MIRA INFORM REPORT
|
Report No. : |
330419 |
|
Report Date : |
08.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
OGIHARA
[THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
231 Ladkrabang Industrial Estate, Phase 3, Chalongkrung Road, Lamplathew, Ladkrabang, Bangkok 10520, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
20.04.1989 |
|
|
|
|
Com. Reg. No.: |
0105532036593 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Distributor of Automobile Parts |
|
|
|
|
No. of Employees : |
400 |
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, 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 and address
OGIHARA [THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 231
LADKRABANG INDUSTRIAL ESTATE,
PHASE 3,
CHALONGKRUNG ROAD,
LAMPLATHEW,
LADKRABANG, BANGKOK
10520, THAILAND
TELEPHONE : [66] 2326-0433-6,
2326-0657-8, 2739-6070
FAX : [66] 2326-0149
E-MAIL
ADDRESS : ogihara@asianet.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION
NO. : 0105532036593
TAX
ID NO. : 3101619416
CAPITAL REGISTERED : BHT. 372,000,000
CAPITAL PAID-UP : BHT.
372,000,000
SHAREHOLDER’S PROPORTION : THAI :
42.79%
JAPANESE :
57.21%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
TAKASHI ITO, JAPANESE
PRESIDENT
NO.
OF STAFF : 400
LINES
OF BUSINESS : AUTOMOBILE PARTS
MANUFACTURER, EXPORTER AND DISTRIBUTOR
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 April 20,
1989 as a
private limited company
under the registered name OGIHARA [THAILAND] CO., LTD., by Thai and Japanese groups, with
the business objective
to manufacture automobile
parts for export
and domestic market.
It currently employs
approximately 400 staff.
The
subject is an
affiliated company of Ogihara
Corporation, Japan.
The
subject’s registered address is 231
Ladkrabang Industrial Estate,
Chalongkrung Road, Lamplathew,
Ladkrabang, Bangkok 10520, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Somporn Juangroongruangkit |
[x] |
Thai |
65 |
|
Ms. Chanapun Juangroongruangkit |
[x] |
Thai |
39 |
|
Mr. Thanathorn
Juangroongruangkit |
|
Thai |
37 |
|
Mr. Takashi Ito |
|
Japanese |
53 |
|
Ms. Sriumporn Yutthanatjinda |
|
Thai |
54 |
|
Mr. Mitsuaki Tanaka |
|
Japanese |
45 |
|
Mr. Shigenobu Matsumoto |
|
Japanese |
56 |
|
Mr. Hiroshi Morita |
[x] |
Japanese |
54 |
|
Mr. Charnnarong Leelanapapan |
|
Thai |
63 |
AUTHORIZED
PERSON
Anyone of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Takashi Ito is
the President.
He is Japanese
nationality with the
age of 53 years
old.
BUSINESS
OPERATIONS
The subject
is engaged in
manufacturing, exporting and distributing of
automobile parts, including
automobile stamping dies, checking
fixtures, automobile stamping
parts and automobile
sub-assembly parts.
PURCHASE
Raw materials and
components are purchased
from suppliers both
domestic and overseas
in Japan, Australia
and Germany.
MAJOR
SUPPLIER
Itochu
[Thailand] Ltd. :
Thailand
SALES
20% of the
products is exported
to Japan, Indonesia and
the countries in
Europe, the remaining
80% is sold
locally.
MAJOR
CUSTOMERS
Toyota
Motor Group
Honda
Group
Kawasaki
Group
Hino
Motor Manufacturing [Thailand]
Co., Ltd.
Nissan
Group
Isuzu
Motor Group
Thai
Summit Group
Thairung
Union Car Public
Company Limited
General
Motors [Thailand] Co.,
Ltd.
Siam
Kubota Corporation Co.,
Ltd.
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
T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
400 staff.
LOCATION
DETAILS
The
premises is owned for
administrative office, factory
and warehouse on approximately 33,600
square meters, at the heading
address. Premises is
located in industrial
area.
COMMENT
The subject has
been established as
a subsidiary of
Ogihara Corporation in
Japan at Ladkrabang Industrial
Estate of Bangkok Thailand,
since April, 1989.
It started as
a tool and
dies manufacturing at
the beginning, and
later, it started stamping and
subassembly for automotive
component as well.
