MIRA INFORM REPORT

 

 

Report Date :

21.10.2013

 

IDENTIFICATION DETAILS

 

Name :

A & M JEWELS CO., LTD.

 

 

Registered Office :

Room 5B, 6th Floor, M.K.Y.  Building, Soi  Pramote  3,  Mahaesak  Road, Suriyawongs,  Bangrak,  Bangkok  10500 

 

 

Country :

Thailand

 

 

Financials (as on) :

31.07.2011

 

 

Date of Incorporation :

15.08.2008

 

 

Com. Reg. No.:

0105551091634

 

 

Legal Form :

Private  Limited  Company

 

 

LINE OF BUSINESS :

THE  SUBJECT  IS  ENGAGED  IN  IMPORTING  AND  DISTRIBUTING  OF  PRECIOUS  AND  SEMI-PRECIOUS  STONES  FOR  JEWELRY  PRODUCTION  INDUSTRY.

 

 

No. of Employees :

1

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

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, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Thailand

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

thailand - ECONOMIC OVERVIEW

 

With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic crisis severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013.

 

Source : CIA

 

company name

 

A & M JEWELS CO., LTD.

 

 

SUMMARY

 

BUSINESS  ADDRESS                          :           ROOM  5B,  6th  FLOOR,  M.K.Y.  BUILDING,

SOI  PRAMOTE  3,  MAHAESAK  ROAD,

SURIYAWONGS,  BANGRAK, 

BANGKOK  10500,  THAILAND

TELEPHONE                                         :           [66]  2233-9837

FAX                                                      :           [66]  2233-9837 

E-MAIL  ADDRESS                                :           -

REGISTRATION  ADDRESS                   :           SAME  AS  BUSINESS  ADDRESS

 

ESTABLISHED                                     :           2008

REGISTRATION  NO.                            :           0105551091634

TAX  ID  NO.                                          :           3033182385

CAPITAL REGISTERED                         :           BHT.   2,000,000

CAPITAL PAID-UP                                 :           BHT.   2,000,000

SHAREHOLDER’S  PROPORTION         :           THAI         :   61.00%

                                                                        INDIAN      :   39.00%

FISCAL YEAR CLOSING DATE              :           JULY   31           

LEGAL  STATUS                                   :           PRIVATE  LIMITED  COMPANY

EXECUTIVE                                          :           MR. GOPAL  BADAYA,  INDIAN

                                                                        MANAGING  DIRECTOR           

 

NO.  OF  STAFF                                    :           1

LINES  OF  BUSINESS                          :           PRECIOUS  AND  SEMI-PRECIOUS  STONES

                                                                        IMPORTER  AND  DISTRIBUTOR

                                                                         

 

CORPORATE PROFILE

 

OPERATING  TREND                             :           STABLE                       

PRESENT  SITUATION                          :           OPERATING  NORMALLY                     

REPUTATION                                        :           FAIR  WITH  NORMAL  BUSINESS  ENGAGEMENT

MANAGEMENT  STANDARD                 :           MANAGEMENT  WITH  FAIR  PERFORMANCE             

 

 

 

 

 

HISTORY

 

The  subject  was  established  on  August  15,  2008  as  a  private  limited  company under  the  registered  name   A & M  JEWELS   CO.,  LTD.,    by  Thai and  Indian  groups,  with  the  business  objective  to  import  and  distribute  precious  and  semi-precious  stones  for  jewelry  industry.  It  currently  employs  1  staff.  

 

The  subject’s  registered  address  was  initially  located  at  Room  502,  5th  Floor,  International  Jewelry  Hub  Building,  1179/36  New  Road,  Siphya,  Bangrak,  Bangkok  10500.

 

On  November  23,  2011,  the  subject’s    registered  address  was  relocated  to  Room  5B,  6th  Floor,  M.K.Y.  Building,  110  Soi  Pramote  3,  Mahaesak  Road,  Suriyawongs,  Bangrak,  Bangkok  10500,  and  this  is  the  subject’s  current  operation  address.  

