MIRA INFORM REPORT

 

 

Report No. :

324243

Report Date :

01.06.2015

 

IDENTIFICATION DETAILS

 

Name :

ARTINIAN NV 

 

 

Registered Office :

Pelikaanstraat  62, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

20.10.1976

 

 

Com. Reg. No.:

416440301

 

 

Legal Form :

Public  Limited  Liability

 

 

Line of Business :

Subject is engaged in wholesale  of  watches  and jewellery

 

 

No. of Employee :

2

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Belgium

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

BELGIUM - ECONOMIC OVERVIEW

 

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

Source : CIA

Company name

 

ARTINIAN NV 

 

 

Company  summary

 

 

 

 

 

 

Business  number

416440301

Company  name

ARTINIAN  NV

Address

PELIKAANSTRAAT  62

 

2018 ANTWERPEN

Number  of  staff

2

Date  of  establishment

20/10/1976

Telephone  number

032315012

Fax  number

032324805

 

 

Ultimate  holding  company

 

 

Company  name

Company  Number

-

-

 

 

Commentary

 

The  business  was  established  over  38  years  ago. The  business  has  2  employees.

The  business  has  been  at  the  address  for  over  19  years. Operating  Result  in  the  latest  trading  period  decreased  29%  on  the  previous  trading  period. Pre-tax  profits  decreased  by  34%  compared  to  the  previous  trading  period. The  business  saw  a  decrease  in  their  Cash  Balance  of  47%  during  the  latest  trading  period.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

27,163,396

275,639

3,445,156

3,375,167

31/12/2012

32,369,256

422,606

3,307,529

3,258,096

31/12/2011

32,934,495

644,884

3,124,032

3,108,398

Accounts

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

9,317,019

2

750,000

221,687

31/12/2012

10,970,085

2

750,000

317,296

31/12/2011

11,829,776

2

750,000

449,764

 

Payment  expectations

 

Past  payments

 

Payment  expectation  days

71.03

Industry  average  payment

318.27

Industry  average  day  sales

504.20

expectation  days

 

outstanding

 

Day  sales  outstanding

90.55

 

 

 

 

Court  data  summary

 

BANKRUPTCY  DETAILS

Court  action  type

no

PROTESTED  BILLS

Bill  amount

-

NSSO  DETAILS

Date  of  summons

-

 

 

Company  information

 

Business  number

416440301

Company  name

ARTINIAN  NV

Fax  number

032324805

Date  founded

20/10/1976

Company  status

active

Company  type

Public  Limited  Liability

 

 

 

Company  (BE)

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2013

Activity  code

46480

Liable  for  VAT

yes

Activity  description

Wholesale  of  watches  and jewellery

VAT  Number

BE.0416.440.301  Check  VAT number

Belgian  Bullettin  of  Acts

Publications

moniteur  belge

 

 

 

 

Contractor  details

 

Registered  contractor

-

number

 

Contractor  description

-

Date  struck  off  register

 

 

 

Personnel  (NSSO  classification)

 

Code

-

Description

-

Joint  Industrial  Committee  (JIC)

 

JIC  Code

218

 

 

Description

Additional  national  joint  committee  for  the  employees

category

 

JIC  Code

324

Description

Joint  committee  for  the  industry  and  the  trade  in  diamant

category

 

 

 

Significant  Events

 

Event  Date

22/03/2010

Event  Description

re-appointment  of  director(s)

Event  Details

Commentaar  22-03-2010:  Herbenoeming  bestuurder  voor  een  periode  van  6  jaar:  Varoujean  Artinian (tevens  Gedelegeerd  Bestuurder)  en  Raffi  Artinian  (tevens  Gedelegeerd  Bestuurder).

