MIRA INFORM REPORT
|
Report Date : |
06.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
MIKI
[THAILAND] LIMITED |
|
|
|
|
Registered Office : |
7th Floor., Rs Tower, 121/31 Ratchadapisek Road, Dindaeng, Bangkok 10400 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
08.02.1988 |
|
|
|
|
Com. Reg. No.: |
0105531009126 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
importing,
distributing and
commissioning agent wide
range of industrial
chemicals for automobiles, electronics, papers,
plastic resins, paints,
chrome plating industries and
others |
|
|
|
|
No. of Employees : |
30 |
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 – 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 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
MIKI [THAILAND] LIMITED
SUMMARY
BUSINESS
ADDRESS : 7th FLOOR.,
RS TOWER,
121/31 RATCHADAPISEK
ROAD,
DINDAENG, BANGKOK
10400
TELEPHONE : [66] 2641-2213-4
FAX : [66] 2641-2217
E-MAIL
ADDRESS ; sales@mikithailand.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1988
REGISTRATION
NO. : 0105531009126
TAX
ID NO. : 3101503449
CAPITAL REGISTERED : BHT. 11,000,000
CAPITAL PAID-UP : BHT.
11,000,000
SHAREHOLDER’S PROPORTION : THAI :
51%
JAPANESE : 49%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. TARO IWABUCHI,
JAPANESE
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER AND
DISTRIBUTOR
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 8,
1988 as a
private limited company
under the name
style MIKI [THAILAND]
LIMITED, by Thai
and Japanese groups,
in order to
import and distribute
wide range of
industrial chemicals to
domestic market. It currently
employs approximately 30 staff.
Subject
is an affiliated
company of Miki
& Co., Ltd., in Japan.
The
subject’s registered address
is 7th Flr.,
RS Tower, 121/31
Ratchadapisek Rd., Dindaeng,
Bangkok 10400, and
this is the
subject’s current operation
address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Taro Iwabuchi |
[x] |
Japanese |
42 |
|
Ms. Midori Miki |
|
Japanese |
59 |
|
Mr. Masaru Tozawa |
|
Japanese |
63 |
AUTHORIZED PERSON
Only the mentioned
director [x] can sign
on behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Taro Iwabuchi is
the Managing Director.
He is Japanese
nationality with the
age of 42
years old.
Mr. Yutaka Machinda is
the General Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and
commissioning agent wide
range of industrial
chemicals for automobiles, electronics, papers,
plastic resins, paints,
chrome plating industries and
others.
PURCHASE
70% of the
products is purchased
from local suppliers
and agents, the
remaining 30% is
imported from Japan,
Germany, France, India,
Malaysia, Republic of
China and Taiwan.
MAJOR SUPPLIER
Miki & Co.,
Ltd. : Japan
SALES
100% of the
products is sold
locally by wholesale
to dealers, 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.
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.
Bank of Tokyo-Mitsubishi UFJ
Ltd.
EMPLOYMENT
The
subject employs approximately
30 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Branch
office is located
at 7/1 Moo
1, T. Panthong, A. Panthong,
Chonburi 20160.
COMMENT
The subject
was formed in
1988 as an
importer and distributor of
industrial chemicals. Its
products are for industrial users.
Subject’s business performance
has grown steadily.
It also reported
a strong sales
in 2012 comparing
to the previous year. However, current
economic condition is
not promising for
the industry, therefore
it estimated that
demand of industrial chemicals
would grow slowly.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 10,000,000 divided into 100,000 shares
of Bht. 100 each.
