MIRA INFORM REPORT
|
Report Date : |
12.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
EXTRA TRUCK COVER CO., LTD. |
|
|
|
|
Registered Office : |
96/7 Moo 2, T. Pantainorasingh, A. Muang, Samutsakorn 74000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.05.2012 |
|
|
|
|
Date of Incorporation : |
29.06.1992 |
|
|
|
|
Com. Reg. No.: |
0105535096228 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter & Distributor of Truck Covers and Related Products |
|
|
|
|
No. of Employees : |
120 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
EXTRA
TRUCK COVER CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 96/7
MOO 2, T. PANTAINORASINGH,
A. MUANG,
SAMUTSAKORN 74000
TELEPHONE : [66] 2416-4041,
2416-3616, 2416-3458, 34
865-550-59
FAX : [66] 2416-1128,
34 865-561
E-MAIL
ADDRESS : extra@extrasahaphol.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1992
REGISTRATION
NO. : 0105535096228
TAX
ID NO. : 3011146989
CAPITAL REGISTERED : BHT. 37,000,000
CAPITAL PAID-UP : BHT.
37,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : MAY
31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
ANANT SURIYAPRAPADILOK, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 120
LINES
OF BUSINESS : TRUCK COVERS
AND RELATED PRODUCTS
MANUFACTURER, EXPORTER
& DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on June 29,
1992 as a
private limited company
under the name
style EXTRA TRUCK
COVER CO., LTD.,
by Thai group,
the Suriyaprapadilok family,
with the business
objective to manufacture and
distribute truck covers
and related products
to local and oversea
markets. It currently
employs approximately 120
staff.
The
subject’s registered address
was 1748/21-22 New
Rd., Yannawa, Sathorn,
Bangkok 10120.
On January 16,
2008, the registered
address was relocated
to 96/7 Moo 2,
T. Pantainorasingh, A. Muang,
Samutsakorn 74000, and
this is the
company’s current operation
address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Anant Suriyaprapadilok |
|
Thai |
51 |
|
Mr. Sukij Suriyaprapadilok |
|
Thai |
44 |
AUTHORIZED PERSON
Both of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Anant Suriyaprapadilok is
the Managing Director.
He is Thai
nationality with the
age of 51
years old.
Mr. Sukij Suriyaprapadilok is
the Assistant Managing
Director.
He is Thai
nationality with the
age of 44
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and
distributing truck covers
and related products,
including truck tarpaulin
and side curtains for
trailers, easy slide
for small truck
under its own
brands “EXTRA” and “ULTRA”,
as well as manufacturing service of
special project for
transportation according to
customer’s requirement.
The subject also
provides inkjet and
graphic printing service on its
covers and tarpaulins under customer’s
brands, as well
as maintenance and
repairing services.
PURCHASE
Raw materials such as plastic
resin, plastic sheet, nylon yarn, polyester yarn and components
are purchased from
suppliers and agents
both domestic and overseas
mainly in Japan,
Singapore, Republic of
China, India, Germany
and Taiwan.
SALES
95% of the
products is sold
locally to wholesalers
and end-users, mainly
for industrial factory
and transportation business,
the remaining 5% is exported
to Laos, Malaysia
and Vietnam.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to have
any subsidiary or
affiliated company here
in Thailand.
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
T/T.
Exports are against
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
120 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in provincial,
on the outskirts
of Bangkok.
Factory
and warehouse are
located at 96/6
Moo 2, T. Pantainorasingh, A.
Muang, Samutsakorn 74000.
COMMENT
The
subject is a
manufacturer, distributor and
exporter of tarpaulin and
side covers for truck
and trailer. Subject
has strong production capability in
order to serve the
customers with high
technology processing.
Strong
consumption in 2012
resulting a better chance
for its business.
