MIRA INFORM REPORT
|
Report No. : |
328243 |
|
Report Date : |
20.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
TPI
ALL SEASONS CO.,
LTD. |
|
|
|
|
Registered Office : |
8th Floor, TPI
Tower, 26/56 Chan
Tad Mai Rd.,
Thungmahamek, Sathorn, Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
10.08.1993 |
|
|
|
|
Com. Reg. No.: |
0105536090860 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
engaged in
Manufacturing,
Distributing and Exporting
of EVA sheet
encapsulate and EVA
film, made from
Ethylene Vinyl Acetate [EVA] resin
with special additives
for solar cell
encapsulant, cross-linking, suited
for crystalline, laminated
glass and thin
film photovoltaic modules
production industry. |
|
|
|
|
No of Employees : |
70 (Approximately) |
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 but Correct |
|
Litigation : |
Clear |
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 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
TPI ALL
SEASONS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 8th FLOOR,
TPI TOWER, 26/56
CHAN TAD MAI
ROAD,
THUNGMAHAMEK, SATHORN,
BANGKOK 10120,
THAILAND
TELEPHONE : [66] 2678-5000,
2285-5090
FAX :
[66] 2678-7071
E-MAIL
ADDRESS : salestpias@tpipolene.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0105536090860
TAX
ID NO. : 3011373804
CAPITAL REGISTERED : BHT. 236,250,000
CAPITAL PAID-UP : BHT.
236,250,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PRACHAI LEOPHAIRATANA, THAI
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 70 (Approximately)
LINES
OF BUSINESS : PLASTIC FILMS
FOR SOLAR CELL
PRODUCTION
MANUFACTURER,
DISTRIBUTOR AND EXPORTER
CORPORATE
PROFILE
OPERATING
TREND : EARLY
STAGE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established
on August 10,
1993 as a
private limited company
under the registered name TPI ALL
SEASONS CO., LTD.,
by Thai groups, with
the business objective
to manufacture and
distribute plastic films
for solar cell
production industry, with
BOI promoted, to
both domestic and
international markets. It currently
employs approximately 70 staff.
The
subject is a
wholly owned subsidiary
of TPI Polene
Public Company Limited,
the leading cement
manufacturer in Thailand.
The
subject’s registered address
is 8th Floor,
TPI Tower, 26/56 Chan Tad
Mai Rd., Thungmahamek, Sathorn, Bangkok 10120, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prachai Leophairatana |
|
Thai |
71 |
|
Mr. Prateep Leophairatana |
|
Thai |
69 |
|
Mr. Pramuan Leophairatana |
|
Thai |
66 |
|
Mr. Prayad Leophairatana |
|
Thai |
64 |
|
Mrs. Orapin Leophairatana |
|
Thai |
68 |
|
Mr. Pakorn Leophairatana |
|
Thai |
35 |
|
Mrs. Nitawan Leophairatana |
|
Thai |
35 |
|
Mr. Panya Tangsingtrong |
|
Thai |
63 |
AUTHORIZED
PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Prachai Leophairatana is
the Chief Executive
officer.
He is Thai
nationality with the
age of 71
years old.
Mr. Pramuan Leophairatana is
the President.
He is Thai
nationality with the
age of 66
years old.
Mrs. Nitawan Leophairatana is
the Vice President
[Marketing].
She is Thai
nationality with the
age of 35
years old.
BUSINESS
OPERATIONS
The subject
is engaged in
manufacturing, distributing and
exporting of EVA
sheet encapsulate and
EVA film, made
from Ethylene Vinyl Acetate
[EVA] resin with
special additives for
solar cell encapsulant,
cross-linking, suited for
crystalline, laminated glass
and thin film
photovoltaic modules production
industry.
BRAND NAME
“POLENE SOLAR”
PRODUCTION CAPACITY
158,000 tons
per annum
PURCHASE
100% of its
raw materials is
purchased from local
suppliers.
MAJOR
SUPPLIER
TPI
Polene Public Company
Limited : Thailand
IRPC
Public Company Limited : Thailand
SALES
Its products are
sold by wholesale
to manufacturers and
end-users both locally
and overseas in
Singapore, Hong Kong,
Republic of China,
Malaysia, Japan and
Europe.
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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 70 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
Factory
is located at
49/1 Moo 1,
Pichaironarongsongkram Road, T. Nachong,
A. Muang, Saraburi 18000.
Tel. [66] 36
731-724.
