|
Report Date : |
06.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
DSM NUTRITIONAL PRODUCTS VIETNAM COMPANY LIMITED |
|
|
|
|
Registered Office : |
No. 9, Road No. 14, Vietnam- Singapore II Industrial Park, Tan Uyen District, Binh Duong Province |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Incorporation : |
2001 |
|
|
|
|
Legal Form : |
Limited Liability Company (Foreign invested company) |
|
|
|
|
Line of Business : |
The subject specializes in processing and trading in vitamins, premix and raw materials for processing animal feeds. |
|
|
|
|
No. of Employees : |
40 |
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 but correct |
|
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) |
|
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 has
been transitioning from the rigidities of a centrally-planned economy since 1986.
Vietnamese authorities have reaffirmed their commitment to economic
modernization in recent years. Vietnam joined the World Trade Organization in
January 2007, which has promoted more competitive, export-driven industries.
Vietnam became an official negotiating partner in the Trans-Pacific Partnership
trade agreement in 2010. Agriculture's share of economic output has continued
to shrink from about 25% in 2000 to less than 22% in 2012, while industry's
share increased from 36% to nearly 41% in the same period. State-owned
enterprises account for roughly 40% of GDP. 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
hurt Vietnam's export-oriented economy, with GDP in 2012 growing at 5%, the
slowest rate of growth since 1999. In 2012, however, exports increased by more
than 18%, year-on-year; several administrative actions brought the trade
deficit back into balance. Between 2008 and 2011, Vietnam's managed currency,
the dong, was devalued in excess of 20%, but its value remained stable in 2012.
Foreign direct investment inflows fell 4.5% to $10.5 billion in 2012. Foreign
donors have pledged $6.5 billion in new development assistance for 2013. Hanoi
has oscillated between promoting growth and emphasizing macroeconomic stability
in recent years. In February 2011, the Government shifted policy away from
policies aimed at achieving a high rate of economic growth, which had stoked
inflation, to those aimed at stabilizing the economy, through tighter monetary
and fiscal control. Although Vietnam unveiled a broad, "three pillar"
economic reform program in early 2012, proposing the restructuring of public
investment, state-owned enterprises, and the banking sector, little perceptible
progress had been made by early 2013. Vietnam's economy continues to face
challenges from an undercapitalized banking sector. Non-performing loans weigh
heavily on banks and businesses. In September 2012, the official bad debt ratio
climbed to 8.8%, though some independent analysts believe it could be higher
than 15%.
Source
: CIA
SUBJECT IDENTIFICATION &
LEGAL FORM
|
||
|
|
||
Current legal status
|
||
|
English Name |
|
DSM NUTRITIONAL PRODUCTS VIETNAM COMPANY
LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH DSM NUTRITIONAL PRODUCTS VIET
NAM |
|
Trade name |
|
DSM NUTRITIONAL PRODUCTS (VIETNAM) LTD |
|
Type of Business |
|
Limited liability company (Foreign invested
company) |
|
Year Established |
|
2001 |
|
Investment Certificate No |
|
463043000152 |
|
Date Of Issuance |
|
23 Aug 2011 |
|
Place of Issuance |
|
Vietnam-Singapore Industrial Zone
Authority |
|
Registered Investment Capital |
|
USD 1,000,000 |
|
Chartered capital |
|
USD 1,000,000 |
|
Investment Duration |
|
45 years since October 1st 2001 |
|
Tax code |
|
3700376726 |
|
Total Employees |
|
40 |
Historical Identification & Legal form
|
List |
Changed Items |
|
1 |
Subject has got former Investment
Certificate No: Original Investment License No. 046/GP-KCN-VS (Adjusted
License No. 046/GPDC2-KCN-VS) is issued on May 31st 2001 by Management Board
of Vietnam-Singapore Industrial Park Changed to: 463043000152 issued in 2008 |
|
2 |
Subject has got former Trade Name: ROCHE
VITAMINS VIETNAM Changed to: DSM NUTRITIONAL PRODUCTS
(VIETNAM) LTD |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
No. 9, Road No. 14, Vietnam- Singapore II Industrial
Park, Tan Uyen District, Binh Duong Province, Vietnam |
|
Telephone |
|
(84-650) 2221 301 |
|
Fax |
|
(84-650) 2221 300 |
|
Email |
|
|
|
|
||
|
Former Address |
||
|
Address |
|
No.
