MIRA
INFORM REPORT
|
Report Date : |
11.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
OFFICINE M.T.M.
S.P.A. |
|
|
|
|
Registered Office : |
Via Andrea Palladio, 36, 30038 - Spinea (VE) |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
01.01.1976 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
·
Manufacturer of Metal Forming Machinery and Tool Machines Manufacturer of High-Technology Tube Production Equipment |
|
|
|
|
No of Employees : |
58 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Italy |
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 |
Italy ECONOMIC OVERVIEW
Italy has a diversified industrial economy, which is divided
into a developed industrial north, dominated by private companies, and a
less-developed, highly subsidized, agricultural south, where unemployment is
higher. The Italian economy is driven in large part by the manufacture of
high-quality consumer goods produced by small and medium-sized enterprises,
many of them family-owned. Italy also has a sizable underground economy, which
by some estimates accounts for as much as 17% of GDP. These activities are most
common within the agriculture, construction, and service sectors. Italy is the
third-largest economy in the euro-zone, but its exceptionally high public debt
and structural impediments to growth have rendered it vulnerable to scrutiny by
financial markets. Public debt has increased steadily since 2007, topping 133%
of GDP in 2013, but investor concerns about Italy and the broader euro-zone
crisis eased in 2013, bringing down Italy's borrowing costs on sovereign
government debt from euro-era. The government still faces pressure from
investors and European partners to sustain its efforts to address Italy's
long-standing structural impediments to growth, such as labor market
inefficiencies and widespread tax evasion. In 2013 economic growth and labor
market conditions deteriorated, with growth at -1.8% and unemployment rising to
12.4%, with youth unemployment around 40%. Italy's GDP is now 8% below its 2007
pre-crisis level.
|
Source : CIA |
Company name & address
Officine M.t.m. S.p.a.
Via Andrea Palladio, 36
30038 - Spinea (VE) -IT-
Summary
|
Fiscal Code |
: |
00578180275 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
10/04/1997 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
20.000.000/25.000.000 |
|
Number of Employees |
: |
58 |
Activity
·
Manufacturer of Metal Forming Machinery and Tool Machines
Manufacturer of High-Technology Tube Production Equipment
Legal Data
Legal Form : Joint stock company
|
Fiscal Code : 00578180275 |
|
Foreign Trade Reg. no. : VE003516 since
27/11/1991 |
|
Chamber of Commerce no. : 420067 of Padova |
|
Chamber of Commerce no. : 137135 of
Venezia since 14/04/1976 |
|
Firms' Register : VE042-12346 of Venezia
since 19/02/1996 |
|
V.A.T. Code : 00578180275 |
|
Foundation date |
: 01/01/1976 |
|
|
Establishment date |
: 01/03/1976 |
|
|
Start of Activities |
: 10/04/1997 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 500.000 |
|
|
Subscribed Capital |
: 500.000 |
|
|
Paid up Capital |
: 500.000 |
|
Members
|
|
De Sabbata |
Oreste |
|
|
|
Born in Remanzacco |
(UD) |
on 13/09/1943 |
- Fiscal Code : DSBRST43P13H229B |
|
|
|
Residence: |
|
Tarvisio |
, 14 |
- 33100 |
Udine |
(UD) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
21/05/2013 |
|
|
|
Board Chairman |
21/05/2013 |
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Manfreo |
Arnaldo |
|
|
|
Born in Mirano |
(VE) |
on 29/03/1947 |
- Fiscal Code : MNFRLD47C29F241W |
|
|
|
Residence: |
|
Pirandello |
, 14 |
- 30036 |
Santa Maria di Sala |
(VE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
21/05/2013 |
|
|
|
Managing Director |
21/05/2013 |
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests registered |
|
|
Zenerola |
Stefano |
|
|
|
Born in Udine |
(UD) |
on 14/07/1967 |
- Fiscal Code : ZNRSFN67L14L483D |
|
|
|
Residence: |
|
General A. Baldiserra |
, 21/D/7 |
- 33100 |
Udine |
(UD) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
21/05/2013 |
|
|
|
|
Liut |
Cristian Lorenzo |
|
|
|
Born in Latisana |
(UD) |
on 10/08/1977 |
- Fiscal Code : LTICST77M10E473Q |
|
|
|
Residence: |
|
Borgo |
, 27 |
- 33030 |
Varmo |
(UD) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
21/05/2013 |
|
|
|
Managing Director |
21/05/2013 |
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Atomat Holding
S.r.l. |
|
|
|
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
Companies connected to members *
*checkings have been
performed on a national scale.
