|
Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
PHU MY PLASTICS AND CHEMICALS COMPANY LIMITED |
|
|
|
|
Registered Office : |
Cai Mep Industrial Zone, Phuoc Hoa Commune, Tan Thanh District, Ba Ria-Vung Tau Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Incorporation : |
1997 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
The subject specializes in producing PVC resins and related chemicals |
|
|
|
|
No. of Employees : |
135 |
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 – 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 |
|
PHU MY PLASTICS AND CHEMICALS COMPANY
LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH NHUA VA HOA CHAT PHU MY |
|
Short name |
|
PMPC |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
1997 |
|
Investment Certificate No |
|
492022000054 |
|
Date of Issuance |
|
08 Aug 2007 |
|
Place of Issuance |
|
Ba Ria-Vung Tau Industrial Zone Authority |
|
Registered Investment Capital |
|
USD 100,000,000 |
|
Chartered capital |
|
USD
35,000,000 |
|
Investment Duration |
|
30 years |
|
Tax code |
|
3500103859 |
|
Total Employees |
|
135 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Board Of Director:
Mr. MUHAMMAD AZNAN ZAHID - The former general director Changed to: Ms. NGUYEN VU KIM LIEN - The
current general director |
01
Oct 2011 |
|
2 |
Subject has got former Investment Certificate
No: 1305/GPDC1 which was issued on August 8th, 1997 Changed to: 492022000054 |
08
Aug 2007 |
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Cai Mep Industrial Zone, Phuoc Hoa Commune,
Tan Thanh District, Ba Ria-Vung Tau Province, Vietnam |
|
Telephone |
|
(84-64) 389 5310 |
|
Fax |
Q |
(84-64) 389 4459 |
|
Occupied Area |
|
19,000m2 |
|
Land-use Right |
|
Leased |
|
|
||
|
Transaction
office in Ho Chi Minh |
||
|
Address |
|
10th Floor - Petronas Tower - Royal centre
No. 235 Nguyen Van Cu Street - Nguyen Cu Trinh Ward, District 1, Ho Chi Minh
City, Vietnam |
|
Telephone |
|
(84-8) 3830 9966 |
|
Fax |
|
(84-8) 3833 3623 |
|
|
||
|
Representative
office in Ha Noi |
||
|
Address |
|
Unit 12, 10th Floor, Harec Building, No.
4A Lang Ha Ward, Ba Dinh District, Ha Noi City, Vietnam |
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Ms.
NGUYEN VU KIM LIEN |
|
Position |
|
General Director |
|
Date of Birth |
|
29 Apr 1976 |
|
ID Number/Passport |
|
023030760 |
|
ID Issue Date |
|
18 Apr 2006 |
|
ID Issue Place |
|
Hochiminh Police
Station |
|
Resident |
|
45/102 Nguyen Van Dau
Ward 6, Binh Thanh District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
DANG DINH TUNG |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Mr.
YUSA' BIN HASSAN |
|
Position |
|
Chairman |
|
Nationality |
|
Malaysian |
|
|
||
|
4.
NAME |
|
Mr.
LUU THIEU KY |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
5.
NAME |
|
Mr.
MOHD HASHIM MAHMOOD |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Malaysian |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject specializes in producing PVC resins
and related chemicals. It produces and supplies to the market 5 kinds of PVC
resins as follow: |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
IMPORT: |
||
|
·
Market |
|
England, Malaysia, Thailand and Japan |
|
·
Mode of payment |
|
LC, TT |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
India, China, Japan |
|
·
Mode of payment |
|
LC, TT |
|
|
||
BANKERS
|
||
|
|
||
|
1.
VID PUBLIC BANK LIMITED CHO LON BRANCH |
||
|
Address |
|
No.26-28 Tran Hung Dao Str, Ward 7, District 5, Ho Chi Minh City,
Vietnam |
|
Telephone |
|
(84-8) 6261 0507 |
|
Fax |
|
(84-8) 6261 0505 |
|
|
||
|
2.
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
|
||
|
|
||
|
1.
