|
Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHUNG HWA CHEMICAL
INDUSTRIAL WORKS, LTD. |
|
|
|
|
Registered Office : |
No.30, Ching Chien
5th Rd, Kuan Yin Industrial Dist, Taoyuan Country 328, |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
30.10.1956 |
|
|
|
|
Com. Reg. No.: |
03558206 |
|
|
|
|
Legal Form : |
Joint Stock
Company |
|
|
|
|
Line of Business : |
Manufacturing and
sales of chemicals |
|
|
|
|
No. of Employees : |
210 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
TAIWAN - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.8%, due primarily to a 13.1% year-on-year decline in exports. In 2010 GDP grew 10.7%, as exports returned to the level of previous years, and in 2011, grew 4.0%. In 2012, however, growth fell to 1.3%, because of softening global demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, but except for the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, so far Taiwan has been excluded from this greater economic integration in part because of its diplomatic status. Negotiations continue on such follow-on components of ECFA regarding trade in goods and services. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other key trade partners, which Taiwan subsequently launched with Singapore and New Zealand. Taiwan's Total Fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 accounting for 11.2% of the island's total population as of 2012. The island runs a large trade surplus largely because of its surplus with China, and its foreign reserves are the world's fifth largest, behind China, Japan, Saudi Arabia, and Russia. In 2006 China overtook the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Three financial memorandums of understanding, covering banking, securities, and insurance, took effect in mid-January 2010, opening the island to greater investments from the mainland's financial firms and institutional investors, and providing new opportunities for Taiwan financial firms to operate in China. In August 2012, Taiwan Central Bank signed a memorandum of understanding on cross-Strait currency settlement with its Chinese counterpart. The MOU allows for the direct settlement of Chinese RMB and the New Taiwan dollar across the Strait, which could help develop Taiwan into a local RMB hub. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also poses new challenges as the island becomes more economically dependent on China while political differences remain unresolved
|
Source
: CIA |
|
Company Name: |
Chung Hwa Chemical
Industrial Works, Ltd. |
|
Supplied Name: |
Chung Hwas
Chemical Ind. Works Ltd |
|
Trading Address: |
No.30, Ching Chien
5th Rd, Kuan Yin Industrial Dist, Taoyuan Conuty 328, Taiwan |
|
Supplied Address: |
No.30, Ching Chen 5th
Rd, Kuan Yin Industrial Dist, Taoyuan Country 328 |
|
Telephone Number: |
+886-3-483-0504 |
|
Fax Number: |
+886-3-483-3429 |
|
Website: |
Notes: The exact
name and address are as above.
|
Registered Name: |
Chung Hwa Chemical
Industrial Works, Ltd. |
|
Registered
Address: |
No.30, Ching Chien
5th Rd, Kuan Yin Industrial Dist, Taoyuan Conuty 328, Taiwan |
|
Date of
Foundation: |
1956-10-30 |
|
Registration
Number: |
03558206 |
|
Registry: |
Department
of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered
Capital: |
NTD 1,200,000,000 (USD 39,720,000) (As of 2014.2, 1
NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 1,000,000,000
(USD 33,100,000) |
|
Legal
Representatives: |
Wenyuan Gan |
|
Legal Form: |
|
|
Principal
Activities: |
|
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated on 1956-10-30 with registered number 03558206 as Joint Stock Company in Taiwan.
Subject listed on
Taiwan stock exchange on 2000-9-11.
|
Name |
Subscription Shares |
|
Wenyuan Gan |
3,062,367 |
|
Wenzhong Gan |
5,223,302 |
|
Huaien Shen |
105,869 |
|
Hangao Gan |
965,284 |
|
Xiangxiong Chen |
1,335,689 |
|
Dingchuan Chen |
1,925,133 |
The information above is that of subject’s major shareholders.
