MIRA INFORM REPORT
|
Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
HUASIANG COMPANY LIMITED |
|
|
|
|
Registered Office : |
611/5 Trok Watchannai,
Bangklo, Bangkorlaem, Bangkok
10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
26.03.1979 |
|
|
|
|
Com. Reg. No.: |
0105522006136 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Pigment and
Textile Chemicals |
|
|
|
|
No. of Employees : |
10 |
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 |
|
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
HUASIANG COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 611/5
TROK WATCHANNAI, BANGKLO,
BANGKORLAEM, BANGKOK
10120
TELEPHONE : [66] 2291-0770-1,
2289-5052
FAX :
[66] 2291-0773
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1979
REGISTRATION
NO. : 0105522006136 [Former
: 616/2522]
TAX
ID NO. : 3101136401
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS.
JARIYA FONG-AMORNKUL, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 10
LINES
OF BUSINESS : PIGMENT AND
TEXTILE CHEMICALS
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 March 26,
1979 as a
private limited company under
the name style HUASIANG COMPANY
LIMITED by Thai groups, with the
business objective to
import and distribute
pigment and textile
chemicals for local
textile industry. It
currently employs 10
staff.
The
subject’s registered address
was initially located
at 611/5 Soi
Raj-uthis 2,
Pradoo
1 Rd., Bangklo,
Bangkorlaem, Bangkok 10120.
Later,
its registered address
has been changed
to 611/5 Trok
Watchannai, Bangklo, Bangkorlaem, Bangkok 10120, by the
Bangkorlaem District Office, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Varayuth Thamakorn |
|
Thai |
62 |
|
Mrs. Jariya Fong-amornkul |
|
Thai |
60 |
|
Mr. Surachai Fong-amornkul |
|
Thai |
56 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Jariya Fong-amornkul is
the Managing Director.
She is Thai
nationality with the
age of 60
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of pigment
and dye chemicals
for textile industry.
PURCHASE
Most of the
products are imported
from India and
Poland, the remaining
is purchased from
local supplier.
MAJOR SUPPLIER
Kolorjet Chemicals Pvt.
Ltd. : India
SALES
100% of the
products is sold
locally to manufacturers
and end-users.
RELATED AND AFFILIATED
COMPANY
Fong-Amorn Co., Ltd.
Business Type :
Importer and distributor
of industrial chemicals
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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
10 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Warehouse
is located at
611/48 Trok Watchannai,
Bangklo, Bangkorlaem, Bangkok
10120.
COMMENT
Subject
is an importer
and distributor of
pigment and chemicals. The products
have been served to textile
industry. Subject reported
moderate sales in 2012. Subject
has been in its
business for more
than 34 years.
With many customers
and recognition in
its market place.
The subject has
steady sales and
stable operation.
FINANCIAL INFORMATION
The capital
was initially registered at
Bht. 1,000,000 divided into
10,000 shares of
Bht. 100 each.
On
December 14, 1994,
the capital was
increased to Bht. 8,000,000
divided into 80,000
shares of Bht.
100 each.
