MIRA INFORM REPORT
|
Report No. : |
356349 |
|
Report Date : |
25.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
NUTRECO ITALY
S.P.A. |
|
|
|
|
Registered Office : |
Localita' Vignetto,17 San Zeno 37060 – Mozzecane (VR) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
21.05.1980 |
|
|
|
|
Legal Form : |
Joint Stock Company with Sole Shareholder |
|
|
|
|
Line of Business : |
Manufacture
of Animal Feeds. |
|
|
|
|
No. of Employees : |
From 51 to 70 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Italy |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
ITALY - ECONOMIC
OVERVIEW
Italy has a diversified 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 132%
of GDP in 2014, 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 tax evasion. In 2014 economic growth and labor market
conditions continued to deteriorate, with overall unemployment rising to 12.2%
and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007
pre-crisis level.
|
Source
: CIA |
Company
Name and address
NUTRECO
ITALY S.P.A.
Localita' Vignetto, 17 SAN ZENO
37060 - Mozzecane (VR) -IT-
Summary
|
Fiscal
Code |
: |
01246880239 |
|
Legal
Form |
: |
Joint
stock company with sole shareholder |
|
start
of Activities |
: |
26/01/1982 |
|
Equity |
: |
Over
2.582.254 |
|
Turnover
Range |
: |
75.000.000/100.000.000
|
|
Number
of Employees |
: |
from
51 to 70 |
Activity
Manufacture
of animal feeds
Legal
Data
Legal
Form : Joint stock company with sole shareholder
|
Fiscal
Code : 01246880239 |
|
Foreign
Trade Reg. no. : VR016463 since 27/02/1992 |
|
Foreign
Trade Reg. no. : 016463 of Verona since 27/02/1992 |
|
Chamber
of Commerce no. : 378622 of Bergamo |
|
Chamber
of Commerce no. : 131670 of Cremona |
|
Chamber
of Commerce no. : 215706 of Mantova |
|
Chamber
of Commerce no. : 170172 of Verona since 02/10/1980 |
|
Firms'
Register : VR091-13165 of Verona since 19/02/1996 |
|
V.A.T.
Code : 01246880239 |
|
Foundation
date |
:
21/05/1980 |
|
|
Establishment
date |
:
21/05/1980 |
|
|
Start
of Activities |
:
26/01/1982 |
|
|
Legal
duration |
:
31/12/2051 |
|
|
Nominal
Capital |
:
5.000.000 |
|
|
Subscribed
Capital |
:
5.000.000 |
|
|
Paid
up Capital |
:
5.000.000 |
|
Legal
mail : |
TROUWNUTRITIONITALIASPA@PEC.IT |
Members
|
|
Hendrix
S.p.a. |
|
|
Residence: |
Verona
Mantova |
-
37060 |
Mozzecane |
(VR) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Sole
partner |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
|
Busetto |
Domenico |
|
|
Born
in Padova |
(PD) |
on
13/06/1957 |
-
Fiscal Code : BSTDNC57H13G224U |
|
|
Residence: |
Leone
Pancaldo |
,
68 |
-
37138 |
Verona |
(VR) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Auditor |
25/05/2015 |
|
|
Costacurta |
Michael |
|
|
Born
in Hudson |
(
) |
on
04/12/1961 |
-
Fiscal Code : CSTMHL61T04Z404D |
|
|
Residence: |
Col.scremin |
,
9 |
-
36063 |
Marostica |
(VI) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Procurator |
19/04/2010 |
||
|
Director |
25/05/2015 |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
|
Zoccatelli |
Roberto |
|
|
Born
in Villafranca di Verona |
(VR) |
on
20/10/1959 |
-
Fiscal Code : ZCCRRT59R20L949I |
|
|
Residence: |
Centurare |
,
32/C |
-
37062 |
Villafranca
di Verona |
(VR) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Procurator |
19/04/2010 |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
|
Rossignoli |
Massimo |
|
|
Born
in Verona |
(VR) |
on
29/06/1965 |
-
Fiscal Code : RSSMSM65H29L781O |
|
|
Residence: |
Leone
Pancaldo |
,
70 |
-
37138 |
Verona |
(VR) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Auditor |
25/05/2015 |
|
|
Zaniboni |
Gianluca |
|
|
Born
in Verona |
(VR) |
on
02/08/1969 |
-
Fiscal Code : ZNBGLC69M02L781B |
|
|
Residence: |
Leone
Pancaldo |
,
70 |
-
37138 |
Verona |
(VR) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Auditor |
25/05/2015 |
|
|
De
Wildt |
Harm |
|
|
Born
in Velsen |
(
