MIRA INFORM REPORT
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Report Date : |
09.11.2013 |
IDENTIFICATION DETAILS
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Name : |
MONDELEZ [ |
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Formerly Known As : |
KRAFT FOODS [ |
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Registered Office : |
116 Moo 10, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
13.11.1989 |
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Com. Reg. No.: |
0105532108799 [Former : 10877/2532] |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Importer and Distributor of Foods and Beverage Products,
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No. of Employees : |
480 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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) |
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B1 |
B1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
With a well-developed infrastructure,
a free-enterprise economy, generally pro-investment policies, and strong export
industries,
|
Source
: CIA |
company NAme
MONDELEZ
[THAILAND] CO., LTD.
[FORMER : KRAFT
FOODS [THAILAND] LIMITED]
SUMMARY
BUSINESS ADDRESS : 116
MOO 10, NAMPONG-KRANUAN ROAD,
T. NAMPONG,
A. NAMPONG,
KHON KAEN 40140,
THAILAND
TELEPHONE : [66] 43
209-100, 43 209-136-7
FAX :
[66] 43
209-101
E-MAIL ADDRESS : krist.kroopasa@mdlz.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION NO. : 0105532108799 [Former : 10877/2532]
TAX ID NO. : 3101759877
CAPITAL REGISTERED
: BHT.
150,000,000
CAPITAL PAID-UP
: BHT.
150,000,000
SHAREHOLDER’S PROPORTION : AMERICAN :
100%
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SUPOJ BOONYAVANICH, THAI
GENERAL MANAGER & FACTORY MANAGER
NO. OF
STAFF : 480
LINES OF
BUSINESS : FOODS
AND BEVERAGE PRODUCTS
MANUFACTURER, IMPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on November 13,
1989 as a
private limited company
under the originally
registered name “Kraft General
Foods [Thailand] Limited” by
American group, with the
business objective to
import and distribute
foods and beverage
products to domestic market. On
March 10, 1993, subject’s
name was changed
to “Kraft Foods
[Thailand] Limited”.
In
2000, subject expanded its
product line to
manufacture beverage products
for domestic market.
On
July 1, 2013,
its registered name
was changed to
MONDELEZ [THAILAND] CO.,
LTD. It currently
employs approximately 480
staff.
Presently,
subject is a
wholly owned subsidiary
of Mondelez International
Holdings LLC, U.S.A.
The
subject’s registered address
was initially at
152 Chartered Square
Building, North Sathorn
Rd., Silom, Bangrak,
Bangkok 10500.
On
July 1, 2008,
the subject’s registered address was
relocated to 116
Moo 10, Nampong-Kranuan Rd.,
T. Nampong, A.
Nampong, Khon Kaen
40140, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Chailai Hongladaromp |
[x] |
Thai |
48 |
|
Mr. Krit
Kroopasa |
[x] |
Thai |
36 |
|
Mr. Pongsak Suansae |
[x] |
Thai |
42 |
|
Mr. Supoj
Bunyavanich |
[x] |
Thai |
66 |
|
Mr. Yohanes Darmawan
Nugraha |
|
Indonesian |
35 |
|
Mr. Chandrasekhar Subramanyam |
|
Indian |
53 |
AUTHORIZED PERSON
Any
two of the
mentioned directors [x] can jointly
sign or any
of the mentioned
directors [x] can
jointly sign with
anyone of the
rest directors on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Supoj Boonyavanich is
the General Manager
and Factory Manager.
He
is Thai nationality
with the age
of 66 years
old.
Mr. Somkiat Khoncharn
is the Operation
Manager.
He
is Thai nationality.
Mr. Somkid Mahakijtiyatorn is
the Account Manager.
He
is Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in manufacturing, importing and
distributing wide range
of foods and
beverage products as
the followings:
·
Manufacturing
and distributing of
powder beverage products,
under its license
name “TANG”, with the
approximate production of
50,000 tons per
annum.
