MIRA INFORM REPORT

Report Date :

29.08.2013

IDENTIFICATION DETAILS

Name :	GIRO FOOD LTD.

Registered Office :	Welcome House Glover Street Birmingham, B9 4EP

Country :	United Kingdom

Financials (as on) :	31.03.2012

Date of Incorporation :	13.02.1969

Com. Reg. No.:	00947901

Legal Form :	Private Independent

Line of Business :	Subject specialized in distributing various food products. The company supplies a range of products, including rice, oils, spices, flour, canned fruits and vegetables, and cleaning and packaging products.

No. of Employees :	107

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

United Kingdom

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 second largest economy in Europe after Germany. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. 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, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining 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; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. 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 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. 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. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase.

Source : CIA

Company name and address

Top of Form

Giro Food Ltd.

Welcome House
Glover Street

Birmingham, B9 4EP
United Kingdom
(Trading Address) Registered Address
Map

Tel:	01217735811
Fax:	01212021555

www.girofood.com

Employees:	107
Company Type:	Private Independent

Quoted Status:	Non-quoted Company
Incorporation Date:	13-Feb-1969
Auditor:	Dains LLP

Financials in:	USD (mil)
Fiscal Year End:	31-Mar-2012
Reporting Currency:	British Pound Sterling
Annual Sales:	41.6 ¹
Net Income:	0.1
Total Assets:	15.7

Business Description

Giro Food Ltd. is a family-owned business that specialises in distributing various food products. The company supplies a range of products, including rice, oils, spices, flour, canned fruits and vegetables, and cleaning and packaging products. It distributes English, Indian, Chinese, Afro-Caribbean and Greek food products to a number of restaurants, hotels and catering businesses. The company retails pickles and pastes, poppadoms, pulses, beverages and soups, dried fruits and nuts, and herbs and spices. Additionally, it sells pizza products, sauce and ketchup, spice and additives, and vinegar and pickles.

Industry

Industry	Miscellaneous Personal Services
ANZSIC 2006:	9539 - Other Personal Services Not Elsewhere Classified
ISIC Rev 4:	9609 - Other personal service activities n.e.c.
NACE Rev 2:	9609 - Other personal service activities n.e.c.
NAICS 2012:	812990 - All Other Personal Services
UK SIC 2007:	9609 - Other personal service activities n.e.c.
US SIC 1987:	7299 - Miscellaneous Personal Services, Not Elsewhere Classified

Key Executives

Name	Title
Inmtiaz Sarwar	Managing Director
Ifticar Sarwar	Marketing Manager
Tasleam Akhter Akram	Secretary
Karl Arthur	IT Manager
Riaz Mohammed Anwar	Director

Financial Summary

FYE: 31-Mar-2012

USD (mil)

Key Figures
Current Assets	11.56
Fixed Assets	4.13
Total Liabilities	8.34
Net Worth	7.19

Key Ratios
Current Ratio	1.39
Acid Test	0.77
Debt Gearing	1.58

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6267523
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6281078

Corporate Overview

Location
Welcome House
Glover Street
Birmingham, B9 4EP
West Midlands County
United Kingdom

Tel:	01217735811
Fax:	01212021555

www.girofood.com

Sales GBP(mil):	26.1
Assets GBP(mil):	9.9
Employees:	107
Fiscal Year End:	31-Mar-2012


Industry:	Personal Services

Registered Address:
Welcome House
Glover Street Digbeth
Birmingham, B9 4EP
United Kingdom

Incorporation Date:	13-Feb-1969
Company Type:	Private Independent
Quoted Status:	Not Quoted
Registered No.(UK):	00947901


Managing Director:	Inmtiaz Sarwar

Industry Codes

ANZSIC 2006 Codes:
9539	-	Other Personal Services Not Elsewhere Classified

ISIC Rev 4 Codes:
9609	-	Other personal service activities n.e.c.

NACE Rev 2 Codes:
9609	-	Other personal service activities n.e.c.

NAICS 2012 Codes:
812990	-	All Other Personal Services

US SIC 1987:
7299	-	Miscellaneous Personal Services, Not Elsewhere Classified

UK SIC 2007:
9609	-	Other personal service activities n.e.c.

Business Description

More Business Descriptions

Groceries, general line (wholesale)

Cash and Carry Wholesalers

Giro Food Ltd : Pioneers in Food Service Giro Food Limited has been an innovator in the ethnic food industry since its inception in 1969. We are pioneers in food service and have become trusted catering and wholesale suppliers specialising in food from all over the world. Over the past decade we have established a strong customer portfolio throughout the UK and across Europe. Our headquarters are based at the heart of the Birmingham City Centre and with over 72,000 square feet storage capacity, the cash and carry service forms the central tenet of our service. Our distribution division operates a large fleet of vehicles and we deliver around the clock to ensure the needs of our customers are met. Our expertise is in supplying products to the Indian, Chinese, Afro-Caribbean, Greek and English markets. We not only list major brand names but also carry an extensive range of our private label products to further enhance the quality of our offering. The Winflo range has become an integral player in the ethnic food industry and continues to set the benchmark for premium quality at affordable prices.