 

 

Event  Date

22/03/2010

Event  Description

re-appointment  of  director(s)

Event  Details

Commentaar  22-03-2010:  Herbenoeming  bestuurder  voor  een  periode  van  6  jaar:  Varoujean  Artinian (tevens  Gedelegeerd  Bestuurder)  en  Raffi  Artinian  (tevens  Gedelegeerd  Bestuurder).

 

 

Company  accounts

 

Assets

 

 

 

 

 

 

 

 

 

Annual  accounts

31-12-2013

%

31-12-2012

%

31-12-2011

%

31-12-2010

%

31-12-2009

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

69,988

41.58

49,432

216

15,635

-44.12

27,977

24.43

22,484

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

65,153

66.18

39,207

614

5,486

-69.23

17,828

44.54

12,335

Land  &  building

-

-

-

-

-

-

-

-

-

Plant  &  machinery

19,681

-15.57

23,312

417

4,505

-29.58

6,397

20.99

5,288

Furniture  &  Vehicles

45,471

186

15,896

-

-

-

7,417

-

-

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

0

-

0

-100

981

-75.57

4,014

-43.04

7,047

Financial  fixed  assets

4,836

-52.71

10,225

0.75

10,149

0

10,149

0

10,149

Total  current  assets

9,247,030

-15.33

10,920,653

-7.56

11,814,141

13.61

10,398,564

12.78

9,220,179

Inventories

1,437,387

22.68

1,171,625

-41.76

2,011,616

158

779,548

36.96

569,190

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

1,437,387

22.68

1,171,625

-41.76

2,011,616

158

779,548

36.96

569,190

Other  stocks

0

-

0

-

0

-

0

-

0

Trade  debtors

6,738,722

-12.56

7,706,608

0.24

7,687,916

-0.29

7,710,227

26.73

6,083,842

Other  amounts  receivable

3,523

7.01

3,292

-29.20

4,650

-0.77

4,686

106

2,272

Cash

1,064,674

-47.76

2,038,017

-2.31

2,086,188

9.60

1,903,400

-25.79

2,564,876

Miscellaneous  current  assets

2,724

145

1,110

-95.33

23,770

3286

702

-

0

Total  Assets

9,317,019

-15.07

10,970,085

-7.27

11,829,776

13.46

10,426,541

12.81

9,242,663

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

3,445,156

4.16

3,307,529

5.87

3,124,032

8.45

2,880,626

21.40

2,372,915

Issued  share  capital

750,000

0

750,000

0

750,000

0

750,000

0

750,000

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

2,695,156

5.38

2,557,529

7.73

2,374,032

11.42

2,130,626

31.28

1,622,915

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

5,871,863

-23.37

7,662,557

-11.98

8,705,744

15.37

7,545,915

9.84

6,869,749

Other  long  term  loans

-

-

-

-

-

-

-

-

-

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

0

-

0

-

0

-

0

-

0

Current  portion  of  long  term  debt

-

-

-

-

-

-

-

-

-

Financial  debts

573,480

-29.52

813,682

27.18

639,772

37.57

465,036

-31.88

682,677

Trade  creditors

5,217,026

-22.29

6,713,656

-13.96

7,802,889

13.32

6,885,955

13.62

6,060,407

Amounts  Payable  for  Taxes,

14,690

-3.47

15,219

-75.88

63,083

2.42

61,591

31.99

46,664

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

66,667

-44.44

120,000

-40.0

200,000

50.00

133,333

66.67

80,000

Total  current  liabilities

5,871,863

-23.37

7,662,557

-11.98

8,705,744

15.37

7,545,915

9.84

6,869,749

Total  Liabilities

9,317,019

-15.07

10,970,085

-7.27

11,829,776

13.46

10,426,541

12.81

9,242,663

 

 

ratio  analysis

 

 

 

 

 

 

 

 