NAME |
|
VUNGTAU
SHIPYARD CORPORATION |
|
Business Registration |
|
3500100135 |
|
Date of Registration |
|
01 Apr 2010 |
|
Place of Registration |
|
Business Registration Office of Ba Ria - Vung Tau Province |
|
Registered Capital |
|
VND 110,000,000,000 |
|
Tax code |
|
3500100135 |
|
Address |
|
847/4, Street 30/4 , Ward 11 Ward 11, Vung
Tau City, Ba Ria-Vung Tau Province, Vietnam |
|
Tel |
|
(84-64) 3848 326 - 3522 781 |
|
Fax |
|
(84-64) 3849 164 - 3852 814 |
|
Email |
|
|
|
Website |
|
|
|
Percentage |
|
7% |
|
|
||
|
2.
NAME |
|
PETRONAS
CHEMICAL GROUP BERHAD |
|
Address |
|
Tower I, PETRONAS Twin Towers Kuala Lumpur
City Center, 50088 Kuala Lumpur, Malaysia |
|
Percentage |
|
93% |
|
|
||
FINANCIAL DATA
|
|
|
Despite trying best, the latest financial
data is not available. |
|
|
BALANCE
SHEET |
|
Unit: One
VND
|
|
|
Balance sheet
date |
31/12/2010 |
|
Number of weeks |
52 |
ASSETS
|
|
|
A – CURRENT
ASSETS |
515,981,644,972 |
|
I. Cash and cash
equivalents |
179,582,382,596 |
|
1. Cash |
7,061,654,932 |
|
2. Cash equivalents |
172,520,727,664 |
|
II. Short-term
investments |
0 |
|
1. Short-term investments |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
|
III. Accounts
receivable |
192,249,064,380 |
|
1. Receivable from customers |
188,820,819,956 |
|
2. Prepayments to suppliers |
3,078,911,160 |
|
3. Inter-company receivable |
0 |
|
4. Receivable according to the progress of construction |
0 |
|
5. Other receivable |
349,333,264 |
|
6. Provisions for bad debts |
0 |
|
IV. Inventories |
128,829,079,424 |
|
1. Inventories |
128,829,079,424 |
|
2. Provisions for devaluation of inventories |
0 |
|
V. Other Current
Assets |
15,321,118,572 |
|
1. Short-term prepaid expenses |
1,844,298,644 |
|
2. VAT to be deducted |
13,320,365,880 |
|
3. Taxes and other accounts receivable from the State |
0 |
|
4. Other current assets |
156,454,048 |
|
B. LONG-TERM
ASSETS |
656,861,150,648 |
|
I. Long term
accounts receivable |
0 |
|
1. Long term account receivable from customers |
0 |
|
2. Working capital in affiliates |
0 |
|
3. Long-term inter-company receivable |
0 |
|
4. Other long-term receivable |
0 |
|
5. Provisions for bad debts from customers |
0 |
|
II. Fixed assets
|
637,641,971,140 |
|
1. Tangible assets |
611,644,397,284 |
|
- Historical costs |
1,075,442,540,076 |
|
- Accumulated depreciation |
-463,798,142,792 |
|
2. Financial leasehold assets |
0 |
|
- Historical costs |
0 |
|
- Accumulated depreciation |
0 |
|
3. Intangible assets |
25,997,573,856 |
|
- Initial costs |
44,837,469,676 |
|
- Accumulated amortization |
-18,839,895,820 |
|
4. Construction-in-progress |
0 |
|
III. Investment
property |
0 |
|
Historical costs |
0 |
|
Accumulated depreciation |
0 |
|
IV. Long-term
investments |
0 |
|
1. Investments in affiliates |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
|
3. Other long-term investments |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
|
V. Other
long-term assets |
19,219,179,508 |
|
1. Long-term prepaid expenses |
12,387,964,880 |
|
2. Deferred income tax assets |
5,791,298,800 |
|
3. Other long-term assets |
1,039,915,828 |
|
VI. Goodwill |
0 |
|
1. Goodwill |
0 |
|
TOTAL ASSETS |
1,172,842,795,620
|
|
|
|
LIABILITIES
|
|
|
A- LIABILITIES |
982,774,962,688 |
|
I. Current
liabilities |
415,993,877,260 |
|
1. Short-term debts and loans |
42,616,518,892 |
|
2. Payable to suppliers |
353,046,510,752 |
|
3. Advances from customers |
