MIRA
INFORM REPORT
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Report Date : |
23.07.2012 |
IDENTIFICATION DETAILS
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Name : |
VETIR SAS |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.08.1981 |
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Com. Reg. No.: |
322424342 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
Retail sale of clothing |
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No. of Employees : |
3,491 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
Vetir SAS
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Business Description
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Vetir is primarily engaged in retail sale of adults’ fur and leather
clothing; retail sale of children’s and infants’ clothing; retail sale of
other women’s clothing; and retail sale of footwear and leather goods. |
Industry
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Industry |
Retail (Apparel) |
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ANZSIC 2006: |
4251 - Clothing Retailing |
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NACE 2002: |
5242 - Retail sale of clothing |
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NAICS 2002: |
448110 - Men's Clothing Stores |
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52424 - Retail sale of other men's
clothing |
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US SIC 1987: |
5611 - Men's and Boys' Clothing and
Accessory Stores |
Key Executives
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1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064
Corporate Overview
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Corporate Structure News
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VĂŞtir SAS |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Saint Pierre Montlimart |
France |
Footwear |
15.7 |
13,250 |
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Subsidiary |
Saint Pierre Montlimart |
France |
Retail (Apparel) |
974.3 |
3,491 |
Executives Report
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Annual Profit & Loss
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|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.755078 |
0.719047 |
0.683679 |
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Consolidated |
No |
No |
No |
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Total income |
975.7 |
1,034.6 |
1,091.1 |
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Net sales |
974.3 |
1,032.8 |
1,087.9 |
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Change in stock |
- |
62.7 |
6.8 |
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Subsidies for operating costs |
0.1 |
0.2 |
0.8 |
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Supplementary operating income |
0.4 |
0.6 |
2.2 |
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Other operating income |
0.9 |
1.0 |
0.2 |
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Other external charges |
248.8 |
259.8 |
272.0 |
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Cost of goods sold |
467.1 |
465.5 |
571.6 |
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Taxes and social security costs |
21.4 |
22.2 |
22.3 |
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Social charges |
28.7 |
27.8 |
28.4 |
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Total payroll costs |
88.7 |
90.1 |
94.4 |
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Cost of stock depreciation and amortisation |
1.6 |
2.2 |
0.5 |
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Fixed asset depreciation and amortisation |
28.7 |
31.4 |
35.4 |
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Other operating costs |
3.2 |
2.4 |
1.5 |
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Total operating costs |
877.0 |
963.9 |
1,033.0 |
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Net operating income |
98.7 |
70.7 |
58.1 |
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Total financial income |
15.3 |
15.4 |
22.8 |
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Interest payable on loans |
9.2 |
13.1 |
21.6 |
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Other expenses |
4.9 |
1.0 |
2.7 |
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Total expenses |
14.1 |
14.1 |
24.3 |
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Profit before tax |
100.0 |
72.0 |
56.6 |
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Extraordinary income |
2.8 |
10.2 |
10.1 |
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Extraordinary expenses |
7.0 |
8.0 |
7.3 |
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Extraordinary result |
- |
2.2 |
2.7 |
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Total taxation |
30.0 |
22.0 |
14.4 |
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Profit distributed to employees |
7.2 |
11.3 |
6.5 |
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Net profit |
58.5 |
40.9 |
38.4 |
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Annual Balance
Sheet |
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Financials in:
USD (mil) |
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
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Consolidated |
No |
No |
No |
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Issued capital |
155.6 |
166.4 |
161.2 |
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Share premium account |
25.2 |
27.0 |
26.1 |
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Legal reserves |
8.3 |
5.1 |
7.3 |
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Total reserves |
152.5 |
157.6 |
150.0 |
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Profits for the year |
59.3 |
42.2 |
36.5 |
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Profit brought forward from previous year(s) |
0.1 |
0.0 |
0.0 |
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Total stockholders equity |
401.0 |
398.3 |
381.2 |
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Provisions and allowances |
6.6 |
6.4 |
4.0 |
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Trade creditors |
75.3 |
66.8 |
66.7 |
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Bank loans and overdrafts |
257.0 |
313.0 |
347.1 |
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Current bank debts |
75.4 |
88.2 |
103.8 |
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Other loans |
0.1 |
0.1 |
0.1 |
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Other liabilities |
11.0 |
11.1 |
10.9 |
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Debts on fixed assets |
- |
- |
0.5 |
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Income stated in advance |
3.1 |
1.1 |
0.9 |
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Taxation and social security |
45.9 |
51.5 |
42.1 |
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Total current liabilities |
267.9 |
288.3 |
290.9 |
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Total debts |
392.5 |
443.6 |
468.3 |
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Regularisation account |
0.4 |
0.1 |
0.1 |
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Total liabilities (including net worth) |
800.5 |
848.5 |
853.6 |
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Patents |
0.9 |
0.1 |
0.1 |
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Goodwill |
50.0 |
55.1 |
55.7 |
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Other intangibles |
5.0 |
6.2 |
0.7 |
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Land |
1.2 |
1.3 |
1.2 |
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Buildings |
34.8 |
39.7 |
43.1 |
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Other fixed assets |
37.7 |
46.0 |
53.8 |
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Long-term investments |
109.2 |
118.8 |
114.2 |
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Other financial assets |
219.4 |
243.4 |
198.3 |
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Total non-current assets |
458.2 |
510.6 |
467.1 |
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Net stocks and work in progress |
252.8 |
258.3 |
312.9 |
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Trade debtors |
10.9 |
13.7 |
16.5 |
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Other receivables |
3.9 |
11.1 |
15.4 |
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Prepaid expenses |
3.3 |
3.2 |
21.2 |
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Cash and liquid assets |
12.3 |
9.0 |
7.4 |
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Marketable securities |
59.0 |
41.9 |
12.7 |
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Total current assets |
342.2 |
337.3 |
386.0 |
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Prepaid expenses and deferred costs |
0.1 |
0.5 |
0.5 |
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Total assets |
800.5 |
848.5 |
853.6 |
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Annual Ratios |
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Financials in:
USD (mil) |
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|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
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Consolidated |
No |
No |
No |
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Current ratio |
1.30 |
1.20 |
1.30 |
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Quick ratio |
0.30 |
0.30 |
0.30 |
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Total liabilities to net worth |
1.14% |
1.32% |
1.44% |
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Net worth to total assets |
0.43% |
0.40% |
0.38% |
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Collection period |
3.40 |
3.90 |
4.80 |
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Stock turnover rate |
3.90 |
4.10 |
3.30 |
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Asset turnover |
1.23% |
1.26% |
1.21% |
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Profit margin |
0.10% |
0.07% |
0.05% |
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Return on assets |
0.13% |
0.09% |
0.06% |
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Shareholders' return |
0.29% |
0.22% |
0.17% |
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Sales per employee |
1,382.37 |
1,405.89 |
1,385.66 |
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Profit per employee |
141.83 |
98.04 |
72.03 |
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Average wage per employee |
125.78 |
122.62 |
120.21 |
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Net worth |
401.0 |
398.3 |
381.2 |
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Number of employees |
3,491 |
3,465 |
3,521 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.15 |
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|
1 |
Rs.86.57 |
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Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.