MIRA
INFORM REPORT
|
Report Date : |
11.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAI
CASTOR OIL INDUSTRIES
CO., LTD. |
|
|
|
|
Registered Office : |
12th Floor, Orakarn Building, 26/42 Ploenchit-Chidlom Road, Lumpini, Pathumwan, Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
02.11.1977 |
|
|
|
|
Com. Reg. No.: |
0105520015901 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor and exporter of castor oil and derivative products |
|
|
|
|
No. of Employees : |
200 |
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 : |
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
THAI CASTOR
OIL INDUSTRIES CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 12th FLOOR,
ORAKARN BUILDING,
26/42 PLOENCHIT-CHIDLOM ROAD,
LUMPINI,
PATHUMWAN, BANGKOK
10330
TELEPHONE : [66] 2254-1490-7
FAX :
[66] 2254-1499
E-MAIL
ADDRESS : tcogroup@thaicastoroil.com
tcogroup@samart.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1977
REGISTRATION
NO. : 0105520015901 [Former : 1591/2520]
TAX
ID NO. : 3101086126
CAPITAL REGISTERED : BHT. 80,000,000
CAPITAL PAID-UP : BHT.
80,000,000
SHAREHOLDER’S PROPORTION : THAI :
73.50%
GERMAN :
26.50%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
TAVORN TANTIPONG-ANANT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 200
LINES
OF BUSINESS : CASTOR OIL
AND DERIVATIVE PRODUCTS
MANUFACTURER, 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 November 2,
1977 as a
private limited company
under the name
style THAI CASTOR
OIL INDUSTRIES CO.,
LTD., by Thai
and German groups,
in order to
manufacture and distribute
castor oil and
derivative products for
domestic and international
markets. It currently
employs approximate 200
staff.
The subject’s registered address
is 12th Flr.,
Orakarn Bldg., 26/42
Ploenchit-Chidlom Rd., Lumpini,
Pathumwan, Bangkok 10330, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Phum Tantipong-anant |
[x] |
Thai |
25 |
|
Mr. Timm Wiegmann |
|
German |
56 |
|
Mr. Prasard Chirapatsakul |
[x] |
Thai |
73 |
|
Mr. Visarut Tantipong-anant |
[x] |
Thai |
31 |
|
Mr. Tavorn Tantipong-anant |
[x] |
Thai |
66 |
|
Mr. Karn Sittajarnpong |
[x] |
Thai |
63 |
|
Mr. Chinawachara Tantiponganant |
[x] |
Thai |
37 |
|
Mrs. Nitraporn Jubjitjaidol |
[x] |
Thai |
36 |
|
Mr. Frank Dreisorner |
|
German |
53 |
|
Mr. Sirichai Tantipong-anant |
[x] |
Thai |
48 |
|
Mr. Archawapol Jubjitjaidol |
[x] |
Thai |
36 |
AUTHORIZED PERSON
Two of the
mentioned directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Tavorn Tantipong-anant is
the Managing Director.
He is Thai
nationality with the
age of 66
years old.
Mr. Prasard Chirapatsakul is
the Plant Manager.
He
is Thai nationality
with the age
of 73 years
old.
Mr. Karn Sittajarnpong is
the Marketing Director.
He is Thai
nationality with the
age of 63
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
of castor oil:
Dehydrated Castor Oil (DCO), Dehydrated Castor
Oil Fatty Acid
(DCO-FA) and Highly
Conjugated Dehydrated Castor
oil Fatty Acid
(Hy-diene), and its
derivative products including
castor meal and
castor seed are
supplied to pharmaceuticals, cosmetics,
lubricants, plastics, artificial
fibres, paints, varnished
and synthetic resins,
plasticizers and surfactants,
fungicides, printing inks, soaps,
artificial leather, hydraulic
fluids, dyeing aids
and textile finishing
materials.
