MIRA INFORM REPORT
|
Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
THANAKORN
INTER SUPPLY CO.,
LTD. |
|
|
|
|
Registered Office : |
199 Soi Phrayasurain 35, Phrayasurain Road, Bangchan, Klongsamwa, Bangkok 10510 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
16.03.2001 |
|
|
|
|
Com. Reg. No.: |
0105544026733 [Former : [6]
253/2544] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and distributor of industrial chemicals |
|
|
|
|
No. of Employees : |
21 |
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 : |
Unknown |
|
|
|
|
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
THANAKORN INTER SUPPLY
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 199
SOI PHRAYASURAIN 35,
PHRAYASURAIN ROAD, BANGCHAN, KLONGSAMWA,
BANGKOK 10510,
THAILAND
TELEPHONE : [66] 2914-4770
FAX : [66] 2914-4768
E-MAIL
ADDRESS : sales@thanakorn.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2001
REGISTRATION
NO. : 0105544026733 [Former : [6] 253/2544]
TAX
ID NO. : 3030241597
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VORAKIAT SUJIVARODOM,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 21
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
FAIR PERFORMANCE
HISTORY
The
subject was established
on March 16,
2001 as a
private limited company under
the name style THANAKORN INTER
SUPPLY CO., LTD. by Thai
groups, with the business
objective to distribute
industrial chemicals for
domestic market. It currently employs
21 staff.
The subject’s registered
address was initially
located at 90/432 Moo
5, Phrayasurain Rd.,
Bangchan, Klongsamwa, Bangkok
10510.
On
June 19, 2008,
its registered address
has been changed
from “90/432 Moo 5”
to “199” by
the Klongsamwa District
Office, but both
are the same
location, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTOR
Mr. Vorakiat Sujivarodom
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Vorakiat Sujivarodom is the Managing Director.
He is Thai
nationality with the
age of 49
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide
range of industrial
chemicals, as well as
abrasive raw materials,
such as fused aluminium
oxide, cubition abrasive
grain, silicon carbide, evaporation
sources, active filler,
vacuum metalizing and etc.,
for plastics, paints
and other industries.
IMPORT
80%
of the products
is imported from
Austria, U.S.A., Germany,
France and Republic
of China, the
remaining 20% is
purchased from local
suppliers.
MAJOR
SUPPLIERS
Saint
Gobain : U.S.A./ France
3M
Company : U.S.A./ France
Veneta
Mineraria : U.S.A./
France
Treibacher
Industries AG. :
Austria
Kennametal
Inc. : U.S.A.
SALES
100% of the
products is sold
locally by wholesale
to 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
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 21 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Warehouse:
-
207 Soi Phrayasurain
35, Phrayasurain Rd.,
Bangchan, Klongsamwa,
Bangkok
10510
-
203 Soi Phrayasurain
35, Phrayasurain Rd.,
Bangchan, Klongsamwa,
Bangkok
10510
COMMENT
The subject is an
importer and distributor of
industrial chemicals for various industries
particularly plastics, paints
industries and etc.
In general, the subject’s business is
moderate with steady
growth, and the
outlook is promising in
line with demand
and growth of related
industries.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
The
capital was increased
later as follows:
Bht. 3,000,000
on June 8,
2006
Bht. 5,000,000
on September 13,
2007
Bht. 100,000,000
on January 4,
2011
The
latest registered capital
was increased to
Bht. 100,000,000 divided into 1,000,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Vorakiat Sujivarodom Nationality: Thai Address
: 199 Soi
Phrayasurain 35, Bangchan,
Klongsamwa, Bangkok
10510. |
999,998 |
100.00 |
|
Ms. Punnee Visetminitchai Nationality: Thai Address : 50/163
Moo 9, Rajathewa,
Bangplee,
Samutprakarn |
1 |
- |
|
Mrs. Nartsajee Panyapas Nationality: Thai Address : 57
Bangchak, Prakanong, Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
1,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
1,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Krisana Thiwaree No.
