|
Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
DOOSAN ENGINE CO., LTD. |
|
|
|
|
Registered Office : |
69-3, Sinchon-dong, Changwon-si, Gyeongsangnam-do, Korea 641-370 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
30.12.1999 |
|
|
|
|
Com. Reg. No.: |
609-81-40128 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Internal Combustion Piston Engines |
|
|
|
|
No. of Employees : |
1,010 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Exists |
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) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated
incredible growth and global integration to become a high-tech industrialized
economy. In the 1960s, GDP per capita was comparable with levels in the poorer
countries of Africa and Asia. In 2004, South Korea joined the trillion dollar
club of world economies, and is currently the world''s 12th largest economy.
Initially, a system of close government and business ties, including directed
credit and import restrictions, made this success possible. The government
promoted the import of raw materials and technology at the expense of consumer
goods, and encouraged savings and investment over consumption. The Asian
financial crisis of 1997-98 exposed longstanding weaknesses in South Korea''s
development model including high debt/equity ratios and massive short-term
foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in
1999-2000. Korea adopted numerous economic reforms following the crisis,
including greater openness to foreign investment and imports. Growth moderated
to about 4% annually between 2003 and 2007. Korea''s export focused economy was
hit hard by the 2008 global economic downturn, but quickly rebounded in
subsequent years, reaching 6.3% growth in 2010. The US-South Korea Free Trade
Agreement was ratified by both governments in 2011 and went into effect in
March 2012. Throughout 2012 the economy experienced sluggish growth because of
market slowdowns in the United States, China, and the Eurozone. The incoming
administration in 2013, following the December 2012 presidential election, is
likely to face the challenges of balancing heavy reliance on exports with
developing domestic-oriented sectors, such as services. The South Korean
economy''s long term challenges include a rapidly aging population, inflexible
labor market, and heavy reliance on exports - which comprise half of GDP.
Source
: CIA
|
Company Name |
DOOSAN ENGINE CO., LTD. (Korean Company Name : “두산엔진(주)”) |
|
Registered Address |
69-3, Sinchon-dong, Changwon-si,
Gyeongsangnam-do, Korea |
|
Zip Code |
641-370 |
|
Tel |
+82-55-260-6000 |
|
Fax |
+82-55-282-0588 |
|
E-mail |
wookyu.kim@doosan.com;humjin.baek@doosan.com |
|
Website |
www.doosanengine.com |
|
Trading Address |
69-3, Sinchon-dong, Changwon-si,
Gyeongsangnam-do, Korea (New Address System : 18, Gongdan-ro
21beon-gil, Seongsan-gu, Changwon-si, Gyeongsangnam-do, Korea) |
|
Tel |
+82-55-260-6000 |
|
Fax |
+82-55-282-0588 |
|
Other Address-Geoje Office |
1, Aju-dong ,Geoje-si, Gyeongsangnam-do,
Korea |
|
Tel |
+82-55-682-2261 |
|
Fax |
+82-55-681-7427 |
|
Other Address-Busan Office |
29, Bongnae-dong 5-ga ,Yeongdo-gu, Busan,
Korea |
|
Tel |
+82-51-417-1388 |
|
Fax |
+82-51-410-8621 |
|
Type |
Export |
|
Industry |
Manufacture of Internal Combustion Piston Engines |
