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Report No. : |
305985 |
|
Report Date : |
09.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
XYLEM WATER SOLUTIONS ( |
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Registered Office : |
Room E & F1, 12/F., |
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Country : |
Hongkong |
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Date of Incorporation : |
07.05.1999 |
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Com. Reg. No.: |
30077675 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Water Motor Pump, Water Motor
Mixer, Water Technologies. |
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No. of Employees : |
15. (Including associates) |
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 |
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Status : |
Satisfactory |
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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) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
HONGKONG - ECONOMIC OVERVIEW
Hong Kong has a free market
economy, highly dependent on international trade and finance - the value of
goods and services trade, including the sizable share of re-exports, is about
four times GDP. Hong Kong has no tariffs on imported goods, and it levies
excise duties on only four commodities, whether imported or produced locally:
hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas
or dumping laws. Hong Kong's open economy left it exposed to the global
economic slowdown that began in 2008. Although increasing integration with
China, through trade, tourism, and financial links, helped it to make an
initial recovery more quickly than many observers anticipated, its continued
reliance on foreign trade and investment leaves it vulnerable to renewed global
financial market volatility or a slowdown in the global economy. The Hong Kong
government is promoting the Special Administrative Region (SAR) as the site for
Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to
establish RMB-denominated savings accounts; RMB-denominated corporate and
Chinese government bonds have been issued in Hong Kong; and RMB trade
settlement is allowed. The territory far exceeded the RMB conversion quota set
by Beijing for trade settlements in 2010 due to the growth of earnings from
exports to the mainland. RMB deposits grew to roughly 12% of total system
deposits in Hong Kong by the end of 2013. The government is pursuing efforts to
introduce additional use of RMB in Hong Kong financial markets and is seeking
to expand the RMB quota. The mainland has long been Hong Kong's largest trading
partner, accounting for about half of Hong Kong's total trade by value. Hong
Kong's natural resources are limited, and food and raw materials must be
imported. As a result of China's easing of travel restrictions, the number of
mainland tourists to the territory has surged from 4.5 million in 2001 to 34.9
million in 2012, outnumbering visitors from all other countries combined. Hong
Kong has also established itself as the premier stock market for Chinese firms
seeking to list abroad. In 2012 mainland Chinese companies constituted about
46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for
about 57.4% of the Exchange's market capitalization. During the past decade, as
Hong Kong's manufacturing industry moved to the mainland, its service industry
has grown rapidly. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. Lower and middle income segments of the population are
increasingly unable to afford adequate housing. Hong Kong continues to link its
currency closely to the US dollar, maintaining an arrangement established in
1983. In 2013, Hong Kong and China signed new agreements under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from January 2014, cover
services and trade facilitation, and will improve access to the mainland's
service sector for Hong Kong-based companies.
|
Source
: CIA |
NOTE: Your given Room
No. is D which is not correct.]
XYLEM WATER
SOLUTIONS (HONG KONG)
LTD.
ADDRESS: Room E & F1,
12/F., CDW Building, 382-392 Castle Peak Road, Tsuen Wan,
New
Territories, Hong Kong.
PHONE: 852-8192
5711, 2845 0189
FAX: 852-2741
6605
Managing Director: Mr. Liu Tsin Kuen
Incorporated on: 7th May, 1999.
Organization: Private Limited Company.
Issued Share Capital: HK$2,300,000.00
Business Category: Importer,
Exporter and Wholesaler.
Group Revenue: US$3,916 million (Year ended 31-12-2014)
Employees: 15. (Including associates)
Main Dealing Banker: Citi Bank,
Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room E & F1, 12/F., CDW Building, 382-392 Castle Peak Road,
Tsuen Wan, New Territories, Hong Kong.
Holding Company:-
Xylem Global S.a.r.l., Luxembourg.
Ultimate Holding
Company:-
Xylem Inc., US.
Associated/Affiliated
Companies:-
Xylem Group of Companies
138197 Canada Ltd., Canada.
Aanderaa Data Instruments AS, Norway.
Anadolu Flygt Pompa Pazarlama Ve Ticaret AS, Turkey.
