MIRA
INFORM REPORT
|
Report Date : |
19.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
ASIA
SILICONES MONOMER LIMITED |
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Registered Office : |
1 Moo 2, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
05.02.2001 |
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Com. Reg. No.: |
0105544011957 |
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Legal Form : |
Private
Limited Company |
|
|
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Line of Business : |
engaged
in manufacturing and
distributing silicones monomers,
fumed silica, methylchlorosilanes, methylsiloxznes, which
are the essential
materials used in
the production of
silicone end-products, plastic
and chemical industries |
|
|
|
|
No. of Employees |
180 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
With a well-developed infrastructure, a free-enterprise economy,
generally pro-investment policies, and strong export industries,
|
Source : CIA |
Company name
ASIA SILICONES
MONOMER LIMITED
SUMMARY
BUSINESS
ADDRESS : 1
MOO 2, ASIA
INDUSTRIAL ESTATE,
T. BANCHANG,
A. BANCHANG,
TELEPHONE : [66] 38
687-050-1
FAX :
[66] 38
687-060
E-MAIL
ADDRESS : kaenapa.g@asm.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2001
REGISTRATION
NO. : 0105544011957
TAX
ID NO. : 3030246066
CAPITAL REGISTERED : BHT. 3,393,000,000
CAPITAL PAID-UP : BHT.
3,393,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
HIROYUKI KOBAYASHI, JAPANESE
MANAGING DIRECTOR
& FACTORY MANAGER
NO.
OF STAFF : 180
LINES
OF BUSINESS : SILICONES MONOMERS
MANUFACTURER &
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 February 5,
2001 as a private
limited company under the
name style ASIA
SILICONES MONOMER LIMITED
by Thai and
foreign groups, to
manufacture silicones monomers
for local customers.
It currently employs
180 staff.
It
was a joint
venture between Shin-Etsu
Silicones [Thailand] Co.,
Ltd., Thailand and GE
Monomer [Holdings] Pte.
Ltd., Singapore. Presently,
it is a wholly
owned by Shin-Etsu
Silicones [Thailand] Co.,
Ltd.
The
subject received the
promotional privilege from
the Board of
Investment to manufacture
Methylsiloxanes,
Methylchlorosilanes and Fumed
Silica on September
3, 2002.
The subject’s registered
address is 1 Moo 2,
Asia Industrial Estate,
T. Banchang, A. Banchang,
Rayong 21130, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Hiroyuki Kobayashi |
[x] |
Japanese |
54 |
|
Mr. Akihito Tsukuno |
[x] |
Japanese |
53 |
|
Mr. Hajime Tomisato |
[x] |
Japanese |
63 |
|
Mr. Keiichi Nagasawa |
|
Japanese |
61 |
|
Mr. Morio Miyazaki |
|
Japanese |
62 |
|
Mr. Susumu Ueno |
|
Japanese |
71 |
|
Mr. Toshiro Hagiwara |
|
Japanese |
55 |
AUTHORIZED PERSON
Any of the
above directors [x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Hiroyuki Kobayashi
is the Managing
Director & Factory
Manager.
He is Japanese
nationality with the
age of 54
years old.
Ms. Thanyamai Sangsaichon
is the Sales
& Marketing Manager.
She is Thai
nationality.
Mr. Sitthiporn Prakobchat
is the Operation
Manager.
He is Thai
nationality.
Ms. Sukanya Amornsirinukroh is
the Q.C. Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and distributing silicones
monomers, fumed silica,
methylchlorosilanes,
methylsiloxznes, which are the essential
materials used in the production
of silicone end-products,
plastic and chemical
industries.
BRAND NAME
“ASM”
PRODUCTION CAPACITY
Approximately 70,000 tons/years
IMPORT
Raw
materials and chemicals
are imported from
Republic of China,
United States of
America, India, Taiwan
and Japan, the
remaining is purchased
from local suppliers.
MAJOR
SUPPLIER
Shin-Etsu
Chemical Co., Ltd.
: Japan
SALES
100% of its
products is sold
locally to manufacturers, wholesalers
and end-users.
MAJOR CUSTOMERS
Shin-Etsu Silicones [Thailand]
Co., Ltd.
Momentive Performance Materials
[Thailand] Co., Ltd.
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
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 T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Sumitomo Mitsui Banking
Corporation
EMPLOYMENT
The
subject employs approximately
180 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and factory on
78,400 sq. m. of
area at the
heading address. Premise
is located in
industrial area.
COMMENT
The subject was
established in 2001
as a manufacture of
silicone monomers for
various industries. The products
have been served
mainly to industrial
users. Its business
has solid growth
and expanding steadily.
Subject has currently
seen consecutive growth
in the past several years, thus
continue growing to confirm
corporate development in
silicones industry. Despite
overall economy slowdown
and slow consumption
in domestic market,
subject’s business remains
solid.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000,000 divided
into 1,000,000 shares
of Bht. 100 each.
