|
Report No. : |
322261 |
|
Report Date : |
22.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
ILLINOIS TOOL WORKS INC. |
|
|
|
|
Registered Office : |
3600 W. Lake Avenue, Glenview, IL 60025 |
|
|
|
|
Country : |
United
States |
|
|
|
|
Date of Incorporation : |
19.06.1961 |
|
|
|
|
Legal Form : |
Public Company |
|
|
|
|
Line of Business : |
Manufactures a range of industrial products and equipment worldwide. |
|
|
|
|
No. of Employees : |
49,000 |
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 : |
Exist |
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) |
|
United States |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UNITED KINGDOM - ECONOMIC OVERVIEW
The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. In 2008, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 5.8% in 2013. The Bank of England (BoE) implemented an asset purchase program of �375 billion (approximately $586 billion) as of December 2014. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.8%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.
|
Source
: CIA |
Company name: ILLINOIS TOOL WORKS INC.
Headquarters: 3600 W. Lake Avenue, Glenview, IL 60025 - USA
Telephone: +1
847-724-7500
Fax: +1 847-657-4261
Website: www.itwinc.com
www.ehwachs.com
Corporate ID#: 0568702
State: Delaware
Judicial form: Public Company (NYSE =
ITW)
Date incorporated: 06-19-1961
Date founded: 1912
Stock: 367,691,257 shares issued and outstanding
(as
of 03-31-2015)
Value: USD
0.01= par value
Name of manager: Scott E. SANTI
Business:
Illinois Tool Works Inc. manufactures a range of industrial products and
equipment worldwide.
The company’s Transportation segment offers metal and plastic
components, fasteners, and assemblies; fluids and polymers; fillers and
putties; polyester coatings, and patch and repair products; and truck
remanufacturing and related parts and service.
The Industrial Packaging segment offers steel and plastic strapping and
related tools and equipment; plastic stretch film and related equipment; paper
and plastic products that protect goods in transit; and metal jacketing
products.
The company’s Food Equipment segment provides warewashing, cooking,
refrigeration, and food processing equipment; and kitchen exhaust, ventilation,
and pollution control systems.
The Power Systems & Electronics segment provides arc welding
equipment; metal arc welding consumables; metal solder materials for PC board
fabrication; equipment and services for microelectronics assembly; electronic
components and component packaging; and airport ground support equipment.
The company’s Construction Products segment offers anchors, fasteners,
and related fastening tools for wood, metal, and concrete applications; metal
plate truss components, and related equipment and software; and packaged
hardware and other products for retail.
The Polymers & Fluids segment provides adhesives, chemical fluids,
epoxy and resin-based coating products, hand wipes and cleaners, and
pressure-sensitive adhesives and components.
The company’s Decorative Surfaces segment offers laminate for furniture,
office and retail space, and countertops; and laminate flooring and worktops.
In addition, the company offers plastic reclosable packages and bags,
and consumables; plastic andmetal fasteners, and components; foil and film
products; product coding and marking, paint spray, and static and contamination
control equipment; and swabs and mats.
The company was founded in 1912 and is based in Glenview, Illinois.
Office
of the Foreign Assets Control (OFAC):
The company is not listed on the OFAC list.
The Specially Designated Nationals (SDN) List is a publication of OFAC
which lists individuals and organizations with whom United States citizens and
permanent residents are prohibited from doing business.
EIN: 36-1258310
Staff: 49,000
Operations & branches:
At the headquarters, we find
a large factory, warehouse and office, owned.
The Company maintains
numerous branches in the U.S.
Shareholders:
The Company is listed with the NYSE under symbol ITW.
As of 03-31-2015, 77% of the stock was held by institutional and mutual
fund owners, including:
|
Northern Trust Corporation |
9.51% |
|
State Farm Mutual Automobile Insurance Co |
6.30% |
|
Vanguard Group, Inc. (The) |
5.59% |
|
State Street Corporation |
4.33% |
|
Price (T.Rowe) Associates Inc |
2.60% |
Management:
Mr. E. Scott Santi has been the Chief Executive Officer at Illinois Tool
Works Inc. since November 2012 and as its President since October 2012.
