MIRA INFORM REPORT
|
Report Date : |
28.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
LS NETWORKS CORPORATION LIMITED |
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Formerly Known As : |
Kukje Sangsa Corp. |
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Registered Office : |
360-1, An-dong, Gimhae-si, Gyeongsangnam-do, Korea, Zip code 621-914 |
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Country : |
South Korea |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
21.12.1949 |
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Com. Reg. No.: |
622-81-04805 |
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Legal Form : |
Listed Company |
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Line of Business : |
Wholesale of Footwear |
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No. of Employees
: |
558 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
South Korea |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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Company
Name |
LS NETWORKS CORPORATION
LIMITED (Korean Company
Name : “(주)LS네트웍스”) |
|
Registered Address |
360-1, An-dong, Gimhae-si,
Gyeongsangnam-do, Korea |
|
Zip Code |
621-914 |
|
Tel |
+82-55-330-7111 |
|
Fax |
+82-55-337-7088 |
|
E-mail |
|
|
Website |
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|
Trading Address |
LS Yongsan Tower, 191, Hangangno 2-ga,
Yongsan-gu, Seoul, Korea |
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Tel |
+82-2-799-7114 |
|
Fax |
+82-2-797-5444 |
|
Other Address-Seongnam Factory |
252-1, Sangdaewon-dong, Jungwon-gu,
Seongnam-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-730-7000 |
|
Type |
Export/Import |
|
Industry |
Wholesale of Footwear |
|
Main Business |
Sports Shoes, Sports Wears |
|
Sub
Business |
Renting of Non-Residential Buildings |
|
Established (mm/dd/yyyy) |
12/21/1949 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Sport accessories(49221500) |
|
Sell |
Athletic wear(53102900) |
|
Sell |
Athletic footwear(53111900) |
|
Sell |
Shoes(53111600) |
|
Sell |
Sandals(53111800) |
|
Sell |
Camping and outdoor equipment(49121500) |
|
Name |
Kim Seung-Dong |
|
Date of Birth |
10/01/1953 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
|
Capital (KRW) |
394,091,500,000 |
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|
Employees |
558 |
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Formation |
Listed Company (Korea Stock Exchange : 000680) as of 11/15/1973 A Company of LS GROUP |
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Bank Details |
Woori Bank-Hangangro Branch |
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Corporate Registered No. |
180111-0044717 |
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Business Registered No. |
622-81-04805 |
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Permit & Licenses |
12/1994 ISO 9001 07/2004 GD Mark Int’l Trade No.: 671006 |
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Shareholder Position |
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Company History |
12/21/1949 Incorporated as Kukje Chemical
Corp. 10/25/1976 Changed company name to KUKJE SANGSA CORP. 03/08/2000 Approved of Corporate Clearing Procedure by Changwon
District Court 01/31/2007 Approved of finishing Corporate Clearing Procedure by
Changwon District Court 02/01/2007 Joined as a company of LS GROUP 01/29/2008 Changed company name to the present name from Kukje Sangsa
Corp. 03/04/2008 Spin off ARTIS Business to ARTIS CO., LTD. 04/06/2009 Acquired F.A.S.T. Corporation(110111-3753632) 09/01/2011 Acquired OD CAMP CO.,
LTD.(110111-2839417) |
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Job
Description |
Title |
Name |
Sex |
Nationality |
Date of
Birth |
|
President
& CEO |
Mr. |
Kim Seung-Dong |
Male |
Korean |
1953.10.01 |
|
Director |
Mr. |
Koo Ja-Yeol |
Male |
Korean |
1953.03.02 |
|
Director |
Mr. |
Koo Ja-Yong |
Male |
Korean |
1955.03.27 |
|
Director |
Mr. |
Lee Dae-Hoon |
Male |
Korean |
1952.11.20 |
|
Auditor |
Mr. |
Yoon Seung-Hyun |
Male |
Korean |
1951.07.04 |
|
Executive
Director |
Mr. |
Ahn Kyung-Han |
Male |
Korean |
1968.08.18 |
|
Outside
Director |
Mr. |
Keum Byung-Joo |
Male |
Korean |
1946.07.05 |
|
Outside
Director |
Mr. |
Oh Ho-Soo |
Male |
Korean |
1944.04.29 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
423,313,532,000 |
1,119,236,438,000 |
12,467,832,000 |
|
|
(*)09/2011 |
296,317,061,673 |
1,096,712,646,258 |
7,758,543,232 |
|
2010 |
358,201,817,090 |
1,017,971,296,461 |
19,468,272,062 |
|
2009 |
271,990,548,161 |
1,040,437,619,106 |
14,653,246,774 |
|
2008 |
251,252,512,610 |
466,898,210,700 |
24,822,713,070 |
(*)09/2011 ‘s figures are based on the K-IFRS Accounting System.
