|
|
|
MIRA INFORM REPORT
|
Report No. : |
506243 |
|
Report Date : |
27.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
TS
CORPORATION |
|
|
|
|
Registered Office : |
116, Wolmi-ro, Jung-gu, Incheon |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
06.07.1956 |
|
|
|
|
Com. Reg. No.: |
121-81-07309 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
·
Manufacture of Sugar, Feed,
Food Additives, Food Stuffs ·
Manufacture of Prepared Animal
Feeds |
|
|
|
|
No. of Employees : |
538 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
SOUTH KOREA -
ECONOMIC OVERVIEW
After emerging from the 1950-53 war with North Korea, South Korea emerged as one of the 20th century’s most remarkable economic success stories, becoming a developed, globally connected, high-technology society within decades. In the 1960s, GDP per capita was comparable with levels in the poorest countries in the world. In 2004, South Korea joined the trillion-dollar club of world economies.
Beginning in the 1960s under President PARK Chung-hee, the government promoted the import of raw materials and technology, encouraged saving and investment over consumption, kept wages low, and directed resources to export-oriented industries that remain important to the economy to this day. Growth surged under these policies, and frequently reached double-digits in the 1960s and 1970s. Growth gradually moderated in the 1990s as the economy matured, but remained strong enough to propel South Korea into the ranks of the advanced economies of the OECD by 1997. These policies also led to the emergence of family-owned chaebol conglomerates such as Daewoo, Hyundai, and Samsung, which retained their dominant positions even as the government loosened its grip on the economy amid the political changes of the 1980s and 1990s.
The Asian financial crisis of 1997-98 hit South Korea’s companies hard because of their excessive reliance on short-term borrowing, and GDP ultimately plunged by 7% in 1998. South Korea tackled difficult economic reforms following the crisis, including restructuring some chaebols, increasing labor market flexibility, and opening up to more foreign investment and imports. These steps lead to a relatively rapid economic recovery. South Korea also began expanding its network of free trade agreements to help bolster exports, and has since implemented 16 free trade agreements covering 58 countries—including the United State and China—that collectively cover more than three-quarters of global GDP.
In 2017, the election of President MOON Jae-in brought a surge in consumer confidence, in part, because of his successful efforts to increase wages and government spending. These factors combined with an uptick in export growth to drive real GDP growth to more than 3%, despite disruptions in South Korea’s trade with China over the deployment of a US missile defense system in South Korea.
In 2018 and beyond, South Korea will contend with gradually slowing economic growth - in the 2-3% range - not uncommon for advanced economies. This could be partially offset by efforts to address challenges arising from its rapidly aging population, inflexible labor market, continued dominance of the chaebols, and heavy reliance on exports rather than domestic consumption. Socioeconomic problems also persist, and include rising inequality, poverty among the elderly, high youth unemployment, long working hours, low worker productivity, and corruption.
|
Source
: CIA |
Basic
Information
Basic
|
Company Name |
TS
CORPORATION |
|
Registered Address |
116, Wolmi-ro, Jung-gu, Incheon, Korea (Old Address System : 6-14, Bukseongdong
1-ga, Jung-gu, Incheon, Korea) |
|
Building |
|
|
Zip Code |
22300 |
|
Tel |
+82-32-770-1400 |
