MIRA INFORM REPORT

 

 

Report Date :

25.08.2014              

 

IDENTIFICATION DETAILS

 

Name :

FORUS S.A.

 

 

Registered Office :

Departamental 01053, La Florida, Santiago / XIII Región Metropolitana

 

 

Country :

Chile

 

 

Date of Incorporation :

29.08.1980

 

 

Legal Form :

Publicly Held Corporation

 

 

Line of Business :

 
Activities of the Company are mainly focused on the manufacture, importation and commercialization of footwear, items of clothing and accessories.

 

 

No. of Employees :

2818

 

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Chile

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

CHILE - ECONOMIC OVERVIEW

 

Chile has a market-oriented economy characterized by a high level of foreign trade and a reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. Exports of goods and services account for approximately one-third of GDP, with commodities making up some three-quarters of total exports. Copper alone provides 19% of government revenue. From 2003 through 2013, real growth averaged almost 5% per year, despite the slight contraction in 2009 that resulted from the global financial crisis. Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, which took effect on 1 January 2004. Chile has 22 trade agreements covering 60 countries including agreements with the European Union, Mercosur, China, India, South Korea, and Mexico. Chile has joined the United States and nine other countries in negotiating the Trans-Pacific-Partnership trade agreement. The Chilean Government has generally followed a countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and generally allowing deficit spending only during periods of low copper prices and growth. As of 31 December 2012, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $20.9 billion. Chile used these funds to finance fiscal stimulus packages during the 2009 economic downturn. In May 2010 Chile signed the OECD Convention, becoming the first South American country to join the OECD

Source : CIA

 

 

 

IDENTIFICATION

 

 

CORRECT COMPANY NAME

FORUS S.A.

TAXPAYER REGISTRATION

RUT 869632007

MAIN ADDRESS

Departamental 01053, La Florida

DEPT/PROV/REGION/STATE

Santiago / XIII Región Metropolitana

COUNTRY

CHILE

TELEPHONE

(562) 9233000

WEB

www.forus.cl

COMMENTS

 

 
No telephone number was given on your order.

 

EXECUTIVE SUMMARY

Date of foundation

1993

Capital stock

Ps$.24,242,787,000.= Pesos

permanent employees

2818

Chief Executive

DARREIDOU DAZ, GONZALO

Disposition

SATISFACTORY

Payments policy

Usually to terms / good

Credit (**)

Risk is Minimal, Solvent, Satisfactory Financial Situation.

Number of times that this company was required: 2

 

 

 

 

 

 

LEGAL STRUCTURE

 

 

LEGAL STATUS

Publicly Held Corporation

 

 

DATE OF INCORPORATION

29AUG1980

 

 

PLACE OF REGISTRY

Santiago

 

 

NOTARY OFFICE

Enrique Morgan Torres

 

 

REGISTRATION

Page 13313 No. 6564 - Registry of Commerce

 

 

CURRENT PAID-IN CAPITAL

Ps$.24,242,787,000.= Pesos

 

 

CURRENT EXCHANGE RATE (US$)

Ps$.583.10 per USD.1.00

 

 

COMMENTS

 

 
The Company was formed as a Limited Liability Company under the name COMERCIAL HUSH PUPPIES CHILE LTDA. in accordance with Notarial Act dated 29/08/1980, before Enrique Morgan Torres, Notary Public of Santiago. The Articles of Incorporation was entered under Page 13.313 Nş 6.564 in the Santiago Property Registrar, year 1980, published on the Official Gazette on September 12, 1980. Amendment to the cited extract was entered under Page 13.740 Nş 6.800 of the same Registrar, year 1980, published on the Official Gazette on September 23, 1980. 
 
According to Notarial Act dated 20/12/1991 before by Jaime Morandé Orrego, Notary Public of Santiago, Members of Comercial Hush Puppies Chile Limitada agreed to change its legal status and turn it into a Joint-Stock Company. Besides, they agreed to change its name to FORUS S.A. and set the Bylaws. Extract was entered under Page 2.202 Nş 1.103 of the Santiago Property Registrar, year 1992, published on the Official Gazette on 23/01/1992. An amendment of the above extract was entered under Page 3.742 Nş 1.840 of the same Registrar, year 1992, published on the Official Gazette on 31/01/1992.
 
