|
Report Date : |
24.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
PETA PLASTICS LIMITED |
|
|
|
|
Registered Office : |
Megalou Alexandrou, Industrial
Area, Geri, Nicosia |
|
|
|
|
Country : |
Cyprus |
|
|
|
|
Financials (as on) : |
December, 2008 |
|
|
|
|
Date of Incorporation : |
01.08.2000 |
|
|
|
|
Com. Reg. No.: |
C113556 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacture of brooms and brushes |
|
|
|
|
No. of Employees : |
38 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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) |
|
Cyprus |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
CypRus - ECONOMIC OVERVIEW
The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for four-fifths of GDP. Tourism, financial services, and real estate are the most important sectors. Erratic growth rates over the past decade reflect the economy's reliance on tourism, the profitability of which often fluctuates with political instability in the region and economic conditions in Western Europe. Nevertheless, the economy in the area under government control has grown at a rate well above the EU average since 2000. Cyprus joined the European Exchange Rate Mechanism (ERM2) in May 2005 and adopted the euro as its national currency on 1 January 2008. An aggressive austerity program in the preceding years, aimed at paving the way for the euro, helped turn a soaring fiscal deficit (6.3% in 2003) into a surplus of 1.2% in 2008, and reduced inflation to 4.7%. This prosperity came under pressure in 2009, as construction and tourism slowed in the face of reduced foreign demand triggered by the ongoing global financial crisis. Although Cyprus lagged behind its EU peers in showing signs of stress from the global crisis, the economy tipped into recession in 2009, contracting by 1.7%, and has been slow to bounce back since, posting an anemic growth rate of 1.0% in 2010. A massive munitions blast in July 2011 at a Cypriot naval base triggered country-wide energy outages, a collapse of the governing coalition, and a cabinet shuffle intensifying Cyprus's economic problems. The economy experienced no economic growth in 2011. Serious Cypriot financial sector problems surfaced in early 2011 as the Greek fiscal crisis and euro zone debt crisis deepened. Two of Cyprus's biggest banks are among the largest holders of Greek bonds in Europe and have a substantial presence in Greece through bank branches and subsidiaries. A liquidity squeeze is choking the financial sector and the real economy as many global investors doubt the Cypriot economy can weather the EU crisis. Cyprus's borrowing costs have risen steadily because of its exposure to Greek debt. The budget deficit is on the rise and reached 7.4% of GDP in 2011, a violation of the EU's budget deficit criteria - no more than 3% of GDP. In response to the country's deteriorating finances and serious risk of contagion from the Greek debt crisis, Nicosia is promising to implement measures to cut the cost of the state payroll, curb tax evasion, and revamp social benefits. However, it has been slow to act, lacking a consensus in parliament and among the social partners for its proposed measures.
|
Source : CIA |
|
Registered Name |
PETA
PLASTICS LIMITED |
||
|
English Name |
PETA
PLASTICS LIMITED |
||
|
Registered Address |
Megalou
Alexandrou, Industrial Area, Geri, Nicosia, Cyprus |
||
|
Headquarters: |
18
Lefkosias, DALI INDUSTRIAL ZONE, Dali, 2540, PoBox 29096, Nicosia, Cyprus |
||
|
Telephone |
+35722815215 |
||
|
Fax |
+35722485927 |
||
|
E-mail |
info@peta.com.cy |
||
|
Web Site |
www.peta.com.cy |
||
|
Legal Type |
Limited
Company |
||
|
Registration No |
C113556 |
Registration Date |
01/08/2000 |
|
Start Date |
01/08/2000 |
Years of Operation: |
13 |
|
Last annual report |
31/12/2002 |
Latest Annual Account Date |
01/12/2008 |
|
Last return |
01/01/2008 |
Tax Reg No: |
VAT:
CY10113556G |
|
CINFO ID: |
CYC11677479 |
|
|
|
Employees |
December 2011 |
|
|
|||
|
|
Company |
Group |
|
|
|
|
|
Total Number |
38 |
115 |
|
|
|
|
|
Financial Summary |
December
2008 |
December
2007 |
December
2006 |
|||
|
|
EUR |
EUR |
CYP |
|||
|
Revenue
Sales |
3,508,388.00 |
5,003,692.00 |
2,826,929.00 |
|||
|
Pre
Tax Profit |
345,540.00 |
5,509.00 |
28,880.00 |
|||
|
Working
Capital |
-791,844.00 |
-661,477.00 |
-349,895.00 |
|||
|
Total
Equity |
1,734,549.00 |
951,264.00 |
593,084.00 |
|||
|
Long
Term Debts |
863,410.00 |
821,121.00 |
591,362.00 |
