MIRA INFORM REPORT

Report Date :

03.10.2008

IDENTIFICATION DETAILS

Name :	CHEMOSVIT FOLIE, A.S.
Registered Office :	Sturova 101 059 21 Svit
Country :	Slovakia
Financials (as on) :	2007
Date of Incorporation :	03.01.1996
Com. Reg. No.:	10283/P
Legal Form :	Joint Stock Company
Line of Business :	Manufacture of Plastics Products

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	EUR 125.000,00
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

COMPANY REPORTED

CHEMOSVIT FOLIE, A.S.

Principal Address

Štúrova 101
059 21 Svit
Slovakia
Tel: +421-52-7151111, +421-52-7151112, +421-52-7755010
Fax: +421-52-7152374
Email: lach.m@chemosvit.sk
Internet: www.chemosvit.sk

Registered office:
Štúrova 101
059 21 Svit
Slovakia

ICON number

914880

National ID

31719724

VAT number

SK2020517290

International VAT number: SK2020517290

Registration status: 03.01.1996 - registered company
Activity status: 03.01.1996 - active company

CREDIT INFORMATION SUMMARY

Insolvency Information:

According to available information sources the company is not in a insolvency/preliminary/debt regulation proceeding.

Maximum Credit:

EUR 125.000,00

Payment Practices:

Payments are made according to terms

Further Rating Information:

Researched company is categorized as a big company. Turnover volume of SKK 2.730.875.000 in the year 2007 decreased by 1,30% compared with 2006. In previous period this change was 106,32%. Fixed assets increased by SKK 226.015.000 and are 30,19% of total assets. Cash flow from results of SKK 42.131.000 increased by 99,59% compared with last year result.

Debt Collection:

There is no record of any debt collection action against this company exceeding a single case volume of EUR 500.

COMPANY DETAILS

Established:

03.01.1996

Registration:

No. 10283/P 03.01.1996 Prešov, Slovakia

Legal Form:

01.05.2004 joint stock company

History:

CHEMOSVIT FOLIE, a.s. ( 07.12.2004 - ) REKREATOUR, a.s. ( 01.05.2004 - 06.12.2004 ) Štúrova 101 Svit 059 21 ( 26.05.2005 - ) Jilemnického 31 Svit 059 21 ( 01.05.2004 - 25.05.2005 )

Capital:

Nominal capital:

SKK 600.000.000,00

since 26.09.2007

Management

Full Name	Function	Address
Ing. ĽACH Michal	Chairman of the executive board	Oravská 3133/10 05801 Poprad Slovakia
Ing. BALOG Vladimír	Deputy chairman of the executive board	Dostojevského 2563/13 05801 Poprad Slovakia
Ing. BALÁŽ Milan	Member of the executive board	Úvažie 1149/9-A Bytča Slovakia
Dr. BERNÍK Peter	Member of the supervisory board	Hviezdoslavova 4052/63 Poprad Slovakia
Ing. DULOVIČ Ladislav	Member of the supervisory board	Tolstého 2327/13 Poprad Slovakia
HYBEN Marek	Member of the supervisory board	Družstevná 459/53 059 38 Štrba Slovakia
Ing. OLEKŠÁK Ján	Officer/Proxy	350 059 86 Nová Lesná Slovakia
Ing. ĽACH Michal	President/Director	Oravská 3133/10 05801 Poprad Slovakia

KEY DATA ON OPERATIONS

Subject of Operation:

NACE   main activity:   2220 Manufacture of plastics products   7910 Travel agency and tour operator activities   5510 Hotels and similar accommodation   4710 Retail sale in non-specialised stores   5500 Accommodation   1720 Manufacture of articles of paper and paperboard   8292 Packaging activities   5810 Publishing of books, periodicals and other publishing activities NACE codes given are based on the most recent NACE Revision 2.

