MIRA INFORM REPORT
|
Report Date : |
21.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
UNICARRIERS ASIA
CO., LTD. |
|
|
|
|
Formerly Known As : |
TCM ASIA
DISTRIBUTION CO., LTD. |
|
|
|
|
Registered Office : |
999/1 Moo 15,
T. Bangsaothong, A.
Bangsaothong, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
17.07.2001 |
|
|
|
|
Com. Reg. No.: |
0105544066646 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Distributor &
Re-Exporter of Material
Handling Equipment |
|
|
|
|
No. of Employees : |
30 |
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 (31.03.2012) |
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
UNICARRIERS ASIA
CO., LTD.
FORMER NAME
TCM ASIA
DISTRIBUTION CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 999/1
MOO 15, T. BANGSAOTHONG,
A.
BANGSAOTHONG, SAMUTPRAKARN 10540
TELEPHONE : [66] 2182-5070-4
FAX :
[66] 2182-5075
E-MAIL
ADDRESS : yamakishi@tcmasia.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2001
REGISTRATION
NO. : 0105544066646
TAX
ID NO. : 3030318244
CAPITAL REGISTERED : BHT. 40,000,000
CAPITAL PAID-UP : BHT.
40,000,000
SHAREHOLDER’S PROPORTION : JAPANESE :
100%
FISCAL YEAR CLOSING DATE : MARCH 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. MASASHI TAKAMATSU,
JAPANESE
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : MATERIAL HANDLING
EQUIPMENT
IMPORTER,
DISTRIBUTOR &
RE-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 July 17,
2001 as a
private limited company under
the registered name TCM
ASIA DISTRIBUTION CO., LTD.
by TCM Corporation
in Japan. Its business
objective is to supply
material handling equipment
to domestic market.
It currently employs
approximately 30 staff.
In
2012, TCM Corporation,
Japan has changed
its name to
Unicarriers Corporation. On
January 7, 2013,
the subject’s name
was changed to UNICARRIERS
ASIA CO., LTD.
accordingly.
The
subject’s registered address
is 999/1 Moo
15, T. Bangsaothong, A. Bangsaothong, Samutprakarn
10540, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Masashi Takamatsu |
|
Japanese |
46 |
|
Mr. Ken Matsumara |
|
Japanese |
52 |
|
Mr. Kei Kitagawa |
|
Japanese |
51 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Masashi Takamatsu is
the Managing Director.
He is Japanese
nationality with the
age of 46
years old.
Mr. Toyoki Yamakishi is
the Sales Manager.
He is Japanese
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
importing, distributing and
re-exporting wide range
of material handling
equipments, including forklift,
shovel loader, skid-steer
loader, port products,
compact logistics equipment
for warehouse and
others mainly supply
to logistics and
transportation business. Ranges
of products are
as follows:
1.
Products
- Forklift
trucks
- Electric
forklift trucks
- Forklift
attachments
- etc.
2. Industrial delivery
vehicles
- Shovel
loader
- Skid
steer loaders
3. Port cargo
handling system
- Transfer
crane
- Straddle
carrier
- Reachstacker
4.
Logistics system
- Unmanned
conveyance system
- Automatic
warehouse system
- Rack & forklift system
- Logistics
control system
The subject
also provides after
sales services.
MAJOR BRANDS
“TCM”, “NISSAN”
and others
PURCHASE
90%
of the products
is imported from
Japan, the remaining
10% is purchased
from local supplier
and agent.
MAJOR
SUPPLIERS
Unicarriers
Corporation : Japan
Nissan
Forklift Co., Ltd. : Japan
SALES
80% of the
products is sold locally
by wholesale to
dealers, manufacturers and
end-users, the remaining
20% is re-exported
to Singapore, Vietnam,
Pakistan, Myanmar, Laos,
Bangladesh, India, Sri
Lanka, Australia, New
Zealand and Malaysia.
MAJOR CUSTOMERS
Siam Industrial Corporation
Co., Ltd. : Thailand
Bangkok Forklift Center
Co., Ltd. :
Thailand
Forklift Center &
Service 2002 Co.,
Ltd. : Thailand
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
The
Siam Commercial Bank
Public Co., Ltd.
Bank
of Tokyo-Mitsubishi UFJ
Ltd.
EMPLOYMENT
The
subject employs approximately
30 office, sales
and service staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and showroom at
the heading address.
