|
Report Date : |
11.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. DARYA VARIA LABORATORIA TBK |
|
|
|
|
Formerly Known As : |
P.T. DARYA-VARIA LABORATORIA |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
15.02.1976 |
|
|
|
|
Com. Reg. No.: |
No. AHU-42656.AH.01.02.Tahun 2012 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
·
Pharmaceutical Manufacturing ·
Investment Holding |
|
|
|
|
No. of Employees : |
1,073 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
Indonesia, a vast polyglot nation, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices.
|
Source
: CIA |
Name of Company :
P.T. DARYA VARIA
LABORATORIA TBK
Registration
Address :
Head Office
Talavera Office Park, 8th – 10th Floor
Jl. Letjen T.B. Simatupang Kav. 22-26
Jakarta 12430
Indonesia
Phones - (62-021) 7592 4500
Fax. - (62-021) 7592 4501
Email - info@darya-varia.com
Website - http://www.darya-varia.com
Building Area - 28 storey
Office Space - 1,200 sq.
meters
Region - Commercial
Status - Rent
Factory
Jl. Mercedes Benz No. 105
Desa Cicadas, Gunung Putri
Bogor 16964, West Java
Indonesia
Phones - (62-021) 867
0488, 867 1038
Fax. - (62-021)
867 2758
Land Area - 24,000 sq.
meters
Building Space - 9,500 sq. meters
Region - Industrial
Zone
Status - Owned
Date of
Establishment :
a. 15 February 1976 as
P.T. DARYA-VARIA LABORATORIA
b. 12 June 1997 as P.T.
DARYA-VARIA LABORATORIA Tbk
Legal Form :
P.T. Tbk. (Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg. No. :
The Department of Law and Human Rights
a. No. Y.A. 5/288/11
Dated
28 May 1976
b. No. C2-6441.HT.01.04.TH.97
Dated
9 July 1997
c. No. C2-6421.HT.01.04.TH.98
Dated 15 June 1998
d. No. C-16570.HT.01.04.TH.2002
Dated 30 August 2002
e. No. AHU-76605.AH.01.02.Tahun 2008
Dated 22 October 2008
f. No. AHU-39368.AH.01.02.Tahun 2010
Dated 9 August 2008
g. No. AHU-42656.AH.01.02.Tahun 2012
Dated 7 August 2012
Company Status :
Domestic Investment Company (PMDN)
Permits by the
Government Department :
a. The
Capital Investment Coordinating Board
No.
37/A/Sp.01/BKPM/IV/1997
Dated 9
April 1977
The Department of Health
No.
0780/AA/1976
Dated 19
February 1976
Subsidiary
Companies :
P.T. PRADJA PHARIN (Pharmaceutical Manufacturing)
P.T. Pabrik OBAT DUPA (Pharmaceutical Manufacturing)
P.T. KENROSE INDONESIA (Pharmaceutical Manufacturing)
All Companies are members of the WIGO Group
Capital Structure
:
Authorized Capital - Rp. 1,120,000,000,000.-
Issued Capital - Rp.
280,000,000,000.-
Paid up Capital - Rp.
280,000,000,000.-
Shareholders/Owners
:
a. BLUE SPHERE SINGAPORE Pte. Ltd., of
Singapore - Rp. 259,450,228,000.-
(92.66%)
b. The Publics (each below 5%) -
Rp. 20,549,772,000.- ( 7.34%)
Lines of Business
:
·
Pharmaceutical Manufacturing
·
Investment Holding
Production
Capacity :
A. Initial Units
a. Soft Capsules -
100,000,000 pcs. p.a.
b. Hard Capsules - 10,000,000 pcs. p.a.
c. Tablets - 70,000,000 pcs. p.a.
d. Liquid Drugs - 150,000 bottles p.a.
e. Ointments - 125,000 tubes p.a.
f. Medicated Tulles - 720,000 envelopes p.a.
g. Injection Liquids - 8,500,000 vials p.a.
h. Contact Lens Solution - 900,000 litres p.a.
B. Initial Units
a. Soft Capsules -
150,000,000 pcs. p.a.
b. Liquid Drugs - 650,000 bottles p.a.
c. Tonic Drink - 15,000,000 sachets p.a.
d. Medicated Tulles - 650,000 envelopes p.a.
