MIRA INFORM REPORT
|
Report No. : |
350628 |
|
Report Date : |
23.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
BUSICOM CO., LTD. |
|
|
|
|
Registered Office : |
23 Soi Sukhumvit 62, Yaek 4 [Tadpring], Sukhumvit Road, Bangchak, Prakanong, Bangkok 10260 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
29.09.1982 |
|
|
|
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Com. Reg. No.: |
0105525011327 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Subject is
engaged in importing
and distributing wide
range of pharmaceutical chemicals
especially for pharmaceutical industry. |
|
|
|
|
No. of Employee : |
35 |
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 |
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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 |
B1 |
A2 |
|
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
BUSICOM CO., LTD.
SUMMARY
BUSINESS ADDRESS : 23 SOI
SUKHUMVIT 62, YAEK 4 [TADPRING],
SUKHUMVIT
ROAD, BANGCHAK, PRAKANONG,
BANGKOK 10260,
THAILAND
TELEPHONE : [66] 2332-8290-6
FAX :
[66] 2332-5588
E-MAIL ADDRESS : busicom@busicom.net
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1982
REGISTRATION NO. : 0105525011327 [Former
: 1132/2525]
TAX ID NO. : 3101177725
CAPITAL REGISTERED : BHT. 60,000,000
CAPITAL PAID-UP : BHT. 60,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUDDHINAI
THANESVORAKUL, THAI
PRESIDENT
NO. OF STAFF : 35
LINES OF BUSINESS : PHARMACEUTICAL CHEMICAL
IMPORTER AND
DISTRIBUTOR
CORPORATE
PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR WITH
NORMAL BUSINESS ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject
was established on March
29, 1982 as
a private limited
company under the registered name
BUSICOM CO., LTD., by
Thai group, Thanesvorakul
family, in order
to import and distribute
chemicals for pharmaceutical industry.
It currently employs
35 staff.
The subject’s registered address is 23
Soi Sukhumvit 62, Yaek 4 [Tadpring],
Sukhumvit Rd., Bangchak, Prakanong,
Bangkok 10260, and this
is the subject’s
current operation
address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Suddhinai
Thanesvorakul |
|
Thai |
65 |
|
Mrs. Kanda
Thanesvorakul |
|
Thai |
62 |
AUTHORIZED
PERSON
One of
the above directors
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Suddhinai
Thanesvorakul is
the President.
He is
Thai nationality with
the age of 65 years
old.
Mrs. Kanda
Thanesvorakul is
the Finances & Accounts Director.
She is
Thai nationality with
the age of 62
years old.
Mr. Somwang
Kittikathakul is
the Sales Manager.
He is
Thai nationality.
BUSINESS
OPERATIONS
The subject is
engaged in importing
and distributing wide
range of pharmaceutical chemicals
especially for pharmaceutical industry,
under customer’s order.
The products includes
Metformin Hydrochloride, Tramadol
Hydrochloride, Terbutaline
Sulphate, Gliclazide, Ketotifen
Fumarate, Carbidopa,
Ketoconazole, Clarithromycin,
Itraconazole pellets 22%, Selegiline
Hydrochloride,
Glibenclamide, Ramipril,
Flunarizine Dihydrochloride, Diltlazem HCL, Glipizide, Sulfamethizole, Omeprazole
Pellets [8.5% w/w], Gemfibrozil,
Hydrochlorothiazide, Hydroxyzine
Hydrochloride,
Hyoscine-N-Butylbromide,
Nabumetone, Diclofenac Potassium, Chrloromazine HCL, Carbamazepine,
Ofloxacin, Doxycyclne Hyclate,
Mefenamic acid compacted,
Albendazole, Ambroxol Hydrochloride, Purimox
Compacted grade A,
Fenofibrate, Ketoprofen Micronized,
Meloxicam BP
PURCHASE
80% of the products is imported
from overseas suppliers in
Singapore, Republic of China, Japan, United Kingdom, Italy,
Denmark, Netherlands, Australia, Germany, Taiwan,
India, Hong Kong, Malaysia,
Spain and France,
the remaining 20%
is purchased from
local suppliers.
