MIRA INFORM REPORT
|
Report Date : |
31.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
HA TAY PHARMACEUTICAL JOINT STOCK
COMPANY |
|
|
|
|
Registered Office : |
No.10A |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
15.12.2010 |
|
|
|
|
Com. Reg. No.: |
0500391400 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing, Trading and Import – Export
of medicines, material for medicine producing and health care equipments. |
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 |
|
Payment
Behaviour : |
Usually 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 – 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
SUBJECT IDENTIFICATION & LEGAL FORM
Current legal status
|
||
|
Trade Name |
|
HA TAY PHARMACEUTICAL JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN DUOC PHAM HA |
|
Short name |
|
HATAPHAR |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1965 |
|
Business Registration No. |
|
0500391400 |
|
Date of Registration |
|
15 Dec 2010 |
|
Place of Registration |
|
Hanoi Department of Planning and
Investment |
|
Current registered capital |
|
41,226,020,000 VND |
|
Status |
|
Listed |
|
Stock symbol |
|
DHT |
|
Stock Market |
|
HNX |
|
Tax code |
|
0500391400 |
|
Total Employees |
|
1,000 |
|
Note: The given name (Ha |
||
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Type of Business:
State owned company Changed to: Joint stock company |
10
Jan 2001 |
|
2 |
Subject has got former Business
Registration No: 104378, granted by Planning and Investment Department of Ha
Tay Province Changed to: 0303000015 |
10
Jan 2001 |
|
3 |
Subject has got former Chartered capital:
VND 37,500,000,000 Changed to: VND 41,226,020,000 |
N/A |
|
4 |
Subject has got former Business
Registration No: 0303000015 granted by Planning and Investment Department of
Ha Tay Province Changed to: 0500391400 granted by Planning and Investment
Department of Hanoi City |
15
Dec 2010 |
|
5 |
Subject has got former Address: No. 80
Quang Trung Street - Quang Trung Ward - Ha Dong District - Ha Noi City -
Vietnam Changed to: No.10A - Quang Trung Street - Quang Trung Ward - Ha Dong
District - Ha Noi City - Vietnam |
2010
|
company ADDRESSES
|
Head Office |
||
|
Address |
|
No.10A |
|
Telephone |
|
84-4-33824685 |
|
Fax |
|
84-4-33829054 |
|
Email |
|
|
|
Website |
|
|
|
Notes: - The given address is the former one. The subject’s one is now above. - The given telephone number and fax are the former ones. The ones of the
subject are now as above. |
||
|
|
||
|
Factory Address |
||
|
Address |
|
La |
|
|
||
|
Branch in Nghe
An |
||
|
Address |
|
|
|
Note: Besides, the subject has some branches in other provinces. |
||
DIRECTORS
|
1
. NAME |
|
Mr.
LE VAN LO |
|
Position |
|
General Director |
|
Date of Birth |
|
09 Jun 1951 |
|
ID Number/Passport |
|
110007031 |
|
Resident |
|
P11 B19 Hoang Ngoc
Phach - Lang Ha Ward - Dong Da District - Ha Noi City - Vietnam |
|
Current resident |
|
No. 40 BT7 Van Quan Urban Area - Van Quan
Ward - Ha Dong District - Ha |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Pharmacist |
|
|
||
|
2
. NAME |
|
Mr.
LE XUAN THANG |
|
Position |
|
Deputy Director |
|
Date of Birth |
|
16 Feb 1973 |
|
ID Number/Passport |
|
011857506 |
|
Resident |
|
Van Khe commune - Ha Dong
District - Ha Noi City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Work phone |
|
(84-4) 33516 101 |
|
Mobil phone |
|
++84 912100968 |
|
|
||
|
3
. NAME |
|
Mr.
