MIRA INFORM REPORT
|
Report Date : |
16.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
J.S.
MULTI TECH LIMITED |
|
|
|
|
Registered Office : |
999/309 Soi Mooban Sethakit 31, Bangkaenua, Bangkae, Bangkok 10160 |
|
|
|
|
Country : |
thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
15.06.1994 |
|
|
|
|
Com. Reg. No.: |
0105537069317 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and distributor of industrial and engineering equipment |
|
|
|
|
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 |
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|
|
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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
J.S. MULTI TECH LIMITED
SUMMARY
BUSINESS
ADDRESS : 999/309 SOI
MOOBAN SETHAKIT 31,
BANGKAENUA,
BANGKAE, BANGKOK
10160, THAILAND
TELEPHONE : [66] 2808-0832,
2808-1229
FAX :
[66] 2808-0132
E-MAIL
ADDRESS : sales@jsmultitech.com
s_apinan@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0105537069317
TAX
ID NO. : 3011432747
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SAMART APINUNTANAKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : INDUSTRIAL AND
ENGINEERING EQUIPMENT
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 June 15,
1994 as a
private limited company
under the registered name J.S. MULTI TECH
LIMITED by Thai groups, with the
business objective to
import and distribute
wide range of
industrial and engineering
equipments for various
industries. It currently
employs 10 staff.
The subject’s registered
address is 999/309 Soi
Mooban Sethakit 31, Bangkaenua, Bangkae,
Bangkok 10160, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Samart Apinantanakul |
|
Thai |
62 |
|
Mrs. Vananchana Apinuntanakul |
|
Thai |
54 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Samart Apinuntanakul is
the Managing Director.
He is Thai
nationality with the
age of 62
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing and distributing
wide range of industrial and engineering
equipments for petrochemicals, oil
& gas and food
industries. The products
are as follows:
Products Brand
Pumps LEWIS, APT
Pipes &
Fittings MONDI, APT
Wire Mesh
Screen/Stainless Steel Wire
Mesh BEGG COUSLAND
Catalyst HALDOR TOPSOE
Pressure Leaf
Filter TAPIS
Circular Vibratory
Separator TAPIS
Circular Screens TAPIS
Basket Strainers TAPIS
Engineering Solution
Equipment for Oil & Gas RHINE RUHR
Industry
Industrial Equipment NORAM
General Products,
such as Filter
Leavers,
Vibrating
Round Screen, Plain Dutch Weave
Wire
Cloth, Round Screen
Gaskets, Constant
Level
Oiler
etc.
PURCHASE
90% of the products
is imported from
United Kingdom, U.S.A., Denmark,
Canada, Republic of
China, Malaysia and
Australia, the remaining
10% is purchased
from local suppliers.
MAJOR
SUPPLIERS
The Weir Group
Plc. : U.K.
APT Inc. : U.S.A.
Begg Cousland Envirotec
Ltd. : U.K.
Haldor Topsoe A/S : Denmark
Tapis Teknik Sdn.
Bhd. : Malaysia
Rhine Ruhr Pty.
Ltd. :
Australia
Noram Engineering and
Constructors Ltd. :
Canada
Beijing Zehua Chemical
Engineering Co., Ltd.:
Republic of China
SALES
100% of the
products is sold
locally to wholesalers,
manufacturers and end-users.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
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
Kasikornbank
Public Co., Ltd.
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.
COMMENT
The
subject reported moderate sales in 2011,
as well as
improving its sales
in 2012. The
subject’s operating performance
has enjoyed growing
from consumption increased
in local markets. The
subject has expanded
its customer base
by importing more
new products to satisfy the
customers’ need. Meanwhile its
business outlook remains
promising.
FINANCIAL INFORMATION
The
capital was registered at Bht. 1,000,000 divided into 10,000 shares of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
January 15, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Samart Apinuntanakul Nationality: Thai Address : 999/411
Moo 6, Laksong,
Bangkae, Bangkok |
5,500 |
55.00 |
|
Mrs. Vananchana Apinuntanakul Nationality: Thai Address : 999/309
Moo 6, Laksong,
Bangkae, Bangkok |
4,290 |
42.90 |
|
Ms. Kwannapa Jukmongkol Nationality: Thai Address : 241
Moo 2, T.
