|
Report No. : |
328488 |
|
Report Date : |
22.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
KYUNG-IN SYNTHETIC CORPORATION |
|
|
|
|
Registered Office : |
199, Geonji-ro, Seo-gu, Incheon, Korea,
404-220 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
14.10.1977 |
|
|
|
|
Com. Reg. No.: |
137-81-00562 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Synthetic Colouring Matter, Tanning Materials and Other
Coloring Agents |
|
|
|
|
No. of Employees : |
443 |
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 : |
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) |
|
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. 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 slow growth due to sluggish domestic consumption and investment.
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. In an effort to address the long term challenges and sustain economic
growth, the current government has prioritized structural reforms,
deregulation, promotion of entrepreneurship and creative industries, and the
competitiveness of small and medium enterprises.
|
Source
: CIA |
|
Company Name |
KYUNG-IN SYNTHETIC CORPORATION (Trade Name: KISCO) (Korean Company Name : “(주)경인양행”) |
|
Registered Address |
199, Geonji-ro, Seo-gu, Incheon, Korea (Old Address System : 223-52,
Seongnam-dong, Seo-gu, Incheon, Korea) |
|
Building |
|
|
Zip Code |
404-220 |
|
Tel |
+82-32-571-7498 |
|
Fax |
+82-32-571-7497 |
|
E-mail |
kisco@kyungin.co.kr |
|
Website |
www.kyungin.co.kr |
|
Trading Address |
69, Yangcheon-ro 75-gil, Gangseo-gu,
Seoul, Korea (Old Address System : 112-31,
Yeomchang-dong, Gangseo-gu, Seoul, Korea) |
|
Tel |
+82-2-3665-4001 |
|
Fax |
+82-2-3660-8539 |
|
Other Address-Siheung Factory |
1Ra-706, Sihwa Industrial Complex, Jeongwang 3-dong, Siheung-si,
Gyeonggi-do, Korea |
|
Tel |
+82-31-499-4020 |
|
Fax |
+82-31-499-2155 |
|
Other Address-Ansan Factory |
785-7, Wonsi-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-491-0111 |
|
Fax |
+82-31-495-3521 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Synthetic Colouring Matter, Tanning Materials and Other
Coloring Agents |
|
Main Business |
Reactive Dyestuffs, Disperse Dyestuffs, Acid Dyestuffs, Direct Dyestuffs,
Fluorescent Dyestuffs, Solvent Dyestuffs |
|
Sub
Business |
Food, Food Additives, Ginseng Products |
|
Established (mm/dd/yyyy) |
10/14/1977 |
The Subject owns
the premises of registered address/ Factory(4,826.0㎡), Siheung Factory(6,694㎡) and Ansan Factory (5,600㎡).
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Dyes(12171500) -Colorants |
|
Sell |
Reactives (Bifunctional, Vinylsulfone) |
|
Sell |
Disperse(Synolon Dyes, Papilion Dyes) |
|
Sell |
Direct(Fast yellow, Black) |
|
Sell |
Acid(Syno Acid Dyestuffs) |
|
Sell |
For Leather(Brown, Black, Others) |
|
Sell |
OBA (Cotton & Rayon, Nylon, Pulp & Paper, Detergent,
Polyester) |
|
Sell |
Solvent Dyes |
|
Buy |
P-Base |
|
Buy |
H-ACID |
|
Name |
Cho Sung-Yong |
|
Address |
- |
|
Date of Birth |
11/04/1968 |
|
Title |
Vice President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
20,198,182,500 |
||||||||||||||||||||||||
|
Employees |
443 |
