MIRA INFORM REPORT

 

 

Report Date :

25.10.2013

 

IDENTIFICATION DETAILS

 

Name :

LANXESS ELASTÔMEROS DO BRASIL S A

 

 

Registered Office :

Rua Marumbi,600 Parte - Campos Elíseos  25221-000 - Duque De Caxias Rj

 

 

Country :

Brazil

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

11.02.1977

 

 

Legal Form :

Privately Held Corporation

 

 

Line of Business :

Manufacture of petrochemicals and chemicals.

 

 

No. of Employees :

554

 

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 :

Exist

 

 

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

 

LANXESS ELASTÔMEROS DO BRASIL S/A

 

 

ADDRESSES

 

MAIN ADDRESS:

RUA MARUMBI,600 PARTE - CAMPOS ELÍSEOS

ZIP CODE/CITY:

25221-000 - DUQUE DE CAXIAS/RJ

 

 

PHONE:

21 2677-1241

FAX:

21 2677-1241

E-MAIL:

anderson.faria@lanxess.com

WEB SITE:

www.lanxess.com.br

 

BRANCHES:

 

 

 

ADDRESS:

RODOVIA BR 386 - TABAÍ/CANOAS - KM,419 - VIA DE CONTORNO, 920 - COMPLEXO BÁSICO - POLO PETROQUÍMICO

ZIP CODE/CITY:

95853-000 TRIUNFO/RS

PHONE:

51 2108-3200

FAX:

51 2108-3324

CNPJ:

29.667.227/0006-81

 

 

ADDRESS:

RODOVIA BR 101 - KM,99

ZIP CODE/CITY:

54510-900 CABO/PE

PHONE:

81 2119-7300

 

 

ADDRESS:

AV MARIA COELHO AGUIAR,215 BLOCO B, 2º ANDAR - JD. SÃO LUIZ

ZIP CODE/CITY:

05804-902 SÃO PAULO/SP

PHONE:

11 3741-2500

 

FURTHER TO THE ABOVE THE COMPANY ALSO HAS OTHER BRANCHES LOCATED IN: CABO DE SANTO AGOSTINHO/PE, DUQUE DA CAXIAS/RJ, RIO DE JANEIRO/RJ, SÃO PAULO/SP, SANTOS/SP AND TRIUNFO/RS.

 

 

LEGAL DATA

 

MAIN ACTIVITIES:

 

MANUFACTURE OF PETROCHEMICALS AND CHEMICALS.

 

LEGAL FORM:

PRIVATELY HELD CORPORATION

 

 

INCORPORATION DATE:

11/02/1977

REGISTER DATE:

11/02/1977

BALANCE SHEET FILING DATE:

31/12

TAX CONTRIBUTOR NUMBER(CNPJ):

29.667.227/0001-77

STATE REGISTER:

80.192.460

 

 

SHARE CAPITAL:

R$ 555.847.303,56

 

BOARD OF DIRECTORS:

 

 

 

MARCELO LACERDA SOARES NETO

PRESIDENT DIRECTOR

FREDERIC ALEXANDRE CHARLES SCHOTT

ADM./FINANCIAL DIRECTOR

 

AUTHORIZED USE OF SIGNATURE

 

THE DIRECTORS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.

 

SHAREHOLDERS / PARTNERS:

 

 

 

LANXESS INTERNATIONAL HOLDING GMBH

99,99%

LANXESS DEUTSCHLAND GMBH.

0,01%

 

AFFILIATES / SUBSIDIARIES:

 

 

 

PETROFLEX TRADING S.A.

100,00%

PETROFLEX AMERICA INC.

100,00%

LANXESS INDÚSTRIA DE PRODUTOS QUÍMICOS E PLÁSTICOS LTDA

 

LANXESS S.A DE C.V.

 

LANXESS HONG KONG LTD.

 

LANXESS INC.

 

LANXESS CORP.

 

LANXESS N.V.

 

LANXESS PTE. LTD

 

LANXESS AG.

 

LANXESS INTERNATIONAL S.A.

