|
Report Date : |
07.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
DUKSUNG CO., LTD. |
|
|
|
|
Registered Office : |
25, Sinwon-ro, Yeongtong-gu, Suwon-si, Gyeonggi-do, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
10.11.1966 |
|
|
|
|
Com. Reg. No.: |
123-81-00243 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Plastics Synthetic Leather |
|
|
|
|
No. of Employees |
184 |
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 : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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) |
|
South Korea |
A1 |
A1 |
|
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 |
SOUTH KOREA ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion-dollar club of world economies, and is currently the world's 12th largest economy. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea's development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. South Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. South Korea's export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 and 2013 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The administration in 2014 is likely to face the challenge of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. The South Korean economy's long term challenges include a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP
|
Source
: CIA |
Basic
|
Company Name |
DUKSUNG CO., LTD. (Korean Company Name : “(주)덕성”) |
|
Registered
Address |
25, Sinwon-ro, Yeongtong-gu, Suwon-si, Gyeonggi-do, Korea |
|
Building |
|
|
Zip Code |
443-390 |
|
Tel |
+82-31-204-0781 |
|
Fax |
+82-31-204-0787 |
|
E-mail |
webmaster@duksung21.com;sales@duksung21.com |
|
Website |
www.duksung21.com |
|
Trading Address |
25, Sinwon-ro, Yeongtong-gu, Suwon-si, Gyeonggi-do, Korea (Old Address System : 557-1, Sin-dong, Yeongtong-gu, Suwon-si, Gyeonggi-do, Korea (P.O.BOX 2173)) |
|
Tel |
+82-31-204-0781 |
|
Fax |
+82-31-204-0787 |
|
Other Address-Osan Factory |
279-1, Songsan-ri, Yanggam-myeon, Hwaseong-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-352-5071 |
|
Fax |
+82-31-352-5075 |
|
Other Address-Incheon Factory |
9B-7L, Namdong Industrial Complex, 616-9, Namchon-dong, Namdong-gu, Incheon, Korea |
|
Tel |
+82-32-812-2335 |
|
Fax |
+82-32-812-7279 |
|
Other Address-Busan Factory |
4B2L Industrial District, Jinae-dong, Kimhae-si, Kyungsangnam-do, Korea |
|
Tel |
+82-55-326-8191 |
|
Fax |
+82-55-326-8195 |
|
Other Address-Pyongtaek
Plant |
1206-10, Wonjung-ri, Poseung-myeon Pyongreak-si, GyeongGi-do, Korea |
|
Tel |
+82-31-686-6191 |
|
Fax |
+82-31-686-6197 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Plastics Synthetic Leather |
|
Main Business |
Synthetic Leather, Polyurethane Resin, Multifunctional
High Tech Textile |
|
Sub Business |
TFT-LCD
Chemical, Semiconductor |
|
Established
(mm/dd/yyyy) |
11/10/1966 |
The Subject owns
the premises of registered HQ address, Incheon Factory, Busan Factory and Pyongtaek Plant.
