MIRA
INFORM REPORT
|
Report Date : |
04.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
BLUE ICE BVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat 30
2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
16.03.2003 |
|
|
|
|
Com. Reg. No.: |
861953579 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Wholesale of
diamonds and other precious stones |
|
|
|
|
No. of Employees : |
From 1 to 4 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Belgium |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
BELGIUM - ECONOMIC OVERVIEW
This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank
|
Source
: CIA |
REGISTERED NAME & COMPANY
SUMMARY
|
Business number |
861953579 |
|
Company name |
BLUE ICE BVBA |
|
Address |
HOVENIERSSTRAAT 30 |
|
|
2018 ANTWERPEN |
|
Number of staff |
0 |
|
Date of
establishment |
16/03/2003 |
|
Telephone number |
032340904 |
|
Fax number |
|
|
Business number |
861953579 |
Company name |
BLUE ICE BVBA |
|
Fax number |
|
Date founded |
16/03/2003 |
|
Company status |
active |
Company type |
Private Limited
Company (BL/LX) |
|
Currency |
Euro (€) |
Date of latest
accounts |
31/12/2012 |
|
Activity code |
46761 |
liable for VAT |
yes |
|
Activity
description |
Wholesale of
diamonds and other precious stones |
VAT Number |
BE.0861.953.579 |
DIRECTORS/MANAGEMENT
Current director
details
|
Name |
|
|
Position |
Principal Manager |
|
Start Date |
15/12/2010 |
|
Street |
196
MECHELSESTEENWEG ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
|
|
|
Name |
|
|
Position |
Principal Manager |
|
Start Date |
15/12/2010 |
|
Street |
41 QUELLINSTRAAT
ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
NEGATIVE INFORMATION
|
Bankruptcy details |
|
|||||
|
Court action type |
no |
|
||||
|
Protested bills |
|
|||||
|
Bill amount |
- |
|
||||
|
NSSO details |
|
|||||
|
Date of summons |
- |
|
||||
|
|
|
||||
|
||||||
Personnel (NSSO
classification)
|
Code |
- |
|
Description |
FROM 1 TO 4
EMPLOYEES |
NSSO details
|
Business number |
861953579 |
|
Name of
defendant |
- |
|
Legal form of
defendant |
- |
|
Date of summons |
- |
|
Labour court |
- |
Bankruptcy
details
|
There is no
bankruptcy data against this company |
|
court data
|
there is no data
for this company |
SHARE & SHARE CAPITAL
INFORMATION
Minority
Shareholders
|
No minority
shareholders found |
Minority
Interests
|
No minority
interests found |
Individual
Shareholders
|
Shareholder Name |
|||
|
Forename |
Chetan |
Middle name |
- |
|
Surname |
Chhania |
|
|
|
Shareholder
Details |
|||
|
Start date |
16/06/2003 |
End date |
- |
|
Percentage owned |
100% |
|
|
|
Shareholder
Address |
|||
|
Street name |
Quellinstraat |
House number |
41 |
|
Minor town |
- |
Postal town |
Antwerpen |
|
Post code |
2018 |
Country |
Belgium |
PAYMENT INFORMATION
|
Past payments |
|
Payment
expectation days |
89.70 |
|
Industry
average payment expectation days |
166.73 |
Industry
average day sales outstanding |
121.16 |
|
Day sales
outstanding |
4.78 |
||
Industry
comparison
|
Activity code |
46761 |
|
Activity
description |
Wholesale of
diamonds and other precious stones |
|
industry
average credit rating |
64.48 |
|
Industry
average credit limit |
140177.31 |
Suspension of
payments / moratorium history
|
Amount |
- |
|
Details |
- |
Payment expectations