|
Main Business |
Diesel Engine |
|
Established (mm/dd/yyyy) |
12/30/1999 |
The Subject owns
the premises of Registered Address/Factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Engines(26101500) |
|
Sell |
Diesel power plants(26131501) |
|
Sell |
Crankshaft |
|
Sell |
Turbocharger |
|
Name |
Kim Dong-Cheol |
|
Date of Birth |
06/27/1952 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
69,500,000,000 |
|||||||||||||||||||||
|
Employees |
1,010 |
|||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange : 082740) as of 01/05/2011 A Company of DOOSAN GROUP |
|||||||||||||||||||||
|
Bank Details |
Korea Exchange Bank-Changwon Branch |
|||||||||||||||||||||
|
Corporate Registered No. |
194211-0038423 |
|||||||||||||||||||||
|
Business Registered No. |
609-81-40128 |
|||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 24023803 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
The engine business of Doosan Heavy
Industries & Construction (former Hanjung), launched in 1983 and that of
Samsung Heavy Industries, launched in 1994 were merged. In the merging
process, Daewoo Shipbuilding & Marine Engineering joined this new company
as a major shareholder. On January 1, 2000, Doosan Engine was officially set
up under the banner of Doosan with the first initial letters of these three
companies(HSD ENGINE CO., LTD.) 12/30/1999
Incorporated as HSD ENGINE CO., LTD. 03/2005 Changed company name to the
present name 11/2005 Awarded US$500 Million Export Top
Prize 11/2007 Awarded 1Billion Export Top Prize 12/29/2009 Increased capital to
62,500,000,000 KRW from 30,000,000,000 KRW |
|||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Kim Dong-Cheol |
Korean |
1952.06.27 |
Seoul National University, Korea |
|
Sr. Executive Director |
Mr. |
Cho Nam-Seok |
Korean |
1959.10.05 |
Korea University, Korea |
|
Executive Director |
Mr. |
Nam Sang-Min |
Korean |
1955.04.01 |
Yonsei University, Korea |
|
Executive Director |
Mr. |
Kim Jeong-Kwon |
Korean |
1955.06.30 |
Youngnam University, Korea |
|
Vice President & CFO |
Mr. |
Jang Myung-Ho |
Korean |
1964.02.07 |
Gyungbuk National Uiniversity, Korea |
|
Outside Director |
Mr. |
Oh Se-Jong |
Korean |
1943.06.08 |
UC Berkley, USA |
|
Outside Director |
Mr. |
Jung Koo-Young |
Korean |
1938.11.12 |
Yonsei University, Korea |
|
Outside Director |
Mr. |
Yoon Yong-Seok |
Korean |
1954.10. |
George Washington University, USA |
|
Outside Director |
Mr. |
Lee Jae-Young |
Korean |
1965.12. |
Washington University, USA |
|
Outside Director |
Mr. |
Hwang Byung-Ki |
Korean |
1949.01.23 |
London University, UK |
|
Outside Director |
Mr. |
Joo Jong-Nam |
Korean |
1956.08.17 |
Massachusetts University, USA |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
214,317,725,555 |
1,577,028,652,751 |
3,853,457,145 |
|
|
(*)2012 |
1,377,618,958,445 |
1,672,968,308,719 |
54,366,505,061 |
|
(*)2011 |
2,005,949,262,462 |
2,051,480,611,768 |
209,636,479,757 |
|
(*)2010 |
1,831,615,390,618 |
2,229,611,103,972 |
266,059,737,115 |
|
2009 |
1,772,597,107,485 |
2,464,900,272,093 |
-249,695,256,019 |
|
2008 |
1,734,836,578,853 |
3,138,764,982,205 |
-512,779,968,953 |
|
2007 |
1,221,957,444,340 |
1,857,689,988,086 |
103,001,092,083 |
|
2006 |
1,016,816,117,889 |
934,211,090,107 |
52,418,002,030 |
|
2005 |
756,782,214,023 |