) |
on
23/10/1962 |
-
Fiscal Code : DWLHRM62R23Z186M |
|
|
Residence: |
Via
Elzenlaan |
,
10 |
-
1865 |
Bergen
Aan Zee |
-
NL - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
25/05/2015 |
||
|
Board
Chairman |
25/05/2015 |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
|
Glerum |
Maarten |
|
|
Born
in Zutphen |
(
) |
on
16/01/1962 |
-
Fiscal Code : GLRMTN62A16Z126T |
|
|
Residence: |
Mercantini |
,
12 |
-
37124 |
Verona |
(VR) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
25/05/2015 |
||
|
Procurator |
18/12/2012 |
||
|
Managing
Director |
25/05/2015 |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
|
Dal
Corso |
Giorgio |
|
|
Born
in Verona |
(VR) |
on
21/09/1983 |
-
Fiscal Code : DLCGRG83P21L781C |
|
|
Residence: |
Leone
Pancaldo |
,
68 |
-
37138 |
Verona |
(VR) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Auditor |
25/05/2015 |
|
|
Travagliati |
Elia |
|
|
Born
in Verona |
(VR) |
on
08/07/1982 |
-
Fiscal Code : TRVLEI82L08L781T |
|
|
Residence: |
Leone
Pancaldo |
,
68 |
-
37138 |
Verona |
(VR) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Auditor |
25/05/2015 |
|
|
Procopio |
Antonio |
|
|
Born
in Catanzaro |
(CZ) |
on
08/04/1977 |
-
Fiscal Code : PRCNTN77D08C352E |
|
|
Residence: |
Corte
Borgogna |
,
5-1 |
-
37066 |
Sommacampagna |
(VR) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Procurator |
28/11/2011 |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
|
Basagni |
Diana
Clio |
|
|
Born
in Bergamo |
(BG) |
on
30/10/1957 |
-
Fiscal Code : BSGDCL57R70A794T |
|
|
Residence: |
Pizzo
Coca |
,
6 |
-
24124 |
Bergamo |
(BG) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Procurator |
11/07/2012 |
|
|
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.
|
|
Hendrix
S.p.a. |
|
Firm's
Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
Cambianica
Gian Paolo eamp; Riboli Paolo S.n.c. |
-
- |
01604480168 |
Partner |
Active |
Registered |
|
Skretting
Italia S.p.a. |
Mozzecane
(VR) - IT - |
04052380237 |
Sole
partner |
Active |
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 |
|
Hendrix
S.p.a. |
Mozzecane
- IT - |
00356410233 |
100,00 |
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 |
(Factory) |
|
Vignetto |
,
17 |
-
37060 |
-
Mozzecane |
(VR) |
-
IT - |
|
Trading
Style: NORDOS |
|
Legal
mail |
:
TROUWNUTRITIONITALIASPA@PEC.IT |
|
Employees |
:
57 |
|
Assistants |
:
1 |
|
Fittings
and Equipment for a value of 1.280.000 |
Eur |
|
Stocks
for a value of 3.050.000 |
Eur |
Trade
organization: direct or by agents.
Sales
area on a national scale.
Transports
are mainly done using own vehicles and third parties ones
The
company supplies wholesalers and retailers.
Company
generally accepts payments with terms of 60/90 days.
Subject
usually collects by cash order and drafts.
Purchases
are mainly paid with terms of 30/90 days.
Subject
company generally settles its engagements by issueing of
cheques
and cash orders.
Historical Information and/or Firm's Status
CHANGES
TO THE LEGAL FORM:
|
Former
legal form |
New
legal form |
Changement
Date |
|
Limited
liability company |
Joint
stock company |
23/04/1990 |
COMPANY
STYLE MODIFICATIONS:
|
Former
Style |
New
Style |
Changement
Date |
|
Nord
ItaLIA S.R.L. |
Trouw
Nutrition Italia S.p.A. |
01/01/2002 |
CEASINGS/INCORPORATIONS/MERGES:
|
|
Project
of merging by taking over of |
|
|
|
|
Dante |
,
33 |
,
26013 |
,
Crema |
-
IT - |
|
|
Fiscal
Code: 00876040197 |
|
|
Date
|
Merging/splitting-up
project: |
18/03/2013 |
|
|
The
firm absorbed by merging of |
|
|
|
|
Dante |
,
33 |
,
26013 |
,
Crema |
-
IT - |
|
|
Fiscal
Code: 00876040197 |
|
|
Date
|
:
|
24/06/2013 |
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: |
|
|
Prejudicial
Events found with cancellations* |
Legal
Mortgage on 18/10/2007. for an amount of 7.544 Euro. Event writing-off
|
EQUITALIA NOMOS SPA |
Search
performed on a specialized data base.