In this module are listed the companies in
which members hold or have holded positions.
|
|
De Sabbata |
Oreste |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Giana S.p.a. |
Busto Arsizio (VA) - IT - |
00694990151 |
Director |
Active |
Registered |
|
Giana S.p.a. |
Busto Arsizio (VA) - IT - |
00694990151 |
Board Chairman |
Active |
Registered |
|
Atomat Holding S.r.l. |
Remanzacco (UD) - IT - |
00173000308 |
Director |
Active |
Registered |
|
Atomat Holding S.r.l. |
Remanzacco (UD) - IT - |
00173000308 |
Sole Director |
Withdrawn |
Registered |
|
Atomat Holding S.r.l. |
Remanzacco (UD) - IT - |
00173000308 |
Board Chairman |
Active |
Registered |
|
MULTICARB SRL |
Martignacco (UD) - IT - |
01463330306 |
Sole Director |
Withdrawn |
Registered |
|
Gai - S.p.a. |
Busto Arsizio (VA) - IT - |
03311760155 |
Director |
Active |
Registered |
|
Gai - S.p.a. |
Busto Arsizio (VA) - IT - |
03311760155 |
Board Chairman |
Active |
Registered |
|
Atomat Engineering Srl |
Remanzacco (UD) - IT - |
01443540305 |
Liquidator |
Withdrawn |
Ceased |
|
H.c. Rolling S.r.l. - In Liquidazione - |
Remanzacco (UD) - IT - |
01155370305 |
Liquidator |
Withdrawn |
Ceased |
|
Deca Immobiliare S.r.l. |
Udine (UD) - IT - |
02268790306 |
Sole Director |
Active |
Registered |
|
Atomat S.p.a. |
Remanzacco (UD) - IT - |
02550190306 |
Sole Director |
Active |
Registered |
|
|
Manfreo |
Arnaldo |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Consorzio Invexport |
Venezia (VE) - IT - |
02209560271 |
Vice-Chairman |
Active |
Registered |
|
Consorzio Invexport |
Venezia (VE) - IT - |
02209560271 |
Assistant board
Chairman |
Withdrawn |
Registered |
The indication "REGISTERED" as
Firm Status could refer to Firms in Liquidation, Active, Inactive, etc.
For more information, in this case, we
advise to request further investigations.
Capital Shareholders
Shareholders' list
as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Manfreo Arnaldo |
Santa Maria di Sala - IT - |
MNFRLD47C29F241W |
200.000 .Eur |
40,00 |
|
Atomat Holding S.r.l. |
|
00173000308 |
300.000 .Eur |
60,00 |
Direct Participations
The Company under review has no
participations in other Companies.
Firm's location and structure
In order to carry out its activities the
firm uses the following locations:
|
- |
Legal and
operative seat |
|
|
|
|
|
|
|
Andrea Palladio |
, 36 |
- 30038 |
- Spinea |
(VE) |
- IT - |
|
|
|
|
PHONE |
: 041/994733 |
|
|
|
|
PHONE |
: 0415089611 |
|
|
|
|
FAX |
: 041999611 |
|
- |
Branch |
|
since 01/04/2014 |
|
|
|
|
|
|
Del Lavoro |
, 27/29 |
- 35010 |
- Trebaseleghe |
(PD) |
- IT - |
|
|
|
|
Employees |
: 58 |
|
|
|
|
Assistants |
: 2 |
|
Fittings and Equipment for a value of
380.000 |
Eur |
|
Stocks for a value of 6.980.000 |
Eur |
|
Work in progress for a value of 4.490.000 |
Eur |
Trade organization: direct or by agents.
