MIRA
INFORM REPORT
|
Report Date : |
08.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
W J C CO., LTD. |
|
|
|
|
Registered Office : |
201 Moo 1, Soi Foknang, K.M. 30, Sukhumvit Road, T. Taiban, A. Muang, Samutprakarn 10280 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
11.04.1996 |
|
|
|
|
Com. Reg. No.: |
0115539003003 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and
Exporter of Tannery |
|
|
|
|
No. of Employees : |
25 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 achieved steady growth due largely to industrial and agriculture
exports - mostly electronics, agricultural commodities, automobiles and parts,
and processed foods. Thailand is trying to maintain growth by encouraging
domestic consumption and public investment to offset weak exports in 2012.
Unemployment, at less than 1% of the labor force, stands as one of the lowest levels
in the world, which puts upward pressure on wages in some industries. Thailand
also attracts nearly 2.5 million migrant workers from neighboring countries.
The Thai government is implementing a nation-wide 300 baht ($10) per day
minimum wage policy and deploying new tax reforms designed to lower rates on
middle-income earners. The Thai economy has weathered internal and external
economic shocks in recent years. The global economic severely cut Thailand's
exports, with most sectors experiencing double-digit drops. In 2009, the
economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%,
its fastest pace since 1995, as exports rebounded. In late 2011 growth was
interrupted by historic flooding in the industrial areas in Bangkok and its five
surrounding provinces, crippling the manufacturing sector. Industry recovered
from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The
government has approved flood mitigation projects worth $11.7 billion, which
were started in 2012, to prevent similar economic damage, and an additional $75
billion for infrastructure over the next seven years with a plan to start in
2013.
|
Source
: CIA |
company Name
W J C CO., LTD.
SUMMARY
BUSINESS ADDRESS : 201 MOO 1,
SOI FOKNANG, K.M.
30,
SUKHUMVIT ROAD,
T. TAIBAN, A. MUANG,
SAMUTPRAKARN 10280,
THAILAND
TELEPHONE : [66] 2389-1244,
081 810-2856
FAX : [66] 2389-1262
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1996
REGISTRATION NO. : 0115539003003
TAX ID NO. : 3271073100
CAPITAL REGISTERED : BHT.
20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI
: 55.00%
CHINESE :
45.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. WU JIH
CHENG, CHINESE
MANAGING DIRECTOR
NO. OF STAFF : 25
LINES OF BUSINESS : TANNERY
MANUFACTURER, DISTRIBUTOR
AND 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 April
11, 1996 as
a private limited
company under the registered
name W J C CO.,
LTD., by Thai
and Chinese groups,
with the objective
to be engaged
in tannery business.
It currently employs
25 staff.
The subject’s registered
address is 201 Moo
1, Soi Foknang, K.M. 30, Sukhumvit
Rd., T. Taiban, A. Muang, Samutprakarn 10280, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Mayuree Chaiyangyuen |
|
Thai |
66 |
|
Mr. Wu Jih Cheng |
|
Chinese |
61 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Wu Jih Cheng
is the Managing
Director.
He is Chinese
nationality with the
age of 61
years old.
BUSINESS OPERATIONS
The subject is
engaged in tannery
business, to manufacture
and service wide
range of upholstery
leather for furniture
industry.
PURCHASE
Raw materials such as
raw hide and
tanning chemicals are
purchased from suppliers
both domestic and
overseas, mainly in
Republic of China
and India.
MAJOR SUPPLIER
Hong Lee Huat
Tannery Co., Ltd. :
Thailand
SALES
Its products are
sold to customers
both local and
overseas, mainly in
Republic of China
and Taiwan.
RELATED AND AFFILIATED COMPANY
Hong Lee Huat
Tannery Co., Ltd.
Business Type :
Tannery
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
The International Commercial
Bank of China
[Bangkok Branch, 36/12
Sukhumvit 21 Rd., [Asoke],
Klongtoeynua, Wattana, Bangkok]
EMPLOYMENT
The subject currently
employs approximately 25
staff.
LOCATION DETAILS
The premise is
owned for administrative office
and tannery at
the heading address.
Premise is located
in industrial area.
Note:
Refer to your
given address, “101
Moo 1, Sukhumvit Road, K.M.
30, T. Taiban, A. Muang,
Samutprakarn 10280”,
please be informed
that, it is
the head office
of Hong Lee
Huat Tannery Co.,
Ltd., the subject’s
related company.
COMMENT
The subject provides manufacturing
and finishing of leather
for upholstery. The
products are mainly
served to furniture
industry. Increased consumption
of the
products had contributed
to an improvement
of the subject’s business performance
in the previous
year. However, current
economic uncertainty and
consumption slowdown has dent
its growth rate this
year.
FINANCIAL INFORMATION
The capital was
registered at Bht. 4,000,000 divided
into 40,000 shares of Bht. 100
each with fully
paid.
