MIRA INFORM REPORT
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Report Date : |
28.12.2012 |
IDENTIFICATION DETAILS
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Name : |
JSSR MACHINERY CO., LTD. |
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Registered Office : |
65/19 Moo 4, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
19.04.1994 |
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Com. Reg. No.: |
0105537045485 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Distributor of Heavy Machinery and Equipment |
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No. of Employees : |
250 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure,
a free-enterprise economy, generally pro-investment policies, and strong export
industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more
than 4% per year - as it recovered from the Asian financial crisis of 1997-98.
Thai exports - mostly machinery and electronic components, agricultural
commodities, and jewelry - continue to drive the economy, accounting for more
than half of GDP. The global financial crisis of 2008-09 severely cut
Thailand's exports, with most sectors experiencing double-digit drops. In 2009,
the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its
fastest pace since 1995, as exports rebounded from their depressed 2009 level.
Steady economic growth at just below 4% during the first three quarters of 2011
was interrupted by historic flooding in October and November in the industrial
areas north of Bangkok, crippling the manufacturing sector and leading to a
revised growth rate of only 0.1% for the year. The industrial sector is poised
to recover from the second quarter of 2012 onward, however, and the government
anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while
private sector forecasts range between 3.8% and 5.7%.
Source
: CIA
Company name
JSSR
MACHINERY CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 65/19
MOO 4, BANGNA-TRAD
ROAD, BANGPLEENOI,
BANGBO, SAMUTPRAKARN
10560, THAILAND
TELEPHONE : [66] 2704-9555
FAX :
[66] 2704-9500
E-MAIL
ADDRESS : jssr@jssrtrader.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0105537045485
TAX
ID NO. : 3011437032
CAPITAL REGISTERED : BHT. 200,000,000
CAPITAL PAID-UP : BHT.
200,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
JAKCHAI RATTANATANYAPORN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 250
LINES
OF BUSINESS : HEAVY MACHINERY
AND EQUIPMENT
IMPORTER,
EXPORTER AND DISTRIBUTOR
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 April 19,
1994 as a
private limited company under
the originally registered
name “J.S.S.R. Machinery
Co., Ltd.” by
Thai groups, with the
business initial business
objective to import
and distribute used
heavy industrial machinery
to domestic market.
On July 18, 2001,
its registered name
was changed to
JSSR MACHINERY CO.,
LTD. Its business
was expanded to
supply products and
service various kinds
of heavy industrial
machinery and construction
equipment for both
domestic and overseas.
It currently employs approximate 250
staff. The subject
is an affiliated
company of Thai
R.T.N.T. Holding Co.,
Ltd., Thailand.
The
subject’s registered address
was initially located
at 958/24 Moo
12, Bangna-Trad Rd.,
Bangna, Bangkok 10260.
On
August 18, 2011,
its registered address was
relocated to 65/19
Moo 4, Bangna-Trad Rd., Bangpleenoi,
Bangbo, Samutprakarn 10560,
and this is
the subject’s current
operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Jakchai Rattanatanyaporn |
[x] |
Thai |
49 |
|
Ms. Thanita Rattanatanyaporn |
|
Thai |
43 |
|
Mr. Somsak Rattanatanyaporn |
|
Thai |
45 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign or both
of the rest
directors can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Jakchai Rattanatanyaporn is
the Managing Director.
He is Thai
nationality with the
age of 49
years old.
Mr. Somsak Rattanatanyaporn is
the General Manager.
He is Thai
nationality with the
age of 45
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing, exporting and
distributing various kinds
of new and
used civil construction
equipment and heavy industrial machinery
for agriculture and
industrial use. Its
products include asphalt
finisher, bulldozer, compactors,
concrete pumps, truck
crane, rough terrain crane, crawler drill,
crawler loader, electric
welding, excavator, fork lift,
generator, wheel loader,
vibrating compactor, milling
machine, motor grader,
road cutter, roller,
track crusher, trash
compactor and etc.
The subject
also provides modifying,
repair and maintenance
service complete range of heavy
industrial machinery, including
engine, suspension, hydraulic, computerize and
electric systems.
MAJOR BRANDS
“IHI”, “KOBELCO”, “SUMITOMO”,
“KATO”, “TADANO”, “CATERPILLAR”, “CALLAGHAN”,
“FURUKAWA”, “DYNAPAC”, “SANDVIK”,
“WIRTGEN and etc.
PURCHASE
Most of the
products are imported
from Japan, Republic
of China, Taiwan,
Australia, India, U.S.A., and
Germany, the remaining
is purchased from
local suppliers and
agents.
MAJOR
SUPPLIERS
Tadano
[Thailand] Co., Ltd. : Thailand
Wirtgen
[Thailand] Co., Ltd. : Thailand
SALES/SERVICES
The products are
sold and serviced
to wholesalers, retailers
and end-users both
local and international, mainly
in Japan, Singapore, Taiwan,
India, U.S.A., Netherlands
and Middle East countries.