Key Data:

Amounts shown in Slovak Koruna (SKK)
	2007	2006	2005	2004
Turnover	2.730.875.000	2.766.753.000	1.340.973.000	26.422.000
Non-current assets	566.553.000	340.538.000	247.512.000	27.006.000
Equity	589.567.000	574.299.000	534.431.000	23.828.000
Sum of Liabilities	1.271.735.000	952.569.000	757.122.000	4.770.000
Profit for accounting period	12.128.000	6.042.000	3.765.000	0
Loss for accounting period	0	0	0	1.094.000
Operating result - profit (before tax)	0	37.855.000	7.084.000	0
Operating result - loss (before tax)	2.533.000	0	0	956.000

Workforce:

	2005
Total workforce	1.000 - 1.999 (estimated)

Imports:

unknown

Exports:

unknown

FINANCIAL INFORMATION

Financials:

Amounts shown in Slovak Koruna (SKK)		2007	2006	2005	2004
	Balance sheet
	ASSETS
	TOTAL ASSETS	1.876.819.000,00	1.543.714.000,00	1.291.736.000,00	30.059.000,00
	AMOUNTS RECEIVABLE FOR SUBSCRIBED CAPITAL	0,00	0,00	0,00	0,00
	NON-CURRENT ASSETS	566.553.000,00	340.538.000,00	247.512.000,00	27.006.000,00
	Intangible fixed assets	5.649.000,00	3.686.000,00	785.000,00	0,00
	Incorporation expenses	0,00	0,00	0,00	0,00
	Research and development costs	0,00	0,00	0,00	0,00
	Software	5.604.000,00	3.621.000,00	785.000,00	0,00
	Valuable rights	45.000,00	65.000,00	0,00	0,00
	Goodwill	0,00	0,00	0,00	0,00
	Other intangible fixed assets	0,00	0,00	0,00	0,00
	Intangible fixed assets in acquisition	0,00	0,00	0,00	0,00
	Advance payments for intangible fixed assets	0,00	0,00	0,00	0,00
	Tangible fixed assets	491.507.000,00	272.805.000,00	171.622.000,00	27.006.000,00
	Land	0,00	0,00	0,00	5.249.000,00
	Structures	0,00	0,00	0,00	21.245.000,00
	Separate movable assets and sets of moveables	486.440.000,00	246.393.000,00	135.540.000,00	350.000,00
	Natural agricultural assets	0,00	0,00	0,00	0,00
	Livestock and draught animals	0,00	0,00	0,00	0,00
	Other tangible fixed assets	391.000,00	0,00	0,00	0,00
	Tangible fixed assets in acquisition	3.719.000,00	8.635.000,00	35.287.000,00	162.000,00
	Advance payments for tangible fixed assets	957.000,00	17.777.000,00	795.000,00	0,00
	Correction item to acquired assets	0,00	0,00	0,00	0,00
	Long-term financial investments	69.397.000,00	64.047.000,00	75.105.000,00	0,00
	Shares and ownership interests in subsidiaries	69.397.000,00	63.402.000,00	74.521.000,00	0,00
	Shares and ownership interests in associates	0,00	645.000,00	584.000,00	0,00
	Other long-term securities and ownership interests	0,00	0,00	0,00	0,00
	Loans to entities in consolidation field	0,00	0,00	0,00	0,00
	Other long-term financial assets	0,00	0,00	0,00	0,00
	Loans due in one year	0,00	0,00	0,00	0,00
	Long-term financial assets in acquisition	0,00	0,00	0,00	0,00
	Advance payments for long-term financial assets	0,00	0,00	0,00	0,00
	CURRENT ASSETS	1.307.057.000,00	1.200.111.000,00	1.041.785.000,00	3.018.000,00
	Inventory	507.302.000,00	467.096.000,00	422.771.000,00	883.000,00
	Material	192.361.000,00	164.711.000,00	205.580.000,00	455.000,00
	Work-in-progress and semi-finished products	82.830.000,00	67.444.000,00	82.618.000,00	0,00
	Construction contracts with anticipated expiry period exceeding one year	0,00	0,00	0,00	0,00
	Finished products	223.934.000,00	225.323.000,00	120.041.000,00	0,00
	Livestock	0,00	0,00	0,00	0,00
	Merchandise	7.795.000,00	9.562.000,00	13.749.000,00	311.000,00
	Advance payments for inventory	382.000,00	56.000,00	783.000,00	117.000,00
	Long-term receivables	0,00	24.355.000,00	0,00	0,00
	Trade receivables	0,00	0,00	0,00	0,00
	Receivables from subsidiaries and controlling entity	0,00	0,00	0,00	0,00