With its strengths
in production, sales
and marketing, the
subject will have
outstanding performance this year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 12,000,000
on November 6,
1998
Bht. 37,000,000
on August 16,
2005
The
latest registered capital
was increased to
Bht. 37,000,000 divided into
370,000 shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
September 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Anant Suriyaprapadilok Nationality: Thai Address : 1769
New Rd., Yannawa,
Sathorn, Bangkok |
104,000 |
28.11 |
|
Mr. Sukij Suriyaprapadilok Nationality: Thai Address : 1769
New Rd., Yannawa,
Sathorn, Bangkok |
104,000 |
28.11 |
|
Mrs. Mayuree Suriyaprapadilok Nationality: Thai Address : 1769
New Rd., Yannawa,
Sathorn, Bangkok |
55,000 |
14.86 |
|
Ms. Chanida Suriyaprapadilok Nationality: Thai Address : 1769
New Rd., Yannawa,
Sathorn, Bangkok |
41,750 |
11.28 |
|
Ms. Lalita Suriyaprapadilok Nationality: Thai Address : 1769
New Rd., Yannawa,
Sathorn, Bangkok |
41,750 |
11.28 |
|
Mrs. Jaithip Suriyaprapadilok Nationality: Thai Address : 1769
New Rd., Yannawa,
Sathorn, Bangkok |
21,750 |
5.88 |
|
Ms. Prinda Suriyaprapadilok Nationality: Thai Address : 1769
New Rd., Yannawa,
Sathorn, Bangkok |
1,750 |
0.48 |
Total Shareholders : 7
Share Structure [as
at September 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
370,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
370,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Paibul Paspanthong No.
4149
BALANCE SHEET [BAHT]
The
latest financial figures
published for May
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
69,582.47 |
105,634.40 |
740,662.13 |
|
Short-term Investment |
501,977.44 |
496,817.31 |
494,363.28 |
|
Postdated Cheque |
- |
- |
433,015.65 |
|
Trade Accounts &
Other Receivable |
23,846,284.84 |
18,766,532.11 |
6,378,607.30 |
|
Inventories |
42,825,727.37 |
21,200,620.71 |
22,296,473.94 |
|
Other Current Assets
|
- |
- |
712,307.76 |
|
Total Current Assets
|
67,243,572.12 |
40,569,604.53 |
31,055,430.06 |
|
|
|
|
|
|
Fixed Assets |
102,185,579.17 |
107,533,152.93 |
114,300,370.05 |
|
Intangible Assets |
32,266.07 |
- |
- |
|
Other Non-current Assets |
454,028.97 |
163,978.97 |
- |
|
Total Assets |
169,915,446.33 |
148,266,736.43 |
145,355,800.11 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft and
Short-term Loan from Financial
Institutions |
267,553.84 |
2,539,877.06 |
3,637,996.25 |
|
Trade Accounts &
Other Payable |
32,458,169.79 |
25,564,000.28 |
15,625,578.13 |
|
Current Portion of Hire-purchase Payable |
250,000.08 |
250,000.08 |
271,028.02 |
|
Short-term Loan from Related Person
|
82,000,000.00 |
74,000,000.00 |
85,000,000.00 |
|
Other Current Liabilities |
2,230,589.41 |
10,987.44 |
824,597.54 |
|
Total Current Liabilities |
117,206,313.12 |
102,364,864.86 |
105,359,199.94 |
|
|
|
|
|
|
Hire-purchase Payable Net
of Current Portion |
166,666.30 |
416,666.38 |
666,666.56 |
|
Employee Benefits Obligation |
1,388,905.09 |
- |
- |
|
Total Liabilities |
118,761,884.51 |
102,781,531.24 |
106,025,866.50 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 370,000 shares |
37,000,000.00 |
37,000,000.00 |
37,000,000.00 |
|
Capital Paid |
37,000,000.00 |
37,000,000.00 |
37,000,000.00 |
|
Retained Earning -
Unappropriated |
14,153,561.82 |
8,485,205.19 |
2,329,933.61 |
|
Total Shareholders' Equity |
51,153,561.82 |
45,485,205.19 |
39,329,933.61 |
|
Total Liabilities &
Shareholders' Equity |
169,915,446.33 |
148,266,736.43 |
145,355,800.11 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
110,671,487.88 |
97,276,312.09 |
58,986,525.36 |
|
Services Income |
900,000.00 |
900,000.00 |
900,000.00 |
|
Other Income |
120,756.31 |
29,922.13 |
183,410.54 |
|
Total Revenues |
111,692,244.19 |
98,206,234.22 |
60,069,935.90 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
93,752,400.33 |
83,266,781.72 |
51,004,612.96 |
|
Selling Expenses |
1,839,153.92 |
2,004,826.50 |
2,508,359.17 |
|
Administrative Expenses |
6,761,001.94 |
6,039,869.39 |
4,636,611.25 |
|
Total Expenses |
102,352,556.19 |
91,311,477.61 |
58,149,583.38 |
|
Profit before Financial
Cost & Income Tax |
9,339,688.00 |
6,894,756.61 |
1,920,352.52 |
|
Financial Cost |
[549,771.50] |
[637,466.87] |
[544,553.83] |
|
Profit before Income Tax |
