|
Report Date : |
30.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
COKER & ASSOCIATES OF SOUTH CAROLINA, LLC
|
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Registered Office : |
745 Landers Rd, Spartanburg, Sc 29303 |
|
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Country : |
United States |
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Date of Incorporation : |
25.05.2006 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject market used textile machinery sales and specialty consultings |
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No. of Employees : |
05 employees |
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 |
|
Status : |
Satisfactory |
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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 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
United
States |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
|
POLITICAL DATA |
ECONOMIC DATA |
|
Form of Government: Federal
|
Currency: USD |
|
Legal Name: |
COKER & ASSOCIATES OF SOUTH CAROLINA, LLC |
||
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||
|
Legal Address |
745 LANDERS RD, SPARTANBURG, SC 29303, USA (Registred agent adress) |
||
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Operative Address |
201 Brookside Way, Greenville, SC 29605 |
||
|
Telephone: |
+1 (864) 111-1111 |
ID : |
439804 |
|
Fax: |
+1 (864) 123-1234 |
Legal Form: |
Limited Liability Company |
|
Email: |
Registered in: |
South Carolina |
|
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Website: |
Date Created: |
2006 |
|
|
Manager: |
Jackson R Coker, CEO |
Date Incorporated: |
May 25th 2006 |
|
Staff: |
5 |
Stock: |
NA |
|
|
|
Value: |
NA |
|
Activity: |
Used textile machinery sales and specialty consulting. |
||
|
Name of the Bank |
SOUTHERN FIRST BANK NA |
|
Location |
PO BOX 17465 GREENVILLE SC
29606- 8465 |
|
Name of the Bank |
Bank of America |
|
Location |
498 S pliasbury Drive |
|
HISTORY |
|
|
|
The company was founded in 2006 and it is based in South Carolina,
USA. |
|
PRINCIPAL ACTIVITY |
|
|
|
COKER & ASSOCIATES OF SOUTH CAROLINA LLC markets used textile
machinery and offers a consulting service. |
|
Products/Services description: |
|
|
|
The company offers the following used machinery: Somet Thema 11E 104 looms, 3200 width, 1993/94 YOM Zinser RM 350 ring frames 1999/2000 linked to 1998/9 Schlafhorst 338 DORNIER WEAVING LOOMS MOD. HTVS 6/S20 Giesse Chenille Machines SOMET, Thema Superexcel SOMET, Master SM93 SOMET, Type Thema Super Excel H3400 SOMET, SM-93, Y.O.M. 1990, 190cm Murata Model 21C-N1700-40 Winders Dornier HTV S8/J 1994, 210cm Picanol OMNI 2-P Air Jet Looms, 280 cm Truetzschler DK903 Carding Machines Bonas BLJ II Jacquard Head, 1995 YOM Bonas BLJ II Jacquard Head, Bonas ASJ4 Jacquard Head, 1995 YOM Somet Thema 11 101A Jacquard Loom,190cm, 1989 year Taiana Machine Tessili SRL Sectional Warper Somet SM 92 loom, 3200 width, 1986 YOM Somet ST 880 loom, 3200 width, 1983 YOM Vamatex P1001 loom, 3200 width, 1989/90 YOM Staubli jumbo head, CX960 5120 head only Somet Excel Jacquard looms, 3200 width, 1995/96 YOM Somet Thema 11E 104 looms, 3200 width, 1993 YOM, Boucile Machine YOM 1987 Dornier Looms Type: GWN8/S 200, 1982 year Vamatex Loom P1001 ES 190 cm, 1998 YOM Somet Super Excel Jacquard Loom, 1998/9 year, 190cm Somet Thema 11 103 looms, 3200 width, 1991 YOM Somet Thema 11E 104 Jacquard looms, 3200 width, 1993 YOM |
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Sales are: |
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Wholesale |
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Brands: |
|
|
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The company works with the following brands: SOMET, VAMATEX, DORNIER, BOUCILE, ZINSER, GIESSE, MURATA, PICANOL,
TRETZSCHLER, BONAS, TAIANA and STAUBLI |
|
Clients: |
|
|
|
The company sell its products to the textile industry. |
|
Suppliers: |
|
|
|
HARISONS & HARLAJ LTD G.T. RD, PANIPAT 132103 INDIA R L HENRY INC 1450 GENTRY MEM HWY, EASLEY, SC 29640 +1(864) 306-1224 +1(864) 898-0002 kgg2248@bellsouth.net |
|
Operations area: |
|
|
|
National |
|
The company imports from India |
|
|
The company exports to India, Bangladesh, Pakistan, China |
|
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Trade References: |
|
|
|
R L HENRY INC We contacted Ms. Deedra, accounting manager of R L Henry Inc., who
informed us that thy have been doing business with the company since 2006 and
