|
Report Date : |
17.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
EXELCO NV |
|
|
|
|
Registered Office : |
Pelikaanstraat 62 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
08.03.1995 |
|
|
|
|
Com. Reg. No.: |
454661071 |
|
|
|
|
Legal Form : |
Public Limited Liability Company (BE) |
|
|
|
|
LINE OF BUSINESS : |
WHOLESALE OF DIAMONDS AND OTHER
PRECIOUS STONES |
|
|
|
|
No. of Employees |
10 |
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) |
|
Belgium |
A1 |
A1 |
|
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 |
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 454661071
Company name EXELCO NV
Address PELIKAANSTRAAT
62
2018 ANTWERPEN
Number of staff 10
Date of establishment 08/03/1995
Telephone number 032322804
Fax number 032269459
|
The business was
established over 19 years ago. |
|
|
The business has 11
employees. |
|
|
The business has
been at the address for over 9 years. |
|
|
The credit rating
for this business has decreased from 90 to 82. |
|
|
The credit limit
for this business has decreased from €1800000 to €1650000. |
|
|
A 24% decline in
Total Assets occurred during the latest trading period. |
|
|
Pre-tax profits
decreased by 158% compared to the previous trading period. |
|
|
The business saw an
increase in their Cash Balance of 1322% during the latest trading period. |
|
|
DATE OF LATEST
ACCOUNTS |
TURNOVER |
PROFIT BEFORE TAX |
NET WORTH |
WORKING CAPITAL |
|
31/12/2012 |
109,042,461 |
-22,740 |
3,753,962 |
10,643,611 |
|
31/12/2011 |
94,531,890 |
39,079 |
3,821,244 |
11,819,555 |
|
DATE OF LATEST
ACCOUNTS |
BALANCE TOTAL |
NUMBER OF EMPLOYEES |
CAPITAL |
CASHFLOW |
|
31/12/2012 |
38,231,909 |
10 |
3,343,759 |
42,143 |
|
31/12/2011 |
50,370,991 |
9 |
3,409,937 |
46,164 |
|
31/12/2010 |
46,032,769 |
7 |
3,301,847 |
71,028 |
|
Past
payments |
|
Payment
expectation days |
41.79 |
|
Industry average payment expectation days |
164.01 |
Industry average day sales outstanding |
119.76 |
|
Day
sales outstanding |
60.46 |
||
|
Court
data summary |
|||
|
BANKRUPTCY
DETAILS |
|||
|
Court
action type |
no |
||
BANKRUPTCY DETAILS
Court action type
no
PROTESTED BILLS
Bill amount
-
NSSO DETAILS
Date
of summons -
|
Business
number |
454661071 |
Company
name |
EXELCO
NV |
|
Fax
number |
032269459 |
Date
founded |
08/03/1995 |
|
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.0454.661.071 |
|
Belgian
Bullettin of Acts Publications |
moniteur
belge |
|
|
|
Contractor
details |
|
|
Check Article 30 Bis |
|
Registered contractor number |
- |
|
|
|
Contractor
description |
- |
||
|
Date
struck off register |
|
||
|
Social Balance Sheet |
Total |
|||
|
During the reporting year ended 31-12-2012 |
|
|||
|
Full-time Employees |
10 |
|||
|
Part-time Employees |
1 |
|||
|
Total Fte Employees |
10 |
|||
|
|
|
|||
|
Number of hours worked |
|
|||
|
Full-time Employees |
16,940 |
|||
|
Part-time Employees |
663 |
|||
|
Total |
17,603 |
|||
|
|
|
|||
|
