|
Report Date : |
07.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
KENDA RUBBER ( |
|
|
|
|
Registered Office : |
No. 1 - Thanh Hoa Hamlet Cho Chieu Road - Ho Nai 3, Trang Bom District, Dong Nai Province |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Incorporation : |
1998 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacture of rubber tyres and tubes; retreading and rebuilding of rubber tyres |
|
|
|
|
No. of Employees : |
1,431 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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) |
|
Vietnam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
VIETNAM - ECONOMIC OVERVIEW
Vietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises, which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the World Trade Organization in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 22% in 2011, while industry's share increased from 36% to 40% in the same period. Deep poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession has hurt Vietnam's export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum average achieved during the last decade. In 2011, exports increased by more than 33%, year-on-year, and the trade deficit, while reduced from 2010, remained high, prompting the government to maintain administrative trade measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it in excess of 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached as high as 23% in August 2011 and averaged 18% for the year. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In early 2012 Vietnam unveiled a broad "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises and the banking sector. Vietnam's economy continues to face challenges from low foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.
Source
: CIA
SUBJECT IDENTIFICATION &
LEGAL FORM
|
||
|
|
||
|
English Name |
|
KENDA RUBBER (VIETNAM) CO., LTD |
|
Vietnamese Name |
|
CONG TY CAO SU KENDA (VIETNAM) |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
1998 |
|
Establishment Decision |
|
1873/GP |
|
Date of Issuance |
|
03 Apr 1997 |
|
Place of Issuance |
|
People's Committee of Dong Nai Province |
|
Investment Certificate No |
|
472043000074 |
|
Date Of Issuance |
|
19 Oct 2009 |
|
Place of Issuance |
|
Board of Management Industrial Zones of
Dong Nai Province |
|
Registered Investment Capital |
|
USD 30,000,000 |
|
Chartered capital |
|
USD 12,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
3600248720 |
|
Total Employees |
|
1,431 |
|
Size |
|
Large |
|
Note: KENDA GLOBAL HOLDING COMPANY - TAIWAN is
parent company of subject. |
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
No. 1 - Thanh Hoa Hamlet Cho Chieu Road -
Ho Nai 3, Trang Bom District, Dong Nai Province, Vietnam |
|
Telephone |
|
(84-61) 3983171/ 3983172/ 3983173 |
|
Fax |
|
(84-61) 3983175 |
|
Email |
|
|
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
HUANG FONG CHOU |
|
Position |
|
General Director |
|
Nationality |
|
Chinese (Taiwanese) |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
Manufacture
of rubber tyres and tubes; retreading and rebuilding of rubber tyres |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Material |
|
·
Market |
|
Taiwan and China |
|
·
Ratio |
|
N/A |
|
·
Mode of payment |
|
L/C, T/T |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
Taiwan, Cambodia, and some of countries in Asia |
|
·
Ratio |
|
N/A |
|
·
Mode of payment |
|
T/T, L/C |
|
|
||
BANKERS
|
||
|
|
||
|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM DONG NAI BRANCH |
||
|
Address |
|
No 77C Hung Dao Vuong,Trung Dung Ward, Bien Hoa City, Dong Nai
Province, Vietnam |
|
Telephone |
|
(84-61) 3823666 |
|
Fax |
|
(84-61) 3824191 |
|
|
||
|
2.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE DONG NAI BRANCH |
||
|
Address |
|
No.77D Hung Dao Vuong, Bien Hoa City, Dong Nai Province, Vietnam |
|
Telephone |
|
(84-61) 3817034 |
|
|
||
|
3.
ICBC – INTERNATIONAL COMMERCIAL BANK OF CHINA |
||
|
Address |
|
No. 5B, Ton Duc Thang Str Ben Nghe Ward, 1 District, Ho Chi Minh City,
Vietnam |
|
Telephone |
|
(84-8) 822 5697 |
|
Fax |
|
(84-8) 822 5698 |
|
|
||
|
4.
