MIRA INFORM REPORT
|
Report No. : |
318790 |
|
Report Date : |
30.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
HUASIANG COMPANY LIMITED |
|
|
|
|
Registered Office : |
611/5 Trok Watchannai, Bangklo, Bangkorlaem, Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
26.03.1979 |
|
|
|
|
Com. Reg. No.: |
0105522006136 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Pigment and Textile Chemicals. |
|
|
|
|
No. of Employees : |
12 |
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 |
|
|
|
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 has had a strong economy due in part to industrial and agriculture
exports - mostly electronics, agricultural commodities, automobiles and parts,
and processed foods. Thailand attracts nearly 2.5 million migrant workers from
neighboring countries. The Thai government in 2013 implemented a nation-wide
300 baht ($10) per day minimum wage policy and deployed new tax reforms
designed to lower rates on middle-income earners. The Thai economy has
weathered both internal and external economic shocks in recent years. The
global economic recession severely cut Thailand's exports, with most sectors
experiencing double-digit drops. In late 2011 Thailand's recovery was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. Government
approved flood mitigation projects, worth $11.7 billion, were started in 2012
to prevent a repeat. Thai growth slowed in 2013 and has remained low since, as
the country faced political uncertainty and a coup in May 2014. The interim
government is implementing a special $11 billion short-term stimulus package
and has approved a budget of more than $80 billion to aid an economic rebound.
|
Source
: CIA |
Company
Name
HUASIANG COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 611/5
TROK WATCHANNAI, BANGKLO,
BANGKORLAEM, BANGKOK
10120, THAILAND
TELEPHONE : [66] 2291-0770-1,
2289-5052, 089 107-7071
FAX :
[66] 2291-0773
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1979
REGISTRATION
NO. : 0105522006136 [Former : 616/2522]
TAX ID NO. : 3101136401
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS.
JARIYA FONG-AMORNKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 12
LINES
OF BUSINESS : PIGMENT AND
TEXTILE CHEMICALS
IMPORTER AND
DISTRIBUTOR
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on March 26, 1979 as
a private limited
company under the name style HUASIANG COMPANY
LIMITED by Thai groups, with the business objective
to import and distribute
pigment and textile
chemicals for local
textile industry. It
currently employs 12
staff.
The
subject’s registered address
was initially at
611/5 Soi Raj-uthis
2, Pradoo 1
Rd., Bangklo, Bangkorlaem,
Bangkok 10120.
Later,
its registered address
has been changed
to 611/5 Trok
Watchannai, Bangklo, Bangkorlaem,
Bangkok 10120, by the Bangkorlaem
District Office, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Varayuth Thamakorn |
|
Thai |
64 |
|
Mrs. Jariya Fong-amornkul |
|
Thai |
62 |
|
Mr. Surachai Fong-amornkul |
|
Thai |
58 |
AUTHORIZED
PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Jariya Fong-amornkul is the Managing
Director.
She is Thai
nationality with the
age of 62
years old.
BUSINESS
OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of pigment
and dye chemicals
for textile industry.
PURCHASE
Most of the
products are imported
from India, Malaysia,
Japan and Poland,
the
remaining is purchased
from local supplier.
MAJOR SUPPLIER
Kolorjet Chemicals Pvt.
Ltd. : India
SALES
100% of the
products is sold locally to
manufacturers and end-users.
RELATED
AND AFFILIATED COMPANY
Fong-Amorn Co., Ltd.
Business Type :
Importer and distributor
of industrial chemicals
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 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
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject currently employs 12 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/ residential area.
Warehouse is located at
611/48 Trok Watchannai, Bangklo, Bangkorlaem,
Bangkok 10120.
COMMENT
Subject
is an importer
and distributor of
pigment and chemicals.
Subject reported moderate sales in 2013.
With its long
term business of
over 35 years,
the subject has
been recognized in
its market place.
The subject has
stable operation.
FINANCIAL
INFORMATION
The capital
was initially registered at
Bht. 2,000,000 divided into
20,000 shares of
Bht. 100 each.
