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Report Date : |
02.05.2014 |
IDENTIFICATION DETAILS
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Name : |
BNY TRUST (AUSTRALIA) REGISTRY LIMITED |
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Formerly Known as : |
PERMANENT
REGISTRY LIMITED |
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Registered Office : |
Level 2, 35
Clarence Street, Sydney, New South Wales, Zip code 2000 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2013 (Group Consolidated) 31.12.2013 (Non - Consolidated) |
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Date of Incorporation : |
30.08.1960 |
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Com. Reg. No.: |
000334636 |
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Legal Form : |
Unlisted Australian Public Company |
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Line of Business : |
· provider of corporate trust services in Australia. · Subject provides a wide range of corporate trustee and agency services to Australian-based issuers of debt. |
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No of Employees : |
51,400
employees (The Bank Of New York Mellon Corporation) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
australia ECONOMIC OVERVIEW
The Australian economy has experienced continuous growth and features
low unemployment, contained inflation, very low public debt, and a strong and
stable financial system. By 2012, Australia had experienced more than 20 years
of continued economic growth, averaging 3.5% a year. Demand for resources and
energy from Asia and especially China has grown rapidly, creating a channel for
resources investments and growth in commodity exports. The high Australian
dollar has hurt the manufacturing sector, while the services sector is the
largest part of the Australian economy, accounting for about 70% of GDP and 75%
of jobs. Australia was comparatively unaffected by the global financial crisis
as the banking system has remained strong and inflation is under control.
Australia has benefited from a dramatic surge in its terms of trade in recent
years, stemming from rising global commodity prices. Australia is a significant
exporter of natural resources, energy, and food. Australia's abundant and
diverse natural resources attract high levels of foreign investment and include
extensive reserves of coal, iron, copper, gold, natural gas, uranium, and
renewable energy sources. A series of major investments, such as the US$40
billion Gorgon Liquid Natural Gas project, will significantly expand the
resources sector. Australia is an open market with minimal restrictions on
imports of goods and services. The process of opening up has increased
productivity, stimulated growth, and made the economy more flexible and
dynamic. Australia plays an active role in the World Trade Organization, APEC,
the G20, and other trade forums. Australia has bilateral free trade agreements
(FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has
a regional FTA with ASEAN and New Zealand, is negotiating agreements with
China, India, Indonesia, Japan, and the Republic of Korea, as well as with its
Pacific neighbors and the Gulf Cooperation Council countries, and is also
working on the Trans-Pacific Partnership Agreement with Brunei Darussalam,
Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and
Vietnam.
|
Source : CIA |
Verified Address
Subject name :
BNY TRUST (AUSTRALIA)
REGISTRY LIMITED
Business
address : Level 2, 35 Clarence
Street
Town : Sydney
Province : New South Wales
Zip/postal
code : 2000
Country : Australia
Tel : +61 2 95515000
Fax : +61 2 95515001
Website : www.bnymellon.com
Registered
address : Level 2, 35 Clarence Street
Town : Sydney
Province : New South Wales
Zip/postal
code : 2000
Country : Australia
Executive Summary
Date founded
or registered : 30/08/1960
Legal form : Unlisted
Australian Public Company
Chief
executive : John
William Mcgee
Issued &
paid up capital : AUD 300,000
Sales turnover
: AUD 763,107
(Non-Consolidated 12 months, 31/12/2013)
Net income : AUD 0
(Non-Consolidated 12 months, 31/12/2013)
Total fixed
assets : AUD 183,192
(Non-Consolidated 12 months, 31/12/2013)
Line of
business : Provider
of corporate trust services in Australia.
Staff employed
: 51,400 employees
(The Bank Of New York Mellon Corporation)
Credit Risk
Interpretation
Credit risk
theory : Some
indications of financial and operational stress. More caution is
recommended when considering granting credit. Smaller credits plus
loan
guarantees is an advantage. This is due to insufficient financial
data. A strict
credit control policy applies.