Arrow Rental Ltd., Ireland.
ASE AS, Norway.
Bellingham & Stanley Ltd., U.K.
Bombas Flygt de Venezuela S.A., Venezuela.
Brightbanner Ltd., U.K.
BS Pumps Ltd., Northern Ireland.
Clean Drains Ltd., U.K.
Cleghorn Wareing & Co. (Pumps) Ltd., U.K.
CMS Research Corporation, U.S.A.
Comet Pump & Engineering Ltd., U.K.
Conrad Pollmann Pumpenbau GmbH, Germany.
Design Analysis Associates Inc., U.S.A.
Evolutionary Concepts Inc., U.S.A.
Faradyne Motors (Suzhou) Co. Ltd., China.
Faradyne Motors LLC, U.S.A.
Flow Control LLC, U.S.A.
Flowtronex PSI LLC, U.S.A.
Fluid Handling LLC, U.S.A.
FLYGT (Hong Kong) Ltd., Hong Kong.
FLYGT AS, Norway.
Godwin Holdings Ltd., U.K.
Goulds Water Technology Philippines Inc., Philippines.
Grindex AB, Sweden.
Grindex Pumps LLC, U.S.A.
Heartland Pump Rental & Sales Inc., U.S.A.
Jabsco Marine Italia s.r.l., Italy.
Jabsco S. de R.L. de C.V., Mexico.
Laing Futstechnika Korltolt Felelossgu Trsasg (LFK), Hungary.
Lowara s.r.l., Italy.
Lowara UK Ltd., U.K.
Lowara Vogel Polska SP ZOO, Poland.
MJK Automation A/S, Denmark.
MJK Automation AS, Norway.
MJK Automation B.V., Netherlands.
MultiTrode Inc., U.S.A.
Multitrode Pty. Ltd., Australia.
Multitrode UK Ltd., U.K.
NHK Jabsco Co. Ltd., Japan.
Nova Analytics Europe LLC, U.S.A.
O.I. Corporation, U.S.A.
PCI Membrane Systems Inc., U.S.A.
Pension Trustee Management Ltd., U.K.
Pims (Services) Holdings Ltd., U.K.
Pims (Services) Ltd., U.K.
Pims Environmental Services (Holdings) Ltd., U.K.
Pims Environmental Services Ltd., U.K.
Pims Group Ltd., U.K.
Pims Pumps Ltd., U.K.
Pollmann Pumpenbau Landsberg GmbH, Germany.
Portacel Inc., U.S.A.
Secomam S.A.S., France.
Sensortechnik Meinsberg GmbH, Germany.
SI Analytics GmbH, Germany.
TEC Electrical Componets, U.K.
Texas Turbine LLC, U.S.A.
Totton Holdings Ltd., U.K.
Totton Pumps Ltd., U.K.
Water Asset Management Inc., U.S.A.
Water Co. Ltd., U.K.
Water Process Ltd., U.K.
Wedeco Ltd., U.K.
Wissenschaftich Technische Werkstaetten GmbH, Germany.
Xylem (China) Co. Ltd., China.
Xylem (Hong Kong) Ltd., Hong Kong.
Xylem (Nanjing) Co. Ltd., China.
Xylem (Wuxi) Flow Control Equipment Co. Ltd., China.
Xylem Analytics Australia Pty. Ltd., Australia.
Xylem Analytics Germany GmbH, Germany.
Xylem Analytics LLC, U.S.A.
Xylem Analytics UK Ltd., U.K.
Xylem ATI LLC, U.S.A.
Xylem Australia Holdings Pty. Ltd., Australia.
Xylem Brasil Soluçőes para Água Ltda., Brazil.
Xylem Canada Company, Canada.
Xylem Delaware Inc., U.S.A.
Xylem Denmark Holdings ApS, Denmark.
Xylem Dewatering Canada Ltd., Canada.
Xylem Dewatering Solutions Inc., U.S.A.
Xylem Dewatering Solutions UK Ltd., U.K.
Xylem Europe GmbH, Switzerland.
Xylem Financing S.ŕ.r.l., Luxembourg.
