MIRA INFORM REPORT
|
Report No. : |
331472 |
|
Report Date : |
11.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
REFRESCO B.V. |
|
|
|
|
Registered Office : |
Fascinatio Boulevard 270 3065WB Rotterdam |
|
|
|
|
Country : |
Netherlands |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
20.03.2000 |
|
|
|
|
Com. Reg. No.: |
KvK-nummer: 28098370 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Financial holding [Note: We tried to confirm /
obtain the detailed activity but the same is not available from any sources] |
|
|
|
|
No. of Employee : |
Not Available |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Netherlands |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
NETHERLANDS ECONOMIC OVERVIEW
The Netherlands, the sixth-largest economy in the European Union, plays an important role as a European transportation hub, with a persistently high trade surplus, stable industrial relations, and moderate unemployment. Industry focuses on food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force but provides large surpluses for food-processing and underpins the country’s status as the world’s second largest agricultural exporter. The Netherlands is part of the Eurozone, and as such, its monetary policy is controlled by the European Central Bank. The Dutch financial sector is highly concentrated, with four commercial banks possessing over 90% of banking assets. The sector suffered as a result of the global financial crisis and required billions of dollars of government support, but the European Banking Authority completed stringent reviews in 2014 and deemed Dutch banks to be well-capitalized. To address the 2009 and 2010 economic downturns, the government sought to stimulate the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credits. The stimulus programs and bank bailouts, however, resulted in a government budget deficit of 5.3% of GDP in 2010 that contrasted sharply with a surplus of 0.7% in 2008. The government of Prime Minister Mark RUTTE has since implemented significant austerity measures to improve public finances and has instituted broad structural reforms in in key policy areas, including the labor market, the housing sector, the energy market, and the pension system. As a result, the government budget deficit at the end of 2014 dropped to 1.8% of GDP. Following a protracted recession during which unemployment doubled to 7.4% and household consumption contracted for nearly three consecutive years, the year 2014 saw fragile GDP growth of 0.8 percent and a rise in most economic indicators. Drivers of growth included increased exports and business investments, as well as newly invigorated household consumption.
|
Source
: CIA |
Summary
Company
name Refresco B.V.
Operative
address Fascinatio Boulevard 270
3065WB Rotterdam
Netherlands
Legal
form Private Company
Registration
number KvK-nummer: 28098370
VAT-number
812713679
|
Year |
2014 |
Mutation |
2013 |
Mutation |
2012 |
|
Fixed assets |
961.800.000 |
-0,19 |
963.600.000 |
36,99 |
703.400.000 |
|
Total receivables |
395.400.000 |
12,55 |
351.300.000 |
36,85 |
256.700.000 |
|
Total equity |
358.500.000 |
14,06 |
314.300.000 |
86,97 |
168.100.000 |
|
Short term liabilities |
534.400.000 |
20,44 |
443.700.000 |
33,20 |
333.100.000 |
|
Net result |
38.700.000 |
233,91 |
-28.900.000 |
-58,79 |
-18.200.000 |
|
Working capital |
146.900.000 |
-31,55 |
214.600.000 |
27,28 |
168.600.000 |
|
Quick ratio |
0,92 |
-7,07 |
0,99 |
-6,60 |
1,06 |
Contact
information
Company
name Refresco B.V.
Trade
names Refresco B.V.
Operative
address Fascinatio Boulevard 270
3065WB Rotterdam
Netherlands
Correspondence
address Postbus 8665
3009AR Rotterdam
Netherlands
Telephone
number 0104405100
Fax
number 0104405199
Email
address info@refresco.nl
Registration
Registration
number KvK-nummer: 28098370
Branch
number 000018790631
VAT-number
812713679
Status
Active
First
registration company
register
2003-07-31
Memorandum
2003-07-31
Establishment
date 2000-03-20
Legal
form Private Company
Legal
person since 2003-12-30
Last
proposed admendment 2006-12-28
Issued
placed capital EUR 3.016.906
Paid
up share capital EUR 3.016.906
Activities
SBI Financial holding (6420)
Exporter No
Importer
No
Goal
Holdings- en
financieringsactiviteiten
Relations
Shareholders
Refresco Holding B.V.
Fascinatio Boulevard 270
3065WB Rotterdam
Netherlands
Registration number: 243954140000
Percentage: 100%
Companies
on same
address Menken Dairy Food
Nederland B.V.
Registration number: 200488900001
Okil Holding B.V.
Registration number: 280805940000
Refresco Gerber N.V.
