MIRA INFORM REPORT
|
Report No. : |
340873 |
|
Report Date : |
16.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
KASEMSAKDI TRADING COMPANY LIMITED |
|
|
|
|
Registered Office : |
594 Soi Songpra,
Rama 4 Road, Mahaprutharam, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
05.07.1995 |
|
|
|
|
Com. Reg. No.: |
0105538079324 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and
distributor wide ranges
of steel products,
such as billet
steel, deformed steel bars
and round bars
[6 mm.-40 mm.], under its own
brand “KSTI”. |
|
|
|
|
No. of Employees : |
300 |
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 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 |
B1 |
B1 |
|
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
KASEMSAKDI TRADING COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS
: 594 SOI SONGPRA,
RAMA 4 ROAD,
MAHAPRUTHARAM,
BANGRAK,
BANGKOK 10500
THAILAND
TELEPHONE : [66]
2633-0274, 2266-8555-6
FAX : [66] 2633-0275
E-MAIL ADDRESS : sales@kstisteel.com
REGISTRATION ADDRESS
: SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1995
REGISTRATION NO. : 0105538079324 [Former : 1597/2538]
TAX ID NO. : 3011606520
CAPITAL REGISTERED : BHT.
330,000,000
CAPITAL PAID-UP : BHT.
330,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
KASEM CHARUSAKULARIYAKUL, THAI
PRESIDENT
NO. OF STAFF : 300
LINES OF BUSINESS : BILLET STEEL
MANUFACTURER AND
DISTRIBUTOR
|
|
|
CORPORATE PROFILE |
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION
: GOOD WITH NORMAL
BUSINESS ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was established on
July 5, 1995 as a private
limited company under
the registered name
KASEMSAKDI TRADING COMPANY
LIMITED, by Charusakulariyakul
family, with the business
objective to manufacture
and distribute various
kinds of steels,
with BOI promoted,
under the promotion
certificated number 1194/2540 and
1479[2]/2548 on March 20,
1997 and March 2,
2005, respectively. It
currently employs approximately
300 staff.
The subject’s registered address is
594 Soi Songpra,
Rama 4 Rd.,
Mahaprutharam,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kasem Charusakulariyakul |
[x] |
Thai |
74 |
|
Mr. Chaturong
Charusakulariyakul |
|
Thai |
48 |
|
Mr. Pornchai Charusakulariyakul |
|
Thai |
47 |
|
Mr. Surachai Charusakulariyakul |
|
Thai |
46 |
|
Mr. Eakachai Charusakulariyakul |
|
Thai |
41 |
AUTHORIZED PERSON
Only the mentioned director [x]
signs or two of
the rest directors
can jointly sign
on behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Kasem Charusakulariyakul is
the President.
He is Thai
nationality with the
age of 74
years old.
Mr. Chaturong Charusakulariyakul is
the Vice President
and Managing Director.
He is Thai
nationality with the
age of 48
years old.
Mr. Pornchai Charusakulariyakul is
the Vice President
[Sales & Marketing].
He is Thai
nationality with the
age of 47
years old.
BUSINESS OPERATIONS
The subject’s activity is a manufacturer
and distributor wide
ranges of steel
products, such as
billet steel, deformed steel bars
and round bars
[6 mm.-40 mm.], under its own
brand “KSTI”.
PRODUCTION CAPACITY
200,000 tons per
annum
IMPORT [COUNTRIES]
Most of raw
materials mainly iron
scraps are imported
from Israel, Republic of China,
Taiwan, Russia and
India.
SALES [LOCAL]
100% of its
products are sold
locally by wholesale
to steel manufacturers.
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 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
credit of 30-60
days.
Imports are by
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd. :
[Head Office
: 333 Silom Road,
Silom, Bangrak, Bangkok]
[Hualampong Branch :
Rama 4 Rd.,
Rongmuang, Pathumwan, Bangkok]
EMPLOYMENT
The subject employs
approximately 300 office staff
and factory workers.
LOCATION DETAILS
The premise is
owned for operating
office in a
3.5 storey building
of 1 row
shop
house at the
heading address. It
is located in
commercial area.
Factory is located
at 109 Moo 1,
T. Tabkang, A.
Khaoyoi, Petchburi 76140.
Tel : [66]
32 439-022-4 Fax
: [66] 32
439-030
Product and Service
Center : 926/25 Soi
Chaliang 1, Bangna-Trad Rd., Bangna,
Bangkok
Tel : [66]
2396-1424, 2396-1432
COMMENT
With the downward
trend of construction
and industrial sector
since 2014 has
affected the subject’s
business performance from
falling demand of
steel products. However,
it is believed
that demand of
steel products would
increase by government
infrastructure projects and
private construction.
