MIRA INFORM REPORT

 

 

Report Date :

22.03.2012

 

IDENTIFICATION DETAILS

 

Name :

MONTANA S.A.

 

 

Registered Office :

Los Rosales 280 Zona Industrial, Santa Anita

 

 

Country :

Peru

 

 

Financials (as on) :

30.09.2011

 

 

Date of Incorporation :

09.08.1975

 

 

Legal Form :

Joint-Stock Company

 

 

Line of Business :

 
Engaged in Manufacture and Trading of Supplies for Food and Animal Health and Nutrition.

 

 

No. of Employees :

434

 

 

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 :

US$2,100,000.

Status :

Satisfactory

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Peru

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

IDENTIFICATION

 

CORRECT COMPANY NAME

MONTANA S.A.

TAXPAYER REGISTRATION

RUC 20100182263

MAIN ADDRESS

Los Rosales 280 Zona Industrial, Santa Anita

POSTAL CODE

Lima,43

PROVINCE / DEPARTAMENT

Lima

STATE / REGION

Lima

COUNTRY

PERU

TELEPHONE

(511) 3622350 - 3620710 - 4193000

E-MAIL

info@montana.com.pe

WEB

www.montana.com.pe

COMMENTS

 
Additional E-mail: galfaro@montana.com.pe

 

 

SUMMARY

 

 

Date of foundation

1975

Capital stock

S/.39,500,000.= Nuevos Soles

Shareholders' equity

80,938,000.00 Nuevos Soles (31DEC2010)

Annual revenues

US$ 127,347,500.00 Nuevos Soles (31DEC2010)

Profits (loss)

19,171,000.00 Nuevos Soles (31DEC2010)

permanent employees

434

Chief Executive

PACHECO ZERGA, GASTON GILBERTO FELIX

Disposition

It was not possible to interview any executive.

Payments policy

Usually to terms/good

Credit (**)

Risk is Moderate. Within Average. Satisfactory.

 

CREDIT OPINION

Requested credit

Maximun

Suggested credit (*)

US$2,100,000.=

(*) After analyzing different factors and other opinions.

 

 

 

LEGAL BACKGROUNDS

 

LEGAL STATUS

Joint-Stock Company

DATE OF INCORPORATION

09AUG1975

STARTING DATE

01/08/1976

PLACE OF REGISTRY

Lima

NOTARY OFFICE

Enrique Maguiña G.

DURATION

Indefinite

REGISTRATION

File Card No.9298 (07/06/1976)

INITIAL CAPITAL

S/.1,000,000.= Soles Oro (old currency)

CURRENT PAID-IN CAPITAL

S/.39,500,000.= Nuevos Soles

SHAREHOLDERS EQUITY

80,938,000.00 Nuevos Soles (31DEC2010)

CLASS OF SHARES

Registered

LISTED AT STOCK EXCHANGE

No

SHARE VALUE

S/.1.= Nuevo Sol

CURRENT EXCHANGE RATE (US$)

S/.2.67 per US$1.= Dollar

COMMENTS

 
The 80% of shares owned by Harald Mayrock Quentin as an individual has been divided for two companies owned by him: PRODUCTIVA S.A.C. (50%) and CRANDON INTERNACIONAL S.A.C. (30%)
 
During its business path, subject took over by merger the following companies:
- KOLIBRI S.A. y M.M. TECHNOLOGIES S.A. on 02/11/1994
- PROAVICO S.A. (Tax ID No.20100182344) on 02/11/1995
- SANIVET S.A. y GLOBE SABORES Y FRAGANCIAS S.A. on 01/12/1996

 

 

DIRECTORS - EXECUTIVES – SHAREHOLDERS

 

 

FULL NAMES / COMPANY NAME

TITLE

%PART.

SINCE

BAUER SILVA, FEDERICO AUGUSTO

President

 

30/04/93

CARRERA PORTILLA, ALBERTO ALEJANDRO

Vice President

20%

23/03/92

PACHECO ZERGA, GASTON GILBERTO FELIX

Director/General Manager

 

23/03/92

HERZKA BUCHDAHL, CLAUDIO JUAN EUGENIO

Director

 

 

HEEREN RAMOS, CARLOS MIGUEL

Director

 

 

KLATISH CAMPOFILONI, MARIO

Regional Commercial Dir.

 

 

CORTEZ BENEJAM, FRANCISCO

Systems Manager

 

 

MANN, ALEX

Technical Manager

 

 

JENSSEN MAZZINO, HECTOR ENRIQUE

Legal Representative

 

 

ALFARO CABELLO, GUSTAVO ADOLFO

General Accountant

 

 

PRODUCTIVA SAC

Shareholder / Member

50%

 

CRANDON INTERNACIONAL S.A.C.