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Polyurethane resins(13111061) |
|
Sell |
Synthetic or imitation leather(11162307) |
|
Sell |
Synthetic fabrics(11161800) |
|
Sell |
Specialty fabrics or cloth(11162100) |
|
Sell |
Aromatic or heterocyclic compounds(12352005) |
|
Sell |
Silicone coated papers(14121804) |
|
Sell |
Chemistry reagents or solutions(41116105) |
|
Sell |
Toner(44103103) |
CEO’s
|
Name |
Lee Hae-Sung |
|
Address |
|
|
Date of Birth |
03/01/1941 |
|
Title |
Vice Chairman
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
8,536,000,000 |
|||||||||||||||||||||||||||
|
Employees |
184 |
|||||||||||||||||||||||||||
|
Formation |
Listed Company
(Korea Stock Exchange : 004830) as of 09/25/1987 |
|||||||||||||||||||||||||||
|
Bank Details |
Shinhan
Bank-Anyang Branch |
|||||||||||||||||||||||||||
|
Corporate
Registered No. |
134111-0000096 |
|||||||||||||||||||||||||||
|
Business
Registered No. |
123-81-00243 |
|||||||||||||||||||||||||||
|
Permit &
Licenses |
04/29/1996 ISO
9002 04/27/2001 ISO
14001 08/29/2003 ISO
9001 05/02/2006
TS-16949 Int’l Trade
No.: 720555 |
|||||||||||||||||||||||||||
|
Shareholder
Position |
|
|||||||||||||||||||||||||||
|
Company
History |
11/1966 Incorporated as KWANGSUNG CHEMICAL INDUSTRY CO., LTD. 08/1967 Ahn-Yang Factory completed 08/1968 Company name changed to DUKSUNG CHEMICAL INDUSTRY CO., LTD. 07/1973 New Headquarters (address) 07/1979 Suwon Factory completed 11/1979 Presented the 16th Annual "Export Day" Presidential Award 03/1981 Pusan Branch opened 09/1987 Listed in the Korean Stock Exchange 11/1993 Inchon Factory completed 06/1994 Guangzhou, China Branch opened 04/1996 ISO-9002 license achieved 03/1997 Presented "Tax Day" award from National Tax Service 12/1998 Presented the "Medium Business Award" from the National Small and Medium Business Association 03/2000 Changed company name to the present name, DUKSUNG CO., LTD., from DUKSUNG CHEMICAL INDUSTRY CO. LTD. 03/26/ 2003 Awarded US$20 Million Export Top Prize |
|||||||||||||||||||||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Vice Chairman
& CEO |
Mr. |
Lee Hae-Sung |
Korean |
1942.03.01 |
Hanyang
University, Korea |
|
President
& CEO |
Mr. |
Lee Bong-Keun |
Korean |
1959.09.27 |
University of
Texas, USA |
|
Executive
Director |
Mr. |
Lee Min-Jong |
Korean |
1961.11.23 |
Pacific
Western University |
|
Executive
Director |
Mr. |
Kim Sung-Jin |
Korean |
1964.09. |
Ulsan
University, Korea |
|
Director |
Mr. |
Jung Ki-Hoon |
Korean |
1967.05.05 |
Kunkook
University, Korea |
|
Outside
Director |
Mr. |
Kim Kook-Tae |
Korean |
1973.03. |
Virginia
University, USA |
|
Outside
Director |
Mr. |
Kwon Ik-Hyun |
Korean |
1959.05.17 |
Purdue
University, USA |
|
Auditor |
Mr. |
Bae
Byung-Choon |
Korean |
1951.03.02 |
Sungkyunkwan
University, Korea |
|
Auditor |
Mr. |
Kim Boo-Sung |
Korean |
1950.08.23 |
Hanyang
University, Korea |
Financials
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
21,966,463,381 |
98,599,072,005 |
1,351,618,783 |
|
|
(*)2013 |
90,283,422,702 |
99,916,345,235 |
4,792,811,911 |
|
(*)2012 |
79,107,827,545 |
92,392,976,978 |
3,184,135,103 |
|
2011 |
80,029,453,519 |
83,985,122,443 |
597,154,798 |
|
2010 |
95,563,583,516 |
83,053,913,178 |
1,756,276,915 |
|
2009 |
70,012,298,282 |
76,067,191,553 |
3,536,631,445 |
|
2008 |
79,325,486,729 |
73,222,638,241 |
526,138,923 |
|
2007 |
76,337,859,258 |
74,286,943,038 |
385,786,853 |
|
2006 |
74,266,059,632 |
69,674,775,002 |
1,135,548,595 |
|
2005 |
83,382,440,052 |
75,423,298,484 |
2,156,082,279 |
|
2004 |
86,621,199,914 |
65,369,553,187 |
1,019,598,247 |
(*)Figures are based on the K-IFRS
Accounting System.
