MIRA INFORM REPORT
|
Report No. : |
344106 |
|
Report Date : |
09.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
THAI COPPER ROD
COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
SOI 9 PROPERTY CO., LTD |
|
|
|
|
Registered Office : |
Bangpleeyai, A. Bangplee, Samutprakarn 10540, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
27.04.1987 |
|
|
|
|
Com. Reg. No.: |
0105530020002 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Distributor of Copper Rods. |
|
|
|
|
No. of Employees : |
90 |
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) |
|
Thailand |
A2 |
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’tat, 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
THAI COPPER ROD COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 22/2
MOO 5, THEPARAK
ROAD, T. BANGPLEEYAI,
A.
BANGPLEE, SAMUTPRAKARN 10540, THAILAND
TELEPHONE : [66] 2385-5003-6
FAX :
[66] 2385-5007
E-MAIL : thcurod3@ksc.th.com
REGISTRATION
ADDRESS : 16th FLOOR,
MANEEYA BUILDING,
518/5 PLOENCHIT
ROAD, LUMPINI,
PATHUMWAN, BANGKOK
10330, THAILAND
ESTABLISHED
: 1987
REGISTRATION
NO. : 0105530020002 [Former:
1997/2530]
TAX
ID NO. : 3101443851
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
SHAREHOLDER’S PROPORTION : THAI :
54.50%
FOREIGN :
45.50%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. TORU KABURAKI,
JAPANESE
MANAGING DIRECTOR
NO.
OF STAFF : 90
LINES
OF BUSINESS : COPPER RODS
MANUFACTURER
AND DISTRIBUTOR
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 April 27,
1987 as a
private limited company
under the registered
name “Soi 9 Property
Co., Ltd.” by
Thai and Japanese groups.
On
May 31, 1998, subject’s
name was changed to THAI COPPER ROD COMPANY LIMITED.
The subject’s business objective is a
manufacturing service of copper rod.
It currently employs approximately
90 staff.
The
major shareholders are Bangkok
Cable Co., Ltd.,
Phelps Dodge International
[Thailand] Co., Ltd., Sumitomo
Electric Wintec [Thailand] Co., Ltd.,
and Sumitomo Electric Industries
Co., Ltd., with holding around 30%,
20%, 12.50% and 12.50%
of the subject’s shares
respectively.
The subject’s registered
address is 16th
Flr., Maneeya Bldg., 518/5
Ploenchit Rd., Lumpini, Pathumwan,
Bangkok 10330, while the
business address is
located at 22/2
Moo 5, Theparak
Rd., T. Bangpleeyai, A. Bangplee,
Samutprakarn 10540.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Tomohiro Tomita |
|
Japanese |
54 |
|
Mr. Sompong Nakornsri |
|
Thai |
81 |
|
Mr. Termsak Honghiran |
|
Thai |
68 |
|
Mr. Isao Ueoka |
|
Japanese |
59 |
|
Mr. Nirouth Jeakvathanyoo |
[x] |
Thai |
56 |
|
Mr. Chalermchad Karun |
|
Thai |
48 |
|
Mr. Toru Kaburaki |
|
Japanese |
46 |
|
Mr. Chanin Yensudchai |
[x] |
Thai |
55 |
AUTHORIZED
PERSON
One of the
mentioned directors [x]
can jointly sign
with anyone of
the rest directors
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Toru Kaburaki is
the Managing Director.
He is Japanese
nationality with the
age of 46
years old.
Mr. Ekachai Luengvilailert is
the Factory Manager.
He is Thai
nationality.
Mr. Ittidate Rujiwsin is the Engineering
Manager.
He is Thai
nationality.
Mr. Wiboon Yimlamai is
the Chief of
Store.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject is
engaged in manufacturing
service of copper
rods in accordance
with customer’s orders. Most
of the products
are supplied to
electrical and telecommunication industries.
BRAND NAME
“TCR”
PRODUCTION CAPACITY
50,000 tons/year
PURCHASE
Most of raw
materials such as
chemical and wire
are purchased from
local suppliers, the
remaining is imported
from Japan, Taiwan,
India, Chile, Zambia
and Republic of
China.
SERVICES
The products are
serviced locally to
manufacturers and end-users.
MAJOR CUSTOMERS
Bangkok Cable Co.,
Ltd. : Thailand
Phelps Dodge Thailand
Co., Ltd. : Thailand
Sumitomo Electric [Thailand] Ltd. : Thailand
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 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
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
90 office staff
and factory workers.
