|
Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
KOMAL GEMS NV |
|
|
|
|
Registered Office : |
Hoveniersstraat 2-619
2018 Antwerpen |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
01.03.1989 |
|
|
|
|
Com. Reg. No.: |
436733986 |
|
|
|
|
Legal Form : |
Public Limited Liability
Company |
|
|
|
|
Line of Business : |
Wholesale of diamonds and
other precious stones |
|
|
|
|
No. of Employees |
02 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Belgium |
A1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
BELGIUM - ECONOMIC OVERVIEW
This modern, open, and
private-enterprise-based economy has capitalized on its central geographic location,
highly developed transport network, and diversified industrial and commercial
base. Industry is concentrated mainly in the more heavily-populated region of
Flanders in the north. With few natural resources, Belgium imports substantial
quantities of raw materials and exports a large volume of manufactures, making
its economy vulnerable to volatility in world markets. Roughly three-quarters
of Belgium's trade is with other EU countries, and Belgium has benefited most
from its proximity to Germany. In 2013 Belgian GDP grew by 0.1%, the
unemployment rate increased to 8.8% from 7.6% the previous year, and the
government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%.
Despite the relative improvement in Belgium's budget deficit, public debt
hovers around 100% of GDP, a factor that has contributed to investor
perceptions that the country is increasingly vulnerable to spillover from the
euro-zone crisis. Belgian banks were severely affected by the international
financial crisis in 2008 with three major banks receiving capital injections
from the government, and the nationalization of the Belgian retail arm of a
Franco-Belgian bank.
|
Source
: CIA |
|
Business number |
436733986 |
|
Company name |
KOMAL GEMS
NV |
|
Address |
HOVENIERSSTRAAT
2-619 |
|
|
2018
ANTWERPEN |
|
Number of staff |
2 |
|
Date of establishment |
01/03/1989 |
|
Telephone number |
032269673 |
|
Fax number |
032269673 |
|
The business was established over
25 years ago. |
|
The business has 1 employees. |
|
The business is part of a group. |
|
This business has a foreign parent
business. |
|
The business has been at the
address for over 15 years. |
|
Operating Result in the latest
trading period increased 82% on the previous trading period. |
|
Pre-tax profits increased by 21%
compared to the previous trading period. |
|
The business saw a decrease in
their Cash Balance of 97% during the latest trading period. |
|
Turnover in the latest trading
period increased 26% on the previous trading period. |
|
Date of latest accounts |
Turnover |
Profit Before Tax |
Net worth |
Working capital |
|
31/12/2012 |
161,348,352 |
315,036 |
13,728,498 |
20,204,131 |
|
31/12/2011 |
127,657,416 |
258,232 |
11,515,046 |
15,928,558 |
|
31/12/2010 |
137,710,378 |
227,796 |
9,927,673 |
15,525,604 |
|
Date of latest
accounts |
Balance Total |
Number of Employees |
Capital |
Cashflow |
|
31/12/2012 |
73,116,933 |
2 |
13,070,000 |
288,088 |
|