||||||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange :
012610 ) as of 10/05/1995 Foreign Direct Investment Corporation |
||||||||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea-Youngdungpo Branch Citibank, Korea-Youngdungpo Branch Shinhan Bank |
||||||||||||||||||||||||
|
Corporate Registered No. |
120111-0005703 |
||||||||||||||||||||||||
|
Business Registered No. |
137-81-00562 |
||||||||||||||||||||||||
|
Permit & Licenses |
05/31/1995 ISO 9002 11/30/1997 ISO 14001 Int’l Trade No.: 860477 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
10/1971 Established
Syno Chemical Industrial Co., Ltd. 08/1976 Founded Samjung
Industrial Co., Ltd. 10/1976 Renamed
Syno Chemical Industrial Co., Ltd. to Kyung-In Chemical Co., Ltd. 10/1977 Changed
Kyung-In Chemical Co., Ltd. to Kyung-In Synthetic Corporation (KISCO) 01/1978 Changed
Samjung Industrial Co., Ltd. to Kyung-In Synthetic Co., Ltd. (KISC) 01/1978 Kim
Dong-Gil inaugurated as chairman of the board of directors 06/1980 Dedicated
KISCO's Seoul office building and the Dyestuff Research and Development
Institute 03/1983 KISCO
installed a spray dryer for the first time in Korea. 08/1984 KISCO
designated as an outstanding small and medium-sized industrial firm by Korea
Industrial Research Institute 09/1984 Dedicated
the Ansan Factory of KISC 11/1987 KISCO
awarded US$5 Million Export Tower from the government and the Prime Minister
Award 12/1987 KISCO
presented the Best Industry Award (at the award ceremony of the first
National Science Award) 02/1988 Dedicated
the expanded Ansan Factory of KISC 04/1988 KISC signed
a technical cooperation agreement with Showa Kako Corporation of Japan. 10/1988 KISCO'S
Dyestuff Institute designated by the government as a research institute whose
workers are exempted from the active military service 11/1988 KISCO
received the US$10 Million Export Tower 12/1988 KISCO's new
chemical product registered with Japanese government according to
Japan'schemical substance control law. 08/1989 KISCO
acquired Samwon Chemical Industrial Co., Ltd. 10/1989 KISCO
dedicated low-cost apartments for the employees in Inchon; KISC built
low-cost apartments for the employees in Ansan 11/1989 KISC
received the US$5 Million Export Tower 12/1989 Dedicated
the expanded Seoul office of KISCO 08/1992 KISC
acquired equity of Rachada Chemicals Co., Ltd. based in Thailand 11/1992 Founded
Eastwell Co., Ltd. 12/1994 KISCO
received the 12th Venture Business Award 05/1995 KISCO
acquired ISO 9002 Quality Assurance Certificate from Lloyd's Register Q.A. of
the United Kingdom 07/1995 KISCO
awarded the Korea Textile Grand Prize in the Dyestuff and Pigment Division 10/1995 KISCO stocks
listed on the Korea Stock Exchange (Paid-in capital: 6.5 billion won) 04/1996 KISCO
acquired equity of Namo Interactive Inc. 06/1996 KISCO won
Textile Industry Grand Award in Dyestuff and Pigment Division 03/1997 KISCO
received a citation from the West Inchon Tax Office on Taxation Day. 05/1997 KISCO
received a citation from the Prime Minister on Labor Day. 05/1997 KISCO
established Turkey joint ventures Kimsoy Chemical Industries, Inc. and Kimsoy
Exim, Inc. 05/1997 KISCO