SALES
[LOCAL]
100% of the
products is sold
by wholesale to
local pharmaceutical manufacturers
[90%] and dealers
[10%].
SUBSIDIARY
AND AFFILIATED COMPANY
Busicom Engineering
Co., Ltd.
Business
Type : Importer of
chemical products
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 L/C at
sight or T/T.
BUSINESS
TRANSACTION
The products
are sold to
customers mainly by credit,
with maximum credit
given at 30-60
days. The subject is not found to have any
problem on its
account receivable.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head
Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Kasikornbank Public
Co., Ltd.
EMPLOYMENT
The subject
currently employs 35
staff. [office and
sales staff]
LOCATION
DETAILS
The premise
is owned for administrative office
in a 3 storey building
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
Chemicals for pharmaceutical industry were the key element for production processes. Subject had good
business performance during the past several years.
In 2014 the
subject reported strong
sales compared to the
pervious year, while
its business in
2015 remains promising.
FINANCIAL
INFORMATION
The capital was
registered at Bht. 4,000,000 divided
into 40,000 shares
of Bht. 100 each
with fully paid.
The capital
was increased later
as follows :
Bht. 5
million on March
13, 1991
Bht.
25 million on
December 30, 1998
Bht.
50 million on
April 9, 2009
Bht.
60 million on
November 25, 2013
The latest
registered capital was
increased to Bht. 60 million,
divided into 600,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LIST WERE
[as at April
30, 2015]
|
NAME |
HOLDING |
% |
|
Mr. Suddhinai
Thanesvorakul Nationality: Thai Address :
52 Soi Ramkhamhaeng 12,
Huamark, Bangkapi, Bangkok |
108,000 |
18.00 |
|
Mrs. Kanda
Thanesvorakul Nationality: Thai Address :
916 Ramkhamhaeng Rd.,
Huamark, Bangkapi, Bangkok |
108,000 |
18.00 |
|
Mrs. Netrthip
Krisadapong Nationality: Thai Address :
50 Soi Ramkhamhaeng 12,
Huamark, Bangkapi, Bangkok |
96,000 |
16.00 |
|
Ms. Hataithip
Thanesvorakul Nationality: Thai Address :
12/14 Soi Chaiyapruk
12, Sapansung, Buengkum, Bangkok |
96,000 |
16.00 |
|
Ms. Tarnthip
Thanesvorakul Nationality: Thai Address :
48 Soi Ramkhamhaeng 12,
Huamark, Bangkapi, Bangkok |
96,000 |
16.00 |
|
Mr. Anol
Thanesvorakul Nationality: Thai Address :
12/14 Soi Chaiyapruk
12, Sapansung, Bangkok |
96,000 |
16.00 |
Total Shareholders
: 6
Share Structure [as at April
30, 2015]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
600,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
600,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Suracha Suparatsuebwong No.