 

 

THE BOARD OF DIRECTOR

 

     Name

 

Nationality

Age

 

 

 

 

Mr. Gopal  Badaya

 

Indian

49

 

 

AUTHORIZED PERSON

 

The  above  director   signs  on  behalf  of  the  subject  with  company’s  affixed.

 

 

MANAGEMENT

 

Mr. Gopal  Badaya   is  the  Managing  Director.

He  is  Indian  nationality  with  the  age  of  49 years  old.  

 

 

BUSINESS OPERATIONS

 

The  subject  is  engaged  in  importing  and  distributing  of  precious  and  semi-precious  stones  for  jewelry  production  industry.

 

 

PURCHASE

 

The   products  are  purchased  from  suppliers  both    domestic  and  overseas,  mainly  in  India.

 

 

SALES 

 

100%  of  the  products  is  sold  locally  by  wholesale  to  jewelry  manufacturers.

 

 

SUBSIDIARY AND AFFILIATED COMPANY

 

The  subject  is  not  found  to  have  any  subsidiary  or  affiliated  company  here  in  Thailand.

 

 

LITIGATION

 

Bankruptcy  and  Receivership

 

There  are  no  litigation  on  bankruptcy  and  receivership  cases  filed  against  the  subject  found  at  Legal  Execution  Department  for  the  past  five  years.

 

Others

 

There  are  no  legal  suits  filed  against the  subject  for  the  past  two  years.

 

 

CREDIT  

 

Sales  are  by  cash  or  on  the  credits  term  of  30-60  days.

Local  bills  are  paid  by  cash  or  on  the  credits  term  of  30-60  days.

Imports  are  by  T/T.

 

 

BANKING

 

Thanachart  Bank  Public  Co.,  Ltd.

 

 

EMPLOYMENT

 

The  subject  currently  employs  1  staff.  

 

 

LOCATION DETAILS

 

The  premise  is  rented for  administrative  office  at  the  heading  address.  Premise  is  located  in  a  prime  commercial  area.

 

 

COMMENT

 

The subject’s business  is  small,  while  its  sales  revenue  in  the  year  2011  was  reported  at  slow  level.  However,  its  2012  financial  statement  has  not  been  submitted  to  the  Commercial  Registration  Department.

 

Subject’s  current  business  performance  remains  slow.

 

 

FINANCIAL INFORMATION

 

The  capital  was  registered  at  Bht. 2,000,000 divided  into 20,000 shares  of  Bht.  100     each  with  fully  paid.

 

 

THE SHAREHOLDERS LISTED WERE 

 

 [as  at  December  15,  2011]

 

       NAME

HOLDING

%

 

 

 

Mr. Gopal  Badaya

Nationality:  Indian

Address     :  223/31  Nares  Road,  Siphya,  Bangrak,

                     Bangkok 

7,800

39.00

Mr. Withaya  Gadusza

Nationality:  Thai

Address     :  28/7  Moo  11,  Nongjok,  Nongjok,

                     Bangkok 

6,100

30.50

 Ms. Vilawan  Phramom

Nationality:  Thai

Address     :  187  Moo  10,  T. Srisongkram, 

                     A. Srisongkram,  Nakornphanom

6,100

30.50

 

Total  Shareholders  :   3

 

Share  Structure  [as  at  December  15,  2011]

 

Nationality

Shareholders

No. of  Share

% Shares

 

 

 

 

Thai

2

12,200

61.00

Foreign-Indian

1

7,800

39.00

 

Total

 

3

 

20,000

 

100.00

 

 

NAME OF AUDITOR & CERTIFIED PUBLIC  ACCOUNTANT  NO.

 

Ms. Sirirat  Ardam  No.   8820

 

Note:

 

The  2012  financial  statement  was  not  submitted  to  the  Commercial  Registration  Department  during  investigation.