Subsequently, the Bylaws were amended as follows:
 i) According to Special Shareholders Meeting held on 14/01/1997, whose minutes were notarized by means of Notarial Instrument dated 16/01/1997 before Iván Torrealba Acevedo, Notary Public of Santiago, IT WAS RESOLVED to increase the capital stock of the Company. Extract was entered under Page 3.098 Nş 2.489 of the Santiago Property Registrar, year 1997 published on the Official Gazette on 27/01/1997.
 
ii) According to Special Shareholders Meeting held on December 17, 2002, whose minutes were notarized by means of Notarial Instrument in the same date before Nancy De la Fuente Hernández, Notary Public of Santiago, IT WAS RESOLVED to a) to increase the capital stock for restatement of the share capital; b) merger the companies Macs S.A., and Comercial Forushop Ltda., and, c) increase the capital stock as a result of such merger.  Extract was entered under Page 34.800 Nş 28.111 of the Santiago Property Registrar, year 2002, published on the Official Gazette on December 21, 2002.
 
iii) According to Special Shareholders Meeting held on September 7, 2006, whose minutes were notarized by means of Notarial Instrument dated September 20, 2006, before Iván Torrealba Acevedo, Notary Public of Santiago, IT WAS RESOLVED to divide the company and for this reason, a new company was formed and was called Inmobiliaria F S.A.  As a result of the division, Forus S.A. reduced its equity and capital. Such reduction corresponds to the amount of the equity and capital allocated to INMOBILIARIA F S.A. in the division.  Furthermore, IT WAS RESOLVED TO dilute the capital stock of the Company in a greater number, that is, eight hundred new shares per each old share. IT WAS RESOLVED to increase the capital stock of the Company. Finally, IT WAS RESOLVED to enter the shares of the Company, including those to be issued as a result of the increase of capital, in the Securities Registry kept by Superintendence of Securities and Insurance, in order to them be traded in the Growth Enterprise Market governed by the Stock Exchange. Extract was entered under Page 38.871 Nş 27.592 of the Santiago Property Registrar, year 2006 published on the Official Gazette on September 28, 2006.
 
iv) According to Special Shareholders Meeting held on October 2006, IT WAS RESOLVED to amend the resolutions of the Special Shareholders Meeting  in order to meet the requirements stated by the Superintendence of Securities and Insurance in the registration process of shares of the Company. Extract was entered under Page 44.330 Nş 31.518 of the Santiago Property Registrar, year 2006 published on the Official Gazette on October 31, 2006.
 
v) According to Special Shareholders Meeting held on May 25, 2011, whose minutes were notarized by means of Notarial Instrument dated June 21, 2011, before Iván Torrealba Acevedo, Notary Public of Santiago, IT WAS RESOLVED to change the business purpose of the Company to expand it. Extract was entered under Page 38.948 Nş 28.997 of the Santiago Property Registrar, year 2011 published on the Official Gazette on July 14, 2011.
 
On September 2, 2013, Forus S.A. acquired, from the shareholders - Milochenta S.A and  Fondo de Inversión la Roca -, the totality of shares of Sieteveinte S.A., a company engaged in the distribution and/or sale in Chile, of products of the brands of Grupo Burton, and the brands of Skullcandy, Dakine, and Alpinestar, to which they previously provide the contracts to distribute some of the foregoing brands, the leasing contracts of stores and accessories and fixtures, and merchandise of those brands. Transaction amounted to Ps$.7,366,396,099.= Pesos, paid with the shareholders equity. 
 
FORUS S.A. is a Publicly-held Corporation and as such it is subject to the provisions of Law 18.046 of Joint-Stock Companies and their regulations, of Law 18.045 of Stock Market and Securities and the rules of the Superintendence of Securities and Insurance. 
Furthermore, Forus S.A. and its local affiliate are governed by the regulations of the Law of Consumer Protection and the Chilean regulations concerning Labelling of Footwear and the manufacture of safety footwear.
 
The 10.69% of the capital stock is held by other unknown minority shareholders.

 

 

DIRECTORS - EXECUTIVES – SHAREHOLDERS

 

 

FULL NAMES / COMPANY NAME

TITLE

%PART.

SINCE

SWETT SAAVEDRA, ALFONSO OMAR

President

 

 

SWETT OPAZO, ALFONSO ANDRES

Executive Director

 

 

URZUA SANCHEZ, HERIBERTO F.

Director

 

 

SWETT SAAVEDRA, RICARDO

Director

 

 

GUTIERREZ PHILIPPI, FRANCISCO RAMON

Director

 

 

KOLJATIC MAROEVIC, MATKO

Director

 

 

STEVENSON, JOHN P.

