MIRA
INFORM REPORT
|
Report Date : |
16.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHINA SIAM SEAFOOD CO., LTD. |
|
|
|
|
Registered Office : |
69 Moo 5, Highway No. 41, T.
Khaothan, A. Thachang, Suratthani
84150 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
1995 |
|
|
|
|
Com. Reg. No.: |
0105538081477 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in
manufacturing, exporting and
distributing various kinds
of frozen seafood,
such as butter
fish, cuttle fish,
octopus , as well
as processed seafood
products such as
fishball, Thai fish
cake |
|
|
|
|
No. of Employees : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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) |
|
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
CHINA SIAM SEAFOOD
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 69 MOO 5,
HIGHWAY NO. 41, T. KHAOTHAN,
A.
THACHANG, SURATTHANI 84150,
THAILAND
TELEPHONE : [66] 77
260-601-4
FAX : [66] 77
260-605
E-MAIL ADDRESS : css_foods@yahoo.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1995
REGISTRATION NO. : 0105538081477
TAX ID NO. : 3011599013
CAPITAL REGISTERED : BHT.
80,000,000
CAPITAL PAID-UP : BHT.
80,000,000
SHAREHOLDER’S PROPORTION : TAIWANESE :
72.00%
THAI
: 28.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS.
SUWANNA KIATSRICHART, THAI
MANAGING DIRECTOR
NO. OF STAFF : 200
LINES OF BUSINESS : FROZEN SEAFOOD
PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on July
10, 1995 as
a private limited
company under the
registered name CHINA
SIAM SEAFOOD CO.,
LTD., by Thai
and Taiwanese groups.
Its business objective
is to manufacture
various kinds of
frozen seafood to
both domestic and
export market. It
currently employs approximately
200 staff.
It also achieved
the standard HACCP
and HALAL certification for
the productions.
The subject’s registered
address is 69 Moo
5, Highway No. 41,
T. Khaothan,
A. Thachang, Suratthani 84150,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somkiat Kiatsrichart |
[x] |
Thai |
71 |
|
Mrs. Suwanna Kiatsrichart |
[-] |
Thai |
66 |
|
Mr. Rungwit Kiatsrichart |
[-] |
Thai |
35 |
|
Mr. Rungtham Kiatsrichart |
[-] |
Thai |
36 |
|
Mr. Chou Chin Huo |
|
Taiwanese |
71 |
|
Mr. Lin Wen Cher |
|
Taiwanese |
37 |
AUTHORIZED PERSON
The mentioned director
[x] can jointly
sign with anyone
of the directors
[-] on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Suwanna Kiatsrichart is
the Managing Director.
She is Thai
nationality with the
age of 66
years old.
BUSINESS OPERATIONS
The subject’s core
business is engaged in
manufacturing, exporting and
distributing various kinds
of frozen seafood,
such as butter
fish, cuttle fish,
octopus , as well
as processed seafood
products such as
fishball, Thai fish
cake and others,
under its owned
brand “CSS”.
PURCHASE
100% of raw
materials and packaging
are purchased from
local suppliers.
SALES
90% of the
products is exported
to Taiwan, Republic
of China, Japan,
Hong Kong, Malaysia and
Korea, the remaining
10% is sold
locally.
RELATED AND
AFFILIATED COMPANY
Eksiam Product Co.,
Ltd.
Business Type :
Factory rental service
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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject currently
employs approximately 200
staff.
LOCATION DETAILS
The premise is
owned for administrative office,
factory and cold
storage at the
heading address. Premise
is located in
provincial, in the
Southern Region.
COMMENT
Subject’s business
performance remains moderate as its products
have been widely consumed
in the market. Exported foods
are expected to rise
significantly and would make
a gain
from a weakening
of Thai currency
against other currencies
which are favourable
to the exporters.
Its business outlook
remains optimistic despite of
accumulative net losses
for many consecutives
years.
FINANCIAL INFORMATION
The capital was
registered at Bht. 50,000,000 divided
into 500,000 shares
of Bht. 100
each with fully
paid.
