MIRA INFORM REPORT
|
Report No. : |
341650 |
|
Report Date : |
23.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHREE RELIANCE GEMS CO., LTD. |
|
|
|
|
Formerly Known As : |
RELIANCE GEMS CO., LTD. |
|
|
|
|
Registered Office : |
Room C, 34th Floor,
Gems Tower, 1249/211 Charoenkrung Road,
Suriyawongse, Bangrak,
Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
20.08.1999 |
|
|
|
|
Com. Reg. No.: |
0105542061612 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is
engaged in importing,
distributing and re-exporting of
diamonds, gems and
precious stones, as
well as exporting
of local diamonds,
gemstones, precious stones and
jewelry products. |
|
|
|
|
No. of Employees : |
02 |
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
SHREE RELIANCE GEMS CO., LTD.
[FORMER: RELIANCE GEMS CO., LTD.]
SUMMARY
BUSINESS ADDRESS : ROOM C, 34th FLOOR,
GEMS TOWER,
1249/211
CHAROENKRUNG ROAD, SURIYAWONGSE,
BANGRAK,
BANGKOK 10500, THAILAND
TELEPHONE : [66] 2233-3240
FAX : [66] 2233-3240
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1999
REGISTRATION NO. : 0105542061612
TAX ID NO. : 3021037833
CAPITAL REGISTERED : BHT.
4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI
: 51.00%
INDIAN
: 49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. YOGI RAJ
TAK, INDIAN
MANAGING DIRECTOR
NO. OF STAFF : 2
LINES OF BUSINESS : DIAMONDS, GEMS,
PRECIOUS STONES AND
JEWELRY PRODUCTS
IMPORTER, 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 August
20, 1999 as
a private limited
company under the originally registered
name “Blue Haven
Gems Co., Ltd.”, by Thai and
Indian groups. On
September 7, 1999, its
registered name was
changed to “Reliance
Gems Co., Ltd.”,
and finally was
changed to SHREE
RELIANCE GEMS CO.,
LTD., on November 9,
2006. Its business
objective is engaged
in international trading
jewelry business. It
currently employs 2
staff.
The subject’s registered
address is Room
C, 34th Floor,
Gems Tower, 1249/211
Charoenkrung Road, Suriyawongse,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Yogi Raj Tak |
|
Indian |
42 |
|
Mr. Chubach Arya |
|
Indian |
60 |
|
Mr. Narvin Kumar Michra |
|
Indian |
50 |
|
Mr. Sandeep Tak |
|
Indian |
44 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Yogi Raj
Tak is the
Managing Director.
He is Indian
nationality with the age
of 42 years
old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and re-exporting
of diamonds, gems
and precious stones,
as well as
exporting of local
diamonds, gemstones, precious
stones and jewelry products.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas in India.
SALES [LOCAL]
The products are
sold locally by
wholesale to traders
and manufacturers.
EXPORT
The products are exported and
re-exported to India,
Republic of China,
Hong Kong and
Japan.
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
credits term of
30-60 days.
Imports are by
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject currently
employs 2 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
COMMENT
The subject’s business
is small with
low sales revenue
each year. Amid
economy sluggish and
shrinking purchasing power,
its business growth
is gloomy.
FINANCIAL INFORMATION
The capital was registered at
Bht. 2,000,000 divided into
20,000 shares of Bht. 100 each
with fully paid.
On August 1,
2005, the registered
capital was increased
to Bht. 4,000,000 divided
into 40,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE :
[as at April
30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Yogi Raj Tak Nationality: Indian Address : India
|
19,600 |
49.00 |
|
Mr. Banjong Kornsawan Nationality: Thai Address : 188
Watprayakrai, Bangkorlaem, Bangkok |
3,400 |
8.50 |
|
Ms. Sasithorn Eiamkampang Nationality: Thai Address : 928/6
New Rama 6
Road, Thanon
Petchburi, Phayathai, Bangkok |
3,400 |
8.50 |
|
Ms. Somjit Phabut Nationality: Thai Address : 85/11
Charoenkrung, Watprayakrai,
Bangkorlaem, Bangkok |
3,400 |
8.50 |
|
Ms. Jutharat Sakulnee Nationality: Thai Address : 57/4
Moo 16, T. Donchimplee, A.
