MIRA INFORM REPORT
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Report Date : |
27.01.2014 |
IDENTIFICATION DETAILS
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Name : |
ATLAS SPECIALTY METALS PTY LTD |
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Formerly Known As : |
ATLAS STEELS ( |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
21.10.1960 |
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Com. Reg. No.: |
004496128 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Processing and distribution of stainless and specialty steel products |
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No. of Employees : |
190 |
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 : |
Slow but correct |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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
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Source
: CIA |
Verified Address
Subject name : ATLAS SPECIALTY METALS PTY LTD
Other style / Business name : ATLAS SPECIALTY METALS / ATLAS ALUMINIUM / ATLAS STEELS /
METAL CENTRE AU / AMARI METAL CENTRE / AUSTRALIAN METAL
CENTRE / METAL CENTRE AUSTRALIA
Business address : 13-23 Lynch Road
Town : Brooklyn
Province : Victoria
Zip/postal code : 3012
Country : Australia
Tel : +61 3 83839899
Fax : +61 3 92729965
Email : vicsales@atlassteels.com.au
Website : www.atlassteels.com.au
Registered address : 13-23 Lynch Road
Town : Brooklyn
Province : Victoria
Zip/postal code : 3012
Country : Australia
Executive Summary
Date founded or registered : 21/10/1960
Legal form : Australian Proprietary Company
Chief executive : Stephen Robinson
Issued & paid up capital : AUD 28,542,001
Sales turnover : AUD 214,833,000 (Consolidated 12 months, 30/06/2011)
Net income : AUD -13,069,000 (Consolidated 12 months, 30/06/2011)
Total fixed assets : AUD 127,647,000 (Consolidated 12 months, 30/06/2011)
Line of business : Processing and distribution of stainless and specialty steel products.
Staff employed : 190 employees
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 deteriorating
Organization structure : Organizational structure is acceptable
Detrimental : No detrimental found
Payment history : No payment delays noted
Credit amount asked : Not described.
Comments : It is advisable to conduct business dealing on prepayment or L/C for larger credit
transaction than suggested. The Subject faced losses in 2010 & 2011 and caution
is needed as equity balance could face a deficit if large losses incurred for
following financial year end.
Registry Data
Registration date : 21/10/1960
Legal form : Australian Proprietary Company
Registration no Australian Company Number: 004496128
Registered authority : Australian Securities and Investments Commission
Fiscal/ Tax no : Australian Business Number: 13004496128
Registry status : Live/Active
Previous name : The Subject was established on 21-10-1960 under the name ATLAS STEELS (AUSTRALIA) PTY. LIMITED and changed its name to ATLAS SPECIALITY
METALS PTY LTD on 01-12-2007. ATLAS SPECIALITY METALS PTY LTD then
changed to the current style on 01-03-2008.
Change of legal form : None reported.
Key Management
Name : Stephen Robinson
Designation : Chief Executive Officer
Name : Benjamin Ultimo Curulli
Designation : Chief Financial Officer
Appointments
Name : Steven James Annear
Designation : Director
Appointment date : 05/11/08
Address : 20 May Street
Hampton, VIC 3188
Australia
Biography : Born on 18-03-1961 in Rosebery, Tasmania, Australia.
Name : Barry King
Designation : Director
Appointment date : 30/03/12
Address : 6 Pyrford Woods Close
Pyrford, Woking GU22 8QN
United Kingdom
Biography : Born on 07-06-1957 in United Kingdom.
Name : Stuart Robinson
Designation : Director
Appointment date : 30/03/12
Address : 110 Main Street
Kinoulton, Nottingham NG12 3EN
United Kingdom
Biography : Born on 09-04-1950 in Sheffield, United Kingdom.
Name : Benjamin Ultimo Curulli
Designation : Company Secretary
Appointment date : 14/09/12
Address : 56 Windella Avenue
Kew East, VIC 3102
Australia
Biography : Born on 26-11-1966 in Melbourne, Victoria, Australia.