31/12/2011 |
64,024,168 |
2 |
11,106,000 |
238,408 |
|
31/12/2010 |
46,016,861 |
2 |
1,721,001 |
218,677 |
Past payments Payment
expectation days 62.45
Industry average payment
expectation days 129.29 Industry average day sales
outstanding 131.63
Day sales outstanding 134.58
|
Business
number |
436733986 |
Company
name |
KOMAL GEMS
NV |
|
Fax number |
032269673 |
Date
founded |
01/03/1989 |
|
Company status |
active |
Company
type |
Public Limited Liability Company (BE) |
|
Currency |
Euro (€) |
Date of
latest accounts |
31/12/2012 |
|
Activity
code |
46761 |
Liable for
VAT |
yes |
|
Activity
description |
Wholesale of diamonds and other precious stones |
VAT Number |
BE.0436.733.986
Check VAT number |
|
Social
Balance Sheet |
Total |
|
||||
|
During the
reporting year |
|
|
||||
|
ended
31-12-2012 |
|
|
||||
|
Full-time
Employees |
2 |
|
||||
|
Part-time Employees |
1 |
|
||||
|
Total Fte
Employees |
3 |
|
||||
|
|
|
|||||
|
Number of
hours worked |
|
|||||
|
Full-time
Employees |
3,625 |
|
||||
|
Part-time
Employees |
1,521 |
|
||||
|
Total |
5,146 |
|
||||
|
|
|
|||||
|
Personnel
Charges |
|
|||||
|
Full-time
Employees |
118,175 |
|
||||
|
Part-time
Employees |
49,585 |
|
||||
|
Total |
167,760 |
|
||||
|
Benefits
In Addition To Wages |
- |
|
||||
|
|
|
|||||
|
During the
previous reporting year |
|
|||||
|
Average
number employees in Fte |
3 |
|
||||
|
Actual
working hours |
5,210 |
|
||||
|
Type of Contract |
Full-Time |
Part-Time |
Total Fte |
|
||
|
Unlimited Duration Contracts |
2 |
1 |
3 |
|
||
|
Limited Duration Contracts |
- |
- |
- |
|
||
|
Contracts For Specific Work |
- |
- |
- |
|
||
|
Contracts Regarding Substitution |
- |
- |
- |
|
||
|
|
|
|
|
|
||
|
|
||||||
|
Gender and Education Level |
|
|
|
|
||
|
Men |
Full-Time |
Part-Time |
Total Fte |
|
||
|
Primary education |
- |
- |
- |
|
||
|
Secondairy education |
2 |
- |
2 |
|
||
|
Higher
education (non university) |
- |
- |
- |
|
||
|
Higher
education (university) |
- |
- |
- |
|
||
|
Women |
Full-Time |
Part-Time |
Total Fte |
|
||
|
Primary education |
- |
- |
- |
|
||
|
Secondairy education |
- |
1 |
1 |
|
||
|
Higher education
(non university) |
- |
- |
- |
|
||
|
Higher
education (university) |
- |
- |
- |
|
||
|
|
|
|
|
|
||
|
|
||||||
|
Working Category |
Full-Time |
Part-Time |
Total Fte |
|
||
|
Management |
- |
- |
- |
|
||
|
White collar worker |
2 |
1 |
3 |
|
||
|
Blue collar worker |
- |
- |
- |
|
||
|
Other |
- |
- |
- |
|
||
|
|
|
|
|
|
||
|
|
||||||
|
Temporary personnel |
|
Total |
|
|
||
|
Average number of temporary staff |
- |
|
|
|||
|
Actual working hours |
|
- |
|
|
||
|
Cost of temporary staff |
|
- |
|
|
||
|
|
|
|
|
|
||
|
|
||||||
|
New staff and leavers |
Full-Time |
Part-Time |
Total Fte |
|
||
|
New Starters |
1 |
- |
1 |
|
||
|
Leavers |
1 |
- |
1 |
|
||
Description FROM 1 TO 4
EMPLOYEES
|
Description |
Additional
national joint committee for the employees |
Event Date 20/08/2013
Event Description re-appointment of
director(s)
Event Details Commentaar
20-08-2013: Herbenoemd als bestuurder voor een periode van zes jaar :
BVBALaxmi Jewel
Belgium.