On
December 2, 2002,
the capital was
decreased to Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Jariya Fong-amornkul Nationality: Thai Address : 611/5
Trok Watchannai., Bangklo,
Bangkorlaem, Bangkok |
22,000 |
44.00 |
|
Mr. Varayuth Thamakorn Nationality: Thai Address : 819/45
Bangpongpang, Yannawa, Bangkok |
10,000 |
20.00 |
|
Mr. Surachai Fong-amornkul Nationality: Thai Address : 321/4 Trok
Tonpho, Bangkorlaem, Bangkok |
9,500 |
19.00 |
|
Mrs. Tassanee Chusroypin Nationality: Thai Address : 55
Sukhumvit 26 Rd.,
Klongton,
Klongtoey, Bangkok |
5,000 |
10.00 |
|
Mrs. Chuanpis Vorachart Nationality: Thai Address : 321/4 Trok
Tonpho, Bangkorlaem, Bangkok |
2,500 |
5.00 |
|
Mrs. Chanida Fong-amornkul Nationality: Thai Address : 321/4 Trok
Tonpho, Bangkorlaem, Bangkok |
500 |
1.00 |
|
Mr. Surasak Fong-amornkul Nationality: Thai Address : 141/65
Moo 6, Samaedam,
Bangkhunthien, Bangkok |
500 |
1.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Araya Mahavanich
No. 4995
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
1,727,863.42 |
175,148.43 |
56,379.71 |
|
Cash at Bank
under Commitment |
2,577,546.92 |
2,520,667.49 |
2,506,271.99 |
|
Trade Accounts & Other
Receivable |
|
|
|
|
Trade Accounts
Receivable |
4,900,879.20 |
5,497,349.12 |
6,963,290.58 |
|
Other Receivable |
43,787.45 |
34,674.16 |
- |
|
Total Trade Accounts
& Other Receivable
|
4,944,666.65 |
5,532,023.28 |
6,963,290.58 |
|
Inventories |
5,855,561.29 |
6,053,033.48 |
4,851,014.18 |
|
Other Current Assets
|
- |
- |
18,242.91 |
|
Total Current Assets
|
15,105,638.28 |
14,280,872.68 |
14,395,199.37 |
|
|
|
|
|
|
Fixed Assets |
1,186,765.45 |
1,230,337.33 |
460,984.53 |
|
Intangible Assets |
1.00 |
1.00 |
1.00 |
|
Other Non-current Assets |
14,200.50 |
13,600.00 |
13,600.50 |
|
Total Assets |
16,306,605.23 |
15,524,811.51 |
14,869,785.40 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
|
|
|
|
Trade Accounts Payable |
369,530.92 |
349,012.60 |
435,451.48 |
|
Other Payable |
522,677.48 |
450,664.06 |
- |
|
Total Trade Accounts & Other Payable |
892,208.40 |
799,676.66 |
435,451.48 |
|
Other Current Liabilities |
151,483.08 |
91,716.09 |
706,107.40 |
|
Total Current Liabilities |
1,043,691.48 |
891,392.75 |
1,141,558.88 |
|
Total Liabilities |
1,043,691.48 |
891,392.75 |
1,141,558.88 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized,
issued and fully
paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning Appropriated - Statutory Reserve |
500,000.00 |
500,000.00 |
500,000.00 |
|
Unappropriated |
9,762,913.75 |
9,133,418.76 |
8,228,226.52 |
|
Total Shareholders' Equity |
15,262,913.75 |
14,633,418.76 |
13,728,226.52 |
|
Total Liabilities & Shareholders' Equity |
16,306,605.23 |
15,524,811.51 |
14,869,785.40 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
23,804,396.85 |
21,965,971.60 |
25,004,603.87 |
|
Other Income |
482,747.78 |
123,369.17 |
184,279.21 |
|
Total Revenues |
24,287,144.63 |
22,089,340.77 |
25,188,883.08 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
17,165,671.85 |
15,232,745.97 |
18,224,931.21 |
|
Selling Expenses |
1,292,490.29 |
1,381,495.00 |
1,703,200.00 |
|
Administrative Expenses |
4,949,914.03 |
4,380,541.40 |
3,818,855.17 |
|
Total Expenses |
23,408,076.17 |
20,994,782.37 |
23,746,986.38 |
|
Profit / [Loss] before Financial Cost & Income Tax |
879,068.46 |
1,064,558.40 |
1,441,896.70 |
|
Financial Cost |
[15.33] |
[4.14] |
[32,446.57] |
|
Profit / [Loss] before Income
Tax |
879,053.13 |
1,064,554.26 |
1,409,450.13 |
|
Income Tax |
[249,558.14] |
[159,362.02] |
[245,559.68] |
|
Net Profit / [Loss] |
629,494.99 |
905,192.24 |
1,163,890.70 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
14.47 |
16.02 |
12.61 |
|
QUICK RATIO |
TIMES |
8.86 |
9.23 |
8.34 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
20.06 |
17.85 |
54.24 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.46 |
1.41 |
1.68 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
124.51 |
145.04 |
97.15 |
|
INVENTORY TURNOVER |
TIMES |
2.93 |
2.52 |
3.76 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
