MIRA INFORM REPORT
|
Report Date : |
15.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
OSWALE ENTERPRISE CO., LTD. |
|
|
|
|
Registered Office : |
1558/81 Mooban Klangkrung, Bangna-Trad Road, Bangna, Bangkok 10260 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
2000 |
|
|
|
|
Com. Reg. No.: |
0105543086741 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer And Distributor of Industrial Chemicals |
|
|
|
|
No. of Employees : |
18 |
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 : |
Slow |
|
|
|
|
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 & ADDRESS
OSWALE ENTERPRISE
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 1558/81 MOOBAN KLANGKRUNG,
BANGNA-TRAD
ROAD, BANGNA,
BANGKOK 10260,
THAILAND
TELEPHONE : [66] 2182-0212-4
FAX : [66] 2182-0215
E-MAIL ADDRESS : info@oswale.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2000
REGISTRATION NO. : 0105543086741
TAX ID NO. : 3030153128
CAPITAL REGISTERED : BHT.
5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS.
SIRICHAN RACHAKIJ, THAI
MANAGING DIRECTOR
NO. OF STAFF : 18
LINES OF BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on September
14, 2000 as
a private limited
company under the name style OSWALE
ENTERPRISE CO., LTD., by Thai
groups, to distribute
wide range of
industrial chemicals for various industries.
It currently employs
18 staff.
The subject’s registered
address was initially
at 72/169 Mooban
Somjai Villa, Soi
Samakki, Sukhumvit 103
Rd., Dokmai, Prawes, Bangkok
10250.
On July 25,
2007, the subject’s
registered address was
relocated to 1558/81 Mooban
Klangkrung, Bangna-Trad Rd.,
Bangna, Bangkok 10260,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
Ms. Sirichan Rachakij |
|
Thai |
49 |
|
Mr. Peeradech Rachakij |
|
Thai |
45 |
|
Mrs. Benjaporn Asawanilsri |
|
Thai |
41 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Sirichan Rachakij is
the Managing Director.
She is Thai
nationality with the
age of 49
years old.
Mrs. Benjaporn Asawanilsri is
the Sales & Marketing Manager.
She is Thai
nationality with the
age of 41
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide range
of chemicals, including
green chemicals and specialty
chemicals, basic and
industrial chemicals for
domestic industries, such
as agrochemicals, food
and pharmaceuticals, animal
feeds and nutritional,
coatings, paint, printing inks,
rubbers, plastics, cosmetics &
cleaning, ceramics, construction, adhesives,
tannery, electroplating and
others.
Lists of green
chemical products are
as follows:
·
Ultrazyme-XP
·
Alunoz
·
Dentaflex
·
Sodapon-APG
·
Solvagreen
·
Synticide-PBM
·
Vilox-230
PURCHASE
Most of the
products are imported from
United States of America,
Germany, India, Republic
of China, Korea
and Taiwan, the remaining is
purchased from local
suppliers.
SALES
100% of the
products is sold
and supplied locally
by wholesale 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
according 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 18 staff.
LOCATION DETAILS
The premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Warehouse is located
at 80 Soi 28, Yaek 3-1, Chalermprakiat R.9 Road,
Dokmai, Prawes, Bangkok
10250.
COMMENT
Subject is an
importer and distributor
of industrial chemicals. The products
are served mainly to industrial
users. Industrial improvement
in this past
two years had resulted
to strong demand
of chemicals.
However, growth of
industrial chemical in
local market has been declined
since the second half
of 2012. Slow
signs have been
seen, resulted by
economic downturn, slow
investment and decline
improvement from industrial
sector.
The subject’s sales
in 2013 is
not good, as
well as impact
from economic slowdown
would decline its
sales revenue.
FINANCIAL INFORMATION
The capital was registered at
Bht. 1,000,000 divided into 10,000
shares of Bht. 100
each with fully
paid.