	Other receivables from entities in consolidation field	0,00	0,00	0,00	0,00
	Receivables from partners, members and consortium	0,00	0,00	0,00	0,00
	Other receivables	0,00	24.355.000,00	0,00	0,00
	Deferred tax assets	0,00	0,00	0,00	0,00
	Short-term receivables	791.308.000,00	700.638.000,00	604.489.000,00	1.870.000,00
	Trade receivables	755.010.000,00	655.453.000,00	566.404.000,00	1.729.000,00
	Receivables from subsidiaries and controlling entity	0,00	0,00	0,00	0,00
	Other receivables from entities in consolidation field	0,00	0,00	0,00	0,00
	Receivables from partners, members and consortium	0,00	0,00	0,00	0,00
	Social security	0,00	0,00	0,00	0,00
	Tax assets	102.000,00	18.306.000,00	37.401.000,00	1.000,00
	Other receivables	36.196.000,00	26.879.000,00	684.000,00	140.000,00
	Financial accounts	8.447.000,00	8.022.000,00	14.525.000,00	265.000,00
	Cash in hand	350.000,00	648.000,00	280.000,00	81.000,00
	Bank accounts	8.097.000,00	7.374.000,00	14.245.000,00	184.000,00
	Bank accounts bound for period exceeding one year	0,00	0,00	0,00	0,00
	Short-term financial assets	0,00	0,00	0,00	0,00
	Short-term financial assets in acquisition	0,00	0,00	0,00	0,00
	ACCRUED AND DEFERRED ITEMS	3.209.000,00	3.065.000,00	2.439.000,00	35.000,00
	Prepaid expenses	3.182.000,00	3.049.000,00	1.998.000,00	35.000,00
	Accrued income	27.000,00	16.000,00	441.000,00	0,00
	LIABILITIES
	LIABILITIES AND EQUITY	1.876.819.000,00	1.543.714.000,00	1.291.736.000,00	30.059.000,00
	EQUITY	589.567.000,00	574.299.000,00	534.431.000,00	23.828.000,00
	Registered capital	600.000.000,00	550.000.000,00	550.000.000,00	24.252.000,00
	Registered capital (paid)	600.000.000,00	550.000.000,00	550.000.000,00	24.252.000,00
	Treasury stocks and treasury shares	0,00	0,00	0,00	0,00
	Changes in registered capital	0,00	0,00	0,00	0,00
	Capital funds	-31.943.000,00	14.917.000,00	-18.909.000,00	0,00
	Share premium	0,00	0,00	0,00	0,00
	Other capital funds	0,00	0,00	0,00	0,00
	Legal reserve fund (Non-distributable fund) from capital contributions	0,00	0,00	0,00	0,00
	Asset and liability revaluation reserve	-31.943.000,00	14.917.000,00	-18.909.000,00	0,00
	Financial investments revaluation reserve	0,00	0,00	0,00	0,00
	Revaluation reserve from mergers and separations	0,00	0,00	0,00	0,00
	Funds from profit	985.000,00	380.000,00	0,00	17.000,00
	Legal reserve fund	985.000,00	380.000,00	0,00	17.000,00
	Non-distributable fund	0,00	0,00	0,00	0,00
	Statutory and other funds	0,00	0,00	0,00	0,00
	Profit/Loss from prior years	8.397.000,00	2.960.000,00	-425.000,00	653.000,00
	Non-distributed profit from prior years	8.397.000,00	2.960.000,00	0,00	1.446.000,00
	Accumulated losses from prior years	0,00	0,00	-425.000,00	-793.000,00
	Profit/Loss for current accounting period	12.128.000,00	6.042.000,00	3.765.000,00	-1.094.000,00
	SUM OF LIABILITIES	1.271.735.000,00	952.569.000,00	757.122.000,00	4.770.000,00
	Provisions	21.651.000,00	17.464.000,00	19.844.000,00	235.000,00
	Legal provisions	0,00	0,00	0,00	0,00
	Other long-term provisions	0,00	0,00	0,00	0,00
	Current provisions	21.651.000,00	17.464.000,00	19.844.000,00	235.000,00
	Long-term liabilities	78.261.000,00	5.423.000,00	2.457.000,00	203.000,00
	Long-term trade liabilities	0,00	0,00	0,00	0,00
	Long-term liabilities unbilled	0,00	0,00	0,00	0,00
	Long-term liabilities to subsidiaries and controlling entity	0,00	0,00	0,00	0,00
	Other long-term liabilities to entities in consolidation field	0,00	0,00	0,00	0,00
	Long-term advance payments received	0,00	0,00	0,00	0,00
