MIRA INFORM REPORT

Report No. :	320780
Report Date :	02.04.2015

IDENTIFICATION DETAILS

Name :	DAVID MORRIS INTERNATIONAL LIMITED
Formerly Known As :	DAVID MORRIS JEWELS INTERNATIONAL LIMITED
Registered Office :	180 New Bond Street London W1S 4RL
Country :	United Kingdom
Financials (as on) :	31.12.2013
Date of Incorporation :	12.07.1991
Com. Reg. No.:	02630165
Legal Form :	Private limited with Share Capital
Line of Business :	Subject is manufacture of jewellery and related articles
No. of Employee :	37 (2013)

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
United Kingdom	A1	A1

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 third largest economy in Europe after Germany and France. 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, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. In 2008, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling 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. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. 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 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 5.8% in 2013. The Bank of England (BoE) implemented an asset purchase program of �375 billion (approximately $586 billion) as of December 2014. 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, however, in 2013 GDP grew 1.8%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

Source : CIA

Company Name

DAVID MORRIS INTERNATIONAL LIMITED

Company No

02630165

Registered Address

180 NEW BOND STREET LONDON W1S 4RL

Company Summary

Registered Address

180 NEW BOND STREET
LONDON
W1S 4RL

Trading Address

180 New Bond Street
London
W1S 4RL

Website Address http://www.davidmorris.com

Telephone Number 02074992200

Fax Number

TPS No

FPS No

Incorporation Date 12/07/1991

Previous Name DAVID MORRIS JEWELS INTERNATIONAL LIMITED

Type Private limited with Share Capital

FTSE Index -

Date of Change 13/09/1991

Filing Date of Accounts 09/07/2014

Currency GBP

Share Capital £3,064,935

SIC07 32120

Charity Number -

SIC07 Description MANUFACTURE OF JEWELLERY AND RELATED ARTICLES

Principal Activity A group engaged in manufacturing, wholesaling and retailing of jewellery, precious metals and precious stones.

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder Funds Employees

31/12/2013 £43,424,859 £3,930,514 £47,186,629 37

31/12/2012 £48,041,665 £8,410,623 £43,875,130 41

31/01/2012 £43,874,169 £7,857,939 £37,780,625 47

Mortgage Summary

Total Mortgage 4

Outstanding 4

Satisfied 0

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

Commentary

This company has been treated as a Large company in respect of the rating/limit generated.

This company's return on total assets employed ratio indicates a relatively efficient use of assets.

This company has made late payments on a medium percentage of invoices.

This company's ratio of total liabilities to total assets indicates the presence of moderate equity funding.

This company's bank loans and overdrafts (less cash) account for a moderate percentage of short term liabilities.

This company trades in an industry with a moderate level of corporate failures.

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

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Show more

Total Current Directors	6
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	23

Current Directors

Name	Cyril Winston Freedman	Date of Birth	31/08/1945
Officers Title	Mr	Nationality	British
Present Appointments	11	Function	Director
Appointment Date	27/02/2004
Address	180 New Bond Street, London, W1S 4RL
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Jeremy Lee Morris	Date of Birth	26/11/1961
Officers Title	Mr	Nationality	British
Present Appointments	7	Function	Director
Appointment Date	12/07/1992
Address	180 New Bond Street, London, W1S 4RL
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Wayne Donald Pond	Date of Birth	09/11/1969
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	21/04/2008
Address	180 New Bond Street, London, W1S 4RL
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	William Henry Holbech	Date of Birth	30/01/1965
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	21/04/2008
Address	180 New Bond Street, London, W1S 4RL
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Scott Samuel Strachan	Date of Birth	17/12/1970
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	02/06/2014
Address	180 New Bond Street, London, W1S 4RL
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Ali Abousaleh	Date of Birth	26/07/1980
Officers Title	Mr	Nationality	American
Present Appointments	1	Function	Director
Appointment Date	01/08/2014
Address	180 New Bond Street, London, W1S 4RL

Current Company Secretary

Name	Wayne Donald Pond	Date of Birth	09/11/1969
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Company Secretary
Appointment Date	06/03/2007
Address	180 New Bond Street, London, W1S 4RL
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
WATERFLOW ENTERPRISES CORP	GBP	3,064,935	ORDINARY	1	100

