P.T. (Steel Long Products Manufacturing)
15.
ISPAT HAMBURGER STAHLWERKE GmbH, Germany (Steel Products
Making)
16.
ISPAT INDO, P.T. Indonesia (Steel Making Industry and
Investment Holding)
17.
ISPAT INTERNATIONAL (UK) LTD., the U.K. (Trading)
18.
ISPAT KARMET,
Kazakhstan (Steel Making)
19.
ISPAT MEXICANA SA., Mexico (Steel Making)
20.
ISPAT PANCA PUTERA, P.T. (Round Bar, Deformed Bar and
Shafting Bar Industry)
21.
ISPAT PROFILES INDIA Ltd. (Investment Holding)
22.
ISPAT STEEL, P.T. Indonesia (Steel Sponges and Steel
Products Making)
23.
ISPAT WIRE PRODUCT, P.T. (Wire Products Making)
24. KHRISNA INDOGAS TAMA, P.T. (Industrial Gases
Processing)
25.
KWL KENT WIRE LTD., the UK. (Wire Products Making)
26.
MITTAL INDO ENERGY, P.T. (Trading and Export of Petroleum
Products, Coke, Coal, Iron Ore, Nickel, Condensate etc.)
27.
MUDRA VINIYOG, Ltd., of India (Engineering Consulting and
Investment Holding)
28.
NIPPON DENRO ISPAT Ltd., India (Steel Making and Investment
Holding)
29.
RAMATEX Ltd., Hong Kong (Investment Holding_
30.
SIDBEC DOSCO (ISPAT) INC., Canada (Steel Products Making)
31. SERSIIN S.A. Mexico (Contracting)
32.
THONBURI LACE Co., Ltd. Thailand (Textile Mills)
33.
WALKER WIRE (ISPAT) INC., the USA (Wire Making)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.87 |
|
|
1 |
Rs.83.59 |
|
Euro |
1 |
Rs.72.37 |
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.