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

1.01

-22.90

1.31

-33.16

1.96

-30.50

2.82

129

1.23

Return  on  capital  employed

8.00

-37.40

12.78

-38.08

20.64

-37.00

32.76

160

12.60

Return  on  total  assets  employed

2.96

-23.12

3.85

-29.36

5.45

-39.78

9.05

179

3.24

Return  on  net  assets  employed

8.00

-37.40

12.78

-38.08

20.64

-37.00

32.76

160

12.60

Sales  /  net  working  capital

8.05

-19.01

9.94

-6.23

10.60

-9.56

11.72

13.57

10.32

Stock  turnover  ratio

5.29

46.13

3.62

-40.75

6.11

162

2.33

-0.85

2.35

Creditor  days

71.03

-7.63

76.90

-13.01

88.40

14.04

77.52

-16.26

92.57

Debtor  days

90.55

4.20

86.90

2.00

85.20

1.22

84.17

-8.02

91.51

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.57

9.79

1.43

5.15

1.36

-1.45

1.38

2.99

1.34

Liquidity  ratio  /  acid  ratio

1.33

4.72

1.27

12.39

1.13

-11.02

1.27

0.79

1.26

Current  debt  ratio

1.70

-26.72

2.32

-16.85

2.79

6.49

2.62

-9.66

2.90

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

221,687

-30.13

317,296

-29.45

449,764

-30.72

649,155

158

250,867

Net  worth

3,445,156

4.16

3,307,529

5.87

3,124,032

8.45

2,880,626

21.40

2,372,915

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

16.65

-32.32

24.60

20.12

20.48

26.89

16.14

-43.90

28.77

Equity  in  percentage

36.98

22.65

30.15

14.16

26.41

-4.42

27.63

7.64

25.67

Total  debt  ratio

1.70

-26.72

2.32

-16.85

2.79

6.49

2.62

-9.66

2.90

Working  capital

3,375,167

3.59

3,258,096

4.82

3,108,398

8.97

2,852,648

21.37

2,350,431

 

 

Profit  &  loss

 

 

 

 

 

 

 

 

 

Operating  Income

27,199,739

-15.98

32,373,604

-1.72

32,939,923

-1.48

33,433,777

37.77

24,267,332

Turnover

27,163,396

-16.08

32,369,256

-1.72

32,934,495

-1.49

33,433,193

37.78

24,265,852

Total  operating  expenses

26,809,795

-15.86

31,864,534

-1.10

32,218,817

-0.63

32,423,128

35.69

23,894,678

Gross  Operating  Margin

-

-

-

-

-

-

-

-

-

Operating  Charges

26,846,137

-15.76

31,868,882

-1.10

32,224,246

-0.62

32,423,713

35.69

23,896,158

Employee  costs

65,122

2.24

63,696

2.43

62,182

1.74

61,121

0.51

60,810

Wages  and  salary

54,322

3.12

52,676

2.03

51,629

4.07

49,610

-1.01

50,117

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

9,816

-3.99

10,225

5.61

9,682

-8.28

10,556

9.41

9,648

Other  employee  costs

985

23.88

795

-8.76

871

-8.78

955

-8.62

1,045

Director  remuneration

180,400

16.39

155,000

29.17

120,000

2.86

116,660

-

-

Amortization  and  depreciation

17,393

26.04

13,800

117

6,357

-21.62

8,111

-74.54

31,860

Operating  result

353,601

-29.94

504,722

-29.48

715,678

-29.15

1,010,065

172

371,174

Total  financial  income

72

-97.10

2,470

670

321

3305

9

-99

959

Total  financial  expenses

78,034

-7.75

84,586

18.94

71,114

7.16

66,361

-9.19

73,078

Results  on  ordinary  operations

275,639

-34.78

422,606

-34.47

644,884

-31.67

943,713

215

299,055

before  taxation

 

 

 

 

 

 

 

 

 