Factories
|
Address: |
No.6-3, 6-2, Gongdong 3rd Rd, Hemei Township, Changhua Country 508, Taiwan |
|
Date of
Registration: |
2010-12-7 |
|
Factory
Registration Number: |
07000051 |
|
Factory Manager: |
Wangsheng Ye |
|
Status: |
In Production |
|
Date of Last
Annual Return: |
2010-12-7 |
|
Major Products: |
181 Basic chemical materials 199 Other chemical products |
|
Tel |
+886-4-7978-200/7978-202 |
|
Fax |
+886-/7978-201 |
Related Companies
|
1 |
|
|
Name |
Hua Ding Chemical Industrial Co., Ltd (Liberal Translation) |
|
Address |
Changhua County, Taiwan |
|
2 |
|
|
Name |
Honest Fine Chemicals Co., Ltd |
|
3 |
|
|
Name |
Jiangsu Honest Fine Chemicals Co., Ltd |
|
Address |
The mainland of China |
Core Management
Directors
|
1 |
|
|
Name |
Wenyuan Gan |
|
Position |
Board Chairman |
|
Date of Appointment |
1999-4-9 |
|
2 |
|
|
Name |
Wenzhong Gan |
|
Position |
Director |
|
3 |
|
|
Name |
Huaien Shen |
|
Position |
Director |
|
4 |
|
|
Name |
Hangao Gan |
|
Position |
Director |
|
5 |
|
|
Name |
Xianxiong Chen |
|
Position |
Director |
|
6 |
|
|
Name |
Ruian Cai |
|
Position |
Supervisor |
|
7 |
|
|
Name |
Dingchuan Chen |
|
Position |
Supervisor |
|
8 |
|
|
Name |
Shuwan Tang |
|
Position |
Supervisor |
Personnel Structure
|
Total Employees |
About 210 Employees (Taiwan) |
Offices & Factories
|
|
Headquarters |
|
Add |
No.30, Ching Chien 5th Rd, Kuan Yin Industrial Dist, Taoyuan Conuty 328, Taiwan |
Production Information
Subject is a manufacturer of chemicals and etc.
It is introduced that subject has two factories in Taiwan for production.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
C801010 |
Basic chemical industry. |
|
C801990 |
Manufacturing of other chemical materials. |
|
C802080 |
Manufacturing of environmental medicine. |
|
C802200 |
Manufacturing of coating, painting, dyes and pigment. |
|
C802990 |
Manufacturing of other chemical products. |
|
F401010 |
International trading business. |
|
ZZ99999 |
Besides licensed business, all other business items those are not banned or restricted. |
It is introduced that subject purchases its raw materials and etc both at home and abroad.
It is introduced that subject imports some technologies and etc from Japan and etc.
The subject is mainly engaged in sales of chemicals and etc.
It is introduced that subject’s selling territory includes Asia, Europe, America and etc.
It is introduced that subject major customers are manufacturers of electronics, plastic, fabrics, pigments, printing products and etc.
It is introduced that subject’s products are applied to water treatment, cleaning agents, papermaking, printed circuit board etching, cleansing and rinsing and etc.
It is introduced that subject can provide OEM, ODM services.
It is introduced that subject has cooperated with many famous enterprises, such as “Taiwan United Chemical Engineering Co.,Ltd.”, “Merck Electronic Chemicals Ltd.”, “Shikizai Chemical Co., Ltd.”, “DuPont”, “JSR” and etc.
