MIRA INFORM REPORT

 

 

Report Date :

07.11.2013

 

IDENTIFICATION DETAILS

 

Name :

ETILUX INDÚSTRIA E COMÉRCIO LTDA

 

 

Registered Office :

Avenida Amadeu Poli,940 - Parque Novo Mundo, 02188-020 - São Paulo/Sp

 

 

Country :

Brazil

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

01.06.1982

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the Wholesale of Tools and Hardware

 

 

No. of Employees :

380

 

 

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 :

Slow but correct

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Brazil

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

BRAZIL - ECONOMIC OVERVIEW

 

Characterized by large and well-developed agricultural, mining, manufacturing, and service sectors, Brazil's economy outweighs that of all other South American countries, and Brazil is expanding its presence in world markets. Since 2003, Brazil has steadily improved its macroeconomic stability, building up foreign reserves, and reducing its debt profile by shifting its debt burden toward real denominated and domestically held instruments. In 2008, Brazil became a net external creditor and two ratings agencies awarded investment grade status to its debt. After strong growth in 2007 and 2008, the onset of the global financial crisis hit Brazil in 2008. Brazil experienced two quarters of recession, as global demand for Brazil's commodity-based exports dwindled and external credit dried up. However, Brazil was one of the first emerging markets to begin a recovery. In 2010, consumer and investor confidence revived and GDP growth reached 7.5%, the highest growth rate in the past 25 years. Rising inflation led the authorities to take measures to cool the economy; these actions and the deteriorating international economic situation slowed growth to 2.7% in 2011, and 1.3% in 2012. Unemployment is at historic lows and Brazil's traditionally high level of income inequality has declined for each of the last 14 years. Brazil's historically high interest rates have made it an attractive destination for foreign investors. Large capital inflows over the past several years have contributed to the appreciation of the currency, hurting the competitiveness of Brazilian manufacturing and leading the government to intervene in foreign exchange markets and raise taxes on some foreign capital inflows. President Dilma ROUSSEFF has retained the previous administration's commitment to inflation targeting by the central bank, a floating exchange rate, and fiscal restraint. In an effort to boost growth, in 2012 the administration implemented a somewhat more expansionary monetary policy that has failed to stimulate much growth

Source : CIA

Company name

 

ETILUX INDÚSTRIA E COMÉRCIO LTDA

 

 

Company ADDRESSES

 

MAIN ADDRESS:

AVENIDA AMADEU POLI,940 - PARQUE NOVO MUNDO

ZIP CODE/CITY:

02188-020 - SÃO PAULO/SP

 

 

PHONE:

11 2955-1800

FAX:

11 2955-1800

E-MAIL:

arnaldo@etilux.com.br

WEB SITE:

www.etilux.com.br

 

BRANCHES:

 

 

 

ADDRESS:

RUA ESTRELA D´OESTE,701 - GALPÕES COMERCIAIS 4, 5, 6 E 7 - VILA BARROS

ZIP CODE/CITY:

07140-030 GUARULHOS/SP

CNPJ:

50.306.471/0005-24

 

 

ADDRESS:

RUA COMENDADOR ALCIDES SIMÃO HELOU,715 A - CIVIT II

ZIP CODE/CITY:

29168-090 SERRA/ES

CNPJ:

50.306.471/0006-05

 

 

ADDRESS:

RUA COMENDADOR ALCIDES SIMÃO HELOU,715 - CIVIT II

ZIP CODE/CITY:

29168-090 SERRA/ES

CNPJ:

50.306.471/0007-96

 

 

ADDRESS:

RUA BENJAMIN GERLACH,299 - SALA 01 - FAZENDA SANTO ANTONIO

ZIP CODE/CITY:

88104-400 SÃO JOSÉ/SC

CNPJ:

50.306.471/0008-77

 

 

ADDRESS:

AVENIDA PIO XII,867 - LOJA 04 - ÁGUA BRANCA

ZIP CODE/CITY:

32371-160 CONTAGEM/MG

CNPJ:

50.306.471/0009-58

 

 

ADDRESS:

ESTRADA MUNICIPAL,1156 LT CAMPINA GL

ZIP CODE/CITY:

07215-04 GUARULHOS/SP

 

 

LEGAL DATA

 

MAIN ACTIVITIES:

 

WHOLESALE OF TOOLS AND HARDWARE.

