|
Report No. : |
341160 |
|
Report Date : |
15.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
SEAH BESTEEL CORPORATION |
|
|
|
|
Registered Office : |
45, Yanghwa-Ro, Mapo-Gu, Seoul, 29th Fl., Seah Tower, Korea 04027 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
30.06.2015 |
|
|
|
|
Date of Incorporation : |
05.04.1955 |
|
|
|
|
Com. Reg. No.: |
113-81-06798 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
· Manufacture of Basic Iron and Steel. · Manufacture of Other Parts and Accessories for Motor Vehicles n. e. c. |
|
|
|
|
No. of Employees : |
1,527 |
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 : |
No Complaints |
|
|
|
|
Litigation : |
-- |
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 |
SEAH BESTEEL CORPORATION |
|
Registered Address |
45, Yanghwa-ro, Mapo-gu, Seoul, Korea |
|
Building |
29th Fl., Seah Tower |
|
Zip Code |
04027 |
|
Tel |
+82-2-6970-2000 |
|
Fax |
+82-2-6970-2181 |
|
E-mail |
hnyoon@seahbesteel.co.kr |
|
Website |
www.seahbesteel.co.kr |
|
Trading Address |
29th
Fl., Seah Tower, 45, Yanghwa-ro, Mapo-gu, Seoul, Korea (Old
Address System : 29th Fl., Seah Tower, 490, Seogyo-dong, Mapo-gu, Seoul,
Korea) |
|
Tel |
+82-2-6970-2000 |
|
Fax |
+82-2-6970-2181 |
|
Other Address-Gunsan Factory |
522, Oehang-ro, Gunsan-si, Jeollabuk-do,
Korea (Old Address System : 1-6, Soryong-dong, Gunsan-si,
Jeollabuk-do, Korea) |
|
Tel |
+82-63-460-8114 |
|
Fax |
+82-63-460-8560 |
|
Other Address-Busan Office |
159-4, Gamjeon-dong, Sasang-gu, Busan, Korea |
|
Tel |
+82-51-312-8522 |
|
Fax |
+82-51-311-2105 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Basic Iron and Steel |
|
Main Business |
Specialty Steel, Automotive Parts |
|
Sub
Business |
Manufacture of Other Parts and Accessories for Motor Vehicles n. e. c. |
|
Established (mm/dd/yyyy) |
04/05/1955 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Transportation components and systems(25170000) |
|
Sell |
Steel(11101704) |
|
Sell |
Train wheels(25171902) |
|
Buy |
Electrodes(39121436) |
|
Buy |
Metal scrap(11191600) |
|
Buy |
Ferrous alloy(11101712) |
|
Name |
Lee Sung-Hwi |
|
Address |
|
|
Date of Birth |
02/04/1950 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
219,310,595,000 |
||||||||||||||||||||||||
|
Employees |
1,527 |
||||||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange : 001430)
as of 03/12/1991 A Company of SeAH Group |
||||||||||||||||||||||||
|
Bank Details |
Korea Development Bank-Finance 1 Dept. Hana Bank |
||||||||||||||||||||||||
|
Corporate Registered No. |
110111-0035794 |
||||||||||||||||||||||||
|
Business Registered No. |
113-81-06798 |
||||||||||||||||||||||||
|
Permit & Licenses |
1985 KS 1988 JIS 1995 ISO 9002 1999 QS 9000 1999 KT 1999 ISO 9002 2005 KT 12/07/2005 ISO 9001 2/01/2006 ISO/TS 16949:2002 Int’l Trade No.: 720799 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
1937 Established as GWANDONG MACHINE
MANUFACTORY 04/05/1955
Incorporated and Changed company name to KOREA HEAVY MACHINERY INDUSTRY CO., LTD. 1978 Merged with Incheon Casting Plant of
Won Poong Industry Co., Ltd. 1986 Joined to KIA Group 1990 Changed company name to KIA STEEL
CO., LTD. 1991 Listed at Korea Stock Exchange 1993 Moved Head Office to Gunsan 1996 Awarded US$50 Million Export Top
Prize 02/03/1999 Decided to be managed and
operated by Court 2003 Joined to SeAH Group 2003 Awarded US$100 Million Export Top
Prize 12/26/2003 Discharged of managing by Court 2004 Changed company name to the present
name 2008 Awarded US$300 Million Export Top
Prize 2012 Moved to the present HQ address from
26-2, Guro 5-dong, Guro-gu, Seoul, Korea |
||||||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Chairman & CEO |
Mr. |
Lee Soon-Hyung |
Korean |
1949.02. |
Hanyang University, Korea |
|
President & CEO |
Mr. |
Lee Sung-Hwi |
Korean |
1950.02.04 |
Seoul National University, Korea |
|
Vice President & CEO |
Mr. |
Yoon Ki-Soo |
Korean |
1956.09.03 |
Hongik University, Korea |
|
Outside Director |
Mr. |
Chae Bang-Eun |
Korean |
1946.05.31 |
Seoul National University, Korea |
|
