MIRA INFORM REPORT
|
Report Date : |
12.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
POLENE
PLASTINC COMPANY LIMITED |
|
|
|
|
Registered Office : |
26/56 Chantadmai
Road, Thungmahamek, Sathorn, Bangkok
10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
08.05.2002 |
|
|
|
|
Com. Reg. No.: |
0105545048820 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
· exporting of PVC resin, mainly Low Density Polyethylene [LDPE] and Ethylene-Vinyl Acetate Copolymer [EVA], under its brand “POLENE” · provider of domestic and international logistic service for cements and PVC resin to the TPI group of companies. |
|
|
|
|
No. of Employees : |
17 |
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 : |
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 – 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
POLENE PLASTINC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 26/56
CHANTADMAI ROAD, THUNGMAHAMEK,
SATHORN, BANGKOK
10120, THAILAND
TELEPHONE : [66] 2213-1039-49
EXT. 12069, 2285-5090, 2678-5050
FAX :
[66] 2213-1035,
2678-7080
E-MAIL
ADDRESS : mktagent@tpipolene.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0105545048820
TAX
ID NO. : 3030567512
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PRACHAI LIEWPAIRAT,
THAI
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
NO.
OF STAFF : 17
LINES
OF BUSINESS : PETROCHEMICALS
EXPORTER AND
LOGISTIC SERVICE
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 May 8,
2002 as a
private limited company
under the name
style POLENE PLASTIC COMPANY LIMITED, by
Thai groups, with
the business objective to
export petrochemical products,
as well as
provide domestic and
international freight forwarding
and shipping services
to TPI group
of companies. It
currently employs 17
staff.
The
subject is a
wholly owned subsidiary
of TPI Polene Power Company Limited, which
is a member
of TPI Polene
Public Company Limited.
The
subject’s registered address
is 26/56 Chantadmai
Rd., Thungmahamek, Sathorn,
Bangkok 10120, and
this is the
subject’s current operation
address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prachai Liewpairat |
|
Thai |
69 |
|
Mr. Prateep Liewpairat |
|
Thai |
67 |
|
Mr. Pramual Liewpairat |
|
Thai |
64 |
|
Mr. Prayad Liewpairat |
|
Thai |
62 |
|
Mrs. Orapin Liewpairat |
|
Thai |
66 |
AUTHORIZED PERSON
Any two of the above
directors can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Prachai Liewpairat is
the President &
Chief Executive Officer.
He is Thai
nationality with the
age of 69
years old.
BUSINESS OPERATIONS
The subject is
engaged in exporting of PVC resin,
mainly Low Density Polyethylene
[LDPE] and Ethylene-Vinyl Acetate
Copolymer [EVA], under its
brand “POLENE”.
The subject
also provides domestic and international
logistic service for
cements and PVC
resin to the
TPI group of
companies.
PURCHASE
100% of the
products is purchased
from local suppliers.
MAJOR
SUPPLIER
TPI
Polene Public Company
Limited
EXPORT
100% of
the products is
exported to United States of
America, Japan, Singapore,
Indonesia, Malaysia, India,
Taiwan, Republic of
China, Vietnam, Hong
Kong, Myanmar, Laos,
Korea, Philippines, Europe
and Middle East countries.
SERVICES
100% of freight
forwarding and shipping
services are served
to TPI group
of companies.
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 and services
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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 17
staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Subject
is an exporter of
PVC resin to international
markets. Its business
is solid with
strong increasing in both
sales revenue and
net profit in
2012 comparing to
the previous year.
