|
Report No. : |
327564 |
|
Report Date : |
15.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
HANWHA TOTAL PETROCHEMICAL CO., LTD. |
|
|
|
|
Formerly Known As : |
SAMSUNG TOTAL PETROCHEMICALS CO., LTD., |
|
|
|
|
Registered Office : |
103, Dokgot 2-ro, Daesan-eup, Seosan-si,
Chungcheongnam-Do, Korea |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
01.08.2003 |
|
|
|
|
Com. Reg. No.: |
316-81-04477 |
|
|
|
|
Legal Form : |
Co., Ltd by shares A Company of HANWHA Group Foreign Direct Investment Corporation |
|
|
|
|
Line of Business : |
Manufacture of Basic Organic Petrochemicals |
|
|
|
|
No. of Employees : |
1,525 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated
incredible economic growth and global integration to become a high-tech
industrialized economy. In the 1960s, GDP per capita was comparable with levels
in the poorer countries of Africa and Asia. In 2004, South Korea joined the
trillion-dollar club of world economies, and is currently the world's 12th
largest economy. A system of close government and business ties, including
directed credit and import restrictions, initially made this success possible.
The government promoted the import of raw materials and technology at the
expense of consumer goods, and encouraged savings and investment over
consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses
in South Korea's development model, including high debt/equity ratios and
massive short-term foreign borrowing. GDP plunged by 7% in 1998, and then
recovered by 9% in 1999-2000. South Korea adopted numerous economic reforms
following the crisis, including greater openness to foreign investment and
imports. Growth moderated to about 4% annually between 2003 and 2007. South
Korea's export focused economy was hit hard by the 2008 global economic
downturn, but quickly rebounded in subsequent years, reaching over 6% growth in
2010. The US-Korea Free Trade Agreement was ratified by both governments in
2011 and went into effect in March 2012. Between 2012 and 2014, the economy
experienced sluggish growth because of external market slowdowns. The
administration in 2015 is likely to face the challenge of balancing heavy
reliance on exports with developing domestic-oriented sectors, such as
services. The South Korean economy's long-term challenges include a rapidly
aging population, inflexible labor market, dominance of large conglomerates
(chaebols), and the heavy reliance on exports, which comprise about half of
GDP.
|
Source
: CIA |
|
Company Name |
HANWHA TOTAL PETROCHEMICAL CO., LTD. (Ex Company Name : SAMSUNG TOTAL PETROCHEMICALS
CO., LTD., “삼성토탈(주)”) (Korean Company Name : “한화토탈(주)”) |
|
Registered Address |
103, Dokgot 2-ro, Daesan-eup, Seosan-si,
Chungcheongnam-do, Korea (Old Address System : 411-1, Dokgot-ri,
Daesan-eup, Seosan-si, Chungcheongnam-do, Korea) |
|
Building |
|
|
Zip Code |
356-874 |
|
Tel |
+82-41-660-6114 |
|
Fax |
+82-41-681-4812 |
|
E-mail |
|
|
Website |
www.hanwha-total.com |
|
Trading Address |
24F Samsung Electronics Bldg, 11,
Seocho-daero 74-gil, Seocho-gu, Seoul, Korea (Old Address System : 24F Samsung
Electronics Bldg, 1320-1, Seocho 2-dong, Seocho-gu, Seoul, 137-857, Korea) |
|
Tel |
+82-2-3415-9409 |
|
Fax |
+82-2-3415-9410 |
|
Other Address |
|
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Basic Organic Petrochemicals |
|
Main Business |
Ethylene, Stylene Monomer, SM, P-Xylene, Polyethylene |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
08/01/2003 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Compounded resin(13111037) |
|
Sell |
Resins(13111000) |
|
Sell |
Petroleum resins(13111060) |
|
Sell |
High Density Polyethylene HDPE(13102017) |
|
Sell |
Flouropolymer films(13111206) |
|
Sell |
Polyvinyl acetate(13111045) |
|
Sell |
Fuel oil(15101700) |
|
Sell |
Medium Density Polyethylene MDPE(13102019) |