INDOVINA BANK LIMITED |
||
|
Address |
|
Nhon Trach Industrial Zone 3 Street 25th, Hiep Phuoc Commune, Nhon
Trach District, Dong Nai Province, Vietnam |
|
Telephone |
|
(84-61) 3569029 |
|
Fax |
|
(84-61) 356902 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
KENDA
GLOBAL HOLDING COMPANY |
|
Address |
|
No. 146 Sec 1 Chung Shan Road - Yuan Lin
Taiwan P.O.Box:180 Taiwan |
|
Percentage |
|
100% |
|
|
||
FINANCIAL DATA
|
|
|
|
|
|
BALANCE
SHEET |
|
Unit: One VND
|
|
|
Balance sheet
date |
31/12/2011 |
|
Number of weeks |
52 |
|
Audit status |
Unknown |
ASSETS
|
|
|
A – CURRENT
ASSETS |
894,097,000,000 |
|
I. Cash and cash
equivalents |
17,508,000,000 |
|
1. Cash |
17,508,000,000 |
|
2. Cash equivalents |
0 |
|
II. Short-term investments
|
0 |
|
1. Short-term investments |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
|
III. Accounts
receivable |
304,649,000,000 |
|
1. Receivable from customers |
296,207,000,000 |
|
2. Prepayments to suppliers |
7,995,000,000 |
|
3. Inter-company receivable |
0 |
|
4. Receivable according to the progress of construction |
0 |
|
5. Other receivable |
447,000,000 |
|
6. Provisions for bad debts |
0 |
|
IV. Inventories |
520,985,000,000 |
|
1. Inventories |
520,985,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
|
V. Other Current
Assets |
50,955,000,000 |
|
1. Short-term prepaid expenses |
10,660,000,000 |
|
2. VAT to be deducted |
39,932,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
|
4. Other current assets |
363,000,000 |
|
B. LONG-TERM
ASSETS |
351,448,000,000 |
|
I. Long term
accounts receivable |
0 |
|
1. Long term account receivable from customers |
0 |
|
2. Working capital in affiliates |
0 |
|
3. Long-term inter-company receivable |
0 |
|
4. Other long-term receivable |
0 |
|
5. Provisions for bad debts from customers |
0 |
|
II. Fixed assets
|
342,685,000,000 |
|
1. Tangible assets |
322,338,000,000 |
|
- Historical costs |
600,735,000,000 |
|
- Accumulated depreciation |
-278,397,000,000 |
|
2. Financial leasehold assets |
0 |
|
- Historical costs |
0 |
|
- Accumulated depreciation |
0 |
|
3. Intangible assets |
0 |
|
- Initial costs |
0 |
|
- Accumulated amortization |
0 |
|
4. Construction-in-progress |
20,347,000,000 |
|
III. Investment
property |
0 |
|
Historical costs |
0 |
|
Accumulated depreciation |
0 |
|
IV. Long-term
investments |
0 |
|
1. Investments in affiliates |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
|
3. Other long-term investments |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
|
V. Other
long-term assets |
8,763,000,000 |
|
1. Long-term prepaid expenses |
7,575,000,000 |
|
2. Deferred income tax assets |
1,188,000,000 |
|
3. Other long-term assets |
0 |
|
VI. Goodwill |
|
|
1. Goodwill |
|
|
TOTAL ASSETS |
1,245,545,000,000
|
|
|
|
LIABILITIES
|
|
|
A- LIABILITIES |
605,672,000,000 |
|
I. Current liabilities
|
575,540,000,000 |
|
1. Short-term debts and loans |
103,321,000,000 |
|
2. Payable to suppliers |
421,356,000,000 |
|
3. Advances from customers |
1,756,000,000 |
|
4. Taxes and other obligations to the State Budget |
20,299,000,000 |
|
5. Payable to employees |
11,164,000,000 |
|
6. Accrued expenses |
17,537,000,000 |
|
7. Inter-company payable |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
|
9. Other payable |
107,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
|
11. Bonus and welfare funds |
|
|
II. Long-Term
Liabilities |
30,132,000,000 |
|
1. Long-term accounts payable to suppliers |
0 |
|
2. Long-term inter-company payable |
0 |
|
3. Other long-term payable |
0 |
|
4. Long-term debts and loans |
28,334,000,000 |
|
5. Deferred income tax payable |
0 |
|
6. Provisions for unemployment allowances |
1,798,000,000 |
|
7. Provisions for long-term accounts payable |
0 |
|
8. Unearned Revenue |
|
|
9. Science and technology development fund |
|
|
B- OWNER’S
EQUITY |
639,873,000,000 |
|
I. OWNER’S
EQUITY |
639,873,000,000 |
|
1. Capital |
249,936,000,000 |
|
2. Share premiums |
0 |
|
3. Other sources of capital |
0 |
|
4. Treasury stocks |
0 |
|
5. Differences on asset revaluation |
0 |
|