Profit & Loss

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/01/12	(%)	31/01/11	(%)	31/01/10
Weeks	52	(%)	48	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	Y	(%)	Y	(%)	Y	(%)	Y	(%)	Y
Turnover	£43,424,859	-9.6%	£48,041,665	9.5%	£43,874,169	25.8%	£34,863,731	15.1%	£30,301,513
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£26,676,676	-1.4%	£27,053,508	4.2%	£25,954,082	24.6%	£20,835,178	12.6%	£18,498,965
Gross Profit	£16,748,183	-20.2%	£20,988,157	17.1%	£17,920,087	27.7%	£14,028,553	18.9%	£11,802,548
Wages & Salaries	£3,586,948	-9.9%	£3,979,825	3.7%	£3,837,564	57.5%	£2,436,455	8.2%	£2,251,343
Directors Emoluments	£1,716,421	-32.7%	£2,549,455	29.3%	£1,971,026	86.1%	£1,059,317	17.9%	£898,567
Operating Profit	£4,796,295	-47.8%	£9,185,414	11.8%	£8,216,243	34.5%	£6,109,910	36.8%	£4,467,165
Depreciation	£281,873	20.6%	£233,637	23.7%	£188,930	-5.2%	£199,395	-24.4%	£263,697
Audit Fees	£93,000	-7%	£100,000	25%	£80,000	-	£80,000	14.1%	£70,142
Interest Payments	£870,848	10.7%	£786,337	113.3%	£368,692	-20.3%	£462,744	-5.8%	£491,217
Pre Tax Profit	£3,930,514	-53.3%	£8,410,623	7%	£7,857,939	39.1%	£5,650,529	41.4%	£3,996,767
Taxation	-£633,144	74.6%	-£2,497,003	-28.7%	-£1,940,108	-12.7%	-£1,721,445	-16.2%	-£1,480,884
Profit After Tax	£3,297,370	-44.2%	£5,913,620	-0.1%	£5,917,831	50.6%	£3,929,084	56.2%	£2,515,883
Dividends Payable	-	-	-	-	-	-100%	£1,000,000	66.7%	£600,000
Retained Profit	£3,293,569	-44.9%	£5,974,618	1%	£5,917,831	102%	£2,929,084	52.9%	£1,915,883

Balance Sheet

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/01/12	(%)	31/01/11	(%)	31/01/10
Tangible Assets	£1,353,629	15.9%	£1,167,598	10.3%	£1,058,473	52.1%	£695,990	-13.9%	£808,320
Intangible Assets	£1,051,512	-28.8%	£1,476,349	-19.6%	£1,837,234	-	0	-	0
Total Fixed Assets	£2,405,141	-9%	£2,643,947	-8.7%	£2,895,707	316.1%	£695,990	-13.9%	£808,320
Stock	£56,472,176	4.6%	£53,968,035	24.6%	£43,299,922	11.6%	£38,787,072	8.7%	£35,686,867
Trade Debtors	£5,784,483	-24.1%	£7,618,958	-19.5%	£9,460,101	175.6%	£3,432,617	-46.2%	£6,379,529
Cash	£9,039,207	112.7%	£4,248,871	-73%	£15,722,116	31.4%	£11,963,501	63%	£7,339,672
Other Debtors	£2,502,900	-14.8%	£2,936,597	31.6%	£2,230,947	72.5%	£1,293,099	-1.5%	£1,313,425
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£73,798,766	7.3%	£68,772,461	-2.7%	£70,713,086	27.5%	£55,476,289	9.4%	£50,719,493
Trade Creditors	£5,075,686	-46.3%	£9,448,408	3.7%	£9,110,217	-1.2%	£9,224,912	-21.6%	£11,772,568
Bank Loans & Overdrafts	£13,401,700	75.7%	£7,628,974	-61.4%	£19,755,133	68.6%	£11,717,546	42.5%	£8,222,665
Other Short Term Finance	£75,436	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	£6,089,324	-4.3%	£6,361,651	-8.6%	£6,962,818	107.3%	£3,358,881	29.6%	£2,590,904
Total Current Liabilities	£24,642,146	5.1%	£23,439,033	-34.6%	£35,828,168	47.4%	£24,301,339	7.6%	£22,586,137
Bank Loans & Overdrafts and LTL	£17,776,832	51.5%	£11,731,219	-40.6%	£19,755,133	68.6%	£11,717,546	42.5%	£8,222,665
Other Long Term Finance	£4,283,664	9.1%	£3,927,132	-	0	-	0	-	0
Total Long Term Liabilities	£4,375,132	6.7%	£4,102,245	-	0	-	0	-	0

.