On January 18,
1999, the registered
capital was increased
to Bht. 80,000,000 divided
into 500,000 shares
of Bht. 160 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Lin Wen
Cher Nationality: Taiwanese Address : Taiwan |
91,177 |
18.24 |
|
Mr. Chou Chin
Huo Nationality: Taiwanese Address : Taiwan |
79,411 |
15.88 |
|
Mr. Lin Shou
Sian Nationality: Taiwanese Address : Taiwan |
55,882 |
11.18 |
|
Mr. Somkiat Kiatsrichart Nationality: Thai Address : 37/147
Chan Rd., Thungwatdon,
Sathorn, Bangkok |
54,411 |
10.88 |
|
Mr. Leo Wei
Ming Nationality: Taiwanese Address : Taiwan |
40,000 |
8.00 |
|
Mr. Chang Chee
Chen Nationality: Taiwanese Address : Taiwan
|
31,765 |
6.35 |
|
Mr. Chang Kow
Chen Nationality: Taiwanese Address : Taiwan |
31,764 |
6.35 |
|
Mrs. Suwanna Kiatsrichart Nationality: Thai Address : 37/147
Chan Rd., Thungwatdon,
Sathorn, Bangkok |
30,295 |
6.06 |
|
|
|
|
|
Mr. Liu Zee
Pao Nationality: Taiwanese Address : Taiwan
|
30,000 |
6.00 |
|
Mr. Rungwit Kiatsrichart Nationality: Thai Address : 37/147
Chan Rd., Thungwatdon,
Sathorn, Bangkok |
25,000 |
5.00 |
|
Mr. Rungtham Kiatsrichart Nationality: Thai Address : 9
Soi Yenchit, Thungwatdon,
Sathorn, Bangkok |
25,000 |
5.00 |
|
Ms. Rungthiwa Kiatsrichart Nationality: Thai Address : 37/147
Chan Rd., Thungwatdon,
Sathorn, Bangkok |
5,295 |
1.06 |
Total Shareholders : 12
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
140,001 |
28.00 |
|
Foreign-Taiwanese |
7 |
359,999 |
72.00 |
|
Total |
12 |
500,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Supat Korncharlkul No.
3913
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2012,
2011 & 2010
were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash in Hand
& at Bank |
1,106,717 |
1,036,249 |
907,818 |
|
Trade Accounts Receivable |
14,242,864 |
12,415,809 |
11,783,041 |
|
Inventories |
100,886,710 |
87,315,693 |
116,336,672 |
|
Deposit on Goods |
804,460 |
1,215,670 |
1,156,742 |
|
Other Current Assets
|
276,418 |
491,788 |
1,258,166 |
|
|
|
|
|
|
Total Current Assets
|
117,317,169 |
102,475,209 |
131,442,439 |
|
Fixed Assets |
50,032,055 |
53,397,003 |
57,291,499 |
|
Other Non-current Assets |
43,095 |
43,095 |
43,095 |
|
Total Assets |
167,392,319 |
155,915,307 |
188,777,033 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Short-term Loan from Bank |
42,175,160 |
23,696,782 |
30,431,813 |
|
Trade Accounts Payable |
2,738,319 |
4,372,781 |
3,613,202 |
|
Hire-purchase payable |
1,442,002 |
- |
- |
|
Advance Income from Goods |
3,965,295 |
9,395,713 |
16,380,938 |
|
Accrued Expense & Other Current Liabilities
|
748,604 |
1,165,173 |
1,424,714 |
|
|
|
|
|
|
Total Current Liabilities |
51,069,380 |
38,630,449 |
51,850,667 |
|
Total Liabilities |
51,069,380 |
38,630,449 |
51,850,667 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 160
par value authorized, issued
and fully paid share
capital 500,000 shares |
80,000,000 |
80,000,000 |
80,000,000 |
|
|
|
|
|
|
Capital Paid |
80,000,000 |
80,000,000 |
80,000,000 |
|
Retained Earning Appropriated for Statutory Reserve
|
1,500,000 |
1,500,000 |
1,500,000 |
|
Unappropriated |
34,822,939 |
35,784,858 |
55,426,366 |
|
Total Shareholders' Equity |
116,322,939 |
117,284,858 |
136,926,366 |
|
Total Liabilities &
Shareholders' Equity |
167,392,319 |
155,915,307 |
188,777,033 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
156,784,768 |
155,150,768 |
97,045,183 |
|
Other Income |
2,195,313 |
655,016 |
2,122,906 |
|
Total Revenues |
158,980,081 |
155,805,784 |
99,168,089 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
144,868,962 |
152,093,885 |
93,135,473 |
|
Selling Expenses |
1,602,438 |
4,509,658 |
3,315,026 |
|
Administrative Expenses |
11,652,523 |
13,779,225 |
8,833,072 |
|
Financial Cost |
725,935 |
1,037,486 |
420,024 |
|
Other Expenses |
1,092,142 |
4,027,038 |
288,442 |
|
Total Expenses |
159,942,000 |
175,447,292 |
105,992,037 |
|
|
|
|
|
|
Net Profit / [Loss] |
[961,919] |
[19,641,508] |
[6,823,948] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.30 |
2.65 |
2.54 |
|
QUICK RATIO |
TIMES |
0.30 |
0.35 |
0.24 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.13 |
2.91 |
1.69 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.94 |
1.00 |