Sales area on a national scale.
Transports are mainly done using own
vehicles and third parties ones
|
|
To purchase foreign products the firm uses
the following channels :
|
- direct orders to foreign companies |
Export represents more than 50% of the
global turnover.
Products abroad are placed by :
|
- its own sales net-work |
|
- its own agents |
|
- direct orders from foreign companies |
Subject generally proposes terms of sale
between 30 and 60 days.
Main sales modalities: issue cheques and
bank transfers.
Purchase terms: 60-90-120 days.
Subject company generally settles its
engagements by issuing of
cheques and cash orders.
Export is mainly towards:
|
- France |
|
- Italy |
|
- Belgium |
Historical Information and/or Firm's Status
CHANGES TO THE
LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
General partnership |
Limited liability company |
18/12/1980 |
EX-MEMBERS /
EX-POSITIONS:
|
|
Castagnaviz |
Silvana |
|
|
|
Born in Udine |
(UD) |
on 19/12/1944 |
- Fiscal Code : CSTSVN44T59L483K |
|
|
|
Residence: |
|
Tarvisio |
, 14 |
- 33100 |
Udine |
(UD) |
- IT - |
|
Ex-Postions |
|
Director |
|
|
Ticozzi |
Ugo |
|
|
|
Born in Venezia |
(VE) |
on 04/12/1939 |
- Fiscal Code : TCZGUO39T04L736E |
|
|
|
Residence: |
|
Battaglione Framarin |
, 18 |
- 36100 |
Vicenza |
(VI) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Michieli |
Renata |
|
|
|
Born in Venezia |
(VE) |
on 08/08/1943 |
- Fiscal Code : MCHRNT43M48L736K |
|
|
|
Residence: |
|
Caneve |
, 87 |
- 30174 |
Venezia |
(VE) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Castagnoli |
Francesca |
|
|
|
Born in Pavullo nel Frignano |
(MO) |
on 03/08/1962 |
- Fiscal Code : CSTFNC62M43G393J |
|
|
|
Residence: |
|
Zampieri |
, 11 |
- 40033 |
Casalecchio di Reno |
(BO) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Leombruni |
Luciano |
|
|
|
Born in Bologna |
(BO) |
on 16/11/1965 |
- Fiscal Code : LMBLCN65S16A944X |
|
|
|
Residence: |
|
Andrea Costa |
, 228 |
- 40134 |
Bologna |
(BO) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Manfreo |
Arnaldo |
|
|
|
Born in Mirano |
(VE) |
on 29/03/1947 |
- Fiscal Code : MNFRLD47C29F241W |
|
|
|
Residence: |
|
Pirandello |
, 14 |
- 30036 |
Santa Maria di Sala |
(VE) |
- IT - |
|
Ex-Postions |
|
Board Chairman |
|
|
Pivato |
Francesco |
|
|
|
Born in Ponzano Veneto |
(TV) |
on 03/01/1940 |
- Fiscal Code : PVTFNC40A03G875X |
|
Ex-Postions |
|
Procurator |
|
Director |
|
|
Mazzola |
Angelo |
|
|
|
Born in Lugano |
( ) |
on 17/06/1949 |
|
Ex-Postions |
|
Director |
|
|
Basei |
Guido |
|
|
|
Born in Lentiai |
(BL) |
on 05/02/1947 |
- Fiscal Code : BSAGDU47B05C562D |
|
Ex-Postions |
|
Procurator |
|
|
Celidoni |
Giancarlo |
|
|
|
Born in Vigonza |
(PD) |
on 06/10/1948 |
- Fiscal Code : CLDGCR48R06L900U |
|
Ex-Postions |
|
Procurator |
Protests
Protests checking on the subject firm has
given a negative result.