|
Authorized
Capital(KRW) |
15,000,000,000 |
|
Paid-Up
Capital(KRW) |
8,536,000,000 |
|
Total Issues
Shares |
17,072,000 |
|
Balance Sheet |
|||
|
Unit : Korean
Won |
01/01/2014~03/31/2014 |
As of
12/31/2013 |
As of
12/31/2012 |
|
Total
Assets |
98,599,072,005 |
99,916,345,235 |
92,392,976,978 |
|
Current
Assets |
60,188,936,677 |
61,469,249,351 |
59,794,317,500 |
|
Cash
& Cash Equivalents |
8,820,119,296 |
6,236,283,434 |
6,452,858,103 |
|
Current
Financial Instruments |
16,039,489,780 |
15,913,989,780 |
15,409,148,067 |
|
Finance
Assets from this year's Income |
|
2,657,052,000 |
2,189,418,000 |
|
Trade
Receivables & Other Receivables |
19,334,704,408 |
20,509,048,615 |
19,842,017,330 |
|
Inventories |
15,662,327,503 |
15,788,062,493 |
13,839,932,235 |
|
Other
Current Assets |
332,295,690 |
364,813,029 |
2,060,943,765 |
|
Non-Current
Assets |
38,410,135,328 |
38,447,095,884 |
32,598,659,478 |
|
Non-Current
Financial Instruments |
193,924,463 |
188,824,463 |
149,988,587 |
|
Marketable
Financial Instruments |
5,200,879,642 |
5,156,556,666 |
3,737,934,218 |
|
Leasehold Deposits |
560,336,078 |
757,836,078 |
807,836,078 |
|
Investment_Subsidiaries |
6,048,523,733 |
6,048,523,733 |
3,899,523,733 |
|
Investment_Related
Companies |
1,324,065,432 |
1,324,065,432 |
1,324,065,432 |
|
Tangibles |
21,554,494,133 |
21,843,099,245 |
21,201,118,519 |
|
Investment_Real
Estates |
133,590,000 |
133,590,000 |
133,590,000 |
|
Intangibles |
644,427,697 |
495,769,156 |
96,022,276 |
|
Finance Lease |
988,975,895 |
988,975,895 |
|
|
Deferred
Income Tax Assets |
1,760,918,255 |
1,509,855,216 |
1,248,580,635 |
|
Total
Liabilities |
34,111,996,202 |
36,144,337,981 |
33,168,170,450 |
|
Current
Liabilities |
28,159,292,590 |
30,246,706,572 |
28,320,953,958 |
|
Trade
Payables & Other Payables |
7,529,682,523 |
7,887,025,233 |
9,362,143,238 |
|
Short-Term
Borrowings |
17,833,100,000 |
19,492,941,103 |
16,171,986,811 |
|
Current
Portion of Long-Term Debts |
152,760,000 |
218,340,000 |
354,520,000 |
|
Deferred
Income Tax Credit |
1,117,454,712 |
956,243,386 |
939,599,095 |
|
Other
Current Non-Financial Debts |
1,526,295,355 |
1,692,156,850 |
1,492,704,814 |
|
Non-Current
Liabilities |
5,952,703,612 |
5,897,631,409 |
4,847,216,492 |
|
Long-Term
Borrowings |
4,262,400,000 |
4,267,800,000 |
3,636,140,000 |
|
Leasehold Deposits |
113,000,000 |
48,000,000 |
18,000,000 |
|
Confirmed
Salaries |
1,577,303,612 |
1,581,831,409 |
1,193,076,492 |
|
Capital
Stock |
8,536,000,000 |
8,536,000,000 |
8,536,000,000 |
|
Capital
Surplus |
8,199,242,227 |
8,199,242,227 |
7,967,300,026 |
|
Profit
Surplus |
47,678,431,819 |
47,030,437,341 |
43,150,965,873 |
|
Others |
73,401,757 |
6,327,686 |
-429,459,371 |
|
Total
Equity |
64,487,075,803 |
63,772,007,254 |
59,224,806,528 |
|
Liab.
