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Report Date : |
17.10.2013 |
IDENTIFICATION DETAILS
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Name : |
CARBOROUGH DOWNS COAL SALES PTY LTD |
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Registered Office : |
Level 11, |
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Country : |
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Financials (as on) : |
31.12.2012 (Group Consolidated) |
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Date of Incorporation : |
21.04.2004 |
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Com. Reg. No.: |
108803470 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Marketing and exporting
of coal produced from Carborough Downs mine located in |
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No. of Employees : |
500 employees (Subject);
70,785 (Vale Group) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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) |
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Australia |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
austraLia ECONOMIC OVERVIEW
The Australian
economy has experienced continuous growth and features low unemployment,
contained inflation, very low public debt, and a strong and stable financial system.
By 2012, Australia had experienced more than 20 years of continued economic
growth, averaging 3.5% a year. Demand for resources and energy from Asia and
especially China has grown rapidly, creating a channel for resources
investments and growth in commodity exports. The high Australian dollar has
hurt the manufacturing sector, while the services sector is the largest part of
the Australian economy, accounting for about 70% of GDP and 75% of jobs.
Australia was comparatively unaffected by the global financial crisis as the
banking system has remained strong and inflation is under control. Australia
has benefited from a dramatic surge in its terms of trade in recent years,
stemming from rising global commodity prices. Australia is a significant exporter
of natural resources, energy, and food. Australia's abundant and diverse
natural resources attract high levels of foreign investment and include
extensive reserves of coal, iron, copper, gold, natural gas, uranium, and
renewable energy sources. A series of major investments, such as the US$40
billion Gorgon Liquid Natural Gas project, will significantly expand the
resources sector. Australia is an open market with minimal restrictions on
imports of goods and services. The process of opening up has increased
productivity, stimulated growth, and made the economy more flexible and
dynamic. Australia plays an active role in the World Trade Organization, APEC,
the G20, and other trade forums. Australia has bilateral free trade agreements
(FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has
a regional FTA with ASEAN and New Zealand, is negotiating agreements with
China, India, Indonesia, Japan, and the Republic of Korea, as well as with its
Pacific neighbors and the Gulf Cooperation Council countries, and is also
working on the Trans-Pacific Partnership Agreement with Brunei Darussalam,
Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and
Vietnam.
|
Source : CIA |
Verified Address
Subject name : CARBOROUGH DOWNS COAL
SALES PTY LTD
Business address : Level 11, 100 Creek Street
Town : Brisbane
Province : Queensland
Zip/postal code : 4000
Country : Australia
Tel : +61 7 31360500
Fax : +61 7 31360510
Website : www.valeaustralia.com.au
Registered address : Level 11, 100 Creek Street
Town : Brisbane
Province : Queensland
Zip/postal code : 4000
Country : Australia
Postal address : GPO Box 731
Town : Brisbane
Province : Queensland
Zip/postal code : 4001
Country : Australia
Executive Summary
Date founded or registered : 21/04/2004
Legal form : Australian
Proprietary Company
Chief executive : Robert Jack Skuza
Issued & paid up capital
: AUD 100
Sales turnover : AUD
48,753,000,000 (Group-Consolidated 12 months, 31/12/2012)
Net income : AUD 5,254,000,000
(Group-Consolidated 12 months, 31/12/2012)
Total fixed assets : AUD 131,478,000,000
(Group-Consolidated 12 months, 31/12/2012)
Line of business : Marketing and export of
coal produced from Carborough Downs mine located in
Central Bowen Basin in central Queensland, Australia.
Staff employed : 500 employees (Subject);
70,785 (Vale Group)
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
declining
Management experience : Management is reasonably experienced
Financial performance : Financial performance is fair
Organization structure : Organizational structure is stable
Detrimental : No detrimental found
Payment history : No payment delays noted
Registry Data
Registration date : 21/04/2004
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 108803470
Registered authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business
Number: 17108803470
Registry status : Live/Active
Previous name : None
reported.
Change of legal form : None reported.
Key Management
Name : Robert Jack Skuza
Designation : Managing Director
Appointments
Name : Marcelo Muniz Soares De Matos
Designation : Director
Appointment date : 04/02/10
Address : 91 Grange Road
#02-03
Grange Residences
Singapore
Biography : Born on 13-08-1974 in Belo
Horizonte, Brazil.
