MIRA
INFORM REPORT
|
Report Date : |
08.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
PHRONG
INTERTRADE CO., LTD. |
|
|
|
|
Registered Office : |
149 Moo 4, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
17.09.2004 |
|
|
|
|
Com. Reg. No.: |
0105547127425 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in
design, manufacturing, distributing and
exporting various kinds
of premiums and
promotional products, e.g.
key chains, stationery,
pen, watch, clock,
kitchenware, cups, mugs,
shirts, bags, calculators, electronic
items and others. |
|
|
|
|
No. of Employees : |
30 |
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 |
|
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. 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 in 2013 implemented a nation-wide 300 baht ($10) per day minimum
wage policy and deployed 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 recession severely cut Thailand's
exports, with most sectors experiencing double-digit drops. In late 2011
Thailand's recovery was interrupted by historic flooding in the industrial
areas in Bangkok and its five surrounding provinces, crippling the
manufacturing sector. The government 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 following seven
years. This was expected to lead to an economic upsurge but growth has remained
slow, in part due to ongoing political unrest and resulting uncertainties.
Spending on infrastructure will require re-approval once a new government is
seated
|
Source
: CIA |
Company name and address
PHRONG
INTERTRADE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 149
MOO 4, SOI
PATRA PLACE,
LEABKLONG THEPKANCHANA
ROAD,
T. KHAERAI, A. KRATHUMBAEN,
SAMUTSAKORN 74110,
THAILAND
TELEPHONE : [66] 34
876-333-7, 086 334-4375,
086 448-1290
FAX :
[66] 34
876-338
E-MAIL
ADDRESS : info@phrong.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0105547127425
TAX
ID NO. : 3031545571
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.
AKEKAPONG JITPHATTANARAT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : PREMIUM AND
PROMOTIONAL PRODUCTS
MANUFACTURER, DISTRIBUTOR
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
September 17, 2004
as a private
limited company under
the registered name PHRONG
INTERTRADE CO., LTD., by
Thai groups, with the
business objective to manufacture
and distribute various
kinds of premium and
promotional products to
both local and
international markets. It
currently employs approximately
30 staff.
Its
product’s brand has
been awarded “THAILAND TRUST
MARK” by the
Department of International
Trade Promotion, Ministry
of Commerce.
The
subject’s registered address
is 149 Moo
4, Soi Patra Place,
Leabklong Thepkanchana Road, T.
Khaerai, A. Krathumbaen, Samutsakorn 74110, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Akekapong Jitphattanarat |
|
Thai |
37 |
|
Mrs. Preeya Jitphattanarat |
|
Thai |
58 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Akekapong Jitphattanarat is
the Managing Director.
He is Thai
nationality with the
age of 37 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
design, manufacturing, distributing
and exporting various
kinds of premiums
and promotional products,
e.g. key chains,
stationery, pen, watch,
clock, kitchenware, cups,
mugs, shirts, bags,
calculators, electronic items
and others.
Ranges of
products are as
follows:
·
USB Flash
Drives, - USB Hub, - Mouse,
·
Mini Fans -
Speakers -
Metal Pens
·
Plastic Ball
Pens - Highlighters - Clocks & Watches
·
Bags - Accessories - Stationery
·
Calculators - Name Card
Cases - Diaries &
Organizers
·
Memo
& Note Pads - Mugs & Cups -
Bottles & Flasks
·
Miscellaneous - Silicon Bracelets -
Umbrellas
·
Keychains - Rubbers - Wedding Souvenirs
·
Advertising Ballons
BRANDS
“FLONK”, “AROMA ELEMENTS”
and “KUPPA”
PURCHASE
Raw materials and
components are purchased
from suppliers both
domestic and overseas,
in Republic of
China, India, Taiwan
and Hong Kong.
SALES
The products are sold
to customers both
local and overseas,
in France, U.K.
Norway, Germany, Australia,
New Zealand, Japan,
Singapore, Malaysia, Hong
Kong, Lebanon and others with
more than 15
countries worldwide. Its
products are selected
to be showcase
in many department
stores, such as
“Lofts”, “Propaganda”, “BeTrend”,
“The Mall”, “Paragon”,
“Emporium” and etc.