Director

 

 

DARREIDOU DAZ, GONZALO

General Manager

 

 

DUSALLAM, JUAN PABLO

Commercial Manager

 

 

SWETT OPASO, SEBASTIAN

Marketing Manager

 

 

FONDO DE INVERSION LARRAIN VIAL BEAGLE

Shareholder / Member

0.79%

 

BOLSA DE COMERCIO DE SANTIAGO - BOLSA DE VALORES

Shareholder / Member

1.07%

 

AFP PROVIDA S.A. FONDO TIPO C

Shareholder / Member

1.06%

 

INVERSIONES COSTANERA LTDA.

Majority Shareholder (Parent Company)

63.03%

 

BANCO ITAU POR CUENTA DE INVERSIONISTAS

Shareholder / Member

2.94%

 

BANCO SANTANDER POR CUENTA DE INV EXTRANJEROS

Shareholder / Member

2.03%

 

AFP PROVIDA S.A. FONDO TIPO B

Shareholder / Member

0.79%

 

BANCO DE CHILE POR CUENTA DE TERCEROS CA.

Shareholder / Member

6.48%

 

BANCO SANTANDER-HSBC GLOBAL CUSTODY

Shareholder / Member

4.68%

 

TRENDS S.A.

Shareholder / Member

2.94%

 

ASESORIAS E INVERSIONES SANTA FRANCISCA LTDA.

Shareholder / Member

1.81%

 

BTG PACTUAL CHILE S.A. C DE B

Shareholder / Member

1.69%

 

 

 

 

WHO IS WHO?

 

 

SWETT SAAVEDRA, ALFONSO OMAR

TITLE

President

NATIONALITY

Chilean

D.O.B.

1943

PROFESSION

Businessman

TAX ID

44319322

BACKGROUND INFORMATION

 
President of Club Deportivo Universidad Católica between 1982 and 1993. 
 
He is a prominent businessman and entrepreneur, according to his own statements, when he was fourteen he started selling cheese at Ńuble de Rupanco, and at seventeen he began working at Banco Edwards as a junior. Later, he leased a plot of land and installed the first parking lot of  Santiago. It would be his start as an entrepreneur. 
 
During his career he served as a Board Member of Elecmetal, Cristalerías de Chile, Vińa Santa Rita and the television channel Mega. He was President of Inmobiliaria Costanera.
 
Today, he is a prominent businessman, elected director of Sociedad de Fomento Fabril - Federación Gremial de Industriales (Industrial Union Federation) for the period 2005-2009 and President and Founder of the holding Forus SA, representative of footwear and apparels of prestigious brands worldwide. He takes part in the conglomerate as owner of the manufacturing industry of Hush Puppies shoes and sports stores Funsport. In cultural and charitable works, he is a Board Member of the Municipal Theater of Santiago and as a Board Member of Foundation of Rural Life Dolores Valdés Covarrubias of the Pontifical Catholic University of Chile, responsible for contributing to poverty alleviation in rural areas . 
 
The foundation of Club Deportivo Universidad Católica, its sports complex in San Carlos de Apoquindo sparked interest in higher concrete project, the construction of the Estadio San Carlos de Apoquindo. 
 
The amplitude obtained by the the institution in this project, made conceive the idea to turn sport club in an institution with legal status and autonomy, financially and administratively independent of the University. 
 
As a result of this, on January 27, 1982 Fundacion Club Deportivo Universidad Católica came into being.

 

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

COSTANERA S.A.C.I.

President

 

CHILE

NAVARINO S.A.

Director

 

CHILE

QUEMCHI S.A.

Director

 

CHILE

RED TELEVISIVA MEGAVISION S.A.

Director

 

CHILE

SUDAMERICANA AGENCIAS AEREAS Y MARITIMAS (SAAM)

Director

 

CHILE

HORTIFRUT S.A.

Director

895158003

CHILE

OLISUR S.A.

President

 

CHILE

MARBELLA CHILE S.A.

Director

 

CHILE

COMPAŃIA ELECTRO METALURGICA S.A.

Director

903200006

CHILE

S.A. VIŃA SANTA RITA

Director

86547900K

CHILE

 

 

 

 

SWETT OPAZO, ALFONSO ANDRES

TITLE

Executive Director

NATIONALITY

Chilean

PROFESSION

Commercial Engineer

TAX ID

70162814

BACKGROUND INFORMATION

 
Commercial Engineer from Universidad Católica de Chile;  MBA from Duke University (USA); General Manager of Costanera S.A.C.I .; Director of Olisur SA, Hortifrut SA, Arteco SA, Inmobiliaria Costanera SA; Member of the CPC  Labor Committee; Second Vice President of SOFOFA, President of Chile Valora. Professor of Commercial Engineering at Pontificia Universidad Catolica.

