MIRA INFORM REPORT
|
Report No. : |
353613 |
|
Report Date : |
12.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHUN WANG BROTHERS CO., LTD. |
|
|
|
|
Formerly Known As : |
P.T. BROTHERS INDUSTRIES CO.,
LTD. |
|
|
|
|
Registered Office : |
179 Moo 6,
Sukhumvit Road, T. Bangpoomai, A. Muang, Samutprakarn 10280 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
15.08.1978 |
|
|
|
|
Com. Reg. No.: |
0105521014062 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is
engaged in manufacturing, distributing and
exporting finished leather,
the main material
for shoes, handbags
and furniture production
industries. |
|
|
|
|
No. of Employees : |
80 |
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 but correct |
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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, and generally pro-investment policies Thailand has historically had a strong
economy due in part to competitive industrial and agriculture exports - mostly
electronics, agricultural commodities, automobiles and parts, and processed
foods. The economy experienced slow growth and declining exports in 2014, in
part due to domestic political turmoil and sluggish global demand. With full
employment, Thailand attracts an estimated 2-4 million migrant workers from
neighboring countries, and faces labor shortages. Following the May 2014 coup
d'etat, tourism decreased 6-7% but is beginning to recover. The household debt
to GDP ratio is over 80%. 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 baht has remained
stable.
|
Source
: CIA |
Company
Name
CHUN WANG BROTHERS
CO., LTD.
[FORMER :
P.T. BROTHERS INDUSTRIES CO.,
LTD.]
SUMMARY
BUSINESS ADDRESS : 179 MOO 6,
SUKHUMVIT ROAD, T. BANGPOOMAI,
A.
MUANG, SAMUTPRAKARN 10280,
THAILAND
TELEPHONE : [66] 2323-9425,
2323-9827, 2323-9482-3
FAX : [66] 2323-9688
E-MAIL ADDRESS : info@chunwang.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1978
REGISTRATION NO. : 0105521014062
TAX ID NO. : 3101140514
CAPITAL REGISTERED : BHT.
30,000,000
CAPITAL PAID-UP : BHT.
30,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. PITAK TANPETCHARAT,
THAI
MANAGING DIRECTOR
NO. OF STAFF : 80
LINES OF BUSINESS : TANNERY
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
|
|
|
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 August 15,
1978 as a private
limited company under
the originally registered
name “P.T. Brothers
Industries Co., Ltd.”,
by Thai group,
the Tanpetcharat family.
On October 8,
2003, its registered
name was changed
to CHUN WANG
BROTHERS CO., LTD. Its
business objective is to
manufacture and distribute
finished leather for shoes, hand
bags and furniture
production of both domestic
and international markets.
It currently employs
approximately 80 staff.
The subject’s registered
address is 179
Moo 6, Sukhumvit
Road, T. Bangpoomai,
A. Muang, Samutprakarn 10280,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pitak Tanpetcharat |
|
Thai |
64 |
|
Mr. Pipat Tanpetcharat |
|
Thai |
70 |
|
Mr. Pisit Tanpetcharat |
|
Thai |
63 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Pitak Tanpetcharat is
the Managing Director.
He is Thai
nationality with the
age of 64
years old.
Mr. Pisit Tanpetcharat is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 63 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting finished
leather, the main
material for shoes,
handbags and furniture
production industries.
PURCHASE
Raw materials, mainly
raw hide and tanning
chemicals are purchased
from suppliers both
domestic and overseas
in Australia, Sweden,
India and Republic
of China.
SALES
80% of the
products is sold
locally by wholesale
to manufacturers, the
remaining 20% is exported to Japan, Malaysia, Indonesia, Hong Kong, Republic of China, Vietnam, Korea and
Taiwan.
RELATED AND
AFFILIATED COMPANY
Chun Wang Brothers
R.O.P.
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 to 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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 80 staff.
LOCATION DETAILS
The premise is
rented for administrative office
and tannery at
the heading address.
Premise is located
in provincial.
COMMENT
The subject is
the one of
the leading tanneries
in domestic market.
With its long
experience in tannery
has enabled its
name and products
to be trusted
by both domestic
and overseas customers.
Slow consumption from
various industries has
resulted to a
slow business performance
in the previous
year. However, the
subject’s business remains
in good prospect
in the long run.
FINANCIAL INFORMATION
The capital was registered at Bht. 5,000,000 divided
into 5,000 shares of
Bht. 1,000
each with fully
paid.
The capital was
increased later as
follows:
Bht. 10,000,000
on April 25,
1979
Bht. 16,000,000
on December 19,
1996
Bht. 30,000,000
on December 18,
2014
The latest registered
capital was increased
to Bht. 30,000,000
divided into 30,000
shares of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pitak Tanpetcharat Nationality: Thai Address : 179
Moo 6, Sukhumvit
Road, T.
