MIRA
INFORM REPORT
|
Report Date : |
26.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INCASA S/A |
|
|
|
|
Registered Office : |
Rua Saguacu,140 - Saguaçu 89221-010 Joinville/Sc |
|
|
|
|
Country : |
Brazil |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
05.01.1954 |
|
|
|
|
Legal Form : |
Privately Held Corporation |
|
|
|
|
Line of Business : |
Manufacture Of Chemicals. |
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 |
|
Maximum Credit Limit : |
EUR 1.500.000,00 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name of the company
INCASA S/A
ADDRESSES
MAIN ADDRESS: RUA
SAGUAÇU,140 - SAGUAÇU
ZIP CODE/CITY: 89221-010
JOINVILLE/SC
PHONE: 47
3433-3375
FAX: 47
3433-3370
E-MAIL: diretoria@incasa.ind.br
WEB SITE: www.incasa.ind.br
BRANCHES:
ADDRESS: RUA
DONA FRANCISCA,11700 - PARABEIRABA
ZIP CODE/CITY: 89239-270
JOINVILLE/SC
PHONE: 47
3424-6246
CNPJ: 84.689.090/0002-40
STATE REGISTER: 250.781.360
LEGAL DATA
MAIN ACTIVITIES:
MANUFACTURE OF CHEMICALS.
LEGAL FORM: PRIVATELY HELD CORPORATION
INCORPORATION
DATE: 05/01/1954
REGISTER DATE: 14/01/1954
BALANCE SHEET
FILING DATE: 31/12
TAX CONTRIBUTOR
NUMBER(CNPJ): 84.689.090/0001-60
STATE REGISTER: 250.054.744
SHARE CAPITAL: R$
8.160.000,00
LAST REGISTER OF
CAPITAL: 25/06/2004
BOARD OF DIRECTORS:
WERNER WEEGE EXECUTIVE
DIRECTOR
HARRY WEEGE EXECUTIVE
DIRECTOR
AUTHORIZED USE OF SIGNATURE
THE DIRECTORS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.
SHAREHOLDERS / PARTNERS:
WERNER WEEGE
(BRAZIL) 26,7%
HARRY WEEGE
(BRAZIL) 26,7%
BRIGITTE WEEGE
(BRAZIL) 26,6%
ACF MINERA S/A
(CHILE) 20,0%
AFFILIATES / SUBSIDIARIES:
MINERAL
AGRIBUSINESS LTDA
COMPANY'S BACKGROUND
THE SUBJECT WAS ESTABLISHED ON JANUARY 5, 1954 AS INCASA INDUSTRIA E COMÉRCIO
CATARINENSE S/A. TO BE ENGAGED IN THE SAID LINE OF BUSINESS. LATER IT ADOPTED
THE ABOVE MENTIONED NAME AND UP TO DATE IT IS STILL OPERATING WITHIN THE
GENERAL SCENE REPORTED HEREIN.
THE COMPANY OPERATES WITH THE TRADE NAME INCASA S/A.
FURTHER DETAILS ABOUT THE SUBJECT'S HISTORY ARE SO FAR NOT KNOWN.
PUBLIC
INFORMATION:
NO DETRIMENTAL FILES WERE FOUND.
(RESEARCH DATE: 24/07/2008)
FINANCIAL INFORMATION
GENERAL BALANCE SHEETS AS OF 31/12/2007, 31/12/2006 AND 31/12/2005.
( FIGURES ARE IN THOUSANDS OF REAIS ).
