05552048287
MIRA INFORM REPORT
|
Report Date : |
14.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
ALCHEM SOLUTION
CO.,LTD. |
|
|
|
|
Registered Office : |
236 Praditmanutham
Road, Wangthonglang, Bangkok 10310 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
20.05.2009 |
|
|
|
|
Com. Reg. No.: |
0105552048287 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Industrial Chemicals. |
|
|
|
|
No. of Employees : |
10 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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 in 2013
implemented a nation-wide 300 baht ($10) per day minimum wage policy and
deployed 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. This was expected to lead to an
economic upsurge but growth has remained slow, in part due to ongoing political
unrest and resulting uncertainties. Spending on infrastructure will require
re-approval once a new government is seated.
|
Source
: CIA |
Company
Name and Address
ALCHEM SOLUTION CO.,LTD.
SUMMARY
BUSINESS ADDRESS : 236
PRADITMANUTHAM ROAD,
WANGTHONGLANG,
BANGKOK 10310,
THAILAND
TELEPHONE : [66] 2933-7778
FAX :
[66] 2933-8900
E-MAIL ADDRESS : nisitap.alchem@gmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2009
REGISTRATION NO. : 0105552048287
TAX ID NO. : 3033476125
CAPITAL REGISTERED
: BHT.
5,000,000
CAPITAL PAID-UP
: BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS
: PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
NATTADET ARKKALEEPHAN, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 10
LINES OF
BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER AND
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 registered
on May 20,
2009 as a private limited
company under the
name style ALCHEM SOLUTION CO.,
LTD., by
Thai groups, with the
business objective to import and distribute industrial
chemicals to domestic
market. Subject currently
employs 10 staff.
The
subject’s registered address
was initially at 999/99 Rama 9 Rd., Suanluang, Bangkok 10250.
In 2012, the
subject’s registered address
was relocated to 236
Praditmanutham Road, Wangthonglang, Bangkok
10310, and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Nattadet Arkkaleephan |
[x] |
Thai |
43 |
|
Mrs. Ananpapha Sutirasakul |
[-] |
Thai |
42 |
|
Ms. Natchaya Vatcharasuwan |
|
Thai |
29 |
|
Ms. Worada
Asawathanalarp |
|
Thai |
28 |
AUTHORIZED
PERSON
Only
the mentioned director
[x] can sign
or the mentioned
director [-] can
jointly sign with
one of the
rest directors on
behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Nattadet Arkkaleephan is
the Managing Director.
He
is Thai nationality
with the age
of 43 years old.
BUSINESS
OPERATIONS
The
subject is engaged
in importing and
distributing of industrial chemicals, mainly
for pharmaceutical,
cosmetics and food
industries.
PURCHASE
80% of the
products is imported from United Kingdom, United States of America,
Germany, Republic of
China, Taiwan, Singapore and
India, the remaining
20% is purchased
from local suppliers.
MAJOR SUPPLIER
Bang Trading
[1992] Co., Ltd. : Thailand
SALES
100%
of the products
is sold locally
to wholesalers.
SUBSIDIARY
AND AFFILIATE COMPANIES
Bang Trading
[1992] Co., Ltd.
Business
: Importer and
distributor of medical
instrument
Inter Medical
Co., Ltd.
Business
: Importer and
distributor of medical
products
Affinitech Co.,
Ltd. Co., Ltd.
Business
: Distributor of
medical products
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 according
to IRICO’S DATABASE
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 L/C at
sight or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
Kasikornbank Public
Co., Ltd.
EMPLOYMENT
The subject
employs approximately 10
staff.
LOCATION
DETAILS
The premise
is rented for
administrative office at
the heading address. Premise
is located in
commercial/residential area.
COMMENT
The subject was
formed in 2009 as an
importer and distributor of
industrial chemicals. The
products are served mainly to industrial
users. Its business
performance is in line with
demand of the
products from various
industries.
The subject’s
business performance in
2013 has grown
appropriately with demand
from industrial expansion. However,
loss on exchange
rate and financial cost
had eroded on
its profit margin,
and resulted to
the subject ended
up with a
net loss at
the end of
year.
FINANCIAL
INFORMATION
The capital
was registered at
Bht. 1,000,000 divided into 10,000
shares of Bht. 100
each with fully
paid.
On May 17, 2012, the
capital was increased
to Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr.
Nattadet Arkkaleephan Nationality: Thai Address
: 36 Soi Yek
Ekamai Rd., Klongton
Nua, Bangkok |
46,400 |
92.80 |
|
`Mrs.
Ananpapha Sutirasakul Nationality: Thai Address
: 45 Soi
Patanakarn 69, Yek 9-6,
Prawes, Bangkok |
3,097 |
6.19 |
|
Ms.