|
Payment
expectation days |
89.70 |
|
Day sales
outstanding |
4.78 |
Industry
comparison
|
Activity code |
46761 |
|
Activity
description |
Wholesale of diamonds
and other precious stones |
|
Industry
average payment expectation days |
166.73 |
|
Industry
average day sales outstanding |
121.16 |
Industry quartile
analysis
|
Payment
expectations |
|
|
Company result |
89.70 |
|
Lower |
134.36 |
|
Median |
84.60 |
|
Upper |
45.29 |
|
Day sales outstanding |
|
|
Company result |
4.78 |
|
Lower |
113.11 |
|
Median |
59.01 |
|
Upper |
28.58 |
GROUP STRUCTURE & AFFILIATED
COMPANIES
Summary
|
Group - Number of
Companies |
0 |
|
Linkages - Number
of Companies |
0 |
|
Number of
Countries |
0 |
Group Structure
|
No group
structure for this company. |
FINANCIAL INFORMATION
|
Date of latest
accounts |
Turnover |
Profit Before Tax |
Net worth |
Working capital |
|
31/12/2012 |
25,544,572 |
28,731 |
215,194 |
330,097 |
|
31/12/2011 |
31,297,981 |
151,830 |
194,031 |
177,172 |
|
31/12/2010 |
12,988,657 |
25,971 |
94,197 |
86,972 |
|
Date of latest
accounts |
Balance Total |
Number of
Employees |
Capital |
Cashflow |
|
31/12/2012 |
6,897,479 |
0 |
18,600 |
26,175 |
|
31/12/2011 |
10,632,053 |
1 |
18,600 |
103,060 |
|
31/12/2010 |
4,906,158 |
1 |
18,600 |
22,674 |
Social Balance
Sheet Details
|
Social Balance
Sheet |
Total |
|
During the
reporting year |
|
|
Full-time
Employees |
1 |
|
Part-time
Employees |
0 |
|
Total Fte
Employees |
1 |
|
|
|
|
Number of hours
worked |
|
|
Full-time
Employees |
1,079 |
|
Part-time
Employees |
220 |
|
Total |
1,299 |
|
|
|
|
Personnel Charges |
|
|
Full-time
Employees |
21,694 |
|
Part-time
Employees |
3,616 |
|
Total |
25,310 |
|
Benefits In
Addition To Wages |
- |
|
|
|
|
During the
previous reporting year |
|
|
Average number
employees in Fte |
1 |
|
Actual working
hours |
1,770 |
|
Personnel Charges |
23,284 |
|
Benefits In
Addition To Wages |
- |
|
Type of Contract |
Full-Time |
Part-Time |
Total Fte |
|
Unlimited
Duration Contracts |
- |
1 |
1 |
|
Limited Duration
Contracts |
- |
- |
- |
|
Contracts For
Specific Work |
- |
- |
- |
|
Contracts
Regarding Substitution |
- |
- |
- |
|
Gender and
Education Level |
|
|
|
|
Men |
Full-Time |
Part-Time |
Total Fte |
|
Primary education |
- |
- |
- |
|
Secondairy education |
- |
- |
- |
|
Higher education
(non university) |
- |
- |
- |
|
Higher education
(university) |
- |
- |
- |
|
Women |
Full-Time |
Part-Time |
Total Fte |
|
Primary education |
- |
1 |
1 |
|
Secondairy
education |
- |
- |
- |
|
Higher education
(non university) |
- |
- |
- |
|
Higher education
(university) |
- |
- |
- |
|
Working Category |
Full-Time |
Part-Time |
Total Fte |
|
Management |
- |
- |
- |
|
White collar
worker |
- |
1 |
1 |
|
Blue collar
worker |
- |
- |
- |
|
Other |
- |
- |
- |
|
Temporary
personnel |
Total |
|
Average number of
temporary staff |
- |
|
Actual working
hours |
- |
|
Cost of temporary
staff |
- |
|
New staff and
leavers |
Full-Time |
Part-Time |
Total Fte |
|
New Starters |
- |
1 |
1 |
|
Leavers |
1 |
- |
1 |
|
Total of formal
continuing vocational training initiatives for workers paid by the employer |
Male |
Female |
|
Number of
employees |
- |
- |
|
Number of
training hours |
- |
- |
|
Net costs for
enterprise |
- |
- |
|
Total of less
