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|
MIRA INFORM REPORT
|
Report No. : |
510838 |
|
Report Date : |
26.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
GSE LINING TECHNOLOGY COMPANY LIMITED |
|
|
|
|
Registered Office : |
26th Floor, Rasa Tower, 555 Phaholyothin Road, Jatujak, Bangkok 10900 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.216 |
|
|
|
|
Date of Incorporation : |
11.08.1999 |
|
|
|
|
Com. Reg. No.: |
0105542058883 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
The
subject is engaged
in manufacturing and
distributing High Density
Polyethylene Geo-Membrane
Liners [HDPE], Linear Low Density Polyethylene Geo-Membrane Liner
[LLDPE] and Specialty Geo-Membranes
used in agriculture, construction of dam, irrigation,
wastewater treatment, mining,
power plant and
other industries. |
|
|
|
|
No. of Employees : |
215 |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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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 (30.09.2017) |
Current Rating (31.12.2017) |
|
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
GSE LINING TECHNOLOGY
COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 26th
FLOOR, RASA TOWER,
555 PHAHOLYOTHIN
ROAD, JATUJAK,
BANGKOK 10900,
THAILAND
TELEPHONE : [66] 2937-0091-5
FAX
: [66] 2937-0097
E-MAIL ADDRESS : vichant@thgseworld.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED
: 1999
REGISTRATION NO. : 0105542058883
TAX ID NO. : 3021036911
CAPITAL REGISTERED : BHT.
148,000,000
CAPITAL PAID-UP : BHT.
148,000,000
SHAREHOLDER’S
PROPORTION : AMERICAN :
100.00%
FISCAL YEAR CLOSING DATE
: DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PETER ROBERT
MCCOURT, BRITISH
PRESIDENT
NO. OF STAFF : 215
LINES OF BUSINESS : GEO-MEMBRANE LINING
PRODUCTS
MANUFACTURER,
DISTRIBUTOR AND EXPORTER
|
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 established
on August 11, 1999 as
a private limited
company under the
registered name GSE LINING TECHNOLOGY
COMPANY LIMITED by
American groups, with
the business objective
to manufacture and
distribute geo-membrane lining
products for both
domestic and international
markets. It currently
employs 215 staff.
The subject is
a wholly owned
subsidiary of GSE
International Inc., U.S.A.
It also achieved
the ISO 9001:2000 and
ISO 14001 certification.
The subject’s
registered address is 26th
Floor, Rasa Tower, 555
Phaholyothin Rd., Jatujak,
Bangkok 10900, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Peter
Robert Mccourt |
[x] |
British |
57 |
|
Mr. Chusak Funilkul |
[-] |
Thai |
56 |
|
Mr. Arron Todd Deister |
[x] |
American |
45 |
AUTHORIZED PERSON
1. One of the
mentioned directors [x]
can sign on
behalf of the
subject with
company’s affixed.
2. In case of
contacting the government
sector, the mentioned
director [-] can
sign on
behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Peter Robert
Mccourt is the
President.
He is British
nationality with the
age of 57
years old.
Mr. Chusak
Funilkul is the
General Manager.
He is Thai
nationality with the
age of 56
years old.
Mr. Vichan
Tangthanasub is the
Sales & Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing and
distributing High Density
Polyethylene Geo-Membrane Liners
[HDPE], Linear Low Density Polyethylene Geo-Membrane Liner [LLDPE] and Specialty Geo-Membranes used in agriculture, construction of dam, irrigation,
wastewater treatment, mining,
power plant and
other industries.
PRODUCTION CAPACITY
approximately
36,000 tons per
annum
BRAND NAME
“GSE”
PURCHASE
Raw materials mainly
plastic resins are
purchased from local
suppliers, the remaining
is imported from U.S.A.,
Republic of China,
Taiwan, Japan, Indonesia,
Malaysia and Germany.
MAJOR SUPPLIERS
GSE
International Inc. : U.S.A.
GSE Lining Technology
Inc. : U.S.A.
IRPC Public Company
Limited : Thailand
Thai MC Co.,
Ltd. : Thailand
SALES
60% of the
products is sold
locally to manufacturers, wholesalers
and end-users.
EXPORT [COUNTRIES]
40% of the products
is exported to
Hong Kong, Indonesia, Philippines,
Japan, Malaysia, Myanmar,
Singapore, Korea, Australia,
Republic of China,
India, Bangladesh, Brunei,
Cambodia, Pakistan, Vietnam,
Nepal, Sri Lanka
and Laos.
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 IRICO’S
DATABASE 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 or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Company Limited
The Siam Commercial
Bank Public Company
Limited
EMPLOYMENT
The subject employs
215 office staff
and factory workers.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory and warehouse
are located at
111/5 Moo 2,
Nikompattana, Rayong 21180.
