MIRA INFORM REPORT
|
Report No. : |
346704 |
|
Report Date : |
31.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SIAM FIBERGLASS
CO., LTD. |
|
|
|
|
Formerly Known As : |
G R P INDUSTRY CO., LTD. |
|
|
|
|
Registered Office : |
39 Moo 9, Siam Cement Industrial Land, Nongplakradi Road, T. Nongpling, A. Nongkae, Saraburi 18140 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
20.02.1991 |
|
|
|
|
Com. Reg. No.: |
0105534016786 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Distributor of Building and Home Products. |
|
|
|
|
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 : |
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
SIAM FIBERGLASS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 39 MOO
9, SIAM CEMENT
INDUSTRIAL LAND,
NONGPLAKRADI ROAD,
T. NONGPLING,
A.
NONGKAE, SARABURI 18140,
THAILAND
TELEPHONE : [66] 36
373-441-4
FAX :
[66] 36
373-445-6
E-MAIL
ADDRESS : siwarakk@scg.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION
NO. : 0105534016786
TAX
ID NO. : 3101942699
CAPITAL REGISTERED : BHT. 422,400,000
CAPITAL PAID-UP : BHT.
422,400,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SANCHAI HANGCHAICHAROEN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 300
LINES
OF BUSINESS : BUILDING AND HOME PRODUCTS
MANUFACTURER AND DISTRIBUTOR
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was formed
on February 20, 1991
as a private
limited company under the originally registered name “G
R P Industry Co.,
Ltd.” by Thai group. On
December 3, 1993,
its registered name
was changed to
SIAM FIBERGLASS CO.,
LTD. Its business
objective is to
manufacture and distribute
building and home
products to domestic
market. It currently
employs approximately 300
staff.
Presently,
the subject is a wholly
owned subsidiary of The
Siam Fibre-Cement Co., Ltd.,
which is a
member of SCG group of
companies.
The
subject’s registered address
is located at
39 Moo 9,
Siam Cement Industrial
Land, Nongplakradi Road,
T. Nongpling, A. Nongkae, Saraburi
18140, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kajondej Sangsuphan |
|
Thai |
62 |
|
Mr. Aree Chavalitchiwinkul |
|
Thai |
52 |
|
Mr. Pichit Maipoom |
|
Thai |
59 |
|
Mr. Sanchai Hangchaicharoen |
|
Thai |
57 |
AUTHORIZED
PERSON
Any two of
the above directors
can jointly sign
on behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Sanchai Hangchaicharoen is
the Managing Director.
He is Thai
nationality with the
age of 57
years old.
Mr. Salin Kuntanarumitkul is
the Marketing Manager.
He is Thai
nationality.
Mr. Worawit Sureesarakorn is
the Factory Manager.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject is engaged
in manufacturing and
distributing of building
and home products,
including “STAY COOL” brand
of glass wool
insulation, “ELEPHANT” brand of
glasolit translucent roof
tiles and panels,
and “CYLENCE” brand
of acoustic insulation.
PURCHASE
Raw materials are
purchased from suppliers
both domestic and
overseas in Japan,
Singapore, Republic of
China, Taiwan and
Australia.
SALES
100% of the
products is sold
locally by wholesale
to dealers, project owner
and
construction contractors nationwide.
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.
BANKING
Kasikornbank Public Co.,
Ltd.
The Siam Commercial Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
300 staff.
LOCATION
DETAILS
The premise
is owned for administrative office
and factory I at
the heading address.
Premise is located
in provincial.
Factories:
-
Factory II : 30/7 Moo
11, Nongplakradi Road,
T. Nongkainam, A. Nongkae,
Saraburi 18140.
- Factory
III : 50/1
Moo 4, T. Nongyao,
A. Muang, Saraburi 18140.
COMMENT
The
subject is one
of the leading
manufacturers of construction
products. Despite overall
construction sector remains
slow, growth in
its products is
closed for routine
maintenance in the
third quarter of
2015. Its sales
are continuing to rise
while demand will
continue to grow
from construction sector
especially in property business.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares
of
Bht.
100 each.
The
capital was increased
and decreased later
as following:
Bht. 115,000,000 on February 13,
1992
Bht. 290,000,000 on December 3,
1993
Bht.
350,000,000 on December
21, 1995
Bht. 1,280,000,000 on July 29,
2002
Bht.
