|
Report Date : |
24.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
FUSION
RETAIL BRANDS PTY LTD |
|
|
|
|
Registered Office : |
Level
1, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
30.06.2011 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
Subject is a new retail vehicle incorporating the
remaining businesses |
|
|
|
|
No. of Employees : |
2,200 |
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 |
|
|
|
|
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) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Verified Address
Subject
name : FUSION
RETAIL BRANDS PTY LTD
Business
address : Level 1, 109-133
Burwood Road
Town :
Hawthorn
Province
: Victoria
Zip/postal
code : 3122
Country
: Australia
Tel : +61 3
94208444
Fax : +61 3
94208400
Website
: www.fusionretailbrands.com.au
Registered
address : Level 1, 109-133
Burwood Road
Town :
Hawthorn
Province
: Victoria
Zip/postal
code : 3122
Country
: Australia
Postal
address : P.O. Box
690
Town :
Richmond
Province
: Victoria
Zip/postal
code : 3121
Country
: Australia
Executive Summary
Date
founded or registered : 30/06/2011
Legal
form : Australian
Proprietary Company
Chief
executive : Donald
Charles Grover
Issued
& paid up capital : AUD
35,000,000
Line
of business : Operates
a chain of footwear and apparel retail stores.
Staff
employed : 2,200
employees
Country
risk : Country
risk is minimal
Operation
trend : Operational
trend is in start-up phase
Management
experience : Management is
reasonably experienced
Financial
performance : Financial
performance is undetermined
Organization
structure : Organizational
structure is acceptable
Detrimental
: No detrimental records found
Payment
history : No payment
delays noted
Comments
: Credit can
be granted with a guarantee from the Subject's secured creditors.
Registry Data
Registration
date : 30/06/2011
Legal
form : Australian
Proprietary Company
Registration
no Australian Company Number: 151836083
Registered
authority : Australian
Securities and Investments Commission
Fiscal/
Tax no : Australian
Business Number: 44151836083
Registry
status : Live/Active
Previous
name : A.C.N.
151 836 083 PTY. LTD. (initial)
Change
of legal form : None
reported.
Comments : The
Subject was established as the successor of Colorado Group Limited when it
underwent a significant restructure at the hands of its receivers, Ferrier
Hodgson. Colorado Group Limited was an Australian public company that operates
a number of retail clothing chains. Major brands include Colorado
Adventurewear, Mathers, Williams the Shoemen, JAG, Diana Ferrari, and Pairs.
The history of the company dates back over 140 years to the 1864 founding of
Williams in Ballarat,
Victoria.
As of June 2011 Colorado has 434 stores in Australia and New
Zealand, and employs 3800 people. It owes around AUD 400 Million to 18
financiers. Colorado Group Limited was de-listed from the Australian Securities
Exchange (ASX) on 15 August 2007 following the issue by ARH Investments
(Australia) Pty Limited of compulsory acquisition notices on 3 July 2007. The
Colorado clothing retail group went into receivership on 30 March 2011.
Insolvency accounting specialists Ferrier Hodgson were placed in charge of the
group. Colorado was owned by Affinity Equity Partners. In June 2011 it was
announced that the clothing chain was to "shut its doors" at the cost
of 1,042 jobs. In Australia 100 underperforming Colorado stores will shut, 21
Williams stores, 7 Mathers stores, 2 JAG stores and one Diana Ferrari store.
[In New South wales 42 stores will close, and in Victoria 27 will close. 9
Colorado Stores in New Zealand will also close. Colorado will cease selling
its' clothing lines, returning to its' beginning as a shoe brand which will be
sold through the company's Mathers and Williams the Shoemen stores, and online
Key Management
Name :
Donald Charles
Grover
Designation
: Chief Executive Officer
Appointments
Name :
Andrew
Riebe
Designation
: Director
Appointment
date : 21/09/11
Address
: 5/F, 1A
Robinson Road
Mid-Levels
Hong Kong
Biography
: Born on
13-09-1963 in Burlingame, California, United States.
Name :
Susan
Mary Oliver
Designation
: Director
Appointment
date : 17/11/11
Address
: 23
Outlook Drive
Eaglemont, VIC 3084
Australia
Biography
: Born on
15-03-1951 in Melbourne, Victoria, Australia.
Name :
Trevor
James Carroll
Designation
: Director
Appointment
date : 17/11/11
Address
: 2 Kiora
Avenue
Mosman, NSW 2088
Australia
Biography
: Born on
21-01-1946 in Ashburton, New Zealand.