|
Fax |
+82-32-770-1601 |
|
E-mail |
admin@tsmall.co.kr |
|
Website |
www.ts.co.kr |
|
Trading Address |
299, Olympic-ro, Songpa-gu, Seoul, Korea (Old Address System : 7-23, Sincheon-dong,
Songpa-gu, Seoul, Korea (P.O.BOX 331)) |
|
Tel |
+82-2-410-6000 |
|
Fax |
+82-2-410-6028 |
|
Other Address-Business Office |
1229, U 2-dong, Haeundae-gu, Busan, Korea |
|
Tel |
+82-51-746-1480 |
|
Fax |
|
|
Other Address-Yangju Business Office |
18-3, Ugo-ri, Gwangjeok-myeon, Yangju-si,
Gyeonggi-do, Korea |
|
Tel |
+82-31-837-1300 |
|
Fax |
|
|
Other Address-Hongseong Business Office |
283-3, Sangha-ri, Hongbuk-myeon, Hongseong-gun,
Chungcheongnam-do, Korea |
|
Tel |
+82-41-634-8507 |
|
Fax |
|
|
Other Address-Daegu Business Office |
42-5, Ihyeon-dong, Seo-gu, Daegu, Korea |
|
Tel |
+82-53-555-2493 |
|
Fax |
|
|
Other Address-Gangwon Business Office |
503-1, Dangye-dong, Wonju-si, Gangwon-do,
Korea |
|
Tel |
+82-33-731-8058 |
|
Fax |
|
|
Other Address-Jinju Business Office |
62-3, Cheongok-ri, Jinseong-myeon,
Jinju-si, Gyeongsangnam-do, Korea |
|
Tel |
+82-55-752-0381 |
|
Fax |
+82-55-752-0382 |
|
Other Address-Oksan Factory |
359-1, Osan-ri, Oksan-myeon, Cheongwon-gun,
Chungcheongbuk-do, Korea |
|
Tel |
+82-43-269-4368 |
|
Fax |
+82-43-269-3166 |
|
Other Address-Ulsan Factory |
480, Yongjam-dong, Nam-gu, Ulsan, Korea |
|
Tel |
+82-52-257-4085 |
|
Fax |
+82-52-257-4090 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Sugar |
|
Main Business |
Sugar, Feed, Food Additives, Food Stuffs |
|
Sub
Business |
Manufacture of Prepared Animal Feeds |
|
Established (mm/dd/yyyy) |
07/06/1956 |
Detailed
Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Natural sugars or sweetening
products(50161509) |
|
Sell |
Dipping sauces or condiments or spreads or
marinades(50171830) |
|
Sell |
Edible vegetable and plant oils and
fats(50151500) |
|
Sell |
Poultry food(10121604) |
|
Sell |
Livestock feed(10121500) |
|
Sell |
Wine(50202203) |
|
Buy |
Feed corn(10121503) |
|
Buy |
Organic fertilizers and plant
nutrients(10171500) |
|
Buy |
Cocoa |
|
Buy |
SMP |
|
Buy |
Cheese |
|
Buy |
Corn for Animal Feed |
CEO’s
|
Name |
Cho Hyun |
|
Date of Birth |
08/22/1959 |
|
Title |
President & CEO |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
24,044,835,000 |
|||||||||||||||||||||||||||
|
Employees |
538 |
|||||||||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange :
001790) as of 12/27/1968 A Company of TS Corporation Business Group |
|||||||||||||||||||||||||||
|
Bank Details |
Kookmin Bank Citi Bank, Korea-Jamsil Branch Shinhan Bank-Jamsil Branch Woori Bank Korea Development Bank KEB Hana Bank-Jamsil Station Branch |
|||||||||||||||||||||||||||
|
Corporate Registered No. |
120111-0018368 |
|||||||||||||||||||||||||||
|
Business Registered No. |
121-81-07309 |
|||||||||||||||||||||||||||
|
Permit & Licenses |
08/1999 ISO 9001 Acquired HACCP in all factories Int’l Trade No.: 741682 |
|||||||||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||||||||
|
Company History |
07/1956 Incorporated as Daedong Sugar Co.,
Ltd. 08/1969 Changed the company name to Taihan
Sugar Industrial Co., Ltd. 04/1995 Changed company name to TS
Corporation 04/20/2011 Split off the par value to 2,500
KRW from 5,000 KRW 04/20/2011 Increased the authorized shares
to 12,000,000 shares from 6,000,000 shares 12/24/2014 Increased capital to
24,044,835,000 KRW from 20,392,490,000 KRW |
Detailed
Information
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
Vice Chairman |
Sul Yoon-Ho |
Korean |
02/22/1975 |
03/10/2006 |
|
President & CEO |
Cho Hyun |
Korean |
08/22/1959 |
03/15/2013 |
|
Outside Director |
Lee Jong-Hwan |
Korean |
04/05/1963 |
03/14/2014 |
|
Director |
Kim Geun-Hoi |
Korean |
02/03/1961 |