|
ASSETS |
|
|
|
|
CURRENT: |
31/12/2007 |
31/12/2006 |
31/12/2005 |
|
|
|
|
|
|
CASH |
882 |
1.047 |
863 |
|
CLIENTS |
28.094 |
23.963 |
24.859 |
|
INVENTORY |
18.857 |
24.001 |
13.491 |
|
OTHER CREDITS |
1.211 |
11.973 |
32.304 |
|
RECOVERABLE TAXES |
3.465 |
|
|
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
52.509 |
60.984 |
71.517 |
|
LONG-TERM
RECEIVABLES: |
|
|
|
|
|
|
|
|
|
OTHER CREDITS |
408 |
995 |
823 |
|
CREDIT WITH COOPERATED |
|
13.588 |
|
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG-TERM RECEIVABLES |
408 |
14.583 |
823 |
|
FIXED ASSETS: |
|
|
|
|
|
|
|
|
|
INVESTMENTS |
|
48 |
48 |
|
FIXED ASSETS |
22.190 |
19.202 |
17.125 |
|
DEFERRED |
|
67 |
77 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL FIXED ASSETS |
22.190 |
19.317 |
17.250 |
|
|
================ |
================ |
================ |
|
TOTAL ASSETS |
75.107 |
94.884 |
89.590 |
|
LIABILITIES: |
|
|
|
|
CURRENT: |
31/12/2007 |
31/12/2006 |
31/12/2005 |
|
|
|
|
|
|
SUPPLIERS |
14.048 |
9.855 |
8.679 |
|
LOANS AND FINANCING |
|
|
551 |
|
DISCOUNTED NOTES |
|
15.502 |
15.922 |
|
SALARY, TAXES & CONTRIB. |
1.518 |
1.171 |
1.295 |
|
OTHER DEBTS |
415 |
179 |
57 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
15.981 |
26.707 |
26.504 |
|
LONG TERM
LIABILITIES: |
|
|
|
|
|
|
|
|
|
LOANS AND FINANCING |
22.052 |
6.414 |
5.124 |
|
OTHER |
943 |
1.449 |
1.563 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
22.995 |
7.863 |
6.687 |
|
NET EQUITY: |
|
|
|
|
|
|
|
|
|
SHARE CAPITAL |
8.650 |
8.650 |
8.650 |
|
REVALUATION RESERVES |
|
5.600 |
6.143 |
|
ACCRUED PROFIT (LOSS) |
27.481 |
46.064 |
41.606 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL NET EQUITY |
36.131 |
60.314 |
56.399 |
|
|
================ |
================ |
================ |
|
TOTAL LIABILITIES |
75.107 |
94.884 |
89.590 |
|
PROFIT AND LOSS ACCOUNTS AS OF 31/12/2007, 31/12/2006 AND 31/12/2005. |
|
( FIGURES ARE IN THOUSANDS OF REAIS ). |
|
|
31/12/2007 |
31/12/2006 |
31/12/2005 |
|
|
|
|
|
|
GROSS SALES |
146.003 |
|
|
|
(-) TAXES ON SALES |
9.443 |
|
|
|
|
---------------- |
---------------- |
---------------- |
|
NET SALES |
136.560 |
98.931 |
97.143 |
|
(-) COST OF SOLD GOODS |
110.979 |
79.215 |
78.432 |
|
|
---------------- |
---------------- |
---------------- |
|
GROSS PROFIT |
25.581 |
19.716 |
18.711 |
|
OPERATING REVENUE (EXPENSE) |
-5.492 |
-4.165 |
-3.919 |
|
FINANCIAL REVENUE(EXPENSE) |
-3.731 |
-1.512 |
124 |
|
|
---------------- |
---------------- |
---------------- |
|
OPERATIONAL PROFIT (LOSS) |
16.358 |
14.039 |
14.916 |
|
NON-OPERATING RESULT |
-2.388 |
-4.427 |
-2.376 |
|
|
---------------- |
---------------- |
---------------- |
|
NET PROFIT (LOSS) |
13.970 |
9.612 |
12.540 |
|
RATIOS: |
31/12/2007 |
31/12/2006 |
31/12/2005 |
|
QUICK RATIO |
2,11 |
|
1,38 |
|
2,19 |
|
|
CURRENT RATIO |
3,29 |
|
2,28 |
|
2,70 |
|
|
ACCOUNTS RECEIVABLE TURNOVER |
4,86 |
TIMES |
4,13 |
TIMES |
3,91 |
TIMES |
|
DAYS' SALES IN RECEIVABLES |
74,06 |
DAYS |
87,20 |
DAYS |
92,12 |
DAYS |
|
INVENTORY TURNOVER |
5,89 |
TIMES |
3,30 |
TIMES |
5,81 |
TIMES |
|
ACCOUNTS PAYABLE PERIOD |
45,57 |
DAYS |
44,79 |
DAYS |
39,84 |
DAYS |
|
RETURN ON ASSETS |
1,82 |
TIMES |
1,04 |
TIMES |
1,08 |
TIMES |
|
SALES TURNOVER ON NET EQUITY |
3,78 |
TIMES |
1,64 |
TIMES |
1,72 |
TIMES |
|
NET WORTH TIE-UP |
,61 |
|
,32 |
|
,30 |
|
|
INDEBTEDNESS |
1,08 |
|
,57 |
|
,59 |
|
|
EQUITY RATIO |
48,11 |
% |
63,57 |
% |
62,95 |
% |
|
WORKING CAPITAL RATIO |
228,57 |
% |
128,34 |
% |
169,83 |
% |
|
GENERAL SOLVENCY |
1,93 |
|
2,74 |
|
2,70 |
|
|
RETURN ON NET EQUITY |
38,66 |
% |
15,94 |
% |
22,23 |
% |
|
RETURN ON SALES (PROFIT MARGIN) |
10,23 |
% |
9,72 |
% |
12,91 |
% |
|
GROSS PROFIT MARGIN |
18,73 |
% |
19,93 |
% |
19,26 |
% |
|
OPERATIONAL RESULT |
11,98 |
% |
14,19 |
% |
15,35 |
% |
|
SALES TURNOVER ON LIABILITIES |
8,55 |
TIMES |
3,70 |
TIMES |
3,67 |
TIMES |
|
FOREIGN CURRENCY ON ASSETS |
|
|
|
|
|
|
|
FOREIGN CURRENCY ON LIABILITIES |
|
|
|
|
|
|
|
EXCHANGE RATE: |
|
|
US$ 1,00 = R$ 1,75 |
- OFFICIAL RATE ON 06/02/2008 |
|
US$ 1,00 = R$ 2,13 |
- OFFICIAL RATE ON 31/12/2006 |
|
US$ 1,00 = R$ 2,34 |
- OFFICIAL RATE ON 31/12/2005 |
|
US$ 1,00 = R$ 2,65 |
- OFFICIAL RATE ON 31/12/2004 |
COMMENTS ON THE FINANCIAL
INFORMATION:
FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS.