4446
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 |
10,462,426.22 |
10,879,138.12 |
676,087.20 |
|
Trade Accounts
& Other Receivable |
66,933,493.64 |
72,903,668.74 |
56,688,891.38 |
|
Short-term Loan |
13,000,000.00 |
13,500,000.00 |
30,049,583.50 |
|
Inventories |
31,475,353.76 |
22,606,659.86 |
29,557,367.27 |
|
Other Current
Assets |
424,553.76 |
340,477.26 |
181,732.71 |
|
|
|
|
|
|
Total Current
Assets |
122,295,827.38 |
120,229,943.98 |
117,153,662.06 |
|
Fixed Assets |
2,760,789.80 |
3,430,911.97 |
7,334,387.47 |
|
Other Non-current
Assets |
38,143,698.74 |
38,114,697.64 |
41,877,023.84 |
|
Total Assets |
163,200,315.92 |
161,775,553.59 |
166,365,073.37 |
LIABILITIES
& SHAREHOLDERS’ EQUITY
[BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loans from Financial Institutions |
15,061,146.97 |
20,822,747.86 |
11,415,804.70 |
|
Trade Accounts & Other Payable |
119,131,756.83 |
108,319,133.19 |
85,492,614.81 |
|
Short-term
Loan |
- |
- |
26,250,000.00 |
|
Other Current
Liabilities |
22,310.17 |
11,021.95 |
114,238.38 |
|
|
|
|
|
|
Total Current
Liabilities |
134,215,213.97 |
129,152,903.00 |
123,272,657.89 |
|
Other Non-current
Liabilities |
2,934,637.73 |
3,265,851.95 |
16,010,673.42 |
|
Total
Liabilities |
137,149,851.70 |
132,418,754.95 |
139,283,331.31 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 value Authorized,
issued and fully
paid share
capital: 600,000 shares in 2014
& 2013 500,000 shares in 2012 |
60,000,000.00 |
60,000,000.00 |
50,000,000.00 |
|
|
|
|
|
|
Capital Paid |
60,000,000.00 |
60,000,000.00 |
50,000,000.00 |
|
Retained
Earning - Unappropriated [Deficit] |
[33,949,535.78] |
[30,643,201.36] |
[22,918,257.94] |
|
Total Shareholders' Equity |
26,050,464.22 |
29,356,798.64 |
27,081,742.06 |
|
Total Liabilities
& Shareholders' Equity |
163,200,315.92 |
161,775,553.59 |
166,365,073.37 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
381,258,753.36 |
274,051,728.87 |
288,551,090.42 |
|
Other Income |
339,779.15 |
4,934,624.60 |
3,014,755.58 |
|
Total Revenues |
381,598,532.51 |
278,986,353.47 |
291,565,846.00 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of
Goods Sold |
354,560,183.80 |
251,605,864.35 |
265,269,580.18 |
|
Selling Expenses |
2,364,272.15 |
1,896,614.20 |
2,090,942.82 |
|
Administrative Expenses |
23,462,924.23 |
30,573,833.20 |
21,068,655.57 |
|
Total Expenses
|
380,387,380.18 |
284,076,311.75 |
288,429,178.57 |
|
|
|
|
|
|
Profit /
Loss] before Financial Costs |
1,211,152.33 |
[5,089,958.28] |
3,136,667.43 |
|
Financial Costs |
[4,517,486.75] |
[2,634,985.14] |
[4,547,618.73] |
|
Net Profit / [Loss] |
[3,306,334.42] |
[7,724,943.42] |
[1,410,951.30] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.91 |
0.93 |
0.95 |
|
QUICK RATIO |
TIMES |
0.67 |
0.75 |
0.71 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS
TURNOVER |
TIMES |
138.10 |
79.88 |
39.34 |
|
TOTAL ASSETS
TURNOVER |
TIMES |
2.34 |
1.69 |
1.73 |
|
INVENTORY
CONVERSION PERIOD |
DAYS |
32.40 |
32.80 |
40.67 |
|
INVENTORY
TURNOVER |
TIMES |
11.26 |
11.13 |
8.97 |
|
RECEIVABLES
CONVERSION PERIOD |
DAYS |
64.08 |
97.10 |
71.71 |
|
RECEIVABLES
TURNOVER |
TIMES |
5.70 |
3.76 |
5.09 |
|
PAYABLES
CONVERSION PERIOD |
DAYS |
122.64 |
157.14 |
117.63 |
|
CASH CONVERSION
CYCLE |
DAYS |
(26.16) |
(27.24) |
(5.26) |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS
SOLD |
% |
93.00 |
91.81 |
91.93 |
|
SELLING &
ADMINISTRATION |
% |
6.77 |
11.85 |
8.03 |
|
INTEREST |
% |
1.18 |
0.96 |
1.58 |
|
GROSS PROFIT
MARGIN |
% |
7.09 |
9.99 |
9.11 |
|
NET PROFIT MARGIN
BEFORE EX. ITEM |
% |
0.32 |
(1.86) |
1.09 |
|
