MIRA
INFORM REPORT
|
Report Date : |
30.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
RUCHIT GEMS CO., LTD |
|
|
|
|
Registered Office : |
Unit 2110, 21ST Floor, Jewelry Trade Center, 919/272 Silom Road, Silom, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
26.11.1999 |
|
|
|
|
Com. Reg. No.: |
0105542091686 [Former : 1435/2542] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Distributor &
Exporter of Jewelry Products |
|
|
|
|
No. of Employees : |
4 |
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 – 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
RUCHIT GEMS CO., LTD
SUMMARY
BUSINESS ADDRESS : UNIT 2110, 21st
FLOOR, JEWELRY TRADE
CENTER,
919/272 SILOM
ROAD, SILOM, BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2630-0552-3,
081 303-3999, 081
341-4659
FAX : [66] 2630-0554
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1999
REGISTRATION NO. : 0105542091686 [Former
: 1435/2542]
TAX ID NO. : 3030063359
CAPITAL REGISTERED : BHT.
10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI
: 51%
INDIAN
: 49%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
VIRAL KIRAN SHAH,
INDIAN
MANAGING DIRECTOR
NO. OF STAFF : 4
LINES OF BUSINESS : JEWELRY PRODUCTS
IMPORTER, DISTRIBUTOR
& EXPORTER
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 November 26,
1999 as a
private limited company
under the name
style “RUCHIT GEMS
CO., LTD.” by
Thai and Indian
groups, to be engaged
in importing, distributing
and exporting of
jewelry products. It
currently employs 4
staff.
The subject’s registered
address was initially
located at 223/35
Trok Puttaosot, Charoenkrung
Rd., Siphya, Bangrak,
Bangkok 10500.
On August 1, 2003 the
subject’s registered address
was relocated to
Unit 2110, 21st Flr., Jewelry Trade
Center, 919/272 Silom
Rd., Silom, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Viral Kiran
Shah |
[x] |
Indian |
37 |
|
Mr. Aatur Piyush
Shah |
|
Indian |
31 |
AUTHORIZED PERSON
Only the above
director [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Viral Kiran
Shah is the
Managing Director.
He is Indian
nationality with the
age of 37
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of
various kinds of
diamonds and gemstones,
as well as
exporting of jewelry
products.
PURCHASE
Most of diamonds
and gemstones are imported from
India, Belgium, Japan,
Hong Kong and South
Africa, and the
jewelry products are
purchased from local
suppliers.
EXPORT
The jewelry products
are exported to
India, Japan, Republic
of China, Hong
Kong, Russia, Singapore
and many countries
in Europe and
Middle East region.
SALES [LOCAL]
The products are sold
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
according to IRICO’S
DATABASE 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.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
4 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
COMMENT
The subject reported
slow sales in
2011 from slow
consumption and economy
sluggish in USA and EU markets. However,
an overall jewelry
industry in domestic market seemed
to enjoy growing
since the beginning
of the year
2012, while the
subject’s current business
remains moderate.
FINANCIAL INFORMATION
The capital was
registered at Bht. 2,000,000 divided into
20,000 shares of Bht. 100
each.
The capital was
increased later as
following:
Bht. 6,000,000
on June 27,
2002
Bht. 10,000,000
on November 12,
2004
The latest registered
capital was increased
to Bht. 10,000,000 divided into 100,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Viral Kiran
Shah Nationality: Indian Address : 504
Tripuone, Rimland Theater, Mumbai, India |
35,000 |
35.00 |
|
Mr. Aatur Piyush
Shah Nationality: Indian Address : 504
Tripuone, Rimland Theater, Mumbai, India |
14,000 |
14.00 |
|
Mr. Santi Leechalard Nationality: Thai Address : 86
Krungkasem Rd., Mahanark,
Pomprabsattrupai, Bangkok |
11,000 |
11.00 |
|
Mr. Narong Promsin Nationality: Thai Address : 84
Krungkasem Rd., Klongmahanark,
Pomprabsattrupai, Bangkok |
10,000 |
10.00 |
|
Mr. Manas Oreeparb Nationality: Thai Address : 84
Krungkasem Rd., Klongmahanark,
Pomprabsattrupai, Bangkok |
10,000 |
10.00 |
|
Mr. Boonlai Lualon Nationality: Thai Address : 55
Moo 12, T. Nongchon,
A. Chiangyuen,
Mahasarakarm |
10,000 |
10.00 |
|
Mrs. Ratchada Wongwian Nationality: Thai Address : 267
Tadindaeng Rd., Somdejchaopraya,
Klongsarn, Bangkok |
10,000 |
10.00 |
Total Shareholders : 7
Share Structure
[as at April
30, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
51,000 |
51.00 |
|
Foreign-Indian |
2 |
49,000 |
49.00 |
|
Total |
7 |
100,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Pisanuporn Phatibandit No.
