MIRA
INFORM REPORT
|
Report Date : |
16.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
KASSINI
GROUP CO., LTD. |
|
|
|
|
Registered Office : |
19/91-95 Moo 12, Soi Udomsuk 40, Sukhumvit 103 Road, Bangna, Bangkok 10260 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
03.08.1995 |
|
|
|
|
Com. Reg. No.: |
0105538092169 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
importer and distributor of various kinds
of stationery including Note paper,
ink, booklet, sharpener,
plastic file, gel
pen, ball point pen,
highlight pen, pencil,
color pencil, staple
set, Adhesive tape
|
|
|
|
|
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 |
|
|
|
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013.
|
Source : CIA |
Company name
KASSINI GROUP CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 19/91-95 MOO
12, SOI UDOMSUK
40,
SUKHUMVIT 103
ROAD, BANGNA,
BANGKOK 10260
TELEPHONE : [66] 2748-9236-8
FAX :
[66] 2748-9239
E-MAIL
ADDRESS : kassiniart@ego.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538092169
TAX
ID NO. : 3011609859
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VIROJ DAMRONGSAKUL,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : STATIONERY
IMPORTER AND
DISTRIBUTOR
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 August 3,
1995 as a
private limited company under
the registered name
KASSINI GROUP CO.,
LTD., by Thai groups,
with the business
objective to import
and distribute various
kinds of stationery
to domestic market.
It currently employs
approximately 30 staff.
The
subject’s registered address
is 19/91-95 Moo
12, Soi Udomsuk
40, Sukhumvit 103
Road, Bangna, Bangkok
10260, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Suda Srichaisupakit |
|
Thai |
49 |
|
Mrs. Sunee Srichaisupakit |
|
Thai |
51 |
|
Mr. Viroj Damrongsakul |
|
Thai |
50 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Viroj Damrongsakul is
the Managing Director.
He is Thai
nationality with the
age of 50
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of stationery
as the followings:
Brand Product
“AIHAO” Note paper,
ink, booklet, sharpener,
plastic file, gel
pen,
ball
point pen, highlight
pen, pencil, color
pencil,
staple set,
Adhesive tape .
“GOLDEN” Pen
“MAPLES” Pen
“PATTERN DAYS” Gel pens,
eraser
“KAMIO” Gift items/souvenirs
“SAN-X” Gift items/souvenirs
“SHINZI KATOH” Gift items/souvenirs
etc.
PURCHASE
90% of the
products is imported
from Republic of
China, Japan, Korea
and India, the
remaining 10% is
purchased from local
suppliers.
MAJOR
SUPPLIERS
Aihao
Ltd. : Republic
of China
Kamio
Stationery : Japan
SALES
100% of the
products is sold locally
by wholesale to
dealers [department store, book
store, convenience store],
and university both
private and government
sectors.
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
T/T on negotiated
terms.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 30 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The subject
is an importer
and distributor of
stationery products. During
the past few
years, its sales
has gradually increased
from strong demand of
local consumption, while
its business trend
is promising.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000 shares of
Bht. 100 each
with fully paid.
On
January 16, 2004,
the registered capital
was increased to Bht. 2,000,000
divided into 20,000
shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Suda Srichaisupakit Nationality: Thai Address : 19/94-95
Moo 12, Sukhumvit
103 Rd.,
Bangna, Bangkok |
6,666 |
33.33 |
|
Mr. Viroj Damrongsakul Nationality: Thai Address : 19/94-95
Moo 12, Sukhumvit
103 Rd.,
Bangna, Bangkok |
6,665 |
33.33 |
|
Mrs. Sunee Srichaisupakit Nationality: Thai Address : 19/94-95
Moo 12, Sukhumvit
103 Rd.,
Bangna, Bangkok |
6,665 |
33.33 |
|
Master Chatviroon Damrongsakul Nationality: Thai Address : 19/94-95
Moo 12, Sukhumvit
103 Rd., Bangna,
Bangkok |
1 |
|
|
Mr. Thanasarn Siraporn Nationality: Thai Address : 140
Sermsawad Rd., T. Muangpol, A.