Name :
Jan
Margaret Swinhoe
Designation
: Director
Appointment
date : 17/11/11
Address
: 12
Bellevue Avenue
Greenwich, NSW 2065
Australia
Biography
: Born on
20-12-1956 in Sydney, New South Wales, Australia
Name :
Ian
Xavier Dahl
Designation
: Director
Appointment
date : 22/12/11
Address
: 118
Hargrave Street
Paddington, NSW 2021
Australia
Biography
: Born on
23-01-1945 in Mowbray, South Africa.
Name :
Graeme
Ambery Billings
Designation
: Director
Appointment
date : 30/03/12
Address
: 22
Barrington Avenue
Kew, VIC 3101
Australia
Biography
: Born on
01-02-1956 in Melbourne, Victoria, Australia.
Name :
Donald
Charles Grover
Designation
: Director
Appointment
date : 30/04/12
Address
: 2
Argyle Place
West Pennant Hills, NSW 2125
Australia
Biography
: Born on
28-01-1959 in Sydney, New South Wales, Australia.
Name :
Thomas
Mostyn Coleman
Designation
: Company
Secretary
Appointment
date : 29/07/11
Address
: 12
Billson Street
Brighton East, VIC 3187
Australia
Biography
: Born on
02-04-1973 in Adelaide, South Australia, Australia.
Name :
Jack
Jason Paul Whittaker
Designation
: Company
Secretary
Appointment
date : 17/11/11
Address
: 230A
Osborne Street
Williamstown, VIC 3016
Australia
Biography
: Born on
20-11-1964 in Melbourne, Victoria, Australia.
Staff
employed : 2,200
employees
Composition
Authorized
Capital : AUD 35,000,000
No of
shares : 35,000,000
Ordinary Shares
Share
par value : AUD
1
Issued
capital : AUD
35,000,000
Paid
up capital : AUD
35,000,000
How
listed : Full
List
Composition
Shareholder
name : NOMURA INTERNATIONAL
PLC
Address
: 1 Angel
Lane
London EC4R 3AB
United Kingdom
No. of
shares : 4,770,421
Ordinary Shares
Shareholder
name : AIO FINANCE
(IRELAND) LTD
Address
: Suite
G3 Fitzwilliam Business Centre
26 Pembroke Street Upper
Dublin 2, 216410
Ireland
No. of
shares : 4,103,700
Ordinary Shares
Shareholder
name : ICE FOCUS EM
DISTRESSED MASTER FUND LIMITED
Address
: C/O ICE
CANYON LLC
2000 Avenue Of The Stars, 11th Floor
Los Angeles, CA 90067
United States
No. of
shares : 3,026,901
Ordinary Shares
Shareholder
name : EQUITY
MANAGEMENT UNIT HOLDINGS PTY LTD
Address
: Level
29, 500 Bourke Street
Melbourne, VIC 3000
Australia
No. of
shares : 5,037,004
Ordinary Shares
Shareholder
name : COOPERATIEVE CENTRALE
RAIFFEISEN-BOERENLEENBANK B.A.
Address
: Level
16, 201 Sussex Street
Sydney, NSW 2000
Australia
No. of
shares : 5,037,004
Ordinary Shares
Shareholder
name : AIO II FINANCE
(IRELAND) LTD
Address
: Suite
G3 Fitzwilliam Business Centre
26 Pembroke Street Upper
Dublin 2, 216410
Ireland
No. of
shares : 1,393,816
Ordinary Shares
Shareholder
name : GRF MASTER FUND
L.P.
Address
: Walker
House, 87 Mary Street
George Town, Grand Cayman KY1-9001
Cayman Islands
No. of
shares : 353,224
Ordinary Shares
Shareholder
name : ICE GLOBAL VALUE
LOANS MASTER FUND LIMITED
Address
: C/O ICE
CANYON LLC
2000 Avenue Of The Stars, 11th Floor
Los Angeles, CA 90067
United States
No. of
shares : 4,256,355
Ordinary Shares
Shareholder
name : UBS AG
Address
: 'Chifley
Tower' Level 16
2 Chifley Square
Sydney, NSW 2000
Australia
No. of
shares : 2,259,472
Ordinary Shares
Shareholder
name : DEUTSCHE BANK AG
LONDON
Address
: C/O DB
Singapore
One Raffles Quay (South Tower) #17-00,
1 Raffles Quay
Singapore 048583
Singapore
No. of
shares : 348,303
Ordinary Shares
Comments
: Other
shareholders include:
Shareholder
name: MORGAN STANLEY
& CO INTERNATIONAL PLC
Address: International
Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong
No. of
shares: 457,295
Ordinary Shares
Shareholder
name: SC LOWY PRIMARY
INVESTMENTS LTD
Address:
C/o SC
LOWY ASSET MANAGEMENT (HK) LTD,
1403 14/F, Nine Queens Road Central, Hong Kong
No. of
shares: 1,390,541
Ordinary Shares
Shareholder
name: COWELL & LEE
ASIA CREDIT OPPORTUNITIES FUND
Address:
C/o
COWELL & LEE ADVISORS LTD
1501 Ruttonjee House, 11 Duddell Street, Central, Hong Kong
No. of
shares: 2,565,964
Ordinary Shares
Ownership
/ Shareholding comment : The Subject is currently owned by the secured
creditors: Nomura; Anchorage
Capital
Partners; NAB and Ice Canyon.