The
capital was increased
later as following:
Bht.
750,000,000 on April
24, 2001
Bht.
2,794,000,000 on August
20, 2001
Bht. 2,970,000,000 on
July 1, 2003
Bht. 3,234,000,000 on
January 27, 2004
Bht. 3,393,000,000 on
July 14, 2004
The
latest registered capital
was increased to
Bht. 3,393,000,000 divided into
33,930,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
29, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Shin-Etsu Silicones [Thailand]
Co., Ltd. Nationality: Thai Address : 54
North Sathorn Rd.,
Bangrak, Bangkok |
33,929,997 |
100.00 |
|
Shin-Etsu Silicones of
America, Inc. Nationality: American Address : 1150
Damar Drive Akron Ohio
44305, United States
of America |
1 |
- |
|
Shin-Etsu Singapore Pte.
Ltd. Nationality: Singaporean Address : 150
Yubai Avenue 4 # 03-00 Singapore |
1 |
- |
|
Shinko Mold Co.,
Ltd Nationality: Japanese Address : 13-1
Isobe 2-Chome, Annaka,
Gunma, Japan |
1 |
- |
Total Shareholders : 4
Share Structure [as
at April 29,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
33,929,997 |
100.00 |
|
Foreign |
3 |
3 |
- |
|
Total |
4 |
33,930,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Supachai Panyawattano No.
3930
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2013, 2012 & 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Cash
and Cash Equivalents |
64,668,571 |
24,695,030 |
13,667,130 |
|
Short-term Investment |
1,486,649,858 |
1,091,500,000 |
854,000,000 |
|
Trade
Accounts & Other Receivable |
1,755,427,488 |
1,781,044,752 |
1,690,419,888 |
|
Inventories |
1,398,009,370 |
1,425,683,275 |
1,644,123,772 |
|
Other
Current Assets |
23,672,950 |
10,566,795 |
18,277,703 |
|
Total
Current Assets |
4,728,428,237 |
4,333,489,852 |
4,220,488,493 |
|
|
|
|
|
|
Cash
at Bank under
Commitment |
- |
378,864,642 |
388,207,591 |
|
Real
Estate for Investment |
182,929,771 |
182,929,771 |
182,929,771 |
|
Fixed Assets |
3,616,636,843 |
4,168,366,887 |
4,768,809,196 |
|
Intangible Assets |
509,878 |
1,374,734 |
2,139,427 |
|
Deferred
Income Tax |
10,969,182 |
32,096,910 |
- |
|
Total
Assets |
8,539,473,911 |
9,097,122,796 |
9,562,574,478 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Trade
Accounts & Other Payable |
585,112,973 |
362,532,194 |
575,895,397 |
|
Accrued
Expenses |
- |
- |
44,941,654 |
|
Other
Payable-Related Company |
- |
- |
18,859,130 |
|
Current
Portion of Long-term Loan
|
480,085,936 |
820,421,401 |
835,239,349 |
|
Income Tax Payable |
- |
26,783,946 |
- |
|
Other
Current Liabilities |
2,361,058 |
15,411,916 |
17,518,585 |
|
Total Current Liabilities |
1,067,559,967 |
1,225,149,457 |
1,492,454,115 |
|
Long-term
Loan, Net of
Current Portion |
- |
465,799,821 |
1,309,487,014 |
|
Other
Non-current Liabilities |
78,076,535 |
270,368,520 |
411,784,866 |
|
Estimated
Liabilities from Employees’
Leaving Benefits |
9,058,502 |
6,290,982 |
4,613,559 |
|
Total
Liabilities |
1,154,695,004 |
1,967,608,780 |
3,218,339,554 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share
capital : Baht 100 par value
authorized, issued and
fully
paid share capital
33,930,000 shares |
3,393,000,000 |
3,393,000,000 |
3,393,000,000 |
|
Capital
Paid |
3,393,000,000 |
3,393,000,000 |
3,393,000,000 |
|
Unrealized
Gain/[Loss] from
Exchange Rate |
- |
- |
[106,235,233] |
|
Retained
Earning - Unappropriated |
4,000,955,134 |
3,792,217,475 |
3,057,470,157 |
|
Other Components of Equity |
[9,176,227] |
[55,703,459] |
- |
|
Total Shareholders' Equity |
7,384,778,907 |
7,129,514,016 |
6,344,234,924 |
|
Total
Liabilities & Shareholders
Equity |
8,539,473,911 |
9,097,122,796 |
9,562,574,478 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Sales
Income |
5,928,679,751 |
6,331,778,215 |
6,474,048,873 |
|
Other
Income |
9,154,516 |
89,790,245 |
19,967,444 |
|
Total
Revenues |
5,937,834,267 |
6,421,568,460 |
6,494,016,317 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost
of Goods Sold
|
5,410,052,080 |
5,316,692,750 |
5,517,526,139 |
|
Administrative Expenses |
216,827,434 |
265,744,444 |
231,556,479 |
|
Total Expenses |
5,626,879,514 |
5,582,437,194 |
5,749,082,618 |
|
Profit
before Financial Expenses
&
Income Tax |
310,954,753 |
839,131,266 |
744,933,699 |
|
Financial
Expenses |
[86,081,338] |
[99,967,945] |
[170,949,309] |
|
|
|
|
|
|
Profit
before Income Tax |
224,873,415 |
739,163,321 |
573,984,390 |
|
Income Tax |
[16,009,563] |
[69,185,807] |
- |
|
Net
Profit / [Loss] |
208,863,852 |
669,977,514 |
