MIRA INFORM REPORT
|
Report Date : |
20.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
BST
ELASTOMERS CO., LTD. |
|
|
|
|
Registered Office : |
22nd Floor, Sathorn City Tower, South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
16.01.1991 |
|
|
|
|
Com. Reg. No.: |
0105534004401 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor & Exporter of Synthetic Rubber Products |
|
|
|
|
No. of Employees : |
230 |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
BST ELASTOMERS
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 22nd FLOOR,
SATHORN CITY TOWER,
175
SOUTH
SATHORN ROAD, THUNGMAHAMEK,
SATHORN,
BANGKOK 10120, THAILAND
TELEPHONE : [66] 2679-5120
FAX : [66] 2679-5122
E-MAIL
ADDRESS : marketing_bste@bst.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION
NO. : 0105534004401 [Former: 440/2534]
CAPITAL REGISTERED : BHT. 525,000,000
CAPITAL PAID-UP : BHT.
525,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : DR. PICHIT NITHIVASIN,
THAI
PRESIDENT
NO.
OF STAFF : 230
LINES
OF BUSINESS : SYNTHETIC RUBBER
PRODUCTS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
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 January 16, 1991
as a private
limited company under
the registered name BANGKOK ELASTOMERS
CO., LTD., by Thai and Foreign
groups, with the
business objective to
manufacture and supply
synthetic rubber products
to both local
and overseas markets.
It currently employs
230 staff.
On January 11,
1996, the subject’s
name was changed
to BST ELASTOMERS
CO., LTD.
At present, the
subject is a
wholly owned subsidiary
of Bangkok Synthetics
Co., Ltd.
Subject achieved awards
and certificates as
follows:
-
September
2000 : ISO 9002
Certification
-
August
2001 : ISO
14001 Certification
-
October
2002 : ISO
9001 Certification
-
November
2003 : TIS
18001 Certification
-
May
2004 : Outstanding
Company for Safety, Occupational Health
and Workplace Environment (National Level)
Award
-
July
2004 : Outstanding
Company for Labor
Welfare Provision Award
2004
-
December 2004
: TIS 17025 Certification.
The subject’s registered
address is 22nd Floor,
Sathorn City Tower,
175 South Sathorn
Rd., Thungmahamek, Sathorn,
Bangkok 10120, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Dr. Pichit Nithivasin |
|
Thai |
65 |
|
Mr. Pichai Nithivasin |
|
Thai |
68 |
|
Mr. Pichet Nithivasin |
|
Thai |
60 |
|
Mr. Supachol Nithivasin |
[x] |
Thai |
35 |
|
Mr. Apiporn Pasawat |
[x] |
Thai |
63 |
|
Mr. Ekarat Thongtawach |
[x] |
Thai |
57 |
|
Mr. Chaiyot Wongphyat |
[x] |
Thai |
61 |
|
Mr. Aree Chavalitchewinkul |
[x] |
Thai |
49 |
|
Mrs. Kwa Lay
Keng |
|
Malaysian |
52 |
|
Mrs. Suchada Sukapatthavorn |
[x] |
Thai |
50 |
|
Mr. Cholanat Yarnaranop |
[x] |
Thai |
56 |
|
Mr. Oo Soon
Hee |
|
Singaporean |
68 |
AUTHORIZED PERSON
One of the mentioned directors
[x] can jointly
sign with one
of the rest
directors on behalf
of the subject
with company’s affixed.
MANAGEMENT
Dr. Pichit Nithivasin is
the President.
He is Thai
nationality with the
age of 65
years old.
Mr. Chaiyot Wongphyat
is the Managing
Director.
He is Thai
nationality with the
age of 61 years
old.
Mr. Vichit Thitiratsakul is
the Marketing &
Sales Manager and
Purchasing Manager.
He is Thai
nationality.
Mr. Viroj Lertsalak
is the Factory
Manager.
He is Thai
nationality.
Mr. Veerachai Sripetchasakul is
the Human Resource
Manager.
He is Thai
nationality.