2966
BALANCE SHEET [BAHT]
The
latest financial figures published
for December 31,
2011, 2010 &
2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalent |
4,347,744.18 |
1,137,207.60 |
7,562,659.06 |
|
Trade Accounts Receivable |
27,221,578.12 |
14,580,804.47 |
23,581,726.99 |
|
Inventories |
35,857,917.13 |
34,513,739.04 |
29,720,235.99 |
|
Goods in Transit |
8,759,287.79 |
14,419,975.23 |
12,112,246.02 |
|
Other Current Assets |
2,370.28 |
307,331.07 |
5,048,898.94 |
|
|
|
|
|
|
Total Current Assets
|
76,188,897.50 |
64,959,057.41 |
78,025,767.00 |
|
|
|
|
|
|
Fixed Assets |
118,263,974.57 |
131,369,251.99 |
117,271,843.21 |
|
Deposit |
180,700.00 |
180,700.00 |
1,365,700.00 |
|
Total Assets |
194,633,572.07 |
196,509,009.40 |
196,663,310.21 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft & Loan from
Financial Institute |
35,528,569.70 |
57,149,065.05 |
78,953,090.68 |
|
Trade Accounts & Notes Payable |
12,453,825.64 |
14,545,882.48 |
5,219,206.69 |
|
Current Portion of Long-term
Liabilities |
8,796,000.00 |
8,796,000.00 |
8,796,000.00 |
|
Financial Lease Contract
|
- |
1,000,000.00 |
- |
|
Loan from Person or
Related Company |
7,500,000.00 |
77,745,100.00 |
41,360,000.00 |
|
Other Current Liabilities |
1,444,589.31 |
1,926,643.86 |
7,232,768.51 |
|
|
|
|
|
|
Total Current Liabilities |
65,722,984.65 |
161,162,691.39 |
141,561,065.88 |
|
|
|
|
|
|
Long-term Loan from Financial
Institution |
18,462,000.00 |
20,258,000.00 |
44,054,000.00 |
|
Total Liabilities |
84,184,984.65 |
181,420,691.39 |
185,615,065.88 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 100,000 shares
in 2011, 50,000
shares in 2010
& 2009 Respectively |
100,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
100,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Statutory Reserve |
500,000.00 |
500,000.00 |
500,000.00 |
|
Retained Earning-
Unappropriated |
9,948,587.42 |
9,588,318.01 |
5,548,244.33 |
|
Total Shareholders' Equity |
110,448,587.42 |
15,088,318.01 |
11,048,244.33 |
|
Total Liabilities & Shareholders' Equity |
194,633,572.07 |
196,509,009.40 |
196,663,310.21 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales & Services Income |
208,238,116.26 |
214,304,107.13 |
162,235,681.36 |
|
Gain on Disposal
of Assets |
- |
- |
46,727.96 |
|
Gain on Exchange
Rate |
57,101.64 |
185,058.76 |
52,035.56 |
|
Interest Income |
13,755.80 |
11,455.94 |
7,953.25 |
|
Other Income |
3,511,482.14 |
2,900,567.80 |
1,380,607.16 |
|
Total Revenues |
211,820,455.84 |
217,401,189.63 |
163,723,005.29 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
142,938,161.03 |
151,025,734.35 |
117,612,743.28 |
|
Selling Expenses |
31,834,023.87 |
32,300,187.77 |
23,743,400.10 |
|
Administrative Expenses |
27,767,181.50 |
22,985,375.92 |
17,806,501.11 |
|
Loss on Disposal
of Assets |
2,799,154.92 |
273,873.03 |
- |
|
Total Expenses |
205,338,521.32 |
206,585,171.07 |
159,162,644.49 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
6,481,934.52 |
10,816,018.56 |
4,560,360.80 |
|
Financial Cost |
[2,788,691.39] |
[4,267,926.47] |
[3,971,526.43] |
|
Profit / [Loss] before Income
Tax |
3,693,243.13 |
6,548,092.09 |
588,834.37 |
|
Income Tax |
[3,332,973.72] |
[2,508,018.41] |
[448,887.82] |
|
|
|
|
|
|
Net Profit / [Loss] |
360,269.41 |
4,040,073.68 |
139,946.55 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.16 |
0.40 |
0.55 |
|
QUICK RATIO |
TIMES |
0.35 |
0.01 |
0.13 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.76 |
1.63 |
1.38 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.07 |
1.09 |
0.82 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
113.93 |
118.26 |
129.82 |
|
INVENTORY TURNOVER |
TIMES |
3.20 |
3.09 |
2.81 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
47.71 |
24.83 |
53.05 |
|
RECEIVABLES TURNOVER |
TIMES |
7.65 |
14.70 |