03/23/2018 |
|
Outside Director |
Kim Dong-Yeol |
Korean |
10/11/1943 |
03/23/2018 |
|
Auditor |
Jung Kyung-Sub |
Korean |
02/07/1956 |
03/14/2014 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2017 |
1,153,582,884,000 |
994,798,047,000 |
7,451,613,000 |
|
2016 |
1,144,286,584,000 |
1,035,408,719,000 |
34,024,178,000 |
|
2015 |
1,127,440,598,000 |
1,003,032,363,000 |
-11,096,768,000 |
|
2014 |
1,158,582,618,000 |
1,012,993,999,000 |
1,368,752,000 |
|
2013 |
1,190,727,597,000 |
990,983,546,000 |
7,518,636,000 |
|
2012 |
1,322,819,319,000 |
996,785,392,000 |
25,036,247,000 |
|
2011 |
1,243,820,378,000 |
1,020,285,652,000 |
6,349,464,000 |
|
2010 |
1,167,501,357,000 |
934,679,057,000 |
7,599,959,000 |
|
2009 |
1,111,543,571,000 |
910,820,699,000 |
21,470,994,000 |
|
2008 |
1,178,605,850,290 |
899,205,171,444 |
4,706,800,000 |
|
2007 |
1,008,092,654,634 |
589,009,177,898 |
12,270,699,473 |
|
2006 |
940,941,328,334 |
556,300,698,069 |
14,236,474,292 |
|
2005 |
847,895,804,924 |
522,509,085,613 |
14,153,462,161 |
|
2004 |
803,433,566,973 |
511,530,013,450 |
13,973,350,400 |
|
2003 |
725,731,448,759 |
512,325,759,187 |
6,028,372,517 |
Financial
Description
|
Authorized Capital(KRW) |
30,000,000,000 |
|
Paid-Up Capital(KRW) |
24,044,835,000 |
|
Total Issues Shares |
9,617,934 (Common: 8,840,002 / Preferable:
777,932) |
|
Balance
Sheet |
|||
|
Unit : Thousand Korean Won |
As of 12/31/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Total
Assets |
994,798,047 |
1,035,408,719 |
1,003,032,363 |
|
Current
Assets |
462,400,793 |
504,216,148 |
421,826,906 |
|
Cash
& Cash Equivalents |
84,759,782 |
111,722,980 |
64,995,239 |
|
Inventories |
192,605,481 |
214,301,856 |
204,374,665 |
|
Trade
Receivables & Other Receivables |
122,558,398 |
118,151,482 |
119,732,850 |
|
Current
Financial Instruments |
62,477,132 |
60,039,830 |
30,841,025 |
|
Deferred
Income Tax Assets |
|
|
1,883,127 |
|
Non-Current
Assets |
532,397,254 |
531,192,571 |
581,205,457 |
|
Long-Term
Trade Receivables & Other Receivables |
1,158,435 |
1,668,811 |
2,993,267 |
|
Tangibles |
192,938,976 |
190,663,037 |
194,155,908 |
|
Investment_Real
Estates |
107,520,196 |
108,394,926 |
108,812,592 |
|
Intangibles |
7,809,891 |
8,052,129 |
8,645,649 |
|
Investment_Subsidiaries |
196,091,045 |
188,686,880 |
247,906,668 |
|
Non-Current
Financial Instruments |
26,749,611 |
33,597,688 |
18,562,273 |
|
Non-Current
Non-Financial Instruments |
129,100 |
129,100 |
129,100 |
|
Total
Liabilities |
537,151,304 |
578,179,714 |
583,686,452 |
|
Current
Liabilities |
285,773,213 |
304,579,882 |
290,473,102 |
|
Trade
Payables & Other Payables |
86,090,195 |
100,918,027 |
85,249,615 |
|
Short-Term
Borrowings |
83,679,530 |
111,728,234 |
124,550,102 |
|
Current Portion of Long-Term Borrowings |
111,428,000 |
75,000,000 |
80,028,800 |
|
Accrued
Income Tax |
2,324,469 |
16,428,860 |
96,766 |
|
Other
Current Financial Debts |
2,150,369 |
404,111 |
547,819 |
|
Current
Portion of Provisions |
100,650 |
100,650 |
|
|
Non-Current
Liabilities |
251,378,091 |
273,599,832 |
293,213,350 |
|
Long-Term
Trade Payables & Other Payables |
6,128,424 |
5,988,741 |
5,921,265 |
|
Long-Term
Borrowings |
205,992,000 |
230,425,000 |
248,504,800 |
|
Provision
for Severance & Retirement |
8,381,367 |
9,149,213 |
12,131,633 |
|
Deferred
Income Tax Credit |
27,040,057 |
27,268,928 |
26,176,227 |
|
Other
Non-Current Financial Debts |
3,836,243 |
767,950 |
479,425 |
|
Capital
Stock |
24,044,835 |
24,044,835 |
24,044,835 |
|
Capital
Surplus |
11,055,195 |
11,055,195 |
11,055,195 |
|
Profit
Surplus |
233,169,382 |
232,777,615 |
202,285,340 |
|
Others |
189,377,331 |
189,351,360 |
181,960,541 |
|
Total
Equity |
457,646,743 |
457,229,005 |
419,345,911 |
|
Liab.
