MIRA INFORM REPORT
|
Report No. : |
327353 |
|
Report Date : |
20.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
KULTHORN STEEL COMPANY LIMITED |
|
|
|
|
Registered Office : |
124 Latkrabang Industrial
Estate, Soi Chalongkrung 31,
Chalongkrung Road,
Lamplathew, Latkrabang, Bangkok
10520 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Year of Establishment : |
2007 |
|
|
|
|
Com. Reg. No.: |
0105550063921 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in steel
cutting and processing [coil center]
for motor compressor,
electric motors |
|
|
|
|
No. of Employee : |
268 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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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 |
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
KULTHORN STEEL
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 124
LATKRABANG INDUSTRIAL ESTATE,
SOI CHALONGKRUNG
31, CHALONGKRUNG ROAD,
LAMPLATHEW, LATKRABANG,
BANGKOK 10520,
THAILAND
TELEPHONE : [66] 2326-0851,
2739-6000
FAX :
[66] 2326-0766
E-MAIL
ADDRESS : kkc@kulthorn.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2007
REGISTRATION
NO. : 0105550063921
TAX
ID NO. : 3032682343
CAPITAL REGISTERED : BHT. 400,000,000
CAPITAL PAID-UP : BHT.
400,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUTEE SIMAKULTHORN,
THAI
PRESIDENT
NO.
OF STAFF : 268
LINES
OF BUSINESS : STEEL
CUTTING AND PROCESSING [COIL CENTER]
MANUFACTURER 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 June 20,
2007 as a
private limited company
under the registered
name KULTHORN STEEL
COMPANY LIMITED by
Thai groups, with
the objective to
engage in steel
cutting and processing
business. It currently
employs 268 staff.
The subject is
a wholly owned
subsidiary of Kulthorn
Kirby Public Company
Limited, the leading
air compressor manufacture
in Thailand.
The
subject’s registered address
was initially at
61/1 Moo 4,
Chalongkrung Rd., Lamplathew,
Latkrabang, Bangkok 10520.
On
September 1, 2010, subject’s
registered address was
relocated to 124
Latkrabang Industrial Estate,
Soi Chalongkrung 31, Chalongkrung Rd., Lamplathew, Latkrabang, Bangkok 10520,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sutee Simakulthorn |
[x] |
Thai |
46 |
|
Mr. Titisak Simakulthorn |
[x] |
Thai |
37 |
|
Mr. Paiboon Boonpermvitaya |
[x] |
Thai |
59 |
|
Mr. Prommarat Simakulthorn |
|
Thai |
39 |
|
Pol. Gen. Pateep Tanprasert |
|
Thai |
66 |
|
Mr. Abhijit Simakulthorn |
|
Thai |
37 |
AUTHORIZED PERSON
Any two of
the mentioned directors
[x] can jointly
sign or one
of the mentioned
directors [x] can
jointly sign with
anyone of the
rest directors on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Sutee Simakulthorn is
the President.
He is Thai
nationality with the
age of 46
years old.
Mr. Paiboon Boonpermvitaya is
the Executive Vice President
[Manufacturing].
He is Thai
nationality with the
age of 59
years old.
Mr. Chanachai Kulnoppaleark is
the Group Vice
President [Finance].
He is Thai
nationality.
Mr. Titisak Simakulthorn is
the Vice President [Marketing].
He is Thai
nationality with the
age of 37
years old.
BUSINESS OPERATIONS
The subject is
engaged in steel
cutting and processing [coil center]
for motor compressor,
electric motors and
etc, with the
production capacity of
15,000 tons per
month for cutting
works and 1,000,000
strokes [7,000 tons] per
month for processing
works.
PURCHASE
Most
of its raw
materials are purchased
from local suppliers,
while rolled steel
is imported from
Japan, Taiwan, Republic
of China and
Korea.
SALES
100% of the
products is sold
locally by wholesale
to manufacturers and
end-users.
MAJOR CUSTOMERS
Kulthorn Kirby Public
Company Limited : Thailand
Kulthorn Premier Co.,
Ltd. : 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
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
TMB
Bank Public Co.,
Ltd.
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject currently employs
268 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office, factory and
warehouse in the
land area of
6,750 square meters
at the heading
address. Premise is
located in industrial
area.
COMMENT
The
subject is a
manufacturer of steel
cutting and processing. In
2013 the subject
had recorded a
good performance in
its sales and
services, as well
as continue expanding
in the year 2014. This
has resulted by
company earning a
good outstanding work
and services.
