MIRA INFORM REPORT
|
Report Date : |
08.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
NIVL JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
No. 6 Hamlet Luong Hoa Commune - Ben Luc District - Long An Province -
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Country : |
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|
|
|
Financials (as on) : |
31.12.2009 |
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|
|
Date of Incorporation : |
01.06.2007 |
|
|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
producing and trading in
refine sugar, alcohol |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
b1 |
b1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
SUBJECT IDENTIFICATION & LEGAL FORM
Current legal status
|
||
|
English Name |
|
NIVL JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN NIVL |
|
Short name |
|
NIVL JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1995 |
|
Investment Certificate No |
|
501033000031 |
|
Date of Registration |
|
01 Jun 2007 |
|
Place of Registration |
|
People’s Committee of Long An Province |
|
Registered Investment Capital |
|
45,609,000 USD |
|
Chartered capital |
|
17,826,760 USD |
|
Investment Duration |
|
50 years |
|
Tax code |
|
1100102085 |
|
Total Employees |
|
500 |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Registered English
Name: NAGARJUNA INTERNATIONAL VIETNAM LIMITED Changed to: NIVL JOINT STOCK COMPANY |
01
Jun 2007 |
|
2 |
Subject has got former Registered
Vietnamese Name: CONG TY TNHH QUOC TE NAGARJUNA VIET Changed to: CONG TY CO PHAN NIVL |
01
Jun 2007 |
|
3 |
Subject has got former Registered Investment
capital: 37,829,000 USD Changed to: 38,109,000 USD |
01
Jun 2007 |
|
4 |
Subject has got former Registered capital:
USD 12,344,000 Changed to: USD 13,176,760 |
01
Jun 2007 |
|
5 |
Subject has got former Registered Investment
Capital: USD 38,109,000 Changed to: USD 45,609,000 |
14
Apr 2009 |
|
6 |
Subject has got former Chartered capital:
USD 13,176,760 Changed to: USD 17,826,760 |
14
Apr 2009 |
Company
ADDRESSES
|
Head Office |
||
|
Address |
|
No. 6 Hamlet Luong Hoa Commune - Ben Luc
District - Long An Province - |
|
Telephone |
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(84 - 72) 3873165 |
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Fax |
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(84- 72)3873080 |
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Email |
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|
|
Website |
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|
Occupied Area |
|
481.648 m2 |
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|
||
|
Transaction
office in Ho Chi Minh |
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|
Address |
|
|
|
Telephone |
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(84-8) 3846 2854 - 3848 9401 - 3848 9375 |
|
Fax |
|
(84-8) 3848 5562 - 3848 6114 |
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Email |
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|
Website |
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DIRECTORS
|
1
. NAME |
|
Mr.
ARUNACHALAM NANDAA KUMAR |
|
Position |
|
General Director |
|
Date of Birth |
|
1963 |
|
ID Number/Passport |
|
Z-1898620 |
|
Resident |
|
301 Padmavathi
Apartments Sadat Manzil Ameerpet Hyderabad 500 016- Kerala Province - India |
|
Nationality |
|
Indian |
|
|
||
|
2
. NAME |
|
Mr.
MOHAN KUMAR |
|
Position |
|
Export Manager |
|
Nationality |
|
Indian |
|
|
||
|
3
. NAME |
|
Mr.
PHAM VAN HIEP |
|
Position |
|
Chief of Export Section |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
|
The subject is specializing in producing and trading
in refine sugar, alcohol. |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
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|
·
Types of products |
|
machine |
|
·
Market |
|
|
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Products |
|
·
Market |
|
|
BANKERS
|
1.
JOINT STOCK BANK FOR FOREIGN TRADE OF |
||
|
Address |
|
No. 29 Ben Chuong Duong Str-Nguyen Thai Binh Ward - 1 District - |
|
Telephone |
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(84-8) 3825 1317 |
|
Fax |
|
(84-8) 3829 7228 |
|
SWIFT Code |
|
BFTVVBVX 007 |
SHAREHOLDERS
|
1
. NAME |
|
INDO-CHINA
FOOD INDUSTRIES PTE LTD |
|
Business Registration |
|
198401201H |
|
Address |
|
|
|
Number of shares |
|
22,456,500 |
|
|
||
|
2
. NAME |
|
Mr.
