|
|
|
MIRA
INFORM REPORT
|
Report No. : |
497830 |
|
Report Date : |
16.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
QIFENG
NEW MATERIAL LTD. |
|
|
|
|
Registered Office : |
No. 22 Zhutai Road, Zhutai Town, Linzi District, Zibo,
Shandong Province 255432 PR China |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
25.01.2001 |
|
|
|
|
Unified Social Credit Code: |
91370000729270531X |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
Subject is registered business scope includes researching, developing, manufacturing and selling decorative materials, furniture and color plates, decorative materials decoration color plates, wear-resistant decorative surface flooring materials, new non-woven wall coverings, high performance aramid fibers and products (production limited to subsidiaries operate), importing and exporting goods (excluding products prohibited by legal, administrative rules and regulations, and operating the limited products with permit if needed) |
|
|
|
|
No. of Employees : |
1904 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s, China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment. China continues to pursue an industrial policy, state support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing announced it would allow a resumption of gradual liberalization. From 2013 until early 2015, the renminbi (RMB) appreciated roughly 2% against the dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital outflows in part stemming from the August 2015 official devaluation; in 2017 the RMB resumed appreciating against the dollar – roughly 7% from end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi, after the currency was accepted as part of the IMF’s special drawing rights basket. However, since late 2015 the Chinese Government has strengthened capital controls and oversight of overseas investments to better manage the exchange rate and maintain financial stability.
The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) managing its high corporate debt burden to maintain financial stability; (c) controlling off-balance sheet local government debt used to finance infrastructure stimulus; (d) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (e) dampening speculative investment in the real estate sector without sharply slowing the economy; (f) reducing industrial overcapacity; and (g) raising productivity growth rates through the more efficient allocation of capital and state-support for innovation. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and urbanization. The Chinese Government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made more progress on subsidizing innovation than rebalancing the economy. Beijing has committed to giving the market a more decisive role in allocating resources, but the Chinese Government’s policies continue to favor state-owned enterprises and emphasize stability. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time. The slight acceleration in economic growth in 2017—the first such uptick since 2010—gives Beijing more latitude to pursue its economic reforms, focusing on financial sector deleveraging and its Supply-Side Structural Reform agenda, first announced in late 2015.
|
Source
: CIA |
Company name and address
|
COMPANY NAME |
Qifeng New Material Ltd. |
|
CURRENT ADDRESS/ REGISTERED ADDRESS |
No. 22 Zhutai Road, Zhutai Town,
Linzi District, Zibo, Shandong Province 255432 PR China |
|
TEL. NO. |
86 (0) 533-7780161 |
|
FAX NO. |
86 (0) 533-7788998 |
EXECUTIVE SUMMARY
Date of Registration : june 25, 2001
Unified Social Credit Code : 91370000729270531X
LEGAL FORM : SHARES LIMITED
COMPANY
REGISTERED CAPITAL : CNY 494,685,819
staff : 1,904
BUSINESS CATEGORY : manufacturing & TRADING
REVENUE : CNY
3,573,311,000 (CONSOLIDATED, AS OF
DEC.
31, 2017)
EQUITIES : CNY
3,416,710,000 (CONSOLIDATED, AS OF
DEC.
31, 2017)
WEBSITE : www.qifeng.cn
E-MAIL : qifengtezhi@163.com
& qifengtezhi@qifeng.cn
PAYMENT : REGULAR
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : fairly good
Adopted abbreviations (as follows)
SC -
Subject Company (the company inquired by you)
N/A – Not
available
CNY –
China Yuan Ren Min Bi
OPERATIONAL TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC
in respect of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was
established as shares limited company of PRC with State Administration for
Industry & Commerce (SAIC) under Unified Social Credit Code:
91370000729270531X.
