MIRA INFORM REPORT
|
Report No. : |
317637 |
|
Report Date : |
24.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
GSE LINING TECHNOLOGY COMPANY LIMITED |
|
|
|
|
Registered Office : |
26th Floor, Rasa Tower, 555
Phaholyothin Road, Jatujak, Bangkok 10900 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
11.08.1999 |
|
|
|
|
Com. Reg. No.: |
0105542058883 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Geo-Membrane Lining
Products. |
|
|
|
|
No. of Employees : |
200 |
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 : |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 has had a strong economy due in part to industrial and agriculture
exports - mostly electronics, agricultural commodities, automobiles and parts,
and processed foods. Thailand 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 both 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. Government
approved flood mitigation projects, worth $11.7 billion, were started in 2012
to prevent a repeat. Thai growth slowed in 2013 and has remained low since, as
the country faced political uncertainty and a coup in May 2014. The interim
government is implementing a special $11 billion short-term stimulus package
and has approved a budget of more than $80 billion to aid an economic rebound.
|
Source
: CIA |
Company
Name
GSE LINING
TECHNOLOGY COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 26th FLOOR,
RASA TOWER,
555 PHAHOLYOTHIN
ROAD, JATUJAK,
BANGKOK 10900,
THAILAND
TELEPHONE : [66] 2937-0091-5
FAX :
[66] 2937-0097
E-MAIL
ADDRESS : boonchaid@gseworld.com
jsteinke@gseworld.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0105542058883
TAX
ID NO. : 3021036911
CAPITAL REGISTERED : BHT. 148,000,000
CAPITAL PAID-UP : BHT.
148,000,000
SHAREHOLDER’S PROPORTION : AMERICAN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. DANIEL CONRAD
STOREY, AMERICAN
MANAGING DIRECTOR
NO.
OF STAFF : 200
LINES
OF BUSINESS : GEO-MEMBRANE LINING
PRODUCTS
MANUFACTURER,
DISTRIBUTOR AND EXPORTER
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on August 11, 1999
as a private
limited company under
the registered name
GSE LINING TECHNOLOGY
COMPANY LIMITED by
American groups, with
the business objective
to manufacture and distribute geo-membrane
lining products for
both domestic and
international markets. It
currently employs approximately 200
staff.
The
subject is a
wholly owned subsidiary
of GSE International
Inc., U.S.A.
It
also achieved the
ISO 9001:2000 and ISO 14001
certification.
The subject’s registered
address is 26th Flr., Rasa Tower,
555 Phaholyothin Rd.,
Jatujak, Bangkok 10900,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Daniel Conrad Storey |
[x] |
American |
46 |
|
Mr. Jeffrey David Knight |
[x] |
American |
53 |
|
Mr. Chusak Funilkul |
[-] |
Thai |
53 |
AUTHORIZED
PERSON
1. One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s affixed.
2. In case to
contact to government
sector, the mentioned
director [-] can
sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Daniel Conrad Storey
is the Managing
Director.
He is American
nationality with the
age of 46 years
old.
Mr. Chusak Funilkul is
the General Manager.
He is Thai
nationality with the
age of 53 years
old.
Mr. Suwit Jariyavattanavijit is
the Sales Manager.
He is Thai
nationality.
Mr. Boonchai Densakul is
the Domestic Sales
Manager.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject is engaged
in manufacturing and
distributing of High
Density Polyethylene Geo-Membrane Liners [HDPE], and Linear Low
Density Polyethylene Geo-Membrane Liner [LLDPE] used in agriculture, construction
of dam, irrigation,
wastewater treatment and
other industries.
PRODUCTION
CAPACITY
Approximately 30,000 tons
per annum.
BRAND
NAME
“GSE”
PURCHASE
Most of
raw materials mainly
plastic resins are
purchased from local
suppliers, the remaining
is imported from U.S.A.,
Republic of China
and Germany.
MAJOR
SUPPLIERS
GSE
International Inc. : U.S.A.
GSE
Lining Technology Inc. : U.S.A.
PURCHASE
70% of the
products is sold
locally to manufacturers, wholesalers
and end-users.
EXPORT
[COUNTRIES]
30% of the products
is exported to
Hong Kong, Indonesia, Philippines,
Japan, Malaysia, Myanmar,
Singapore, Korea, Australia,
Republic of China,
India, Bangladesh, Brunei,
Cambodia, Pakistan, Vietnam
and Laos.
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
according 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.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok Bank Public Co., Ltd.
The Siam Commercial Bank Public Co., Ltd.
