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Report Date : |
23.09.2014 |
IDENTIFICATION DETAILS
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Name : |
BAHAMAS FOOD SERVICES LIMITED |
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Registered Office : |
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Country : |
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Date of Incorporation : |
1997 |
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Com. Reg. No.: |
44632C |
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Legal Form : |
Limited Company |
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Line of Business : |
The subject company engages as a wholesale distributor of food and
related products. |
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No. of Employees : |
350 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Bahamas |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
BAHAMAS - ECONOMIC OVERVIEW
The Bahamas is one of the wealthiest Caribbean countries
with an economy heavily dependent on tourism and offshore banking. Tourism together
with tourism-driven construction and manufacturing accounts for approximately
60% of GDP and directly or indirectly employs half of the archipelago's labor
force. Financial services constitute the second-most important sector of the
Bahamian economy and, when combined with business services, account for about
35% of GDP. Manufacturing and agriculture combined contribute less than a 10th
of GDP and show little growth, despite government incentives aimed at those
sectors. The economy of The Bahamas shrank at an average pace of 0.8% annually
between 2007-2011, and tourism, financial services, and construction - pillars
of the national economy - remain subdued. Conditions are improving in the
tourism sector, however, due to steady foreign investment led activity. New
resort and marina developments are likely to provide sustained employment
opportunities.
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Source
: CIA |
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IDENTIFICATION |
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Ordered as: |
BAHAMAS FOOD SERVICES LTD |
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Address in the order: |
NORTH GLADSTONE ROAD NASSAU, BAHAMAS |
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Legal Name: |
BAHAMAS FOOD SERVICES LIMITED |
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Legal Address |
Gladstone Road |
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Postal Town |
Nassau |
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Post Code |
N.A. |
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Primary Geographic Area |
N.A. |
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Country |
BS |
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Location Status |
Headquarters, |
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Operative Address |
Gladstone Road, Nassau, Bahamas |
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Mailing Address |
P.O. Box N-4401, Nassau, Bahamas |
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Telephone: |
(242) 361-2000 |
Registration Number : |
44632C |
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Fax: |
(242) 394-0282 |
Legal Form: |
Limited Company |
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Email: |
hreddy@bahamafood.com |
Registered in: |
BS |
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Website: |
www.bahamafood.com |
Date Created: |
1997 |
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MANAGERS: |
Don Carmine - General Manager |
Date Incorporated: |
June 8, 1998 |
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Staff: |
350 |
Stock: |
N.A. |
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Value: |
N.A. |
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Activity: |
Groceries and general food wholesaler |
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Management: |
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Mr. Don Carmine, General Manager Mr. Herman Reddy, Financial Controller Mr. Phil Lightbourne, Director of Operations (not verified) |
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Legal
Fillings |
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The sources consulted record no
detrimental legal or labor court information. |
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Shareholders - RELATED COMPANIES |
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Listed at the
stock exchange: |
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NO |
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Shareholders
Parent Company(ies): |
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Bahamas Food Services Limited operates as a subsidiary of Sysco
Corporation. Sysco Corporation is involved in marketing and distributing food
products to restaurants, healthcare and educational facilities, hotels and
inns, and other foodservice and hospitality businesses. The company is
headquartered in the Energy Corridor district of Houston, Texas. Sysco is also the largest non-oil related company in Houston and the
3rd largest non-oil related company in Texas (Behind AT&T and Dell). |
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Clients: |
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Customers include retail outlets, convenience stores, resorts, hotels,
private clubs, restaurants, hospitals, government facilities and related
organizations, yachts and shipboard crews. Their largest clients in the Bahamas are: Atlantis Resort & Casino
and City Markets. |
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Suppliers: |
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Their principal suppliers are located in Miami, Florida. Freedom Fresh |
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The company imports from USA. |
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The company does not export |
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Trade
References: |
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Freedom Fresh 8901 N.W. 33rd Street Suite 100 Miami, Florida 33172-1226 U.S.A Tel: +1(305) 715-5700 Fax: +1 (305) 599-2080 American Food and Produce They have been doing business with the subject since 1999. This supplier extends credit to the Subject in the amount of USD 400
000. Payments for all purchases are due at 30 days. The subject pays
regularly at 28 days. They consider the subject an excellent client. |
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PAYMENTS |
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made on a 40 days basis - monitored over the last 12 months |
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DEBT
COLLECTIONS AND PAYMENTS |
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Public |
NO |
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Payments |
REGULAR |
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RELATED
COMPANIES: |
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Tropic Seafood Ltd P.O. Box N-4401, Gladstone Road, Nassau, Bahamas Tel: (242) 361-3000 Fax: (242) 461-6150 Email: info@tropicseafood.com |
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FINANCIALS
- COMMERCIAL TRENDS AND FORECAST |
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As a private company the subject does not publish any financial
statements. |
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However our financial sources could provide us with the following
data. Those figures are estimates provided by confidential banking and
financial institutions working with the company. |
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Currency |
DATE |
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USD |
2012 |
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Turnover |
100 000 000 |
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The cash flow is |
NORMAL |
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Currency |
DATE |
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USD |
2010 |
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Turnover |
93 500 000 |
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Operating Income |
6 100 000 |
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Net Income |
5 700 000 |
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Net worth |
23 000 000 |
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Bank liabilities |
4 000 000 |
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The cash flow is |
NORMAL |
Comments on the financial data: Financial figures previous to 2010 represents
the operations of Prime Bahamas before it merged with Bahamas Food Services
Limited in 2010.
