MIRA INFORM REPORT
|
Report No. : |
344525 |
|
Report Date : |
13.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
HONDA ACCESS ASIA & OCEANIA CO., LTD. |
|
|
|
|
Formerly Known As : |
HONDA ACCESS [THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
2754/1 Soi Sukhumvit 66/1, Sukhumvit Road, Bangna, Bangkok 10260 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
20.04.1992 |
|
|
|
|
Com. Reg. No.: |
0105535066167 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Assembler and Marketer of Automotive Accessories and Decorative Equipment’s. |
|
|
|
|
No. of Employees : |
300 |
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’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
HONDA ACCESS ASIA & OCEANIA CO., LTD.
[FORMER : HONDA ACCESS [THAILAND] CO., LTD.]
SUMMARY
BUSINESS ADDRESS : 2754/1 SOI
SUKHUMVIT 66/1, SUKHUMVIT ROAD,
BANGNA,
BANGKOK 10260, THAILAND
TELEPHONE : [66] 2341-9800,
2744-9611-5
FAX :
[66] 2744-9618
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1992
REGISTRATION NO. : 0105535066167
TAX ID NO. : 3011121160
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT. 20,000,000
SHAREHOLDER’S PROPORTION : JAPANESE : 100%
FISCAL YEAR CLOSING DATE : MARCH 31
[Former : DECEMBER
31]
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. TAKAYOSHI
YAMAGUCHI, JAPANESE
PRESIDENT
NO. OF STAFF : 300
LINES OF BUSINESS : AUTOMOTIVE
ACCESSORIES AND DECORATIVE
EQUIPMENTS
IMPORTER,
ASSEMBLER AND MARKETER
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, 1992 as a
private limited company under
the originally registered
name “Asian Access
[Thailand] Co., Ltd.” by
Japanese groups. On
September 9, 1996,
subject’s name was changed
to “Honda Access
[Thailand] Co., Ltd.”,
and was finally
changed to HONDA
ACCESS ASIA &
OCEANIA CO., LTD.,
on September 28,
2006. Its business
objective is to
supply and service of
accessories and decorative
equipments for automobile and
motorcycle. It currently employs approximately 300
staff.
The subject’s registered address
is 2754/1 Soi Sukhumvit 66/1,
Sukhumvit Rd., Bangna,
Bangkok 10260, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr.
Takayoshi Yamaguchi |
|
Japanese |
58 |
|
Mr. Tadashi Ikeda |
[x] |
Japanese |
51 |
|
Mr. Tatsuo Sato |
|
Japanese |
50 |
AUTHORIZED
PERSON
Only the
mentioned director [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr.
Takayoshi Yamaguchi
is the President.
He is
Japanese nationality with
the age of
58 years old.
Mr. Tadashi Ikeda is the
Vice President & Factory Manager.
He is
Japanese nationality with
the age of
51 years old.
Mr. Tatsuo Sato is
the Vice President, Sales
& Marketing Manager.
He is
Japanese nationality with
the age of
50 years old.
BUSINESS
OPERATIONS
The subject is
engaged in supplying
and servicing of
accessories and decorative equipments
for automobiles and
motorcycles, under the
brand “HONDA”, which
can be divided
into 2 main
business as follows:
·
Importing and
distributing of accessories
and decorative equipments
for
automobiles and motorcycles.
·
Assembling, distributing
and exporting of accessories and
decorative equipments for vehicle
and motorcycle.
PURCHASE
The products
are purchased from
suppliers and agents
in domestic and
overseas, mainly Japan and Republic of
China.
MAJOR SUPPLIER
Honda Access Corporation
:
Japan
SALES
The products
are sold and
serviced locally to
dealers throughout the
country.
EXPORT
The products
are exported to
Philippines, Indonesia, Vietnam,
Singapore, Laos, India,
Hong Kong, United
Arab Emirates and Malaysia.
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
Bangkok Bank
Public Co., Ltd
The Siam
Commercial Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 300 staff.
LOCATION
DETAILS
The premise is
rented for administrative office
and showroom at
the heading address.
Premise is located
in commercial/residential area.
Factories/Warehouses :
Factory I : 99 Moo
9, Bangna-Trad Road,
K.M. 36, T. Bangwua,
A. Bangpakong,
Chachoengsao
24130.
Factory II : 81 Moo
2, Wellgrow Industrial
Estate, Bangna-Trad Road,
K.M. 37,
T.
Pimpa, A. Bangpakong, Chachoengsao
24130.
Factory III :
1/56 Moo 5,
Rojana Industrial Estate,
Rojana Road, T. Kanham,
A.
U-Thai, Ayutthaya 13210.
COMMENT
The subject was formed
in 1992 as
an importer, distributor
and exporter of
part and decoration
products for automobile
and motorcycle. Since
its products are
for consumer market,
which has grown
slowly from decline
purchasing power. Sales is
likely slow and
subject’s business outlook
is gloomy.
FINANCIAL INFORMATION
The capital was
registered at Bht. 8,000,000
divided into 80,000 shares
of Bht. 100 each.