& Shareholder’s Equity |
994,798,047 |
1,035,408,719 |
1,003,032,363 |
|
Income
Statement |
|||
|
Unit : Thousand Korean Won |
As of 12/31/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Sales |
1,153,582,884 |
1,144,286,584 |
1,127,440,598 |
|
Cost
of Sold Goods |
1,058,450,946 |
1,021,309,292 |
1,014,579,690 |
|
Gross
Profit |
95,131,938 |
122,977,292 |
112,860,908 |
|
Selling
& Admin. Expenses |
87,758,704 |
89,480,839 |
99,429,652 |
|
Operating
Income |
7,373,234 |
33,496,453 |
13,431,256 |
|
Other
Income |
33,770,146 |
68,434,676 |
17,943,870 |
|
Other
Loss |
23,768,834 |
44,408,685 |
30,015,169 |
|
Finance
Income |
5,163,164 |
6,482,544 |
6,816,475 |
|
Finance
Expenses |
11,344,704 |
12,970,169 |
15,473,716 |
|
Income
Before Taxes |
11,193,006 |
51,034,819 |
-7,297,284 |
|
Income
Taxes Expenses |
3,741,393 |
17,010,641 |
3,799,484 |
|
Net
Income |
7,451,613 |
34,024,178 |
-11,096,768 |
|
Cash
Flows |
|||
|
Unit : Thousand Korean Won |
As of 12/31/2017 |
As of 12/31/2016 |
As of 12/31/2015 |
|
Operating
Activities Cash Flows |
2,409,098 |
30,318,632 |
28,804,313 |
|
Net
Income |
7,451,613 |
34,024,178 |
-11,096,768 |
|
Adjustment |
24,555,165 |
59,369,081 |
30,963,920 |
|
Changes
in Asset/ & Liability |
-5,543,862 |
-58,322,805 |
26,389,642 |
|
Dividends
Received |
2,206,003 |
4,136,210 |
4,522,927 |
|
Interests
Paid |
-11,373,440 |
-12,901,504 |
-15,740,774 |
|
Interests
Received |
2,866,377 |
2,352,133 |
2,343,241 |
|
Income
Taxes |
-17,752,758 |
1,661,339 |
-8,577,875 |
|
Cash
Flows from Investing |
-18,072,914 |
59,360,676 |
-10,796,667 |
|
Cash
Flows from Financing |
-11,239,401 |
-42,975,361 |
-3,522,154 |
|
Increase/Decrease
in Cash |
-26,963,198 |
46,727,741 |
14,519,234 |
|
Cash
at the Beginning of Year |
111,722,980 |
64,995,239 |
50,476,005 |
|
Cash
at the End of Year |
84,759,782 |
111,722,980 |
64,995,239 |
Products,
Technologies, Services Description
|
Main Products & Services |
Sugar & Foodstuffs Animal Feed Chemicals Bio Business Brand Name: Foodream, Rainbow Animal Feed |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
Trade
Partners & Competitors
|
Suppliers |
|
|
Customers |
HANYEADEU CO. LTD (134511-0031259) |
|
Competitors |
CJ CHEILJEDANG CORPORATION(110111-3748253) 500, NAMDAEMUNNO 5-GA, JUNG-GU, SEOUL,
KOREA TEL:+82-2-726-8114 FAX:+82-2-726-8319 SAMYANG CORPORATION(110111-0026181) 263, YEONJI-DONG, JONGNO-GU, SEOUL, KOREA TEL:+82-2-740-7114 FAX:+82-2-743-7720 DAESANG CORPORATION(110111-0327125) DAESANG BLDG., 96-48, SINSEOL-DONG,
DONGDAEMUN-GU, SEOUL, KOREA TEL:+82-2-2220-9500 FAX:+82-2-2232-3719 |
|
|
|
Related
Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
GYEONGIN TV CO., LTD.(121111-0149021) (16.86% held by the subject company) TS DEVELOPMENT CO., LTD(110111-0178057) (39.54% held by the subject company) ART JAIM BIOTEC CO., LTD. (110111-1899652) (35.00% held by the subject company) |
|
Overseas Office |
LA OFFICE 970W 190TH ST. SUITE 490, TORRANCE CA
