MIRA
INFORM REPORT
|
Report Date : |
24.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
ANAN ANJAMANI CO., LTD. |
|
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Registered Office : |
21st Floor, Jewelry Trade Center, 919/269 Silom Road, Silom, Bangrak, Bangkok 10500 |
|
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|
|
Country : |
Thailand |
|
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|
|
Financials (as on) : |
31.12.2011 |
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|
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Date of Incorporation : |
06.12.2005 |
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|
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Com. Reg. No.: |
0105548157964 [Former :
0108454825176] |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Exporter of Jewelry Products |
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No. of Employees : |
9 |
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 : |
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 |
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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
ANAN ANJAMANI CO., LTD.
SUMMARY
BUSINESS ADDRESS : 21st
FLOOR, JEWELRY TRADE
CENTER,
919/269
SILOM ROAD, SILOM,
BANGRAK,
BANGKOK
10500, THAILAND
TELEPHONE : [66] 2630-3281,
2630-0119, 2630-0779
FAX : [66] 2630-0899
E-MAIL ADDRESS : info@anananjamani.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2005
REGISTRATION NO. : 0105548157964 [Former
: 0108454825176]
TAX ID NO. : 3032008013
CAPITAL REGISTERED : BHT.
20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI
: 51%
INDIAN
: 49%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VIBHOR AGARWAL,
INDIAN
MANAGING DIRECTOR
NO. OF STAFF : 9
LINES OF BUSINESS : JEWELRY PRODUCTS
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 December 6,
2005 as a
private limited company under
the name style
ANAN ANJAMANI CO.,
LTD., by Thai
and Indian groups, with
the business objective to design
and export wide range of jewelry products.
It currently employs
9 staff.
The subject’s registered address is 21st Floor,
Jewelry Trade Center, 919/269
Silom Rd., Silom, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vibhor Agarwal |
|
Indian |
28 |
|
Mr. Anil Kumar Kothari |
|
Indian |
52 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Vibhor Agarwal is the
Managing Director.
He is Indian
nationality with the age of 28
years old.
Mr. Anuj Hirawat is
the Marketing Manager.
He is Indian
nationality.
BUSINESS OPERATIONS
The subject’s core business
is engaged in design
and exporting wide
range of diamond
and gold jewelry
products, such as bangle,
brooch, pendants, fancy
diamonds, earrings, bracelets,
diamond ring, diamond
brooch, diamond bangle,
diamond necklace and etc.
The products have
been produced by
local jewelry manufacturing
contractor.
The subject is
also a distributor of diamonds and gemstones
to jewelry industry.
IMPORT
Diamonds and gemstones
are imported from
India and Hong
Kong.
SALES
The products are
sold locally to
manufacturers and end-users.
EXPORT
The products are exported to Hong Kong, U.S.A., Philippines, Canada,
India, Japan, Singapore and
the countries in
Europe and Middle
East regions.
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
according to IRICO’S
DATABASE 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
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
9 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
COMMENT
The subject was
formed in 2005
as a design
and exporter of
jewelry products. 100% of the
jewelry products are
for overseas markets. Demand
of diamond and
gold jewelry products
remained strong which
generated an increase
in its sales
revenue and net
profit in 2011
comparing to the
previous year’s level.
In December 2012,
the subject has
increased its registered
capital to Bht.
20,000,000 which assisted
its liquidity flow.
In the beginning
of 2013, the
subject might have
an impact from
a strong Thai
baht, but it
expects the situation
would remain for
a short period.
In general, the subject
still maintains a
good business this year.
FINANCIAL INFORMATION
The capital was
registered at Bht.
4,000,000 divided into
40,000 shares of
Bht. 100 each.