FINANCIAL INFORMATION
The capital was
registered at Bht. 12,000,000 divided
into 120,000 shares
of Bht. 100
each.
The capital was
increased later as
followings:
Bht. 62,000,000
on May 21,
1996
Bht. 65,000,000
on March 12,
1997
Bht. 230,000,000 on
December 26, 2003
Bht. 330,000,000 on
December 23, 2005
The latest registered
capital was increased
to Bht. 330,000,000 divided into
3,300,000 shares of
Bht. 100 each
with fully paid.
MAIN SHAREHOLDERS
: [as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chaturong Charusakulariyakul Nationality: Thai Address : 594
Rama 4 Rd.,
Mahaprutharam,
Bangrak, Bangkok |
1,320,000 |
40.00 |
|
Mr. Kasem Charusakulariyakul Nationality: Thai Address : 594
Rama 4 Rd.,
Mahaprutharam,
Bangrak, Bangkok |
924,000 |
28.00 |
|
Mr. Eakachai Charusakulariyakul Nationality: Thai Address : 594
Rama 4 Rd.,
Mahaprutharam,
Bangrak, Bangkok |
495,000 |
15.00 |
|
Mr. Pornchai Charusakulariyakul Nationality: Thai Address : 594
Rama 4 Rd.,
Mahaprutharam,
Bangrak, Bangkok |
165,000 |
5.00 |
|
Mr. Surachai Charusakulariyakul Nationality: Thai Address : 594
Rama 4 Rd.,
Mahaprutharam,
Bangrak, Bangkok |
165,000 |
5.00 |
|
Ms. Petcharat Charusakulariyakul Nationality: Thai Address : 594
Rama 4 Rd.,
Mahaprutharam,
Bangrak, Bangkok |
165,000 |
5.00 |
|
Mrs. Angkana Charusakulariyakul Nationality: Thai Address : 130
Changakas-uthis Rd., Sikan,
Donmuang, Bangkok |
66,000 |
2.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
3,300,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
3,300,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Kwanchai Romchat No.
4034
BALANCE SHEET
[BAHT]
The latest financial figures published
as at December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
6,062,471.90 |
6,391,709.19 |
9,974,278.42 |
|
Trade Accounts Receivable
|
443,611.88 |
41,503,412.02 |
36,529,547.87 |
|
Inventories |
434,045,745.55 |
311,753,190.87 |
433,722,979.60 |
|
Other Current Assets
|
14,207,110.25 |
31,571,995.05 |
19,022,033.33 |
|
|
|
|
|
|
Total Current Assets
|
454,758,939.58 |
391,220,307.13 |
499,248,839.22 |
|
|
|
|
|
|
Fixed Assets |
648,417,895.03 |
589,555,651.52 |
581,330,572.20 |
|
Total Assets |
1,103,176,834.61 |
980,775,958.65 |
1,080,579,411.42 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
474,715,284.57 |
360,611,342.73 |
342,895,974.24 |
|
Trade Accounts Payable
|
82,379,561.43 |
94,097,397.33 |
139,555,473.53 |
|
Payable Person or Related Company |
26,000,000.00 |
- |
- |
|
Current Portion of
Long-term Loan from Financial Institutions |
11,400,000.00 |
- |
- |
|
Other Current Liabilities |
141,903,151.95 |
161,969,925.86 |
237,236,878.81 |
|
|
|
|
|
|
Total Current Liabilities |
736,397,997.95 |
616,678,665.92 |
719,688,326.58 |
|
|
|
|
|
|
Employee Benefits Obligation |
6,764,595.80 |
10,576,130.55 |
10,555,927.01 |
|
Long-term Loan from Financial Institutions |
1,528,380.00 |
- |
- |
|
Total Liabilities |
744,690,973.75 |
627,254,796.47 |
730,244,253.59 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital
3,300,000 shares |
330,000,000.00 |
330,000,000.00 |
330,000,000.00 |
|
|
|
|
|
|
Capital Paid |
330,000,000.00 |
330,000,000.00 |
330,000,000.00 |
|
Retained Earnings: Appropriated for statutory reserve |
12,045,000.00 |
12,045,000.00 |
12,045,000.00 |
|
Unappropriated |
16,440,860.86 |
11,476,162.18 |
8,290,157.83 |
|
Total Shareholders' Equity |
358,485,860.86 |
353,521,162.18 |
350,335,157.83 |
|
Total Liabilities &
Shareholders' Equity |
1,103,176,834.61 |
980,775,958.65 |
1,080,579,411.42 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
1,858,046,082.86 |
2,415,046,557.38 |
2,695,325,943.93 |
|
Other Income |
9,953,845.75 |
12,141,362.31 |
10,550,680.49 |
|
Total Revenues |
1,867,999,928.61 |
2,427,187,919.69 |
2,705,876,624.42 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,808,697,712.80 |
2,352,790,308.30 |
2,632,249,907.78 |
|
Selling Expenses |
17,308,257.10 |
24,740,306.58 |
27,311,964.43 |
|
Administrative Expenses |
19,863,289.47 |
32,462,005.81 |
27,478,524.95 |
|
Total Expenses |
1,845,869,259.37 |
2,409,992,620.69 |
2,687,040,397.16 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
22,130,669.24 |
17,195,299.00 |
18,836,227.26 |
|
Financial Cost |
