MIRA INFORM REPORT

                                                                                                             

 

Report No. :

332727

Report Date :

06.08.2015

 

IDENTIFICATION DETAILS

 

Name :

NORTHERN  TRUST  FIDUCIARY  SERVICES  (IRELAND)  LIMITED

 

 

Formerly Known As :

BARINGS  (IRELAND)  LIMITED    

 

 

Registered Office :

Georges  Court, 54-62  Townsend  Street, Dublin  2, 216410

 

 

Country :

Ireland

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

05.07.1990

 

 

Com. Reg. No.:

IE161386

 

 

Legal Form :

Not Available

 

 

Line of Business :

The  provision  of  a  fully  integrated  custody  service  to  collective  investment  schemes

 

[We tried to confirm / obtain the detailed activity but the same is not available from any sources]

 

 

No. of Employee :

Not Available

 

 

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 :

Good 

 

 

Payment Behaviour :

Regular

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Ireland

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 


 

IRELAND - ECONOMIC OVERVIEW

 

Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity dropped sharply during the world financial crisis and the subsequent collapse of its domestic property market and construction industry. Faced with sharply reduced revenues and a burgeoning budget deficit from efforts to stabilize its fragile banking sector, the Irish Government introduced the first in a series of draconian budgets in 2009. These measures were not sufficient to stabilize Ireland’s public finances. In 2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of GDP. In late 2010, the former COWEN government agreed to a $92 billion loan package from the EU and IMF to help Dublin recapitalize Ireland’s banking sector and avoid defaulting on its sovereign debt. In March 2011, the KENNY government intensified austerity measures to meet the deficit targets under Ireland's EU-IMF bailout program. In late 2013, Ireland formally exited its EU-IMF bailout program, benefiting from its strict adherence to deficit-reduction targets and success in refinancing a large amount of banking-related debt. In 2014, the economy rapidly picked up and GDP grew by 3.6%. The recovering economy assisted lowering the deficit to 4.2% of GDP. In late 2014, the government introduced a fiscally neutral budget, marking the end of the austerity program. In the wake of the collapse of the construction sector and the downturn in consumer spending and business investment, the export sector, dominated by foreign multinationals, has become an even more important component of Ireland's economy. Ireland’s low corporation tax of 12.5% has been central to encouraging business investment. Loose tax residency requirements made Ireland a common destination for international firms seeking to avoid taxation. Amid growing international pressure the government announced it would phase in more stringent tax laws, effectively closing a loophole.

 

Source : CIA

 


Company  Name

 

NORTHERN  TRUST  FIDUCIARY  SERVICES  (IRELAND)  LIMITED

 

 

Company  No

 

IE161386

 

 

Registered  Address

 

Georges  Court

54-62  Townsend  Street

Dublin  2

216410

 

 

Company  Summary

 

Registered  Address

Georges  Court

Trading  Address

Georges  Court

 

54-62  Townsend  Street

 

54-62  Townsend  Street

 

Dublin  2

 

Dublin  2

 

216410

 

Ireland

 

 

 

216410

Website  Address

-

 

 

Telephone  Number

 

Fax  Number

 

TPS

No

FPS

No

Incorporation  Date

05/07/1990

 

 

Previous  Name

BARINGS  (IRELAND)  LIMITED    

Type

Other

 

 

FTSE  Index

-

Date  of  Change

-

Filing  Date  of  Accounts

-

Currency

EUR

Share  Capital

€150,000

SIC07  Description

 

Charity  Number

-

Principal  Activity

The  provision  of  a  fully  integrated  custody  service  to  collective  investment  schemes.

 

 

 

Key  Financials

 

Year  to  Date

Turnover

Pre  Tax  Profit

Shareholder

Funds  Employees

31/12/2013

€55,339,370

€11,219,252

€73,046,585

-

31/12/2012

€49,420,261

€9,576,963

€63,619,768

-

31/12/2011

€47,374,074

€7,992,417

€55,629,067

-

 

 

Mortgage  Summary

 

Total  Mortgage

259

Outstanding

255

Satisfied

4

 

 

Trade  Debtors  /  Bad  Debt  Summary

 

Total  Number  of  Documented  Trade

0

Total  Value  of  Documented  Trade

€0

 

 

Commentary

 

No  exact  match  CCJs  are  recorded  against  the  company.