EMPLOMENT
The subject employs
approximately 200 office
staff and factory
workers.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
and warehouse are
located at 111/5
Moo 2, Nikompattana,
Rayong 21180.
Tel.: [66]
38 897-142-3 Fax. :
[66] 38 636-638.
COMMENT
The
subject’s business has
shown slowly growth. Its growth was
powered by exports, while
domestic consumption had
outstanding decreased. Its business
performance closely links with the
condition of overall economy,
which is expanding
slowly this year.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 148,000,000
divided into 1,480,000
shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
March 16, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
GSE International Inc. Nationality: American Address : 19103 Gundle Rd.,
Houston, Texas, U.S.A. |
1,479,997 |
100.00 |
|
Mr. Jeffrey David Knight Nationality: American Address : 10998
Lake Forest Drive,
Conroe, Texas, U.S.A. |
2 |
- |
|
Mr. Chusak Funilkul Nationality: Thai Address : 222/119
Soi Sukhapiban 5
Soi 63, Or-ngern, Saimai,
Bangkok |
1 |
- |
Total Shareholders: 3
Share Structure [as at March
16, 2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
1 |
- |
|
Foreign - American |
2 |
1,479,999 |
100.00 |
|
Total |
3 |
1,480,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.:
Mr. Boonsri Techavarutama No.
3336
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 |
114,205,363 |
231,980,904 |
66,682,872 |
|
Trade Accounts &
Other Receivable |
436,114,348 |
849,748,458 |
427,997,884 |
|
Trade Accounts &
Other Receivable - Person & Related Company |
420,632,485 |
142,603,503 |
244,513,244 |
|
Inventories |
498,063,846 |
289,688,453 |
235,097,651 |
|
|
|
|
|
|
Total Current Assets
|
1,469,016,042 |
1,514,021,318 |
974,291,651 |
|
Fixed Assets |
448,373,399 |
387,209,576 |
294,752,809 |
|
Other Non-current Assets |
2,650,503 |
2,650,503 |
3,979,747 |
|
Total Assets |
1,920,039,944 |
1,903,881,397 |
1,273,024,207 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
240,303,764 |
358,859,303 |
275,963,399 |
|
Trade Accounts &
Other Payable - Person & Related
Company |
82,580,897 |
487,320,849 |
189,854,664 |
|
Current Portion of Long-term
Loan from Financial Institution |
489,273,109 |
- |
33,379,885 |
|
Accrued Income Tax |
310,763 |
36,147,893 |
- |
|
|
|
|
|
|
Total Current Liabilities |
812,468,533 |
882,328,045 |
499,197,948 |
|
Long-term Loan from Financial Institution |
- |
- |
1,280,000 |
|
|
|
|
|
|
Total Liabilities |
812,468,533 |
882,328,045 |
500,477,948 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,480,000 shares |
148,000,000 |
148,000,000 |
148,000,000 |
|
|
|
|
|
|
Capital Paid |
148,000,000 |
148,000,000 |
148,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve
|
10,730,000 |
10,730,000 |
10,730,000 |
|
Unappropriated |
948,841,411 |
862,823,352 |
613,816,259 |
|
Total Shareholders' Equity |
1,107,571,411 |
1,021,553,352 |
772,546,259 |
|
Total Liabilities &
Shareholders' Equity |
1,920,039,944 |
1,903,881,397 |
1,273,024,207 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales |
2,701,334,072 |
3,445,788,750 |
2,790,376,870 |
|
Other Income |
10,308,692 |
13,520,147 |
33,148,191 |
|
Total Revenues |
2,711,642,764 |
3,459,308,897 |
2,823,525,061 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,140,478,845 |
2,585,315,731 |
2,247,022,442 |
|
Selling Expenses |
353,755,572 |
433,080,928 |
315,432,765 |
|
Administrative Expenses |
87,032,079 |
114,379,666 |
27,459,848 |
|
Total Expenses |
2,581,266,496 |
3,132,776,325 |
2,589,915,055 |
|
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
130,376,268 |
326,532,572 |
233,610,006 |
|
Financial Cost |
[11,195,631] |
[3,369,733] |
[5,817,473] |
|
|
|
|
|
|
Profit / [Loss] before Income Tax |
119,180,637 |
323,162,839 |
227,792,533 |
|
Income Tax |
[33,162,578] |
[74,155,746] |
[40,000,000] |
|
|
|
|
|
|
Net Profit / [Loss] |
86,018,059 |
249,007,093 |
187,792,533 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.81 |
1.72 |
1.95 |
|
QUICK RATIO |
TIMES |
1.20 |
1.39 |
1.48 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.02 |
8.90 |
9.47 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.41 |
1.81 |
2.19 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
84.93 |
40.90 |
38.19 |
|
INVENTORY TURNOVER |
TIMES |
4.30 |
8.92 |
9.56 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
58.93 |
90.01 |
55.98 |
|