Bangpoomai, A. Muang, Samutprakarn |
8,400 |
28.00 |
|
Mr. Pipat Tanpetcharat Nationality: Thai Address : 179
Moo 6, Sukhumvit
Road, T.
Bangpoomai, A. Muang, Samutprakarn |
6,300 |
21.00 |
|
Mr. Pisit Tanpetcharat Nationality: Thai Address : 2600
Rama 4 Road,
Klongtoey, Bangkok |
6,300 |
21.00 |
|
Ms. Saengchan Tanpetcharat Nationality: Thai Address : 316/7
Soi Sukhumvit 22,
Klongtoey, Bangkok |
1,800 |
6.00 |
|
Mrs. Ratana Thamyongkit Nationality: Thai Address : 50/178
Soi Borommatchonnee 72/2, Salathammasop, Taweewattana, Bangkok |
1,200 |
4.00 |
|
Mrs. Chantanee Tanpetcharat Nationality: Thai Address : 645/27
Sukhumvit 50 Road,
Prakanong,
Klongtoey, Bangkok |
1,200 |
4.00 |
|
Mrs. Chantana Payakkapan Nationality: Thai Address : 2600
Rama 4 Road,
Klongtoey, Bangkok |
1,200 |
4.00 |
|
Ms. Chanchay Tanpetcharat Nationality: Thai Address : 901/21-23
Moo 15, T. Bangkaew, A.
Bangplee, Samutprakarn |
1,200 |
4.00 |
|
Ms. Chantra Tanpetcharat Nationality: Thai Address : 2600
Rama 4 Road,
Klongtoey, Bangkok |
1,200 |
4.00 |
|
Mrs. Chanphen Rojpisalwong Nationality: Thai Address : 17
Soi Vachirathamsathit 64,
Bangchak, Prakanong, Bangkok |
1,200 |
4.00 |
Total Shareholders : 10
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
10 |
30,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
10 |
30,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Ms. Kanarat Kijthanapoprung No. 5939
BALANCE SHEET
[BAHT]
The latest financial figures published
as at December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
12,182,812.13 |
14,841,517.76 |
11,551,954.25 |
|
Trade Accounts &
Other Receivable |
13,827,882.02 |
20,297,857.43 |
21,282,420.97 |
|
Short-term Loans |
99,965.77 |
1,334,747.94 |
270,710.79 |
|
Inventories |
156,953,835.53 |
127,530,872.30 |
106,630,473.99 |
|
Other Current Assets
|
1,728,937.84 |
9,655,774.01 |
7,281,190.47 |
|
|
|
|
|
|
Total Current Assets
|
184,793,433.29 |
173,660,769.44 |
147,016,750.47 |
|
Cash at Bank pledged as a Collateral |
13,517,408.84 |
13,309,245.37 |
10,501,000.00 |
|
Long-term Loans |
- |
4,442,201.62 |
18,754,215.93 |
|
Fixed Assets |
27,803,149.16 |
31,931,745.13 |
30,645,380.09 |
|
Total Assets |
226,113,991.29 |
223,343,961.56 |
206,917,346.49 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
80,173,013.26 |
91,993,093.15 |
69,374,652.97 |
|
Trade Accounts & Other
Payable |
75,456,684.66 |
72,333,816.50 |
54,919,099.17 |
|
Short-term Loan |
- |
115,175.47 |
7,539,265.47 |
|
Other Current Liabilities |
2,805,980.76 |
5,401,074.63 |
14,977,810.44 |
|
|
|
|
|
|
Total Current Liabilities |
158,435,678.68 |
169,843,159.75 |
146,810,828.05 |
|
Total Liabilities |
158,435,678.68 |
169,843,159.75 |
146,810,828.05 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized and
issued share capital 30,000 shares in 2014 16,000 shares in 2013 & 2012 |
30,000,000.00 |
16,000,000.00 |
16,000,000.00 |
|
|
|
|
|
|
Capital Paid |
30,000,000.00 |
16,000,000.00 |
16,000,000.00 |
|
Retained Earning - Unappropriated |
37,678,312.61 |
37,500,801.81 |
44,106,518.44 |
|
Total Shareholders' Equity |
67,678,312.61 |
53,500,801.81 |
60,106,518.44 |
|
Total Liabilities & Shareholders' Equity |
226,113,991.29 |
223,343,961.56 |
206,917,346.49 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
320,378,142.44 |
394,485,338.16 |
396,700,853.76 |
|
Other Income |
4,774,919.51 |
4,873,392.48 |
8,228,972.91 |
|
Total Revenues |
325,153,061.95 |
399,358,730.64 |
404,929,826.67 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
288,208,182.40 |
360,886,392.00 |
365,814,617.01 |
|
Selling Expenses |
11,982,958.95 |
16,094,976.08 |
12,227,828.97 |
|
Administrative Expenses |
21,318,103.66 |
25,473,034.72 |
23,136,162.08 |
|
Total Expenses |
321,509,245.01 |
402,454,402.80 |
401,178,608.06 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
3,643,816.94 |
[3,095,672.16] |
3,751,218.61 |
|
Financial Cost |
[3,466,306.14] |
[3,510,044.47] |
[2,424,414.86] |
|
Profit / [Loss] before Income
Tax |
177,510.80 |
[6,605,716.63] |
1,326,803.75 |
|
Income Tax |
- |
- |
[689,188.55] |
|
|
|
|
|
|
Net Profit / [Loss] |
177,510.80 |
[6,605,716.63] |