COMMENT
The subject
operates as a manufacture of plastic films. It is found
that since its registration
in 1993, the
subject started its
operation and production
activity in 2012.
Subject’s sales have
been improved since
the year 2013.
However,
its business has
grown at slow
pace.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 20,000,000
divided into 2,000,000
shares of Bht.
10 each with
fully paid.
The
capital was decreased
and increased later
as follows:
Bht. 5,000,000
on March 22,
1994 [decreased]
Bht. 1,250,000
on September 29,
1994 [decreased]
Bht. 36,250,000
on August 28,
2009 [increased]
Bht. 236,250,000
on April 11,
2011 [increased]
The
latest registered capital
was increased to
Bht. 236,250,000 divided
into 23,625,000 shares
of Bht. 10 each,
which was fully
paid-up in 2014.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
TPI Polene Public
Company Limited Nationality: Thai Address : 26/56
Chan Tad Mai Rd.,
Thungmahamek,
Sathorn, Bangkok |
23,624,993 |
100.00 |
|
Mr. Vaipoj Kodbua Nationality: Thai Address : 299
Mitraphap Rd., T. Thabkwang, A. Kaengkoi, Saraburi
|
2 |
- |
|
Mr. Montri Kriengwattana Nationality: Thai Address : 35/279
Sukhumvit Rd., Bangna,
Prakanong, Bangkok |
1 |
- |
|
Mr. Voravut Asavaboonyalert Nationality: Thai Address : 197
Sutthisarnvinijchai Rd., Samsennok,
Huaykwang, Bangkok |
1 |
- |
|
Mr. Panya Tangsingtrong Nationality: Thai Address : 33
Israphap Rd., Somdejchaopraya,
Klongsan, Bangkok |
1 |
- |
|
Mr. Pakorn Leophairatana Nationality: Thai Address : 999
Soi Onnuch 39,
Suanluang,
Bangkok |
1 |
- |
|
Mrs. Nitawan Leophairatana Nationality: Thai Address : 1737/28
Chan Rd., Thungmahamek,
Sathorn, Bangkok |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
23,625,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
23,625,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Santi Pongcharoenpit No.
4623
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
1,009,839 |
331,948 |
1,208,076 |
|
Trade Accounts Receivable |
5,515,052 |
921,461 |
- |
|
Other Receivable |
113,228 |
121,259 |
654,882 |
|
Receivable & Advance Payment
to Related Company |
232,030 |
68,852 |
388,065 |
|
Inventories |
17,513,982 |
7,508,460 |
4,571,611 |
|
Other Current Assets
|
385,245 |
8,413,138 |
85,166 |
|
|
|
|
|
|
Total Current Assets
|
24,769,376 |
17,365,118 |
6,907,800 |
|
Machinery & Equipment |
145,800,139 |
145,737,046 |
41,380,157 |
|
Advance Money for
Machinery |
- |
- |
38,027,810 |
|
Other Non-current Assets |
105,239 |
- |
- |
|
Total Assets |
170,674,754 |
163,102,164 |
86,315,767 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Short-term Loan from
Financial Institution |
920,904 |
- |
- |
|
Trade Accounts Payable
|
12,893,887 |
4,985,094 |
2,546,539 |
|
Other Payable |
2,521,560 |
824,601 |
941,352 |
|
Short-term Loan from Related Company |
26,341,102 |
25,110,206 |
- |
|
Payable & Advance
from Related Company |
1,539,567 |
903,316 |
1,487,556 |
|
Other Current Liabilities |
3,785 |
2,627 |
541,512 |
|
|
|
|
|
|
Total Current Liabilities |
44,220,805 |
31,825,844 |
5,516,959 |
|
Employee Benefit Obligation |
22,867 |
- |
- |
|
Total Liabilities |
44,243,672 |
31,825,844 |
5,516,959 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value Authorized &
issued share capital 23,625,000 shares |
236,250,000 |
236,250,000 |
236,250,000 |
|
|
|
|
|
|
Capital Paid |
146,250,000 |
146,250,000 |
86,250,000 |
|
Retained Earning Unappropriated |
[19,818,918] |
[14,973,680] |
[5,451,192] |
|
Total Shareholders' Equity |
126,431,085 |
131,276,320 |
80,798,808 |
|
Total Liabilities &
Shareholders' Equity |
170,674,754 |
163,102,164 |
86,315,767 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Sales |
21,201,229 |
2,037,713 |
- |
|
Transportation Income |
143,316 |
24,689 |
- |
|
Gain on Exchange
Rate |
40,578 |
854,922 |
- |
|
Investment - Interest Income |
45,963 |
853,034 |
347,646 |
|
Other Income |
10,490 |
98,491 |
8,652 |
|
Total Revenues |
21,441,576 |
3,868,849 |
356,298 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Selling Expenses |
15,049,114 |
821,799 |
- |
|
Administrative Expenses |
1,191,819 |
187,266 |
1,310,718 |
|