Capital & Reserves

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/01/12	(%)	31/01/11	(%)	31/01/10
Called Up Share Capital	£3,064,935	-	£3,064,935	2.2%	£3,000,000	-	£3,000,000	-	£3,000,000
P & L Account Reserve	£36,947,298	9.8%	£33,635,799	21.7%	£27,641,294	27.2%	£21,731,609	15.6%	£18,802,345
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£7,174,396	-	£7,174,396	0.5%	£7,139,331	-	£7,139,331	-	£7,139,331
Shareholder Funds	£47,186,629	7.5%	£43,875,130	16.1%	£37,780,625	18.5%	£31,870,940	10.1%	£28,941,676

Other Financial Items

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/01/12	(%)	31/01/11	(%)	31/01/10
Net Worth	£46,135,117	8.8%	£42,398,781	18%	£35,943,391	12.8%	£31,870,940	10.1%	£28,941,676
Working Capital	£49,156,620	8.4%	£45,333,428	30%	£34,884,918	11.9%	£31,174,950	10.8%	£28,133,356
Total Assets	£76,203,907	6.7%	£71,416,408	-3%	£73,608,793	31%	£56,172,279	9%	£51,527,813
Total Liabilities	£29,017,278	5.4%	£27,541,278	-23.1%	£35,828,168	47.4%	£24,301,339	7.6%	£22,586,137
Net Assets	£47,186,629	7.5%	£43,875,130	16.1%	£37,780,625	18.5%	£31,870,940	10.1%	£28,941,676

Cash Flow

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/01/12	(%)	31/01/11	(%)	31/01/10
Net Cashflow from Operations	£2,102,297	13.2%	£1,857,687	999.9%	£139,758	-96.6%	£4,061,259	34.8%	£3,012,183
Net Cashflow before Financing	-£1,028,637	68%	-£3,213,060	24.9%	-£4,278,971	-479%	£1,128,948	999.9%	£66,803
Net Cashflow from Financing	-	-100%	£3,814,401	-	-	-	-	100%	-£1,117
Increase in Cash	-£1,028,637	-271.1%	£601,341	114.1%	-£4,278,971	-479%	£1,128,948	999.9%	£65,686

Miscellaneous

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/01/12	(%)	31/01/11	(%)	31/01/10
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£51,561,761	7.5%	£47,977,375	27%	£37,780,625	18.5%	£31,870,940	10.1%	£28,941,676
Number of Employees	37	-9.8%	41	-12.8%	47	113.6%	22	4.8%	21
Auditors	BLICK ROTHENBERG LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	NATIONAL WESTMINSTER BANK PLC
Bank Branch Code

Ratios

Date Of Accounts	31/12/13	31/12/12	31/01/12	31/01/11	31/01/10
Pre-tax profit margin %	9.05	17.51	17.91	16.21	13.19
Current ratio	2.99	2.93	1.97	2.28	2.25
Sales/Net Working Capital	0.88	1.06	1.26	1.12	1.08
Gearing %	37.70	26.70	52.30	36.80	28.40
Equity in %	62.80	62.70	52.60	56.70	56.20
Creditor Days	42.54	66.08	75.58	96.31	141.41
Debtor Days	48.48	53.28	78.48	35.83	76.63
Liquidity/Acid Test	0.70	0.63	0.76	0.68	0.66
Return On Capital Employed %	7.62	17.53	20.79	17.72	13.80
Return On Total Assets Employed %	5.15	11.77	10.67	10.05	7.75
Current Debt Ratio	0.52	0.53	0.94	0.76	0.78
Total Debt Ratio	0.61	0.62	0.94	0.76	0.78
Stock Turnover Ratio %	130.04	112.33	98.69	111.25	117.77
Return on Net Assets Employed %	8.32	19.16	20.79	17.72	13.80