Financial Data

Financials in:	GBP(mil)

Revenue:	26.1
Net Income:	0.1
Assets:	9.9
Current Assets:	7.3
Fixed Assets:	2.6
Long Term Debt:	0.1
Total Liabilities:	5.3
Issued Capital:	0.1
Working Capital:	2.0
Net Worth:	4.5

Date of Financial Data:	31-Mar-2012

1 Year Growth

5.6%

Key Corporate Relationships

Auditor:	Dains LLP
Bank:	Hsbc Bank PLC

Auditor:	Dains LLP

Auditor History
Dains LLP	31-Mar-2012
Dains LLP	31-Mar-2011
Dains LLP	31-Mar-2010
Dains LLP	31-Mar-2009
Dains LLP	31-Mar-2008

	GBP(mil)
Audit Fees:	0.0
Audit Fiscal Year:	03-31-2012

Executives Report

Board of Directors

Name

Title

Function

Riaz Mohammed Anwar

Director

Director/Board Member

Age: 48

Ifticar Mohammed Sarwar

Director

Director/Board Member

Age: 44

Javed Mohammed Sarwar

Director

Director/Board Member

Age: 53

Executives

Name

Title

Function

Inmtiaz Sarwar

Managing Director

Tasleam Akhter Akram

Secretary

Company Secretary

Age: 54

Ifticar Sarwar

Marketing Manager

Marketing Executive

Karl Arthur

IT Manager

Information Executive

Directors and Shareholders Report

Annual Return Date: 03 Jul 2013
Total Issued Capital (GBP 000): 100

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Javed Mohammed Sarwar	Current	13 Dec 1959	76 Westfield Road, Edgbaston, Birmingham, West Midlands B15 3QQ	03 Jul 1991	NA	Current:6 Previous:3 Disqualifications:0
Tasleam Akhter Akram	Current	27 Sep 1958	Welcome House, Glover Street, Birmingham, West Midlands B9 4EP	03 Jul 1991	NA	Current:8 Previous:0 Disqualifications:0
Mohammed Sarwar	Current	09 Feb 1933	76 Westfield Road, Edgbaston, Birmingham, West Midlands B15 3QQ	04 Apr 1992	NA	Current:2 Previous:0 Disqualifications:0
Mohammed Imtiaz Sarwar	Current	29 Mar 1965	Welcome House, Glover Street Digbeth, Birmingham, West Midlands B9 4EP	03 Jul 1991	NA	Current:2 Previous:0 Disqualifications:0
Ifticar Mohammed Sarwar	Current	05 Mar 1969	76 Westfield Road, Edgbaston, Birmingham, West Midlands B15 3QQ	01 Apr 1996	NA	Current:5 Previous:0 Disqualifications:0
Riaz Mohammed Anwar	Current	21 May 1965	Welcome House, Glover Street Digbeth, Birmingham, West Midlands B9 4EP	01 Apr 1996	NA	Current:1 Previous:0 Disqualifications:0
Mohammed Anwar	Previous	28 Oct 1936	161 Hagley Road West, Harborne, Birmingham, West Midlands B17 8AB	03 Jul 1991	06 Apr 1995	Current:0 Previous:1 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Tasleam Akhter Akram	Current	NA	Welcome House, Glover Street Digbeth, Birmingham, West Midlands B9 4EP	04 Mar 2010	NA	Current:1 Previous:0 Disqualifications:0
Javed Mohammed Sarwar	Previous	13 Dec 1959	76 Westfield Road, Edgbaston, Birmingham, West Midlands B15 3QQ	03 Jul 1991	04 Mar 2010	Current:6 Previous:3 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