The capital was
increased later as
follows:
Bht. 8,000,000
on October 30,
2009
Bht. 14,000,000
on April 19,
2012
Bht. 20,000,000
on December 12,
2012
The latest registered
capital was increased to
Bht. 20,000,000 divided into
200,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE
[as at December
3, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Vibhor Agarwal Nationality: Indian Address : 206/8
Kalapapruek Rd., Bangwa,
Pasicharoen, Bangkok |
32,680 |
16.34 |
|
Mr. Anuj Hirawat Nationality: Indian Address : 28/7 Kalapapruek Rd.,
Bangkhunthien,
Jomthong, Bangkok |
26,660 |
13.33 |
|
Mr. Anil Kumar Kothari Nationality: Indian Address : 11/29-30
Kalapapruek Rd., Bangkhunthien,
Jomthong, Bangkok |
23,798 |
11.90 |
|
Mrs. Varinthip Sukprasert Nationality: Thai Address : 14
Suksawad 9 Rd.,
Bangpakok,
Rajburana, Bangkok |
20,400 |
10.20 |
|
Ms. Ladda Boonsri Nationality: Thai Address : 8
Moo 7, T. Duasritanchai, A. Vanornniwas, Sakolnakorn |
20,400 |
10.20 |
|
Ms. Paveena Earb-arb Nationality: Thai Address : 307
Moo 4, T. Huayjode, A. Wattananakorn, Srakaew |
20,400 |
10.20 |
|
Mr. Chalermpol Laesungnern Nationality: Thai Address : 13/1
Trok Wat Pathumwanaram,
Pathumwan, Bangkok |
20,400 |
10.20 |
|
Ms. Thanasirisap Nicholas Nationality: Thai Address : 13/1
Trok Wat Pathumwanaram, Pathumwan, Bangkok |
20,400 |
10.20 |
|
Mr. Kiran Kothari Nationality: Indian Address : 11/29-30
Kalapapruek Rd., Bangkhunthien,
Jomthong, Bangkok |
14,862 |
7.43 |
Total Shareholders : 9
Share Structure
[as at
December 3, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
102,000 |
51.00 |
|
Foreign - Indian |
4 |
98,000 |
49.00 |
|
Total |
9 |
200,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Ms. Pathira Yooyen No.
8494
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2011, 2010 & 2009
were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash
Equivalents |
3,631,959.93 |
4,082,951.37 |
677,556.08 |
|
Trade Accounts Receivable
|
20,130,263.47 |
27,264,292.34 |
14,527,529.80 |
|
Inventories |
8,840,781.41 |
8,638,939.91 |
9,697,888.15 |
|
Other Current Assets
|
4,826,766.72 |
3,763,963.86 |
3,003,438.46 |
|
Total Current Assets
|
37,429,771.53 |
43,750,147.48 |
27,906,412.49 |
|
|
|
|
|
|
Fixed Assets |
1,708,376.42 |
841,125.39 |
424,604.90 |
|
Other Non-current Assets |
40,019.24 |
40,000.00 |
40,000.00 |
|
Total Assets |
39,178,167.19 |
44,631,272.87 |
28,371,017.39 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Trade Accounts Payable |
10,889,234.62 |
12,021,424.60 |
4,996,625.93 |
|
Other Current Liabilities |
1,389,375.51 |
313,889.90 |
917,380.47 |
|
Total Current Liabilities |
12,278,610.13 |
12,335,314.50 |
5,914,006.40 |
|
Long-term Loan from Related Person |
14,283,275.45 |
22,454,915.00 |
13,006,800.00 |
|
Total Liabilities |
26,561,885.58 |
34,790,229.50 |
18,920,806.40 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 80,000 |
8,000,000.00 |
8,000,000.00 |
8,000,000.00 |
|
Capital Paid |
8,000,000.00 |
8,000,000.00 |
8,000,000.00 |
|
Retained Earning -
Unappropriated |
4,616,281.61 |
1,841,043.37 |
1,450,210.99 |
|
Total Shareholders' Equity |
12,616,281.61 |
9,841,043.37 |
9,450,210.99 |
|
Total Liabilities &
Shareholders' Equity |
39,178,167.19 |
44,631,272.87 |
28,371,017.39 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
128,030,872.49 |
57,931,957.92 |
46,193,661.00 |
|
Less: Refundable Goods |
[102,000.00] |
- |
|
|
Less: Discount Payment |
[13,436.11] |
[656,141.13] |
- |
|
Interest Income |
4,896.40 |
817.51 |
948.97 |
|
Gain on Exchange Rate |
1,188,481.14 |
- |
401,812.67 |
|
Other Income |
12,612.87 |
- |
52,575.15 |
|
Total Revenues |
129,121,426.79 |
57,276,634.30 |
46,648,997.79 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
102,016,171.36 |
44,930,147.44 |
37,454,629.72 |
|
Selling Expenses |
12,198,843.13 |
4,032,707.10 |
3,832,298.79 |
|
Administrative Expenses |
10,936,488.74 |
7,723,612.54 |
4,943,048.06 |
|
Total Expenses |
125,151,503.23 |
56,686,467.08 |
46,229,976.57 |
|
Profit / [Loss] before Financial
Cost & Income Tax |
3,969,923.56 |
590,167.22 |
419,021.22 |
|
Financial Cost |
[3.94] |
- |
- |
|
Income Tax |
[1,194,681.38] |
[199,334.84] |
[190,953.41] |
|
Net Profit / [Loss] |
2,775,238.24 |
390,832.38 |
228,067.81 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.05 |
3.55 |
4.72 |
|
QUICK RATIO |
TIMES |
1.94 |
2.54 |
2.57 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
74.94 |
68.87 |