 

 

BALANCE SHEET [BAHT]

 

The  latest  financial figures  published  as  at  July  31,  2011,  2010  &  2009  were:

          

ASSETS

                                                                                                 

Current Assets

2011

2010

2009

 

 

 

 

Cash  and Cash Equivalents     

110,786.95

97,458.95

178,494.61

Trade  Accounts  Receivable 

1,452,337.57

732,179.50

362,418.64

Other Receivable-Related Business  &  

   Person 

 

200,000.00

 

700,000.00

 

1,200,000.00

Inventories     

15,113.39

318,495.25

118,173.72

Other  Current  Assets                  

5,042.89

14,000.00

6,339.53

 

 

 

 

Total  Current  Assets                 

1,783,280.80

1,862,133.70

1,865,426.50

 

Total  Assets                  

 

1,783,280.80

 

1,862,133.70

 

1,865,426.50

 

LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]

 

Current Liabilities

2011

2010

2009

 

 

 

 

Trade  Accounts  Payable    

-

83,590.03

71,779.06

Other  Current  Liabilities             

30,166.87

19,617.11

15,542.28

 

 

 

 

Total Current Liabilities

30,166.87

103,207.14

87,321.34

 

Total  Liabilities               

 

30,166.87

 

103,207.14

 

87,321.34

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

 

Share  capital : Baht  100  par  value 

  authorized,  issued  and  fully 

  paid  share  capital  20,000  shares

 

 

2,000,000.00

 

 

2,000,000.00

 

 

2,000,000.00

 

 

 

 

Capital  Paid                      

2,000,000.00

2,000,000.00

2,000,000.00

Retained Earning  Unappropriated

  [Deficit]

 

[246,886.07]

 

[241,073.44]

 

[221,894.84]

 

Total Shareholders' Equity

 

1,753,113.93

 

1,758,926.56

 

1,778,105.16

 

Total  Liabilities &  Shareholders' 

   Equity

 

 

1,783,280.80

 

 

1,862,133.70

 

 

1,865,426.50

 

                                                  

PROFIT & LOSS ACCOUNT

 

 Revenue

2011

2010

2009

 

 

 

 

Income  from Operations

2,630,511.61

2,602,346.68

830,411.69

Other  Income                 

4,000.00

14,000.86

3,057.53

 

Total  Revenues              

 

2,634,511.61

 

2,616,347.54

 

833,469.22

 

Expenses

 

 

 

 

 

 

 

Cost  of  Goods  Sold   

1,637,973.54

1,750,468.91

588,802.61

Selling  Expenses

196,703.94

66,482.69

-

Administrative  Expenses

766,379.42

784,874.09

449,376.07

Other Expenses

37,972.34

27,763.45

14,295.66

 

Total Expenses               

 

2,639,029.24

 

2,629,589.14

 

1,052,474.34

 

 

 

 

Profit / [Loss]  before  Financial Cost

[4,517.63]

[13,241.60]

[219,005.12]

Financial Cost

[1,295.00]

[5,937.00]

[2,889.72]

 

 

 

 

Net  Profit / [Loss]

[5,812.63]

[19,178.60]

[221,894.84]

 

 

FINANCIAL ANALYSIS

 

ITEM

UNIT

2011

2010

2009

 

 

 

 

 

LIQUIDITY RATIO

 

 

 

 

CURRENT RATIO

TIMES

59.11

18.04

21.36

QUICK RATIO

TIMES

58.45

14.82

19.94

 

 

 

 

 

ACTIVITY RATIO

 

 

 

 

FIXED ASSETS TURNOVER

TIMES

-

-

-

TOTAL ASSETS TURNOVER

TIMES

1.48

1.40

0.45

INVENTORY CONVERSION PERIOD

DAYS

3.37

66.41

73.26

INVENTORY TURNOVER

TIMES

108.38

5.50

4.98

RECEIVABLES CONVERSION PERIOD

DAYS

201.52

102.69

159.30

RECEIVABLES TURNOVER

TIMES

1.81

3.55

2.29

PAYABLES CONVERSION PERIOD

DAYS

-

17.43

44.50

CASH CONVERSION CYCLE

DAYS

204.89

151.68

188.06

 