Shareholder / Member

30%

 

 

 

 

WHO IS WHO?

 

BAUER SILVA, FEDERICO AUGUSTO

NATIONALITY

Peruvian

D.O.B.

11MAY1962

ID

DNI 10224386

CIVIL STATUS

Married to Sylvia Mayreck Mc Hamish

DOMICILE

Los Rosales 280 , Lima

TELEPHONE

3410221

PROFESSION

Business Administrator

TAX ID

10102243868

 

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

CRANDON CHILE LTDA.

General Manager

76.029.733-K

CHILE

 

 

 

 

CARRERA PORTILLA, ALBERTO ALEJANDRO

NATIONALITY

Peruvian

D.O.B.

19JUN1941

ID

DNI 07788430

CIVIL STATUS

Married

DOMICILE

Sergio Bernales 442, Urb. Barrio Médico, Surquillo , Lima 34

PROFESSION

Public Accountant

 

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

QUIMICA ESPECIALIZADA S.A. QUIMESA

Executive President

20101611699

PERU

 

 

PARTICIPATED IN

COMPANY

TITLE

COUNTRY

YEAR / REF

TRANSPORTES SAN CRISTOBAL SA

Accountant

PERU

 

FIRPECO SA

Accountant

PERU

 

 

 

PACHECO ZERGA, GASTON GILBERTO FELIX

NATIONALITY

Peruvian

D.O.B.

21FEB1957

ID

DNI 08236451

CIVIL STATUS

Married to Evelyn Barclay Ricketts

PROFESSION

Economist

TAX ID

10082364515

BACKGROUND INFORMATION

 
He takes part in the following companies:
- FUNDO EBR S.A.C.  (RUC (Tax ID) 20372643693) 
  Position: General Manager
- SORAYA S.A.      (RUC (Tax ID) 20255690753) 
 Position: Director
 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

FUNDO EBR S.A.

General Manager

20372643693

PERU

SORAYA S.A.C.

Director

20255690753

PERU

JENSSEN MAZZINO, HECTOR ENRIQUE

ID

DNI 10224845

DOMICILE

Manuel Gonzales Prada 680-302, San Isidro, Lima

 

 

BUSINESS HISTORY

 

The beginning of MONTANA S.A. dates back to 1964 when Harald J. Mayrock founded the first company that would form subject, which was called Proavico. It was engaged in supplying balanced nutrition for animals. Later it would became Montana S.A.
 
Over the years, its founder has known how to transmit and give expression in a qualified team the conviction and future vision that encourage him to keep betting on Peru, providing quality products, enlarging production infrastructure, and renewing infrastructure with high technology.
 
Today, it has over 400 workers. Its facilities are on an area of 70,000 m2 approximately. Its annual sales exceed US$100 million. It performs activities for food, pharmaceutical and agricultural sectors.

 

 

 

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

 

 

COMPANY NAME

COUNTRY

TAX REG.

RELATION %

CRANDON CHILE LTDA.

CHILE

76.029.733-K

Related

CRANDON INTERNACIONAL S.A.C.

PERU

 

Shareholder / Member

CRANDON S.A.

PERU

20297903293

Related

INDUSTRIAL DUROPAL S.A.

PERU

20100665221

Related

PROAVICO S.A.

PERU

20101361994

Related

PRODUCTIVA SAC

PERU

20506023387

Shareholder / Member

 

 

 

BUSINESS

 

 

Main activity

 
Subject is engaged in manufacture and trading of supplies for food and animal health and nutrition.
 
Veterinary products for poultry farming, stockbreeding and other species (Vaccines, disinfectants, additives, antibiotics, antiparasitics, serum, bactericides, injectables for birds and cattle, phosphate, methionine, salts and minerals, as well as, fish meal).
 
At the same time, subject imports and trades essences, flavorings, perfumes, natural and synthetic colourings, chemical products for confectionery, ice creams, bread making, sodas and nectars, dairy products and meat products. It exports natural colourings (cochineal carmine, bixins, paprika oleoresin).
 
Sold brand: PROAVICO, SANIVET.

