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MIRA INFORM REPORT
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Report No. : |
489971 |
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Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
SUN FOODS TRADING COMPANY LIMITED |
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Registered Office : |
11 Soi Charoenrat 7 Yaek 21, Bangklo, Bangkorlaem, Bangkok 10120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
26.08.2008 |
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Com. Reg. No.: |
0105541053331 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The subject is engaged in importing, distributing, exporting and re-exporting various kinds of food products as follows: · Dehydrated foods and fruits · Agricultural products such as rice, onion, pepper, chili, grains, mushroom. · Snack foods · Canned foods |
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No. of Employees : |
75 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
SUN
FOODS TRADING COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 11
SOI CHAROENRAT 7
YAEK 21, BANGKLO,
BANGKORLAEM, BANGKOK
10120, THAILAND
TELEPHONE : [66] 2689-8817-8,
2689-8818
FAX :
[66] 2291-2011
E-MAIL
ADDRESS : sunfoods@truemail.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0105541053331
TAX
ID NO. : 3011958308
CAPITAL REGISTERED : BHT. 55,000,000
CAPITAL PAID-UP : BHT.
55,000,000
SHAREHOLDER’S PROPORTION : THAI :
99.45%
CHINESE :
0.55%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. NONTHICHA MUSISIRIVAT,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 75
LINES
OF BUSINESS : FOOD
PRODUCTS
IMPORTER, DISTRIBUTOR
AND EXPORTER
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
26, 2008 as
a private limited
company under the
registered name SUN FOODS
TRADING COMPANY LIMITED,
by Thai and
Chinese groups, with
the business objective
to import and
distribute various kinds
of food products
to domestic and international
markets. It currently
employs 75 staff.
The
subject’s registered address
was initially at
605/20 Soi Charoenrat 7, Rama III
Road, Bangklo, Bangkorlaem,
Bangkok 10120.
On
March 7, 2016,
its registered address
was changed to 11
Soi Charoenrat 7
Yaek 21, Bangklo,
Bangkorlaem, Bangkok 10120
by The Bangkorlaem
District Office, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Nonthicha Musisirivat |
|
Thai |
59 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Nonthicha Musisirivat is
the Managing Director.
She is Thai
nationality with the
age of 59
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing, distributing, exporting
and re-exporting various
kinds of
food products as
follows:
-
Dehydrated foods
and fruits
-
Agricultural products such
as rice, onion,
pepper, chili, grains,
mushroom and etc.
-
Snack foods
-
Canned foods
PURCHASE
Most
of the products
are imported from
Republic of China,
Malaysia, Indonesia,
Hong Kong,
India, Vietnam, Myanmar,
Australia, the remaining
is purchased from
local suppliers.
SALES [LOCAL]
The products are
sold locally to
wholesalers.
EXPORT
The
products are exported
and re-exported to
Malaysia, Korea, Taiwan,
Singapore, India, Hong
Kong, Laos and
the many countries
in Europe.
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 to 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
EMPLOYMENT
The
subject employs 75
staff.
LOCATION
DETAILS
The
premise is owned for
administrative office and
warehouse at the
heading address. Premise
is located in
commercial/residential area.
Other
Warehouse :
- 62/1
Soi Thienthalay 20,
Bangkhunthien-Chaythalay Road, Samaedam,
Bangkhunthien,
Bangkok 10150
- 73
Soi Thienthalay 30,
Bangkhunthien-Chaythalay
Road, Samaedam, Bangkhunthien,
Bangkok 10150
COMMENT
The
subject’s operating performance
in 2016 was satisfactory
with an increase in both sales
or service income and
net profit comparing
to the pervious year.
Food products remain in
strong demand from both
domestic and overseas consumption.
FINANCIAL
INFORMATION
The
capital was registered at
Bht. 1,000,000 divided into 10,000
shares of Bht.
