MIRA INFORM REPORT
|
Report No. : |
352259 |
|
Report Date : |
03.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
AATPR INDUSTRY
CO., LTD. |
|
|
|
|
Formerly Known As : |
TPR INDUSTRY CO., LTD. |
|
|
|
|
Registered Office : |
230/2-4 Ekachai Road, Bangbon, Bangkok
10150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
06.12.1995 |
|
|
|
|
Com. Reg. No.: |
0105538144622 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Textile and
Garment Machines and
Related Equipment’s |
|
|
|
|
No. of Employees : |
65 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
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, and generally pro-investment policies Thailand has historically had a
strong economy due in part to competitive 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 2-4 million migrant
workers from neighboring countries, and faces labor shortages. Following the
May 2014 coup d'etat, 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
AATPR INDUSTRY CO., LTD.
[FORMER: TPR INDUSTRY
CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 230/2-4 EKACHAI
ROAD, BANGBON,
BANGKOK 10150,
THAILAND
TELEPHONE : [66] 2898-0691,
2415-9172
FAX :
[66] 2415-9263,
2415-9172
E-MAIL
ADDRESS : uzu@aatpr.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538144622
TAX
ID NO. : 3011659854
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. PAIROJ CHAIPREECHAPAT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 65
LINES
OF BUSINESS : TEXTILE AND GARMENT MACHINES
AND RELATED EQUIPMENTS
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 6, 1995
as a private
limited company under
the originally registered name “Kradoom Tong Co., Ltd.,” by
Thai group. On
January 14, 1997,
its registered name
was changed to “TPR Industry
Co., Ltd.”, and
was finally changed
to AATPR INDUSTRY
CO., LTD., on February
9, 2001. Its
business objective is
to manufacture wide
range of machines
and related equipment
for textile and
garment industries of both domestic
and international markets.
It currently employs
65 staff.
The
subject’s registered address
is 230/2-4 Ekachai
Road, Bangbon, Bangkok
10150, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pairoj Chaipreechapat |
|
Thai |
57 |
|
Ms. Chokhung Saekhu |
|
Thai |
61 |
AUTHORIZED
PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pairoj Chaipreechapat is
the Managing Director.
He is Thai
nationality with the
age of 57 years
old.
Mrs. Saowanit Chaipreechapat is
the G.M./Marketing Manager.
She is Thai
nationality.
BUSINESS
OPERATIONS
The subject
is engaged in manufacturing, distributing
and exporting wide range
of machineries for
textile and garment
industries. The products
are automatic front
placket machine, fabric
inspect winding relaxing,
trousers turning machine,
spot cleaning machine,
vacuum table boiler
built-in, scissors grinding
machine, snap fastening
machine, thread suction
machine, heat cutting
machine, hydraulic die
cutting machine, auto
strip cutting machine,
string thrusting machine,
thread winding machine,
auto label-tape cutter & label folder,
strapping machine and
related equipment, under
its own brand “UZU”.
PURCHASE
Most of machine
parts and accessories are
purchased from local
suppliers, the remaining
is imported from
Germany, Republic of
China and Taiwan.
SALES
80% of the
products is sold to local manufactures,
the remaining 20% is exported
to Cambodia, Singapore, Myanmar,
India, Hong Kong, Indonesia
and Japan.
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
T/T.
BANKING
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs 65
staff.
LOCATION
DETAILS
The
premise is owned for administrative office and
factory at the heading
address. Premise is located
in industrial area.
Warehouse
is located at 2,
4 Ekachai 63
Road, Bangbon, Bangkok
10150.
COMMENT
Economy
slowdown in accordance
with slow domestic
industrial growth has
affected subject’s sales,
as well as, the
impact of slow
spending and delay
of industrial expansion would
pressure subject’s performance
to grow at
slow pace than
expected.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into
10,000 shares of Bht.