The capital was
increased later as
follows:
Bht. 6,000,000
on September 9,
1999
Bht. 12,000,000
on June 10,
2003
Bht. 15,000,000
on December 2,
2003
Bht. 20,000,000
on April 21,
2004
The latest registered
capital was increased
to Bht. 20,000,000
divided into 200,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Jariya Wu Nationality: Thai Address : 201
Moo 1, T. Taiban,
A. Muang,
Samutprakarn |
100,000 |
50.00 |
|
Mr. Wu Jih Cheng Nationality: Chinese Address : 201
Moo 1, T. Taiban,
A. Muang,
Samutprakarn |
60,000 |
30.00 |
|
Mr. Chue Ching Wu Nationality: Chinese Address : 201
Moo 1, T. Taiban,
A. Muang,
Samutprakarn |
30,000 |
15.00 |
|
Ms. Meena Chaiyangyuen Nationality: Thai Address : 201
Moo 1, T. Taiban,
A. Muang,
Samutprakarn |
5,000 |
2.50 |
|
Mr. Buncha Chaiyangyuen Nationality: Thai Address : 201
Moo 1, T. Taiban,
A. Muang,
Samutprakarn |
5,000 |
2.50 |
Total Shareholders : 5
Share Structure
[as at April
30, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
110,000 |
55.00 |
|
Foreign-Chinese |
2 |
90,000 |
45.00 |
|
Total |
5 |
200,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mrs. Jidapha Shringsuk No.
5491
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
913,123.05 |
2,186,507.69 |
1,084,226.58 |
|
Trade Accounts and
Other Receivable |
25,894,990.24 |
26,979,12.01 |
24,133,891.82 |
|
Inventories |
2,957,302.11 |
- |
1,253,991.65 |
|
Raw Material |
4,728,758.00 |
5,044,721.00 |
6,517,048.68 |
|
Short-term Lending |
12,000,000.00 |
12,000,000.00 |
8,500,000.00 |
|
|
|
|
|
|
Total Current Assets
|
46,494,173.40 |
46,210,351.70 |
41,489,158.73 |
|
Fixed Assets |
20,789,269.05 |
22,196,039.52 |
22,327,585.05 |
|
Other Non - current Assets |
9,779,000.00 |
9,779,000.00 |
9,779,000.00 |
|
Total Assets |
77,062,442.45 |
78,185,391.22 |
73,595,743.78 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts and
Other Payable |
9,817,386.93 |
17,617,434.13 |
10,007,263.70 |
|
Current Portion of Long-term Liabilities |
395,016.00 |
395,016.00 |
255,192.00 |
|
Short-term Loans |
28,290,268.89 |
19,678,378.46 |
20,076,512.88 |
|
Accrued Income Tax |
132,146.00 |
636,354.93 |
322,187.00 |
|
|
|
|
|
|
Total Current Liabilities |
38,634,817.82 |
38,327,183.52 |
30,661,155.58 |
|
|
|
|
|
|
Long-term Loans |
7,672,419.30 |
10,722,077.98 |
14,056,377.33 |
|
Total Liabilities |
46,307,237.12 |
49,049,261.50 |
44,717,532.91 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 200,000 shares |
20,000,000.00 |
20,000,000.00 |
20,000,000.00 |
|
|
|
|
|
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
20,000,000.00 |
|
Retained Earnings
Unappropriated |
10,755,205.33 |
9,136,129.72 |
8,878,210.87 |
|
Total Shareholders' Equity |
30,755,205.33 |
29,136,129.72 |
28,878,210.87 |
|
Total Liabilities &
Shareholders' Equity |
77,062,442.45 |
78,185,391.22 |
73,595,743.78 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
78,947,903.66 |
95,496,843.30 |
82,692,769.89 |
|
Services Income |
188,363.00 |
752,427.75 |
850,653.00 |
|
Other Income |
179,941.50 |
179,758.44 |
1,052,675.07 |
|
Total Revenues |
79,316,208.16 |
96,429,029.49 |
84,596,097.96 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
68,992,865.74 |
83,624,615.16 |
74,417,540.31 |
|
Selling Expenses |
682,112.16 |
2,860,931.87 |
986,889.72 |
|
Administrative Expenses |
5,845,253.18 |
7,059,405.90 |
6,025,684.26 |
|
Total Expenses |
75,520,231.08 |
93,544,952.93 |
81,430,114.29 |
|
|
|
|
|
|
Profit /[Loss] before Financial Cost & Income
Tax |
3,795,977.08 |
2,884,076.56 |
3,165,983.67 |
|
Financial Costs |
[1,717,695.47] |
[1,486,854.18] |
[961,987.63] |
|
Profit /[Loss] before Income
Tax |
2,078,281.61 |
1,397,222.38 |
2,203,996.04 |
|
Income Tax |
[459,206.00] |
[1,139,303.53] |
[862,187.00] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,619,075.61 |
257,918.85 |
1,341,809.04 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.20 |
1.21 |
1.35 |
|
QUICK RATIO |
TIMES |
0.69 |
0.76 |
0.82 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.81 |
4.34 |
3.74 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.03 |
1.23 |
1.14 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
40.66 |
22.02 |
38.12 |
|
INVENTORY TURNOVER |
TIMES |
8.98 |
16.58 |
9.58 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
119.44 |
102.31 |
105.44 |
|
RECEIVABLES TURNOVER |
TIMES |
3.06 |
3.57 |
3.46 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
