|
Report Date : |
18.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
GIA KHANH GENERAL SERVICES TRADING COMPANY LIMITED |
|
|
|
|
Registered Office : |
No. 1 Lane 34/153/8 Vinh Tuy Str, Vinh Tuy Ward, Hai Ba Trung
District, Ha Noi City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
2005 |
|
|
|
|
Com. Reg. No.: |
0101673668 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Trading in tires and tube for motorbike |
|
|
|
|
No. of Employees : |
8 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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) |
|
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 |
|
Current legal status |
||
|
English Name |
|
GIA KHANH GENERAL SERVICES TRADING COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH THUONG MAI DICH VU TONG HOP GIA KHANH |
|
Trade name |
|
GIA KHANH GST CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2005 |
|
Business Registration No. |
|
0101673668 |
|
Date of Registration |
|
2011 |
|
Place of Registration |
|
Planning and Investment Department of Hanoi City |
|
Chartered capital |
|
VND 5,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0101673668 |
|
Total Employees |
|
8 |
|
Size |
|
Small |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Chartered capital: VND 1,000,000,000 Changed to: VND 5,000,000,000 |
2011 |
|
2 |
Subject has got former Business Registration No: 0102020460 Changed to: 0101673668 |
2011 |
|
3 |
Subject has got former Shareholders: MR. NGUYEN TIEN DUNG (20%), MR.
PHAM MINH ANH (80%) Changed to: MR. LE VAN DAT (96%), MS. LE THI TRANG (4%) |
2011 |
|
4 |
Subject has got former Board Of Director: MR. NGUYEN TIEN DUNG Changed
to: MR. LE VAN DAT |
2011 |
|
Registration
Address |
||
|
Address |
|
No. 1 Lane 34/153/8 Vinh Tuy Str, Vinh Tuy Ward, Hai Ba Trung
District, Ha Noi City, Vietnam |
|
|
||
|
Transaction office in Ha Noi |
||
|
Address |
|
2nd Fl, No. 20 Mac Thi Buoi Str., Vinh Tuy, Hai Ba Trung District, Ha
Noi City, Vietnam |
|
Telephone |
|
(84-4) 66544663 |
|
Fax |
|
(84-4) 62783935 |
|
Email |
|
|
|
|
||
|
Other office |
||
|
Address |
|
No. 201, Floor 2, I3 building Luong Dinh Cua Str., Phuong Mai Ward,
Dong Da District, Ha Noi City, Vietnam |
|
Telephone |
|
++84 903446294 |
|
1. NAME |
|
Mr. NGUYEN TIEN DUNG |
|
Position |
|
Former Director |
|
Date of Birth |
|
05 Jul 1979 |
|
ID Number/Passport |
|
011984929 |
|
ID Issue Date |
|
05 Jul 1979 |
|
ID Issue Place |
|
Hanoi Police Station |
|
Resident |
|
No. 22, alley 20 Thanh Cong Str, Thanh Cong ward,
Ba Dinh District, Ha Noi City, Vietnam |
|
Current resident |
|
No. 22, alley 20, Thanh Cong Str., Thanh Cong ward, Ba Dinh District,
Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2. NAME |
|
Mr. LE VAN DAT |
|
Position |
|
Director |
|
ID Number/Passport |
|
013008454 |
|
Resident |
|
No.557 Minh Khai Str, Hai Ba Trung District, Ha
Noi City, Vietnam |
|
Tel/Mobile phone |
|
++84 903446294 |
|
Email |
|
levandat@hn.vnn.vn |
|
Nationality |
|
Vietnamese |
The subject registers and operates in the
following business activities:
- Trading in tires and tube for motorbike
- Trading in motorbike equipments, spare part
- Trading in materials for construction, steel, chemistry
- Consignment of goods
|
IMPORT: |
||
|
Types of products |
|
Car tires |
|
Market |
|
China, India, and Korea |
|
Mode of payment |
|
TT, L/C |
|
EXPORT: |
||
|
Note: Currently, the
subject does not export |
||
|
1. EASTERN ASIA COMMERCIAL BANK HANOI BRANCH |
||
|
Address |
|
No. 11 Nguyen Bieu Str, Ba Dinh District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3843 9753 |
|
Fax |
|
(84-4) 3823 6091 |
|
1. NAME |
|
Mr. LE VAN DAT |
|
Position |
|
Director |
|
ID Number/Passport |
|
013008454 |
|
Resident |
|
No.557 Minh Khai Str, Hai Ba Trung District, Ha Noi City, Vietnam |
|
Email |
|
levandat@hn.vnn.vn |
|
Mobile phone |
|
++84 903446294 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 4,800,000,000 |
|
Percentage |
|
96% |
|
|
||
|
2 . NAME |
|
Ms. LE THI TRANG |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 200,000,000 |
|
Percentage |
|
4% |
|
|
||
|
The subject’s financial data for FY 2010 is not available in our source. |
|||
|
BALANCE SHEET |
|||
|
Unit: One VND |
|||
|
Balance sheet
date |
31/12/2011 |
31/12/2009 |
31/12/2008 |