Major Products
|
Types |
Items |
|
Inorganic chemicals |
Sulfuric Acid Dilute Sulfuric Acid Oleum Chlorosulfonic Acid Aluminum Sulfate Poly Aluminum Chloride Sodium Silicate |
|
Fine Chemicals |
O/P- Toluenesulfonamide P-Toluenesulfonyl Chloride Benzoic Acid Waterborne Emulsion Monomer Bisphenol-S SS-Diol (ES-Solid) 5-（Sodiosulfo） Isophthalic Acid |
|
Chemical Trading Products |
Phosphoric Acid Polyphosphoric Acid Sodium Tripolyphosphate Tetrasodium Pyrophosphate Sodium Acid Pyrophosphate Sodium Chlorite Sodium Hexametaphosphate Tetrapotassium Pyrophosphate Sodium Trimetaphosphate |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase (Taiwan and Mainland, China)
|
Payment Terms |
Proportion |
|
|
Raw materials and etc |
COD, CBD and etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials and etc |
CBD and etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Chemicals and etc. |
COD, CBD and etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Chemicals and etc. |
CBD and etc |
100% |
Unit: NTD/000
|
Date |
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
45,086.00 |
42,879.00 |
|
Notes receivable - net |
251,076.00 |
288,291.00 |
|
Accounts receivable - net |
380,414.00 |
361,464.00 |
|
Other receivables |
2,852.00 |
78,827.00 |
|
Inventories |
279,276.00 |
269,616.00 |
|
Other prepayments |
16,132.00 |
24,223.00 |
|
Other current assets |
11,997.00 |
2,663.00 |
|
Current assets |
986,833.00 |
1,067,963.00 |
|
Funds and Investments |
|
|
|
Equity investments under equity method |
30,800.00 |
38,725.00 |
|
Investments |
30,800.00 |
38,725.00 |
|
Funds and long-term investments |
30,800.00 |
38,725.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
293,746.00 |
293,746.00 |
|
Buildings and structures |
199,383.00 |
195,728.00 |
|
Machinery and equipment |
817,502.00 |
794,632.00 |
|
Transportation equipment |
45,665.00 |
43,919.00 |
|
Office equipment |
49,489.00 |
50,181.00 |
|
Other facilities |
77,345.00 |
63,469.00 |
|
Fixed assets cost |
1,483,130.00 |
1,441,675.00 |
|
Accumulated depreciation |
-688,625.00 |
-677,800.00 |
|
Construction in process and prepayment for equipments |
55,514.00 |
51,399.00 |
|
Fixed assets |
850,019.00 |
815,274.00 |
|
Intangible Assets |
|
|
|
OtherAssets |
|
|
|
Rental assets |
26,572.00 |
27,551.00 |
|
Idled assets |
24,875.00 |
25,147.00 |
|
Other assets - other |
15,886.00 |
26,562.00 |
|
Other assets |
67,333.00 |
79,260.00 |
|
Assets |
1,934,985.00 |
2,001,222.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
230,000.00 |
331,000.00 |
|
Short-term notes and bills payable |
159,914.00 |
189,851.00 |
|
Notes payable |
10,058.00 |
9,399.00 |
|
Accounts payable |
128,705.00 |
145,347.00 |
|
Income tax payable |
15,914.00 |
12,818.00 |
|
Accrued expenses |
82,892.00 |
77,155.00 |
|
Other payables |
35,823.00 |
38,410.00 |
|
Other current liabilities |
3,363.00 |
2,406.00 |
|
Current liabilities |
666,669.00 |
806,386.00 |
|
Long term Liabilities |
|
|
|
Reserves |
|
|
|
Reserve for land revaluation increment tax |
10,202.00 |
10,202.00 |
|
Reserves |
10,202.00 |
10,202.00 |
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
10,880.00 |
9,334.00 |
|
Guarantee deposits received |
270.00 |
1,473.00 |
|
Deferred income tax liabilities |
821.00 |
920.00 |
|
Other liabilities |
11,971.00 |
11,727.00 |
|
Liabilities |
688,842.00 |
828,315.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
935,000.00 |
860,000.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in capital |
316.00 |
316.00 |