Name : Robert Jack Skuza
Designation : Director
Appointment date : 12/11/12
Address : 42 Seaward Crescent
Pallarenda,
QLD 4810
Australia
Biography : Born on 02-06-1961 in Kielce,
Poland.
Name : Binod Kumar Singh
Designation : Director
Appointment date : 12/11/12
Address : 13 Rowsley Street
Greenslopes,
QLD 4120
Australia
Biography : Born on 15-07-1968 in
Hazaribagh, Jharkhand, India.
Staff employed : 500 employees (Subject); 70,785
(Vale Group)
Composition
Authorized Capital : AUD 100
No of shares : 100 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 100
Paid up capital : AUD 100
How listed : Full List
Composition
Shareholder name : VALE AUSTRALIA (CQ) PTY LTD
Address : Level 11, 100 Creek Street
Brisbane,
QLD 4000
Australia
No. of shares : 100 Ordinary Shares
% of shares : 100%
Structure
Name : VALE S.A.
Affiliation type : Ultimate Holding Company
Address : Av. Graça Aranha, 26 -
Centro
Rio de
Janeiro, RJ 20030-900
Brazil
Comments : Vale S.A. is a Brazilian
multinational diversified metals and mining corporation
and one of
the largest logistics operators in Brazil. In addition to being the
second-largest
mining company in the world, Vale is also the largest producer of
iron ore,
pellets, and second largest of nickel. Vale also produces manganese,
ferroalloys,
copper, bauxite, potash, kaolin, alumina and aluminium. In the electric
energy
sector, the company participates in consortia and currently operates nine
hydroelectric
plants.
Vale was
incorporated on June 1, 1942. It was listed in Rio de Janeiro Stock
Exchange
on October 26, 1943, Săo Paulo Stock Exchange (BOVESPA) on April
04, 1968,
Latibex on February 8, 2000, New York Stock Exchange (NYSE) on
June 20,
2000, NYSE Euronext Paris on July 18, 2008 and Hong Kong Stock
Exchange
(HKEx) on December 8, 2010. ?
Name : VALE AUSTRALIA (CQ) PTY
LTD
Affiliation type : Parent Company
Address : Level 11, 100 Creek Street
Brisbane,
QLD 4000
Australia
Name : CARBOROUGH DOWNS COAL MANAGEMENT
PTY LTD
Affiliation type : Sister Company
Address : Level 11, 100 Creek Street
Brisbane,
QLD 4000
Australia
Comments : Carborough Downs Coal
Management Pty Ltd owns and operates Carborough
Downs mine located in Central Bowen Basin in central Queensland,
Australia.
Name : VALE AUSTRALIA HOLDINGS
PTY. LTD.
Affiliation type : Sister Company
Address : Level 11, 100 Creek Street
Brisbane,
QLD 4000
Australia
Name : VALE AUSTRALIA PTY.
LTD.
Affiliation type : Sister Company
Address : Level 11, 100 Creek Street
Brisbane,
QLD 4000
Australia
Related companies and corporate affiliations comments
Other companies of the Vale
S.A. should be considered affiliated companies of the Subject.
Bank Details
Name of bank : Bank of Queensland
Address : Australia
Account details : Current Account
Comments : It is generally not the policy
of local banks to provide credit status information to
non
related parties, however interested parties would be advised to consult first
with the
Subject if banker's references are required.
Mortgages : None
reported.
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None
reported.
Description
Source of financial statement
: Public Record Sources
Financial statement date : 31/12/12
Type of accounts : Full audited
Currency : US Dollar (USD)
Consolidation type : Group Consolidated Group Consolidated
Currency : US Dollar (USD) US Dollar (USD)
Denomination : (x1) One (x1) One
Date of financial year end : 31/12/12 31/12/11
Length of accounts : 12 months 12 months
Sale turnover / Income : 48,753,000,000 62,345,000,000
Profit before tax : 5,422,000,000 26,799,000,000
Net income : 5,254,000,000 22,652,000,000
Non current assets : 108,581,000,000 106,992,000,000
Current assets : 22,897,000,000 21,736,000,000
Inventories : 5,052,000,000 5,251,000,000
Total assets : 131,478,000,000 128,728,000,000
Current liabilities : 12,585,000,000 11,043,000,000
Non current liabilities : 43,017,000,000 38,076,000,000
Total liabilities : 55,602,000,000 49,119,000,000
Share equity : 75,876,000,000 79,609,000,000
Comments : The group’s consolidated
financial information above relates to the Subject’s
Ultimate
Holding Company Vale S.A. and all its subsidiaries which includes the
Subject.