 

 

 

COMPANY'S BACKGROUND

 

THE SUBJECT WAS ESTABLISHED ON FEBRUARY 11, 1977 AS PETROFLEX INDÚSTRIA E COMÉRCIO S/A., TO BE ENGAGED IN THE SAID LINE OF BUSINESS. ON FEBRUARY 03, 2009 IT ADOPTED THE ABOVE-MENTIONED NAME.

 

ON OCTOBER 16, 2008, THE CONTROL OF THE COMPANY WAS TRANSFERRED TO LANXESS INTERNATIONAL HOLDING GMBH. THE PREVIOUS SHAREHOLDER "LANXESS PARTICIPAÇÕES LTDA" WAS TAKEN OVER BY IN DECEMBER 2008 BY LANXESS ELASTÔMEROS DO BRASIL S/A.

 

CERTIFICATIONS:

 

ISO 9001

ISO 14001.

 

DIRECTORS:

 

MARCELO LACERDA SOARES NETO: BRAZILIAN, LAWYER, MARRIED, HOLDER OF DOCUMENTS RG 11.389.478-8 SSP/SP AND CPF 701.701.697-15;

 

FREDERIC ALEXANDRE CHARLES SCHOTT: FRENCH, ENTREPRENEUR, MARRIED, HOLDER OF DOCUMENTS RNE V851546-0 AND CPF 235.513.268-27, WITH ADDRESS AT AVENIDA MARIA COELHO DE AGUIAR, 215, BLOCO B, 2º ANDAR, JARDIM SÃO LUIZ, ZIP CODE 05804-902, SÃO PAULO/SP.

 

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

 

PUBLIC INFORMATION:

 

PROTESTS:

 

4  PROTESTS,TOTAL AMOUNT R$ 7.143,74

 

DETAILS OF LATEST PROTESTS:

 

NOTARY OFFICE:

DATE:

VALUE:

CARTÓRIO DE RS-TRIUNFO

24/09/2013

R$ 504,67

4º CARTÓRIO DE RJ-DUQUE DE CAXIAS

30/07/2013

R$ 6.339,01

CARTÓRIO DE RS-TRIUNFO

24/09/2013

R$ 98,10

2º CARTÓRIO DE RJ-DUQUE DE CAXIAS

15/08/2013

R$ 201,96

 

LAWSUITS:

 

 

 

DATE:

COURT OF LAW:

 

6

FEDERAL LAWSUITS

12/01/12

2ª VARA DE RJ-DUQUE DE CAXIAS

 

 

FINANCIAL INFORMATION

 

GENERAL BALANCE SHEETS AS OF 31/12/2012, 31/12/2011 AND 31/12/2010.

( FIGURES ARE IN THOUSANDS OF REAIS ).

 

ASSETS

 

 

 

CURRENT:

31/12/2012

31/12/2011

31/12/2010

 

 

 

 

CASH AND BANKS

14.716

14.899

11.685

INVESTMENTS

9.318

6.408

30.145

CLIENTS

247.630

275.395

190.423

INVENTORY

211.097

223.536

124.460

DERIVATIVES OPERATIONS

6.155

1.264

8.513

RECOVERABLE TAXES

55.704

73.068

42.179

OTHER

682

4.124

3.888

 

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

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

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

TOTAL CURRENT ASSETS

545.302

598.694

411.293

 

LONG-TERM RECEIVABLES:

 

 

 

 

 

 

 

CREDITS

171.531

204.231

178.098

DEFERRED TAXES

189.789

211.701

231.357

RECOVERABLE TAXES

55.264

45.180

31.594

JUDICIAL DEPOSITS

 

31.480

21.071

NOTES RECEIVABLE

 

21.602

26.136

OTHER CREDITS

 

909

4.245

 

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

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

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

TOTAL LONG-TERM RECEIVABLES

416.584

515.103

492.501

 

FIXED ASSETS:

 

 

 

 

 

 

 

INVESTMENTS

3.368

3.333

2.895

FIXED ASSETS

321.467

310.677

284.924

INTANGIBLE

3.155

2.541

2.147

 

