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MIRA INFORM REPORT
|
Report Date : |
02.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
PEPSICO INTERNATIONAL - VIETNAM COMPANY
(PEPSICO VIETNAM) |
|
|
|
|
Registered Office : |
Floor 5th,
Sheraton Sai Gon Hotel and Towers, No.88, Dong Khoi Street - 1 District - Ho
Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Year of Establishment : |
1991 |
|
|
|
|
Legal Form : |
Foreign Invested Company |
|
|
|
|
Line of Business : |
production of beverages with brand names of
Pepsi, 7-up, Sting, Aquafina, Twister, Mirinda, Lipton, and snack with brand
Poca |
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 : |
No Complaints |
|
|
|
|
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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Vietnam |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SUBJECT IDENTIFICATION & LEGAL FORM
Current legal status
|
||
|
English Name |
|
PEPSICO INTERNATIONAL - VIETNAM COMPANY
(PEPSICO VIETNAM) |
|
Vietnamese Name |
|
CONG TY PEPSICO VIETNAM |
|
Short name |
|
PEPSICO
VIETNAM |
|
Type of Business |
|
Foreign invested company |
|
Year Established |
|
1991 |
|
Investment Certificate No |
|
291A/GP |
|
Date of investment |
|
10 May 2007 |
|
Place of investment |
|
Ministry of Planning and Investment |
|
Registered Investment Capital |
|
180,000,000 USD |
|
Chartered capital |
|
90,000,000 USD |
|
Tax code |
|
0300816663 |
|
Total Employees |
|
1,400 |
|
Size |
|
Large |
|
Notes:
- The name given is former name of the subject. - Brand Name: PEPSI, MIRINDA, TWISTER, QUAFINA, 7-UP, STING, LIPTON, POCA, LIPTON ICE TEA Start operation: 1994 |
||
Historical Identification & Legal form
|
List |
Changed Items |
|
1 |
Subject has got former Registered English Name: PEPSICO BEVERAGES INTERNATIONAL-
VIETNAM COMPANY (PEPSI-I.B.C) Changed to: PEPSICO INTERNATIONAL - VIETNAM COMPANY (PEPSICO VIETNAM)
|
|
2 |
Subject has got former Registered Vietnamese Name: CONG TY NUOC GIAI KHAT
QUOC TE PEPSICO VIETNAM Changed to: CONG TY PEPSICO VIETNAM |
|
3 |
Subject has got former Abbreviated Name: PEPSICO
INTERNATIONAL-VIETNAM CO Changed to: PEPSICO VIETNAM |
|
4 |
Subject has got former Investment Certificate No: No.291/GP Changed to:
No.291A/GP |
company ADDRESSES
|
Head Office |
||
|
Address |
|
Floor 5th, Sheraton Sai Gon Hotel and Towers, No.88, Dong Khoi Street
- 1 District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3821 9437 - 3821 9438 |
|
Fax |
|
(84-8) 3821 9436 |
|
Website |
|
|
|
|
||
|
Branch in Ha Noi |
||
|
Address |
|
No. 233B Nguyen Trai Street - Thanh Xuan District - Ha Noi City -
Vietnam |
|
Telephone |
|
(84-4) 3558 9711, 3553 0535, 3553 0534, 3553 0523 |
|
Fax |
|
(84-4) 33558 9591 |
|
|
||
|
Branch in Quang Nam |
||
|
Address |
|
National road No. 1A - Dien Thang Commune - Dien Ban District - Quang
Nam Province - Vietnam |
|
Telephone |
|
(84-510) 386 9804 |
|
Fax |
|
(84-510) 386 9530 |
|
|
||
|
Branch in Can Tho |
||
|
Address |
|
Lot 2.19B - Tra Noc Industrial Area - Phuoc Thoi Ward - O Mon
District - Can Tho City - Vietnam |
|
Telephone |
|
(84-710) 384 2227, 384 2226, 384 2228, 384 2229, 384 2602 |
|
Fax |
|
(84-710) 384 2225 |
|
|
||
|
Branch in Binh Duong |
||
|
Address |
|
No. 3-4-5 - Block CN2 Street 02nd - Song Than III IP - Di An Town -
Binh Duong Province - Vietnam |
|
Telephone |
|
(84-650) 383 9776 – 386 0117 |
DIRECTORS
|
1. NAME |
|
Mr. PHAM PHU NGOC TRAI |
|
Position |
|
General Director |
|
ID Number/Passport |
|
B0380365 |
|
Current resident |
|
149B Truong Dinh street - ward 9 - 3 District - Ho Chi Minh City -
Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
2. NAME |
|
Mr. CHANDRASHEKHAL ARVIND MUNDLAY |
|
Position |
|
Managing Director |
|
ID Number/Passport |
|
Z1751822 |
|
Nationality |
|
Indian |
|
Qualification |
|
Management |
|
|
||
|
3. NAME |
|
Mr. PHAM TRONG BAO CHAU |
|