640,000,000 on August
24, 2007 [decreased]
Bht.
422,400,000 on August
17, 2009 [decreased]
The
latest registered capital
was decreased to
Bht. 422,400,000 divided into
12,800,000 shares of
Bht. 33 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as
at April 24,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
The Siam Fibre-Cement Co.,
Ltd. Nationality: Thai Address : 1
Siam Cement Road,
Bangsue, Bangkok |
12,799,998 |
100.00 |
|
Mrs. Veeranuch Settameteekul Nationality: Thai Address : 40/29
Moo 6, T. Kukot,
A. Lamlukka,
Pathumthani |
1 |
- |
|
Mrs. Pornpen Namwong Nationality: Thai Address : 185
Soi Phaholyothin 53,
Anusawaree,
Bangkhen, Bangkok |
1 |
- |
Total Shareholders : 3
Share
Structure
[as at April
24, 2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
12,800,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
12,800,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Sureerat Thongarunsang No.
4409
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
|
1,524,444 |
880,677 |
6,998,753 |
|
Trade Accounts &
Other Receivable |
83,536,905 |
101,318,233 |
95,172,186 |
|
Short-term Loan to
Related Company |
2,475,620 |
- |
- |
|
Inventories |
141,750,520 |
141,052,549 |
148,253,440 |
|
Other Current Assets
|
3,201,285 |
3,147,018 |
3,842,163 |
|
|
|
|
|
|
Total Current Assets
|
232,488,774 |
246,398,477 |
254,266,542 |
|
Other Long-term Investment |
106,863 |
99,978 |
104,184 |
|
Fixed Assets |
331,487,141 |
378,409,830 |
434,219,867 |
|
Intangible Assets |
10,056,261 |
12,397,640 |
12,934,253 |
|
Deferred Income Tax
Assets |
25,462,348 |
4,899,808 |
4,380,376 |
|
Other Non-current Assets |
311,580 |
221,380 |
125,380 |
|
Total Assets |
599,912,967 |
642,427,113 |
706,030,602 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft |
- |
448,514 |
210,002 |
|
Trade Accounts
& Other Payable |
87,286,488 |
92,072,257 |
95,527,393 |
|
Short-term Loan from Related Company |
- |
19,454,504 |
35,276,331 |
|
Finance Lease
Contract Liabilities from
Related
Company |
36,043,206 |
49,816,363 |
47,527,851 |
|
Deferred Profit
from Sale &
Leaseback |
1,961,737 |
13,510,075 |
13,510,075 |
|
Estimated Short-term Liabilities |
1,260,954 |
954,013 |
811,253 |
|
Other Current
Liabilities |
3,858,700 |
1,300,046 |
451,731 |
|
|
|
|
|
|
Total Current
Liabilities |
130,411,085 |
177,555,772 |
193,314,636 |
|
Finance Lease
Contract Liabilities from
Related
Company |
- |
35,071,551 |
82,611,605 |
|
Deferred Profit
from Sale & Leaseback |
- |
1,961,737 |
15,471,813 |
|
Liabilities from
Employee Benefits |
26,226,191 |
23,602,333 |
21,436,679 |
|
Total Liabilities |
156,637,276 |
238,191,393 |
312,834,733 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 33
par value Authorized &
issued share capital
12,800,000 shares
|
422,400,000 |
422,400,000 |
422,400,000 |
|
|
|
|
|
|
Capital Paid |
422,400,000 |
422,400,000 |
422,400,000 |
|
Retained Earning - Unappropriated
[Deficit] |
20,847,940 |
[18,186,523] |
[29,229,739] |
|
Other Component of Shareholders’ Equity |
27,751 |
22,243 |
25,608 |
|
|
|
|
|
|
Total Shareholders' Equity |
443,275,691 |
404,235,720 |
393,195,869 |
|
Total Liabilities &
Shareholders' Equity |
599,912,967 |
642,427,113 |
706,030,602 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
837,167,345 |
835,548,065 |
708,399,219 |
|
Other Income |
16,005,826 |
14,129,401 |
15,982,503 |
|
Total Revenues |
853,173,171 |
849,677,466 |
724,381,722 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
650,485,223 |
651,409,360 |
574,480,331 |
|
Selling Expenses |
50,859,050 |
51,804,899 |
43,863,975 |
|
Administrative Expenses |
128,434,250 |
127,042,320 |
114,785,912 |
|
Total Expenses |
829,778,523 |
830,256,579 |
733,130,218 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost &
Income Tax |
23,394,648 |
19,420,887 |
[8,748,496] |
|
Financial Cost |
[4,924,103] |
[8,896,261] |
[12,690,938] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
18,470,545 |
10,524,626 |
[21,439,434] |
|
Income Tax Benefit |
20,563,918 |
518,590 |
1,226,369 |
|
Net Profit / [Loss] |
39,034,463 |
