MIRA INFORM REPORT
|
Report No. : |
352217 |
|
Report Date : |
30.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
ABBEYCREST [THAILAND] LIMITED |
|
|
|
|
Registered Office : |
99/29 Moo 5,
T. Pasak, A. Muang,
Lamphun 51000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
31.01.2002 |
|
|
|
|
Com. Reg. No.: |
0105545012329 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is engaged in manufacturing service various kinds
of diamonds and gemstones
with gold and
platinum jewelry, such
as locket, earrings,
ring, bracelet, necklace,
chain, pendant under
customer’s requirement. |
|
|
|
|
Employees: |
600 |
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 |
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
ABBEYCREST [THAILAND] LIMITED
SUMMARY
BUSINESS ADDRESS : 99/29 MOO 5, T.
PASAK, A. MUANG,
LAMPHUN 51000,
THAILAND
TELEPHONE : [66] 53
537-945-50, 53 537-992-6
FAX : [66] 53
537-954
E-MAIL ADDRESS : sales@abbeycrestinternational.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2002
REGISTRATION NO. : 0105545012329
TAX ID NO. : 3030469113
CAPITAL REGISTERED : BHT.
171,383,440
CAPITAL PAID-UP : BHT.
171,383,440
SHAREHOLDER’S PROPORTION : FOREIGN :
100%
FISCAL YEAR CLOSING DATE : MARCH 31 [Former :
FEBRUARY 28]
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUNIL VARMA,
INDIAN
MANAGING DIRECTOR
NO. OF STAFF : 600
LINES OF BUSINESS : JEWELRY PRODUCTS
MANUFACTURER AND
EXPORTER
CORPORATE
PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH LOW PERFORMANCE
HISTORY
The subject was
established on January 31,
2002 as a
private limited company
under the registered
name ABBEYCREST [THAILAND]
LIMITED, by British groups, Abbeycrest
PLC., U.K. Its
business objective is manufacturing service
various kinds of
jewelry products for international markets. It currently
employs approximately 600 staff.
In 2012, the
subject was a
joint venture company between
Yash Jewellery Pvt.
Ltd., India and
Facility VFM Contracting
WLL, Bahrain, with
holding around 60%
and 40% of
the subject’s shares
respectively.
On January 9,
2013, the subject
has become a
wholly owned subsidiary
of Aston Luxury
Group Ltd., in
Hong Kong.
The subject’s registered
address is 99/29
Moo 5, T. Pasak, A. Munag,
Lamphun 51000, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Mehul Chinubbhai Choksi |
|
Indian |
57 |
|
Mr. Sunil Varma |
|
Indian |
47 |
|
Mr. Nilesh Harishchandra Satye |
|
Indian |
31 |
AUTHORIZED
PERSON
One of the above
directors can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Sunil Varma is the
Managing Director.
He is Indian
nationality with the
age of 47 years
old.
Mr. Jirawat Yodsuwan is
the Factory Manager.
He is Thai
nationality.
Mr. Jason Maughan is
the Sales & Marketing Manager.
He is British
nationality.
Mrs. Nattanan Eiamsawat is
the Human Resources
Manager.
She is Thai
nationality.
BUSINESS
OPERATIONS
The subject is engaged in manufacturing service various kinds
of diamonds and gemstones
with gold and
platinum jewelry, such
as locket, earrings,
ring, bracelet, necklace,
chain, pendant under
customer’s requirement.
IMPORT
Diamonds, gems and gold are
imported from India, Japan, Belgium, Hong Kong, Singapore, South
Africa, Switzerland and United Kingdom.
MAJOR
SUPPLIER
Aston Luxury Group
Ltd. : Hong
Kong
EXPORT
100% of the products
is exported to United
Kingdom, Japan, Hong Kong, Canada,
France, Russia, Australia,
Germany, Austria, Switzerland,
Spain, United Arab
Emirates and United
States of America.
MAJOR
CUSTOMERS
Abbeycrest PLC :
U.K [90%]
Others : [10%]
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
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
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 600 office
staff and factory
workers.
LOCATION
DETAILS
The premise is
owned for administrative office
and factory at
the heading address.
The premise is located
in provincial, in
the Northern region of
Thailand.
Bangkok Branch/Sales Office
is at 12th Flr.,
Bangkok Gems & Jewelry Bldg.,
322/20-21 Surawong Rd.,
Siphya, Bangrak, Bangkok
10500.
Tel. : [66] 2236-7133,
Fax [66] 2236-7135.
COMMENT
The
subject’s operating performance
in 2014 was depressive
with a decrease
in sales revenues
comparing to the
previous year and
a net loss
at the end
of year. It has
also accumulated net
loss for many
consecutive years which
resulted in deficit retained
earning and deficit
total shareholder’s equity
in 2014. Its
business is sluggish
with slow growth
from a decrease in
demand of the
luxury jewelry worldwide.