·
Importing
and distributing of
general foods and
snacks as the
followings:
- “SUGUS”, Confectionery
-
“RITZ”, “TRAKINAS”, “KRAKER”,
“MILKA”, “AVENY BRAN”,
“CHIPS AHOY”
and “OREO” Biscuits
- “TOBLERONE” &
“CADBURY” Chocolate
- “KRAFT” Peanut
butter
- “PHILADELPHIA” Cream
cheese
- “KOOL-AID” Powdered
beverage
- “CHIPS AHOY”
Cookies.
PURCHASE
Most
of raw materials
for production are
purchased from local
suppliers.
IMPORT
Finished products
and some of raw
materials are imported
from U.S.A., Australia,
Germany, Switzerland, Singapore,
United Kingdom, Malaysia,
Philippines, India,
Hong Kong
and Indonesia.
MAJOR SUPPLIERS
Mondelez International
Inc. : U.S.A.
SALES
100%
of the products
is sold locally
to wholesalers and
supermarkets.
MAJOR CUSTOMER
DKSH
[Thailand] Co., Ltd.
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 according
to 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 L/C
at sight or
T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head
Office : 333
Silom Rd., Silom,
Bangrak, Bangkok]
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject
currently employs approximately
480 staff.
LOCATION DETAILS
The premise is owned for
administrative office, factory
and warehouse at
the heading address.
Premise is located
in provincial.
COMMENT
The subject
has potential in the industry as demand from domestic consumption
remains strong. The subject produces the variety foods
and beverage products from high
grade raw materials which are
in high demand from strong consumption.
The subject
is the leading
food and beverage manufacturing with
the reputation of
Kraft Food Products
in domestic market for decades.
Its
business growth remains sustainable.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 100,000 divided
into 1,000 shares
of Bht. 100
each.
The capital
was increased later
as following:
Bht. 15,420,000 on
August 1, 1994
Bht. 50,000,000 on
March 10, 2000
Bht. 132,000,000 on
November 25, 2003
Bht. 150,000,000 on
April 20, 2005
The latest
registered capital was
increased to Bht. 150,000,000 divided
into 1,500,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at
July 1, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mondelez International Holdings
LLC. Nationality: American Address
: 3 Parkway
North Deerfield, Illinois, 60015,
U.S.A. |
1,499,998 |
100.00 |
|
Mr. Supoj Bunyavanich Nationality: Thai Address
: 161/15 Petchkasem
Rd., Pakklongpasicharoen,
Pasicharoen, Bangkok |
1 |
- |
|
Mr. Vitoon Simma Nationality: Thai Address
: 18/118 Arj-narong
Rd., Klongtoey, Bangkok |
1 |
- |
Total Shareholders
: 3
Share Structure
[as at July
1, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Foreign
- American |
1 |
1,499,998 |
100.00 |
|
Thai |
2 |
2 |
- |
|
Total |
3 |
1,500,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Ms. Anuthai
Phumsurakul No. 3873
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2012, 2011 &
2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash
and Cash Equivalent |
100,966,773 |
232,894,436 |
44,933,552 |
|
Trade
Accounts & Other
Receivable |
377,800,247 |
251,838,535 |
401,362,847 |
|
Short-term Lending to Related Company |
275,000,000 |
- |
200,000,000 |
|
Inventories |
213,377,075 |
238,239,210 |
255,096,320 |
|
Refundable
Import Tax |
17,303,093 |
16,203,904 |
15,303,775 |
|
Refundable
Value Added Tax
&
Other Tax |
92,748,425 |
171,643,105 |
102,926,727 |
|
Other
Current Assets |
2,116,868 |
771,980 |
2,800,254 |
|
|
|
|
|
|
Total
Current Assets |
1,079,312,481 |
911,591,170 |
1,022,423,475 |
|
Investment