Staff employed : 190 employees
Composition
Authorized Capital : AUD 28,542,001
No of shares : 28,352,000 Ordinary Shares
Share par value : No par value
Issued capital : AUD 28,542,001
Paid up capital : AUD 28,542,001
How listed : Full List
Composition
Shareholder name : AMARI METALS AUSTRALIA LTD
Address : C/o BIXBY BRIDGE CAPITAL LLC
Suite 555, 555 Skokie Boulevard
Northbrook, IL 60062
United States
No. of shares : 28,352,000 Ordinary Shares
% of shares : 100%
Structure
Name : HENLEY MANAGEMENT COMPANY
Affiliation type : Ultimate Holding Company
Address : C/o BIXBY BRIDGE CAPITAL LLC
Suite 555, 555 Skokie Boulevard
Northbrook, IL 60062
United States
Name : AMARI METALS LIMITED
Affiliation type : Intermediate Holding Company
Address : 25 High Street
Cobham
Surrey KT11 3DH
United Kingdom
Comments : The company distributes stainless steel, aluminum, brass, copper, and high value
metals. The company is said to be one of Europe's largest independent
multi-metals stockholders. The company was incorporated in 1986 and is based
in Cobham, United Kingdom. The company also acts as a holding company.
Name : AMARI METALS AUSTRALIA LTD
Affiliation type : Parent Company
Address : C/o BIXBY BRIDGE CAPITAL LLC
Suite 555, 555 Skokie Boulevard
Northbrook, IL 60062
United States
Name : GILBERT LODGE (N.Z.) LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : 66 Harris Road
East Tamaki, Auckland 2013
New Zealand
Name : ATLAS SPECIALTY METALS LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : 66 Harris Road
East Tamaki, Auckland 2013
New Zealand
Name : ATLAS METAL PROCESSORS PTY LTD
Affiliation type : Wholly-owned Subsidiary
Address : 13-23 Lynch Road
Brooklyn, VIC 3012
Australia
Name : AALCO METALS LIMITED
Affiliation type : Sister Company
Address : 25 High Street
Cobham
Surrey KT11 3DH
United Kingdom
Comments : Aalco is a independent metal stockholders with an extensive inventory of
aluminium, stainless Steel, copper, brass and bronze in all semi-finished forms.
Name : DALSTEEL METALS PTY LIMITED
Affiliation type : Sister Company
Address : Suite 1503, Level 15
1 Alfred Street
Sydney, NSW 2000
Australia
Comments : Independent stockist/distributor of stainless steel & aluminium products in
Australia.
Name : AMARI AEROSPACE LIMITED
Affiliation type : Sister Company
Address : Unit 1, Mauretania Road
Nursling
Southampton SO16 OYS
United Kingdom
Comments : Amari Aerospace, a division of Amari Metals, specialises in the supply of semi
finished metal products such as bar, sheet, plate and forgings to the Aerospace,
Defence, Motorsport and High Tech industries.
Name : CASHMORES METALS LIMITED
Affiliation type : Sister Company
Address : Upper Brook Street
Walsall
West Midlands WS2 9PD
United Kingdom
Comments : Metal stockholding.
Related companies and corporate
affiliations comments
: Other companies of the Amari Group should be considered affiliates of the
Bank Details
Name of bank : Bank of America
Address : Australia
Account details : Current Account
Name of bank : The Australia and New Zealand Banking Group Limited
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 : Commercial Registry Filings
Financial statement date : 30/06/11
Type of accounts : Full audited
Currency : Australia Dollar (AUD)
Exchange rate : 1 USD = AUD 1.13 as of 22-01-2014
Summarized Financial
Information
Consolidation type : Consolidated Consolidated
Currency : Australia Dollar (AUD) Australia Dollar (AUD)
Denomination : (x1) One (x1) One
Date of financial year end : 30/06/11 30/06/10
Length of accounts : 12 months 12 months
Sale turnover / Income : 214,833,000 200,700,000
Gross profit : 37,425,000 38,931,000
Profit before tax : -15,765,000 -14,453,000
Net income : -13,069,000 -14,470,000
Non current assets : 14,784,000 19,061,000
Current assets : 112,863,000 135,620,000
Inventories : 74,115,000 94,423,000
Total assets : 127,647,000 154,681,000
Current liabilities : 94,949,000 111,225,000
Non current liabilities : 28,832,000 25,909,000
Total liabilities : 123,781,000 137,134,000
Share equity : 3,866,000 17,547,000
Reserve : -3,952,000 -3,646,000
Retained earning : 7,438,000 20,813,000
Comments : The consolidated financial information above relates to the Subject and its
subsidiaries. Furthermore, the Subject's latest financial information was not filed
with Australian Securities and Investments Commission.
