|
Report Date : |
22.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
NEW ZEALAND WOOL SERVICES INTERNATIONAL LIMITED |
|
|
|
|
Formerly Known As : |
WOOL SERVICES INTERNATIONAL (WSI) |
|
|
|
|
Registered Office : |
First Floor, 30 Sir William Pickering Drive Russley Christchurch 8042 |
|
|
|
|
Country : |
New Zealand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
13.12.1991 |
|
|
|
|
Com. Reg. No.: |
530665 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Marketing, processing and selling of New Zealand wool. |
|
|
|
|
No. of Employees : |
17 employees (Subject); 70 employees (WSI Group) |
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 |
|
Maximum Credit Limit : |
USD 1,750,000 |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
New Zealand |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Verified Address
Subject
name : NEW ZEALAND WOOL SERVICES INTERNATIONAL
LIMITED
Other
style / Business name : WOOL SERVICES INTERNATIONAL (WSI)
Business
address : First Floor, 30 Sir William Pickering
Drive
Town : Russley
Province : Christchurch
Zip/postal
code : 8042
Country : New
Zealand
Tel : +64 3 3578700
Fax : +64 3 3578720
Email : info@woolserv.co.nz
Website : www.woolserv.co.nz
Registered
address : First Floor, 30 Sir William Pickering
Drive
Town : Russley
Province : Christchurch
Zip/postal
code : 8042
Country : New
Zealand
Postal
address : P.O. Box 29383
Town : Fendalton
Province : Christchurch
Zip/postal
code : 8540
Country : New
Zealand
Comments :
Although the Subject's head office and
the Kaputone wool scour are both located in Christchurch, the Subject was
fortunate to emerge from last year’s unprecedented events largely unscathed.
Executive Summary
Date
founded or registered : 13/12/1991
Legal
form : Public Listed Company
Chief
executive : Michael Brian Francis Dwyer
Issued
& paid up capital : NZD 28,804,000
Sales
turnover : NZD 200,113,000 (Consolidated 12
months, 30/06/2011)
Net
income : NZD 6,636,000 (Consolidated 12 months,
30/06/2011)
Total
fixed assets : NZD 102,818,000 (Consolidated 12
months, 30/06/2011)
Line
of business : Marketing, processing and selling of New
Zealand wool.
Staff
employed : 17 employees (Subject); 70 employees
(WSI Group)
Country
risk : Country risk is minimal
Operation
trend : Operational trend is steady
Management
experience : Management is adequately experienced
Financial
performance : Financial performance is good
Organization
structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment
history : No payment delays noted
Credit amount suggestion : USD 1,750,000
Credit amount asked : Not described.
Registry Data
Registration
date : 13/12/1991
Legal
form : Public Listed Company
Registration
no 530665
Registered
authority : New Zealand Companies Office
Registry
status : Live/Active
Previous
name : None reported.
Change
of legal form : None reported.
Key Management
Name : Michael Brian Francis Dwyer
Designation :
Managing
Director
Name :
Geoffrey Deakins
Designation : Financial
Controller
Biography : Geoff
has spent over 20 years specialising in financial activities within the wool
industry, particularly in relation to local and export market
transactions. Geoff joined WSI in 1992.
Name : John Dawson
Designation : General
Manager
Biography : John
was previously with the Mair Group from 1978 to 1992 and was appointed a
director of Mair Wool in 1989. John
joined New Zealand Wool Services International Limited in 1992 and specialises
in international wool marketing where he has acquired an in-depth knowledge of
markets in the European, Pacific and Asiaregions.
John
is deputy to the Managing Director.
Name : Paul Steel
Designation : Marketing
Manager
Biography : Previously
with the New Zealand Wool Board and fibre marketing manager at Wools of New
Zealand, Paul joined New Zealand Wool Services International Limited at its
inception in 1992 and has been instrumental in New Zealand Wool Services
International Limited successfully establishing markets in the Indian
sub-continent and the Middle East and is in charge of marketing in Japan.
Name : Adrian Donnelly
Designation : General
Manager - Whakatu Wool Scour
Biography : Adrian
has held various positions within the scouring industry for over
30
years. He was previously manager of
Clifton Wool Scour between
2001
and 2009 and joined Whakatu Wool Scour as General Manager in May 2009.
Name : Don Caradus
Designation : General
Manager - Kaputone Wool Scour
Biography : Don
has held various positions in the scouring industry over the last
28
years. He has worked at Kaputone Wool
Scour since 1994 and has held the position of General Manager since 2005.