LOCATION
DETAILS
The
premise is rented
for administrative office, factory
and warehouse at
the heading address.
Premise is located
in industrial area.
COMMENT
The subject’s operating
performance has slowly
grown during the
past few years.
Economic slowdown and
industrial downturn had contributed to
slow business growth.
FINANCIAL
INFORMATION
The
capital was initially
registered at Bht.
100,000 divided into
1,000 shares of
Bht. 100 each.
On
July 30, 1988, the
capital was increased
to Bht. 100,000,000 divided
into 100,000 shares
of Bht. 1,000
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
[as at
November 11, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bangkok Cable Co.,
Ltd. Nationality: Thai Address : 187/1
Rajdamri Rd., Lumpini,
Pathumwan, Bangkok |
30,000 |
30.00 |
|
Phelps Dodge International [Thailand]
Co., Ltd. Nationality: Foreign Address : 159
Theparak Rd., T. Bangpla,
A.
Bangplee, Samutprakarn |
20,000 |
20.00 |
|
Sumitomo Electric Wintec
[Thailand] Co., Ltd. Nationality: Thai Address : 649
Moo 2, Sukhumvit Rd., T.Bangpoomai, A.
Muang, Samutprakarn |
12,500 |
12.50 |
|
Sumitomo Electric Industries
Co., Ltd. Nationality: Japanese Address : 3-12
Modoakasaka, 1-chome Minako-ku, Tokyo, Japan
|
12,500 |
12.50 |
|
HBC Telecom Co.,
Ltd. Nationality: Thai Address : 173
Moo 12, Bangna-Trad Rd., T. Bangwua, A. Bangpakong, Chachoengsao |
7,000 |
7.00 |
|
Thai Hitachi Enamel
Wire Co., Ltd. Nationality: Foreign Address : 171
Moo 12, Bangna-Trad Rd., T.
Bangwua, A.
Bangpakong, Chachoengsao |
7,000 |
7.00 |
|
Hitachi Cable Co.,
Ltd. Nationality: Japanese Address : 2-1-2
Marunoshi Shiyoda-ku, Tokyo,
Japan |
6,000 |
6.00 |
|
PDTL Trading Co.,
Ltd. Nationality: Thai Address : 518/5
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok |
5,000 |
5.00 |
Total Shareholders : 8
Share Structure [as
at November 11,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
54,500 |
54.50 |
|
Foreign |
4 |
45,500 |
45.50 |
|
Total |
8 |
100,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Wallop Wilaiworawit No.
6797
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 |
68,562,671 |
53,737,290 |
74,977,595 |
|
Trade Accounts & Other
Receivable - Related Company |
16,385,732 |
10,326,195 |
8,705,160 |
|
- Other Company |
6,244,210 |
961,933 |
- |
|
- Other Receivable |
4,506,124 |
5,730,239 |
5,334,901 |
|
Inventories |
24,004,398 |
25,928,644 |
25,464,578 |
|
Total Current Assets
|
119,703,135 |
96,684,301 |
114,482,234 |
|
Fixed Assets |
50,443,804 |
53,783,165 |
56,023,582 |
|
Deferred Income Tax |
3,437,020 |
3,069,628 |
2,796,986 |
|
Other Non-current Assets |
30,000 |
30,000 |
30,000 |
|
Total Assets |
173,613,959 |
153,567,094 |
173,332,802 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
|
|
|
|
Trade Accounts
Payable |
6,948,975 |
3,215,100 |
7,305,882 |
|
Other Payable |
7,294,480 |
5,492,388 |
3,733,980 |
|
Total Current Liabilities |
14,243,455 |
8,707,488 |
11,039,862 |
|
Employees’ Benefit Obligation |
16,255,494 |
14,506,310 |
13,082,916 |
|
Total Liabilities |
30,498,949 |
23,213,798 |
24,122,778 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 100,000 shares |
100,000,000 |
100,000,000 |
100,000,000 |
|
Capital Paid |
100,000,000 |
100,000,000 |
100,000,000 |
|
Retained Earnings: |
|
|
|
|
Appropriated for
statutory reserve |
10,000,000 |
10,000,000 |
10,000,000 |
|
Unappropriated |
33,115,010 |
20,353,296 |
39,210,024 |
|
Total Shareholders' Equity |
143,115,010 |
130,353,296 |
149,210,024 |
|
Total Liabilities & Shareholders' Equity |
173,613,959 |
153,567,094 |
173,332,802 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Services Income |
178,230,838 |
120,478,091 |
157,828,196 |
|
Other Income |
|
|
|
|
Scarp sale income |
1,528,936 |
781,975 |
1,561,875 |
|
Other |
2,757,732 |
1,666,807 |
1,581,110 |
|
Total Revenues |
182,517,506 |
122,926,873 |
160,971,181 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Services |
134,836,806 |
110,188,863 |
126,824,527 |
|
Selling Expenses |
7,465,730 |
4,543,130 |
5,706,100 |
|
Administrative Expenses |
17,991,613 |
16,136,157 |
17,065,287 |
|
Total Expenses |
160,294,149 |
130,868,150 |
149,595,914 |
|