|
Annual accounts |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
Industry average 2012 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Turnover |
161,348,352 |
26.39 |
127,657,416 |
-7.30 |
137,710,378 |
40,445,514 |
298 |
|
Total
operating expenses |
159,092,112 |
25.85 |
126,418,122 |
-6.99 |
135,914,490 |
40,129,325 |
296 |
|
Operating
result |
2,256,240 |
82.06 |
1,239,294 |
-30.99 |
1,795,888 |
128,804 |
1651 |
|
Total
financial income |
190,917 |
-49.47 |
377,846 |
2242 |
16,129 |
92,610 |
106 |
|
Total
financial expenses |
2,132,121 |
56.90 |
1,358,908 |
-14.22 |
1,584,221 |
183,719 |
1060 |
|
Results on ordinary operations before taxation |
315,036 |
22.00 |
258,232 |
13.36 |
227,796 |
28,651 |
999 |
|
Taxation |
65,585 |
16.50 |
56,296 |
18.18 |
47,635 |
21,126 |
210 |
|
Results on ordinary operations after taxation |
249,452 |
23.53 |
201,937 |
12.09 |
180,161 |
13,941 |
1689 |
|
Extraordinary
items |
0 |
- |
0 |
-100 |
3,776 |
-3,844 |
0 |
|
Other
appropriations |
0.00 |
- |
0.00 |
- |
0 |
- |
- |
|
Net result OTHER INFORMATION |
249,452 |
23.53 |
201,937 |
9.79 |
183,937 |
10,119 |
2365 |
|
Gross
Operating Margin |
- |
- |
- |
- |
- |
50,531 |
- |
|
Dividends |
- |
- |
- |
- |
- |
168,887 |
- |
|
Director
remuneration |
- |
- |
- |
- |
- |
108,143 |
- |
|
Employee costs |
167,760 |
0.79 |
166,441 |
12.56 |
147,866 |
137,902 |
21.65 |
|
Wages and salary |
134,132 |
0.94 |
132,886 |
22.22 |
108,724 |
118,594 |
13.10 |
|
Employee pension costs |
- |
- |
- |
- |
- |
12,737 |
- |
|
Social security contributions |
31,116 |
4.08 |
29,895 |
21.45 |
24,615 |
29,295 |
6.22 |
|
Other employee costs |
2,512 |
-31.35 |
3,660 |
-74.81 |
14,527 |
4,861 |
-48.32 |
|
Amortization
and depreciation |
38,636 |
5.94 |
36,471 |
4.98 |
34,740 |
18,054 |
114 |
|
Annual accounts |
31-12-2012 |
|
31-12-2011 |
% |
31-12-2010 |
Industry average 2012 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Intangible
fixed assets |
0 |
- |
0 |
- |
0 |
1,197 |
-100 |
|
Tangible fixed
assets |
539,496 |
0.22 |
538,322 |
-5.43 |
569,223 |
188,724 |
185 |
|
Land & building |
453,186 |
-3.49 |
469,574 |
-3.37 |
485,963 |
372,714 |
21.59 |
|
Plant & machinery |
22,919 |
-4.41 |
23,978 |
-1.12 |
24,249 |
25,397 |
-9.76 |
|
Furniture & Vehicles |
63,391 |
41.59 |
44,770 |
-24.13 |
59,011 |
16,91 8
5,029 |
274 |
|
Leasing & Other Similar Rights |
- |
- |
- |
- |
- |
139,170 30,812 |
- |
|
Other tangible assets |
0 |
- |
0 |
- |
0 |
11,599 |
-100 |
|
Financial
fixed assets |
14,880 |
0 |
14,880 |
0 |
14,880 |
234,444 |
-93.65 |
|
Total
fixed assets |
554,376 |
0.21 |
553,202 |
-5.29 |
584,103 |
343,083 |
61.59 |
|
Inventories |
12,864,881 |
-15.30 |
15,189,450 |
271 |
4,089,497 |
2,721,405 |
372 |
|
Raw materials & consumables |
- |
- |
- |
- |
- |
7,018,491 |
- |
|
Work in progress |
0 |
- |
0 |
- |
0 |
2,513 |
-100 |
|
Finished goods |
12,864,881 |
-15.30 |
15,189,450 |
271 |
4,089,497 |
1,752,867 |
633 |
|
Other stocks |
0 |
- |
0 |
- |
0 |
456,148 |
-100 |
|
Trade
