|
|
|
MIRA
INFORM REPORT
|
Report No. : |
489116 |
|
Report Date : |
03.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
S T S GEMS THAI LTD |
|
|
|
|
Registered Office : |
40th Floor,
Jewelry Trade Center
Building, 919/478-479 Silom
Road, Silom, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
18.11.1991 |
|
|
|
|
Com. Reg. No.: |
0105534109121 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
The subject
is engaged in
importing and distributing various
kinds of diamonds
and gemstones, as well as
exporting Thai jewelry products such
as rings, earrings, necklace,
bracelet, pendants and etc. |
|
|
|
|
No. of Employees : |
5 |
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 : |
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Thailand |
A2 |
A2 |
|
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 |
THAILAND - ECONOMIC OVERVIEW
With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about one-third of the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries.
Over the last few decades, Thailand has reduced poverty substantially. In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners.
Thailand’s economy is recovering from slow growth during the years since the 2014 coup. Thailand’s economic fundamentals are sound, with low inflation, low unemployment, and reasonable public and external debt levels. Tourism and government spending - mostly on infrastructure and short-term stimulus measures – have helped to boost the economy, and The Bank of Thailand has been supportive, with several interest rate reductions.
Over the longer-term, household debt levels, political uncertainty, and an aging population pose risks to growth.
|
Source
: CIA |
Company Name
S T S GEMS
THAI LTD.
Company Summary
BUSINESS ADDRESS : 40th FLOOR,
JEWELRY TRADE CENTER
BUILDING,
919/478-479 SILOM
ROAD, SILOM, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE
: [66] 2237-5722-4
FAX :
[66] 2630-0428
E-MAIL ADDRESS : stsgems@ststhai.co.th
stsgem@stsgems.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1991
REGISTRATION NO. : 0105534109121
TAX ID NO. : 3011031476
CAPITAL REGISTERED : BHT.
35,000,000
CAPITAL PAID-UP
: BHT.
35,000,000
SHAREHOLDER’S PROPORTION : INDIAN : 100%
FISCAL YEAR CLOSING DATE : MARCH 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE
: MR. SUNIL AGRAWAL,
INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 5
LINES OF
BUSINESS : DIAMONDS, GEMSTONES
AND JEWELRY
PRODUCTS
IMPORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject
was established on
November 18, 1991
as a private
limited company under the
registered name S T S
GEMS THAI LTD.,
by Thai and
Indian groups, with
the business objective
to import and
distribute diamonds and
gemstones, as well
as to export
Thai jewelry products.
It currently employs
5 staff.
Presently, the
subject is a
wholly owned subsidiary
of Vaibhav Global
Limited in India.
The subject’s
registered address was
initially located at 31st Floor,
Jewelry Trade Center
Building, 919/390 Silom
Rd., Silom, Bangrak,
Bangkok 10500.
On November
11, 2014, its
registered address was
relocated to 40th Floor,
Jewelry Trade Center
Building, 919/478-479 Silom
Rd., Silom, Bangrak,
Bangkok 10500, which
is actually at
the same building,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sunil Agrawal |
|
Indian |
61 |
|
Mr. Gulzar Sharif |
|
Indian |
54 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sunil Agrawal is
the Managing Director.
He is Indian
nationality with the
age of 61 years
old.
Mr. Gulzar Sharif is
the Deputy Managing
Director.
He is Indian
nationality with the
age of 54
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various kinds of
diamonds and gemstones, as well as exporting Thai
jewelry products such as
rings, earrings, necklace, bracelet,
pendants and etc.
PURCHASE
Diamonds and
gemstones are imported from
India, Brazil, Belgium,
Pakistan and
South Africa, while
jewelry products are
purchased from local
suppliers.
MAJOR SUPPLIERS
Vaibhav Gems
Limited : India
Vaibhav Global
Limited : India
SALES [LOCAL]
100% of diamonds
and gemstones are
sold locally by
wholesale to jewelry manufacturers and
end-users.
EXPORT [COUNTRIES]
Jewelry products are
exported to Hong Kong, India,
Japan, Republic of
China, Malaysia, U.S.A.,
and the countries
in Europe.
MAJOR CUSTOMERS
S T S Jewels Inc. : U.S.A.
S T S Gems Ltd. : Hong Kong
RELATED COMPANY
Vaibhav Gems Limited
Business Address :
India
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 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
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank
Public Company Limited
Kasikornbank Public
Company Limited
EMPLOYMENT
The subject
currently employs 5
staff.
LOCATION DETAILS
The premise
is rented for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
COMMENT
The subject’s
operating performance as of March
31, 2017 has
seen an improvement
with an increase
in both sales
or service income
and net profit
comparing to the
previous year. This
was due to
strong consumption of
diamonds, gemstones and
jewelry products by
its customers both
domestic and overseas
in the previous
year, while its
current business is
promising from improvement
and recovery of
some jewelry operators.
