MIRA
INFORM REPORT
|
Report Date : |
28.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
POLYMERIT ASIA CO., LTD. |
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Registered Office : |
858 Moo 2, Soi 1c/1, Bangpoo Industrial Estate, T. Bangpoomai, A. Muang, Samutprakarn 10280 |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
31.10.2005 |
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Com. Reg. No.: |
0115548011587 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and Exporter of Plastic Resins and Chemicals such as color pigment and masterbatch, plastic compound and others for electronic cables & wires assembly, film & sheeting applications, machine-blow molding, machine-injection molding & machine-plastic extrusion |
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No. of Employees : |
50 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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
POLYMERIT ASIA CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 858
MOO 2, SOI
1C/1, BANGPOO INDUSTRIAL ESTATE,
T. BANGPOOMAI,
A. MUANG,
SAMUTPRAKARN 10280
TELEPHONE : [66] 2323-2601-8
FAX :
[66] 2323-2227-8
E-MAIL
ADDRESS : rach@polymeritasia.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0115548011587
TAX
ID NO. : 3031978331
CAPITAL REGISTERED : BHT. 50,000,000
CAPITAL PAID-UP : BHT.
50,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. RACH THONGVANIT,
THAI
PRESIDENT
NO.
OF STAFF : 50
LINES
OF BUSINESS : PLASTIC RESINS
AND CHEMICALS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 October 31,
2005 as a
private limited company under
the registered name
POLYMERIT ASIA CO.,
LTD., by Thai groups,
with the business
objective to manufacture
and supply various
kinds of plastic
resins and chemicals
to various industries.
It currently employs
approximately 50 staff.
The
subject is a
wholly owned subsidiary
of Salee Colour
Public Company Limited.
The
subject’s registered address
was initially located
at 100/1 Moo
21, Soi Teedinthai,
Teparak Road, T. Bangpleeyai, A.
Bangplee, Samutprakarn 10540.
On April 2,
2012, the registered
address was relocated
to 858 Moo 2,
Soi 1C/1 Bangpoo
Industrial Estate, T. Bangpoomai, A. Muang,
Samutprakarn 10280, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Rach Thongvanit |
|
Thai |
60 |
|
Mr. Rachan Kuanha |
|
Thai |
51 |
|
Mr. Peeraphan Jiwapornthip |
|
Thai |
31 |
|
Mr. Kwanchai Natseth |
|
Thai |
51 |
AUTHORIZED PERSON
Any two of the above
directors can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Rach Thongvanit is
the President.
He is Thai
nationality with the
age of 60
years old.
Ms. Saowanit Sirikornkarn is the Purchasing
Manager.
She is Thai
nationality.
Ms. Utima Narkyai is
the Accounting Manager.
She is Thai
nationality.
Mrs. Matthana Horradan is
the Human Resources
& Administration Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, distributing and
exporting of plastic
resins and chemicals,
such as color
pigment and masterbatch,
plastic compound and
others for electronic
cables & wires assembly, film & sheeting applications,
machine-blow molding,
machine-injection molding &
machine-plastic extrusion.
PRODUCTION CAPACITY
35,000 tons per
annum
PURCHASE
Raw materials are
purchased from suppliers
both domestic and
overseas, mainly in
Switzerland, Republic of
China, India and
Taiwan.
MAJOR
SUPPLIERS
Nova
Chemical International SA. : Switzerland
Salee
Colour Public Company
Limited : Thailand
SALES
The products are
sold to manufactures
and end-users both
local and overseas,
mainly in Vietnam,
Malaysia, India and
Sri Lanka.
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
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Kasikornbank
Public Co., Ltd.
Bank
of Ayudhya Public
Co., Ltd.
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 50 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in industrial
area.
COMMENT
Subject
has good business
performance in the
year 2012. In line with
the strong growth of
industrial sector has
witnessed a significant
improvement of the subject’s
performance. Increased consumption of the
products has resulted
a successful in
its business operation.
Subject’s
business remains upbeat.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 15,000,000
divided into 1,500,000
shares of Bht.
10 each with
fully paid.