|
Sell |
Polypropylene PP(13102022) |
|
Sell |
Benzene(15101507) |
|
Sell |
Alcohols or its substitutes(12352104) |
|
Sell |
Medium Density Polyethylene MDPE(13102019) |
|
Sell |
Styrene acrylonitrile resin(13111026) |
|
Sell |
Petroleum and distillates(15101500) |
|
Sell |
Low Density Polyethylene LDPE(13102018) |
|
Sell |
Solvents(12190000) |
|
Sell |
Ethylene propylene EP(13101704) |
|
Sell |
Polystyrene PS(13102026) |
|
Sell |
Aromatic or heterocyclic compounds(12352005) |
|
Sell |
Organic derivatives and substituted compounds(12352100) |
|
Name |
Kim Hee-Chul |
|
Address |
Suite 1103-2602, 7, Dongcheon-ro 153beon-gil, Suji-gu, Yongin-si,
Gyeonggi-do, Korea |
|
Date of Birth |
10/10/1964 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
95,826,580,000 |
||||||||||||
|
Employees |
1,525 |
||||||||||||
|
Formation |
Co., Ltd by shares A Company of HANWHA Group Foreign Direct Investment Corporation |
||||||||||||
|
Bank Details |
Woori Bank-Samsung Corporate Sales HQ Team |
||||||||||||
|
Corporate Registered No. |
161411-0013066 |
||||||||||||
|
Business Registered No. |
316-81-04477 |
||||||||||||
|
Permit & Licenses |
The Subject acquired ISO 9002
certification, a quality management system, from QA (British Standards
Institution Quality Assurance) and received additional certification on LLDPE
product of July 1995. In June 2002, The Subject converted ISO
9002, existing quality management system, ISO 9001:2000 system in order to
continuously provide products & services that satisfy customers’ demand. Also, in February 2001, The Subject
acquired ISO 9001:2000 from KFQ (Korean Foundation for Quality) on pipe,
electricity, and electronic of plant for resin compound and resin compound
product for industrial use. The Subject acquired ISO 14001
certification in November 1996 for all plants and utility facility within
Seosan complex from BSI-QA (British Standards Institution Quality Assurance)
of Great Britain, an international ISO standard institute. - KOSHA 18001 program last February 2000 by
Korea Occupational Safety & Health Agency (jointly with Great Britain’s
BSI) - The Subject acquired certifications for
around 70 Grade on nonflammable resin and heat resist resin - In February 2001, The Subject was the
first in the domestic chemical industry to acquire QS-9000, an international
quality system for automobile component materials, from KFQ (Korean
Foundation for Quality). -On September 2000, The Subject became a
member of RCLG (Responsible Care Leadership Group) and plan to enact the
roles and responsibilities accordingly. Int’l Trade No.: 45112991 |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
08/01/2003 Incorporated as SAMSUNG ATOFINA
CO., LTD., as a JV between TOTAL HOLDINGS U.K. LIMITED and SAMSUNG GENERAL
CHEMICALS CO., LTD.(161411-0001243) 08/05/2003 Registered as a Foreign Direct Investment
Corporation 10/05/2004 Changed company name to SAMSUNG TOTAL PETROCHEMICALS CO.,
LTD. 03/28/2012 Acquired West Sea Power Co., Ltd.(161411-0017448) and West
Sea Water Co., Ltd.(161411-0017430) 04/30/2015 Changed company name to the present name |
||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Inauguration Date |
Date of Birth |
|
Co-President & CEO |
Mr. |
Kim Hee-Chul |
Korean |
04/30/2015 |
1964.10.10 |
|
Co-President & CEO |
Mr. |
Francis Rots |
French |
11/07/2013 |
1955.10.30 |
|
Director |
Mr. |
Jan Bialpon |
French |
09/24/2012 |
1965.05/23 |
|
Director |
Mr. |
Jangacq Moskoni |
French |
09/12/2014 |
1957.08.04 |
|
Director |
Mr. |
Kwon Hyuck-Woong |
Korean |
04/30/2015 |
1961.03.03 |
|
Director |
Mr. |
Park Jae-Hong |
Korean |
04/30/2015 |
1958.02.05 |
|
Auditor |
Mr. |
Hur Shin-Do |
Korean |
04/30/2015 |
1963.07.09 |
|
Auditor |
Mr. |
Cho Jung-Hoon |
Korean |
07/05/2006 |
1956.04.05 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