Extraordinary  Income

-

-

-

-

-

-

2,491

-

-

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

0

-

0

-

0

-100

2,491

-

0

Results  for  the  Year  Before

Taxation

275,639

-34.78

422,606

-34.47

644,884

-31.85

946,204

216

299,055

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

71,345

-40.10

119,110

-40.88

201,478

-33.98

305,160

281

80,049

Results  on  ordinary  operations

204,294

-32.69

303,496

-31.55

443,407

-30.56

638,553

191

219,006

after  taxation

 

 

 

 

 

 

 

 

 

Net  result

204,294

-32.69

303,496

-31.55

443,407

-30.83

641,044

192

219,006

Profit  (Loss)  for  the  Year  to  be

appropiated

204,294

-32.69

303,496

-31.55

443,407

-30.83

641,044

192

219,006

Dividends

66,667

-44.44

120,000

-40.0

200,000

50.00

133,333

66.67

80,000

 

 

Social  Balance  Sheet  Details

 

Social  Balance  Sheet  Details

 

 

 

 

 

 

 

Social  Balance  Sheet

 

 

Total

 

 

 

 

During  the  reporting  year

 

 

 

 

 

 

 

ended  31-12-2013

 

 

 

 

 

 

 

Full-time  Employees

 

 

2

 

 

 

 

Part-time  Employees

 

 

-

 

 

 

 

Total  Fte  Employees

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

Number  of  hours  worked

 

 

 

 

 

 

 

Full-time  Employees

 

 

3,525

 

 

 

 

Part-time  Employees

 

 

-

 

 

 

 

Total

 

 

3,525

 

 

 

 

 

 

 

 

 

 

 

 

Personnel  Charges

 

 

 

 

 

 

 

Full-time  Employees

 

 

65,122

 

 

 

 

Part-time  Employees

 

 

-

 

 

 

 

Total

 

 

65,122

 

 

 

 

 

 

 

 

 

 

 

 

Benefits  In  Addition  To  Wages

 

 

-

 

 

 

 

During  the  previous  reporting  year

 

 

 

 

 

 

 

Average  number  employees  in  Fte

 

 

2

 

 

 

 

Actual  working  hours

 

 

3,556

 

 

 

 

Personnel  Charges

 

 

63,696

 

 

 

 

Benefits  In  Addition  To  Wages

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

Type  of  Contract

Full-Time

 

Part-Time

 

 

Total  Fte

 

Unlimited  Duration

2

 

-

 

 

2

 

Contracts

 

 

 

 

 

 

 

Limited  Duration  Contracts

-

 

-

 

 

-

 

Contracts  For  Specific  Work

-

 

-

 

 

-

 

Contracts  Regarding Substitution

-

 

-

 

 

-

 

 

Gender  and  Education Level

 

Men

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

-

-

-

Higher  education  (non

-

-

-

university)

 

 

 

Higher  education

-

-

-

(university)

 

 

 

Women

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

1

-

1

Higher  education  (non

1

-

1

university)

 

 

 

Higher  education

-

-

-

(university)

 

 

 

 

 

Working  Category

Full-Time

Part-Time

Total  Fte

Management

-

-

-

White  collar  worker

2

-

2

Blue  collar  worker

-

-

-

Other

-

-

-

Temporary  personnel

 

Total

 

Average  number  of  temporary  staff

 

-

 

Actual  working  hours

 

-

 

Cost  of  temporary  staff

 

-

 

New  staff  and  leavers

Full-Time

Part-Time

Total  Fte

New  Starters

-

-

-

Leavers

-

-

-

 

 

Total  of  formal  continuing  vocational  training  initiatives

 

 

for  workers  paid  by  the  employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

Total  of  less  formal  and  informal  continuing  vocational

 

 

training  initiatives  for  workers  paid  by  the  employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

Total  of  initial  training  initiatives  at  the  expense  of  the

 

 

employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

 

 

Industry  comparison

 

Activity  code

46480

Activity  description

Wholesale  of  watches  and  jewellery

industry  average  credit

rating

61.07

Industry  average  credit  limit

7967.53

 

 