 

 

LEGAL FORM:

LIMITED LIABILITY COMPANY

 

 

INCORPORATION DATE:

01/06/1982

REGISTER DATE:

08/06/1982

BALANCE SHEET FILING DATE:

31/12

TAX CONTRIBUTOR NUMBER(CNPJ):

50.306.471/0001-09

STATE REGISTER:

110.638.009.114

 

 

SHARE CAPITAL:

R$ 3.000.000,00

 

BOARD OF DIRECTORS:

 

 

 

DAVID DAYAN

MANAGING PARTNER

SIAHOU HAIM DAYAN

MANAGING PARTNER

 

 

AUTHORIZED USE OF SIGNATURE:

 

THE MANAGING PARTNERS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.

 

SHAREHOLDERS / PARTNERS:

 

 

 

DAVID DAYAN

50%

SIAHOU HAIM DAYAN

50%

 

AFFILIATES / SUBSIDIARIES:

 

A SCAN THROUGH OUTSIDE SOURCES SHOWED THE SUBJECT AND/OR PARTNERS HAS/HAVE THE FOLLOWING UNCONFIRMED HOLDINGS:

 

 

DALYAN ADMINISTRACAO DE BENS E PARTICIPACOES LTDA

 

PRADEEP EMPREENDIMENTOS  E PARTICIPAÇÕES S/A.

 

RICAELLE INDUSTRIA E COMERCIO LTDA

 

 

 

COMPANY'S BACKGROUND

 

THE SUBJECT WAS ESTABLISHED ON JUNE 01, 1982 TO BE ENGAGED IN THE SAID LINE OF BUSINESS AND UP TO DATE IT IS STILL OPERATING WITHIN THE GENERAL SCENE REPORTED HEREIN.

 

PARTNERS:

 

DAVID DAYAN: BRAZILIAN, MARRIED, TRADER, HOLDER OF DOCUMENTS CPF 132.015.868-46, RG 13.256.307-1 SSP/SP, RESIDENTIAL ADDRESS AT RUA BAHIA, 753, 10º ANDAR, APTO. 101, HIGIENÓPOLIS, ZIP CODE 01244-001, SÃO PAULO/SP;

 

SIAHOU HAIM DAYAN: BORN IN SYRIA AND NATURALIZED BRAZILIAN, MARRIED, TRADER, HOLDER OF DOCUMENTS CPF 105.375.468-04, RG 2.728.722-1 SSP/SP, RESIDENTIAL ADDRESS AT RUA DR. GABRIEL DOS SANTOS, 423, 22º ANDAR, APTO. 221, SANTA CECÍLIA, ZIP CODE 01231-011, SÃO PAULO/SP.

 

FURTHER DETAILS ABOUT THE SUBJECT'S HISTORY ARE SO FAR NOT KNOWN.

 

PUBLIC INFORMATION:

 

LAWSUITS:

 

 

 

DATE:

COURT OF LAW:

 

1

FEDERAL LAWSUIT

28/09/09

6ª VARA DE SP-FEDERAL

 

 

FINANCIAL INFORMATION

 

GENERAL BALANCE SHEETS AS OF 31/03/2013, 31/12/2012 AND 31/12/2011.

( FIGURES ARE IN REAIS ).

