MIRA INFORM REPORT

 

 

Report Date :

05.12.2014

 

IDENTIFICATION DETAILS

 

Name :

INGRAM MICRO INDIA LIMITED SINGAPORE BRANCH

 

 

Registered Office :

205, Kallang Bahru, 1m-00, Maya Plastic Building, 339341

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

12.05.2010

 

 

Com. Reg. No.:

T10FC0043-L

 

 

Legal Form :

Foreign Company

 

 

Line of Business :

wholesaler of Computer Hardware and Peripheral Equipment as well as Computer Software. 

 

 

No of Employees :

06 [2014]

 

 

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 :

Unknown

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Singapore ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

 

Source : CIA

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

T10FC0043-L

COMPANY NAME

:

INGRAM MICRO INDIA LIMITED SINGAPORE BRANCH

FORMER NAME

:

N/A

INCORPORATION DATE

:

12/05/2010

COMPANY STATUS

:

EXIST

LEGAL FORM

:

FOREIGN

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

205, KALLANG BAHRU, 1M-00, MAYA PLASTIC BUILDING, 339341, SINGAPORE.

BUSINESS ADDRESS

:

205 KALLANG BAHRU,LEVEL 1M, 339341, SINGAPORE.

TEL.NO.

:

65-62749633

FAX.NO.

:

65-62981111

WEB SITE

:

WWW.INGRAMMICRO.COM

CONTACT PERSON

:

STEPHEN JOHN PAINE ( DIRECTOR )

PRINCIPAL ACTIVITY

:

WHOLESALE OF COMPUTER HARDWARE AND PERIPHERAL EQUIPMENT AS well as COMPUTER SOFTWARE

AUTHORISED CAPITAL

:

INR 320,000,000.00 

SALES

:

USD 2,351,120 [2012]

NET WORTH

:

USD 125,672 [2012]

STAFF STRENGTH

:

6 [2014]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND

 

The Subject is principally engaged in the (as a / as an) wholesale of computer hardware and peripheral equipment as well as computer software.

 

The immediate holding company of the Subject is INGRAM MICRO INDIA LIMITED, a company incorporated in INDIA.

 

The ultimate holding company of the Subject is INGRAM MICRO INC, a company incorporated in UNITED STATES.

Share Capital History

Date

Authorised Shared Capital

Issue & Paid Up Capital

31/03/2012

INR 320,000,000.00

INR 0.00

No shareholders was found in our databank at the time of investigation

 

DIRECTORS

 

DIRECTOR 1

Name Of Subject

:

MR. STEPHEN JOHN PAINE

Address

:

38, CAIRNHILL ROAD, 06-02, THE LAURELS, 229658, SINGAPORE.

IC / PP No

:

G5843732N

Nationality

:

BRITISH

Date of Appointment

:

29/05/2014

Remark

:

AGENT

 

DIRECTOR 2

Name Of Subject

:

PABLO ANTONIO A. VENTURA

Address

:

8, BEDOK RESERVOIR VIEW, 05-21, THE CLEARWATER, 479235, SINGAPORE.

IC / PP No

:

S7269876B

Nationality

:

FILIPINO

Date of Appointment

:

21/01/2013

Remark

:

AGENT

 

DIRECTOR 3

Name Of Subject

:

PRABHAKAR VENKATAKRISHNAN IYER

Address

:

FLAT 902, OCTAVIUS, HIRANANDANI GARDENS, POWAI, MUMBAI, MAHARASHTRA, 400076, INDIA.

IC / PP No

:

L9381469

Nationality

:

INDIAN

Date of Appointment

:

01/12/2011

 

DIRECTOR 4

Name Of Subject

:

STEPHEN JOHN PAINE

Address

:

32, ORANGE GROVE ROAD, 258354, SINGAPORE.

IC / PP No

:

094512629

Nationality

:

BRITISH

Date of Appointment

:

05/12/2006

 

DIRECTOR 5

Name Of Subject

:

JAISHANKAR KRISHNAN

Address

:

FLAT 1201, SOMERSET, HIRANANDANI GARDENS, POWAI, MUMBAI, 400 076, 12TH FLOOR, INDIA.

IC / PP No

:

Z1780431

Nationality

:

INDIAN

Date of Appointment

:

27/10/2001

 

DIRECTOR 6

Name Of Subject

:

JOHN SOUMBASAKIS

Address

:

15, ARDMORE PARK, 26-04, ARDMORE PARK, 259959, SINGAPORE.

IC / PP No

:

G5452834K

Nationality

:

AMERICAN

Date of Appointment

:

09/12/2013



MANAGEMENT

 

 

 

1)

Name of Subject

:

STEPHEN JOHN PAINE

Position

:

DIRECTOR

 

 

 

AUDITOR


No Auditor found in our databank 

 

COMPANY SECRETARIES


No company secretary was found in our databank. 

 

BANKING


No Banker found in our databank. 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation. 