Natchaya Vatcharasuwan Nationality: Thai Address
: 251/24 Rama
3 Road, Bangkorlaem, Bangkok |
500 |
1.00 |
|
Mrs.
Chamapat Sitthiamnuay Nationality: Thai Address
: 36 Soi Yek
Ekamai Rd., Klongton
Nua, Bangkok |
1 |
|
|
Ms. Worada Asawathanalarp Nationality: Thai Address
: 1466 Onnuch
Road, Suanluang, Bangkok |
1 |
= 0.01 |
|
|
|
|
|
Mrs.
Anchana Arkkaleephan Nationality: Thai Address
: 36 Soi Yek
Ekamai Rd., Klongton
Nua, Bangkok |
1 |
|
Total Shareholders
: 6
Share Structure
[as at April
30, 2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
50,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms.
Panthip Daengthanom No.
5359
BALANCE
SHEET [BAHT]
The latest
financial figures published
for December 31, 2013,
2012 & 2011
were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash
and Cash Equivalents |
2,859,627.31 |
5,783,524.96 |
9,399,339.67 |
|
Short-term Investment |
41,567.85 |
51,678.19 |
- |
|
Trade
Accounts & Other Receivable |
73,768,923.50 |
75,843,239.38 |
38,844,462.82 |
|
Inventories |
58,880,620.18 |
41,884,825.36 |
31,471,416.10 |
|
Prepaid
Goods |
14,592,412.48 |
11,600,985.91 |
9,764,562.65 |
|
Other
Current Assets |
551,101.04 |
264,607.51 |
57,683.03 |
|
|
|
|
|
|
Total Current
Assets |
150,694,252.36 |
135,428,861.31 |
89,537,464.27 |
|
Cash
at Bank pledged
as a Collateral |
14,799,000.00 |
12,870,000.00 |
10,000,000.00 |
|
Fixed Assets |
22,901,647.35 |
14,390,157.24 |
4,411,664.00 |
|
Intangible
Assets |
13,382.83 |
19,982.83 |
8,738.02 |
|
Other
Non-current Assets |
527,157.00 |
394,557.00 |
393,957.00 |
|
Total Assets
|
188,935,439.54 |
163,103,558.38 |
104,351,823.29 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Short-term
Loan from Financial Institution |
118,307,449.76 |
96,602,852.27 |
57,632,421.51 |
|
Trade
Accounts & Other Payable |
14,132,582.20 |
18,762,613.08 |
27,916,936.03 |
|
Current
Portion of Long-term
Lease
Payable |
669,531.43 |
329,938.72 |
435,684.00 |
|
|
|
|
|
|
Total Current
Liabilities |
133,109,562.39 |
115,695,404.07 |
85,985,041.54 |
|
Long-term
Loan |
63,000,000.00 |
40,285,000.00 |
15,000,000.00 |
|
Long-tern
Lease Payable |
1,743,961.97 |
1,390,982.63 |
1,990,865.00 |
|
Total Liabilities |
197,853,524.36 |
157,371,386.70 |
102,975,906.54 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share
capital : Baht 100 par value
Authorized & issued
share capital
50,000 shares in 2013
& 2012;
10,000 shares in 2011 |
5,000,000.00 |
5,000,000.00 |
1,000,000.00 |
|
|
|
|
|
|
Capital
Paid |
5,000,000.00 |
5,000,000.00 |
1,000,000.00 |
|
Retained Earning - Unappropriated [Deficit] |
[13,918,084.82] |
732,171.68 |
375,916.75 |
|
|
|
|
|
|
Total Shareholders' Equity |
[8,918,084.82] |
5,732,171.68 |
1,375,916.75 |
|
Total Liabilities
& Shareholders' Equity |
188,935,439.54 |
163,103,558.38 |
104,351,823.29 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales
|
289,009,578.85 |
280,287,940.44 |
78,847,003.28 |
|
Interest
Income |
509,917.19 |
595,842.48 |
85,273.84 |
|
Other
Income |
170,904.39 |
131,126.55 |
43,449.58 |
|
Total Revenues
|
289,690,400.43 |
281,014,909.47 |
78,972,726.70 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost
of Goods Sold
|
265,007,001.82 |
255,961,777.79 |
68,114,532.30 |
|
Selling
Expenses |
7,489,395.54 |
3,658,633.23 |
1,597,228.04 |
|
Administrative Expenses |
15,677,662.40 |
16,406,239.81 |
5,836,164.43 |
|
Total Expenses |
288,174,059.76 |
276,026,650.83 |
75,547,924.77 |
|
|
|
|
|
|
Profit/Loss] before Financial Cost &
Income Tax |
1,516,340.67 |
4,988,258.64 |
3,427,801.93 |
|
Profit/[Loss] from
Exchange Rate |
[7,405,516.77] |
3,444,946.54 |
[1,678,273.09] |
|
Profit/[Loss] from
Disposal of Assets |
- |
[302,542.70] |
- |
|
Profit/[Loss] from
Investment |
573.49 |
[34,017.92] |
- |
|
Financial
Cost |
[8,761,653.89] |
[7,564,905.51] |
[1,506,705.77] |
|
|
|
|
|
|
Profit / [Loss] before
Income Tax |
[14,650,256.50] |
531,739.05 |
242,823.07 |
|
Income Tax
|
- |
[175,484.12] |
[27,576.77] |
|
Net Profit / [Loss] |
[14,650,256.50] |
356,254.93 |
215,246.30 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.13 |