Subject’s business outlook
is bright.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 10,000,000 divided into 100,000
shares of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 29, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
TPI Polene Power
Company Limited Nationality: Thai Address : 26/56
Chantadmai Rd., Thungmahamek,
Sathorn, Bangkok |
99,993 |
99.99 |
|
Mr. Prachai Liewpairat Nationality: Thai Address : 299
Moo 5, Thabkwang,
Kaengkoi, Saraburi |
1 |
|
|
Mr. Prateep Liewpairat Nationality: Thai Address : 211
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok |
1 |
|
|
Mr. Pramual Liewpairat Nationality: Thai Address : 999
Moo 5, Chengnoen,
Muang, Rayong |
1 |
= 0.01 |
|
Mrs. Orapin Liewpairat Nationality: Thai Address : 229/14
Sukhumvit 49 Rd.,
Klongtonnua, Wattana, Bangkok |
1 |
|
|
Mr. Prayad Liewpairat Nationality: Thai Address : 211
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok |
1 |
|
|
Ms. Patraphan Liewpairat Nationality: Thai Address : 999
Soi Onnuch 39,
Suanluang, Bangkok |
1 |
|
|
Mr. Pakorn Liewpairat Nationality: Thai Address : 999
Soi Onnuch 39,
Suanluang, Bangkok |
1 |
|
Total Shareholders : 8
Share Structure [as
at April 29,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Santi Pongcharoenpith No.
4623
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2012, 2011 & 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
133,048,513 |
121,147,484 |
57,718,335 |
|
Trade Account Receivable |
855,666,377 |
982,709,528 |
221,700,860 |
|
Short-term Lending to Related
Company |
233,096,088 |
- |
- |
|
Advance Payment to
Related Company |
322,975,439 |
341,960,690 |
201,709,523 |
|
Inventories |
142,632,231 |
1,878,548 |
185,843 |
|
Refundable Value Added Tax |
162,274,965 |
98,330,423 |
64,155,775 |
|
Other Current Assets |
616,817 |
10,143,678 |
6,745,185 |
|
Total Current Assets
|
1,850,310,430 |
1,556,170,351 |
552,215,521 |
|
Total Assets |
1,850,310,430 |
1,556,170,351 |
552,215,521 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Short-term Loan from Financial Institution |
516,990,079 |
483,481,057 |
- |
|
Trade Account Payable |
916,212,104 |
764,862,966 |
456,179,126 |
|
Advance Received from Related Company |
246,524,859 |
202,359,717 |
- |
|
Advance Received Goods |
10,243,112 |
13,995,800 |
65,116,468 |
|
Accrued Income Tax |
15,486,902 |
15,765,131 |
- |
|
Other Current Liabilities |
18,717,781 |
16,193,271 |
15,047,554 |
|
Total Current Liabilities |
1,724,174,837 |
1,496,657,942 |
536,343,148 |
|
Total Liabilities |
1,724,174,837 |
1,496,657,942 |
536,343,148 |
|
Shareholders' Equity |
|
|
|
|
Share capital : Baht 100
value Authorized &
issued share capital 100,000
shares |
10,000,000 |
10,000,000 |
10,000,000 |
|
Capital Paid |
10,000,000 |
10,000,000 |
10,000,000 |
|
Retained Earning -
Unappropriated |
116,135,593 |
49,512,409 |
5,872,373 |
|
Total Shareholders' Equity |
126,135,593 |
59,512,409 |
15,872,373 |
|
Total Liabilities &
Shareholders' Equity |
1,850,310,430 |
1,556,170,351 |
552,215,521 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Income from Sales |
8,160,824,506 |
6,505,664,575 |
5,908,405,697 |
|
Income from Logistic |
135,411,586 |
114,570,084 |
127,229,393 |
|
Gain on Exchange Rate |
58,827,398 |
38,838,492 |
9,419,924 |
|
Interest Income |
17,341,432 |
1,729,603 |
837,287 |
|
Other Income |
19,790,834 |
13,976 |
5,010,707 |
|
Total Revenues |
8,392,195,756 |
6,660,816,730 |
6,050,903,008 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
8,118,648,640 |
6,461,242,746 |
5,881,365,017 |
|
Selling Expenses |
159,072,159 |
120,112,534 |
158,099,299 |
|
Administrative Expenses |
3,737,050 |
3,854,011 |
7,231,434 |
|
Cost of Financial Cost |
25,687,252 |
10,954,294 |
- |
|
Total Expenses |
8,307,145,101 |
6,596,163,585 |
6,046,695,750 |
|
Profit before Income Tax |
85,050,655 |
64,653,145 |
4,207,258 |
|
Income Tax |
[18,427,472] |
[21,013,109] |
[1,265,177] |
|
Net Profit / [Loss] |
66,623,184 |
43,640,036 |
2,942,081 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.07 |
1.04 |
1.03 |
|
QUICK RATIO |
TIMES |
0.90 |
0.97 |
