|
Report Date : |
15.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHOW TAI FOOK JEWELLERY CO. LTD. |
|
|
|
|
Registered Office : |
38/F., New World Tower, 16-18 Queen’s Road Central |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
1929 |
|
|
|
|
Com. Reg. No.: |
01158153 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Importer, Exporter, Wholesaler and Retailer of 999.9 pure
gold, 18 karat gold, diamonds, gemstones, pearls, jades, watches, clocks,
etc. |
|
|
|
|
No. of Employees : |
29,600. |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
hong kong - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on
international trade and finance - the value of goods and services trade,
including the sizable share of re-exports, is about four times GDP. Hong Kong
levies excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong
Kong's open economy left it exposed to the global economic slowdown that began
in 2008. Although increasing integration with China, through trade, tourism,
and financial links, helped it to make an initial recovery more quickly than
many observers anticipated, it again faces a possible slowdown as exports to
the Euro zone and US slump. The Hong Kong government is promoting the Special
Administrative Region (SAR) as the site for Chinese renminbi (RMB)
internationalization. Hong Kong residents are allowed to establish
RMB-denominated savings accounts; RMB-denominated corporate and Chinese
government bonds have been issued in Hong Kong; and RMB trade settlement is
allowed. The territory far exceeded the RMB conversion quota set by Beijing for
trade settlements in 2010 due to the growth of earnings from exports to the
mainland. RMB deposits grew to roughly 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous year. The
government is pursuing efforts to introduce additional use of RMB in Hong Kong
financial markets and is seeking to expand the RMB quota. The mainland has long
been Hong Kong's largest trading partner, accounting for about half of Hong
Kong's exports by value. Hong Kong's natural resources are limited, and food
and raw materials must be imported. As a result of China's easing of travel
restrictions, the number of mainland tourists to the territory has surged from
4.5 million in 2001 to 34.9 million in 2012, outnumbering visitors from all
other countries combined. Hong Kong has also established itself as the premier
stock market for Chinese firms seeking to list abroad. In 2012 mainland Chinese
companies constituted about 46.6% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 57.4% of the Exchange's market capitalization.
During the past decade, as Hong Kong's manufacturing industry moved to the
mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011,
and less than 2% in 2012. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in
2012. Lower and middle income segments of the population are increasingly
unable to afford adequate housing. Hong Kong continues to link its currency
closely to the US dollar, maintaining an arrangement established in 1983.
|
Source
: CIA |
CHOW TAI FOOK
JEWELLERY CO. LTD.
38/F., New World Tower, 16-18 Queen’s Road Central, Hong Kong.
(Formerly located at: 31/F., of the same building)
PHONE: 2524 3116, 2526 8649
FAX: 2810 4297, 2526 9178
E-MAIL: enquiry@chowtaifook.com
Chairman & Executive Director:
Dr. Cheng Kar Shun, Henry
Establishment: 1929.
Incorporated on: 6th March, 1961.
Organization: Private Limited Company.
Capital: Nominal: HK$5,000,000,000.00
Issued: HK$350,000,000.00
Business Category: Jewellery
and Diamond Trader.
Group Turnover: HK$56,571.1 million (Year ended 31-03-2012)
Group Employees: 29,600.
(Year ended 31-03-2012)
Main Dealing Bankers: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Hang
Seng Bank Ltd., Hong Kong.
Banking Relation: Good.
CHOW TAI FOOK
JEWELLERY CO. LTD.
Registered Head
Office:-
38/F., New World Tower, 16-18 Queen’s Road Central, Hong Kong.
Main Shop:-
G2, Aon China Building, 29 Queen’s Road Central, Hong Kong.
[Tel: 2501 5939, 2523 7128]
Other Retail Shops: Hong Kong, China, Macau, Taiwan and
Malaysia.
Holding Company:-
Highrise Achiever Ltd., British Virgin Islands.
Intermediate
Holding Company:
Chow Tai Fook Jewellery Group Ltd., Cayman Islands/Hong Kong.
Penultimate
Holding Company:
Chow Tai Fook (Holding) Ltd., British Virgin Islands.
Ultimate Holding
Company:
Chow Tai Fook Capital Ltd., British Virgin Islands.
Associated/Affiliated
Companies:-
Chow Tai Fook Jewellery Group of Companies
American Overseas Investment Inc., US.
Beijing Chow Tai Fook Jewellery Co. Ltd., China.
Bentley Trading Ltd., Hong Kong.
Bojuehang Jewellery Manufacturing (Shenzhen) Ltd., China.
Chongqing Chow Tai Fook Watch Marketing Ltd., China.
Chongqing Flamingo Watch Co. Ltd., China.
Chongqing Kaifu Jewellery Co. Ltd., China.
Chow Tai Fook Jewellery & Watch Co. (Macau) Ltd., Macau.
