|
Report No. : |
305206 |
|
Report Date : |
28.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
VIPA S.P.A. |
|
|
|
|
Registered Office : |
Via Abetone, 20/22 41012 – Carpi (MO) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
29.12.1973 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Wholesale of Furniture, Rugs and Lighting Equipment. |
|
|
|
|
No. of Employees : |
From 71 to 90 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Italy |
A2 |
A2 |
|
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
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 |
VIPA S.P.A.
Via Abetone, 20/22
41012 - Carpi (MO) -IT-
|
Fiscal Code |
: |
00007080369 |
|
Legal Form |
: |
Joint stock company |
|
Foundation Date |
: |
29/12/1973 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
25.000.000/35.000.000 |
|
Number of Employees |
: |
from 71 to 90 |
Wholesale of furniture, rugs and lighting equipment
Legal Form : Joint stock company
|
Fiscal Code : 00007080369 |
|
Foreign Trade Reg. no. : MO007110 since 08/01/1992 |
|
Foreign Trade Reg. no. : 7110 of Modena since 08/01/1992 |
|
Chamber of Commerce no. : 160574 of Modena since 30/01/1974 |
|
Chamber of Commerce no. : 193822 of Reggio Emilia |
|
Firms' Register : MO023-7266 of Modena since 19/02/1996 |
|
V.A.T. Code : 00007080369 |
|
Foundation date |
: 29/12/1973 |
|
|
Establishment date |
: 29/12/1973 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 1.033.000 |
|
|
Subscribed Capital |
: 1.033.000 |
|
|
Paid up Capital |
: 1.033.000 |
|
|
Vaccari |
Leandrina |
|
|
Born in Soliera |
(MO) |
on 12/04/1938 |
- Fiscal Code : VCCLDR38D52I802M |
|
|
Residence: |
Lenin |
, 52 |
- 41012 |
Carpi |
(MO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
28/06/2013 |
||
|
Board Chairman |
28/06/2013 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Poppi |
Paolo |
|
|
Born in Soliera |
(MO) |
on 04/01/1960 |
- Fiscal Code : PPPPLA60A04I802T |
|
|
Residence: |
Delle Querce |
, 34 |
- 41019 |
Soliera |
(MO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
28/06/2013 |
||
|
Partner |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Poppi |
Vilson |
|
|
Born in Soliera |
(MO) |
on 19/09/1955 |
- Fiscal Code : PPPVSN55P19I802M |
|
|
Residence: |
Borsellino |
, 42 |
- 42047 |
Rolo |
(RE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
28/06/2013 |
||
|
Partner |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
*Checkings have been performed on a national scale.
In this module are listed the companies in which members hold or have
holded positions.
|
|
Vaccari |
Leandrina |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Valp S.a.s. Di Vaccari Leandrina |
Carpi (MO) - IT - |
02688040365 |
General Partner |
Active |
Registered |
|
Fervit Fasteners S.p.a. |
Modena (MO) - IT - |
03282480403 |
Sole Director |
Active |
Registered |
|
Vipa Group Srl |
Carpi (MO) - IT - |
03234590366 |
Director |
Active |
Registered |
|
Vipa Group Srl |
Carpi (MO) - IT - |
03234590366 |
Board Chairman |
Active |
Registered |
|
Immobiliare Piemme S.r.l. |
Rolo (RE) - IT - |
02473620355 |
Sole Director |
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.