100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 2,000,000
on November 23,
2001
Bht. 3,000,000
on December 17,
2001
Bht. 5,000,000
on March 6,
2006
Bht. 10,000,000
on November 3,
2008
Bht. 35,000,000
on September 19,
2012
Bht. 55,000,000
on July 17,
2014
The
latest registered capital
was increased to
Bht. 55,000,000 divided into
550,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pongsak Thongkingkaew Nationality: Thai Address : 15/145
Moo 1, Samaedam,
Bangkhuntien, Bangkok |
291,999 |
53.09 |
|
Ms. Nonthicha Musisirivat Nationality: Thai Address : 605/19
Trok Wadchannai, Bangklo,
Bangkorlaem, Bangkok |
254,996 |
46.36 |
|
Mr. Andy D Nationality: Chinese Address : 1
Yuan Shan Road,
Chungho, Taipei, Taiwan |
3,000 |
0.55 |
|
Mrs. Rattinan Milinkulpaisal Nationality: Thai Address : 41/93
Moo 5, Kanchanapisek Road,
Bangbon, Bangkok |
5 |
- |
Total Shareholders : 4
SHARE STRUCTURE [AS
AT APRIL 30,
2017]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
547,000 |
99.45 |
|
Foreign - Chinese |
1 |
3,000 |
0.55 |
|
Total |
4 |
550,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Chadil Promphan No. 3966
Financials
SUN FOODS TRADING
COMPANY LIMITED
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2016, 2015
and 2014 were:
ASSETS
|
Current Assets |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Cash and Cash Equivalents |
1,026,271.70 |
390,701.68 |
477,787.43 |
|
Trade Accounts and
Other Receivable |
91,053,956.96 |
97,808,994.63 |
24,828,545.67 |
|
Share Receivable |
- |
- |
8,000,000.00 |
|
Inventories |
215,368,600 |
141,309,300.00 |
54,397,970.00 |
|
Other Current Assets
|
971,658.56 |
79,695,336.24 |
4,200,397.81 |
|
|
|
|
|
|
Total Current Assets
|
308,420,487.22 |
319,204,332.55 |
91,904,700.91 |
|
Other Long-term Investment |
112,511.44 |
112,511.43 |
112,511.44 |
|
Property, Plant and Equipment |
27,276,244.51 |
29,913,691.53 |
29,150,596.24 |
|
Total Assets |
335,809,243.17 |
349,230,535.51 |
121,167,808.59 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Bank Overdraft and Short-term Loan from Financial
Institutions |
98,214,121.65 |
5,462,775.56 |
5,390,570.84 |
|
Trade Accounts and Other
Payable |
28,762,133.96 |
68,286,211.38 |
12,349,592.65 |
|
Current Portion of Long-term Liabilities |
904,970.00 |
1,579,044.00 |
- |
|
Current Portion of Hire-purchase Contract Liabilities |
- |
- |
367,640.17 |
|
Short-term Loan from
Person or Related Company |
92,068,279.69 |
52,384,086.39 |
246,745.70 |
|
Accrued Income Tax |
918,606.60 |
337,031.56 |
599,018.69 |
|
Other Current Liabilities |
386,801.65 |
361,173.71 |
567,479.21 |
|
|
|
|
|
|
Total Current Liabilities |
221,254,913.55 |
128,410,322.60 |
19,521,047.26 |
|
Long-term Loans from Financial Institutions |
- |
- |
37,255,907.97 |
|
Long-term Loan |
- |
108,226,842.58 |
- |
|
Other Non-current Liabilities |
- |
881,023.00 |
- |
|
Total Liabilities |
221,254,913.55 |
237,518,188.18 |
56,776,955.23 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, and
issued share capital
550,000 shares
|
55,000,000.00 |
55,000,000.00 |
55,000,000.00 |
|
|
|
|
|
|
Capital Paid |
55,000,000.00 |
55,000,000.00 |
55,000,000.00 |
|
Retained Earning -
Unappropriated [Deficit] |
59,554,329.62 |
56,712,347.33 |
9,390,853.36 |
|
Total Shareholders' Equity |
114,554,329.62 |
111,712,347.33 |
64,390,853.36 |
|
Total Liabilities and
Shareholders' Equity |
335,809,243.17 |
349,230,535.51 |
121,167,808.59 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales or Services Income |
632,422,690.56 |
435,745,384.62 |
378,698,367.13 |
|
Interest Income |
- |
53,808.36 |
- |
|
Other Income |
29,213,159.82 |
15,102,919.50 |
44,343.59 |
|
Total Revenues |
661,635,850.38 |
450,902,172.48 |
378,742,710.72 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold or Services |
615,927,675.07 |
413,956,956.01 |
344,607,841.31 |
|
Selling Expenses |
14,651,900.53 |
12,144,778.58 |
9,291,511.62 |
|
Administrative Expenses |
12,846,610.40 |
12,220,775.60 |
9,627,808.00 |
|
Other Expenses |
- |
10,911,677.75 |
- |
|
Total Expenses |
643,426,186.00 |
449,234,187.94 |
363,527,160.92 |
|
|
|
|
|
|
Profit /[Loss] before Financial
Cost & Income Tax |
18,209,664.38 |
1,667,984.54 |
15,215,549.80 |
|
Financial Cost |
[15,086,107.06] |
- |
[14,143,607.54] |
|
|
|
|
|
|
Profit /[Loss] before Income