However,
slow expansion of industrial
sector may affect
its business this
year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000,000
divided into 1,000,000 shares
of Bht. 100 each
with fully paid.
The
capital was increased
later as follows:
Bht. 200,000,000
on October 21,
2008
Bht. 400,000,000
on June 9,
2010
The
latest registered capital
was increased to
Bht. 400 million, divided into 4,000,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at April 21,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Kulthorn Kirby Public
Company Limited Nationality: Thai Address : 44/1
Moo 7, Chalongkrung Rd.,
Lamplathew, Latkrabang, Bangkok
|
3,999,997 |
100.00 |
|
Mr. Suraporn Simakulthorn Nationality: Thai Address : 420
Soi Pattanakarn 53, Suanluang, Bangkok |
1 |
- |
|
Mr. Sutee Simakulthorn Nationality: Thai Address : 204/98
Moo 6, Prawet,
Bangkok |
1 |
- |
|
Mr. Paiboon Boonpermvitaya Nationality: Thai Address : 79/331
Moo 8, Sapansung,
Bangkok |
1 |
- |
Total Shareholders : 4
Share Structure [as
at April 21,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
4,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
4,000,000 |
100.00 |
NAME
OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Saifon Inthkaew No.
4434
Note
The 2014 financial
statement has not
yet available during
investigation.
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 |
7,898,171 |
375,614 |
13,051,731 |
|
Trade Accounts & Other Receivable |
507,761,074 |
410,000,148 |
423,024,556 |
|
Inventories |
237,313,571 |
198,675,221 |
262,047,134 |
|
Other Current Assets
|
8,381,165 |
9,343,320 |
6,481,725 |
|
|
|
|
|
|
Total Current Assets |
761,353,981 |
618,394,303 |
704,605,146 |
|
Cash at Bank pledged as a
Collateral |
- |
- |
760,000 |
|
Fixed Assets |
263,772,584 |
293,360,264 |
330,473,828 |
|
Intangible Assets |
10,103,868 |
1,018,212 |
554,688 |
|
Other Non-current Assets |
28,600 |
- |
- |
|
Total Assets |
1,035,259,033 |
912,772,779 |
1,036,393,662 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft from Financial Institutions |
364,465,369 |
208,427,231 |
384,053,281 |
|
Trade Accounts & Other
Payable |
213,582,402 |
194,215,300 |
135,149,033 |
|
Short-term Loan from Parent Company |
2,152,335 |
- |
- |
|
Current Portion of
Hire-purchase Payable and
Financial Lease Contract Liabilities |
1,194,074 |
1,077,308 |
12,231,274 |
|
Accrued Income Tax |
- |
9,757,881 |
- |
|
Other Current Liabilities |
5,679,910 |
2,909,269 |
7,720,862 |
|
|
|
|
|
|
Total Current Liabilities |
587,074,090 |
416,386,989 |
539,154,450 |
|
Hire-purchase Payable and
Financial Lease Contract
Liabilities, Net of Current Portion |
1,626,370 |
2,356,089 |
1,176,476 |
|
Reserve for Employee’s Benefit |
2,343,478 |
1,847,272 |
1,430,639 |
|
Total Liabilities |
591,043,938 |
420,590,350 |
541,761,565 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 4,000,000 shares |
400,000,000 |
400,000,000 |
400,000,000 |
|
|
|
|
|
|
Capital Paid |
400,000,000 |
400,000,000 |
400,000,000 |
|
Retained Earning Appropriated for statutory
reserve |
6,479,060 |
4,479,060 |
- |
|
Unappropriated |
37,736,035 |
87,703,369 |
94,632,097 |
|
Total Shareholders' Equity
|
444,215,095 |
492,182,429 |
494,632,097 |
|
Total Liabilities &
Shareholders' Equity |
1,035,259,033 |
912,772,779 |
1,036,393,662 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales & Services
|
1,667,162,696 |
1,604,558,924 |
1,275,503,881 |
|
Sales Scarp Income |
63,395,696 |
65,665,839 |
60,486,112 |
|
Gain on Exchange Rate |
- |
19,468,550 |
- |
|
Other Income |
3,574,466 |
2,800,528 |
2,146,817 |
|
Total Revenues |
1,734,132,858 |
1,692,493,841 |
1,338,136,810 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold and Services |
1,653,027,373 |
1,601,481,423 |
1,259,519,915 |
|
Selling and Services Expenses |
9,445,040 |
6,582,134 |
3,717,652 |
|
Administrative Expenses |
28,212,638 |
22,737,703 |
21,116,444 |
|
Loss on Exchange Rate |
39,341,258 |
- |
20,026,308 |
|
Total Expenses |
1,730,026,309 |
1,630,801,260 |
1,304,380,319 |
|
|
|
|
|
|
Profit before Financial Costs & Income Tax |
4,106,549 |
61,692,581 |
33,756,491 |
|
Financial Costs |
[11,004,566] |
[11,599,645] |
[11,834,821] |