Import

Yes

Country

Argentina, Bolivia, Brazil, Canada, Chile, China, Colombia, Cote d'Ivoire, Denmark, Finland, France, Germany, India, Indonesia, Italy, Japan, Korea

ANNUAL Imports In US$ (CIF)

YEAR

AMOUNT

2012

3,487,533.00

2011

60,594,644.00

2010

51,935,934.00

Export

Yes

COUNTRY

Australia, Austria, Bolivia, Brazil, Chile, China, Colombia, Denmark, Ecuador, Finland, France, Germany, Guatemala, India, Italy, Mexico, Netherlands

Annual exports in US$ (FOB)

YEAR

AMOUNT

2012

513,870.00

2011

33,178,194.00

2010

37,310,714.00

% CASH SALES / METHOD

10%

% Credit SALES / Terms

90% (Invoice and/or draft at 15,30,45,60,90 days)

% Ventas exterior (Paises)

12%

SELLING TerritorY

Domestic and international market

EMPLOYEES

434

LOCATION

PREMISES

Own

OTHER PREMISES

 
Subject's main offices are located on the above-mentioned address.
Subject was previously located on Av. Venezuela 1842 - Lima.
 
BRANCHES: They are in Chile, Ecuador, and Bolivia.
 
PRODUCTION SITE: The Veterinary Division Plant is located on Carretera Central Km. 11.5, Santa Clara (Lima). Own premises. Area: 10,000 m2.
 
COMMERCIAL PREMISES:
- Teodoro Valcárcel 1294, Trujillo - La Libertad.
- Calle Carlos Augusto salaverry 3828, Los Olivos, Lima
- Av. Paseo de la República 1707, Chorrilos, Lima
 
WAREHOUSES:
- Carr. Variante de Uchumayo Km. 1, Sachaca, Arequipa
- Av. Materiales 3049, Lima
- Av. Nestor Gambetta Km. 14.1 Sub lote 3, ex Fundo Marquez, Callao
- Av. Nestor Gambetta No. 6693, Callao.

Comments

 
It also imports from Mexico, Netherlands, Panama, Russia, Taiwan, Turkey, United Kingdom, USA, Uruguay, and Venezuela.
 
It also exports to Panama, Russia, Taiwan, Turkey, United Kingdom, USA, Uruguay.
 
Its sales in the domestic market are mainly intended for the following cities: Lima, Arequipa, Trujillo, Chiclayo, Tarapoto, Iquitos.
 
Montana is a regional business group focused on development and supply of supplies and productive solutions for food, pharmaceutical and agricultural sectors.
 
In addition to its wide range of products, it has functional ingredientes of leading international companies and combines high technology with specific knowledge on markets where it operates to provide alternatives and solutions of high value to its customers.
 
Subject is an exclusive representative of the following companies:
- V. Mane Fil (France)
- Leiner (Brazil) 
- Sol Vay Animal Heath Inc.
 
Its distributors in provinces include:
- Vet S.A.C. (Arequipa)
- Comercializadora La Campiña E.I.R.L. (Tarapoto), among others.
 
Subject has a large customers' portfolio including:
- Nabisco Perú S.A.
- Fábrica de Alimentos y Bocaditos S.A.
- Asa Alimentos S.A.
- Embotelladora La Loretana S.A.
- Agraria El Escorial S.A.
- Industrias Añaños S.A.
- L.C. Marcam S.A., among others.
 
One of its competitions is INNOVA ANDINA S.A.
 
Its annual sales are around US$50 million, which ranks it among the largest 200 companies in Peru. Its activities are developed in three large areas: food ingredients, products for animal health and nutrition, and natural ingredients, with an active and growing participation in international markets.
 
Subject is ranked 166th in the PEP Ranking of the Top 10,000 Companies and Entities in Peru.
 
On 25/01/2012, Montana obtained the ABE certification.
Montana obtained the ABE certification (Association of Good Entrepreneurs) under the cateogory of Entreprising Member, adding itself to other 95 companies. To obtain the certification, an external auditor verified the compliance of Montana with good practices promoted by ABE, such as punctual payment of salaries and benefits, punctual payment of insurance, safe and hygienic working environment, training and development, payment for merits, recognition and personal assessment, obtaining a score exceeding by far the minimum required for certification.

 

 

 

FINANCIAL INFORMATION

 

 

Interviewee(s)

THIRD-PARTY SOURCES

Disposition

It was not possible to interview any executive.

Information provided

 
As it was not possible to arrange an interview with subject's responsible executives, a formal request letter was sent to Mr. Gustavo Alfaro, but it has not been answered. Therefore, this report was developed with information that was collected from third-party sources and official.
 
It is included figures from the Interim Balance Sheet as of 30/09/2011 (9 months), as well as figures from the Annual Balance Sheet as of 31/12/2010 (12 months). Those are expressed in Nuevos Soles.