 

LITIGATION CHECK AGAINST SUBJECT


* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A


The Subject refused to disclose its suppliers. 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

COMPUTER HARDWARE AND PERIPHERAL EQUIPMENT As well as COMPUTER SOFTWARE

 

Total Number of Employees:

YEAR

2014

2013

GROUP

N/A

N/A

COMPANY

6

6

 

Branch

:

NO

 

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of computer hardware and peripheral equipment as well as computer software. 

Ingram Group is a Fortune 100 company, is the world’s largest wholesale technology distributor and a global leader in IT supply-chain, mobile device lifecycle services and logistics solutions. 

The Group distributes and markets a large variety of technology and mobility products from leading companies, such as Acer, Apple, Cisco, Hewlett-Packard (“HP”), IBM, Lenovo, Microsoft, Samsung and many others. 


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62749633

Match

:

N/A

Address Provided by Client

:

205 KALLANG BAHRU,LEVEL 1M,339341 SINGAPORE

Current Address

:

205 KALLANG BAHRU,LEVEL 1M, 339341, SINGAPORE.

Match

:

YES

 

Other Investigations

we contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

346.45%

]

Profit/(Loss) Before Tax

:

Increased

[

346.44%

]

Return on Shareholder Funds

:

Favourable

[

81.49%

]

Return on Net Assets

:

Favourable

[

89.09%

]

The increase in turnover could be due to the Subject adopting an aggressive marketing strategy.The higher profit could be attributed to the increase in turnover. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.

Working Capital Control

Stock Ratio

:

Nil

[

0 Days

]

Debtor Ratio

:

Favourable

[

0 Days

]

Creditors Ratio

:

Favourable

[

0 Days

]

As the Subject is a service oriented company, the Subject does not need to keep stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Favourable

[

1.02 Times

]

Current Ratio

:

Unfavourable

[

1.02 Times

]

A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Nil

[

0.00 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

Overall Assessment :

Generally, the Subject's performance has improved with higher turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

Overall financial condition of the Subject : STABLE

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2009

2010

2011

2012

2013

 

Population (Million)

4.98

5.08

5.18

5.31

5.40

Gross Domestic Products ( % )

(0.8)

14.5

4.9

1.3

3.7

Consumer Price Index

0.6

2.8

5.2

4.6

2.4

Total Imports (Million)

356,299.3

423,221.8

459,655.1

474,554.0

466,762.0

Total Exports (Million)

391,118.1

478,840.7

514,741.2

510,329.0

513,391.0

 

Unemployment Rate (%)

3.2

2.2

2.1

2.0

1.9

Tourist Arrival (Million)

9.68

11.64

13.17

14.49

15.46

Hotel Occupancy Rate (%)

75.8

85.6

86.5

86.4

86.3

Cellular Phone Subscriber (Million)

1.37

1.43

1.50

1.52

1.97

 

Registration of New Companies (No.)

26,414

29,798

32,317

31,892

37,288

Registration of New Companies (%)

4.3

12.8

8.5

(1.3)

9.8

Liquidation of Companies (No.)

22,393

15,126

19,005

17,218

17,369

Liquidation of Companies (%)

113.4

(32.5)

25.6

9.4

(5.3)

 

Registration of New Businesses (No.)

26,876

23,978

23,494

24,788

22,893

Registration of New Businesses (%)

8.15

(10.78)

2.02

5.51

1.70

Liquidation of Businesses (No.)

23,552

24,211

23,005

22,489

22,598

Liquidation of Businesses (%)

11.4

2.8

(5)

(2.2)

0.5

 

Bankruptcy Orders (No.)

2,058

1,537

1,527

1,748

1,992

Bankruptcy Orders (%)

(11.5)

(25.3)

(0.7)

14.5

14.0

Bankruptcy Discharges (No.)

3,056

2,252

1,391

1,881

2,584

Bankruptcy Discharges (%)

103.7

(26.3)

(38.2)

35.2

37.4

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

3.25

(0.48)

4.25

3.64

-

Fish Supply & Wholesale

(1.93)

(10.5)

12.10

(0.5)

-

 

Manufacturing *

71.5

92.8

100.0

100.3

102.0

Food, Beverages & Tobacco

90.4

96.4

100.0

103.5

103.5

Textiles

145.9

122.1

100.0

104.0

87.1

Wearing Apparel

211.0

123.3

100.0

92.1

77.8

Leather Products & Footwear

79.5

81.8

100.0

98.6

109.8

Wood & Wood Products

101.4

104.0

100.0

95.5

107.4

Paper & Paper Products

95.4

106.1

100.0

97.4

103.2

Printing & Media

100.9

103.5

100.0

93.0

86.1

Crude Oil Refineries

96.4

95.6

100.0

99.4

93.5

Chemical & Chemical Products

80.3

97.6

100.0

100.5

104.1

Pharmaceutical Products

49.1

75.3

100.0

109.7

107.2

Rubber & Plastic Products

101.2

112.3

100.0

96.5

92.9

Non-metallic Mineral

91.9

92.5

100.0

98.2

97.6

Basic Metals

92.6

102.2

100.0

90.6

76.5

Fabricated Metal Products

90.8

103.6

100.0

104.3

105.1

Machinery & Equipment

57.3

78.5

100.0

112.9

114.5

Electrical Machinery

86.8

124.1

100.0

99.3

108.5

Electronic Components

85.2

113.6

100.0

90.6

94.3

Transport Equipment

96.0

94.0

100.0

106.3

107.5

 