6,459,409,080 |
|
4. Taxes and other obligations to the State Budget |
3,079,649,508 |
|
5. Payable to employees |
1,702,479,032 |
|
6. Accrued expenses |
5,734,332,412 |
|
7. Inter-company payable |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
|
9. Other payable |
3,354,977,584 |
|
10. Provisions for short-term accounts payable |
0 |
|
11. Bonus and welfare funds |
|
|
II. Long-Term
Liabilities |
566,781,085,428 |
|
1. Long-term accounts payable to suppliers |
0 |
|
2. Long-term inter-company payable |
0 |
|
3. Other long-term payable |
0 |
|
4. Long-term debts and loans |
563,676,426,748 |
|
5. Deferred income tax payable |
0 |
|
6. Provisions for unemployment allowances |
3,104,658,680 |
|
7. Provisions for long-term accounts payable |
0 |
|
8. Unearned Revenue |
|
|
9. Science and technology development fund |
|
|
B- OWNER’S
EQUITY |
190,067,832,932 |
|
I. OWNER’S
EQUITY |
190,067,832,932 |
|
1. Capital |
662,620,000,000 |
|
2. Share premiums |
0 |
|
3. Other sources of capital |
0 |
|
4. Treasury stocks |
0 |
|
5. Differences on asset revaluation |
0 |
|
6. Foreign exchange differences |
0 |
|
7. Business promotion fund |
0 |
|
8. Financial reserved fund |
0 |
|
9. Other funds |
0 |
|
10. Retained earnings |
-472,552,167,068 |
|
11. Construction investment fund |
0 |
|
12. Business arrangement supporting fund |
0 |
|
II. Other
sources and funds |
0 |
|
1. Bonus and welfare funds (Elder form) |
0 |
|
2. Sources of expenditure |
0 |
|
3. Fund to form fixed assets |
0 |
|
MINORITY’S
INTEREST |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
1,172,842,795,620
|
|
|
|
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2010 |
|
1. Total Sales |
1,953,353,609,132
|
|
2. Deduction item |
0 |
|
3. Net revenue |
1,953,353,609,132
|
|
4. Costs of goods sold |
1,798,652,247,828 |
|
5. Gross profit |
154,701,361,304 |
|
6. Financial income |
38,476,582,724 |
|
7. Financial expenses |
72,727,126,544 |
|
- In which: Loan interest expenses |
- |
|
8. Selling expenses |
44,475,792,748 |
|
9. Administrative overheads |
25,544,379,640 |
|
10. Net operating profit |
50,430,645,096 |
|
11. Other income |
21,942,528,776 |
|
12. Other expenses |
1,421,566,016 |
|
13. Other profit /(loss) |
20,520,962,760 |
|
14. Total accounting profit before tax |
70,951,607,856 |
|
15. Current corporate income tax |
-864,756,964 |
|
16. Deferred corporate income tax |
4,128,425,512 |
|
17. Interest from subsidiaries/related companies |
0 |
|
18. Profit after tax |
75,944,790,332 |
|
|
||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||
|
|
||
|
Description |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.24 |
1.59 |
|
Quick liquidity ratio |
0.93 |
0.85 |
|
Inventory circle |
13.96 |
6.51 |
|
Average receive period |
35.92 |
98.33 |
|
Utilizing asset performance |
1.67 |
1.27 |
|
Liability by total assets |
83.79 |
57.42 |
|
Liability by owner's equity |
517.07 |
188.33 |
|
Ebit / Total assets (ROA) |
6.05 |
7.26 |
|
Ebit / Owner's equity (ROE) |
37.33 |
17.71 |
|
Ebit / Total revenue (NPM) |
3.63 |
6.23 |
|
Gross profit / Total revenue (GPM) |
7.92 |
17.03 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||
|
|
||
FINANCIAL HIGHLIGHT
|
|
|
|
|
|
BALANCE
SHEET |
|
Unit: One
VND
|
|
|
Balance sheet
date |
31/12/2009 |
|
Number of weeks |
52 |
ASSETS
|
|
|
A. Current Asset
|
383,087,000,000 |
|
Receivables |
241,643,000,000 |
|
Inventory |
78,283,000,000 |
|