Shareholders' list
as at date of data collection:
|
Firm's Style /
Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Vaccari Leandrina |
Carpi - IT - |
VCCLDR38D52I802M |
516.500 .Eur |
50,00 |
|
Poppi Paolo |
Soliera - IT - |
PPPPLA60A04I802T |
516.500 .Eur |
50,00 |
|
Poppi Vilson |
Rolo - IT - |
PPPVSN55P19I802M |
516.500 .Eur |
50,00 |
The Company under review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares Amount |
% Ownership |
since |
until |
Share Status |
|
Vipa Group Srl |
Carpi - IT - |
03234590366 |
12.000 .Eur |
100,00 |
Active |
||
|
Consorzio Indipendente Per I Servizi All 'impresa |
08458740969 |
100 .Eur |
0,83 |
Active |
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
since 16/03/1981 |
|
Abetone |
, 20/22 |
- 41012 |
- Carpi |
(MO) |
- IT - |
|
PHONE |
: 059688727 |
|
PHONE |
: 0522658900 |
|
- |
Branch |
(Point of sale) |
since 08/01/2001 |
|
Cantonazzo |
, 20/23 |
- 42047 |
- Rolo |
(RE) |
- IT - |
|
- |
Branch |
(Warehouse) |
since 01/01/2008 |
|
Cantonazzo |
, SNC |
- 42047 |
- Rolo |
(RE) |
- IT - |
|
Employees |
: 73 |
|
Assistants |
: 1 |
|
Fittings and Equipment for a value of 130.000 |
Eur |
|
Stocks for a value of 8.700.000 |
Eur |
The firm operates abroad as importer / exporter..
To purchase foreign products the firm uses the following channels :
|
- direct orders to foreign companies |
Export represents up to 20% of the global turnover.
Products abroad are placed by :
|
- its own agents |
|
- direct orders from foreign companies |
Export is mainly towards:
|
- Ireland |
|
- Italy |
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
General partnership |
Joint stock company |
06/05/1998 |
COMPANY STYLE MODIFICATIONS:
|
Former Style |
New Style |
Changement Date |
|
Vipa di Poppi Adelio eamp; C. Snc |
06/05/1998 |
EX-MEMBERS / EX-POSITIONS:
|
|
Vaccari |
Leandrina |
|
|
Born in Soliera |
(MO) |
on 12/04/1938 |
- Fiscal Code : VCCLDR38D52I802M |
|
|
Residence: |
Lenin |
, 52 |
- 41012 |
Carpi |
(MO) |
- IT - |
|
Ex-Postions |
|
Partner |
|
Assistant board Chairman |
|
|
Poppi |
Paolo |
|
|
Born in Soliera |
(MO) |
on 04/01/1960 |
- Fiscal Code : PPPPLA60A04I802T |
|
|
Residence: |
Delle Querce |
, 34 |
- 41019 |
Soliera |
(MO) |
- IT - |
|
Ex-Postions |
|
Partner |
|
Partner |
|
|
Poppi |
Adelio |
|
|
Born in Soliera |
(MO) |
on 09/06/1931 |
- Fiscal Code : PPPDLA31H09I802C |
|
|
Residence: |
Lenin |
, 52 |
- 41012 |
Carpi |
(MO) |
- IT - |
|
Ex-Postions |
|
Director |
|
Board Chairman |
|
|
Poppi |
Vilson |
|
|
Born in Soliera |
(MO) |
on 19/09/1955 |
- Fiscal Code : PPPVSN55P19I802M |
|
|
Residence: |
Borsellino |
, 42 |
- 42047 |
Rolo |
(RE) |
- IT - |
|
Ex-Postions |
|
Partner |
|
|
Bergianti |
Paolo |
|
|
Born in Carpi |
(MO) |
on 25/01/1962 |
- Fiscal Code : BRGPLA62A25B819W |
|
|
Residence: |
Mazzini |
, 11 |
- 42015 |
Correggio |
(RE) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Giacon |
Giorgio |
|
|
Born in San Remo |
(IM) |
on 29/03/1946 |
- Fiscal Code : GCNGRG46C29I138A |
|
|
Residence: |
A. Lugu |
, 8 |
- 41012 |
Carpi |
(MO) |
- IT - |
|
Ex-Postions |
|
Chairman of the Board of Aud. |
|
|
Delfini |
Leonida |
|
|
Born in Carpi |
(MO) |
on 12/09/1937 |
- Fiscal Code : DLFLND37P12B819A |
|
|
Residence: |
Del Pesco |
, 27 |
- 41012 |
Carpi |
(MO) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Sala |
Aronne |
|
|
Born in Carpi |
(MO) |
on 05/03/1947 |
- Fiscal Code : SLARNN47C05B819U |
|
|
Residence: |
Malatesta |
, 3/A |
- 41012 |
Carpi |
(MO) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
CEASINGS/INCORPORATIONS/MERGES:
|
|
Project of splitting-up and tranfer into |
|
Valp S.a.s. Di
Vaccari Leandrina |
|
|
Abetone |
, 20/22 |
, 41012 |
, Carpi |
(MO) |
- IT - |
|
|
Fiscal Code: 02688040365 |
|
|
Date |
Merging/splitting-up project: |
15/10/2001 |
|
|
Splitting-up and transfer of assets to |
|
Valp S.a.s. Di
Vaccari Leandrina |
|
|
Abetone |
, 20/22 |
, 41012 |
, Carpi |
(MO) |
- IT - |
|
|
Fiscal Code: 02688040365 |
|
|
Date |
Splitting-up: |
04/03/2002 |
Protests checking on the subject firm has given a negative result.