The  credit  limit  on  this  company  has  risen  26.4%  in  comparison  to  the  previously  suggested  credit  limit. Sales  in  the  latest  trading  period  increased  12%  on  the  previous  trading  period. Net  Worth  increased  by  33.5%  during  the  latest  trading  period. A  15.9%  growth  in  Total  Assets  occurred  during  the  latest  trading  period.

 

 

CJ

 

Total  Number  of  Exact  CJs  -

0

Total  Value  of  Exact  CJs  -

€0

Total  Number  of  Possible  CJs  -

0

Total  Value  of  Possible  CJs  -

€0

Total  Number  of  Satisfied  CJs  -

0

Total  Value  of  Satisfied  CJs  -

€0

 

Total  Current  Directors

8

Total  Current  Secretaries

1

Total  Previous  Directors  /  Company

Secretaries

 

31

 

 

 

Current  Directors

 

 

Name

DAVID  GUEST

Date  of  Birth

25/08/1962

Officers  Title

 

Nationality

 

Present  Appointments

48

Function

Director

Appointment  Date

01/01/2015

 

 

Address

9 GILFORD  AVENUE,  SANDYMOUNT,  DUBLIN  4.

 

Name

KENNETH  LAMBE

Date  of  Birth

20/08/1971

Officers  Title

 

Nationality

 

Present  Appointments

7

Function

Director

Appointment  Date

25/08/2005

 

 

Address

13 SIDMONTON  GARDENS,  SIDMONTON  ROAD,  BRAY,  CO  WICKLOW

 

Name

FIONA  MOORE

Date  of  Birth

18/09/1970

Officers  Title

 

Nationality

 

Present  Appointments

1

Function

Director

Appointment  Date

15/10/2012

 

 

Address

111 FOXROCK  PARK,  FOXROCK,  DUBLIN  18

 

Name

ANDREW  OSBORNE

Date  of  Birth

30/01/1958

Officers  Title

 

Nationality

 

Present  Appointments

1

Function

Director

Appointment  Date

21/03/2013

 

 

Address

33 CAVERSHAM  PARK  AVENUE,  RAYLEIGH  SS6  9QA,  UK

 

Name

CLIVE  BELLOWS

Date  of  Birth

01/11/1963

Officers  Title

 

Nationality

 

Present  Appointments

2

Function

Director

Appointment  Date

18/06/2013

 

 

Address

1 THE  NURSERIES,  DELGANY,  CO.  WICKLOW

 

Name

DONALD  JOHN  CARGILL

Date  of  Birth

16/09/1966

Officers  Title

 

Nationality

 

Present  Appointments

1

Function

Director

Appointment  Date

24/07/2014

 

 

Address

24 BARNTON  GARDENS,  EDINBURGH,  UNITED  KINGDOM

 

Name

STEPHEN  BAKER

Date  of  Birth

12/04/1962

Officers  Title

 

Nationality

 

Present  Appointments

1

Function

Director

Appointment  Date

30/09/2014

 

 

Address

38 AVONDALE  LAWN,  BLACKROCK,  CO.  DUBLIN

 

Name

STEVE  (STÉPHANE)  DAVID

Date  of  Birth

11/05/1971

Officers  Title

 

Nationality

 

Present  Appointments

1

Function

Director

Appointment  Date

01/01/2015

 

 

Address

31 AN  DE  STRACHEN,  L-5243  SANDWEILER,  LUXEMBOURG

 

 

 

Current  Company  Secretary

 

 

Name

NORTHERN  TRUST

MANAGEMENT  SERVICES

(IRELAND)  LIMITED

Date  of  Birth

09/11/2006

Officers  Title

Nationality

 

 

Present  Appointments

4

Function

Company  Secretary

Appointment  Date

11/12/2008

 

 

Address

 

 

 

 

 

Top  20  Shareholders

 

Name

 

 

Currency   Share  Count    Share  Type    Nominal  Value

 

% of  Total  Share  Count

NORTHERN  TRUST  (IRELAND)  LTD

EUR

150,000

ORDINARY

1

100

 

 

Profit  &  Loss

 

Date  Of

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Accounts

 

 

 

 

 

 

 

 

 

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

EUR

(%)

EUR

(%)

EUR

(%)

EUR

(%)

EUR

Consolidated

 

 

 

 

 

 

 

 

 

 

N

(%)

N

(%)

N

(%)

N

(%)

N

A/cs

 

 

 

 

 

 

 

 

 

Turnover

€55,339,370

12%

€49,420,261

4.3%

€47,374,074

29%

€36,724,458

26.5%

€29,023,565

Export

-

-

-

-

-

-

-

-

-

Cost  of  Sales

-

-

-

-

-

-

-

-

-

Gross  Profit

-

-

-

-

-

-

-

-

-

Wages  &

-

-

-

-

-

-

-

-

-

Salaries

 