26, Doc Lap Avenue, Vietnam- Singapore Industrial Park, Thuan An Town, Binh
Duong Province, Vietnam |
|
Note: The address given is
former one. |
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
REDMAN ROBERT GORDON HARCOURT (ROBERT REDMAN) |
|
Position |
|
General Director |
|
ID Number/Passport |
|
E3009618 |
|
Email |
|
robert.redman@dsm.com |
|
Qualification |
|
Management |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN THE HOANG |
|
Position |
|
Sales Manager |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 913 902 696 |
|
Qualification |
|
Management |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN DANH |
|
Position |
|
Chief Accountant |
|
Email |
|
|
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The
subject specializes in processing and trading in vitamins, premix and raw materials
for processing animal feeds. |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Raw materials |
|
·
Market |
|
France, USA, Holland, Switzerland, Belgium, Germany, Singapore and
China |
|
|
||
|
EXPORT: N/A |
||
|
|
||
BANKERS
|
||
|
|
||
|
1.
CITI BANK - HOCHIMINH CITY BRANCH |
||
|
Address |
|
No. 115 Nguyen Hue Street, Ben Nghe Ward, District 1, Ho Chi Minh
City, Vietnam |
|
Telephone |
|
(84-8) 3824 2118 |
|
Fax |
|
(84-8) 3824 2114 |
|
|
||
|
2.
ANZ BANK HOCHIMINH CITY BRANCH |
||
|
Address |
|
No. 11 Me Linh Square - Ben Nghe Ward, District 1, Ho Chi Minh City,
Vietnam |
|
Telephone |
|
(84-8) 3829 9319 |
|
Fax |
|
(84-8) 3829 9316 |
|
|
||
|
3.
JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM HO CHI MINH BRANCH |
||
|
Address |
|
No.10 Vo Van Kiet Street, District 1, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3829 7245 |
|
Fax |
|
(84-8) 3829 7228 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
NAME |
|
DSM
GROUP |
|
Address |
|
Netherlands |
|
Percentage |
|
100% |
|
|
||
FINANCIAL DATA
|
|||
|
|
|||
|
BALANCE
SHEET |
|||
Unit: One VND
|
|||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
31/12/2008 |
|
Number of weeks |
52 |
52 |
52 |
ASSETS
|
|||
|
A – CURRENT
ASSETS |
244,998,649,923 |
176,157,332,387 |
138,395,647,090 |
|
I. Cash and cash
equivalents |
34,455,874,095 |
17,050,648,345 |
20,019,832,776 |
|
1. Cash |
34,455,874,095 |
17,050,648,345 |
20,019,832,776 |
|
2. Cash equivalents |
0 |
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 |
73,142,950,595 |
70,136,801,098 |
48,177,789,922 |
|
1. Receivable from customers |
73,142,950,595 |
70,136,801,098 |
48,132,435,899 |
|
2. Prepayments to suppliers |
0 |
|
45,354,023 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
0 |
0 |
0 |
|
6. Provisions for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
133,223,154,458 |
85,772,452,480 |
65,936,935,289 |
|
1. Inventories |
133,068,310,292 |
85,997,312,646 |
67,778,403,727 |
|
2. Provisions for devaluation of inventories |
154,844,166 |
-224,860,166 |
-1,841,468,438 |
|
V. Other Current
Assets |
4,176,670,775 |
3,197,430,464 |
4,261,089,103 |
|
1. Short-term prepaid expenses |
529,550,488 |
166,762,173 |
104,375,822 |
|
2. VAT to be deducted |
3,435,776,727 |
2,705,204,731 |
3,578,184,217 |
|
3. Taxes and other accounts receivable from the State |
0 |
|
181,960,504 |
|
4. Other current assets |
211,343,560 |
325,463,560 |
396,568,560 |
|
B. LONG-TERM
ASSETS |
10,868,699,075 |
11,869,271,427 |
13,105,049,897 |
|
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
|
8,862,023,367 |
10,267,832,508 |
11,659,850,186 |
|
1. Tangible assets |
8,862,023,367 |
10,267,832,495 |
11,659,850,173 |
|
- Historical costs |
24,856,498,158 |
24,920,687,006 |
25,336,449,262 |
|
- Accumulated depreciation |
-15,994,474,791 |
-14,652,854,511 |
-13,676,599,089 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