formal and informal continuing vocational training initiatives for workers
paid by the employer |
Male |
Female |
|
Number of
employees |
- |
- |
|
Number of
training hours |
- |
- |
|
Net costs for
enterprise |
- |
- |
|
Total of initial
training initiatives at the expense of the employer |
Male |
Female |
|
Number of
employees |
- |
- |
|
Number of
training hours |
- |
- |
|
Net costs for
enterprise |
- |
- |
Profit & loss
|
|
Annual accounts |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
Industry average |
% |
|
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
|
Turnover |
25,544,572 |
-18.38 |
31,297,981 |
140 |
12,988,657 |
46,632,531 |
-45.22 |
|
|
Total operating
expenses |
25,488,953 |
-18.14 |
31,136,161 |
140 |
12,954,616 |
46,240,618 |
-44.88 |
|
|
55,618 |
-65.63 |
161,820 |
375 |
34,041 |
147,817 |
-62.37 |
|
|
|
130 |
-96.91 |
4,201 |
333292 |
1 |
97,084 |
-99 |
|
|
|
27,017 |
90.39 |
14,190 |
75.82 |
8,071 |
203,915 |
-86.75 |
|
|
|
28,731 |
-81.08 |
151,830 |
484 |
25,971 |
32,736 |
-12.23 |
|
|
|
7,568 |
-85.45 |
51,996 |
705 |
6,452 |
20,918 |
-63.82 |
|
|
|
21,163 |
-78.80 |
99,834 |
411 |
19,519 |
17,844 |
18.60 |
|
|
|
0 |
- |
0 |
- |
0 |
-4,553 |
0 |
|
|
|
0.00 |
- |
0.00 |
- |
0.00 |
- |
- |
|
|
|
21,163 |
-78.80 |
99,834 |
411 |
19,519 |
13,309 |
59.02 |
|
|
|
other information
|
|||||||
|
|
- |
- |
- |
- |
- |
172,177 |
- |
|
|
240,000 |
101 |
119,316 |
- |
- |
114,302 |
109 |
||
|
25,310 |
8.70 |
23,284 |
254 |
6,571 |
126,646 |
-80.02 |
||
|
20,106 |
-0.16 |
20,139 |
255 |
5,658 |
106,139 |
-81.06 |
||
|
|
- |
- |
- |
- |
- |
14,428 |
- |
|
|
|
2,485 |
74.98 |
1,420 |
4537 |
31 |
26,753 |
-90.71 |
|
|
|
2,720 |
57.65 |
1,725 |
95.55 |
882 |
4,402 |
-38.22 |
|
|
|
5,012 |
55.37 |
3,226 |
2.23 |
3,155 |
17,955 |
-72.09 |
|
|
|
|
|||||||
balance sheet
|
|
Annual accounts |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
Industry average |
% |
|
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
|
0 |
- |
0 |
- |
0 |
1,570 |
-100 |
|
|
|
54,073 |
321 |
12,835 |
301 |
3,201 |
184,414 |
-70.68 |
|
|
|
- |
- |
- |
- |
- |
359,608 |
- |
|
|
|
9,706 |
-18.10 |
11,851 |
712 |
1,459 |
22,793 |
-57.42 |
|
|
|
44,367 |
4411 |
984 |
-43.53 |
1,742 |
17,438 5,418 |
154 |
|
|
|
- |
- |
- |
- |
- |
142,153 32,369 |
- |
|
|
|
0 |
- |
0 |
- |
0 |
7,711 |
-100 |
|
|
|
4,024 |
0 |
4,024 |
0 |
4,024 |
294,763 |
-98.63 |
|
|
|
58,097 |
244 |
16,859 |
133 |
7,225 |
387,230 |
-85.00 |
|
|
|
4,497,817 |
6.00 |
4,243,071 |
31.15 |
3,235,246 |
3,092,433 |
45.45 |
|
|
|
- |
- |
- |
- |
- |
7,209,884 |
- |
|
|
|
Work in progress |
0 |
- |
0 |
- |
0 |
2,426 |
-100 |
|
|
4,497,817 |
6.00 |
4,243,071 |
31.15 |
3,235,246 |
1,981,611 |
126 |
|
|
|
0 |
- |
0 |
- |
0 |
574,617 |
-100 |
|
|
|
334,562 |
-88.04 |
2,796,993 |
180 |
996,772 |
4,172,397 |
-91.98 |
|
|
|
Cash |
1,986,025 |
-43.38 |
3,507,563 |
470 |
614,310 |
226,713 |
776 |
|
|
19,885 |
-70.05 |
66,399 |
28.84 |
51,536 |
184,589 |
-89.23 |
|
|
|
1,093 |
-6.50 |
1,169 |
9.31 |
1,069 |
17,803 |
-93.86 |
|
|
|
6,839,382 |
-35.57 |
10,615,195 |
116 |
4,898,934 |
7,222,269 |
-5.30 |
|
|
|
6,897,479 |
-35.13 |
10,632,053 |
116 |
4,906,158 |
7,577,514
1,453,566 |
-8.97 |
|
|
|
current
liabilities |
|||||||
|
|
6,264,220 |
-37.08 |
9,955,967 |
109 |
4,760,531 |
3,066,773 |
