MIRA INFORM REPORT
|
Report Date : |
26.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
KASKAL CO., LTD. |
|
|
|
|
Formerly Known As : |
KAMA GROUP CO., LTD. |
|
|
|
|
Registered Office : |
342 Moo 7, T. Bangpoomai, A. Muang, Samutprakarn 10270 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
15.02.2002 |
|
|
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Com. Reg. No.: |
0105545018360 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and distributor of
aluminum frame for
door & window, glass façade
and curtain wall
system |
|
|
|
|
No. of Employees |
230 |
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 : |
Slow but correct |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. 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 recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In late 2011 Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. The government 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 following seven years
|
Source
: CIA |
Company
name
KASKAL CO., LTD.
[FORMER :
KAMA GROUP CO.,
LTD.]
SUMMARY
BUSINESS
ADDRESS : 342
MOO 7, T. BANGPOOMAI, A. MUANG,
SAMUTPRAKARN 10270,
THAILAND
TELEPHONE :
[66] 2762-9762,
088 003-9478
FAX :
[66] 2762-9766
E-MAIL
ADDRESS : info@kaskalthai.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0105545018360 [Former :
10454500296]
TAX
ID NO. : 3030482730
CAPITAL REGISTERED : BHT. 106,500,000
CAPITAL PAID-UP : BHT.
106,500,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
WINIJ TAWEESAKULCHAI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 230
LINES
OF BUSINESS : ALUMINUM AND
RELATED PRODUCTS
IMPORTER &
DISTRIBUTOR
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The subject
was established on
February 15, 2002 as a private
limited company under
the registered name “Kama Group
Co., Ltd.” by
Thai groups. On
June 23, 2005,
the subject’s name was
changed to KASKAL
CO., LTD. It
was initially engaged
in distributing wide
range of aluminum and
related products to local
market.
In
2006, its core
business has become
to manufacture aluminum
frame for decorative
works. It currently
employs approximately 230
staff.
The
subject’s registered address
was initially at
19/51 Moo 7, Bangna-Trad
Rd., Bangchalong, Bangplee, Samutprakarn
10540.
In
April 2008, its
registered address was
relocated to 342
Moo 7, T. Bangpoomai,
A. Muang,
Samutprakarn 10270, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kasem Taveesakulchai |
|
Thai |
85 |
|
Mr. Winij Taweesakulchai |
|
Thai |
60 |
|
Mr. Winai Taweesakulchai |
|
Thai |
57 |
|
Mr. Witoon Taweesakulchai |
|
Thai |
55 |
|
Mr. Wibul Taweesakulchai |
|
Thai |
50 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Winij Taweesakulchai is
the Managing Director.
He is Thai
nationality with the
age of 60
years old.
BUSINESS
OPERATIONS
The subject’s core
business is a
manufacturer and distributor of
aluminum frame for
door & window, glass façade
and curtain wall
system. The subject also
provides aluminum frame
and glass installation
service.
Subject also imports
and distributes wide
range of aluminum
and related products
for construction and
decorative works. Its
products are aluminum
sheet, aluminum circle,
aluminum extrusion, aluminum
alloy wire rod,
glass and accessories.
PURCHASE
80% of the
products is purchased
from local suppliers, and
the remaining 20%
is
imported from Republic
of China and
Taiwan.
SALES
90% of the
products is sold
locally by wholesale
to dealers and
contractors, and the
remaining 10% is
exported to Japan,
Pakistan, Singapore and Dubai.
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.
Exports are against
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
230 staff. [office
and sales staff]
LOCATION
DETAILS
The
premise is rented
for administrative office
and warehouse on
27,200 square meters,
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The
subject’s business has
been slowing down
in 2013-2014. Sales were
contracted and business growth is
likely slow from
shrinking domestic consumption.
FINANCIAL
INFORMATION
The
capital was initially
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each.