|
Number of weeks |
52 |
52 |
52 |
|
Audit status |
Unknown |
Unknown |
Unknown |
|
ASSETS |
|||
|
A – CURRENT ASSETS |
61,256,000,000 |
31,605,340,552 |
15,465,246,074 |
|
I. Cash and cash equivalents |
11,283,000,000 |
1,479,925,754 |
457,961,800 |
|
1. Cash |
0 |
1,479,925,754 |
457,961,800 |
|
2. Cash equivalents |
11,283,000,000 |
0 |
0 |
|
II. Short-term investments |
0 |
0 |
0 |
|
1. Short-term investments |
0 |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts receivable |
17,862,000,000 |
12,752,865,970 |
3,202,201,665 |
|
1. Receivable from customers |
4,166,000,000 |
8,227,329,725 |
1,552,500,755 |
|
2. Prepayments to suppliers |
13,660,000,000 |
4,193,190,881 |
1,283,881,062 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
36,000,000 |
332,345,364 |
365,819,848 |
|
6. Provisions for bad debts |
0 |
|
|
|
IV. Inventories |
31,554,000,000 |
14,229,866,260 |
11,299,334,922 |
|
1. Inventories |
31,554,000,000 |
14,229,866,260 |
11,299,334,922 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current Assets |
557,000,000 |
3,142,682,568 |
505,747,687 |
|
1. Short-term prepaid expenses |
0 |
0 |
0 |
|
2. VAT to be deducted |
66,000,000 |
618,530,503 |
432,243,658 |
|
3. Taxes and other accounts receivable from the State |
6,000,000 |
6,493,519 |
6,493,519 |
|
4. Other current assets |
485,000,000 |
2,517,658,546 |
67,010,510 |
|
B. LONG-TERM ASSETS |
374,000,000 |
345,474,683 |
2,968,336,296 |
|
I. Long term accounts receivable |
0 |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
0 |
|
II. Fixed assets |
374,000,000 |
345,474,683 |
421,336,296 |
|
1. Tangible assets |
374,000,000 |
0 |
0 |
|
- Historical costs |
869,000,000 |
592,720,027 |
577,638,209 |
|
- Accumulated depreciation |
-495,000,000 |
-247,245,344 |
-156,301,913 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
0 |
0 |
0 |
|
- Initial costs |
0 |
0 |
0 |
|
- Accumulated amortization |
0 |
0 |
0 |
|
4. Construction-in-progress |
0 |
0 |
0 |
|
III. Investment property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term investments |
0 |
0 |
2,547,000,000 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
2,547,000,000 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other long-term assets |
0 |
0 |
0 |
|
1. Long-term prepaid expenses |
0 |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
0 |
|
1. Goodwill |
0 |
0 |
0 |
|
TOTAL ASSETS |
61,630,000,000 |
31,950,815,235 |
18,433,582,370 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
56,093,000,000 |
30,769,629,534 |
17,398,976,300 |
|
I. Current liabilities |
56,093,000,000 |
30,769,629,534 |
17,398,976,300 |
|
1. Short-term debts and loans |
23,502,000,000 |
25,001,659,012 |
16,033,766,860 |
|
2. Payable to suppliers |
13,987,000,000 |
2,350,925,790 |
241,185,435 |
|
3. Advances from customers |
12,527,000,000 |
70,000,001 |
655 |
|
4. Taxes and other obligations to the State Budget |
6,077,000,000 |
3,347,044,731 |
1,124,023,350 |
|
5. Payable to employees |
0 |
0 |
0 |
|
6. Accrued expenses |
0 |
0 |
0 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
0 |
0 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
11. Bonus and welfare funds |
0 |
0 |
0 |
|
II. Long-Term Liabilities |
0 |
0 |
0 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
0 |
|
4. Long-term debts and loans |
0 |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
8. Unearned Revenue |
0 |
0 |
0 |
|
9. Science and technology development fund |
0 |
0 |
0 |
|
B- OWNER’S EQUITY |
5,537,000,000 |
1,181,185,701 |
1,034,606,070 |
|
I. OWNER’S EQUITY |
5,531,000,000 |
1,174,264,487 |
1,027,684,856 |
|
1. Capital |
5,000,000,000 |
1,000,000,000 |
1,000,000,000 |
|
2. Share premiums |
0 |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
0 |
|
6. Foreign exchange differences |
0 |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
0 |
|
9. Other funds |
28,000,000 |
27,684,856 |
27,684,856 |
|
10. Retained earnings |
503,000,000 |
146,579,631 |
0 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
0 |
|
II. Other sources and funds |
6,000,000 |
6,921,214 |
6,921,214 |
|
1. Bonus and welfare funds (Elder form) |
6,000,000 |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
0 |
|
MINORITY’S INTEREST |
0 |
0 |
0 |
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