Data Base Prejudicial Events
Search
Search performed on a National Scale
|
|
|
Prejudicial
Events Search Result: NEGATIVE |
Search performed on a specialized data base.
Legal Procedures
None reported, standing to the latest
received edition of the Official Publications.
Financial and Economical Analysis
Subject is active since 1997
Balance sheets for the years 2010, 2011 and
2012 were analyzed.
Under an economic point of view, profits
were registered during the last years with a r.o.e. of 10,56% in 2012 with a
remarkable upward trend (+32,8% on 2012 compared to 2011 and +5,84% on 2011
compared to 2010).
The return on Investment in the last
financial year was positive (4,69%) and in line with the sector's average.
An operating result of Eur. 880.333 has been
registered. with a -26,75% fall as against the year 2011.
During the latest financial year the gross
operating margin amounted to Eur. 1.481.067 recording a -21,03% decrease.
The financial status of the company is
fairly balanced with an indebtedness level of 2,13 but with an increase as
against the previous accounting period.
The management generated equity capital for
an amount of Eur. 5.416.892 on stable levels.
In the year 2012 total debts amounted to
Eur. 12.465.551 , with a fall of -21,42%.
Bank and suppliers credit recourse is
limited, 77,94 gg. is payment average period which is also lower than the
sector average.
The management determines a good range of
liquidity.
Credits are collected in 85,08 days on the
average. , shorter than the sector's average.
2012 financial year closed with a cash flow
of Eur. 904.187
Labour cost amounts to Eur. 3.492.512, with a
15,7% incidence on production costs. and a 15,74% incidence on sales volumes.
Financial charges have a limited incidence
(-0,5%) on sales volume.
Financial Data
|
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
22.184.150 |
|
Profit (Loss) for the period |
572.288 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
16.704.337 |
|
Profit (Loss) for the period |
772.722 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
15.782.144 |
|
Profit (Loss) for the period |
565.506 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
10.885.091 |
|
Profit (Loss) for the period |
54.406 |
Balance Sheets
From our constant monitoring of the relevant
Public Administration offices, no more recent balance sheets result to have
been filed.
|
- Balance Sheet as
at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet
as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet
as at 31/12/2010 - 12 Mesi - Currency: - Amounts x 1 |
|
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|
|
RATIOS |
Value
Type |
as at 31/12/2012 |
as at 31/12/2011 |
as at 31/12/2010 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,25 |
0,21 |
0,32 |
0,17 |
|
Elasticity Ratio |
Units |
0,75 |
0,79 |
0,68 |
0,80 |
|
Availability of stock |
Units |
0,37 |
0,30 |
0,32 |
0,27 |
|
Total Liquidity Ratio |
Units |
0,38 |
0,48 |
0,36 |
0,50 |
|
Quick Ratio |
Units |
0,04 |
0,25 |
0,03 |
0,03 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
2,13 |
2,07 |
2,13 |
3,14 |
|
Self Financing Ratio |
Units |
0,29 |
0,22 |
0,28 |
0,19 |
|
Capital protection Ratio |
Units |
0,80 |
0,74 |
0,74 |
0,68 |
|
Liabilities consolidation quotient |
Units |
0,06 |
0,07 |
0,14 |
0,18 |
|
Financing |
Units |
2,30 |
3,27 |
2,38 |
3,79 |
|
Permanent Indebtedness Ratio |
Units |
0,33 |
0,27 |
0,37 |
0,34 |
|
M/L term Debts Ratio |
Units |
0,04 |
0,05 |
0,09 |
0,09 |
|
Net Financial Indebtedness Ratio |