	Long-term bills of exchange to be paid	0,00	0,00	0,00	0,00
	Bonds issued	0,00	0,00	0,00	0,00
	Social fund payable	1.523.000,00	1.242.000,00	303.000,00	19.000,00
	Other long-term payables	68.004.000,00	344.000,00	343.000,00	0,00
	Deferred tax liability	8.734.000,00	3.837.000,00	1.811.000,00	184.000,00
	Short-term liabilities	474.962.000,00	416.436.000,00	376.257.000,00	4.332.000,00
	Trade payables	409.832.000,00	365.728.000,00	310.230.000,00	3.154.000,00
	Liabilities unbilled	1.059.000,00	6.162.000,00	219.000,00	201.000,00
	Liabilities to subsidiaries and controlling entity	0,00	0,00	0,00	0,00
	Other liabilities to entities in consolidation field	11.000.000,00	12.000.000,00	33.800.000,00	0,00
	Payable to partners and consortium	0,00	50.000,00	50.000,00	0,00
	Employee liabilities	17.345.000,00	15.350.000,00	15.223.000,00	439.000,00
	Social security payables	14.244.000,00	14.064.000,00	13.435.000,00	384.000,00
	Tax liability and subsidies	5.946.000,00	2.910.000,00	2.931.000,00	154.000,00
	Other payable	15.536.000,00	172.000,00	369.000,00	0,00
	Bank loans and financial assistance	696.861.000,00	513.246.000,00	358.564.000,00	0,00
	Long-term bank loans	227.759.000,00	128.275.000,00	116.564.000,00	0,00
	Short-term bank loans	469.102.000,00	384.971.000,00	242.000.000,00	0,00
	Short-term financial assistance	0,00	0,00	0,00	0,00
	ACCRUED AND DEFERRED ITEMS	15.517.000,00	16.846.000,00	183.000,00	1.461.000,00
	Accrued expenses	229.000,00	309.000,00	183.000,00	0,00
	Deferred income	15.288.000,00	16.537.000,00	0,00	1.461.000,00
	BALANCE SHEET TOTAL	1.876.819.000,00	1.543.714.000,00	1.291.736.000,00	30.059.000,00
	Statement of Profit and Loss
	Turnover	2.730.875.000,00	2.766.753.000,00	1.340.973.000,00	26.422.000,00
	Sales of goods bought for resale	32.600.000,00	59.632.000,00	216.886.000,00	5.862.000,00
	Cost of goods sold	27.571.000,00	57.289.000,00	205.941.000,00	3.197.000,00
	Gross margin	5.029.000,00	2.343.000,00	10.945.000,00	2.665.000,00
	Production	2.819.615.000,00	2.902.460.000,00	1.281.738.000,00	20.748.000,00
	Sales of products and services	2.698.275.000,00	2.707.121.000,00	1.124.087.000,00	20.560.000,00
	Changes in stock of finished products and work-in-progress	13.997.000,00	90.109.000,00	119.506.000,00	0,00
	Own work capitalized	107.343.000,00	105.230.000,00	38.145.000,00	188.000,00
	Consumables and services purchased	2.432.775.000,00	2.472.996.000,00	1.112.845.000,00	13.058.000,00
	Consumed material, energy and other non-inventory items	2.037.960.000,00	2.049.681.000,00	926.313.000,00	9.431.000,00
	Services	394.815.000,00	423.315.000,00	186.532.000,00	3.627.000,00
	Added value	391.869.000,00	431.807.000,00	179.838.000,00	10.355.000,00
	Personnel expenses	388.460.000,00	385.966.000,00	166.873.000,00	10.565.000,00
	Wages and salaries	274.478.000,00	274.831.000,00	118.163.000,00	7.172.000,00
	Remuneration of board and co-operative members	226.000,00	0,00	241.000,00	544.000,00
	Social insurance	97.779.000,00	99.401.000,00	43.004.000,00	2.489.000,00
	Other social security expenses	15.977.000,00	11.734.000,00	5.465.000,00	360.000,00
	Taxes and charges	1.547.000,00	1.484.000,00	770.000,00	414.000,00
	Depreciation of intangible and tangible fixed assets	30.003.000,00	15.067.000,00	438.000,00	325.000,00
	Sales of fixed assets and inventory	107.260.000,00	70.368.000,00	67.315.000,00	242.000,00
	Net book value of fixed assets and inventory sold	107.317.000,00	69.682.000,00	65.366.000,00	257.000,00
	Use of and reversal of provisions recorded in operating income and recognition of complex deferred expenses		19.481.000,00	235.000,00	325.000,00