Tax |
3,123,557.32 |
1,667,984.54 |
1,071,942.26 |
|
Income Tax |
[918,606.60] |
[637,031.56] |
[599,018.69] |
|
Net Profit / [Loss] |
2,204,950.72 |
1,030,952.98 |
472,923.57 |
SUN FOODS
TRADING COMPANY LIMITED
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.39 |
2.49 |
4.71 |
|
QUICK RATIO |
TIMES |
0.42 |
0.76 |
1.71 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
23.19 |
14.57 |
12.99 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.88 |
1.25 |
3.13 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
127.63 |
124.60 |
57.62 |
|
INVENTORY TURNOVER |
TIMES |
2.86 |
2.93 |
6.33 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
52.55 |
81.93 |
23.93 |
|
RECEIVABLES TURNOVER |
TIMES |
6.95 |
4.46 |
15.25 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
17.04 |
60.21 |
13.08 |
|
CASH CONVERSION CYCLE |
DAYS |
163.13 |
146.32 |
68.47 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.39 |
95.00 |
91.00 |
|
SELLING & ADMINISTRATION |
% |
4.35 |
5.59 |
5.00 |
|
INTEREST |
% |
2.39 |
- |
3.73 |
|
GROSS PROFIT MARGIN |
% |
7.23 |
8.48 |
9.01 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.88 |
0.38 |
4.02 |
|
NET PROFIT MARGIN |
% |
0.35 |
0.24 |
0.12 |
|
RETURN ON EQUITY |
% |
1.92 |
0.92 |
0.73 |
|
RETURN ON ASSET |
% |
0.66 |
0.30 |
0.39 |
|
EARNING PER SHARE |
BAHT |
4.01 |
1.87 |
0.86 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.66 |
0.68 |
0.47 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.93 |
2.13 |
0.88 |
|
TIME INTEREST EARNED |
TIMES |
1.21 |
- |
1.08 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
45.14 |
15.06 |
|
|
OPERATING PROFIT |
% |
991.72 |
(89.04) |
|
|
NET PROFIT |
% |
113.88 |
118.00 |
|
|
FIXED ASSETS |
% |
(8.82) |
2.62 |
|
|
TOTAL ASSETS |
% |
(3.84) |
188.22 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 45.14%. Turnover has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
7.23 |
Acceptable |
Industrial
Average |
27.38 |
|
Net Profit Margin |
0.35 |
Acceptable |
Industrial
Average |
1.11 |
|
Return on Assets |
0.66 |
Satisfactory |
Industrial
Average |
1.22 |
|
Return on Equity |
1.92 |
Deteriorated |
Industrial
Average |
7.98 |
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 7.23%. 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 0.35%.
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 0.66%.
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 1.92%.
Trend of the average
competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.39 |
Impressive |
Industrial
Average |
0.86 |
|
Quick Ratio |
0.42 |
|
|
|
|
Cash Conversion Cycle |
163.13 |
|
|
|
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 1.39 times in 2016, decrease from 2.49 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 0.42 times in 2016, decrease
from 0.76 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 164 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.66 |
Impressive |
Industrial
Average |
0.83 |
|
Debt to Equity Ratio |
1.93 |
Satisfactory |
Industrial
Average |
4.97 |
|
Times Interest Earned |
1.21 |
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 1.21 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 0.66 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 |
23.19 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.88 |
Impressive |
Industrial
Average |
1.10 |
|
Inventory Conversion Period |
127.63 |
|
|
|
|
Inventory Turnover |
2.86 |
Impressive |
Industrial
Average |
2.63 |
|
Receivables Conversion Period |
52.55 |
|
|
|
|
Receivables Turnover |
6.95 |
Satisfactory |
Industrial
Average |
7.81 |
|
Payables Conversion Period |
17.04 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.95 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 125 days at the
end of 2015 to 128 days at the end of 2016. This represents a negative trend.
And Inventory turnover has decreased from 2.93 times in year 2015 to 2.86 times
in year 2016.
The company's Total Asset Turnover is calculated as 1.88 times and 1.25
times in 2016 and 2015 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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.03 |
|
|
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.73 |
|
Thai baht |
1 |
INR 2.04 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
SYL |
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.