 

 

 

 

PROFITABILITY RATIO

 

 

 

 

COST OF GOODS SOLD

%

62.27

67.27

70.90

SELLING & ADMINISTRATION

%

36.61

32.71

54.11

INTEREST

%

0.05

0.23

0.35

GROSS PROFIT MARGIN

%

37.88

33.27

29.46

NET PROFIT MARGIN BEFORE EX. ITEM

%

(0.17)

(0.51)

(26.37)

NET PROFIT MARGIN

%

(0.22)

(0.74)

(26.72)

RETURN ON EQUITY

%

(0.33)

(1.09)

(12.48)

RETURN ON ASSET

%

(0.33)

(1.03)

(11.90)

EARNING PER SHARE

BAHT

(0.29)

(0.96)

(11.09)

 

 

 

 

 

LEVERAGE RATIO

 

 

 

 

DEBT RATIO

TIMES

0.02

0.06

0.05

DEBT TO EQUITY RATIO

TIMES

0.02

0.06

0.05

TIME INTEREST EARNED

TIMES

(3.49)

(2.23)

(75.79)

 

 

 

 

 

ANNUAL GROWTH

 

 

 

 

SALES GROWTH

%

1.08

213.38

 

OPERATING PROFIT

%

(65.88)

(93.95)

 

NET PROFIT

%

69.69

91.36

 

FIXED ASSETS

%

-

-

 

TOTAL ASSETS

%

(4.23)

(0.18)

 

 

 

ANNUAL GROWTH : ACCEPTABLE

 

An annual sales growth is 1.08%. Turnover has increased from THB 2,602,346.68 in 2010 to THB 2,630,511.61 in 2011. While net profit has increased from THB  -19,178.60 in 2010 to THB -5,812.63 in 2011. And total assets has decreased from THB 1,862,133.70 in 2010 to THB 1,783,280.80 in 2011.                      

                       

PROFITABILITY : ACCEPTABLE

 

 

 

PROFITABILITY RATIO

 

Gross Profit Margin

37.88

Impressive

Industrial Average

10.92

Net Profit Margin

(0.22)

Deteriorated

Industrial Average

0.31

Return on Assets

(0.33)

Deteriorated

Industrial Average

1.79

Return on Equity

(0.33)

Deteriorated

Industrial Average

4.76

 

Gross Profit Margin used to assess a firm's financial health by revealing the proportion of money left over from revenues after accounting for the cost of goods sold. Gross profit margin serves as the source for paying additional expenses and future savings. The company’s figure is 37.88%. When compared with the industry average, the ratio of the company was higher, indicated that company was more profitable than the same industry.

 

Net Profit Margin is the indicator of the company's efficiency in that net profit takes into consideration all expenses of the company. A low profit margin indicates a low margin of safety, higher risk that a decline in sales will erase profits and result in a net loss. The company's figure is -0.22%. When compared with the industry average, the ratio of the company was lower.

 

Return on Assets measures how efficiently profits are being generated from the assets employed in the business when compared with the ratios of firms in a similar business. A low ratio in comparison with industry averages indicates an inefficient use of business assets. When compared with the industry average, it  was lower, the company's figure is -0.33%.

 

Return on Equity indicates how profitable a company is by comparing its net income to its average shareholders' equity, ROE measures how much the shareholders earned for their investment in the company. When compared with the industry average, it was lower, the company's figure is -0.33%.

 

Trend of the average competitors in the same industry for last 5 years

Return on Assets                       Uptrend

Return on Equity                        Uptrend

 

LIQUIDITY : SATISFACTORY

 

 

 

LIQUIDITY RATIO

 

Current Ratio

59.11

Impressive

Industrial Average

1.86

Quick Ratio

58.45

 

 

 

Cash Conversion Cycle

204.89

 

 

 

 

The Current Ratio is to ascertain whether a company's short-term assets are readily available to pay off its short-term liabilities. The company's figure is 59.11 times in 2011, increased from 18.04 times, then it is generally considered to have good short-term financial strength. When compared with the industry average, the ratio of the company was higher, indicated that company was an efficient operator in a dominant position within its industry.