 

ASSETS

 

 

 

CURRENT:

31/03/2013

31/12/2012

31/12/2011

 

 

 

 

CASH

46.122,96

31.517,88

11.589,30

BANKS

5.658.958,40

2.730.265,71

2.545.665,64

CLIENTS

98.664.147,33

96.774.749,91

70.575.045,29

ADVANCES

738.741,20

2.546.363,30

12.092.244,65

INVENTORY

67.126.854,33

65.275.178,57

31.091.921,27

RECOVERABLE TAXES

11.597.319,47

10.838.655,77

10.390.703,68

INVESTMENTS

77.827,15

1.349.694,54

 

CURRENT ACCOUNTS

657.922,81

5.187.010,18

4.998.445,30

ADVANCE TO SUPPLIERS

7.887.024,14

20.570.114,08

 

 

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

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

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

TOTAL CURRENT ASSETS

192.454.917,79

205.303.549,94

131.705.615,13

 

FIXED ASSETS:

 

 

 

 

 

 

 

FIXED ASSETS

5.943.385,39

5.598.594,97

2.506.342,24

 

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

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

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

TOTAL FIXED ASSETS

5.943.385,39

5.598.594,97

2.506.342,24

 

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

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

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

TOTAL ASSETS

198.398.303,18

210.902.144,91

134.211.957,37

 

LIABILITIES:

 

 

 

CURRENT:

31/03/2013

31/12/2012

31/12/2011

 

 

 

 

SUPPLIERS

7.455.490,76

38.920.994,90

24.364.832,99

FINANCING

99.689.141,91

91.470.180,91

69.524.417,38

TRIBUTARY OBLIGATIONS

8.140.045,59

4.044.058,32

2.852.910,18

SOCIAL / LABOR OBLIGATIONS

294.611,98

513.469,42

348.458,48

INCOME TAX/SOCIAL CONTRIBUTION

 

2.502.160,05

 

ACCOUNTS PAYABLE

872.138,96

4.667.649,03

3.804.127,48

CURRENT ACCOUNTS

6.846.555,95

6.846.555,95

1.575.000,00

 

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

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

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

TOTAL CURRENT LIABILITIES

123.297.985,15

148.965.068,58

102.469.746,51

 

LONG TERM LIABILITIES:

 

 

 

 

 

 

 

FINANCING

34.605.544,89

28.929.344,84

 

 

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

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

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

TOTAL LONG TERM LIABILITIES

34.605.544,89

28.929.344,84

 

 

NET EQUITY:

 

 

 

 

 

 

 

SHARE CAPITAL

3.000.000,00

3.000.000,00

3.000.000,00

CAPITAL RESERVES

320.420,11

320.420,11

320.420,11

ACCRUED PROFIT (LOSS)

37.174.353,03

29.687.311,38

28.421.790,75

 

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

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

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

TOTAL NET EQUITY

40.494.773,14

33.007.731,49

31.742.210,86

 

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

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

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

TOTAL LIABILITIES

198.398.303,18

210.902.144,91

134.211.957,37

 

PROFIT AND LOSS ACCOUNTS AS OF 31/03/2013, 31/12/2012 AND 31/12/2011.

( FIGURES ARE IN REAIS ).

 

 

31/03/2013

31/12/2012

31/12/2011

 

 

 

 

GROSS SALES

97.394.832,78

376.766.989,63

352.092.121,95

(-) TAXES ON SALES

26.918.750,78

110.374.035,44

98.435.947,97

 

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

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

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

NET SALES

70.476.082,00

266.392.954,19

253.656.173,98

(-) COST OF SOLD GOODS

25.252.908,52

127.900.971,91

125.114.526,85

 

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

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

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

GROSS PROFIT

45.223.173,48

138.491.982,28

128.541.647,13

OPERATING REVENUE (EXPENSE)

-25.551.717,58

-107.247.894,97

-99.104.683,19

FINANCIAL REVENUE(EXPENSE)

-5.464.089,76

-17.443.762,61

-12.431.754,62

 

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

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

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

OPERATIONAL PROFIT (LOSS)