 

 

 

 

URZUA SANCHEZ, HERIBERTO F.

TITLE

Director

NATIONALITY

Chilean

PROFESSION

Commercial Engineer

TAX ID

66668258

BACKGROUND INFORMATION

 
Commercial Engineer fromUniversidad Católica de Chile; MBA at I.E.S.E. Universidad de  Navarra / London Business School; President of Armacero SA, Director of EMASA SA, Relsa SA, Terraservice SA, and Empresas SB S.A ; Consultant of Business Generation, Member of the Executive Committee of Finance & Commerce Circle ICARE. President of Fundación Chile Unido

 

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

SODIMET S.A.

President

0990650713001

ECUADOR

 

 

 

 

SWETT SAAVEDRA, RICARDO

TITLE

Director

NATIONALITY

Chilean

PROFESSION

Engineer

TAX ID

43362240

FATHER'S NAME

Alfonso Omar Swett Saavedra

BACKGROUND INFORMATION

 
Engineer of the Chilean Navy, Farmer and CPA. Director of Costanera SACI, Inmobiliaria Costanera SA, Olisur SA and Arteco SA (Peru). Former General Manager of Forus SA, Former Officer of the Chilean Navy.

 

 

 

 

DARREIDOU DAZ, GONZALO

TITLE

General Manager

TAX ID

88087240

 

 

 

 

SWETT OPASO, SEBASTIAN

TITLE

Marketing Manager

TAX ID

70161990

FATHER'S NAME

Alfonso Omar Swett Saavedra

 

 

 

 

INVERSIONES COSTANERA LTDA.

 

 

BUSINESS BACKGROUND

Owned by COSTANERA S.A.C.I. (Costanera S.A.C.I. ; 0,01% held by Alfonso Swett Saavedra, Rut 4.431.932-2, and the 99,99% by Inversiones Costasol SPA, out of which, 92,64% is held by Alfonso Swett Saavedra).

 

 

TRENDS S.A.

 

 

BUSINESS BACKGROUND

The 99% is held by Sebastián Swett Opazo, Rut 7.016.199-0

 

 

ASESORIAS E INVERSIONES SANTA FRANCISCA LTDA.

 

 

BUSINESS BACKGROUND

The 99.5% is held by  Alfonso Andrés Swett Opazo (RUT 70162814)

 

 

 

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

 

 

COMPANY NAME

COUNTRY

TAX REG.

RELATION %

ALMACENES PUCON S.A.

PERU

(AC) 20518085761

Related

FORUS COLOMBIA S.A.S.

COLOMBIA

(AC) 900136788

Related

LIFESTYLE BRANDS OF COLOMBIA S.A.S.

COLOMBIA

 

Related

PERU FORUS S.A.

PERU

(AC) 20514811271

Related

TOPSAFETY S.A.

CHILE

(AC) 965839402

Related

URUFORUS S.A.

URUGUAY

(AC) 212367990012

Related

 

 

 

BUSINESS

 

 

SIC Classification
G - CALZADOS, ZAPATILLAS, CARTERAS, CORREAS, DE CUERO, GOMA, JEBE, (Producción y comercializacion de artículos de cuero, goma, jebe, tales como Calzados, carteras, guantes, zapatillas,)

Main activity

 
Activities of the Company are mainly focused on the manufacture, importation and commercialization of footwear, items of clothing and accessories.
 
 
BUSINESS PURPOSE:
1) Manufacture, importation, exportation, commercialization and distribution in any form, footwear, leather goods, clothing, textiles, supplies and accessories, and any other product related to footwear and textiles agreed by the shareholders
2) Manufacture, importation, distribution and commercialization, in any form, either in its own name or on behalf of third parties, whether through stores directly operated or through third parties, of all kinds of movable property, whether raw materials or processed goods of every type, including but not limited to, commercialization of products related to food and beverages, cosmetics and pharmaceuticals, music, books, electronics, housewares, accessories and other 
3) Purchase and sale of shares of corporations. 
4) Purchase and sale of all kinds of real estate, and lease, usufruct, and, in general, commercial exploitation and development of real estate projects of any kind, for this purpose, it may subdivide, merge, divide into lots, urbanize and all kinds of properties. 
5) Provision of all kind of services and advisory in administrative, accounting, computer and related matters, that have direct or indirect relationship with the above mentioned services
6) Participation in other companies of any kind, and, 
7) carrying-out any activities, directly or indirectly, or complementary, with the foregoing goals, and in general, carry out all acts and contracts as may be necessary or appropriate to make such trade or business goals