Loss on Exchange Rate |
8,810,533 |
11,389,635 |
2,003,040 |
|
Financial Cost |
1,235,348 |
992,637 |
- |
|
Total Expenses |
26,286,814 |
13,391,337 |
3,313,758 |
|
|
|
|
|
|
Net Profit / [Loss] |
[4,845,238] |
[9,522,488] |
[2,957,460] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.56 |
0.55 |
1.25 |
|
QUICK RATIO |
TIMES |
0.16 |
0.05 |
0.41 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.15 |
0.01 |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.12 |
0.01 |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
94.95 |
165.05 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
3.84 |
2.21 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
94.95 |
165.05 |
- |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
- |
- |
- |
|
SELLING & ADMINISTRATION |
% |
76.60 |
49.52 |
- |
|
INTEREST |
% |
5.83 |
48.71 |
- |
|
GROSS PROFIT MARGIN |
% |
101.13 |
189.86 |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(22.85) |
(467.31) |
- |
|
NET PROFIT MARGIN |
% |
(22.85) |
(467.31) |
- |
|
RETURN ON EQUITY |
% |
(3.83) |
(7.25) |
(3.66) |
|
RETURN ON ASSET |
% |
(2.84) |
(5.84) |
(3.43) |
|
EARNING PER SHARE |
BAHT |
(0.33) |
(0.65) |
(0.34) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.26 |
0.20 |
0.06 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.35 |
0.24 |
0.07 |
|
TIME INTEREST EARNED |
TIMES |
(3.92) |
(9.59) |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
940.44 |
- |
|
|
OPERATING PROFIT |
% |
(49.12) |
221.98 |
|
|
NET PROFIT |
% |
49.12 |
(221.98) |
|
|
FIXED ASSETS |
% |
0.04 |
252.19 |
|
|
TOTAL ASSETS |
% |
4.64 |
88.96 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is
940.44%. Turnover has increased from THB 2,037,713.00 in 2012 to THB
21,201,229.00 in 2013. While net profit has increased from THB -9,522,488.00 in
2012 to THB -4,845,238.00 in 2013. And total assets has increased from THB
163,102,164.00 in 2012 to THB 170,674,754.00 in 2013.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
101.13 |
Impressive |
Industrial Average |
15.89 |
|
Net Profit Margin |
(22.85) |
Deteriorated |
Industrial Average |
10.71 |
|
Return on Assets |
(2.84) |
Deteriorated |
Industrial Average |
22.86 |
|
Return on Equity |
(3.83) |
Deteriorated |
Industrial Average |
34.50 |
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 101.13%. 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 -22.85%.
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 -2.84%.
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 -3.83%.
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 |
0.56 |
Risky |
Industrial Average |
2.03 |
|
Quick Ratio |
0.16 |
|
|
|
|
Cash Conversion Cycle |
94.95 |
|
|
|
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 0.56 times in 2013, increased from 0.55 times, then the company may not be
efficiently using its current assets. 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 0.16 times in 2013,
increased from 0.05 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 95 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.26 |
Impressive |
Industrial Average |
0.31 |
|
Debt to Equity Ratio |
0.35 |
Impressive |
Industrial Average |
0.46 |
|
Times Interest Earned |
(3.92) |
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 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 -3.93 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 0.26 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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.15 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.12 |
Deteriorated |
Industrial Average |
2.14 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
14.51 |
|
Receivables Conversion Period |
94.95 |
|
|
|
|
Receivables Turnover |
3.84 |
Deteriorated |
Industrial Average |
9.85 |
|
Payables Conversion Period |
- |
|
|
|
The company's Account Receivable Ratio is calculated as 3.84 and 2.21 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.
The company's Total Asset Turnover is calculated as 0.12 times and 0.01
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 |
|
UK Pound |
1 |
Rs.101.26 |
|
Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.