Main activities : The Subject engages in marketing and export of coal
produced from
Carborough Downs mine
located in Central Bowen Basin in central
Queensland, Australia.
Vale S.A is the
operator of Carborough Downs mine and owns 80% of the
operation since 2007
when the Company entered the Australian market
and acquired assets
from AMCI Holdings.
The Carborough Downs
mine is owned by Vale S.A (80%), Nippon Steel
Corporation (5%),
POSCO (5%), Tata Steel (5%), JFE Steel Corporation
(2.50%) and JFE Shoji
Trade Corporation (2.50%).
In 2012, the mine
produced 1,072,000 metric tons of coal. The mine is
expected to continue
producing until 2019, with further potential for the
extension of the mine
life beyond that time frame. The mining tenements
for Carborough Downs
mine expires in 2035.
The Subject is
ultimately owned by Vale S.A..
Vale S.A. engages in
the research, production, and marketing of iron ore
and pellets, nickel,
fertilizers, copper, coal, manganese, ferroalloys, cobalt,
platinum group metals,
and precious metals in Brazil and internationally. Its
Bulk Material segment
engages in the extraction of iron ore and pellet
production, as well as
operation of transport systems in Brazil, including
railroads, ports, and
terminals related to mining operations. This segment is
also involved in the
production of manganese and ferroalloys; and mining
of coal. The company’s
Base Metals segment produces non-ferrous
minerals, including
nickel and copper; and aluminum products. Vale S.A.’s
Fertilizers segment
provides potash, phosphates, and nitrogen. The
company’s Logistic
Services segment offers cargo transportation services,
such as rail
transport, port, and shipping services for third parties. In
addition, Vale S.A.
generates energy through hydroelectric plants and
centers in Brazil,
Canada, and Indonesia; and has a natural gas exploration
portfolio of 18 blocks
in 4 petroleum basins in Brazil. The company was
formerly known as
Companhia Vale do Rio Doce and changed its name to
Vale S.A. in May 2009.
Vale S.A. was founded in 1942 and is based in Rio
de Janeiro, Brazil.
Note:
Vale in Australia
Vale entered the
Australian market in 2007 following the acquisition of
assets from AMCI
Holdings. Our global coal headquarters are based in
Brisbane and across
Australia we employ more than 1,300 people. In
Queensland, in addition
to operating the Carborough Downs Mine, we are
a part owner of the
Isaac Plains Mine. In New South Wales’ Hunter Valley,
we operate the Integra
Mine.
Product & services : Metallurgical coal
Pulverized Coal
Purchases
Local : Yes
Sales
International : Worldwide
Key events : March 14, 2013
Vale Seeks
to Sell Minority Stakes in Australian Coal Assets
Brazil’s
Vale S.A has hired Bank of America to sell minority stakes in two
Australian
coal assets, a person familiar with the matter said Thursday.
Vale–the
world’s largest iron ore producer–is searching for partners to
invest in
two of its undeveloped coal deposits, including the Belvedere
project in
Queensland state.
Last
month, Vale completed the purchase of the remaining 24.5% it didn’t
own in
Belvedere, a proposed underground mining development in the
southern
Bowen Basin, from Aquila Resources Ltd. after the companies
settled a
long-running dispute over its valuation.
Vale had
originally exercised an option to acquire Aquila’s stake in
mid-2010
around the same time that it also bought an interest of similar
size from
AMCI Investments.
According
to an environmental impact statement updated in November, the
Belvedere project
will require 2 billion Australian dollars (US$2.06 billion) of
investment
and is due to be completed in 2016. Initial production is forecast
at up to 2
million tons of coal a year, rising to 7 million tons later.
Vale’s
other non-producing Australian assets include a 50% stake in the
Eagle
Downs coking coal deposit. Aquila owns the remaining interest.
Aquila
last year said it was seeking a co-investor for the Eagle Downs
project in
order to help fund its development. The Perth-based company
needs A$640
million to fund its 50% share of the project through to the first
100,000
metric tons of coal production.
Vale’s
larger assets include an 80% stake in the underground Carborough
Downs
mine, which coking metallurgical coal, a 50% stake in the open-pit
Isaac
Plains coal mine, and a 61% stake in the Integra coal complex, which
produced
thermal and coking coal from open-pit and underground
operations.