NGUYEN BA LAI |
|
Position |
|
Deputy Director |
|
Date of Birth |
|
08 May 1969 |
|
ID Number/Passport |
|
112117469 |
|
Current resident |
|
Van Khe - Ha Dong District - Ha |
|
Nationality |
|
Vietnamese |
|
|
||
|
4
. NAME |
|
Mr.
NGO VAN CHINH |
|
Position |
|
Chief Accountant |
|
Date of Birth |
|
06 May 1962 |
|
ID Number/Passport |
|
112261334 |
|
Resident |
|
La Khe Hamlet Van Khe
Commune - Ha Dong District - Ha Noi City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
(84-4) 3382 4073 |
BUSINESS NATURE AND ACTIVITIES
|
Manufacturing,
trading and import – export of medicines, material for medicine producing and
health care equipments. |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
Materials |
|
·
Market |
|
China, Taiwan, Germany, Korea, France, India, the United Kingdom,
Australia, Japan, etc. |
|
·
Mode of payment |
|
Direct payment or through its corresponding banks, L/C or T/T |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
N/A |
BANKERS
|
1.
BANK FOR INVESTMENT AND DEVELOPMENT OF |
||
|
Address |
|
No.197 |
|
Telephone |
|
(84-4) 33821137 |
|
SWIFT Code |
|
45010000000116 |
|
|
||
|
2.
VIET |
||
|
Address |
|
No.269P Quang Trung - Ha Dong District - Ha |
|
Telephone |
|
(84-343) 3829471 |
|
VND Account |
|
102010000237170 |
|
SWIFT Code |
|
CBVVNVX320 |
SHAREHOLDERS
|
1
. NAME |
|
Mr.
LE VAN LO |
|
Position |
|
General Director |
|
Date of Birth |
|
09 Jun 1951 |
|
ID Number/Passport |
|
012470890 |
|
Issued on |
|
13 Jul 1992 |
|
Issued Place |
|
Ha |
|
Resident |
|
P11 B19 Hoang Ngoc Phach - Lang Ha Ward -
Dong Da District - Ha |
|
Current Resident |
|
No. 40 BT7 Van Quan Urban Area - Van Quan
Ward - Ha Dong District - Ha |
|
Work phone |
|
(84-4) 33824685 |
|
Home phone |
|
(84-4) 33826284 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
291,126 |
|
Value of shares |
|
2,911,260,000 VND |
|
Percentage |
|
7.06% |
|
|
||
|
2
. NAME |
|
Mr.
NGO VAN CHINH |
|
Position |
|
Chief Accountant |
|
Date of Birth |
|
06 May 1962 |
|
ID Number/Passport |
|
120897172 |
|
Resident |
|
La Khe Hamlet Van Khe Commune - Ha Dong
District - Ha |
|
Work phone |
|
(84-4) 3382 4073 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
80,960 |
|
Value of shares |
|
809,600,000 VND |
|
Percentage |
|
1.96% |
|
|
||
|
3
. NAME |
|
Mr.
