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Report Date : |
14.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASSUDAMAL & SONS (H.K.) LTD. |
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Registered Office : |
28/F., |
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Country : |
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Date of Incorporation : |
21.03.1959 |
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Com. Reg. No.: |
03218511 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Re-exporter of Fax machines, machinery and tools, sewing machine, video products, Car stereos, household appliances, black and white and colour televisions, etc. |
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No. of Employees : |
20 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 : |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
ASSUDAMAL &
SONS (H.K.) LTD.
Address: 28/F., Fortis
Bank Tower, 77-79 Glocester Road,
Wanchai,
Hong Kong.
(Formerly located at:
6/F., Wyndham Place,
40-44 Wyndham Street,
Central, Hong Kong.)
PHONE: 3656 9300; 2541 5173
FAX: 2541 5283; 2542
3207
E-MAIL: rajee@assudamal.com
Chairman & Managing Director:
Mr. Chandru Assudamal Vaswani
Establishment: 21st
March, 1959.
Incorporated on: 12th
February, 1971.
Organization: Private
Limited Company.
Capital: Nominal: HK$40,000,000.00
Issued: HK$35,000,000.00
Business Category: Importer, Exporter and Re-exporter.
Group Turnover: HK$300~350
million.
Employees:
20.
Main Dealing Bankers: UCO Bank, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
28/F., Fortis Bank Tower, 77-79 Glocester Road,Wanchai, Hong Kong.
G.P.O. Box 4023, Hong Kong.
Holding Company:-
O M Pacific Holdings Ltd., British Virgin Islands.
Associated/Affiliated Companies:-
A & P Foods (Nig) Ltd., Africa.
Assudamal Holdings Ltd., British Virgin Islands.
Caz Neon (Nig) Ltd., Nigeria.
Ceekay (HK) Ltd., Hong Kong.
Deekay & Sons (Nig) Ltd., Africa.
Haano Industries Ltd., Nigeria.
Haansbro (Nig) Ltd., Africa.
Haansbro Edu-Toys, Africa.
Haansbro Private Ltd., Zimbabwe.
Jovicoop Trading Ltd., Hong Kong.
Map Leaf Press Ltd., Nigeria.
Nexus For Life Ltd., Nigeria.
P. Assudamal (HK) Ltd., Hong Kong.
Radiant Plastics Industries Pvt. Ltd., India.
Roc Media Ltd., United Kingdom.
RocSearch India Pvt. Ltd., India.
RocSearch Ltd., United Kingdom.
Sameer Enterprises (Nig) Ltd., Nigeria.
Shouson Development Ltd., British Virgin Islands.
Supersonic Distribution & Services Pvt. Ltd., India.
Vas (Nig) Ltd., Nigeria.
03218511
0022877
Chairman & Managing Director:
Mr. Chandru Assudamal Vaswani
Nominal Share Capital: HK$40,000,000.00
(Divided into 40,000 shares of HK$1,000.00 each)
Issued Share Capital: HK$35,000,000.00
(As per registry dated 12-02-2012)
|
Name |
|
No. of shares |
|
Chandru Assudamal VASWANI |
|
315 |
|
O M Pacific Holdings Ltd. P.O. Box 438, Road Town, Tortola,
British Virgin Islands. |
|
20,097 |
|
Sameer Chandru VASWANI |
|
2,800 |
|
Pramela Chandru VASWANI |
|
2,688 |
|
Yeung Tai Ltd., Hong Kong. |
|
2,800 |
|
Kavine Chandru VASWANI |
|
6,300 |
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|
|
–––––– |
|
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Total: |
35,000 ====== |
(As per registry dated 12-02-2012)
|
Name (Nationality) |
Address |
|
Kavine Chandru VASWANI |
Flat B, 5/F., Celestial Garden, 5 Repulse Bay, Hong Kong |
|
Chandru Assudamal VASWANI |
No. 6A, Block A, Woodland Heights, 2 Wong Nei Chung Gap Road,
Hong Kong. |
|
Sameer Chandru VASWANI |
Flat A, 6/F., Woodland Heights, 2 Wong Nai Chung Gap Road, Hong Kong. |
|
Pramela Chandru VASWANI |
Flat A, 6/F., Woodland Heights, 2 Wong Nai Chung Gap Road, Hong Kong. |
|
Yeung Tai Ltd. |
7/F., Hong Kong Trade Centre, 161-167 Des Voeux Road Central, Hong
Kong. |
(As per registry dated 12-02-2012)
|
Name |
Address |
Co. No. |
|
Prinza Ltd. |
Room 3806, 38/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong. |
0334490 |
The subject was incorporated on 12th February, 1971 as a private limited
liability company under the Hong Kong Companies Ordinance to take over the business
of Assudamal & Sons, a sole proprietorship concern owned by Chandru
Assudamal Vaswani and established on 21st March, 1959.