0.90 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
4.48 |
4.25 |
10.93 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
6.41 |
0.11 |
0.01 |
|
INVENTORY TURNOVER |
TIMES |
56.92 |
3,439.49 |
31,646.95 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
37.65 |
54.18 |
13.41 |
|
RECEIVABLES TURNOVER |
TIMES |
9.70 |
6.74 |
27.22 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
41.19 |
43.21 |
28.31 |
|
CASH CONVERSION CYCLE |
DAYS |
2.87 |
11.08 |
(14.89) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.86 |
97.60 |
97.44 |
|
SELLING & ADMINISTRATION |
% |
1.96 |
1.87 |
2.74 |
|
INTEREST |
% |
0.31 |
0.17 |
- |
|
GROSS PROFIT MARGIN |
% |
3.30 |
3.01 |
2.81 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.03 |
0.98 |
0.07 |
|
NET PROFIT MARGIN |
% |
0.80 |
0.66 |
0.05 |
|
RETURN ON EQUITY |
% |
52.82 |
73.33 |
18.54 |
|
RETURN ON ASSET |
% |
3.60 |
2.80 |
0.53 |
|
EARNING PER SHARE |
BAHT |
666.23 |
436.40 |
29.42 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.93 |
0.96 |
0.97 |
|
DEBT TO EQUITY RATIO |
TIMES |
13.67 |
25.15 |
33.79 |
|
TIME INTEREST EARNED |
TIMES |
3.31 |
5.90 |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
25.32 |
9.69 |
|
|
OPERATING PROFIT |
% |
31.55 |
1,436.71 |
|
|
NET PROFIT |
% |
52.67 |
1,383.31 |
|
|
FIXED ASSETS |
% |
- |
- |
|
|
TOTAL ASSETS |
% |
18.90 |
181.80 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 25.32%. Turnover has increased from THB 6,620,234,659.00
in 2011 to THB 8,296,236,092.00 in 2012. While net profit has increased from
THB 43,640,036.00 in 2011 to THB 66,623,184.00 in 2012. And total assets has
increased from THB 1,556,170,351.00 in 2011 to THB 1,850,310,430.00 in 2012.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.30 |
Deteriorated |
Industrial Average |
24.08 |
|
Net Profit Margin |
0.80 |
Deteriorated |
Industrial Average |
2.06 |
|
Return on Assets |
3.60 |
Acceptable |
Industrial Average |
5.28 |
|
Return on Equity |
52.82 |
Impressive |
Industrial Average |
11.96 |
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 3.3%. 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 0.8%. 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 3.6%.
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 52.82%,
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 :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.07 |
Acceptable |
Industrial Average |
1.63 |
|
Quick Ratio |
0.90 |
|
|
|
|
Cash Conversion Cycle |
2.87 |
|
|
|
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 1.07 times in 2012, increased from 1.04 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 0.9 times in
2012, decreased from 0.97 times, by excluding inventory, the
company may have problems meeting current liabilities.
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 Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.93 |
Acceptable |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
13.67 |
Risky |
Industrial Average |
1.33 |
|
Times Interest Earned |
3.31 |
Impressive |
Industrial Average |
0.85 |
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 3.32 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
1.46 |
|
Total Assets Turnover |
4.48 |
Impressive |
Industrial Average |
2.53 |
|
Inventory Conversion Period |
6.41 |
|
|
|
|
Inventory Turnover |
56.92 |
Impressive |
Industrial Average |
7.40 |
|
Receivables Conversion Period |
37.65 |
|
|
|
|
Receivables Turnover |
9.70 |
Impressive |
Industrial Average |
4.53 |
|
Payables Conversion Period |
41.19 |
|
|
|
The company's Account Receivable Ratio is calculated as 9.70 and 6.74 in
2012 and 2011 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 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 0 days at the end
of 2011 to 6 days at the end of 2012. This represents a negative trend. And
Inventory turnover has decreased from 3439.49 times in year 2011 to 56.92 times
in year 2012.
The company's Total Asset Turnover is calculated as 4.48 times and 4.25
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.93 |
|
UK Pound |
1 |
Rs.91.81 |
|
Euro |
1 |
Rs.78.18 |
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.