Personnel Charges |
|
|||
|
Full-time Employees |
337,971 |
|||
|
Part-time Employees |
10,454 |
|||
|
Total |
348,426 |
|||
|
Benefits In Addition To Wages |
- |
|||
|
|
|
|||
|
During the previous reporting year |
|
|||
|
Average number employees in Fte |
9 |
|||
|
Actual working hours |
15,510 |
|||
|
Personnel Charges |
314,707 |
|||
|
Benefits In Addition To Wages |
- |
|||
|
Type of Contract |
Full-Time |
Part-Time |
Total Fte |
|
|
Unlimited Duration
Contracts |
10 |
1 |
10 |
|
|
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 |
4 |
- |
4 |
|
|
Higher education (non
university) |
- |
- |
- |
|
|
Higher education
(university) |
- |
- |
- |
|
|
Women |
Full-Time |
Part-Time |
Total Fte |
|
|
Primary education |
- |
1 |
0 |
|
|
Secondairy education |
6 |
- |
6 |
|
|
Higher education (non
university) |
- |
- |
- |
|
|
Higher education (university) |
- |
- |
- |
|
|
|
||||
|
Working Category |
Full-Time |
Part-Time |
Total Fte |
|
|
Management |
- |
- |
- |
|
|
White collar worker |
10 |
- |
10 |
|
|
Blue collar worker |
- |
1 |
0 |
|
|
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 |
- |
- |
- |
|
|
Total of formal continuing
vocational training initiatives for workers paid by the employer |
Male |
Female |
|
|
|
Number of employees |
- |
- |
|
|
|
Number of training hours |
- |
- |
|
|
|
Net costs for enterprise |
- |
- |
|
|
|
Total of less formal and
informal continuing vocational training initiatives for workers paid by the
employer |
Male |
Female |
|
|
|
Number of employees |
- |
- |
|
|
|
Number of training hours |
- |
- |
|
|
|
Net costs for enterprise |
- |
- |
|
|
|
Total of initial training
initiatives at the expense of the employer |
Male |
Female |
|
|
|
Number of employees |
- |
- |
|
|
|
Number of training hours |
- |
- |
|
|
|
Net costs for enterprise |
- |
- |
|
|
|
Code |
- |
|
Description |
- |
|
Joint
Industrial Committee (JIC) |
|
|
JIC
Code |
218 |
|
Description |
Additional
national joint committee for the employees |
|
|
|
|
JIC
Code |
324.02 |
|
Description |
JSC
small merchandisers in the diamant industry and trade |
Significant
Events
|
Event
Date |
26/06/2006 |
|
Event
Description |
re-appointment
of director(s) |
|
Event
Details |
Commentaar
26-06-2006: De bestuurdersmandaten van Kunstler Lior, van Tolkowsky Jean-Paul
en van Weitman Emmanuel worden verlengd voor een periode van zes jaar. |
Profit & loss
|
|
Annual accounts |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
Industry average
2012 |
% |
|
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Turnover |
109,042,461 |
15.35 |
94,531,890 |
29.98 |
72,725,797 |
46,537,630 |
134 |
|
|
|
Total
operating expenses |
108,437,010 |
15.43 |
93,945,085 |
30.22 |
72,144,256 |
46,145,645 |
134 |
|
|
Operating
result |
605,451 |
3.18 |
586,805 |
0.91 |
581,541 |
147,590 |
310 |
|
|
Total
financial income |
157,264 |
28.85 |
122,049 |
-7.10 |
131,379 |
97,743 |
60.90 |
|
|
Total