|||
|
Trend |
- |
- |
- |
|||
|
Date |
Event Name |
Old Value |
New Value |
|
30/08/2010 |
Change of name |
PETA (DECORATING TOOLS)
LIMITED |
PETA PLASTICS LIMITED |
|
01/01/2008 |
Authorized Capital Changed |
200000.00 CYP |
342000.00 EUR |
|
01/01/2008 |
Paid Up Capital Changed |
200000.00 CYP |
342000.00 EUR |
|
01/01/2008 |
Nominal Values of Shares
Changed |
1.00 CYP |
1.71 EUR |
|
25/05/2004 |
Authorized Capital
Increased |
100000.00 CYP |
200000.00 CYP |
|
02/04/2003 |
Authorized Capital
Increased |
5000.00 CYP |
100000.00 CYP |
|
Authorized Capital |
342,000.00 |
EUR |
Issued Capital |
0.00 |
EUR |
|
Nominal No Of Shares |
200,000.00 |
|
Issued No Of Shares |
200,000.00 |
|
|
Nominal value |
1.71 |
EUR |
Paid Up |
342,000.00 |
EUR |
|
|
Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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|
PETROU G. KAROLOS |
|
Director |
|
757738(ID) |
|
39 |
01/08/2000 |
Yes |
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|
15
Nafpaktou, Lykavitos, Nicosia, 1055, Cyprus |
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|
|
PETROU PARVIN |
|
Director |
|
555855(ID) |
|
64 |
01/08/2000 |
Yes |
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|
|
28
Grigori Afxentiou, Kapedes, 2645, Nicosia, Cyprus |
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|
ANDREOU KYRIAKOS |
|
Director
/ Secretary |
|
518505(ID) |
|
64 |
01/08/2000 |
No |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
11
Karpasias, Geri, 2202, Nicosia, Cyprus |
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PETROU A. GEORGIOS |
|
Director |
|
403790(ID) |
|
66 |
29/12/2000 |
Yes |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
28
Grigori Afxentiou, Kapedes, 2645, Nicosia, Cyprus |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Secretary |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
|||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||||
|
|
ANDREOU KYRIAKOS |
|
Director
/ Secretary |
|
518505(ID) |
|
64 |
01/08/2000 |
No |
||||||||||||||||||||||||||||||
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|
11
Karpasias, Geri, 2202, Nicosia, Cyprus |
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Shareholders |
ID / Reg. No. |
Acts As |
Nationality |
Shares |
% |
Shares Breakdown |
Class |
Type |
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PETROU A. GEORGIOS |
|
403790(ID) |
|
CYPRIOT |
52000 |
26 |
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|
28
Grigori Afxentiou, Kapedes, 2645, Nicosia, Cyprus |
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PETROU PARVIN |
|
555855(ID) |
|
CYPRIOT |
52000 |
26 |
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|
28
Grigori Afxentiou, Kapedes, 2645, Nicosia, Cyprus |
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ANDREOU KYRIAKOS |
|
518505(ID) |
|
CYPRIOT |
36000 |
18 |
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11
Karpasias, Geri, 2202, Nicosia, Cyprus |
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Other Shareholding: |
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No Information Found |
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ANDREOU CHRYSO |
|
579471(ID) |
|
CYPRIOT |
34000 |
17 |
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11 Karpasias, Geri, 2202,
Nicosia, Cyprus |
|||||||||||||||
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PETROU G. KAROLOS |
|
757738(ID) |
|
CYPRIOT |
26000 |
13 |
|
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|
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15 Nafpaktou, Lykavitos,
Nicosia, 1055, Cyprus |
|||||||||||||||
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Activity Code |
Description |
|
|
NACE 2.1 |
3291 |
Manufacture of brooms and
brushes - This class includes: - manufacture of brooms and brushes, including
brushes constituting parts of machines, hand-operated mechanical floor
sweepers, mops and feather dusters, paint brushes, paint pads and rollers,
squeegees and other brushes, brooms, mops etc. - manufacture of shoe and
clothes brushes - - |
|
Line of Business |
|
The company in question
used to deal with the import (50%) of raw materials and a small quantity of
finished products and manufacture (100%) of decorating tools and plastic
products (jars, pots, bottles, containers, caps mainly for the food industry
and detergents). In addition the subject used to deal with the trade and
exports of paint brushes, paint rollers, paint accessories. |