The
capital were increased
and decreased later
as follows:
Bht. 4,000,000
on September 24,
1993 [increased]
Bht. 8,000,000
on December 14,
1994 [increased]
Bht. 5,000,000
on December 2,
2002 [decreased]
The
latest registered capital
was decreased to
Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
[as at
April 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Jariya Fong-amornkul Nationality: Thai Address : 611/5 Trok
Watchannai, Bangklo,
Bangkorlaem, Bangkok |
22,000 |
44.00 |
|
Mr. Varayuth Thamakorn Nationality: Thai Address : 819/45 Bangpongpang, Yannawa,
Bangkok |
10,000 |
20.00 |
|
Mr. Surachai Fong-amornkul Nationality: Thai Address : 321/4 Trok
Tonpho, Bangkorlaem, Bangkok |
9,500 |
19.00 |
|
Mrs. Tassanee Chusroypin Nationality: Thai Address : 55
Sukhumvit 26 Rd.,
Klongton,
Klongtoey, Bangkok |
5,000 |
10.00 |
|
Mrs. Chuanpis Vorachart Nationality: Thai Address : 321/4 Trok Tonpho, Bangkorlaem, Bangkok |
2,500 |
5.00 |
|
Mrs. Chanida Fong-amornkul Nationality: Thai Address : 321/4 Trok
Tonpho, Bangkorlaem, Bangkok |
500 |
1.00 |
|
Mr. Surasak Fong-amornkul Nationality: Thai Address : 141/65 Moo
6, Samaedam, Bangkhunthien, Bangkok |
500 |
1.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Araya Mahavanich
No. 4995
Note
The 2014 financial
statement has not
yet available during
investigation.
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
3,158,470.66 |
1,727,863.42 |
175,148.43 |
|
Cash at Bank
under Commitment |
2,641,341.19 |
2,577,546.92 |
2,520,667.49 |
|
Trade Accounts & Other
Receivable |
|
|
|
|
Trade Accounts
Receivable |
6,930,331.31 |
4,900,879.20 |
5,497,349.12 |
|
Other Receivable |
44,519.11 |
43,787.45 |
34,674.16 |
|
Total Trade Accounts
& Other Receivable
|
6,974,850.42 |
4,944,666.65 |
5,532,023.28 |
|
Inventories |
3,839,342.04 |
5,855,561.29 |
6,053,033.48 |
|
Total Current Assets
|
16,614,004.31 |
15,105,638.28 |
14,280,872.68 |
|
|
|
|
|
|
Fixed Assets |
902,653.19 |
1,186,765.45 |
1,230,337.33 |
|
Intangible Assets |
1.00 |
1.00 |
1.00 |
|
Other Non-current Assets |
14,200.50 |
14,200.50 |
13,600.00 |
|
Total Assets |
17,530,859.00 |
16,306,605.23 |
15,524,811.51 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
|
|
|
|
Trade Accounts Payable |
404,554.16 |
369,530.92 |
349,012.60 |
|
Other Payable |
842,292.12 |
522,677.48 |
450,664.06 |
|
Total Trade Accounts & Other Payable |
1,246,846.28 |
892,208.40 |
799,676.66 |
|
Other Current Liabilities |
60,966.41 |
151,483.08 |
91,716.09 |
|
Total Current Liabilities |
1,307,812.69 |
1,043,691.48 |
891,392.75 |
|
Total Liabilities |
1,307,812.69 |
1,043,691.48 |
891,392.75 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning Appropriated - Statutory
Reserve |
500,000.00 |
500,000.00 |
500,000.00 |
|
Unappropriated |
10,723,046.31 |
9,762,913.75 |
9,133,418.76 |
|
Total Shareholders' Equity |
16,223,046.31 |
15,262,913.75 |
14,633,418.76 |
|
Total Liabilities & Shareholders' Equity |
17,530,859.00 |
16,306,605.23 |
15,524,811.51 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
23,068,349.85 |
23,804,396.85 |
21,965,971.60 |
|
Other Income |
65,255.89 |
482,747.78 |
123,369.17 |
|
Total Revenues |
23,133,605.74 |
24,287,144.63 |
22,089,340.77 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
15,886,229.86 |
17,165,671.85 |
15,232,745.97 |
|
Selling Expenses |
1,557,992.29 |
1,292,490.29 |
1,381,495.00 |
|
Administrative Expenses |
4,607,621.16 |
4,949,914.03 |
4,380,541.40 |
|
Total Expenses |
22,051,843.31 |
23,408,076.17 |
20,994,782.37 |
|
Profit / [Loss] before Financial Cost & Income Tax |
1,081,762.43 |
879,068.46 |
1,064,558.40 |
|
Financial Cost |
[18.57] |
[15.33] |
[4.14] |
|
Profit / [Loss] before Income
Tax |
1,081,743.76 |
879,053.13 |
1,064,554.26 |
|
Income Tax |
[121,611.30] |
[249,558.14] |
[159,362.02] |
|
Net Profit / [Loss] |
960,132.56 |
629,494.99 |
905,192.24 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
12.70 |
14.47 |
16.02 |
|
QUICK RATIO |
TIMES |
9.77 |
8.86 |
9.23 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
25.56 |