Mrs. Nisa Sirimongkolkasem is
the Account &
Finance Manager.
She is Thai
nationality.
Mr. Sukhajit Pongcharoen is
the QC Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in manufacturing of synthetic rubber products,
specialized in Butadiene Rubber [BR] and Styrene Butadiene
Rubber [SBR] used in many secondary manufacturing industries, including vehicle tires, shoes soles,
impact modified plastic, rubber automotive
component, sports equipment
such as football,
basketballs, golf balls,
rubber toys and
etc.
The productions are as
follows:
- Butadiene Rubber [BR];
BSTE BR 01,
BSTE BR 1220 and
BSTE BR 1220 S.
Production Capacity :
50,000 tonnes/year
- Styrene Butadiene Rubber
[SBR]; BSTE SBR 1500,
BSTE SBR 1502,
BSTE SBR 1712, and
BSTE SBR 1778
Production Capacity :
70,000 tonnes/year
The production technology
has been provided
by JSR Corporation
and Zeon Corporation
in Japan.
PURCHASE
Raw materials are
purchased from both
local and overseas
suppliers in Japan,
Germany, Malaysia, Republic
of China, Taiwan,
U.S.A., and Singapore.
MAJOR SUPPLIERS
- Zeon Corporation : Japan
- J S R Corporation : Japan
- Bangkok Synthetics Co., Ltd. : Thailand
- Mitsui & Co.
Ltd. : Thailand
- Natsteel Chemical Co., Ltd. : Singapore
DISTRIBUTION
80% of its
products is sold
locally by wholesale
to manufacturers, and
the rest 20%
is exported to Japan, Singapore,
Taiwan, Republic of China, Malaysia,
South Korea, Indonesia, Vietnam,
Australia, Europe and
United States of
America.
MAJOR CUSTOMERS
- J S R Corporation
- Zeon Corporation
- Bridgestone Group
- Michelin Siam Co.,
Ltd.
- S.R.T. Tyres Co., Ltd.
- K.C. Sport and
Rubber Co., Ltd.
- Siam Fugoku Co.,
Ltd.
- Vee Rubber International
Co., Ltd.
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.
PARENT COMPANY
Bangkok Synthetics Co., Ltd.
Business Type : Manufacturer of
petrochemical products
Address : 175 South Sathorn
Rd., Thungmahamek, Sathorn,
Bangkok 10110
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 &
T/T.
Exports are against
L/C at sight
& T/T.
BUSINESS TRANSACTION
The products are
sold to customers
by cash and
credit, with the maximum credit given at
30-60 days. The
subject is found
to have delay
payment by customers,
but they can negotiate.
BANKING
Krung Thai Bank
Public Co., Ltd.
[Head Office : 35 Sukhumvit Rd.,
Klongtoeynua, Wattana, Bangkok 10110]
The Siam Commercial
Bank Public Co.,
Ltd.
[Chidlom Office : 1060
New Petchburi Rd., Makkasan,
Rajthevee, Bangkok 10400]
Bangkok Bank Public
Co., Ltd.
[Maptaphut Branch: 636/1
Moo 1, T. Maptaphut, A. Muang,
Rayong Province]
EMPLOYMENT
The subject employs
approximately 230 staff. [office staff
and factory workers]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Factory and warehouse
are located at
5/1 Maptaphut Industrial
Estate, I-7 Rd.,
T. Maptaphut, A. Muang, Rayong
21150. Tel: [66] 38
698-698, Fax: [66] 38 698-699.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 10,000,000.
COMMENT
The subject’s parent company has forged an aggressive, all-inclusive
corporate strategy in terms of production, technology and marketing. As a
result, the subject has a comprehensive potential for synthetic rubber
production in accordance with the highest world standards and the ability to
ensure customer satisfaction.
The unique process for the production of synthetic rubber developed by
both JSR and Nippon Zeon, is one of the
subject’s fundamental strengths, as well as enhancing the subject to compete
with the other rivals in the world markets.
The subject is
considered an experience
and solid company
in the industry.