established United States joint-venture KISCO USA, Inc. 06/1997 KISCO
signed a Strategic Alliance Agreement with Sumitomo Chemical Co., Ltd. of
Japan for overall cooperation in
dyestuff technology and production 06/1997 KISCO
established Joint Ventures PAPITECH.CO., Ltd. 11/1997 KISCO
received Bronze Tower Medal on Export Award Day. 12/1997 KISCO
received ISO 14001 (KSA QA) 08/1998 KISCO
signed the sale contract for Disperse dyestuffs with Ciba-Geigy of
Switzerland. 12/1998 KISC merged
into KISCO. 07/1999 KISCO was
admitted to the membership of ETAD 07/1999 KISCO
launched in an environmental business (Green Systems Engineering Services) 05/2000 KISCO made
the investment into YangWoo corporation 01/23/2013 Acquired
EASTWELL CO., LTD.(110111-0900525) |
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education &
Career |
|
Chairman |
Mr. |
Kim Heung-Joon |
Korean |
1967.06.14 |
Hanyang University, Korea |
|
Honored Chairman |
Mr. |
Kim Dong-Kil |
Korean |
1938.03.03 |
Seoul National University, Korea |
|
Vice President & CEO |
Mr. |
Cho Sung-Yong |
Korean |
1968.11.04 |
University of Cambridge, USA |
|
Director |
Mr. |
Lee Hee-Bok |
Korean |
1964.11 |
Chungnam National University, Korea |
|
Outside Director |
Mr. |
Chang Sang-Jae |
Korean |
1936.10.10 |
Seoul National University, Korea |
|
Outside Director |
Mr. |
Kim Jeong-Hong |
Korean |
1937.08.08 |
Seoul National University, Korea |
|
Auditor |
Mr. |
Kim Byung-Jin |
Korean |
1970.03 |
Hanyang University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
45,558,905,401 |
276,995,987,057 |
-548,329,075 |
|
|
(*)2014 |
190,395,046,673 |
267,331,084,178 |
9,090,269,159 |
|
(*)2013 |
183,106,757,457 |
274,570,962,783 |
12,327,176,732 |
|
(*)2012 |
141,304,458,809 |
241,045,607,999 |
4,475,440,855 |
|
(*)2011 |
128,707,611,144 |
245,825,939,561 |
2,788,642,280 |
|
(*)2010 |
149,007,815,759 |
250,809,033,564 |
3,367,162,134 |
|
2009 |
129,006,385,709 |
218,551,978,762 |
11,569,545,044 |
|
2008 |
125,462,289,226 |
163,333,430,906 |
12,873,680,246 |
|
2007 |
93,016,593,682 |
120,854,546,914 |
4,246,011,551 |
|
2006 |
84,978,240,253 |
95,503,927,506 |
883,371,290 |
|
2005 |
88,050,292,316 |
100,565,451,354 |
2,533,411,044 |
|
2004 |
95,832,343,219 |
92,524,130,882 |
4,301,525,438 |
|
2003 |
129,006,385,709 |
218,551,978,762 |
11,569,545,044 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
25,000,000,000 |
|
Paid-Up Capital(KRW) |
20,198,182,500 |
|
Total Issues Shares |
40,396,365 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total Assets |
276,995,987,057 |
267,331,084,178 |
274,570,962,783 |
|
Current Assets |
116,535,245,503 |
107,227,114,583 |
123,143,649,720 |
|
Cash & Cash Equivalents |
11,121,149,567 |
6,209,702,398 |
4,827,046,722 |
|
Current Financial Instruments |
86,839,759 |
86,839,759 |
86,839,759 |
|
Trade Receivables & Other
Receivables |
48,515,277,028 |
40,378,430,642 |
53,318,598,078 |
|
Inventories |
53,257,588,704 |
57,418,065,662 |
60,685,131,900 |
|
Other Current Financial
Instruments |
1,209,676,393 |
1,072,591,768 |
893,941,602 |
|
Other Current Non-Financial
Instruments |
2,344,714,052 |
2,061,484,354 |
3,332,091,659 |
|