737,005,633,136 |
21,111,237,395 |
|
2004 |
588,395,875,988 |
637,788,986,998 |
3,111,534,708 |
|
2003 |
468,249,817,815 |
336,826,737,075 |
11,783,531,830 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
120,000,000,000 |
|
Paid-Up Capital(KRW) |
69,500,000,000 |
|
Total Issues Shares |
69,500,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
1,577,028,652,751 |
1,672,968,308,719 |
2,051,480,611,768 |
|
Current
Assets |
541,574,697,788 |
633,297,122,185 |
982,127,630,841 |
|
Cash & Cash Equivalents |
51,631,289,204 |
94,678,541,896 |
320,469,576,651 |
|
Trade Receivables & Other
Receivables |
102,785,643,091 |
85,279,263,499 |
150,483,354,332 |
|
Income Taxes |
259,656,312 |
|
|
|
Current Financial Instruments |
131,154,274,100 |
171,144,774,100 |
147,862,076,202 |
|
Derivatives |
15,821,558,391 |
38,090,761,839 |
8,153,605,085 |
|
Confirmed Contracts |
21,203,466,471 |
20,627,029,543 |
66,708,349,474 |
|
Inventories |
203,874,046,506 |
205,200,840,990 |
247,231,575,247 |
|
Current Non-Financial Instruments |
14,844,763,713 |
18,275,910,318 |
41,219,093,850 |
|
Non-Current
Assets |
1,035,453,954,963 |
1,039,671,186,534 |
1,069,352,980,927 |
|
Long-Term Trade Receivables &
Other Receivables |
14,501,373,034 |
14,958,733,970 |
8,131,176,298 |
|
Equity Method Investment |
363,994,102,690 |
363,994,102,690 |
365,024,719,731 |
|
Tangibles |
570,515,447,756 |
576,429,596,197 |
551,384,215,311 |
|
Investment_Real Estates |
|
|
36,130,101,804 |
|
Intangibles |
19,587,097,126 |
18,614,288,888 |
14,536,132,373 |
|
Non-Current Financial Instruments |
14,860,999,406 |
14,843,063,703 |
11,613,959,581 |
|
Non-Current Derivatives |
2,107,747,706 |
12,352,565,282 |
3,752,006,943 |
|
Non-Current Confirmed Contracts |
46,836,469,127 |
36,354,513,147 |
74,959,113,548 |
|
Other
Non-Current Assets |
3,050,718,118 |
2,124,322,657 |
3,821,555,338 |
|
Total
Liabilities |
928,908,646,603 |
1,028,488,896,541 |
1,461,182,444,094 |
|
Current
Liabilities |
616,074,987,189 |
710,931,856,014 |
1,207,088,087,624 |
|
Trade Payables & Other
Payables |
487,042,728,765 |
539,176,625,537 |
952,145,586,746 |
|
Advance Receipt Construction |
15,830,660,947 |
19,416,602,363 |
34,079,376,921 |
|
Short-Term Borrowings |
13,263,211,540 |
29,828,495,145 |
23,306,698,323 |
|
Current Portion of Long-Term
Debts |
66,726,000,000 |
64,266,000,000 |
69,198,000,000 |
|
Income Taxes |
10,123,828,048 |
18,195,115,048 |
6,426,973,157 |
|
Current Derivatives |
7,819,670,707 |
3,330,156,254 |
33,080,119,987 |
|
Current Confirmed Contracts |
9,111,830,125 |
26,500,340,834 |
6,933,180,782 |
|
Other Current Non-Financial Debts |
6,157,057,057 |
10,218,520,833 |
1,972,607,106 |
|
Current Portion of Debentures |
|
|
79,945,544,602 |
|
Non-Current
Liabilities |
312,833,659,414 |
317,557,040,527 |
254,094,356,470 |
|
Long-Term Borrowings |
116,726,000,000 |
114,266,000,000 |
138,396,000,000 |
|
Debentures |
99,487,085,427 |
99,461,490,305 |
|
|
Long-Term Account Payables |
1,407,917,488 |
1,057,450,866 |
2,332,156,206 |
|
Provision for Severance &
Retirement |
20,741,511,731 |
19,815,842,555 |
26,590,315,593 |
|
Non-Current Derivatives |
3,568,817,513 |
2,112,892,517 |
17,936,849,494 |
|
Non-Current Confirmed Contracts |
12,720,065,285 |
21,881,552,439 |
5,002,643,700 |
|
Finance Guarantee |
3,986,432,090 |