FINANCIAL INFORMATION
The
capital was initially registered at Bht. 1,000,000 divided into 10,000 shares of Bht.
100 each.
The capital was
increased later as
follows:
Bht. 250,000,000 on November
1, 1996
Bht. 1,500,000,000 on
July 16, 1998
Bht. 1,800,000,000 on
December 11, 1998
Bht. 2,100,000,000 on
November 22, 1999
On
September 27, 2004,
the capital was
decreased to Bht. 525,000,000
divided into 21,000,000
shares of Bht.
25 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at March
15, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bangkok Synthetics Co., Ltd. Nationality: Thai Address : 175 South
Sathorn Rd., Thungmahamek,
Sathorn, Bangkok 10120 |
20,999,982 |
100.00 |
|
Dr. Pichit Nithivasin Nationality: Thai Address : 109 Suapa
Rd., Pomprab, Bangkok |
5 |
- |
|
Mr. Pichai Nithivasin Nationality: Thai Address : 109 Suapa
Rd., Pomprab, Bangkok |
5 |
- |
|
Mr. Pichet Nithivasin Nationality: Thai Address : 80/20 Wireless
Rd., Lumpinee,
Pathumwan, Bangkok |
5 |
- |
|
Mr. Chaiyot Wongphyat Nationality: Thai Address : 567/45 Krungthep-Kreetha Rd.,
Huamark,
Bangkapi, Bangkok |
1 |
- |
|
Mr. Jenchai Limwatanakoon Nationality: Thai Address : 273/28 Sathupradit
Rd., Chongnonsee,
Yannawa, Bangkok |
1 |
- |
|
Mr. Pranot Charoenlarp Nationality: Thai Address : 54 Moo 8,
Bangkaen, Bangplee, Samutprakarn |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sureerat Thongaroonsaeng No.
4409
BALANCE SHEET [BAHT]
The latest financial figures published as at December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
2,286,021,875 |
1,719,764,274 |
|
Short-term Investment in Promissory Notes |
2,671,824,997 |
2,154,622,305 |
|
Trade Accounts Receivable - Related
Companies |
4,325,729 |
6,409,035 |
|
- Other
Companies |
854,651,579 |
901,008,556 |
|
Related Companies Receivable |
6,594,757 |
5,267,967 |
|
Inventories |
1,294,226,899 |
1,071,359,734 |
|
Refundable Value Added
Tax |
85,419,015 |
95,152,718 |
|
Other Current Assets
|
26,986,071 |
19,618,233 |
|
|
|
|
|
Total Current Assets
|
7,230,050,922 |
5,973,202,822 |
|
Fixed Assets |
1,460,907,202 |
1,791,985,162 |
|
Intangible Assets |
130,557,824 |
159,313,062 |
|
Other Assets |
18,909,212 |
21,969,930 |
|
Total Assets |
8,840,425,160 |
7,946,470,976 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable - Related
Companies |
596,794,746 |
447,826,146 |
|
- Other
Companies |
255,870,532 |
228,754,835 |
|
Related Companies Payable |
12,172,128 |
17,272,904 |
|
Accrued Interest |
34,630,335 |
25,134,460 |
|
Accrued Income Tax |
65,922,654 |
- |
|
Accrued Expenses &
Other Current Liabilities |
94,773,759 |
65,806,315 |
|
|
|
|
|
Total Current Liabilities |
1,060,164,154 |
784,794,660 |
|
Deferred Acknowledge Income |
14,926,193 |
19,404,050 |
|
Total Liabilities |
1,075,090,347 |
804,198,710 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 25
par value authorized, issued
and fully paid share
capital 21,000,000 shares |
525,000,000 |
525,000,000 |
|
|
|
|
|
Capital Paid |
525,000,000 |
525,000,000 |
|
Unappropriated |
7,240,334,813 |
6,617,272,266 |
|
Total Shareholders' Equity |
7,762,334,813 |
7,142,272,266 |
|
Total Liabilities & Shareholders' Equity |
8,840,425,160 |
7,946,470,976 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
10,418,693,149 |
6,918,054,763 |
|
Interest Income |
51,137,319 |
46,003,343 |
|
Gain on Exchange Rate |
- |
7,783,684 |
|
Other Income |
70,755,795 |
8,674,570 |
|
Total Sales |
10,540,586,263 |
6,980,516,360 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
9,337,687,327 |
6,215,255,023 |
|
Selling Expenses |
308,206,515 |
321,539,491 |
|
Administrative Expenses |
152,025,609 |
157,172,098 |
|
Loss Estimation from Discount Account |