Chow Tai Fook Jewellery (Chongqing) Co. Ltd., China.
Chow Tai Fook Jewellery (Shenzhen) Co. Ltd., China.
Chow Tai Fook Jewellery (Suzhou) Co. Ltd., China.
Chow Tai Fook Jewellery (Wuhan) Co. Ltd., China.
Chow Tai Fook Jewellery Zhangjiagang Baoshui Co. Ltd., China.
CTF Watch (HK) Ltd., Hong Kong.
CTF Watch Ltd.,
British Virgin Islands.
[Formerly known as Pacific Cosmo International Ltd.]
Fook Kwan Jewellery Manufacturing Ltd., Hong Kong.
Foshan Shunde Yuda Jewellery Manufacturing Ltd., China.
Foshan Yushunfu Jewellery & Diamond Co. Ltd., China.
Guangdong Chow Tai Fook Jewellery Co. Ltd., China.
Guangdong Zhaofu Jewellery Co. Ltd., China.
Kunming Yinfu Jewellery Co. Ltd., China.
Lida Noble Metal Technology & Development (Shenzhen) Ltd., China.
Lun Jiao Industrial (Hong Kong) Ltd., Hong Kong.
Majestic Project Ltd., British Virgin Islands.
Shenzhen CTF Watch ltd., China.
Sincere Elite Ltd., British Virgin Islands.
Solomon Watch & Jewellery Co. Ltd., Hong Kong.
Techni Development Investment Ltd., Hong Kong.
Wuhan Hanfu Jewellery Co. Ltd., China.
Wuhan Xinfu Jewellery Co. Ltd., China.
Zhangjiagang Baoshui Dade Xinfu Jewellery Co. Ltd., China.
Zhangjiagang Baoshui Qifu Jewellery Trading Ltd., China.
Zlotowski’s Diamond Cutting Works (Proprietary) Ltd., South Africa.
etc.
01158153
0006546
Chairman & Executive Director:
Dr. Cheng Kar Shun, Henry
Nominal Share Capital: HK$5,000,000,000.00 (Divided into 5,000,000
shares of HK$1,000.00 each)
Issued Share Capital: HK$350,000,000.00
(As per registry dated 06-03-2013)
|
Name |
|
No. of shares |
|
Highrise Achiever Ltd. P.O. Box 957, Offshore, Incorporations Centre, Road Town, Tortola,
British Virgin Islands. |
|
350,000 ====== |
(As per registry dated 06-03-2013)
|
Name (Nationality) |
Address |
|
CHENG Yu Tung |
12 Repulse Bay Road, Hong Kong. |
|
CHENG Yu Wai |
7/F., 7 Magazine Gap Road, Hong Kong. |
|
CHENG Kam Biu, Wilson |
10/F., 14 Tai Hang Road, Hong Kong. |
|
CHENG Sek Hung |
Flat 44A, Block 2, Illumination Terrace, 7 Tai Hang Road,
Hong Kong. |
|
WONG Siu Kee |
Flat F, 20/F., Palatial Crest, 3 Seymour Road, Hong Kong |
|
CHAN Sai Cheong |
Flat C, 29/F., Block 1, Hill Paramount, 18 Hin Tai Street, Tai Wai,
Shatin, Hong Kong. |
|
KOO Tong Fat |
Room 05, 21/F., Block A, Kornhill, Quarry Bay, Hong Kong. |
|
CHAN Hiu Sang, Albert |
2B, 438 Victoria Road, Hong Kong. |
|
CHENG Chi Kong |
8 Black’s Link, Hong Kong. |
|
CHENG Chi Heng |
12 Repulse Bay Road, Hong Kong. |
|
CHENG Kar Shun |
12 Repulse Bay Road, Hong Kong. |
|
CHENG Ping Hei |
Flat 47D, Tower 2, Hampton Place, 11 Hoi Fan Road, Kowloon, Hong Kong. |
|
SUEN Chi Keung |
Flat 4B, 20/F., Mei Foo Sun Chuen, Humbert Street, Kowloon, Hong Kong. |
(As per registry dated 06-03-2013)
|
Name (Nationality) |
Address |
|
CHENG Ping Hei |
Flat 47D, Tower 2, Hampton Placce, 11 Hoi Fan Road, Kowloon, Hong
Kong. |
The subject was originally established in 1929 as an unlimited body
under the company style of Chow Tai Fook Jewellery & Goldsmiths. Incorporated on 6th March, 1961 as a
private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 31/F., New World Tower, 16-18
Queen’s Road Central, Hong Kong, moved to the present address in March 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer,
Importer, Exporter, Wholesaler and Retailer.
Lines: 999.9
pure gold, 18 karat gold, diamonds, gemstones, pearls, jades, watches, clocks,
etc.
Trade Mark: “C.T.F.”
brand.