(*)The financials
(2011) are released by the subject company as tentative figures as of
02/08/2012. It can be changeable by the Auditors confirmation.
|
Authorized Capital(KRW) |
5,000,000,000,000 |
|
Paid-Up Capital(KRW) |
394,091,500,000 |
|
Total Issues Shares |
78,818,300 |
Balance
Sheet
|
|||
|
Unit :
Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total
Assets |
1,096,712,646,258 |
1,009,390,674,022 |
|
|
Current Assets |
213,312,250,071 |
154,056,179,288 |
|
|
Cash
& Cash Equivalents |
3,446,709,220 |
17,657,187,096 |
|
|
Trade
Receivables & Other Receivables |
40,881,464,514 |
27,505,608,042 |
|
|
Current
Financial Instruments |
1,442,456,000 |
10,485,036,000 |
|
|
Current
Non-Financial Instruments |
2,546,923,086 |
12,336,505,368 |
|
|
Inventories |
164,994,697,251 |
86,071,842,782 |
|
|
Non-Current Assets |
883,400,396,187 |
855,334,494,734 |
|
|
Long-Term
Trade Receivables & Other Receivables |
21,578,950,958 |
17,251,984,808 |
|
|
Investment_Subsidiaries |
10,323,911,816 |
18,322,821,307 |
|
|
Investment_Related
Companies |
2,119,288,000 |
0 |
|
|
Investment_Co-Subsidiaries |
650,696,654 |
0 |
|
|
Non-Current
Financial Instruments |
55,234,051,349 |
74,275,599,670 |
|
|
Non-Current
Non-Financial Instruments |
1,772,812,869 |
922,045,045 |
|
|
Tangibles |
196,329,073,182 |
165,218,307,240 |
|
|
Investment_Real
Estates |
585,207,435,916 |
570,417,471,225 |
|
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Intangibles |
10,184,175,443 |
8,926,265,439 |
|
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Total Liabilities |
293,928,298,544 |
183,922,068,845 |
|
|
Current Liabilities |
121,892,770,526 |
36,563,204,880 |
|
|
Trade
Payables & Other Payables |
48,179,830,702 |
23,723,388,584 |
|
|
Short-Term
Borrowings |
61,751,589,868 |
1,969,774,184 |
|
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Other
Current Liabilities |
5,779,516,933 |
4,835,782,770 |
|
|
Accrued
Income Tax |
6,181,833,023 |
6,034,259,342 |
|
|
Non-Current Liabilities |
172,035,528,018 |
147,358,863,965 |
|
|
Long-Term
Trade Payables & Other Payables |
48,738,110,304 |
43,624,555,425 |
|
|
Long-Term
Borrowings |
31,380,120,531 |
1,565,541,447 |
|
|
Other
Non-Current Financial Debts |
1,946,036,637 |
2,050,589,131 |
|
|
Provision
for Severance & Retirement |
1,521,661,945 |
15,931,517 |
|
|
Deferred
Income Tax Credit |
88,449,598,601 |
100,102,246,445 |
|
|
Capital Stock |
394,091,500,000 |
393,464,130,000 |
|
|
Capital
Surplus |
-6,647,024,081 |
-46,418,640,044 |
|
|
Others |
-37,654,591,584 |
-22,760,491,233 |
|
|
Profit
Surplus |
452,994,463,379 |
501,183,606,454 |
|
|
Total
Equity |
802,784,347,714 |
825,468,605,177 |
|
|
Liab.