SC’s Import and Export Enterprise
Code: 3700729270531
SC’s registered capital: CNY
494,685,819
SC’s paid-in capital: CNY
494,685,819
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration No. |
3703002807265 |
370300228072653 |
|
2005 |
Company Name |
Zibo Ou-Hua Special Paper Co., Ltd. |
Shandong Qifeng Chemical & Light Industry Group Co.,
Ltd. |
|
2006 |
Company Name |
Shandong Qifeng Chemical & Light Industry Group Co.,
Ltd. |
Shandong Qifeng Group Co., Ltd. |
|
2007 |
Company Name |
Shandong Qifeng Group Co., Ltd. |
Shandong Qifeng Specialty Paper Ltd. |
|
Legal Form |
Limited Liabilities Company |
Shares Limited Company |
|
|
2013-09 |
Company Name |
Shandong Qifeng Specialty Paper Ltd. |
Qifeng New Material Co., Ltd. |
|
2013 |
Registered Capital |
CNY 206,150,000 |
CNY 420,500,000 |
|
2014-4-28 |
Registered Capital |
CNY 420,500,000 |
CNY 420,440,000 |
|
-- |
Registered Capital |
CNY 420,440,000 |
CNY 494,685,819 |
|
2016-5-4 |
Registration No./ Unified Social Credit Code |
370300228072653 |
91370000729270531X |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) (As of December 31, 2017) |
% of Shareholding |
|
Li Xuefeng |
16.31 |
|
Li Runsheng |
5.64 |
|
Huamao Zhongjing Investment
Holdings Co., Ltd. |
4.91 |
|
Founder East Asia Trust Co.,
Ltd. - Founder East Asia . Hengsheng 28 Securities Investment Single Fund
Trust |
2.57 |
|
Shanqiu Asset Management
(Beijing) Co., Ltd. |
1.82 |
|
CITIC Surplus Asset Management
Company - CITIC Yingshi Zhiming 1# Asset Management Plan |
1.66 |
|
Shanghai Tianyi Asset Management Co., Ltd. |
1.03 |
|
Shaanxi Provincial
International Trust Co., Ltd.-Shan Guotou·Hu Qin 24 Securities Investment
Settlement Trust Plan |
1.01 |
|
Industrial and Commercial Bank
of China - Southern Big Data 100 Index Securities Investment Fund |
0.95 |
|
Central Huijin Asset
Management Co., Ltd. |
0.92 |
|
Other Shareholders |
63.18 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Li
Xuefeng |
|
General Manager and Director |
Li
Andong |
|
Director |
Li Wenhai |
|
Zhu Hongsheng |
|
|
Fang Litang |
|
|
Lu Qing |
|
|
Lu
Ying |
|
|
Supervisor |
Bian Changfu |
|
Liu Yonggang |
|
|
Yang Zhilin |
RECENT DEVELOPMENT
SC is a listed company in Shenzhen Stock Exchange Market
with the code 002521.
SC has
been focusing on quality management and is now the only enterprise in the
industry which is certified to ISO9001 Quality Management System, ISO14001 Environment
Management System and OHSAS Occupational Safety and Health Management System.
In 2005, “ShuangFeng” brand top-grade decorative base paper was appraised as
“Shandong Provincial Top Brand Name” and “Shandong Provincial Top Brand”.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
(As of December 31, 2017)
---------------------------------
Li Xuefeng 16.31
Li Runsheng 5.64
Huamao Zhongjing Investment
Holdings Co., Ltd. 4.91
Founder East Asia Trust Co., Ltd.
- Founder East Asia
Hengsheng 28 Securities
Investment Single Fund Trust 2.57
Shanqiu Asset Management
(Beijing) Co., Ltd. 1.82
CITIC Surplus Asset Management
Company - CITIC Yingshi Zhiming
1# Asset Management Plan 1.66
Shanghai Tianyi Asset Management
Co., Ltd. 1.03
Shaanxi Provincial International
Trust Co., Ltd.- Hu Qin 24 Securities
Investment Settlement Trust Plan 1.01
Industrial and Commercial Bank
of China - Southern Big Data
100 Index Securities Investment
Fund 0.95
Central Huijin Asset Management
Co., Ltd. 0.92
Other Shareholders 63.18
Huamao
Zhongjing Investment Holdings Co., Ltd.
-----------------------------------------------------------------
Unified Social Credit Code:
911101086851055415
Legal Form: Limited Liabilities
Company
Registered Capital: CNY
500,000,000
Legal Representative: Zhang
Xueming
Shanqiu
Asset Management (Beijing) Co., Ltd.
--------------------------------------------------------------
Unified Social Credit Code:
91110111327201701A
Legal Form: Limited Liabilities
Company
Registered Capital: CNY
100,000,000
Legal Representative: Su
Chunxiang
Shanghai
Tianyi Asset Management Co., Ltd.
------------------------------------------------------------
Unified Social Credit Code: 91310230791469648M
Legal Form: Limited Liabilities
Company
Registered Capital: CNY
30,000,000
Legal Representative: Yu Rong
Central
Huijin Asset Management Co., Ltd.