1.17 |
1.04 |
|
QUICK RATIO |
TIMES |
0.58 |
0.71 |
0.56 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
12.62 |
19.48 |
17.87 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.53 |
1.72 |
0.76 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
81.10 |
59.73 |
168.64 |
|
INVENTORY TURNOVER |
TIMES |
4.50 |
6.11 |
2.16 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
93.17 |
98.77 |
179.82 |
|
RECEIVABLES TURNOVER |
TIMES |
3.92 |
3.70 |
2.03 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
19.47 |
26.76 |
149.60 |
|
CASH CONVERSION CYCLE |
DAYS |
154.80 |
131.74 |
198.87 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
91.69 |
91.32 |
86.39 |
|
SELLING & ADMINISTRATION |
% |
8.02 |
7.16 |
9.43 |
|
INTEREST |
% |
3.03 |
2.70 |
1.91 |
|
GROSS PROFIT MARGIN |
% |
8.54 |
8.94 |
13.77 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.52 |
1.78 |
4.34 |
|
NET PROFIT MARGIN |
% |
(5.07) |
0.13 |
0.27 |
|
RETURN ON EQUITY |
% |
- |
6.22 |
15.64 |
|
RETURN ON ASSET |
% |
(7.75) |
0.22 |
0.21 |
|
EARNING PER SHARE |
BAHT |
(293.01) |
7.13 |
21.52 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
1.05 |
0.96 |
0.99 |
|
DEBT TO EQUITY RATIO |
TIMES |
(22.19) |
27.45 |
74.84 |
|
TIME INTEREST EARNED |
TIMES |
0.17 |
0.66 |
2.27 |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
3.11 |
255.48 |
|
|
OPERATING PROFIT |
% |
(69.60) |
45.65 |
|
|
NET PROFIT |
% |
(4,212.30) |
65.51 |
|
|
FIXED ASSETS |
% |
59.15 |
226.18 |
|
|
TOTAL ASSETS |
% |
15.84 |
56.30 |
|
ANNUAL
GROWTH: SATISFACTORY
An annual sales growth is
3.11%. Turnover has increased from THB
PROFITABILITY:
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.54 |
Deteriorated |
Industrial Average |
98.81 |
|
Net Profit Margin |
(5.07) |
Deteriorated |
Industrial Average |
4.39 |
|
Return on Assets |
(7.75) |
Deteriorated |
Industrial Average |
7.54 |
|
Return on Equity |
- |
|
Industrial Average |
18.32 |
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 8.54%. 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 -5.07%. 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 -7.75%.
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 |
1.13 |
Satisfactory |
Industrial Average |
1.50 |
|
Quick Ratio |
0.58 |
|
|
|
|
Cash Conversion Cycle |
154.80 |
|
|
|
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 1.13 times in 2013, decreased from 1.17 times, then it
is generally considered to have good short-term financial strength. 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 0.58 times in 2013, decreased from 0.71 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
155 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE
: RISKY
LEVERAGE
RATIO
|
Debt Ratio |
1.05 |
Risky |
Industrial Average |
0.59 |
|
Debt to Equity Ratio |
(22.19) |
Risky |
Industrial Average |
1.44 |
|
Times Interest Earned |
0.17 |
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 0.18 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 1.05
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
: IMPRESSIVE
ACTIVITY
RATIO
|
Fixed Assets Turnover |
12.62 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.53 |
Satisfactory |
Industrial Average |
1.72 |
|
Inventory Conversion Period |
81.10 |
|
|
|
|
Inventory Turnover |
4.50 |
Impressive |
Industrial Average |
3.87 |
|
Receivables Conversion Period |
93.17 |
|
|
|
|
Receivables Turnover |
3.92 |
Impressive |
Industrial Average |
2.49 |
|
Payables Conversion Period |
19.47 |
|
|
|
The company's Account Receivable Ratio is
calculated as 3.92 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 60 days
at the end of 2012 to 81 days at the end of 2013. This represents a negative
trend. And Inventory turnover has decreased from 6.11 times in year 2012 to 4.5
times in year 2013.
The company's Total Asset Turnover is
calculated as 1.53 times and 1.72 times in 2013 and 2012 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 Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.25 |
|
|
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.77.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.