6. Foreign exchange differences |
0 |
|
7. Business promotion fund |
0 |
|
8. Financial reserved fund |
0 |
|
9. Other funds |
0 |
|
10. Retained earnings |
389,937,000,000 |
|
11. Construction investment fund |
0 |
|
12. Business arrangement supporting fund |
0 |
|
II. Other
sources and funds |
0 |
|
1. Bonus and welfare funds (Elder form) |
0 |
|
2. Sources of expenditure |
0 |
|
3. Fund to form fixed assets |
0 |
|
MINORITY’S
INTEREST |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
1,245,545,000,000
|
|
|
|
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2011 |
|
1. Total Sales |
1,830,149,000,000
|
|
2. Deduction item |
22,608,000,000 |
|
3. Net revenue |
1,807,541,000,000
|
|
4. Costs of goods sold |
1,533,535,000,000 |
|
5. Gross profit |
274,006,000,000 |
|
6. Financial income |
4,298,000,000 |
|
7. Financial expenses |
9,386,000,000 |
|
- In which: Loan interest expenses |
4,025,000,000 |
|
8. Selling expenses |
63,803,000,000 |
|
9. Administrative overheads |
12,938,000,000 |
|
10. Net operating profit |
192,177,000,000 |
|
11. Other income |
125,000,000 |
|
12. Other expenses |
1,348,000,000 |
|
13. Other profit /(loss) |
-1,223,000,000 |
|
14. Total accounting profit before tax |
190,954,000,000 |
|
15. Current corporate income tax |
28,753,000,000 |
|
16. Deferred corporate income tax |
-527,000,000 |
|
17. Interest from subsidiaries/related companies |
|
|
18. Profit after tax |
162,728,000,000 |
|
|
|||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||||
|
|
|||||
|
Description |
FY2011 |
Average Industry |
|||
|
Current liquidity ratio |
1.55 |
1.54 |
|||
|
Quick liquidity ratio |
0.65 |
0.96 |
|||
|
Inventory circle |
2.94 |
5.73 |
|||
|
Average receive period |
61.52 |
32.13 |
|||
|
Utilizing asset performance |
1.45 |
1.05 |
|||
|
Liability by total assets |
48.63 |
47.46 |
|||
|
Liability by owner's equity |
94.66 |
121.08 |
|||
|
Ebit / Total assets (ROA) |
15.65 |
11.28 |
|||
|
Ebit / Owner's equity (ROE) |
30.47 |
16.23 |
|||
|
Ebit / Total revenue (NPM) |
10.65 |
11.79 |
|||
|
Gross profit / Total revenue (GPM) |
14.97 |
17.19 |
|||
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||||
|
|
|||||
FINANCIAL HIGHLIGHT
|
|||||
|
Note: The financial data in 2010 is not available. |
|||||
|
BALANCE SHEET |
|||||
|
Unit:
One VND |
|||||
|
Balance sheet
date |
31/12/2009 |
31/12/2008 |
31/12/2007 |
||
|
Number of weeks |
52 |
52 |
52 |
||
ASSETS
|
|||||
|
A. Current Asset
|
438,675,000,000 |
425,974,000,000 |
166,560,000,000 |
||
|
Receivables |
110,459,000,000 |
41,266,000,000 |
54,914,000,000 |
||
|
Inventory |
244,235,000,000 |
330,981,000,000 |
71,853,000,000 |
||
|
Cash and other current assets |
83,981,000,000 |
53,727,000,000 |
39,793,000,000 |
||
|
B. Long term
Asset |
198,576,000,000 |
178,612,000,000 |
85,130,000,000 |
||
|
1. Long term
account receivable |
|
|
|
||
|
2. Fixed assets |
192,115,000,000 |
169,491,000,000 |
63,007,000,000 |
||
|
Tangible fixed assets |
192,115,000,000 |
102,367,000,000 |
63,007,000,000 |
||
|
+ Original cost |
366,964,000,000 |
245,702,000,000 |
185,043,000,000 |
||
|
+ Accumulated depreciation value |
-174,849,000,000 |
-143,335,000,000 |
-122,036,000,000 |
||
|
Financial leasehold assets |
|
|
|
||
|
Intangible fixed assets |
|
|
|
||
|
Construction in progress and other long term asset |
|
67,124,000,000 |
|
||
|
TOTAL ASSETS |
637,251,000,000 |
604,586,000,000 |
251,690,000,000 |
||
|
|
|||||
LIABILITIES
|
|||||
|
Payable loans |
394,135,000,000 |
525,186,000,000 |
218,908,000,000 |
||
|
Owner’s Equity |
243,116,000,000 |
79,400,000,000 |
32,782,000,000 |
||
|
TOTAL LIABILITY
AND EQUITY |
637,251,000,000 |
604,586,000,000 |
251,690,000,000 |
||
|
|
|||||
PROFIT & LOSS
STATEMENT
|
|||||
|
1. Total Sales |
931,787,000,000 |
877,714,000,000 |
562,055,000,000 |
||
|
2. Deduction item |
15,190,000,000 |
11,288,000,000 |
8,123,000,000 |
||
|
3. Net revenue |
916,597,000,000 |
866,426,000,000 |
553,932,000,000 |
||
|
4. Costs of goods sold |
693,649,000,000 |
811,560,000,000 |
530,504,000,000 |
||
|
5. Gross profit |
222,948,000,000 |
