MIRA INFORM REPORT
|
Report No. : |
340874 |
|
Report Date : |
16.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
M. METAL [THAILAND] CO., LTD. |
|
|
|
|
Formerly Known As : |
MAJOR STEEL CO., LTD. |
|
|
|
|
Registered Office : |
8/89 Moo 11,
Puttasakorn Road, T. Omnoi,
A. Krathumban, Samutsakorn
74130, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
24.08.2009 |
|
|
|
|
Com. Reg. No.: |
0105552087142 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject’s main
business is engaged
in distributing various
kinds of steel
products, such as
steel deformed bar,
steel round bar,
steel wire rod,
billet steel, steel
pipe for industrial
and construction industries.
|
|
|
|
|
No. of Employee : |
120 |
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 |
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, 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
M. METAL [THAILAND] CO., LTD.
[FORMER : MAJOR
STEEL CO., LTD.]
SUMMARY
BUSINESS ADDRESS : 8/89 MOO 11,
PUTTASAKORN ROAD, T. OMNOI,
A. KRATHUMBAN,
SAMUTSAKORN 74130,
THAILAND
TELEPHONE : [66] 2431-0043,
2420-6999
FAX : [66] 2420-6313-5,
2420-7550
E-MAIL ADDRESS : info@m-metal.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2009
REGISTRATION NO. : 0105552087142
TAX ID NO. : 3033583953
CAPITAL REGISTERED : BHT.
1,100,000,000
CAPITAL PAID-UP : BHT.
1,100,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PAKIN MEKSEREEKUL,
THAI
MANAGING DIRECTOR
NO. OF STAFF : 120
LINES OF BUSINESS : STEELS
MANUFACTURER AND
DEALER
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 August
24, 2009 as
a private limited
company under the originally
registered name “Major
Steel Co., Ltd.”.
by Thai groups.
On October 2, 2009,
subject’s name was
changed to M. METAL
[THAILAND] CO., LTD.
Its business objective
is to distribute various
kinds of steel
products to local market. In
2010, its business
was expanded into
steel manufacturing where
production facility is located
in Lopburi province.
It currently employs
approximately 120 staff.
The subject’s registered address is 8/89 Moo 11, Puttasakorn Rd., T. Omnoi,
A. Krathumban, Samutsakorn 74130,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pakin Meksereekul |
|
Thai |
33 |
|
Mr. Chaiyuth Meksereekul |
|
Thai |
30 |
|
Mrs. Jintana Meksereekul |
|
Thai |
59 |
AUTHORIZED
PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pakin Meksereekul is
the Managing Director.
He is Thai
nationality with the
age of 33
years old.
Mr. Chaiyuth Meksereekul is
the General Manager.
He is Thai
nationality with the
age of 30
years old.
BUSINESS
OPERATIONS
The subject’s main
business is engaged
in distributing various
kinds of steel
products, such as
steel deformed bar,
steel round bar,
steel wire rod,
billet steel, steel
pipe for industrial
and construction industries.
The subject is also
manufacturer and distributor
of steel billet,
steel round bar
and steel deformed
bar under its
own brand “MMT”.
Its production has
been started in
2010.
PRODUCTION
CAPACITY
Steel Billet : 300,000
tons per year
Wire Rod, Steel Round Bar
and Steel Deformed
Bar : 225,000
tons per year
PURCHASE
Most of the
finished products and
raw materials are
purchased from local
suppliers.
IMPORT
Some of raw
material as well
as machinery are
imported from Republic
of China, Korea,
India and Taiwan.
MAJOR SUPPLIERS
Zubb Steel Group
Co., Ltd.
Ocean Pipe Co.,
Ltd.
Namheng Steel
Co., Ltd.
SALES
100% of the
products is sold
locally to wholesalers,
retailers, contractors and
end-users.
RELATED AND
AFFILIATED COMPANY
Zubb Steel Group
Co., Ltd.
Business Type :
Manufacturer and distributor
of steels
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
and T/T.
BANKING
Krung Thai Bank
Public Co., Ltd.
EMPLOYMENT
The subject employs
approximately 120 staff.
LOCATION
DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is located
in provincial.
Factory is located
at 99/9 Moo
4, Saraburi-Lomsak Rd.,
T. Deelang, A. Pattananikom, Lopburi
15220. Tel. : [66] 36
436-300-5, Fax. : [66] 36 436-306-7.
COMMENT
Subject was formed in 2009
as a manufacturer
and distributor of steel products.
Steel demand in
domestic market is
expected to recover
due to expanding
of government projects
and private construction.
FINANCIAL
INFORMATION
The capital was
registered at Bht. 10,000,000 divided
into 100,000 shares of
Bht. 100 each
with fully paid.