The representative contacted Mr. Benjamin Ultimo Curulli advised that the
Subject’s estimated turnover for 18 months financial year end 31-12-2012 was
AUD 259 million. He further advised that the Subject’s financial reporting period
has change from June to December.
Main activities : The Subject distributes stainless steel, aluminum, engineering steel bars
and carbon tubes, and pipes and fittings. It offers stainless steel flat
products, including sheets, coils, and plates; stainless steel tubular
products, including tubes, tube fittings, pipes, and pipe fittings; aluminium
sheets, coils, plates, and tread plates; and quenched and tempered steel
plates. The company also provides engineering steel bars, including
carbon steel, alloy steel, chrome, hollow, cast iron, and stainless steel bars;
and carbon steel tubular products, including welded pipes, pipes, fittings,
flanges, tubes, and RHS and pipes. In addition, it offers processing
services, including length based processing, plasma processing, and sheet
and coil processing; and project services, including supply, logistics,
warehousing and management, and support services. The company serves
oil and gas, pulp and paper manufacturing, energy generation, water and
waste control, pharmaceutical processing, construction, food and
beverage, petrochemical processing, mining, minerals processing,
transportation, and defense sectors.
Product & services : 1) Stainless steel flat products: sheet, coil, and plate
2) Stainless steel/aluminum tubular products: tubes, tube fittings, pipes and
pipe fittings; aluminum sheets, coils, plates and tread plates
3) Engineering Steel Bars Products: carbon steel, alloy steel, chrome,
hollow, cast iron and stainless steel bars
4) Carbon steel tubular products: welded pipes, pipes, fittings, flanges and
tubes
5) Processing services including length based processing, plasma
processing and sheet and coil processing
Purchases
International : China, Taiwan, South Korea, India, Germany, United Kingdom
Sales
Local : Yes
International : Inter company exports to New Zealand
Property & Assets
Premises : The Subject operates from the verified heading address consisting of an
administrative office.
Branches : In addition, the Subject operates from branch offices located at:
14 Mcharry Place
Shepparton, VIC 3630
Australia
Tel: +61 3 58315499
16 Moloney Drive
Wodonga, VIC 3690
Australia
Tel: +61 2 60567211
41 Lyn Parade
Prestons, NSW 2170
Australia
Tel: +61 2 98257500
12 Pippita Close
Beresfield, NSW 2322
Australia
Tel: +61 2 49225566
1302 Boundary Road
Wacol, QLD 4076
Australia
Tel: +61 7 32469999
15 Bassett Street
Gladstone, QLD 4680
Australia
Tel: +61 7 49769088
42A Commercial Avenue
Paget, QLD 4740
Australia
Tel: +61 7 49523455
27-41 Toll Street
Bohle, QLD 4818
Australia
Tel: +61 7 47747316
9 Capelli Road
Wingfield, SA 5013
Australia
Tel: +61 8 83591100
2-4 Derby Street
Mowbray, TAS 7248
Australia
Tel: +61 3 63266055
407 Victoria Road
Malaga, WA 6090
Australia
Tel: +61 8 92099699
Lot 2847 Pruen Road
Berrimah, NT 0828
Australia
Tel: +61 8 89472717
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 & Gaming),
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%
Purchase Term
International : L/C, Telegraphic transfer, D/P, D/A, Prepayment, Credit 30-120 days
Sales Term
Local : Bank transfer, D/P, D/A, Prepayment, Credit 30-120 days
International : Telegraphic transfer, Prepayment, Credit 30-120 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
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.18 |
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1 |
Rs.103.38 |
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Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.