The subject has
been built on a
long-standing dedication to
its corporate principle
of quality, delivery, cost
competitiveness and customer
satisfaction.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 372,000,000 divided
into 3,720,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as
at March 25,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ogihara Corporation Nationality: Japanese Address : 210-1
Higashi, Yajima, Ota,
Gunma-ken, Japan |
2,128,224 |
57.21 |
|
Mrs. Somporn Juangroongruangkit
Nationality: Thai Address : 157
Soi Lakeside Villa
2, Dokmai,
Prawet, Bangkok |
959,376 |
25.79 |
|
Itochu [Thailand] Co.,
Ltd. Nationality: Thai Address : 54
North Sathorn Road,
Silom,
Bangrak, Bangkok |
632,400 |
17.00 |
Total Shareholders : 3
Share
Structure
[as at
March 25, 2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
1,591,776 |
42.79 |
|
Foreign - Japanese |
1 |
2,128,224 |
57.21 |
|
Total |
3 |
3,720,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Attapol Yaemprai No.
8933
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December 31,
2014, 2013 &
2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
68,375,142.75 |
262,104,299.02 |
163,684,886.89 |
|
Short-term Investment |
- |
5,398,937.59 |
5,278,002.00 |
|
Trade Accounts &
Other Receivable |
167,184,594.39 |
306,703,390.37 |
211,855,332.65 |
|
Inventories |
317,667,650.01 |
178,885,761.59 |
298,578,245.56 |
|
Other Current Assets
|
17,355,154.87 |
8,605,405.21 |
9,396,128.20 |
|
|
|
|
|
|
Total Current Assets
|
570,582,542.02 |
761,697,793.78 |
688,792,595.30 |
|
Cash at Bank
under Restriction |
- |
- |
3,622,158.84 |
|
Investment in Associated
Companies |
74,898,332.66 |
74,898,332.66 |
74,898,332.66 |
|
Fixed Assets |
674,643,995.03 |
504,009,720.21 |
462,125,274.23 |
|
Intangible Assets |
18,283,922.25 |
7,827,298.25 |
5,056,696.60 |
|
Prepaid Income Tax |
40,043,149.98 |
7,826,538.15 |
21,999,174.69 |
|
Other Non-current Assets |
2,456,619.98 |
2,448,154.93 |
2,381,464.93 |
|
Total Assets |
1,380,908,561.92 |
1,358,707,837.98 |
1,258,875,697.25 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts &
Other Payable |
295,704,962.62 |
345,590,662.64 |
266,030,037.43 |
|
Accrued Income
Tax |
- |
2,468,233.43 |
- |
|
Deposit &
Advance Income |
138,731,810.46 |
14,771,666.22 |
151,324,681.55 |
|
Unrealized Liabilities |
51,969,199.89 |
55,323,879.06 |
20,677,005.26 |
|
Accrued Expenses |
- |
- |
35,611,699.09 |
|
Other Current
Liabilities |
6,101,470.11 |
16,460,209.88 |
12,809,529.30 |
|
|
|
|
|
|
Total Current
Liabilities |
492,507,443.08 |
434,614,651.23 |
486,452,952.63 |
|
Employee Benefit Obligation |
21,843,376.67 |
18,428,873.35 |
18,655,061.76 |
|
Total Liabilities |
514,350,819.75 |
453,043,524.58 |
505,108,014.39 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value Authorized &
issued share capital
3,720,000 shares
|
372,000,000.00 |
372,000,000.00 |
372,000,000.00 |
|
|
|
|
|
|
Capital Paid |
372,000,000.00 |
372,000,000.00 |
372,000,000.00 |
|
Retained Earning Appropriated for Statutory reserve |
37,200,000.00 |
37,200,000.00 |
37,200,000.00 |
|
Unappropriated |
457,357,742.17 |
496,464,313.40 |
344,567,682.86 |
|
|
|
|
|
|
Total Shareholders' Equity |
866,557,742.17 |
905,664,313.40 |
753,767,682.86 |
|
Total Liabilities &
Shareholders' Equity |
1,380,908,561.92 |
1,358,707,837.98 |
1,258,875,697.25 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales |
1,727,976,843.37 |
2,352,087,978.20 |
1,948,296,061.69 |
|
Other Income |
25,522,976.47 |
10,331,509.88 |
17,450,431.52 |
|
Total Revenues |
1,753,499,819.84 |
2,362,419,488.08 |
1,965,746,493.21 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,526,512,786.09 |
1,947,607,545.61 |
1,671,868,315.49 |
|
Selling Expenses |
48,123,745.04 |
60,004,380.63 |
50,280,838.02 |
|
Administrative Expenses |
63,523,444.53 |
71,873,371.95 |
62,155,347.51 |
|
Total Expenses |
1,638,159,975.66 |
2,079,485,298.19 |
1,784,304,501.02 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
115,339,844.18 |
282,934,189.89 |
181,441,992.19 |
|
Financial Cost |
- |
- |
[13,689.75] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
115,339,844.18 |
282,934,189.89 |
181,428,302.44 |
|
Income Tax |
[23,130,415.41] |
[64,077,559.35] |
[47,522,144.29] |
|
Net Profit / [Loss] |
92,209,428.77 |
218,856,630.54 |