6.88 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
31.80 |
35.15 |
16.20 |
|
CASH CONVERSION CYCLE |
DAYS |
129.84 |
107.94 |
166.68 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
68.64 |
70.47 |
72.49 |
|
SELLING & ADMINISTRATION |
% |
28.62 |
25.80 |
25.61 |
|
INTEREST |
% |
1.34 |
1.99 |
2.45 |
|
GROSS PROFIT MARGIN |
% |
33.08 |
30.97 |
28.42 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.11 |
5.05 |
2.81 |
|
NET PROFIT MARGIN |
% |
0.17 |
1.89 |
0.09 |
|
RETURN ON EQUITY |
% |
0.33 |
26.78 |
1.27 |
|
RETURN ON ASSET |
% |
0.19 |
2.06 |
0.07 |
|
EARNING PER SHARE |
BAHT |
0.36 |
80.80 |
2.80 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.43 |
0.92 |
0.94 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.76 |
12.02 |
16.80 |
|
TIME INTEREST EARNED |
TIMES |
2.32 |
2.53 |
1.15 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(2.83) |
32.09 |
|
|
OPERATING PROFIT |
% |
(40.07) |
137.17 |
|
|
NET PROFIT |
% |
(91.08) |
2,786.87 |
|
|
FIXED ASSETS |
% |
(9.98) |
12.02 |
|
|
TOTAL ASSETS |
% |
(0.95) |
(0.08) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -2.83%. Turnover has decreased from THB 214,304,107.13
in 2010 to THB 208,238,116.26 in 2011. While net profit has decreased from THB
4,040,073.68 in 2010 to THB 360,269.41 in 2011. And total assets has decreased
from THB 196,509,009.40 in 2010 to THB 194,633,572.07 in 2011.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
33.08 |
Impressive |
Industrial Average |
15.38 |
|
Net Profit Margin |
0.17 |
Deteriorated |
Industrial Average |
1.54 |
|
Return on Assets |
0.19 |
Deteriorated |
Industrial Average |
3.07 |
|
Return on Equity |
0.33 |
Deteriorated |
Industrial Average |
7.45 |
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 33.08%. 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 0.17%.
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 0.19%.
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. When compared with the industry
average, it was lower, the company's figure is 0.33%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.16 |
Acceptable |
Industrial Average |
1.70 |
|
Quick Ratio |
0.35 |
|
|
|
|
Cash Conversion Cycle |
129.84 |
|
|
|
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 1.16 times in 2011, increased from 0.4 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 0.35 times in 2011,
increased from 0.01 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 130 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.43 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
0.76 |
Impressive |
Industrial Average |
1.39 |
|
Times Interest Earned |
2.32 |
Satisfactory |
Industrial Average |
2.49 |
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 2.33 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 0.43 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.76 |
Deteriorated |
Industrial Average |
7.30 |
|
Total Assets Turnover |
1.07 |
Acceptable |
Industrial Average |
1.94 |
|
Inventory Conversion Period |
113.93 |
|
|
|
|
Inventory Turnover |
3.20 |
Acceptable |
Industrial Average |
5.22 |
|
Receivables Conversion Period |
47.71 |
|
|
|
|
Receivables Turnover |
7.65 |
Impressive |
Industrial Average |
3.81 |
|
Payables Conversion Period |
31.80 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.65 and 14.70
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 decreased from 118 days at the
end of 2010 to 114 days at the end of 2011. This represents a positive trend.
And Inventory turnover has increased from 3.09 times in year 2010 to 3.2 times
in year 2011.
The company's Total Asset Turnover is calculated as 1.07 times and 1.09
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 Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
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.