Search performed on a National Scale
|
|
Prejudicial Events Search Result: NEGATIVE |
Search performed on a specialized data base.
None reported, standing to the latest received edition of the Official
Publications.
Subject is active since 1973
An eco-fin analysis has been made on the base od the b/s fo the years
2011, 2012 and 2013.
During the last years, it achieved profits (r.o.e. 4,46% on 2013) but
without a significant increase in the turnover.
The return on Investment in the last financial year was positive (1,01%)
and reflects the field's average.
The amount of the operating result for the year 2013 is of Eur. 395.458
with a -84,32% fall as against the year 2012.
During the latest financial year the gross operating margin amounted to
Eur. 852.822 recording a -69,08% decrease.
From a financial aspect the company's status covers total short-term
debts; the indebtedness volume in 2013 is in fact 0,25 and with an upward trend
compared to the previous year.
The equity capital is equal to Eur. 26.090.052 on stable levels.
Total debts recorded amounted to Eur. 11.907.224 (Eur. 1.010.566 of
which were m/l term debts) , a more or less stable value.
Bank and suppliers credit recourse is limited, 83,99 gg. is payment
average period which is also lower than the sector average.
The liquidity level is positive (3,06).
Trade credits average terms are slow, on average 144,02 days. and higher
than the average of the sector.
Eur. 1.421.063 is the value of cash flow during the year 2013
Labour cost amounts to Eur. 3.037.064, with a 10,84% incidence on
production costs. and a 10,69% incidence on sales volumes.
The incidence of the financial charges is of -0,61% on the sales amount.
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
28.403.549 |
|
Profit (Loss) for the period |
1.163.699 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
27.499.358 |
|
Profit (Loss) for the period |
1.789.954 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
31.166.215 |
|
Profit (Loss) for the period |
1.343.636 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
27.539.907 |
|
Profit (Loss) for the period |
3.439.870 |
|
|
Complete balance-sheet for the year |
al 31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
22.151.496 |
|
Profit (Loss) for the period |
422.777 |
From our constant monitoring of the relevant Public Administration
offices, no more recent balance sheets result to have been filed.