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

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

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

TOTAL FIXED ASSETS

327.990

316.551

289.966

 

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

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

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

TOTAL ASSETS

1.289.876

1.430.348

1.193.760

 

LIABILITIES:

 

 

 

CURRENT:

31/12/2012

31/12/2011

31/12/2010

 

 

 

 

LOANS AND FINANCING

25.784

131.563

156.270

SUPPLIERS

104.296

138.677

71.143

TAXES & CONTRIBUTIONS

3.920

3.095

10.910

DIVIDENDS

17.464

5.478

5.339

PROVISIONS

50.253

60.994

63.997

INTERCOMPANY DEBTS

87.817

4.107

1.324

DERIVATIVES OPERATIONS

17.198

13.532

193

MUTUAL CONTRACT

 

70.771

35.611

OTHER

384

1.887

4.075

 

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

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

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

TOTAL CURRENT LIABILITIES

307.116

430.104

348.862

 

LONG TERM LIABILITIES:

 

 

 

 

 

 

 

LOANS AND FINANCING

 

1.157

5.207

PROVISIONS

82.104

121.576

118.037

INSTALLMENTS TAXES PAYABLE

42.666

40.453

41.768

PROV./LOSSES IN INVESTMENTS

 

 

2.958

OTHER

 

3.229

10.660

SUPPLIERS

1.103

 

 

RELATED COMPANIES

20.000

 

 

 

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

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

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

TOTAL LONG TERM LIABILITIES

145.873

166.415

178.630

 

NET EQUITY:

 

 

 

 

 

 

 

SHARE CAPITAL

555.853

555.853

385.992

CAPITAL RESERVES

129.558

129.558

129.558

PROFIT RESERVES

282.034

229.644

212.058

TREASURY SHARES

-23.086

-23.086

-23.086

OTHER COMPREHENSIVE INCOME

-107.472

-58.140

-38.254

 

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

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

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

TOTAL NET EQUITY

836.887

833.829

666.268

 

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

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

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

TOTAL LIABILITIES

1.289.876

1.430.348

1.193.760

 

PROFIT AND LOSS ACCOUNTS AS OF 31/12/2012, 31/12/2011 AND 31/12/2010.

( FIGURES ARE IN THOUSANDS OF REAIS ).

 

 

31/12/2012

31/12/2011

31/12/2010

 

 

 

 

GROSS SALES

 

 

1.879.796

(-) TAXES ON SALES

 

 

374.470

 

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

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

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

NET SALES

1.765.508

1.872.493

1.505.326

(-) COST OF SOLD GOODS

1.473.472

1.709.131

1.280.121

 

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

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

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

GROSS PROFIT

292.036

163.362

225.205

OPERATING REVENUE (EXPENSE)

-189.552

-107.990

-165.357

FINANCIAL REVENUE(EXPENSE)

17.863

-6.363

-10.143

 

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

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

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

OPERATIONAL PROFIT (LOSS)

120.347

49.009

49.705

CONTRIBUTION/INCOME TAX

-50.493

-25.945

-15.049

 

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

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

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

NET PROFIT (LOSS)

69.854

23.064

34.656

 

RATIOS:

31/12/2012

31/12/2011

31/12/2010

 

QUICK RATIO

1,09

 

,87

 

,82

 

CURRENT RATIO

1,78

 

1,39

 

1,18

 

ACCOUNTS RECEIVABLE TURNOVER

7,13

TIMES

6,80

TIMES

7,91

TIMES

DAYS' SALES IN RECEIVABLES

50,49

DAYS

52,95

DAYS

45,54

DAYS

INVENTORY TURNOVER

6,98

TIMES

7,65

TIMES

10,29

TIMES

ACCOUNTS PAYABLE PERIOD

25,48

DAYS

29,21

DAYS

20,01

DAYS

RETURN ON ASSETS

1,37

TIMES

1,31

TIMES

1,26

TIMES

SALES TURNOVER ON NET EQUITY

2,11

TIMES

2,25

TIMES

2,26

TIMES

NET WORTH TIE-UP

,38

 

