MIRA
INFORM REPORT
|
Report Date : |
26.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
PAN INTERNATIONAL [ |
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Registered Office : |
15 Moo 14, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
08.08.1972 |
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Com. Reg. No.: |
0105515005111 [ |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged
in importing and
distributing of “KRONES” filling
machine, labeling machine, filter and
spare parts for
brewery and beverage
industry, as well
as after sales
servicing of installation and
maintenance |
|
|
|
|
No. of Employees |
120 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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
PAN
INTERNATIONAL [THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 15
MOO 14, VIBHAVADEE-RANGSIT ROAD,
JOMPOL, JATUJAK,
BANGKOK 10900,
THAILAND
TELEPHONE : [66] 2785-7000,
2785-5555
FAX :
[66] 2785-7320-2
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1972
REGISTRATION
NO. : 0105515005111 [Former : 513/ 2515]
TAX
ID NO. : 3101035902
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.
KOSIT SUKSINGHA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 120
LINES
OF BUSINESS : 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
GOOD PERFORMANCE
HISTORY
The
subject was established
on August 8,
1972 as a
private limited company
under the name
style PAN INTERNATIONAL
[THAILAND] CO., LTD., by
Thai groups, to
import and distribute
machinery and spare
parts for brewery
and beverage industries
in Thailand. It
currently employs approximately
120 staff.
It is a
wholly owned subsidiary
of Thai Beverage
Public Company Limited,
which is a member of the T.C.C. Group of
companies, the leading
alcoholic beverage manufacturers
in Thailand.
The
subject’s registered address
is 15 Moo
14, Vibhavadee-Rangsit Rd.,
Jompol, Jatujak, Bangkok
10900, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Thapana Siriwatanapakdee |
|
Thai |
39 |
|
Mr. Sitthichai Chaikriengkrai |
|
Thai |
60 |
|
Mrs. Sunee Charoenphol |
|
Thai |
65 |
|
Mrs. Sureeporn Pradittasnee |
|
Thai |
71 |
|
Ms. Benjaporn Pertjariyawat |
|
Thai |
47 |
|
Ms. Kanoknart Rangsitienchai |
|
Thai |
68 |
|
Mr. Pisanu Vichiensan |
|
Thai |
58 |
|
Mr. Vichai Chaiyavaranurak |
|
Thai |
65 |
|
Mr. Pramote Hassamon |
|
Thai |
58 |
|
Mr. Somchai Sutthikulpanich |
|
Thai |
72 |
|
Ms. Orathai Poonsub |
|
Thai |
48 |
|
Mr. Kosit Suksingha |
|
Thai |
47 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Kosit Suksingha is
the Managing Director.
He is Thai
nationality with the
age of 47
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of “KRONES” filling
machine, labeling machine, filter and
spare parts for
brewery and beverage
industry, as well
as after sales
servicing of installation
and maintenance.
IMPORT
Most
of the products
are imported from Germany,
Denmark, France, Japan, Malaysia,
Singapore, Taiwan and
India, the remaining
is purchased from
local suppliers.
MAJOR SUPPLIERS
Krones
AG. : Germany
Sander
Hansen A/S : Denmark
SALES
100% of the
products is sold
and serviced locally
to manufacturers and
end-users.
MAJOR CUSTOMERS
Thai Beverage Public
Company Limited : Thailand
Boonrawd Brewery Group : Thailand
Thai Pure Drinks
Co., Ltd. : Thailand
Sermsuk Public Co., Ltd. : Thailand
Tipco
Foods [Thailand] Public Company Limited : Thailand
Malee
Sampran Public Company
Limited : Thailand
Oishi
Group Public Company
Limited :
PARENT COMPANY
Thai
Beverage Public Company
Limited
Address
: 14 Vibhavadee-Rangsit Rd.,
Jompol, Jatujak, Bangkok
10900
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 IRICO’S
DATABASE 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 on the
credit term of 120
days & T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
[Head Office : 1
Kasikorn Lane, Rajburana Rd.,
Rajburana, Bangkok]
Krung Thai Bank
Public Co., Ltd.