PRODUCTION
Castor Oil :
18,000 tons/year
Castor Meal : 20,000
tons/year
Castor Seed : 40,000
tons/year
PURCHASE
Most of raw materials are
purchased from local
suppliers and planters,
as well as
chemical is imported
from Germany, Taiwan
and Japan.
SALES [LOCAL]
80% of the
products is sold
locally be wholesale
to manufacturers and
end-users.
EXPORT
20% of the
products is exported
to U.S.A., Australia,
and countries in
Europe, Asia, Africa
and Middle East.
RELATED AND AFFILIATED
COMPANIES
T K Wax Co.,
Ltd.
Business Type : Manufacturer
of castor wax.
T J Pac Co.,
Ltd.
Business Type : Manufacturer
of special wax
for solidifying used
vegetable oil.
T S Chemical Co.,
Ltd.
Business Type : Manufacturer
of castor oil.
Collodium Co., Ltd.
Business Type : Manufacturer
of paper sizing
agent.
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
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
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
200 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Factory
is located at
23/2 Moo 7, Petchahueng Rd., T. Banyor, A. Phrapradaeng, Samutprakarn
10130 on 16,000
Sq. M. of area.
Tel. : [66] 2461-0129, Fax. : [66]
2815-0699.
Warehouse/Plant/Research &
Development Center :
-
52/2
Moo 2, T. Wangmuang,
A. Wangmuang, Saraburi 18220.
-
75/2
Moo 3, T. Salaengphan, A. Wangmuang,
Saraburi 18220.
-
49/8
Moo 7, T. Borhaew,
A. Muang, Lampang 52000.
COMMENT
The
subject is the
leading of castor oil
manufacturer. Castor oil
has been used
in many industries.
Market demand of
castor oil is
promising with strong
consumption from
industrial sector.
Industrial
expansion has resulted
to increasing
demand of castor
oil this year,
as well as
subject’s business outlook
is bright and
expanding steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 30,000,000 divided
into 300,000 shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 40,000,000
on August 31,
1979
Bht. 55,000,000
on December 30,
1986
Bht. 70,000,000
on December 29,
1997
Bht. 80,000,000
on September 10, 2001
The
latest registered capital
was increased to
Bht. 80,000,000 divided into
800,000 shares of
Bht. 100 each
with fully paid.
MAIN
SHAREHOLDERS : [as
at March 28,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Alberdingk Boley GmbH Nationality: German Address : 4150 Krefeld-Uerding Duesseldorfer Str. 51, Germany |
196,000 |
24.50 |
|
Mr. Tavorn Tantipong-anant Nationality: Thai Address : 327
Soi Rimklongmorn, Wat
Thaphra,
Bangkokyai, Bangkok |
189,536 |
23.69 |
|
Mrs. Chintana Masakee Nationality: Thai Address : 97
Mahokkanee Room 29 A,
Sukhumvit 24 Rd.,
Klongtoey, Bangkok |
105,707 |
13.21 |
|
Mr. Visarut Tantipong-anant Nationality: Thai Address : 327
Soi Rimklongmorn, Wat
Thaphra,
Bangkokyai, Bangkok |
50,000 |
6.25 |
|
Mr. Phum Tantipong-anant Nationality: Thai Address : 327
Soi Rimklongmorn, Wat
Thaphra, Bangkokyai, Bangkok |
50,000 |
6.25 |
|
Mrs. Nitraporn Jubjitjaidol Nationality: Thai Address : 327
Soi Rimklongmorn, Wat
Thaphra,
Bangkokyai, Bangkok |
50,000 |
6.25 |
|
Widhayakom Co., Ltd. Nationality: Thai Address : 66
Sukhumvit 21 Rd.,
Klongtoey, Bangkok |
20,000 |
2.50 |
|
Mr. Chinawachara
Tantipong-anant Nationality: Thai Address : 97
Mahokkanee Room 29 A,
Sukhumvit 24 Rd.,
Klongtoey, Bangkok |
17,625 |
2.20 |
|
Dr. Hermann Janson Nationality: German Address : 4150 Krefeld-Uerding Duesseldorfer Str. 51, Germany |
16,000 |
2.00 |
|
Mr. Kulawat Tantipong-anant Nationality: Thai Address : 97
Mahokkanee Room 29 A,
Sukhumvit 24 Rd.,
Klongtoey, Bangkok |
12,625 |
1.58 |
|
Mr. Nopadol Tantipong-anant Nationality: Thai Address : 97
Mahokkanee Room 29 A,
Sukhumvit 24 Rd.,
Klongtoey, Bangkok |
12,625 |
1.58 |
|
Mr. Sirichai Tantipong-anant Nationality: Thai Address : 97
Mahokkanee Room 29 A,
Sukhumvit 24 Rd.,
Klongtoey, Bangkok |
12,625 |
1.58 |
|
Other Shareholders |
67,257 |
8.41 |
Total Shareholders : 42
Share Structure [as
at March 28,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
40 |
588,000 |
73.50 |
|
Foreign-German |
2 |
212,000 |
26.50 |
|
Total |
42 |
800,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Ampol Chamnongwat No.