Total Investment :
a. Equity Capital -
Rp. 914.7 billion
b. Loan Capital -
Rp. 11.2 billion
c. Total Investment -
Rp. 925.9 billion
Started Operation
:
1 9 7 6
Trade/Brand Name :
Stop Cold, Witral, Dalfarol, Bausch & Lomb, Nutrotal 55 and many
others
Total Employees :
1,073 persons
Marketing Area :
Domestic (Local) – 100%
Market Situation :
Very Competitive
Business Trend :
Growing
B a n k e r s :
a. The Hongkong and
Shanghai Bank Corp.
World Trade Centre
Jl. Jend. Sudirman
Kav. 29-31
Jakarta Selatan
Indonesia
b. PT. Bank CENTRAL ASIA
Tbk
Jl. Jend. Sudirman Kav.
22-23
Jakarta Selatan
Indonesia
c. The Express Banking
Corp.
Gedung Arthaloka
Jl. Jend. Sudirman No. 2
Jakarta Selatan
Indonesia
d. ABN AMRO Bank
Jl. Ir. H. Juanda No.
23-24
Jakarta Pusat
Indonesia
Auditor :
Purwantono, Suherman & Surya (member of Ernst & Young)
Litigation Checks
:
No Litigation record in our database and the local courts
FINANCIAL FIGURE
Net Sales /
Revenues :
2010 – Rp. 929.2 billion
2011 – Rp. 899.6 billion
2012 – Rp. 1,087.4 billion
2013 – Rp. 1,101.7 billion
Net Profit for the
Year :
2010 – Rp. 110.9 billion
2011 – Rp. 120.9 billion
2012 – Rp. 204.5 billion
2013 – Rp. 125.8 billion
Payment Manner :
Average
Financial Comments
:
Satisfactory
Board of
Management :
President Director - Mr. Eric Albert Gotuaco
Vice President Director -
Mr. Charles Robert B. Davis
Directors -
a. Mr. Benjamin W. Yap
b. Mr. Carlos Olivares Nava
c. Mrs. Maria Hayati Goestam
d. Mr. Angelito Celso C. Racho, Jr.
e. Mr. Joseph Raymond A. Hilay
f.
Mrs. Yustina Endang Setyowati
g. Mrs. Frida Oktaria Chalid
Board of
Commissioners :
President Commissioner - Mrs. Jocelyn Camposs Hess
Vice President Commissioner - Mr. Sunarto Prawirosujanto
Commissioners - a. Mr. Clinton Andrew Hess
b. Mr. Mariano John L. Tan, Jr.
c. Mr. Manuel P. Engwa
d. Mr. Laks. Madya (Purn) Soedibyo Rahardjo
e. Mr. Sonny Kalona
Signatories :
President Director (Mr. Eric Albert
Gotuaco) or Vice President Director (Mr. Charles Robert B. Davis) or one of the
directors (Mr. Benjamin W. Yap, Mr. Carlos Olivares Nava, Mrs. Marlia Hayati
Goestam, Mr. Angelito Celso C. Racho, Jr., Mr. Joseph Raymond A. Hilay, Mrs.
Yustina ending Setyowati or Mrs. Frida Oktaria Chalid) which must be approved by the Board of
Commissioners.
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Originally named P.T. DARYA VARIA LABORATORIA, it was established in
1976 with an authorized capital of Rp 800,000,000.-, entirely was issued and
paid up. The original founding shareholders of the Company are the late Mr.
Drs. Wim Kalona AKA Liem Tjae Ho and his younger brother-in-law Mr. Robianto,
they are Chinese origin Indonesian business family. The Deed of establishment
was approved by the Minister of Justice of the Republic of Indonesia through
its Decree No. Y.A. 5/288/11 dated May 28, 1976. The articles of association of
the company have frequently been changed.
In September 1994 the authorized
capital was raised
to Rp 45,000,000,000.- issued
and paid up capital to Rp 31,250,000,000.-. In October 1994, the Company has gone public
by floating 30% of its shares to public through the Jakarta Stock Exchange
(BEJ) and Surabaya Stock Exchange (SSE).
In August 1995, its authorized capital was raised again to Rp
100,000,000,000.-, issued and paid up capital to Rp 62,500,000,000.-. In April
1996 the Company offered a right issue (first), and therefore its issued
capital and paid-up capital was raised to Rp 70,000,000,000.-. Since mid-1997 the company was renamed P.T.