Pol, Khon Kaen
|
1 |
|
|
|
|
|
|
Ms. Sirirat Somsub Nationality: Thai Address : 34/10
Moo 10, Klongkum,
Buengkum,
Bangkok |
1 |
= 0.01 |
|
Mrs. Kamolpat Srichaisupakit Nationality: Thai Address : 418
Moo 18, T. Bangpueng, A.
Phrapradaeng, Samutprakarn |
1 |
|
Total Shareholders : 7
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
20,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
20,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Chaveewan Charoenjai No.
2319
BALANCE SHEET [BAHT]
The latest financial figures published as at December 31, 2012, 2011 & 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
160,094.86 |
1,175,679.04 |
535,606.88 |
|
Trade Accounts Receivable
|
21,501,147.82 |
22,443,006.60 |
21,152,456.18 |
|
Inventories |
21,966,184.64 |
13,035,947.34 |
18,025,833.85 |
|
Other Current Assets
|
749,890.75 |
334,426.74 |
2,512,064.98 |
|
|
|
|
|
|
Total Current Assets
|
44,377,318.07 |
36,989,059.72 |
42,225,961.89 |
|
Fixed Assets |
25,622,384.19 |
22,708,467.67 |
6,640,249.64 |
|
Other Non-current Assets |
3,297,328.83 |
90,862.15 |
82,833.73 |
|
Total Assets |
73,297,031.09 |
59,788,389.54 |
48,949,045.26 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
24,804,286.07 |
23,066,146.25 |
18,299,647.50 |
|
Trade Accounts Payable
|
7,211,201.50 |
5,062,963.57 |
7,041,994.94 |
|
Current Portion of Payable
Installment |
644,625.00 |
278,268.00 |
137,604.00 |
|
Accrued Income Tax |
756,676.64 |
455,979.96 |
509,545.01 |
|
Other Current Liabilities |
3,952,094.61 |
3,771,820.17 |
4,067,512.08 |
|
|
|
|
|
|
Total Current Liabilities |
37,368,883.82 |
32,635,177.95 |
30,056,303.53 |
|
Long-term Loans |
24,592,525.87 |
20,292,525.87 |
14,428,351.14 |
|
Other Long-term Loans |
1,101,202.00 |
221,953.00 |
172,005.00 |
|
Total Liabilities |
63,062,611.69 |
53,149,656.82 |
44,656,659.67 |
|
Shareholders' Equity |
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
Retained Earnings Unappropriated |
8,234,419.40 |
4,638,732.62 |
2,292,385.59 |
|
Total Shareholders' Equity |
10,234,419.40 |
6,638,732.62 |
4,292,385.59 |
|
Total Liabilities &
Shareholders' Equity |
73,297,031.09 |
59,788,389.44 |
48,949,045.26 |
PROFIT & LOSS ACCOUNT
|
Sale |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
89,985,895.96 |
84,897,570.29 |
70,347,249.25 |
|
Other Income |
173,033.22 |
1,505.35 |
125,498.42 |
|
Total Sales |
90,158,929.18 |
84,899,075.64 |
70,472,747.67 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
65,148,595.20 |
62,494,228.60 |
51,623,059.42 |
|
Selling and Administrative Expenses |
19,120,795.30 |
18,362,135.12 |
15,163,170.39 |
|
Total Expenses |
84,269,390.50 |
80,856,363.72 |
66,786,229.81 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
5,889,538.68 |
4,042,711.92 |
3,686,517.86 |
|
Financial Costs |
[1,170,472.68] |
[1,005,457.06] |
[745,324.16] |
|
Income Tax |
[1,123,379.22] |
[690,907.83] |
[629,083.02] |
|
|
|
|
|
|
Net Profit / [Loss] |
3,595,686.78 |
2,346,347.03 |
2,312,110.68 |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.19 |
1.13 |
1.40 |
|
QUICK RATIO |
TIMES |
0.58 |
0.72 |
0.72 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.51 |
3.74 |
10.59 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.23 |
1.42 |
1.44 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
123.07 |
76.14 |
127.45 |
|
INVENTORY TURNOVER |
TIMES |
2.97 |
4.79 |
2.86 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
87.21 |
96.49 |
109.75 |
|
RECEIVABLES TURNOVER |
TIMES |
4.19 |
3.78 |
3.33 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
40.40 |
29.57 |
49.79 |
|
CASH CONVERSION CYCLE |
DAYS |
169.88 |
143.06 |
187.41 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
72.40 |
73.61 |
73.38 |
|
SELLING & ADMINISTRATION |
% |
21.25 |
21.63 |