*Concerns
also partially erased events.
Legal
Procedures
None
reported, standing to the latest received edition of the Official Publications.
Financial
and Economical Analysis
The
company is active since 1982
Balance
sheets for the years 2012, 2013 and 2014 were analyzed.
Under
an economic point of view, profits were registered during the last years with a
r.o.e. of 2,36% in 2014 with a stable trend in the turnover.
The
operating result was positive in the last financial year (3,46%) falling within
the field's average.
The
amount of the operating result for the year 2014 is of Eur. 979.512 showing an upward
trend 29,76% compared to the previous financial year.
The
gross operating margin of the latest financial year is of Eur. 1.964.686
showing a 21,71% growth.
The
financial status of the company is fairly balanced with an indebtedness level
of 3,6 and decreasing as against 2013.
The
equity capital is equal to Eur. 5.832.694 , unchanged if compared to 2013.
Total
indebtedness amounts to Eur. 21.049.583, showing a stable trend as opposed to
2013 (Eur. 21.329.206).
Bank
borrowings' volume is slightly high but it modestly dips into suppliers credit,
64,24 gg. is the payments' average time which is within the sector's average.
The
liquidity level is positive (1,16).
Accounts
receivable average term is high (94,19 days). but on the same levels as the
average of the sector.
As
far as the cash flow is concerned during the latest financial year it amounted
to Eur. 972.885
In
the last financial year labour cost was of Eur. 4.480.953, with a 5,69%
incidence on total costs of production. , whereas the incidence on sales
revenues is of 5,65%.
If
compared to the sales volume (-0,29%), the impact of the financial charges is
limited.
Financial
Data
|
|
Complete
balance-sheet for the year |
al
31/12/2014 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
79.305.440 |
|
Profit
(Loss) for the period |
137.711 |
|
|
Complete
balance-sheet for the year |
al
31/12/2013 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
80.291.731 |
|
Profit
(Loss) for the period |
133.955 |
|
|
Complete
balance-sheet for the year |
al
31/12/2012 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
55.270.992 |
|
Profit
(Loss) for the period |
215.733 |
|
|
Complete
balance-sheet for the year |
al
31/12/2011 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
48.531.337 |
|
Profit
(Loss) for the period |
225.464 |
|
|
Complete
balance-sheet for the year |
al
31/12/2010 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
47.091.136 |
|
Profit
(Loss) for the period |
722.005 |
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 31/12/2014 - 12 Mesi - Currency: - Amounts x 1 |
|
-
Balance Sheet as at 31/12/2013 - 12 Mesi - Currency: - Amounts x 1 |
|
-
Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1 |
|
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|
|
RATIOS |
Value
Type |
as
at 31/12/2014 |
as
at 31/12/2013 |
as
at 31/12/2012 |
Sector
Average |
|
COMPOSITION
ON INVESTMENT |
|||||
|
Rigidity
Ratio |
Units |
0,14 |
0,15 |
0,17 |
0,32 |
|
Elasticity
Ratio |
Units |
0,86 |
0,85 |
0,83 |
0,67 |
|
Availability
of stock |
Units |
0,11 |
0,11 |
0,12 |
0,09 |
|
Total
Liquidity Ratio |
Units |
0,76 |
0,74 |
0,71 |
0,51 |
|
Quick
Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,01 |
|
COMPOSITION
ON SOURCE |
|||||
|
Net
Short-term indebtedness |
Units |
3,60 |
3,74 |
3,10 |
1,76 |
|
Self
Financing Ratio |
Units |
0,21 |
0,20 |
0,23 |
0,27 |
|
Capital
protection Ratio |
Units |
0,12 |
0,10 |
0,06 |
0,65 |
|
Liabilities
consolidation quotient |
Units |
0,03 |
0,02 |
0,04 |
0,22 |
|
Financing |
Units |
3,61 |
3,75 |
3,10 |
2,28 |
|
Permanent
Indebtedness Ratio |
Units |
0,23 |
0,22 |
0,26 |
0,41 |
|
M/L
term Debts Ratio |
Units |
0,02 |
0,02 |
0,03 |
0,14 |
|
Net
Financial Indebtedness Ratio |
Units |
1,16 |
1,16 |
0,92 |
0,99 |
|
CORRELATION |