financial expenses |
785,455 |
17.27 |
669,775 |
2.14 |
655,717 |
204,361 |
284 |
|
|
Results
on ordinary operations before taxation |
-22,740 |
-158 |
39,079 |
31.68 |
57,203 |
32,848 |
-169 |
|
|
Taxation |
66,787 |
109 |
31,857 |
16.59 |
38,193 |
20,918 |
219 |
|
|
Results
on ordinary operations after taxation |
-89,527 |
-1339 |
7,222 |
62.01 |
19,010 |
18,016 |
-596 |
|
|
Extraordinary
items |
93,025 |
6120 |
-1,520 |
-160 |
2,532 |
-4,395 |
2116 |
|
|
Other
appropriations |
0 |
-100 |
1 |
- |
0 |
- |
- |
|
|
Net
result |
3,498 |
38.66 |
5,703 |
73.53 |
21,542 |
13,640 |
74.35 |
|
OTHER
INFORMATION |
||||||||
|
|
Dividends |
- |
- |
- |
- |
- |
172,177 |
- |
|
|
Director
remuneration |
67,737 |
38.05 |
109,348 |
22.61 |
89,184 |
114,302 |
40.74 |
|
|
Employee
costs |
348,426 |
8.57 |
320,936 |
24.41 |
257,962 |
125,948 |
176 |
|
|
Wages and salary |
269,302 |
8.56 |
248,075 |
23.80 |
200,390 |
105,678 |
154 |
|
|
Employee pension costs |
- |
- |
- |
- |
- |
14,428 |
- |
|
|
Social security contributions |
58,479 |
10.11 |
53,112 |
24.78 |
42,566 |
26,585 |
119 |
|
|
Other employee costs |
20,646 |
4.55 |
19,748 |
31.61 |
15,005 |
4,360 |
373 |
|
|
Amortization
and depreciation |
38,645 |
-4.49 |
40,461 |
18.24 |
49,486 |
17,895 |
115 |
balance sheet
|
|
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 |
6,105 |
- |
9,673 |
- |
12,921 |
1,553 |
293 |
|
|
Tangible
fixed assets |
85,804 |
11.31 |
96,741 |
21.52 |
123,268 |
185,189 |
53.67 |
|
|
Land & building |
- |
- |
- |
- |
- |
362,988 |
- |
|
|
Plant & machinery |
55,525 |
-3.83 |
57,736 |
28.64 |
44,881 |
22,664 |
144 |
|
|
Furniture & Vehicles |
30,280 |
22.37 |
39,005 |
50.24 |
78,387 |
17,327
5,364 |
74.76 |
|
|
Leasing & Other Similar Rights |
- |
- |
- |
- |
- |
142,153
32,369 |
- |
|
|
Other tangible assets |
-1 |
- |
0 |
- |
0 |
7,634 |
-100 |
|
|
Financial
fixed assets |
959,971 |
7602 |
12,463 |
4.35 |
11,944 |
307,703 |
211 |
|
|
Total
fixed assets |
1,051,880 |
784 |
118,877 |
19.75 |
148,134 |
396,856 |
165 |
|
|
Inventories |
16,773,442 |
14.54 |
19,628,034 |
13.77 |
17,252,436 |
3,093,934 |
442 |
|
|
Raw materials & consumables |
- |
- |
- |
- |
- |
7,209,884 |
- |
|
|
Work in progress |
0 |
- |
0 |
- |
0 |
2,399 |
-100 |
|
|
Finished goods |
16,773,442 |
14.54 |
19,628,034 |
13.77 |
17,252,436 |
1,982,203 |
746 |
|
|
Other stocks |
0 |
- |
0 |
- |
0 |
571,885 |
-100 |
|
|
Trade
debtors |
18,062,211 |
36.97 |
28,658,539 |
5.70 |
27,113,762 |
4,167,122 |
333 |
|
|
Cash |
1,224,484 |
1322 |
86,086 |
33.38 |
64,541 |
226,208 |
441 |
|
|
other
amounts receivable |
943,863 |
48.82 |
1,844,376 |
29.66 |
1,422,425 |
185,906 |
407 |
|
|
Miscellaneous
current assets |
176,029 |
401 |
35,079 |
11.46 |
31,471 |
18,028 |
876 |
|
|
Total
current assets |
37,180,029 |
26.01 |
50,252,114 |
9.52 |
45,884,635 |
7,215,183 |
415 |
|
|
Total
Assets |
38,231,909 |
24.10 |
50,370,991 |
9.42 |
46,032,769 |
7,579,247 1,446,080 |
404 |
|