MAJOR CUSTOMERS
PTT Public Company
Limited : Thailand
The Siam Commercial
Bank Public Company
Limited : Thailand
Muang Thai Life
Insurance Public Company
Limited : Thailand
CP All Public
Company Limited : Thailand
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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 30 staff.
LOCATION
DETAILS
The premise
is owned for
administrative office and factory
at the heading
address. Premise is
located in provincial.
COMMENT
Through
the year 2013, the company has been
sticking to its policy of sustainable growth through developing products which
suit market needs. Developing new markets and making new products based
on this principle
allowed the company to maintain continual expansion all along. This
also makes it possible to provide
persistently satisfactory
returns.
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 April 30,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Akekapong Jitphattanarat Nationality: Thai Address : 79/21
Soi Sukhumvit 39,
Klongtonnua,
Wattana, Bangkok |
3,000 |
30.00 |
|
Mrs. Preeya Jitphattanarat Nationality: Thai Address : 95/265-6
Rama 3 Road,
Soi 54,
Chongnonsi, Yannawa, Bangkok
|
2,000 |
20.00 |
|
Mr. Pisit Jitphattanarat Nationality: Thai Address : 95/265-6
Rama 3 Road,
Soi 54,
Chongnonsi, Yannawa, Bangkok
|
1,000 |
10.00 |
|
Mr. Akekapoj Jitphattanarat Nationality: Thai Address : 95/265-6
Rama 3 Road,
Soi 54,
Chongnonsi, Yannawa, Bangkok
|
1,000 |
10.00 |
|
Ms. Kamolrat Jitphattanarat Nationality: Thai Address : 95/265-6
Rama 3 Road,
Soi 54, Chongnonsi, Yannawa,
Bangkok |
1,000 |
10.00 |
|
Ms. Nantawan Jitphattanarat Nationality: Thai Address : 95/265-6
Rama 3 Road,
Soi 54,
Chongnonsi, Yannawa, Bangkok
|
1,000 |
10.00 |
|
Ms. Orawan Limchaiyawat Nationality: Thai Address : 482/304
Moo 3, Suksawad
Road,
Jomthong, Bangkok |
1,000 |
10.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
10,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO. :
Mr. Krasae Puenpipat No.
2262
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
2,212,324.96 |
2,421,463.45 |
1,588,181.47 |
|
Trade Accounts &
Other Receivable |
12,699,537.73 |
6,490,125.50 |
8,683,103.84 |
|
Inventories |
6,232,266.45 |
6,499,754.61 |
3,283,941.48 |
|
|
|
|
|
|
Total Current Assets
|
21,144,129.14 |
15,411,343.56 |
13,555,226.79 |
|
|
|
|
|
|
Fixed Assets |
195,043.53 |
258,704.67 |
504,842.97 |
|
Other Non - current Assets |
3,631.74 |
144,883.68 |
16,219.33 |
|
Total Assets |
21,342,804.41 |
15,814,931.91 |
14,076,289.09 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
10,842,856.91 |
1,291,953.31 |
3,125,857.34 |
|
Accrued Income Tax |
287,541.78 |
256,170.54 |
143,277.54 |
|
Other Current Liabilities |
1,281,106.01 |
519,232.16 |
129,474.25 |
|
|
|
|
|
|
Total Current Liabilities |
12,411,504.70 |
2,067,356.01 |
3,398,609.13 |
|
Long-term Loan |
- |
6,400,000.00 |
4,600,000.00 |
|
Total Liabilities |
12,411,504.70 |
8,467,356.01 |
7,998,609.13 |
|
|
|
|
|
|
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 |
7,931,299.71 |
6,347,575.90 |
5,077,679.96 |
|
Total Shareholders' Equity |
8,931,299.71 |
7,347,575.90 |
6,077,679.96 |
|
Total Liabilities &
Shareholders' Equity |
21,342,804.41 |
15,814,931.91 |
14,076,289.09 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
60,459,049.44 |
44,968,248.69 |
41,900,363.99 |
|
Other Income |
11,722.06 |
17,202.04 |
20,147.71 |
|
Total Revenues |
60,470,771.50 |
44,985,450.73 |
41,920,511.70 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
48,104,491.99 |
34,563,180.79 |
34,106,469.81 |
|
Selling Expenses |
5,342,663.77 |
4,402,957.42 |
1,938,763.32 |
|
Administrative Expenses |
5,042,909.29 |
4,365,616.49 |
4,219,441.01 |
|
Total Expenses |
58,490,065.05 |
43,331,754.70 |
40,264,674.14 |
|
Profit / [Loss] before Income
Tax |
1,980,706.45 |
1,653,696.03 |
1,655,837.56 |
|
Income Tax |
[396,982.64] |
[396,982.64] |
[295,268.66] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,583,723.81 |
1,256,713.39 |
1,360,568.90 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.70 |
7.45 |