1,869,497,164,890 |
6,179,508,171,250 |
59,996,618,594 |
|
|
(*)2014 |
8,804,217,772,551 |
6,328,713,380,931 |
95,812,226,357 |
|
(*)2013 |
7,869,107,781,595 |
5,480,892,890,212 |
414,646,164,661 |
|
(*)2012 |
7,244,364,032,262 |
4,219,015,022,003 |
264,469,933,323 |
|
2011 |
6,831,352,984,621 |
3,948,457,713,672 |
360,887,523,406 |
|
2010 |
5,626,040,827,649 |
3,166,970,106,487 |
317,689,231,615 |
|
2009 |
4,731,235,852,635 |
3,119,540,097,167 |
355,969,065,919 |
|
2008 |
5,298,168,967,664 |
2,811,203,647,086 |
17,412,775,319 |
|
2007 |
3,752,373,157,912 |
2,813,222,561,217 |
269,350,700,933 |
|
2006 |
3,320,846,519,386 |
2,384,956,857,447 |
307,266,486,491 |
|
2005 |
2,812,324,971,855 |
2,289,105,346,652 |
289,146,078,071 |
|
2004 |
2,694,936,570,269 |
2,188,321,212,161 |
377,151,395,184 |
|
2003 |
878,691,572,825 |
2,058,142,888,433 |
92,042,607,788 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
350,000,000,000 |
|
Paid-Up Capital(KRW) |
95,826,580,000 |
|
Total Issues Shares |
19,165,316 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total
Assets |
6,179,508,171,250 |
6,328,713,380,931 |
5,480,892,890,212 |
|
Current
Assets |
2,043,194,335,894 |
2,193,289,808,991 |
1,862,631,483,579 |
|
Cash
& Cash Equivalents |
386,425,141,302 |
162,357,422,590 |
166,008,334,870 |
|
Trade
Receivables & Other Receivables |
572,324,736,308 |
839,701,776,969 |
702,641,157,542 |
|
Prepaid
Expenses |
23,333,415,808 |
22,686,637,840 |
17,131,104,782 |
|
Other
Current Assets |
194,982,718 |
1,365,190,908 |
12,893,184,000 |
|
Inventories |
1,060,916,059,758 |
1,167,178,780,684 |
963,957,702,385 |
|
Non-Current
Assets |
4,136,313,835,356 |
4,135,423,571,940 |
3,618,261,406,633 |
|
Investment_Subsidiaries |
13,310,399,500 |
13,310,399,500 |
13,310,399,500 |
|
Marketable
Financial Instruments |
10,564,478,680 |
10,544,105,031 |
665,383,272 |
|
Long-Term
Loans |
1,020,543,576 |
1,054,289,628 |
1,013,249,000 |
|
Long-Term
Trade Receivables |
2,780,865,226 |
2,749,715,977 |
2,628,482,855 |
|
Long-Term
Prepaid Expenses |
92,090,225,674 |
94,352,326,761 |
23,999,591,121 |
|
Tangibles |
3,975,353,345,952 |
3,964,633,238,551 |
3,539,820,415,933 |
|
Intangibles |
24,943,819,031 |
25,889,064,954 |
24,133,924,362 |
|
Other
Non-Current Assets |
17,000,000 |
17,000,000 |
17,000,000 |
|
Deferred
Income Tax Assets |
16,233,157,717 |
22,873,431,538 |
12,672,960,590 |
|
Total
Liabilities |
3,573,880,404,622 |
3,782,752,939,751 |
3,022,236,956,646 |
|
Current
Liabilities |
1,705,911,157,795 |
1,820,683,067,239 |
1,558,182,011,189 |
|
Trade
Payables & Other Payables |
700,886,372,487 |
797,119,873,286 |
654,746,831,738 |
|
Short-Term
Borrowings |
474,306,070,983 |
606,312,592,035 |
509,304,113,721 |
|
Current
Portion of Long-Term Debts |
501,045,526,080 |
401,283,589,666 |
298,043,549,273 |
|
Accrued
Income Tax |
21,512,937,984 |
5,182,602,735 |
85,458,563,720 |
|
Other
Current Liabilities |
8,160,250,261 |
10,784,409,517 |
10,628,952,737 |
|
Non-Current
Liabilities |
1,867,969,246,827 |
1,962,069,872,512 |
1,464,054,945,457 |
|
Debentures |
1,446,418,415,407 |
1,545,955,344,413 |
1,146,778,443,359 |
|
Long-Term
Borrowings |
400,010,704,650 |
400,176,630,201 |
302,135,000,000 |
|
Long-Term
Debts |
3,054,010,050 |
498,597,120 |
1,552,089,589 |
|
Provision
for Severance & Retirement |
13,582,263,069 |
10,590,186,858 |
13,589,412,509 |
|
Other
Non-Current Liabilities |
4,903,853,651 |
4,849,113,920 |
- |
|
Capital
Stock |
95,826,580,000 |
95,826,580,000 |
95,826,580,000 |
|
Capital
Surplus |
864,898,306,667 |
864,898,306,667 |
864,898,306,667 |
|
Others |
-2,246,866,548 |
-1,917,573,402 |
-1,342,746,120 |
|
Profit
Surplus |
1,647,149,746,509 |
1,587,153,127,915 |
1,499,273,793,019 |
|
Total
Equity |
2,605,627,766,628 |
2,545,960,441,180 |
2,458,655,933,566 |
|
Liab.