& Shareholder’s Equity |
1,096,712,646,258 |
1,009,390,674,022 |
|
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
1,017,971,296,461 |
1,040,437,619,106 |
466,898,210,700 |
|
Current Assets |
165,683,731,610 |
209,404,511,669 |
217,274,393,448 |
|
-Quick Assets |
79,611,888,828 |
141,006,411,797 |
153,690,280,657 |
|
-Inventories |
86,071,842,782 |
68,398,099,872 |
63,584,112,791 |
|
Fixed Assets |
852,287,564,851 |
831,033,107,437 |
249,623,817,252 |
|
-Investment |
87,777,035,580 |
87,728,166,735 |
83,981,771,833 |
|
-Tangibles |
737,799,541,399 |
725,968,496,877 |
146,909,642,570 |
|
-Intangibles |
4,689,289,697 |
5,111,270,300 |
635,878,574 |
|
-Others |
22,021,698,175 |
12,225,173,525 |
18,096,524,275 |
|
Total Liabilities |
196,728,933,045 |
191,937,336,868 |
60,732,558,347 |
|
Current Liabilities |
36,384,619,344 |
30,155,948,167 |
17,031,023,236 |
|
Fixed
Liabilities |
160,344,313,701 |
161,781,388,701 |
43,701,535,111 |
|
Capital
Stock |
393,464,130,000 |
394,278,995,000 |
394,278,995,000 |
|
Capital
Surplus |
|
|
|
|
Profit
Surplus |
76,585,479,799 |
58,772,568,391 |
44,141,691,602 |
|
Capital
Adjustment |
351,192,753,617 |
395,448,718,847 |
-32,255,034,249 |
|
Total Equity |
821,242,363,416 |
848,500,282,238 |
406,165,652,353 |
|
Liab. &
Shareholder’s Equity |
1,017,971,296,461 |
1,040,437,619,106 |
466,898,210,700 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
296,317,061,673 |
|
|
|
Cost of Sold Goods |
142,776,742,608 |
|
|
|
Gross Profit |
153,540,319,065 |
|
|
|
Selling & Admin. Expenses |
145,832,850,255 |
|
|
|
Other Operating Income |
2,239,235,315 |
|
|
|
Other Operating Expenses |
1,761,584,358 |
|
|
|
Operating Income |
8,185,119,767 |
|
|
|
Finance Income |
2,763,003,170 |
|
|
|
Finance Expenses |
889,769,599 |
|
|
|
Income Before Taxes |
10,058,353,338 |
|
|
|
Income Taxes Expenses |
2,299,810,106 |
|
|
|
Net Income |
7,758,543,232 |
|
|
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
358,201,817,090 |
271,990,548,161 |
251,252,512,610 |
|
Cost of Sold Goods |
176,752,568,277 |
134,468,011,891 |
121,986,453,102 |
|
Gross Profit |
181,449,248,813 |
137,522,536,270 |
129,266,059,508 |
|
Selling & Admin. Expenses |
151,588,300,514 |
116,688,455,427 |
110,127,686,028 |
|
Operating Income |
29,860,948,299 |
20,834,080,843 |
19,138,373,480 |
|
Non-Operating Income |
7,380,983,780 |
6,445,414,994 |
13,953,200,587 |
|
Non-Operating Expenses |
8,989,365,464 |
6,756,169,388 |
2,348,676,308 |
|
Income Before Taxes |
28,252,566,615 |
20,523,326,449 |
30,742,897,759 |
|
Income Taxes Expenses |
8,784,294,553 |
5,870,079,675 |
5,920,184,689 |
|
Net Income |
19,468,272,062 |
14,653,246,774 |
24,822,713,070 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Operating
Activities Cash Flows |
-30,475,164,416 |
|
|
|
Net Income |
7,758,543,232 |
|
|
|
Adjustment |
-28,635,197,279 |
|
|
|
Income Taxes |
-9,598,510,369 |
|
|
|
Cash Flows from Investing |
-47,968,948,959 |
|
|
|
Cash Flows from Financing |
64,228,552,255 |
|
|
|
Increase/Decrease in Cash |
-14,210,477,876 |
|
|
|
Cash at the Beginning of Year |
17,657,187,096 |
|
|
|
Cash at the End of
Year |
3,446,709,220 |
|
|
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows
from Operating |
10,232,360,232 |
43,509,724,154 |
24,872,686,874 |
|
-Net Income |
19,468,272,062 |
14,653,246,774 |
24,822,713,070 |
|
-Exp.