Registration number: 243954160000
Refresco Investments Coöperatief UA
Registration number: 243920360000
Refresco Holding B.V.
Registration number: 243954140000
Raven Management B.V.
Registration number: 244381070000
Barduz B.V.
Registration number: 280970640001
Refresco UK B.V.
Registration number: 589366020000
Liability statements Refresco Gerber N.V.
Fascinatio Boulevard 270
3065WB Rotterdam
Netherlands
Registration number: 243954160000
date of issue: 2011-06-08
Starting date: 2011-05-25
Management
Active
management J.H.W. Roelofs (Johannes
Henricus Wilhelmus)
Netherlands
Competence: Fully authorized
Function: Manager
Starting date: 2007-03-12
Date of birth: 1963-09-13, Tilburg, NL
Involved with the following companies
• Frisdranken Industrie Winters B.V.
Oranje Nassaulaan 44
6026BX Maarheeze
Netherlands
Registration number: 170017890000
Function: Manager
• Refresco Benelux B.V.
Oranje Nassaulaan 44
6026BX MAARHEEZE
Netherlands
Registration number: 170189900001
Function: Manager
• Refresco Holding B.V.
Fascinatio Boulevard 270
3065WB Rotterdam
Netherlands
Registration number: 243954140000
Function: Manager
• Refresco Gerber N.V.
Fascinatio Boulevard 270
3065WB Rotterdam
Netherlands
Registration number: 243954160000
Function: Manager
• Refresco Benelux B.V.
Oranje Nassaulaan 44
6026BX Maarheeze
Netherlands
Registration number: 170189900000
Function: Manager
• Hoogwegt Groep B.V.
Groningensingel 1
6835EA ARNHEM
Netherlands
Registration number: 100372510000
Function: Commissaris
A.C. Duijzer (Aart Cornelis)
Netherlands
Competence: Fully authorized
Function: Manager
Starting date: 2003-09-30
Date of birth: 1963-07-16, Kesteren, NL
Involved with the following companies
• Refresco Benelux B.V.
Oranje Nassaulaan 44
6026BX MAARHEEZE
Netherlands
Registration number: 170189900001
Function: Manager
• Refresco Holding B.V.
Fascinatio Boulevard 270
3065WB Rotterdam
Netherlands
Registration number: 243954140000
Function: Manager
• Refresco Gerber N.V.
Fascinatio Boulevard 270
3065WB Rotterdam
Netherlands
Registration number: 243954160000
Function: Manager
• Refresco Benelux B.V.
Oranje Nassaulaan 44
6026BX Maarheeze
Netherlands
Registration number: 170189900000
Function: Manager
P.W. van Meeteren (Pieter Willem)
Netherlands
Competence: Limited authorization
Function: Proxy
Starting date: 2008-06-16
Date of birth: 1964-03-17, Ede, NL
Involved with the following companies
• Refresco Holding B.V.
Fascinatio Boulevard 270
3065WB Rotterdam
Netherlands
Registration number: 243954140000
Function: Proxy
• Refresco Gerber N.V.
Fascinatio Boulevard 270
3065WB Rotterdam
Netherlands
Registration number: 243954160000
Function: Proxy
R.J.M. Teurlings (Richard Jean Maria-Anna)
Netherlands
Competence: Limited authorization
Function: Proxy
Starting date: 2007-07-30
Date of birth: 1960-02-17, Tilburg, NL
Involved with the following companies
• Refresco Holding B.V.