The
capital was increased
later as follows:
Bht. 35,000,000
on August 11, 2009
Bht. 50,000,000
on December 27, 2011
The
latest registered capital
was increased to
Bht. 50,000,000 divided
into 5,000,000 shares
of Bht. 10 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 29, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Salee Colour Public
Company Limited Nationality: Thai Address : 100-100/1
Moo 21, Soi
Teedinthai,
Teparak Rd., T. Bangpleeyai, A. Bangplee,
Samutprakarn |
4,999,998 |
100.00 |
|
Mr. Rach Thongvanich Nationality: Thai Address : 44
Huamark, Bangkapi, Bangkok
|
1 |
- |
|
Mr. Thanespol Mongkolrat Nationality: Thai Address : 229/3
Sathupradit Rd., Chongnonsi,
Yannawa, Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 29,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
5,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
5,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Vissuda Jariyathanakorn No.
3853
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 |
10,552,102 |
8,480,076 |
18,550,836 |
|
Trade Accounts and
Other Receivable |
92,469,418 |
6,627 |
55,849,335 |
|
Short-term Lending |
- |
10,000,000 |
- |
|
Inventories |
42,436,129 |
- |
10,540,189 |
|
Other Current Assets
|
1,615,485 |
207,753 |
699,388 |
|
|
|
|
|
|
Total Current Assets
|
147,073,134 |
18,694,456 |
85,639,748 |
|
Other Receivable |
6,085,043 |
- |
- |
|
Fixed Assets |
17,027,516 |
32,346,440 |
38,395,627 |
|
Other Non - current Assets |
517,359 |
312,618 |
526,985 |
|
Total Assets |
170,703,052 |
51,353,514 |
124,562,360 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
50,560,836 |
15,000,000 |
35,465,088 |
|
Trade Accounts and
Other Payable |
67,775,779 |
130,591 |
54,102,450 |
|
Current Portion of
Long-term Loan from Financial Institution |
3,960,000 |
- |
520,284 |
|
Other Current Liabilities |
558,262 |
38,779 |
472,898 |
|
|
|
|
|
|
Total Current Liabilities |
122,854,877 |
15,169,370 |
90,560,720 |
|
Long-term Loan from
Financial Institution, Net
of Current Portion |
8,040,000 |
- |
674,363 |
|
Employee Benefits Obligation |
414,933 |
- |
- |
|
Total Liabilities |
131,309,810 |
15,169,370 |
91,235,083 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, and
issued share capital 5,000,000 shares
in 2012 & 2011; 3,500,000 shares
in 2010 |
50,000,000 |
50,000,000 |
35,000,000 |
|
|
|
|
|
|
Capital Paid |
38,750,000 |
38,750,000 |
35,000,000 |
|
Retained Earnings: Appropriated for Statutory Reserve |
1,000,000 |
1,000,000 |
1,000,000 |
|
Unappropriated |
[356,758] |
[3,565,856] |
[2,672,723] |
|
Total Shareholders' Equity |
39,393,242 |
36,184,144 |
33,327,277 |
|
Total Liabilities & Shareholders' Equity |
170,703,052 |
51,353,514 |
124,562,360 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales and Services Income |
128,154,635 |
10,515,111 |
206,263,682 |
|
Rental Income |
3,850,000 |
6,000,000 |
- |
|
Other Income |
1,971,655 |
871,744 |
386,755 |
|
Total Revenues |
133,976,290 |
17,386,855 |
206,650,437 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold and Services
|
112,994,492 |
10,799,476 |
182,626,992 |
|
Cost of Rental |
2,798,935 |
4,940,230 |
- |
|
Selling and Services
Expenses |
4,744,376 |
- |
17,258,195 |
|
Administrative Expenses |
3,561,194 |
1,914,469 |
6,993,098 |
|
Loss on Disposal
of Plant and Equipment |
4,714,941 |
- |
- |
|
Total Expenses |
128,813,938 |
17,654,175 |
206,878,285 |
|
|
|
|
|
|
Profit /[Loss] before Financial
Expenses |
5,162,352 |
[267,320] |
[227,848] |
|
Financial Expenses |
[1,953,254] |
[625,813] |
[1,919,565] |
|
|
|
|
|
|
Net Profit / [Loss] |
3,209,098 |
[893,133] |
[2,147,413] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.20 |
1.23 |
0.95 |
|
QUICK RATIO |
TIMES |
0.84 |
1.22 |
0.82 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.18 |
0.19 |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.02 |
0.12 |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
133.77 |
- |
21.07 |
|
INVENTORY TURNOVER |
TIMES |
2.73 |
- |
17.33 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
8,766.58 |