Structure
Related
companies and corporate
affiliations
comments
: None
reported.
Bank Details
Name
of bank : National Australia
Bank Limited
Address
: Australia
Account
details : Current Account
Comments : It
is generally not the policy of local banks to provide credit status information
to non related parties, however interested parties would be advised to consult
first with the Subject if banker's references are required.
Mortgages
: None reported.
Legal Fillings
Bankruptcy
fillings : None reported.
Court
judgements : None reported.
Tax
liens : None reported.
Others
: None reported.
Description
Comments
: Due to the Subject’s recent date of establishment, financial information is
not
available.
The
Subject is classified as a small proprietary company by the Australian
Securities
& Investments Commission hence is not required to disclose their
financial
statement.
A
proprietary company is defined as small for a financial year if it satisfies at
least
two of
the following:
- The
consolidated revenue for the financial year of the company and any entities
it
controls is less than $25 million;
-The
value of the consolidated gross assets at the end of the financial year of the
company
and any entities it controls is less than $12.5 million, and
-The
company and any entities it controls have fewer than 50 employees at the
nd of
the financial year.
Main
activities : The Subject is a new retail vehicle incorporating the remaining
businesses
from
the former Colorado Group. The Subject retails sells clothing apparel
and
footwear under its own brand.
The
new group has 282 outlets and 2,200 employees as well as a
wholesale
business.
The
Subject is owned by the secured creditors: Nomura; Anchorage
Capital
Partners; NAB and Ice Canyon
The launch
of the Subject comes after the Colorado Group underwent a
significant
restructure at the hands of its receivers, Ferrier Hodgson.
The
FY11 estimated normalised EBITDA for Fusion Retail Brands totals
$21.7m
(before store closures), with EBITDA for the following years
estimated
at: 2012 – $23.4m on turnover of $275.7m; 2013 – $30.8m on
turnover
of $295.7m; 2014 – $34.0m on turnover of $314.3m.
Product
& services : - Clothing: Dresses, jackets, jeans, knitwear, pants, shirts,
shorts, skirts,
sleepwear,
tops
-
Footwear
-
Clothing Accesories: Handbag, eyewear etc
Brand
: Mathers
Williams
JAG
Diana
Ferrari
Colorado
Adventurewear
Purchases
International
: Europe, United States, Asia
Sales
Local
: Yes
International
: None reported.
Key
events : 10 April 2012
Fusion
Retail Brands appoints Chief Executive Officer and Managing
Director
Fusion
Retail Brands, the group of retail businesses that emerged from the
distressed
Colorado Group, has today announced the appointment of
former
Dymocks CEO, Don Grover, as Chief Executive Officer and
Managing
Director.
Mr
Grover has more than 35 years of retail experience, having held senior
positions
with David Jones Limited before moving to Dymocks Group of
Companies
in 2003 where he has led the implementation of cross-channel
retail
business models.
He has
an impressive list of former directorships and will bring a great
depth
of retail understanding to the board of Fusion Retail Brands. The
Chairman
of Fusion Retail Brands, Ms Susan Oliver, said the company was
fortunate
to have secured Mr Grover for the role after a thorough executive
search
process.
“Don
brings not only extensive retail experience, but also a track record of
having
successfully managed a vast network of retail outlets across
Australia
through the most challenging business environment that we have
seen
in decades. He has a passion for retailing and for building high
performing
teams and organisations,” she said.
“Don
fully appreciates the challenges facing the retail sector in Australia
and
globally and he has the skills and vision necessary to tackle them,”
said
Ms Oliver.
“I
look forward to working with the experienced and talented management
team
that Fusion Retail Brands has built up, and I am attracted by the
quality
of the board that has been assembled,” said Mr Grover.