Nuaklong, A.
Nuaklong, Krabi |
200 |
2.00 |
|
Mr. Thanakorn Chuasakulvanich Nationality: Thai Address : 152/14
Moo 1, Bangkaenua,
Bangkae, Bangkok |
10 |
0.10 |
Total Shareholders : 4
Share Structure [as
at January 15,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Pusith Trakulsri No.
6874
Note:
The 2012 financial
statement has not
available during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalent |
8,205,887.70 |
6,293,142.71 |
3,427,207.91 |
|
Trade Accounts Receivable |
3,616,582.99 |
3,136,435.10 |
2,448,368.39 |
|
Less: Allowance for
Doubtful Account |
[188,314.39] |
[188,314.39] |
[188,314.39] |
|
Trade Accounts Receivable, net |
3,428,268.60 |
2,948,120.71 |
2,260,054.00 |
|
Inventories |
4,070,622.10 |
4,450,567.39 |
4,055,244.96 |
|
Other Current Assets |
443,459.19 |
3,032,615.93 |
847,674.85 |
|
|
|
|
|
|
Total Current Assets
|
16,148,237.59 |
16,724,446.74 |
10,590,181.72 |
|
|
|
|
|
|
Land Building & Office
Equipment |
2,281,975.02 |
3,087,468.95 |
3,419,156.40 |
|
Guarantee |
155,952.66 |
156,139.58 |
300.00 |
|
Total Assets |
18,586,165.27 |
19,968,055.27 |
14,009,638.12 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Trade Accounts Payable |
221,864.37 |
1,591,025.43 |
89,929.24 |
|
Accrued Income Tax |
164,631.25 |
27,686.31 |
156,425.86 |
|
Accrued Expenses |
5,465,438.27 |
3,694,624.90 |
3,916,125.90 |
|
Other Current Liabilities |
692,823.92 |
114,916.46 |
199,343.54 |
|
|
|
|
|
|
Total Current Liabilities |
6,544,757.81 |
5,428,253.10 |
4,361,824.54 |
|
|
|
|
|
|
Loan from Director |
- |
4,000,000.00 |
- |
|
Total Liabilities |
6,544,757.81 |
9,428,253.10 |
4,361,824.54 |
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning Unappropriated |
11,041,407.46 |
9,539,802.17 |
8,647,813.58 |
|
Total Shareholders' Equity |
12,041,407.46 |
10,539,802.17 |
9,647,813.58 |
|
Total Liabilities &
Shareholders' Equity |
18,586,165.27 |
19,968,055.27 |
14,009,638.12 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales & Services Income |
29,419,042.34 |
16,938,305.00 |
25,138,040.00 |
|
Other Income |
470,023.74 |
452,103.63 |
755,740.38 |
|
Total Revenues |
29,889,066.08 |
17,390,408.63 |
25,893,780.38 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
20,762,349.90 |
11,767,020.93 |
18,840,171.45 |
|
Selling Expenses |
2,746,086.04 |
1,098,673.75 |
1,582,090.97 |
|
Administrative Expenses |
4,519,688.23 |
3,488,425.19 |
3,684,493.85 |
|
Total Expenses |
28,028,124.17 |
16,354,119.87 |
24,106,756.27 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
1,860,941.91 |
1,036,288.76 |
1,787,024.11 |
|
Financial Cost |
[23,243.34] |
[11,134.52] |
[11,833.57] |
|
Income Tax |
[336,093.28] |
[133,165.65] |
[322,313.86] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,501,605.29 |
891,988.59 |
1,452,876.68 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.47 |
3.08 |
2.43 |
|
QUICK RATIO |
TIMES |
1.78 |
1.70 |
1.30 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
12.89 |
5.49 |
7.35 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.58 |
0.85 |
1.79 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
71.56 |
138.05 |
78.56 |
|
INVENTORY TURNOVER |
TIMES |
5.10 |
2.64 |
4.65 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
42.53 |
63.53 |
32.82 |
|
RECEIVABLES TURNOVER |
TIMES |
8.58 |
5.75 |
11.12 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
3.90 |
49.35 |
1.74 |
|
CASH CONVERSION CYCLE |
DAYS |
110.20 |
152.23 |
109.64 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
70.57 |
69.47 |
74.95 |
|
SELLING & ADMINISTRATION |
% |
24.70 |
27.08 |
20.95 |
|
INTEREST |
% |
0.08 |
0.07 |
0.05 |
|
GROSS PROFIT MARGIN |
% |
31.02 |
33.20 |
28.06 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.33 |
6.12 |