The
capital was increased
later as follows:
Bht. 20,000,000
on April 7,
2005
Bht. 30,000,000
on December 21,
2005
Bht. 50,000,000
on April 18,
2007
Bht. 80,000,000
on May 16,
2007
Bht. 100,000,000
on October 17,
2008
Bht. 106,500,000
on April 10,
2014
The
latest registered capital
was increased to
Bht. 106,500,000 divided into 1,065,000 shares of
Bht. 100 each with fully paid-up.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 9, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Winij Taweesakulchai Nationality: Thai Address : 185 Ramkhamhaeng Road, Wangthonglang, Bangkok |
511,200 |
48.00 |
|
Mr. Winai Taweesakulchai Nationality: Thai Address : 48
Soi Sathorn 11,
South Sathorn Road,
Yannawa, Sathorn, Bangkok |
213,000 |
20.00 |
|
Mr. Witoon Taweesakulchai Nationality: Thai Address : 29
Rama 3 Road,
Chongnonsi,
Yannawa, Bangkok |
191,700 |
18.00 |
Mr. Wibul Taweesakulchai Nationality: Thai Address : 29/3
Rama 3 Road,
Chongnonsi,
Yannawa, Bangkok |
149,100 |
14.00 |
Total Shareholders : 4
Share Structure [as
at April 9,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
1,065,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
1,065,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Vichit Luechaiprasith No.
3563
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 |
14,499,214.77 |
183,433.70 |
719,259.07 |
|
Trade Accounts & Other Receivable |
349,243,778.10 |
326,263,277.36 |
245,319,967.94 |
|
Deposit Paid for
Acquisition of Property |
34,000,000.00 |
- |
- |
|
Inventories |
82,632,350.60 |
35,385,663.93 |
39,242,331.13 |
|
Other Current Assets
|
2,357,645.05 |
1,682,408.30 |
6,225,623.93 |
|
|
|
|
|
|
Total Current Assets
|
482,732,988.52 |
363,514,783.29 |
291,507,182.07 |
|
|
|
|
|
|
Fixed Assets |
231,917,675.66 |
244,025,825.62 |
258,772,158.94 |
|
Intangible Assets |
2,847,637.53 |
- |
- |
|
Withholding Income Tax |
921,586.81 |
366,823.92 |
658,046.05 |
|
Other Non-current Assets |
297,116.00 |
297,116.00 |
297,116.00 |
|
Total Assets |
718,717,004.52 |
608,204,548.83 |
551,234,503.06 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
51,452,685.72 |
117,985,258.86 |
77,241,585.04 |
|
Trade Accounts & Other Payable |
399,649,649.73 |
273,749,733.73 |
285,125,838.20 |
|
Current Portion of Long-term
Loan from Financial Institutions |
25,080,000.00 |
25,080,000.00 |
25,080,000.00 |
|
Current Portion of Financial
Lease Contract Liabilities |
513,773.40 |
800,518.26 |
1,058,579.25 |
|
Short-term Loan |
190,900,000.00 |
50,900,000.00 |
16,900,000.00 |
|
Premature Sales Tax |
5,146,624.30 |
2,836,228.37 |
2,576,380.62 |
|
Other Current Liabilities |
842,893.95 |
4,023,445.71 |
793,445.96 |
|
|
|
|
|
|
Total Current Liabilities |
673,585,627.10 |
475,375,184.93 |
408,775,829.07 |
|
|
|
|
|
|
Long-term Loan from Financial Institutions, Net of Current
Portion |
16,032,099.10 |
41,112,099.10 |
66,193,059.92 |
|
Financial Lease Contract Liabilities, Net of Current Portion |
981,976.34 |
577,134.99 |
566,461.48 |
|
Total Liabilities |
690,599,702.54 |
517,064,419.02 |
475,535,350.47 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,000,000 shares |
100,000,000.00 |
100,000,000.00 |
100,000,000.00 |
|
|
|
|
|
|
Capital Paid |
100,000,000.00 |
100,000,000.00 |
100,000,000.00 |
|
Retained Earning Unappropriated |
[71,882,698.02] |
[8,859,870.19] |
[24,300,847.41] |
|
Total Shareholders' Equity |
28,117,301.98 |
91,140,129.81 |
75,699,152.59 |
|
Total Liabilities &
Shareholders' Equity |
718,717,004.52 |
608,204,548.83 |
551,234,503.06 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales & Services Income
|
277,662,415.30 |
363,660,716.77 |
244,248,594.68 |
|
Other Income |
|
|
|
|
Income from
creditors to reduce debt |
- |
19,561,574.50 |
- |
|
Others |
191,785.86 |
3,821,693.78 |
488,403.39 |
|
Total Revenues |
277,854,201.16 |
387,043,985.05 |
244,736,998.07 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
290,529,635.44 |
319,637,029.25 |
204,435,671.50 |
|
Selling Expenses |
3,880,265.01 |
1,720,658.37 |
4,325,439.33 |
|
Administrative Expenses |
38,509,717.81 |
39,789,637.17 |
46,580,077.61 |
|
Total Expenses |
332,919,618.26 |
361,147,324.79 |
255,341,188.44 |
|
Profit /[Loss] before Financial Cost |
[55,065,417.10] |
25,896,660.26 |