Xylem Flow Control Ltd., U.K.
Xylem Germany GmbH, Germany.
Xylem Holdings S.a.r.l., Luxembourg.
Xylem Industriebeteiligungen GmbH, Germany.
Xylem Industries S.a.r.l., Luxembourg.
Xylem Interim Kft, Hungary.
Xylem International S.a.r.l., Luxembourg.
Xylem IP Holdings LLC, U.S.A.
Xylem IP Management s.a.r.l., Luxembourg.
Xylem IP Management UK LP, U.K.
Xylem Jabsco Ltd., U.K.
Xylem Lowara Ltd., U.K.
Xylem Luxembourg S.a.r.l., Luxembourg.
Xylem Management GmbH, Germany.
Xylem Manufacturing Austria GmbH, Austria.
Xylem PCI Membranes Polska S.P. Z.O.O., Poland.
Xylem Russia LLC, Russia.
Xylem Sanitaire Ltd., U.K.
Xylem Service Hungary Kft, Hungary.
Xylem Services Austria GmbH, Austria.
Xylem Services GmbH, Germany.
Xylem Services Italia Srl, Italy.
Xylem Technologies Austria GmbH, Austria.
Xylem Technologies GmbH, Germany.
Xylem Water Holdings Ltd., U.K.
Xylem Water Ltd., U.K.
Xylem Water Services Ltd., U.K.
Xylem Water Solutions Argentina S.A., Argentina.
Xylem Water Solutions Australia Ltd., Australia.
Xylem Water Solutions Austria GmbH, Austria.
Xylem Water Solutions Belgium, Belgium.
Xylem Water Solutions Chile S.A., Chile.
Xylem Water Solutions Colombia Ltda., Colombia.
Xylem Water Solutions Denmark ApS, Denmark.
Xylem Water Solutions Deutschland GmbH, Germany.
Xylem Water Solutions Espańa S.A., Spain.
Xylem Water Solutions Florida LLC, U.S.A.
Xylem Water Solutions France SAS, France.
Xylem Water Solutions Global Services AB, Sweden.
Xylem Water Solutions Herford GmbH, Germany.
Xylem Water Solutions Holdings France SAS, France.
Xylem Water Solutions India Pvt. Ltd., India.
Xylem Water Solutions Ireland Ltd., Ireland.
Xylem Water Solutions Italia S.R.L., Italy.
Xylem Water Solutions Korea Co. Ltd., South Korea.
Xylem Water Solutions Lietuva UAB, Lithuania.
Xylem Water Solutions Magyarorszag KRT, Hungary.
Xylem Water Solutions Malyasia Sdn. Bhd., Malaysia.
Xylem Water Solutions Manufacturing AB, Sweden.
Xylem Water Solutions Metz SAS, France.
Xylem Water Solutions Mexico S. de R.L. de C.V., Mexico.
Xylem Water Solutions Middle East Region FZCO, U.A.E.
Xylem Water Solutions Muscat LLC, Oman.
Xylem Water Solutions Nederland BV, Netherlands.
Xylem Water Solutions New Zealand Ltd., New Zealand.
Xylem Water Solutions Norge AS, Norway.
Xylem Water Solutions Panama s.r.l., Panama.
Xylem Water Solutions Peru S.A., Peru.
Xylem Water Solutions Polska Sp.z.o.o., Poland.
Xylem Water Solutions Portugal Unipessoal Lda., Portugal.
Xylem Water Solutions Rugby Ltd., U.K.
Xylem Water Solutions Schweiz GmbH, Switzerland
Xylem Water Solutions Singapore Pte. Ltd., Singapore.
Xylem Water Solutions South Africa (Pty) Ltd., South Africa.
Xylem Water Solutions South Africa Holdings LLC, U.S.A.
Xylem Water Solutions Suomi Oy, Finland.
Xylem Water Solutions Sweden AB, Sweden.
Xylem Water Solutions U.S.A Inc., U.S.A.
Xylem Water Solutions UK Holdings Ltd., U.K.
Xylem Water Solutions UK Ltd., U.K.
Xylem Water Solutions Zelienople LLC, U.S.A.