[17,165,970.56] |
[14,009,294.65] |
[16,968,898.02] |
|
|
|
|
|
|
Net Profit / [Loss] |
4,964,698.68 |
3,186,004.35 |
1,867,329.24 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.62 |
0.63 |
0.69 |
|
QUICK RATIO |
TIMES |
0.01 |
0.08 |
0.06 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.87 |
4.10 |
4.64 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.68 |
2.46 |
2.49 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
87.59 |
48.36 |
60.14 |
|
INVENTORY TURNOVER |
TIMES |
4.17 |
7.55 |
6.07 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
0.09 |
6.27 |
4.95 |
|
RECEIVABLES TURNOVER |
TIMES |
4,188.45 |
58.19 |
73.78 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
16.62 |
14.60 |
19.35 |
|
CASH CONVERSION CYCLE |
DAYS |
71.05 |
40.04 |
45.74 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.34 |
97.42 |
97.66 |
|
SELLING & ADMINISTRATION |
% |
2.00 |
2.37 |
2.03 |
|
INTEREST |
% |
0.92 |
0.58 |
0.63 |
|
GROSS PROFIT MARGIN |
% |
3.19 |
3.08 |
2.73 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.19 |
0.71 |
0.70 |
|
NET PROFIT MARGIN |
% |
0.27 |
0.13 |
0.07 |
|
RETURN ON EQUITY |
% |
1.38 |
0.90 |
0.53 |
|
RETURN ON ASSET |
% |
0.45 |
0.32 |
0.17 |
|
EARNING PER SHARE |
BAHT |
1.50 |
0.97 |
0.57 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.68 |
0.64 |
0.68 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.08 |
1.77 |
2.08 |
|
TIME INTEREST EARNED |
TIMES |
1.29 |
1.23 |
1.11 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(23.06) |
(10.40) |
|
|
OPERATING PROFIT |
% |
28.70 |
(8.71) |
|
|
NET PROFIT |
% |
55.83 |
70.62 |
|
|
FIXED ASSETS |
% |
9.98 |
1.41 |
|
|
TOTAL ASSETS |
% |
12.48 |
(9.24) |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is -23.06%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.19 |
Deteriorated |
Industrial Average |
11.42 |
|
Net Profit Margin |
0.27 |
Deteriorated |
Industrial Average |
1.52 |
|
Return on Assets |
0.45 |
Deteriorated |
Industrial Average |
4.61 |
|
Return on Equity |
1.38 |
Deteriorated |
Industrial Average |
10.69 |
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 3.19%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have problems with control over its costs.
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 0.27%.
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 0.45%.
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 1.38%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.62 |
Risky |
Industrial Average |
1.17 |
|
Quick Ratio |
0.01 |
|
|
|
|
Cash Conversion Cycle |
71.05 |
|
|
|
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 0.62 times in 2014, decreased from 0.63 times, then the company may not be
efficiently using its current assets. 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 0.01 times in 2014,
decreased from 0.08 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 72 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.68 |
Acceptable |
Industrial Average |
0.55 |
|
Debt to Equity Ratio |
2.08 |
Risky |
Industrial Average |
1.20 |
|
Times Interest Earned |
1.29 |
Impressive |
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 1.29 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.68 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.87 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.68 |
Acceptable |
Industrial Average |
3.03 |
|
Inventory Conversion Period |
87.59 |
|
|
|
|
Inventory Turnover |
4.17 |
Deteriorated |
Industrial Average |
9.16 |
|
Receivables Conversion Period |
0.09 |
|
|
|
|
Receivables Turnover |
4,188.45 |
Impressive |
Industrial Average |
12.96 |
|
Payables Conversion Period |
16.62 |
|
|
|
The company's Account Receivable Ratio is calculated as 4,188.45 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 increased from 48 days at the end of 2013 to 88
days at the end of 2014. This represents a negative trend. And Inventory
turnover has decreased from 7.55 times in year 2013 to 4.17 times in year 2014.
The company's Total Asset Turnover is calculated as 1.68 times and 2.46
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.66.44 |
|
|
1 |
Rs.102.41 |
|
Euro |
1 |
Rs.75.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.