Position |
|
Marketing Manager |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Bachelor |
|
|
||
|
4. NAME |
|
Mr. HO TRONG KHAI |
|
Position |
|
Sales manager of Mekong Delta Area |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
5. NAME |
|
Ms. CHUNG HUONG GIANG |
|
Position |
|
PR Manager |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
|
The subject is specializing in production
of beverages with brand names of Pepsi, 7-up, Sting, Aquafina, Twister,
Mirinda, Lipton, and snack with brand Poca |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types
of products |
|
materials
source |
|
·
Market
|
|
parent company
in USA and Holland. |
|
|
||
|
EXPORT: |
||
|
·
Market
|
|
some regional
countries like Cambodia and Philippines. |
BANKERS
|
1. ANZ BANK |
||
|
Address |
|
No. 11 Me Linh
Square, Ben Nghe Ward, - 1 District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8)
38299319 |
|
Fax |
|
(84-8)
38299316 |
|
|
||
|
2. HONGKONG SHANGHAI BANK
CORPORATION (HSBC) – HO CHI MINH BRANCH |
||
|
Address |
|
6 Floor, No.
235 Dong Khoi Street - Ben Nghe ward - 1 District - Ho Chi Minh City -
Vietnam |
|
Telephone |
|
(84-8)
38292288 |
|
SWIFT Code |
|
HSBCVNVX |
|
|
||
|
3. CITI BANK - BRANCH IN HO
CHI MINH CITY |
||
|
Address |
|
No. 115 Nguyen
Hue Street - Ben Nghe Ward - 1 District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3824
2118 |
|
Fax |
|
(84-8) 3824
2267 |
|
SWIFT Code |
|
CITIVNVXHCM |
SHAREHOLDERS
|
NAME |
|
PEPSICO, INC |
|
Address |
|
700, Anderson Hill Road, Purchase, NY 10577 - - - United States of
America |
|
Tel |
|
866 626-0633 |
|
Percentage |
|
100% |
FINANCIAL HIGHLIGHT
|
BALANCE SHEET |
|||
Unit: Million VND
|
|||
|
Balance sheet date |
31/12/2009 |
||
|
Number of weeks |
52 |
||
|
ASSETS |
|||
|
A. Current Asset |
1,767,381 |
||
|
Receivables |
383,799 |
||
|
Inventory |
75,375 |
||
|
Cash and other
current assets |
1,308,207 |
||
|
B. Long term Asset |
1,383,582 |
||
|
1. Long term account receivable |
0 |
||
|
2. Fixed assets |
1,383,582 |
||
|
Tangible fixed
assets |
1,383,582 |
||
|
+ Original
cost |
2,094,258 |
||
|
+ Accumulated depreciation
value |
710,676 |
||
|
Financial
leasehold assets |
0 |
||
|
Intangible
fixed assets |
0 |
||
|
Construction
in progress and other long term asset |
0 |
||
|
TOTAL ASSETS |
1,767,381 |
||
|
|
|||
|
LIABILITIES |
|||
|
Payable loans |
1,028,455 |
||
|
Owner’s Equity
|
738,926 |
||
|
TOTAL LIABILITY AND EQUITY |
1,767,381 |
||
|
|
|||
|
PROFIT &
LOSS STATEMENT |
|||
|
|
|||
|
1. Total
Sale |
3,840,172 |
||
|
2. Deduction
item |
410,364 |
||
|
3. Net sale
|
3,429,808 |
||
|
4. Costs of
goods sold |
2,324,511 |
||
|
5. Gross
profit |
1,105,297 |
||
|
6. Financial
income |
1,014 |
||
|
7. Financial
expenses |
44,045 |
||
|
8. Selling
expenses and Administrative overheads |
1,019,239 |
||
|
9. Net
operating profit |
43,027 |
||
|
10. Other
income |
10,747 |
||
|
11. Other
expenses |
19,660 |
||
|
12. Other
profit /(loss) |
-8,913 |
||
|
13. Total
accounting profit before tax |
34,114 |
||
|
14. Current
corporate income tax |
4,111 |
||
|
15. Deferred
corporate income tax |
0 |
||
|
16. Interest from
subsidiaries/related companies |
0 |
||
|
17. Profit
after tax |
30,003 |
||
|
|
|||
|
Following
is its financial statement in 2008: |
|||
|
BALANCE SHEET |
|
||
Unit: One VND
|
|
||
|
Balance sheet date |
31/12/2008 |
|
|
|
Number of weeks |
52 |
|
|
|
ASSETS |
|
||
|
A – CURRENT ASSETS |
332,473,000,000 |
|
|
|
I. Cash and cash equivalents |
48,110,000,000 |
|
|
|
1. Cash |
48,110,000,000 |
|
|
|
2. Cash
equivalents |
0 |
|
|
|
II. Short-term investments |
0 |
|
|
|
1. Short-term investments
|
0 |
|
|
|
2. Provisions
for devaluation of short-term investments |
0 |
|
|
|
III. Accounts receivable |
96,652,000,000 |
|
|
|
1. Receivable
from customers |
61,247,000,000 |
|
|
|
2. Prepayments
to suppliers |
18,406,000,000 |
|
|
|
3.