THE FIGURES AVAILABLE SHOW A NORMAL FINANCIAL STANDING. IT SHOWS HIGH
LIQUIDITY RATIOS WITH POSITIVE WORKING CAPITAL AMOUNT AND ACCEPTABLE LEVEL OF
INDEBTEDNESS AS WELL AS HIGH GROWING SALES AND PROFITABILITY.
REAL ESTATE:
OWNED PREMISES ARE VALUED AT R$ 3.328.000,00
VEHICLES:
NOT AVAILABLE
MACHINES:
NOT AVAILABLE
INSURANCE
NOT AVAILABLE
BANKING REFERENCES:
|
|
BRANCH/PHONE: |
CITY: |
|
BANCO BRADESCO S/A |
47 3026-8515 |
JOINVILLE/SC |
|
BANCO SANTANDER BRASIL S/A |
47 3437-5884 |
JOINVILLE/SC |
|
BANCO ABN AMRO REAL S/A |
47 3433-2022 |
JOINVILLE/SC |
|
CAIXA ECONÔMICA FEDERAL |
47 2101-9600 |
JOINVILLE/SC |
|
REMARKS: IN BRAZIL THE BANKS ARE PROHIBITED BY LAW TO PROVIDE
INFORMATION OR ANY KIND OF COMMENTS ABOUT THEIR CLIENTS. DUE TO THIS LAW
PROHIBITION WE ARE UNABLE TO PROVIDE ANY BANKING DETAILS. ACCORDING TO THE CENTRAL BANK OF BRAZIL OFFICIAL REPORT, THE COMPANY
HAS NO RETURNED CHECKS UP TO DATE. (IN THE TERMS OF "CIRCULAR 1682
BRAZILIAN CENTRAL BANK"). DATE RESEARCHED: JULY 24, 2008. |
ACTIVITIES COMMENTS:
THE SUBJECT IS ENGAGED IN THE MANUFACTURE OF CHEMICALS.
IMPORT AND EXPORT:
IMPORTS FROM:
GERMANY, BELGIUM, UNITED STATES, CHILE AND SOUTH AFRICA
EXPORTS TO:
BELGIUM, GERMANY, UNITED STATES, ITALY, CHINA, ENGLAND, CANADA, TAIWAN,
MEXICO, INDONESIA, CHILE, CHINA, VENEZUELA, JAPAN, DENMARK, HOLLAND, URUGUAY,
NEW ZEALAND, KOREA AND AFRICA.