in Subsidiaries |
3,052,081,321 |
- |
- |
|
Fixed Assets |
458,875,637 |
413,110,973 |
371,109,033 |
|
Intangible Assets |
252,585 |
382,053 |
769,121 |
|
Deposit |
3,126,954 |
2,971,125 |
3,231,124 |
|
Total
Assets |
4,593,648,978 |
1,328,055,321 |
1,397,532,753 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts &
Other Payable |
325,400,954 |
242,990,587 |
319,514,055 |
|
Accrued
Expenses |
47,077,990 |
12,401,938 |
19,702,873 |
|
Accrued
Income Tax |
1,958,113 |
1,432,894 |
13,493,272 |
|
Other
Current Liabilities |
13,577 |
789,705 |
455,462 |
|
Total Current Liabilities |
374,450,634 |
257,615,124 |
353,165,662 |
|
Long-term Loan from Related Company |
3,052,081,321 |
- |
- |
|
Estimated Liabilities for
Employee
Benefits |
2,970,364 |
3,603,318 |
- |
|
Total
Liabilities |
3,429,502,319 |
261,218,442 |
353,165,662 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share
capital : Baht 100 par value
authorized, issued and
fully
paid share capital 1,500,000 shares |
150,000,000 |
150,000,000 |
150,000,000 |
|
|
|
|
|
|
Capital
Paid |
150,000,000 |
150,000,000 |
150,000,000 |
|
Statutory
Reserve |
1,542,000 |
1,542,000 |
1,542,000 |
|
Retained
Earning - Unappropriated |
1,012,604,659 |
915,294,879 |
892,825,091 |
|
Total
Shareholders' Equity |
1,164,149,659 |
1,066,836,879 |
1,044,367,091 |
|
Total Liabilities
& Shareholders'
Equity |
4,593,648,978 |
1,328,055,321 |
1,397,532,753 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales
& Services |
2,686,427,731 |
2,499,610,263 |
2,981,898,117 |
|
Other
Income |
8,052,499 |
6,961,808 |
3,338,821 |
|
Total
Revenues |
2,694,480,230 |
2,506,572,071 |
2,985,236,938 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost
of Goods Sold
& Services |
2,444,612,028 |
2,239,817,047 |
2,614,125,333 |
|
Administrative Expenses |
119,548,919 |
125,201,429 |
95,230,824 |
|
Other
Expenses |
46,228 |
925,368 |
23,881,246 |
|
Total Expenses |
2,564,207,175 |
2,365,943,844 |
2,733,237,403 |
|
|
|
|
|
|
Profit/[Loss] before Financial Cost
& Income Tax |
130,273,055 |
140,628,227 |
251,999,535 |
|
Financial
Cost - Gain
from Forward
Contract of Sugar |
13,047,806 |
[111,715,656] |
[5,496,124] |
|
Interest Expenses |
[36,805,612] |
- |
- |
|
|
|
|
|
|
Profit
before Income Tax |
106,515,249 |
28,912,571 |
257,495,659 |
|
Income
Tax |
[9,205,469] |
[6,442,783] |
[18,473,065] |
|
Net
Profit/[Loss] |
97,309,780 |
22,469,788 |
239,022,594 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.88 |
3.54 |
2.90 |
|
QUICK RATIO |
TIMES |
2.01 |
1.88 |
1.83 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.85 |
6.05 |
8.04 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.58 |
1.88 |
2.13 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
31.86 |
38.82 |
35.62 |
|
INVENTORY TURNOVER |
TIMES |
11.46 |
9.40 |
10.25 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
51.33 |
36.77 |
49.13 |
|
RECEIVABLES TURNOVER |
TIMES |
7.11 |
9.93 |
7.43 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
48.58 |
39.60 |
44.61 |
|
CASH CONVERSION CYCLE |
DAYS |
34.60 |
36.00 |
40.13 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
91.00 |
89.61 |
87.67 |
|
SELLING & ADMINISTRATION |
% |
4.45 |
5.01 |
3.19 |
|
INTEREST |
% |
1.37 |
- |
- |
|
GROSS PROFIT MARGIN |
% |
9.30 |
10.67 |
12.45 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.85 |
5.63 |
8.45 |
|
NET PROFIT MARGIN |
% |
3.62 |
0.90 |
8.02 |
|
RETURN ON EQUITY |
% |
8.36 |
2.11 |
22.89 |
|
RETURN ON ASSET |
% |
2.12 |
1.69 |
17.10 |
|
EARNING PER SHARE |
BAHT |
64.87 |
14.98 |
