MIRA INFORM REPORT
|
Report Date : |
05.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
NEW LINE FABRICS CO., LTD. |
|
|
|
|
Registered Office : |
210 Trok Watkanmatuyaram [Soi Charoenkrung 14], Charoenkrung Road, Samphanthawong, Bangkok 10100 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
27.03.2006 |
|
|
|
|
Com. Reg. No.: |
0105549040670 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Distributor, Importer and
Exporter of Fabrics and Dried
Fruits |
|
|
|
|
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 : |
Good |
|
Payment Behaviour : |
No Complaints |
|
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
NEW LINE FABRICS
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 210 TROK WATKANMATUYARAM
[SOI
CHAROENKRUNG 14], CHAROENKRUNG
ROAD,
SAMPHANTHAWONG, BANGKOK
10100
TELEPHONE : [66] 2623-0943-6,
083 197-6900
FAX : [66] 2623-0145
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2006
REGISTRATION NO. : 0105549040670
TAX ID NO. : 3032128179
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 : MR.
ARMANPALSINGH KALRA, THAI
MANAGING DIRECTOR
NO. OF STAFF : 10
LINES OF BUSINESS : FABRICS AND
DRIED FRUITS
DISTRIBUTOR, IMPORTER
AND EXPORTER
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 March
27, 2006 as
a private limited
company under the name
style NEW LINE FABRICS
CO., LTD., by
Thai-Indian groups. Its
business objective is
to distribute fabrics,
as well as
import and export
dried fruits for
both local and
overseas markets. It
currently employs 10
staff.
The subject’s registered
address is 210
Trok Watkanmatuyaram [Soi
Charoenkrung 14], Charoenkrung
Rd., Samphanthawong, Bangkok
10100, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Armanpalsingh Kalra |
[x] |
Thai |
54 |
|
Mrs. Krisana Kalra |
[x] |
Thai |
54 |
|
Mr. Niwit Kalra |
|
Thai |
29 |
AUTHORIZED PERSON
One of the
above directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Armanpalsingh Kalra
is the Managing
Director.
He is Thai nationality with
the age of 54 years
old.
Mrs. Krisana Kalra
is the Assistant
Managing Director.
She is Thai
nationality with the
age of 54 years
old.
BUSINESS OPERATIONS
The subject is
engaged in distributing
various kinds of
fabrics such as
printed fabric, polyester, cotton,
embroidered, knitted, silk,
jacquard, curtain fabric
and etc., as
well as importing
and exporting dried
fruits.
PURCHASE
90% of fabrics
is purchased from
local suppliers, the
remaining 10% is
imported from India, U.S.A., Italy,
France, Japan and
Republic of China,
while dried fruits
is purchased from
suppliers both in
domestic and overseas
mainly in India
and Republic of
China.
SALES [LOCAL]
The products are
sold locally to
wholesalers, retailers, manufacturers
and end-users.
EXPORT [COUNTRIES]
Dried fruits are
exported to India,
Russia, Malaysia and
Hong Kong.
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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
10 staff.
LOCATION DETAILS
The premise is
rented for administrative office
and shop at
the heading address.
Premise is located
in commercial/residential area.
Branch:
748/54-55 Soi Petchkasem
3, Yaek 3,
Petchkasem Rd., Watthaphra,
Bangkokyai, Bangkok 10600.
COMMENT
The subject was
formed in 2006
as an importer,
distributor and exporter
of fabrics and
dried fruits. Subject
reported good business
in the year 2012.
However, shrinking domestic
consumption and declined
purchasing power may
cause to lower
business outcome this year.
FINANCIAL INFORMATION
The capital was
registered at Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100
each with fully
paid-up.
THE SHAREHOLDERS LISTED
WERE
[as of April
30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Armanpalsingh Kalra Nationality: Thai Address : 1/69
Soi Patanaves 10,
Phrakanong Nua,
Wattana, Bangkok |
16,996 |
33.99 |
|
Mrs. Krisana Kalra Nationality: Thai Address : 1/71
Soi Patanaves 10,
Phrakanong Nua,
Wattana, Bangkok |
16,500 |
33.00 |
|
Mr. Niwit Kalra Nationality: Thai Address : 1/69
Soi Patanaves 10,
Phrakanong Nua,
Wattana, Bangkok |
16,500 |
33.00 |
|
Ms. Nathanant Kamlert Nationality: Thai Address : 22
Kor. Moo 9,
Charansanitwong Rd.,
Bangwaek, Pasicharoen, Bangkok |
1 |
|
|
Ms. Priyakorn Deerojanadech Nationality: Thai Address : 685
Charansanitwong,
Bangyeekan,
Bangplad, Bangkok |
1 |
= 0.01 |
|
Mr. Damrong Wauthad Nationality: Thai Address : 2
Moo 1, T.