[Vibhavadee-Rangsit Branch :
Vibhavadee-Rangsit Rd., Jompol,
Jatujak, Bangkok]
EMPLOYMENT
The
subject employs approximately
120 staff. [office and
sales staff]
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Branches:
-
30th -32nd Floor,
Lao Peng Nguan
Building 1, 333
Vibhavadi Rangsit Road,
Jompol,
Jatujak, Bangkok 10900.
-
661/1
Charoennakorn Road, Bukkalo,
Thonburi, Bangkok 10600.
COMMENT
The subject supplies the products to
companies in the T.C.C. Group, the country’s leading in brewery industry, as
well as to other leading beverage
companies. Since commencement
in 1972, its business performance
has significantly grown
in line with
rapid growth of domestic
brewery industry. Its
business is solid
and remains profitable.
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 10, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Thai Beverage Public
Company Limited Nationality: Thai Address : 14 Vibhavadee-Rangsit Rd.,
Jompol, Jatujak, Bangkok |
9,998 |
99.98 |
|
Thai Beverage Recycle
Co., Ltd. Nationality: Thai Address : 15
Moo 14, Vibhavadee-Rangsit Rd.,
Jompol, Jatujak, Bangkok |
1 |
0.01 |
|
Thai Cooperage Co., Ltd. Nationality: Thai Address : 15
Moo 14, Vibhavadee-Rangsit Rd.,
Jompol, Jatujak, Bangkok |
1 |
0.01 |
Total Shareholders : 3
Share Structure [as
at April 10,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Napaporn Sathitthammaporn No.
7494
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 |
4,732,382 |
3,369,121 |
10,258,089 |
|
Trade Accounts Receivable
|
20,192,722 |
24,530,781 |
35,848,564 |
|
Other Receivable |
373,810 |
447,619 |
213,223 |
|
Short-term Loans |
65,000,000 |
63,000,000 |
48,000,000 |
|
Other Current Assets
|
364,217 |
257,847 |
853,288 |
|
|
|
|
|
|
Total Current Assets
|
90,663,131 |
91,605,368 |
95,173,164 |
|
|
|
|
|
|
Long-term Investment
|
8,767 |
8,767 |
1,547 |
|
Buildings and Equipment |
3,450,653 |
4,527,589 |
5,718,084 |
|
Intangible Assets |
578,441 |
194,156 |
160,485 |
|
Deferred Income Tax |
3,370,572 |
3,598,832 |
3,578,667 |
|
Deposit |
2,734,000 |
2,726,800 |
2,730,800 |
|
Cash at Bank pledged as a Collateral |
80,395 |
79,091 |
77,544 |
|
Total Assets |
100,885,959 |
102,740,603 |
107,440,291 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts Payable
|
3,256,947 |
7,170,795 |
25,491,172 |
|
Other Payable |
10,796,073 |
10,604,889 |
18,353,154 |
|
Accrued Income Tax |
2,842,010 |
5,652,540 |
3,702,246 |
|
Other Current Liabilities |
1,279,333 |
2,320,471 |
1,836,229 |
|
|
|
|
|
|
Total Current Liabilities |
18,174,363 |
25,748,695 |
49,382,801 |
|
|
|
|
|
|
Employee Benefits Obligation |
16,870,569 |
18,011,381 |
17,893,334 |
|
Deposits |
1,832,910 |
1,832,910 |
1,832,910 |
|
Total Liabilities |
36,877,842 |
45,592,986 |
69,109,045 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000 |
1,000,000 |
1,000,000 |
|
|
|
|
|
|
Capital Paid |
1,000,000 |
1,000,000 |
1,000,000 |
|
Retained Earnings: Appropriated for Statutory
Reserve |
100,000 |
100,000 |
100,000 |
|
Unappropriated |
62,908,117 |
56,047,617 |
37,231,246 |
|
Total Shareholders' Equity |
64,008,117 |
57,147,617 |
38,331,246 |
|
Total Liabilities &
Shareholders' Equity |
100,885,959 |
102,740,603 |
107,440,291 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
79,427,881 |
88,300,519 |
122,307,694 |
|
Service Income |
116,769,290 |
132,769,135 |
106,268,868 |
|
Interest Income |
2,775,020 |
2,768,004 |
2,184,405 |
|
Other Income |
11,812,585 |
10,025,564 |
8,721,592 |
|
Total Revenues |
210,784,776 |
233,863,222 |
239,482,559 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
71,652,704 |
78,150,566 |
110,716,084 |
|
Administrative Expenses |
91,210,193 |
96,190,138 |
88,314,655 |
|
Total Expenses |
162,862,897 |
174,340,704 |
199,030,739 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
47,921,879 |
59,522,518 |
40,451,820 |
|
Financial Costs |
[1,036] |
[1,302] |
