MIRA INFORM REPORT
|
Report Date : |
14.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
M-PLUS TECH CO., LTD. |
|
|
|
|
Registered Office : |
33/38
MOO 10, Theparak
Road, Bangpla, Bangplee,
Samutprakarn 10540, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
01.02.2005 |
|
|
|
|
Com. Reg. No.: |
0115548001409 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importing and
distributing wide range
of industrial products and
equipment, as well as after
sales services for
printing and other industries |
|
|
|
|
No. of Employees : |
20 |
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 : |
Slow but correct |
|
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 crisis 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 and address
M-PLUS TECH CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 33/38
MOO 10, THEPARAK
ROAD,
BANGPLA, BANGPLEE,
SAMUTPRAKARN 10540,
THAILAND
TELEPHONE : [66] 2730-1458-9
FAX :
[66] 2730-1461
E-MAIL
ADDRESS : info_sa@mplustech.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0115548001409
TAX
ID NO. : 3031679603
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. POPPORN PHANGAMVIJIT,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 20
LINES
OF BUSINESS : PRINTING MACHINERY
AND SPARE PARTS
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 February 1,
2005 as a
private limited company
under the name
style M-PLUS TECH
CO., LTD., by
Thai groups, in
order to import
and distribute printing
machinery and spare
parts to local
market. It currently
employs 20 staff.
The
subject’s registered address
is 33/38 Moo 10,
Theparak Rd., Bangpla,
Bangplee, Samutprakarn 10540,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Popporn Phangamvijit |
|
Thai |
50 |
|
Mr. Mana Sosongchan |
|
Thai |
50 |
AUTHORIZED PERSON
Both of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Popporn Phangamvijit is
the Managing Director.
She is Thai
nationality with the
age of 50
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide
range of industrial products and
equipment, as well as after
sales services for
printing and other industries.
Its products are as
follows:
-
Machinery
and spare parts
for printing, foods
and beverage industries
-
Conveyor
chain and conveyor
belts under brand
name “REGINA”
-
Engineering
plastic products under
brand names “JO”,
“ROCHLING”, and
“VON RDI”.
-
Automatic
lubrication under brand
name “PERMA”
-
Digital
inkjet color printer
under brand name
“SWIFT COLOR”.
PURCHASE
90%
of the products
is imported from
Japan, Germany, France,
Netherlands and Italy,
the remaining 10%
is purchased from
local supplier.
MAJOR
SUPPLIERS
Regina
SUD S.p.a. :
Italy
Perma-Tec
GmbH. & Co. K.G. : Germany
Von
Roll Isola SA. : France
Rodon
Parts B.V. :
Netherlands
SALES
100% of the
products is sold
locally to 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
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject currently employs
approximately 20 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and warehouse at the heading
address. Premise is located
in industrial area.
COMMENT
Subject
was formed in
2005 as an
importer and distributor
of printing machines and
equipments including related
products. Its sales
was reported a
strong growth in
2012, while current
market is quite slow.