 

 

 

 

 

 

 

 

Directors

-

-

-

-

-

-

-

-

-

Emoluments

 

 

 

 

 

 

 

 

 

Operating  Profit

€11,204,091

17.2%

€9,561,789

21.5%

€7,868,658

-53.1%

€16,772,971

28.3%

€13,069,854

Depreciation

-

-

-

-

-

-

-

-

-

Audit  Fees

-

-

-

-

-

-

-

-

-

Interest

-

-

-

-

-

-

-

-

-

Payments

 

 

 

 

 

 

 

 

 

Pre  Tax  Profit

€11,219,252

17.1%

€9,576,963

19.8%

€7,992,417

-52.8%

€16,916,577

27.8%

€13,232,068

Taxation

-€1,792,435

-13%

-€1,586,262

-27.9%

-€1,240,691

41.8%

-€2,132,025

-27.4%

-€1,673,699

Profit  After  Tax

€9,426,817

18%

€7,990,701

18.4%

€6,751,726

-54.3%

€14,784,552

27.9%

€11,558,369

Dividends

-

-

-

-100%

€38,000,000

-

-

-

-

Payable

 

 

 

 

 

 

 

 

 

Retained  Profit

€9,426,817

18%

€7,990,701

125.6%

-€31,248,274

-311.4%

€14,784,552

27.9%

€11,558,369

 

 

Balance  Sheet

 

Date  Of

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Accounts

 

 

 

 

 

 

 

 

 

Tangible  Assets

0

-

0

-

0

-

0

-

0

Intangible

 

 

 

 

 

 

 

 

 

Assets

€23,065,823

-11.9%

€26,175,827

-10.6%

€29,285,831

-

0

-

0

Total  Fixed

€23,065,823

-11.9%

€26,175,827

-10.6%

€29,285,831

-

0

-

0

Assets

 

 

 

 

 

 

 

 

 

Stock

0

-

0

-

0

-

0

-

0

Trade  Debtors

€12,907,800

23.3%

€10,470,180

-0.7%

€10,545,191

83.2%

€5,757,068

102.5%

€2,842,545

Cash

€41,115,969

25.9%

€32,653,822

72.1%

€18,969,752

-69.6%

€62,408,422

64.9%

€37,848,485

Other  Debtors

€9,239,863

78.7%

€5,170,912

31.2%

€3,939,864

427.6%

€746,763

-92%

€9,349,520

Miscellaneous

Current  Assets

0

-

0

-100%

€13,783

273.9%

€3,686

-

0

Total  Current

Assets

€63,263,632

31%

€48,294,914

44.3%

€33,468,590

-51.4%

€68,915,939

37.7%

€50,040,550

Trade  Creditors

0

-100%

€39,981

-

0

-

0

-

0

Bank  Loans  &

Overdrafts

0

-

0

-

0

-

0

-

0

Other  Short  Term

Finance

 

€13,282,870

22.9%

€10,810,992

55.2%

€6,964,896

5.9%

€6,576,425

416.5%

€1,273,350

Miscellaneous

Current

Liabilities

0

-

0

-100%

€160,458

-65.3%

€462,173

-72.4%

€1,674,411

 

Total  Current

Liabilities

€13,282,870

22.4%

€10,850,973

52.3%

€7,125,354

1.2%

€7,038,598

138.8%

€2,947,761

 

Bank  Loans  &

Overdrafts  and LTL

0

-

0

-

0

-

0

-

0

 

Other  Long  Term

Finance

0

-

0

-

0

-

0

-

0

 

Total  Long  Term

Liabilities

0

-

0

-

0

-

0

-

0

 

 

 

Capital  &  Reserves

 

Date  Of

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Accounts

 

 

 

 

 

 

 

 

 

Called  Up  Share

Capital

€150,000

-

€150,000

-

€150,000

-

€150,000

-

€150,000

P  &  L  Account

Reserve

€47,896,585

24.5%

€38,469,768

26.2%

€30,479,067

-50.6%

€61,727,341

31.5%

€46,942,789

Revaluation

Reserve

-

-

-

-

-

-

-

-

-

Sundry

Reserves

€25,000,000

-

€25,000,000

-

€25,000,000

-

-

-

-

Shareholder

€73,046,585

14.8%

€63,619,768

14.4%

€55,629,067

-10.1%

€61,877,341

31.4%

€47,092,789

Funds

 