[10,604,190.37] |
|
Financial Cost |
[7,957,410.73] |
[10,455,683.04] |
[8,792,250.63] |
|
Net Profit / [Loss] |
[63,022,827.83] |
15,440,977.22 |
[19,396,441.00] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.72 |
0.76 |
0.71 |
|
QUICK RATIO |
TIMES |
0.59 |
0.69 |
0.60 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.20 |
1.49 |
0.94 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.39 |
0.60 |
0.44 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
103.81 |
40.41 |
70.06 |
|
INVENTORY TURNOVER |
TIMES |
3.52 |
9.03 |
5.21 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
459.10 |
327.46 |
366.60 |
|
RECEIVABLES TURNOVER |
TIMES |
0.80 |
1.11 |
1.00 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
502.09 |
312.60 |
509.06 |
|
CASH CONVERSION CYCLE |
DAYS |
60.82 |
55.27 |
(72.40) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
104.63 |
87.89 |
83.70 |
|
SELLING & ADMINISTRATION |
% |
15.27 |
11.41 |
20.84 |
|
INTEREST |
% |
2.87 |
2.88 |
3.60 |
|
GROSS PROFIT MARGIN |
% |
(4.57) |
18.54 |
16.50 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(19.83) |
7.12 |
(4.34) |
|
NET PROFIT MARGIN |
% |
(22.70) |
4.25 |
(7.94) |
|
RETURN ON EQUITY |
% |
(224.14) |
16.94 |
(25.62) |
|
RETURN ON ASSET |
% |
(8.77) |
2.54 |
(3.52) |
|
EARNING PER SHARE |
BAHT |
(63.02) |
15.44 |
(19.40) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.96 |
0.85 |
0.86 |
|
DEBT TO EQUITY RATIO |
TIMES |
24.56 |
5.67 |
6.28 |
|
TIME INTEREST EARNED |
TIMES |
(6.92) |
2.48 |
(1.21) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(23.65) |
48.89 |
|
|
OPERATING PROFIT |
% |
(312.64) |
(344.21) |
|
|
NET PROFIT |
% |
(508.15) |
179.61 |
|
|
FIXED ASSETS |
% |
(4.96) |
(5.70) |
|
|
TOTAL ASSETS |
% |
18.17 |
10.33 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -23.65%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
(4.57) |
Deteriorated |
Industrial
Average |
50.45 |
|
Net Profit Margin |
(22.70) |
Deteriorated |
Industrial
Average |
18.98 |
|
Return on Assets |
(8.77) |
Deteriorated |
Industrial
Average |
24.94 |
|
Return on Equity |
(224.14) |
Deteriorated |
Industrial
Average |
52.59 |
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 -4.57%. 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 -22.7%.
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 -8.77%.
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 -224.14%.
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 |
0.72 |
Risky |
Industrial
Average |
1.67 |
|
Quick Ratio |
0.59 |
|
|
|
|
Cash Conversion Cycle |
60.82 |
|
|
|
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 0.72 times in 2012, decreased from 0.76 times, then the company may
not be efficiently using its current assets. 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 0.59 times in 2012,
decreased from 0.69 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 61 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.96 |
Acceptable |
Industrial
Average |
0.45 |
|
Debt to Equity Ratio |
24.56 |
Risky |
Industrial
Average |
0.83 |
|
Times Interest Earned |
(6.92) |
Risky |
Industrial
Average |
- |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -6.93 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.96 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.20 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.39 |
Deteriorated |
Industrial
Average |
1.31 |
|
Inventory Conversion Period |
103.81 |
|
|
|
|
Inventory Turnover |
3.52 |
Satisfactory |
Industrial
Average |
4.02 |
|
Receivables Conversion Period |
459.10 |
|
|
|
|
Receivables Turnover |
0.80 |
Deteriorated |
Industrial
Average |
5.49 |
|
Payables Conversion Period |
502.09 |
|
|
|
The company's Account Receivable Ratio is calculated as 0.80 and
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 40 days at the
end of 2011 to 104 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 9.03 times in year 2011 to 3.52 times
in year 2012.
The company's Total Asset Turnover is calculated as 0.39 times and 0.6
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 Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.12 |
|
|
1 |
Rs.102.71 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIS |
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.