Xylem Water Solutions(Shenyang) Co. Ltd., China.
Xylem Water Systems (California) Inc., U.S.A.
Xylem Water Systems Australia Pty. Ltd., Australia.
Xylem Water Systems Hungary Kft, Hungary.
Xylem Water Systems International Inc., U.S.A.
Xylem Water Systems Japan Corporation, Japan.
Xylem Water Systems Mexico S. de R.L. de C.V., Mexico.
Xylem Water Systems Philippines Holding Inc., U.S.A.
Xylem Water Systems Texas Holdings LLC, U.S.A.
Xylem Water Systems U.S.A. LLC, U.S.A.
Yellow Springs Instrument Ltd., Japan.
YSI (Beijing) Co. Ltd., China.
YSI (China) Ltd., Hong Kong.
YSI (Hong Kong) Ltd., Hong Kong.
YSI (UK) Ltd., U.K.
YSI Environmental South Asia Pvt. Ltd., India.
YSI Incorporated, U.S.A.
YSI Instrumentos E Servicos Ambientais Ltda., Brazil.
YSI International Inc., U.S.A.
YSI Nanotech Ltd., Japan.
YSI Trading (Shanghai) Co. Ltd., China.
etc.
30077675
0674940
Managing Director: Mr. Liu Tsin Kuen
Contact Person: Mr. Norman Cheng
HK$2,300,000.00
(As per registry
dated 07-05-2014)
|
Name |
|
No. of shares |
|
Xylem Global S.a.r.l 11, Breedewues, L-1259 Senningerberg, R.C.S. Luxembourg: B 172 763 |
|
2,300 ==== |
(As per registry
dated 01-10-2014)
|
Name (Nationality) |
Address |
|
LIU Tsin Kuen |
Flat D7, 24/F., Block D, Garden Vista, 15 On King Street, Shatin, New Territories,
Hong Kong. |
|
Allan William HENDRY |
105 Garboard St. Jamestown Newport, RI 02835, U.S.A. |
|
FENG Hua |
Room 1704, No. 1, Alley 140 Hutai Road, Shanghai, China 200070. |
|
Patrick Anthony BAKER |
23 Bredon Drive, Hereford, HR4 0TN U.K. |
|
Shashank PATEL |
21979 Snow Creek Drive, Walnut, Los Angeles, California 91789, U.S.A. |
(As per registry
dated 07-05-2014)
|
Name |
Address |
Co. No. |
|
Global Consulting Management Ltd. |
Room 1906, 19/F., China Insurance Group Building, 141 Des Voeux Road
Central, Hong Kong. |
1785691 |
The subject was incorporated on 7th May, 1999 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of ITT Flygt
(Hong Kong) Ltd., name changed to ITT Water & Wastewater Hong Kong
Ltd. on 26th March, 2008, and further to the present style on 15th November,
2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Water
motor pump, water motor mixer, water technologies
Employees: 15. (Including associates)
Commodities Imported: China,
Europe, US, etc.
Markets: Asian
countries, etc.
Group Turnover: US$3,202
million (Year ended 31-12-2010)
US$3,803 million (Year ended 31-12-2011)
US$3,791 million (Year ended 31-12-2012)
US$3,837 million (Year ended 31-12-2013)
US$3,916 million (Year ended 31-12-2014)
Terms/Sales: As per
contracted.
Terms/Buying: Various terms.