|
|
|
|
|
|
Profit before Income Tax |
[6,898,017] |
50,092,936 |
21,921,670 |
|
Income Tax |
[1,069,317] |
[12,542,604] |
[1,743,879] |
|
Net Profit / [Loss] |
[7,967,334] |
37,550,332 |
20,177,791 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.30 |
1.49 |
1.31 |
|
QUICK RATIO |
TIMES |
0.88 |
0.99 |
0.81 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.32 |
5.47 |
3.86 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.61 |
1.76 |
1.23 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
52.40 |
45.28 |
75.94 |
|
INVENTORY TURNOVER |
TIMES |
6.97 |
8.06 |
4.81 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
111.17 |
93.27 |
121.05 |
|
RECEIVABLES TURNOVER |
TIMES |
3.28 |
3.91 |
3.02 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
47.16 |
44.26 |
39.17 |
|
CASH CONVERSION CYCLE |
DAYS |
116.41 |
94.28 |
157.83 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
99.15 |
99.81 |
98.75 |
|
SELLING & ADMINISTRATION |
% |
1.69 |
1.42 |
1.66 |
|
INTEREST |
% |
0.66 |
0.72 |
0.93 |
|
GROSS PROFIT MARGIN |
% |
4.86 |
5.67 |
6.16 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.25 |
3.84 |
2.65 |
|
NET PROFIT MARGIN |
% |
(0.48) |
2.34 |
1.58 |
|
RETURN ON EQUITY |
% |
(1.79) |
7.63 |
4.08 |
|
RETURN ON ASSET |
% |
(0.77) |
4.11 |
1.95 |
|
EARNING PER SHARE |
BAHT |
(1.99) |
9.39 |
5.04 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.57 |
0.46 |
0.52 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.33 |
0.85 |
1.10 |
|
TIME INTEREST EARNED |
TIMES |
0.37 |
5.32 |
2.85 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
3.90 |
25.80 |
|
|
OPERATING PROFIT |
% |
(93.34) |
82.76 |
|
|
NET PROFIT |
% |
(121.22) |
86.10 |
|
|
FIXED ASSETS |
% |
(10.09) |
(11.23) |
|
|
TOTAL ASSETS |
% |
13.42 |
(11.93) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 3.9%. Turnover has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
4.86 |
Deteriorated |
Industrial
Average |
23.32 |
|
Net Profit Margin |
(0.48) |
Deteriorated |
Industrial
Average |
3.77 |
|
Return on Assets |
(0.77) |
Deteriorated |
Industrial
Average |
4.87 |
|
Return on Equity |
(1.79) |
Deteriorated |
Industrial
Average |
10.45 |
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 4.86%. 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 -0.48%.
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 -0.77%.
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 -1.79%.
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 |
1.30 |
Impressive |
Industrial
Average |
1.18 |
|
Quick Ratio |
0.88 |
|
|
|
|
Cash Conversion Cycle |
116.41 |
|
|
|
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 1.3 times in 2013, decreased from 1.49 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 0.88 times in 2013,
decreased from 0.99 times, by excluding inventory, the company may have
problems meeting current liabilities.
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 117 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.57 |
Acceptable |
Industrial
Average |
0.51 |
|
Debt to Equity Ratio |
1.33 |
Risky |
Industrial
Average |
1.05 |
|
Times Interest Earned |
0.37 |
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 0.38 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 0.57 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 |
6.32 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.61 |
Impressive |
Industrial
Average |
1.29 |
|
Inventory Conversion Period |
52.40 |
|
|
|
|
Inventory Turnover |
6.97 |
Impressive |
Industrial
Average |
5.72 |
|
Receivables Conversion Period |
111.17 |
|
|
|
|
Receivables Turnover |
3.28 |
Acceptable |
Industrial
Average |
5.19 |
|
Payables Conversion Period |
47.16 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.28 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 45 days at the
end of 2012 to 52 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 8.06 times in year 2012 to 6.97 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.61 times and 1.76
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.63.82 |
|
|
1 |
Rs.101.26 |
|
Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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.