Fascinatio Boulevard 270
3065WB Rotterdam
Netherlands
Registration number: 243954140000
Function: Proxy
C.M.L. Michielsen (Cornelis Marcus Leonardus)
Netherlands
Competence: Limited authorization
Function: Proxy
Starting date: 2008-09-30
Date of birth: 1971-03-12, Udenhout, NL
Employees
|
Year |
2015 |
2014 |
2007 |
2006 |
2005 |
|
Total |
0 |
0 |
1210 |
964 |
1127 |
Payments
Description Overeenkomstig conditie
Key
figures
|
Year |
2014 |
2013 |
2012 |
2011 |
2010 |
|
Quick ratio |
0,92 |
0,99 |
1,06 |
1,08 |
0,65 |
|
Current ratio |
1,27 |
1,48 |
1,51 |
1,50 |
0,90 |
|
Working capital/ balance total |
0,09 |
0,13 |
0,14 |
0,14 |
-0,04 |
|
Equity / balance total |
0,22 |
0,19 |
0,14 |
0,15 |
0,00 |
|
Year |
2014 |
2013 |
2012 |
2011 |
2010 |
|
Equity / Fixed assets |
0,37 |
0,33 |
0,24 |
0,26 |
0,01 |
|
Equity / liabilities |
0,28 |
0,24 |
0,16 |
0,18 |
0,00 |
|
Balance total / liabilities |
1,28 |
1,24 |
1,16 |
1,18 |
1,03 |
|
Working capital |
146.900.000 |
214.600.000 |
168.600.000 |
180.105.000 |
-44.252.000 |
|
Equity |
358.500.000 |
314.300.000 |
168.100.000 |
188.789.000 |
4.308.000 |
|
Mutation equity |
14,06 |
86,97 |
-10,96 |
4.282,29 |
-96,40 |
|
Mutation short term liabilities |
20,44 |
33,20 |
-7,02 |
-22,90 |
90,03 |
|
Return on total assets (ROA) |
4,51 |
-0,47 |
-1,05 |
-2,04 |
1,40 |
|
Return on equity (ROE) |
20,67 |
-2,45 |
-7,50 |
-13,64 |
343,92 |
|
Gross profit margin |
|
2,39 |
2,29 |
|
|
|
Net profit margin |
|
-1,82 |
-1,18 |
|
|
|
Average collection ratio |
|
3,58 |
4,62 |
|
|
|
Average payment ratio |
|
4,52 |
5,99 |
|
|
|
Equity turnover ratio |
|
5,05 |
9,15 |
|
|
|
Total assets turnover ratio |
|
0,98 |
1,28 |
|
|
|
Fixed assets turnover ratio |
|
1,65 |
2,19 |
|
|
|
Inventory conversion ratio |
|
7,19 |
10,28 |
|
|
|
Turnover |
|
1.587.600.000 |
1.538.300.000 |
|
|
|
Operating result |
123.500.000 |
37.900.000 |
35.200.000 |
25.713.000 |
61.340.000 |
|
Net result after taxes |
38.700.000 |
-28.900.000 |
-18.200.000 |
-25.893.000 |
9.334.000 |
|
Cashflow |
|
|
|
|
63.341.000 |
|
Gross profit |
|
1.587.600.000 |
1.538.300.000 |
|
1.224.052.000 |
|
EBIT |
123.500.000 |
37.900.000 |
35.200.000 |
25.713.000 |
61.340.000 |
|
EBITDA |
|
|
|
|
115.347.000 |
Summary
The 2014 financial result structure is a postive
working captial of 146.900.000 euro, which is
in agreement with 9 % of the total assets of
the company.
The working capital has diminished with
-31.55 % compared to previous year. The ratio, with
respect to the total assets of the company
has however, declined.
The deterioration between 2013 and 2014 has
mainly been caused by an increase of the
current liabilities.
The current ratio of the company in 2014 was
1.27. When the current ratio is below 1.5, the
company may have problems meeting its short-term
obligations.
The quick ratio in 2014 of the company was
0.92. A company with a Quick Ratio of less than
1 cannot currently pay back its current
liabilities.
The 2013 financial result structure is a
postive working captial of 214.600.000 euro, which is
in agreement with 13 % of the total assets of
the company.
The working capital has increase with 27.28 %
compared to previous year. The ratio with
respect to the total assets of the company
has however, declined.
The improvement between 2012 and 2013 has mainly
been caused by a current liabilities
reduction.
The current ratio of the company in 2013 was
1.48. When the current ratio is below 1.5, the
company may have problems meeting its
short-term obligations.
The quick ratio in 2013 of the company was
0.99. A company with a Quick Ratio of less than
1 cannot currently pay back its current liabilities.
Financial
statement
Last
annual account 2014
Remark annual account The financial statements shown in the report
relate to the consolidated financial statements of the group.
Type
of annual account Consolidated
Annual
account Refresco
Gerber N.V.
