MIRA
INFORM REPORT
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Report No. : |
334733 |
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Report Date : |
05.08.2015 |
IDENTIFICATION DETAILS
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Name : |
THAI PATANAKIT TRANSFORMER CO., LTD. |
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Registered Office : |
23/1 Moo 7, Watsalut, |
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Country : |
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Financials (as on) : |
30.11.2014 |
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Date of Incorporation : |
18.12.1989 |
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Com. Reg. No.: |
0115532004098 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The subject is engaged in manufacturing, distributing and exporting
various kinds of transformers under
the brand “THAIPAT”. |
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No. of Employees : |
230 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
THAILAND - ECONOMIC
OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand has historically had a strong economy due in part to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. The economy experienced slow growth and declining exports in 2014, in part due to domestic political turmoil and sluggish global demand. With full employment, Thailand attracts an estimated 4 million migrant workers from neighboring countries, and faces labor shortages. Following the May 2014 coup d’�tat, tourism decreased 6-7% but is beginning to recover. The household debt to GDP ratio is over 80%. 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 baht has remained stable.
|
Source
: CIA |
Company Name
THAI PATANAKIT
TRANSFORMER CO., LTD.
SUMMARY
BUSINESS ADDRESS : 23/1
MOO 7, WATSALUT,
BANGNA-TRAD ROAD,
T.
BANG KAEO, A. BANG
PHLI,
SAMUTPRAKARN 10540,
THAILAND
TELEPHONE
: [66] 2316-3355
FAX :
[66] 2750-1584
E-MAIL ADDRESS : info@thaipatanakit.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION NO. : 0115532004098
TAX ID NO. : 3271035009
CAPITAL REGISTERED : BHT.
100,000,000
CAPITAL PAID-UP
: BHT.
100,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : NOVEMBER 30
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE
: MR.
BAMRUNG KAEWTRAKULCHOTE, THAI
PRESIDENT
NO. OF
STAFF : 230
LINES OF
BUSINESS : TRANSFORMERS
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
December 18, 1989
as a private
limited company under
the registered name
THAI PATANAKIT TRANSFORMER
CO., LTD., by Thai group,
with the business
objective to manufacture
various kinds of
transformers for domestic
and international markets.
It currently employs
approximately 230 staff.
The subject’s registered address is 23/1 Moo
7, Soi Watsalut, Bangna-Trad Road, T. Bang Kaeo,
A. Bang Phli, Samutprakarn
10540, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Pratarn
Kaewtrakulchote |
Thai |
47 |
|
Ms. Montira
Kaewtrakulchote |
Thai |
43 |
|
Mrs. Kamnung Wattanadilokwit |
Thai |
72 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Bamrung
Kaewtrakulchote
is the President.
He is Thai
nationality.
Mr. Pratarn
Kaewtrakulchote
is the Managing
Director.
He is Thai
nationality with the
age of 47
years old.
Ms. Montira
Kaewtrakulchote
is the Deputy
Managing Director.
She is Thai
nationality with the
age of 43
years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, distributing and
exporting various kinds
of transformers under
the brand “THAIPAT”.
Types of products
are as follows:
-
Auto transformer
-
Isolate transformer
-
Oil filled distribution
transformer with input
11kv, 22kv, 33kv
and output 230v.
with various sizes: 10kva-50 kva 1
phase distribution transformer,
30 kva-500 kva
3
phase distribution transformer,
630 kva-2000 kva 3 phase
distribution
transformer, 2,500
kva and larger
-
Low voltage dry
type transformer
The subject
also provides repair,
rental, maintenance and
after sales services
of the products.
PRODUCTION CAPACITY
600 sets
per annum
PURCHASE
Raw materials and
components are purchased
from suppliers both
domestic and overseas
in U.S.A., Republic
of China and
Taiwan.
SALES
Most of the
products are sold
locally to manufacturers
and end-users, the
remaining is exported
to Laos.
MAJOR CUSTOMERS
Provincial
Electricity Authority : Thailand
Metropolitan
Electricity Authority :
Thailand
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 to 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
T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
EMPLOYMENT
The subject
employs approximately 230
staff.
LOCATION DETAILS
The premise
is owned for administrative office,
factory and warehouse at the
heading address. Premise
is located in
provincial.
COMMENT
The subject posted
its slow sales
for the year
end November 30,
2014 compared to
the previous year.
Moreover, sales in
2015 has seen
flat growth due
to unfavorable conditions of
some industries with
the economy remaining
on its downward
trend.
FINANCIAL INFORMATION
The capital was
registered at Bht. 3,000,000 divided
into 30,000 shares of Bht.
100 each with
fully paid.