Individual Shareholders

Name	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Ghaffer Anwar	10500 Ordinary GBP 1.00	Ordinary	10,500	1.00	10,500.00	10.47
Ghaffer Anwar	90 B Non, Voting Ordinary GBP 1.00	B Non, Voting Ordinary	90	1.00	90.00	0.09
Ifticar Sarwar	16500 Ordinary GBP 1.00	Ordinary	16,500	1.00	16,500.00	16.46
Ifticar Sarwar	190 B Non, Voting Ordinary GBP 1.00	B Non, Voting Ordinary	190	1.00	190.00	0.19
Imtiaz Sarwar	16500 Ordinary GBP 1.00	Ordinary	16,500	1.00	16,500.00	16.46
Imtiaz Sarwar	130 B Non, Voting Ordinary GBP 1.00	B Non, Voting Ordinary	130	1.00	130.00	0.13
Javed Sarwar	18500 Ordinary GBP 1.00	Ordinary	18,500	1.00	18,500.00	18.45
Javed Sarwar	230 B Non, Voting Ordinary GBP 1.00	B Non, Voting Ordinary	230	1.00	230.00	0.23
Mohammed Akram	1875 Ordinary GBP 1.00	Ordinary	1,875	1.00	1,875.00	1.87
Mohammed Akram	70 B Non, Voting Ordinary GBP 1.00	B Non, Voting Ordinary	70	1.00	70.00	0.07
Mohammed Sarwar	12650 Ordinary GBP 1.00	Ordinary	12,650	1.00	12,650.00	12.62
Mohammed Sarwar	106 A Non, Voting Ordinary GBP 1.00	A Non, Voting Ordinary	106	1.00	106.00	0.11
Riaz Mohammed Anwar	10500 Ordinary GBP 1.00	Ordinary	10,500	1.00	10,500.00	10.47
Riaz Mohammed Anwar	130 B Non, Voting Ordinary GBP 1.00	B Non, Voting Ordinary	130	1.00	130.00	0.13
Tasleam Akhter Akram	12125 Ordinary GBP 1.00	Ordinary	12,125	1.00	12,125.00	12.09
Tasleam Akhter Akram	160 B Non, Voting Ordinary GBP 1.00	B Non, Voting Ordinary	160	1.00	160.00	0.16

Corporate Shareholders

There are no corporate shareholders for this company.

Annual Profit & Loss

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.626752	0.643394	0.627794	0.592803	0.498361
Consolidated	No	No	No	No	No

Turnover (UK)	41.6	38.4	-	-	-
Turnover (Exports)	0.0	0.0	-	-	-
Total Turnover	41.6	38.4	39.1	-	-
Cost of Sales	35.1	32.1	33.1	-	-
Gross Profit	6.5	6.3	5.9	6.0	6.0
Depreciation	0.3	0.3	0.2	0.2	0.3
Other Expenses	6.4	6.2	5.5	5.4	5.4
Operating Profit	0.1	0.1	0.5	0.6	0.5
Other Income	0.0	0.0	0.1	0.1	0.2
Interest Paid	0.0	0.0	0.1	0.2	0.2
Exceptional Income	0.0	0.0	0.0	0.0	0.0
Discontinued Operations	0.0	0.0	0.0	0.0	0.0
Profit Before Taxes	0.1	0.1	0.4	0.5	0.5
Tax Payable / Credit	0.1	0.0	0.1	0.2	0.2
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	0.0	0.0	0.1	0.0	0.0
Profit After Taxes	0.1	0.1	0.2	0.4	0.4
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Audit Fees	0.0	0.0	0.0	0.0	0.0
Number of Employees	107	105	102	91	88
Wages	3.3	3.2	3.5	-	-
Social Security Costs	0.0	0.0	0.0	-	-
Pensions	0.1	0.1	0.1	0.4	0.1
Other Pension Costs	0.1	0.1	0.1	3.5	-
Employees Remuneration	3.3	3.3	3.5	3.5	3.4
Directors Emoluments	0.1	0.3	0.6	0.7	0.7
Other Costs	0.0	0.0	0.0	0.0	0.0
Directors Remuneration	0.2	0.3	0.6	1.1	0.7
Highest Paid Director	-	0.1	0.1	0.2	0.2

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.628108	0.62385	0.659239	0.697666	0.503145
Consolidated	No	No	No	No	No