61,630,000,000 |
31,950,815,235 |
18,433,582,370 |
|
Description |
FY2011
|
FY2009
|
FY2008
|
|
1. Total Sales |
305,024,000,000 |
154,040,813,680 |
76,400,727,858 |
|
2. Deduction item |
0 |
0 |
0 |
|
3. Net revenue |
305,024,000,000 |
154,040,813,680 |
76,400,727,858 |
|
4. Costs of goods sold |
296,860,000,000 |
149,909,016,707 |
73,279,177,107 |
|
5. Gross profit |
8,164,000,000 |
4,131,796,973 |
3,121,550,751 |
|
6. Financial income |
182,000,000 |
79,226,868 |
355,526,378 |
|
7. Financial expenses |
4,002,000,000 |
1,188,076,518 |
2,323,364,915 |
|
- In which: Loan interest expenses |
0 |
932,375,714 |
1,845,953,008 |
|
8. Selling expenses |
0 |
0 |
0 |
|
9. Administrative overheads |
4,108,000,000 |
2,840,989,312 |
1,057,220,275 |
|
10. Net operating profit |
236,000,000 |
181,958,011 |
96,491,939 |
|
11. Other income |
0 |
3,829 |
0 |
|
12. Other expenses |
0 |
3,538,997 |
930,095 |
|
13. Other profit /(loss) |
0 |
-3,535,168 |
-930,095 |
|
14. Total accounting profit before tax |
236,000,000 |
178,422,843 |
95,561,844 |
|
15. Current corporate income tax |
59,000,000 |
31,843,212 |
24,196,370 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
177,000,000 |
146,579,631 |
71,365,474 |
|
Description |
FY2011 |
FY2009 |
FY2008 |
Average Industry |
|
Current liquidity ratio |
1.09 |
1.03 |
0.89 |
1.38 |
|
Quick liquidity ratio |
0.53 |
0.56 |
0.24 |
0.79 |
|
Inventory circle |
9.41 |
11.74 |
6.49 |
9.26 |
|
Average receive period |
21.37 |
30.22 |
15.30 |
114.96 |
|
Utilizing asset performance |
4.95 |
4.82 |
4.14 |
1.71 |
|
Liability by total assets |
91.02 |
96.30 |
94.39 |
66.10 |
|
Liability by owner's equity |
1,013.06 |
2,604.98 |
1,681.70 |
255.57 |
|
Ebit / Total assets (ROA) |
0.38 |
3.48 |
10.53 |
9.92 |
|
Ebit / Owner's equity (ROE) |
4.26 |
94.04 |
187.66 |
29.69 |
|
Ebit / Total revenue (NPM) |
0.08 |
0.72 |
2.54 |
6.87 |
|
Gross profit / Total revenue (GPM) |
2.68 |
2.68 |
4.09 |
10.81 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data |
||||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium |
|
Payment status |
|
Limited |
|
Financial Situation |
|
Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
TT, L/C |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Well-known |
GIA KHANH GENERAL SERVICES TRADING COMPANY LIMITED started operation
since 2005. At the initial time, the subject’s capital was just VND 1 billion
and had the original business Registration No. 0102020460. Now, it has changed
the director, and the capital has been raised to VND 5 billion, with the new
B.R.N 0101673668 as same as the tax code.
The subject company is specializing in trading tires, tube, and spare
part for car/ motorbike (Mainly for car). Products of subject are imported
mainly from China, India, and Korea then distribute in local market of Vietnam.
It does not export.
The premises of the subject are small. The registration address is
located in a small lane and very difficult to contact. All the business
transactions are at 2nd Fl, No. 20 Mac Thi Buoi Street, Vinh Tuy
Ward, Hai Ba Trung District, Hanoi City and it is only small room. Any business
transaction of the subject is decided by managing director- Mr. Le Van Dat. He
has many experiences after working for a long time in a state owned company in
trading industry.
According to the given financial statements, the subject has gradual
growth in total revenue and profit every year. In FY 2011, The utilizing asset
performance is higher than average industry. It shows that the subject is
operating quite effectively. However, the subject still retains large
inventories and costs of goods sold as well. Though the liquidity ratios also
go up slightly from year to year, the speed is still very low. Its liability
ratios higher much than average industry and it seem not very stable in
subject’s financial structure; especially Liability by owner's equity is too
high in 3 years which implies risks to creditors.
In general, the subject is a small company in the market. It has capacity
to meet small financial transactions only. Caution is needed for larger credit
commitments.
|
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.54.64 |
|
|
1 |
Rs.87.45 |
|
Euro |
1 |
Rs.72.65 |
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.