DARYA VARIA LABORATORIA Tbk., (P.T. DVLT) or publicly listed company. In April 1998, it offered a right issue II
(second) of Rp 360,000,000.- shares worth Rp 180,000,000,000.- and by the same
time its authorized capital was raised to Rp 260,000,000,000.-, entirely issued
and paid up. Since mid 2002, the company's authorized capital was increased to
Rp 280,000,000,000.- wholly issued and paid up and concurrently the majority
business stake owners of P.T. DVLT are FAR EAST DRUG (BVI) CO., LTD of British
Virgin Island (89.50%) and the public (10.50%).
Based on the Extraordinary General Meeting of Shareholders dated June
23, 2010, the authorized capital was raised to Rp. 1,120,000,000,000.- of which
Rp. 280,000,000,000.- was issued and fully paid up. Since that time, the shareholders of the
company are BLUE SPHERE Singapore Pte. Ltd.,(92.66%) and Public (7.34%). The Amendment to Deed was approved by the
Minister of Law and Human Rights through its Decree No. AHU-39368.AH.01.02.Tahun
2010 dated August 9, 2010. BLUE SPHERE
Singapore Pte. Ltd., is an affiliated of UNITED LABORATORIES Inc.,
pharmaceutical company in Philippines.
Most recently by notarial Deed No. 43 dated May 16, 2012 was made by
notary Kumala Tjahjani Widodo, SH., the Company amended article 3 of its
Articles of Association with respect to the statement of “traditional medicine”
and “medical device” in industrial and trade businesses also to add service
businesses for laboratory services, validation facilities, clinic and hospital.
The amendment to deed has been
approved by the Minister of Law and Human Rights of the Republic of Indonesia
through its Decree No. AHU-42656.AH.01.02.Tahun 2012 dated August 7, 2012.
P.T. DVLT obtained a domestic investment (PMDN) license from Investment Coordinating Board (BKPM) to engaged in the manufacture, trade, services and distribution of pharmaceuticals and related chemicals and health cared products. P.T. DVLT operates a plant located at Jalan Mercedes Benz No. 105, Gunung Putri, Bogor, West Java standing on 2.4 hectares land. The plant started commercial operations in 1976. The existing factory has then expanded into pharmaceutical manufacturing unit for producing tablets, liquid, ointment and injection liquid. P.T. DVLT's whole products are distributed by P.T. ANUGERAH PHARMINDO LESTARI, a major national private pharmaceutical products distributor including DECOLGEN, NEOZEP, ENERVON-C, ANTUR-E, NATUR-E SKIN, HOBAT and many others. In its operation,
Amidst the challenging conditions facing the business, P.T. DVLT’s 2013 total
net sales recorded at Rp 1,102 billion or an increase of 1% (2012: Rp 1,087
billion). As described above challenges
occurred in all three of the Company’s sales segments: (i) Prescription, (ii)
consumer health, (iii) Export and Toll Manufacturing>
(Product Sales in billion Rupiah)
|
Particulars |
2013 |
2012 |
2011 |
|
Prescription |
515 |
530 |
449 |
|
Consumer Health |
394 |
359 |
321 |
|
Export and Toll Manufacturing |
193 |
198 |
129 |
In investment holding, P.T. DVLT controls 100% shares of P.T. PRADJA
PHARIN (P.T. PRAFA), 100% shares of P.T.
PABRIK OBAT DUPA (P.T. DUPA) and 100% shares of P.T. KENROSE INDONESIA (KENROSE),
the three are dealing with pharmaceutical manufacturing. Besides, indirectly or
through its sister company P.T. PRAFA, P.T. DVLT controls 100% shares of P.T.
UNTUK ANDA dealing with pharmaceutical products retailing.
P.T. DVLT closed down the production facilities of P.T. DUPA and P.T.
KENROSE in October and December 1998, respectively, as a result of the economic
conditions prevailing at that time. P.T.
DUPA and P.T. KENROSE ceased commercial operations in 1999. In December 2003, P.T. UNTUK ANDA also ceased
commercial operations.
Generally, demand for laboratory and medical equipment and various
pharmaceutical products had been growing in the last five years up to the end
2012 as pictured in sales value of national pharmaceutical products, import
value and export value issued by the Food and Drug Controlling Board (BPOM).