MAIN CLIENTS:
DOMESTIC CLIENTS: CITY:
BASF S/A SÃO CAETANO DO SUL/SP
CIA MINEIRA DE METAIS TRÊS MARIAS/MG
KODAK NRASILEIRA COM IND.LTDA SÃO PAULO/SP
LABORATÓRIOS PFIZER LTDA GUARULHOS/SP
MERCACK S/A INDUSTRIA QUIMICA SÃO PAULO/SP
OXFORD S/A INDUSTRIA E COMERCIO SÃO BENTO DO SUL/SC
PREMIX ZOOTÉCNICA LTDA PRESIDENTE PRUDENTE/SP
RHODIA POLIAMIDA E ESPECIALIDADES LTDA
TORTUGA CIA ZOOTÉCNICA AGRÁRIA SÃO PAULO/SP
FOREIGN CLIENTS: COUNTRY:
CIBA SPECIALTY
CHEMICALS USA
HELM AG GERMANY
IMPEXTRACO BELGIUM
NORKEM LIMITED ENGLAND
PESTELL AGRI
PRODUCTS CANADA
REDOX CHEMICALS
PTY.LTD AUSTRALIA
SUMITOMO
CORPORATION LTDA CHINA
TODINI AND CO. SPA ITALY
STAFF:
THE COMPANY HAS: 230 EMPLOYEE(S)
CONCEPT AND FULFILMENT
THE SUBJECT IS AN OLD AND WELL-ESTABLISHED COMPANY OPERATING SINCE 1954
WITH A CLEAR TRADE HISTORY AND GOOD PAYMENT BEHAVIOR.
THE COMPANY HAS TRADE RELATIONS WITH SOME SUPPLIERS IN BRAZIL. THE
SUPPLIERS EXTEND CREDIT FACILITIES TO THE SUBJECT IN TERMS AND AMOUNTS
ACCORDING TO THE COMPANY'S NEEDS AND SO FAR NO PAYMENT PROBLEMS ARE NOTED.
MAIN SUPPLIERS:
DOMESTIC SUPPLIERS: CITY: PHONE:
BUSCHLE &
LEPPER S/A JOINVILLE/SC 47 455-0077
CIA ELETROQUMICA
JARAGUA FORMIGA/MG 37 341-1003
CIA. NÍQUEL
TOCANTINS SÃO
PAULO/SP 11
6956-8633
EKA CHEMICLS DO
BRASIL S/A JUNDIAÍ/SP 11 739-2229
PAN AMERICANA S/A
IND. QUIMICA SÃO
PAULO/SP 11 522-5299
QUIMISA
S/A-INDUSTRIA E COMÉRCIO BRUSQUE/SC 47 251-1010
FOREIGN SUPPLIERS: COUNTRY:
ACF MINEIRA CHILE
ATACAMA MINERALS
CHILE S.C.M CHILE
HELM AG GERMANY
JEBSEN &
JESSEN GERMANY
METALL-CHEMIE GERMANY
OMG UNITED
STATES
PAYMENT HISTORY:
15 SUPPLIERS REPORTED PAYMENTS:
TOTAL AMOUNT: R$ 88.580,00
AMOUNT OF INVOICES PAID: 74
TOTAL OF PROMPT PAYMENTS: 97,0%
TOTAL OF DELAYED PAYMENTS: 3,0%
HIGHEST INVOICE: R$ 13.446,00
HIGHEST CREDIT: R$ 13.446,00
FINAL OPINION
THE SUBJECT IS AND OLD AND WELL-ESTABLISHED COMPANY. IT IS FAMILY OWNED
AND OPERATES WITH A CLEAR TRADE HISTORY AND A GOOD TRADE REPUTATION.
BASED ON THE OVERALL INFORMATION AVAILABLE IT IS BELIEVED THAT GOOD
TRADE RELATIONS MAY BE ESTABLISHED. CREDIT FACILITIES MAY BE EXTENDED WITHIN
TERMS AND AMOUNTS ADEQUATE TO THE COMPANY'S SIZE AND FINANCIAL STRENGTH.
AN INITIAL CREDIT LIMIT OF EUR 1.500.000,00 CAN BE CONSIDERED.