Wanghin, A. Bangrai,
Uthaithani |
1 |
|
|
Ms. Wimol Wannatavee Nationality: Thai Address : 43
Moo 8, T.
Chan, A. Kantrarom,
Srisakes |
1 |
|
Total Shareholders : 7
Share Structure
[as at April
30, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Pinpinat
Parichartsombat No. 5841
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2012, 2011 &
2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
1,678,725.52 |
337,728.33 |
1,144,950.65 |
|
Trade Accounts Receivable |
17,458,589.16 |
14,313,443.60 |
8,676,326.14 |
|
Inventories |
39,957,078.08 |
40,394,107.99 |
19,646,874.90 |
|
Tax for the Privilege
|
3,312,960.35 |
1,566,167.00 |
- |
|
Prepaid Deposit for Goods |
- |
507,159.86 |
- |
|
Other Current Assets
|
- |
35,788.78 |
526,497.00 |
|
Total Current Assets
|
62,407,353.11 |
57,154,395.56 |
29,994,648.69 |
|
|
|
|
|
|
Fixed Assets |
282,712.53 |
307,862.30 |
271,358.99 |
|
Total Assets |
62,690,065.64 |
57,462,257.86 |
30,266,007.68 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft from Financial Institutions |
1,991,925.37 |
- |
- |
|
Trade Accounts & Other Payable |
11,683,544.51 |
21,526,611.14 |
12,464,001.26 |
|
Accrued Expenses |
65,000.00 |
926,500.00 |
6,000.00 |
|
Accrued Income Tax |
250,874.60 |
126,617.27 |
183,595.96 |
|
Other Current Liabilities |
21,059.77 |
13,068.53 |
18,730.70 |
|
Total Current Liabilities |
14,012,404.25 |
22,592,796.94 |
12,672,327.92 |
|
|
|
|
|
|
Long-term Loan from Related Person |
38,630,000.00 |
26,470,000.00 |
10,480,000.00 |
|
Total Liabilities |
52,642,404.25 |
49,062,796.94 |
23,152,327.92 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
issued 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 |
5,047,661.39 |
3,399,460.92 |
2,113,679.76 |
|
Total Shareholders' Equity |
10,047,661.39 |
8,399,460.92 |
7,113,679.76 |
|
Total Liabilities & Shareholders' Equity |
62,690,065.64 |
57,462,257.86 |
30,266,007.68 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
145,149,672.91 |
113,790,584.14 |
66,883,069.15 |
|
Gain on Exchange Rate |
1,198,207.91 |
- |
- |
|
Other Income |
250,629.10 |
1,974.60 |
927,367.72 |
|
Total Revenues |
146,598,509.92 |
113,792,558.74 |
67,810,436.87 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
139,431,496.16 |
107,616,027.18 |
64,127,898.88 |
|
Selling Expenses |
944,118.52 |
924,590.76 |
668,472.66 |
|
Administrative Expenses |
3,012,680.03 |
3,482,359.27 |
1,510,463.13 |
|
Total Expenses |
143,388,294.71 |
112,022,977.21 |
66,306,834.67 |
|
Profit / [Loss] before Finance Costs & Income Tax |
3,210,215.21 |
1,769,581.53 |
1,503,602.20 |
|
Finance Costs |
[1,068,201.61] |
[168,694.90] |
[135,278.07] |
|
Profit / [Loss] before Income Tax |
2,142,013.60 |
1,600,886.63 |
1,368,324.13 |
|
Income Tax |
[493,813.13] |
[315,105.47] |
[267,348.13] |
|
Net Profit / [Loss] |
1,648,200.47 |
1,285,781.16 |
1,100,976.00 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.45 |
2.53 |
2.37 |
|
QUICK RATIO |
TIMES |
1.37 |
0.65 |
0.78 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
513.42 |
369.62 |
246.47 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.32 |
1.98 |
2.21 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
104.60 |
137.00 |
111.83 |
|
INVENTORY TURNOVER |
TIMES |
3.49 |
2.66 |
3.26 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
43.90 |
45.91 |
47.35 |
|
RECEIVABLES TURNOVER |
TIMES |
8.31 |
7.95 |
7.71 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
30.58 |
73.01 |
70.94 |
|
CASH CONVERSION CYCLE |
DAYS |
117.92 |
109.91 |
88.23 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
96.06 |
94.57 |
95.88 |
|
SELLING & ADMINISTRATION |
% |
2.73 |
