|
Report Date : |
12.10.2013 |
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 : |
· Subject operates as Steel Making Industry · Subject also dealing with investment holding by controlling 100% shares of P.T. ISPAT WIRE PRODUCTS dealing with nail making, wire drawing, straight bars. |
|
|
|
|
No. of Employees : |
1,820 |
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) |
|
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 more than 6% annually in
2010-12. 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 fiscal deficit below 3%, 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 2013 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 high 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
a. 17 November 1975 as P.T. ANDHARA STEEL
INDONESIA
b. 1978 as P.T. ISPAT INDO
P.T. (Perseroan
Terbatas) or Limited Liability Company
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
Foreign Investment
(PMA) Company
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
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
Bankers :
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
2013
– Rp. 1,750.0 billion (January – June)
Net
Profit (estimated) :
2010
– Rp. 158.7 billion
2011
– Rp. 163.0 billion
2012
– Rp. 168.0 billion
2013
– RP. 86.0 billion (January – June)
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. Mrs. 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
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 – 2012
|
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 had 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. As from January to June 2013 the sales turnover has amounted at Rp. 1,750.0 billion with a net profit of Rp. 86.0 billion. It is projected the sales will be higher by at least 5% in 2014. 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. She is the wife of
Mr. Lakshmi Mittal (63) founder and CEO of the MITTAL or ISPAT INDO Group. 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.61.16 |
|
UK Pound |
1 |
Rs.97.77 |
|
Euro |
1 |
Rs.82.78 |
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.