|
Capital surplus - long-term equity investments |
4,248.00 |
4,248.00 |
|
Capital surplus - premium from merger |
9,009.00 |
9,009.00 |
|
Capital surplus |
13,573.00 |
13,573.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
123,207.00 |
110,838.00 |
|
Unappropriated retained earnings |
168,783.00 |
180,326.00 |
|
Retained earnings |
291,990.00 |
291,164.00 |
|
Stockholders' Equity and Other adjustmen |
|
|
|
Cumulative translation adjustments |
10,096.00 |
10,951.00 |
|
Net loss not recognized as pension cost |
-4,516.00 |
-2,781.00 |
|
Equity adjustments |
5,580.00 |
8,170.00 |
|
Stockholdersˉ equity |
1,246,143.00 (USD 41,247,333.3) |
1,172,907.00 (USD 38,823,221.7) |
|
Number of treasury stock acquired by the company and subsidiaries (unit: share) |
0.00 |
0.00 |
|
|
0.00 |
0.00 |
(As of 2014.2, 1 NTD
= 0.0331 USD)
Unit:
NTD/000
|
Date |
2012 |
2011 |
|
Sales |
2,184,475.00 (USD 72,306,122.5) |
2,075,588.00 (USD 68,701,962.8) |
|
Sales returns |
401.00 |
4,044.00 |
|
Sales discounts and allowances |
12,628.00 |
20,036.00 |
|
Sales |
2,171,446.00 |
2,051,508.00 |
|
Operating income |
2,171,446.00 |
2,051,508.00 |
|
Operating costs |
1,843,181.00 |
1,724,939.00 |
|
Gross profit (loss) from operations |
328,265.00 |
326,569.00 |
|
Selling expense |
120,541.00 |
116,196.00 |
|
General and administrative expenses |
32,780.00 |
32,242.00 |
|
Research and development expenses |
18,271.00 |
20,789.00 |
|
Operating expenses |
171,592.00 |
169,227.00 |
|
Operating income (loss) |
156,673.00 |
157,342.00 |
|
Non-Operating Income |
|
|
|
Interest income |
18.00 |
12.00 |
|
Gains on disposal of fixed assets |
22.00 |
39,168.00 |
|
Foreign exchange gains |
979.00 |
2,078.00 |
|
Rent income |
1,334.00 |
2,330.00 |
|
Miscellaneous income |
5,065.00 |
11,561.00 |
|
Non-operating revenues and gains |
7,418.00 |
55,149.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
4,773.00 |
4,389.00 |
|
Losses from long-term equity investments under the equity method |
6,895.00 |
43,370.00 |
|
Investment loss |
6,895.00 |
43,370.00 |
|
Loss on disposal of fixed assets |
542.00 |
2,811.00 |
|
Miscellaneous disbursements |
11,865.00 |
14,183.00 |
|
Non-operating expenses and losses |
24,075.00 |
64,753.00 |
|
Income from continuing operations before income tax |
140,016.00 |
147,738.00 |
|
Income tax expense (benefit) |
27,190.00 |
24,050.00 |
|
Income from continuing operations |
112,826.00 |
123,688.00 |
|
Net income (loss) |
112,826.00 (USD 3,734,540.6) |
123,688.00 (USD 4,094,072.8) |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
1.21 |
1.32 |
|
Diluted earnings per share |
|
|
(As of 2014.2, 1 NTD
= 0.0331 USD)
|
Date |
2012 |
2011 |
|
Cash Flows from Operating Activities - Indirect Method |
|
|
|
Net Income (Loss) |
112,826.00 |
123,688.00 |
|
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities |
|
|
|
Depreciation Expense |
119,030.00 |
87,879.00 |
|
Amortization Expense |
939.00 |
1,501.00 |
|
Provision (Reversal of Provision) for Bad Debts Losses |
10,317.00 |
2,920.00 |
|
Loss (Gain) on Decline (Recovery) in Market Value, Scrap and Obsolescence of Inventories |
-965.00 |
2,691.00 |
|
Investment Loss (Income) Recognized under Equity Method |
6,895.00 |
43,370.00 |
|
Loss (Gain) on Disposal of Property, Plan and Equipment |
521.00 |
-36,358.00 |
|
Changes in Operating Assets and Liabilities |
|
|
|
Decrease (Increase) in Notes Receivable |
37,215.00 |
-59,377.00 |
|
Decrease (Increase) in Accounts Receivable |
-29,381.00 |
-27,648.00 |
|