Payment  Information

 

Suspension  of  payments  /  moratorium  history

 

Amount

-

Details

-

Payment  expectations

 

Payment  expectation  days

71.03

Day  sales  outstanding

90.55

Industry  comparison

 

Activity  code

46480

Activity  description

Wholesale  of  watches  and  jewellery

Industry  average  payment

318.27

expectation  days

 

Industry  average  day  sales

504.20

outstanding

 

 

 

Industry  quartile  analysis

 

Payment  expectations

 

Company  result

71.03

Lower

127.92

Median

63.03

Upper

19.14

 

 

Day  sales  outstanding

 

Company  result

90.55

Lower

121.20

Median

55.17

Upper

21.01

 

 

Shareholder  Details

 

 

 

 

 

Summary

 

Group  -  Number  of  Companies

0

Linkages  -  Number  of  Companies

0

Number  of  Countries

0

 

Group  Structure

 

No  group  structure  for  this  company.

 

Minority  Shareholders

 

No  minority  shareholders  found

 

Minority  Interests

 

No  minority  interests  found

 

Individual  Shareholders

 

 

SHAREHOLDER  NAME

 

Forename

Yarawant

Middle  name

-

Surname

Artinian

 

 

SHAREHOLDER  DETAILS

 

 

 

Start  date

29/04/2004(estimated)

End  date

-

Percentage  owned

90%

 

 

SHAREHOLDER  ADDRESS

 

 

 

Street  name

Baillet-Latourlei

House  number

155

Minor  town

-

Postal  town

Brasschaat

Post  code

2930

Country

Belgium

SHAREHOLDER  NAME

 

 

 

Forename

Souren

Middle  name

-

Surname

Artinian

 

 

SHAREHOLDER  DETAILS

 

 

 

Start  date

29/04/2004(estimated)

End  date

-

Percentage  owned

10%

 

 

 

 

SHAREHOLDER  ADDRESS

 

Street  name

-

House  number

1223

Minor  town

-

Postal  town

-

Post  code

-

Country

Syria

 

Companies  that  match  this  address

 

no  Companies  Match  this  address

 

 

Linked  Companies

 

Summary

 

Group  -  Number  of  Companies

0

Linkages  -  Number  of  Companies

0

Number  of  Countries

0

 

 

Summons

 

there  is  no  data  for  this  company

 

 

Protested  Bills

 

there  is  no  data  for  this  company

 

 

Bankruptcy  and  other  legal  events

 

there  is  no  data  for  this  company

 

 

Director  details

 

Current  director  details

 

Name

RAFFI  ARTINIAN

Position

Managing  Director

Start  Date

07/10/2009

Street

92 LAGE  KAART  BRASSCHAAT

Post  code

2930

Country

Belgium

Position

Director

Start  Date

05/04/2004

Street

92 LAGE  KAART  BRASSCHAAT

Post  code

2930

Country

Belgium

Name

VAROUJEAN  ARTINIAN

Position

Managing  Director

Start  Date

05/04/2004

Street

155 BAILLET-LATOURLEI  BRASSCHAAT

Post  code

2930

Country

Belgium

Position

Director

Start  Date

05/04/2004

Street

155 BAILLET-LATOURLEI  BRASSCHAAT

Post  code

2930

Country

Belgium

 

 

Former  director  details

 

Name

RAFFI  ARTINIAN

Position

Principal  Manager

Start  Date

01/04/1994

End  Date

05/04/2004

Street

92 LAGE  KAART  BRASSCHAAT

Post  code

2930

Country

Belgium

Name

YARAWANT  ARTINIAN

Position

Principal  Manager

Start  Date

28/03/2004

End  Date

31/12/2010

Street

155 BAILLET-LATOURLEI  BRASSCHAAT

Post  code

2930

Country

Belgium

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.76

UK Pound

1

Rs.97.80

Euro

1

Rs.69.91

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ASH

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.