Source:
Wall Street Journal
March 1,
2013
Vale takes
hit as coal prices fall
BRAZILIAN
mining giant Vale has taken a $US1 billion write-down against
the value
of the Australian coal mines it acquired in 2007, blaming
softening
coal prices.
On
Wednesday, Sao Paulo time, Vale reported a net loss for the December
quarter and
a 76 per cent slump in net earnings to $US5.5 billion in 2012,
dragged down by $US5.7
billion in impairments, including the charge
against the Australian
coal assets that were bought from AMCI for $835
million plus net debt.
Vale's coal and
fertilisers chief Roger Downey blamed the Australian
write-downs on weak
market conditions, including ''lower prices than we
had when those assets
were acquired''. Vale operates the Carborough
Downs mine and
part-owns the Isaac Plains mine in Queensland's northern
Bowen Basin, and
operates the Camberwell/Integra mine in the New South
Wales Hunter Valley.
Analysts expect all
three mines would be marginal at current coal prices.
According to
Metalytics data, the mines' total production costs - including
rail to port and
loading on a ship - at Carborough Downs are about $160 a
tonne, at Isaac Plains
are $142 a tonne and at Camberwell - probably the
most profitable asset
- are $125 a tonne.
UBS predicts hard
coking coal prices will average $160 a tonne over the
next 12 months to 18
months, while lower-grade PCI coal will fetch $140 a
tonne, semi-soft
coking coal $120 a tonne and thermal coal $95 a tonne.
UBS analyst Tom Price
said producers were typically conservative in their
outlook for commodity prices.
He expects coal prices to decline over the
next five years due
partly to increased supply.
Mr Price said the BHP
Billiton Mitsubishi Alliance, Rio Tinto, Xstrata and
Anglo American had
been ''flat out for five years now, pumping record met
coal volumes''.
If they could not trim
costs, he said, there was ''a risk they'll have to close
some assets down''.
After record profitability in 2011, Vale's revenues fell
23 per cent in 2012
and underlying earnings more than halved, due to
lower commodity prices.
Vale described 2012 as a ''challenging year for the
world economy'' that
led to a ''generalised decline in minerals and metals
prices, with the
exception of gold''.
Vale's coal division
reported record output as its Moatize mine in
Mozambique ramped up
production. The group is the world's largest iron
ore miner and shipped
a record 303 million tonnes last year. It said the
write-downs were lower
than recent ones from peers Rio and BHP. Other
write-downs included
$US2.85 billion against its Onca Puma nickel project
in Brazil and $US975
million against its Norsk Hydro stake.
28 August, 2012
Vale lifts force
majeure at Carborough Downs
Vale has announced
that it has lifted force majeure at the Carborough
Downs metallurgical
coal operation in the central Bowen basin in
Queensland, Australia.
Force majeure was declared at the end of May
2012, following the
detection of abnormal levels of carbon monoxide in the
mine. No employees were
adversely affected and no environmental
damage occurred.
Carborough Downs has
resumed production at a safe rate. Output will
gradually
normalise as the remaining operational and geological issues are
resolved.
In the second quarter of 2012, Carborough Downs produced
82,000
metric t of metallurgical coal.
Source: www.energyglobal.com
1 June,
2012
Vale SA
Suspends Operations of Australian Carborough Downs Coal Mine
Vale SA,
the world's largest iron ore miner, on Thursday announced it is
suspending
the operations of its Carborough Downs coal mine in Australia
in
compliance to a government directive after irregular levels of carbon
monoxide
were detected in the mine.
The
Queensland State Inspectorate for Mines, in a May 29 directive to Vale
SA,
likewise ordered for the immediate evacuation of all employees
working in
the mine.
This was
the second that a mine of Vale SA was forced to temporarily
close down
due to mine accidents and/or health concerns. Also in May, the
world's
second-largest producer of nickel suspended operations at its Goro
Project on
the French Pacific island of New Caledonia due to an accident
at the
sulphuric acid plant at the mine.
Vale SA estimated
about 7,700 tonnes of coal has been lost since Tuesday
this week.
The coal produced by the Carborough Downs mine is mainly
used for
metallurgical operations. Vale SA said all affected consumers
have been
aptly and properly informed of the unfortunate and ill-timed
closure.
The
Carborough Downs mine in Australia, in the first quarter of the year,
had
produced 325,000 tonnes of coal, Vale SA said.
The
Brazilian miner is closely working with the Queensland State
Inspectorate
for Mines for the immediate resumption of the mine's
operations.
