MIRA INFORM REPORT

 

 

Report Date :

09.11.2012

 

IDENTIFICATION DETAILS

 

Name :

DONALD WARD LTD.

 

 

Registered Office :

Rawdon Works, Moira Road, Woodville, Nr Burton On Trent De11 8Dg

 

 

Country :

United Kingdom 

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

24.12.1976

 

 

Com. Reg. No.:

01292288

 

 

Legal Form :

Private Parent Company

 

 

Line of Business :

Metal recycling and waste management solutins for businesses of all sizes

 

 

No. of Employees :

146 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

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

United Kingdom 

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

United Kingdom - ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 23% by 2015. The Bank of England (BoE) implemented an asset purchase program of up to £325 billion (approximately $525 billion) as of February 2011. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).

 

Source : CIA

 

Company name & address 

 

Donald Ward Ltd.

Rawdon Works

Moira Road

Woodville

Swadlincote, DE11 8DG

United Kingdom

Tel:       01283217192

Fax:      01283212515

Web:    www.wardrecycling.com

 

 

Synthesis     

 

Employees:                  146

Company Type:            Private Parent

Quoted Status:             Non-quoted Company

Incorporation Date:         24-Dec-1976

Auditor:                        Cooper Parry LLP         

Financials in:                 USD (Millions)

Fiscal Year End:            31-Mar-2011

Reporting Currency:       British Pound Sterling

Annual Sales:               120.7  1

Net Income:                   3.6

Total Assets:                37.4

 

 

Business Description     

 

Metal recycling and waste management solutins for businesses of all sizes.

 

 

Industry             

Industry            Iron and Steel

ANZSIC 2006:    2110 - Iron Smelting and Steel Manufacturing

NACE 2002:      2710 - Manufacture of basic iron and steel and of ferro-alloys

NAICS 2002:     331111 - Iron and Steel Mills

UK SIC 2003:    2710 - Manufacture of basic iron and steel and of ferro-alloys

UK SIC 2007:    2410 - Manufacture of basic iron and steel and of ferro-alloys

US SIC 1987:    3312 - Steel Works, Blast Furnaces (Including Coke Ovens), and Rolling Mills

 

           


Key Executives   

 

Name

Title

Tracy Bryan

Marketing & Sales Manager

Janet Ward

Secretary

Stephen Adam

IT Manager

James Jonathan Balfour

Director

Dennis Michael Bell

Director

 

 

news

 

Title

Date

£40k bill for recycling company after horrific crushing accident
Derby Evening Telegraph (UK) (458 Words)

24-Jul-2012

Firm must pay £40k after worker crushed
Nottingham Evening Post (UK) (112 Words)

24-Jul-2012

Mining sector past use-by date EMMERSON'S VIEW READERS' FORUM
New Zealand Herald, The (1418 Words)

12-Jul-2012

Questions, contested races on ballot in Clay County
Kansas City Star (MO) (933 Words)

8-Feb-2012

East Ridge: car crash victims identified as involved in purse snatching
Chattanooga Times (TN) (270 Words)

17-Jan-2012

 

 

Financial Summary

 

 

FYE: 31-Mar-2011

USD (mil)

Key Figures

 

Current Assets

23.03

Fixed Assets

14.41

Total Liabilities

18.12

Net Worth

14.97

 

Key Ratios

 

Current Ratio

1.27

Acid Test

1.15

Debt Gearing

21.60

 

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6433939

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6238497

 

 

Corporate Overview

 

Location

Rawdon Works

Moira Road

Woodville

Swadlincote, DE11 8DG

Derbyshire County

United Kingdom

Tel:       01283217192

Fax:      01283212515

Web:    www.wardrecycling.com

           

Sales GBP(mil):             77.7

Assets GBP(mil):           23.4

Employees:                   146

Fiscal Year End:            31-Mar-2011

Industry:                        Iron and Steel

 

Registered Address:

Rawdon Works

Moira Road

Woodville, Nr Burton On Trent De11 8Dg

United Kingdom

 

Incorporation Date:         24-Dec-1976

Company Type:             Private Parent

Quoted Status:              Not Quoted

Registered No.(UK):       01292288

 

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

2110     -          Iron Smelting and Steel Manufacturing

9539     -          Other Personal Services Not Elsewhere Classified

2139     -          Other Basic Non-Ferrous Metal Manufacturing

29         -          Waste Collection, Treatment and Disposal Services

 

NACE 2002 Codes:

2710     -          Manufacture of basic iron and steel and of ferro-alloys

900       -          Sewage and refuse disposal, sanitation and similar activities

9305     -          Other service activities not elsewhere classified

2745     -          Other non-ferrous metal production

 

NAICS 2002 Codes:

331111  -          Iron and Steel Mills

8129     -          Other Personal Services

562       -          Waste Management and Remediation Services

331491  -          Nonferrous Metal (except Copper and Aluminum) Rolling, Drawing, and Extruding

 

US SIC 1987:

3312     -          Steel Works, Blast Furnaces (Including Coke Ovens), and Rolling Mills

495       -          Sanitary Services

7299     -          Miscellaneous Personal Services, Not Elsewhere Classified

3339     -          Primary Smelting and Refining of Nonferrous Metals, Except Copper and Aluminum

 

UK SIC 2003:

2710     -          Manufacture of basic iron and steel and of ferro-alloys

2745     -          Other non-ferrous metal production

9305     -          Other service activities not elsewhere classified

900       -          Sewage and refuse disposal, sanitation and similar activities

 

UK SIC 2007:

2410     -          Manufacture of basic iron and steel and of ferro-alloys

9609     -          Other personal service activities n.e.c.

2445     -          Other non-ferrous metal production

38         -          Waste collection, treatment and disposal activities; materials recovery

 

Business Description

Metal recycling and waste management solutins for businesses of all sizes.

 

More Business Descriptions

Skip Hire

 

 

 

Financial Data

Financials in:

GBP(mil)

 

Revenue:

77.7

Net Income:

2.3

Assets:

23.4

Current Assets:

14.4

 

Fixed Assets:

9.0

 

Long Term Debt:

2.0

 

Total Liabilities:

13.3

 

Issued Capital:

0.1

 

Working Capital:

3.1

 

Net Worth:

9.3

 

 

 

Date of Financial Data:

31-Mar-2011

 

1 Year Growth

48.4%

NA

NA

 

Key Corporate Relationships

Auditor:

Cooper Parry LLP

Bank:

Hsbc Bank PLC

 

Auditor:

Cooper Parry LLP

 

 

 

GBP(mil)

Audit Fees:

0.0

Non Audit Fees:

0.0

Audit Fiscal Year:

03-31-2011

 

 

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

James Jonathan Balfour

 

Director

Director/Board Member

 

Age: 42

 

Dennis Michael Bell

 

Director

Director/Board Member

 

 

Age: 60

 

Toby Potter

 

Director

Director/Board Member

 

 

Age: 37

 

David Ward

 

Director

Director/Board Member

 

 

Age: 50

 

Social: 

Michael Ward

 

Director

Director/Board Member

 

 

Age: 55

 

 

 

Executives

 

Name

Title

Function

 

Janet Ward

 

Secretary

Company Secretary

 

Age: 75

 

Tracy Bryan

 

Marketing & Sales Manager

Sales Executive

 

 

Stephen Adam

 

IT Manager

Information Executive

 

 

 

 

Directors and Shareholders Report

 

Main Office Address:
Rawdon Works
Moira Road
Swadlincote
United Kingdom DE11 8DG

Tel: 01283217192
Fax: 01283212515
URL:http://www.wardrecycling.com

Annual Return Date: 09 Dec 2011
Total Issued Capital (GBP 000): 80

 

Individual Directors

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Janet 
Ward

Current

13 Apr 1937

Coach House, Spinney Manor North Lane, 
Brailsford, Derbyshire

31 Dec 1990

NA

Current:2
Previous:0
Disqualifications:0

 

David 
Ward

Current

12 Dec 1961

Spinney Manor, North Lane Brailsford, 
Derby

31 Dec 1990

NA

Current:2
Previous:0
Disqualifications:0

 

Michael 
Ward

Current

27 Jun 1957

Heritage House Hollinoton Lane, Ednaston Ashbourne, 
Derby, Derbyshire DE22 2NW

31 Dec 1990

NA

Current:3
Previous:0
Disqualifications:0

 

Toby 
Potter

Current

04 Apr 1975

Griffon Road Quarry Hill Ind Estate, 
Ilkeston, Derbyshire DE7 4RF

05 Feb 2007

NA

Current:1
Previous:0
Disqualifications:0

 

Dennis Michael 
Bell

Current

15 Oct 1952

65 Wiltshire Road, Chaddesden, 
Derby, Derbyshire DE21 6EY

01 Dec 2002

NA

Current:2
Previous:0
Disqualifications:0

 

James Jonathan 
Balfour

Current

29 Oct 1969

8 St Johns Drive, 
Belper, Derbyshire DE56 0JN

01 Dec 2002

NA

Current:1
Previous:0
Disqualifications:0

 

Donald 
Ward

Previous

28 Oct 1932

Caldder Barn, Taghole Lane, 
Muggington, Derbys

31 Dec 1990

14 Sep 2004

Current:0
Previous:1
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Directors

There are no corporate directors for this company.

 

 

Individual Secretaries

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Janet 
Ward

Current

13 Apr 1937

Coach House, Spinney Manor North Lane, 
Brailsford, Derbyshire

31 Dec 1990

NA

Current:2
Previous:0
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Secretaries

There are no corporate secretaries for this company.