Outside Director |
Mr. |
Jung Yong-Hee |
Korean |
1944.10. |
Hanyang University, Korea |
|
Outside Director |
Mr. |
Kim Chang-Do |
Korean |
1950.02.26 |
Seoul National University, Korea |
|
Outside Director |
Mr. |
Park In-Mok |
Korean |
1951.08. |
Kunkuk University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
1,010,083,106,650 |
2,566,682,817,895 |
84,624,831,320 |
|
|
(*)2014 |
2,202,367,042,934 |
2,424,743,837,719 |
123,518,831,731 |
|
(*)2013 |
2,112,649,587,661 |
2,204,800,352,049 |
102,304,188,281 |
|
(*)2012 |
2,194,080,927,379 |
2,159,086,176,283 |
119,182,019,385 |
|
(*)2011 |
2,484,734,008,766 |
1,999,402,384,509 |
226,558,728,481 |
|
(*)2010 |
1,867,538,671,152 |
1,909,295,729,574 |
149,026,404,566 |
|
2009 |
1,245,359,976,570 |
1,697,962,001,325 |
-38,680,863,688 |
|
2008 |
1,840,728,419,741 |
1,681,299,268,997 |
101,694,543,435 |
|
2007 |
1,195,387,344,807 |
1,339,894,395,686 |
41,126,496,193 |
|
2006 |
967,358,415,494 |
1,138,843,285,053 |
60,217,991,212 |
|
2005 |
1,002,705,294,421 |
986,945,040,122 |
67,763,780,544 |
|
2004 |
926,423,705,351 |
916,008,512,067 |
50,544,157,989 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
750,000,000,000 |
|
Paid-Up Capital(KRW) |
219,310,595,000 |
|
Total Issues Shares |
35,862,119 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total
Assets |
2,566,682,817,895 |
2,424,743,837,719 |
2,204,800,352,049 |
|
Current
Assets |
780,471,916,615 |
1,139,920,530,080 |
863,988,945,023 |
|
Cash
& Cash Equivalents |
29,984,077,405 |
262,362,687,139 |
4,871,295,393 |
|
Trade
Receivables & Other Receivables |
268,317,492,809 |
311,909,546,713 |
326,317,543,473 |
|
Current
Financial Instruments |
118,672,465 |
15,346,661,950 |
4,967,624,140 |
|
Current
Non-Financial Instruments |
1,288,592,563 |
62,247,956,996 |
2,392,234,941 |
|
Inventories |
480,763,081,373 |
488,053,677,282 |
525,440,247,076 |
|
Non-Current
Assets |
1,786,210,901,280 |
1,284,823,307,639 |
1,340,811,407,026 |
|
Tangibles |
1,169,205,008,336 |
1,202,613,674,239 |
1,261,571,571,957 |
|
Investment_Real
Estate |
19,378,798,048 |
19,428,028,576 |
19,526,489,632 |
|
Intangibles |
3,593,755,766 |
4,419,877,617 |
4,201,626,229 |
|
Long-Term
Trade Receivables & Other Receivables |
10,856,869,613 |
10,378,742,413 |
7,507,058,767 |
|
Non-Current
Financial Instruments |
32,039,059,306 |
28,418,329,150 |
28,485,256,820 |
|
Investment_Related
Companies |
18,131,645,143 |
18,131,645,143 |
18,131,645,143 |
|
Investment_Subsidiaries |
531,543,214,345 |
0 |
0 |
|
Non-Current
Non-Financial Instruments |
1,462,550,723 |
1,433,010,501 |
1,387,758,478 |
|
Total
Liabilities |
1,018,635,592,318 |
924,655,913,484 |
785,332,045,325 |
|
Current
Liabilities |
333,064,510,571 |
521,074,937,367 |
410,715,934,646 |
|
Trade
Payables & Other Payables |
182,132,667,315 |
162,813,574,855 |
172,502,733,466 |
|
Short-Term
Borrowings |
119,068,335,741 |
329,918,925,129 |
215,607,857,977 |
|
Accrued
Income Tax |
25,314,972,802 |
22,420,447,533 |
17,618,131,956 |
|
Other
Current Non-Financial Debts |
6,548,534,713 |
5,921,989,850 |
4,987,211,247 |
|
Non-Current
Liabilities |
685,571,081,747 |
403,580,976,117 |
374,616,110,679 |
|
Long-Term
Trade Payables & Other Payables |
9,906,094,618 |
7,860,095,838 |
7,792,265,685 |
|
Long-Term
Borrowings |
562,121,173,544 |
361,971,548,981 |
332,302,325,901 |
|
Other
Non-Current Financial Debts |
84,257,936,560 |
0 |
|
|
Deferred
Income Tax Credit |
27,324,832,960 |
26,815,960,965 |
26,988,847,966 |
|
Confirmed
Salaries |
1,937,615,788 |
6,910,652,467 |
7,346,850,698 |
|
Other
Non-Current Non-Financial Debts |
23,428,277 |
22,717,866 |
185,820,429 |
|
Capital
Stock |
219,310,595,000 |
219,310,595,000 |
219,310,595,000 |
|
Capital
Surplus |
30,172,223,578 |
30,172,223,578 |
30,172,223,578 |
|
Others |
268,737,990,119 |
268,737,990,119 |
268,737,990,119 |
|
Installments |
-984,347,102 |
-262,162,602 |
-544,174,195 |
|
Profit
Surplus |
1,030,810,763,982 |
982,129,278,140 |
901,791,672,222 |
|
Total
Equity |
1,548,047,225,577 |
1,500,087,924,235 |
1,419,468,306,724 |
|
Liab.