On
March 14, 1988,
the capital was
increased to Bht. 11,000,000
divided into 110,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 18, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Miki & Co., Ltd. Nationality: Japanese Address : 3-15-5 Nihongbashi Chuo-ku,
Tokyo, Japan |
53,900 |
49.00 |
|
SMBC Management Service
Co., Ltd. Nationality: Thai Address : 1
South Sathorn Rd.,
Thungmahamek, Sathorn, Bangkok |
23,100 |
21.00 |
|
BTMU Holding [Thailand]
Co., Ltd. Nationality: Thai Address : 54
North Sathorn Rd.,
Silom, Bangrak, Bangkok |
11,000 |
10.00 |
|
SBCS Co., Ltd. Nationality: Thai Address : 1
South Sathorn Rd.,
Thungmahamek,
Sathorn, Bangkok |
11,000 |
10.00 |
|
MHCB Consulting [Thailand]
Ltd. Nationality: Thai Address : 48/41 North
Sathorn Rd., Silom,
Bangrak, Bangkok |
11,000 |
10.00 |
Total Shareholders : 5
Share Structure [as
at April 18,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
56,100 |
51.00 |
|
Foreign - Japanese |
1 |
53,900 |
49.00 |
|
Total |
5 |
110,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Jirapat Akarapanuwithaya No. 4032
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 |
77,731,217 |
58,885,643 |
81,403,749 |
|
Short-term Investment |
170,000,000 |
120,000,000 |
60,000,000 |
|
Trade Accounts & Other Receivable |
250,746,160 |
261,400,163 |
214,555,831 |
|
Inventories |
44,912,971 |
34,325,416 |
36,154,966 |
|
Other Current Assets
|
685,529 |
867,856 |
602,901 |
|
|
|
|
|
|
Total Current Assets
|
544,075,877 |
475,479,078 |
392,717,447 |
|
Investment in Related Company |
14,250,000 |
14,250,000 |
14,250,000 |
|
Equipment |
596,365 |
694,486 |
1,039,317 |
|
Intangible Assets |
320,866 |
313,400 |
- |
|
Other Assets |
2,302,043 |
1,017,084 |
1,117,684 |
|
Total Assets |
561,545,151 |
491,754,048 |
409,124,448 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts &
Notes Payable |
281,004,894 |
272,765,173 |
237,893,578 |
|
Accrued Expenses |
- |
- |
1,354,786 |
|
Accrued Income Tax |
9,260,999 |
9,507,110 |
3,281,795 |
|
Other Current Liabilities |
1,716,255 |
3,695,224 |
1,925,992 |
|
|
|
|
|
|
Total Current Liabilities |
291,982,148 |
285,967,507 |
244,456,151 |
|
Total Liabilities |
291,982,148 |
285,967,507 |
244,456,151 |
|
Shareholders' Equity |
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 110,000 shares |
11,000,000 |
11,000,000 |
11,000,000 |
|
|
|
|
|
|
Capital Paid |
11,000,000 |
11,000,000 |
11,000,000 |
|
Retained Earnings: Appropriated for Statutory Reserve |
1,100,000 |
1,100,000 |
1,100,000 |
|
Unappropriated |
257,463,003 |
193,686,541 |
152,568,297 |
|
Total Shareholders' Equity |
269,563,003 |
205,786,541 |
164,668,297 |
|
Total Liabilities &
Shareholders' Equity |
561,545,151 |
491,754,048 |
409,124,448 |
PROFIT & LOSS
ACCOUNT
|
Sale |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
1,353,745,190 |
1,350,845,215 |
1,045,912,904 |
|
Dividend Income |
7,050,000 |
4,500,000 |
1,350,000 |
|
Gain on Exchange Rate |
8,447,800 |
7,351,389 |
2,390,802 |
|
Other Income |
7,230,592 |
3,952,626 |
10,488,232 |
|
Total Sales |
1,376,473,582 |
1,366,649,230 |
1,060,141,938 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,231,101,058 |
1,254,455,962 |
972,413,127 |
|
Selling Expenses |
38,952,717 |
33,978,378 |
25,914,156 |
|
Administrative Expenses |
21,051,404 |
15,960,627 |
22,567,014 |
|
Total Expenses |
1,291,105,179 |
1,304,394,967 |
1,020,894,297 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
85,368,403 |
62,254,263 |
39,247,641 |
|
Financial Costs |
[770,981] |
[894,829] |
[663,243] |
|
|
|
|
|
|
Profit before Income
Tax |
84,597,422 |
61,359,434 |
38,584,398 |
|
Income Tax |
[18,620,960] |
[18,041,190] |
[11,036,282] |
|
|
|
|
|
|
Net Profit / [Loss] |
65,976,462 |
43,318,244 |
27,548,116 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.86 |
1.66 |
1.61 |
|
QUICK RATIO |
TIMES |
1.71 |
1.54 |
1.46 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2,269.99 |
1,945.10 |
1,006.35 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.41 |
2.75 |
2.56 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
13.32 |
9.99 |
13.57 |
|
INVENTORY TURNOVER |