The capital
was increased later
as follows:
Bht. 10,000,000
on February 26,
2003
Bht. 20,000,000
on November 4,
2005
Bht. 40,000,000
on November 29,
2007
Bht. 70,000,000
on November 26,
2009
Bht. 100,000,000
on November 7,
2014
The latest
registered capital was
increased to Bht. 100,000,000 divided
into 1,000,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
March 31, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Kamnung
Wattanadilokwit Nationality: Thai Address : 20/29
Moo 7, T. Bang
Kaeo,
A. Bang Phli, Samutprakarn |
355,000 |
35.50 |
|
Mr. Pratarn
Kaewtrakulchote Nationality: Thai Address :
200/29 Moo 14,
T. Bangphliyai,
A. Bang Phli,
Samutprakarn |
300,000 |
30.00 |
|
Ms. Montira
Kaewtrakulchote Nationality: Thai Address : 200/199
Moo 14, T. Bangphliyai,
A. Bang Phli, Samutprakarn |
300,000 |
30.00 |
|
Ms. Ornnicha
Kaewtrakulchote Nationality: Thai Address : 176/8
Moo 9, Dokmai,
Prawet,
Bangkok |
19,000 |
1.90 |
|
Ms. Ratchanan
Kaewtrakulchote Nationality: Thai Address : 176/8
Moo 9, Dokmai,
Prawet,
Bangkok |
19,000 |
1.90 |
|
Mr. Bamrung
Kaewtrakulchote Nationality: Thai Address : 142
Soi Bangna-Trad 12,
Bangna,
Bangkok |
5,000 |
0.50 |
|
Ms. Jareepan
Kaewtrakulchote Nationality: Thai Address : 109
Soi Sukhumvit 97/1,
Bangchak,
Prakanong, Bangkok |
2,000 |
0.20 |
Total
Shareholders : 7
Share Structure [as at
March 31, 2015]
|
Nationality |
Shareholders |
No.
of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
1,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
1,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mrs. Wattanee
Puengudom No. 4464
BALANCE SHEET
The latest financial figures published
as at November
30, 2014, 2013 & 2012 were:
ASSETS
|
Current
Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash
Equivalents |
26,625,721.40 |
15,692,744.01 |
33,744,833.10 |
|
Short-term Investment |
9,590,632.00 |
10,733,232.63 |
- |
|
Trade Accounts Receivable
|
155,782,536.48 |
133,113,508.42 |
112,732,699.28 |
|
Inventories |
102,305,963.46 |
119,197,914.85 |
92,671,063.01 |
|
Other Current Assets
|
10,804,837.30 |
19,131,944.41 |
8,871,155.09 |
|
|
|
|
|
|
Total Current Assets |
305,109,690.64 |
297,869,344.32 |
248,019,750.48 |
|
|
|
|
|
|
Long-term Investment |
- |
- |
8,000,000.00 |
|
Fixed Assets |
109,035,366.04 |
109,800,423.73 |
70,927,076.15 |
|
Other Non -
current Assets |
20,590,108.22 |
16,600,718.25 |
3,147,005.34 |
|
Total Assets |
434,735,164.90 |
424,270,486.30 |
330,093,831.97 |
LIABILITIES
& SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial
Institutions |
- |
10,500,818.10 |
951,266.56 |
|
Trade Accounts & Other
Payable |
180,970,401.37 |
200,130,593.99 |
163,814,943.42 |
|
Current
Portion of Long-term Liabilities |
3,077,768.00 |
3,766,692.00 |
3,104,102.00 |
|
Accrued Income Tax |
4,279,761.71 |
5,100,674.87 |
9,000,506.12 |
|
Other Current Liabilities |
3,237,248.64 |
3,451,535.62 |
1,316,005.00 |
|
|
|
|
|
|
Total Current Liabilities |
191,565,179.72 |
222,950,314.58 |
178,186,823.10 |
|
Long-term Loans |
- |
- |
10,220,708.03 |
|
Other Non-current Liabilities |
42,832,431.89 |
46,503,440.02 |
- |
|
Total Liabilities |
234,397,611.61 |
269,453,754.60 |
188,407,531.13 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital :
Baht 100 par
value authorized, issued
and fully paid share capital
1,000,000 shares in 2014; 700,000 shares
in 2013 & 2012 |
100,000,000.00 |
70,000,000.00 |
70,000,000.00 |
|
|
|
|
|
|
Capital Paid |
100,000,000.00 |
70,000,000.00 |
70,000,000.00 |
|
Retained Earning
Unappropriated |
100,337,553.29 |
84,816,731.70 |
71,686,300.84 |
|
Total Shareholders' Equity |
200,337,553.29 |
154,816,731.70 |
141,686,300.84 |
|
Total Liabilities &
Shareholders' Equity |
434,735,164.90 |
424,270,486.30 |
330,093,831.97 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales &
Services Income |
380,412,501.39 |
430,502,724.62 |
469,332,160.06 |
|
Other Income |
2,039,811.25 |
1,034,866.33 |
324,294.90 |
|
Total Revenues |
382,452,312.64 |
431,537,590.95 |
469,656,454.96 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
310,826,186.40 |
359,423,001.67 |
392,150,078.26 |
|
Selling Expenses |
4,109,185.33 |
6,741,098.64 |
8,866,665.87 |
|
Administrative
Expenses |
44,349,816.48 |
44,910,348.12 |
39,130,708.27 |
|
Total Expenses |
359,285,188.21 |
411,074,448.43 |
440,147,452.40 |
|
|
|
|
|
|
Profit / [Loss] before
Financial Cost & Income
Tax |
23,167,124.43 |
20,463,142.52 |
29,509,002.56 |
|
Financial Cost |
[3,867,496.26] |
[2,214,761.99] |
[1,061,865.85] |
|
Profit / [Loss]
before Income Tax |