Sole Agent for: Overseas Diamond Cutting
Works (Pty) Ltd., S. Africa.
Group Employees: 29,600.
(Year ended 31-03-2012)
Raw Materials:-
Diamonds – Israel, Belgium, South Africa,
India, etc.
Jewellery – UK and Belgium.
Pearl – Japan.
Markets: Hong
Kong, Japan, Macau, other Asian countries, North America, etc.
Group Turnover: HK$18,410.9
million (Year ended 31-03-2009)
HK$22,933.6 million (Year ended 31-03-2010)
HK$35,042.5 million (Year ended 31-03-2011)
HK$56,571.1 million (Year ended 31-03-2012)
HK$23,874.5 million (6 months ended 30-09-2011)
HK$25,436.0 million (6 months ended 30-09-2012)
Terms/Sales:-
For local: COD.
For abroad: L/C, T/T, D/P, etc.
Terms/Buying: Various terms.
Diamond Federation of Hong Kong, China Ltd., Hong Kong.
The Chinese Manufacturers’ Association of Hong Kong, Hong Kong.
The Federation of Hong Kong Watch Trades & Industries Ltd.,
Hong Kong.
The Hong Kong Jewellers’ & Goldsmiths’ Association Ltd., Hong Kong.
Nominal Share Capital: HK$5,000,000,000.00
(Divided into 5,000,000 shares of HK$1,000.00 each)
Issued Share Capital: HK$350,000,000.00
Alternation of Capital:-
|
01-04-1961 |
paid up |
HK$ 3,000,000.00 |
|
30-06-1961 |
paid up |
HK$ 2,000,000.00 |
|
26-01-1971 |
paid up |
HK$ 5,000,000.00 |
|
12-02-1971 |
paid up |
HK$ 5,000,000.00 |
|
30-03-1971 |
paid up |
HK$ 20,000,000.00 |
|
12-07-2006 |
paid up |
HK$ 315,000,000.00 |
|
|
|
––––––––––––––––– |
|
Total: |
paid up |
HK$ 350,000,000.00 =============== |
Increases of Nominal Capital:-
|
From |
HK$ 5,000,000.00 |
to |
HK$ 15,000,000.00 |
on |
01-09-1970 |
|
From |
HK$15,000,000.00 |
to |
HK$ 45,000,000.00 |
on |
18-03-1977 |
|
From |
HK$45,000,000.00 |
to |
HK$5,000,000,000.00 |
on |
12-07-2006 |
Group Profit: HK$1,914.4
million (Year ended 31-03-2009)
HK$2,206.8 million (Year ended 31-03-2010)
HK$3,672.5 million (Year ended 31-03-2011)
HK$6,570.9 million (Year ended 31-03-2012)
HK$2,820.9 million (6 months ended 30-09-2011)
HK$1,892.6 million (6 months ended 30-09-2012)
Profit & Loss: Traded
at a profitable angle.
Condition: Business is active and good.
Facilities: Adequate for current
running.
Payment: Reliable.
Commercial Morality: Good.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
Wing Hang Bank Ltd., Hong Kong.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
Bank of America N.A., Hong Kong Branch.
Sumitomo Mitsui Banking Corporation,
Hong Kong Branch.
China Construction Bank (Asia) Corporation
Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd.,
Hong Kong.
etc.
Standing: Sound.
Chow Tai Fook Jewellery Co. Ltd. is a wholly-owned subsidiary of
Highrise Achiever Ltd. which is a BVI-registered firm. Its intermediate holding company Chow Tai
Fook Jewellery Group Ltd. [The Company/including associates are referred to
Group/Chow Tai Fook] is registered in the Cayman Islands. It is also a listed firm in Hong Kong.
The subject first traded under name of Chow Tai Fook Jewellery &
Goldsmiths which was established in Guangzhou in 1929.
As a native of Shunde, Guangdong Province, China, Dr. Cheng Yu Tung was
born on 26th August, 1925 in Guangzhou, China.
He is one of the Hong Kong’s best known entrepreneurs who is
reputed to be one of the five richest tycoons in the region. However, Chow Tai Fook was founded by Mr. Chow
Chi Yuen in Guangzhou in 1929. In 1956,
Chow Tai Fook was acquired by Dr. Cheng Yu Tung.
The subject is one of the key members of the Chow Tai Fook Group.
Chow Tai Fook Jewellery Group Limited is a leading jeweller in Mainland
China, Hong Kong and Macau. The Company
was listed on the Main Board of The Stock Exchange of Hong Kong in December
2011 and has become the world’s largest jeweller by market capitalisation. Chow Tai Fook is now a constituent stock of
the Hang Seng China 50 Index and Hang Seng Mainland 100 Index.
Its principal products are mass luxury and high-end luxury jewellery
products including gem-set jewellery, gold products, platinum and karat gold
products, and watches.