 

INTERIM BALANCE SHEET

Balance Sheet Date

30SEP2011

 

 

 

Type of balance sheet

Interim

 

 

 

Period

9 months

 

 

 

Currency

Nuevos Soles

 

 

 

Exchange Rate per US$

2.77

 

 

 

A S S E T S

 

 

 

 

Cash/banks

3,735,000.00

 

 

 

Receivables

85,951,000.00

 

 

 

Inventory

81,396,000.00

 

 

 

Others

372,000.00

 

 

 

Current Assets

171,454,000.00

 

 

 

Fixed

61,162,000.00

 

 

 

Others

11,237,000.00

 

 

 

Total Assets

243,853,000.00

 

 

 

L I A B I L I T I E S

 

 

 

 

Bank/Suppliers

92,617,000.00

 

 

 

Others

33,642,000.00

 

 

 

Current liabilities

126,259,000.00

 

 

 

Long term

31,523,000.00

 

 

 

Others

3,822,000.00

 

 

 

S H A R E H O L D E R S'  E Q U I T Y

 

 

 

 

Capital

63,300,000.00

 

 

 

Reserves

10,284,000.00

 

 

 

Profit (Loss)

8,665,000.00

 

 

 

Total shareholders equity

82,249,000.00

 

 

 

Total liab. / Sh. equity

243,853,000.00

 

 

 

Sales

288,121,000.00

 

 

 

Profit (Loss)

8,665,000.00

 

 

 

 

R A T I O

 

Liquidity ratio

1.36

(Current assets / Current liabilities)

Debt-to-equity ratio

65.14 %

(Shareholders' equity / Current liabilities %)

Profitability ratio

3.01 %

(Profits / Sales %)

Working capital

45,195,000.00

(Current assets - Current liabilities)

 

BALANCE SHEET

Balance sheet date

31DEC2010

 

 

 

Type of balance sheet

Annual

 

 

 

Period

12 months

 

 

 

Currency

Nuevos Soles

 

 

 

Exchange rate per US$

2.8

 

 

 

A S S E T S

 

 

 

 

Current Assetsd

172,687,000.00

 

 

 

Fixed

59,905,000.00

 

 

 

Others

10,454,000.00

 

 

 

Total Assets

243,046,000.00

 

 

 

L I A B I L I T I E S

 

 

 

 

Current liabilities

130,831,000.00

 

 

 

Long term

31,277,000.00

 

 

 

TOTAL LIABILITIES

162,108,000.00

 

 

 

S H A R E H O L D E R S'  E Q U I T Y

 

 

 

 

Total shareholders equity

80,938,000.00

 

 

 

Total Liab. / Sh. equity

243,046,000.00

 

 

 

Sales

356,573,000.00

 

 

 

Profit (Loss)

19,171,000.00

 

 

 

 

R A T I O

 

Liquidity ratio

1.32

Current assets / Current liabilities

Debt-to-equity ratio

61.86 %

(Shareholders' equity / Current liabilities %)

Profitability margin

5.38 %

(Profits / Sales %)

Working capital

41,856,000.00

(Current assets - Current liabilities)

FINANCIAL SITUATION

 
LIGHTLY FAIR
Based on the last Financial Statement, this company's Financial Situation is deemed to be Slightly Fair because its liquidity ratio is slightly acceptable. Its working capital maintains a slightly satisfactory margin. Its shareholders' equity covers moderately its liabilities. Its results are acceptable.
 
This is a Peruvian leading company in creation of value proposals for food, nutrition and animal health industries.

Property of company comments

 
Subject's fixed assets include several vehicles, including vans with 4-TM capacity and various cars.

 

 

 

 

 

INSURANCE

COMPANY

AGAINST

EXPIRATION

AMOUNT

RIMAC INTERNACIONAL CIA. DE SEGUROS

All risk

 

 

Insurance Comments

 
Insurance policy is taken out through its broker Rehder & Asociados.

 

 

PAYMENTS RECORD: TRADE REFERENCES

 

(Confidential Information)

 

Supplier: Laboratorio Farmaceútico Pfizer S.A.

Tel.: (511) 6152100

Country: PERU

Goods/Services? : Products for animal health

 

 

Highest credit? : Open

 

 

Client since? : 2010

Terms? : 90 days

Performance? : Prompt

Comments : Good customer

Supplier: Eli Lilly de Centroamérica

Tel.: (511) 7126400

Country: PERU

Goods/Services? : Laboratory analysis

 

 

Highest credit? : Open

 

 

Client since? : 1999

Terms? : 30 days

Performance? : Prompt

Comments : Good customer

Supplier: Outsourcing Aduanas SAC

Tel.: (511) 7053030

Country: PERU

Goods/Services? : Customs services

 

 

Highest credit? : Not specified

 

 

Client since? : 2006

Terms? : 30 days

Performance? : Prompt

Comments : Good customer

Supplier: DHL Express

Tel.: 511 4401936

Country: PERU

Goods/Services? : Shipping services

 

 

Highest credit? : Not specified

 

 

Client since? : 01/2012

Terms? : 15 days

Performance? : Prompt

Comments : Good customer

 

Note : Other suppliers did not provide information or could not be consulted

 

Supplier

Country

Comment

Symrise Ltda.