	Provisions created for operating activities and amortization of complex deferred expenses		17.101.000,00	19.844.000,00	235.000,00
	Provisions reserved and recognised in operating income		1.360.000,00	74.000,00	0,00
	Provisions created in operating costs		2.470.000,00	1.360.000,00	0,00
	Other operating income	39.116.000,00	12.627.000,00	15.805.000,00	54.000,00
	Other operating expenses	13.451.000,00	6.018.000,00	1.532.000,00	136.000,00
	Transfer of operating income	0,00	0,00	0,00	0,00
	Transfer of operating expenses	0,00	0,00	0,00	0,00
	Operating profit/loss (before tax)	-2.533.000,00	37.855.000,00	7.084.000,00	-956.000,00
	Proceeds from sale of securities and ownership interests	0,00	0,00	0,00	0,00
	Security and ownership interest disposals	550.000,00	0,00	0,00	0,00
	Revenues from long-term financial investments	0,00	0,00	0,00	0,00
	Revenues from securities and ownership interests in subsidiaries and associates	0,00	0,00	0,00	0,00
	Revenues from other long-term securities and ownership interests	0,00	0,00	0,00	0,00
	Revenues from other long-term financial investments	0,00	0,00	0,00	0,00
	Revenues from short-term financial assets		0,00	0,00	0,00
	Expenses related to short-term financial assets	0,00	0,00	0,00	0,00
	Gains from revaluation of securities and financial derivative instrument transactions	51.348.000,00	6.225.000,00	0,00	0,00
	Expenses related to revaluation of securities and financial derivative instrument transactions	0,00	0,00	0,00	0,00
	Interest income	542.000,00	367.000,00	100.000,00	13.000,00
	Interest expense	24.173.000,00	12.590.000,00	1.863.000,00	0,00
	Foreign exchange gains	47.765.000,00	51.411.000,00	14.097.000,00	7.000,00
	Foreign exchange losses	53.188.000,00	73.291.000,00	13.137.000,00	0,00
	Other revenue from financing activities	0,00	0,00	9.000,00	83.000,00
	Other costs of financing activities	2.186.000,00	1.909.000,00	898.000,00	130.000,00
	Provisions used and reserved in revenues from financing activities	0,00	0,00	0,00	0,00
	Provisions created for financing activities	0,00	0,00	0,00	0,00
	Provisions reserved and recognised in revenues from financing activities	0,00	0,00	0,00	0,00
	Provisions created in costs for financing activities	0,00	0,00	0,00	0,00
	Transfer of financial revenues	0,00	0,00	0,00	0,00
	Transfer of financial costs	0,00	0,00	0,00	0,00
	Profit/Loss from financing activities (before tax)	19.558.000,00	-29.787.000,00	-1.692.000,00	-27.000,00
	Income taxes on ordinary activities	4.897.000,00	2.026.000,00	1.627.000,00	111.000,00
	Income taxes on ordinary activities - current	0,00	0,00	0,00	0,00
	Income taxes on ordinary activities - deferred	4.897.000,00	2.026.000,00	1.627.000,00	111.000,00
	Profit/Loss from ordinary activities (after tax)	12.128.000,00	6.042.000,00	3.765.000,00	-1.094.000,00
	Extraordinary revenue	0,00	0,00	0,00	0,00
	Extraordinary expenses	0,00	0,00	0,00	0,00
	Income taxes on extraordinary activities	0,00	0,00	0,00	0,00
	Income taxes on extraordinary activities - current	0,00	0,00	0,00	0,00
	Income taxes on extraordinary activities - deferred	0,00	0,00	0,00	0,00
	Profit/Loss from extraordinary activities (after tax)	0,00	0,00	0,00	0,00
	Profits of partnership transferred to partners	0,00	0,00	0,00	0,00
	Profit/Loss for accounting period	12.128.000,00	6.042.000,00	3.765.000,00	-1.094.000,00
	Other
	Liabilities	553.223.000,00	421.859.000,00	378.714.000,00	4.535.000,00
	Receivables	791.308.000,00	724.993.000,00	604.489.000,00	1.870.000,00

