MIRA INFORM REPORT
|
Report No. : |
341967 |
|
Report Date : |
22.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
ABSOLUTE DENIM CO., LTD. |
|
|
|
|
Registered Office : |
99 Soi Sukhumvit
6, Sukhumvit Road,
Klongtoey, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
18.02.2005 |
|
|
|
|
Com. Reg. No.: |
0105548025472 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is engaged
in complete range of
textile business comprising
spinning, dyeing, weaving
and finishing of
yarns and denim
fabric. |
|
|
|
|
No. of Employees : |
450 |
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 : |
No Complaints |
|
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
ABSOLUTE DENIM CO., LTD.
SUMMARY
BUSINESS ADDRESS : 99 SOI SUKHUMVIT
6, SUKHUMVIT ROAD,
KLONGTOEY, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2255-4999,
2622-9119
FAX : [66] 2207-9888,
2207-9444
E-MAIL ADDRESS : info@absolutedenim.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2005
REGISTRATION NO. : 0105548025472
TAX ID NO. : 3031703315
CAPITAL REGISTERED : BHT.
1,950,000,000
CAPITAL PAID-UP : BHT.
1,500,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
VICHAI PHROMVANICH, THAI
MANAGING DIRECTOR & SALES
AND EXPORT
MANAGER
NO. OF STAFF : 450
LINES OF BUSINESS : TEXTILES
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
|
|
|
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 February
18, 2005 as
a private limited
company under the
originally registered name “G. Denim Co., Ltd.” by
Thai groups. On
April 12, 2005,
its registered name
was changed to “International Denim
Co., Ltd.”, and
finally changed to
ABSOLUTE DENIM CO.,
LTD., on September
23, 2005. Its
objective is engaged
in textile business.
It currently employs
approximately 450 staff.
The subject’s registered
address is 99
Soi Sukhumvit 6,
Sukhumvit Rd., Klongtoey, Bangkok
10110, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vichai Phromvanich |
|
Thai |
29 |
|
Ms. Amritgor Narula |
|
Thai |
38 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Vichai Phromvanich is the
Managing Director and
Sales & Export Manager.
He is Thai
nationality with the
age of 29
years old.
Ms. Amritgor Narula is
the General Manager.
She is Thai
nationality with the
age of 38
years old.
BUSINESS OPERATIONS
The subject is engaged
in complete range of
textile business comprising
spinning, dyeing, weaving
and finishing of
yarns and denim
fabric.
PRODUCTION CAPACITY
2.5 million meters per month
PURCHASE
Most of cotton
yarn and other
raw materials are
purchased from local
suppliers, the remaining is imported
from India, Japan, Republic
of China, Indonesia,
Australia, Italy, Switzerland
and Germany.
MAJOR SUPPLIERS
Jong Stit Co.,
Ltd. : Thailand
Indorama Venture Public
Company Limited : Thailand
SALES
80% of the products
is exported to Africa,
U.S.A., Republic of China,
Bangladesh, India, Vietnam, Cambodia, Germany, Italy, Spain, United
Kingdom, Canada, Hong Kong,
Pakistan, and the
remaining 20% is
sold locally.
RELATED AND
AFFILIATED COMPANY
Blue Jeans International
Co., Ltd.
Business Type :
Distributor of fabrics
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.
Exports are against
L/C or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 450 staff.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is located
in commercial/residential area.
Factory and warehouse
are located on
approximately 90,000 square
meters building, at
99/9 Moo 8,
T. Bangkachao, A. Muang,
Samutsakorn 74000. Tel. [66]
34 869-181-2, Fax.
[66] 34 869-200.
COMMENT
The subject manufactures,
distributes and exports
of yarns and denim fabric.
The products have
been served to garment industry of both
local and overseas. The
subject’s sales in 2014
was considered good
both international and
domestic markets.
However, the subject’s
business during these
two years 2014-2015
has witnessed a
slow growth from
slow consumption.
FINANCIAL INFORMATION
The capital was
registered at Bht.
500,000,000 divided into
500,000 shares of
Bht. 1,000 each with fully
paid.
The capital was
increased later as
follows:
Bht. 800,000,000 on
May 10, 2006
Bht. 1,000,000,000
on January 15,
2007
Bht. 1,350,000,000
on February 4,
2009
Bht. 1,950,000,000
on July 13,
2015
The latest registered
capital was increased
to Bht. 1,950,000,000, divided
into 1,950,000 shares
of Bht. 1,000 each,
with the current
capital paid-up at
Bht. 1,500,000,000 or
1,350,000 shares of
Bht. 1,000 each and 600,000
shares of Bht.