Fascinatio Boulevard 270
3065WB Rotterdam
Netherlands
Registration number: 243954160000
Balance
sheet
|
Year |
2014 |
2013 |
2012 |
2011 |
2010 |
|
End date |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
Intangible fixed assets |
428.400.000 |
422.800.000 |
298.200.000 |
300.996.000 |
276.663.000 |
|
Tangible fixed assets |
523.500.000 |
525.400.000 |
391.400.000 |
412.015.000 |
351.672.000 |
|
Financial fixed assets |
9.900.000 |
15.400.000 |
13.800.000 |
11.504.000 |
13.103.000 |
|
Fixed assets |
961.800.000 |
963.600.000 |
703.400.000 |
724.515.000 |
641.438.000 |
|
Total stock |
189.300.000 |
220.900.000 |
149.700.000 |
151.730.000 |
116.712.000 |
|
Accounts receivable |
351.100.000 |
|
234.200.000 |
15.078.000 |
|
|
Other receivables |
44.300.000 |
|
22.500.000 |
281.967.000 |
|
|
Year |
2014 |
2013 |
2012 |
2011 |
2010 |
|
Total
receivables |
395.400.000 |
351.300.000 |
256.700.000 |
297.045.000 |
228.621.000 |
|
Liquid
funds |
96.600.000 |
86.100.000 |
95.300.000 |
89.589.000 |
75.086.000 |
|
Current
assets |
681.300.000 |
658.300.000 |
501.700.000 |
538.364.000 |
420.419.000 |
|
Total
assets |
1.643.100.000 |
1.621.900.000 |
1.205.100.000 |
1.262.879.000 |
1.061.857.000 |
|
Issued
capital |
|
|
|
|
4.308.000 |
|
Minority
interests |
2.800.000 |
3.600.000 |
|
|
|
|
Total
equity |
358.500.000 |
314.300.000 |
168.100.000 |
188.789.000 |
4.308.000 |
|
Provisions |
52.100.000 |
65.100.000 |
15.800.000 |
27.585.000 |
27.765.000 |
|
Long
term interest yielding debt |
695.300.000 |
795.200.000 |
688.100.000 |
688.246.000 |
|
|
Long
term liabilities |
695.300.000 |
795.200.000 |
688.100.000 |
688.246.000 |
565.113.000 |
|
Accounts
payable |
305.000.000 |
|
231.300.000 |
352.273.000 |
|
|
Other
short term liabilities |
229.400.000 |
|
101.800.000 |
5.986.000 |
|
|
Short
term liabilities |
534.400.000 |
443.700.000 |
333.100.000 |
358.259.000 |
464.671.000 |
|
Total
short and long term liabilities |
1.281.800.000 |
1.304.000.000 |
1.037.000.000 |
1.074.090.000 |
1.029.784.000 |
|
Total
liabilities |
1.643.100.000 |
1.621.900.000 |
1.205.100.000 |
1.262.879.000 |
1.061.857.000 |
Summary The total assets of the company increased
with 1.31 % between 2013 and 2014.
The total assets are entirely composed of
current assets.
The assets growth has been financed by a Net
Worth increase of 14.06 %. The company's
net increase has also covered a reduction of
-1.7 % of the company's indebtedness.
In 2014 the assets of the company were 58.54
% composed of fixed assets and 41.46 % by
current assets. The assets are being financed
by an equity of 21.82 %, and total debt of
78.18 %.
The total assets of the company increased
with 34.59 % between 2012 and 2013.
The total asset increase is retrievable in
the fixed asset growth of 36.99 %.
The asset growth has mainly been financed by
a Net Worth increase of 86.97 %. Debt,
however, grew with 25.75 %.
In 2013 the assets of the company were 59.41
% composed of fixed assets and 40.59 % by
current assets. The assets are being financed
by an equity of 19.38 %, and total debt of 80.62 %.
Profit
and loss
|
Year |
2014 |
2013 |
2012 |
2011 |
2010 |
|
Revenues |
2.036.900.000 |
1.587.900.000 |
1.538.800.000 |
1.524.177.000 |
1.223.945.000 |
|
Other operating income |
|
300.000 |
500.000 |
|
-107.000 |
|
Net turnover |
|
1.587.600.000 |
1.538.300.000 |
|
|
|
Wages and salaries |
|
|
|
|
119.131.000 |
|
Amorization and depreciation |
|
|
|
|
54.007.000 |
|
other operating costs |
|
|
|
|
259.052.000 |
|
Raw materials and consumables |
|
|
|
|
730.415.000 |
|
Operating expenses |
1.913.400.000 |
1.550.000.000 |
1.503.600.000 |
1.498.464.000 |
1.162.605.000 |
|
Operating result |
123.500.000 |
37.900.000 |
35.200.000 |
25.713.000 |
61.340.000 |
|
Financial income |
200.000 |
2.900.000 |
600.000 |
679.000 |
725.000 |
|
Financial expenses |
49.600.000 |
48.500.000 |
48.400.000 |
52.149.000 |
47.249.000 |
|
Financial result |
-49.400.000 |
-45.600.000 |
-47.800.000 |
-51.470.000 |
-46.524.000 |
|
Result on ordinary operations before taxes |
74.100.000 |
-7.700.000 |
-12.600.000 |
-25.757.000 |
14.816.000 |
|
Taxation on the result of ordinary activities |
36.300.000 |
21.100.000 |
5.600.000 |
136.000 |
5.917.000 |
|
Result of ordinary activities after taxes |
37.800.000 |
-28.800.000 |
-18.200.000 |
-25.893.000 |
8.899.000 |
|
Extraordinary income |
2.200.000 |
|
|
|
|
|
Extraordinary expense |
1.300.000 |
100.000 |
|
|
|
|
Extraordinary result after taxation |
900.000 |
-100.000 |
|
|
|
|
Net result |
38.700.000 |
-28.900.000 |
-18.200.000 |
-25.893.000 |
9.334.000 |
|
Attributable to third parties |
|
|
|
|
542.000 |
Summary
The operating result of the company grew with
225.86 % between 2013 and 2014. This
evolution implies an increase of the
company's economic profitability.