On February 11, 2009, the capital
was increased to
Bht. 5,000,000 divided into
50,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at April
30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Peeradech Rachakij Nationality: Thai Address : 72/169
Sukhumvit 103 Rd.,
Dokmai,
Prawes, Bangkok |
25,500 |
51.00 |
|
Ms. Sirichan Rachakij Nationality: Thai Address : 72/169
Sukhumvit 103 Rd.,
Dokmai,
Prawes, Bangkok |
12,000 |
24.00 |
|
Mr. Suphat Rachakij Nationality: Thai Address : 72/169
Sukhumvit 103 Rd.,
Dokmai,
Prawes, Bangkok |
12,000 |
24.00 |
|
Mrs. Benjaporn Asawanilsri Nationality: Thai Address : 544
Soi Chonnonsi 28, Chonnonsi,
Yannawa, Bangkok |
500 |
1.00 |
Total Shareholders : 5
Share Structure
[as at April
30, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
50,000 |
100.00 |
NAME
OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Kompakorn Leevorawat
No. 4092
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 |
1,115,998.99 |
3,591,975.35 |
3,178,020.96 |
|
Trade Accounts Receivable
|
11,136,997.65 |
8,062,591.93 |
13,304,275.35 |
|
Other Receivable |
1,367,872.06 |
11,075.45 |
- |
|
Inventories & Goods in
Transit |
9,055,118.20 |
9,083,103.17 |
5,215,683.21 |
|
Other Current Assets
|
71,451.85 |
51,740.05 |
19,082.48 |
|
|
|
|
|
|
Total Current
Assets |
22,747,438.75 |
20,800,485.95 |
21,717,062.00 |
|
Cash at Bank
under Commitment |
- |
- |
800,000.00 |
|
Fixed Assets |
10,976,736.18 |
4,998,270.89 |
5,559,289.48 |
|
Total Assets |
33,724,174.93 |
25,798,765.84 |
28,076,351.48 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft from Financial Institutions |
9,869,226.35 |
4,535,774.77 |
564,488.11 |
|
Trade Accounts &
Notes Payable |
5,591,987.55 |
5,865,038.39 |
4,919,806.25 |
|
Other Payable |
481,265.35 |
441,443.31 |
903,265.60 |
|
Current Portion of
Long-term Loans |
3,810,157.05 |
590,647.10 |
616,279.91 |
|
Current Portion of Hire-purchase Payable |
66,133.32 |
198,399.96 |
198,399.96 |
|
Short-term Loan from Related Person |
4,729,598.10 |
4,625,000.00 |
6,500,000.00 |
|
Other Current Liabilities |
97,024.21 |
42,734.18 |
356,865.86 |
|
|
|
|
|
|
Total Current
Liabilities |
24,645,391.93 |
16,299,037.71 |
14,059,105.69 |
|
Long-term Loan, Net of
Current Portion |
3,403,345.32 |
2,327,336.60 |
6,805,501.14 |
|
Hire-purchase Payable -
Net of Current Portion |
- |
66,133.32 |
264,533.28 |
|
Estimated Liabilities -
Employee Benefits |
163,718.88 |
76,703.53 |
- |
|
Total Liabilities |
28,212,456.13 |
18,769,211.16 |
21,129,140.11 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning - Unappropriated |
511,718.80 |
2,029,545.68 |
1,947,211.37 |
|
Total
Shareholders' Equity |
5,511,718.80 |
7,029,545.68 |
6,947,211.37 |
|
Total
Liabilities & Shareholders' Equity |
33,724,174.93 |
25,798,756.84 |
28,076,351.48 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
58,831,085.19 |
69,382,343.44 |
59,810,559.80 |
|
Gain on Disposal of
Assets |
- |
233,643.86 |
- |
|
Gain on Exchange Rate |
65,448.20 |
91,606.72 |
83,241.66 |
|
Interest Income |
7,078.97 |
13,659.77 |
5,955.09 |
|
Other Income |
1,069.75 |
14,571.93 |
13.79 |
|
Total Revenues |
58,904,682.11 |
69,735,825.72 |
59,899,770.34 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
48,972,412.94 |
58,583,020.10 |
50,332,229.97 |
|
Selling Expenses |
2,500,644.42 |
2,610,240.58 |
2,338,079.92 |
|
Administrative Expenses |
7,359,345.24 |
7,392,316.77 |
6,278,189.44 |
|
Total
Expenses |
58,832,402.60 |
68,585,577.45 |
58,948,499.33 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
72,279.51 |
1,150,248.27 |
951,271.01 |
|
Financial Costs |
[1,590,106.39] |
[1,019,357.19] |
[306,824.95] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
[1,517,826.88] |
130,891.08 |
644,446.06 |
|
Income Tax |
- |
[48,556.77] |
[218,601.17] |
|
|
|
|
|
|
Net Profit / [Loss] |
[1,517,826.88] |
82,334.31 |
425,844.89 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.92 |