Mr. Santi served as the Chief Operating Officer of Illinois Tool Works
Inc. from October 12, 2012 to November 18, 2012. Mr. Santi served as the
President of J & B Aviation Services Inc. He joined Illinois Tool Works
Inc. in 1983 and also served as its has been an Executive Vice President since
2004 and held various sales, marketing and general management positions with
the construction products, machined components, and welding businesses during
his 22 years with Illinois Tool Works Inc. Mr. Santi has spent his entire
career with Illinois Tool Works Inc., he joined it in 1983 as a Sales
Representative for Illinois Tool Works Inc.'s Buildex division which
manufactures fasteners for the commercial construction market.
From 1985 to 1994, Mr. Santi progressed through a series of sales and
marketing management assignments at Buildex and at ITW's Paslode division.
Since 1995, he served as General Manager of ITW's Vortec division.
He served as Vice President and General Manager of ITW's Hobart Ground
Power business since 1997, and also served as its Vice President and General
Manager for all of the Hobart Brothers businesses since 1998.
In 2002, he was promoted to Group Vice President for the Welding
Products Group, adding responsibility for ITW's welding businesses in Europe
and Asia. He served as President of the Welding Products Focus Markets Group
since 2003, and was responsible for a number of welding power source and
welding accessory divisions in North America. He served as Executive Vice
President of Power Systems & Electronics. Mr. Santi served as Vice Chairman
of Illinois Tool Works Inc. from December 2008 to October 12, 2012.
He has been a Director of W.W. Grainger, Inc. since April 2010 and
Illinois Tool Works Inc. since November 2012. He serves as a Trustee of
Manufacturers Alliance/MAPI, Inc.
Mr. Santi graduated from University of Illinois in 1983 with a B.S.
degree in Accounting and received a Masters of Management degree from The
Kellogg School of Business, Northwestern University in 1992.
Michael M. LARSEN is Sr. Vice President and CFO.
Maria C. GREEN is the Secretary.
Subsidiaries &
Partnership: Numerous subsidiaries
On April 21, 2015, Illinois Tool Works Inc. reported unaudited
consolidated earnings results for the first quarter ended March 31, 2015.
For the quarter, the company's operating revenues were $3,342 million
against $3,569 million a year ago. Operating income was $697 million against
$667 million a year ago. Income from continuing operations before income taxes
was $664 million against $612 million a year ago. Income from continuing
operations was $428 million or $1.21 diluted per share against $458 million or
$1.01 diluted per share a year ago. Net income was $458 million or $1.21
diluted per share against $473 million or $1.11 diluted per share a year ago.
Net cash provided by operating activities was $442 million against $314 million
a year ago. Free operating cash flow for the quarter was $359 million against
$246 a year ago. Annualized adjusted return on average invested capital was
19.3% against 17.2% a year ago. In the quarter, the company invested more than
$150 million in capital expenditures, restructuring and innovation programs.
The company is reducing its 2015 full-year EPS guidance by $0.15 to reflect
current exchange rates. The updated EPS range is $5.00 to $5.20, an increase of
9% at the $5.10 midpoint. Organic revenue growth for the year is projected to
be 1 to 2%, down slightly from the previous forecast due to a more challenging
capital spending environment. Operating margin is projected to exceed 21%, and
the company expects stronger margin performance to offset modestly lower
revenue expectations.
For the year, the company expects its tax rate to be in the range from
30% to 31%.
For the second quarter 2015, the company is expecting EPS to be in a
range of $1.22 to $1.30.
Organic revenue growth for the second
quarter is forecast to be 1 to 2%.