NGUYEN VAN MINH |
|
Date of Birth |
|
01 Dec 1954 |
|
ID Number/Passport |
|
110022543 |
|
Resident |
|
Van Phuc Ward - Ha Dong District - Ha |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
74,360 |
|
Value of shares |
|
743,600,000 VND |
|
Percentage |
|
1.8% |
FINANCIAL DATA
|
BALANCE
SHEET |
|||
I: One VND
|
|||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
31/12/2008 |
|
Number of weeks |
52 |
52 |
52 |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
217,904,186,459 |
202,476,967,907 |
192,945,600,277 |
|
I. Cash and cash
equivalents |
20,126,639,002 |
21,832,778,748 |
14,086,573,865 |
|
1. Cash |
20,126,639,002 |
21,832,778,748 |
14,086,573,865 |
|
2. Cash equivalents |
0 |
|
0 |
|
II. Short-term
investments |
0 |
|
0 |
|
1. Short-term investments |
0 |
|
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
|
0 |
|
III. Accounts
receivable |
69,212,919,532 |
66,683,016,542 |
49,517,002,028 |
|
1. Receivable from customers |
63,664,503,133 |
54,377,165,162 |
41,867,150,049 |
|
2. Prepayments to suppliers |
5,457,421,220 |
11,705,851,380 |
7,049,851,979 |
|
3. Inter-company receivable |
0 |
|
0 |
|
4. Receivable according to the progress of construction |
0 |
|
0 |
|
5. Other receivable |
1,000,000,000 |
600,000,000 |
600,000,000 |
|
6. Provisions for bad debts |
-909,004,821 |
|
0 |
|
IV. Inventories |
126,772,909,051 |
112,739,058,030 |
127,894,876,176 |
|
1. Inventories |
126,772,909,051 |
112,739,058,030 |
127,894,876,176 |
|
2. Provisions for devaluation of inventories |
0 |
|
0 |
|
V. Other Current
Assets |
1,791,718,874 |
1,222,114,587 |
1,447,148,208 |
|
1. Short-term prepaid expenses |
522,060,387 |
572,159,587 |
515,164,216 |
|
2. VAT to be deducted |
0 |
|
308,449,795 |
|
3. Taxes and other accounts receivable from the State |
889,458,487 |
|
33,434,197 |
|
4. Other current assets |
380,200,000 |
649,955,000 |
590,100,000 |
|
B. LONG-TERM
ASSETS |
47,960,220,671 |
42,286,485,152 |
41,635,185,276 |
|
I. Long term
account receivable |
0 |
|
0 |
|
1. Long term account receivable from customers |
0 |
|
0 |
|
2. Working capital in affiliates |
0 |
|
0 |
|
3. Long-term inter-company receivable |
0 |
|
0 |
|
4. Other long-term receivable |
0 |
|
0 |
|
5. Provisions for bad debts from customers |
0 |
|
0 |
|
II. Fixed assets
|
45,960,220,671 |
40,286,485,152 |
39,635,185,276 |
|
1. Tangible assets |
39,227,593,403 |
31,522,544,042 |
39,293,658,004 |
|
- Historical costs |
137,843,836,426 |
120,706,873,095 |
114,731,038,417 |
|
- Accumulated depreciation |
-98,616,243,023 |
-89,184,329,053 |
-75,437,380,413 |
|
2. Financial leasehold assets |
0 |
|
0 |
|
- Historical costs |
0 |
|
0 |
|
- Accumulated depreciation |
0 |
|
0 |
|
3. Intangible assets |
0 |
|
0 |
|
- Initial costs |
0 |
|
0 |
|
- Accumulated amortization |
0 |
|
0 |
|
4. Construction-in-progress |
6,732,627,268 |
8,763,941,110 |
341,527,272 |
|
III. Investment
property |
0 |
|
0 |
|
Historical costs |
0 |
|
0 |
|
Accumulated depreciation |
0 |
|
0 |
|
IV. Long-term
investments |
2,000,000,000 |
2,000,000,000 |
2,000,000,000 |
|
1. Investments in affiliates |
0 |
|
0 |
|
2. Investments in business concerns and joint ventures |
0 |
|
0 |
|
3. Other long-term investments |
2,000,000,000 |
2,000,000,000 |
2,000,000,000 |
|
4. Provisions for devaluation of long-term investments |
0 |
|
0 |
|
V. Other
long-term assets |
0 |
|
0 |
|
1. Long-term prepaid expenses |