that the company is a good client, which means that it pays on time. She also provided the following information: Payment terms granted: 10 days |
|
The subject employs 5 employee(s) |
|
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Comments on staff: |
|
|
|
This information was provided by the company. |
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PAYMENTS |
|
|
|
made on a 30 days basis - monitored over the last 12 months |
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LOCATION |
|
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Headquarters |
|
|
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201 Brookside Way, Greenville, SC 29605, USA. |
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The property is: |
|
|
|
Rented |
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Comments on location: |
|
|
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The company used to be located in 745 LANDERS RD SPARTANBURG, SC but it has moved to the address above. |
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Branches: |
|
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The company does not have branches. |
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Business Overview: |
|
|
|
The US industrial equipment wholesalers industry consists of about
25,000 companies with combined annual revenue of about $145 billion. Major
companies include MSC Industrial and the wholesale operations of
manufacturers such as General Electric and NACCO Materials Handling Group.
The industry is highly fragmented: the 50 largest companies account for about
25 percent of industry revenue. |
- Manager - Related Companies
|
Listed at the stock exchange: |
|
|
|
NO |
|
Shareholders Parent Company(ies): |
|
|
|
This company is a private company and Mr. Jackson R. Coker II is the
shareholder. |
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Management: |
|
|
|
Debra Martin - Office Manager Tom Johnston - VP US Sales Ken Ramsey - VP Project Management Jackson R. Coker II - CEO Darren Ledbetter - Project Management/Rigging |
- COMMERCIAL TRENDS AND FORECAST
|
As a private company the subject does not publish any financial
statements. |
|
We have contacted Ms. Debra Martin (office manager) who provided
us with the following data: |
|
Currency |
DATE |
|
USD |
2011 |
|
Turnover |
500,000 |
|
The cash flow is |
NORMAL |
|
Legal Fillings |
|
There are no UCC files listed with the Secretary
of State of South Carolina. There are no legal filings listed with the
District Court. For information: The Uniform Commercial Code (UCC) is one
of a number of uniform acts that have been promulgated in conjunction with
efforts to harmonize the law of sales and other commercial transactions in
all 50 states within the United States of America. The UCC deals primarily with transactions
involving personal property (movable property), not real property (immovable
property). It allows a creditor to notify other
creditors about a debtor’s assets used as collateral for a secured
transaction by filing a public notice (financing statement) with a particular
filing office. The Uniform Commercial Code Bureau files
and maintains on financial obligations (including IRS liens) incurred by
individuals (in business as a sole proprietor), business entities and
corporations. |
|
Local credit bureau gave a Medium credit
rate. The company is in Good Standing. This means
that all local and federal taxes were paid on due date. |
|
|
Final Opinion |
|
|
|
Coker & Associates of South Carolina
LLC was founded in 2006 and it is based in South Carolina, USA. It is a small size, privately-held company,
which markets used textile machinery and offers a consulting service. The company works nationally and
internationally, exporting its products to India, Bangladesh, Pakistan and
China. There are no legal filings listed with the
District Court. |
|
|
|
||
|
Profitability |
N.A. |
Public |
NO |
|
Indebtedness |
CONTROLLED |
Payments |
REGULAR |
|
Cash |
NORMAL |
|
|
|
Person Interviewed |
|
|
|
Ms. Debra Martin |
|
Position |
|
|
|
Office Manager |
|
Comments |
|
|
|
The person interviewed provided us with the following information: 1.Headquarter location and branch information. 2.Suppliers and payment terms information. 3.Imports and exports information. 4.Date the company was created. 5.Number of employees. 6.Annual revenue for 2011. |
Standard
& Poor’s
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have also removed both the
short- and long-term ratings from CreditWatch negative.
