MIRA INFORM REPORT
|
Report Date : |
26.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
DIAMRUSA LIMITED |
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Registered Office : |
66/4-10 Soi Pramote
[Yesu], |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
06.11.1981 |
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Com. Reg. No.: |
0105524026649 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The subject’s activities
are designer, manufacturer, exporter
and wholesaler of
elegant jewelry and
precious stones mainly
14k and 18k
fine gold and
platinum jewelry set
with diamonds and
other precious stones
and pearls |
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No. of Employee : |
180 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies, and
strong export industries,
|
Source
: CIA |
Company name & address
DIAMRUSA LIMITED
SUMMARY
BUSINESS ADDRESS : 66/4-10 SOI PRAMOTE
[YESU],
SURIYAWONGSE, BANGRAK,
TELEPHONE : [66] 2237-8825-30, 2237-8563-5
FAX : [66] 2236-6248,
2237-1573
E-MAIL ADDRESS : diamrusa@diamrusa.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1981
REGISTRATION NO. : 0105524026649 [Former: 2663/2524]
TAX ID NO. : 3101339697
CAPITAL REGISTERED : BHT.
100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
SHAREHOLDER’S PROPORTION : THAI
: 63.40%
INDIAN
: 36.60%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SHAH SALIL SEVANTILALS,
INDIAN
MANAGING DIRECTOR
NO. OF STAFF : 180
LINES OF BUSINESS : JEWELRY PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
|
|
|
CORPORATE PROFILE |
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on November
6, 1981 as
a private limited
company under the
initially registered name “Industrial Dyestuff
Limited” by Thai and
Indian groups. On
August 2, 1985,
the subject’s name was
changed to “Thai
Add Holding Limited”,
and finally changed
to DIAMRUSA LIMITED
on October 3, 1986. The business
objective is a
manufacture various kinds
of jewelry products
for domestic and export markets.
It currently employs
approximately 180 staff.
It is an
affiliated company of
Kanopas Limited, which
is also engaged
in jewelry business.
The subject’s registered address is 66/4-10 Soi Pramote [Yesu], Surawong
Rd., Suriyawongse, Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Shah Salil Sevantilals |
|
Indian |
54 |
|
Mr. Samir Sevantilal Shah |
|
Indian |
56 |
|
Ms. Wattana Jittjaicham |
|
Thai |
53 |
|
Ms. Oraporn Ajjanakulchai |
|
Thai |
57 |
|
Ms. Ratanaporn Pimthong |
|
Thai |
50 |
|
Ms. Supatra Phongsawadkul |
|
Thai |
48 |
AUTHORIZED PERSON
Any two of the
above directors can
jointly sign on behalf
of the subject
with
company’s affixed.
MANAGEMENT
Mr. Shah Salil Sevantilals
is the Managing
Director.
He is Indian
nationality with the
age of 54
years old.
Ms. Wattana Jittjaicham is
the Deputy Managing
Director, Sales &
Marketing Manager.
She is Thai
nationality with the
age of 53
years old.
BUSINESS OPERATIONS
The subject’s activities
are designer, manufacturer,
exporter and wholesaler
of elegant jewelry
and precious stones
mainly 14k and
18k fine gold
and platinum jewelry
set with diamonds
and other precious
stones and pearls,
under its own
brand name “DIAMRUSA”
as well as customer’s own brands. The
subject is also a
distributor of precious
stones.
PURCHASE
Raw materials mainly
diamonds, precious stones,
pearls and component
are purchased from
suppliers both domestic
and overseas in
India, Republic of
China, Japan, South
Africa and Hong Kong.
EXPORT
98% of the products is
exported to Europe, United States
of America, Hong Kong, Japan,
India, Korea, Malaysia, Indonesia, Singapore,
Brazil, Colombia, Republic
of China and
Middle East countries.
SALES
2% of the products
is sold locally
to wholesalers.
PARENT COMPANY
Kanopas 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 to 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
L/C at sight
or T/T.
BANKER
Deutsche Bank AG.
[Bangkok Office
: 208 Wireless
Rd., Lumpini, Pathumwan,
Bangkok]
Krung Thai Bank
Public Co., Ltd.
[Head Office
: 35 Sukhumvit
Rd., Klongtoey, Bangkok]
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok]
EMPLOYMENT
The subject employs
approximately 180 office
staff and factory
workers.
LOCATION DETAILS
The premise is
rented for administrative office
and showroom, in
3 storey building
of 4 row
shop houses at the heading
address. Premise is located
in a prime commercial area.
Factory is located
at 3rd Floor,
Gemopolis Industrial Estate,
48/12 Moo 4,
Sukhapibal 2 Road,
Dokmai, Prawet, Bangkok
10250.
Branch office and
showroom are located
at 8, 10, 12, 14 Narathivas
Ratchanakarin Rd., Suriyawongse,
Bangrak, Bangkok 10500.