RELATED AND AFFILIATED
COMPANIES
JSSR Auction Co.,
Ltd.
Business Type :
Importer and distributor
of heavy machinery
Siam Kenki Centre
Co., Ltd.
Business Type : Rental service
of industrial machinery
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.
EMPLOYMENT
The
subject currently employs
approximately 250 staff,
comprising office staff, technician,
sales staff and service
workers.
LOCATION DETAILS
The
premise is owned for
administrative office, showroom
and warehouse at the heading
address. Premise is
located in industrial
area.
Showrooms,
service centers and
warehouses are located
as following:
-
900/320
Moo 12, Udomsuk
Rd., Bangna, Bangkok
10260.
-
34 Moo 2, T.
Nongkangkok, A. Muang, Chonburi
20000.
-
173
Bangna-Trad Rd., Bangna,
Bangkok 10260.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$ 5,000,000.
COMMENT
The
company provides sales
and services of
heavy industrial machinery
and equipment in order
to serve construction,
industrial and agricultural
sectors. Its services
are mainly related to
industrial works, subject’s business performance closely
links with the
conditions of domestic
consumption, which had expanded
at slower pace
in 2011 due
to massive floods
in the last
quarter.
However,
in 2012 its
business has outstanding grown from replacement
market of a
windfall from floods last
year. New machineries
have delivered to
various industries since
the beginning of
this year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 60,000,000
divided into 600,000
shares of Bht.
100 each with
fully paid.
On
October 25, 2006,
the capital was
increased to Bht.
200,000,000 divided into
2,000,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Thai R.T.N.T. Holding
Co., Ltd. Nationality: Thai Address : 900/320
Moo 12, Udomsuk
Rd., Bangna,
Bangkok |
1,699,993 |
85.00 |
|
Mr. Jakchai Rattanatanyaporn Nationality: Thai Address : 2896 Rama
4 Rd., Klongtoey,
Bangkok |
300,001 |
15.00 |
|
Ms. Aroonsri Rattanatanyaporn Nationality: Thai Address : 2896
Rama 4 Rd., Klongtoey,
Bangkok |
1 |
- |
|
Ms. Suwanna Kovitsophon Nationality: Thai Address : 23/30
Soi Sukorn, Taladnoi,
Samphantawong, Bangkok |
1 |
- |
|
Ms. Naruemol Rattanatanyaporn Nationality: Thai Address : 958/24
Moo 12, Bangna-Trad
Rd.,
Bangna, Bangkok |
1 |
- |
|
Mr. Somsak Rattanatanyaporn Nationality: Thai Address : 2896
Rama 4 Rd., Klongtoey, Bangkok
|
1 |
- |
|
|
|
|
|
Mrs. Chantanee Rattanatanyaporn Nationality: Thai Address : 958/24
Moo 12, Bangna-Trad
Rd.,
Bangna, Bangkok |
1 |
- |
|
Ms. Thanita Rattanatanyaporn Nationality: Thai Address : 958/24
Moo 12, Bangna-Trad
Rd.,
Bangna, Bangkok |
1 |
- |
Total Shareholders : 8
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
2,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
2,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Pradit Rodloythuk No.
0218
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in Hand
& at Equivalent |
21,000,055.32 |
8,115,129.76 |
|
Trade Accounts & Other
Receivable |
27,341,360.60 |
18,493,436.40 |
|
Short-term Lending |
- |
45,000,000.00 |
|
Inventories |
285,517,073.78 |
353,987,734.86 |
|
Other Current Assets
Deferred Dividend
- Related Company |
60,000,000.00 |
- |
|
Prepayment for
Goods |
30,095,192.50 |
25,296,524.72 |
|
Other Current
Assets |
1,309,272.22 |
2,178,921.54 |
|
|
|
|
|
Total Current Assets
|
425,362,954.42 |
453,071,747.28 |
|
Investment in Subsidiary |
60,000,000.00 |
80,000,000.00 |
|
Fixed Assets |
138,721,832.11 |
118,632,651.77 |
|
Intangible Assets |
104,786.78 |
211,020.03 |
|
Other Non-current Assets |
485,088.49 |
3,385,583.34 |
|
Total Assets |
624,674,661.80 |
655,301,002.42 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from Financial
Institution |
70,467,971.24 |
130,343,477.45 |
|
Trade Accounts &
Other Payable |
35,231,715.56 |
24,266,720.53 |
|
Current Portion of Finance Lease Contract Liabilities |
589,096.18 |
2,917,501.36 |
|
Short-term Loan from
Related Company |
5,000,000.00 |
50,000,000.00 |
|
Other Current Liabilities Accrued Dividend |
32,400,000.00 |
- |
|
Accrued Income
Tax |
5,319,830.37 |
- |
|
Advance Income
from Goods |
21,208,028.61 |
16,356,716.27 |
|
Other Current
Liabilities |
391,451.21 |
371,319.74 |
|
|
|
|
|
Total Current Liabilities |
170,608,093.17 |
224,255,735.35 |
|
Finance Lease Contract
Liabilities |
395,162.20 |
991,415.63 |
|
Obligation from Employee
Benefits |
2,112,080.00 |
- |
|
Other Liabilities |
145,386.75 |
164,357.45 |
|
Total Liabilities |
173,260,722.12 |
225,411,508.43 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 2,000,000 shares |
200,000,000.00 |
200,000,000.00 |
|
|
|
|
|
Capital Paid |
200,000,000.00 |
200,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve |
13,550,000.00 |
8,500,000.00 |
|
Unappropriated |
237,863,939.68 |
221,389,493.99 |
|
Total Shareholders' Equity |
451,413,939.68 |
429,889,493.99 |
|
Total Liabilities & Shareholders' Equity |
624,674,661.80 |
655,301,002.42 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales & Service
Income |
372,288,756.03 |
467,424,170.39 |
|
Dividend Income |
60,000,000.00 |
142,000,000.00 |
|
Gain on Disposal
of Assets |
9,243,615.06 |
2,926,346.97 |
|
Other Income |
8,337,836.47 |
10,403,674.56 |
|
Total Revenues |
449,870,207.56 |
622,754,191.92 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service
|
313,024,887.93 |
410,969,203.23 |
|
Selling Expenses |
10,768,492.31 |
11,102,839.46 |
|
Administrative Expenses |
28,174,525.70 |
39,860,842.48 |
|
Total Expenses |
351,967,905.94 |
461,932,885.17 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
97,902,301.62 |
160,821,306.75 |
|
Financial Cost |
[3,355,150.48] |
[7,611,541.20] |
|
Income Tax |
[9,923,020.45] |
- |
|
|
|
|
|
Net Profit / [Loss] |
84,624,130.69 |
153,209,765.55 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.49 |
2.02 |
|
QUICK RATIO |
TIMES |
0.28 |
0.32 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.68 |
3.94 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.60 |
0.71 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
332.92 |
314.39 |
|
INVENTORY TURNOVER |
TIMES |
1.10 |
1.16 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
26.81 |
14.44 |
|
RECEIVABLES TURNOVER |
TIMES |
13.62 |
25.28 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
41.08 |
21.55 |
|
CASH CONVERSION CYCLE |
DAYS |
318.65 |
307.28 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
84.08 |
87.92 |
|
SELLING & ADMINISTRATION |
% |
10.46 |
10.90 |
|
INTEREST |
% |
0.90 |
1.63 |
|
GROSS PROFIT MARGIN |
% |
36.76 |
45.31 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
26.30 |
34.41 |
|
NET PROFIT MARGIN |
% |
22.73 |
32.78 |
|
RETURN ON EQUITY |
% |
18.75 |
35.64 |
|
RETURN ON ASSET |
% |
13.55 |
23.38 |
|
EARNING PER SHARE |
BAHT |
42.31 |
76.60 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.28 |
0.34 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.38 |
0.52 |
|
TIME INTEREST EARNED |
TIMES |
29.18 |
21.13 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(20.35) |
|
|
OPERATING PROFIT |
% |
(39.12) |
|
|
NET PROFIT |
% |
(44.77) |
|
|
FIXED ASSETS |
% |
16.93 |
|
|
TOTAL ASSETS |
% |
(4.67) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
36.76 |
Impressive |
Industrial Average |
20.54 |
|
Net Profit Margin |
22.73 |
Impressive |
Industrial Average |
2.11 |
|
Return on Assets |
13.55 |
Impressive |
Industrial Average |
1.48 |
|
Return on Equity |
18.75 |
Impressive |
Industrial Average |
0.53 |
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 36.76%. When compared with
the industry average, the ratio of the company was higher. This 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. Net Profit Margin ratio is 22.73%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant position within its industry.
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. Return on Assets ratio is
13.55%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
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. Return on Equity ratio
is 18.75%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
2.49 |
Impressive |
Industrial Average |
1.18 |
|
Quick Ratio |
0.28 |
|
|
|
|
Cash Conversion Cycle |
318.65 |
|
|
|
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 2.49 times in 2011, increase from 2.02 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 0.28 times in 2011,
decrease from 0.32 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 319 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.28 |
Impressive |
Industrial Average |
0.62 |
|
Debt to Equity Ratio |
0.38 |
Impressive |
Industrial Average |
1.57 |
|
Times Interest Earned |
29.18 |
Impressive |
Industrial Average |
2.36 |
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 29.18 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 0.28 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.68 |
Impressive |
Industrial Average |
2.02 |
|
Total Assets Turnover |
0.60 |
Acceptable |
Industrial Average |
0.83 |
|
Inventory Conversion Period |
332.92 |
|
|
|
|
Inventory Turnover |
1.10 |
Acceptable |
Industrial Average |
1.79 |
|
Receivables Conversion Period |
26.81 |
|
|
|
|
Receivables Turnover |
13.62 |
Impressive |
Industrial Average |
4.17 |
|
Payables Conversion Period |
41.08 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
|
1 |
Rs.88.55 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.