14.207.366,14

13.800.324,70

17.005.209,32

CONTRIBUTION/INCOME TAX

-5.070.324,49

-3.034.804,07

-6.092.649,94

 

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

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

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

NET PROFIT (LOSS)

9.137.041,65

10.765.520,63

10.912.559,38

 

MONTHLY SALES

 

  2013

 

 

 

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

 

 

JANUARY

R$ 41.147.607,80

 

 

FEBRUARY

R$ 27.642.455,93

 

 

MARCH

R$ 28.604.769,05

 

 

APRIL

R$ 36.675.474,05

 

 

MAY

R$ 36.013.888,10

 

 

JUNE

R$ 29.625.516,54

 

 

JULY

 

 

 

AUGUST

 

 

 

SEPTEMBER

 

 

 

OCTOBER

 

 

 

NOVEMBER

 

 

 

DECEMBER

 

 

 

TOTAL

R$ 199.709.711,47

 

 

 

RATIOS:

31/03/2013

31/12/2012

31/12/2011

 

QUICK RATIO

1,02

 

,94

 

,98

 

CURRENT RATIO

1,56

 

1,38

 

1,29

 

ACCOUNTS RECEIVABLE TURNOVER

,71

TIMES

2,75

TIMES

3,59

TIMES

DAYS' SALES IN RECEIVABLES

126,00

DAYS

130,78

DAYS

100,16

DAYS

INVENTORY TURNOVER

,38

TIMES

1,96

TIMES

4,02

TIMES

ACCOUNTS PAYABLE PERIOD

26,57

DAYS

109,55

DAYS

70,11

DAYS

RETURN ON ASSETS

,36

TIMES

1,26

TIMES

1,89

TIMES

SALES TURNOVER ON NET EQUITY

1,74

TIMES

8,07

TIMES

7,99

TIMES

NET WORTH TIE-UP

,15

 

,17

 

,08

 

INDEBTEDNESS

3,90

 

5,39

 

3,23

 

EQUITY RATIO

20,41

%

15,65

%

23,65

%

WORKING CAPITAL RATIO

56,09

%

37,82

%

28,53

%

GENERAL SOLVENCY

1,26

 

1,19

 

1,31

 

RETURN ON NET EQUITY

22,56

%

32,62

%

34,38

%

RETURN ON SALES (PROFIT MARGIN)

12,96

%

4,04

%

4,30

%

GROSS PROFIT MARGIN

64,17

%

51,99

%

50,68

%

OPERATIONAL RESULT

20,16

%

5,18

%

6,70

%

SALES TURNOVER ON LIABILITIES

,57

TIMES

1,79

TIMES

2,48

TIMES

FOREIGN CURRENCY ON ASSETS

 

 

 

 

 

 

FOREIGN CURRENCY ON LIABILITIES

 

 

 

 

 

 

 

EXCHANGE RATE:

 

 

US$ 1,00 = R$ 2,18

 - OFFICIAL RATE ON 30/10/2013

US$ 1,00 = R$ 2,01

 - OFFICIAL RATE ON 31/03/2013

US$ 1,00 = R$ 2,04

 - OFFICIAL RATE ON 31/12/2012

US$ 1,00 = R$ 1,87

 - OFFICIAL RATE ON 31/12/2011

 

COMMENTS ON THE FINANCIAL INFORMATION:

 

FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS.

 

THE ANNUAL FIGURES FOR 2012 SHOW A SATISFACTORY FINANCIAL STANDING. DESPITE THE HIGH LEVEL OF INDEBTEDNESS, THE COMPANY HAD GOOD CURRENT RATIO AND POSITIVE WORKING CAPITAL, CONSIDERED SUFFICIENT TO COVER THE SHORT TERM DEBTS. IT ALSO SHOWED HIGH AND GROWING SALES AND POSTED PROFIT.