100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 2,000,000
on July 11,
2000
Bht. 5,000,000
on August 16,
2005
The
latest registered 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,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Saowanit Chaipreechapat Nationality: Thai Address : 232 Ekachai Road,
Bangbon, Bangkok |
20,000 |
40.00 |
|
Mr. Pairoj Chaipreechapat Nationality: Thai Address : 153/300
Bangbon 1 Road,
Bangbon,
Bangkok |
15,990 |
31.98 |
|
Ms. Pornpailin Chaipreechapat Nationality: Thai Address : 153/300
Bangbon 1 Road,
Bangbon,
Bangkok |
5,510 |
11.02 |
|
Ms. Naruporn Chaipreechapat Nationality: Thai Address : 153/300
Bangbon 1 Road,
Bangbon,
Bangkok |
5,500 |
11.00 |
|
Ms. Chokhung Saekhu Nationality: Thai Address : 153/302
Bangbon 1 Road,
Bangbon,
Bangkok |
1,000 |
2.00 |
|
Mrs. Attaya Orachai Nationality: Thai Address : 153/302
Bangbon 1 Road,
Bangbon, Bangkok |
1,000 |
2.00 |
|
|
|
|
|
Ms. Vorawan Saekhu Nationality: Thai Address : 153/302
Bangbon 1 Road,
Bangbon,
Bangkok |
1,000 |
2.00 |
Total Shareholders : 7
Share
Structure
[as at April
30, 2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Maj. Gen. Boonthon Wonglangka No.
1855
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
266,659.00 |
188,328.25 |
151,658.00 |
|
Trade Accounts Receivable
|
8,207,928.27 |
13,473,815.39 |
8,081,386.68 |
|
Other Receivable |
1,384,716.19 |
379,104.84 |
1,550,913.12 |
|
Inventories |
6,054,302.00 |
6,470,755.00 |
5,683,700.00 |
|
Short-term Loans |
5,864,300.00 |
- |
735,284.59 |
|
|
|
|
|
|
Total Current Assets
|
21,777,905.46 |
20,512,003.48 |
16,202,942.39 |
|
Fixed Assets |
29,097,188.57 |
32,603,843.49 |
31,320,515.18 |
|
Other Non-current Assets |
7,031,540.67 |
7,586,232.38 |
8,104,875.48 |
|
Total Assets |
57,906,634.70 |
60,702,079.35 |
55,628,333.05 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
6,096,855.05 |
9,204,311.13 |
8,134,197.20 |
|
Trade Accounts Payable
|
7,667,700.88 |
8,541,823.12 |
4,661,694.78 |
|
Other Payable |
4,224,099.74 |
2,173,281.45 |
3,597,879.34 |
|
Current Portion of
Long-term Loans |
720,132.08 |
2,152,487.08 |
381,622.44 |
|
Accrued Income Tax |
227,073.92 |
105,491.88 |
260,835.47 |
|
|
|
|
|
|
Total Current Liabilities |
18,935,861.67 |
22,177,394.66 |
17,036,229.23 |
|
Long-term Loan |
18,066,241.16 |
19,122,245.57 |
17,524,365.11 |
|
Long-term Loan from Related |
- |
82,600.24 |
2,603,150.77 |
|
Total Liabilities |
37,002,102.83 |
41,382,240.47 |
37,163,745.11 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning - Unappropriated |
15,904,531.87 |
14,319,838.88 |
13,464,587.94 |
|
Total Shareholders' Equity |
20,904,531.87 |
19,319,838.88 |
18,464,587.94 |
|
Total Liabilities & Shareholders' Equity |
57,906,634.70 |
60,702,079.35 |
55,628,333.05 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
60,509,962.94 |
51,694,992.30 |
51,725,402.33 |
|
Services Income |
325,026.00 |
359,585.00 |
275,069.00 |
|
Other Income |
1,387,992.56 |
2,342,141.19 |
218,646.36 |
|
Total Revenues |
62,222,981.50 |
54,396,718.49 |
52,219,117.69 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
43,803,255.45 |
39,035,356.22 |
37,743,419.27 |
|
Selling Expenses |
10,097,317.69 |
8,075,657.08 |
6,543,485.33 |
|
Administrative Expenses |
3,844,592.79 |
3,796,724.07 |
3,905,082.81 |
|
Other Expenses |
46,003.22 |
- |
151,118.62 |
|
Total Expenses |
57,791,169.15 |
50,907,737.37 |
48,343,106.03 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
4,431,812.35 |
3,488,981.12 |
3,876,011.66 |
|
Financial Cost |
[2,438,758.59] |
[2,299,266.71] |
[2,168,089.46] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
1,993,053.76 |
1,189,714.41 |
1,707,922.20 |
|
Income Tax |
[408,360.77] |
[334,463.47] |
[440,138.25] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,584,692.99 |
855,250.94 |
1,267,783.95 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.15 |
0.92 |