Note:
Refer to
your given name
in the order
as STS GEMS
THAILAND, please be informed
that the company’s
correct registered name
is S T S GEMS
THAI LTD.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 4,000,000 divided
into 40,000 shares of
Bht. 100
each with
fully paid.
The capital
was increased later
as follows:
Bht. 10,000,000
on November 8,
1995
Bht. 14,000,000
on September 17,
1996
Bht. 16,000,000
on May 17,
1997
Bht. 20,000,000
on November 24,
1999
Bht. 30,000,000
on September 1,
2003
Bht. 32,500,000
on March 28,
2006
Bht. 35,000,000
on August 29,
2006
The latest
registered capital was
increased to Bht.
35 million, divided into
350,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
July 31, 2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Vaibhav Global Limited Nationality: Indian Address : K-6B Adarsh Nagar, Fateh Tiba, Jaipur - 302004 India |
349,998 |
100.00 |
|
Mr. Sunil Agrawal Nationality: Indian Address : 200
Riverside Boulevard Apartment,
35A New York
NY-10069, U.S.A. |
1 |
- |
|
Mr. Rahimullah Nationality: Indian Address : Jaipur-302002, India |
1 |
- |
Total
Shareholders : 3
Share Structure [as at
July 31, 2017]
|
Nationality |
Shareholders |
No.
of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - Indian |
3 |
350,000 |
100.00 |
|
Total |
3 |
350,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Netiluck
Densirimongkol No. 5192
Financials
BALANCE SHEET [BAHT]
The latest
financial figures published
for March 31,
2017, 2016 and
2015 were:
ASSETS
|
Current
Assets |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Cash and Cash Equivalents |
2,900,684 |
4,340,118 |
5,108,630 |
|
Trade Accounts and
Other Receivable |
3,234,856 |
3,420,829 |
127,229 |
|
Trade Accounts Receivable - Related Company
|
85,774,293 |
66,753,106 |
59,016,895 |
|
Short-term
Lending to Related Company |
5,142,855 |
5,260,635 |
4,861,110 |
|
Inventories |
24,284,431 |
27,520,769 |
29,618,179 |
|
Other Current Assets
|
8,421,924 |
7,132,895 |
5,474,565 |
|
|
|
|
|
|
Total Current Assets |
129,759,043 |
114,428,352 |
104,206,608 |
|
|
|
|
|
|
Property, Plant and Equipment |
758,718 |
1,133,491 |
1,488,045 |
|
Intangible Assets |
196,021 |
189,018 |
233,909 |
|
Other
Non-current Assets |
23,500 |
23,500 |
10,000 |
|
Total Assets |
130,737,282 |
115,774,361 |
105,938,562 |
LIABILITIES & SHAREHOLDERS’ EQUITY
[BAHT]
|
Current
Liabilities |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Trade Accounts Payable |
15,581,021 |
11,273,410 |
13,538,660 |
|
Trade Accounts
Payable - Related Company |
5,043,638 |
2,414,156 |
59,373 |
|
Other Payable - Related
company |
1,481,807 |
2,332,648 |
5,666,331 |
|
Accrued Income Tax |
1,443,130 |
775,003 |
1,754,859 |
|
Other Current Liabilities |
1,101,983 |
301,964 |
211,127 |
|
|
|
|
|
|
Total Current Liabilities |
24,651,579 |
17,097,181 |
21,230,350 |
|
|
|
|
|
|
Long-term Loan from Related Company
|
86,760,994 |
88,748,648 |
81,969,568 |
|
Total Liabilities |
111,412,573 |
105,845,829 |
103,199,918 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 350,000 shares |
35,000,000 |
35,000,000 |
35,000,000 |
|
|
|
|
|
|
Capital Paid |
35,000,000 |
35,000,000 |
35,000,000 |
|
Premium on
Share Capital |
148,100,000 |
148,100,000 |
148,100,000 |
|
Retained Earnings: [Deficit] |
|
|
|
|
Appropriated for
statutory reserve |
2,000,000 |
2,000,000 |
2,000,000 |
|
Unappropriated |
[165,775,291] |
[175,171,468] |
[182,361,356] |
|
Total Shareholders' Equity
|
19,324,709 |
9,928,532 |
2,738,644 |
|
Total Liabilities and
Shareholders' Equity |
130,737,282 |
115,774,361 |
105,938,562 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Sales Income
|
248,990,678 |
235,892,443 |
220,667,537 |
|
Other Income |
1,134,973 |
263,465 |
244,636 |
|
Total Revenues |
250,125,651 |
236,155,908 |
220,912,173 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
218,997,337 |
206,526,111 |
193,236,291 |
|
Selling Expenses |
4,868,155 |
5,013,760 |
6,119,600 |
|
Administrative
Expenses |
11,657,916 |
13,256,327 |
11,617,597 |
|
Total Expenses |
235,523,408 |
224,796,198 |
210,973,488 |
|
Profit before
Financial Cost & Income Tax |
14,602,243 |
11,359,710 |
9,938,685 |
|
Financial Cost |
[2,842,501] |
[2,332,648] |
[2,108,442] |
|
Profit before Income Tax |
11,759,742 |
9,027,062 |
7,830,243 |
|
Income Tax |
[2,363,565] |
[1,837,174] |
[1,754,859] |
|
Net Profit / [Loss]
|
9,396,177 |
7,189,888 |