Appointments
Name : Michael Brian Francis Dwyer
Designation : Director
Appointment
date : 21/08/92
Address : 40 McDougall Avenue
St Albans, Christchurch 8014
New Zealand
Biography : Mr.
Michael B.F. Dwyer Dip.Wool (Massey) has been Managing Director and Director of
New Zealand Wool Services International since 1992. Mr.Dwyer served as Managing
Director of Mairwool from1975 to 1991. He served as a Director of Mair Astley
Holdings Limited from 1980 to 1989.
Name : Herbert Lawrence John Govan
Designation : Director
Appointment
date : 07/12/10
Address : 15 Chateau Drive
Burnside, Christchurch 8053
New Zealand
Biography : Mr.
Herbert Lawrence John Govan has been Director of New Zealand
Wool
Services International since December 2010.
Name : David Michael John Houldsworth
Designation : Director
Appointment
date : 01/08/99
Address : 9 Maui Grove
Remuera, Auckland 1050
New Zealand
Biography : Mr.
David Michael John Houldsworth served as the Managing Director of Hellaby
Holdings Limited since June 1998 and also its Chief Executive Officer until
July 2, 2007. Mr. Houldsworth's extensive background in management and
investment is a valuable advantage for the business growth expected in the next
few years.
Prior
to Hellaby, he served as Head of Corporate Banking at Westpac
Banking
Corporation from 1989 to 1998. He held senior corporate and investment banking
roles with Chase Manhatten and Citibank. He has been a Non-Independent Director
of New Zealand Wool Services International since 1999. He serves as a Director
of Meteorological Service of New Zealand Limited. He serves as a Director of R
Hannah & Co, Wool Services International Ltd and various other Hellaby
Holding's subsidiaries. He served as Executive
Director
of Hellaby Holdings Ltd. since 1998. He served as a Director of Energy
Intellect Ltd.
Name : Peter Alexander Hughlings Jackson
Designation : Director
Appointment
date : 06/11/97
Address : Te Akau, Ngaruawahia 3742
New Zealand
Biography : Mr.
Peter A. H. Jackson has been Independent Director of New Zealand Wool Services International
Ltd. since November 1997. Mr. Jackson served as Chairman of Mt Linton Station
Limited. and Former Chairman Affco Holdings Limited. He is a Nuffield Farming
Scholar. He is a farmer.
Name : Derek Mervyn Kirke
Designation : Director
Appointment
date : 30/07/93
Address : 26 Mataraki Place
Wanaka, 9305
New Zealand
Biography : Mr.
Derek M. Kirke Dip. V FM, has been Chairman of New Zealand Wool Services
International since February 2, 2011. Mr. Kirke served as the Chairman
MacKenzie Tourism and Development Board. Mr. Kirke served as the Chairman of
Christchurch and Canterbury Marketing Limited. He is a Nuffield Farming
Scholar. Mr. Kirke has been an Independent director of New Zealand Wool
Services International since July 1993.
Staff
employed : 17 employees (Subject); 70 employees
(WSI Group)
Key Advisors
Auditors : ERNST & YOUNG
20-22 Twigger Street Addington
Christchurch 8013
New Zealand
Composition
Authorized
Capital : NZD 28,804,000
No
of shares : 68,987,726 Ordinary Shares
Share
par value : No par value
Issued
capital : NZD 28,804,000
Paid up capital : NZD 28,804,000
How
listed : Major Shareholders Only
Composition
Shareholder
name : PLUM DUFF LIMITED
Address : 5 Sir Gil Simpson Drive
Burnside, Christchurch, 8053
New Zealand
No.
of shares : 30,592,451 Ordinary Shares
%
of shares : 44.34%
Shareholder
name : WOOLPAK HOLDINGS LIMITED
Address : 5 Sir Gil Simpson Drive
Burnside, Christchurch, 8053
New Zealand
No.
of shares : 13,795,830 Ordinary Shares
%
of shares : 20.00%
Shareholder
name : Michael Brian Francis Dwyer
Address : 40 McDougall Avenue
St Albans, Christchurch 8014
New Zealand
No.
of shares : 4,282,601 Ordinary Shares
%
of shares : 6.21%
Shareholder
name : SCALES SUPERANNUATION MANAGEMENT
LIMITED
Address : 55 Belfast Road
Belfast, Christchurch, 8051
New Zealand
No.
of shares : 1,611,651 Ordinary Shares
% of shares : 2.34%
Shareholder
name : John Dawson
Address : New Zealand
No.
of shares : 1,001,545
%
of shares : 1.45%
Ownership
/ Shareholding comment :
The Subject’s shares are listed on the
alternative market operated by the New Zealand Exchange known as the NZAX since
03 May 2004. As of 30-06-2011, the Subject has approximately 3,909
shareholders.