108.79 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.27 |
1.30 |
1.63 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
31.63 |
70.18 |
94.51 |
|
INVENTORY TURNOVER |
TIMES |
11.54 |
5.20 |
3.86 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
57.39 |
171.78 |
114.79 |
|
RECEIVABLES TURNOVER |
TIMES |
6.36 |
2.12 |
3.18 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
38.96 |
97.66 |
48.69 |
|
CASH CONVERSION CYCLE |
DAYS |
50.06 |
144.30 |
160.60 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
79.68 |
77.56 |
81.08 |
|
SELLING & ADMINISTRATION |
% |
18.07 |
20.29 |
19.00 |
|
INTEREST |
% |
0.00 |
- |
- |
|
GROSS PROFIT MARGIN |
% |
21.17 |
21.31 |
19.90 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.10 |
1.02 |
0.91 |
|
NET PROFIT MARGIN |
% |
2.17 |
0.67 |
0.49 |
|
RETURN ON EQUITY |
% |
22.00 |
3.97 |
2.41 |
|
RETURN ON ASSET |
% |
7.08 |
0.88 |
0.80 |
|
EARNING PER SHARE |
BAHT |
34.69 |
4.89 |
2.85 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.68 |
0.78 |
0.67 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.11 |
3.54 |
2.00 |
|
TIME INTEREST EARNED |
TIMES |
1,007,594.81 |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
121.00 |
25.41 |
|
|
OPERATING PROFIT |
% |
572.68 |
40.84 |
|
|
NET PROFIT |
% |
610.08 |
71.37 |
|
|
FIXED ASSETS |
% |
103.11 |
98.10 |
|
|
TOTAL ASSETS |
% |
(12.22) |
57.31 |
|
ANNUAL GROWTH : IMPRESSIVE
An annual sales growth is 121%. Turnover has increased from THB
57,931,957.92 in 2010 to THB 128,030,872.49 in 2011. While net profit has
increased from THB 390,832.38 in 2010 to THB 2,775,238.24 in 2011. And total
assets has decreased from THB 44,631,272.87 in 2010 to THB 39,178,167.19 in
2011.
PROFITABILITY : EXCELLENT
PROFITABILITY RATIO
|
Gross Profit Margin |
21.17 |
Impressive |
Industrial Average |
9.66 |
|
Net Profit Margin |
2.17 |
Impressive |
Industrial Average |
(0.20) |
|
Return on Assets |
7.08 |
Impressive |
Industrial Average |
(0.27) |
|
Return on Equity |
22.00 |
Impressive |
Industrial Average |
(0.72) |
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. Gross Profit Margin is 21.17%. 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. Net Profit Margin ratio is
2.17%, 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
7.08%, 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 22%, 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 Stable
LIQUIDITY : IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
3.05 |
Impressive |
Industrial Average |
1.72 |
|
Quick Ratio |
1.94 |
|
|
|
|
Cash Conversion Cycle |
50.06 |
|
|
|
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 3.05 times in 2011, decrease from 3.55 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 1.94 times in 2011,
decrease from 2.54 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 51 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.68 |
Acceptable |
Industrial Average |
0.60 |
|
Debt to Equity Ratio |
2.11 |
Risky |
Industrial Average |
1.67 |
|
Times Interest Earned |
1,007,594.81 |
Impressive |
Industrial Average |
0.63 |
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 1007594.82 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 0.68 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY : EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
74.94 |
Impressive |
Industrial Average |
10.73 |
|
Total Assets Turnover |
3.27 |
Impressive |
Industrial Average |
1.47 |
|
Inventory Conversion Period |
31.63 |
|
|
|
|
Inventory Turnover |
11.54 |
Impressive |
Industrial Average |
2.17 |
|
Receivables Conversion Period |
57.39 |
|
|
|
|
Receivables Turnover |
6.36 |
Impressive |
Industrial Average |
3.31 |
|
Payables Conversion Period |
38.96 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.36 and 2.12 in
2011 and 2010 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 2011
increased from 2010. This would suggest the company had good performance 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 70 days at the
end of 2010 to 32 days at the end of 2011. This represents a positive trend.
And Inventory turnover has increased from 5.2 times in year 2010 to 11.54 times
in year 2011.
The company's Total Asset Turnover is calculated as 3.27 times and 1.3
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 Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.77 |
|
|
1 |
Rs.85.13 |
|
Euro |
1 |
Rs.71.57 |
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.