Construction

(36.9)

14.20

20.50

28.70

-

Real Estate

1.4

21.3

25.4

31.9

-

 

Services

Electricity, Gas & Water

1.70

4.00

7.00

6.30

-

Transport, Storage & Communication

3.90

12.80

7.40

5.30

-

Finance & Insurance

(16.4)

(0.4)

8.90

0.50

-

Government Services

4.50

9.70

6.90

6.00

-

Education Services

0.10

(0.9)

(1.4)

0.30

-

 

* Based on Index of Industrial Production (2011 = 100)

(Source : Department of Statistics)

 

INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

The wholesale and retail trade sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.

The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.

In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.

For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 2010, the Subject is a Foreign company, focusing on wholesale of computer hardware and peripheral equipment as well  as computer software. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. 

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 6 employees. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject. 

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. 

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth . 

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry. 

Based on the above condition, we recommend credit be granted to the Subject normally.

 

 

PROFIT AND LOSS ACCOUNT

 

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

INGRAM MICRO INDIA LIMITED SINGAPORE BRANCH

 

Financial Year End

2012-03-31

2011-03-31

Months

12

11

Consolidated Account

Company

Company

Audited Account

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

Financial Type

FULL

FULL

Currency

USD

USD

TURNOVER

2,351,120

526,626

----------------

----------------

Total Turnover

2,351,120

526,626

----------------

----------------

PROFIT/(LOSS) FROM OPERATIONS

111,958

25,078

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

111,958

25,078

Taxation

(9,545)

(1,819)

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

102,413

23,259

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

23,259

-

----------------

----------------

As restated

23,259

-

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

125,672

23,259

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

125,672

23,259

=============

=============

 

 

 

BALANCE SHEET

 

 

INGRAM MICRO INDIA LIMITED SINGAPORE BRANCH

 

Other debtors, deposits & prepayments

681,097

1,036,397

Amount due from related companies

331,210

275,552

Cash & bank balances

4,469,108

1,849,369

Others

3,569

13,114

----------------

----------------

TOTAL CURRENT ASSETS

5,484,984

3,174,432

----------------

----------------

TOTAL ASSET

5,484,984

3,174,432

=============

=============

Other creditors & accruals

5,239,723

3,094,566

Amounts owing to related companies

119,589

56,607

----------------

----------------

TOTAL CURRENT LIABILITIES

5,359,312

3,151,173

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

125,672

23,259

----------------

----------------

TOTAL NET ASSETS

125,672

23,259

=============

=============

Retained profit/(loss) carried forward

125,672

23,259

----------------

----------------

TOTAL RESERVES

125,672

23,259

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

125,672

23,259

----------------

----------------

125,672

23,259

=============

=============

 

 

FINANCIAL RATIO

 

 

INGRAM MICRO INDIA LIMITED SINGAPORE BRANCH

 

TYPES OF FUNDS

Cash

4,469,108

1,849,369

Net Liquid Funds

4,469,108

1,849,369

Net Liquid Assets

125,672

23,259

Net Current Assets/(Liabilities)

125,672

23,259

Net Tangible Assets

125,672

23,259

Net Monetary Assets

125,672

23,259

BALANCE SHEET ITEMS

Total Borrowings

0

0

Total Liabilities

5,359,312

3,151,173

Total Assets

5,484,984

3,174,432

Net Assets

125,672

23,259

Net Assets Backing

125,672

23,259

Shareholders' Funds

125,672

23,259

Total Share Capital

0

0

Total Reserves

125,672

23,259

LIQUIDITY (Times)

Cash Ratio

0.83

0.59

Liquid Ratio

1.02

1.01

Current Ratio

1.02

1.01

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

Debtors Ratio

0

0

Creditors Ratio

0

0

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

Liabilities Ratio

42.65

135.48

Times Interest Earned Ratio

0.00

0.00

Assets Backing Ratio

-

-

PERFORMANCE RATIO (%)

Operating Profit Margin

4.76

4.76

Net Profit Margin

4.36

4.42

Return On Net Assets

89.09

107.82

Return On Capital Employed

89.09

107.82

Return On Shareholders' Funds/Equity

81.49

100.00

Dividend Pay Out Ratio (Times)

0.00

0.00

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.88

UK Pound

1

Rs.97.02

Euro

1

Rs.76.13

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MNL

 

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.