COMMENT
The subject manufactures of
fine jewelry products made
from gold and
platinum with diamond
and precious stones.
Most of the
products are supplied
to international buyers.
The subject captures
a worldwide market
of elegant jewelry
and precious stones.
It presents a
wide range of exclusive
high-end pieces, which
are created with
unique and innovative
designs in modern
concepts, delicate antique
reproductions and mysterious
invisible settings.
Despite its business
had been slowing
down in the year
2013, an optimistic
export has seen
in the year
2014.
FINANCIAL INFORMATION
The capital was registered
at Bht. 1,000,000 divided
into 1,000 shares of
Bht. 1,000
each.
The capital was
increased later as
following:
Bht. 3,000,000 on
October 3, 1986
Bht. 15,000,000
on April 24,
1989
Bht. 25,000,000
on June 23,
1989
Bht. 50,000,000
on January 18, 1993
Bht. 100,000,000
on May 14,
2008
The latest registered
capital was increased
to Bht. 100,000,000
divided into 1,000,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 29, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Kanopas Limited Nationality: Thai Address : 66/4
Surawong Rd., Suriyawongse,
Bangrak, Bangkok |
375,970 |
37.60 |
|
Mr. Shah Salil Sevantilals Nationality: Indian Address :
72/35 South Sathorn Rd.,
Thungmahamek,
Sathorn, Bangkok |
365,970 |
36.60 |
|
Ms. Wattana Jittjaicham Nationality: Thai Address : 160/586-8
Silom Rd., Suriyawongse,
Bangrak, Bangkok |
213,030 |
21.30 |
|
Ms. Supatra Phongsawadkul Nationality: Thai Address : 51/164
Moo 1, Nongkaem,
Bangkok |
15,010 |
1.50 |
|
Ms. Ratanaporn Pimthong Nationality: Thai Address : 160/586-8
Silom Rd., Suriyawongse, Bangrak, Bangkok |
15,010 |
1.50 |
|
Ms. Oraporn Ajjanakulchai Nationality: Thai Address : 427/143
Puthabucha Rd., Bangmod,
Jomthong, Bangkok |
15,010 |
1.50 |
Total Shareholders : 6
Share Structure [as
at April 29,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
634,030 |
63.40 |
|
Foreign - Indian |
1 |
365,970 |
36.60 |
|
Total |
6 |
1,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT
NO. :
Mrs. Sumalee Sribioonreung No. 3146
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 |
8,398,869.39 |
12,516,784.37 |
32,417,040.91 |
|
Trade Accounts Receivable
|
119,818,307.51 |
64,766,822.58 |
96,223,995.29 |
|
Inventories |
583,289,937.53 |
608,197,047.49 |
629,671,845.16 |
|
Other Current Assets
|
7,988,987.57 |
13,134,883.81 |
8,110,958.36 |
|
|
|
|
|
|
Total Current Assets
|
719,496,102.00 |
698,615,538.25 |
766,423,839.72 |
|
|
|
|
|
|
Fixed Assets |
62,213,765.76 |
64,830,334.94 |
53,137,772.72 |
|
Intangible Assets |
52,100.45 |
55,683.34 |
- |
|
Other Non - current Assets |
550,438.32 |
2,750,523.16 |
1,499,125.77 |
|
Total Assets |
782,312,406.53 |
766,196,396.35 |
821,060,738.21 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft |
800,589.28 |
1,046,607.08 |
838,180.08 |
|
Loan Bank |
424,256,505.67 |
436,236,747.61 |
521,481,664.19 |
|
Trade Accounts Payable
|
69,074,706.04 |
62,775,023.78 |
80,450,310.58 |
|
Accrued Expenses |
5,881,392.94 |
5,737,933.32 |
4,950,987.75 |
|
Other Current Liabilities |
20,024,875.44 |
19,027,262.81 |
477,829.00 |
|
|
|
|
|
|
Total Current Liabilities |
520,038,069.37 |
524,823,574.60 |
608,198,971.60 |
|
|
|
|
|
|
Loan from Director & Affiliated Company |
75,900,000.00 |
69,500,000.00 |
55,000,000.00 |
|
Total Liabilities |
595,938,069.37 |
594,323,574.60 |
663,198,971.60 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,000,000 shares |
100,000,000.00 |
100,000,000.00 |
100,000,000.00 |
|
|
|
|
|
|
Capital Paid |
100,000,000.00 |
100,000,000.00 |
100,000,000.00 |
|
Retained Earnings: Appropriated - Statutory
Reserve |
7,500,000.00 |
7,500,000.00 |
7,500,000.00 |
|
Unappropriated |
78,784,337.16 |
64,372,821.75 |
50,361,766.61 |
|
Total Shareholders' Equity |
186,374,337.16 |
171,872,821.75 |
157,861,766.61 |
|
Total Liabilities &
Shareholders' Equity |
782,312,406.53 |
766,196,396.35 |
821,060,738.21 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
477,030,091.46 |
469,795,400.42 |
401,180,221.54 |
|
Other Income |
|
|
|
|
Gain on Exchange Rate |
- |
14,056,658.24 |
- |
|
Other |
1,011,816.09 |
1,011,120.97 |
1,054,990.02 |
|
Total Revenues |
478,041,907.55 |
484,863,179.63 |
402,235,211.56 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
377,086,497.90 |
381,800,041.55 |
311,507,190.74 |
|
Selling and Administrative Expenses |
62,857,813.04 |
62,335,127.45 |