,37

 

,43

 

INDEBTEDNESS

,54

 

,72

 

,79

 

EQUITY RATIO

64,88

%

58,30

%

55,81

%

WORKING CAPITAL RATIO

77,56

%

39,20

%

17,90

%

GENERAL SOLVENCY

2,85

 

2,40

 

2,26

 

RETURN ON NET EQUITY

8,35

%

2,77

%

5,20

%

RETURN ON SALES (PROFIT MARGIN)

3,96

%

1,23

%

2,30

%

GROSS PROFIT MARGIN

16,54

%

8,72

%

14,96

%

OPERATIONAL RESULT

6,82

%

2,62

%

3,30

%

SALES TURNOVER ON LIABILITIES

5,75

TIMES

4,35

TIMES

4,32

TIMES

FOREIGN CURRENCY ON ASSETS

 

 

 

 

 

 

FOREIGN CURRENCY ON LIABILITIES

 

 

 

 

 

 

 

EXCHANGE RATE:

 

 

US$ 1,00 = R$ 2,16

 - OFFICIAL RATE ON 18/10/2013

US$ 1,00 = R$ 2,04

 - OFFICIAL RATE ON 31/12/2012

US$ 1,00 = R$ 1,87

 - OFFICIAL RATE ON 31/12/2011

US$ 1,00 = R$ 1,66

 - OFFICIAL RATE ON 31/12/2010

 

 

COMMENTS ON THE FINANCIAL INFORMATION

 

FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS.

 

THE FIGURES AVAILABLE SHOW A NORMAL FINANCIAL STANDING. IT SHOWS GOOD CURRENT RATIO AND POSITIVE WORKING CAPITAL, AS WELL AS LOW LEVEL OF INDEBTEDNESS. IN ADDITION IT SHOWS DROP IN SALES BUT POSTED PROFIT.

 

IT IS WORTH COMMENTING THAT THE SUBJECT HAS HIGH FINANCIAL POWER AND BELONGS TO LARGE-SIZED GROUP, THUS IT IS NOT LIKELY TO FACE FINANCIAL PROBLEMS AS IT MAY COUNT ON THE FINANCIAL SUPPORT OF ITS GROUP.

 

 

REAL ESTATE

 

   OWNED PREMISES ARE VALUED AT R$ 53.087.000,00

 

 

VEHICLES

 

   NOT AVAILABLE

 

 

MACHINES

 

   OWNED MACHINES AND EQUIPMENTS ARE VALUED AT R$ 185.627.000,00

 

 

INSURANCE

 

COVERAGE:

INVENTORIES AND BUILDINGS - FIRE, RAY AND EXPLOSION

VALUE:

R$ 1.403.625.000,00

 

 

COVERAGE:

GENERAL CIVIL LIABILITY

VALUE:

R$ 43.526.000,00

 

 

COVERAGE:

CIVIL LIABILITY - DIRECTORS AND MANAGERS

VALUE:

R$ 17.200.000,00

 

 

COVERAGE:

TRANSPORTS - ALL RISKS AGAINST LOSS AND DAMAGES TO THE GOODS - IMPORT AND EXPORT

VALUE:

R$ 66.000.000,00

 

 

COVERAGE:

LIFE IN GROUP - DEATH/DISABILITY OF EMPLOYEES AND DIRECTORS

VALUE:

R$ 927.000,00

 

 

BANKING REFERENCES

 

 

BRANCH/PHONE:

 

BANCO BRADESCO S/A

0026-4

 

BANCO ITAÚ S/A

0911

 

BANCO SAFRA S/A

0600

 

 

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

 

 

THE SUBJECT IS A PETROCHEMICAL AND CHEMICAL PRODUCTS. ITS MAIN PRODUCT IS SYNTHETIC RUBBER.

 

 

 

IMPORT AND EXPORT

 

   IMPORTS FROM:

UNITED STATES, GERMANY AND FRANCE.