Inter-company receivable |
0 |
|
|
|
4. Receivable
according to the progress of construction |
0 |
|
|
|
5. Other
receivable |
17,287,000,000 |
|
|
|
6. Provisions
for bad debts |
-288,000,000 |
|
|
|
IV. Inventories |
179,273,000,000 |
|
|
|
1. Inventories
|
181,978,000,000 |
|
|
|
2. Provisions
for devaluation of inventories |
-2,705,000,000 |
|
|
|
V. Other Current Assets |
8,438,000,000 |
|
|
|
1. Short-term
prepaid expenses |
5,443,000,000 |
|
|
|
2. VAT to be
deducted |
2,995,000,000 |
|
|
|
3. Taxes and
other accounts receivable from the State |
0 |
|
|
|
4. Other
current assets |
0 |
|
|
|
B. LONG-TERM ASSETS |
1,095,546,000,000 |
|
|
|
I. Long term account receivable |
0 |
|
|
|
1. Long term account
receivable from customers |
0 |
|
|
|
2. Working
capital in affiliates |
0 |
|
|
|
3. Long-term
inter-company receivable |
0 |
|
|
|
4. Other
long-term receivable |
0 |
|
|
|
5. Provisions
for bad debts from customers |
0 |
|
|
|
II. Fixed assets |
886,729,000,000 |
|
|
|
1. Tangible
assets |
683,512,000,000 |
|
|
|
- Historical
costs |
1,000,623,000,000 |
|
|
|
- Accumulated
depreciation |
-317,111,000,000 |
|
|
|
2. Financial
leasehold assets |
0 |
|
|
|
- Historical costs
|
0 |
|
|
|
- Accumulated
depreciation |
0 |
|
|
|
3. Intangible
assets |
38,517,000,000 |
|
|
|
- Initial
costs |
45,136,000,000 |
|
|
|
- Accumulated
amortization |
-6,619,000,000 |
|
|
|
4.
Construction-in-progress |
164,700,000,000 |
|
|
|
III. Investment property |
0 |
|
|
|
Historical
costs |
0 |
|
|
|
Accumulated
depreciation |
0 |
|
|
|
IV. Long-term investments |
0 |
|
|
|
1. Investments
in affiliates |
0 |
|
|
|
2. Investments
in business concerns and joint ventures |
0 |
|
|
|
3. Other
long-term investments |
0 |
|
|
|
4. Provisions
for devaluation of long-term investments |
0 |
|
|
|
V. Other long-term assets |
208,817,000,000 |
|
|
|
1. Long-term
prepaid expenses |
149,151,000,000 |
|
|
|
2. Deferred income
tax assets |
0 |
|
|
|
3. Other
long-term assets |
59,666,000,000 |
|
|
|
TOTAL ASSETS |
1,428,019,000,000 |
|
|
|
|
|
||
|
LIABILITIES |
|
||
|
A- LIABILITIES |
1,444,027,000,000 |
|
|
|
I. Current liabilities |
1,407,492,000,000 |
|
|
|
1. Short-term
debts and loans |
995,000,000,000 |
|
|
|
2. Payable to
suppliers |
254,499,000,000 |
|
|
|
3. Advances
from customers |
30,716,000,000 |
|
|
|
4. Taxes and
other obligations to the State Budget |
6,708,000,000 |
|
|
|
5. Payable to employees
|
0 |
|
|
|
6. Accrued
expenses |
116,593,000,000 |
|
|
|
7.