The capital was
increased later as
follows:
Bht. 500,000,000 on
December 22, 2009
Bht. 1,100,000,000
on March 27,
2012
The latest registered
capital was increased
to Bht. 1,100,000,000
divided into 11,000,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at April
30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Jintana Meksereekul Nationality: Thai Address : 8/88 Moo 11, Puttasakorn
Rd., T. Omnoi, A.
Krathumban, Samutsakorn |
6,000,000 |
54.55 |
|
Mr. Chaiyuth Meksereekul Nationality: Thai Address : 43/4
Moo 1, Sethakij Rd.,
T. Suanluang, A.
Krathumban, Samutsakorn |
2,999,999 |
27.27 |
|
Mr. Pakin Meksereekul Nationality: Thai Address : 1093
Petchkasem Rd., Nongkangplu,
Nongkaem, Bangkok |
2,000,000 |
18.18 |
|
Ms. Angkana Tanesith Nationality: Thai Address : 287 Sukonthawich Rd.,
T. Talad Krathumban, A. Krathumban, Samutsakorn |
1 |
- |
Total Shareholders : 4
Share Structure
[as at April
30, 2015]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
11,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
11,000,000 |
100.00 |
NAME
OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT
NO
Mr. Viboon Pojanalai No.
6840
BALANCE
SHEET [BAHT]
The latest
financial figures published as
at December 31,
2014, 2013 &
2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 [Adjusted] |
|
|
|
|
|
|
Cash and Cash Equivalents |
29,848,010 |
9,378,964 |
26,645,815 |
|
Trade Accounts Receivable - Related companies |
29,763,734 |
251,454,170 |
55,356,382 |
|
Trade Accounts &
Other Receivable |
8,503,415 |
39,922,804 |
100,532,221 |
|
Inventories |
1,036,720,681 |
1,110,822,197 |
777,964,884 |
|
Revenue Department Receivable |
102,615,030 |
78,390,951 |
55,503,428 |
|
Advance Payments for Goods |
14,334,849 |
14,276,604 |
7,669,980 |
|
Other Current Assets
|
3,576,072 |
5,153,476 |
4,605,309 |
|
|
|
|
|
|
Total Current Assets
|
1,225,361,791 |
1,509,399,166 |
1,028,278,019 |
|
|
|
|
|
|
Deposits for Equipments |
2,841,133 |
60,021 |
5,316,935 |
|
Fixed Assets |
3,781,790,678 |
3,007,645,445 |
1,711,996,761 |
|
Intangible Assets |
3,576,562 |
4,257,812 |
4,939,063 |
|
Total Assets |
5,013,570,164 |
4,521,362,444 |
2,750,530,778 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 [Adjusted] |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
1,236,001,094 |
1,246,594,093 |
887,564,341 |
|
Trade Accounts Payable
- Related companies |
1,950,199 |
18,596,446 |
45,659,572 |
|
Trade Accounts & Other
Payable |
325,563,603 |
604,151,297 |
192,354,638 |
|
Payable in Foreign Currency Exchange |
- |
- |
217,707 |
|
Current Portion of
Long-term Loans |
266,720,000 |
47,660,000 |
- |
|
Current Portion of
Financial Lease Contract Liabilities |
899,075 |
845,042 |
794,261 |
|
Short-term Loan and Accrued Interest from Related Person |
148,711,426 |
- |
10,088,855 |
|
Advance Receipt for Goods |
61,850,471 |
107,434,564 |
340,496 |
|
Accrued Income Tax |
610,790 |
125,509 |
774,265 |
|
Other Current Liabilities |
35,717 |
16,323 |
470,248 |
|
|
|
|
|
|
Total Current Liabilities |
2,042,342,375 |
2,025,423,274 |
1,138,264,383 |
|
Long-term Loan From Financial Institutions |
1,777,852,027 |
1,307,608,740 |
665,540,793 |
|
Financial Lease Contract Liabilities |
2,079,380 |
2,978,455 |
3,823,496 |
|
Total Liabilities |
3,822,273,782 |
3,336,010,469 |
1,807,628,672 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital
11,000,000 shares |
1,100,000,000 |
1,100,000,000 |
1,100,000,000 |
|
|
|
|
|
|
Capital Paid |
1,100,000,000 |
1,100,000,000 |
1,100,000,000 |
|
Receivables for Shares |
- |
- |
[240,000,000] |
|
Retained Earning - Unappropriated |
91,296,382 |
85,351,975 |
82,902,106 |
|
Total Shareholders' Equity |
1,191,296,382 |
1,185,351,975 |
942,902,106 |
|
Total Liabilities & Shareholders' Equity |
5,013,570,164 |
4,521,362,444 |
2,750,530,778 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 [Adjusted] |
|
|
|
|
|
|
Sales Income |
3,285,763,207 |
3,235,110,469 |
4,536,863,441 |
|
Other Income |
45,275,282 |
50,785,404 |
3,522,129 |
|
Total Revenues |
3,331,038,489 |
3,285,895,873 |
4,540,385,570 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,218,424,888 |
3,191,490,785 |
4,413,490,610 |
|
Selling Expenses |
35,215,265 |
31,520,319 |
42,853,876 |
|
Administrative Expenses |
21,476,398 |
21,240,408 |