ARUNACHALAM NANDAA KUMAR |
|
Position |
|
General Director |
|
Date of Birth |
|
1963 |
|
ID Number/Passport |
|
Z-1898620 |
|
Issued on |
|
23 Oct 2008 |
|
Issued Place |
|
India Consulate General at Hochiminh city |
|
Resident |
|
301 Padmavathi Apartments Sadat Manzil
Ameerpet |
|
Nationality |
|
Indian |
|
Number of Shares |
|
1,500 |
|
|
||
|
3
. NAME |
|
Ms.
USHA NANDAA KUMAR |
|
Date of Birth |
|
1969 |
|
ID Number/Passport |
|
F-6067516 |
|
Issued on |
|
13 Jan 2006 |
|
Issued Place |
|
|
|
Nationality |
|
Indian |
|
Number of Shares |
|
1,500 |
|
|
||
|
4
. NAME |
|
Mr.
NALINKANT AMRATLAL RATHOD |
|
ID Number/Passport |
|
Z-1267289 |
|
Nationality |
|
Indian |
|
Number of Shares |
|
1,500 |
|
|
||
|
5
. NAME |
|
Mr.
SAT PAL KHATTAR |
|
Date of Birth |
|
1942 |
|
ID Number/Passport |
|
S-0000747A |
|
Issued on |
|
30 Oct 2001 |
|
Nationality |
|
Indian |
|
Number of Shares |
|
1,500 |
FINANCIAL DATA
|
BALANCE
SHEET |
|||
Unit: One VND
|
|||
|
Balance sheet
date |
31/12/2009 |
31/12/2008 |
31/12/2007 |
|
Number of weeks |
52 |
52 |
52 |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
411,517,000,000 |
413,484,000,000 |
232,881,968,000 |
|
I. Cash and cash
equivalents |
4,292,000,000 |
2,157,000,000 |
3,689,316,000 |
|
1. Cash |
4,292,000,000 |
2,157,000,000 |
3,689,316,000 |
|
2. Cash equivalents |
0 |
0 |
0 |
|
II. Short-term
investments |
37,721,000,000 |
56,096,000,000 |
13,800,000,000 |
|
1. Short-term investments |
37,721,000,000 |
56,096,000,000 |
13,800,000,000 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts
receivable |
45,462,000,000 |
102,672,000,000 |
72,183,040,000 |
|
1. Receivable from customers |
28,844,000,000 |
38,546,000,000 |
41,158,711,000 |
|
2. Prepayments to suppliers |
0 |
0 |
0 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
16,618,000,000 |
64,126,000,000 |
31,024,329,000 |
|
6. Provisions for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
57,787,000,000 |
56,283,000,000 |
41,732,291,000 |
|
1. Inventories |
57,787,000,000 |
56,283,000,000 |
41,732,291,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current
Assets |
266,255,000,000 |
196,276,000,000 |
101,477,321,000 |
|
1. Short-term prepaid expenses |
0 |
0 |
0 |
|
2. VAT to be deducted |
241,000,000 |
241,000,000 |
2,399,835,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
0 |
|
4. Other current assets |
266,014,000,000 |
196,035,000,000 |
99,077,486,000 |
|
B. LONG-TERM
ASSETS |
541,527,000,000 |
440,570,000,000 |
420,170,005,000 |
|
I. Long term
account receivable |
0 |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
0 |
|
II. Fixed assets
|
353,852,000,000 |
308,575,000,000 |
268,697,751,000 |
|
1. Tangible assets |
271,627,000,000 |
283,324,000,000 |
232,223,106,000 |
|
- Historical costs |
485,509,000,000 |
479,294,000,000 |
411,904,468,000 |
|
- Accumulated depreciation |
-213,882,000,000 |
-195,970,000,000 |
-179,681,362,000 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
15,322,000,000 |
16,301,000,000 |
9,463,355,000 |
|
- Initial costs |
18,358,000,000 |
17,976,000,000 |
11,906,130,000 |
|
- Accumulated amortization |
-3,036,000,000 |
-1,675,000,000 |
-2,442,775,000 |
|
4. Construction-in-progress |
66,903,000,000 |
8,950,000,000 |
27,011,290,000 |
|
III. Investment
property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term
investments |
161,737,000,000 |
104,143,000,000 |
121,693,169,000 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
161,737,000,000 |
104,143,000,000 |
121,693,169,000 |
|
3. Other long-term investments |
0 |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other long-term
assets |
25,938,000,000 |
27,852,000,000 |
29,779,085,000 |
|
1. Long-term prepaid expenses |
23,905,000,000 |
25,818,000,000 |
27,730,255,000 |
|
2. Deferred income tax assets |
2,033,000,000 |
2,034,000,000 |
2,048,830,000 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
VI. Goodwill |
0 |
|
|
|