3.87 |
3.26 |
|
INTEREST |
% |
0.74 |
0.15 |
0.20 |
|
GROSS PROFIT MARGIN |
% |
4.94 |
5.43 |
5.51 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.21 |
1.56 |
2.25 |
|
NET PROFIT MARGIN |
% |
1.14 |
1.13 |
1.65 |
|
RETURN ON EQUITY |
% |
16.40 |
15.31 |
15.48 |
|
RETURN ON ASSET |
% |
2.63 |
2.24 |
3.64 |
|
EARNING PER SHARE |
BAHT |
32.96 |
25.72 |
22.02 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.84 |
0.85 |
0.76 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.24 |
5.84 |
3.25 |
|
TIME INTEREST EARNED |
TIMES |
3.01 |
10.49 |
11.11 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
27.56 |
70.13 |
|
|
OPERATING PROFIT |
% |
81.41 |
17.69 |
|
|
NET PROFIT |
% |
28.19 |
16.79 |
|
|
FIXED ASSETS |
% |
(8.17) |
13.45 |
|
|
TOTAL ASSETS |
% |
9.10 |
89.86 |
|
ANNUAL GROWTH : IMPRESSIVE
An annual sales growth is 27.56%. Turnover has increased from THB
113,790,584.14 in 2011 to THB 145,149,672.91 in 2012. While net profit has
increased from THB 1,285,781.16 in 2011 to THB 1,648,200.47 in 2012. And total
assets has increased from THB 57,462,257.86 in 2011 to THB 62,690,065.64 in
2012.
PROFITABILITY : SATISFACTORY
PROFITABILITY RATIO
|
Gross Profit Margin |
4.94 |
Deteriorated |
Industrial Average |
19.52 |
|
Net Profit Margin |
1.14 |
Satisfactory |
Industrial Average |
1.17 |
|
Return on Assets |
2.63 |
Impressive |
Industrial Average |
2.14 |
|
Return on Equity |
16.40 |
Impressive |
Industrial Average |
6.50 |
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 4.94%. 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 1.14%.
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. Return on Assets ratio is
2.63%, 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. Return on Equity ratio is 16.4%, 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 : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
4.45 |
Impressive |
Industrial Average |
1.48 |
|
Quick Ratio |
1.37 |
|
|
|
|
Cash Conversion Cycle |
117.92 |
|
|
|
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 4.45 times in 2012, increased from 2.53 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 1.37 times in 2012,
increased from 0.65 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 118 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.84 |
Acceptable |
Industrial Average |
0.69 |
|
Debt to Equity Ratio |
5.24 |
Risky |
Industrial Average |
2.23 |
|
Times Interest Earned |
3.01 |
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 3.01 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 0.84 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 Uptrend
Times Interest Earned Downtrend
ACTIVITY : IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
513.42 |
Impressive |
Industrial Average |
2.40 |
|
Total Assets Turnover |
2.32 |
Impressive |
Industrial Average |
1.84 |
|
Inventory Conversion Period |
104.60 |
|
|
|
|
Inventory Turnover |
3.49 |
Acceptable |
Industrial Average |
5.25 |
|
Receivables Conversion Period |
43.90 |
|
|
|
|
Receivables Turnover |
8.31 |
Impressive |
Industrial Average |
2.73 |
|
Payables Conversion Period |
30.58 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.31 and 7.95 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 137 days at the end of 2011
to 105 days at the end of 2012. This represents a positive trend. And Inventory
turnover has increased from 2.66 times in year 2011 to 3.49 times in year 2012.
The company's Total Asset Turnover is calculated as 2.32 times and 1.98
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.61.40 |
|
|
1 |
Rs.99.28 |
|
Euro |
1 |
Rs.83.68 |
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.