On attachment
- 10K 2014
- 1st 10Q 2015
Banks: First National Bank of Chicago
Legal filings & complaints: Several
Secured debts summary (UCC):
Numerous
Trade references:
Date reported: September 2014
High credit: USD 100,000+
Now owing: 0
Past due: 0
Last purchase: August 2014
Line of business: Office supply
Paying status: 3 days beyond terms
Date reported: September 2014
High credit: USD 60,000,000+
Now owing: 0
Past due: 0
Last purchase: August 2014
Line of business: Payroll
Paying status: As agreed
Date reported: September 2014
High credit: USD 16,000
Now owing: 0
Past due: 0
Last purchase: August 2014
Line of business: Telecommunications
Paying status: 3 days beyond terms
Domestic credit history:
Monthly Payment Trends - Recent Activity
|
Date |
Up to 30 DBT |
31-60 DBT |
61-90 DBT |
>90 DBT |
||
|
12/14 |
$1,691,600 |
88% |
8% |
3% |
1% |
0% |
|
01/15 |
$1,685,300 |
85% |
8% |
5% |
1% |
1% |
|
02/15 |
$1,703,400 |
86% |
7% |
3% |
3% |
1% |
|
03/15 |
$1,336,500 |
88% |
9% |
1% |
2% |
0% |
|
04/15 |
$1,392,000 |
90% |
7% |
1% |
2% |
0% |
|
05/15 |
$1,412,500 |
88% |
9% |
1% |
2% |
0% |
National Credit Bureaus
gave a correct credit rating.
According to our credit analysts, during the last 6 months, domestic
payments were made with an average of 2 to 5 days beyond terms.
International
credit history:
Payments of imports are currently made on terms.
Other comments:
The Company maintains its
business.
The Company is in good
standing.
This means that all local
and federal taxes were paid on due date.
Last report was filed on
09-22-2014.
The risk remains low.
Our opinion:
A business connection may
be conducted.
Standard & Poor’s
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We
have also removed both the short- and long-term ratings from CreditWatch
negative.
·
The
downgrade reflects our opinion that the fiscal consolidation plan that Congress
and the Administration recently agreed to falls short of what, in our view,
would be necessary to stabilize the government's medium-term debt dynamics.
·
More
broadly, the downgrade reflects our view that the effectiveness, stability, and
predictability of American policymaking and political institutions have
weakened at a time of ongoing fiscal and economic challenges to a degree more
than we envisioned when we assigned a negative outlook to the rating on April
18, 2011.
·
Since
then, we have changed our view of the difficulties in bridging the gulf between
the political parties over fiscal policy, which makes us pessimistic about the
capacity of Congress and the Administration to be able to leverage their
agreement this week into a broader fiscal consolidation plan that stabilizes
the government's debt dynamics any time soon.
·
The
outlook on the long-term rating is negative. We could lower the long-term
rating to 'AA' within the next two years if we see that less reduction in
spending than agreed to, higher interest rates, or new fiscal pressures during
the period result in a higher general government debt trajectory than we
currently assume in our base case.
TORONTO (Standard & Poor's) Aug. 5,
2011--Standard & Poor's Ratings Services said today that it lowered its
long-term sovereign credit rating on the United States of America to 'AA+' from
'AAA'. Standard & Poor's also said that the outlook on the long-term rating
is negative. At the same time, Standard & Poor's affirmed its 'A-1+'
short-term rating on the U.S. In addition, Standard & Poor's removed both
ratings from CreditWatch, where they were placed on July 14, 2011, with
negative implications.
The transfer and
convertibility (T&C) assessment of the U.S.--our assessment of the
likelihood of official interference in the ability of U.S.-based public- and
private-sector issuers to secure foreign exchange for
debt service--remains 'AAA'.
We lowered our long-term rating on the U.S.
because we believe that the prolonged controversy over raising the statutory
debt ceiling and the related fiscal policy debate indicate that further
near-term progress containing the growth in public spending, especially on
entitlements, or on reaching an agreement on raising revenues is less likely
than we previously assumed and will remain a contentious and fitful process. We
also believe that the fiscal consolidation plan that Congress and the
Administration agreed to this week falls short of the amount that we believe is
necessary to stabilize the general government debt burden by the middle of the
decade.
Our lowering of the rating was prompted by
our view on the rising public debt burden and our perception of greater
policymaking uncertainty, consistent with our criteria (see "Sovereign Government Rating
Methodology and Assumptions ," June 30, 2011, especially Paragraphs
36-41). Nevertheless, we view the U.S. federal government's other economic,
external, and monetary credit attributes, which form the basis for the
sovereign rating, as broadly unchanged.