It is estimated
that subject’s sales
would grow slowly
this year compared to
the previous years’ levels.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 3,000,000
divided into 30,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Mana Sosongchan Nationality: Thai Address : 99/121
Moo 4, Bangpleeyai, Bangplee,
Samutprakarn |
12,000 |
40.00 |
|
Ms. Popporn Phangamvijit Nationality: Thai Address : 99/121
Moo 4, Bangpleeyai, Bangplee,
Samutprakarn |
9,000 |
30.00 |
|
Ms. Suneeporn Phangamvijit Nationality: Thai Address : 406
Sukhumvit 55 Rd.,
Klongtonnua,
Wattana, Bangkok |
3,000 |
10.00 |
|
Mr. Suchart Wongwannasorn Nationality: Thai Address : 70/1
Ladyao, Jatujak, Bangkok |
3,000 |
10.00 |
|
Ms. Mayuree Santirachai Nationality: Thai Address : 107/492
Suansiam Rd., Kannayao,
Bangkok |
2,998 |
9.99 |
|
Ms. Sopha Sosongchan Nationality: Thai Address : 112/1477
Moo 11, Bangna,
Bangkok |
1 |
=0.01 |
|
Mrs. Aneksri Phangamvijit Nationality: Thai Address : 9/25
Moo 19, Salathammasop,
Taweewattana, Bangkok |
1 |
|
Total Shareholders : 7
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
30,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
30,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Suphasangad Paemavipark No. 2357
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
973,288.57 |
174,343.85 |
177,868.23 |
|
Trade Accounts & Other Receivable |
21,660,540.66 |
22,087,331.74 |
9,989,863.24 |
|
Short-term Lending |
800,000.00 |
- |
- |
|
Inventories |
31,210,690.15 |
28,113,131.92 |
15,723,905.08 |
|
Other Current Assets
|
- |
54,394.42 |
48,887.03 |
|
|
|
|
|
|
Total Current Assets
|
54,644,519.38 |
50,429,201.93 |
25,940,523.58 |
|
|
|
|
|
|
Fixed Assets |
10,049,612.49 |
1,719,524.78 |
1,559,829.76 |
|
Other Non-current Assets |
47,850.00 |
- |
19,950.00 |
|
Total Assets |
64,741,981.87 |
52,148,726.71 |
27,520,303.34 |
LIABILITIES
& SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
3,000,988.15 |
8,509,929.98 |
4,657,197.42 |
|
Trade Accounts & Other Payable
|
23,932,283.50 |
20,278,762.39 |
12,294,062.40 |
|
Current Portion of
Long-term Loans |
5,396,916.00 |
1,735,608.00 |
307,644.00 |
|
Short-term Loan |
10,938,769.40 |
8,288,769.40 |
3,060,000.00 |
|
Accrued Income Tax |
467,416.72 |
1,347,613.49 |
236,728.86 |
|
|
|
|
|
|
Total Current Liabilities |
43,736,373.77 |
40,160,683.26 |
20,555,632.68 |
|
Other Long-term Loan |
7,435,013.22 |
1,577,323.21 |
320,762.00 |
|
Total Liabilities |
51,171,386.99 |
41,738,006.47 |
20,876,394.68 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
|
|
|
|
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
10,570,594.88 |
7,410,720.24 |
3,643,908.66 |
|
Total Shareholders' Equity |
13,570,594.88 |
10,410,720.24 |
6,643,908.66 |
|
Total Liabilities & Shareholders' Equity |
64,741,981.87 |
52,148,726.71 |
27,520,303.34 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
80,847,841.53 |
69,864,615.12 |
47,812,255.97 |
|
Other Income |
405,284.03 |
69,353.53 |
454,117.36 |
|
Total Revenues |
81,253,125.56 |
69,933,968.65 |
48,266,373.33 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
53,605,048.99 |
44,372,566.89 |
33,950,956.56 |
|
Selling Expenses |
17,110,633.10 |
16,286,045.85 |
7,548,104.94 |
|
Administrative Expenses |
3,205,469.31 |
1,825,711.09 |
3,261,684.26 |
|
Other Expenses |
312,305.30 |
484,775.36 |
151,255.47 |
|
Total Expenses |
74,233,456.70 |
62,969,099.19 |
44,912,001.23 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
7,019,668.86 |
6,964,869.46 |
3,354,372.10 |
|
Financial Cost |
[2,640,320.39] |
[1,699,965.95] |
[1,925,458.05] |
|
Profit / [Loss] before Income Tax |
4,379,348.47 |
5,264,903.51 |
1,428,914.05 |
|
Income Tax |
[1,219,473.83] |
[1,498,091.93] |
[325,645.06] |
|
|
|
|
|
|
Net Profit / [Loss] |
3,159,874.64 |
3,766,811.58 |
1,103,268.99 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.25 |
1.26 |
1.26 |
|
QUICK RATIO |
TIMES |
0.54 |
0.55 |
0.49 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.04 |
40.63 |
30.65 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.25 |
1.34 |