0 |
|
0 |
|
2. Deferred income tax assets |
0 |
|
0 |
|
3. Other long-term assets |
0 |
|
0 |
|
TOTAL ASSETS |
265,864,407,130 |
244,763,453,059 |
234,580,785,553 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
164,537,948,992 |
157,422,017,981 |
151,585,203,297 |
|
I. Current
liabilities |
159,977,948,992 |
151,262,017,981 |
141,293,762,882 |
|
1. Short-term debts and loans |
117,574,468,496 |
113,463,671,508 |
97,242,400,680 |
|
2. Payable to suppliers |
31,156,271,944 |
23,006,123,658 |
28,384,083,594 |
|
3. Advances from customers |
5,112,036,250 |
9,133,923,901 |
11,323,565,729 |
|
4. Taxes and other obligations to the State Budget |
1,955,671,286 |
1,140,465,681 |
1,896,097,731 |
|
5. Payable to employees |
2,633,172,779 |
3,129,924,303 |
1,342,327,476 |
|
6. Accrued expenses |
0 |
65,920,681 |
166,965,000 |
|
7. Inter-company payable |
0 |
|
0 |
|
8. Payable according to the progress of construction contracts |
0 |
|
0 |
|
9. Other payable |
1,546,328,237 |
1,321,988,249 |
938,322,672 |
|
10. Provisions for short-term accounts payable |
0 |
|
0 |
|
II. Long-Term
Liabilities |
4,560,000,000 |
6,160,000,000 |
10,291,440,415 |
|
1. Long-term accounts payable to suppliers |
0 |
|
0 |
|
2. Long-term inter-company payable |
0 |
|
0 |
|
3. Other long-term payable |
0 |
|
0 |
|
4. Long-term debts and loans |
4,260,000,000 |
5,860,000,000 |
9,991,440,415 |
|
5. Deferred income tax payable |
0 |
|
0 |
|
6. Provisions for unemployment allowances |
300,000,000 |
|
300,000,000 |
|
7. Provisions for long-term accounts payable |
0 |
300,000,000 |
0 |
|
B- OWNER’S
EQUITY |
101,326,458,138 |
87,341,435,078 |
82,995,582,256 |
|
I. OWNER’S
EQUITY |
101,220,336,481 |
87,236,715,246 |
82,401,966,490 |
|
1. Capital |
41,226,020,000 |
41,226,020,000 |
41,226,020,000 |
|
2. Share premiums |
26,849,000,000 |
26,849,000,000 |
26,849,000,000 |
|
3. Other sources of capital |
13,367,300,656 |
8,821,579,869 |
7,359,350,672 |
|
4. Treasury stocks |
0 |
|
0 |
|
5. Differences on asset revaluation |
0 |
|
0 |
|
6. Foreign exchange differences |
137,940,687 |
|
0 |
|
7. Business promotion fund |
89,249,865 |
89,249,865 |
1,219,258,281 |
|
8. Financial reserved fund |
4,122,602,000 |
4,122,602,000 |
3,747,767,710 |
|
9. Other funds |
0 |
|
0 |
|
10. Retained earnings |
15,428,223,273 |
6,128,263,512 |
2,000,569,827 |
|
11. Construction investment fund |
0 |
|
0 |
|
II. Other
sources and funds |
106,121,657 |
104,719,832 |
593,615,766 |
|
1. Bonus and welfare funds |
106,121,657 |
104,719,832 |
593,615,766 |
|
2. Sources of expenditure |
0 |
|
0 |
|
3. Fund to form fixed assets |
0 |
|
0 |
|
MINORITY’S
INTEREST |
0 |
|
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
265,864,407,130 |
244,763,453,059 |
234,580,785,553 |
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
FY2008 |
|
1. Total |
543,415,350,125 |
586,913,029,646 |
588,705,800,777 |
|
2. Deduction item |
240,217,618 |
313,414,675 |
5,054,425,158 |
|
3. Net sale |
543,175,132,507 |
586,599,614,971 |
583,651,375,619 |
|
4. Costs of goods sold |
467,142,874,199 |
509,903,033,218 |
503,381,857,367 |
|
5. Gross profit |
76,032,258,308 |
76,696,581,753 |
80,269,518,252 |
|
6. Financial income |
4,063,679,448 |
4,970,588,465 |
5,624,962,752 |
|
7. Financial expenses |
16,157,857,679 |
10,104,053,957 |
17,018,491,818 |
|
- In which: Loan interest expenses |
15,487,392,518 |