debtors |
59,489,167 |
44.78 |
41,090,720 |
-0.11 |
41,
135,367 |
3,673,672 |
1519 |
|
Cash |
1 87,438 |
-97.38 |
7,161,945 |
3760 |
185,503 |
207,138 |
-9.51 |
|
other
amounts receivable |
9,817 |
-20.86 |
12,404 |
-4.28 |
12,959 |
211,968 |
-95.37 |
|
Miscellaneous
current assets |
11,254 |
-31.57 |
16,447 |
74.37 |
9,432 |
14,803 |
-23.98 |
|
Total
current assets |
72,562,557 |
14.32 |
63,470,966 |
39.70 |
45,432,758 |
6,367,592 |
1039 |
|
Total
Assets |
73,116,933 |
14.20 |
64,024,168 |
39.13 |
46,016,861 |
6,672,355
1,217,713 |
995 |
Trade creditors 27,220,008 7.28 25,373,182 110 12,028,055 2,805,074 870
Short term group loans - - - - - - -
Financial
debts 24,514,097 22.59
19,996,304 16.83 17,115,736
3,634,924 574
150,514
Current portion of long term debt 72,676 4.73 69,392 4.56 66,365 90,989 14,264 -20.13
Amounts Payable for Taxes,
Remuneration & Social Security 77,619
33.81 58,009 66,23 34,896 8,657 118
Miscellaneous current liabilities 474,025 -76.83 2,045,521 208 662,102 59.52 --
Total current liabilities 52,358,425 10.13 47,542,408 58.97 29,907,154 4,757,908 1000
Long term debts and liabilities
Long term group loans - - - - - - --
Other long term loans 7,030,010 41.54 4,966,714 -19.66 6,182,034 574 --
Deffered taxes - - - - - 38,865 26,358 -
Provisions for Liabilities & Charges 0 - 0 - 0 3,980 0 -100
Other long term liabilities 0 - 0 - 0 92,287 -100
Total long term debts 7,030,010 41.54 4,966,714 -19.66 6,182,034 499,496 1307
shareholders equity
Issued share capital 13,070,000 17.68 11,106,000 545 1,721,001 887,986 1371
Share premium account - - - - - 89,810 -
Reserves 658,498 60.98 409,046 -95.02 8,206,672 542,640 21.35
Revaluation reserve - - - - - 927,466 -
Total shareholders equity 13,728,498 19.22 11,515,046 15.99 9,927,673 1,456,756 842
Working capital 20,204,131 26.84 15,928,558 2.60 15,525,604 1,655,487 1120
Cashflow 288,088 20.84 238,408 9.02 218,677 25,147 1045
Net worth 13,728,498 19.22 11,515,046 15.99 9,927,673 1,454,007 844
|
Annual accounts |
31-12-2012 |
change(%) |
31-12-2011 |
change(%) |
31-12-2010 |
Industry average 2012 |
% |
|
TRADING PERFORMANCE |
|
|
|
|
|
|
|
|
Profit Before Tax |
0.20 |
0 |
0.20 |
17.65 |
0.17 |
-10,00 |
2.00 |
|
Return on capital employed |
1.52 |
-3.18 |
1.57 |
11.35 |
1.41 |
39,00 |
-96.10 |
|
Return on total assets employed |
0.43 |
7.50 |
0.40 |
-20.0 |
0.50 |
-292,00 |
0.15 |
|
Return on net assets employed |
2.29 |
2.23 |
2.24 |
-2.18 |
2.29 |
26,00 |
-91.19 |
|
Sales / net working capital |
7.99 |
-0.25 |
8.01 |
-9.70 |
8.87 |
64,00 |
-99 |
|
Stock turnover ratio |
7.97 |
-33.03 |
11.90 |
300 |
2.97 |
88,00 |
-90.94 |
|
Debtor days |
134.58 |
14.55 |
117.49 |
7.76 |
109.03 |
148,00 |
-9.07 |
|
Creditor days SHORT TERM STABILITY |
62.45 |
-14.76 |
73.26 |
126 |
32.30 |
192,00 |
-67.47 |
|
Current ratio |
1.39 |
3.73 |
1.34 |
-11.84 |
1.52 |
6,00 |
-87.36 |
|
Liquidity ratio / acid ratio |
1.14 |
11.76 |
1.02 |
-26.09 |
1.38 |
4,00 |
-71.50 |
|
Current debt ratio |
3.81 |
-7.75 |
4.13 |
37.21 |
3.01 |