104 |
|
|
|
- |
- |
- |
- |
- |
- |
- |
|
|
|
- |
- |
- |
- |
- |
4,242,556 192,320 |
- |
|
|
|
- |
- |
- |
- |
- |
108,079 15,346 |
- |
|
|
|
41,687 |
-25.48 |
55,943 |
327 |
13,075 |
9,423 - |
22.96 |
|
|
|
203,378 |
-52.27 |
426,112 |
1010 |
38,355 |
-32.12 |
- - |
|
|
|
6,509,285 |
-37.64 |
10,438,022 |
116 |
4,811,961 |
5,360,460 |
21.43 |
|
|
|
Long term debts
and liabilities |
|||||||
|
|
Long term group
loans |
- |
- |
- |
- |
- |
- |
- - |
|
|
Other long term
loans |
- |
- |
- |
- |
- |
- |
- - |
|
|
Deffered taxes |
- |
- |
- |
- |
- |
37,626 26,358 |
- |
|
|
Provisions for
Liabilities & Charges |
0 |
- |
0 |
- |
0 |
3,220 0 |
-100 |
|
|
Other long term
liabilities |
173,000 |
- |
0 |
- |
0 |
129,765 |
33.32 |
|
|
173,000 |
- |
0 |
- |
0 |
562,577 |
-69.25 |
|
|
|
shareholders
equity |
|||||||
|
|
18,600 |
0 |
18,600 |
0 |
18,600 |
911,094 |
-97.96 |
|
|
|
- |
- |
- |
- |
- |
109,362 |
- |
|
|
|
196,594 |
12.06 |
175,431 |
132 |
75,597 |
699,735 |
-71.90 |
|
|
|
- |
- |
- |
- |
- |
968,672 |
- |
|
|
|
Total
shareholders equity |
215,194 |
10.91 |
194,031 |
105 |
94,197 |
1,640,673 |
-86.88 |
|
|
330,097 |
86.31 |
177,172 |
103 |
86,972 |
1,861,809 |
-82.27 |
|
|
|
26,175 |
-74.60 |
103,060 |
354 |
22,674 |
28,110 |
-6.88 |
|
|
|
215,194 |
10.91 |
194,031 |
105 |
94,197 |
1,637,427 |
-86.86 |
|
|
|
|
|||||||
ratio analysis
|
|
Annual accounts |
31-12-2012 |
change(%) |
31-12-2011 |
change(%) |
31-12-2010 |
Industry average |
% |
|
|
Trading
performance |
|||||||
|
|
Profit Before Tax
|
0.11 |
-77.55 |
0.49 |
145 |
0.20 |
-26,00 |
0.42 |
|
|
7.40 |
-90.54 |
78.25 |
183 |
27.57 |
29,00 |
-74.48 |
|
|
|
0.42 |
-70.63 |
1.43 |
169 |
0.53 |
-203,00 |
0.21 |
|
|
|
13.35 |
-82.94 |
78.25 |
183 |
27.57 |
19,00 |
-29.74 |
|
|
|
77.38 |
-56.20 |
176.65 |
18.29 |
149.34 |
45,00 |
-99 |
|
|
|
17.61 |
29.87 |
13.56 |
-45.56 |
24.91 |
111,00 |
-84.14 |
|
|
|
4.78 |
-85.35 |
32.62 |
16.46 |
28.01 |
133,00 |
-96.41 |
|
|
|
89.70 |
-23.14 |
116.71 |
-12.99 |
134.13 |
122,00 |
-26.48 |
|
|
|
short term
stability |
|||||||
|
|
1.05 |
2.94 |
1.02 |
0 |
1.02 |
7,00 |
-88.33 |
|
|
|
0.36 |
-40.98 |
0.61 |
74.29 |
0.35 |
4,00 |
-91.00 |
|
|
|
30.25 |
-43.77 |
53.80 |
5.32 |
51.08 |
9,00 |
236 |
|
|
|
Liquidity ratio
reprocessed |
- |
- |
- |
- |
- |
- |
|
|
|
long term
stability |
|||||||
|
|
- |
- |
- |
- |
- |
363,00 |
- |
|
|
|
3.12 |
71.43 |
1.82 |
-5.21 |
1.92 |
-3.247,00 |
0.10 |
|
|
|
31.05 |
-42.29 |
53.80 |
5.32 |
51.08 |
11,00 |
182 |
|
FOREIGN EXCHANGE RATES
Na
ADDITIONAL INFORMATION
Commentary
|
The business was
established over 10 years ago. |
|
|
The business has
1 employees. |
|
|
The business has
been at the address for over 4 years. |
|
|
Operating Result
in the latest trading period decreased 65% on the previous trading period. |
|
|
A 35% decline in
Total Assets occurred during the latest trading period. |
|
|
Pre-tax profits
decreased by 81% compared to the previous trading period. |
|
|
The business saw
a decrease in their Cash Balance of 43% during the latest trading period. |
|
Trends
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES & COMMENTS
Na
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.62.69 |
|
UK Pound |
1 |
Rs.102.97 |
|
Euro |
1 |
Rs.84.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.