The
Subject majority shareholders Plum Duff Limited and Woolpak Holdings Limited,
which hold a controlling 64 per cent shareholding in the company, have been
placed in receivership. This shareholding has been on the market since early of
2011. A number of parties have sought to take advantage, in some
cases
aiming to consolidate the industry, and in others to increase their own stake
in it.
Cavalier
Wool Holdings Limited has expressed the most widely publicized interest in the
Subject. To achieve its desired outcome, it applied to the Commerce Commission
for authorisation to create a monopoly in the scouring industry.
Although
this authorisation was granted, it has been appealed in the High Court, causing
the receiver to suspend the share sale process.
Once
the High Court has determined this appeal, the Subject will inform shareholders
of the outcome, and similarly advise if the receivers complete a sale of the
shares.
Structure
Name : KAPUTONE WOOL SCOUR (1994) LIMITED
Affiliation
type :
Wholly-owned Subsidiary
Address :
20 Station Road
Belfast, Christchurch 8051
New Zealand
Comments :
Wool processing.
Name : WHAKATU WOOL SCOUR LIMITED
Affiliation
type :
Wholly-owned Subsidiary
Address :
Railway Road
Hawkes Bay, Whakatu 4172
New Zealand
Comments :
Wool processing.
Name : RAYMOND DALE WOOL MARKETING LIMITED
Affiliation
type :
Wholly-owned Subsidiary
Address :
Level 1, 2 Kari Street
Grafton,
Auckland 1010
New
Zealand
Comments :
Wool trading and marketing.
Name : RURAL WOOL-LINK LIMITED
Affiliation
type :
Wholly-owned Subsidiary
Address :
1500 State Highway 3
Te Kuiti 3985
New Zealand
Comments :
Wool trading and marketing.
Name : RAYMOND DALE WOOL MARKETING LIMITED
Affiliation
type :
Wholly-owned Subsidiary
Address :
30 Sir William Pickering Drive
Christchurch 8053
New Zealand
Comments : Wool trading and marketing.
Bank Details
Name
of bank : Bank of New Zealand Limited
Address :
New Zealand
Account
details :
Current Account
Comments :
It is generally not the policy of local
banks to provide credit status information to non related parties, however
interested parties would be advised to consult first with the Subject if
banker's references are required.
Mortgages : None reported.
Legal Fillings
Bankruptcy
fillings : None reported.
Court
judgements : None reported.
Tax
liens : None reported.
Others : None reported.
Description
Source
of financial statement : Commercial Registry Filings
Financial
statement date : 30/06/11
Type
of accounts : Full audited
Currency : New Zealand, Dollar (NZD)
Exchange
rate : 1 USD = NZD 1.19 as of 20-02-2012
Summarized Financial
Information
Consolidation
type : Consolidated Consolidated Consolidated
Currency : New Zealand, Dollar New Zealand, Dollar New Zealand, Dollar
(NZD) (NZD) (NZD)
Denomination : (x1)
One (x1)
One (x1)
One
Date of financial year end : 31/12/11 30/06/11 30/06/10
Length of accounts : 6
months 12
months 12
months
Sale turnover / Income : 107,564,000 200,113,000 151,034,000
Gross profit : 18,754,000 12,821,000
Profit before tax : 2,514,000 9,112,000 3,240,000
Net income : 1,801,000 6,636,000 1,147,000
Non current assets : 21,841,000 22,647,000 23,253,000
Current
assets : 60,663,000 80,171,000 59,508,000
|
Inventories : |
33,325,000 |
46,717,000 |
32,628,000 |
|
Total assets : |
82,504,000 |
102,818,000 |
82,761,000 |
|
Current liabilities : |
37,083,000 |
56,574,000 |
39,626,000 |
|
Non current liabilities : |
10,021,000 |
10,636,000 |
11,842,000 |
|
Total liabilities : |
47,104,000 |
67,210,000 |
51,468,000 |
|
Share equity : |
35,400,000 |
35,608,000 |
31,293,000 |
|
Retained earning : |
4,282,000 |
4,551,000 |
-2,000 |
Comments :
The consolidated financial information
above relates to the Subject and its subsidiaries.
Main
activities : The Subject is engaged in marketing, processing
and selling of New Zealand wool worldwide. The Subject is listed on the
alternative market (NZAX) operated by the New Zealand Stock Exchange.
The
Subject owns and operates 2 modern scouring plants: Kaputone Wool Scour in
Christchurch and Whakatu Wool Scour in Hawkes Bay. Both are equipped with
state-of-the-art equipment and regularly operate 24 hours a day at full
capacity processing 40% of New Zealand’s coarse wool.