Tel. : [66] 38 897-142-3
Fax. : [66] 38
636-638.
Representative
offices are located
in Republic of
China, India and
Vietnam.
COMMENT
The subject’s
operating performance in
2016 has seen
an improvement with
an increase in both sales or
service income and
net profit comparing
to the previous year. Its
growth was driven
by an increase
in the consumption
of both local
and overseas markets
in the past
year. However, its business
performance closely links with the
condition of overall economy
and related industries
which has seen
slow improvement and
less expansion. Nevertheless,
the subject’s business
remains solid and profitable.
FINANCIAL INFORMATION
The capital was
registered at Bht.
148,000,000 divided into
1,480,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
GSE
International Inc. Nationality: American Address : 19103 Gundle Rd.,
Houston, Texas, U.S.A. |
1,479,997 |
100.00 |
|
Mr. Peter
Robert Mccourt Nationality:
British Address : Scotland,
United Kingdom |
2 |
- |
|
Mr. Chusak Funilkul Nationality: Thai Address : 222/119
Soi Sukhapiban 5
Soi 63,
Or-ngern, Saimai, Bangkok |
1 |
- |
Total
Shareholders : 3
Share Structure [as
at April 30,
2017]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
1 |
- |
|
Foreign |
2 |
1,479,999 |
100.00 |
|
Total |
3 |
1,480,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Wantanee
Chanarittichai No. 4122
Financials
GSE LINING TECHNOLOGY
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 |
156,361,792 |
148,387,342 |
91,656,544 |
|
Trade Accounts and Other
Receivable |
803,753,654 |
646,866,223 |
730,175,563 |
|
Short-term Loan |
142,264,000 |
75,438,930 |
- |
|
Inventories |
270,940,855 |
179,420,166 |
441,886,693 |
|
|
|
|
|
|
Total Current Assets
|
1,373,320,301 |
1,050,112,661 |
1,263,718,800 |
|
Long-term Loan |
504,567,640 |
68,254,270 |
61,151,500 |
|
Property, Plant and Equipment |
309,654,744 |
345,934,643 |
390,507,972 |
|
Other
Non-current Assets |
2,370,986 |
2,509,518 |
2,704,323 |
|
Total Assets |
2,189,913,671 |
1,466,811,092 |
1,718,082,595 |
LIABILITIES
& SHAREHOLDERS' EQUITY
[BAHT]
|
Current Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Trade Accounts and
Other Payables |
561,867,932 |
177,633,370 |
334,949,353 |
|
Short-term Loan |
386,601,266 |
159,170,198 |
252,669,410 |
|
Accrued Income Tax |
14,238,410 |
- |
584,887 |
|
Other Current
Liabilities |
38,212,917 |
2,585,445 |
- |
|
|
|
|
|
|
Total Current Liabilities |
1,000,920,525 |
339,389,013 |
588,203,650 |
|
|
|
|
|
|
Total Liabilities |
1,000,920,525 |
339,389,013 |
588,203,650 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,480,000 shares |
148,000,000 |
148,000,000 |
148,000,000 |
|
|
|
|
|
|
Capital Paid |
148,000,000 |
148,000,000 |
148,000,000 |
|
Retained Earnings Appropriated -
statutory reserve |
12,432,000 |
12,432,000 |
10,730,000 |
|
Unappropriated |
1,028,561,146 |
966,990,079 |
971,148,945 |
|
Total Shareholders'
Equity |
1,188,993,146 |
1,127,422,079 |
1,129,878,945 |
|
Total
Liabilities and Shareholders' Equity |
2,189,913,671 |
1,466,811,092 |
1,718,082,595 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales or Service
Income |
2,239,969,119 |
1,984,483,873 |
2,601,906,239 |
|
Other Income |
41,227,984 |
42,773,127 |
28,958,646 |
|
Total Revenues |
2,281,197,103 |
2,027,257,000 |
2,630,864,885 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold or Service
|
1,844,126,677 |
1,639,291,796 |
2,189,988,052 |
|
Selling Expenses |
270,298,781 |
263,022,376 |
307,120,601 |
|
Administrative
Expenses |
79,015,778 |
81,751,933 |
87,065,847 |
|
Total Expenses
|
2,193,441,236 |
1,984,066,105 |
2,584,174,500 |
|
|
|
|
|
|
Profit / [Loss]
before Financial Cost
& Income Tax |
87,755,867 |
43,190,895 |
46,690,385 |
|
Financial Cost |
[8,667,981] |
[7,186,080] |
[12,297,924] |
|
|
|
|
|
|
Profit / [Loss]
before Income Tax |
79,087,886 |
36,004,815 |
34,392,461 |
|
Income Tax |
[17,516,819] |
[4,421,681] |
[12,084,927] |
|
|
|
|
|
|
Net Profit / [Loss]
|
61,571,067 |
31,583,134 |
22,307,534 |
GSE LINING TECHNOLOGY
COMPANY LIMITED
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.37 |
3.09 |
2.15 |
|
QUICK RATIO |
TIMES |
1.10 |
2.57 |
1.40 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.23 |
5.74 |