We have taken the ratings off CreditWatch
because the Aug. 2 passage of the Budget Control Act Amendment of 2011 has
removed any perceived immediate threat of payment default posed by delays to
raising the government's debt ceiling. In addition, we believe that the act
provides sufficient clarity to allow us to evaluate the likely course of U.S.
fiscal policy for the next few years.
The political
brinksmanship of recent months highlights what we see as America's governance
and policymaking becoming less stable, less effective, and less predictable
than what we previously believed. The statutory debt ceiling and the threat of
default have become political bargaining chips in the debate over fiscal
policy. Despite this year's wide-ranging debate, in our view, the differences
between political parties have proven to be extraordinarily difficult to
bridge, and, as we see it, the resulting agreement fell well short of the
comprehensive fiscal consolidation program that some proponents had envisaged
until quite recently. Republicans and Democrats have only been able to agree to
relatively modest savings on discretionary spending while delegating to the
Select Committee decisions on more comprehensive measures. It appears that for
now, new revenues have dropped down on the menu of policy options. In addition,
the plan envisions only minor policy changes on Medicare and little change in
other entitlements,
the containment of which we and most other
independent observers regard as key to long-term fiscal sustainability.
Our opinion is that elected officials remain
wary of tackling the structural issues required to effectively address the
rising U.S. public debt burden in a manner consistent with a 'AAA' rating and
with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology
and Assumptions," June 30, 2011, especially Paragraphs 36-41). In our view, the
difficulty in framing a consensus on fiscal policy weakens the government's
ability to manage public finances and diverts attention from the debate over
how to achieve more balanced and dynamic economic growth in an era of fiscal
stringency and private-sector deleveraging (ibid). A new political consensus
might (or might not) emerge after the 2012 elections, but we believe that by
then, the government debt burden will likely be higher, the needed medium-term
fiscal adjustment potentially greater, and the inflection point on the U.S.
population's demographics and other age-related spending drivers closer at hand
(see "Global Aging 2011: In The U.S., Going
Gray Will Likely Cost Even More Green, Now," June 21, 2011).
Standard & Poor's takes no position on
the mix of spending and revenue measures that Congress and the Administration
might conclude is appropriate for putting the U.S.'s finances on a sustainable
footing.
The act calls for as much as $2.4 trillion of
reductions in expenditure growth over the 10 years through 2021. These cuts
will be implemented in two steps: the $917 billion agreed to initially,
followed by an additional $1.5 trillion that the newly formed Congressional
Joint Select Committee on Deficit Reduction is supposed to recommend by
November 2011. The act contains no measures to raise taxes or otherwise enhance
revenues, though the committee could recommend them.
The act further provides that if Congress
does not enact the committee's recommendations, cuts of $1.2 trillion will be
implemented over the same time period. The reductions would mainly affect
outlays for civilian discretionary spending, defense, and Medicare. We
understand that this fall-back mechanism is designed to encourage Congress to
embrace a more balanced mix of expenditure savings, as the committee might
recommend.
We note that in a letter to Congress on Aug.
1, 2011, the Congressional Budget Office (CBO) estimated total budgetary
savings under the act to be at least $2.1 trillion over the next 10 years
relative to its baseline assumptions. In updating our own fiscal projections,
with certain modifications outlined below, we have relied on the CBO's latest
"Alternate Fiscal Scenario" of June 2011, updated to include the CBO assumptions
contained in its Aug. 1 letter to Congress. In general, the CBO's
"Alternate Fiscal Scenario" assumes a continuation of recent
Congressional action overriding existing law.
We view the act's measures as a step toward
fiscal consolidation. However, this is within the framework of a legislative
mechanism that leaves open the details of what is finally agreed to until the
end of 2011, and Congress and the Administration could modify any agreement in
the future. Even assuming that at least $2.1 trillion of the spending
reductions the act envisages are implemented, we maintain our view that the
U.S. net general government debt burden (all levels of government combined,
excluding liquid financial assets) will likely continue to grow. Under our
revised base case fiscal scenario--which we consider to be consistent with a
'AA+' long-term rating and a negative outlook--we now project that net general
government debt would rise from an estimated 74% of GDP by the end of 2011 to
79% in 2015 and 85% by 2021. Even the projected 2015 ratio of sovereign
indebtedness is high in relation to those of peer credits and, as noted, would
continue to rise under the act's revised policy settings.