250 each.
THE SHAREHOLDERS LISTED
WERE : [as
at July 9,
2015] at Bht.
1,500 million of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Vichai Phromvanich Nationality: Thai Address : 20/14
Sukhumvit 20 Rd.,
Klongtoey, Bangkok |
1,899,000 |
97.38 |
|
Ms. Amritgor Narula Nationality: Thai Address : 20/14
Sukhumvit 20 Rd.,
Klongtoey, Bangkok |
50,000 |
2.56 |
|
Ms. Jidaporn Phromvanich Nationality: Thai Address : 20/14
Sukhumvit 20 Rd.,
Klongtoey, Bangkok |
1,000 |
0.06 |
Total Shareholders : 3
Share Structure [as
at July 9,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
1,950,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
1,950,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Adisorn Leklatha No.
4075
BALANCE SHEET
[BAHT]
The latest financial figures
published for December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalent |
7,008,715.94 |
3,321,619.61 |
2,817,593.57 |
|
Trade Accounts and
other Receivable |
197,277,001.27 |
288,276,740.18 |
240,137,739.10 |
|
Inventories |
659,264,203.11 |
521,604,224.00 |
573,341,372.31 |
|
Other Current Assets
|
22,572,864.47 |
6,066,730.71 |
7,596,571.95 |
|
|
|
|
|
|
Total Current Assets
|
886,122,784.79 |
819,269,314.50 |
823,893,276.93 |
|
Fixed Assets |
2,364,446,188.33 |
2,286,064,442.38 |
2,462,641,820.11 |
|
Other Non-current Assets
|
6,626.20 |
6,626.20 |
6,626.20 |
|
Total Assets |
3,250,575,599.32 |
3,105,340,383.08 |
3,286,541,723.24 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Payable from Financial Institution |
28,051,677.25 |
11,342,983.95 |
17,288,744.50 |
|
Short-term Loan from Financial Institution |
309,205,607.08 |
252,247,370.81 |
222,047,304.69 |
|
Trade Accounts &
Other Payable |
172,599,043.19 |
277,457,313.64 |
208,550,878.45 |
|
Trust Receipts Payable |
416,395,115.47 |
486,150,192.33 |
579,189,380.32 |
|
Current Portion of Long-term Loans |
48,300,000.00 |
288,300,000.00 |
264,300,000.00 |
|
Current Portion of Hire-purchase Payable |
702,336.00 |
702,336.00 |
165,016.09 |
|
Other Current Liabilities |
4,786,037.78 |
20,505,190.79 |
1,007,602.17 |
|
|
|
|
|
|
Total Current Liabilities |
980,039,816.77 |
1,336,705,387.52 |
1,292,548,926.22 |
|
Trust Receipt Payable -
Net of Current Portion |
623,064,145.59 |
- |
- |
|
Long-term Loan - Net
of Current Portion |
780,275,000.00 |
735,575,000.00 |
1,023,875,000.00 |
|
Long-term Loan from
Person or Related Company |
285,874,870.44 |
526,211,396.31 |
547,747,672.30 |
|
Hire-purchase Payable - Net of Current Portion |
2,801,227.00 |
1,380,919.27 |
11,830.88 |
|
Other Non-current Liabilities |
33,133,083.79 |
32,978,374.79 |
32,972,374.79 |
|
Total Liabilities |
2,705,188,143.59 |
2,632,851,077.89 |
2,897,155,804.19 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000 par value authorized, issued
and fully paid share capital 1,350,000 shares
|
1,350,000,000.00 |
1,350,000,000.00 |
1,350,000,000.00 |
|
|
|
|
|
|
Capital Paid |
1,350,000,000.00 |
1,350,000,000.00 |
1,350,000,000.00 |
|
Retained Earning- Unappropriated |
[804,612,544.27] |
[877,510,694.81] |
[960,614,080.95] |
|
Total Shareholders' Equity |
545,387,455.73 |
472,489,305.19 |
389,385,919.05 |
|
Total Liabilities &
Shareholders' Equity |
3,250,575,599.32 |
3,105,340,383.08 |
3,286,541,723.24 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
1,323,254,014.14 |
1,649,194,672.49 |
1,548,840,043.29 |
|
Gain on Exchange Rate |
15,355,723.23 |
- |
31,557,077.27 |
|
Other Income |
19,772,540.19 |
11,546,640.81 |
11,607,463.35 |
|
Total Revenues |
1,358,382,277.56 |
1,660,741,313.30 |
1,592,004,583.91 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,088,308,445.31 |
1,339,261,431.06 |
1,323,511,067.83 |
|
Selling Expenses |
23,182,929.96 |
25,288,269.63 |
33,118,720.63 |
|
Administrative Expenses |
66,184,083.91 |
62,567,365.69 |
54,710,924.58 |
|
Other Expenses |
240,474.67 |
33,722,655.56 |
- |
|
Total Expenses |
1,177,915,933.85 |
1,460,839,721.94 |
1,411,340,713.04 |
|
|
|
|
|
|
Loss before Financial
Cost |
180,466,343.71 |
199,901,591.36 |
