MIRA
INFORM REPORT
|
Report Date : |
12.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
KF FOODS LIMITED |
|
|
|
|
Registered Office : |
1 Moo 4, Baanplaiklongkru Road, T. Nadee, A. Muang, Samutsakorn 74000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
05.02.1973 |
|
|
|
|
Com. Reg. No.: |
0105516001322 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor & Exporter of Frozen Seafood Products |
|
|
|
|
No. of Employees : |
450 |
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 : |
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
KF
FOODS LIMITED
SUMMARY
BUSINESS
ADDRESS : 1
MOO 4, BAANPLAIKLONGKRU ROAD,
T. NADEE,
A.
MUANG, SAMUTSAKORN 74000,
THAILAND
TELEPHONE : [66] 34
417-444
FAX :
[66] 34
432-260-2, 34 414-098
E-MAIL
ADDRESS : khl@kingfisher.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1973
REGISTRATION
NO. : 0105516001322
TAX
ID NO. : 3101020823
CAPITAL REGISTERED : BHT.
300,000,000
CAPITAL PAID-UP : BHT.
300,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. DECHA SRIVEERADECHA, THAI
PRESIDENT
NO.
OF STAFF : 450
LINES
OF BUSINESS : FROZEN SEAFOOD
PRODUCTS
MANUFACTURER, DISTRIBUTOR & 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 February
5, 1973 as a private limited company
by multination groups,
under the originally
registered name “Southern
Associated Fisheries Company
Limited”. On January
25, 2005, its
registered name was
changed to KF
FOODS LIMITED. Its
objective is to engage
in frozen seafood
production. It currently
employs approximate 450
staff.
The
subject is a
wholly owned subsidiary
of Kingfisher Holdings
Ltd., Thailand.
The
subject’s registered address
is 1 Moo 4, Baanplaiklongkru Rd.,
T. Nadee, A. Muang, Samutsakorn
74000, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Decha Sriveeradecha |
[x] |
Thai |
60 |
|
Mr. Chote Pokavanich |
|
Thai |
71 |
|
Mr. Masaru Ikemi |
[-] |
Japanese |
56 |
|
Mr. Kazutake Takada |
[-] |
Japanese |
52 |
|
Mr. Akinori Murata |
[-] |
Japanese |
64 |
|
Mr. Masayuki Nakajima |
[-] |
Japanese |
57 |
|
Mr. Joseph Kaiyuen Kiang |
[x] |
American |
65 |
|
Mr. Christopher John King |
|
British |
69 |
AUTHORIZED PERSON
Anyone of the
mentioned directors [x]
can jointly sign
with anyone of
the mentioned directors
[-] on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Decha Sriveeradecha is
the President.
He is Thai nationality with
the age of 60 years
old.
Mr. Masaru Ikemi is
the Managing Director.
He is Japanese
nationality with the
age of 56
years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, distributing and
exporting of frozen
seafood products, mainly
as value added
seafood products, such
as fish fillet
portion, prawns, shrimps,
premium squid, octopus
and cuttlefish, as well
as providing of
rental service of
cold storage with
a capacity of
8,000 tons.
PURCHASE
Raw materials are
purchased from suppliers
both domestic and
oversea, mainly in
Canada.
MAJOR
SUPPLIER
Ocean
Seafood A/S : Canada
SALES
The products are
sold to customers
both local and
overseas, mainly in New Zealand,
U.S.A., and Japan.
MAJOR CUSTOMERS
Kingfisher 108 Trading
Ltd. : Thailand
Censea Inc. : U.S.A.
RELATED AND
AFFILIATED COMPANIES
Southeast Asian Packaging & Canning Ltd.
Business Type :
Manufacturer of premium
tuna products
Kingfisher 108 Trading
Ltd.
Business Type :
Trading company
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
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 450 office
staff and factory
workers.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and cold
storage at the
heading address. Premise
is located in
provincial, on the outskirts
of Bangkok.
COMMENT
Sales of the frozen foods especially seafoods
have strong growth in the past year
to marginally exceed its growth
target, due to the adverse impact from
economic sluggish in EU
market. Order from
other parts of the world
i.e. U.S.A, New Zealand
and Japan is likely to significantly increase.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000
divided into 3,000
shares of Bht.
1,000 each with
fully paid.
The
capital was decreased
and increased later
as follows:
Bht.