without Cash Outflow |
22,151,115,863 |
14,509,424,460 |
9,854,698,084 |
|
-Revenue
without Cash Inflows |
-2,877,140,263 |
-54,344,822 |
-678,296,857 |
|
-Changes in
Asset/ & Liability |
-28,509,887,430 |
14,401,397,742 |
-9,126,427,423 |
|
Cash Flows
from Investing |
32,605,725,701 |
-44,629,662,079 |
-15,850,580,141 |
|
-Cash Inflow
from Investing |
90,385,563,166 |
60,351,627,827 |
229,217,739,415 |
|
-Cash
Outflows for Investing |
-57,779,837,465 |
-104,981,289,906 |
-245,068,319,556 |
|
Cash Flows
from Financing |
-46,950,213,450 |
-1,161,291,910 |
-102,880,930 |
|
-Cash
Inflows from Financing |
44,000,629,389 |
1,404,597,416 |
0 |
|
-Cash
Outflows from Financing |
-90,950,842,839 |
-2,565,889,326 |
-102,880,930 |
|
Increase/Decrease
in Cash |
4,112,127,517 |
-2,281,229,835 |
8,919,225,803 |
|
Cash at the
Beginning of Year |
21,769,314,613 |
24,050,544,448 |
15,131,318,645 |
|
Cash at the
End of Year |
17,657,187,096 |
21,769,314,613 |
24,050,544,448 |
|
Main Products & Services |
Real Estate/Lease Business Investment Business Brand Business Bicycle Distribution Business Composite New Distribution Business Fashion, Sportswear, Outdoor Products,
Toyota Motors, Bicycle, Fruits Brand Name-PROSPECS, SKECHERS, Jack
Wolfskin, TOYOTA, biclo, Walk&Talk |
|
Competitors |
SAE-A TRADING CO., LTD. 8TH FL., SE-A VENTURE TOWER, 946-12, DAECHI
3-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-6252-7000 FAX:+82-2-6252-7002 KYUNG SEUNG TRADING CO., LTD. 4TH FL., KYUNGSEUNG BLDG., 960,
DAECHI-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-566-6842 FAX:+82-2-566-6867 NIKE SPORTS KOREA CO., LTD. 30TH FL., GANGNAM FINANCE CENTER, 737,
YEOKSAM 1-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-2006-5700 FAX:+82-2-557-9002 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates-Domestic |
LS CORP.(110111-0003965) LS CABLE LTD.(134111-0168357) LS MTRON LTD.(134111-0168349) LS-NIKKO COPPER INC.(230111-0058436) GAON CABLE CO., LTD.(134111-0000567) E1 CORPORATION(110111-0381387) YESCO CO., LTD.(110111-0290778) LS NETWORKS CORPORATION
LIMITED(180111-0044717) POUNTEK LTD.(151111-0022867) GLOBAL CABLE INC.(130111-0008797) ALUTEK LTD.(110111-1479909) JS CABLE CO., LTD.(124311-0004327) YESCO SERVICE CO., LTD.(110111-1030082) KOSPACE CO., LTD.(134411-0012243) CARBONIX, INC.(171711-0036242) E&R INC.(164411-0005052) DAEHAN GM CORPORATION(110111-0613045) CASCO CO.,LTD.(210111-0047938) LS GLOBAL INCORPORATED.,
LTD.(110111-3359985) LS ASSET MANAGEMENT CO.,
LTD.(110111-1896137) E1 CONTAINER TERMINAL CO.,
LTD.(120111-0432039) E1 LOGISTICS CORPORATION(124611-0257243) KJ MOTORRAD(110111-3740499) DONGBANG CITY GAS INDUSTRY CO.,
LTD.(141111-0011979) GRM CO., LTD.(154611-0008012) OD CAMP CO., LTD.(110111-2839417) DAESUNG ELECTRIC CO., LTD.(110111-01415590 DELTECH CO., LTD.(134911-0010809) ACE R&A CO., LTD. (135111-0047493) TORECOM CORPORATION(135011-0054119) PLANET SYSTEM CO., LTD.(110111-1619745) RECYTECHKOREA CO., LTD.(161511-0044861) TRINNO TECH CO., LTD.(134111-0169397) |
|
Affiliates-Overseas |
LS KONGJO(SHANDONG) CO., LTD-CHINA LS JEONRAM(MUSEOK) CO., LTD-CHINA LS MACHINERY(MUSEOK) CO., LTD-CHINA LS-VINA LS CABLE MALAYSIA LS CABLE(TENJIN) CO., LTD-CHINA LS CABLE AMERICA INC LS SANGMOO(SHANGHAI) CO., LTD-CHINA LS CABLE VIETNAM CO. LTD. LS ELECTRONIC-DEVICES QINGDAO CO. LTD. LEADING SOLUTION CABLE INDIA PVT LTD. LS CABLE UK LTD. LS AGRICULTURAL EQUIPMENT(QINGDAO)CO.LTD CYPRUS INVESTMENTS, INC. SUPERIOR ESEEX INC. LS INDUSTRIAL SYSTEMS(DAIRIAN) CO.,
LTD.-CHINA LS VINA I.S LS INDUSTRIAL SYSTEM ELECTRIC(SHANGHAI)
CO., LTD-CHINA LS INDUSTRIAL SYSTEMS(MUSEOK) CO.,
LTD.-CHINA LS I.S(MIDDLE EAST) FZE CASCO DALIAN PT E1-PERTAGAS |
|
Corporate Ownership |
E1 CORPORATION(110111-0381387) |
(Activity & Markets)
Not Available.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.05 |
|
UK Pound |
1 |
Rs.77.78 |
|
Euro |
1 |
Rs.65.89 |
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.