TIMES |
27.41 |
36.55 |
26.90 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
67.61 |
70.63 |
74.88 |
|
RECEIVABLES TURNOVER |
TIMES |
5.40 |
5.17 |
4.87 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
83.31 |
79.36 |
89.29 |
|
CASH CONVERSION CYCLE |
DAYS |
(2.39) |
1.25 |
(0.85) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
90.94 |
92.86 |
92.97 |
|
SELLING & ADMINISTRATION |
% |
4.43 |
3.70 |
4.64 |
|
INTEREST |
% |
0.06 |
0.07 |
0.06 |
|
GROSS PROFIT MARGIN |
% |
10.74 |
8.31 |
8.39 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.31 |
4.61 |
3.75 |
|
NET PROFIT MARGIN |
% |
4.87 |
3.21 |
2.63 |
|
RETURN ON EQUITY |
% |
24.48 |
21.05 |
16.73 |
|
RETURN ON ASSET |
% |
11.75 |
8.81 |
6.73 |
|
EARNING PER SHARE |
BAHT |
599.79 |
393.80 |
250.44 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.52 |
0.58 |
0.60 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.08 |
1.39 |
1.48 |
|
TIME INTEREST EARNED |
TIMES |
110.73 |
69.57 |
59.18 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
0.21 |
29.15 |
|
|
OPERATING PROFIT |
% |
37.13 |
58.62 |
|
|
NET PROFIT |
% |
52.31 |
57.25 |
|
|
FIXED ASSETS |
% |
(14.13) |
(33.18) |
|
|
TOTAL ASSETS |
% |
14.19 |
20.20 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 0.21%. Turnover has increased from THB
1,350,845,215.00 in 2011 to THB 1,353,745,190.00 in 2012. While net profit has
increased from THB 43,318,244.00 in 2011 to THB 65,976,462.00 in 2012. And
total assets has increased from THB 491,754,048.00 in 2011 to THB
561,545,151.00 in 2012.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
10.74 |
Deteriorated |
Industrial Average |
27.90 |
|
Net Profit Margin |
4.87 |
Impressive |
Industrial Average |
2.46 |
|
Return on Assets |
11.75 |
Impressive |
Industrial Average |
4.64 |
|
Return on Equity |
24.48 |
Impressive |
Industrial Average |
9.65 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 10.74%. 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 4.87%, 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
11.75%, 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 24.48%, 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 Downtrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
1.86 |
Impressive |
Industrial Average |
1.37 |
|
Quick Ratio |
1.71 |
|
|
|
|
Cash Conversion Cycle |
(2.39) |
|
|
|
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 1.86 times in 2012, increased from 1.66 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 1.71 times in 2012,
increased from 1.54 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 -3 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.52 |
Acceptable |
Industrial Average |
0.50 |
|
Debt to Equity Ratio |
1.08 |
Risky |
Industrial Average |
0.94 |
|
Times Interest Earned |
110.73 |
Impressive |
Industrial Average |
1.20 |
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 110.73 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 0.52 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
2,269.99 |
Impressive |
Industrial Average |
1.55 |
|
Total Assets Turnover |
2.41 |
Impressive |
Industrial Average |
1.83 |
|
Inventory Conversion Period |
13.32 |
|
|
|
|
Inventory Turnover |
27.41 |
Impressive |
Industrial Average |
8.85 |
|
Receivables Conversion Period |
67.61 |
|
|
|
|
Receivables Turnover |
5.40 |
Impressive |
Industrial Average |
3.74 |
|
Payables Conversion Period |
83.31 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.40 and 5.17 in
2012 and 2011 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate sale. 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
increased from 2011. 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 increased from 10 days at the
end of 2011 to 13 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 36.55 times in year 2011 to 27.41
times in year 2012.
The company's Total Asset Turnover is calculated as 2.41 times and 2.75
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 Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
UK Pound |
1 |
Rs.90.79 |
|
Euro |
1 |
Rs.77.81 |
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.