[3,081] |
|
Profit before Income
Tax |
47,920,843 |
59,521,216 |
40,448,739 |
|
Income Tax |
[9,410,343] |
[13,521,145] |
[13,626,706] |
|
|
|
|
|
|
Net Profit / [Loss] |
38,510,500 |
46,000,071 |
26,822,033 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.99 |
3.56 |
1.93 |
|
QUICK RATIO |
TIMES |
4.97 |
3.55 |
1.91 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
56.86 |
48.83 |
39.97 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.94 |
2.15 |
2.13 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
37.57 |
40.50 |
57.24 |
|
RECEIVABLES TURNOVER |
TIMES |
9.72 |
9.01 |
6.38 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
16.59 |
33.49 |
84.04 |
|
CASH CONVERSION CYCLE |
DAYS |
20.98 |
7.01 |
(26.79) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
36.52 |
35.35 |
48.44 |
|
SELLING & ADMINISTRATION |
% |
46.49 |
43.51 |
38.64 |
|
INTEREST |
% |
0.00 |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
70.91 |
70.44 |
56.33 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
24.43 |
26.92 |
17.70 |
|
NET PROFIT MARGIN |
% |
19.63 |
20.81 |
11.73 |
|
RETURN ON EQUITY |
% |
60.17 |
80.49 |
69.97 |
|
RETURN ON ASSET |
% |
38.17 |
44.77 |
24.96 |
|
EARNING PER SHARE |
BAHT |
3,851.05 |
4,600.01 |
2,682.20 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.37 |
0.44 |
0.64 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.58 |
0.80 |
1.80 |
|
TIME INTEREST EARNED |
TIMES |
46,256.64 |
45,716.22 |
13,129.44 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(11.25) |
(3.28) |
|
|
OPERATING PROFIT |
% |
(19.49) |
47.14 |
|
|
NET PROFIT |
% |
(16.28) |
71.50 |
|
|
FIXED ASSETS |
% |
(23.79) |
(20.82) |
|
|
TOTAL ASSETS |
% |
(1.81) |
(4.37) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -11.25%. Turnover has decreased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
70.91 |
Impressive |
Industrial
Average |
43.19 |
|
Net Profit Margin |
19.63 |
Impressive |
Industrial
Average |
4.50 |
|
Return on Assets |
38.17 |
Impressive |
Industrial
Average |
7.04 |
|
Return on Equity |
60.17 |
Impressive |
Industrial
Average |
16.65 |
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. Gross Profit Margin is 70.91%. 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. Net Profit Margin ratio is 19.63%,
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
38.17%, 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 60.17%, 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 :
EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
4.99 |
Impressive |
Industrial
Average |
1.63 |
|
Quick Ratio |
4.97 |
|
|
|
|
Cash Conversion Cycle |
20.98 |
|
|
|
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 4.99 times in 2013, increase from 3.56 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 4.97 times in 2013,
increase from 3.55 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 21 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.37 |
Impressive |
Industrial
Average |
0.57 |
|
Debt to Equity Ratio |
0.58 |
Impressive |
Industrial
Average |
1.32 |
|
Times Interest Earned |
46,256.64 |
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 46256.64 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 0.37 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
56.86 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.94 |
Impressive |
Industrial
Average |
1.56 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
3.70 |
|
Receivables Conversion Period |
37.57 |
|
|
|
|
Receivables Turnover |
9.72 |
Impressive |
Industrial
Average |
3.87 |
|
Payables Conversion Period |
16.59 |
|
|
|
The company's Account Receivable Ratio is calculated as 9.72 and
The company's Total Asset Turnover is calculated as 1.94 times and 2.15
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.60.42 |
|
|
1 |
Rs.100.11 |
|
Euro |
1 |
Rs.79.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.