1. Goodwill |
0 |
|
|
|
TOTAL ASSETS |
953,044,000,000 |
854,054,000,000 |
653,051,973,000 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
554,792,000,000 |
471,307,000,000 |
410,390,180,000 |
|
I. Current
liabilities |
395,476,000,000 |
312,984,000,000 |
294,898,329,000 |
|
1. Short-term debts and loans |
328,175,000,000 |
234,783,000,000 |
227,469,716,000 |
|
2. Payable to suppliers |
7,820,000,000 |
2,892,000,000 |
8,289,236,000 |
|
3. Advances from customers |
38,011,000,000 |
39,010,000,000 |
25,866,523,000 |
|
4. Taxes and other obligations to the State Budget |
5,138,000,000 |
4,810,000,000 |
8,731,469,000 |
|
5. Payable to employees |
2,392,000,000 |
2,752,000,000 |
1,934,639,000 |
|
6. Accrued expenses |
3,275,000,000 |
10,907,000,000 |
3,491,579,000 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
10,665,000,000 |
17,830,000,000 |
19,115,167,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term
Liabilities |
159,316,000,000 |
158,323,000,000 |
115,491,851,000 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
0 |
|
4. Long-term debts and loans |
158,476,000,000 |
157,483,000,000 |
114,651,968,000 |
|
5. Deferred income tax payable |
0 |
840,000,000 |
0 |
|
6. Provisions for unemployment allowances |
840,000,000 |
0 |
839,883,000 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
B- OWNER’S
EQUITY |
398,252,000,000 |
382,747,000,000 |
242,661,793,000 |
|
I. OWNER’S
EQUITY |
398,252,000,000 |
382,747,000,000 |
242,661,793,000 |
|
1. Capital |
224,625,000,000 |
224,628,000,000 |
150,000,000,000 |
|
2. Share premiums |
74,630,000,000 |
74,628,000,000 |
0 |
|
3. Other sources of capital |
0 |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
0 |
|
6. Foreign exchange differences |
0 |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
0 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
98,997,000,000 |
83,491,000,000 |
92,661,793,000 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
II. Other
sources and funds |
0 |
0 |
0 |
|
1. Bonus and welfare funds |
0 |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
0 |
|
MINORITY’S
INTEREST |
0 |
0 |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
953,044,000,000 |
854,054,000,000 |
653,051,973,000 |
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2009 |
FY2008 |
FY2007 |
|
1. Total |
748,635,000,000 |
767,443,000,000 |
794,564,799,000 |
|
2. Deduction item |
0 |
0 |
0 |
|
3. Net sale |
748,635,000,000 |
767,443,000,000 |
794,564,799,000 |
|
4. Costs of goods sold |
660,552,000,000 |
688,474,000,000 |
662,028,260,000 |
|
5. Gross profit |
88,083,000,000 |
78,969,000,000 |
132,536,539,000 |
|
6. Financial income |
9,774,000,000 |
3,142,000,000 |
626,369,000 |
|
7. Financial expenses |
55,595,000,000 |
46,437,000,000 |
38,739,910,000 |
|
- In which: Loan interest expenses |
0 |
0 |
0 |
|
8. Selling expenses |
4,067,000,000 |
5,921,000,000 |
4,682,853,000 |
|
9. Administrative overheads |
24,070,000,000 |
24,302,000,000 |
22,037,749,000 |
|
10. Net operating profit |
14,125,000,000 |
5,451,000,000 |
67,702,396,000 |
|
11. Other income |
4,280,000,000 |
10,466,000,000 |
5,353,485,000 |
|
12. Other expenses |
0 |
0 |
0 |
|
13. Other profit /(loss) |
4,280,000,000 |
10,466,000,000 |
5,353,485,000 |
|
14. Total accounting profit before tax |
18,405,000,000 |
15,917,000,000 |
73,055,881,000 |
|
15. Current corporate income tax |
1,900,000,000 |
1,868,000,000 |
5,491,426,000 |
|
16. Deferred corporate income tax |
0 |
-15,000,000 |
-1,971,800,000 |
|
17. Interest from subsidiaries/related companies |
0 |
|
|
|
18. Profit after tax |
16,505,000,000 |
14,034,000,000 |
65,592,655,000 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2009 |
FY2008 |
FY2007 |
Average Industry |
|
Current liquidity ratio |
1.04 |
1.32 |
0.79 |
1.30 |
|
Quick liquidity ratio |
0.89 |
1.14 |
0.65 |
0.68 |
|
Inventory circle |
11.43 |
12.23 |
9.00 |
6.60 |
|
Average receive period |
22.17 |