6,075,384 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2017 |
2016 |
2015 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
5.26 |
6.69 |
4.91 |
|
QUICK RATIO |
TIMES |
3.94 |
4.67 |
3.26 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
328.17 |
208.11 |
148.29 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.90 |
2.04 |
2.08 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
40.47 |
48.64 |
55.95 |
|
INVENTORY TURNOVER |
TIMES |
9.02 |
7.50 |
6.52 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
4.74 |
5.29 |
0.21 |
|
RECEIVABLES TURNOVER |
TIMES |
76.97 |
68.96 |
1,734.41 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
25.97 |
19.92 |
25.57 |
|
CASH CONVERSION CYCLE |
DAYS |
19.25 |
34.01 |
30.58 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
87.95 |
87.55 |
87.57 |
|
SELLING & ADMINISTRATION |
% |
6.64 |
7.75 |
8.04 |
|
INTEREST |
% |
1.14 |
0.99 |
0.96 |
|
GROSS PROFIT MARGIN |
% |
12.50 |
12.56 |
12.54 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.86 |
4.82 |
4.50 |
|
NET PROFIT MARGIN |
% |
3.77 |
3.05 |
2.75 |
|
RETURN ON EQUITY |
% |
48.62 |
72.42 |
221.84 |
|
RETURN ON ASSET |
% |
7.19 |
6.21 |
5.73 |
|
EARNING PER SHARE |
BAHT |
26.85 |
20.54 |
17.36 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.85 |
0.91 |
0.97 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.77 |
10.66 |
37.68 |
|
TIME INTEREST EARNED |
TIMES |
5.14 |
4.87 |
4.71 |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
5.55 |
6.90 |
|
|
OPERATING PROFIT |
% |
28.54 |
14.30 |
|
|
NET PROFIT |
% |
30.69 |
18.34 |
|
|
FIXED ASSETS |
% |
(33.06) |
(23.83) |
|
|
TOTAL ASSETS |
% |
12.92 |
9.28 |
|
ANNUAL
GROWTH : IMPRESSIVE
An annual sales growth is 5.55%. Turnover has increased from
THB
PROFITABILITY
: IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.50 |
Deteriorated |
Industrial
Average |
54.14 |
|
Net Profit Margin |
3.77 |
Impressive |
Industrial
Average |
2.12 |
|
Return on Assets |
7.19 |
Impressive |
Industrial
Average |
4.84 |
|
Return on Equity |
48.62 |
Impressive |
Industrial
Average |
10.98 |
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 12.5%. 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. Net Profit
Margin ratio is 3.77%, 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 7.19%, 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 48.62%, 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.
Trend
of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY
: EXCELLENT
LIQUIDITY
RATIO
|
Current Ratio |
5.26 |
Impressive |
Industrial
Average |
1.93 |
|
Quick Ratio |
3.94 |
|
|
|
|
Cash Conversion Cycle |
19.25 |
|
|
|
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 5.26 times in 2017, decrease from 6.69 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 3.94
times in 2017, decrease from 4.67 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 20 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: ACCEPTABLE
LEVERAGE
RATIO
|
Debt Ratio |
0.85 |
Acceptable |
Industrial
Average |
0.53 |
|
Debt to Equity Ratio |
5.77 |
Risky |
Industrial
Average |
1.15 |
|
Times Interest Earned |
5.14 |
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 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 5.14 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 0.85 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
: IMPRESSIVE
ACTIVITY
RATIO
|
Fixed Assets Turnover |
328.17 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.90 |
Satisfactory |
Industrial
Average |
2.29 |
|
Inventory Conversion Period |
40.47 |
|
|
|
|
Inventory Turnover |
9.02 |
Impressive |
Industrial
Average |
6.42 |
|
Receivables Conversion Period |
4.74 |
|
|
|
|
Receivables Turnover |
76.97 |
Impressive |
Industrial
Average |
4.08 |
|
Payables Conversion Period |
25.97 |
|
|
|
The company's Account Receivable Ratio is calculated as
76.97 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 49 days at the
end of 2016 to 40 days at the end of 2017. This represents a positive trend.
And Inventory turnover has increased from 7.5 times in year 2016 to 9.02 times
in year 2017.
The company's Total Asset Turnover is calculated as 1.9
times and 2.04 times in 2017 and 2016 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 |
INR 63.08 |
|
|
1 |
INR 91.34 |
|
Euro |
1 |
INR 80.03 |
|
THB |
1 |
INR 2.04 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
KET |
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.