Product
& services : Scoured wool
Greasy
wool
Brand : PURELANA GLACIAL RED BAND
Purchases
Local : Yes
(Primarily from New Zealand)
Sales
Local : Yes
International : Mainly
to China, India, Europe, United States
Key
events : 21 December 2011
No
appeal in wool scouring case
Godfrey
Hirst says it won't appeal a High Court decision over a proposal to create a
wool scouring monopoly in New Zealand.
That
leaves the way clear for Cavalier Wool Holdings, to proceed with its plan to
buy the assets of Wool Services International, so it can merge the scouring
services of two companies.
Cavalier
argues that the merger is necessary to keep the process of cleaning greasy wool
in New Zealand, in the face of competition from China.
The
takeover has been cleared by the Commerce Commission and
Godfrey
Hirst failed in its High Court action to block the move.
Cavalier
is not saying at this stage when it will make the bid for WSI's assets.
Godfrey
Hirst says it's concerned that a scouring monopoly could lead to an increase in
processing costs here, forcing it and other processors to shift more of their
operations off-shore.
General
manager Tania Pauling says the carpet maker is waiting to see what will happen
next.
Godfrey
Hirst lost a significant part of its domestic yarn processing capacity with
closure of its factory in Christchurch, due to earthquake damage.
MS
Pauling says yarn imported from China and India will be used to supplement, not
replace production at its remaining domestic yarn plants in Dannevirke and
Lower Hutt.
But
she says it's likely that if the carpet market picks up again, the extra wool
needed by her company would not come from New Zealand.
20
December 2011
Capital
raising venture fails to meet target
Joint
venture company WoolCo has failed to raise the capital it was seeking to buy
the country's largest wool exporter, Wool Services International (WSI).
WoolCo,
a joint venture between farmer-owned Wool Equities and Christchurch-based
investment bank Ocean Partners, was seeking $40 million from farmers and other
investors to purchase WSI and prevent its sale to Cavalier Wool Holdings.
It
believes sale to Cavalier will create a wool scouring monopoly in New
Zealand.
WoolCo
planned to use WSI as the basis for an integrated farmer-controlled wool
marketing operation.
The
High Court last month validated the Commerce Commission's decision to allow
Cavalier to buy the company and Mr Heath says many farmers
now
believe a monopoly is inevitable.
WoolCo
chair Cliff Heath said wool growers had expressed considerable support for the
initiative but that did not translate into adequate financial support to allow
the purchase.
He
would not say exactly how much was raised but said the gap was too big and the
money subscribed by investors will be returned.
Mr
Heath says WoolCo had a limited time to try to raise the money
because
the deadline for appealing the High Court decision on the scouring monopoly
expires this week.
But
he says the farmer investment company Wool Equities will continue searching for
ways to consolidate the industry.
"We
believe that in the end what's is required is one strong company owned by
farmers that can look after the interests of farmers."
It
was the second attempt within a year to unify parts of the wool industry under
farmer control.
In
early 2011, a proposed farmer co-operative failed to reach its money raising
target to buy the marketing company Wool Partners International.
Meanwhile,
debate over the prospect of a scouring monopoly continues.
The
managing director of Christchurch-based exporter John Marshall and
Company,
Peter Crone, estimates it would cost his firm an extra $200,000 -
$300,000
a year in transport and other charges.
Mr
Crone says the Commerce Commission also made a serious mistake with the last
wool industry rationalisation, when it allowed a wool dumping and handling
monopoly, which has resulted in significantly increased charges for greasy wool
exports.
However,
support has come from Curtis Wool Direct, which describes itself as the largest
buyer and processor of British wool in the Northern Hemisphere. It also has
buying and merchanting operations in New Zealand.
The
firm says the Cavalier Wool Holdings proposal will bring about structural
changes that the industry requires to keep a strong scouring sector in New
Zealand, increase efficiencies, and stay competitive with international
scourers.
New
Zealand Wool Sale Expected By June
02/17/2012
A
sale of 64% stake in New Zealand Wool Services International is expected to be
completed by June 2012, according to Maurice Noone of PwC, the receiver of
Allan Hubbard-related companies Plum Duff and Woolpak Holdings. "On the
back of recent Commerce Commission appeals, we are continuing discussions with
interested parties with the
intention
to reach some form of settlement within the next reporting period," he
said in his latest report.