1.28 |
1.54 |
|
QUICK RATIO |
TIMES |
0.55 |
0.72 |
1.17 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.36 |
13.88 |
10.76 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.74 |
2.69 |
2.13 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
67.49 |
56.59 |
37.82 |
|
INVENTORY TURNOVER |
TIMES |
5.41 |
6.45 |
9.65 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
69.10 |
42.41 |
81.19 |
|
RECEIVABLES TURNOVER |
TIMES |
5.28 |
8.61 |
4.50 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
41.68 |
36.54 |
35.68 |
|
CASH CONVERSION CYCLE |
DAYS |
94.91 |
62.46 |
83.34 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
83.24 |
84.44 |
84.15 |
|
SELLING & ADMINISTRATION |
% |
16.76 |
14.42 |
14.41 |
|
INTEREST |
% |
2.70 |
1.47 |
0.51 |
|
GROSS PROFIT MARGIN |
% |
16.88 |
16.07 |
16.00 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.12 |
1.66 |
1.59 |
|
NET PROFIT MARGIN |
% |
(2.58) |
0.12 |
0.71 |
|
RETURN ON EQUITY |
% |
(27.54) |
1.17 |
6.13 |
|
RETURN ON ASSET |
% |
(4.50) |
0.32 |
1.52 |
|
EARNING PER SHARE |
BAHT |
(30.36) |
1.65 |
8.52 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.84 |
0.73 |
0.75 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.12 |
2.67 |
3.04 |
|
TIME INTEREST EARNED |
TIMES |
0.05 |
1.13 |
3.10 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(15.21) |
16.00 |
|
|
OPERATING PROFIT |
% |
(93.72) |
20.92 |
|
|
NET PROFIT |
% |
(1,943.49) |
(80.67) |
|
|
FIXED ASSETS |
% |
119.61 |
(10.09) |
|
|
TOTAL ASSETS |
% |
30.72 |
(8.11) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -15.21%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
16.88 |
Acceptable |
Industrial Average |
27.90 |
|
Net Profit Margin |
(2.58) |
Deteriorated |
Industrial Average |
2.46 |
|
Return on Assets |
(4.50) |
Deteriorated |
Industrial Average |
4.64 |
|
Return on Equity |
(27.54) |
Deteriorated |
Industrial Average |
9.65 |
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 16.88%. 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 -2.58%.
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 -4.5%.
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 -27.54%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.92 |
Risky |
Industrial Average |
1.37 |
|
Quick Ratio |
0.55 |
|
|
|
|
Cash Conversion Cycle |
94.91 |
|
|
|
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 0.92 times in 2012, decreased from 1.28 times, then the company may
have problems meeting its short-term obligations. 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 0.55 times in 2012,
decreased from 0.72 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 95 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.84 |
Acceptable |
Industrial Average |
0.50 |
|
Debt to Equity Ratio |
5.12 |
Risky |
Industrial Average |
0.94 |
|
Times Interest Earned |
0.05 |
Risky |
Industrial Average |
1.20 |
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 0.05 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.84 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 |
5.36 |
Impressive |
Industrial Average |
1.55 |
|
Total Assets Turnover |
1.74 |
Satisfactory |
Industrial Average |
1.83 |
|
Inventory Conversion Period |
67.49 |
|
|
|
|
Inventory Turnover |
5.41 |
Acceptable |
Industrial Average |
8.85 |
|
Receivables Conversion Period |
69.10 |
|
|
|
|
Receivables Turnover |
5.28 |
Impressive |
Industrial Average |
3.74 |
|
Payables Conversion Period |
41.68 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.28 and
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 increased from 57 days at the
end of 2011 to 67 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 6.45 times in year 2011 to 5.41 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.74 times and 2.69
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.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.