O P E R A T I O N S

Import

Yes

Country

China, Vietnam

ANNUAL Imports In US$ (CIF)

YEAR

AMOUNT

2014

55,777,183.62

2013

129,009,389.17

2012

108,892,640.54

2011

100,578,881.94

2010

75,948,615.66

2009

46,953,814.67

Export

Yes

COUNTRY

Uruguay, Colombia, Peru

Annual exports in US$ (FOB)

YEAR

AMOUNT

2014

213,508.89

2013

545,999.91

2012

1,171,916.53

2011

403,535.35

2010

684,652.00

2009

1,237,011.12

% CASH SALES / METHOD

100%

% DOMESTIC PURCHASES

40%

% FOREIGN PURCHASES

60%

SELLING TerritorY

Domestic market - 100%

EMPLOYEES

2818

LOCATION

OTHER PREMISES

 
Headquarters operate at the above address.
Other Address: Cerrillo Camion a Melipilla 9400, Cerrillos, Santiago. Tel. (562) 5573537.

Comments

 

 
The Company has a broad portfolio of its own and licensed brands to cover different market segments of footwear and apparels.  
 
Brands: HUSH PUPPIES; HUSH PUPPIES KIDS; RKF-ROCKFORD; CAT; MERRELL; COLUMBIA; NINE WEST; SEBAGO; MOUNTAIN HARDWEAR; CUSHE; SOREL; JAN SPORT; AZALEIA; CALPANY;  NORSEG; PATAGONIA; BROOKS; PASQUALINI SKULLCANDY; WE LOVE SHOES; MONTRAIL BURTON; VONZIPPER; ELEMENT; BILLABONG; DAKINE; WOLVERINE
 
Main wholesale clients in Chile are: Cencosud, Falabella and Ripley

 

 

 

 

FINANCIAL INFORMATION

 

 

Disposition

REPORT PREPARED FROM OUTSIDE SOURCES.

Information provided

 
All the information in this report has been collected from outside sources as it was not possible to get information directly due to privacy policy.
 
Despite the efforts made, no individual balance sheets could be obtained.
 
The following is the Consolidated Balance Sheet as of  31/12/2013 (12 months), expressed in Pesos, included for reference purposes.
 
The consolidated balance sheets include the following affiliate companies:  Uroforus S.A. (Uruguay), Topsafety (Chile), Perú Forus S.A. (Perú), and, Forus Colombia S.S.A. (Colombia).

Comments

 

 
BALANCE SHHET
   BALANCE SHEET DATE       :          31/12/2013 
   TYPE OF BALANCE SHEET    :          Consolidated 
   PERIOD                   :          12 months 
   CURRENCY                 :          Pesos
   EXCHANGE RATE PER US$    :          526.10
 
 
   ASSETS
      TOTAL CURRENT         :      116,262,076,000.00
      FIXED ASSETS          :       29,084,804,000.00
      OTHER ASSETS          :       19,711,395,000.00
   TOTAL ASSETS             :      165,058,275,000.00
 
   LIABILITIES
      TOTAL CURRENT         :       27,323,322,000.00 
      TOTAL NON CURRENT     :        1,986,619,000.00
   TOTAL SHAREHOLDERS EQUITY:      135,748,334,000.00
   TOTAL LIAB./SH. EQUITY   :      165,058,275,000.00
 
 
   SALES                    :      193,630,849,000.00
   PROFIT (LOSS)            :       38,227,959,000.00

 

 

SALES

US$ 0.00 ()

FINANCIAL SITUATION

 
SATISFACTORY
Despite no balance sheets were available, the Company is economically supported by its owners.
It is publicly known that the Company operates without problems.

Main fixed assets of the company (general detail)

 

 
Found no information relative to insurace policies.

 

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Note : Other suppliers did not provide information or could not be consulted

 

Supplier

Country

PLAZA OESTE S.A.

CHILE

PLAZA TABALABO S.A.

CHILE

 

 

BANKERS : 

BANCO CHILE
BANCO SECURITY
SCOTIABANK
 
Under bank secrecy, the above entities declined to give information about their clients.

 

 

 

GENERAL INFORMATION

 

 

Explanation about commercial reputation

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.43

UK Pound

1

Rs.100.23

Euro

1

Rs.80.35

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.