Premise is located
in provincial, on the
outskirts of Bangkok.
COMMENT
With over 10 years of experience, profession expertise, strong client
base, the subject has manifested
continued success as well as maintaining its leadership in the industry. The subject’s products and
services have potential in the markets with its quality products supply
adhering to international standards.
FINANCIAL INFORMATION
The capital was
registered at Bht. 40,000,000 divided
into 400,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at
July 31, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
TCM Corporation Nationality: Japanese Address : 1-15-10
Kyomashibori, Nishi-ku, Osaka, Japan
|
399,998 |
100.00 |
|
Mr. Naohiro Sato Nationality: Japanese Address : 2-11-3
Sukazaki, Sonan-maji, Higashi,
Katsushika-kung, Chiba-ken,
Japan |
1 |
- |
|
Mr. Suichi Yoshida Nationality: Japanese Address : 1-1-319
Rokodo, 8 Chome
Matsuto, Chiba, Japan |
1 |
- |
Total Shareholders : 3
Share Structure [as
at July 31,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - Japanese |
3 |
400,000 |
100.00 |
|
Total |
3 |
400,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Bonyarith Thanomcharoen No.
7900
BALANCE SHEET [BAHT]
The
latest financial figures
published for March
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
42,849,095 |
141,065,097 |
11,261,263 |
|
Trade Accounts Receivable |
633,191,755 |
393,892,003 |
197,117,275 |
|
Inventories |
76,409,933 |
54,978,793 |
81,193,390 |
|
Other Current Assets
|
3,830,278 |
1,228,328 |
1,454,134 |
|
|
|
|
|
|
Total Current Assets
|
756,281,061 |
591,164,221 |
291,026,062 |
|
Cash at Bank
Pledged as a Collateral |
7,127,845 |
7,033,593 |
6,996,704 |
|
Investment in Subsidiary |
27,290,894 |
- |
- |
|
Fixed Assets |
1,273,341 |
3,160,802 |
5,283,125 |
|
Intangible Assets |
1,324,017 |
1,523,125 |
1,726,682 |
|
Other Non-current Assets |
2,631,895 |
2,466,743 |
2,514,299 |
|
Total Assets |
795,929,053 |
605,348,484 |
307,546,872 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts Payable |
562,111,911 |
416,255,488 |
141,939,763 |
|
Accrued Income Tax |
6,963,922 |
4,130,645 |
3,388,494 |
|
Other Current Liabilities |
46,895,337 |
29,532,443 |
23,051,785 |
|
|
|
|
|
|
Total Current Liabilities |
615,971,170 |
449,918,576 |
168,380,042 |
|
Total Liabilities |
615,971,170 |
449,918,576 |
168,380,042 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share capital
400,000 shares |
40,000,000 |
40,000,000 |
40,000,000 |
|
|
|
|
|
|
Capital Paid |
40,000,000 |
40,000,000 |
40,000,000 |
|
Retained Earning -
Unappropriated |
139,957,883 |
115,429,908 |
99,166,830 |
|
Total Shareholders' Equity |
179,957,883 |
115,429,908 |
139,166,830 |
|
Total Liabilities & Shareholders' Equity |
795,929,053 |
605,348,484 |
307,546,872 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
2,181,821,947 |
1,467,119,825 |
1,023,430,066 |
|
Gain on Exchange Rate |
30,836,298 |
17,818,979 |
21,617,584 |
|
Other Income |
2,962,400 |
1,854,221 |
1,121,872 |
|
Total Revenues |
2,215,620,645 |
1,486,793,025 |
1,046,169,522 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,068,244,521 |
1,382,794,165 |
956,021,883 |
|
Selling Expenses |
67,504,045 |
42,352,210 |
34,560,590 |
|
Administrative Expenses |
39,728,808 |
35,054,650 |
32,511,162 |
|
Total Expenses |
2,175,477,374 |
1,460,201,025 |
1,023,093,635 |
|
|
|
|
|
|
Profit before Financial
Cost |
40,143,271 |
26,592,000 |
23,075,887 |
|
Financial Cost |
[5,086,156] |
[3,305,192] |
[4,070,194] |
|
|
|
|
|
|
Profit before Income Tax |
35,057,115 |
23,286,808 |
19,005,693 |
|
Income Tax |
[10,529,140] |
[7,023,730] |
[5,748,507] |
|
Net Profit / [Loss] |
24,527,975 |
16,263,078 |
13,257,186 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.23 |
1.31 |
1.73 |
|
QUICK RATIO |
TIMES |
1.10 |
1.19 |
1.24 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1,713.46 |
464.16 |
193.72 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.74 |
2.42 |
3.33 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
13.48 |
14.51 |
31.00 |
|