25,820,691 |
|
Financial Cost |
48,472,679 |
38,299,312 |
53,340,746 |
|
Total Expenses |
3,323,589,230 |
3,282,550,824 |
4,535,505,923 |
|
Profit / [Loss] before Income
Tax |
7,449,259 |
3,345,049 |
4,879,647 |
|
Income Tax |
[1,504,852] |
[895,180] |
[1,466,163] |
|
|
|
|
|
|
Net Profit / [Loss] |
5,944,407 |
2,449,869 |
3,413,484 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.60 |
0.75 |
0.90 |
|
QUICK RATIO |
TIMES |
0.03 |
0.15 |
0.16 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.87 |
1.08 |
2.65 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.66 |
0.72 |
1.65 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
117.57 |
127.04 |
64.34 |
|
INVENTORY TURNOVER |
TIMES |
3.10 |
2.87 |
5.67 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
0.94 |
4.50 |
8.09 |
|
RECEIVABLES TURNOVER |
TIMES |
386.41 |
81.03 |
45.13 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
36.92 |
69.09 |
15.91 |
|
CASH CONVERSION CYCLE |
DAYS |
81.60 |
62.45 |
56.52 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.95 |
98.65 |
97.28 |
|
SELLING & ADMINISTRATION |
% |
1.73 |
1.63 |
1.51 |
|
INTEREST |
% |
1.48 |
1.18 |
1.18 |
|
GROSS PROFIT MARGIN |
% |
3.43 |
2.92 |
2.80 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.23 |
0.10 |
0.11 |
|
NET PROFIT MARGIN |
% |
0.18 |
0.08 |
0.08 |
|
RETURN ON EQUITY |
% |
0.50 |
0.21 |
0.36 |
|
RETURN ON ASSET |
% |
0.12 |
0.05 |
0.12 |
|
EARNING PER SHARE |
BAHT |
0.54 |
0.22 |
0.31 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.76 |
0.74 |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.21 |
2.81 |
1.92 |
|
TIME INTEREST EARNED |
TIMES |
0.15 |
0.09 |
0.09 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
1.57 |
(28.69) |
|
|
OPERATING PROFIT |
% |
122.70 |
(31.45) |
|
|
NET PROFIT |
% |
142.64 |
(28.23) |
|
|
FIXED ASSETS |
% |
25.74 |
75.68 |
|
|
TOTAL ASSETS |
% |
10.89 |
64.38 |
|
ANNUAL GROWTH : EXCELLENT
An annual sales growth is 1.57%. Turnover has increased from THB
PROFITABILITY : RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.43 |
Deteriorated |
Industrial Average |
11.42 |
|
Net Profit Margin |
0.18 |
Deteriorated |
Industrial Average |
1.52 |
|
Return on Assets |
0.12 |
Deteriorated |
Industrial Average |
4.61 |
|
Return on Equity |
0.50 |
Deteriorated |
Industrial Average |
10.69 |
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 3.43%. 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 0.18%.
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 0.12%.
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 0.5%.
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 |
0.60 |
Risky |
Industrial Average |
1.17 |
|
Quick Ratio |
0.03 |
|
|
|
|
Cash Conversion Cycle |
81.60 |
|
|
|
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 0.6 times in 2014, decreased from 0.75 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 0.03 times in 2014,
decreased from 0.15 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 82 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.76 |
Acceptable |
Industrial Average |
0.55 |
|
Debt to Equity Ratio |
3.21 |
Risky |
Industrial Average |
1.20 |
|
Times Interest Earned |
0.15 |
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 0.16 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 0.76 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 : SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.87 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.66 |
Deteriorated |
Industrial Average |
3.03 |
|
Inventory Conversion Period |
117.57 |
|
|
|
|
Inventory Turnover |
3.10 |
Deteriorated |
Industrial Average |
9.16 |
|
Receivables Conversion Period |
0.94 |
|
|
|
|
Receivables Turnover |
386.41 |
Impressive |
Industrial Average |
12.96 |
|
Payables Conversion Period |
36.92 |
|
|
|
The company's Account Receivable Ratio is calculated as 386.41 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 decreased from 127 days at the
end of 2013 to 118 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 2.87 times in year 2013 to 3.1 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.66 times and 0.72
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.44 |
|
|
1 |
Rs.102.41 |
|
Euro |
1 |
Rs.75.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.