& Shareholder’s Equity |
6,179,508,171,250 |
6,328,713,380,931 |
5,480,892,890,212 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
1,869,497,164,890 |
8,804,217,772,551 |
7,869,107,781,595 |
|
Cost
of Sold Goods |
1,720,174,212,803 |
8,431,326,261,132 |
7,114,059,886,695 |
|
Gross
Profit |
149,322,952,087 |
372,891,511,419 |
755,047,894,900 |
|
Selling
& Admin. Expenses |
51,018,381,954 |
202,145,065,191 |
205,412,454,433 |
|
Operating
Income |
98,304,570,133 |
170,746,446,228 |
549,635,440,467 |
|
Finance
Income |
49,180,695,133 |
228,236,266,924 |
169,897,507,453 |
|
Finance
Expenses |
71,566,522,536 |
282,346,174,737 |
195,174,954,256 |
|
Other
Income |
6,688,520,532 |
16,119,117,982 |
10,797,396,687 |
|
Other
Expenses |
4,522,390,710 |
18,183,818,975 |
18,019,118,618 |
|
Income
Before Taxes |
78,084,872,552 |
114,571,837,422 |
517,136,271,733 |
|
Income
Taxes Expenses |
18,088,253,958 |
18,759,611,065 |
102,490,107,072 |
|
Net
Income |
59,996,618,594 |
95,812,226,357 |
414,646,164,661 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Operating
Activities Cash Flows |
469,268,494,360 |
52,328,698,851 |
635,232,369,354 |
|
Net Income |
59,996,618,594 |
95,812,226,357 |
414,646,164,661 |
|
Adjustment |
122,559,911,177 |
328,039,318,510 |
367,288,970,329 |
|
Changes in Asset/ & Liability |
281,633,715,432 |
-265,631,900,772 |
-106,609,981,595 |
|
Interests Received |
195,894,045 |
812,433,519 |
1,274,929,484 |
|
Income Taxes |
4,882,355,112 |
-106,703,378,763 |
-41,367,713,525 |
|
Cash Flows from Investing |
-90,264,248,097 |
-661,843,784,220 |
-1,300,334,938,373 |
|
Cash Flows from Financing |
-154,936,527,551 |
605,864,173,089 |
711,181,694,707 |
|
Increase/Decrease in Cash |
224,067,718,712 |
-3,650,912,280 |
46,079,125,688 |
|
Cash at the Beginning of Year |
162,357,422,590 |
166,008,334,870 |
119,929,209,182 |
|
Cash at the End of Year |
386,425,141,302 |
162,357,422,590 |
166,008,334,870 |
Products,
Technologies, Services Description
|
Main Products & Services |
The subject’s operations encompass three
production units. Naphtha is cracked at the naphtha cracking center to
produce ethylene and propylene, which in turn are used as the feedstock for
polymer (polyolefin) production. The aromatics plant, meanwhile, uses
paraxylene as the feedstock for base materials used in synthetic fabrics and
petrochemical products. This third unit covers petrochemical products. The polymer unit covers high-density
polyethylene, low-density polyethylene ,linear low-density polyethylene,
ethylene vinyl acetate, medium-density polyethylene , polypropylene and