The national pharmaceutical sales, export and import value of products are
estimated to be rising by 6% to 8% in the next year. The competition is very
tight on account many similar companies operating in the country. The business
position of P.T. PHAPROS Tbk is a sufficiently fairly good because the company
has captive market namely the state-owned hospital and private hospital in the
country. According the BPOM that national pharmaceutical sales as shown are as
the following table.
National Market
Trend of Drugs, 2001-2012* (Billion Rupiah)
|
Year |
Total Market |
Ethical Drugs |
Generic Drugs |
|
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012* |
12.850 15.483 17.458 20.872 23.629 23.173 25.600 29.981 33.965 37.531 43.081 45.235 |
7.891 9.618 10.829 12.706 14.675 13.834 13.959 16.969 19.225 21.142 23.506 25.281 |
1.547 1.694 1.819 2.136 2.529 2.390 2.295 3,213 3.420 3.610 3.900 4.095 |
Source: Food and Drug Controlling
Board (BPOM)
*) Estimated
According to the financial statement of P.T. DVLT
audited by a registered public accountant, total sales turnover of the company
in 2010 amounted to Rp. 929.2 billion with a net profit of Rp. 110.9 billion
declined to Rp. 899.6 billion with a net profit of Rp. 120.9 billion in 2011
and rose again to Rp. 1,087.4 billion with a net profit of Rp. 204.5 billion in
2012 and to Rp. 1,101.7 billion with a net profit of Rp. 125.8 billion in 2013. The consolidated statement s of comprehensive
income of P.T. DVLT as of 31 December 2010, 2011, 2012 and 2013 are attached on this report So
far, we did not hear that P.T. DVLT
having been black listed by Bank Indonesia (Central Bank) and registered
in district court for detrimental cases.
The management is headed by Mr. Eric Albert Gotuaco
(46) as President Director, a professional manager was born in the Philippines
in 1968. He graduated from the Wharton
School, Univeristy of Pennsylvania, in 1990 with a B.S. in economics, Magna Cum
Laud. He is curently Chairman of the
Alumni Secondary School Committee and serves as Director on the boards of several
United Laboratories associated companies, Greenfield Development Corporation
and Carmen Copper Corporation. He was appointed a Director of PT Darya-Varia
Laboratoria Tbk in June 2006, and has served as President Director of P.T. DVLT
since June 2010.
In daily operation he is assisted by Mr. Charles Robert
B. Davis (53) as Vice President Director and seven directors namely Mr.
Benjamin W. Yap (64), Mr. Carlos Olivares Nava (61), Mrs. Maria Hayati Goestam
(53), Mr. Angelito Celso C. Racho (52), Jr., Mr. Joseph Raymond A. Hilay (47),
Mrs. Yustina Endang Setyowati (44) and Mrs. Frida Oktaria Chalid (42). The management is also handled by a team of
professional managers both local and expatriate, having maintaineda wide
business relation with private businessmen at home and abroad as well as with
government sectors.
P.T. DARYA-VARIA LABORATORIA Tbk. is appraised to be good for business
transaction. However, in view of the
economic condition in the country is still unstable, we recommend to treat
prudently in extending any new loan to the company.