As of today, no updated financial data are available for this company for the
year 2013.
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Profitability |
N.A. |
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Indebtedness |
CONTROLLED |
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Cash |
NORMAL |
N/a
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GEOPOLITICS -
BAHAMAS |
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Commonwealth Realm -
Parliamentary system |
Currency: 100 BSD = 100.00 USD |
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BANKS |
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Name of the Bank |
FirstCaribbean International Bank |
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Comments |
This information was not verified by the company. However, it had previously
been confirmed by an agent of the company. |
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The subject was founded in 1997. The company merged with Bahamas Food Services Ltd in 2010 and is not longer
using the name Prime Bahamas Ltd instead it is using the name Bahamas Food
Services Ltd. |
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PRINCIPAL
ACTIVITY |
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The subject company engages as a wholesale distributor of food and
related products. |
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Products/Services
description: |
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The company offers: meats, poultry, seafood, produce, dairy, frozen,
beverages, canned and dry, smallwares and equipment, paper and disposables,
chemicals, automotive products, among others. |
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Sales are: |
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Wholesale |
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Brands: |
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Blue Ribbon, Frosty Acres, Ocean Soray, Sara Lee, Badia, Plume De
Veau, Island Queen, Ritz, Vitality, Tyson, McCain, Libbey, Vollrath, among
others. |
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Operations area: |
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National, Local |
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Competitors: |
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Continental Foods Co Ltd and Bahamas Palm Grove Ltd. |
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The subject employs 350 employee(s) |
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Comments on staff: |
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This information was not verified by the company. However, it had
previously been confirmed by an agent of the company. |
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LOCATION |
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Headquarters |
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Gladstone Road, Nassau, Bahamas. |
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Surface area: |
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160 000 sq ft |
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The property is: |
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Owned |
Comments on
location:
The complex consists of 4 climate controlled produce and meat refrigerated
rooms, as well as a massive, high racked, general commodity freezer.
In addition, the complex houses the entire executive, sales, and
operations staff, a fully equipped test kitchen, a meat cutting room, a
supplies and equipment showroom and the maintenance management offices.
Adjacent to the main facility is a vehicle maintenance and fueling
facility. Extensive truck and vehicle parking surrounds the storage facility
accommodating the employee and customer parking needed on a daily basis as well
as space for the delivery fleet.
The facility is self-sufficient making its own water and the
backup-power generation utilities serve to protect the perishable products
stored here in the event of an emergency.
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Branches: |
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Solomons Warehouse, East West Highway, P.O. Box SS-19097, Nassau, Bahamas Tel: (242) 677-6700 |
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RATING |
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Local credit bureau gave a good credit rate. The company is in Good Standing. This means that all local and federal
taxes were paid on due date. |
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Final Opinion |
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The subject is a medium sized company from Bahamas which has been
operating for 17 years. The company is the largest wholesale food, beverage and supplies company
in the Bahamas, selling over 4 million pounds of food & beverage products
every month. It operates a 160 000 square foot complex located on 19 acres on
New Providence island and currently employs approximately 350. It distributes well-known brands. The company also deals with a well-known bank in The Bahamas. Bahamas Food Services Limited operates as a subsidiary of Sysco
Corporation headquartered in the Energy Corridor district of Houston, Texas. The 2012 income per employee is pretty fair for the companys size. Also, our searches revealed that the payments are regular. There were no legal filings found against the company. |
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APPENDIX |
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Comments |
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We tried to speak several times with Mr. Don Carmine, General Manager,
but he was not available. We sent an email but so far we have not received any answer from him. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.79 |
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1 |
Rs.99.30 |
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Euro |
1 |
Rs.78.16 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.