|
BALANCE SHEET ANALYSIS |
FIGURES ARE IN THOUSANDS OF REAIS |
|
|
|
||
|
|
31-12-07 |
|
31-12-06 |
|
31-12-05 |
|
|
ASSETS |
|
% |
|
% |
|
% |
|
Current Assets |
69.91 |
$60,984 |
64.27 |
$ 71,517 |
79.83 |
|
|
Fixed Assets |
$ 22,190 |
29.54 |
$19,317 |
20.36 |
$ 17,250 |
19.25 |
|
TOTAL ASSETS |
$ 75,107 |
100.00 |
$94,884 |
100.00 |
$ 89,590 |
100.00 |
|
LIABILITIES |
|
|
|
|
|
|
|
Current Liabilities |
$ 15,981 |
21.28 |
$26,707 |
28.15 |
$ 26,504 |
29.58 |
|
Long-Term Liabilities |
$ 22,995 |
30.62 |
$ 7,863 |
8.29 |
$ 6,687 |
7.46 |
|
TOTAL LIABILITIES |
$ 38,976 |
51.89 |
$34,570 |
36.43 |
$ 33,191 |
37.05 |
|
Deferred Income |
$ - |
0.00 |
$ -
|
0.00 |
$ - |
0.00 |
|
Net Equity |
$ 36,131 |
48.11 |
$60,314 |
63.57 |
$ 56,399 |
62.95 |
|
TOTAL LIABILITIES + NET EQUITY |
$ 75,107 |
100.00 |
$ 94,884 |
100.00 |
$ 89,590 |
100.00 |
|
PROFIT AND LOSS ACCOUNTS |
|
|
|
|
|
|
|
Net Sales |
$ 136,560 |
100.00 |
$ 98,931 |
100.00 |
$ 97,143 |
100.00 |
|
Costs |
$ 110,979 |
81.27 |
$ 79,215 |
80.07 |
$ 78,432 |
80.74 |
|
Gross Profit |
$ 25,581 |
18.73 |
$ 19,716 |
19.93 |
$ 18,711 |
19.26 |
|
Operating expenses |
$ (5,492) |
-4.02 |
$ (4,165) |
-4.21 |
$ (3,919) |
-4.03 |
|
operational Result |
$ 16,358 |
11.98 |
$ 14,039 |
14.19 |
$ 14,916 |
15.35 |
|
Net Profit (loss) |
$ 13,970 |
10.23 |
$ 9,612 |
9.72 |
$ 12,540 |
12.91 |
|
COMPLEMENTARY DATA |
|
|
|
|
|
|
|
Inventory |
$ 18,857 |
|
$ 24,001 |
|
$ 13,491 |
|
|
Accounts receivable |
$ 28,094 |
|
$ 23,963 |
|
$ 24,859 |
|
|
Accounts Payable |
$ 14,048 |
|
$ 9,855 |
|
$ 8,679 |
|
|
Property, plant and equipment |
$ 22,190 |
|
$ 19,202 |
|
$ 17,125 |
|
|
Purchases |
$ 22,190 |
|
$ 19,317 |
|
$ 17,250 |
|
|
Financial Expenses |
$ (3,731) |
|
$ (1,512) |
|
$ 124 |
|
|
Foreign Currency Assets |
|
|
|
|
|
|
|
Foreign Currency Liabilities |
|
|
|
|
|
|
|
Working Capital |
$ 36,528 |
|
$ 34,277 |
|
$ 45,013 |
|
|
RATIOS: |
|
|
|
|
|
|
|
QUICK RATIO |
2.11
|
|
1.38 |
|
2.19 |
|
|
CURRENT RATIO |
3.29
|
|
2.28 |
|
2.70 |
|
|
ACCOUNTS RECEIVABLE TURNOVER |
4.86
|
times |
4.13 |
times |
3.91 |
times |
|
DAYS' SALES IN RECEIVABLES |
74.06
|
days |
87.20 |
days |
92.12 |
days |
|
INVENTORY TURNOVER |
5.89
|
times |
3.30 |
times |
5.81 |
times |
|
45.57
|
days |
44.79 |
days |
39.84 |
days |
|
|
RETURN ON ASSETS |
1.82 |
times |
1.04 |
times |
1.08 |
times |
|
SALES TURNOVER ON NET EQUIY |
3.78
|
times |
1.64 |
times |
1.72 |
times |
|
NET WORTH TIE-UP |
0.61
|
|
0.32 |
|
0.30 |
|
|
ENDEBTEDNESS |
1.08
|
|
0.57 |
|
0.59 |
|
|
EQUITY RATIO |
48.11
|
% |
63.57 |
% |
62.95 |
% |
|
WORKING CAPITAL RATIO |
228.57 |
% |
128.34 |
% |
169.83 |
% |
|
GENERAL SOLVENCY |
1.93
|
|
2.74 |
|
2.70 |
|
|
RETURN ON NET EQUITY |
38.66
|
% |
15.94 |
% |
22.23 |
% |
|
RETURN ON SALES (PROFIT MARGIN) |
10.23
|
% |
9.72 |
% |
12.91 |
% |
|
GROSS PROFIT MARGIN |
18.73
|
% |
19.93 |
% |
19.26 |
% |
|
OPERATIONAL RESULT |
11.98
|
% |
14.19 |
% |
15.35 |
% |
|
SALES TURNOVER ON LIABILITIES |
8.55
|
times |
3.70 |
times |
3.67 |
times |
|
FOREIGN CURRENCY ON ASSETS |
- |
% |
- |
% |
- |
% |
|
FOREIGN CURRENCY ON LIABILITIES |
- |
% |
- |
% |
- |
% |
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.30 |
|
UK Pound |
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.66.42 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)