 

 

 

 

 

 

 

 

 

 

Other Financial  Items

 

Date  Of

 

 

 

 

 

 

 

 

 

Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

 

 

 

 

 

 

 

 

 

 

Net  Worth

€49,980,762

33.5%

€37,443,941

42.1%

€26,343,236

-57.4%

€61,877,341

31.4%

€47,092,789

Working  Capital

€49,980,762

33.5%

€37,443,941

42.1%

€26,343,236

-57.4%

€61,877,341

31.4%

€47,092,789

Total  Assets

€86,329,455

15.9%

€74,470,741

18.7%

€62,754,421

-8.9%

€68,915,939

37.7%

€50,040,550

Total  Liabilities

€13,282,870

22.4%

€10,850,973

52.3%

€7,125,354

1.2%

€7,038,598

138.8%

€2,947,761

Net  Assets

€73,046,585

14.8%

€63,619,768

14.4%

€55,629,067

-10.1%

€61,877,341

31.4%

€47,092,789

 

 

Miscellaneous

 

Date  Of

 

 

 

 

 

 

 

 

 

Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Contingent

Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital

Employed

€73,046,585

14.8%

€63,619,768

14.4%

€55,629,067

-10.1%

€61,877,341

31.4%

€47,092,789

Number  of

Employees

 

 

 

 

 

 

 

 

 

Accountants

 

 

 

 

 

 

 

 

 

 

Auditors

KPMG

 

 

 

 

 

 

 

 

Auditor

 

 

 

 

 

 

 

 

 

 

The  audit  report  contains  no  adverse  comments

 

 

 

 

 

 

 

 

Comments

 

 

 

 

 

 

 

 

 

Bankers

THE  ROYAL  BANK  OF  SCOTLAND  PLC

 

 

 

 

 

 

 

 

Bank  Branch

 

 

 

 

 

 

 

 

 

Code

15-10-00

 

 

 

 

 

 

 

 

 

 

Ratios

 

Date Of Accounts

31/12/13

31/12/12

31/12/11

31/12/10

31/12/09

Pre-tax profit margin %

20.27

19.38

16.87

46.06

45.59

Current ratio

4.76

4.45

4.70

9.79

16.98

Sales/Net Working Capital

1.11

1.32

1.80

0.59

0.62

Gearing %

0

0

0

0

0

Equity in %

115.50

131.70

166.20

89.80

94.10

Creditor Days

-

0.29

-

-

-

Debtor Days

84.90

77.11

81.02

57.06

35.64

Liquidity/Acid Test

4.76

4.45

4.69

9.79

16.97

Return On

 

 

 

 

 

Capital

Employed %

15.35

15.05

14.36

27.33

28.09

Return On Total

 

 

 

 

 

Assets

Employed %

12.99

12.86

12.73

24.54

26.44

Current Debt Ratio

0.18

0.17

0.12

0.11

0.06

Total Debt Ratio

0.18

0.17

0.12

0.11

0.06

Stock Turnover Ratio %

-

-

-

-

-

Return on Net

 

 

 

 

 

Assets Employed %

15.35

15.05

14.36

27.33

28.09

 

 

Previous  Company  Names

 

Date

 

Previous  Name

N/A

 

BARINGS  (IRELAND)  LIMITED

02/10/1995

 

BARING  BROTHERS  (IRELAND)  LIMITED

 

Received  Documents Writ  Details

 

No  writs  found

 

 

Statistics

 

Summary

 

 

Group

24 companies

 

 

 

 

 

Holding  Company

NORTHERN  TRUST

(IRELAND)  LIMITED

 

 

 

 

 

 

Linkages

29 companies

Ownership  Status

Wholly  Owned

 

 

 

 

 

 

Countries

In  5  countries

Ultimate  Holding  Company

NORTHERN  TRUST  CORP

 

 

 

Group  Structure

 

 

 

Company  Name

Registered

Latest  Key

Consol.

Turnover

 

 

Number

Financials

Accounts

 

 

NORTHERN  TRUST  CORP

 

-

-

 

 

NORTHERN  TRUST  INTERNA...

 

-

-

 

 

NORTHERN  TRUST  FUND...

IE244513

31.12.2013

N

€3,035,367

 

NORTHERN  TRUST  MANAG...

04794949

31.12.2013

Y

£210,078,798

 

NORTHERN  TRUST  GLO...

03929218

31.12.2014

N

£31,942,916

 

NORTHERN  TRUST  GFS  HOL...