 

 

Individual Shareholders

Name

Share Details 
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

David Ward

35089 Ordinary GBP 1.00

Ordinary

35,089

1.00

35,089.00

43.76

David Ward Jnr

2500 Ordinary GBP 1.00

Ordinary

2,500

1.00

2,500.00

3.12

David Ward Snr

2500 Ordinary GBP 1.00

Ordinary

2,500

1.00

2,500.00

3.12

Donald Ward Jnr

1667 Ordinary GBP 1.00

Ordinary

1,667

1.00

1,667.00

2.08

Janet Ward

1 Ordinary GBP 1.00

Ordinary

1

1.00

1.00

<0.01

Michael Ward

36756 Ordinary GBP 1.00

Ordinary

36,756

1.00

36,756.00

45.84

Michael Ward Snr

1666 Ordinary GBP 1.00

Ordinary

1,666

1.00

1,666.00

2.08

 

 

 

 

 

 

 

 

Corporate Shareholders

There are no corporate shareholders for this company.

 

 

 

Annual Profit & Loss

 

Financials in: USD (mil),

Except for share items (millions) and per share items (actual units),

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.643394

0.627794

0.592803

0.498361

0.528925

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Turnover (UK)

88.6

64.3

78.3

-

-

Turnover (Exports)

32.1

19.0

2.8

-

-

Total Turnover

120.7

83.3

81.1

-

-

Cost of Sales

93.4

66.0

62.9

-

-

Gross Profit

27.4

17.4

18.2

20.8

17.0

Depreciation

2.5

2.6

2.2

2.4

2.4

Other Expenses

22.4

16.0

17.5

17.3

15.1

Operating Profit

5.0

1.3

0.7

-

-

Other Income

0.0

0.4

0.1

0.2

0.0

Interest Paid

0.1

0.1

0.2

0.1

0.1

Exceptional Income

0.0

0.0

0.0

0.0

0.0

Discontinued Operations

0.0

0.0

0.0

0.0

0.0

Profit Before Taxes

4.9

1.6

0.6

3.6

1.8

Tax Payable / Credit

1.3

0.4

0.2

1.1

0.6

Extraordinary Items/Debits

0.0

0.0

0.0

0.0

0.0

Dividends

0.0

0.0

0.0

0.0

0.0

Profit After Taxes

3.6

1.2

0.4

2.5

1.3

Minority Interests (Profit & Loss)

0.0

0.0

0.0

0.0

0.0

Audit Fees

0.0

0.0

0.0

0.0

0.0

Non Audit Fees

0.0

0.0

0.0

-

-

Number of Employees

146

131

120

110

108

Wages

6.8

6.2

6.8

7.5

6.6

Social Security Costs

0.7

0.7

0.8

0.9

0.7

Pensions

-

-

0.8

0.4

0.6

Other Pension Costs

0.0

0.0

1.0

0.6

0.6

Employees Remuneration

7.5

7.0

8.6

9.0

7.9

Directors Emoluments

-

-

1.4

2.3

2.8

Other Costs

-

-

0.0

0.0

0.0

Directors Remuneration

3.1

0.9

2.2

2.7

3.4

Highest Paid Director

1.4

0.3

1.0

1.2

1.7

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.62385

0.659239

0.697666

0.503145

0.509853

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Land & Buildings

2.3

1.4

1.6

6.5

2.6

Fixtures & Fittings

0.2

0.3

0.4

0.5

0.3

Plant & Vehicles

11.7

11.0

11.0

6.3

7.5

Total Tangible Fixed Assets

14.3

12.6

13.0

13.3

10.5

Intangible Assets

0.1

0.0

0.0

0.0

0.1

Investments

0.0

0.0

0.0

0.0

0.0

Total Fixed Assets

14.4

12.6

13.0

13.3

10.5

Stocks

2.3

2.0

0.9

0.6

0.4

Work in Progress

0.0

0.0

0.0

0.0

0.0

Total Stocks Work In Progress

2.3

2.0

0.9

0.6

0.4

Trade Debtors

17.4

8.5

6.5

10.9

10.4

Inter-Company Debtors

-

-

0.1

-

-

Other Debtors

0.5

0.7

0.8

0.3

0.3

Total Debtors

17.9

9.3

7.4

11.2

10.7

Cash and Equivalents

2.9

2.1

2.1

0.4

0.5

Other Current Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

23.0

13.3

10.4

12.2

11.5

Total Assets

37.4

25.9

23.4

25.5

22.1

Trade Creditors

13.6

9.0

7.9

7.4

6.1

Bank Overdraft

-

0.4

0.4

0.1

-

Total Finance Lease/Hire Purchase (Current Liability)