----------------------------------------------------------
Unified Social Credit Code: 91110101MA001QTAX2
Legal Form: One-person Limited
Liabilities Company
Registered Capital: CNY
5,000,000,000
Legal Representative: Zhang
Hong’an
MANAGEMENT
Li Xuefeng Legal Representative and Chairman
--------------------------------------------------------------------------
Ø Gender:
M
Ø Nationality:
China
Ø Age:
69
Ø Qualification:
Master Degree
Ø Working
experience (s):
At present, working in SC
as legal representative and chairman
Also working in Shandong Boxing County Ou-Hua Special Paper
Co., Ltd. as legal representative
Li Andong , General Manager and Director
------------------------------------------------------------------
Ø Gender:
M
Ø Nationality:
China
Ø
Age: 46
Ø Qualification:
University
Ø Working
experience (s):
At present, working in SC
as general manager and director
Also working in Zibo Ou-Mu Special Paper Co., Ltd. as legal
representative
Director
-----------
Li Wenhai
Zhu Hongsheng
Fang Litang
Lu Qing
Lu Ying
Supervisor
--------------
Bian Changfu
Liu Yonggang
Yang Zhilin
BUSINESS OPERATION
SC’s
registered business scope includes researching, developing, manufacturing and
selling decorative materials, furniture and
color plates, decorative materials decoration color plates, wear-resistant
decorative surface flooring materials, new non-woven wall coverings, high
performance aramid fibers and products (production limited to subsidiaries
operate), importing and exporting goods (excluding products
prohibited by legal, administrative rules and regulations, and operating the
limited products with permit if needed)
SC is
mainly engaged in manufacturing and selling top-grade
decorative base paper and other related products.
SC’s
products mainly include: printable
decorative base paper, plain decorative base paper, surface wear-resistant
paper, balance base paper and wallpaper base paper.
SC sources its materials 85% from domestic market and 15% from the overseas market. SC sells 4% of its products to overseas market, and 96% in domestic market.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
*Major Customers*
==============
Zhejiang Yaqinuo Decoration Material Co., Ltd.
Henan Yongwei Security Co., Ltd.
Linan Zhongxing Decoration Materials Co., Ltd.
Zhejiang Shenglong Decoration Material Co., Ltd.
*Major Suppliers*
=============
Central National –Gottesman Inc.
Hebei Gill Chemical Industry Co., Ltd.
Panzhihua Dahutong Titanium Co., Ltd.
Sinocan Pulp & Paper Ltd.
Guangzhou Dingsheng Ind. and Trade Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 1,904
staff at present.
SC
owns an area as its operating office and factory, but the detailed information
is unknown.
RELATED COMPANY
SC is known
to invest in the following companies,
n
Zibo
Ou-Mu Special Paper Co., Ltd.
------------------------------------
Unified Social Credit Code: 91370300164326963R
Registered Capital: CNY
180,000,000
Legal Representative: Li Andong
n Shandong Boxing County Ou-Hua
Special Paper Co., Ltd.
------------------------------------------------
Unified Social Credit Code:
9137162572757753X5
Registered Capital: CNY
2,000,000
Legal Representative: Li Xuefeng
PAYMENT
Overall payment appraisal:
( ) Excellent ( )
Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be determined
The appraisal serves as a reference to reveal SC's payments
habits and ability to pay. It is based
on the 3 weighed factors: Trade payment experience (through current enquiry
with SC's suppliers), our delinquent payment records and our debt collection
record concerning SC.
Trade payment experience: SC’s
suppliers refused to make any comments.
Delinquent payment record: None
in our database.
Debt collection record: No
overdue amount owed by SC was placed to us for collection within the last 6
years.