RECEIVABLES TURNOVER |
TIMES |
6.19 |
4.06 |
6.52 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
40.98 |
50.66 |
44.83 |
|
CASH CONVERSION CYCLE |
DAYS |
102.88 |
80.25 |
49.35 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
79.24 |
75.03 |
80.53 |
|
SELLING & ADMINISTRATION |
% |
16.32 |
15.89 |
12.29 |
|
INTEREST |
% |
0.41 |
0.10 |
0.21 |
|
GROSS PROFIT MARGIN |
% |
21.14 |
25.36 |
20.66 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.83 |
9.48 |
8.37 |
|
NET PROFIT MARGIN |
% |
3.18 |
7.23 |
6.73 |
|
RETURN ON EQUITY |
% |
7.77 |
24.38 |
24.31 |
|
RETURN ON ASSET |
% |
4.48 |
13.08 |
14.75 |
|
EARNING PER SHARE |
BAHT |
58.12 |
168.25 |
126.89 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.42 |
0.46 |
0.39 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.73 |
0.86 |
0.65 |
|
TIME INTEREST EARNED |
TIMES |
11.65 |
96.90 |
40.16 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(21.60) |
23.49 |
|
|
OPERATING PROFIT |
% |
(60.07) |
39.78 |
|
|
NET PROFIT |
% |
(65.46) |
32.60 |
|
|
FIXED ASSETS |
% |
15.80 |
31.37 |
|
|
TOTAL ASSETS |
% |
0.85 |
49.56 |
|
ANNUAL
GROWTH: ACCEPTABLE
An annual sales growth is -21.6%. Turnover has decreased from THB 3,445,788,750.00
in 2012 to THB 2,701,334,072.00 in 2013. While net profit has decreased from
THB 249,007,093.00 in 2012 to THB 86,018,059.00 in 2013. And total assets has
increased from THB 1,903,881,397.00 in 2012 to THB 1,920,039,944.00 in 2013.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
21.14 |
Acceptable |
Industrial
Average |
34.13 |
|
Net Profit Margin |
3.18 |
Satisfactory |
Industrial Average |
3.73 |
|
Return on Assets |
4.48 |
Satisfactory |
Industrial
Average |
4.65 |
|
Return on Equity |
7.77 |
Satisfactory |
Industrial
Average |
9.80 |
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 21.14%. 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 3.18%.
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 4.48%.
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 7.77%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.81 |
Impressive |
Industrial
Average |
1.29 |
|
Quick Ratio |
1.20 |
|
|
|
|
Cash Conversion Cycle |
102.88 |
|
|
|
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 1.81 times in 2013, decreased from 1.72 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 1.2 times in 2013,
decreased from 1.39 times, although excluding inventory so the company still
have good short-term financial strength.
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 103 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE:
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.42 |
Impressive |
Industrial
Average |
0.52 |
|
Debt to Equity Ratio |
0.73 |
Impressive |
Industrial
Average |
1.07 |
|
Times Interest Earned |
11.65 |
Impressive |
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 lower the percentage means that the company is using
less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 11.65 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.42 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.02 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.41 |
Impressive |
Industrial
Average |
1.25 |
|
Inventory Conversion Period |
84.93 |
|
|
|
|
Inventory Turnover |
4.30 |
Acceptable |
Industrial
Average |
6.71 |
|
Receivables Conversion Period |
58.93 |
|
|
|
|
Receivables Turnover |
6.19 |
Impressive |
Industrial
Average |
4.77 |
|
Payables Conversion Period |
40.98 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.19 and 4.06 in
2013 and 2012 respectively. This ratio measures the efficiency of the company in
managing its trade debtors to generate revenue. A lower ratio may indicate over
extension and collection problems. Conversely, a higher ratio may indicate an
overtly stringent policy. In this case, the company's A/R ratio in 2013
increased from 2012. This would suggest the company had good performance in the
management of its debt collections.
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 41 days at the
end of 2012 to 85 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 8.92 times in year 2012 to 4.3 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.41 times and 1.81
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 Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.19 |
|
|
1 |
Rs.94.94 |
|
Euro |
1 |
Rs.67.66 |
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.