750,000 on July
18, 1986 [decreased]
Bht. 150,000,000
on January 25,
2005
Bht. 300,000,000
on September 15,
2005
The
latest registered capital
was increased to
Bht. 300 million, divided into 3,000,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 12, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Kingfisher Holdings Ltd. Nationality: Thai Address : 127/27
Nonsee [Ratchadapisek] Rd.,
Chongnonsi, Yannawa, Bangkok
|
2,999,997 |
100 |
|
Mrs. Suwanna Tirayaudomsuk Nationality: Thai Address : 187/46
Serithai Rd., Klongkum,
Buengkum, Bangkok |
1 |
- |
|
Mr. Decha Sriveeradecha Nationality: Thai Address : 151
Soi Sathorn 7,
South Sathorn Rd.,
Thungmahamek, Sathorn, Bangkok |
1 |
- |
|
Ms. Keswadee Juthathong Nationality: Thai Address : 16/217
Soi Vibhavadee 58,
Taladbangkhen, Laksi, Bangkok |
1 |
- |
Total Shareholders : 4
Share Structure [as
at April 12,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
3,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
3,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Krisda Lertvana No.
4958
BALANCE SHEET [BAHT]
The latest financial figures published as
at December 31,
2011, 2010 &
2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
3,659,946 |
9,523,702 |
8,375,317 |
|
Trade Accounts & Other Receivable |
447,074,175 |
367,968,719 |
486,031,314 |
|
Advance to Parent
Company |
- |
- |
12,285,115 |
|
Inventories |
1,054,381,585 |
546,177,396 |
702,171,054 |
|
Refundable Value Added
Tax |
- |
- |
3,151,669 |
|
Prepaid Expenses |
- |
- |
2,475,669 |
|
Other Current Assets
|
11,495,712 |
6,562,865 |
7,267,893 |
|
|
|
|
|
|
Total Current Assets
|
1,516,611,418 |
930,232,682 |
1,221,758,031 |
|
Fixed Assets |
1,077,412,242 |
736,974,413 |
713,199,050 |
|
Intangible Assets - Computer
Software |
1,187,965 |
865,650 |
991,210 |
|
Leasehold Right |
- |
63,144 |
74,125 |
|
Deposit |
79,000 |
56,000 |
55,000 |
|
Total Assets |
2,595,290,625 |
1,668,191,889 |
1,936,077,416 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
1,010,000,000 |
520,000,000 |
610,000,000 |
|
Trade Accounts & Other Payable |
232,615,817 |
151,658,001 |
117,040,907 |
|
Short-term Loan from Parent Company |
- |
- |
329,100,000 |
|
Accrued Expenses |
- |
- |
53,348,808 |
|
Other Current Liabilities
|
4,282,430 |
3,687,609 |
3,929,564 |
|
|
|
|
|
|
Total Current Liabilities |
1,246,898,247 |
675,345,610 |
1,113,419,279 |
|
Reserve for Long-term
Employee Benefits |
17,410,641 |
13,382,329 |
9,273,736 |
|
Total Liabilities |
1,264,308,888 |
688,727,939 |
1,122,693,015 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 3,000,000 shares |
300,000,000 |
300,000,000 |
300,000,000 |
|
|
|
|
|
|
Capital Paid |
300,000,000 |
300,000,000 |
300,000,000 |
|
Retained Earnings: Appropriated for Statutory Reserve |
13,175,290 |
13,175,290 |
13,175,290 |
|
Unappropriated |
1,017,806,447 |
666,288,660 |
500,209,111 |
|
Total Shareholders' Equity |
1,330,981,737 |
979,463,950 |
813,384,401 |
|
Total Liabilities &
Shareholders' Equity |
2,595,290,625 |
1,668,191,889 |
1,936,077,416 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
Oct. 1, 2009 -
Dec. 31, 2009 |
|
|
|
|
|
|
Sales Income |
5,043,202,219 |
4,704,693,926 |
1,158,149,593 |
|
Service Income |
26,247,133 |
14,366,403 |
6,507,219 |
|
Interest Income |
- |
- |
28,169 |
|
Gain on Exchange Rate |
24,120,055 |
86,679,866 |
6,971,663 |
|
Other Income |
29,550,844 |
41,098,798 |
11,307,372 |
|
Total Revenues |
5,123,120,251 |
4,846,838,993 |
1,182,964,016 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
4,541,102,389 |
4,426,354,373 |
1,018,274,981 |
|
Selling & Service
Expenses |
132,692,586 |
166,488,001 |
42,700,021 |
|
Administrative Expenses |
79,910,404 |
77,075,108 |
18,943,836 |
|
Total Expenses |
4,753,705,379 |
4,669,917,482 |
1,079,918,838 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
369,414,872 |
176,921,511 |
103,045,178 |
|
Financial Costs |
[17,594,479] |
[10,550,707] |
[4,052,259] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
351,820,393 |
166,370,804 |
98,992,919 |
|
Financial Costs |
