MIRA INFORM REPORT
|
Report No. : |
353610 |
|
Report Date : |
15.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
JACQUARD TEXTILE
[ASIA] LIMITED |
|
|
|
|
Registered Office : |
50 Moo 2, T. Huaythachang, A.Khaoyoi,
Petchburi 76140 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
12.07.1999 |
|
|
|
|
Com. Reg. No.: |
0105542049612 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and
Exporter of Jacquard and
Knitted Fabrics. |
|
|
|
|
No. of Employees : |
250 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company
Name
JACQUARD TEXTILE [ASIA] LIMITED
SUMMARY
BUSINESS
ADDRESS : 50
MOO 2, T.
HUAYTHACHANG,
A.
KHAOYOI, PETCHBURI 76140, THAILAND
TELEPHONE : [66] 32
446-864-5
FAX :
[66] 32
446-866
E-MAIL
ADDRESS : sales@jacquard-textile.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0105542049612 [Former
: [1] 456/2542]
TAX
ID NO. : 3021028145
CAPITAL REGISTERED : BHT. 27,000,000
CAPITAL PAID-UP : BHT.
27,000,000
SHAREHOLDER’S PROPORTION : THAI :
1.00%
FOREIGN :
99.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
STEFAN HEINKE, GERMAN
MANAGING DIRECTOR
NO.
OF STAFF : 250
LINES
OF BUSINESS : JACQUARD AND KNITTED FABRICS
MANUFACTURER, DISTRIBUTOR AND EXPORTER
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 July 12,
1999 as a
private limited company
under the registered
name JACQUARD TEXTILE
[ASIA] LIMITED, by
and Thai and
foreign groups, in
order to manufacture wide
range of damask
woven and knitted fabrics [jacquard textile]
by combining unique
fabric qualities with
the latest exciting,
vibrant Italian designs for both
domestic and international markets. It currently employs approximately
250 staff.
The
subject received the
promotion privilege from
the Board of
Investment for
manufacturing jacquard
and polypropylene yarn.
The subject’s registered
address is 50 Moo
2, T. Huaythachang,
A. Khaoyoi, Petchburi 76140,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
Mr. Stefan Heinke
AUTHORIZED
PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Stefan Heinke
is the Managing
Director.
He is German
nationality with the
age of 51 years
old.
Mr. J. Vijaya Kumar is
the Factory Manager.
He is Indian
nationality.
Mr. Axel Sommerfeld
is the Sales
& Marketing Manager.
He is American
nationality.
Mr. Carl Peedell
is the Sales
Manager.
He is American
nationality.
Ms. Nittaya Punlaong
is the Domestic
Sales Manager.
She is Thai
nationality.
BUSINESS
OPERATIONS
The subject is
engaged in manufacturing
and servicing wide
range of fabrics
including cotton fabric,
polyester fabric, mattress
tape, knitted ticking
and upholstery fabric
for mattress and
furniture industry under
its own brand
“JACQUARD”.
PRODUCTION CAPACITY
Approximately 1,000,000 liner
meters per month
PURCHASE
80% of raw
materials such as
polyester yarn, cotton
yarn, silk and
chemicals are purchased
from local suppliers
and agents, the
remaining 20% is
imported from France,
Italy, Germany, Australia, New
Zealand, India, Republic
of China, Taiwan
and Japan.
MAJOR SUPPLIERS
Indorama Ventures Public
Company Limited : Thailand
Indorama Polyester Industry
Public Company Limited. : Thailand
Jong Stit Co.,
Ltd. :
Thailand
Stellini Textile Group
S.r.L. : Italy
DISTRIBUTION
70% of the
products is exported to Japan, Taiwan, Singapore, Vietnam,
Hong Kong, India, Malaysia,
Indonesia, Philippines, Republic
of China, Pakistan,
Myanmar, Australia, U.S.A.
and many countries
in Europe, Africa
and Middle East
region, the remaining
30% is sold locally.
MAJOR CUSTOMERS
Jaspal & Sons Co., Ltd. : Thailand
Fairview Mattress Co.,
Ltd. : Thailand
Darling Mattress Co., Ltd. : Thailand
Darling Mattress Khorn
Kaen Co., Ltd. : Thailand
Diamond Mattress Company : U.S.A.
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
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.
Imports are by
L/C at sight or T/T.
Exports are against
T/T.
BUSINESS
TRANSACTION
The products are
sold to customers
mainly by credit, with
the maximum credit given at
30-60 days. The subject
is found to have late
payment by some
customers, but they
can negotiate.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office : 9 Ratchadapisek
Rd., Ladyao, Jatujak,
Bangkok 10900]
[Khaowang Branch :
595 Petchkasem Rd.,
Banmoh, Muang, Petchburi 76000]
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 250 staff.