The result of these changes is an increase of
the company's Economic Profitability of
1059.57 % of the analysed period, being equal
to 2013 % in the year 2014.
The Net Result of the company decreased by
233.91 % between 2013 and 2014.
The company's Financial Profitability has
been negatively affected by the financial activities in
comparison to the EBITs behaviour. The result
of these variations is a profitability reduction
of 943.67 % of the analysed period, being
20.67 % in the year 2014.
The company's financial structure has slowed
down its financial profitability.
The turnover of the company grew with 3.2 %
between 2012 and 2013.
The operating result of the company grew with
7.67 % between 2012 and 2013. This
evolution implies an increase of the company's economic profitability.
The result of these changes is an increase of
the company's Economic Profitability of 55.24
% of the analysed period, being equal to 2012
% in the year 2013.
Despite the growth the assets turnover
decreased, whose index evolved with -23.44 % to a
level of 0.98.
The Net Result of the company increased by
-58.79 % between 2012 and 2013.
The company's Financial Profitability has
been positively affected by the financial activities in
comparison to the EBITs behaviour. The result
of these variations is a profitability increase of
67.33 % of the analysed period, being -2.45 %
in the year 2013.
The company's financial structure has slowed down its financial
profitability.
Analysis
Branch
(SBI) Manufacture of food
products (10)
Region
Groot Rotterdam
In the Netherlands 6059 of the companies are
registered with the SBI code 10
In the region Groot Rotterdam 395 of the
companies are registered with the SBI code 10
In the Netherlands 140 of the bankrupcties
are published within this sector
In the region Groot Rotterdam 8 of the bankruptcies
are published within this sector
The risk of this specific sector in the
Netherlands is normal
The risk of this specific sector in the
region Groot Rotterdam is normal
Publications
Consent
statements 20-03-2015: Voor boekjaar 2014
is een instemmingsverklaring gedeponeerd.
31-03-2014: Voor boekjaar 2013 is een
instemmingsverklaring gedeponeerd.
06-06-2013: Voor boekjaar 2012 is een
instemmingsverklaring gedeponeerd.
03-06-2013: Voor boekjaar 2012 is een
instemmingsverklaring gedeponeerd.
23-04-2012: Voor boekjaar 2011 is een instemmingsverklaring gedeponeerd.
Mergers 04-01-2012: Op 27-12-2011
fusieakte verleden. Verkrijgende rechtspersoon: Refresco B.V.,
28098370 Verdwijnende
rechtspersoon: Soft Drink International Onroerend Goed B.V.,
14041048.
20-10-2011: Op 19-10-2011 fusievoorstel
gedeponeerd. Verkrijgende rechtspersoon:
Refresco B.V., 28098370 Verdwijnende
rechtspersoon: Soft Drink International Onroerend
Goed B.V., 14041048.
Company
structure
Relations
5
Refresco
Gerber N.V.
Fascinatio
Boulevard 270
3065WB
Rotterdam
Netherlands
Registration
number: 243954160000
•
Refresco Holding B.V.
Fascinatio
Boulevard 270
3065WB
Rotterdam
Netherlands
Registration
number: 243954140000
•
Refresco B.V.
Fascinatio
Boulevard 270
3065WB
Rotterdam
Netherlands
Registration
number: 280983700000
•
Soft Drink International B.V.
Nijverheidsweg
17
6422PD
HEERLEN
Netherlands
Registration
number: 140734820000
•
Refresco Benelux B.V.
Oranje
Nassaulaan 44
6026BX
MAARHEEZE
Netherlands
Registration
number: 170189900001
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.38 |
|
|
1 |
Rs.97.65 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.