& Shareholder’s Equity |
2,566,682,817,895 |
2,424,743,837,719 |
2,204,800,352,049 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
1,010,083,106,650 |
2,202,367,042,934 |
2,112,649,587,661 |
|
Cost of Sold Goods |
847,639,413,567 |
1,938,206,884,594 |
1,888,744,775,023 |
|
Gross Profit |
162,443,693,083 |
264,160,158,340 |
223,904,812,638 |
|
Selling & Admin. Expenses |
45,770,061,899 |
88,904,287,468 |
80,052,681,654 |
|
Operating Income |
116,673,631,184 |
175,255,870,872 |
143,852,130,984 |
|
Other Operating Income |
2,519,882,699 |
5,379,051,924 |
5,172,768,312 |
|
Other Operating Expenses |
1,091,084,867 |
4,098,586,400 |
2,505,640,943 |
|
Finance Income |
6,974,783,162 |
11,171,423,375 |
6,578,206,481 |
|
Finance Expenses |
13,714,234,256 |
24,338,273,021 |
25,632,701,031 |
|
Income Before Taxes |
111,362,977,922 |
163,369,486,750 |
127,464,763,803 |
|
Income Taxes Expenses |
26,738,146,602 |
39,850,655,019 |
25,160,575,522 |
|
Net Income |
84,624,831,320 |
123,518,831,731 |
102,304,188,281 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Operating
Activities Cash Flows |
206,034,781,631 |
245,177,555,435 |
142,195,347,300 |
|
Net
Income |
111,362,977,922 |
163,369,486,750 |
127,464,763,803 |
|
Exp.
without Cash Outflow |
64,581,079,919 |
123,501,351,117 |
122,404,183,919 |
|
Revenue
without Cash Inflows |
-6,100,812,399 |
-5,703,884,330 |
-2,176,877,650 |
|
Changes
in Asset/ & Liability |
66,808,761,744 |
7,959,117,179 |
-66,937,300,593 |
|
Interests
Received |
2,338,108,869 |
1,516,980,462 |
829,246,393 |
|
Dividends
Received |
1,667,657,901 |
3,060,143,818 |
819,888,383 |
|
Interests
Paid |
-11,629,814,485 |
-16,772,589,224 |
-20,711,823,065 |
|
Income
Taxes Paid |
-22,993,177,840 |
-31,753,050,337 |
-19,496,733,890 |
|
Cash
Flows from Investing |
-391,928,152,252 |
-99,183,727,991 |
-86,436,645,078 |
|
Cash
Inflow from Investing |
16,152,423,027 |
4,515,814,529 |
6,376,499,277 |
|
Cash
Outflows for Investing |
-408,080,575,279 |
-103,699,542,520 |
-92,813,144,355 |
|
Cash
Flows from Financing |
-46,528,986,622 |
111,497,314,837 |
-58,361,228,243 |
|
Cash
Inflows from Financing |
279,066,662,378 |
842,409,500,000 |
1,031,013,520,712 |
|
Cash
Outflows from Financing |
-325,595,649,000 |
-730,912,185,163 |
-1,089,374,748,955 |
|
Increase/Decrease
in Cash |
-232,422,357,243 |
257,491,142,281 |
-2,602,526,021 |
|
Cash
at the Beginning of Year |
262,362,687,139 |
4,871,295,393 |
7,473,821,414 |
|
Cash
at the End of Year |
29,984,077,405 |
262,362,687,139 |
4,871,295,393 |
|
Main Products & Services |
Special Steel -Carbon Steel -Alloy Steel -Steel -Nitriding Steel -Spring Steel -Bearing Steel -Boron Steel -High Strength Steel -Microalloying Steel -Free-Cutting Steel Automotive Parts Crank Shaft -Axle Shaft -Tripod Housing-Outer Race -Inner Race -Front Driving Differential Assembly-Rear
Axle Assembly -Axle Casting -Brake Drum & Disc -Hub Casting -Differential Carrier & Differentia
Case Railway Wheels Brand Name : Besteel, Shine Mold |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
SEJONG RESOURCES CO., LTD.(160111-0079891) DONGBU METAL CO., LTD.(110111-3836678) HANWHA TECHM CO., LTD(194211-0056095) VALDUNES(FRANCE) |
|
Customers |
KIA MOTORS CORPORATION(110111-0037998) |