Source: www.au.ibtimes.com
Property &
Assets
Premises : The Subject operates from the verified heading address consisting of an
administrative office.
Branches : None reported.
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign exchange
& gold : US$ 46.714 billion
Gross domestic product - GDP
: US$ 1.586 trillion
GPP (Purchasing power parity)
: 954.296 billion of
International dollars
GDP per capita - current
prices : US$ 68,916
GDP - composition by sector : agriculture:
4%
industry:
25.6%
services:
70.4%
Inflation : 2010:
2.8%
2011: 3.4%
2012: 2.7%
Unemployment rate : 2010: 5.2%
2011: 5.1%
2012: 5.2%
Public debt
(General Government gross
debt as
a % GDP) 2010:
20.4%
2011:
22.9%
2012: 24%
Government bond ratings : Standard & Poor's: AAA
Moody's
rating: Aaa
Moody's
outlook: STA
Market value of publicly
traded shares : US$1.198 trillion
Largest companies in the
country : Qantas Airways
(Airline),Coca-Cola Amatil (Beverages), CSL (Biotechs),
Brambles (Business & Personal
Services),Crown Ltd (Casinos &
aming), Amcor (Containers & Packaging),Suncorp-Metway (Diversified
Insurance), BHP Billiton (Diversified Metals & Mining),Newcrest Mining
(Diversified Metals & Mining), Orica (Diversified Metals & Mining),
Iluka Resources (Diversified Metals & Mining), Origin Energy (Electric
Utilities), AGL Energy (Electric Utilities), Wesfarmers (Food Retail),
Woolworths (Food Retail), Metcash (Food Retail), Macquarie Group (Investment
services), AMP (Investment services), Challenger Ltd (Investment services),
Fortescue Metals Group (Iron & Steel), Bluescope Steel (Iron & Steel),
Commonwealth Bank (Major Banks), Westpac Banking Group (Major Banks), National
Australia Bank (Major Banks), ANZ (Major Banks), Woodside Petroleum (Oil &
Gas Operations), Santos (Oil & Gas Operations), Caltex Australia (Oil &
Gas Operations), WorleyParsons (Oil Services & Equipment), Toll Holdings
(Other Transportation), Transurban Group (Other Transportation), QBE Insurance
Group (Property & Casualty Insurance), Insurance Australia Group (Property
& Casualty Insurance), QR National (Railroads), Westfield Group (Real
Estate), Stockland Australia (Real Estate), Westfield Retail Trust (Real
Estate), Lend Lease (Real Estate), CFS Retail Property Trust (Real Estate),
Goodman Group (Real Estate), Bendigo & Adelaide Bank (Regional Banks), Bank
of Queensland (Regional Banks), Incitec Pivot (Specialized Chemicals), Telstra
(Telecommunications Services)
Trade &
Competitiveness Overview
Total exports : US$263.9 billion
Exports commodities : Coal, iron ore, gold, meat, wool,
alumina, wheat, machinery and transport
equipment
Total imports : US$239.7 billion
Imports commodities : Machinery and transport
equipment, computers and office machines,
telecommunication equipment and parts; crude oil and petroleum
products
Export - major partners : China 27.4%, Japan 19.2%, South
Korea 8.9%, India 5.8%
Import - major partners : China 18.5%, US 11.4%, Japan 7.9%,
Singapore 6.3%, Germany 4.7%
FDI Inflows : 2009: US$26,554
million
2010:
US$35,556 million
2011:
US$41,317 million
FDI Outflows : 2009: US$16,693
million
2010:
US$12,791 million
2011:
US$19,999 million
Best countries for doing
business : 10 out of 185 countries
Global competitiveness
ranking : 20 (ranking by country on a basis of 144, the first is the best)
Country and
Population Overview
Total population : 22.68 million
Total area : 7,692,024 km2
Capital : Canberra
Currency : Australian
dollars (AUD)
Internet users as % of total
Population 79%
PAY
Purchase Term
Local : Bank transfer, D/P,
Credit up to 120 days
Sales Term
International : L/C, D/P, Credit up to 120 days
Trade Reference/
Payment Behaviour
Comments : As local and international
trade references were not supplied, the Subject's
payment track
record history cannot be appropriately determined but based
on our
research, payments are believed to be met without delay.
Investigation Note
Sources : Interviews and material
provided by the Subject
Other official and local business sources
NT HISTORY
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
UK Pound |
1 |
Rs.98.59 |
|
Euro |
1 |
Rs.83.67 |
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.