FINANCIAL
INFORMATION
The capital was
registered at Bht. 39,000,000 divided
into 3,900,000 shares
of Bht. 10 each.
The capital was
increased later as
following:
Bht. 65,000,000 on
October 5, 2006
Bht. 139,000,000
on November 2,
2006
Bht. 171,383,440
on February 28,
2007
The latest registered
capital was increased
to Bht. 171,383,440 divided into
17,138,344 shares of
Bht. 10 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at
June 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Aston Luxury Group
Ltd. Nationality: Hong Kong Address : 1101,
11/F, Guard Force
Centre 3, Huk Yuen
East Street, Hung
Hum,
Kowloon, Hong Kong |
17,138,342 |
100.00 |
|
Mr. Mehul Chinubbhai Choksi Nationality: Indian Address : Mumbai,
India |
1 |
- |
|
Mr. Sunil Varma Nationality: Indian Address : Mumbai,
India |
1 |
- |
Total Shareholders : 3
Share Structure
[as at June
30, 2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
3 |
17,138,344 |
100.00 |
|
Total |
3 |
17,138,344 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Manas Wangtammanoon No.
3134
BALANCE
SHEET [BAHT]
The latest financial figures published
as at March
31, 2014, February
28, 2013 & February 29, 2012
were:
ASSETS
|
Current Assets |
Mar. 31,
2014 |
Feb. 28,
2013 |
Feb. 29,
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
2,114,801.53 |
3,703,409.27 |
1,446,759.61 |
|
Trade Accounts &
Other Receivable |
182,202,888.80 |
66,732,870.12 |
131,956,366.46 |
|
Inventories |
95,460,366.80 |
45,449,941.15 |
181,569,518.40 |
|
Other Current Assets
|
3,072,128.30 |
1,872,611.11 |
571,753.94 |
|
|
|
|
|
|
Total Current Assets
|
282,850,185.43 |
117,758,831.65 |
315,544,398.41 |
|
Cash at Bank pledged as a Collateral |
900,000.00 |
900,000.00 |
900,000.00 |
|
Fixed Assets |
91,358,549.11 |
107,308,859.15 |
126,398,790.33 |
|
Intangible Assets |
- |
949,431.13 |
3,379,704.88 |
|
Other Non - current Assets |
786,784.21 |
- |
317,699.53 |
|
Total Assets |
375,895,518.75 |
226,917,121.93 |
446,540,593.15 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
Mar. 31,
2014 |
Feb. 28,
2013 |
Feb. 29,
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
12,757,527.38 |
34,517,066.29 |
199,020,075.42 |
|
Trade Accounts & Other
Payable |
242,366,617.62 |
76,728,165.39 |
49,263,679.56 |
|
Short-term Loans |
- |
55,988,392.00 |
55,988,392.00 |
|
Short-term Loans-Related Company |
178,016,638.91 |
47,418,699.25 |
- |
|
Other Current Liabilities |
|
306,530.10 |
3,738,128.17 |
|
|
|
|
|
|
Total Current Liabilities |
433,140,783.91 |
214,958,853.03 |
308,010,275.15 |
|
|
|
|
|
|
Employee Benefits Obligation |
7,495,137.00 |
7,095,343.00 |
7,095,343.00 |
|
Financial Lease Contract
Payable |
- |
- |
175,268.18 |
|
Total Liabilities |
440,635,920.91 |
222,054,196.03 |
315,280,886.33 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10 par
value authorized and
issued share capital
17,138,344 shares |
171,383,440.00 |
171,383,440.00 |
171,383,440.00 |
|
|
|
|
|
|
Capital Paid |
171,383,440.00 |
171,383,440.00 |
171,383,440.00 |
|
Retained Earnings: Appropriated for statutory reserve |
14,479,027.41 |
14,479,027.41 |
14,479,027.41 |
|
Unappropriated [deficit] |
[250,602,869.57] |
[180,999,541.51] |
[54,602,760.59] |
|
Total Shareholders' Equity |
[64,740,402.16] |
4,862,925.90 |
131,259,706.82 |
|
Total Liabilities & Shareholders' Equity |
375,895,518.75 |
226,917,121.93 |
446,540,593.15 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
Mar. 31,
2014 |
Feb. 28,
2013 |
Feb. 29,
2012 |
|
|
|
|
|
|
Sales & Services Income |
279,853,700.82 |
348,277,069.28 |
873,570,198.65 |
|
Gain on Exchange Rate |
- |
2,442,701.47 |
6,859,551.74 |
|
Other Income |
4,732,429.21 |
13,697,727.50 |
6,908,753.84 |
|
Total Revenues |
284,586,130.03 |
364,417,498.25 |
887,338,504.23 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
285,359,785.13 |
373,234,426.14 |
770,050,880.30 |
|
Selling Expenses |
15,039,033.95 |
37,936,581.02 |
44,624,357.13 |
|
Administrative Expenses |
30,078,067.90 |
66,346,641.97 |
91,885,336.35 |
|
Discount Doubtful |
- |
800,000.00 |
84,382,838.44 |
|
Loss on Exchange Rate |
15,334,081.02 |
- |
100,829,120.04 |
|
Total Expenses |
345,810,968.00 |
478,317,649.13 |
1,091,772,532.26 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
[61,224,837.97] |
[113,900,150.88] |
[204,434,028.02] |
|
Financial Cost |