Non-Current Assets |
160,460,741,554 |
160,103,969,595 |
151,427,313,063 |
|
Trade Receivables |
10,052,395,381 |
9,641,798,849 |
6,776,932,202 |
|
Non-Current Financial Instruments |
38,620,820 |
25,075,303 |
45,252,357 |
|
Marketable Financial Instruments |
912,515,302 |
891,026,768 |
825,485,956 |
|
Investment_Related Companies |
63,066,544,266 |
63,066,544,266 |
63,066,544,266 |
|
Tangibles |
77,676,495,473 |
77,811,393,156 |
72,282,758,959 |
|
Investment_Real Estates |
1,853,210,190 |
1,855,844,931 |
1,866,383,901 |
|
Intangibles |
2,068,412,522 |
2,047,582,722 |
2,047,582,722 |
|
Other Non-Current Financial
Instruments |
4,792,547,600 |
4,764,703,600 |
4,516,372,700 |
|
Total Liabilities |
92,854,950,935 |
80,897,578,070 |
96,496,450,130 |
|
Current Liabilities |
76,471,502,030 |
64,009,840,754 |
88,530,619,118 |
|
Trade Payables & Other
Payables |
15,195,492,419 |
9,993,574,521 |
19,935,349,112 |
|
Short-Term Borrowings |
53,149,394,010 |
47,461,532,243 |
60,151,839,975 |
|
Current Portion of Long-Term
Debts |
1,000,000,000 |
1,000,000,000 |
600,000,000 |
|
Other Current Financial Debts |
5,373,558,923 |
3,110,198,225 |
3,072,637,158 |
|
Accrued Income Tax |
1,130,664,222 |
1,765,131,083 |
3,818,744,996 |
|
Other Current Liabilities |
622,392,456 |
679,404,682 |
952,047,877 |
|
Non-Current Liabilities |
16,383,448,905 |
16,887,737,316 |
7,965,831,012 |
|
Long-Term Borrowings |
10,000,000,000 |
10,000,000,000 |
0 |
|
Deferred Income Tax Credit |
6,383,448,905 |
6,887,737,316 |
7,965,831,012 |
|
Capital Stock |
20,198,182,500 |
20,198,182,500 |
20,198,182,500 |
|
Capital Surplus |
34,846,040,998 |
34,834,173,229 |
34,562,751,252 |
|
Others |
-2,902,645,467 |
-3,081,196,180 |
-3,970,197,115 |
|
Installments |
-40,237,378 |
-56,998,435 |
-108,120,269 |
|
Profit Surplus |
132,039,695,469 |
134,539,344,994 |
127,391,896,285 |
|
Total Equity |
184,141,036,122 |
186,433,506,108 |
178,074,512,653 |
|
Liab. & Shareholder’s Equity |
276,995,987,057 |
267,331,084,178 |
274,570,962,783 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
45,558,905,401 |
190,395,046,673 |
183,106,757,457 |
|
Cost of Sold Goods |
39,869,428,425 |
153,646,031,170 |
147,883,856,030 |
|
Gross Profit |
5,689,476,976 |
36,749,015,503 |
35,222,901,427 |
|
Selling & Admin. Expenses |
6,902,583,770 |
25,778,430,213 |
23,144,837,531 |
|
Operating Income |
-1,213,106,794 |
10,970,585,290 |
12,078,063,896 |
|
Finance Income |
185,718,252 |
597,040,970 |
888,703,650 |
|
Finance Expenses |
273,130,048 |
1,365,661,905 |
1,313,166,956 |
|
Non-Operating Income |
926,386,729 |
5,818,549,708 |
7,497,809,260 |
|
Non-Operating Expenses |
615,707,799 |
4,385,688,681 |
2,686,656,992 |
|
Income Before Taxes |
-989,839,660 |
11,634,825,382 |
16,464,752,858 |
|
Income Taxes Expenses |
-441,510,585 |
2,544,556,223 |
4,137,576,126 |
|
Net Income |
-548,329,075 |
9,090,269,159 |
12,327,176,732 |
|
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 |
443,406,485 |
15,097,173,630 |
-1,601,345,973 |
|
Net Income |
-548,329,075 |
9,090,269,159 |
12,327,176,732 |
|
Adjustment |
1,829,611,006 |
12,827,933,901 |
-11,116,863,729 |
|
Interests Received |
4,611,369 |