Inter-company payable |
0 |
|
|
|
8. Payable
according to the progress of construction contracts |
0 |
|
|
|
9. Other
payable |
3,976,000,000 |
|
|
|
10. Provisions
for short-term accounts payable |
0 |
|
|
|
II. Long-Term Liabilities |
36,535,000,000 |
|
|
|
1. Long-term
accounts payable to suppliers |
0 |
|
|
|
2. Long-term
inter-company payable |
0 |
|
|
|
3. Other
long-term payable |
0 |
|
|
|
4. Long-term
debts and loans |
0 |
|
|
|
5. Deferred
income tax payable |
0 |
|
|
|
6. Provisions
for unemployment allowances |
36,535,000,000 |
|
|
|
7. Provisions
for long-term accounts payable |
0 |
|
|
|
B- OWNER’S EQUITY |
-16,008,000,000 |
|
|
|
I. OWNER’S EQUITY |
-16,008,000,000 |
|
|
|
1. Capital |
1,266,424,000,000 |
|
|
|
2. Share
premiums |
0 |
|
|
|
3. Other
sources of capital |
0 |
|
|
|
4. Treasury
stocks |
0 |
|
|
|
5. Differences
on asset revaluation |
0 |
|
|
|
6. Foreign
exchange differences |
0 |
|
|
|
7. Business
promotion fund |
0 |
|
|
|
8. Financial
reserved fund |
0 |
|
|
|
9. Other funds
|
1,453,000,000 |
|
|
|
10. Retained
earnings |
-1,283,885,000,000 |
|
|
|
11.
Construction investment fund |
0 |
|
|
|
II. Other sources and funds |
0 |
|
|
|
1. Bonus and
welfare funds |
0 |
|
|
|
2. Sources of
expenditure |
0 |
|
|
|
3. Fund to
form fixed assets |
0 |
|
|
|
MINORITY’S INTEREST |
0 |
|
|
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
1,428,019,000,000 |
|
|
|
PROFIT & LOSS
STATEMENT |
|
|
|
|
|
Description |
FY2008
|
|
1. Total
Sale |
2,769,614,000,000 |
|
2. Deduction
item |
422,370,000,000 |
|
3. Net sale
|
2,347,244,000,000 |
|
4. Costs of goods
sold |
1,655,117,000,000 |
|
5. Gross
profit |
692,127,000,000 |
|
6. Financial
income |
1,463,000,000 |
|
7. Financial
expenses |
114,970,000,000 |
|
- In which:
Loan interest expenses |
- |
|
8. Selling
expenses |
525,556,000,000 |
|
9. Administrative
overheads |
142,019,000,000 |
|
10. Net
operating profit |
-88,955,000,000 |
|
11. Other
income |
10,997,000,000 |
|
12. Other
expenses |
5,243,000,000 |
|
13. Other
profit /(loss) |
5,754,000,000 |
|
14. Total accounting
profit before tax |
-83,201,000,000 |
|
15. Current
corporate income tax |
0 |
|
16. Deferred
corporate income tax |
0 |
|
18. Profit
after tax |
-83,201,000,000 |
|
FINANCIAL RATIOS AND AVERAGE INDUSTRY
RATIOS |
||
|
|
||
|
Description |
FY2008 |
Average Industry |
|
Current
liquidity ratio |
0.24 |
1.30 |
|
Quick
liquidity ratio |
0.11 |
0.68 |
|
Inventory
circle |
9.23 |
6.60 |
|
Average
receive period |
15.03 |
47.55 |
|
Utilizing
asset performance |
1.64 |
1.63 |
|
Liability by
total asset |
101.12 |
60.84 |
|
Liability by
owner equity |
-9,020.66 |
157.24 |
|
Ebit / Total
asset (ROA) |
-5.83 |
9.87 |
|
Ebit / Owner's
equity (ROE) |
519.75 |
29.99 |
|
Ebit / Total
sale (NPM) |
-3.00 |
6.43 |
|
Gross profit /
Total sale (GPM) |
24.99 |
15.71 |
|
Note: The Average Industry was calculated by Vietnam Credit
based on our owned statistical data |
||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Very Good |
|
Liquidity |
|
N/A |
|
Payment status |
|
N/A |
|
Financial
Situation |
|
Strong |
|
Development
trend |
|
Fair |
|
Litigation
data |
|
No Recorded |
|
Bankruptcy |
|
No Recorded |
|
Payment
Methods |
|
Direct payment
by cash or through its corresponding bank by (T/T) or credit letter (L/C) |
|
Sale Methods |
|
Wholesaler |
|
Public opinion
|
|
Good |
INTERPRETATION ON THE SCORES
|
Originally, subject was established
since 1991 under investment certificate no.291/GP basing on the joint venture
between SP.CO (VIETNAM) and MACONDRAY COMPANY INC (SINGAPORE). In 1994,
PEPSICO, INC invests in the joint ventures with the contribution of 30%
capital to the joint venture, SP. Co (40%) and Macondray Company Inc (30%).