0.95 |
|
QUICK RATIO |
TIMES |
0.52 |
0.63 |
0.57 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.09 |
1.60 |
1.66 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.05 |
0.86 |
0.93 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
50.45 |
60.50 |
54.96 |
|
INVENTORY TURNOVER |
TIMES |
7.24 |
6.03 |
6.64 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
49.25 |
94.48 |
56.72 |
|
RECEIVABLES TURNOVER |
TIMES |
7.41 |
3.86 |
6.43 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
63.89 |
79.87 |
45.08 |
|
CASH CONVERSION CYCLE |
DAYS |
35.80 |
75.11 |
66.61 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
72.00 |
74.99 |
72.58 |
|
SELLING & ADMINISTRATION |
% |
22.92 |
22.81 |
20.09 |
|
INTEREST |
% |
4.01 |
4.42 |
4.17 |
|
GROSS PROFIT MARGIN |
% |
30.28 |
29.51 |
27.84 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.28 |
6.70 |
7.45 |
|
NET PROFIT MARGIN |
% |
2.60 |
1.64 |
2.44 |
|
RETURN ON EQUITY |
% |
7.58 |
4.43 |
6.87 |
|
RETURN ON ASSET |
% |
2.74 |
1.41 |
2.28 |
|
EARNING PER SHARE |
BAHT |
31.69 |
17.11 |
25.36 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.64 |
0.68 |
0.67 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.77 |
2.14 |
2.01 |
|
TIME INTEREST EARNED |
TIMES |
1.82 |
1.52 |
1.79 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
16.87 |
0.10 |
|
|
OPERATING PROFIT |
% |
27.02 |
(9.99) |
|
|
NET PROFIT |
% |
85.29 |
(32.54) |
|
|
FIXED ASSETS |
% |
(10.76) |
4.10 |
|
|
TOTAL ASSETS |
% |
(4.61) |
9.12 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 16.87%. Turnover has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
30.28 |
Deteriorated |
Industrial
Average |
92.32 |
|
Net Profit Margin |
2.60 |
Satisfactory |
Industrial
Average |
3.28 |
|
Return on Assets |
2.74 |
Acceptable |
Industrial
Average |
3.75 |
|
Return on Equity |
7.58 |
Acceptable |
Industrial
Average |
10.69 |
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 30.28%. 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 2.6%. 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 2.74%.
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 7.58%.
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 |
1.15 |
Deteriorated |
Industrial
Average |
2.73 |
|
Quick Ratio |
0.52 |
|
|
|
|
Cash Conversion Cycle |
35.80 |
|
|
|
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 1.15 times in 2014, increased from 0.92 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 0.52 times in 2014,
decreased from 0.63 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 36 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.64 |
Impressive |
Industrial
Average |
0.64 |
|
Debt to Equity Ratio |
1.77 |
Acceptable |
Industrial
Average |
1.79 |
|
Times Interest Earned |
1.82 |
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 1.82 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 0.64 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.09 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.05 |
Satisfactory |
Industrial
Average |
1.14 |
|
Inventory Conversion Period |
50.45 |
|
|
|
|
Inventory Turnover |
7.24 |
Impressive |
Industrial
Average |
1.86 |
|
Receivables Conversion Period |
49.25 |
|
|
|
|
Receivables Turnover |
7.41 |
Impressive |
Industrial
Average |
6.06 |
|
Payables Conversion Period |
63.89 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.41 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 61 days at the
end of 2013 to 50 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 6.03 times in year 2013 to 7.24 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.05 times and 0.86
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 Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.62 |
|
|
1 |
Rs.100.34 |
|
Euro |
1 |
Rs.70.67 |
|
Thai Baht |
1 |
Rs.1.86 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
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.