|||||
|
Fixed
assets ratio |
Units |
1,66 |
1,44 |
1,50 |
1,22 |
|
Current
ratio |
Units |
1,16 |
1,12 |
1,16 |
1,22 |
|
Acid
Test Ratio-Liquidity Ratio |
Units |
1,02 |
0,98 |
1,00 |
0,98 |
|
Structure's
primary quotient |
Units |
1,52 |
1,32 |
1,34 |
0,76 |
|
Treasury's
primary quotient |
Units |
0,00 |
0,00 |
0,00 |
0,03 |
|
Rate
of indebtedness ( Leverage ) |
% |
485,53 |
496,77 |
434,14 |
369,13 |
|
Current
Capital ( net ) |
Value |
3.410.575 |
2.623.106 |
2.743.273 |
646.078 |
|
RETURN |
|||||
|
Return
on Sales |
% |
1,23 |
1,24 |
1,65 |
3,12 |
|
Return
on Equity - Net- ( R.O.E. ) |
% |
2,36 |
2,35 |
3,88 |
5,88 |
|
Return
on Equity - Gross - ( R.O.E. ) |
% |
11,65 |
9,52 |
6,78 |
11,08 |
|
Return
on Investment ( R.O.I. ) |
% |
3,46 |
2,67 |
2,20 |
5,01 |
|
Return/
Sales |
% |
1,24 |
0,94 |
0,96 |
3,00 |
|
Extra
Management revenues/charges incid. |
% |
14,06 |
17,75 |
40,54 |
37,65 |
|
Cash
Flow |
Value |
972.885 |
993.268 |
909.597 |
373.793 |
|
Operating
Profit |
Value |
979.512 |
754.808 |
532.102 |
354.462 |
|
Gross
Operating Margin |
Value |
1.964.686 |
1.614.121 |
1.225.966 |
726.220 |
|
MANAGEMENT |
|||||
|
Credits
to clients average term |
Days |
94,19 |
90,28 |
104,30 |
91,37 |
|
Debts
to suppliers average term |
Days |
64,24 |
66,32 |
76,20 |
77,68 |
|
Average
stock waiting period |
Days |
13,84 |
13,91 |
18,11 |
17,64 |
|
Rate
of capital employed return ( Turnover ) |
Units |
2,80 |
2,84 |
2,29 |
1,70 |
|
Rate
of stock return |
Units |
26,02 |
25,87 |
19,88 |
20,38 |
|
Labour
cost incidence |
% |
5,65 |
5,11 |
6,60 |
7,07 |
|
Net
financial revenues/ charges incidence |
% |
-0,29 |
-0,27 |
-0,28 |
-1,01 |
|
Labour
cost on purchasing expenses |
% |
5,69 |
5,17 |
6,60 |
7,16 |
|
Short-term
financing charges |
% |
1,11 |
1,12 |
0,93 |
3,00 |
|
Capital
on hand |
% |
35,71 |
35,24 |
43,68 |
58,66 |
|
Sales
pro employee |
Value |
566.467 |
627.279 |
484.833 |
679.502 |
|
Labour
cost pro employee |
Value |
32.006 |
32.041 |
32.022 |
45.886 |
Remarks
1) Protests checking (relative to the last five
years) performed by crossing and matching the members names and the Firm's
Style with the reported addresses, is supplied by the Informatic Registry
managed by the Italian Chamber of Commerce. If the fiscal code is not
indicated, the eventual homonymous cases are submitted to expert staff
evaluation in order to limit wrong matching risks.
2) The Legal Data, supplied and retrived from
the Firm's Registry of the Italian Chamber of Commerce, are in line with the
last registered modifications.
3) Risk evaluation and Credit Opinion have
been performed on the base of the actual data at the moment of their
availability.
Market
/ Territory Data
|
Population
living in the province |
:
|
|
|
Population
living in the region |
:
|
|
|
Number
of families in the region |
:
|
|
Monthly
family expences average in the region (in Eur..) :
|
-
per food products |
:
|
|
|
-
per non food products |
:
|
|
|
-
per energy consume |
:
|
|
Sector
Data
The
values are calculated on a base of 160 significant companies.
The
companies cash their credits on an average of 91 dd.
The
average duration of suppliers debts is about 78 dd.
The
sector's profitability is on an average of 3,12%.
The
labour cost affects the turnover in the measure of 7,07%.
Goods
are held in stock in a range of 18 dd.
The
difference between the sales volume and the resources used to realize it is
about 1,70.
The
employees costs represent the 7,16% of the production costs.
Statistical
Detrimental Data
Statistcally
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
2.673.
The
insolvency index for the region is 0,30, , while for the province it is 0,31.
Total
Bankrupt companies in the province : 2.982.
Total
Bankrupt companies in the region : 16.714.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
ITL |
1 |
Rs.72.31 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.