Attachment:
PT. DARYA-VARIA LABORATORIA Tbk
And Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Year Ended 31 December 2010, 2011, 2012 and 2013
(in million Rupiah)
|
DESCRIPTION |
31 December |
|||
|
2013 |
2012 |
2011 |
2010 |
|
|
A. ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and cash
equivalents |
316,700.6 |
292,912.5 |
256,481.4 |
252,466.3 |
|
- Trade receivables |
|
|
|
|
|
* Third parties |
320,219.8 |
368,706.5 |
281,512.8 |
264,553.4 |
|
* Related parties |
56,885.1 |
21,296.2 |
30,013.7 |
28,094.3 |
|
- Other current
financial assets |
6,503.4 |
3,009.8 |
2,496.0 |
2,382.9 |
|
- Inventories - net |
206,681.9 |
132,822.6 |
118,443.6 |
97,323.4 |
|
- Prepaid expenses |
3,394.0 |
3,552.0 |
3,268.9 |
2,380.3 |
|
- Prepaid taxes |
831.3 |
-- |
-- |
-- |
|
- Advances |
2,768.0 |
4,043.0 |
4,709.2 |
2,940.0 |
|
Total Current Assets |
913,984.0 |
826,342.5 |
696,925.5 |
650,140.5 |
|
b. Non-Current Assets |
|
|
|
|
|
- Other non-current
financial assets |
3,476.1 |
3,829.1 |
3,489.8 |
4,001.3 |
|
- Fixed assets |
243,055.2 |
218,295.2 |
194,532.4 |
171,652.0 |
|
- Intangible assets,
net |
10,279.5 |
10,279.5 |
10,279.5 |
10,279.5 |
|
- Deferred tax assets,
net |
16,840.9 |
13,770.1 |
14,736.1 |
10,576.6 |
|
- Other non-current
assets |
2,418.7 |
2,175.0 |
2,982.1 |
1,606.7 |
|
Total Non-Current Assets |
276,070.3 |
248,348.9 |
226,019.8 |
198,116.1 |
|
TOTAL LIABILITIES TOTAL ASSETS = &
STOCKHOLDERS’
EQUITY |
1,190,054.3 |
1,074,691.5 |
922,945.3 |
848,256.6 |
|
B. LIABILITIES & STOCKHOLDERS’ EQUITY |
|
|
|
|
|
a. Current Liabilities |
|
|
|
|
|
- Bank loans |
11,155.3 |
-- |
-- |
-- |
|
- Trade payables |
|
|
|
|
|
* Third parties |
47,213.4 |
33,275.6 |
27,538.9 |
30,683.5 |
|
* Related parties |
4,983.4 |
1,277.7 |
1,749.1 |
8,440.3 |
|
- Accrued expenses |
111,037.6 |
105,559.5 |
65,553.6 |
55,733.0 |
|
- Taxes payable |
7,536.0 |
13,645.5 |
16,909.1 |
13,493.1 |
|
- Short-term employee benefits
liabilities |
9,476.2 |
10,239.9 |
7,454.9 |
7,991.7 |
|
- Other current
financial liabilities |
24,071.3 |
27,719.4 |
23,218.2 |
56,728.2 |
|
Total Current Liabilities |
215,473.3 |
191,717.6 |
142,423.8 |
173,069.9 |
|
b. Non-Current Liabilities |
|
|
|
|
|
- Long-term employee
benefits liability |
59,878.0 |
41,427.4 |
52,604.1 |
34,584.7 |
|
Total Non-Current Liabilities |
59,878.0 |
41,427.4 |
52,604.1 |
34,584.7 |
|
c. Equity |
|
|
|
|
|
- Issued and Paid up
Capital |
280,000.0 |
280,000.0 |
280,000.0 |
280,000.0 |
|
- Additional Paid-in
Capital |
77,828.5 |
77,828.5 |
77,828.5 |
77,828.5 |
|
- Retained earning |
|
|
|
|
|
* Appropriated |
22,000.0 |
11,000.0 |
9,000.0 |
7,000.0 |
|
* Un-appropriated |
534,874.5 |
472,718.0 |
361,088.9 |
275,773.6 |
|
Total Equity |
914,703.0 |
841,546.5 |
727,917.4 |
640,602.1 |
|
C. INCOME STATEMENTS |
|
|
|
|
|
a.
Net Sales / Revenues |
1,101,684.2 |
1,087,379.9 |
899,632.0 |
929,196.7 |
|
b. Cost of Sales |
(441,028.1) |
(436,270.0) |
(349,019.1) |
(341,549.9) |
|
c. Gross Profit |
660,656.1 |
651,109.9 |
550,613.0 |
587,646.8 |
|
d. Operating Expenses |
(493,576.9) |
(454,944.0) |
(390,435.3) |
(437,625.1) |
|
e. Operating Income |
167,079.2 |
196,165.9 |
160,177.7 |
150,021.7 |
|
f. Finance Income |
8,677.6 |
8,311.2 |
6,146.8 |
3,847.3 |
|
g. Income Before Income Tax Expense |
175,756.8 |
204,477.0 |
166,324.6 |
153,869.0 |
|
h. Income Tax Expense |
(49,960.3) |
(55,568.0) |
(45,409.2) |
(42,988.5) |
|
i.
Net Profit for the Year |
125,796.5 |
204,477.0 |
120,915.3 |
110,880.5 |
Note: 31 Deember 2010, 2011, 2012 and 2013 is audited by Purwantono
Suherman & Surya (Ernst & Young)
* * *
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.88 |
|
|
1 |
Rs.102.59 |
|
Euro |
1 |
Rs.81.69 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.