637,615.20 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.17 |
1.02 |
1.00 |
|
QUICK RATIO |
TIMES |
0.16 |
0.21 |
0.23 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
11.52 |
12.35 |
12.94 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.42 |
1.77 |
1.92 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
198.77 |
128.98 |
106.39 |
|
INVENTORY TURNOVER |
TIMES |
1.84 |
2.83 |
3.43 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
15.75 |
18.78 |
19.58 |
|
RECEIVABLES TURNOVER |
TIMES |
23.17 |
19.43 |
18.64 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
95.56 |
73.16 |
54.80 |
|
CASH CONVERSION CYCLE |
DAYS |
118.97 |
74.61 |
71.18 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
89.96 |
91.48 |
92.21 |
|
SELLING & ADMINISTRATION |
% |
10.39 |
10.54 |
8.91 |
|
INTEREST |
% |
1.08 |
0.89 |
0.61 |
|
GROSS PROFIT MARGIN |
% |
11.53 |
9.75 |
9.86 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.14 |
(0.78) |
0.95 |
|
NET PROFIT MARGIN |
% |
0.06 |
(1.67) |
0.16 |
|
RETURN ON EQUITY |
% |
0.26 |
(12.35) |
1.06 |
|
RETURN ON ASSET |
% |
0.08 |
(2.96) |
0.31 |
|
EARNING PER SHARE |
BAHT |
5.92 |
(412.86) |
39.85 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.70 |
0.76 |
0.71 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.34 |
3.17 |
2.44 |
|
TIME INTEREST EARNED |
TIMES |
1.05 |
(0.88) |
1.55 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(18.79) |
(0.56) |
|
|
OPERATING PROFIT |
% |
(217.71) |
(182.52) |
|
|
NET PROFIT |
% |
102.69 |
(1,136.00) |
|
|
FIXED ASSETS |
% |
(12.93) |
4.20 |
|
|
TOTAL ASSETS |
% |
1.24 |
7.94 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -18.79%. Turnover has decreased from THB
PROFITABILITY : ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
11.53 |
Impressive |
Industrial Average |
(0.25) |
|
Net Profit Margin |
0.06 |
Deteriorated |
Industrial Average |
2.29 |
|
Return on Assets |
0.08 |
Deteriorated |
Industrial Average |
2.97 |
|
Return on Equity |
0.26 |
Deteriorated |
Industrial Average |
10.95 |
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 11.53%. 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 0.06%. 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 0.08%.
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 0.26%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.17 |
Satisfactory |
Industrial Average |
1.19 |
|
Quick Ratio |
0.16 |
|
|
|
|
Cash Conversion Cycle |
118.97 |
|
|
|
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 1.17 times in 2014, increased from 1.02 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 lower.
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 0.16 times in 2014,
decreased from 0.21 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 119 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.70 |
Impressive |
Industrial Average |
0.71 |
|
Debt to Equity Ratio |
2.34 |
Acceptable |
Industrial Average |
2.47 |
|
Times Interest Earned |
1.05 |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1.06 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 0.7 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
11.52 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.42 |
Impressive |
Industrial Average |
1.30 |
|
Inventory Conversion Period |
198.77 |
|
|
|
|
Inventory Turnover |
1.84 |
Acceptable |
Industrial Average |
2.46 |
|
Receivables Conversion Period |
15.75 |
|
|
|
|
Receivables Turnover |
23.17 |
Impressive |
Industrial Average |
5.30 |
|
Payables Conversion Period |
95.56 |
|
|
|
The company's Account Receivable Ratio is calculated as 23.17 and
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 129 days at the end of 2013
to 199 days at the end of 2014. This represents a negative trend. And Inventory
turnover has decreased from 2.83 times in year 2013 to 1.84 times in year 2014.
The company's Total Asset Turnover is calculated as 1.42 times and 1.77
times in 2014 and 2013 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.66.79 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.73.10 |
|
Thai Baht |
1 |
Rs.1.87 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
TPT |
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.