Company Analysis
Country risk :
Country risk
is minimal
Operation
trend : Operational
trend is declining
Management
experience : Management is
adequately experienced
Financial
performance : Financial
performance is fair
Organization
structure : Organizational
structure is stable
Detrimental : No detrimental records found
Payment
history : No payment
delays noted
Registry Data
Registration
date : 30/08/1960
Legal form : Unlisted Australian
Public Company
Registration
no Australian
Company Number: 000334636
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no
: Australian
Business Number: 88000334636
Registry
status : Live/Active
Previous name
: PERMANENT
REGISTRY LIMITED
PERMANENT NOMINEES LIMITED
PERMANENT NOMINEES PTY. LIMITED (initial)
Change of
legal form : None reported.
Key Management
Name : John William Mcgee
Designation : Managing Director
Appointments
Name : Gary Lew
Designation : Director
Appointment
date : 15/08/07
Address : Flat A2 South Bay Villas
4 South Bay Close
Repulse Bay
Hong Kong
Biography : Born on 24-05-1960 in Utah,
United States of America.
Name : John William Mcgee
Designation : Director
Appointment
date : 12/06/08
Address : 6 Porter Street
Bondi Junction, NSW 2022
Australia
Biography : Born on 12-02-1958 in Sydney,
New South Wales, Australia.
Name : Michael James Scott
Thomson
Designation : Director and Company Secretary
Appointment
date : 01/06/05
Address : 16 Glenroy Avenue
Middle Cove, NSW 2068
Australia
Biography : Born on 03-12-1969 in
Mufulira, Zambia.
Name : Marjana Cvetanoska
Designation : Alternate Director
Appointment
date : 09/05/12
Address : Unit 1, 93 Bonds Road
Peakhurst, NSW 2210
Australia
Biography : Born on 15-12-1977 in The
Former Yugoslav Republic Of Macedonia.
Name : Kelvyn Aik Huii Ee
Designation : Director
Appointment
date : 26/11/12
Address : 63 Station Street
Pymble, NSW 2073
Australia
Biography : Born on 11-05-1972 in
Singapore.
Staff employed
: 51,400 employees (The Bank Of
New York Mellon Corporation)
Key Advisors
Auditors : KPMG
10 Shelley Street
Sydney, NSW 2000
Australia
Composition
Authorized
Capital : AUD 300,000
No of shares :
15,000 Ordinary Shares
Share par
value : AUD 20
Issued capital
: AUD 300,000
Paid up
capital : AUD 300,000
How listed : Full List
Composition
Shareholder
name : BNY MELLON AUSTRALIA PTY
LIMITED
Address : Level 2, 35 Clarence Street
Sydney, NSW 2000
Australia
No. of shares
: 15,000 Ordinary Shares
% of shares : 100%
Structure
Name : THE BANK OF NEW YORK
MELLON CORPORATION
Affiliation
type : Ultimate
Holding Company
Address : One Wall Street
New York, NY 10286
USA
Comments :
The Bank of New York Mellon Corporation provides various
financial products and services in the United States and internationally. Its
Investment Management segment provides institutional, intermediary, retirement
and retail investment management, distribution, and related services. This
segment offers various equity, fixed income, cash, and alternative/overlay products;
and investment management, wealth and estate planning, and private banking
solutions to high-net-worth individuals and families, family offices,
charitable gift programs, endowments, and foundations. The company’s Investment
Services segment provides custody and related services, broker-dealer services,
collateral services, corporate trust and depositary receipt, and clearing
services, as well as payment/working capital solutions to financial
institutional clients. This segment’s financial solutions include custody, fund
services, securities lending, investment manager outsourcing, performance and
risk analytics, alternative investment services,
securities clearance, collateral management, corporate trust, depositary receipt
programs, cash management solutions, payment services, liquidity services and
other linked revenues, foreign exchange, clearing and execution, managed
account services, and prime brokerage solutions. This segment serves corporations,
public funds and government agencies, foundations, and endowments; financial
institutions, including banks, broker-dealers, asset managers, insurance
companies, and central banks; financial intermediaries and independent
registered investment advisors; and hedge fund managers. The company is also
involved in credit-related activities, business exits, leasing operations, and
corporate treasury activities; and the provision of global markets and
institutional banking services. The Bank of New York Mellon Corporation was founded
in 1784 and is headquartered in New York, New York.