4663
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
292,883.15 |
1,229,794.49 |
|
Trade Accounts &
Notes Receivable |
26,107,389.26 |
20,960,016.03 |
|
Short-term Lending to
Subsidiaries |
42,924,000.00 |
69,329,000.00 |
|
Inventories |
140,472,543.88 |
36,253,992.31 |
|
Other Current Assets
|
2,322,910.68 |
4,276,181.68 |
|
Total Current Assets
|
212,119,726.97 |
132,048,984.51 |
|
Investment in Subsidiaries & Associated Company |
250,174,632.00 |
248,182,512.00 |
|
General Investment |
5,049,505.33 |
5,049,505.33 |
|
Fixed Assets |
170,223,369.79 |
158,996,704.21 |
|
Other Non current
Assets |
1,721,084.00 |
934,561.50 |
|
Total Assets |
639,288,318.09 |
545,212,267.55 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft |
1,203,466.38 |
2,362,376.76 |
|
Trust Receipt Payable
|
437,137,041.71 |
243,869,507.19 |
|
Short-term Loans from Financial Institution |
- |
100,000,000.00 |
|
Current Portion of Financial Lease Contract Liabilities |
1,343,207.47 |
- |
|
Trade Accounts Payable |
6,281,147.30 |
15,101,306.56 |
|
Other Current Liabilities |
12,253,464.49 |
20,330,091.57 |
|
Total Current Liabilities |
458,218,327.35 |
381,663,282.08 |
|
Financial Lease Contract
Liabilities, Net |
2,985,724.09 |
- |
|
Estimated Liabilities for
Employee Benefit |
1,549,271.95 |
- |
|
Other Non current
Liabilities |
1,003,947.00 |
726,307.00 |
|
Total Liabilities |
463,757,270.39 |
382,389,589.08 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 800,000 shares |
80,000,000.00 |
80,000,000.00 |
|
Capital Paid |
80,000,000.00 |
80,000,000.00 |
|
Statutory Reserve |
8,000,000.00 |
8,000,000.00 |
|
Retained Earning -
Unappropriated |
87,531,047.70 |
74,822,678.47 |
|
Total Shareholders' Equity |
175,531,047.70 |
162,822,678.47 |
|
Total Liabilities & Shareholders' Equity |
639,288,318.09 |
545,212,267.55 |
PROFIT & LOSS ACCOUNT
|
Sales |
2011 |
2010 |
|
Sales & Services |
1,386,213,642.62 |
895,695,202.94 |
|
Rental Income |
3,981,634.04 |
3,844,115.76 |
|
Other Income |
11,623,931.12 |
11,322,944.59 |
|
Total Saless |
1,401,819,207.78 |
910,862,263.29 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,315,667,236.96 |
801,406,999.68 |
|
Cost of Rental |
2,370,975.65 |
2,570,573.70 |
|
Selling Expenses |
13,062,726.57 |
11,106,317.53 |
|
Administrative Expenses |
22,483,193.16 |
20,981,382.96 |
|
Total Expenses |
1,353,584,132.34 |
836,065,273.87 |
|
Profit / [Loss] before Financial Cost & Income Tax |
48,235,075.44 |
74,796,989.42 |
|
Cost of Financial |
[19,691,968.63] |
[19,968,620.34] |
|
Profit / [Loss] before Income Tax |
28,543,106.81 |
54,828,369.08 |
|
Income Tax |
[9,434,737.58] |
[16,522,285.04] |
|
Net Profit / [Loss] |
19,108,369.23 |
38,306,084.04 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.46 |
0.35 |
|
QUICK RATIO |
TIMES |
0.15 |
0.24 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.17 |
5.66 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.17 |
1.65 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
38.90 |
16.46 |
|
INVENTORY TURNOVER |
TIMES |
9.38 |
22.18 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
6.85 |
8.50 |
|
RECEIVABLES TURNOVER |
TIMES |