54,866,000,000 |
23,428,000,000 |
||
|
6. Financial income |
5,090,000,000 |
4,360,000,000 |
1,622,000,000 |
||
|
7. Financial expenses |
13,457,000,000 |
14,352,000,000 |
391,000,000 |
||
|
8. Selling expenses and Administrative overheads |
52,441,000,000 |
- |
- |
||
|
9. Net operating profit |
162,140,000,000 |
- |
- |
||
|
10. Other income |
1,587,000,000 |
2,071,000,000 |
754,000,000 |
||
|
11. Other expenses |
1,441,000,000 |
1,388,000,000 |
145,000,000 |
||
|
12. Other profit /(loss) |
146,000,000 |
683,000,000 |
609,000,000 |
||
|
13. Total accounting profit before tax |
162,286,000,000 |
45,557,000,000 |
25,268,000,000 |
||
|
14. Current corporate income tax |
- |
- |
- |
||
|
15. Deferred corporate income tax |
- |
- |
- |
||
|
16. Interest from subsidiaries/related companies |
- |
- |
- |
||
|
17. Profit after tax |
162,286,000,000 |
- |
- |
||
|
|
|||||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Transferred through its bank and T/T, L/C |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Excellent |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
KENDA RUBBER (VIETNAM) CO., LTD was
established in 1998 in Trang Bom District, Dong Nai province. It is a 100% foreign
investment capital of KENDA GLOBAL HOLDING COMPANY (Taiwan). It specializes
in manufacturing and trading tyres and tubes;
retreading and rebuilding of rubber tyres. According to FDI data (Foreign
Direct Investment) in Dong Nai Province, the subject’s investment capital is
USD 30,000,000 and the chartered capital of USD 12,000,000. The head office is located at Lot I-13, Road No.2, Ho Nai Industrial
Zone, Ho Nai 3 Commune, Trang Bom District, Dong Nai Province. Total area of
head office and factory is about 57,810 square meters. There are about 1,431
people working in whole of company, in which there are about 1,423
Vietnamese. The management capacity and material facilities are fairly good. According to the subject’s resource, the subject imports materials
mainly from China and Taiwan. Its products are exported for Taiwan, Cambodia
and some of countries in Asia. The financial situation of KENDA RUBBER (VIETNAM) CO., LTD is fairly
good. Total assets of subject in the year 2011 reached VND 1,245 billion and
the liabilities hold about 50 percent in total assets. The liquidity ratios
were acceptable in compared with the industry average and the financial
leverage ratio were fairly. The capital structure was safely for creditors.
The business result in 2011 was remarkable, it reached VND 1,830 billion and
the after tax profit was VND 162.7 billion. In general, the subject’s position in the industry is remarkable. It is
graded at BBB, meaning the subject has adequate capacity to meet financial
commitments. |
------------ APPENDIX ----------
INDUSTRY DATA
|
||||||
|
|
||||||
|
Industry code |
Growth speed by
price compared with 1994 (%) |
Total
enterprises 2010 |
Total employees
2011 (Thous.pers.) |
Annual average
capital of enterprises 2010 (billion dongs) |
||
|
2011 |
2010 |
|||||
|
Agriculture,
Forestry and Fishing |
4.00 |
2.78 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and
Construction |
5.53 |
7.70 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and
Services |
6.69 |
7.52 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
ECONOMIC INDICATORS
|
||||||
|
|
||||||
|
|
2011 |
2010 |
2009 |
|||
|
Population (Million person) |
87.84 |
86.93 |
86.02 |
|||
|
Gross Domestic Products (USD
billion) |
119 |
102.2 |
91 |
|||
|
GDP Growth (%) |
5.89 |
6.78 |
5.32 |
|||
|
GDP Per Capita
(USD/person/year) |
1,300 |
1,160 |
1,080 |
|||
|
Inflation (% Change in
Composite CPI) |
18.58 |
11.75 |
6.88 |
|||
|
State Budget Deficit compared
with GDP (%) |
4.9 |
5.8 |
6.9 |
|||
|
|
||||||
SERVICE TRADE PERFORMANCE
|
||||||
|
|
||||||
|
Billion USD |
2011 |
2010 |
2009 |
|||
|
Exports |
96.3 |
72.2 |
57.1 |
|||
|
Imports |
105.8 |
84.8 |
69.9 |
|||
|
Trade Balance |
-9.5 |
-12.6 |
-12.8 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.08 |
|
|
1 |
Rs.83.12 |
|
Euro |
1 |
Rs.72.02 |
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.