6530
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
|
220,664.56 |
157,383.45 |
154,509.94 |
|
Trade Accounts Receivable |
17,539,282.77 |
22,626,829.19 |
8,823,846.21 |
|
Inventories |
61,003,401.02 |
52,332,866.55 |
72,977,523.65 |
|
Undue Business Tax |
8,061.54 |
1,972.58 |
1,473.81 |
|
Other Current Assets |
38,750.51 |
8,466.78 |
7,515.72 |
|
|
|
|
|
|
Total Current Assets
|
78,810,160.40 |
75,127,518.55 |
81,964,869.33 |
|
Fixed Assets |
100,982.97 |
67,213.55 |
37,051.80 |
|
Total Assets |
78,911,143.37 |
75,194,732.10 |
82,001,921.13 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft from Financial Institutions |
1,361,575.30 |
- |
- |
|
Trade Accounts Payable |
15,345,931.39 |
22,948,686.50 |
28,238,491.46 |
|
Other Payable |
275,567.60 |
451,928.35 |
1,785,330.12 |
|
|
|
|
|
|
Total Current Liabilities |
16,983,074.29 |
23,400,614.85 |
30,023,821.58 |
|
Account Payable -
Loan from Bank |
13,844,205.80 |
5,716,093.81 |
8,423,661.71 |
|
Account Payable -
Loan from Directors |
42,261,704.08 |
40,701,849.82 |
38,526,925.05 |
|
Total Liabilities |
73,088,984.17 |
69,818,558.48 |
76,974,408.34 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
Unappropriated [Deficit] |
[4,177,840.80] |
4,623,826.38] |
[4,972,487.21] |
|
Total Shareholders' Equity |
5,822,159.20 |
5,376,173.62 |
5,027,512.79 |
|
Total Liabilities & Shareholders' Equity |
78,911,143.37 |
75,194,732.10 |
82,001,921.13 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales - Overseas |
71,036,245.84 |
103,572,399.13 |
53,920,722.01 |
|
Sales - Domestic
with Value Added
Tax |
2,870,672.63 |
7,416,046.38 |
9,933,524.55 |
|
Sales - Domestic
without Value Added
Tax |
2,730,648.25 |
1,901,602.44 |
1,129,601.63 |
|
Gain from Exchange
Rate |
- |
3,051,416.99 |
1,362,273.08 |
|
Other Income |
- |
18,956.21 |
5,147.56 |
|
Total Revenues |
76,637,566.72 |
115,960,421.15 |
66,351,268.83 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
73,435,643.75 |
112,460,292.58 |
62,769,090.45 |
|
Selling Expenses |
100,439.91 |
150,566.14 |
416,720.00 |
|
Administrative Expenses |
2,008,324.17 |
2,418,243.93 |
2,057,035.28 |
|
Total Expenses |
75,544,407.83 |
115,029,102.65 |
65,242,845.73 |
|
|
|
|
|
|
Profit / [Loss] before
Financial Cost & Income Tax |
1,093,158.89 |
931,318.50 |
1,108,423.10 |
|
Financial Cost |
[420,193.20] |
[393,656.77] |
[612,055.14] |
|
Income Tax |
[226,980.11] |
[189,000.90] |
[175,854.81] |
|
|
|
|
|
|
Net Profit / [Loss] |
445,985.58 |
348,660.83 |
320,513.15 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.64 |
3.21 |
2.73 |
|
QUICK RATIO |
TIMES |
1.05 |
0.97 |
0.30 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
758.92 |
1,679.57 |
1,753.86 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.97 |
1.50 |
0.79 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
303.21 |
169.85 |
424.36 |
|
INVENTORY TURNOVER |
TIMES |
1.20 |
2.15 |
0.86 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
83.53 |
73.16 |
49.56 |
|
RECEIVABLES TURNOVER |
TIMES |
4.37 |
4.99 |
7.36 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
76.27 |
74.48 |
164.21 |
|
CASH CONVERSION CYCLE |
DAYS |
310.47 |
168.53 |
309.72 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
95.82 |
99.62 |
96.59 |
|
SELLING & ADMINISTRATION |
% |
2.75 |
2.28 |
3.81 |
|
INTEREST |
% |
0.55 |
0.35 |
0.94 |
|
GROSS PROFIT MARGIN |
% |
4.18 |
3.10 |
5.51 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.43 |
0.82 |