Cash and other current assets |
63,161,000,000 |
|
B. Long term
Asset |
696,917,000,000 |
|
1. Long term account receivable |
21,935,000,000 |
|
2. Fixed assets |
674,982,000,000 |
|
Tangible fixed assets |
646,836,000,000 |
|
+ Original cost |
1,049,254,000,000 |
|
+ Accumulated depreciation value |
-402,418,000,000 |
|
Financial leasehold assets |
0 |
|
Intangible fixed assets |
28,146,000,000 |
|
Construction in progress and other long term asset |
0 |
|
TOTAL ASSETS |
1,080,004,000,000
|
|
|
|
LIABILITIES
|
|
|
Payable loans |
980,189,000,000 |
|
Owner’s Equity |
99,815,000,000 |
|
TOTAL LIABILITY
AND EQUITY |
1,080,004,000,000
|
|
|
|
PROFIT & LOSS STATEMENT
|
|
|
|
|
|
1. Total Sales |
1,895,143,000,000
|
|
2. Deduction item |
0 |
|
3. Net revenue |
1,895,143,000,000
|
|
4. Costs of goods sold |
1,730,075,000,000 |
|
5. Gross profit |
165,068,000,000 |
|
6. Financial income |
24,050,000,000 |
|
7. Financial expenses |
52,283,000,000 |
|
8. Selling expenses and Administrative overheads |
53,823,000,000 |
|
9. Net operating profit |
83,012,000,000 |
|
10. Other income |
1,504,000,000 |
|
11. Other expenses |
44,384,000,000 |
|
12. Other profit /(loss) |
-42,880,000,000 |
|
13. Total accounting profit before tax |
40,132,000,000 |
|
14. Current corporate income tax |
2,055,000,000 |
|
15. Deferred corporate income tax |
0 |
|
16. Interest from subsidiaries/related companies |
0 |
|
17. Profit after tax |
38,077,000,000 |
|
|
|
PAYMENT HISTORY &
PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
N/A |
|
Payment status |
|
N/A |
|
Financial Situation |
|
Average |
|
Development trend |
|
Even |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
LC, TT |
|
Sale Methods |
|
Wholesaler |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
The
subject - PHU MY PLASTICS AND CHEMICALS COMPANY LIMITED - was
established in 1997. The subject is now operating under Investment
Certificate No. 492022000054 issued by Ba Ria-Vung Tau
Industrial Zone Authority. Its current registered investment capital is USD 100 million and chartered capital is USD 35
million. Head
office and factory of subject is located at Cai Mep Industrial Zone - Phuoc
Hoa Commune - Tan Thanh District - Ba Ria-Vung Tau Province – Vietnam with
total area 19,000m2. In addition, the subject has a transaction office in Ho Chi Minh City and representative
office in Ha Noi City. The
subject is principally engaged in producing PVC resins such as K57,
K66R, K66G, K66F, K70 and related chemicals.
Besides domestic market, its products are exported to Japan, India and China
to supply for industries manufacturing industrial plastic products. The
subject imports materials (vinyl chloride monomer (VCM)) from England, Malaysia, Thailand and
Japan… The
management capability of the subject is fairly. Its production operations are
busy. The position in the industry of the subject is good. Its market share
is stable. According to the financial data, the subject is operating fairly
well. Total sales in 2010 was VND 1,953,353,609,132 and profit after tax was
VND 75,944,790,332. Those were high numbers. Liquidity of the subject was at
average level. ROA, ROE were fairly good.
In
overview, the subject is operating normally. It has no change in recent. The
subject has capacity to meet normal business transaction. |
------------ 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.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.