Compared with previous projections, our
revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to
expire by the end of 2012, remain in place. We have changed our assumption on
this because the majority of Republicans in Congress continue to resist any
measure that would raise revenues, a position we believe Congress reinforced by
passing the act. Key macroeconomic assumptions in the base case scenario
include trend real GDP growth of 3% and consumer price inflation near 2%
annually over the decade.
Our revised upside scenario--which, other
things being equal, we view as consistent with the outlook on the 'AA+'
long-term rating being revised to stable--retains these same macroeconomic
assumptions. In addition, it incorporates $950 billion of new revenues on the
assumption that the 2001 and 2003 tax cuts for high earners lapse from 2013
onwards, as the Administration is advocating. In this scenario, we project that
the net general government debt would rise from an estimated 74% of GDP by the
end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside scenario--which, other
things being equal, we view as being consistent with a possible further
downgrade to a 'AA' long-term rating--features less-favorable macroeconomic
assumptions, as outlined below and also assumes that the second round of
spending cuts (at least $1.2 trillion) that the act calls for does not occur.
This scenario also assumes somewhat higher nominal interest rates for U.S.
Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios also take into account
the significant negative revisions to historical GDP data that the Bureau of
Economic Analysis announced on July 29. From our perspective, the effect of
these revisions underscores two related points when evaluating the likely debt
trajectory of the U.S. government. First, the revisions show that the recent
recession was deeper than previously assumed, so the GDP this year is lower
than previously thought in both nominal and real terms. Consequently, the debt
burden is slightly higher. Second, the revised data highlight the sub-par path
of the current economic recovery when compared with rebounds following previous
post-war recessions. We believe the sluggish pace of the current economic
recovery could be consistent with the experiences of countries that have had
financial crises in which the slow process of debt deleveraging in the private
sector leads to a persistent drag on demand. As a result, our downside case
scenario assumes relatively modest real trend GDP growth of 2.5% and inflation
of near 1.5% annually going forward.
When comparing the U.S. to sovereigns with
'AAA' long-term ratings that we view as relevant peers--Canada, France,
Germany, and the U.K.--we also observe, based on our base case scenarios for
each, that the trajectory of the U.S.'s net public debt is diverging from the
others. Including the U.S., we estimate that these five sovereigns will have
net general government debt to GDP ratios this year ranging from 34% (Canada)
to 80% (the U.K.), with the U.S. debt burden at 74%. By 2015, we project that
their net public debt to GDP ratios will range between 30% (lowest, Canada) and
83% (highest, France), with the U.S. debt burden at 79%. However, in contrast
with the U.S., we project that the net public debt burdens of these other
sovereigns will begin to decline, either before or by 2015.
Standard & Poor's transfer T&C
assessment of the U.S. remains 'AAA'. Our T&C assessment reflects our view
of the likelihood of the sovereign restricting other public and private
issuers' access to foreign exchange needed to meet debt service. Although in
our view the credit standing of the U.S. government has deteriorated modestly,
we see little indication that official interference of this kind is entering
onto the policy agenda of either Congress or the Administration. Consequently,
we continue to view this risk as being highly remote.
The outlook on the long-term rating is
negative. As our downside alternate fiscal scenario illustrates, a higher
public debt trajectory than we currently assume could lead us to lower the
long-term rating again. On the other hand, as our upside scenario highlights,
if the recommendations of the Congressional Joint Select Committee on Deficit
Reduction--independently or coupled with other initiatives, such as the lapsing
of the 2001 and 2003 tax cuts for high earners--lead to fiscal consolidation
measures beyond the minimum mandated, and we believe they are likely to slow
the deterioration of the government's debt dynamics, the long-term rating could
stabilize at 'AA+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.70 |
|
|
1 |
Rs.98.92 |
|
Euro |
1 |
Rs.70.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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.