19,299,628.17 |
18,248,380.53 |
28,447,136.71 |
|
Income Tax |
[4,279,761.71] |
[5,100,674.87] |
[9,000,506.12] |
|
|
|
|
|
|
Net Profit / [Loss]
|
15,019,866.46 |
13,147,705.66 |
19,446,630.59 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.59 |
1.34 |
1.39 |
|
QUICK RATIO |
TIMES |
1.00 |
0.72 |
0.82 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.49 |
3.92 |
6.62 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.88 |
1.01 |
1.42 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
120.14 |
121.05 |
86.26 |
|
INVENTORY TURNOVER |
TIMES |
3.04 |
3.02 |
4.23 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
149.47 |
112.86 |
87.67 |
|
RECEIVABLES TURNOVER |
TIMES |
2.44 |
3.23 |
4.16 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
212.51 |
203.24 |
152.47 |
|
CASH CONVERSION CYCLE |
DAYS |
57.10 |
30.67 |
21.45 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
81.71 |
83.49 |
83.55 |
|
SELLING & ADMINISTRATION |
% |
12.74 |
12.00 |
10.23 |
|
INTEREST |
% |
1.02 |
0.51 |
0.23 |
|
GROSS PROFIT MARGIN |
% |
18.83 |
16.75 |
16.51 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.09 |
4.75 |
6.29 |
|
NET PROFIT MARGIN |
% |
3.95 |
3.05 |
4.14 |
|
RETURN ON EQUITY |
% |
7.50 |
8.49 |
13.73 |
|
RETURN ON ASSET |
% |
3.45 |
3.10 |
5.89 |
|
EARNING PER SHARE |
BAHT |
15.02 |
18.78 |
27.78 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.54 |
0.64 |
0.57 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.17 |
1.74 |
1.33 |
|
TIME INTEREST EARNED |
TIMES |
5.99 |
9.24 |
27.79 |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(11.64) |
(8.27) |
|
|
OPERATING PROFIT |
% |
13.21 |
(30.65) |
|
|
NET PROFIT |
% |
14.24 |
(32.39) |
|
|
FIXED ASSETS |
% |
(0.70) |
54.81 |
|
|
TOTAL ASSETS |
% |
2.47 |
28.53 |
|
ANNUAL
GROWTH : SATISFACTORY
An annual sales growth is -11.64%. Turnover has decreased from
THB
PROFITABILITY
: ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
18.83 |
Impressive |
Industrial
Average |
- |
|
Net Profit Margin |
3.95 |
Deteriorated |
Industrial
Average |
8.84 |
|
Return on Assets |
3.45 |
Deteriorated |
Industrial
Average |
15.68 |
|
Return on Equity |
7.50 |
Deteriorated |
Industrial
Average |
40.26 |
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 18.83%. When
compared with the industry average, the ratio of the company was higher,
indicated that company was more profitable than the same industry.
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 3.95%. 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 3.45%.
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 7.5%.
Trend
of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY
: SATISFACTORY
LIQUIDITY
RATIO
|
Current Ratio |
1.59 |
Impressive |
Industrial
Average |
1.35 |
|
Quick Ratio |
1.00 |
|
|
|
|
Cash Conversion Cycle |
57.10 |
|
|
|
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 1.59 times in 2014, increased from 1.34 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 time
in 2014, increased from 0.72 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 58 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE
: IMPRESSIVE
LEVERAGE
RATIO
|
Debt Ratio |
0.54 |
Impressive |
Industrial
Average |
0.63 |
|
Debt to Equity Ratio |
1.17 |
Satisfactory |
Industrial
Average |
1.67 |
|
Times Interest Earned |
5.99 |
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 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 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 0.54 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
: SATISFACTORY
ACTIVITY
RATIO
|
Fixed Assets Turnover |
3.49 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.88 |
Deteriorated |
Industrial
Average |
1.77 |
|
Inventory Conversion Period |
120.14 |
|
|
|
|
Inventory Turnover |
3.04 |
Satisfactory |
Industrial
Average |
3.61 |
|
Receivables Conversion Period |
149.47 |
|
|
|
|
Receivables Turnover |
2.44 |
Acceptable |
Industrial
Average |
4.42 |
|
Payables Conversion Period |
212.51 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.44
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 decreased from 121 days at the
end of 2013 to 120 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 3.02 times in year 2013 to 3.04 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.88
times and 1.01 times in 2014 and 2013 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.63.93 |
|
UK Pound |
1 |
Rs.99.82 |
|
Euro |
1 |
Rs.70.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
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.