Decrease (Increase) in Other Receivables |
1,771.00 |
-1,750.00 |
|
Decrease (Increase) in Inventories |
-8,695.00 |
-38,849.00 |
|
Decrease (Increase) in Other Prepayments |
8,091.00 |
2,064.00 |
|
Decrease (Increase) in Other Current Assets |
-7,698.00 |
-730.00 |
|
Decrease (Increase) in Deferred Tax Assets |
-1,560.00 |
-210.00 |
|
3,414.00 |
-359.00 |
|
|
Increase (Decrease) in Notes Payable |
660.00 |
-16,427.00 |
|
Increase (Decrease) in Accounts Payable |
-16,643.00 |
37,013.00 |
|
Increase (Decrease) in Income Tax Payable |
3,096.00 |
-11,297.00 |
|
Increase (Decrease) in Accrued Expenses |
5,737.00 |
2,337.00 |
|
Increase (Decrease) in Other Payables |
-616.00 |
583.00 |
|
Increase (Decrease) in Other Current Liabilities |
957.00 |
-3,584.00 |
|
Increase (Decrease) in Accrued Pension Liabilities |
-189.00 |
-435.00 |
|
Net Cash Provided by (Used in) Operating Activities |
245,722.00 |
107,022.00 |
|
Cash Flows from Investing Activities |
|
|
|
Purchase of Property, Plant and Equipment |
-157,904.00 |
-168,850.00 |
|
Proceeds from Disposal of Property, Plant and Equipment |
77,092.00 |
3,360.00 |
|
Decrease (Increase) in Refundable Deposits |
6,437.00 |
-5,940.00 |
|
Net Cash Provided by (Used in) Investing Activities |
-74,375.00 |
-171,430.00 |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term Loans |
-101,000.00 |
92,000.00 |
|
Increase (Decrease) in Short-term Notes and Bills Payable |
-29,937.00 |
10,057.00 |
|
Increase (Decrease) in Guarantee Deposits Received |
-1,203.00 |
1,203.00 |
|
Cash Dividends Paid |
-37,000.00 |
-35,000.00 |
|
Net Cash Provided by (Used in) Financing Activities |
-169,140.00 |
68,260.00 |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
2,207.00 |
3,852.00 |
|
Cash and Cash Equivalents, Beginning of year |
42,879.00 |
39,027.00 |
|
Cash and Cash Equivalents, End of year |
45,086.00 |
42,879.00 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid- Excluding Capitalized Interest |
4,809.00 |
4,413.00 |
|
Income Tax Paid |
25,654.00 |
35,557.00 |
|
Non-cash Investing and Financing Activities |
|
|
|
Capital Increase by Earnings Recapitalization |
75,000.00 |
80,000.00 |
|
Cumulative Translation Adjustments |
855.00 |
3,392.00 |
|
Investing Activities Affecting Both Cash and Non-cash Items |
|
|
|
Cash Paid for Acquisition of Property, Plant and Equipment |
|
|
|
Increase in Property, Plant and Equipment |
155,933.00 |
169,759.00 |
|
Increase (Decrease) in Payable for Equipment Purchased |
1,971.00 |
-909.00 |
|
Cash Paid for Acquisition of Property, Plant and Equipment |
157,904.00 |
168,850.00 |
Subject
declined to disclose its bank details; from other source we cannot obtain the
relevant information, either.
Mortgage
|
1 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
036437 |
|
Debtor Name: |
Chung Hwa Chemical
Industrial Works, Ltd. |
|
Document Number: |
036437 |
|
Date of
Registration: |
1990/10/24 |
|
Date of
Alteration: |
1990/10/24 |
|
Status: |
Paid off |
|
2 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
039090 |
|
Debtor Name: |
Chung Hwa Chemical
Industrial Works, Ltd. |
|
Document Number: |
105413 |
|
Date of
Registration: |
1992/1/16 |
|
Date of
Alteration: |
1992/1/16 |
|
Status: |
Paid off |
Lawsuit
|
2006,Taoxiao, 263 |
|
|
Date of Trial: |
2006-4-6 |
|
Reason: |
Payment for damages |
|
Name |
Ms. Jiang |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.32 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
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.