Fusion
Retail Brands manages 282 profitable outlets for well known brands
Diana
Ferrari, JAG, Mathers, Williams and Colorado. The business was
restructured
during a period in Voluntary Administration in early 2011 and
has
been rebuilding strongly since coming out of Administration in
September
2011.
September
21, 2011
Fusion
Retail Brands emerges from collapsed group Colorado
COLLAPSED
retail group Colorado has been reborn as Fusion Retail
Brands,
albeit without the chain that carried the company's former name,
after
creditors agreed to convert most of its debt into equity holdings.
Corporate
restructuring firm Ferrier Hodgson, which has controlled the
company
since it was placed in receivership in March, said Fusion would
be the
new owner of 282 stores across the fashion banners Jag and Diana
Ferrari
and footwear chains Mathers and Williams.
The
Colorado brand will live on as a footwear label, after all 109 Colorado
clothing
stores were closed by the receiver along with seven Mathers, 21
Williams,
two Jag and one Diana Ferrari outlets at a cost of 1042 jobs.
Former
Adidas senior vice-president Kevin Roberts, who joined Colorado
just
five months before it was placed in receivership, will lead the
management
team of the restructured group.
A
debt-to-equity conversion has reduced balance sheet debt from $430m
at the
time of the crash to just $90m, split equally between term debt
facilities
and shareholder loans.
Creditors
NAB, Japanese bank Nomura and US private equity firms
Anchorage
and Ice Canyon hold a combined 75 per cent stake in the new
corporate
entity.
Of
these lenders, only NAB was among the 18 secured creditors of
Colorado
when it went under, with the rest having sold their exposure to
opportunistic
investors below face value.
Mr
Roberts said the major shareholders planned to dispose of their equity
stake
in the company after about three years.
"I
would like to think we can bring the Colorado clothing brand back at
some
stage," but not in the short term, he said.
The
company is forecasting earnings before interest, tax, depreciation and
amortisation
of $23.4m for the current financial year, based on $275.7m in
sales.
"That's
a healthy leverage ratio, whereas it certainly wasn't before, and the
covenants
attached to our debt are supportive and will give the company
room
to grow," Mr Roberts said, adding that the company planned to open
six
new stores each year.
The
company has budgeted $40m for capital expenditure and more than
$30m for
marketing over the next four years. EBITDA is forecast to rise to
$30.8m
in the 2012-13 financial year and $34.0m in 2013-14, providing the
retail
market doesn't deteriorate seriously.
"We
expect that consumer sentiment will remain subdued and discretionary
consumption
will be a challenging space for 12 to 24 months," Mr Roberts
said.
Private
equity firm Affinity, which paid $450m for the company in 2006, has
received
no return from the restructure.
20
September 2011
The
Receiver of the former Colorado Group announced today the launch of
a new
retailing group, Fusion Retail Brands, securing the future of the
iconic
Australian brands that once made up the Colorado Group: Diana
Ferrari;
JAG; Mathers and Williams.
The
new group emerges from receivership with 282 stores and 2,200
employees,
with a footprint right across Australia.
Fusion
Retail Brands will be owned by the main secured creditors of the
Colorado
Group including: Nomura; Anchorage Capital Partners; NAB and
Ice
Canyon.
Mr
Kevin Roberts, the CEO of the new group, said: “This is a very exciting
time
to be a part of the future of these brands. We have seen this business
go
from the brink of collapse to emerge from receivership financially stable,
with a
secure balance sheet and a bright future.”
Mr
Roberts said the key issue facing these brands previously was
exposure
to an over-geared balance sheet, but this has been restructured
through
the receivership process. “Our debt has been reduced by 75 per
cent
and now we can get on with the business of growing these brands and
making
sure they reach their full potential,” he said.
Fusion
Retail Brands will make significant investments in cap-ex and
marketing
over the next four years: a massive $40 million in cap-ex and
more
than $30 million in marketing expenditure, resulting in significant
improvements
in customers’ in-store and online experience.
Receiver
of the Colorado Group, Mr James Stewart of Ferrier Hodgson,
said
it was a very pleasing outcome. “I am delighted that these iconic
brands
will have the opportunity to grow into the future with a right sized
balance
sheet,” he said.