[2,268,357.48] |
[12,496,630.04] |
[12,056,749.48] |
|
Profit / [Loss] before Income
Tax |
[63,493,195.45] |
[126,396,780.92] |
[216,490,777.50] |
|
Income Tax |
- |
- |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
[63,493,195.45] |
[126,396,780.92] |
[216,490,777.50] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.65 |
0.55 |
1.02 |
|
QUICK RATIO |
TIMES |
0.43 |
0.33 |
0.43 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.06 |
3.25 |
6.91 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.74 |
1.53 |
1.96 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
122.10 |
44.45 |
86.06 |
|
INVENTORY TURNOVER |
TIMES |
2.99 |
8.21 |
4.24 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
237.64 |
69.94 |
55.13 |
|
RECEIVABLES TURNOVER |
TIMES |
1.54 |
5.22 |
6.62 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
310.01 |
75.04 |
23.35 |
|
CASH CONVERSION CYCLE |
DAYS |
49.73 |
39.35 |
117.85 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
101.97 |
107.17 |
88.15 |
|
SELLING & ADMINISTRATION |
% |
16.12 |
29.94 |
15.63 |
|
INTEREST |
% |
0.81 |
3.59 |
1.38 |
|
GROSS PROFIT MARGIN |
% |
(0.28) |
(2.53) |
13.43 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(21.88) |
(32.70) |
(23.40) |
|
NET PROFIT MARGIN |
% |
(22.69) |
(36.29) |
(24.78) |
|
RETURN ON EQUITY |
% |
- |
(2,599.19) |
(164.93) |
|
RETURN ON ASSET |
% |
(16.89) |
(55.70) |
(48.48) |
|
EARNING PER SHARE |
BAHT |
(37.05) |
(73.75) |
(126.32) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
1.17 |
0.98 |
0.71 |
|
DEBT TO EQUITY RATIO |
TIMES |
(6.81) |
45.66 |
2.40 |
|
TIME INTEREST EARNED |
TIMES |
(26.99) |
(9.11) |
(16.96) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(19.65) |
(60.13) |
|
|
OPERATING PROFIT |
% |
(46.25) |
(44.29) |
|
|
NET PROFIT |
% |
49.77 |
41.62 |
|
|
FIXED ASSETS |
% |
(14.86) |
(15.10) |
|
|
TOTAL ASSETS |
% |
65.65 |
(49.18) |
|
ANNUAL GROWTH : ACCEPTABLE
An annual sales growth is -19.65%. Turnover has decreased from THB
PROFITABILITY : RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
(0.28) |
Deteriorated |
Industrial Average |
4.74 |
|
Net Profit Margin |
(22.69) |
Deteriorated |
Industrial Average |
4.06 |
|
Return on Assets |
(16.89) |
Deteriorated |
Industrial Average |
4.95 |
|
Return on Equity |
- |
|
Industrial Average |
12.58 |
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 -0.28%. 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 -22.69%.
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 -16.89%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.65 |
Risky |
Industrial Average |
1.44 |
|
Quick Ratio |
0.43 |
|
|
|
|
Cash Conversion Cycle |
49.73 |
|
|
|
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 0.65 times in 2014, increase 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 0.43 times in 2014,
increase from 0.33 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 50 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
1.17 |
Risky |
Industrial Average |
0.77 |
|
Debt to Equity Ratio |
(6.81) |
Risky |
Industrial Average |
3.32 |
|
Times Interest Earned |
(26.99) |
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 -27 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 1.17 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 : IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.06 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.74 |
Acceptable |
Industrial Average |
1.22 |
|
Inventory Conversion Period |
122.10 |
|
|
|
|
Inventory Turnover |
2.99 |
Satisfactory |
Industrial Average |
3.23 |
|
Receivables Conversion Period |
237.64 |
|
|
|
|
Receivables Turnover |
1.54 |
Impressive |
Industrial Average |
1.50 |
|
Payables Conversion Period |
310.01 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.54 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 44 days at the end of 2013 to 122
days at the end of 2014. This represents a negative trend. And Inventory
turnover has decreased from 8.21 times in year 2013 to 2.99 times in year 2014.
The company's Total Asset Turnover is calculated as 0.74 times and 1.53
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.75 |
|
|
1 |
Rs.100.68 |
|
Euro |
1 |
Rs.70.88 |
|
Thai Baht |
1 |
Rs.1.87 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
SDA |
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.