180,663,870.87 |
|
Financial Cost |
[107,568,193.17] |
[116,798,205.22] |
[141,911,846.33] |
|
|
|
|
|
|
Net Profit / [Loss] |
72,898,150.54 |
83,103,386.14 |
38,752,024.54 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.90 |
0.61 |
0.64 |
|
QUICK RATIO |
TIMES |
0.21 |
0.22 |
0.19 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.56 |
0.72 |
0.63 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.41 |
0.53 |
0.47 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
221.11 |
142.16 |
158.12 |
|
INVENTORY TURNOVER |
TIMES |
1.65 |
2.57 |
2.31 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
54.42 |
63.80 |
56.59 |
|
RECEIVABLES TURNOVER |
TIMES |
6.71 |
5.72 |
6.45 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
57.89 |
75.62 |
57.51 |
|
CASH CONVERSION CYCLE |
DAYS |
217.64 |
130.34 |
157.19 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
82.24 |
81.21 |
85.45 |
|
SELLING & ADMINISTRATION |
% |
6.75 |
5.33 |
5.67 |
|
INTEREST |
% |
8.13 |
7.08 |
9.16 |
|
GROSS PROFIT MARGIN |
% |
20.41 |
19.49 |
17.34 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
13.64 |
12.12 |
11.66 |
|
NET PROFIT MARGIN |
% |
5.51 |
5.04 |
2.50 |
|
RETURN ON EQUITY |
% |
13.37 |
17.59 |
9.95 |
|
RETURN ON ASSET |
% |
2.24 |
2.68 |
1.18 |
|
EARNING PER SHARE |
BAHT |
54.00 |
61.56 |
28.71 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.83 |
0.85 |
0.88 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.96 |
5.57 |
7.44 |
|
TIME INTEREST EARNED |
TIMES |
1.68 |
1.71 |
1.27 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(19.76) |
6.48 |
|
|
OPERATING PROFIT |
% |
(9.72) |
10.65 |
|
|
NET PROFIT |
% |
(12.28) |
114.45 |
|
|
FIXED ASSETS |
% |
3.43 |
(7.17) |
|
|
TOTAL ASSETS |
% |
4.68 |
(5.51) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -19.76%. Turnover has decreased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
20.41 |
Impressive |
Industrial Average |
(11.55) |
|
Net Profit Margin |
5.51 |
Impressive |
Industrial Average |
(1.76) |
|
Return on Assets |
2.24 |
Impressive |
Industrial Average |
(1.79) |
|
Return on Equity |
13.37 |
Impressive |
Industrial Average |
(4.29) |
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 20.41%. 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
5.51%, 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
2.24%, 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 13.37%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.90 |
Risky |
Industrial Average |
0.96 |
|
Quick Ratio |
0.21 |
|
|
|
|
Cash Conversion Cycle |
217.64 |
|
|
|
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 0.9 times in 2014, increased from
0.61 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 0.21 times in 2014,
decreased from 0.22 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 218 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.83 |
Acceptable |
Industrial Average |
0.70 |
|
Debt to Equity Ratio |
4.96 |
Risky |
Industrial Average |
2.16 |
|
Times Interest Earned |
1.68 |
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 1.68 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 0.83 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 |
0.56 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.41 |
Deteriorated |
Industrial Average |
0.91 |
|
Inventory Conversion Period |
221.11 |
|
|
|
|
Inventory Turnover |
1.65 |
Acceptable |
Industrial Average |
2.64 |
|
Receivables Conversion Period |
54.42 |
|
|
|
|
Receivables Turnover |
6.71 |
Impressive |
Industrial Average |
3.86 |
|
Payables Conversion Period |
57.89 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.71 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 142 days at the
end of 2013 to 221 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 2.57 times in year 2013 to 1.65 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.41 times and 0.53 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.65.75 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.74.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.