11,043,216 |
[20,213,065] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.78 |
1.39 |
1.32 |
|
QUICK RATIO |
TIMES |
0.67 |
0.58 |
0.53 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.53 |
2.21 |
1.63 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.40 |
1.30 |
1.00 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
79.54 |
79.04 |
94.19 |
|
INVENTORY TURNOVER |
TIMES |
4.59 |
4.62 |
3.87 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
36.42 |
44.26 |
49.04 |
|
RECEIVABLES TURNOVER |
TIMES |
10.02 |
8.25 |
7.44 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
48.98 |
51.59 |
60.69 |
|
CASH CONVERSION CYCLE |
DAYS |
66.98 |
71.70 |
82.54 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
77.70 |
77.96 |
81.10 |
|
SELLING & ADMINISTRATION |
% |
21.42 |
21.40 |
22.40 |
|
INTEREST |
% |
0.59 |
1.06 |
1.79 |
|
GROSS PROFIT MARGIN |
% |
24.21 |
23.73 |
21.16 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.79 |
2.32 |
(1.23) |
|
NET PROFIT MARGIN |
% |
4.66 |
1.32 |
(2.85) |
|
RETURN ON EQUITY |
% |
8.81 |
2.73 |
(5.14) |
|
RETURN ON ASSET |
% |
6.51 |
1.72 |
(2.86) |
|
EARNING PER SHARE |
BAHT |
3.05 |
0.86 |
(1.58) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.26 |
0.37 |
0.44 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.35 |
0.59 |
0.80 |
|
TIME INTEREST EARNED |
TIMES |
4.75 |
2.18 |
(0.69) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
0.19 |
17.95 |
|
|
OPERATING PROFIT |
% |
20.46 |
(321.99) |
|
|
NET PROFIT |
% |
253.47 |
154.63 |
|
|
FIXED ASSETS |
% |
(12.40) |
(12.85) |
|
|
TOTAL ASSETS |
% |
(6.62) |
(9.01) |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 0.19%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
24.21 |
Acceptable |
Industrial
Average |
46.84 |
|
Net Profit Margin |
4.66 |
Impressive |
Industrial
Average |
2.77 |
|
Return on Assets |
6.51 |
Impressive |
Industrial
Average |
3.28 |
|
Return on Equity |
8.81 |
Impressive |
Industrial
Average |
6.21 |
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 24.21%. 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 4.66%,
higher figure when 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 6.51%, 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 8.81%, higher figure when compared
with those of its average competitors in the same industry, indicated that
business was an efficient profits 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 |
1.78 |
Impressive |
Industrial
Average |
1.47 |
|
Quick Ratio |
0.67 |
|
|
|
|
Cash Conversion Cycle |
66.98 |
|
|
|
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 1.78 times in 2014, increased from 1.39 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 0.67 times in 2014,
increased from 0.58 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 67 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.26 |
Impressive |
Industrial
Average |
0.46 |
|
Debt to Equity Ratio |
0.35 |
Impressive |
Industrial
Average |
0.86 |
|
Times Interest Earned |
4.75 |
Impressive |
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 4.76 higher than 1, so the company can pay interest expenses on
outstanding debt.
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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.53 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.40 |
Impressive |
Industrial
Average |
1.19 |
|
Inventory Conversion Period |
79.54 |
|
|
|
|
Inventory Turnover |
4.59 |
Satisfactory |
Industrial
Average |
5.76 |
|
Receivables Conversion Period |
36.42 |
|
|
|
|
Receivables Turnover |
10.02 |
Impressive |
Industrial
Average |
4.97 |
|
Payables Conversion Period |
48.98 |
|
|
|
The company's Account Receivable Ratio is calculated as 10.02 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 79 days at the
end of 2013 to 80 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 4.62 times in year 2013 to 4.59 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.4 times and 1.3
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.22 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.