51.94 |
76.90 |
49.08 |
|
CASH CONVERSION CYCLE |
DAYS |
108.16 |
47.43 |
94.47 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
87.18 |
86.88 |
89.08 |
|
SELLING & ADMINISTRATION |
% |
8.25 |
10.31 |
8.39 |
|
INTEREST |
% |
2.17 |
1.54 |
1.15 |
|
GROSS PROFIT MARGIN |
% |
13.05 |
13.30 |
12.18 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.80 |
3.00 |
3.79 |
|
NET PROFIT MARGIN |
% |
2.05 |
0.27 |
1.61 |
|
RETURN ON EQUITY |
% |
5.26 |
0.89 |
4.65 |
|
RETURN ON ASSET |
% |
2.10 |
0.33 |
1.82 |
|
EARNING PER SHARE |
BAHT |
8.10 |
1.29 |
6.71 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.60 |
0.63 |
0.61 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.51 |
1.68 |
1.55 |
|
TIME INTEREST EARNED |
TIMES |
2.21 |
1.94 |
3.29 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(17.78) |
15.21 |
|
|
OPERATING PROFIT |
% |
31.62 |
(8.90) |
|
|
NET PROFIT |
% |
527.75 |
(80.78) |
|
|
FIXED ASSETS |
% |
(6.34) |
(0.59) |
|
|
TOTAL ASSETS |
% |
(1.44) |
6.24 |
|
ANNUAL GROWTH : ACCEPTABLE
An annual sales growth is -17.78%. Turnover has decreased from THB
96,249,271.05 in 2011 to THB 79,136,266.66 in 2012. While net profit has
increased from THB 257,918.85 in 2011 to THB 1,619,075.61 in 2012. And total
assets has decreased from THB 78,185,391.22 in 2011 to THB 77,062,442.45 in
2012.
PROFITABILITY : EXCELLENT
PROFITABILITY RATIO
|
Gross Profit Margin |
13.05 |
Impressive |
Industrial Average |
12.49 |
|
Net Profit Margin |
2.05 |
Impressive |
Industrial Average |
1.31 |
|
Return on Assets |
2.10 |
Impressive |
Industrial Average |
1.41 |
|
Return on Equity |
5.26 |
Impressive |
Industrial Average |
4.51 |
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 13.05%. When
compared with the industry average, the ratio of the company was higher,
indicated that company was more profitable than the same industry.
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 2.05%, 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
2.1%, 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 5.26%, 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 : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.20 |
Impressive |
Industrial Average |
1.17 |
|
Quick Ratio |
0.69 |
|
|
|
|
Cash Conversion Cycle |
108.16 |
|
|
|
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 1.20 times in 2012, decreased from 1.21 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 0.69 times in 2012,
decreased from 0.76 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 109 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.60 |
Impressive |
Industrial Average |
0.67 |
|
Debt to Equity Ratio |
1.51 |
Satisfactory |
Industrial Average |
2.16 |
|
Times Interest Earned |
2.21 |
Impressive |
Industrial Average |
1.68 |
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 2.21 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 0.6 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY : IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.81 |
Impressive |
Industrial Average |
2.80 |
|
Total Assets Turnover |
1.03 |
Impressive |
Industrial Average |
0.95 |
|
Inventory Conversion Period |
40.66 |
|
|
|
|
Inventory Turnover |
8.98 |
Impressive |
Industrial Average |
1.69 |
|
Receivables Conversion Period |
119.44 |
|
|
|
|
Receivables Turnover |
3.06 |
Acceptable |
Industrial Average |
4.21 |
|
Payables Conversion Period |
51.94 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.06 and 3.57 in
2012 and 2011 respectively. This ratio measures the efficiency of the company in
managing its trade debtors to generate revenue. A lower ratio may indicate over
extension and collection problems. Conversely, a higher ratio may indicate an
overtly stringent policy. In this case, the company's A/R ratio in 2012
decreased from 2011. This would suggest the company had deteriorated in the
management of its debt collections.
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 22 days at the
end of 2011 to 41 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 16.58 times in year 2011 to 8.98
times in year 2012.
The company's Total Asset Turnover is calculated as 1.03 times and 1.23
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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.39 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.81.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.