composite polypropylene. The base chemical (olefin and intermediate)
operation produces and markets ethylene and propylene as well as paraxylene,
styrene monomer, ethylene glycol/ethylene oxide. Finally, the petrochemical
product unit deals in LPG, solvents and byproduct fuels. |
|
Annual Production Capacity (Unit: Thousand M/T) |
|
|
Technologies Acquired |
|
|
Suppliers |
HYUNDAI OIL REFINERY CO., LTD.(110111-0090558) |
|
Customers |
LOTTE DAESAN PETROCHEMICAL CORPORATION(161411-0014684) LG CHEM LTD(110111-2207995) |
|
Competitors |
BASF COMPANY LTD. 373-15, HWACHI-DONG, YEOSU-SI,
JEOLLANAM-DO, KOREA TEL:+82-61-680-7000 FAX:+82-61-684-7260 HONAM PETROCHEMICAL CORPORATION 11TH FL., LOTTE GWANAK TOWER, 395-67,
SINDAEBANG 2-DONG, DONGJAK-GU, SEOUL, KOREA TEL:+82-2-829-4114 FAX:+82-2-843-1010 SAM NAM PETROCHEMICAL CO., LTD. 4TH FL., SAMYANG CO. BLDG., 263, YEONJI-DONG,
JONGNO-GU, SEOUL, KOREA TEL:+82-2-740-7450~1 FAX:+82-2-745-4225 |
|
Affiliates |
|
|
Overseas Office |
BEIJING OFFICE (CHINA) ROOM NO 2828, CHINA WORLD TOWER 1, JIANGUOMEN
WAIDAJIE, BEIJING 100004, P.R.CHINA PNONE :86-10-6505-2675 FAX :
86-10-6505-5517 SHANGHAI OFFICE (CHINA) UNIT 903~05, HONG KONG PLAZA, 283 HUAI HAI
ROAD(M) , SHANGHAI 200021, P.R.CHINA PHONE : 86-21-6390-6105 FAX :
86-21-6390-6230 HONG KONG 3207-11, TOWER 1, THE GATEWAY, 25, CANTON
RD., KLN., HONG KONG PHONE : 852-2110 -1148 FAX : 852-2111- 4565 SHENZHEN OFFICE (CHINA) ROOM 2304, EXCELLENCE TIME SQUARE BUILDING,
NO.4068 YITIAN ROAD, FUTIAN DISTRICT, SHENZHEN, CHINA P.C. 518048 PHONE : 86-755-2399-6516 FAX :
86-755-2399-6510 TOKYO OFFICE (JAPAN) AKASAKA SHASTA-EAST 8F, 4-2-19 AKASAKA,
MINATO-KU, TOKYO 107-0052, JAPAN PNONE : 81-3-5570-2857 FAX : 81-3-5570-2825 OSAKA OFFICE (JAPAN) 6F, CRYSTAL TOWER, 1-2-27, SHIROMI,
CHUO-KU, OSAKA 540-6006, JAPAN PHONE : 81-6-6949-3172 FAX : 81-6-6949-3035 |
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
DONGKWAN SAMSUNG TOTAL PETROCHEMICALS
CO., LTD.(CHINA) SAMSUNG TOTAL PETROCHEMICALS(SHANGHAI)
CO., LTD.(CHINA) |
|
Corporate Ownership |
|
|
Major Shareholders |
HANWHA GENERAL CHEMICALS CO., LTD.(161411-0001243) TOTAL HOLDINGS U.K. LIMITED |
|
Cooperative Enterprise |
BOC GASES KOREA(UK) HANWHA PETROCHEMICAL CO., LTD.(KOREA) GENERAL ELECTRIC INTERNATIONAL, INC HYUNDAI OILBANK CO., LTD.( 110111-0090558) |
|
Sales/ Unit : Mil.
KRW |
06/2011 |
2010 |
2009 |
|
Export |
2,173,431 |
3,682,998 |
3,249,378 |
|
Domestic |
924,932 |
1,943,043 |
1,481,858 |
|
Total |
3,098,363 |
5,626,041 |
4,731,236 |
No.
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.03 |
|
|
1 |
Rs.99.27 |
|
Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.