COLOMBIA

Request for references was not met.

Quimpac SA

PERU

Request for references was not met.

DHL Express Aduanas Perú SAC

PERU

 

Cli Aduanas

PERU

Request for references was not met.

Lavalle Suito Despachadores de Aduana

PERU

Subject is not its customer.

V. Mane Fils

FRANCE

 

Haarmann & Reimer de Colombia Ltda

COLOMBIA

 

Degusa Ag

GERMANY

 

Basf Ag

GERMANY

 

Phibrochem

U.S.A.

 

Siemsgluss & Sohn

GERMANY

 

Solvay Animal Helath Inc.

U.S.A.

 

Fort Dodge

U.S.A.

 

Procesadora Campofresco Inc.

DOMINICAN REP.

 

Ajinomoto

BRAZIL

 

 

CREDIT HISTORY

It was not found any adverse records on cancelled accounts or credit cards against subject.
 
It was not also found any records on NSF checks, protested drafts or promissory notes.
 
It was not found any records on payments in default, written-down portfolio, cancelled credits due to mishandling or similar issues.
 
Subject is a taxpayer without any tax debts under coercive collection process. It was not found any information on tax omissions in credit information centers.
 
It was not found any records on welfare-related debts with any pension funds.

 

 

 

BANKING INFORMATION

 

 

Bank

CREDITO

HSBC BANK PERÚ

BBVA BANCO CONTINENTAL S.A.A.

SCOTIBANK DEL PERÚ S.A.A.

SANTANDER

INTERBANK

FINANCIERO

 

Subject carries out its financial operations through the above-mentioned entities, where it holds current accounts, credit facilities and other modes. It shows a good banking experience and a proper financial performance.

 

 

SUPERINTENDENCY OF BANK & INSURANCE (SBS)

 

 

Debt structure for bank. SBS Latest Consolidated Credit Report as of : 31/01/2012

 

Bank

Debt Rating

Current Debt

S/.

US$

CREDITO

47.61% NORMAL

66,174,801.00

 

CONTINENTAL

27.40% NORMAL

38,074,982.00

 

SANTANDER PERU

13.83% NORMAL

19,226,261.00

 

INTERBANK

8.06% NORMAL

11,206,534.00

 

HSBC BANK PERU

3.06% NORMAL

4,252,654.00

 

SCOTIABANK

0.03% NORMAL

45,388.00

 

Total

138,980,620.00

 

Guarantees

36,789,057.00

 

 

CONSOLIDATED DEBT (ALL BANKS)                              ENTITIES NUMBER : 6                           31/01/2012

 

 

 

Domestic Currency

Foreign Currency

LOANS

:

53,084,916.00

 

DISCOUNTS

:

21,580,960.00

 

FINANCIAL LEASING

:

6,988,606.00

 

FACTORING

:

5,844,612.00

 

CREDIT CARDS

:

42,169.00

 

OTHER INDIRECT CONTINGENT DEBTS

:

51,227,947.00

 

CURRENT ACCOUNT OVERDRAFTS

:

211,409.00

 

 

 

--------------------------------------------

--------------------------------------------

TOTAL DEBT

:

138,980,619.00

 

 

 

=========================

=========================

 

 

RATING DESCRIPTION ACCORDING TO THE SBS (Caption)

Normal

Good Finantial Situation, Prompt payments, Consistent information. Increasing Trend, Creditworthy.

Potential Problem

Satisfactory Finantial Situation but cash flow can be weak. Irregular payments. Irregular Trend.

Deficient

Fair Finantial Situation, cash problems, profits shortage, delayed and overdue payments.

Doubtful

Heavy Finantial Situation, liquidity shotage, notorious delayed payments, Judicial Collection, Bad Management.

Loss

Bad Finantial Situation, Insufficient funds, declared bankruptcy, debt default.

 

 

 

GENERAL INFORMATION

 

 

REPUTATION

 

NOTHING AGAINST COMPANY

 

 

 

 

 

CREDIT OPINION

 

Comnsulted Credit Amount :

Maximun

 

Suggested Credit :

US$2,100,000.=

 

NOTE : The opinion given is confidential, referential and with out liability.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.59

UK Pound

1

Rs.80.34

Euro

1

Rs.67.14

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.