Formerly the subject was located at 6/F., Tung Chai Building, 86‑90 Wellington
Street, Central, Hong Kong, moved to 6/F., Wyndham Place, 40-44 Wyndham Street,
Central, Hong Kong in April 1997, and further to the present address with
effect from 30th March, 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Re-exporter.
Lines:-
Imports — Fax machines,
machinery and tools, sewing machine, video products.
Exports — Car stereos,
household appliances, black and white and colour televisions, batteries, compact
discs, torches, calculators, bicycles, all types of tape recorders, sewing
machines and all accessories, radios, all types of fans, telephones.
Employees: 20.
Commodities Imported: Mainly imported form Japan and China.
Markets: Africa,
Europe, Middle East, North America, etc.
Group Turnover: HK$300~350 million.
Terms/Sales:
Various terms.
Terms/Buying: L/C
or as per contracted.
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKA0112]
The Indian Chamber of Commerce Hong Kong,
Hong Kong.
Nominal Share Capital: HK$40,000,000.00 (Divided into 40,000 shares
of HK$1,000.00 each)
Issued Share Capital: HK$35,000,000.00
Indebtedness: US$2,000,000.00 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 12-02-2012)
Mortgage or Charge (since 2007): (See attachment)
Profit & Loss: Traded at a profitable angle.
Condition:
Business is
active and good.
Facilities:
Making active
use of general banking facilities.
Payment:
Met trade
commitments on time.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
UCO Bank, Hong Kong Branch.
Bank of India, Hong Kong Branch.
BNP Paribas, Hong Kong Branch.
Calyon, Hong Kong Branch.
ICICI Bank Ltd., Hong Kong Branch.
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong.
Standing:
Good.
Assudamal & Sons (H.K.) Ltd. is the successor to Assudamal &
Sons, a sole proprietorship established in 1959.
The subject is an Indian trading firm operated by the Vaswani family who
has been in Hong Kong for a very long time.
The directors of the subject are the members of Vaswani family.
The subject belongs to the Assudamal Group. It is the flagship company of the Group and
has been headquartered in Hong Kong since inception. Mainly responsible for sourcing and
development of new products according to buyers’ requirements and ensuring the
supplies. The subject also acts as the
financial and logistical hub for the Group.
In addition to meeting the requirements of its own offices, the subject
also caters to a wide client base in Nigeria, Ghana, Angola, Democratic
Republic of Congo, Zimbabwe, Malawi, Madagascar, Mauritius, South Africa,
Mozambique, Lome, Guatemala and Panama.