6.66 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.02 |
1.35 |
1.51 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
53.63 |
39.95 |
73.65 |
|
INVENTORY TURNOVER |
TIMES |
6.81 |
9.14 |
4.96 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
130.97 |
118.98 |
102.43 |
|
RECEIVABLES TURNOVER |
TIMES |
2.79 |
3.07 |
3.56 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
111.21 |
39.55 |
55.83 |
|
CASH CONVERSION CYCLE |
DAYS |
73.39 |
119.37 |
120.25 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
82.33 |
82.61 |
84.17 |
|
SELLING & ADMINISTRATION |
% |
15.59 |
17.37 |
15.15 |
|
INTEREST |
% |
0.39 |
0.36 |
0.47 |
|
GROSS PROFIT MARGIN |
% |
19.51 |
19.55 |
16.94 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.92 |
2.18 |
1.79 |
|
NET PROFIT MARGIN |
% |
2.75 |
1.59 |
0.86 |
|
RETURN ON EQUITY |
% |
5.18 |
2.80 |
1.97 |
|
RETURN ON ASSET |
% |
2.81 |
2.15 |
1.30 |
|
EARNING PER SHARE |
BAHT |
41.60 |
21.34 |
15.07 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.46 |
0.23 |
0.34 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.84 |
0.30 |
0.52 |
|
TIME INTEREST EARNED |
TIMES |
10.12 |
6.01 |
3.80 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
12.87 |
(23.73) |
|
|
OPERATING PROFIT |
% |
103.18 |
(7.50) |
|
|
NET PROFIT |
% |
94.95 |
41.58 |
|
|
FIXED ASSETS |
% |
(10.49) |
(11.41) |
|
|
TOTAL ASSETS |
% |
49.30 |
(14.63) |
|
ANNUAL
GROWTH : IMPRESSIVE
An annual sales growth is 12.87%. Turnover has increased
from THB
PROFITABILITY
: IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
19.51 |
Impressive |
Industrial Average |
14.04 |
|
Net Profit Margin |
2.75 |
Satisfactory |
Industrial Average |
4.83 |
|
Return on Assets |
2.81 |
Satisfactory |
Industrial Average |
4.83 |
|
Return on Equity |
5.18 |
Satisfactory |
Industrial Average |
8.38 |
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. Gross Profit Margin is 19.51%. When
compared with the industry average, the ratio of the company was higher,
indicated that company was more profitable than the same industry.
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 2.75%. 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 2.81%.
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 5.18%.
Trend of the average competitors in the same industry for
last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : SATISFACTORY
LIQUIDITY
RATIO
|
Current Ratio |
1.37 |
Impressive |
Industrial Average |
1.36 |
|
Quick Ratio |
1.10 |
|
|
|
|
Cash Conversion Cycle |
73.39 |
|
|
|
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 1.37 times in 2016, decrease from 3.09 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 1.1
times in 2016, decrease from 2.57 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 74 days.
Trend of the average competitors in the same industry for
last 5 years
Current Ratio Uptrend
LEVERAGE : IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.46 |
Acceptable |
Industrial Average |
0.43 |
|
Debt to Equity Ratio |
0.84 |
Impressive |
Industrial Average |
0.75 |
|
Times Interest Earned |
10.12 |
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 10.13 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 0.46 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 |
7.23 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.02 |
Impressive |
Industrial Average |
1.00 |
|
Inventory Conversion Period |
53.63 |
|
|
|
|
Inventory Turnover |
6.81 |
Satisfactory |
Industrial Average |
7.13 |
|
Receivables Conversion Period |
130.97 |
|
|
|
|
Receivables Turnover |
2.79 |
Acceptable |
Industrial Average |
6.11 |
|
Payables Conversion Period |
111.21 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.79
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 40 days at the
end of 2015 to 54 days at the end of 2016. This represents a negative trend.
And Inventory turnover has decreased from 9.14 times in year 2015 to 6.81 times
in year 2016.
The company's Total Asset Turnover is calculated as 1.02
times and 1.35 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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.26 |
|
|
1 |
INR 91.22 |
|
Euro |
1 |
INR 79.88 |
|
THB |
1 |
INR 2.12 |
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.