3.99 |
|
QUICK RATIO |
TIMES |
1.20 |
4.31 |
3.02 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
309.98 |
173.82 |
83.00 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.83 |
2.84 |
2.98 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
47.29 |
68.64 |
35.14 |
|
INVENTORY TURNOVER |
TIMES |
7.72 |
5.32 |
10.39 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
76.67 |
52.68 |
75.64 |
|
RECEIVABLES TURNOVER |
TIMES |
4.76 |
6.93 |
4.83 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
82.27 |
13.64 |
33.45 |
|
CASH CONVERSION CYCLE |
DAYS |
41.69 |
107.68 |
77.33 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
79.57 |
76.86 |
81.40 |
|
SELLING & ADMINISTRATION |
% |
17.18 |
19.50 |
14.70 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
20.45 |
23.18 |
18.65 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.28 |
3.68 |
3.95 |
|
NET PROFIT MARGIN |
% |
2.62 |
2.79 |
3.25 |
|
RETURN ON EQUITY |
% |
17.73 |
17.10 |
22.39 |
|
RETURN ON ASSET |
% |
7.42 |
7.95 |
9.67 |
|
EARNING PER SHARE |
BAHT |
158.37 |
125.67 |
136.06 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.58 |
0.54 |
0.57 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.39 |
1.15 |
1.32 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
34.45 |
7.32 |
|
|
OPERATING PROFIT |
% |
19.77 |
(0.13) |
|
|
NET PROFIT |
% |
26.02 |
(7.63) |
|
|
FIXED ASSETS |
% |
(24.61) |
(48.76) |
|
|
TOTAL ASSETS |
% |
34.95 |
12.35 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 34.45%. Turnover has increased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
20.45 |
Impressive |
Industrial
Average |
6.78 |
|
Net Profit Margin |
2.62 |
Impressive |
Industrial
Average |
2.11 |
|
Return on Assets |
7.42 |
Impressive |
Industrial
Average |
5.65 |
|
Return on Equity |
17.73 |
Impressive |
Industrial
Average |
17.26 |
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 20.45%. When compared with the industry average, the ratio of
the company was higher, indicated that company was more profitable than the
same industry.
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
2.62%, 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 ratio is
7.42%, 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 17.73%, 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 :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.70 |
Impressive |
Industrial
Average |
1.24 |
|
Quick Ratio |
1.20 |
|
|
|
|
Cash Conversion Cycle |
41.69 |
|
|
|
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 1.7 times in 2013, decreased from 7.45 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 1.2 times in 2013,
decreased from 4.31 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 42 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.58 |
Impressive |
Industrial
Average |
0.77 |
|
Debt to Equity Ratio |
1.39 |
Impressive |
Industrial
Average |
3.53 |
|
Times Interest Earned |
- |
|
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.58 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 Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
309.98 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
2.83 |
Impressive |
Industrial
Average |
2.67 |
|
Inventory Conversion Period |
47.29 |
|
|
|
|
Inventory Turnover |
7.72 |
Satisfactory |
Industrial
Average |
7.72 |
|
Receivables Conversion Period |
76.67 |
|
|
|
|
Receivables Turnover |
4.76 |
Impressive |
Industrial
Average |
4.09 |
|
Payables Conversion Period |
82.27 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.76 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 decreased from 69 days at the
end of 2012 to 47 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 5.32 times in year 2012 to 7.72 times
in year 2013.
The company's Total Asset Turnover is calculated as 2.83 times and 2.84
times in 2013 and 2012 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 Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.103.42 |
|
Euro |
1 |
Rs.82.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PDT |
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.