0 |
13 |
13 |
|
- Initial costs |
1,491,014,407 |
1,491,014,407 |
1,491,014,407 |
|
- Accumulated amortization |
-1,491,014,407 |
-1,491,014,394 |
-1,491,014,394 |
|
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 |
5,000,000 |
|
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 |
5,000,000 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other
long-term assets |
2,006,675,708 |
1,601,438,919 |
1,440,199,711 |
|
1. Long-term prepaid expenses |
0 |
0 |
0 |
|
2. Deferred income tax assets |
872,972,645 |
518,847,201 |
423,566,020 |
|
3. Other long-term assets |
1,133,703,063 |
1,082,591,718 |
1,016,633,691 |
|
VI. Goodwill |
0 |
0 |
0 |
|
1. Goodwill |
0 |
0 |
0 |
|
TOTAL ASSETS |
255,867,348,998 |
188,026,603,814 |
151,500,696,987 |
|
|
|||
LIABILITIES
|
|||
|
A- LIABILITIES |
192,695,712,371 |
141,121,087,726 |
104,961,690,644 |
|
I. Current
liabilities |
191,675,447,156 |
140,448,582,131 |
104,344,137,635 |
|
1. Short-term debts and loans |
0 |
0 |
0 |
|
2. Payable to suppliers |
180,547,704,540 |
136,533,729,550 |
100,690,653,575 |
|
3. Advances from customers |
0 |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
5,220,187,086 |
940,767,279 |
546,125,579 |
|
5. Payable to employees |
0 |
0 |
0 |
|
6. Accrued expenses |
4,378,294,783 |
2,249,434,782 |
2,594,748,866 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
1,529,260,747 |
724,650,520 |
512,609,615 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
11. Bonus and welfare funds |
|
0 |
0 |
|
II. Long-Term
Liabilities |
1,020,265,215 |
672,505,595 |
617,553,009 |
|
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 |
1,020,265,215 |
672,505,595 |
617,553,009 |
|
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 |
63,171,636,627 |
46,905,516,088 |
46,539,006,343 |
|
I. OWNER’S
EQUITY |
63,171,636,627 |
46,905,516,088 |
46,539,006,343 |
|
1. Capital |
14,997,500,000 |
14,997,500,000 |
14,997,500,000 |
|
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 |
0 |
0 |
0 |
|
10. Retained earnings |
48,174,136,627 |
31,908,016,088 |
31,541,506,343 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
0 |
|
II. Other sources
and funds |
0 |
0 |
0 |
|
1. Bonus and welfare funds (Elder form) |
0 |
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 |
255,867,348,998 |
188,026,603,814 |
151,500,696,987 |
|
|
||
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sales |
735,334,213,164 |
656,687,585,675 |
|
2. Deduction item |
745,514,523 |
0 |
|
3. Net revenue |
734,588,698,641 |
656,687,585,675 |
|
4. Costs of goods sold |
689,641,644,540 |
605,425,788,446 |
|
5. Gross profit |
44,947,054,101 |
51,261,797,229 |
|
6. Financial income |
3,554,496,978 |
5,905,794,729 |
|
7. Financial expenses |
10,018,690,163 |
39,134,429,074 |
|
- In which: Loan interest expenses |
- |
- |
|
8. Selling expenses |
10,756,885,236 |
9,890,977,368 |
|
9. Administrative overheads |
8,283,865,916 |
7,439,381,368 |
|
10. Net operating profit |
19,442,109,764 |
702,804,148 |
|
11. Other income |
677,569,553 |
458,372,115 |
|
12. Other expenses |
744,902,246 |
188,806,169 |
|
13. Other profit /(loss) |
-67,332,693 |
269,565,946 |
|
14. Total accounting profit before tax |
19,374,777,071 |
972,370,094 |
|
15. Current corporate income tax |
3,462,781,976 |
701,143,050 |
|
16. Deferred corporate income tax |
354,125,444 |
95,282,701 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
15,557,869,651 |
175,944,343 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.28 |
1.25 |
1.43 |
|
Quick liquidity ratio |
0.58 |
0.64 |
0.56 |
|
Inventory circle |
5.18 |
7.98 |
5.64 |
|
Average receive period |
36.34 |
38.98 |
27.24 |
|
Utilizing asset performance |