 

THE INTERIM FIGURES FOR MARCH 2013 SHOW THAT THE LEVEL OF INDEBTEDNESS BUT IT HAS GOOD LIQUIDITY RATIOS. IT ALSO SHOWS GROWING SALES TREND AND POSITIVE RESULTS.

 

REAL ESTATE:

 

   OWNED PREMISES ARE VALUED AT R$ 1.299.320,14

 

VEHICLES:

 

   OWNED VEHICLES ARE VALUED AT R$ 1.772.286,67

 

MACHINES:

 

   OWNED MACHINES AND EQUIPMENTS ARE VALUED AT R$ 2.062.012,47

 

 

INSURANCE

 

INSURANCE COMPANY:

ROYAL & SUN ALLIANCE SEG BRASIL

COVERAGE:

FIRE / WINDSTORM / HAIL / SMOKE

VALUE:

R$ 25.000.000,00

 

 

BANKING REFERENCES

 

 

BRANCH/PHONE:

CITY:

BANCO DO BRASIL S/A

3222-0 / 11 2447-1455

GUARULHOS/SP

BANCO BRADESCO S/A

3397-9 / 11 2423-6900

GUARULHOS/SP

BANCO ITAÚ S/A

0728  / 11 2942-5452

SÃO PAULO/SP

BANCO SAFRA S/A

MATRIZ / 11 3293-7108

SÃO PAULO/SP

BANCO DO BRASIL S/A

1194-0 / 11 3228-9044

SÃO PAULO/SP

BANCO SAFRA S/A

FARIA LIMA / 11 3035-2209

SÃO PAULO/SP

 

REMARKS: IN BRAZIL THE BANKS ARE PROHIBITED BY LAW TO PROVIDE INFORMATION OR ANY KIND OF COMMENTS ABOUT THEIR CLIENTS. DUE TO THIS LAW PROHIBITION WE ARE UNABLE TO PROVIDE ANY BANKING DETAILS.

 

ACCORDING TO THE CENTRAL BANK OF BRAZIL OFFICIAL REPORT, THE COMPANY HAS NO RETURNED CHECKS UP TO DATE. (IN THE TERMS OF "CIRCULAR 1682 BRAZILIAN CENTRAL BANK").

 

 

ACTIVITIES COMMENTS

 

 

SUBJECT IS ENGAGED IN THE WHOLESALE OF TOOLS AND HARDWARE.

 

 

IMPORT AND EXPORT:

 

IMPORTS FROM:

NOT AVAILABLE.

 

EXPORTS TO:

NOT AVAILABLE.

 

MAIN CLIENTS:

 

 

 

 

 

DOMESTIC CLIENTS:

CITY:

PHONE:

ARCOM S/A

UBERLÂNDIA/MG

34 3218-4000

CASA DO LOJISTA ATACADO DE MATERIAIS DE CONSTRUÇÃO LTDA

SÃO PAULO/SP

11 2193-7100

COMERCIAL DE FERRAMENTAS TERUYA LTDA

SÃO PAULO/SP

11 2721-7333

M. N. TERUYA COMERCIAL DE FERRAMENTAS LTDA

SÃO PAULO/SP

11 6783-1500

MARTINS COMÉRCIO E SERVIÇOS DE DISTRIBUIÇÃO S/A

UBERLÂNDIA/MG

34 3218-1080

 

STAFF:

 

THE COMPANY HAS: 380 EMPLOYEE(S)

 

 

CONCEPT AND FULFILMENT

 

THE SUBJECT IS A WELL-ESTABLISHED COMPANY, OPERATING SINCE 1982. SO FAR IT HAS A CLEAR TRADE HISTORY AND NO PAYMENT PROBLEMS ARE NOTED.

 

THE COMPANY HAS TRADE RELATIONS WITH SEVERAL SUPPLIERS IN BRAZIL. THE SUPPLIERS EXTEND CREDIT FACILITIES TO THE SUBJECT IN TERMS AND AMOUNTS ACCORDING TO THE COMPANY'S NEEDS AND SO FAR NO PAYMENT PROBLEMS ARE NOTED.