& Shareholder’s Equity |
98,599,072,005 |
99,916,345,235 |
92,392,976,978 |
|
Income Statement |
|||
|
Unit : Korean
Won |
01/01/2014~03/31/2014 |
As of
12/31/2013 |
As of
12/31/2012 |
|
Sales |
21,966,463,381 |
90,283,422,702 |
79,107,827,545 |
|
Cost
of Sold Goods |
17,864,895,692 |
75,552,206,130 |
66,879,435,007 |
|
Gross
Profit |
4,101,567,689 |
14,731,216,572 |
12,228,392,538 |
|
Selling
& Admin. Expenses |
1,877,989,219 |
6,891,452,431 |
6,474,427,916 |
|
R&D |
331,522,286 |
1,175,822,707 |
1,077,871,029 |
|
Operating
Income |
1,892,056,184 |
6,663,941,434 |
4,676,093,593 |
|
Finance
Income |
140,982,889 |
677,103,660 |
779,862,335 |
|
Finance
Expenses |
186,670,571 |
823,283,721 |
810,354,492 |
|
Non-Operating
Income |
781,632,221 |
1,583,937,461 |
1,061,833,674 |
|
Non-Operating
Expenses |
945,953,771 |
2,124,471,510 |
1,752,591,669 |
|
Income
Before Taxes |
1,682,046,952 |
5,977,227,324 |
3,954,843,441 |
|
Income
Taxes Expenses |
330,428,169 |
1,184,415,413 |
770,708,338 |
|
Net
Income |
1,351,618,783 |
4,792,811,911 |
3,184,135,103 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
01/01/2014~03/31/2014 |
As of
12/31/2013 |
As of
12/31/2012 |
|
Cash
Flows from Operating |
2,256,202,086 |
3,253,050,934 |
3,823,815,435 |
|
-Net
Income |
1,351,618,783 |
4,792,811,911 |
3,184,135,103 |
|
-Exp.
without Cash Outflow |
1,689,006,625 |
6,018,652,422 |
4,825,856,268 |
|
-Revenue
without Cash Inflows |
-445,684,522 |
-1,203,818,572 |
-1,066,396,687 |
|
-Changes
in Asset/ & Liability |
-168,902,499 |
-4,791,425,846 |
-2,762,066,165 |
|
Interests
Received |
190,572,350 |
744,122,567 |
776,415,458 |
|
Dividends
Received |
219,255,000 |
2,918,712 |
56,840 |
|
Interests
Paid |
-140,465,441 |
-821,077,566 |
-754,151,756 |
|
Income
Taxes |
-439,198,210 |
-1,489,132,694 |
-380,033,626 |
|
Cash
Flows from Investing |
2,015,740,128 |
-6,568,179,213 |
-5,869,770,088 |
|
-Cash
Inflow from Investing |
2,944,710,052 |
16,234,638,733 |
16,192,528,210 |
|
-Cash
Outflows for Investing |
-928,969,924 |
-22,802,817,946 |
-22,062,298,298 |
|
Cash
Flows from Financing |
-1,730,821,103 |
3,112,809,987 |
3,400,213,815 |
|
-Cash
Inflows from Financing |
7,299,958,897 |
30,474,241,103 |
19,551,986,811 |
|
-Cash
Outflows from Financing |
-9,030,780,000 |
-27,361,431,116 |
-16,151,772,996 |
|
Increase/Decrease
in Cash |
2,541,121,111 |
-202,318,292 |
1,354,259,162 |
|
Cash
at the Beginning of Year |
6,236,283,434 |
6,452,858,103 |
5,342,980,534 |
|
Cash
at the End of Year |
8,820,119,296 |
6,236,283,434 |
6,452,858,103 |
Products,
Technologies, Services Description
|
Main Products
& Services |
Plastic
Leather Manufacturing Synthetic
Resin Manufacturing Fiber Products
Manufacturing Importing and
Exporting Property
Leasing Machinery
Manufacturing Storage Construction Industrial
Waste Disposal System Manufacturing Semi- and
Super-conductor Equipment & Material Manufacturing Polymer
Compound Manufacturing Brand Name:
CLONE-Ⅲ, HI-MAX, LEDER, LEGALON, SOFT-Ⅲ, BESTHANE, BESTOLE |
||||||||||||||||
|
Annual
Production Capacity (Unit: KM) |
|
||||||||||||||||
|
Facilities |
Technology and