 

   EXPORTS TO:

SOUTH AMERICA (12,2%), NORTH AMERICA (10,4%), EUROPE (5,8%), ASIA/OCEANIA (7,9%) AND AFRICA (0,2%).

 

MAIN CLIENTS:

 

 

 

 

 

DOMESTIC CLIENTS:

 

 

BRIDGESTONE/FIRESTONE DO BRASIL LTDA

 

 

GOODYEAR DO BRASIL PRODS. BORRACHA

 

 

PIRELLI PNEUS S/A

 

 

PNEUMÁTICOS MICHELIN LTDA

 

 

VIPAL

 

 

 

STAFF:

 

THE COMPANY HAS: 554 EMPLOYEE(S)

 

 

CONCEPT AND FULFILMENT

 

THE SUBJECT IS AN OLD AND WELL-ESTABLISHED COMPANY IN BUSINESS SINCE 1977. IT HAS A HIGH SCALE OF OPERATIONS AND A HIGH FINANCIAL POWER.

 

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 LAWSUITS REPORTED ARE NOT RELATED WITH TRADE DEBTS. THEY ARE RELATED TO TAX DEBTS THAT FOR ANY REASON THE COMPANY HAS NOT YET PAID. NEVERTHELESS WE POINT OUT THAT THE SAID LAWSUITS DO NOT AFFECT THE COMPANY'S TRADE REPUTATION.

 

OUR INVESTIGATION THROUGH THE PUBLIC SHOWED SOME DETRIMENTAL FILES REGISTERED AGAINST THE SUBJECT BUT DUE TO THE SUBJECT'S HIGH FINANCIAL STRENGTH AND HIGH SCALE OF OPERATIONS THE DETRIMENTAL FILES DO NOT AFFECT ITS TRADE REPUTATION.

 

MAIN SUPPLIERS:

 

 

 

 

 

DOMESTIC SUPPLIERS:

 

 

BRAIDO

 

 

BRASKEM S.A.

 

 

CHEVRON/PHILIPS

 

 

COPESUL - CIA PETROQUÍMICA DO SUL

 

 

DOW/LYONDELL/INNOVA

 

 

PETROQUÍMICA DO NORDESTE S/A

 

 

PQU - PETROQUÍMICA UNIÃO S/A

 

 

RESITEC

 

 

SUZANO QUÍMICA LTDA.

 

 

UNIPAR COMÉRCIO E DISTRIBUIDORA S.A.

 

 

 

FOREIGN SUPPLIERS:

 

 

PETROFLEX AMERICA INC.

 

 

PETROFLEX INTERNATIONAL LTD.

 

 

PETROFLEX TRADING  S.A.

 

 

 

 

PAYMENT HISTORY

 

8 SUPPLIERS REPORTED PAYMENTS:

   TOTAL AMOUNT:  R$ 2.663.944,00

 

AMOUNT OF INVOICES PAID: 38

TOTAL OF PROMPT PAYMENTS: 85,3%

TOTAL OF DELAYED PAYMENTS: 14,7%

 

HIGHEST INVOICE: R$ 140.400,00

HIGHEST CREDIT: R$ 95.935,00

 

OUTSTANDING INVOICES DUE WITHIN THE NEXT 30 DAYS:

 

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

SUPPLIERS:

INVOICES:

TOTAL AMOUNT:

DUE WITHIN 30 DAYS

2

4

R$ 201.689,69

 

 

FINAL OPINION

 

THE SUBJECT IS AN OLD AND WELL-ESTABLISHED COMPANY. IT HAS A HIGH SCALE OF OPERATIONS AND A HUGE FINANCIAL POWER.

 

BASED ON THE OVER ALL 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 SIZE AND FINANCIAL STRENGTH.

 

AN INITIAL CREDIT LIMIT OF USD 5.000.000,00 MAY BE CONSIDERED. EVEN HIGHER AMOUNTS CAN BE GRANTED DEPENDING ON THE IMPORTANCE OF THE ACTIVITIES BEING ESTABLISHED WITH THE SUBJECT.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.41

UK Pound

1

Rs.99.53

Euro

1

Rs.84.82

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.