133,906,158.15 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.16 |
1.75 |
1.42 |
|
QUICK RATIO |
TIMES |
0.48 |
1.32 |
0.78 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.56 |
4.67 |
4.22 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.25 |
1.73 |
1.55 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
75.96 |
33.52 |
65.19 |
|
INVENTORY TURNOVER |
TIMES |
4.81 |
10.89 |
5.60 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
35.31 |
47.59 |
39.69 |
|
RECEIVABLES TURNOVER |
TIMES |
10.34 |
7.67 |
9.20 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
70.71 |
64.77 |
58.08 |
|
CASH CONVERSION CYCLE |
DAYS |
40.57 |
16.35 |
46.80 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
88.34 |
82.80 |
85.81 |
|
SELLING & ADMINISTRATION |
% |
6.46 |
5.61 |
5.77 |
|
INTEREST |
% |
- |
- |
0.00 |
|
GROSS PROFIT MARGIN |
% |
13.14 |
17.64 |
15.08 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.67 |
12.03 |
9.31 |
|
NET PROFIT MARGIN |
% |
5.34 |
9.30 |
6.87 |
|
RETURN ON EQUITY |
% |
10.64 |
24.17 |
17.76 |
|
RETURN ON ASSET |
% |
6.68 |
16.11 |
10.64 |
|
EARNING PER SHARE |
BAHT |
24.79 |
58.83 |
36.00 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.37 |
0.33 |
0.40 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.59 |
0.50 |
0.67 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
13,253.86 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(26.53) |
20.73 |
|
|
OPERATING PROFIT |
% |
(59.23) |
55.94 |
|
|
NET PROFIT |
% |
(57.87) |
63.44 |
|
|
FIXED ASSETS |
% |
33.86 |
9.06 |
|
|
TOTAL ASSETS |
% |
1.63 |
7.93 |
|
ANNUAL
GROWTH: ACCEPTABLE
An annual sales growth is -26.53%. Turnover has decreased from THB
PROFITABILITY:
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.14 |
Deteriorated |
Industrial
Average |
30.33 |
|
Net Profit Margin |
5.34 |
Impressive |
Industrial
Average |
3.91 |
|
Return on Assets |
6.68 |
Impressive |
Industrial
Average |
5.23 |
|
Return on Equity |
10.64 |
Impressive |
Industrial
Average |
10.14 |
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 13.14%. 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 5.34%
in 2014
higher figure compared with those
of its average competitors in the same industry, indicated that business was an
efficient operator in a dominant
position within its industry.
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. Return on Assets ratio is 6.68%, higher figure when compared
with those of its average competitors in the same industry, indicated that business
was an efficient profit in a dominant
position within its industry.
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. Return on Equity ratio is
10.64%, higher figure when compared with those of its average
competitors in the same industry, indicated that business was an efficient profit
in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.16 |
Acceptable |
Industrial
Average |
1.67 |
|
Quick Ratio |
0.48 |
|
|
|
|
Cash Conversion Cycle |
40.57 |
|
|
|
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 1.16 times in 2014, decreased from 1.75 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 0.48 times in 2014,
decreased from 1.32 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 41 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.37 |
Impressive |
Industrial
Average |
0.47 |
|
Debt to Equity Ratio |
0.59 |
Impressive |
Industrial
Average |
0.88 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.37 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 |
2.56 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.25 |
Satisfactory |
Industrial
Average |
1.34 |
|
Inventory Conversion Period |
75.96 |
|
|
|
|
Inventory Turnover |
4.81 |
Impressive |
Industrial
Average |
4.16 |
|
Receivables Conversion Period |
35.31 |
|
|
|
|
Receivables Turnover |
10.34 |
Impressive |
Industrial
Average |
5.90 |
|
Payables Conversion Period |
70.71 |
|
|
|
The company's Account Receivable Ratio is calculated as 10.34 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 34 days at the
end of 2013 to 76 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 10.89 times in year 2013 to 4.81
times in year 2014.
The company's Total Asset Turnover is calculated as 1.25 times and 1.73
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.63.37 |
|
|
1 |
Rs.98.86 |
|
Euro |
1 |
Rs.69.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.