|
- Balance Sheet as at 31/12/2013 - 12 Mesi - Currency: - Amounts x 1 |
|
- 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 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
RATIOS |
Value Type |
as at 31/12/2013 |
as at 31/12/2012 |
as at 31/12/2011 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|||||
|
Rigidity Ratio |
Units |
0,11 |
0,08 |
0,07 |
0,09 |
|
Elasticity Ratio |
Units |
0,85 |
0,88 |
0,86 |
0,89 |
|
Availability of stock |
Units |
0,22 |
0,29 |
0,30 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,63 |
0,58 |
0,56 |
0,54 |
|
Quick Ratio |
Units |
0,11 |
0,07 |
0,03 |
0,03 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
0,25 |
0,28 |
0,42 |
3,95 |
|
Self Financing Ratio |
Units |
0,67 |
0,69 |
0,66 |
0,17 |
|
Capital protection Ratio |
Units |
0,92 |
0,89 |
0,90 |
0,62 |
|
Liabilities consolidation quotient |
Units |
0,11 |
0,13 |
0,02 |
0,10 |
|
Financing |
Units |
0,46 |
0,42 |
0,47 |
4,85 |
|
Permanent Indebtedness Ratio |
Units |
0,70 |
0,72 |
0,67 |
0,29 |
|
M/L term Debts Ratio |
Units |
0,03 |
0,03 |
0,01 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
0,08 |
0,14 |
0,28 |
1,04 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
6,15 |
8,72 |
9,44 |
2,37 |
|
Current ratio |
Units |
3,06 |
3,37 |
2,74 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
2,26 |
2,24 |
1,77 |
0,80 |
|
Structure's primary quotient |
Units |
5,87 |
8,32 |
9,35 |
1,48 |
|
Treasury's primary quotient |
Units |
0,40 |
0,26 |
0,11 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
149,39 |
145,12 |
150,74 |
602,26 |
|
Current Capital ( net ) |
Value |
22.405.074 |
22.328.374 |
19.014.835 |
191.984 |
|
RETURN |
|||||
|
Return on Sales |
% |
5,00 |
7,37 |
4,98 |
2,03 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
4,46 |
7,18 |
5,81 |
6,31 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
7,27 |
10,73 |
9,10 |
17,00 |
|
Return on Investment ( R.O.I. ) |
% |
1,01 |
6,97 |
6,52 |
4,18 |
|
Return/ Sales |
% |
1,39 |
9,17 |
7,30 |
3,46 |
|
Extra Management revenues/charges incid. |
% |
294,27 |
70,97 |
59,06 |
27,96 |
|
Cash Flow |
Value |
1.421.063 |
2.026.567 |
1.551.242 |
44.823 |
|
Operating Profit |
Value |
395.458 |
2.522.272 |
2.274.962 |
74.603 |
|
Gross Operating Margin |
Value |
852.822 |
2.758.885 |
2.482.568 |
111.383 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
144,02 |
126,45 |
129,35 |
113,70 |
|
Debts to suppliers average term |
Days |
83,99 |
68,41 |
34,77 |
118,14 |
|
Average stock waiting period |
Days |
110,21 |
138,83 |
121,90 |
72,90 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,73 |
0,76 |
0,89 |
1,25 |
|
Rate of stock return |
Units |
3,27 |
2,59 |
2,95 |
4,88 |
|
Labour cost incidence |
% |
10,69 |
10,40 |
8,94 |
8,14 |
|
Net financial revenues/ charges incidence |
% |
-0,61 |
-0,76 |
-0,67 |
-1,38 |
|
Labour cost on purchasing expenses |
% |
10,84 |
11,50 |
9,61 |
8,25 |
|
Short-term financing charges |
% |
1,63 |
2,54 |
2,31 |
2,76 |
|
Capital on hand |
% |
137,22 |
131,54 |
111,90 |
79,85 |
|
Sales pro employee |
Value |
302.165 |
308.981 |
358.232 |
397.742 |
|
Labour cost pro employee |
Value |
32.309 |
32.138 |
32.016 |
33.267 |
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.
|
Population living in the province |
: |
659.925 |
|
Population living in the region |
: |
4.151.369 |
|
Number of families in the region |
: |
1.748.359 |
Monthly family expences average in the region (in Eur..) :
|
- per food products |
: |
425 |
|
- per non food products |
: |
2.063 |
|
- per energy consume |
: |
143 |
The values are calculated on a base of 9.175 significant companies.
The companies cash their credits on an average of 114 dd.
The average duration of suppliers debts is about 118 dd.
The sector's profitability is on an average of 2,03%.
The labour cost affects the turnover in the measure of 8,14%.
Goods are held in stock in a range of 73 dd.
The difference between the sales volume and the resources used to realize
it is about 1,25.
The employees costs represent the 8,25% of the production costs.
Statistcally the trade activity shows periods of crisis.
The area is statistically considered lowly risky.
In the region 18.860 protested subjects are found; in the province they
count to 3.557.
The insolvency index for the region is 0,46, while for the province it
is 0,55.
Total Bankrupt companies in the province: 2.526.
Total Bankrupt companies in the region: 14.698.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
|
1 |
Rs.92.77 |
|
Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.