7,783,945,467 |
14,561,165,659 |
|
8. Selling expenses |
27,073,564,276 |
29,797,318,934 |
33,218,329,019 |
|
9. Administrative overheads |
17,685,236,710 |
24,192,903,167 |
22,478,313,388 |
|
10. Net operating profit |
19,179,279,091 |
17,572,894,160 |
13,179,346,779 |
|
11. Other income |
56,000,000 |
247,619,048 |
1,031,956,500 |
|
12. Other expenses |
0 |
|
0 |
|
13. Other profit /(loss) |
56,000,000 |
247,619,048 |
1,031,956,500 |
|
14. Total accounting profit before tax |
19,235,279,091 |
17,820,513,208 |
14,211,303,279 |
|
15. Current corporate income tax |
3,807,055,818 |
3,447,045,696 |
2,832,521,036 |
|
16. Deferred corporate income tax |
0 |
|
0 |
|
18. Profit after tax |
15,428,223,273 |
14,373,467,512 |
11,378,782,243 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2010 |
FY2009 |
FY2008 |
Average Industry |
|
Current liquidity ratio |
1.36 |
1.34 |
1.37 |
1.74 |
|
Quick liquidity ratio |
0.57 |
0.59 |
0.46 |
1.02 |
|
Inventory circle |
3.68 |
4.52 |
3.81 |
3.74 |
|
Average receive period |
46.51 |
41.49 |
30.97 |
76.97 |
|
Utilizing asset performance |
2.04 |
2.40 |
2.49 |
1.31 |
|
Liability by total asset |
61.89 |
64.32 |
64.62 |
49.32 |
|
Liability by owner equity |
162.38 |
180.24 |
182.64 |
129.21 |
|
Ebit / Total asset (ROA) |
13.06 |
10.46 |
12.27 |
8.55 |
|
Ebit / Owner's equity (ROE) |
34.27 |
29.32 |
34.67 |
18.02 |
|
Ebit / Total sale (NPM) |
6.39 |
4.36 |
4.89 |
6.82 |
|
Gross profit / Total sale (GPM) |
13.99 |
13.07 |
13.63 |
21.89 |
|
Note: The Average Industry was calculated by |
||||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Direct payment or through its corresponding banks, L/C or T/T |
|
|
|
Retailer and Wholesaler |
|
CREDIT INQUIRY: 125,000 USD, D/A 30 days Acceptable! |
INTERPRETATION ON THE SCORES
|
HA TAY
PHARMACEUTICAL JOINT STOCK COMPANY was established in 1965 as a State Owned Enterprise.
In 2001, the company was changed into joint stock company with transaction
name “HATAPHAR”. Currently, the company is operating according to the
business code No. 0500391400 (the same tax code) with registered capital of VND
41,226,020,000. It listed on HNX stock market with stock symbol DHT. The
head office of the company is now located at The
company is specialized in manufacturing, trading and import-export of
medicines, material for medicine producing and health care equipments. With
over 35 years operation and development, the company has a fairly good
position in industry. Its products are relatively diversified with about 300
types including medicinal tablets, hard capsule, soft gel, sugar – coated and
film – coated tablets, inject able powder, etc. These products are recognized
to meet the GMP – WHO standard of World Health Organization and supplied for
almost provinces in The
company’s financial situation is fair. The turnover seems relatively stable. Its
profit after tax increased year by year. Namely, in 2010, it reached VND
543,415,350,125 for total sales and profit after tax was VND 15,428,223,273.
The operational ratio is good. In
general, the company is a large scale business. Its position in the line is
above average. The future prospect seems bright. The company is capable to
meet small and medium financial commitments. |
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.44.77 |
|
|
1 |
Rs.71.69 |
|
Euro |
1 |
Rs.63.02 |
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.