BNY Mellon is a global investments company dedicated to
helping its clients manage and service their financial assets throughout the
investment lifecycle. Whether providing financial services for institutions,
corporations or individual investors, BNY Mellon delivers informed investment
management and investment services in 35 countries and more than 100 markets.
As of March 31, 2014, BNY Mellon had $27.9 trillion in assets under custody
and/or administration, and $1.6 trillion in assets under management. BNY Mellon
can act as a single point of contact for clients looking to create, trade,
hold, manage, service, distribute or restructure investments. BNY Mellon is the
corporate brand of The Bank of New York Mellon
Corporation (NYSE: BK).
Name : BNY MELLON AUSTRALIA
PTY LIMITED
Affiliation type : Parent Company
Address Level 2, 35 Clarence
Street
Sydney,
NSW 2000
Australia
Name : BNY TRUST COMPANY OF
AUSTRALIA LIMITED
Affiliation type : Sister Company
Address : Level 2, 35 Clarence Street
Sydney,
NSW 2000
Australia
Name : BNY MELLON
INTERNATIONAL OPERATIONS (INDIA) PRIVATE LTD
Affiliation type : Sister Company
Address : Block 3, Floor 6,
Mount-Poonamallee Road
DLF IT
Park, Nandambakkam Post
Ramapuram,
Chennai 600089
India
Name : BNY MELLON ASSET
MANAGEMENT INTERNATIONAL LIMITED
Affiliation type : Sister Company
Address : Unit 822, 8th Floor,
Winland International Finance Centre
No.7,
Financial Street, Xicheng District
Beijing
100033
China
Related companies
and corporate affiliations comments
Other companies of the The
Bank Of New York Mellon Corporation should be considered affiliated companies
of the Subject.
Bank Details
Name of bank :
The Bank of New
York
Address : Australia
Account
details : Current Account
Comments : It is generally not the policy of local banks to provide credit status information to non
related parties, however
interested parties would be advised to consult first with the Subject if banker's references are required.
Mortgages : None
reported.
Legal Fillings
Bankruptcy
fillings : None reported.
Court
judgements : None reported.
Tax liens : None reported.
Others : None reported.
Description
Source of
financial statement : Commercial
Registry Filings
Financial
statement date : 31/12/13
Type of
accounts : Full audited
Currency : Australia Dollar
(AUD)
Exchange rate
: 1 USD = AUD 1.09
as of 29-04-2014
Summarized
Financial Information
Consolidation
type : Non Consolidated Non Consolidated Group Consolidated
Currency : Australia Dollar
(AUD) Australia Dollar (AUD) US Dollar (USD)
Denomination :
(x1) One (x1) One (x1) One
Date of
financial year end : 31/12/13 31/12/12 31/12/13
Length of
accounts : 12 months 12 months 12 months
Sale turnover
/ Income : 763,107 1,408,257 11,791,000,000
Profit before
tax : 0 0 3,712,000,000
Net income : 0 0 2,192,000,000
Current assets
: 183,192 86,195 ---
Total assets :
183,192 86,195 374,310,000,000
Current
liabilities : 168,192 71,195 ---
Total
liabilities : 168,192 71,195 335,776,000,000
Share equity : 15,000 15,000 38,534,000,000
Retained earning : --- --- 15,976,000,000
Comments : The non-consolidated financial
information above relates to the Subject only.
The
group consolidated financial information above relates to the Subject's
Ultimate
Holding Company The Bank Of New York Mellon Corporation and all its
subsidiaries
which includes the Subject.
Main
activities : The
Subject provides corporate trust services in Australia. The Subject
provides a wide range of corporate trustee and agency
services to
Australian-based issuers of debt.
The Subject is ultimately owned by The Bank of New York Mellon
Corporation.
The Bank of New York Mellon Corporation provides various financial
products and services in the United States and internationally.