0.40 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
0.04 |
905.39 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
213.64 |
3.03 |
108.13 |
|
CASH CONVERSION CYCLE |
DAYS |
8,686.71 |
(2.63) |
(87.06) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
3,007.62 |
262.33 |
- |
|
SELLING & ADMINISTRATION |
% |
92.50 |
31.91 |
- |
|
INTEREST |
% |
50.73 |
10.43 |
- |
|
GROSS PROFIT MARGIN |
% |
472.28 |
27.45 |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
134.09 |
(4.46) |
- |
|
NET PROFIT MARGIN |
% |
83.35 |
(14.89) |
- |
|
RETURN ON EQUITY |
% |
8.15 |
(2.47) |
(6.44) |
|
RETURN ON ASSET |
% |
1.88 |
(1.74) |
(1.72) |
|
EARNING PER SHARE |
BAHT |
0.83 |
(0.23) |
(0.61) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.77 |
0.30 |
0.73 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.33 |
0.42 |
2.74 |
|
TIME INTEREST EARNED |
TIMES |
2.64 |
(0.43) |
(0.12) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(35.83) |
- |
|
|
OPERATING PROFIT |
% |
(2,031.15) |
17.32 |
|
|
NET PROFIT |
% |
459.31 |
58.41 |
|
|
FIXED ASSETS |
% |
(32.78) |
(15.75) |
|
|
TOTAL ASSETS |
% |
232.41 |
(58.77) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -35.83%. Turnover has decreased from THB
6,000,000.00 in 2011 to THB 3,850,000.00 in 2012. While net profit has increased
from THB -893,133.00 in 2011 to THB 3,209,098.00 in 2012. And total assets has
increased from THB 51,353,514.00 in 2011 to THB 170,703,052.00 in 2012.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
472.28 |
Impressive |
Industrial
Average |
40.70 |
|
Net Profit Margin |
83.35 |
Impressive |
Industrial
Average |
5.11 |
|
Return on Assets |
1.88 |
Deteriorated |
Industrial
Average |
4.22 |
|
Return on Equity |
8.15 |
Impressive |
Industrial
Average |
7.30 |
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 472.28%. 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 83.35%, 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. When compared with the
industry average, it was lower, the company's figure is 1.88%.
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 8.15%, 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 Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.20 |
Acceptable |
Industrial
Average |
1.72 |
|
Quick Ratio |
0.84 |
|
|
|
|
Cash Conversion Cycle |
8,686.71 |
|
|
|
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 1.2 times in 2012, decreased from 1.23 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 0.84 times in 2012,
decreased from 1.22 times, by excluding inventory, the company may have
problems meeting current liabilities.
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 8687 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.77 |
Acceptable |
Industrial
Average |
0.39 |
|
Debt to Equity Ratio |
3.33 |
Risky |
Industrial
Average |
0.65 |
|
Times Interest Earned |
2.64 |
Impressive |
Industrial
Average |
2.13 |
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 2.65 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 0.77 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 Downtrend
ACTIVITY : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.18 |
Deteriorated |
Industrial
Average |
0.38 |
|
Total Assets Turnover |
0.02 |
Deteriorated |
Industrial
Average |
0.82 |
|
Inventory Conversion Period |
133.77 |
|
|
|
|
Inventory Turnover |
2.73 |
Acceptable |
Industrial
Average |
5.15 |
|
Receivables Conversion Period |
8,766.58 |
|
|
|
|
Receivables Turnover |
0.04 |
Deteriorated |
Industrial
Average |
2.38 |
|
Payables Conversion Period |
213.64 |
|
|
|
The company's Account Receivable Ratio is calculated as 0.04 and 905.39
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 0 day at the end
of 2011 to 134 days at the end of 2012. This represents a negative trend. And
Inventory turnover has increased from 0 time in year 2011 to 2.73 times in year
2012.
The company's Total Asset Turnover is calculated as 0.02 times and 0.12
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.62.06 |
|
UK Pound |
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.