machinery for dry process synthetic leather -Coating
Machine for Dry Process PU Synthetic Leather -Printing
Machine -High Speed
Mixer Technology -Coating &
Coagulation Machine for Wet Process PU synthetic Leather -Vacuum
Dissolver -Embossing
Machine -DMF Recovery
Plant Technology and
machinery for polyester &Polyester & Polyurethane Resin -Polyester
Polyol Reactor -Polyurethane
Resin Reactor Technology and
machinery for others -Coating
Machine for PU Coated Split Leather -Coating
Machine for Water-proof and Moisture Permeable Product -Silicon
Embossing Roll for PVC Casting Leather -Lamination
& Bonding Machine for Fabrics and Films |
Trade Partners &
Competitors
|
Suppliers |
|
|
Customers |
ADDIDAS, NIKE,
Reebok Sales Channel The subject is
manufacturing 100% by the customers' demands. Payment
Conditions Direct Export
: MASTER L/C Export through
Local : Local L/C Base Domestic: Cash
& Credit, but nowadays it is paid by Purchasing Card Payment |
|
Competitors |
BAIKSAN CO.,
LTD.(114711-0003729) DAEWON CHEMICAL
CO., LTD.(110111-0165393) DAEWOO
INTERNATIONAL CORPORATION(110111-2137358) |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
DUKSUNG
P&T CO., LTD.(134811-0011601) (48.00% held
by the subject company) BIOBETA BIO LOGICS CO., LTD.(134811-0249682) (25.00% held
by the subject company) PT DUKSUNG
INDONESIA RUKO PINANGSIA
BLOCK B-22, LIPPO KARAWACI TANGERANG
15139, INDONESIA TEL
:+62-21-5579-5565 FAX :+62-21-5579-5572 |
|
Overseas
Office |
VIETNAM OFFICE BC5-3, PARK
VIEW TOWN - PHU MY HUNG, TAN PHONG WARD, DIST 7 HOCHIMINH, VIETNAM TEL
:+84-8-412-1476 FAX :+84-8-412-1481 GUANGZHOU
OFFICE DUKSUNG(GUANGZHOU)
SYNTHETIC LEATHER CO., LTD.(CHINA) (100.0% held
by the subject company) HUAXING IND.
AREA, XINHUA, HUADU, GUANGZHOU, GUANGDONG, CHINA TEL
:+86-20-3682-9935 FAX :+86-20-3682-9967 DONG GUAN
OFFICE 7B ROOM, THE
12TH BUILDING OF CUI MAN YUAN, JIANGBIN GARDEN, WANJIANG DISTRICT OF
DONG GUAN CITY, CHINA TEL
:+86-769-218-5206 FU ZHOU OFFICE LI MA
GARDEN,NO.220,JUN ZHU ROAD,MAWEI IND. FUZHOU CITY, FUJIAN CHINA TEL/TAX
:+86-591-399-7439 SHANG HAI
OFFICE 1F, B/L 1ST,
#1650, LAIFANG ROAD, JIUTING, SHANGHAI, CHINA TEL
:+86-21-3673-3501 FAX :+86-21-3673-3505 |
|
Liaison Office |
|
|
Overseas
Branch |
|
|
Joint Venture |
|
|
Subsidiary |
DUKSUNG(GUANGZHOU)
SYNTHETIC LEATHER CO., LTD.(CHINA) (100.0% held
by the subject company) HUAXING IND.
AREA, XINHUA, HUADU, GUANGZHOU, GUANGDONG, CHINA TEL :
+86-20-3685-0200 FAX : +86-20-3685-0089 |
|
Corporate
Ownership |
|
|
Major
Shareholders |
|
|
Cooperative
Enterprise |
-Domestic
Sales Agent(Arino) HANMI MEDICARE, INC.(110111-2098295) -Technology
Transferring to JASCH
INDUSTRIES LTD.(INDIA) |
Sales by Region
(Activity & Markets)
|
Sales/ Unit
:Mil KRW |
09/2010 |
2009 |
2008 |
|
Export |
36,119 |
47,058 |
59,529 |
|
Domestic |
34,349 |
22,954 |
19,796 |
|
Total |
70,468 |
70,012 |
79,325 |
The Subject exports to China, Japan, Russia, USA and Europe.
Court Action
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.20 |
|
|
1 |
Rs.99.52 |
|
Euro |
1 |
Rs.80.83 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.