21.55 |
|
INTEREST |
% |
1.30 |
1.18 |
1.06 |
|
GROSS PROFIT MARGIN |
% |
27.79 |
26.39 |
26.80 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.54 |
4.76 |
5.24 |
|
NET PROFIT MARGIN |
% |
4.00 |
2.76 |
3.29 |
|
RETURN ON EQUITY |
% |
35.13 |
35.34 |
53.87 |
|
RETURN ON ASSET |
% |
4.91 |
3.92 |
4.72 |
|
EARNING PER SHARE |
BAHT |
179.78 |
117.32 |
115.61 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.86 |
0.89 |
0.91 |
|
DEBT TO EQUITY RATIO |
TIMES |
6.16 |
8.01 |
10.40 |
|
TIME INTEREST EARNED |
TIMES |
5.03 |
4.02 |
4.95 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
5.99 |
20.68 |
|
|
OPERATING PROFIT |
% |
45.68 |
9.66 |
|
|
NET PROFIT |
% |
53.25 |
1.48 |
|
|
FIXED ASSETS |
% |
12.83 |
241.98 |
|
|
TOTAL ASSETS |
% |
22.59 |
22.14 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 5.99%. Turnover has increased from THB
84,897,570.29 in 2011 to THB 89,985,895.96 in 2012. While net profit has
increased from THB 2,346,347.03 in 2011 to THB 3,595,686.78 in 2012. And total
assets has increased from THB 59,788,389.54 in 2011 to THB 73,297,031.09 in
2012.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
27.79 |
Impressive |
Industrial Average |
1.01 |
|
Net Profit Margin |
4.00 |
Impressive |
Industrial Average |
1.28 |
|
Return on Assets |
4.91 |
Impressive |
Industrial Average |
0.70 |
|
Return on Equity |
35.13 |
Impressive |
Industrial Average |
3.45 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 27.79%. 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. The company’s figure is 4%, 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 4.91%, 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 35.13%, 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 : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.19 |
Deteriorated |
Industrial Average |
2.42 |
|
Quick Ratio |
0.58 |
|
|
|
|
Cash Conversion Cycle |
169.88 |
|
|
|
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 1.19 times in 2012, increased from 1.13 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 lower.
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 0.58 times in 2012,
decreased from 0.72 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 170 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.86 |
Acceptable |
Industrial Average |
0.80 |
|
Debt to Equity Ratio |
6.16 |
Risky |
Industrial Average |
3.95 |
|
Times Interest Earned |
5.03 |
Impressive |
Industrial Average |
- |
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 5.04 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 0.86 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 Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.51 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.23 |
Impressive |
Industrial Average |
0.55 |
|
Inventory Conversion Period |
123.07 |
|
|
|
|
Inventory Turnover |
2.97 |
Deteriorated |
Industrial Average |
7.61 |
|
Receivables Conversion Period |
87.21 |
|
|
|
|
Receivables Turnover |
4.19 |
Impressive |
Industrial Average |
0.68 |
|
Payables Conversion Period |
40.40 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.19 and 3.78 in
2012 and 2011 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate sale. 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
increased from 2011. 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 increased from 76 days at the
end of 2011 to 123 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 4.79 times in year 2011 to 2.97 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.23 times and 1.42
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 Stable
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.05 |
|
UK Pound |
1 |
Rs.90.71 |
|
Euro |
1 |
Rs.78.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.