·
The downgrade reflects our
opinion that the fiscal consolidation plan that Congress and the Administration
recently agreed to falls short of what, in our view, would be necessary to
stabilize the government's medium-term debt dynamics.
·
More broadly, the downgrade
reflects our view that the effectiveness, stability, and predictability of
American policymaking and political institutions have weakened at a time of
ongoing fiscal and economic challenges to a degree more than we envisioned when
we assigned a negative outlook to the rating on April 18, 2011.
·
Since then, we have changed our
view of the difficulties in bridging the gulf between the political parties
over fiscal policy, which makes us pessimistic about the capacity of Congress
and the Administration to be able to leverage their agreement this week into a
broader fiscal consolidation plan that stabilizes the government's debt
dynamics any time soon.
·
The outlook on the long-term
rating is negative. We could lower the long-term rating to 'AA' within the next
two years if we see that less reduction in spending than agreed to, higher
interest rates, or new fiscal pressures during the period result in a higher
general government debt trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The transfer and convertibility (T&C) assessment
of the U.S.--our assessment of the likelihood of official interference in the
ability of U.S.-based public- and private-sector issuers to secure foreign
exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign
Government Rating Methodology and Assumptions ," June 30, 2011, especially
Paragraphs 36-41). Nevertheless, we view the U.S. federal government's other
economic, external, and monetary credit attributes, which form the basis for
the sovereign rating, as broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The political brinksmanship of recent months
highlights what we see as America's governance and policymaking becoming less
stable, less effective, and less predictable than what we previously believed.
The statutory debt ceiling and the threat of default have become political
bargaining chips in the debate over fiscal policy. Despite this year's
wide-ranging debate, in our view, the differences between political parties have
proven to be extraordinarily difficult to bridge, and, as we see it, the
resulting agreement fell well short of the comprehensive fiscal consolidation
program that some proponents had envisaged until quite recently. Republicans
and Democrats have only been able to agree to relatively modest savings on
discretionary spending while delegating to the Select Committee decisions on
more comprehensive measures. It appears that for now, new revenues have dropped
down on the menu of policy options. In addition, the plan envisions only minor
policy changes on Medicare and little change in other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign
Government Rating Methodology and Assumptions," June 30, 2011,
especially Paragraphs 36-41). In our view, the difficulty in framing a
consensus on fiscal policy weakens the government's ability to manage public
finances and diverts attention from the debate over how to achieve more
balanced and dynamic economic growth in an era of fiscal stringency and
private-sector deleveraging (ibid). A new political consensus might (or might
not) emerge after the 2012 elections, but we believe that by then, the
government debt burden will likely be higher, the needed medium-term fiscal
adjustment potentially greater, and the inflection point on the U.S.
population's demographics and other age-related spending drivers closer at hand
(see "Global
Aging 2011: In The U.S., Going Gray Will Likely Cost Even More Green, Now,"
June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through 2021.
These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2 trillion
will be implemented over the same time period. The reductions would mainly
affect outlays for civilian discretionary spending, defense, and Medicare. We
understand that this fall-back mechanism is designed to encourage Congress to
embrace a more balanced mix of expenditure savings, as the committee might
recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the framework
of a legislative mechanism that leaves open the details of what is finally
agreed to until the end of 2011, and Congress and the Administration could
modify any agreement in the future. Even assuming that at least $2.1 trillion
of the spending reductions the act envisages are implemented, we maintain our
view that the U.S. net general government debt burden (all levels of government
combined, excluding liquid financial assets) will likely continue to grow.
Under our revised base case fiscal scenario--which we consider to be consistent
with a 'AA+' long-term rating and a negative outlook--we now project that net
general government debt would rise from an estimated 74% of GDP by the end of
2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of sovereign
indebtedness is high in relation to those of peer credits and, as noted, would
continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.67 |
|
UK Pound |
1 |
Rs.88.05 |
|
Euro |
1 |
Rs.69.96 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.