History
: 2011
Colorado
business transforms into Fusion Retail Brands
2007
Colorado
purchased by Affinity Private Equity Group
2007
Colorado
de-lists
2006
ARH
Investments (Australia) Pty Ltd becomes majority shareholder
2005
Colorado
wins three Customer Service Institute of Australia awards
2004
Implementation
of new retail merchandising system - RETEK
2003
Palmer
Corporation Pty Ltd changed its name to JAG (Aust) Pty Ltd
2002
Acquired
Diana Ferrari (Australia) Pty Ltd
2001
Acquired
Palmer Corporation Ltd
1999
COLORADO
group ltd listed on the Australian Stock Exchange
1999
Company
changes its name to Colorado Group Ltd
1998
Mathers
wins Westfield Footwear Retailer of the year award for the 3rd
time
since 1992
1997
Company
wins 17 shopping centre awards as the Best Footwear Retailer
1997
Williams
wins the QIC National Footwear Retailer of the year award
1997
Mathers
wins the Westfield National Footwear Retailer of the year award
1993
Colorado
Adventurewear founded in Brisbane, Queensland
1992
Mathers
wins the Westfield National Footwear Retailer of the year award
1989
Head
Office moved to Brisbane, Queensland
1988
page
15 / 19
First
Colorado shoe conceived
1988
Kinney
Shoes acquires Mathers
1969
Kinney
Shoes acquires Williams
1963
Mathers
acquires Jensens
1955
Williams
listed on Australian Stock Exchange
1951
Mathers
listed on Australian Stock Exchange
1923
Mathers
founded in Ipswich, Queensland
1911
Jensens
founded in Brisbane, Queensland
1864
Williams
founded in Ballarat, Victoria
Property
& Assets
Premises
: The Subject operates from premises located at the verified heading
address
consisting of an administrative office.
Branches
: In addition, the Subject operates from 282 retail outlets under the brand
name
Mathers, Williams, JAG, Diana Ferrari located throughout Australia.
Gross Domestic Products (GDP) &
Economic Overview
Central
bank : Reserve
Bank of Australia
Reserve
of foreign exchange & gold : US$
43.879 billion
Gross
domestic product - GDP : US$
1.448 trillion
GPP
(Purchasing power parity) : 918.529
billion of International dollars
GDP
per capita - current prices : US$
64,351
GDP -
composition by sector : agriculture:
4.0%
industry: 26%
services: 70%
Inflation
: 2008:
4.4%
2009: 1.8%
2010: 2.8%
2011: 3.0%
Unemployment
rate : 2008:
4.2%
2009: 5.6%
2010: 5.2%
2011: 5.0%
Public
debt
(General
Government gross debt as
a %
GDP)
: 2008: 11.6%
2009: 17.6%
2010: 22.3%
2011: 24.1%
Government
bond ratings : Standard
& Poor's: AAA/Stable/A-1+
Moody's rating: Aaa
Moody's outlook: STA
Market
value of publicly traded
shares
: US$1.258 trillion
Largest companies in the country : Westpac Banking Group (Major Banks), BHP Billiton
(Diversified Metals & Mining), Commonwealth Bank (Major Banks), National
Australia Bank (Major Banks), ANZ Banking (Major Banks), Telstra
(Telecommunications services), Wesfarmers (Food Retail)
Trade & Competitiveness Overview
Total
exports : US$210.7
billion
Exports
commodities : coal, iron
ore, gold, meat, wool, alumina, wheat
Total
imports : US$187.2
billion
Imports
commodities : machinery and
transport equipment, computers and office machines,
telecommunication
equipment and parts, crude oil and petroleum products
Export
- major partners : Japan
18.9%, China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India
5.5%,
UK 4.2%
Import
- major partners : China
15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany 5.2%,
UK
4.3%, Thailand 4.2%
FDI
Inflows : 2008:
US$46,722 million
2009: US$22,572 million
2010: US$32,472 million
FDI
Outflows : 2008:
US$32,819 million
2009: US$18,426 million
2010: US$26,431 million
Best
countries for doing business : 10 out of 183 countries
Global
competitiveness ranking : 20 (ranking by country on a basis of 142, the first
is the best)
Country
and Population Overview
Total
population : 22.23
million
Total
area : 7,692,024
km2
Capital
: Canberra
Currency
: Australian
dollars (AUD)
Internet
users as % of total
population
: 76.00%
Purchase Term
International
: L/C, Prepayment,
Telegraphic transfer, D/P, Credit 30-120 days
Sales Term
Local
: Cash, Credit
card, Prepayment, D/P, Credit 30-120 days
Trade Reference/ Payment
Behaviour
Comments
: As local and international trade references were not supplied, the Subject's
payment
track record history cannot be appropriately determined but based
on our
research, payments are believed to be met without delay.
Investigation
Note
Sources :
Interviews and material provided by the Subject
:
Other official and local business sources
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. |
|
|
1 |
Rs. |
|
Euro |
1 |
Rs. |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.