11,00 |
-65.36 |
|
Liquidity ratio reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
LONG TERM STABILITY |
|
|
|
|
|
|
|
|
Gearing |
230.30 |
5.94 |
217.39 |
-7.63 |
235.34 |
259,00 |
-11.08 |
|
Equity in percentage |
18.78 |
4.39 |
17.99 |
-16.60 |
21.57 |
-3.364,00 |
0.56 |
|
Total debt ratio |
4.33 |
-5.04 |
4.56 |
25.27 |
3.64 |
12,00 |
-63.92 |
Activity code 46761
Activity description Wholesale of diamonds
and other precious stones
Payment expectation days 62.45
Day sales outstanding 134.58
Payment expectations
Company result 62.45
Lower 126.89
Median 76.39
Upper 45.69
Company result 134.58
Lower 105.52
Median
55.26
Upper 26.47
|
Day sales outstanding |
|
|
Company result |
134.58 |
|
Lower |
106.72 |
|
Median |
55.71 |
|
Upper |
26.51 |
Minority Shareholders
No minority shareholders found
Minority Interests
No minority interests found
|
Forename |
Rakesh Girdharlal |
Middle
name |
- |
|
Surname |
Gajera |
|
|
|
SHAREHOLDER DETAILS |
|
|
|
|
Start date |
05/10/2011(estimated) |
End date |
- |
|
Street name |
Van Eycklei |
House
number |
45 |
|
Minor town |
- |
Postal
town |
Antwerpen |
|
Post code |
2018 |
Country |
Belgium |
|
SHAREHOLDER NAME |
|||
|
Forename |
Girdharbhai |
Middle
name |
- |
|
Surname |
Gajera |
|
|
|
SHAREHOLDER DETAILS |
|
|
|
|
Start date |
29/09/1998 |
End date |
- |
|
Percentage owned - |
|||
|
SHAREHOLDER ADDRESS |
|||
|
Street name |
Van Eycklei |
House
number |
45 |
|
Minor town |
- |
Postal
town |
Antwerpen |
|
Post code |
2018 |
Country |
Belgium |
|
SHAREHOLDER NAME |
|||
|
Forename |
Shaileshkumar |
Middle
name |
- |
|
Surname |
Gajera |
|
|
|
SHAREHOLDER DETAILS |
|
|
|
|
Start date |
29/09/1998 |
End date |
- |
|
Percentage owned – |
|||
|
SHAREHOLDER ADDRESS |
|||
|
Street name |
- |
House
number |
- |
|
Minor town |
- |
Postal
town |
- |
|
Post code |
- |
Country |
- |
|
SHAREHOLDER NAME |
|||
|
Forename |
Lalithbhai |
Middle
name |
- |
|
Surname |
Bhardia |
|
|
|
SHAREHOLDER DETAILS |
|
|
|
|
Start date |
29/09/1998 |
End date |
- |
|
Percentage owned - |
|||
|
SHAREHOLDER ADDRESS |
|||
|
Street name |
- |
House
number |
- |
|
Minor town |
- |
Postal
town |
- |
|
Post code |
- |
Country |
- |
Business number 436733986
There is no bankruptcy data against this company
Legal event type Social Security
Summons
Legal event sub type
Event date 08/01/2013 Secondary event
date
Court number Registry
body identfier
Court type Employment Court Court name Antwerpen
3rd party name Rijksdienst voor
Sociale Zekerheid 3rd party type Summoning Party
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
-
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly diverted
borrowed money for diamond business into real estate and capital markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
-
Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
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The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
|
|
1 |
Rs.96.83 |
|
Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.