4,121,160,256 |
349,001,248 |
|
Provision for Repairing |
18,113,336,013 |
19,568,071,955 |
20,507,108,230 |
|
Deferred
Income Tax Credit |
36,082,493,867 |
35,272,579,634 |
42,980,281,999 |
|
Capital
Stock |
69,500,000,000 |
69,500,000,000 |
69,500,000,000 |
|
Others |
367,262,151,202 |
367,475,014,377 |
367,016,357,075 |
|
Profit Surplus |
211,357,854,946 |
207,504,397,801 |
153,781,810,599 |
|
Total Equity |
648,120,006,148 |
644,479,412,178 |
590,298,167,674 |
|
Liab. & Shareholder’s Equity |
1,577,028,652,751 |
1,672,968,308,719 |
2,051,480,611,768 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
214,317,725,555 |
1,377,618,958,445 |
2,005,949,262,462 |
|
Cost of Sold Goods |
197,717,657,237 |
1,224,471,146,479 |
1,643,634,050,361 |
|
Gross Profit |
16,600,068,318 |
153,147,811,966 |
362,315,212,101 |
|
Selling & Admin. Expenses |
10,882,626,439 |
83,848,547,463 |
65,183,683,598 |
|
Operating Income |
5,717,441,879 |
69,299,264,503 |
297,131,528,503 |
|
Finance Income |
39,898,284,769 |
120,952,187,860 |
82,712,678,543 |
|
Finance Expenses |
39,139,550,974 |
119,418,727,442 |
76,290,640,093 |
|
Other Operating Income |
790,989,257 |
13,234,832,799 |
4,900,658,036 |
|
Other Operating Expenses |
2,603,793,553 |
11,812,205,822 |
23,244,862,628 |
|
Other Income |
|
|
2,771,523,706 |
|
Income Before Taxes |
4,663,371,378 |
72,255,351,898 |
282,437,838,655 |
|
Income Taxes Expenses |
809,914,233 |
17,888,846,837 |
72,801,358,898 |
|
Net Income |
3,853,457,145 |
54,366,505,061 |
209,636,479,757 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Operating
Activities Cash Flows |
-65,666,011,814 |
-184,905,897,449 |
147,081,537,595 |
|
Net Income |
3,853,457,145 |
54,366,505,061 |
209,636,479,757 |
|
Adjustment |
-61,008,033,704 |
-230,651,072,632 |
-67,050,110,900 |
|
Interests Received |
1,503,784,821 |
14,153,701,528 |
17,768,136,595 |
|
Interests Paid |
-1,685,103,384 |
-9,195,894,449 |
-12,619,715,213 |
|
Dividends Received |
826,620 |
|
137,155,040 |
|
Income Taxes |
-8,330,943,312 |
-13,579,136,957 |
-790,407,684 |
|
Cash Flows from Investing |
39,177,443,493 |
-47,640,073,910 |
-34,920,081,023 |
|
Cash Flows from Financing |
-16,565,283,605 |
6,785,287,127 |
-128,477,870,938 |
|
Increase/Decrease in Cash |
-43,047,252,692 |
-225,791,034,755 |
-16,407,901,878 |
|
Cash at the Beginning of Year |
94,678,541,896 |
320,469,576,651 |
336,877,478,529 |
|
Cash at the End of Year |
51,631,289,204 |
94,678,541,896 |
320,469,576,651 |
|
Main Products & Services |
The Subject
Company, an integrated engine manufacturer, is a business enterprise
specializing in producing diesel engine for large vessels, called the heart
of the sea and power generation. Diesel Engine for
Large Vessels Marine Diesel
Engine Diesel Power
Plant |
||||||||
|
Annual Production Capacity (Unit: Thousand H/P) |
|
|
Customers |
SAMSUNG HEAVY INDUSTRIES CO.,LTD(110111-0168595) HANJIN HEAVY INDUSTRIES & CONSTRUCTION
CO.,LTD (180111-0602507) DAEWOO SHIPBUILDING & MARINE
ENGINEERING CO., LTD. (110111-2095837) DALIAN SHIPBUILDING INDUSTRY CO., LTD. SINOPACIFIC |
|
Competitors |
HYUNDAI HEAVY INDUSTRIES CO.,LTD(181211-0000386) STX ENGINE CO,.LTD(194211-0066763) |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates-Domestic |
DOOSAN CORPORATION(110111-0013774) DOOSAN HEAVY INDUSTRIES & CONSTRUCTION