In 1998, PEPSICO, INC takes over 97% of the share. The joint venture has
investment capital of 110 million USD and legal capital of 70 million USD. In
2003, PEPSICO, INC bought 3% of the share from SP.Co to become 100% foreign
invested company. PEPSICO INTERNATIONAL VIETNAM COMPANY
is now 100% foreign invested enterprise. The current investment capital of
the subject is 180,000,000 USD. The company has developed a wide
range of products to meet the diverse taste of local consumers, such as
carbonated drinks with different flavors like orange, lemon and strawberry,
energy drinks, fruit juice and purified water. In Vietnam, subject is famous
with PepsiCola, 7Up, Mirinda, Evervest, Sting, Aquafina, Twister, Lipton
Ice Tea together with Body Naturals Soya milk snack foods branded
Poca. Since December 2005, Pepsico
Vietnam has officially stepped in producing foodstuff. It has launched the
Poca crisps, its first snack to enter the Vietnam food market. The Poca
snack, with lobster and barbeque flavors, will be available at supermarkets
and shops nationwide. In begin 2008 the subject has
inaugurated a factory processing tomato snack in Binh Duong with capacity
10,000 tons per year. The premises and facilities of
the subject are good. Position of the subject in the industry is large. Pepsi
and rival coca-cola account for 88 percent of the market of carbonated drinks
in Vietnam. Its market share is expanded remarkably in recent years. The
competitive capability of the subject is fair good. The subject is the
enterprise that is strong in this field. The products of the subject are also
well-known and highly appreciated by the public. According to reported financial
data, its financial capacity was fair. Its sale and profit were 3,840,172
million VND and 30,003 million VND - high increased compared last years. The
subject has taken many advantages and strong support from its parent
companies. The production operations of the subject are busy. Future prospect
of subject is bright. It is reliable for small-normal business transactions. |
APPENDIXES
|
INDUSTRY DATA |
||||||
|
|
||||||
|
Industry code |
Growth speed (%) |
Total employees 2009 (Thousand) |
Total enterprises |
Annual average capital of enterprises |
||
|
Predict 2010 |
2009 |
|||||
|
Agriculture, Forestry and Fishing |
2.8 |
3.0 |
24,788.5 |
2,399 |
50,530 |
|
|
Trade and Services |
7.5 |
11 |
10,517.9 |
79,181 |
1,754,973 |
|
|
Construction |
7 |
11.3 |
2,692.8 |
17,783 |
248,268 |
|
|
Manufacturing |
12 |
7.6 |
7,591.2 |
30,786 |
967,068 |
|
|
|
||||||
|
ECONOMIC INDICATORS |
||||||
|
|
||||||
|
|
2010 |
2009 |
2008 |
|||
|
Population (Million person) |
86.93 |
86.02 |
86.1 |
|||
|
Gross Domestic Products (US$
billion) |
102.2 |
91 |
84.9 |
|||
|
GDP Growth (%) |
6.78 |
5.32 |
6.2 |
|||
|
GDP Per Capita (US$) |
1,160 |
1,080 |
1,040 |
|||
|
Inflation (% Change in
Composite CPI) |
11.75 |
6.88 |
24.4 |
|||
|
|
||||||
|
SERVICE TRADE PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2010 |
2009 |
2008 |
|||
|
Exports |
71.6 |
56.6 |
62.9 |
|||
|
Imports |
84 |
68.8 |
76.6 |
|||
|
Trade Balance |
-12.4 |
-12.2 |
-14.6 |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.05 |
|
UK Pound |
1 |
Rs.72.40 |
|
Euro |
1 |
Rs.63.46 |
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.