|
|
Export to |
Percentage |
|
|
|
Comments |
Subject does not export. |
|
|
|
|
|
|
|
|
Import from |
Percentage |
|
|
China, Germany, Greece,
Italy, Kuwait, United Kingdom, Spain, Middle East |
|
|
|
Premises |
|||
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Type |
Headquarters |
|
|
Headquarters comprise of |
Offices, Factory, Warehouse |
||
|
|
Size (sq m): |
10700 |
||
|
|
Banks |
|
|
CYPRUS POPULAR BANK PUBLIC CO LTD |
|
|
39 Archiepiskopou Makariou
C' Avenue, 2025, Nicosia, Cyprus |
|
|
BANK OF CYPRUS PUBLIC COMPANY LIMITED |
|
|
51 Stasinou, Agia
Paraskevi, Strovolos, 2002, Nicosia, Cyprus |
|
No |
Date registered |
Date prepared |
Type |
Description/No |
Amount |
Sequence |
Beneficiary |
|
1 |
19/04/2011 |
14/04/2011 |
Mortgage |
Y4232/11---
Property with registration No.8/89 and unit 107 in Nicosia |
200,000.00 EUR |
- |
Cyprus
Popular Bank Public Co Ltd |
|
2 |
19/04/2011 |
06/04/2011 |
Floating
Charge on all Company's Assets |
|
1,000,000.00 EUR |
- |
Cyprus
Popular Bank Public Co Ltd |
|
3 |
30/06/2010 |
28/06/2010 |
Mortgage |
Y9454/10---
Property with registration No.8/89 and unit 107 in Nicosia |
300,000.00 EUR |
- |
Cyprus
Popular Bank Public Co Ltd |
|
4 |
10/12/2009 |
07/12/2009 |
Mortgage |
Y14287/09---
Property with registration No.8/89 and unit 107 in Nicosia |
222,119.00 EUR |
- |
Cyprus
Popular Bank Public Co Ltd |
|
5 |
10/12/2009 |
01/12/2009 |
Floating
Charge on all Company's Assets |
|
200,000.00 EUR |
- |
Cyprus
Popular Bank Public Co Ltd |
|
6 |
14/09/2009 |
03/09/2009 |
Floating
Charge on all Company's Assets |
|
250,000.00 EUR |
- |
Cyprus
Popular Bank Public Co Ltd |
|
7 |
17/03/2008 |
06/03/2008 |
Floating
Charge on all Company's Assets |
|
150,000.00 EUR |
- |
Cyprus
Popular Bank Public Co Ltd |
|
8 |
29/06/2006 |
26/06/2006 |
Mortgage |
Y8888/06---
Property with registration No.8/89 and unit 107 in Nicosia |
130,000.00 CYP |
- |
Cyprus
Popular Bank Public Co Ltd |
|
9 |
24/06/2005 |
16/06/2005 |
Mortgage |
Y6191/05---
Property with registration No.H89 and unit 107 in Nicosia |
490,000.00 CYP |
- |
Cyprus
Popular Bank Public Co Ltd |
|
|
Total Number |
Total Amount (EUR) |
|
Mortgage |
5 |
1,781,451.89 |
|
Floating Charge on all
Company's Assets |
4 |
1,600,000.00 |
|
TOTAL CHARGES |
9 |
3,381,451.89 |
Charges History
|
No |
|
Date prepared |
Date End |
Type |
Description/No |
Amount |
Sequence |
Beneficiary |
|
|
1 |
16/01/2004 |
29/12/2003 |
09/07/2010 |
Fixed Charge on the Company's Machinery |
|
70,000.00 CYP |
- |
Bank
of Cyprus Public Company Limited |
|
|
2 |
19/11/2003 |
13/11/2003 |
24/04/2007 |
Fixed Charge on the Company's Machinery |
|
90,000.00 CYP |
- |
Cyprus
Popular Bank Public Co Ltd |
|
|
3 |
06/10/2003 |
22/07/2003 |
28/01/2004 |
Floating Charge on all Company's Assets |
|
60,000.00 CYP |
- |
Laiki
Factors Limited |
|
|
4 |
19/05/2003 |
15/05/2003 |
09/07/2010 |
Fixed Charge on the Company's Machinery |
|
50,000.00 CYP |
- |
Bank
of Cyprus Public Company Limited |
|
|
5 |
17/09/2002 |
28/08/2002 |
09/07/2010 |
Fixed Charge on the Company's Machinery |
|
40,000.00 CYP |
- |
Bank
of Cyprus Public Company Limited |
|
|
6 |
15/03/2002 |
03/12/2001 |
24/04/2007 |
Fixed Charge on the Company's Machinery |
|
80,000.00 CYP |
- |
Cyprus
Popular Bank Public Co Ltd |
|
|
7 |
11/07/2001 |
29/06/2001 |
09/07/2010 |
Floating Charge on all Company's Assets |
|
100,000.00 CYP |
- |
Bank
of Cyprus Public Company Limited |
|
|
8 |
13/11/2000 |
30/10/2000 |
24/04/2007 |
Floating Charge on all Company's Assets |
|
50,000.00 CYP |
- |
Cyprus
Popular Bank Public Co Ltd |
No Negative Data
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MAIN SOURCES OF
INFORMATION - FOR THIS REPORT
i. Visited
Official Companies’ Registry
ii. Interview
with Company / Correspondence
iii. Desk
Research
iv. Search
through Internet Subscription Databases (Business Information)
v. Specialized
Media Search Global & Local
vi. Search
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Negative Record Database
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The company in
question used to deal with the import (50%) of raw materials and a small
quantity of finished products and manufacture (100%) of decorating tools and
plastic products (jars, pots, bottles, containers, caps mainly for the food
industry and detergents). In addition the subject used to deal with the trade
and exports of paint brushes, paint rollers, paint accessories.