1.71 |
|
NET PROFIT MARGIN |
% |
0.58 |
0.31 |
0.49 |
|
RETURN ON EQUITY |
% |
7.66 |
6.49 |
6.38 |
|
RETURN ON ASSET |
% |
0.57 |
0.46 |
0.39 |
|
EARNING PER SHARE |
BAHT |
4.46 |
3.49 |
3.21 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.93 |
0.93 |
0.94 |
|
DEBT TO EQUITY RATIO |
TIMES |
12.55 |
12.99 |
15.31 |
|
TIME INTEREST EARNED |
TIMES |
2.60 |
2.37 |
1.81 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(32.11) |
73.72 |
|
|
OPERATING PROFIT |
% |
17.38 |
(15.98) |
|
|
NET PROFIT |
% |
27.91 |
8.78 |
|
|
FIXED ASSETS |
% |
50.24 |
81.40 |
|
|
TOTAL ASSETS |
% |
4.94 |
(8.30) |
|
ANNUAL GROWTH : IMPRESSIVE
An annual sales growth is -32.11%. Turnover has decreased from THB
112,890,047.95 in 2010 to THB 76,637,566.72 in 2011. While net profit has
increased from THB 348,660.83 in 2010 to THB 445,985.58 in 2011. And total
assets has increased from THB 75,194,732.10 in 2010 to THB 78,911,143.37 in
2011.
PROFITABILITY : IMPRESSIVE
PROFITABILITY RATIO
|
Gross Profit Margin |
4.18 |
Deteriorated |
Industrial Average |
9.66 |
|
Net Profit Margin |
0.58 |
Impressive |
Industrial Average |
(0.20) |
|
Return on Assets |
0.57 |
Impressive |
Industrial Average |
(0.27) |
|
Return on Equity |
7.66 |
Impressive |
Industrial Average |
(0.72) |
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 4.18%. 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 0.58%,
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 0.57%, 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 7.66%, 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 Stable
LIQUIDITY : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
4.64 |
Impressive |
Industrial Average |
1.72 |
|
Quick Ratio |
1.05 |
|
|
|
|
Cash Conversion Cycle |
310.47 |
|
|
|
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 4.64 times in 2011, increased from 3.21 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 1.05 times in 2011,
increased from 0.97 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 311 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.93 |
Acceptable |
Industrial Average |
0.60 |
|
Debt to Equity Ratio |
12.55 |
Risky |
Industrial Average |
1.67 |
|
Times Interest Earned |
2.60 |
Impressive |
Industrial Average |
0.63 |
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 2.61 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 0.93 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY : SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
758.92 |
Impressive |
Industrial Average |
10.73 |
|
Total Assets Turnover |
0.97 |
Acceptable |
Industrial Average |
1.47 |
|
Inventory Conversion Period |
303.21 |
|
|
|
|
Inventory Turnover |
1.20 |
Acceptable |
Industrial Average |
2.17 |
|
Receivables Conversion Period |
83.53 |
|
|
|
|
Receivables Turnover |
4.37 |
Impressive |
Industrial Average |
3.31 |
|
Payables Conversion Period |
76.27 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.37 and 4.99 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
decreased from 2010. 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 increased from 170 days at the
end of 2010 to 303 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 2.15 times in year 2010 to 1.2 times
in year 2011.
The company's Total Asset Turnover is calculated as 0.97 times and 1.5
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.70 |
|
|
1 |
Rs.84.35 |
|
Euro |
1 |
Rs.72.21 |
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.