The Group’s iconic brand “Chow Tai Fook” and long-standing history of
over 80 years of operations represent key competitive advantages of its business. The Chow Tai Fook brand is recognised for its
trustworthiness and authenticity and renowned for its product design, quality
and value.
The Group has an extensive retail network, with over 1,700 points of
sale in Greater China, Singapore and Malaysia. It also has a growing presence in e‑commerce. The Group’s vertically integrated business
model gives it effective and tight control over the entire operation chain from
raw material procurement, design, production, to marketing and sales through
its extensive retail network.
During the FY 2012, the Group expanded the geographic reach of its
jewellery business in the Greater China region and achieved excellent
results. In FY2012, the Group recorded
revenue of HK$56,571.1 million (FY2011: HK$35,042.5 million), representing a
surge of 61.4% over the same period last year.
The profit attributable to shareholders of the Company amounted to
HK$6,340.6 million (FY2011: HK$3,537.6 million), increased by HK$2,803.0
million or 79.2% over that of the previous year. Its growth in the year was mainly fuelled by
the expansion of its POS network and by strong Same Store Sales Growth. These growth drivers were in turn fuelled by
our successful business strategies, continued strong expansion of Mainland
China’s overall economy and increasing demand for jewellery especially for
event-driven and festive celebrations.
The first six months of the financial year 2013 were volatile and full
of challenges, amid the stronger-than-expected macro-economic headwinds and the
outbreak of anti-Japanese sentiment in Mainland China. Despite the unfavourable conditions and an
extraordinarily high base of comparison from previous year, the Group achieved
a record sales of HK$25,436.0 million, with a 6.5% revenue growth compared with
same period last year. Its planned
network expansion of reaching a total of 2,000 POS by the end of financial year
2014 is also on track. It opened a net
of 105 new points-of-sale (POS) during the reporting period, mainly in Mainland
China’s Tier III and lower tier cities.
The retail market in the Greater China region however experienced a
slowdown during the reporting period, resulting in a drop of 1.7% in Same Store
Sales. Coupled with the negative short-term impact on our bottom line as a
result of a non-cash gold hedging loss in September, its net profit declined
32.9% to HK$1,892.6 million during the reporting period.
During the first six months of the financial year 2013 (1HFY2013), the
Mainland China business segment recorded a revenue of HK$14,038.1 million
(1HFY2012: HK$13,371.4 million), posting a growth of 5.0% from 1HFY2012, while
Hong Kong, Macau and other Asian markets recorded a revenue of HK$11,397.9
million (1HFY2012: HK$10,503.1 million), increased 8.5% from the same period
last year.
As at 31st March 2012, the Group had a total of approximately 29,600
employees (excluding staff of franchisees) (31st March 2011: approximately
22,900) in Mainland China, Hong Kong, Macau, Taiwan, and South Africa.
On the whole, in view of the subject’s background, consider it good for
business engagements.
Brief introduction to the chairman & executive director:-
Dr. Cheng Kar-Shun, Henry, GBS aged 65, joined the Group in 1971, was
appointed as the Chairman & exceutive director in July 2011 and is a member
of the Nomination Committee and Remuneration Committee of the Company. Dr. Cheng is responsible for the strategic
direction and overall performance of the Group.
He is a director of certain subsidiaries of the Group. Dr. Cheng is also the chairman and executive
director of NWD (re-designated from managing director to chairman with effect
form 1st March, 2012). chairman and
managing director of New World China Land Ltd.
Chairman & executive director of NWS Holdings Ltd. and International
Entertainment Corporation, Chairman and non‑executive director of NWDS
and Newton Resources Ltd (appointed on 23rd May, 2012), non-executive director
of Lifestyle International and independent non-executive director of HKR
International Ltd. In addition, Dr. Cheng
is also a director of CYT Family Holdings, CYT Family Holdings II, CTF Capital
and CTF Holding and CTFE. Dr. Cheng is
the chairman of the Advisory Council for the Better Hong Kong Foundation,
chairman of the Advisory Panel of the Asian Management Institute and The
University of Western Ontario and a Standing Committee Member of the Eleventh
Chinese People’s Political Consultative Conference. Dr. Cheng is the eldest son of Dato Dr.
Cheng Yu-Tung. the father of Mr. Cheng Chi-Kong, Adrian, an uncle of Mr. Cheng
Chi-Heng, Conroy, a cousin of Mr. Cheng Kam-Biu, Wilson and Mr. Cheng Sek-Hung,
Timothy and a nephew of Mr. Cheng Yu-Wai.
Court case:-
|
Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
Feb. 1998 |
H2218 |
Dragon Bridge Development Ltd. |
Chow Tai Fook Jewellery Co. Ltd. |
Amount due |
HK$1,171,800 |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
|
1 |
Rs.83.67 |
|
Euro |
1 |
Rs.71.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.