|
CURRENT
LIABILITIES |
|||||||
|
|
Trade
creditors |
12,415,496 |
52.19 |
25,967,213 |
9.30 |
23,757,175 |
3,040,360 |
308 |
|
|
Short
term group loans |
- |
- |
- |
- |
- |
- |
- |
|
|
Financial
debts |
13,838,802 |
12.90 |
12,257,684 |
12.71 |
10,875,320 |
4,261,350
189,666 |
224 |
|
|
Current
portion of long term debt |
- |
- |
- |
- |
- |
110,204
15,373 |
- |
|
|
Amounts Payable for
Taxes, Remuneration & Social Security |
85,058 |
46.07 |
58,232 |
15.84 |
50,271 |
9,709
- |
150 |
|
|
Miscellaneous
current liabilities |
197,062 |
31.88 |
149,430 |
163 |
56,803 |
-33.68 |
-
- |
|
|
Total
current liabilities |
26,536,418 |
30.95 |
38,432,559 |
10.63 |
34,739,569 |
5,342,128 |
396 |
|
LONG
TERM DEBTS AND LIABILITIES |
||||||||
|
|
Long
term group loans |
- |
- |
- |
- |
- |
- |
-
- |
|
|
Other
long term loans |
7,780,428 |
-4.03 |
8,107,515 |
6.83 |
7,589,240 |
607 |
-
- |
|
|
Deffered
taxes |
- |
- |
- |
- |
- |
37,626
26,358 |
- |
|
|
Provisions
for Liabilities & Charges |
0 |
- |
0 |
- |
0 |
3,184
0 |
-100 |
|
|
Other
long term liabilities |
154,996 |
- |
0 |
- |
0 |
128,672 |
20.46 |
|
|
Total
long term debts |
7,935,424 |
-2.12 |
8,107,515 |
6.83 |
7,589,240 |
559,214 |
1319 |
|
|
SHAREHOLDERS
EQUITY |
|||||||
|
|
Issued
share capital |
3,343,759 |
-1.94 |
3,409,937 |
3.27 |
3,301,847 |
943,974 |
254 |
|
|
Share premium account |
- |
- |
- |
- |
- |
109,362 |
- |
|
|
Reserves |
416,308 |
-1.11 |
420,980 |
4.69 |
402,113 |
690,619 |
39.72 |
|
|
Revaluation reserve |
- |
- |
- |
- |
- |
939,206 |
- |
|
|
Total shareholders equity |
3,760,067 |
-1.85 |
3,830,917 |
3.43 |
3,703,960 |
1,664,274 |
125 |
|
|
Working capital |
10,643,611 |
-9.95 |
11,819,555 |
6.05 |
11,145,066 |
1,873,055 |
468 |
|
|
Cashflow |
42,143 |
-8.71 |
46,164 |
35.01 |
71,028 |
28,425 |
48.26 |
|
|
Net worth |
3,753,962 |
-1.76 |
3,821,244 |
3.53 |
3,691,039 |
1,661,040 |
126 |
ratio analysis
|
|
Annual
accounts |
31-12-2012 |
change(%) |
31-12-2011 |
change(%) |
31-12-2010 |
Industry average 2012 |
|
|
|
TRADING
PERFORMANCE |
|
|
|
|
|
|
|
|
|
Profit Before Tax |
-0.02 |
-150 |
0.04 |
-50.0 |
0.08 |
-25,00 |
0.08 |
|
|
Return on capital employed |
-0.19 |
-157 |
0.33 |
-35.29 |
0.51 |
29,00 |
-100 |
|
|
Return on total assets employed |
-0.06 |
-175 |
0.08 |
-33.33 |
0.12 |
-201,00 |
0.03 |
|
|
Return on net assets employed |
-0.60 |
-158 |
1.02 |
-33.77 |
1.54 |
19,00 |
-103 |
|
|
Sales / net working capital |
10.24 |
28.00 |
8 |
22.51 |
6.53 |
45,00 |
-99 |
|
|
Stock turnover ratio |
15.38 |
-25.92 |
20.76 |
-12.48 |
23.72 |
111,00 |
-86.14 |
|
|
Debtor days |
60.46 |
-45.36 |
110.65 |
-18.69 |
136.08 |
133,00 |
-54.54 |
|
|
Creditor days |
41.79 |
-58.58 |
100.89 |
-16.06 |
120.19 |
122,00 |
-65.75 |
|
SHORT
TERM STABILITY |
||||||||
|
|
Current ratio |
1.40 |
6.87 |
1.31 |
-0.76 |
1.32 |
7,00 |
-84.44 |
|
|
Liquidity ratio / acid ratio |
0.77 |
-3.75 |
0.80 |
-2.44 |
0.82 |
4,00 |
-80.75 |
|
|