53.25 |
42.92 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
1.74 |
6.86 |
|
CASH CONVERSION CYCLE |
DAYS |
44.02 |
18.11 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
94.81 |
89.38 |
|
SELLING & ADMINISTRATION |
% |
2.56 |
3.57 |
|
INTEREST |
% |
1.42 |
2.22 |
|
GROSS PROFIT MARGIN |
% |
6.03 |
11.88 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.47 |
8.32 |
|
NET PROFIT MARGIN |
% |
1.37 |
4.26 |
|
RETURN ON EQUITY |
% |
10.89 |
23.53 |
|
RETURN ON ASSET |
% |
2.99 |
7.03 |
|
EARNING PER SHARE |
BAHT |
23.89 |
47.88 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.73 |
0.70 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.64 |
2.35 |
|
TIME INTEREST EARNED |
TIMES |
2.45 |
3.75 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
54.55 |
|
|
OPERATING PROFIT |
% |
(35.51) |
|
|
NET PROFIT |
% |
(50.12) |
|
|
FIXED ASSETS |
% |
7.06 |
|
|
TOTAL ASSETS |
% |
17.25 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.03 |
Acceptable |
Industrial
Average |
8.23 |
|
Net Profit Margin |
1.37 |
Deteriorated |
Industrial
Average |
2.84 |
|
Return on Assets |
2.99 |
Deteriorated |
Industrial
Average |
6.74 |
|
Return on Equity |
10.89 |
Satisfactory |
Industrial
Average |
13.52 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from saless 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 6.03%. When
compared with the industry average, the ratio of the company was lower,
indicated that company was originated from the 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 1.37%.
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 2.99%.
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 10.89%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
0.46 |
Risky |
Industrial Average |
1.15 |
|
Quick Ratio |
0.15 |
|
|
|
|
Cash Conversion Cycle |
44.02 |
|
|
|
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 0.46 times in 2011, increased from 0.35 times, then the company may not be
efficiently using its current assets. When compared with the industry average,
the ratio of the company was lower.
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 0.15 times in 2011,
decreased from 0.24 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 45 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.73 |
Acceptable |
Industrial
Average |
0.44 |
|
Debt to Equity Ratio |
2.64 |
Risky |
Industrial
Average |
0.75 |
|
Times Interest Earned |
2.45 |
Acceptable |
Industrial
Average |
3.45 |
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 2.45 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 0.73 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
8.17 |
Impressive |
Industrial
Average |
3.10 |
|
Total Assets Turnover |
2.17 |
Impressive |
Industrial
Average |
2.14 |
|
Inventory Conversion Period |
38.90 |
|
|
|
|
Inventory Turnover |
9.38 |
Acceptable |
Industrial
Average |
15.30 |
|
Receivables Conversion Period |
6.85 |
|
|
|
|
Receivables Turnover |
53.25 |
Impressive |
Industrial
Average |
7.59 |
|
Payables Conversion Period |
1.74 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
UK Pound |
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.