7.11 |
|
NET PROFIT MARGIN |
% |
5.10 |
5.27 |
5.78 |
|
RETURN ON EQUITY |
% |
12.47 |
8.46 |
15.06 |
|
RETURN ON ASSET |
% |
8.08 |
4.47 |
10.37 |
|
EARNING PER SHARE |
BAHT |
150.16 |
89.20 |
145.29 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.35 |
0.47 |
0.31 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.54 |
0.89 |
0.45 |
|
TIME INTEREST EARNED |
TIMES |
80.06 |
93.07 |
151.01 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
73.68 |
(32.62) |
|
|
OPERATING PROFIT |
% |
79.58 |
(42.01) |
|
|
NET PROFIT |
% |
68.34 |
(38.61) |
|
|
FIXED ASSETS |
% |
(26.09) |
(9.70) |
|
|
TOTAL ASSETS |
% |
(6.92) |
42.53 |
|
ANNUAL GROWTH : SATISFACTORY
An annual sales growth is 73.68%. Turnover has increased from THB
16,938,305.00 in 2010 to THB 29,419,042.34 in 2011. While net profit has
increased from THB 891,988.59 in 2010 to THB 1,501,605.29 in 2011. And total
assets has decreased from THB 19,968,055.27 in 2010 to THB 18,586,165.27 in
2011.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
31.02 |
Satisfactory |
Industrial Average |
34.70 |
|
Net Profit Margin |
5.10 |
Impressive |
Industrial Average |
3.43 |
|
Return on Assets |
8.08 |
Impressive |
Industrial Average |
5.55 |
|
Return on Equity |
12.47 |
Satisfactory |
Industrial Average |
12.74 |
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 31.02%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have problems with control over its costs.
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 5.1%, 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. Return on Assets is 8.08%, higher figure when compared with
those of its average competitors in the same industry, indicated that business
was an efficient profit in a dominant
position within its industry.
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 12.47%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
2.47 |
Impressive |
Industrial Average |
1.64 |
|
Quick Ratio |
1.78 |
|
|
|
|
Cash Conversion Cycle |
110.20 |
|
|
|
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 2.47 times in 2011, decreased from 3.08 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 1.78 times in 2011,
increased from 1.7 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 111 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.35 |
Impressive |
Industrial Average |
0.56 |
|
Debt to Equity Ratio |
0.54 |
Impressive |
Industrial Average |
1.29 |
|
Times Interest Earned |
80.06 |
Impressive |
Industrial Average |
- |
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 80.07 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 0.35 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
12.89 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.58 |
Satisfactory |
Industrial Average |
1.62 |
|
Inventory Conversion Period |
71.56 |
|
|
|
|
Inventory Turnover |
5.10 |
Impressive |
Industrial Average |
3.59 |
|
Receivables Conversion Period |
42.53 |
|
|
|
|
Receivables Turnover |
8.58 |
Impressive |
Industrial Average |
2.86 |
|
Payables Conversion Period |
3.90 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.58 and 5.75 in
2011 and 2010 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 2011
increased from 2010. 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 138 days at the
end of 2010 to 72 days at the end of 2011. This represents a positive trend.
And Inventory turnover has increased from 2.64 times in year 2010 to 5.1 times
in year 2011.
The company's Total Asset Turnover is calculated as 1.58 times and 0.85
times in 2011 and 2010 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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.78 |
|
UK Pound |
1 |
Rs.83.38 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.