Current debt ratio |
7.06 |
-29.61 |
10.03 |
6.93 |
9.38 |
9,00 |
-21.56 |
|
|
Liquidity ratio reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
|
LONG
TERM STABILITY |
|||||||
|
|
Gearing |
574.97 |
8.16 |
531.60 |
6.64 |
498.51 |
360,00 |
59.71 |
|
|
Equity in percentage |
9.84 |
29.30 |
7.61 |
-5.47 |
8.05 |
-3.211,00 |
0.31 |
|
|
Total debt ratio |
9.17 |
-24.53 |
12.15 |
6.30 |
11.43 |
10,00 |
-8.30 |
|
Industry
comparison |
|
|
Activity
code |
46761 |
|
Activity
description |
Wholesale of
diamonds and other precious stones |
|
industry
average credit rating |
64.48 |
|
Industry
average credit limit |
140177.31 |
Suspension of payments / moratorium history
|
Amount |
- |
|
Details |
- |
|
Payment
expectations |
|
|
Payment
expectation days |
41.79 |
|
Day
sales outstanding |
60.46 |
|
Industry
comparison |
|
|
Activity
code |
46761 |
|
Activity
description |
Wholesale of
diamonds and other precious stones |
|
Industry
average payment expectation days |
164.01 |
|
Industry average
day sales outstanding |
119.76 |
|
Industry
quartile analysis |
|
|
Payment
expectations |
|
|
Company
result |
41.79 |
|
Lower |
134.34 |
|
Median |
84.60 |
|
Upper |
45.33 |
|
Day
sales outstanding |
|
|
Company
result |
60.46 |
|
Lower |
112.48 |
|
Median |
58.56 |
|
Upper |
28.09 |
Summary
|
Group
- Number of Companies |
0 |
|
Linkages
- Number of Companies |
0 |
|
Number
of Countries |
0 |
Group - Number of Companies 0
Linkages - Number of Companies 0
Number of Countries 0
Group Structure
No group structure for this company.
Minority Shareholders
No minority shareholders found
Minority Interests
No minority interests found
Summary
|
Group
- Number of Companies |
0 |
|
Linkages
- Number of Companies |
0 |
|
Number
of Countries |
0 |
Protested bills
|
Drawee
name |
- |
|
Address |
- |
|
Bill
amount |
- |
|
Bill
currency |
- |
|
Maturity
of bill |
- |
|
Name
of drawer |
- |
|
City
of drawer |
- |
|
NSSO
details |
|
|
Business
number |
454661071 |
|
Name
of defendant |
- |
|
Legal
form of defendant |
- |
|
Date
of summons |
- |
|
Labour
court |
- |
|
Bankruptcy
details |
|
Bankruptcy details
There is no bankruptcy data against this company
Bankruptcy Data
court data
there is no data for this company
Current director details
|
Name |
EMMANUEL LANDAU |
|
Position |
Director |
|
Start Date |
01/03/2012 |
|
Street |
6 CHARLOTTALEI ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
|
|
|
Name |
LIOR KUNSTLER |
|
Position |
Director |
|
Start Date |
15/06/2010 |
|
Country |
Israel |
|
|
|
|
Name |
LIOR KUNSTLER |
|
Position |
Managing Director |
|
Start Date |
15/06/2010 |
|
Country |
Israel |
|
|
|
|
Name |
EXELCO INTERNATIONAL LTD SOC.
ETRANGERE |
|
Position |
Director |
|
Start Date |
02/01/2009 |
|
Country |
Mauritius |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.01 |
|
UK Pound |
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.81.25 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.