57,245,129.50 |
|
Other Expenses |
|
|
|
|
Loss on Exchange Rate |
127,788.25 |
- |
10,513,866.59 |
|
Interest Expenses |
19,746,245.97 |
18,799,260.15 |
15,912,509.20 |
|
Total Expenses |
459,818,345.16 |
462,934,429.15 |
395,178,696.03 |
|
Profit before Income
Tax |
18,223,562.39 |
21,928,750.48 |
7,056,515.53 |
|
Income Tax |
[3,722,046.98] |
[4,711,475.44] |
[1,490,318.57] |
|
|
|
|
|
|
Net Profit / [Loss] |
14,501,515.41 |
17,217,275.04 |
5,566,196.96 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.38 |
1.33 |
1.26 |
|
QUICK RATIO |
TIMES |
0.25 |
0.15 |
0.21 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.67 |
7.25 |
7.55 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.61 |
0.61 |
0.49 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
564.59 |
581.44 |
737.80 |
|
INVENTORY TURNOVER |
TIMES |
0.65 |
0.63 |
0.49 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
91.68 |
50.32 |
87.55 |
|
RECEIVABLES TURNOVER |
TIMES |
3.98 |
7.25 |
4.17 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
66.86 |
60.01 |
94.27 |
|
CASH CONVERSION CYCLE |
DAYS |
589.41 |
571.74 |
731.08 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
79.05 |
81.27 |
77.65 |
|
SELLING & ADMINISTRATION |
% |
13.18 |
13.27 |
14.27 |
|
INTEREST |
% |
4.14 |
4.00 |
3.97 |
|
GROSS PROFIT MARGIN |
% |
21.16 |
21.94 |
22.62 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.82 |
4.67 |
1.76 |
|
NET PROFIT MARGIN |
% |
3.04 |
3.66 |
1.39 |
|
RETURN ON EQUITY |
% |
7.78 |
10.02 |
3.53 |
|
RETURN ON ASSET |
% |
1.85 |
2.25 |
0.68 |
|
EARNING PER SHARE |
BAHT |
14.50 |
17.22 |
5.57 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.76 |
0.78 |
0.81 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.20 |
3.46 |
4.20 |
|
TIME INTEREST EARNED |
TIMES |
0.92 |
1.17 |
0.44 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
1.54 |
17.10 |
|
|
OPERATING PROFIT |
% |
(16.90) |
210.76 |
|
|
NET PROFIT |
% |
(15.77) |
209.32 |
|
|
FIXED ASSETS |
% |
(4.04) |
22.00 |
|
|
TOTAL ASSETS |
% |
2.10 |
(6.68) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 1.54%.
Turnover has increased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
21.16 |
Impressive |
Industrial Average |
3.01 |
|
Net Profit Margin |
3.04 |
Impressive |
Industrial Average |
0.58 |
|
Return on Assets |
1.85 |
Acceptable |
Industrial Average |
3.55 |
|
Return on Equity |
7.78 |
Acceptable |
Industrial Average |
14.14 |
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 21.16%. 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 3.04%,
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 1.85%.
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 7.78%.
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 |
1.38 |
Satisfactory |
Industrial Average |
1.60 |
|
Quick Ratio |
0.25 |
|
|
|
|
Cash Conversion Cycle |
589.41 |
|
|
|
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 1.38 times in 2013, increase from 1.33 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 0.25 times in 2013,
increase from 0.15 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 590 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.76 |
Acceptable |
Industrial Average |
0.73 |
|
Debt to Equity Ratio |
3.20 |
Risky |
Industrial Average |
2.73 |
|
Times Interest Earned |
0.92 |
Risky |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 0.93 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 0.76 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 Stable
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
7.67 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.61 |
Deteriorated |
Industrial Average |
6.16 |
|
Inventory Conversion Period |
564.59 |
|
|
|
|
Inventory Turnover |
0.65 |
Deteriorated |
Industrial Average |
12.03 |
|
Receivables Conversion Period |
91.68 |
|
|
|
|
Receivables Turnover |
3.98 |
Deteriorated |
Industrial Average |
8.23 |
|
Payables Conversion Period |
66.86 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.98 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 581 days at the
end of 2012 to 565 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 0.63 times in year 2012 to 0.65 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.61 times and 0.61
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.46 |
|
|
1 |
Rs.98.51 |
|
Euro |
1 |
Rs.77.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TPT |
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.