CO.,LTD(194211-0000943) DOOSAN INFRACORE CO., LTD.(120111-0234469) (6.03% held by the subject company) DOOSAN ENGINE CO., LTD(194211-0038423) DOOSAN MECATEC CO., LTD.(110111-0126022) N.SHAPER CO., LTD .(110111-1943574) ORICOM INC(110111-0176986) DOOSAN DONG-A CO., LTD.(110111-3977117) DOOSAN CO., LTD.(110111-0013774) SRS KOREA CO., LTD.(110111-3139733) DOOSAN FEED & LIVESTOCK CO.,
LTD.(110111-3809138) DOOSAN WINE SALES CO., LTD.(110111-3942582) SAMHWA CROWN & CLOSURE CO.,
LTD.(134111-0003462) DOOSAN MOTTROL CO., LTD.(194211-0000274) DOOSAN CONSTRUCTION & ENGINEERING CO.,
LTD.(110111-0194277) NEO TRANS CO., LTD.(131111-0141801) DOOSAN TOWER CO., LTD.(110111-1722499) DOOSAN MOTORS CORP.(110111-3008293) DONG HYUN ENGINEERING CO.,
LTD.(110111-0508329) NEOPLUX CO., LTD.(110111-1927841) DOOSAN CAPITAL CO., LTD.(110111-1220336)
19.99% BIG & GOOD SECURITIES BROKERAGE.CO.,
LTD.(110111-1965560) REXCON CO., LTD.(110111-3586273) DOOSAN CUVEX CO., LTD(140111-00325709) DOOSAN BEARS INC(110111-0346919) DOOSAN MOTTROL HOLDINGS CO.,
LTD.(110111-3892505) DIP HOLDINGS CO., LTD.(110111-4103076) CASCO CO., LTD.(210111-0047938) (16.21% held by the subject company) |
|
Affiliates-Overseas |
DOOSAN MARINE INDUSTRY (DALIAN) CO., LTD. DAGUSHAN NANGANG INDUSTRY PARK, DEVELOPMENT
ZONE, DALIAN, P.R. CHINA TEL :+86 411 8751 7957 FAX :+86 411 8751
7956 DALIAN SAMYOUNG DOOSAN METAL PRODUCT CO., LTD. (20.66% held by the subject company) DOOSAN HOLDINGS EUROPE LTD. (21.73% held by the subject company) DOOSAN INFRACORE INTERNATIONAL, INC. (20.93% held by the subject company) |
|
Overseas Office |
EUROPE BRANCH HEIDENKAMPSWEG, 100, 8. OG 20097 HAMBURG,
GERMANY TEL:+49-40-2533-5656 FAX:+49-40-2533-5661 SINGAPORE BRANCH 78, SHENTON WAY, #16-04, SINGAPORE 079120 TEL:+65-6222-5515 FAX:+65-6222-5525 SHANGHAI BRANCH 828, HUA DU MANSION 14F 1200M E, ZHANG YANG
ROAD, PUDONG, SHANGHAI, CHINA TEL: 22-6875-0876 FAX: 22-6875-0864 DALIAN HANJUNG-DMD INDUSTRY CO., LTD.
(CHINA) |
|
Subsidiary |
DOOSAN MARINE INDUSTRY (DALIAN) CO., LTD. (100.0% held by the subject
company) |
|
Cooperative Enterprise |
-Technical Support from MAN DIESEL A/S WARTSILA MAN DIESEL SE SEMT PIELSTICK MITSUBISHI HEAVY INDUSTRIES ABB TURBO SYSTEM MAN DIESEL & TURBO FRANCE SAS DAIHATSU DIESEL MFG. -Insured Company DONGBU INSURANCE CO., LTD.(110111-0095285) MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
(Activity &
Markets)
|
Sales/ Unit : KRW |
2010 |
2009 |
2008 |
|
Export |
1,662,011,000,000 |
1,662,960,876,756 |
1,668,434,187,027 |
|
Domestic |
68,057,000,000 |
109,636,230,729 |
66,402,391,826 |
|
Total |
1,730,068,000,000 |
1,772,597,107,485 |
1,734,836,578,853 |
The Subject exports to China and Europe.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Seoul Nambu District Court |
JINDO CO., LTD.(110111-3411024) |
The Subject Company |
- |
3,000,000,000 |
1st round is proceeding |
|
|
Changwon District Court |
C&HEAVY INDUSTRIES CO.,LTD.( 110111-0302440) |
The Subject Company |
Promissory Notes |
56,700,000 |
Proceeding |
|
|
Court in Greece |
GAEI |
The Subject Company |
Related to Chios Diesel Power Plant |
Euro3,059,635 |
Proceeding |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.78 |
|
|
1 |
Rs.89.71 |
|
Euro |
1 |
Rs.76.23 |
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.