1.74 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
212.52 |
231.25 |
169.04 |
|
INVENTORY TURNOVER |
TIMES |
1.72 |
1.58 |
2.16 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
97.79 |
115.39 |
76.26 |
|
RECEIVABLES TURNOVER |
TIMES |
3.73 |
3.16 |
4.79 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
162.96 |
166.81 |
132.17 |
|
CASH CONVERSION CYCLE |
DAYS |
147.35 |
179.84 |
113.14 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
66.30 |
63.51 |
71.01 |
|
SELLING & ADMINISTRATION |
% |
25.13 |
25.92 |
22.61 |
|
INTEREST |
% |
3.27 |
2.43 |
4.03 |
|
GROSS PROFIT MARGIN |
% |
34.20 |
36.59 |
29.94 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.68 |
9.97 |
7.02 |
|
NET PROFIT MARGIN |
% |
3.91 |
5.39 |
2.31 |
|
RETURN ON EQUITY |
% |
23.28 |
36.18 |
16.61 |
|
RETURN ON ASSET |
% |
4.88 |
7.22 |
4.01 |
|
EARNING PER SHARE |
BAHT |
105.33 |
125.56 |
36.78 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.79 |
0.80 |
0.76 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.77 |
4.01 |
3.14 |
|
TIME INTEREST EARNED |
TIMES |
2.66 |
4.10 |
1.74 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
15.72 |
46.12 |
|
|
OPERATING PROFIT |
% |
0.79 |
107.64 |
|
|
NET PROFIT |
% |
(16.11) |
241.42 |
|
|
FIXED ASSETS |
% |
484.44 |
10.24 |
|
|
TOTAL ASSETS |
% |
24.15 |
89.49 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 15.72%. Turnover has increased from THB
69,864,615.12 in 2011 to THB 80,847,841.53 in 2012. While net profit has
decreased from THB 3,766,811.58 in 2011 to THB 3,159,874.64 in 2012. And total
assets has increased from THB 52,148,726.71 in 2011 to THB 64,741,981.87 in
2012.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
34.20 |
Satisfactory |
Industrial
Average |
37.67 |
|
Net Profit Margin |
3.91 |
Impressive |
Industrial
Average |
2.39 |
|
Return on Assets |
4.88 |
Satisfactory |
Industrial
Average |
4.90 |
|
Return on Equity |
23.28 |
Impressive |
Industrial
Average |
11.94 |
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 34.2%. 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 3.91%, 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 4.88%.
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. Return on Equity ratio
is 23.28%, 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.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.25 |
Satisfactory |
Industrial
Average |
1.46 |
|
Quick Ratio |
0.54 |
|
|
|
|
Cash Conversion Cycle |
147.35 |
|
|
|
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 1.25 times in 2012, decreased from 1.26 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 lower.
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 0.54 times in 2012,
decreased from 0.55 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 148 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.79 |
Acceptable |
Industrial
Average |
0.57 |
|
Debt to Equity Ratio |
3.77 |
Risky |
Industrial
Average |
1.32 |
|
Times Interest Earned |
2.66 |
Impressive |
Industrial
Average |
(0.53) |
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 2.66 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 0.79 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
8.04 |
Impressive |
Industrial
Average |
(3.15) |
|
Total Assets Turnover |
1.25 |
Acceptable |
Industrial
Average |
1.97 |
|
Inventory Conversion Period |
212.52 |
|
|
|
|
Inventory Turnover |
1.72 |
Deteriorated |
Industrial
Average |
7.04 |
|
Receivables Conversion Period |
97.79 |
|
|
|
|
Receivables Turnover |
3.73 |
Impressive |
Industrial
Average |
2.78 |
|
Payables Conversion Period |
162.96 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.73 and 3.16 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 231 days at the
end of 2011 to 213 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 1.58 times in year 2011 to 1.72 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.25 times and 1.34
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.63.65 |
|
|
1 |
Rs.101.17 |
|
Euro |
1 |
Rs.85.55 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.