We contacted the
company in question and talked to Ms Lilia Petrou, who asked for a written
questionnaire in order to provide us with further information regarding the
Subject. Should any additional information becomes available we shall forward
them to you as soon as possible.
The information
provided was obtained from the Official Companies Registrar and from a previous
interview with Mr Carolos Petrou.
A check against
our revealed that no negative payment incidents against Subject Company, such
as unpaid invoices, utility bills, bankruptcies etc exist.
COUNTRY DEVELOPMENTS:
On, 04th of
November 2011 published that: Moody's Investors Service has today downgraded
Cyprus's government bond ratings to Baa3 from Baa1 and placed the ratings on
review for further possible downgrade. The rating agency has also downgraded
Cyprus's short-term rating to Prime-3 from Prime-2 and placed it on review for
further possible downgrade.
The key drivers
for today's rating announcement are:
1. The high
likelihood that the Cypriot banking system will require state support in 2012
as a result of the large expected write-downs on its exposures to Greek
government bonds...
2. The Cypriot
government's loss of international market access and the resulting likelihood
that the government will need to seek emergency funding from official sources.
3. Cyprus's
weaker-than-expected institutional capacity to approve and implement the
budgetary and structural changes that are needed to correct the government's
rising debt trajectory and improve the longer-term sustainability of its public
finances.
On 10th of
August 2011 Cyprus mail published that: Fitch cut Cyprus’ credit rating by two
notches to BBB on Wednesday due to fiscal slippages, saying the island state
was likely to require a bailout to meet its funding needs."The two-notch
downgrade of ratings to 'BBB' reflects the actual and anticipated fiscal
slippage, compounded by Fitch's expectation that the sovereign will be unable
to access the international debt markets in order to refinance an increasing
debt maturity profile in H211 and H112," Fitch said in a statement.The
other two main rating agencies, Standard and Poor’s and Moody’s, both cut the
island's rating at the end of July. Moody's rates Cyprus Baa1, Standard and
Poor's BBB-plus. On 19th of August 2011 Financial Mirror News published that:
The industrial turnover index for reached 129.8 in May (base 2005=100)
according to the Statistical Service, recording an increase of 3.8% compared
with May 2010.
Industrial
production in the same period rose by 1.1%. For the period January-May 2011,
the turnover index recorded an increase of 1.9% over the same period of the
previous year. For manufacturing alone, the turnover index for May 2011 reached
121.0, recording an increase of 1,5% compared with May 2010.The price index of
construction materials reached 126.11 units (base year 2005=100,00) in July
according to the Statistical Service Cystat, recording a marginal increase of
0.02% over the previous month. In the period January - July 2011, the index
recorded an increase of 4.13% compared to the same period last year. The
biggest increase so far has been in electromechanical products, price of which
rose compared with the year earlier by 8.1% in the first seven months of the
year. Metallic products rose by 6.9% and minerals rose by 4.3% in the same
period. A milder increase of 2.9% was recorded for mineral products, while a
decline of 0.4% was recorded for wood, insulation materials, chemicals and
plastics. (End of Country Developments).
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Ms Lilia Petrou |
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company |
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official |
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A questionnaire was sent - no reply received |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.77 |
|
|
1 |
Rs.85.13 |
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Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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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 |
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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 |
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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.