Event History

Date	Description
30/01/2015	Mr T.A. Shabib has left the board
06/08/2014	New Board Member Mr A. Abousaleh appointed
23/07/2014	New Accounts Filed
23/07/2014	New Accounts Filed
18/07/2014	Annual Returns
04/06/2014	New Board Member Mr T.A. Shabib appointed
04/06/2014	New Board Member Mr S.S. Strachan appointed
23/01/2014	Mr B.J. Saastad has left the board
09/10/2013	New Accounts Filed
09/10/2013	New Accounts Filed
09/09/2013	Annual Returns
10/11/2012	New Accounts Filed
28/07/2012	Annual Returns
18/04/2012	New Board Member Mr B. Saastad appointed
16/03/2012	Mr D. Morris has left the board

Previous Company Names

Date	Previous Name
13/09/1991	DAVID MORRIS JEWELS INTERNATIONAL LIMITED
06/08/1991	DAVID MORRIS INTERNATIONAL LIMITED

Writ Details

No writs found

Statistics

Group	4 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status	Wholly Owned
Ultimate Holding Company	WATERFLOW ENTERPRISES CORP

Group Structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
WATERFLOW ENTERPRISES CORP	N/A	-	-
DAVID MORRIS INTERNATI...	02630165	31.12.2013	Y	£43,424,859
DAVID MORRIS (MIDDLE...	06711798	31.12.2013	N
ELMTOP LIMITED	04426670	31.12.2013	N

Statistics

Group	4 companies
Linkages	0 companies
Countries	In 0 countries

Mortgage Details

Mortgage Type:	ALL ASSETS DEBENTURE
Date Charge Created:	15/12/11
Date Charge Registered:	21/12/11
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	RBS INVOICE FINANCE LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THETERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY
Mortgage Type:	INSURANCE ASSIGNMENT
Date Charge Created:	15/12/11
Date Charge Registered:	21/12/11
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	RBS INVOICE FINANCE LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THETERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	THE POLICY AND ALL MONEY ASSURED BY OR TO BECOME PAYABLE SEE IMAGE FOR FULL DETAILS

Mortgage Type:	LEGAL MORTGAGE
Date Charge Created:	18/10/96
Date Charge Registered:	28/10/96
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	THE PROPERTY HEREINAFTER DESCRIBED AND THE PROCEEDS OF SALE THEREOF TOGETHER WITH A FLOATING CHARGEOVER ALL MOVEABLE PLANT MACHINERY IMPLEMENTS UTENSILS FURNITURE AND EQUIPMENT AT ANY TIME PLACED UPON OR USED IN OR ABOUT THE PROPERTY AND AN ASSIGNMENT OF THE GOODWILL AND CONNECTION OF ANY BUSINESSOR BUSINESSES FROM TIME TO TIME CARRIED ON IN OR UPON THE PROPERTY OR ANY PART OR PARTS THEREOF TOGETHER WITH THE FULL BENEFIT OF ALL LICENCES INCLUDING ANY REGISTRATIONS VIZ: L/H-180 NEW BOND STREETLONDON T/N-NGL684466
Mortgage Type:	MORTGAGE DEBENTURE
Date Charge Created:	29/11/94
Date Charge Registered:	05/12/94
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	A SPECIFIC EQUITABLE CHARGE OVER ALL FREEHOLD AND LEASEHOLD PROPERTIES AND/OR THE PROCEEDS OF SALE THEREOF FIXED AND FLOATING CHARGES OVER UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS AND THE BENEFITS OF ANY LICENCES

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Richard Laurence Ashken	31	104
Richard Laurence Ashken	31	104
Suzette Morris	11	4
David Morris	8	3
Ian David Rosenberg	0	4
Yoshihiko Nagata	2	4
Geoffrey Wootton	2	11
Wataru Ohashi	0	3
Richard Leyens	3	2
Keiichiro Masuyama	0	4
Norio Nakahara	0	1
Hiroyuki Matsumoto	0	1
Koshi Yamaguchi	0	1
Kozo Obayashi	0	1
Andrew Morris	1	10
Naohiko Wakejima	0	2
Takashi Hukuda	0	1
Masaru M Janakay Tanaka	0	1
Rebecca Kate Simonds	5	3
Rebecca Kate Simonds	5	3
Simon Philip Bodle	0	2
Barclay Joel Saastad	0	7
Tareq Adnan Amin Shabib	0	1
Average Invoice Value	Ł143.64
Invoices available	82
Paid	82
Outstanding	0

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	45	25	8	2	2
Outstanding	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.58
UK Pound	1	Rs.97.99
Euro	1	Rs.70.53

INFORMATION DETAILS

Analysis Done by :	RAS
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.