GOVERNMENT
CONTRACTS AWARDED SINCE 2000:
|
Date |
GN No. |
Particulars |
Amount |
|
29-08-2008 |
GN6086 |
Supply of ‘Mahr’ sprocket sets for mechanical raked bar screen |
HK$2,764,088.00 F.I.S./Hong Kong |
|
28-01-2011 |
GN804 |
Supply of dry pit pumps |
HK$4,846,100.00 C.I.F./Hong Kong |
|
30-06-2011 |
GN4208 |
Supply of 1 260 kW submersible sewage pump |
HK$1,250,000.00 C.I.F./Hong Kong |
|
25-11-2011 |
GN7767 |
Supply of spare parts for ultra-violet disinfection system of the
‘Wedeco’ brand |
HK$5,233,701.20 F.I.S./Hong Kong |
|
29-11-2013 |
GN7209 |
Supply of spare parts for the ultra-violet disinfection system of the ‘Wedeco’
brand to the Drainage Services Department |
HK$2,299,643.00 F.I.S./Hong Kong |
|
31-10-2014 |
GN6345 |
Supply of spare parts for the ultra-violet disinfection system of the
‘Wedeco’ brand to the Drainage Services Department |
HK$4,920,576.00 |
Issued Share Capital: HK$2,300,000.00
Group Net Income: US$329
million (Year ended 31-12-2010)
US$279 million (Year ended 31-12-2011)
US$297 million (Year ended 31-12-2012)
US$228 million (Year ended 31-12-2013)
US$337 million (Year ended 31-12-2014)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Citi Bank, Hong Kong.
Standing: Normal.
Xylem Water Solutions (Hong Kong) Ltd. is a wholly-owned subsidiary of
Xylem Global S.a.r.l., a Luxembourg-based company. Its ultimate holding company Xylem Inc.
[Xylem] is a US-based and listed company.
The subject and Xylem are trading in water pumps and engaged in
technologies for the water industry.
The managing director of the subject Mr. Liu Tsin Kuen is a Hong Kong
merchant.
Xylem, having more than 12,500 employees, is a world leader in the
design, manufacturing, and application of highly engineered technologies for
the water industry. It is a leading
equipment and service provider for water and wastewater applications with a
broad portfolio of products and services addressing the full cycle of water,
from collection, distribution and use to the return of water to the
environment. It has leading market
positions among equipment and service providers in the core application areas
of the water equipment industry: transport, treatment, test, building services,
industrial processing and irrigation.
Xylem’s brands, such as Bell & Gossett and Flygt, are well known
throughout the industry and have served the water market for many years.
The Group serves a global customer base across diverse end markets while
offering localized expertise. It sells
its products in more than 150 countries through a balanced distribution network
consisting of our direct sales force and independent channel partners. In 2013, 62% of its revenue was generated
outside the United States, with 36% of revenue generated in Europe.
The Group’s product and service offerings are organized into two
segments: Water Infrastructure and Applied Water. Its segments are aligned with each of the
sectors in the cycle of water, water infrastructure and usage
applications. The Water Infrastructure
segment focuses on the transportation, treatment and testing of water, offering
a range of products including water and wastewater pumps, treatment and testing
equipment, and controls and systems. The
Applied Water segment serves many of the primary uses of water and focuses on
the residential, commercial, industrial and agricultural markets. The segment’s major products include pumps,
valves, heat exchangers, controls and dispensing equipment.
Water Infrastructure serves the water infrastructure sector with pump
systems that transport water from aquifers, lakes, rivers and seas; with
filtration, ultraviolet and ozone systems that provide treatment, making the
water fit to use; and pumping solutions that move the wastewater to treatment
facilities where our mixers, biological treatment, monitoring, and control
systems provide the primary functions in the treatment process.
Applied Water serves the usage applications sector with water pressure
boosting systems for heating, ventilation and air conditioning and for fire
protection systems to the residential and commercial building services
markets. In addition, its pumps, heat
exchangers, valves and controls provide cooling to power plants and
manufacturing facilities, as well as circulation for food and beverage
processing. It also provides boosting
systems for farming irrigation, pumps for dairy operations, and rainwater reuse
systems for small scale crop and turf irrigation.
The revenue of the Xylem Group in FY 2014 was US$3,916 million, grew by
2.1% as compared with US$3,837 million in FY 2013. The net income of the Group in FY 2014 was
US$337 million (2013: US$228 million), grew by 47.8%. Over the past six years, the net income for
the year of FY2014 was the best.
The subject shares the office with its associated company Xylem
(Hong Kong) Ltd. in Hong Kong.
Overall business is satisfactory.
The subject is fully supported by Xylem Group.
As the history of the subject is over 15 years and nine months in Hong
Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.74 |
|
|
1 |
Rs.94.65 |
|
Euro |
1 |
Rs.70.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.