Currently, the subject is trading in the following commodities and
offering clients with the following services:-
|
Product/Service |
Product/Service Remarks |
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Handbags, Travel Goods and Umbrellas |
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Travel Bags and Luggage |
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Suitcase – Plastic, Moulded |
Luggage ABS/EVA (Exporter) Luggage ABS/EVA (Importer) |
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Stationery and Office Equipment |
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Paper and Paper Products |
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Paper, Others |
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Food and Beverage |
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Instant Food |
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Hardware |
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Bathroom Fittings and Sanitary Wares |
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Water Pump |
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Vehicles, Auto Parts, Components and Accessories |
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Auto Parts |
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Car Tyres |
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Machinery |
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Machinery – Miscellaneous |
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Generator |
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Audio-Visual Products |
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TV and Video Equipment |
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Audio Equipment |
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Hi-Fi Equipment |
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Headphone |
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Lighting Products |
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Lamps |
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Emergency Light |
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Consumer Electronics (Miscellaneous) |
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Batteries |
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Electronic / Electrical Components and Accessories |
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Electrical Parts and Accessories |
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Motors |
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Building Materials and Building Facilities |
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Building Material – Glass |
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Chemicals (including Plastic Materials) |
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Industrial Chemicals |
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Adhesive – Resins |
|
Currently, the subject carries the following brand names:-
|
Brand Name |
Brand Product/Service |
|
Saisho (Brand Owner) |
Headphone |
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Hi-Fi Equipment |
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Audio Equipment |
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TV and Video Equipment |
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A S (Brand Owner) |
Headphone |
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Hi-Fi Equipment |
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|
Audio Equipment |
The origin of the Group dates back to 1929 when Utoomal & Assudamal
Co. was amongst the few trading companies in Hong Kong. The late Assudamal Vaswani founded this
company. In 1959, his sons C. A. Vaswani
and K. A. Vaswani founded their own company, which operated as a partnership
firm, and in 1971, the subject was incorporated as a limited liability company.
Over the years, Assudamal Group has spread its wings over 4 continents
with offices in Hong Kong, Nigeria, India and the United Kingdom employing over
1,000 people.
The annual sales turnover of the Group ranges from HK$300 to 350
million. Making a small profit every
year.
In recent years, Shouson Development Ltd. [SDL], a BVI-registered firm,
has bought a premises amounted to HK$120 million. The director of SDL Chandru Assudamal Vaswani
is one of the richest Indian merchants in Hong Kong.
On the whole, in view of the subject’s background and history, consider
it good for normal business engagements.
Court case:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
Aug. 1984 |
Comx World Operation Ltd. |
Assudamal & Sons (H.K.) Ltd. |
Breach of Contract |
HK$52,800 |
|
July 1992 |
Wiwi Industries Ltd. |
Assudamal & Sons (H.K.) Ltd. |
Injunction |
Not stated |
Property information of
the company and associate:-
1. Property
Location: 6/F. and Car Park No.
C23 on 5th Car Parking Floor,
Wyndham Place, 44 Wyndham Street, Hong Kong.
Owner: Assudamal & Sons (H.K.)
Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
30-04-2012 |
– |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
Legal Charge |
2. Property Location: Apartment No. A-6 on 8/F. & 9/F.
and Car Parking Space No. 56, Woodland Heights, 2A Wong Nai Chung Gap Road,
Hong Kong.
Owner: Jovicoop Trading Ltd.
Date of Purchase: 06-11-1980
Purchased Price: HK$5,900,000
Incumbrances: No mortgage record
registered against the property.