20.06 |
17.85 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.32 |
1.46 |
1.41 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
88.21 |
124.51 |
145.04 |
|
INVENTORY TURNOVER |
TIMES |
4.14 |
2.93 |
2.52 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
109.66 |
75.15 |
91.35 |
|
RECEIVABLES TURNOVER |
TIMES |
3.33 |
4.86 |
4.00 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
9.29 |
7.86 |
8.36 |
|
CASH CONVERSION CYCLE |
DAYS |
188.57 |
191.80 |
228.02 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
68.87 |
72.11 |
69.35 |
|
SELLING & ADMINISTRATION |
% |
26.73 |
26.22 |
26.23 |
|
INTEREST |
% |
0.00 |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
31.42 |
29.92 |
31.21 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.69 |
3.69 |
4.98 |
|
NET PROFIT MARGIN |
% |
4.16 |
2.64 |
4.12 |
|
RETURN ON EQUITY |
% |
5.92 |
4.12 |
6.19 |
|
RETURN ON ASSET |
% |
5.48 |
3.86 |
5.83 |
|
EARNING PER SHARE |
BAHT |
19.20 |
12.59 |
18.10 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.07 |
0.06 |
0.06 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.08 |
0.07 |
0.06 |
|
TIME INTEREST EARNED |
TIMES |
58,253.23 |
57,343.02 |
264,386.09 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(3.09) |
8.37 |
|
|
OPERATING PROFIT |
% |
23.06 |
(19.69) |
|
|
NET PROFIT |
% |
52.52 |
(30.46) |
|
|
FIXED ASSETS |
% |
(23.94) |
(3.54) |
|
|
TOTAL ASSETS |
% |
7.51 |
5.04 |
|
ANNUAL
GROWTH: SATISFACTORY
An annual sales growth is -3.09%. Turnover has decreased from THB
23,804,396.85 in 2012 to THB 23,068,349.85 in 2013. While net profit has
increased from THB 629,494.99 in 2012 to THB 960,132.56 in 2013. And total
assets has increased from THB 16,306,605.23 in 2012 to THB 17,530,859.00 in
2013.
PROFITABILITY:
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
31.42 |
Satisfactory |
Industrial
Average |
39.58 |
|
Net Profit Margin |
4.16 |
Impressive |
Industrial
Average |
2.79 |
|
Return on Assets |
5.48 |
Satisfactory |
Industrial
Average |
6.76 |
|
Return on Equity |
5.92 |
Deteriorated |
Industrial
Average |
25.26 |
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 31.42%. 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 4.16%, 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 5.48%.
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 5.92%.
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 |
12.70 |
Impressive |
Industrial
Average |
1.61 |
|
Quick Ratio |
9.77 |
|
|
|
|
Cash Conversion Cycle |
188.57 |
|
|
|
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 12.7 times in 2013, decreased from 14.47 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 9.77 times in 2013,
increased from 8.86 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 189 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.07 |
Impressive |
Industrial
Average |
0.90 |
|
Debt to Equity Ratio |
0.08 |
Impressive |
Industrial
Average |
3.50 |
|
Times Interest Earned |
58,253.23 |
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 58253.23 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 0.07 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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
25.56 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.32 |
Deteriorated |
Industrial
Average |
3.15 |
|
Inventory Conversion Period |
88.21 |
|
|
|
|
Inventory Turnover |
4.14 |
Deteriorated |
Industrial
Average |
18.74 |
|
Receivables Conversion Period |
109.66 |
|
|
|
|
Receivables Turnover |
3.33 |
Deteriorated |
Industrial
Average |
9.36 |
|
Payables Conversion Period |
9.29 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.33 and 4.86 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 125 days at the
end of 2012 to 88 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 2.93 times in year 2012 to 4.14 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.32 times and 1.46
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.63.20 |
|
|
1 |
Rs.97.01 |
|
Euro |
1 |
Rs.69.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.