Approximate Exchange Rates:

2007: 33,781 SKK = 1 EUR 2006: 37,248 SKK = 1 EUR 2005: 38,593 SKK = 1 EUR 2004: 40,045 SKK = 1 EUR 2003: 41,491 SKK = 1 EUR 2007: 24,713 SKK = 1 USD 2006: 29,724 SKK = 1 USD 2005: 31,022 SKK = 1 USD 2004: 32,255 SKK = 1 USD 2003: 36,773 SKK = 1 USD

Financial Comments:

The balance sheet data are from official sources. The company is obliged by law to publish its financial statements.

Ratios:

	2007	2006	2005	2004
Current Ratio Current assets / Current liabilities	1,34	1,41	1,64	0,51
Quick Ratio (Current assets-Inventory) / Current liabilities	0,82	0,85	0,97	0,36
Leverage (%) Long-term liabilities / Equity*100	51,91	23,28	22,27	0,85
Debt Ratio (%) Sum of Liabilities+Accrued and deferred items/Total Assets*100	68,59	62,80	58,63	20,73
Sales to Total Assets Turnover/Total Assets	1,46	1,79	1,04	0,88
Collection period in days Receivables / Turnover * 360	104,31	94,33	162,28	25,48
Liabilities Maturity date Liabilies / Turnover * 360	72,93	54,89	101,67	61,79
Inventory rotation in days Inventory / Turnover*360	66,88	60,78	113,50	12,03
Return on Sales (%) ROS Profit/Loss for accounting period/Turnover*100	0,44	0,22	0,28	NEGATIVE
Return on Assets (%) ROA Profit/Loss for accounting period/Total Assets*100	0,65	0,39	0,29	NEGATIVE
Return on Equity (%) ROE Profit/Loss for accounting period/Equity*100	2,06	1,05	0,70	NEGATIVE

ADDITIONAL INFORMATION

Contact With Company:

Name and surname: Mr.Lach

Additional information:

The company CHEMOSVIT FOLIE, a.s. took over a part of the activities from the company CHEMOSVIT, a.s. since 01.07.2005.

Central Register of Right of Liens:

no records

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.46.96
UK Pound	1	Rs.83.91
Euro	1	Rs.66.36

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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