 

THE LAWSUIT REPORTED IS NOT RELATED WITH TRADE DEBT. IT IS RELATED TO TAX DEBT THAT FOR ANY REASON THE COMPANY HAS NOT YET PAID. NEVERTHELESS WE POINT OUT THAT THE SAID LAWSUIT DOES NOT AFFECT THE COMPANY'S TRADE REPUTATION.

 

MAIN SUPPLIERS:

 

 

 

 

 

DOMESTIC SUPPLIERS:

 

 

ADELBRAS IND E COMERCIO DE ADESIVOS LTDA

 

 

BASTON DO BRASIL PRODUTOS QUIMICOS LTDA ME

 

 

CDK INDÚSTRIA PLASTICO MECANICA LTDA

 

 

COPAG DA AMAZONIA S/A

 

 

DISTRIBUIDORA ZANGIROLAMI LTDA

 

 

FAMASTIL TAURUS FERRAMENTAS S/A

 

 

GIMBA SUPRIMENTOS DE ESCRITORIO E INFORMATICA LTDA

 

 

LABORATÓRIO AVAMILLER DE COSMÉTICOS LTDA

GUARULHOS/SP

11 2487-2700

M.M. RAFAINI ARTEFATOS DE MADEIRA ME

SÃO CAETANO DO SUL/SP

11 4227-1335

MALTA INDUSTRIA DE UTILIDADES DOMESTICAS LTDA

 

 

MICHEL MERHEJE & CIA LTDA

 

 

MUNDIAL S/A PRODUTOS DE CONSUMO

GRAVATAÍ/RS

51 3358-8000

OPUS COSMÉTICOS DO BRASIL LTDA

SÃO PAULO/SP

11 3421-1266

SPP AGAPRINT INDUSTRIAL COMERCIAL LTDA

 

 

TRAMONTINA SÃO PAULO LTDA

 

 

TRANSPORTADORA COMETA S/A

 

 

ZIVI S/A CUTELARIA

 

 

 

PAYMENT HISTORY:

 

5 SUPPLIERS REPORTED PAYMENTS:

   TOTAL AMOUNT:  R$ 667.036,00

 

AMOUNT OF INVOICES PAID: 100

TOTAL OF PROMPT PAYMENTS: 99,8%

TOTAL OF DELAYED PAYMENTS: 0,2%

 

HIGHEST INVOICE: R$ 58.032,00

HIGHEST CREDIT: R$ 58.032,00

 

OUTSTANDING INVOICES DUE WITHIN THE NEXT 30 DAYS:

 

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

SUPPLIERS:

INVOICES:

TOTAL AMOUNT:

DUE WITHIN 30 DAYS

1

1

R$ 3.718,01

 

 

FINAL OPINION

 

THE SUBJECT IS A WELL-ESTABLISHED COMPANY IN BUSINESS FOR SEVERAL YEARS. UP TO DATE IT HAS A CLEAR TRADE HISTORY AND GOOD PAYMENT BEHAVIOR.

 

BASED ON THE GENERAL INFORMATION AVAILABLE IT IS BELIEVED THAT GOOD TRADE RELATIONS MAY BE ESTABLISHED. CREDIT FACILITIES MAY BE EXTENDED WITHIN TERMS AND AMOUNTS ADEQUATE TO THE COMPANY'S FINANCIAL STRENGTH.

 

AN INITIAL CREDIT LIMIT OF MAY BE CONSIDERED. EVEN HIGHER AMOUNTS MAY BE CONSIDERED DEPENDING ON THE BUSINESS BEING ESTABLISHED WITH THE SUBJECT.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.92

UK Pound

1

Rs.99.59

Euro

1

Rs.83.63

 

 

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%)

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.