47,675,649 |
81,885,199 |
|
Dividends Received |
133,266,000 |
348,376,747 |
656,961,220 |
|
Interests Paid |
-270,433,331 |
-1,449,844,100 |
-1,354,325,470 |
|
Income Taxes |
-705,319,484 |
-5,767,237,726 |
-2,196,179,925 |
|
Cash Flows from Investing |
-1,133,630,083 |
-9,760,460,772 |
-515,259,633 |
|
Cash Flows from Financing |
5,601,670,767 |
-3,954,057,182 |
1,570,496,735 |
|
Increase/Decrease in Cash |
4,911,447,169 |
1,382,655,676 |
-546,108,871 |
|
Cash at the Beginning of Year |
6,209,702,398 |
4,827,046,722 |
5,366,236,825 |
|
Cash at the End of Year |
11,121,149,567 |
6,209,702,398 |
4,827,046,722 |
|
Main Products & Services |
Manufacturer of Reactive dyes for cotton,
rayon & wool, Disperse dyes for polyester, acetate, triacetate &
micro fiber, O.B.A. for paper, pulp, cotton, polyester, nylon, acrylic &
detergent, Acid dyes for nylon, silk, wool & leather, Direct dyes for
paper, leather & cotton, Solvent dyes for polyester fiber, plastic,
resin, master batch, Ink for color ink jet printer." Brand Name : Synozol |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
CIBA SPECIALTY CHEMICALS INC EASTWELL CO., LTD.(110111-0900525) YANGWOO CO., LTD.(115911-0018773) |
|
Competitors |
OH YOUNG INDUSTRIAL CO., LTD.(115611-0001071) RIFA INDUSTRIAL CO., LTD.(110111-0018138) M.DOHMENKOREA, LTD.(110111-2189953) |
|
Affiliates |
JMC CO., LTD.(124611-0284494) (79.52%held by the
subject company) WISE CHEM CO., LTD.(KOREA) (48.13% held by the
subject company) DAITO-KISCO CORPORTION(120111-0368466) (50.00% held by the subject company) KISCO SHANGHAI(CHINA) (100.00% held by the subject company) LIANYUNGANG KISCO(CHINA) (100.00% held by the subject company) KISCO USA(USA) (35.00% held by the subject company) KIMSOY EXIM(TURKEY) (50.00% held by the subject company) RACHADA CHEMICAL(THAILAND) (14.00% held by the subject company) NAMO IT(THAILAND) (49.00% held by the subject company) KISCO INDIA (97.00% held by the subject company) KIMSOY ADANA(TURKEY) (50.00% held by the subject company) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
JMC CO., LTD.(124611-0284494) (79.52% held by the
subject company) WISE CHEM CO., LTD.(KOREA) (48.13% held by the
subject company) LIANYUNGANG KISCO CHEMICAL CO., LTD.(CHINA) (100.0% held by the Subject Company) KISCO INT’L TRADE SHANGHAI CO., LTD.(CHINA) (100.0% held by the Subject Company) KISCO INDIA PRIVATE LIMITED (97.00% held by the Subject Company) HSPL HOUSE, 1ST FLOOR,, SCO 121-123, SECTOR 34A, CHANDIGARH - 160022,
CHANDIGARH, INDIA |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
SUMITOMO CHEMICAL-JAPAN T.H INT-USA -Insured Company GREEN NON-LIFE INSURANCE CO., LTD.(110111-0007082) |
|
Sales/ Unit : KRW |
03/2010 |
2009 |
2008 |
|
Export |
22,637,000,000 |
81,251,470,091 |
81,456,569,665 |
|
Domestic |
11,916,000,000 |
47,754,915,618 |
44,005,719,561 |
|
Total |
34,553,000,000 |
129,006,385,709 |
125,462,289,226 |
The subject deals
with the companies in Pakistan, USA, Asian Countries and European Countries.
No.
---------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.82 |
|
|
1 |
Rs.101.26 |
|
Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.