573,984,390 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.43 |
3.54 |
2.83 |
|
QUICK RATIO |
TIMES |
3.10 |
2.36 |
1.71 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.64 |
1.52 |
1.36 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.69 |
0.70 |
0.68 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
94.32 |
97.88 |
108.76 |
|
INVENTORY TURNOVER |
TIMES |
3.87 |
3.73 |
3.36 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
108.07 |
102.67 |
95.30 |
|
RECEIVABLES TURNOVER |
TIMES |
3.38 |
3.56 |
3.83 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
39.48 |
24.89 |
38.10 |
|
CASH CONVERSION CYCLE |
DAYS |
162.92 |
175.66 |
165.97 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
91.25 |
83.97 |
85.23 |
|
SELLING & ADMINISTRATION |
% |
3.66 |
4.20 |
3.58 |
|
INTEREST |
% |
1.45 |
1.58 |
2.64 |
|
GROSS PROFIT MARGIN |
% |
8.90 |
17.45 |
15.08 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.24 |
13.25 |
11.51 |
|
NET PROFIT MARGIN |
% |
3.52 |
10.58 |
8.87 |
|
RETURN ON EQUITY |
% |
2.83 |
9.40 |
9.05 |
|
RETURN ON ASSET |
% |
2.45 |
7.36 |
6.00 |
|
EARNING PER SHARE |
BAHT |
6.16 |
19.75 |
16.92 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.14 |
0.22 |
0.34 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.16 |
0.28 |
0.51 |
|
TIME INTEREST EARNED |
TIMES |
3.61 |
8.39 |
4.36 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(6.37) |
(2.20) |
|
|
OPERATING PROFIT |
% |
(62.94) |
12.65 |
|
|
NET PROFIT |
% |
(68.83) |
16.72 |
|
|
FIXED ASSETS |
% |
(13.24) |
(12.59) |
|
|
TOTAL ASSETS |
% |
(6.13) |
(4.87) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -6.37%. Turnover has decreased from THB
6,331,778,215.00 in 2012 to THB 5,928,679,751.00 in 2013. While net profit has
decreased from THB 669,977,514.00 in 2012 to THB 208,863,852.00 in 2013. And
total assets has decreased from THB 9,097,122,796.00 in 2012 to THB
8,539,473,911.00 in 2013.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.90 |
Deteriorated |
Industrial Average |
62.38 |
|
Net Profit Margin |
3.52 |
Acceptable |
Industrial Average |
6.26 |
|
Return on Assets |
2.45 |
Deteriorated |
Industrial Average |
6.99 |
|
Return on Equity |
2.83 |
Deteriorated |
Industrial Average |
11.35 |
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. The company's figure is 8.9%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company may have problems with control over its costs.
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 3.52%.
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 2.45%.
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 2.83%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
4.43 |
Impressive |
Industrial Average |
2.09 |
|
Quick Ratio |
3.10 |
|
|
|
|
Cash Conversion Cycle |
162.92 |
|
|
|
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 4.43 times in 2013, increased from 3.54 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 3.1 times in 2013,
increased from 2.36 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 163 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.14 |
Impressive |
Industrial Average |
0.36 |
|
Debt to Equity Ratio |
0.16 |
Impressive |
Industrial Average |
0.56 |
|
Times Interest Earned |
3.61 |
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 3.62 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 0.14 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 |
1.64 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.69 |
Acceptable |
Industrial Average |
1.12 |
|
Inventory Conversion Period |
94.32 |
|
|
|
|
Inventory Turnover |
3.87 |
Satisfactory |
Industrial Average |
4.66 |
|
Receivables Conversion Period |
108.07 |
|
|
|
|
Receivables Turnover |
3.38 |
Acceptable |
Industrial Average |
4.83 |
|
Payables Conversion Period |
39.48 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.38 and 3.56 in
2013 and 2012 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 2013
decreased from 2012. 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 decreased from 98 days at the
end of 2012 to 94 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 3.73 times in year 2012 to 3.87 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.69 times and 0.7
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.60.33 |
|
UK Pound |
1 |
Rs.103.18 |
|
Euro |
1 |
Rs.81.58 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MNL |
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.