 

The Quick Ratio is a liquidity indicator that further refines the current ratio by measuring the amount of the most liquid current assets there are to cover current liabilities. The company's figure is 58.45 times in 2011, increased from 14.82 times, although excluding inventory so the company still have good short-term financial strength.

 

The Cash Conversion Cycle measures the number of days a company's cash is tied up in the production and sales process of its operations and the benefit from payment terms from its creditors. It meant the company could survive when no cash inflow was received from sale for 205 days.

 

Trend of the average competitors in the same industry for last 5 years

Current Ratio                 Downtrend

 

LEVERAGE : SATISFACTORY

 

 

LEVERAGE RATIO

 

Debt Ratio

0.02

Impressive

Industrial Average

0.66

Debt to Equity Ratio

0.02

Impressive

Industrial Average

1.90

Times Interest Earned

(3.49)

Risky

Industrial Average

-

 

Debt to Equity Ratio a measurement of how much suppliers, lenders, creditors and obligors have committed to the company versus what the shareholders have committed. A lower the percentage means that the company is using less leverage and has a stronger equity position.

 

Times Interest Earned measuring a company's ability to meet its debt obligations. Ratio is -3.49 lower than 1, so the company is not generating enough cash from   EBIT to meet its interest obligations.

 

Debt Ratio shows the proportion of a company's assets which are financed through debt. The company's figure is 0.02 less than 0.5, most of the company's assets are financed through equity.

 

Trend of the average competitors in the same industry for last 5 years

Debt Ratio                                 Uptrend

Times Interest Earned                Downtrend

 

ACTIVITY : ACCEPTABLE

 

 

ACTIVITY RATIO

 

Fixed Assets Turnover

-

 

Industrial Average

-

Total Assets Turnover

1.48

Deteriorated

Industrial Average

5.84

Inventory Conversion Period

3.37

 

 

 

Inventory Turnover

108.38

Impressive

Industrial Average

9.18

Receivables Conversion Period

201.52

 

 

 

Receivables Turnover

1.81

Deteriorated

Industrial Average

9.32

Payables Conversion Period

-

 

 

 

 

The company's Account Receivable Ratio is calculated as 1.81 and 3.55 in 2011 and 2010 respectively. This ratio measures the efficiency of the company in managing its trade debtors to generate revenue. A lower ratio may indicate over extension and collection problems. Conversely, a higher ratio may indicate an overtly stringent policy. In this case, the company's A/R ratio in 2011 decreased from 2010. This would suggest the company had deteriorated in the management of its debt collections.

 

Inventory Turnover in Days Ratio indicates the liquidity of inventory. It estimates the number of days that it will take to sell the current inventory. Inventory is particularly sensitive to change in business activities. The inventory turnover in days has decreased from 66 days at the end of 2010 to 3 days at the end of 2011. This represents a positive trend. And Inventory turnover has increased from 5.5 times in year 2010 to 108.38 times in year 2011.

 

The company's Total Asset Turnover is calculated as 1.48 times and 1.4 times in 2011 and 2010 respectively. This ratio is determined by dividing total assets into total sales turnover. The ratio measures the activity of the assets and the ability of the firm to generate sales through the use of the assets.

 

Trend of the average competitors in the same industry for last 5 years

Fixed Assets Turnover    Downtrend

Total Assets Turnover                 Uptrend

Inventory Turnover                      Uptrend

Receivables Turnover                  Uptrend

 

 

DIAMOND INDUSTRY – INDIA

 

-            From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8th Century B.C.  India, in fact, remained undisputed leader till 18th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

-            The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

-            The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

-            Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

-            Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

-            Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

-            Excerpts from Times of India dated 30th October 2010 is as under –

 

-            Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

 

-            The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.28

UK Pound

1

Rs.99.03

Euro

1

Rs.83.80

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.