0.5

0.2

0.1

0.3

0.6

Total Short Term Loans

0.5

0.0

0.1

0.1

0.4

Accruals/Deferred Income (Current Liability)

0.7

0.5

1.1

1.3

1.6

Social Security/VAT

0.8

0.3

0.4

1.5

1.4

Corporation Tax

1.5

0.4

0.0

0.7

0.5

Other Current Liabilities

0.5

0.2

0.1

0.1

0.2

Total Current Liabilities

18.1

11.1

10.1

11.5

10.9

Group Loans (Long Term Liability)

0.0

0.0

-

0.0

0.0

Director Loans (Long Term Liability)

0.0

0.0

-

0.0

0.0

Total Hire Purchase Loans (Long Term Liability)

0.9

0.3

0.2

0.5

0.8

Other Long Term Loans

2.3

2.7

3.1

0.2

0.0

Accruals/Deferred Income (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Other Long Term Liabilities

0.0

0.0

0.0

0.0

0.0

Total Long Term Liabilities

3.2

3.0

3.3

0.6

0.8

Deferred Taxation

1.0

1.1

1.0

1.2

0.9

Other Provisions

0.0

0.0

0.0

0.0

0.0

Total Provisions

1.0

1.1

1.0

1.2

0.9

Issued Capital

0.1

0.1

0.1

0.2

0.2

Share Premium Accounts

0.0

0.0

0.0

0.0

0.0

Revaluation Reserve

0.0

0.0

0.0

0.0

0.0

Retained Earnings

15.0

10.6

9.0

12.0

9.4

Other Reserves

0.0

0.0

0.0

0.0

0.0

Minority Interests (Balance Sheet)

0.0

0.0

0.0

0.0

0.0

Total Shareholders Funds

15.1

10.8

9.1

12.1

9.5

Net Worth

15.0

10.8

9.1

12.1

9.5

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.643394

0.627794

0.592803

0.498361

0.528925

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Net Cash Flow From Operating Activities

4.3

1.5

5.4

6.1

3.2

Net Cash Flow from ROI and Servicing of Finance

-0.1

-0.1

-0.1

0.1

-0.1

Taxation

-0.4

-0.2

-0.7

-0.5

-0.1

Capital Expenditures

-2.4

-0.2

-6.0

-5.1

-2.3

Acquisitions and Disposals

0.0

0.0

0.0

0.0

0.0

Paid Up Equity

0.0

0.0

0.0

0.0

0.0

Management of Liquid Resources

0.0

0.0

0.0

0.0

0.0

Net Cash Flow From Financing

-0.7

-1.0

3.6

-0.7

-1.0

Increase in Cash

0.7

-0.1

2.2

-0.2

-0.3

 

 

 

Annual Ratios

Financials in: USD (mil)

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.62385

0.659239

0.697666

0.503145

0.509853

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Current Ratio

1.27

1.20

1.04

1.06

1.06

Liquidity Ratio

1.15

1.02

0.94

1.01

1.02

Stock Turnover

55.25

40.46

73.41

-

-

Credit Period (Days)

51.09

39.30

34.66

-

-

Working Capital by Sales

3.95%

2.80%

0.51%

-

-

Trade Credit by Debtors

0.78

1.05

1.20

0.68

0.59

Return on Capital

26.10%

10.44%

3.93%

25.56%

17.01%

Return on Assets

13.47%

5.99%

2.24%

14.00%

8.62%

Profit Margin

4.05%

1.96%

0.76%

-

-

Return on Shareholders Funds

33.44%

14.44%

5.78%

29.47%

19.92%

Borrowing Ratio

27.99%

34.11%

41.96%

9.92%

18.03%

Equity Gearing

40.28%

41.45%

38.79%

47.52%

43.26%

Debt Gearing

21.60%

28.14%

35.79%

5.36%

8.23%

Interest Coverage

55.27

14.29

3.40

34.31

18.10

Sales by Tangible Assets

8.71

6.28

5.29

-

-

Average Remuneration per Employee

0.1

0.1

0.1

0.1

0.1

Profit per Employee

0.0

0.0

0.0

0.0

0.0

Sales per Employee

0.9

0.6

0.6

-

-

Capital Employed per Employee

0.1

0.1

0.1

0.1

0.1

Tangible Assets per Employee

0.1

0.1

0.1

0.1

0.1

Total Assets per Employee

0.3

0.2

0.2

0.2

0.2

Employee Remuneration by Sales

6.21%

8.40%

10.55%

-

-

Creditor Days (Cost of Sales Based)

51.58

52.15

53.80

-

-

Creditor Days (Sales Based)

39.89

41.28

41.75

-

-

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.44

UK Pound

1

Rs.87.00

Euro

1

Rs.69.43

 

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%)

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.