[office staff and
factory workers]
LOCATION
DETAILS
The premise is
rented for administrative office,
factory and warehouse
on 24,000 square
meters plot of land at
the heading address.
Premise is located
in provincial, in the
Southern region.
COMMENT
The
subject is a
manufacturer of Jacquard and
knitted fabrics. The
machinery used in
its productions is from world
leading manufacturers of textile
machinery. Its plant
is operating at
high efficiency, and quality
of products is
comparable to top
class plants in
world markets. This has
enabled the subject a commitment to the
concept of absolute consistency
in quality.
FINANCIAL
INFORMATION
The capital was initially
registered at Bht. 24,000,000 divided
into 240,000 shares of
Bht. 100 each.
On June 22,
2000, the capital
was increased to
Bht. 27,000,000 divided
into 270,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
[as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Invest-Tech Limited Nationality: Luxembourg Address : Luxembourg |
134,998 |
50.00 |
|
Mr. Stefan Heinke Nationality: German Address : 50
Moo 2, T. Huaythachang, A. Khaoyoi, Petchburi |
121,500 |
45.00 |
|
Mr. Andreas Heinke Nationality: German Address : Germany |
10,800 |
4.00 |
|
Ms. Lamduan Chookam Nationality: Thai Address : 26
Moo 1, T. Hadchaosamran, A. Muang,
Petchburi |
2,700 |
1.00 |
|
Mr. Paolo Stellini Nationality: Italian Address : Malano,
Italy |
1 |
- |
|
Mr. Valentino Stellini Nationality: Italian Address : Milano,
Italy |
1 |
- |
Total Shareholders : 6
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
2,700 |
1.00 |
|
Foreign |
5 |
267,300 |
99.00 |
|
Total |
6 |
270,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Taweechai Awanon No.
3738
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2014, 2013 & 2012
were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
31,122,393.44 |
91,484,889.33 |
37,591,109.35 |
|
Short-term Investment |
34,420,772.71 |
56,678,863.96 |
74,377,202.42 |
|
Trade Accounts Receivable |
163,612,693.84 |
184,341,355.55 |
193,925,246.72 |
|
Inventories |
134,122,978.04 |
99,256,903.81 |
123,525,008.47 |
|
Other Current Assets
|
10,558,816.38 |
15,664,798.72 |
8,488,317.32 |
|
|
|
|
|
|
Total Current Assets
|
373,837,654.41 |
447,426,811.37 |
437,906,884.28 |
|
Fixed Assets |
327,675,677.74 |
401,928,693.70 |
407,072,928.21 |
|
Other Non-current Assets |
32,218,881.00 |
7,539,442.24 |
8,724,736.88 |
|
Total Assets |
733,732,213.15 |
856,894,947.31 |
853,704,549.37 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts Payable |
25,804,438.93 |
27,820,657.01 |
38,212,593.41 |
|
Advance Income |
6,388,975.00 |
5,167,129.37 |
2,024,939.34 |
|
Accrued Expenses |
6,971,717.89 |
8,318,622.52 |
6,449,278.61 |
|
|
|
|
|
|
Total Current Liabilities |
39,165,131.82 |
41,306,408.90 |
46,686,811.36 |
|
|
|
|
|
|
Long-term Loan |
401,594,252.41 |
632,485,306.01 |
652,059,126.55 |
|
Other Non-current Liabilities |
400,000.00 |
647,877.83 |
436,312.50 |
|
Total Liabilities |
441,159,384.23 |
674,439,592.74 |
699,182,250.41 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share capital 270,000
shares |
27,000,000.00 |
27,000,000.00 |
27,000,000.00 |
|
|
|
|
|
|
Capital Paid |
27,000,000.00 |
27,000,000.00 |
27,000,000.00 |
|
Statutory Reserve |
2,700,000.00 |
2,700,000.00 |
2,700,000.00 |
|
Retained Earning - Unappropriated |
262,872,828.92 |
152,755,354.57 |
124,822,298.96 |
|
Total Shareholders' Equity |
292,572,828.92 |
182,455,354.57 |
154,522,298.96 |
|
Total Liabilities &
Shareholders' Equity |
733,732,213.15 |
856,894,947.31 |
853,704,549.37 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales |
673,840,677.45 |
631,230,512.65 |
680,653,903.48 |
|
Other Income |
8,873,795.36 |
19,907,510.23 |
8,562,485.04 |
|
Total Revenues |
682,714,472.81 |
651,138,022.88 |
689,216,388.52 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
425,782,861.87 |
417,158,165.09 |
444,539,257.95 |
|
Selling Expenses |
48,496,393.43 |
51,284,055.45 |
58,173,983.72 |
|
Administrative Expenses |
61,333,635.54 |
58,722,456.36 |
58,948,102.47 |
|
Other Expenses |
5,314,588.95 |
4,067,964.17 |
4,149,014.40 |
|
Total Expenses |
540,927,479.79 |
531,232,641.07 |
565,810,358.54 |
|
|
|
|
|
|
Profit before Financial Cost
& Income Tax |
141,786,993.02 |
119,905,381.81 |
123,406,029.98 |
|
Financial Cost |
[20,980,543.67] |
[23,499,655.02] |