NET PROFIT MARGIN |
% |
(0.87) |
(2.82) |
(0.49) |
|
RETURN ON EQUITY |
% |
(12.69) |
(26.31) |
(5.21) |
|
RETURN ON ASSET |
% |
(2.03) |
(4.78) |
(0.85) |
|
EARNING PER SHARE |
BAHT |
(5.51) |
(12.87) |
(2.82) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.84 |
0.82 |
0.84 |
|
DEBT TO EQUITY
RATIO |
TIMES |
5.26 |
4.51 |
5.14 |
|
TIME INTEREST
EARNED |
TIMES |
0.27 |
(1.93) |
0.69 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
39.12 |
(5.02) |
|
|
OPERATING PROFIT |
% |
(123.79) |
(262.27) |
|
|
NET PROFIT |
% |
57.20 |
(447.50) |
|
|
FIXED ASSETS |
% |
(19.53) |
(53.22) |
|
|
TOTAL ASSETS |
% |
0.88 |
(2.76) |
|
ANNUALGROWTH
: SATISFACTORY
An annual sales
growth is 39.12%. Turnover has increased from THB
PROFITABILITY : ACCEPTABLE
PROFITABILITY RATIO
|
Gross Profit
Margin |
7.09 |
Impressive |
Industrial Average |
0.91 |
|
Net Profit Margin |
(0.87) |
Deteriorated |
Industrial Average |
2.22 |
|
Return on Assets |
(2.03) |
Deteriorated |
Industrial Average |
7.20 |
|
Return on Equity |
(12.69) |
Deteriorated |
Industrial Average |
12.95 |
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 7.09%. 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 -0.87%. 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 -2.03%.
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 -12.69%.
Trend of the average competitors in the same
industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.91 |
Risky |
Industrial Average |
1.76 |
|
Quick Ratio |
0.67 |
|
|
|
|
Cash Conversion
Cycle |
(26.16) |
|
|
|
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 0.91 times in 2014,
decreased from 0.93 times, then the company may have problems meeting its
short-term obligations. 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 0.67 times in 2014, decreased from 0.75
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 -27 days.
Trend of the average competitors in the same
industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.84 |
Acceptable |
Industrial Average |
0.51 |
|
Debt to Equity
Ratio |
5.26 |
Risky |
Industrial Average |
1.05 |
|
Times Interest
Earned |
0.27 |
Risky |
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
0.27 lower than 1, so the company is not generating enough cash from EBIT to meet its interest obligations.
Debt Ratio shows
the proportion of a company's assets which are financed through debt. The
company's figure is 0.84 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 Uptrend
Times Interest
Earned Stable
ACTIVITY : SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets
Turnover |
138.10 |
Impressive |
Industrial Average |
- |
|
Total Assets
Turnover |
2.34 |
Acceptable |
Industrial Average |
3.24 |
|
Inventory
Conversion Period |
32.40 |
|
|
|
|
Inventory
Turnover |
11.26 |
Deteriorated |
Industrial Average |
25.28 |
|
Receivables
Conversion Period |
64.08 |
|
|
|
|
Receivables
Turnover |
5.70 |
Satisfactory |
Industrial Average |
6.54 |
|
Payables
Conversion Period |
122.64 |
|
|
|
The company's
Account Receivable Ratio is calculated as 5.70 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
decreased from 33 days at the end of 2013 to 32 days at the end of 2014. This
represents a positive trend. And Inventory turnover has increased from 11.13
times in year 2013 to 11.26 times in year 2014.
The company's Total
Asset Turnover is calculated as 2.34 times and 1.69 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.66.09 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.70.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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.