159.35 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.75 |
0.20 |
0.25 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.95 |
0.24 |
0.34 |
|
TIME INTEREST EARNED |
TIMES |
3.54 |
- |
- |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
7.47 |
(16.17) |
|
|
OPERATING PROFIT |
% |
(7.36) |
(44.20) |
|
|
NET PROFIT |
% |
333.07 |
(90.60) |
|
|
FIXED ASSETS |
% |
11.08 |
11.32 |
|
|
TOTAL ASSETS |
% |
245.89 |
(4.97) |
|
ANNUAL GROWTH: IMPRESSIVE
An annual sales growth is 7.47%. Turnover has increased from THB
2,499,610,263.00 in 2011 to THB 2,686,427,731.00 in 2012. While net profit has increased
from THB 22,469,788.00 in 2011 to THB 97,309,780.00 in 2012. And total assets
has increased from THB 1,328,055,321.00 in 2011 to THB 4,593,648,978.00 in
2012.
PROFITABILITY:
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.30 |
Deteriorated |
Industrial Average |
78.86 |
|
Net Profit Margin |
3.62 |
Acceptable |
Industrial Average |
6.51 |
|
Return on Assets |
2.12 |
Deteriorated |
Industrial Average |
13.34 |
|
Return on Equity |
8.36 |
Deteriorated |
Industrial Average |
20.84 |
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 9.3%. 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 3.62%. When compared with the industry average, the ratio
of the company was lower.
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 2.12%.
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
8.36%.
Trend
of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY
: IMPRESSIVE
LIQUIDITY
RATIO
|
Current Ratio |
2.88 |
Impressive |
Industrial Average |
1.78 |
|
Quick Ratio |
2.01 |
|
|
|
|
Cash Conversion Cycle |
34.60 |
|
|
|
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 2.88 times in 2012, decreased from 3.54 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 2.01 times in 2012, increased from 1.88 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
35 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: ACCEPTABLE
LEVERAGE
RATIO
|
Debt Ratio |
0.75 |
Acceptable |
Industrial Average |
0.35 |
|
Debt to Equity Ratio |
2.95 |
Risky |
Industrial Average |
0.54 |
|
Times Interest Earned |
3.54 |
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 3.54 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 0.75
greater than 0.5, most of the company's assets are financed through debt.
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 |
5.85 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.58 |
Deteriorated |
Industrial Average |
2.05 |
|
Inventory Conversion Period |
31.86 |
|
|
|
|
Inventory Turnover |
11.46 |
Impressive |
Industrial Average |
11.11 |
|
Receivables Conversion Period |
51.33 |
|
|
|
|
Receivables Turnover |
7.11 |
Impressive |
Industrial Average |
5.69 |
|
Payables Conversion Period |
48.58 |
|
|
|
The company's Account Receivable Ratio is
calculated as 7.11 and 9.93 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 decreased from 2011. This would suggest the company
had deteriorated 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 39 days
at the end of 2011 to 32 days at the end of 2012. This represents a positive
trend. And Inventory turnover has increased from 9.4 times in year 2011 to
11.46 times in year 2012.
The company's Total Asset Turnover is
calculated as 0.58 times and 1.88 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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.73 |
|
|
1 |
Rs.100.92 |
|
Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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.