8,789,916.50 |
6,257,289.74 |
1,375,798.69 |
|
Income Tax |
[3,121,559.87] |
[102,018.16] |
- |
|
Net Profit / [Loss] |
5,668,356.63 |
6,155,271.58 |
1,375,798.69 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.57 |
0.40 |
0.29 |
|
QUICK RATIO |
TIMES |
0.21 |
0.19 |
0.08 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.09 |
0.91 |
0.52 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.66 |
0.66 |
0.41 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
166.73 |
92.93 |
159.56 |
|
INVENTORY TURNOVER |
TIMES |
2.19 |
3.93 |
2.29 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
78.01 |
69.77 |
38.88 |
|
RECEIVABLES TURNOVER |
TIMES |
4.68 |
5.23 |
9.39 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
126.37 |
112.06 |
111.82 |
|
CASH CONVERSION CYCLE |
DAYS |
118.38 |
50.64 |
86.62 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
84.03 |
84.81 |
85.17 |
|
SELLING & ADMINISTRATION |
% |
7.71 |
8.19 |
11.93 |
|
INTEREST |
% |
0.49 |
0.65 |
0.91 |
|
GROSS PROFIT MARGIN |
% |
16.08 |
15.22 |
15.14 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.37 |
7.02 |
3.21 |
|
NET PROFIT MARGIN |
% |
5.08 |
6.27 |
2.30 |
|
RETURN ON EQUITY |
% |
11.08 |
13.53 |
3.50 |
|
RETURN ON ASSET |
% |
3.34 |
4.15 |
0.95 |
|
EARNING PER SHARE |
BAHT |
15.32 |
16.64 |
3.72 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.70 |
0.69 |
0.73 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.32 |
2.26 |
2.70 |
|
TIME INTEREST EARNED |
TIMES |
16.99 |
10.82 |
3.53 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
13.64 |
63.94 |
|
|
OPERATING PROFIT |
% |
35.46 |
259.04 |
|
|
NET PROFIT |
% |
(7.91) |
347.40 |
|
|
FIXED ASSETS |
% |
(4.97) |
(5.92) |
|
|
TOTAL ASSETS |
% |
14.60 |
2.00 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 13.64%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
16.08 |
Satisfactory |
Industrial
Average |
18.73 |
|
Net Profit Margin |
5.08 |
Impressive |
Industrial
Average |
1.39 |
|
Return on Assets |
3.34 |
Impressive |
Industrial
Average |
1.26 |
|
Return on Equity |
11.08 |
Impressive |
Industrial
Average |
3.12 |
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. The company's figure is 16.08%. When
compared with the industry average, the ratio of the company was lower, this
indicated that company may have 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 5.08%,
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
3.34%, 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 11.08%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.57 |
Risky |
Industrial
Average |
1.32 |
|
Quick Ratio |
0.21 |
|
|
|
|
Cash Conversion Cycle |
118.38 |
|
|
|
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 0.57 times in 2012, increased from 0.4 times, then the company may
not be efficiently using its current assets. 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 0.21 times in 2012,
increased from 0.19 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 119 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.70 |
Acceptable |
Industrial
Average |
0.56 |
|
Debt to Equity Ratio |
2.32 |
Risky |
Industrial
Average |
1.15 |
|
Times Interest Earned |
16.99 |
Impressive |
Industrial
Average |
1.69 |
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 16.99 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 0.7 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.09 |
Acceptable |
Industrial
Average |
2.04 |
|
Total Assets Turnover |
0.66 |
Satisfactory |
Industrial
Average |
0.87 |
|
Inventory Conversion Period |
166.73 |
|
|
|
|
Inventory Turnover |
2.19 |
Satisfactory |
Industrial
Average |
2.62 |
|
Receivables Conversion Period |
78.01 |
|
|
|
|
Receivables Turnover |
4.68 |
Impressive |
Industrial
Average |
2.85 |
|
Payables Conversion Period |
126.37 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.68 and
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 93 days at the
end of 2011 to 167 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 3.93 times in year 2011 to 2.19 times
in year 2012.
The company's Total Asset Turnover is calculated as 0.66 times and 0.66
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.53 |
|
|
1 |
Rs.83.59 |
|
Euro |
1 |
Rs.71.33 |
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.