Its Investment Management segment
provides institutional, intermediary, retirement
and retail investment management, distribution, and related services. This
segment offers various equity, fixed income, cash, and alternative/overlay
products; and investment management, wealth and estate planning, and private
banking solutions to high-net-worth individuals and families, family offices,
charitable gift programs, endowments, and foundations. The company's Investment
Services segment provides custody and related services, broker-dealer services,
collateral services, corporate trust and depositary receipt, and clearing
services, as well as payment/working capital solutions to financial
institutional clients. This segments financial solutions include custody, fund
services, securities lending, investment manager outsourcing, performance and risk
analytics, alternative investment services, securities clearance, collateral management,
corporate trust, depositary receipt programs, cash management solutions,
payment services, liquidity services and other linked revenues, foreign
exchange, clearing and execution, managed account services, and prime brokerage
solutions. This segment serves corporations, public funds and government
agencies, foundations, and endowments; financial institutions, including banks,
broker-dealers, asset managers, insurance companies, and central banks;
financial intermediaries and independent registered investment advisors; and
hedge fund managers. The company is also involved in credit-related activities,
business exits, leasing operations, and corporate treasury activities; and the
provision of global markets and institutional banking services.
The Bank of New York Mellon
Corporation was founded in 1784 and is headquartered in New York, New York.
Product &
services : Corporate
trust services
Sales
Local : The Subject mainly
provides its services in Australia.
International
: None reported.
Key events : 24 April, 2014
BNY Mellon Said to Explore Sale of Corporate Trust Division
Bank of New York Mellon Corp. is exploring the sale of its
corporate trust
arm as it seeks to retreat from a business that has become less
profitable
since the financial crisis, people with knowledge of the matter
said.
BNY Mellon, the worlds largest custody bank, is working with
Goldman
Sachs Group Inc. (GS) to find buyers for the unit, which could fetch at least $2.5 billion, said one of the people, asking not to be identified because the matter is not public. The company has begun contacting potential buyers and is expected to begin soliciting offers in about a month, the people said. The corporate trust arm helps companies such as United Technologies Corp. and Volkswagen Financial Services Inc. process payments on debt they issue, and helps investors recover their money if companies default.
With 3,500 employees at 61 offices around the world, the unit services about $12 trillion in outstanding debt for its clients, according to BNY Mellon website.
The unit could appeal to large commercial banks that are already involved in corporate trust or interested in expanding into the market, such as Bank of America Corp., U.S. Bancorp, Wells Fargo & Co., and PNC Financial Services Group, said Marty Mosby, an analyst with Guggenheim Securities LLC.
“It is a very stable business, there is not a lot of real risk to it,” he said. Bundling Loans BNY Mellon rose almost 2 percent to $34.21 at the close in New York. The shares have gained 24 percent in the past year, giving the company a market value of $38.8 billion.
The business helping companies and investors who bundle corporate and mortgage debt has become less lucrative after the credit crisis made it more difficult to package and sell the loans. Chief Executive Officer Gerald
Hassell is selling assets and cutting costs to boost profitability.
Issuer service fees, including the corporate trust business, fell 3 percent in the first quarter, to $229 million, as pools of loans managed by its corporate trust arm matured and were not replaced, the bank reported this week.
Source: www.bloomberg.com
16 June, 2008
Trust sells stake in BNY Trust Australia
Trust Company has completed the sale of its 50 per cent interest in BNY Trust Australia (BNYTA) to its joint venture partner The Bank of New York Mellon (BNY Mellon), it announced today.
Trust sold its interest for $39.2 million before tax, which will generate an after tax profit of around $14 million.
Sweeney added that the joint venture with BNY Mellon had added significant shareholder value to shareholders of both companies.
“The business will be in good hands with BNY Mellon. The decision to sell our interest marks the end of a rewarding partnership of nearly three years,” he said.
BNYTA managing director John McGee said the company would
continue to invest and grow the business to
capitalise on the long-term prospects of the Australian marketplace.
Source: www.moneymanagement.com.au
Property &
Assets
Premises : The Subject operates from the
verified heading address consisting of an
administrative office.
Branches : None reported.