INVENTORY TURNOVER |
TIMES |
27.07 |
25.15 |
11.77 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
105.93 |
98.00 |
70.30 |
|
RECEIVABLES TURNOVER |
TIMES |
3.45 |
3.72 |
5.19 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
99.20 |
109.87 |
54.19 |
|
CASH CONVERSION CYCLE |
DAYS |
20.21 |
2.63 |
47.11 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.79 |
94.25 |
93.41 |
|
SELLING & ADMINISTRATION |
% |
4.91 |
5.28 |
6.55 |
|
INTEREST |
% |
0.23 |
0.23 |
0.40 |
|
GROSS PROFIT MARGIN |
% |
6.75 |
7.09 |
8.81 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.84 |
1.81 |
2.25 |
|
NET PROFIT MARGIN |
% |
1.12 |
1.11 |
1.30 |
|
RETURN ON EQUITY |
% |
13.63 |
14.09 |
9.53 |
|
RETURN ON ASSET |
% |
3.08 |
2.69 |
4.31 |
|
EARNING PER SHARE |
BAHT |
61.32 |
40.66 |
33.14 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.77 |
0.74 |
0.55 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.42 |
3.90 |
1.21 |
|
TIME INTEREST EARNED |
TIMES |
7.89 |
8.05 |
5.67 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
48.71 |
43.35 |
|
|
OPERATING PROFIT |
% |
50.96 |
15.24 |
|
|
NET PROFIT |
% |
50.82 |
22.67 |
|
|
FIXED ASSETS |
% |
(59.71) |
(40.17) |
|
|
TOTAL ASSETS |
% |
31.48 |
96.83 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 48.71%. Turnover has increased from THB
1,467,119,825.00 in 2011 to THB 2,181,821,947.00 in 2012. While net profit has increased
from THB 16,263,078.00 in 2011 to THB 24,527,975.00 in 2012. And total assets
has increased from THB 605,348,484.00 in 2011 to THB 795,929,053.00 in 2012.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.75 |
Deteriorated |
Industrial
Average |
20.93 |
|
Net Profit Margin |
1.12 |
Acceptable |
Industrial
Average |
1.83 |
|
Return on Assets |
3.08 |
Impressive |
Industrial
Average |
0.91 |
|
Return on Equity |
13.63 |
Impressive |
Industrial
Average |
(3.14) |
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 6.75%. 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 1.12%.
When compared with the industry average, the ratio of the company was lower.
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 3.08%, 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.
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 13.63%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
1.23 |
Impressive |
Industrial
Average |
1.19 |
|
Quick Ratio |
1.10 |
|
|
|
|
Cash Conversion Cycle |
20.21 |
|
|
|
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 1.23 times in 2012, decreased from 1.31 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 1.1 times in 2012,
decreased from 1.19 times, although excluding inventory so the company still
have good short-term financial strength.
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 21 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 |
0.60 |
|
Debt to Equity Ratio |
3.42 |
Risky |
Industrial
Average |
1.35 |
|
Times Interest Earned |
7.89 |
Impressive |
Industrial
Average |
2.38 |
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 7.9 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 Uptrend
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1,713.46 |
Impressive |
Industrial
Average |
1.79 |
|
Total Assets Turnover |
2.74 |
Impressive |
Industrial
Average |
0.74 |
|
Inventory Conversion Period |
13.48 |
|
|
|
|
Inventory Turnover |
27.07 |
Impressive |
Industrial
Average |
1.72 |
|
Receivables Conversion Period |
105.93 |
|
|
|
|
Receivables Turnover |
3.45 |
Satisfactory |
Industrial
Average |
4.23 |
|
Payables Conversion Period |
99.20 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.45 and 3.72 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 decreased from 15 days at the
end of 2011 to 13 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 25.15 times in year 2011 to 27.07
times in year 2012.
The company's Total Asset Turnover is calculated as 2.74 times and 2.42
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.05 |
|
UK Pound |
1 |
Rs.83.44 |
|
Euro |
1 |
Rs.72.53 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.