(Since 2007)
|
Date |
Particulars |
Amount |
|
31-05-2007 |
Instrument: Charge Over Deposits – CD 1 (06) Property: 1) By fixed Charge: all the Company’s rights in respect of (i) HK$4,000,000
deposited by the Company; and (ii) all other sums in any currency from time
to time standing to the credit of the Company or the credit of any other
person for the Company’s benefit whether alone or jointly with others, on any
deposit account with the Bank or any other SCB Group Company including
additions to or renewals or replacements of such sum; and all interest from
time to time accruing or payable on the sums specified in (i) and (ii) above; 2) By assignment: all Deposits held with any SCB Group
Company Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure the payment or discharge of all moneys, obligations and
liabilities, whether actual or contingent at the date of the Charge or at any
time after the date thereof, due, owing or incurred by the Company to
Standard Chartered Bank (Hong Kong) Ltd. |
|
12-09-2007 |
Instrument: Security Over Deposits Property: A deposit with chargee in the amount of US$1,832,000 under Deposit A/C
No. 002-475986, whatever currency it may subsequently be denominated in, any
renewal of such deposit and the interest thereon together with any further
monies in any deposit account with the chargee at any of its offices Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Amount secured – (i) all monies in any currency owing by the Company
to the chargee at any time, actually or contingently, in any capacity, alone
or jointly with any other person; (ii) interest on such monies, to the date
on which the chargee receives payment, at the rates payable by the Company or
which would have been payable but for any circumstance which restricts
payment and (iii) all expenses of the chargee in perfecting or enforcing the
charge |
|
10-01-2008 |
Instrument: Charge Over Securities – Section 1
(05) Property: 1) All the Company’s
rights, title and interest in and to: (a) all, stocks, shares, bonds,
debentures, certificates of deposit, promissory notes, units in any trust, units
or other interests in any collective investment scheme and other securities;
and (b) all securities 2) All rights in relation
to any Securities 3) All dividends,
interest or other distributions paid or to be paid on any of the Securities
and the Rights and all allotments, accretions, offers, rights, benefits and
advantages Mortgagee: Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong. |
All moneys, obligations and liabilities, whether actual or contingent,
on the date of the Charge or at any time thereafter due, owing or incurred by
the Company to Standard Chartered Bank (Hong Kong) Ltd. |
|
24-07-2008 |
Instrument: Charge Over Cash Deposit and Shares
and Other Securities Property: Charge by way of first fixed charge in favour of the bank (Fixed
Deposit No. 899012000977) Mortgagee: ICICI Bank Ltd., Hong Kong
Branch. |
General credit facilities |
|
25-08-2008 |
Instrument: Security Over Deposits Property: A deposit with chargee in the amount of HK$5,000,000 under Deposit A/C
No. 002‑475986, whatever currency it may subsequently be denominated
in, any renewal of such deposit and the interest thereon together with any
further monies in any deposit account with the chargee at any of its offices Mortgagee: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
Amount secured – (i) all monies in any currency owing by the Company
to the chargee at any time, actually or contingently, in any capacity, alone
or jointly with any other person; (ii) interest on such monies, to the date
on which the chargee receives payment, at the rates payable by the Company or
which would have been payable but for any circumstance which restricts
payment and (iii) all expenses of the chargee in perfecting or enforcing the
charge |
|
21-01-2011 |
Instrument: Security Agreement Over Bank Account
(Third Party) Property: The Chargor charges by way of first fixed charge all of rights in
respect of any amount standing to the credit of the Account and the debt
represented by it. Note: (1) The Chargor must not: (a) create or allow to
subsist any Security Interest (b) sell, transfer,
licence, lease or otherwise dispose of any Security Asset (2) The Chargor must, on
or before the date of the Agreement, deposit the sum of HKD16,000,000 (3) Upon occurrence of an Enforcement
Event the Bank shall be entitled without prior notice to the Chargor (4) The Bank may, on or at
any time after the security constituted by the Agreement becomes enforceable Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure the payment and satisfaction of all the Secured Liabilities
granted to Assudamal & Sons (H.K.) Ltd., and P.Assudamal (H.K.) Ltd. |
|
30-04-2012 |
Instrument: Legal Charge Property: All Those 11,865th equal undivided 334,499th parts or shares of and in
Inland Lot No. 146, 4076 and 4096, Carpark No. C23 on the 5th Carparking
Floor of Wyndham Place, NO. 44 Wyndham Street, Hong Kong, All That the Sixth
Floor. Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
all monies, obligations and liabilities at the date of the Deed or at
any time thereafter due, owing or incurred to the Bank |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.85 |
|
|
1 |
Rs.86.88 |
|
Euro |
1 |
Rs.69.88 |
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.