75.15 |
91.35 |
101.65 |
|
RECEIVABLES TURNOVER |
TIMES |
4.86 |
4.00 |
3.59 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
7.86 |
8.36 |
8.72 |
|
CASH CONVERSION CYCLE |
DAYS |
191.80 |
228.02 |
190.08 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
72.11 |
69.35 |
72.89 |
|
SELLING & ADMINISTRATION |
% |
26.22 |
26.23 |
22.08 |
|
INTEREST |
% |
0.00 |
0.00 |
0.13 |
|
GROSS PROFIT MARGIN |
% |
29.92 |
31.21 |
27.85 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.69 |
4.98 |
5.77 |
|
NET PROFIT MARGIN |
% |
2.64 |
4.12 |
4.65 |
|
RETURN ON EQUITY |
% |
4.12 |
6.19 |
8.48 |
|
RETURN ON ASSET |
% |
3.86 |
5.83 |
7.83 |
|
EARNING PER SHARE |
BAHT |
12.59 |
18.10 |
23.28 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.06 |
0.06 |
0.08 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.07 |
0.06 |
0.08 |
|
TIME INTEREST EARNED |
TIMES |
57,343.02 |
264,386.09 |
44.44 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
8.37 |
(12.15) |
|
|
OPERATING PROFIT |
% |
(19.69) |
(24.09) |
|
|
NET PROFIT |
% |
(30.46) |
(22.23) |
|
|
FIXED ASSETS |
% |
(3.54) |
166.89 |
|
|
TOTAL ASSETS |
% |
5.04 |
4.41 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 8.37%. Turnover has increased from THB 21,965,971.60
in 2011 to THB 23,804,396.85 in 2012. While net profit has decreased from THB
905,192.24 in 2011 to THB 629,494.99 in 2012. And total assets has increased
from THB 15,524,811.51 in 2011 to THB 16,306,605.23 in 2012.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
29.92 |
Impressive |
Industrial
Average |
27.90 |
|
Net Profit Margin |
2.64 |
Impressive |
Industrial
Average |
2.46 |
|
Return on Assets |
3.86 |
Satisfactory |
Industrial
Average |
4.64 |
|
Return on Equity |
4.12 |
Deteriorated |
Industrial
Average |
9.65 |
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. The company’s figure is 29.92%. 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
2.64%, 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. When compared with the
industry average, it was lower, the company's figure is 3.86%.
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. When compared with the
industry average, it was lower, the company's figure is 4.12%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
14.47 |
Impressive |
Industrial
Average |
1.37 |
|
Quick Ratio |
8.86 |
|
|
|
|
Cash Conversion Cycle |
191.80 |
|
|
|
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 14.47 times in 2012, decreased from 16.02 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 8.86 times in 2012,
decreased from 9.23 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 192 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.06 |
Impressive |
Industrial
Average |
0.50 |
|
Debt to Equity Ratio |
0.07 |
Impressive |
Industrial
Average |
0.94 |
|
Times Interest Earned |
57,343.02 |
Impressive |
Industrial
Average |
1.20 |
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 57343.02 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 0.06 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Downtrend
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
20.06 |
Impressive |
Industrial
Average |
1.55 |
|
Total Assets Turnover |
1.46 |
Satisfactory |
Industrial
Average |
1.83 |
|
Inventory Conversion Period |
124.51 |
|
|
|
|
Inventory Turnover |
2.93 |
Deteriorated |
Industrial Average |
8.85 |
|
Receivables Conversion Period |
75.15 |
|
|
|
|
Receivables Turnover |
4.86 |
Impressive |
Industrial
Average |
3.74 |
|
Payables Conversion Period |
7.86 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.86 and 4.00 in
2012 and 2011 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 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 decreased from 145 days at the
end of 2011 to 125 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 2.52 times in year 2011 to 2.93 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.46 times and 1.41
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 Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
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.