Land & Buildings	3.4	3.4	3.3	3.2	4.4
Fixtures & Fittings	0.1	0.1	0.1	0.1	0.1
Plant & Vehicles	0.6	0.5	0.7	0.4	0.5
Total Tangible Fixed Assets	4.1	4.1	4.1	3.7	5.1
Intangible Assets	0.0	0.0	0.0	0.0	0.0
Investments	0.0	0.0	0.0	0.0	0.0
Total Fixed Assets	4.1	4.1	4.1	3.7	5.1
Stocks	5.1	5.1	3.9	3.4	3.9
Work in Progress	0.0	0.0	0.0	0.0	0.0
Total Stocks Work In Progress	5.1	5.1	3.9	3.4	3.9
Trade Debtors	3.5	4.0	3.3	3.1	4.1
Other Debtors	2.3	1.4	1.1	1.1	2.8
Total Debtors	5.8	5.5	4.4	4.2	6.8
Cash and Equivalents	0.7	0.3	0.0	0.0	0.2
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	11.6	10.9	8.3	7.6	11.0
Total Assets	15.7	15.0	12.5	11.3	16.1
Trade Creditors	4.6	5.1	3.8	4.0	4.6
Bank Overdraft	2.6	1.8	1.4	0.7	2.7
Total Finance Lease/Hire Purchase (Current Liability)	0.2	0.1	0.1	0.0	0.1
Accruals/Deferred Income (Current Liability)	0.1	0.1	0.0	0.0	0.1
Social Security/VAT	0.1	0.1	0.2	0.1	0.2
Corporation Tax	0.0	0.1	0.1	0.1	0.2
Other Current Liabilities	0.8	0.4	0.0	0.1	0.2
Total Current Liabilities	8.3	7.8	5.5	5.2	8.0
Group Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Director Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Hire Purchase (Long Term Liability)	-	-	-	0.0	-
Leasing (Long Term Liability)	-	-	-	0.0	-
Total Hire Purchase Loans (Long Term Liability)	0.1	0.1	0.2	0.0	0.0
Other Long Term Loans	0.0	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Total Long Term Liabilities	0.1	0.1	0.2	0.0	0.0
Deferred Taxation	0.1	0.0	0.1	0.0	0.1
Other Provisions	0.0	0.0	0.0	0.0	0.0
Total Provisions	0.1	0.0	0.1	0.0	0.1
Issued Capital	0.2	0.2	0.2	0.1	0.2
Share Premium Accounts	0.0	0.0	0.0	0.0	0.0
Revaluation Reserve	2.8	2.9	0.0	2.6	3.7
Retained Earnings	4.2	4.1	2.7	3.3	4.2
Other Reserves	0.0	0.0	3.8	0.0	0.0
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	7.2	7.2	6.7	6.1	8.0
Net Worth	7.2	7.2	6.7	6.1	8.0

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.626752	0.643394	0.627794	0.592803	0.498361
Consolidated	No	No	No	No	No

Net Cash Flow From Operating Activities	-0.2	0.2	-0.2	1.7	-1.0
Net Cash Flow from ROI and Servicing of Finance	0.0	0.0	0.0	-0.1	0.0
Taxation	-0.1	-0.1	-0.1	-0.1	-0.1
Capital Expenditures	0.0	-0.1	-0.1	-0.2	-0.2
Acquisitions and Disposals	0.0	0.0	0.0	0.0	0.0
Paid Up Equity	0.0	0.0	-0.1	0.0	0.0
Management of Liquid Resources	0.0	0.0	0.0	0.0	0.0
Net Cash Flow From Financing	0.1	1.0	-0.1	-1.6	1.7
Increase in Cash	-0.1	1.1	-0.6	-0.3	0.4

Annual Ratios

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.628108	0.62385	0.659239	0.697666	0.503145
Consolidated	No	No	No	No	No

Current Ratio	1.39	1.40	1.51	1.47	1.38
Liquidity Ratio	0.77	0.74	0.80	0.81	0.88
Stock Turnover	8.11	7.77	9.48	-	-
Credit Period (Days)	30.57	37.28	32.57	-	-
Working Capital by Sales	7.77%	7.88%	7.55%	-	-
Trade Credit by Debtors	1.32	1.27	1.13	1.28	1.12
Return on Capital	1.95%	1.52%	5.74%	7.20%	6.45%
Return on Assets	0.91%	0.73%	3.19%	3.90%	3.25%
Profit Margin	0.35%	0.28%	1.07%	-	-
Return on Shareholders Funds	1.99%	1.54%	5.92%	7.23%	6.51%
Borrowing Ratio	39.51%	27.97%	24.39%	12.13%	34.78%
Equity Gearing	45.80%	47.64%	53.83%	53.95%	49.92%
Debt Gearing	1.58%	0.79%	2.38%	-	0.31%
Interest Coverage	18.02	2.61	3.03	3.06	2.25
Sales by Tangible Assets	10.10	9.64	9.10	-	-
Average Remuneration per Employee	0.0	0.0	0.0	0.0	0.0
Profit per Employee	0.0	0.0	0.0	0.0	0.0
Sales per Employee	0.4	0.4	0.4	-	-
Capital Employed per Employee	0.1	0.1	0.1	0.1	0.1
Tangible Assets per Employee	0.0	0.0	0.0	0.0	0.1
Total Assets per Employee	0.1	0.1	0.1	0.1	0.2
Employee Remuneration by Sales	8.01%	8.58%	9.02%	-	-
Creditor Days (Cost of Sales Based)	47.91	56.58	43.52	-	-
Creditor Days (Sales Based)	40.39	47.35	36.94	-	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.68.36
UK Pound	1	Rs.106.03
Euro	1	Rs.91.47

INFORMATION DETAILS

Report Prepared by :

PRL

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.