On September 28,
2006, the capital was
increased to Bht. 20,000,000 divided
into 200,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as at August
25, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Honda Access
Corporation Nationality: Japanese Address :
8-18-3 Nopitome, Niicha-shi,
Zaitama, Japan |
199,998 |
99.999 |
|
Mr.
Tadashi Ikeda Nationality: Japanese Address :
2754/1 Sukhumvit 66/1 Rd.,
Bangna, Bangkok |
1 |
0.0005 |
|
Mr.
Masayoshi Goto Nationality: Japanese Address :
2754/1 Sukhumvit 66/1 Rd.,
Bangna, Bangkok |
1 |
0.0005 |
Total Shareholders
: 3
Share Structure
[as at
August 25, 2015]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign -
Japanese |
3 |
200,000 |
100.00 |
|
Total |
3 |
200,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Nuanrat Kuptanon
No. 4739
BALANCE
SHEET [BAHT]
The latest
financial figures published as
at March 31,
2015, 2014 &
2013 were:
ASSETS
|
Current Assets |
2015 |
2014 |
2013 |
|
|
|
|
|
|
Cash and Cash Equivalents |
961,474,734.96 |
314,101,498.27 |
179,703,072.21 |
|
Short-term
Investment |
960,570.12 |
390,950,558.82 |
620,937,300.33 |
|
Trade Accounts
& Other Receivable
|
235,457,065.16 |
339,116,922.58 |
916,601,951.87 |
|
Inventories |
160,773,792.73 |
220,125,891.13 |
211,029,508.14 |
|
Other Current
Assets |
1,051,440.52 |
11,256,330.68 |
2,168,923.48 |
|
|
|
|
|
|
Total Current
Assets |
1,359,717,603.49 |
1,275,551,201.48 |
1,930,440,756.03 |
|
Cash at Bank
pledged as a Collateral |
1,000,000.00 |
1,000,000.00 |
- |
|
Long-term
Investment in Related |
30,946.11 |
30,946.11 |
30,946.11 |
|
Long-term
Investment |
- |
250,000,000.00 |
- |
|
Fixed Assets |
53,484,516.32 |
63,835,830.30 |
29,773,645.87 |
|
Intangible Assets |
27,481,412.13 |
28,584,079.45 |
22,109,546.39 |
|
Other Non-current
Assets |
4,215,675.70 |
4,252,030.84 |
2,384,789.89 |
|
Total Assets |
1,445,930,153.75 |
1,623,254,088.18 |
1,984,739,684.29 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2015 |
2014 |
2013 |
|
|
|
|
|
|
Trade Accounts
& Other Payable |
906,739,282.30 |
433,744,188.60 |
799,755,447.01 |
|
Current Portion
of Provision for Employee Benefits |
- |
51,000.00 |
140,000.00 |
|
Accrued Income
Tax |
10,421,568.98 |
20,065,048.41 |
79,396,639.25 |
|
Other Current
Liabilities |
2,039,900.55 |
5,011,605.95 |
9,897,369.94 |
|
|
|
|
|
|
Total Current Liabilities
|
919,200,751.83 |
458,871,842.96 |
889,189,456.20 |
|
|
|
|
|
|
Employee Benefits
Obligation |
7,313,488.00 |
6,015,685.00 |
4,701,950.00 |
|
Total Liabilities
|
926,514,239.83 |
464,887,527.96 |
893,891,406.20 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized
and issued share
capital 200,000 shares |
20,000,000.00 |
20,000,000.00 |
20,000,000.00 |
|
|
|
|
|
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
20,000,000.00 |
|
Retained
Earnings: Appropriated for statutory reserve |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
Unappropriated |
497,415,913.92 |
1,136,366,560.22 |
1,068,848,278.09 |
|
Total Shareholders' Equity |
519,415,913.92 |
1,158,366,560.22 |
1,090,848,278.09 |
|
Total Liabilities & Shareholders' Equity |
1,445,930,153.75 |
1,623,254,088.18 |
1,984,739,684.29 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2015 |
2014 |
2013 |
|
|
|
|
|
|
Sales Income |
1,571,678,182.84 |
2,841,286,636.08 |
3,894,192,864.72 |
|
Gain on Exchange
Rate |
- |
13,994,078.80 |
3,062,331.06 |
|
Other Income |
92,584,573.90 |
63,734,869.47 |
17,614,842.28 |
|
Total Revenues |
1,664,262,756.74 |
2,919,015,584.35 |
3,914,870,038.06 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of
Goods Sold |
1,263,229,298.29 |
2,236,599,804.69 |
2,987,345,378.10 |
|
Selling Expenses |
127,125,317.88 |
223,138,721.50 |
240,110,118.37 |
|
Loss on Exchange Rate |
1,312,540.56 |
- |
- |
|
Administrative Expenses |
236,813,564.24 |
244,849,993.54 |
213,692,140.22 |
|
Total Expenses
|
1,628,480,720.97 |
2,704,588,519.73 |
3,441,147,636.69 |
|
Profit /
[Loss] before Income
Tax |
35,782,035.77 |
214,427,064.62 |
473,722,401.37 |
|
Income Tax |
[12,464,682.07] |
[54,508,782.49] |
[118,034,033.63] |
|
|
|
|
|
|
Net Profit / [Loss] |
23,317,353.70 |
159,918,282.13 |
355,688,367.74 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2015 |