0.51 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
254.19 |
209.54 |
455.93 |
|
INVENTORY TURNOVER |
TIMES |
1.44 |
1.74 |
0.80 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
33.16 |
29.21 |
44.32 |
|
RECEIVABLES TURNOVER |
TIMES |
11.01 |
12.50 |
8.24 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
6.90 |
10.49 |
14.16 |
|
CASH CONVERSION CYCLE |
DAYS |
280.44 |
228.26 |
486.08 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.40 |
98.03 |
95.97 |
|
SELLING & ADMINISTRATION |
% |
8.45 |
11.79 |
12.52 |
|
INTEREST |
% |
0.46 |
0.67 |
0.43 |
|
GROSS PROFIT MARGIN |
% |
9.00 |
2.39 |
6.22 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.61) |
(12.66) |
(7.03) |
|
NET PROFIT MARGIN |
% |
(0.61) |
(12.66) |
(7.03) |
|
RETURN ON EQUITY |
% |
(0.83) |
(16.75) |
(4.98) |
|
RETURN ON ASSET |
% |
(0.57) |
(12.60) |
(3.61) |
|
EARNING PER SHARE |
BAHT |
(1.92) |
(39.28) |
(13.65) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.31 |
0.25 |
0.27 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.44 |
0.33 |
0.38 |
|
TIME INTEREST EARNED |
TIMES |
(1.33) |
(18.93) |
(16.25) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
1.05 |
59.87 |
|
|
OPERATING PROFIT |
% |
(95.10) |
187.83 |
|
|
NET PROFIT |
% |
95.10 |
(187.83) |
|
|
FIXED ASSETS |
% |
(6.30) |
(6.80) |
|
|
TOTAL ASSETS |
% |
7.36 |
(17.41) |
|
ANNUAL GROWTH : SATISFACTORY
An annual sales growth is 1.05%. Turnover has increased from THB 155,150,768.00
in 2011 to THB 156,784,768.00 in 2012. While net profit has increased from
THB -19,641,508.00 in 2011 to THB
-961,919.00 in 2012. And total assets has increased from THB 155,915,307.00 in
2011 to THB 167,392,319.00 in 2012.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.00 |
Impressive |
Industrial Average |
6.53 |
|
Net Profit Margin |
(0.61) |
Deteriorated |
Industrial Average |
3.11 |
|
Return on Assets |
(0.57) |
Deteriorated |
Industrial Average |
3.69 |
|
Return on Equity |
(0.83) |
Deteriorated |
Industrial Average |
10.80 |
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
9%. 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 -0.61%.
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. When compared with the
industry average, it was lower, the company's figure is -0.57%.
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 -0.83%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
2.30 |
Impressive |
Industrial Average |
0.95 |
|
Quick Ratio |
0.30 |
|
|
|
|
Cash Conversion Cycle |
280.44 |
|
|
|
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 2.3 times in 2012, decrease from 2.65 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 0.3 times in 2012,
increase from 0.35 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 281 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.31 |
Impressive |
Industrial Average |
0.64 |
|
Debt to Equity Ratio |
0.44 |
Impressive |
Industrial Average |
1.75 |
|
Times Interest Earned |
(1.33) |
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 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 -1.33 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 0.31 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.13 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.94 |
Satisfactory |
Industrial Average |
1.19 |
|
Inventory Conversion Period |
254.19 |
|
|
|
|
Inventory Turnover |
1.44 |
Deteriorated |
Industrial Average |
3.29 |
|
Receivables Conversion Period |
33.16 |
|
|
|
|
Receivables Turnover |
11.01 |
Impressive |
Industrial Average |
6.10 |
|
Payables Conversion Period |
6.90 |
|
|
|
The company's Account Receivable Ratio is calculated as 11.01 and 12.50
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
decreased from 2011. This would suggest the company had deteriorated 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 increased from 210 days at the
end of 2011 to 254 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 1.74 times in year 2011 to 1.44 times
in year 2012.
The company's Total Asset Turnover is calculated as 0.94 times and 1
time 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 Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.59 |
|
|
1 |
Rs.101.09 |
|
Euro |
1 |
Rs.83.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.