BANKING
Basic Bank
Agricultural
Bank of China
AC#:
232301040004543
FINANCIALS
Consolidated Balance Sheet
|
Unit:
CNY’000 |
As of Dec. 31, 2015 |
As of Dec. 31, 2016 |
As of Dec. 31, 2017 |
|
257,444 |
230,750 |
448,444 |
|
|
Notes receivable |
554,487 |
487,965 |
1,108,352 |
|
Accounts
receivable |
537,184 |
595,712 |
519,343 |
|
Advances
to suppliers |
38,835 |
97,691 |
109,304 |
|
Other
receivable |
1,873 |
2,411 |
1,384 |
|
Interest
receivable |
5,376 |
4,456 |
1,626 |
|
Inventory |
464,448 |
391,247 |
481,836 |
|
Non-current
assets within one year |
0 |
0 |
0 |
|
Other
current assets |
833,154 |
914,444 |
167,635 |
|
|
------------------ |
------------------ |
------------------ |
|
Current
assets |
2,692,801 |
2,724,676 |
2,837,924 |
|
Fixed
assets |
1,106,444 |
1,261,322 |
1,462,143 |
|
Construction
in progress |
127,916 |
79,241 |
5,743 |
|
Engineering
materials |
3,577 |
2,599 |
2,544 |
|
Intangible
assets |
127,884 |
119,804 |
117,758 |
|
Long-term
investment |
0 |
0 |
0 |
|
Goodwill |
2,320 |
2,319 |
2,319 |
|
Deferred
income tax assets |
15,901 |
16,053 |
15,960 |
|
Other
non-current assets |
20,570 |
17,438 |
16,156 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
assets |
4,097,413 |
4,223,452 |
4,460,547 |
|
|
============= |
============= |
============= |
|
Short-term
loans |
480,000 |
480,000 |
566,177 |
|
Notes
payable |
4,560 |
0 |
0 |
|
Accounts
payable |
182,112 |
189,989 |
295,549 |
|
Accrued
payable |
20,012 |
25,640 |
65,212 |
|
Tax
payable |
5,517 |
6,792 |
18,258 |
|
Interest
payable |
0 |
0 |
0 |
|
Dividends
payable |
0 |
0 |
0 |
|
Advances
from clients |
17,216 |
86,866 |
70,362 |
|
Other
payable |
14,985 |
6,300 |
5,843 |
|
Other
current liabilities |
2,293 |
2,627 |
1,519 |
|
|
------------------ |
------------------ |
------------------ |
|
Current
liabilities |
726,695 |
798,214 |
1,022,920 |
|
Non-current
liabilities |
19,429 |
20,644 |
20,917 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
liabilities |
746,124 |
818,858 |
1,043,837 |
|
Equities |
3,351,289 |
3,404,594 |
3,416,710 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
liabilities & equities |
4,097,413 |
4,223,452 |
4,460,547 |
|
|
============= |
============= |
============= |
Consolidated Income Statement
|
Unit:
CNY’000 |
As
of Dec. 31, 2015 |
As
of Dec. 31, 2016 |
As
of Dec. 31, 2017 |
|
Revenue |
2,355,612 |
2,708,222 |
3,573,311 |
|
Cost of sales |
1,832,355 |
2,266,776 |
3,053,771 |
|
Taxes and surcharges |
5,746 |
20,268 |
21,485 |
|
Sales expense |
67,908 |
88,557 |
91,004 |
|
Management expense |
136,887 |
154,644 |
206,563 |
|
Finance expense |
27,084 |
11,425 |
17,789 |
|
Asset impairment loss |
7,161 |
10,746 |
2,031 |
|
Investment
income |
17,610 |
27,080 |
15,928 |
|
Non-business
income |
7,303 |
9,501 |
434 |
|
Non-business expense |
4,568 |
28,862 |
7,372 |
|
Profit
before tax |
298,817 |
163,525 |
191,253 |
|
Less:
profit tax |
28,711 |
21,592 |
30,742 |
|
270,106 |
141,933 |
160,511 |
Important
Ratios
=============
|
|
As of Dec. 31, 2015 |
As of Dec. 31, 2016 |
As of Dec. 31, 2017 |
|
*Current
ratio |
3.71 |
3.41 |
2.77 |
|
*Quick
ratio |
3.07 |
2.92 |
2.30 |
|
*Liabilities
to assets |
0.18 |
0.19 |
0.23 |
|
*Net
profit margin (%) |
11.47 |
5.24 |
4.49 |
|
*Return
on total assets (%) |
6.59 |
3.36 |
3.60 |
|
*Inventory
/ Revenue ×365 |
72
days |
53
days |
50
days |
|
*Accounts
receivable/ Revenue ×365 |
84
days |
81
days |
54
days |
|
*Revenue/Total
assets |
0.57 |
0.64 |
0.80 |
|
*Cost
of sales / Revenue |
0.78 |
0.84 |
0.85 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The
revenue of SC appears fairly good in its line.
l SC’s net
profit margin is fairly good.
l SC’s
return on total assets is average.
l
SC’s cost of sales is average,
comparing with its revenue.
LIQUIDITY:
FAIRLY GOOD
l
The current ratio of SC is maintained
in a fairly good level.
l
SC’s quick ratio is maintained in a fairly
good level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears
average.
l
The short-term loans of SC appear
average.
l
SC’s revenue is in a fair level,
comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall
financial condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered large-sized in its line with fairly good
financial conditions. Taking into consideration of SC’s general performance,
reputation as well as market conditions
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.94 |
|
|
1 |
INR 90.72 |
|
Euro |
1 |
INR 80.32 |
|
CNY |
1 |
INR 10.27 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.