New
Zealand Wool Services International Reports Unaudited Consolidated
Earnings
Results for the Half Year Ended December 31, 2011
02/7/2012
New
Zealand Wool Services International reported unaudited consolidated earnings
results for the half year ended December 31, 2011. For the period, the company
reported total operating revenue of NZD 107,564,000
against
NZD 84,801,000 a year ago. Operating surplus before taxation was NZD 2,514,000
against NZD 4,372,000 a year ago. Net surplus attributable to members of the
company was NZD 1,801,000 against NZD 3,508,000 a year ago. Basic EPS was NZD
0.026 against NZD 0.044 a year ago. Net operating cash flow was NZD 11,175,000
against NZD 3,029,000 a year ago. Cash paid for purchases of property, plant
and equipment was NZD
153,000
against NZD 694,000 a year ago. Returns on assets was 3.05% compared to 5.10% reported
a year ago. Returns on equity was 5.09% compared to 9.08% reported a year ago.
Cavalier
Eyes Wool Services' Assets
10/7/2011
Cavalier
Corporation Limited intends to acquire the wool assets of New Zealand Wool Services
International Limited. Cavalier may lay off more of its own staff if the deal
goes ahead when it closes two of WSI's scours and mothballs two of its own
plants. The deal, which could create a monopoly,
has
been authorized by the Commerce Commission. Cavalier shares fell
1% to $3.1 on October 6, 2011.
Property &
Assets
Premises :
The Subject operates from premises
located at the verified heading address consisting of administrative office.
Branches :
None reported.
Other
property : Wool scouring facility:
KAPUTONE
WOOL SCOUR (1994) LIMITED, located just north of
Christchurch
on the east coast of the South Island, New Zealand.
WHAKATU
WOOL SCOUR LIMITED, located in the Hawkes Bay on the east coast of the North
Island, New Zealand.
Total
Group NBV of property, plant and equipment as of 30-06-2011 was
NZD 15,602,000.
Gross Domestic
Products (GDP) & Economic Overview
Central
bank : Reserve Bank of New Zealand
Reserve
of foreign exchange & gold : US$ 20.562 billion
Gross
domestic product - GDP : US$ 153.252 billion
GPP
(Purchasing power parity) : 120.2 billion of International dollars
GDP
per capita - current prices : US$ 34,701
GDP
- composition by sector : agriculture: 4.6% industry: 23.7% services:
71.7%
Inflation : 2008: 4%
2009: 2.1%
2010: 2.3%
Unemployment
rate 2008:
4.2%
2009: 6.2%
2010: 6.5%
Public
debt
(General
Government gross debt as a % GDP)2008: 20.4%
2009: 26.1%
2010: 31.6%
Government
bond ratings : Standard & Poor's: AA+/Stable/A-1+
Moody's rating: Aaa
Moody's outlook: STA
Market
value of publicly traded shares US$67.061
billion
Largest
companies in the country : Telecom of New Zealand, Transpower,
Fletcher Building, Infratil
Trade &
Competitiveness Overview
Total
exports : US$33.24 billion
Exports
commodities : dairy products, meat, wood and wood
products, fish, machinery
Total
imports : US$31.11 billion
Imports
commodities : machinery and equipment, vehicles and
aircraft, petroleum, electronics,textiles, plastics
Export
- major partners : Australia 22%, US 11.5%, Japan 9.2%,
China 5.3%, UK 4.6%
Import
- major partners : Australia 20.7%, China 13.4%, US 9.7%,
Japan 9.5%, Singapore 4.9%, Germany 4.7%
FDI
Inflows : 2008: US$4,598 million
2009: US$-1,293 million
2010: US$561 million
FDI
Outflows : 2008: US$462 million
2009: US$-308 million
2010: US$589 million
Best
countries for doing business: 3 out
of 183 countries
Global
competitiveness ranking : 25 (ranking by country on a basis of
142, the first is the best)
Country and
Population Overview
Total
population : 4.37 million
Total
area : 270,467 km2
Capital :
Wellington
Currency : New Zealand dollars (NZD)
Internet
users as % of total population: 83%
Purchase Term
Local : Prepayment,
Cash against document, Credit up to 120 days
International : Prepayment,
Cash against document, Credit up to 120 days
Sales Term
Local : Cash
against document, Cash against document, Credit up to 120 days
International : L/C,
Cash against document, Credit up to 120 days
Trade Reference/
Payment
Behaviour
Comments :
As local and international trade
references were not supplied, the Subject's payment track record history cannot
be appropriately determined but based on our research, payments are believed to
be met without delay.
Investigation Note
Sources :
Interviews and material provided by the
Subject
:
Other official and local business
source
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.08 |
|
|
1 |
Rs.77.80 |
|
Euro |
1 |
Rs.65.17 |
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.