Units |
0,56 |
0,00 |
0,20 |
0,77 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,32 |
1,28 |
1,16 |
1,75 |
|
Current ratio |
Units |
1,15 |
1,11 |
1,09 |
1,23 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,58 |
0,68 |
0,58 |
0,78 |
|
Structure's primary quotient |
Units |
1,16 |
1,05 |
0,88 |
1,04 |
|
Treasury's primary quotient |
Units |
0,06 |
0,35 |
0,04 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
346,42 |
447,00 |
357,43 |
518,96 |
|
Current Capital ( net ) |
Value |
1.791.760 |
1.624.531 |
837.985 |
406.983 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
4,08 |
6,82 |
6,30 |
3,69 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
10,56 |
15,95 |
13,89 |
5,16 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
17,04 |
27,01 |
24,70 |
17,72 |
|
Return on Investment ( R.O.I. ) |
% |
4,69 |
5,55 |
7,71 |
3,94 |
|
Return/ Sales |
% |
3,97 |
7,20 |
7,11 |
4,48 |
|
Extra Management revenues/charges incid. |
% |
65,01 |
64,29 |
50,38 |
26,52 |
|
Cash Flow |
Value |
904.187 |
1.140.043 |
994.813 |
142.024 |
|
Operating Profit |
Value |
880.333 |
1.201.970 |
1.122.371 |
126.602 |
|
Gross Operating Margin |
Value |
1.481.067 |
1.875.578 |
1.675.091 |
241.461 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
85,08 |
78,94 |
57,37 |
116,01 |
|
Debts to suppliers average term |
Days |
77,94 |
146,26 |
146,52 |
127,79 |
|
Average stock waiting period |
Days |
113,33 |
142,06 |
106,26 |
96,89 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,18 |
0,77 |
1,08 |
1,03 |
|
Rate of stock return |
Units |
3,18 |
2,53 |
3,39 |
3,58 |
|
Labour cost incidence |
% |
15,74 |
19,34 |
19,01 |
21,20 |
|
Net financial revenues/ charges incidence |
% |
-0,50 |
0,73 |
-0,66 |
-1,00 |
|
Labour cost on purchasing expenses |
% |
15,70 |
18,56 |
21,36 |
20,95 |
|
Short-term financing charges |
% |
1,22 |
1,84 |
1,11 |
2,70 |
|
Capital on hand |
% |
84,59 |
129,64 |
92,22 |
96,90 |
|
Sales pro employee |
Value |
203.524 |
167.043 |
169.700 |
191.520 |
|
Labour cost pro employee |
Value |
32.041 |
32.301 |
32.254 |
39.641 |
Market / Territory Data
|
Population living in the province |
: |
829.418 |
|
Population living in the region |
: |
4.699.950 |
|
Number of families in the region |
: |
1.813.210 |
Monthly family expenses average in the
region (in Eur..) :
|
- per food products |
: |
456 |
|
- per non food products |
: |
2.052 |
|
- per energy consume |
: |
127 |
Sector Data
The values are calculated on a base of 45
significant companies.
The companies cash their credits on an
average of 116 dd.
The average duration of suppliers debts is about
128 dd.
The sector's profitability is on an average
of 3,69%.
The labour cost affects the turnover in the
measure of 21,20%.
Goods are held in stock in a range of 97 dd.
The difference between the sales volume and
the resources used to realize it is about 1,03.
The employees costs represent the 20,95% of
the production costs.
Statistical Detrimental Data
Statistically the trade activity shows
periods of crisis.
The area is statistically considered lowly
risky.
In the region 13.782 protested subjects are
found; in the province they count to 2.633.
The insolvency index for the region is 0,30,
, while for the province it is 0,32.
Total Bankrupt companies in the province :
2.924.
Total Bankrupt companies in the region :
16.714.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.88 |
|
UK Pound |
1 |
Rs.102.59 |
|
Euro |
1 |
Rs.81.69 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.