Bangnampriew, Chachoengsao |
3,400 |
8.50 |
|
Mr. Kanchit Pruthichai Nationality: Thai Address : 505/22
Charoenkrung Road, Watprayakrai,
Bangkorlaem, Bangkok |
3,400 |
8.50 |
|
Ms. Kannika Badal Nationality: Thai Address : 17
Moo 7, T. Thamuang, A. Selaphum, Roi-ed |
3,400 |
8.50 |
Total Shareholders : 7
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
20,400 |
51.00 |
|
Foreign - Indian |
1 |
19,600 |
49.00 |
|
Total |
7 |
40,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Pol. Maj. Sommai Limwattanaporn No. 9392
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 |
451,712.35 |
50,452.35 |
25,853.89 |
|
Trade Accounts Receivable
|
7,234,720.14 |
7,528,108.15 |
4,832,020.50 |
|
Inventories |
7,080,710.06 |
4,693,198.78 |
5,230,226.48 |
|
|
|
|
|
|
Total Current Assets
|
14,767,142.55 |
12,271,759.28 |
10,088,100.87 |
|
Total Assets |
14,767,142.55 |
12,271,759.28 |
10,088,100.87 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
8,776,474.97 |
6,663,137.24 |
4,572,525.58 |
|
Advanced Receipts from Goods |
938,147.18 |
938,147.18 |
1,221,368.21 |
|
Other Current Liabilities |
21,955.19 |
15,789.90 |
11,186.82 |
|
|
|
|
|
|
Total Current Liabilities |
9,736,577.34 |
7,617,074.32 |
5,805,080.61 |
|
Total Liabilities |
9,736,577.34 |
7,617,074.32 |
5,805,080.61 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital
40,000 shares |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
|
|
|
|
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
1,030,565.21 |
654,684.96 |
283,020.26 |
|
Total Shareholders' Equity |
5,030,565.21 |
4,654,684.96 |
4,283,020.26 |
|
Total Liabilities &
Shareholders' Equity |
14,767,142.55 |
12,271,759.28 |
10,088,100.87 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
8,985,838.22 |
7,416,551.02 |
6,721,300.47 |
|
Other Income |
- |
348,542.99 |
24,909.82 |
|
Total Revenues |
8,985,838.22 |
7,765,094.01 |
6,746,210.29 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
7,371,362.93 |
6,103,364.43 |
5,447,115.70 |
|
Selling Expenses |
506,460.01 |
674,901.62 |
422,250.00 |
|
Administrative Expenses |
718,744.39 |
599,373.36 |
658,625.14 |
|
Total Expenses |
8,596,567.33 |
7,377,639.41 |
6,527,990.84 |
|
Profit / [Loss] before Income
Tax |
389,270.89 |
387,454.60 |
218,219.45 |
|
Income Tax |
[13,390.64] |
[15,789.90] |
[11,186.82] |
|
|
|
|
|
|
Net Profit / [Loss] |
375,880.25 |
371,664.70 |
207,032.63 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.52 |
1.61 |
1.74 |
|
QUICK RATIO |
TIMES |
0.79 |
0.99 |
0.84 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.61 |
0.60 |
0.67 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
350.61 |
280.67 |
350.47 |
|
INVENTORY TURNOVER |
TIMES |
1.04 |
1.30 |
1.04 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
293.87 |
370.49 |
262.40 |
|
RECEIVABLES TURNOVER |
TIMES |
1.24 |
0.99 |
1.39 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
434.58 |
398.48 |
306.40 |
|
CASH CONVERSION CYCLE |
DAYS |
209.90 |
252.68 |
306.47 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
82.03 |
82.29 |
81.04 |
|
SELLING & ADMINISTRATION |
% |
13.63 |
17.18 |
16.08 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
17.97 |
22.41 |
19.33 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.33 |
5.22 |
3.25 |
|
NET PROFIT MARGIN |
% |
4.18 |
5.01 |
3.08 |
|
RETURN ON EQUITY |
% |
7.47 |
7.98 |
4.83 |
|
RETURN ON ASSET |
% |
2.55 |
3.03 |
2.05 |
|
EARNING PER SHARE |
BAHT |
9.40 |
9.29 |
5.18 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.66 |
0.62 |
0.58 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.94 |
1.64 |
1.36 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
21.16 |
10.34 |
|
|
OPERATING PROFIT |
% |
0.47 |
77.55 |
|
|
NET PROFIT |
% |
1.13 |
79.52 |
|
|
FIXED ASSETS |
% |
- |
- |
|
|
TOTAL ASSETS |
% |
20.33 |
21.65 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 21.16%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
17.97 |
Impressive |
Industrial Average |
16.41 |
|
Net Profit Margin |
4.18 |
Impressive |
Industrial Average |
1.41 |
|
Return on Assets |
2.55 |
Satisfactory |
Industrial Average |
3.02 |
|
Return on Equity |
7.47 |
Satisfactory |
Industrial Average |
8.20 |
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 17.97%. 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 4.18%, 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. When compared with the
industry average, it was lower, the
company's figure is 2.55%.
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 7.47%.
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 |
1.52 |
Satisfactory |
Industrial Average |
1.66 |
|
Quick Ratio |
0.79 |
|
|
|
|
Cash Conversion Cycle |
209.90 |
|
|
|
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 1.52 times in 2014, decreased from 1.61 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 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 0.79 times in 2014,
decreased from 0.99 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 210 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.66 |
Acceptable |
Industrial Average |
0.60 |
|
Debt to Equity Ratio |
1.94 |
Risky |
Industrial Average |
1.49 |
|
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 higher the percentage means that the company is using less equity
and has stronger leverage position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.66 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 : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
- |
|
Total Assets Turnover |
0.61 |
Deteriorated |
Industrial Average |
2.14 |
|
Inventory Conversion Period |
350.61 |
|
|
|
|
Inventory Turnover |
1.04 |
Deteriorated |
Industrial Average |
3.44 |
|
Receivables Conversion Period |
293.87 |
|
|
|
|
Receivables Turnover |
1.24 |
Deteriorated |
Industrial Average |
4.11 |
|
Payables Conversion Period |
434.58 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.24 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 281 days at the
end of 2013 to 351 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 1.3 times in year 2013 to 1.04 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.61 times and 0.6
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
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.63 |
|
|
1 |
Rs.101.73 |
|
Euro |
1 |
Rs.73.26 |
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.