377,612 |
2,946,412 |
|
Loss on Exchange Rate |
21,103,705 |
- |
|
Total Expenses |
9,819,400,768 |
6,696,913,024 |
|
Profit Before Income Tax |
721,185,495 |
283,603,336 |
|
Income Tax |
[98,122,948] |
- |
|
Net Profit / [Loss] |
623,062,547 |
283,603,336 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
6.82 |
7.61 |
|
QUICK RATIO |
TIMES |
5.49 |
6.10 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.13 |
3.86 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.18 |
0.87 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
50.59 |
62.92 |
|
INVENTORY TURNOVER |
TIMES |
7.21 |
5.80 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
29.94 |
47.54 |
|
RECEIVABLES TURNOVER |
TIMES |
12.19 |
7.68 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
10.00 |
13.43 |
|
CASH CONVERSION CYCLE |
DAYS |
70.53 |
97.02 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
89.62 |
89.84 |
|
SELLING & ADMINISTRATION |
% |
4.42 |
6.92 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
11.55 |
11.06 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.92 |
4.10 |
|
NET PROFIT MARGIN |
% |
5.98 |
4.10 |
|
RETURN ON EQUITY |
% |
8.03 |
3.97 |
|
RETURN ON ASSET |
% |
7.05 |
3.57 |
|
EARNING PER SHARE |
BAHT |
29.67 |
13.50 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.12 |
0.10 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.14 |
0.11 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
50.60 |
|
|
OPERATING PROFIT |
% |
154.29 |
|
|
NET PROFIT |
% |
119.70 |
|
|
FIXED ASSETS |
% |
(18.48) |
|
|
TOTAL ASSETS |
% |
11.25 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
11.55 |
Deteriorated |
Industrial
Average |
23.46 |
|
Net Profit Margin |
5.98 |
Impressive |
Industrial
Average |
(11,343.22) |
|
Return on Assets |
7.05 |
Impressive |
Industrial
Average |
3.13 |
|
Return on Equity |
8.03 |
Impressive |
Industrial
Average |
0.71 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 11.55%. When
compared with the industry average, the ratio of the company was lower. This
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 5.98%,
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
7.05%, 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 8.03%, 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 |
6.82 |
Deteriorated |
Industrial
Average |
34.43 |
|
Quick Ratio |
5.49 |
|
|
|
|
Cash Conversion Cycle |
70.53 |
|
|
|
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 6.82 times in 2010, decrease from 7.61 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 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 5.49 times in 2010,
decrease from 6.1 times, although excluding inventory so the company still have
good short-term financial strength.
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 71 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.12 |
Impressive |
Industrial
Average |
0.21 |
|
Debt to Equity Ratio |
0.14 |
Impressive |
Industrial
Average |
0.65 |
|
Times Interest Earned |
- |
|
Industrial
Average |
(19.53) |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.12 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
7.13 |
Deteriorated |
Industrial
Average |
27.28 |
|
Total Assets Turnover |
1.18 |
Acceptable |
Industrial
Average |
1.58 |
|
Inventory Conversion Period |
50.59 |
|
|
|
|
Inventory Turnover |
7.21 |
Deteriorated |
Industrial
Average |
56.05 |
|
Receivables Conversion Period |
29.94 |
|
|
|
|
Receivables Turnover |
12.19 |
Impressive |
Industrial
Average |
7.57 |
|
Payables Conversion Period |
10.00 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.29 |
|
UK Pound |
1 |
Rs.77.60 |
|
Euro |
1 |
Rs.64.67 |
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.