90502, USA TEL :+1-310-329-6468 FAX :+1-310-329-0614 TOKYO OFFICE 7TH FLOOR, UCHIKANDA TK BLDG, 5-13 UCHIKANDA 1-CHOME, CHIYODA-KU, TOKYO,
JAPAN TEL :+81-3-5217-3434 FAX :+81-3-3233-1120 TS(HONG KONG) CO., LTD. 1104 & 5, TESBURY CENTRE 24-32, QUEEN'S
ROAD EAST WANCHAI, HONG KONG TEL :+852-2865-4266 FAX :+852-2865-3766 |
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
STS SUGAR COMPANY LTD.(CHINA) (33.0% held by the subject company) |
|
Subsidiary |
TS SAVINGS BANK CO., LTD.(110111-0113475) (100.0% held by the subject company) TS FOOD & SYSTEM CO.,
LTD(110111-0801492) (95.29% held by the subject company) GONGJU DEVELOPMENT.CO.LTD(110111-0717590) (92.59% held by the subject company) TS WOOIN CO., LTD.(110111-0169999) (100.0% held by the subject company) TS DAIRY PRODUCTS CO., LTD.(150111-0025490) (100.00% held by the subject company) RNF CO., LTD.(110111-4247171) (90.00% held by the subject company) TS DEVELOPMENT CO., LTD.(110111-0178057) (100.0% held by the subject company) DAEHAN FSS CO., LTD.(110111-4480763) (97.07% held by the subject company) TIANJIN RAINBOW FEED CO., LTD.(CHINA) (80.00% held by the subject company) QINGDAO RAINBOW FEED CO., LTD.(CHINA) (80.00% held by the subject company) HANAM RAINBOW FEED CO., LTD.(CHINA) (25.00% held by the subject company) TS(HONG KONG) CO., LTD. (100.0% held by the subject company) NAMKYUNG CHAEHONG ANIMAL FEED CO.,
LTD.(CHINA) (36.67% held by the subject company) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Technical Support BOCM PAULS-UK |
Sales
by Region (Activity & Markets)
|
Sales/ Unit :Thousand KRW |
2017 |
2016 |
2015 |
|
Export |
261,145,090 |
243,071,555 |
245,181,245 |
|
Domestic |
892,437,794 |
901,215,029 |
882,259,353 |
|
Total |
1,153,582,884 |
1,144,286,584 |
1,127,440,598 |
The subject imports Cocoa and other raw materials from Thailand,
South Africa, Guatemala and Australia, and exports to Asian Countries including
Japan, Hong Kong and China.
Court
Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (Thousand KRW) |
Status |
|
2017GUHAP52478 |
|
The
Subject Company |
Incheon Tax Office |
Cancellation on imposed taxes |
255,687 |
Proceeding |
|
2017GADAN3238 |
|
The
Subject Company |
Jung Moon-Kyo |
Dividends |
15,666 |
Proceeding |
|
2017GADAN22385 |
|
The
Subject Company |
JJ Interglobal Co., Ltd.(180111-0673110) |
Receivables |
34,584 |
Proceeding |
|
2015NU61971 |
|
The
Subject Company |
Fair Trade Commission |
Cancelation on Correction Order |
1,050,000 |
Proceeding |
|
2017GADAN142067 |
|
Kim Ok-Hee |
The
Subject Company |
Land Transfer |
14,110 |
Proceeding |
|
2017DO18890 |
|
Incheon Prosecutors' Office |
The
Subject Company |
Violation on Law of Taxation |
- |
Proceeding |
|
2017GAHAP521275 |
|
Lee Rae-Hong |
The
Subject Company |
Not existing Debts |
592,681 |
Proceeding |
News
Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.83 |
|
|
1 |
INR 93.17 |
|
Euro |
1 |
INR 81.38 |
|
KRW |
1 |
INR 0.062 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.