N/A

-

-

 

 

NORTHERN  TRUST  EUROPEA...

05092129

31.12.2014

N

 

 

NORTHERN  TRUST  COMPANY...

N/A

-

-

 

 

NORTHERN  TRUST  HOLDI...

04795791

31.12.2014

N

£1,405,948

 

NORTHERN  TRUST  GLO...

04795756

31.12.2014

N

£52,485,004

 

THE  NORTHERN  TRUST  C...

02902686

31.12.2013

N

 

 

NORTRUST  NOMINEES  LI...

00955951

31.12.2013

N

 

 

THE  NORTHERN  TRUST  SCO...

SL005107

31.12.2005

N

£2,315,000

 

NORTHERN  TRUST  (IREL...

IE322077

31.12.2013

N

€2,902,696

 

NORTHERN  TRUST  INT...

IE160579

31.12.2013

N

€77,776,725

 

NORTHERN  TRUST  FID...

IE161386

31.12.2013

N

€55,339,370

 

IIF  CYCLONE  NI  LI...

NI612808

31.03.2014

Y

£11,147,000

 

IIF  CYCLONE  NI...

NI033361

31.03.2014

N

 

 

IIF  CYCLONE  N...

NI070585

31.03.2014

N

 

 

CHURCH  HILL...

NI051391

31.03.2014

N

£4,266,000

 

CRIGHSHANE...

NI051392

31.03.2014

N

£6,839,000

 

SASOF  II  AVIATION...

IE512937

31.12.2013

N

€37,067,109

 

NORTHERN  TRUST  FUN...

IE266017

31.12.2013

N

€9,834,856

 

NORTHERN  TRUST  MAN...

IE429540

31.12.2013

N

€100,128,521

 

 

 

Business  Owner  Links

 

Business  Name

Business  No

Business  Status.

NORTHERN  TRUST  FIDUCIARY  SERVICES  (IRELAND)  LIMITED

IE161386

 

     IDV  BOYNE  FUTURE  LIMITED  PARTNERSHIP

539669

NORMAL

     IDV  GLANMIRE  LIMITED  PARTNERSHIP

546239

NORMAL

     IDV  GEORGIAN  LIMITED  PARTNERSHIP

522308

NORMAL

     THE  IDV  DEVELOPMENTS  LIMITED  PARTNERSHIP

503288

NORMAL

     IDV  MOLESWORTH  LIMITED  PARTNERSHIP

522307

NORMAL

 

 

Previous  Director/Company  Secretaries

 

 

 

 

Name

Current  Directorships

Previous  Directorships

JAMES  CAWLEY

10

18

ELIZABETH  MCLOUGHLIN

2

1

PAULINE  O'DONOVAN

36

126

PETER  PAUL  WALSH

0

5

DUKE  TRUST  LIMITED

3

26

PETER  NABNEY

1

7

PAUL  DONNELLY

0

2

KEVIN  LEE

2

2

MARTIN  COMISKEY

4

2

PETER  NAGLE

2

4

STEPHEN  RICHARD  WATTS

2

2

MILES  JAMES  RIVETT-CARNAC

0

1

THOMAS  KEVIN  ENGLISH

0

2

ALLAN  MICHAEL  WILKINSON

0

1

DAVID  PETER  MARTIN  BLAIR

1

50

PAUL  DONNELLY

3

10

TERESA  PARKER

0

4

JEREMY  SVEJDAR

1

5

JEREMY  SVEJDAR

1

5

KEN  LAMBE

0

3

CRAIG  JOSEPHSON

0

3

SHERYL  MUNIZ

0

2

PAUL  DONNELLY

3

10

CIARAN  O'HARE

3

1

PAUL  DONNELLY

3

10

MARY  STONE

7

2

FINBARR  DOWNING

2

1

ELEANOR  FITZGERALD

0

1

DAVID  MARLBOROUGH

0

1

DAVID  SLOAD

0

4

DAVID  SLOAD

0

4

 

 

Average  Invoice  Value

n/a

Invoices  available

n/a

Paid

n/a

Outstanding

n/a

 

Trade  Payment  Data  is  information  that  we  collect  from  selected  third  party  partners  who  send  us  information  about  their  whole  sales ledger.

 

Within Terms   0-30  Days        31-60  Days       61-90  Days       91+  Days

 

Paid

Outstanding  

 

 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.63.82

UK Pound

1

Rs.99.15

Euro

1

Rs.69.31

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ASH

 

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.