[302,606] |
[291,255] |
[485,382] |
|
|
|
|
|
|
Net Profit / [Loss] |
351,517,787 |
166,079,549 |
98,507,537 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.22 |
1.38 |
1.10 |
|
QUICK RATIO |
TIMES |
0.36 |
0.56 |
0.46 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.71 |
6.40 |
1.63 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.95 |
2.83 |
0.60 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
84.75 |
45.04 |
251.69 |
|
INVENTORY TURNOVER |
TIMES |
4.31 |
8.10 |
1.45 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
32.19 |
28.46 |
152.32 |
|
RECEIVABLES TURNOVER |
TIMES |
11.34 |
12.82 |
2.40 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
18.70 |
12.51 |
41.95 |
|
CASH CONVERSION CYCLE |
DAYS |
98.24 |
60.99 |
362.06 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
89.58 |
93.80 |
87.43 |
|
SELLING & ADMINISTRATION |
% |
1.58 |
1.63 |
1.63 |
|
INTEREST |
% |
0.35 |
0.22 |
0.35 |
|
GROSS PROFIT MARGIN |
% |
11.48 |
8.91 |
14.14 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.29 |
3.75 |
8.85 |
|
NET PROFIT MARGIN |
% |
6.93 |
3.52 |
8.46 |
|
RETURN ON EQUITY |
% |
26.41 |
16.96 |
12.11 |
|
RETURN ON ASSET |
% |
13.54 |
9.96 |
5.09 |
|
EARNING PER SHARE |
BAHT |
117.17 |
55.36 |
32.84 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.49 |
0.41 |
0.58 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.95 |
0.70 |
1.38 |
|
TIME INTEREST EARNED |
TIMES |
21.00 |
16.77 |
25.43 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
7.42 |
305.19 |
|
|
OPERATING PROFIT |
% |
108.80 |
71.69 |
|
|
NET PROFIT |
% |
111.66 |
68.60 |
|
|
FIXED ASSETS |
% |
46.19 |
3.33 |
|
|
TOTAL ASSETS |
% |
55.58 |
(13.84) |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 7.42%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
11.48 |
Satisfactory |
Industrial
Average |
13.81 |
|
Net Profit Margin |
6.93 |
Impressive |
Industrial
Average |
1.57 |
|
Return on Assets |
13.54 |
Impressive |
Industrial
Average |
2.12 |
|
Return on Equity |
26.41 |
Impressive |
Industrial
Average |
5.87 |
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 11.48%. 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 6.93%, 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
13.54%, 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 26.41%,
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 |
1.22 |
Impressive |
Industrial
Average |
1.20 |
|
Quick Ratio |
0.36 |
|
|
|
|
Cash Conversion Cycle |
98.24 |
|
|
|
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 1.22 times in 2011, decreased from 1.38 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 0.36 times in 2011,
decreased from 0.56 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 99 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.49 |
Impressive |
Industrial
Average |
0.56 |
|
Debt to Equity Ratio |
0.95 |
Impressive |
Industrial
Average |
1.39 |
|
Times Interest Earned |
21.00 |
Impressive |
Industrial
Average |
1.11 |
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 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 0.49 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.71 |
Impressive |
Industrial Average |
2.29 |
|
Total Assets Turnover |
1.95 |
Impressive |
Industrial Average |
1.20 |
|
Inventory Conversion Period |
84.75 |
|
|
|
|
Inventory Turnover |
4.31 |
Impressive |
Industrial Average |
3.64 |
|
Receivables Conversion Period |
32.19 |
|
|
|
|
Receivables Turnover |
11.34 |
Impressive |
Industrial Average |
4.68 |
|
Payables Conversion Period |
18.70 |
|
|
|
The company's Account Receivable Ratio is calculated as 11.34 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 45 days at the
end of 2010 to 85 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 8.1 times in year 2010 to 4.31 times
in year 2011.
The company's Total Asset Turnover is calculated as 1.95 times and 2.83
times in 2011 and 2010 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.54.54 |
|
|
1 |
Rs.88.05 |
|
Euro |
1 |
Rs.72.29 |
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.