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign exchange & gold : US$ 46.714 billion
Gross domestic product - GDP : US$
1.586 trillion
GPP (Purchasing power parity) : 954.296
billion of International dollars
GDP per capita - current prices : US$
68,916
GDP - composition by sector : agriculture: 4%
industry: 25.6%
services: 70.4%
Inflation : 2010:
2.8%
2011: 3.4%
2012: 2.7%
Unemployment rate : 2010:
5.2%
2011: 5.1%
2012: 5.2%
Public debt
(General Government
gross debt as a % GDP) 2010:
20.4%
2011: 22.9%
2012: 24%
Government bond ratings : Standard
& Poors: AAA
Moodys rating: Aaa
Moodys outlook: STA
Market value of publicly traded shares
US$1.198 trillion
Largest companies in the country : Qantas
Airways (Airline),Coca-Cola Amatil (Beverages), CSL
(Biotechs), Brambles (Business & Personal Services),Crown Ltd
(Casinos & Gaming), Amcor (Containers & Packaging),Suncorp-Metway
(Diversified Insurance), BHP Billiton (Diversified Metals &
Mining),Newcrest Mining (Diversified Metals & Mining), Orica (Diversified
Metals & Mining), Iluka Resources (Diversified Metals & Mining), Origin
Energy (Electric Utilities), AGL Energy
(Electric Utilities), Wesfarmers (Food Retail), Woolworths (Food
Retail), Metcash (Food Retail), Macquarie Group (Investment services), AMP (Investment
services), Challenger Ltd (Investment services), Fortescue Metals Group (Iron
& Steel), Bluescope Steel (Iron & Steel), Commonwealth Bank (Major
Banks), Westpac Banking Group (Major Banks), National Australia Bank (Major
Banks), ANZ (Major Banks), Woodside Petroleum (Oil & Gas Operations),
Santos (Oil & Gas Operations), Caltex Australia (Oil & Gas Operations),
WorleyParsons (Oil Services & Equipment), Toll Holdings (Other
Transportation), Transurban Group (Other Transportation), QBE Insurance Group
(Property & Casualty Insurance), Insurance Australia Group (Property &
Casualty Insurance), QR National (Railroads), Westfield Group (Real Estate),
Stockland Australia (Real Estate), Westfield Retail Trust (Real Estate), Lend
Lease
(Real Estate), CFS Retail Property Trust (Real Estate), Goodman Group (Real
Estate), Bendigo & Adelaide Bank (Regional Banks), Bank of Queensland
(Regional Banks), Incitec Pivot (Specialized Chemicals), Telstra
(Telecommunications Services)
Trade &
Competitiveness Overview
Total exports : US$263.9
billion
Exports commodities : Coal,
iron ore, gold, meat, wool, alumina, wheat, machinery and
Transport equipment
Total imports : US$239.7
billion
Imports commodities : Machinery and transport equipment,
computers and office
machines, telecommunication equipment and
parts; crude oil and petroleum products
Export - major partners : China
27.4%, Japan 19.2%, South Korea 8.9%, India 5.8%
Import - major partners : China
18.5%, US 11.4%, Japan 7.9%, Singapore 6.3%,
Germany 4.7%
FDI Inflows : 2009:
US$26,554 million
2010: US$35,556 million
2011: US$41,317 million
FDI Outflows : 2009:
US$16,693 million
2010: US$12,791 million
2011: US$19,999 million
Best countries for doing business : 10
out of 185 countries
Global competitiveness ranking : 20
(ranking by country on a basis of 144, the first is the best)
Country and
Population Overview
Total population : 22.68
million
Total area : 7,692,024
km2
Capital : Canberra
Currency : Australian
dollars (AUD)
Internet users as % of total
Population 79%
Sales Term
Local : Cheque, Bank transfer
Trade Reference/
Payment Behaviour
Comments : As local and international
trade references were not supplied, the Subject's
payment track record history cannot be appropriately determined
but based
on our research, payments are believed to be met without delay.
Investigation Note
Sources : Interviews and material
provided by the Subject
`Other official and local business sources
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
|
1 |
Rs.101.45 |
|
Euro |
1 |
Rs.83.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
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.