2014 |
2013 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.48 |
2.78 |
2.17 |
|
QUICK RATIO |
TIMES |
1.30 |
2.28 |
1.93 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS
TURNOVER |
TIMES |
29.39 |
44.51 |
130.79 |
|
TOTAL ASSETS
TURNOVER |
TIMES |
1.09 |
1.75 |
1.96 |
|
INVENTORY
CONVERSION PERIOD |
DAYS |
46.45 |
35.92 |
25.78 |
|
INVENTORY
TURNOVER |
TIMES |
7.86 |
10.16 |
14.16 |
|
RECEIVABLES
CONVERSION PERIOD |
DAYS |
54.68 |
43.56 |
85.91 |
|
RECEIVABLES
TURNOVER |
TIMES |
6.68 |
8.38 |
4.25 |
|
PAYABLES
CONVERSION PERIOD |
DAYS |
262.00 |
70.78 |
97.72 |
|
CASH CONVERSION
CYCLE |
DAYS |
(160.86) |
8.70 |
13.98 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS
SOLD |
% |
80.37 |
78.72 |
76.71 |
|
SELLING &
ADMINISTRATION |
% |
23.16 |
16.47 |
11.65 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT
MARGIN |
% |
25.52 |
24.02 |
23.82 |
|
NET PROFIT MARGIN
BEFORE EX. ITEM |
% |
2.28 |
7.55 |
12.16 |
|
NET PROFIT MARGIN |
% |
1.48 |
5.63 |
9.13 |
|
RETURN ON EQUITY |
% |
4.49 |
13.81 |
32.61 |
|
RETURN ON ASSET |
% |
1.61 |
9.85 |
17.92 |
|
EARNING PER SHARE |
BAHT |
116.59 |
799.59 |
1,778.44 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.64 |
0.29 |
0.45 |
|
DEBT TO EQUITY
RATIO |
TIMES |
1.78 |
0.40 |
0.82 |
|
TIME INTEREST
EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(44.68) |
(27.04) |
|
|
OPERATING PROFIT |
% |
(83.31) |
(54.74) |
|
|
NET PROFIT |
% |
(85.42) |
(55.04) |
|
|
FIXED ASSETS |
% |
(16.22) |
114.40 |
|
|
TOTAL ASSETS |
% |
(10.92) |
(18.21) |
|
ANNUAL
GROWTH: RISKY
An annual sales
growth is -44.68%. Turnover has decreased from THB
PROFITABILITY : RISKY
PROFITABILITY RATIO
|
Gross Profit
Margin |
25.52 |
Acceptable |
Industrial Average |
45.75 |
|
Net Profit Margin |
1.48 |
Deteriorated |
Industrial Average |
4.91 |
|
Return on Assets |
1.61 |
Deteriorated |
Industrial Average |
12.45 |
|
Return on Equity |
4.49 |
Deteriorated |
Industrial Average |
25.36 |
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 25.52%. 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 1.48%. 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 1.61%.
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 4.49%.
Trend of the average competitors in the same
industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.48 |
Satisfactory |
Industrial Average |
1.76 |
|
Quick Ratio |
1.30 |
|
|
|
|
Cash Conversion
Cycle |
(160.86) |
|
|
|
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 1.48 times in 2015,
decreased from 2.78 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 1.3 times in 2015, decreased from 2.28
times, although excluding inventory so the company still have good short-term
financial strength.
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 -161 days.
Trend of the average competitors in the same
industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.64 |
Acceptable |
Industrial Average |
0.44 |
|
Debt to Equity
Ratio |
1.78 |
Risky |
Industrial Average |
(0.38) |
|
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 higher
the percentage means that the company is using less equity and has stronger
leverage position.
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 : EXCELLENT
ACTIVITY RATIO
|
Fixed Assets
Turnover |
29.39 |
Impressive |
Industrial Average |
- |
|
Total Assets
Turnover |
1.09 |
Impressive |
Industrial Average |
0.97 |
|
Inventory Conversion
Period |
46.45 |
|
|
|
|
Inventory
Turnover |
7.86 |
Impressive |
Industrial Average |
0.37 |
|
Receivables
Conversion Period |
54.68 |
|
|
|
|
Receivables
Turnover |
6.68 |
Impressive |
Industrial Average |
4.56 |
|
Payables Conversion
Period |
262.00 |
|
|
|
The company's
Account Receivable Ratio is calculated as 6.68 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 36 days at the end of 2014 to 46 days at the end of 2015. This
represents a negative trend. And Inventory turnover has decreased from 10.16
times in year 2014 to 7.86 times in year 2015.
The company's Total
Asset Turnover is calculated as 1.09 times and 1.75 times in 2015 and 2014
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.64.73 |
|
|
1 |
Rs.99.30 |
|
Euro |
1 |
Rs.73.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.