[20,912,572.21] |
|
Profit before Income Tax |
120,806,449.35 |
96,405,726.79 |
102,493,457.77 |
|
Income Tax |
[10,688,975.00] |
[9,593,879.37] |
[3,462,439.34] |
|
|
|
|
|
|
Net Profit / [Loss] |
110,117,474.35 |
86,811,847.42 |
99,031,018.43 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
9.55 |
10.83 |
9.38 |
|
QUICK RATIO |
TIMES |
5.85 |
8.05 |
6.55 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.06 |
1.57 |
1.67 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.92 |
0.74 |
0.80 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
114.98 |
86.85 |
101.42 |
|
INVENTORY TURNOVER |
TIMES |
3.17 |
4.20 |
3.60 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
88.62 |
106.59 |
103.99 |
|
RECEIVABLES TURNOVER |
TIMES |
4.12 |
3.42 |
3.51 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
22.12 |
24.34 |
31.38 |
|
CASH CONVERSION CYCLE |
DAYS |
181.48 |
169.10 |
174.04 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
63.19 |
66.09 |
65.31 |
|
SELLING & ADMINISTRATION |
% |
16.30 |
17.43 |
17.21 |
|
INTEREST |
% |
3.11 |
3.72 |
3.07 |
|
GROSS PROFIT MARGIN |
% |
38.13 |
37.07 |
35.95 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
21.04 |
19.00 |
18.13 |
|
NET PROFIT MARGIN |
% |
16.34 |
13.75 |
14.55 |
|
RETURN ON EQUITY |
% |
37.64 |
47.58 |
64.09 |
|
RETURN ON ASSET |
% |
15.01 |
10.13 |
11.60 |
|
EARNING PER SHARE |
BAHT |
407.84 |
321.53 |
366.78 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.60 |
0.79 |
0.82 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.51 |
3.70 |
4.52 |
|
TIME INTEREST EARNED |
TIMES |
6.76 |
5.10 |
5.90 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
6.75 |
(7.26) |
|
|
OPERATING PROFIT |
% |
18.25 |
(2.84) |
|
|
NET PROFIT |
% |
26.85 |
(12.34) |
|
|
FIXED ASSETS |
% |
(18.47) |
(1.26) |
|
|
TOTAL ASSETS |
% |
(14.37) |
0.37 |
|
ANNUAL GROWTH : SATISFACTORY
An annual sales growth is 6.75%. Turnover has increased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
38.13 |
Impressive |
Industrial
Average |
11.08 |
|
Net Profit Margin |
16.34 |
Impressive |
Industrial
Average |
3.32 |
|
Return on Assets |
15.01 |
Impressive |
Industrial
Average |
2.63 |
|
Return on Equity |
37.64 |
Impressive |
Industrial
Average |
5.61 |
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 38.13%. 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 16.34%,
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. Return on Assets ratio is
15.01%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
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. Return on Equity ratio
is 37.64%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
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 |
9.55 |
Impressive |
Industrial
Average |
1.22 |
|
Quick Ratio |
5.85 |
|
|
|
|
Cash Conversion Cycle |
181.48 |
|
|
|
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 9.55 times in 2014, decreased from 10.83 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 5.85 times in 2014,
decreased from 8.05 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 182 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.60 |
Acceptable |
Industrial
Average |
0.52 |
|
Debt to Equity Ratio |
1.51 |
Risky |
Industrial
Average |
1.08 |
|
Times Interest Earned |
6.76 |
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 6.76 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 0.6 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.06 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.92 |
Impressive |
Industrial
Average |
0.79 |
|
Inventory Conversion Period |
114.98 |
|
|
|
|
Inventory Turnover |
3.17 |
Impressive |
Industrial
Average |
2.56 |
|
Receivables Conversion Period |
88.62 |
|
|
|
|
Receivables Turnover |
4.12 |
Impressive |
Industrial
Average |
3.99 |
|
Payables Conversion Period |
22.12 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.12 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 87 days at the
end of 2013 to 115 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 4.2 times in year 2013 to 3.17 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.92 times and 0.74
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.66.99 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.73.47 |
|
Thai Baht |
1 |
Rs.1.86 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
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.