|
Competitors |
G & C HEAVY INDUSTRY CO., LTD. 2NA-203, SIHWA INDUSTRIAL COMPLEX, 1260-2, JEONGWANG
2-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA TEL:+82-31-358-1011 FAX:+82-31-358-9617 YONG JIN SPECIALTY STEEL CO., LTD. 980-59, BANGBAE 2-DONG, SEOCHO-GU, SEOUL,
KOREA TEL:+82-32-680-3000 FAX:+82-32-678-8520 POSCO SPECIALTY STEEL CO., LTD. 65, SINCHON-DONG, CHANG-WON-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-269-6114 FAX:+82-55-269-6901 |
|
Affiliates-Domestic |
SEAH HOLDINGS CORP(110111-2276809) SEAH METAL CO.,
LTD.(194311-0003292) SEAH SPECIAL STEEL CO.,
LTD.(174611-0005478) KANG NAM CITY GAS CO., LTD.(110111-0385199) KOREA BUNDY CORP.(134711-0001266) ESAB SEAH CORP.(180111-0059047) SEAH LOGISTICS CORP.(151111-0000847) SEAH ENT CO., LTD(110111-0740707) SEAH INVESTMENT DEVELOPMENT CO.,
LTD(120111-0039489) SEAH COMMUNICATIONS CO.,
LTD.(110111-0862519) SEAH INFORMATION SYSTEM CO.,
LTD.(110111-0613855) DREAMLINE CORPORATION(110111-1447021) SEAH TECHNICS CO., LTD.(110111-1243875) SEAH SOLAR SYSTEMS CO.,
LTD.(110111-3788655) HAIDUK CORPORATION(110111-0038011) HAIDUK STEEL CO.,LTD(110111-2121145) HOYEON TOURIST LEISURE INDUSTRY CO., LTD.(131411-0176612) SEAHBNK CO.,LTD.(135111-0084924) OSAN PRECISION CORP.(131311-0029293) JEENYANG INDUSTRIAL CO., LTD.(110111-0091613) (35.0% held by the subject company) JEONGSEON LIME CO., LTD.(144911-0009652) (22.0% held by the subject company) |
|
Affiliates-Overseas |
PT.SEAH STEEL INDONESIA SEAH STEEL AMERICA, INC. STATE PIPE & SUPPLY, INC. SEAH STEEL CALIFORNIA LLC. SEAH STEEL VINA CORP. SEAH JAPAN CO., LTD. SEAH STEEL UAE LLC. LANDMARK STEEL CORP. VIETNAM STEEL PIPE CO., LTD. SEAH STEEL EUROPE S.R.L INOX TECH S.P.A. ESAB SEAH WELDING PRODUCT(YANTAI) CO., LTD. |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
ESAB SEAH CORP.(180111-0059047) |
|
Subsidiary |
SEAH CHANGWON INTERGRATED SPECIAL STEEL CO., LTD.(194211-0025248) (54.82% held by the subject company) |
|
Corporate Ownership |
SEAH HOLDINGS CORP(110111-2276809) |
|
Major Shareholders |
SEAH HOLDINGS CORP(110111-2276809) |
|
Cooperative Enterprise |
-Technical Support from VALDUNES(FRANCE) -Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
|
Sales/ Unit : Mil KRW |
06/2015 |
2014 |
2013 |
|
Export |
147,984 |
353,384 |
286,192 |
|
Domestic |
862,099 |
1,848,983 |
1,826,458 |
|
Total |
1,010,083 |
2,202,367 |
2,112,650 |
The Subject exports
to USA, Oceania, Europe and Asia.
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/
Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
|
|
The Subject Company |
Claim for Compensation from Damages |
9,760,472,000 |
3rd round is proceeding |
|
|
|
|
The Subject Company |
Refund |
2,666,926,000 |
2nd round is proceeding |
|
|
|
|
The Subject Company |
- |
41,690,000 |
2nd round is proceeding |
|
|
|
|
The Subject Company |
Claim for Compensation from Damages |
100,000,000 |
1st round is proceeding |
|
|
|
|
The Subject Company |
Salaries |
120,000,000 |
1st round is proceeding |
---------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.37 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.75.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
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.