2.87 |
3.49 |
2.27 |
|
Liability by total assets |
75.31 |
75.05 |
58.03 |
|
Liability by owner's equity |
305.04 |
300.86 |
169.12 |
|
Ebit / Total assets (ROA) |
7.57 |
0.52 |
16.77 |
|
Ebit / Owner's equity (ROE) |
30.67 |
2.07 |
41.49 |
|
Ebit / Total revenue (NPM) |
2.63 |
0.15 |
7.21 |
|
Gross profit / Total revenue (GPM) |
6.11 |
7.81 |
12.54 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
|
|
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
N/A |
|
Payment status |
|
N/A |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Recorded |
|
Bankruptcy |
|
No Recorded |
|
Payment Methods |
|
L/C, T/T |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Good |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
The
subject - DSM NUTRITIONAL PRODUCTS VIETNAM COMPANY LIMITED - was established
in 2001 in Binh Duong Province. The subject has adjusted its license few
times during operation. Currently, it is operating under Investment
Certificate No. 463043000152 issued by Vietnam-Singapore Industrial Zone
Authority. Originally,
the subject was founded by Roche Pharmholdings B.V under the name of Roche
Vitamins Vietnam. In 2003, the subject was sold to DSM Group and its name was
changed to “DSM Nutritional Products Vietnam Company Limited” (DSM Group is
the world's leading supplier of vitamins, carotenoids and other chemicals for
feed, foodstuff, pharmaceutical and cosmetic industries). Formerly, head office of the subject was located
at “No. 26, Doc Lap Avenue, Vietnam- Singapore Industrial Park, Thuan An
Town, Binh Duong Province, Vietnam”. Since 2013, the subject has transferred
to address “No. 9, Road No. 14, Vietnam- Singapore II Industrial Park, Tan
Uyen District, Binh Duong Province, Vietnam”. It is
specialized in processing and trading in vitamins, premix and raw materials
for processing animal feeds. The subject imports raw materials for its
production from many countries. Finished products are consumed in domestic
only. The facilities and premises of the subject are fairly good. Its
management capability is normal. In overview,
the subject’s operation seems stable in recent times. Its financial situation
is fairly stable. Its turnover is fairly good in comparison with other
companies in same field. It is reliable for the small-normal business
transactions. |
------------ APPENDIX ----------
INDUSTRY DATA
|
||||||
|
|
||||||
|
Industry code |
GDP growth speed
by price compared with 1994 (%) |
Total
enterprises 2010 |
Total employees
2011 (Thous.pers.) |
Annual average
capital of enterprises 2010 (billion dongs) |
||
|
2012 |
2011 |
|||||
|
Agriculture,
Forestry and Fishing |
2.72 |
4.00 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and
Construction |
4.52 |
5.53 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and
Services |
6.42 |
6.69 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
ECONOMIC INDICATORS
|
||||||
|
|
||||||
|
|
2012 |
2011 |
2010 |
|||
|
Population (Million person) |
88.78 |
87.84 |
86.93 |
|||
|
Gross Domestic Products (USD
billion) |
136 |
119 |
102.2 |
|||
|
GDP Growth (%) |
5.03 |
5.89 |
6.78 |
|||
|
GDP Per Capita
(USD/person/year) |
1,540 |
1,300 |
1,160 |
|||
|
Inflation (% Change in
Composite CPI) |
9.21 |
18.58 |
11.75 |
|||
|
State Budget Deficit compared
with GDP (%) |
4.8 |
4.9 |
5.8 |
|||
|
|
||||||
SERVICE TRADE PERFORMANCE
|
||||||
|
|
||||||
|
Billion USD |
2012 |
2011 |
2010 |
|||
|
Exports |
114.6 |
96.3 |
72.2 |
|||
|
Imports |
114.3 |
105.8 |
84.8 |
|||
|
Trade Balance |
0.3 |
-9.5 |
-12.6 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.42 |
|
|
1 |
Rs.86.54 |
|
Euro |
1 |
Rs.73.86 |
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.