48.83 |
33.16 |
47.55 |
|
Utilizing asset performance |
0.79 |
0.90 |
1.22 |
1.63 |
|
Liability by total asset |
58.21 |
55.18 |
62.84 |
60.84 |
|
Liability by owner equity |
139.31 |
123.14 |
169.12 |
157.24 |
|
Ebit / Total asset (ROA) |
1.93 |
1.86 |
11.19 |
9.87 |
|
Ebit / Owner's equity (ROE) |
4.62 |
4.16 |
30.11 |
29.99 |
|
Ebit / Total sale (NPM) |
2.46 |
2.07 |
9.19 |
6.43 |
|
Gross profit / Total sale (GPM) |
11.77 |
10.29 |
16.68 |
15.71 |
|
Note: The Average Industry was calculated by |
||||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
|
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Cash, L/C, T/T and Transfer of Money |
|
|
|
Retailer and Wholesaler |
|
CREDIT INQUIRY: 125,000 USD Against DA in terms Seems reliable! A little caution is need. |
INTERPRETATION ON THE SCORES
|
The
subject is a joint stock company with 100 percent of capital from oversea. The subject was originally founded in 1995
under the name NAGARJUNA INTERNATIONAL VIETNAM LIMITED. On 1st
June 2007, it was changed to NIVL JOINT STOCK COMPANY with investment
certificate No. 501033000031 granted by People’s Committee of Long An
Province. After 2 times increasing capital, the subject’s registered
investment capital is now USD 45,609,000 and chartered capital is USD
17,826,760. The premises of the subject are
fairly good. Its head office
is located at No. 6 Hamlet Luong Hoa Commune - Ben Luc District - Long An
Province – The
subject specializes in producing and trading in refine sugar, alcohol, with
the project named “Producing in sugar, alcohol; CO2 (carbons dioxide) from auxiliary
product of sugar and produces from fruit”. The plant has capacity to produce
450 tons of refined sugar per day with press sugar cane capacity about
4.500tons/day and 30,000 liters of alcohol from molasses /a day (10 million
liters/a year). Products
of the subject are mostly exported to The
subject didn’t perform well the environmental regulations. In May 2010, the
subject was fined VND 100 million because it discharged unqualified
wastewater to Vam Co Dong River. According
to financial data, there is a downtrend in total sale over 3 years. It
reached total sale of VND 794,564,799,000 (2007), VND 767,443,000,000 (2008)
and VND 748,635,000,000 (2009). And the profit after tax was slump from VND
65,592,655,000 (2007) to VND 14,034,000,000 (2008) and slight increased to
VND 16,505,000,000 in 2009. It showed that the subject met some difficulties
in managing costs and goods consumption in 2008, 2009. Total assets recorded
a high increase year after year, indicating that subject expanded the
business scale. In the average industry, the liquidity ratios were normal. The subject
can meet its current financial commitments. In 2008 and 2009 the
subject’s utilizing asset performance went down, was lower than the average
industry. The cause was that the subject used long term assets ineffectively.
However, the utilizing current asset performance was fairly good, it was
shown via inventory rotation speed was rather fast and average
receive period was short. The ratios of liability by total asset and
liability by owner equity are fairly close with the average industry.
Liability accounts about 58.21 % and 55.18 % in total assets for the year 2009
and 2008. It showed that the
subject’s capital structure was fairly safe. The
effective business ratios in 2008, 2009 such as ROA, ROE, NPM, and GPM were
decreased in comparison with 2007 and rather lower than average industry. In
conclusion, the subject is a large company in the industry. The operational
bases of the subject are average. Therefore, it has capacity to meet small
financial commitment. A little caution
is needed for medium 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.45.13 |
|
|
1 |
Rs.73.36 |
|
Euro |
1 |
Rs.60.06 |
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 |
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.