Profit /[Loss] before Income
Tax |
22,223,357 |
[7,941,277] |
11,375,267 |
|
Income Tax |
[4,461,643] |
[915,451] |
[2,645,506] |
|
Net Profit / [Loss] |
17,761,714 |
[8,856,728] |
8,729,761 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
8.40 |
11.10 |
10.37 |
|
QUICK RATIO |
TIMES |
6.72 |
8.13 |
8.06 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.53 |
2.24 |
2.82 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.03 |
0.78 |
0.91 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
64.98 |
85.89 |
73.29 |
|
INVENTORY TURNOVER |
TIMES |
5.62 |
4.25 |
4.98 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
12.79 |
2.91 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
28.54 |
125.25 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
18.81 |
10.65 |
21.03 |
|
CASH CONVERSION CYCLE |
DAYS |
58.96 |
78.15 |
52.26 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
75.65 |
91.46 |
80.36 |
|
SELLING & ADMINISTRATION |
% |
14.28 |
17.16 |
14.43 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
26.75 |
10.57 |
21.64 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
12.47 |
(6.59) |
7.21 |
|
NET PROFIT MARGIN |
% |
9.97 |
(7.35) |
5.53 |
|
RETURN ON EQUITY |
% |
12.41 |
(6.79) |
5.85 |
|
RETURN ON ASSET |
% |
10.23 |
(5.77) |
5.04 |
|
EARNING PER SHARE |
BAHT |
177.62 |
(88.57) |
87.30 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.18 |
0.15 |
0.14 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.21 |
0.18 |
0.16 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
47.94 |
(23.67) |
|
|
OPERATING PROFIT |
% |
(379.85) |
(169.81) |
|
|
NET PROFIT |
% |
300.54 |
(201.45) |
|
|
FIXED ASSETS |
% |
(6.21) |
(4.00) |
|
|
TOTAL ASSETS |
% |
13.05 |
(11.40) |
|
ANNUAL
GROWTH: SATISFACTORY
An annual sales growth is 47.94%. Turnover has increased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
26.75 |
Impressive |
Industrial
Average |
0.32 |
|
Net Profit Margin |
9.97 |
Impressive |
Industrial
Average |
2.07 |
|
Return on Assets |
10.23 |
Impressive |
Industrial
Average |
3.16 |
|
Return on Equity |
12.41 |
Impressive |
Industrial
Average |
6.52 |
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 26.75%. 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 9.97%,
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
10.23%, 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 12.41%, 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 :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
8.40 |
Impressive |
Industrial
Average |
1.65 |
|
Quick Ratio |
6.72 |
|
|
|
|
Cash Conversion Cycle |
58.96 |
|
|
|
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 8.4 times in 2014, decreased from 11.1 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 6.72 times in 2014,
decreased from 8.13 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 59 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.18 |
Impressive |
Industrial
Average |
0.44 |
|
Debt to Equity Ratio |
0.21 |
Impressive |
Industrial
Average |
0.80 |
|
Times Interest Earned |
- |
|
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 lower the percentage means that the company is using less
leverage and has a stronger equity position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.18 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.53 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.03 |
Acceptable |
Industrial
Average |
1.53 |
|
Inventory Conversion Period |
64.98 |
|
|
|
|
Inventory Turnover |
5.62 |
Satisfactory |
Industrial
Average |
6.17 |
|
Receivables Conversion Period |
12.79 |
|
|
|
|
Receivables Turnover |
28.54 |
Impressive |
Industrial
Average |
4.10 |
|
Payables Conversion Period |
18.81 |
|
|
|
The company's Account Receivable Ratio is calculated as 28.54 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 86 days at the
end of 2013 to 65 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 4.25 times in year 2013 to 5.62 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.03 times and 0.78
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.16 |
|
|
1 |
Rs.99.78 |
|
Euro |
1 |
Rs.73.33 |
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.