MIRA INFORM REPORT

Report Date :

24.08.2011

IDENTIFICATION DETAILS

Name :	PFIZER CONSUMER HEALTHCARE

Registered Office :	23/F Ayala Life-FGU Centre, 6811 Ayala Ave, Makati Central Business District

Country :	Philippines

Financials (as on) :	30.11.2009 (Non - Consolidated)

Date of Incorporation :	01.01.1954

Com. Reg. No.:	0000009092

Legal Form :	Joint Stock Company

Line of Business :	Manufacturing of chemicals, pharmaceutical, medicinal biological products

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	PHP 5,200,000
Status :	Moderate
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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Philippines

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

IDENTIFICATION

Subject Name:	Pfizer Consumer Healthcare
Address:	2236 Chino Roces Ave, PO box 61, MCCPO
Town:	Makati City
Country:	Philippines

Verified
Subject Name:	PFIZER INC.
Other Style:	Pfizer Philippines
Address:	23/F Ayala Life-FGU Centre, 6811 Ayala Ave Makati Central Business District
Town:	Makati City
State/province:	Metro Manila
Zip/postal code:	1226
Country:	Philippines
Telephone:	+63 (2) 8646001/4519200
Fax:	+63 (2) 8643708
Website:	www.pfizer.com.ph
Remarks:	The given address belongs to the facility of Pfizer Parke Davis and Wyeth Consumer Healthcare (a Division Of Wyeth Philippines, Inc.) 2236 Chino Roces Avenue, 1231 Makati City Philippines

EXECUTIVE SUMMARY

Date established:	01-01-1954
Legal form:	Joint Stock Company
Authorised Capital:	PHP 1,916,000,000
Sales turnover:	PHP 5,265,329,988 (Non-consolidated 12 months, 30/11/2009) USD 67,809,000,000 (Group consolidated 12 months, 31/12/2010)
Main activities:	Manufacturing of chemicals, pharmaceutical, medicinal biological products.
Employees:	800
REGISTRY DATA
Key Facts
Date established:	01-01-1954
Date registered:	31-08-1954
Legal form:	Joint Stock Company
Registration no:	0000009092
Registry auth.	Philippines Register of Companies
Fiscal/tax code:	TIN: 001-166-244-000
Registry status:	Live/Active

CREDIT RECOMENDATION

Current Credit Limit: PHP 5,200,000.-

DIRECTORS/MANAGEMENT

MANAGEMENT & STAFF
Key Managers
Name:	Ahmet Genel
Job Title:	President

Name:	Jasmin R. Blancaflor
Job Title:	Company Secretary

Name:	Roland Mahr
Job Title:	Treasurer

Name:	Maritess Villamayor
Job Title:	Board Member

Name:	Renato G. Calma
Job Title:	Board Member

Name:	Ricardo J. Romulo
Job Title:	Board Member

Name:	Violeta D Remo
Job Title:	Board Member

Name:	Monina V. Vierneza
Job Title:	Assistant Company Secretary

Name:	Ms. Gold Tantoco
Job Title:	General Manager, Pfizer Consumer Healthcare

Staff
No of employees	800


BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Ahmet Genel
Board function:	President
ID Number:	296-604-031
Address:	c/o 23/F Ayala Life-FGU Center, 6811 Ayala Ave., Makati City. Philippines

Name:	Jasmin R. Blancaflor
Board function:	Company Secretary
ID Number:	187-673-818
Address:	c/o 23/F Ayala Life-FGU Center, 6811 Ayala Ave., Makati City. Philippines

Name:	Roland Mahr
Board function:	Treasurer
ID Number:	295-629-320
Address:	c/o 23/F Ayala Life-FGU Center, 6811 Ayala Ave., Makati City. Philippines

Name:	Maritess Villamayor
Board function:	Board Member
ID Number:	111-407-337
Address:	c/o 23/F Ayala Life-FGU Center, 6811 Ayala Ave., Makati City. Philippines

Name:	Renato G. Calma
Board function:	Board Member
ID Number:	104-352-724
Address:	c/o 23/F Ayala Life-FGU Center, 6811 Ayala Ave., Makati City. Philippines

Name:	Ricardo J. Romulo
Board function:	Board Member
ID Number:	130-998-557
Address:	c/o 23/F Ayala Life-FGU Center, 6811 Ayala Ave., Makati City. Philippines

Name:	Violeta D Remo
Board function:	Board Member
ID Number:	116-251-113
Address:	c/o 23/F Ayala Life-FGU Center, 6811 Ayala Ave., Makati City. Philippines

Name:	Monina V. Vierneza
Board function:	Assistant Company Secretary
ID Number:	198-819-655
Address:	c/o 23/F Ayala Life-FGU Center, 6811 Ayala Ave., Makati City. Philippines

NEGATIVE INFORMATION

LEGAL FILINGS

Bankruptcy Filings:	None
Court Judgements:	None
Tax Liens:	None
Other:	None

SHARE & SHARE CAPITAL INFORMATION

SHARE CAPITAL
Composition
Authorised:	PHP 1,916,000,000
Number/type:	19,160,000 ordinary shares
Share value:	PHP 100
Issued:	PHP 1,834,915,200
Paid-up:	PHP 1,834,915,200

Shareholders/Owners

How Listed	Full List

Composition
Name:	PFIZER B.V. (FORMERLY PARKE-DAVIS)
No. of shares:	6,942,866 ordinary shares
Address:	Netherlands

Name:	PFIZER INTL HOLDINGS
No. of shares:	4,169,241 ordinary shares
Address:	USA

Name:	PFIZER INC
No. of shares:	3,576,786 ordinary shares
Address:	235 East 42nd Street, New York, NY 10017 USA
Comment:	American

Name:	PHARMACIA & UPJOHN COMPANY
No. of shares:	3,312,028 ordinary shares
Address:	USA

Name:	PHARMACIA INTERNATIONAL B.V
No. of shares:	347,952 ordinary shares
Address:	Netherlands

Name:	Violeta D Remo
No. of shares:	58 ordinary shares
Address:	c/o 23/F Ayala Life-FGU Center, 6811 Ayala Ave., Makati City. Philippines

Name:	Chdambaram Krishnamoorthy
No. of shares:	54 ordinary shares
Address:	c/o 23/F Ayala Life-FGU Center, 6811 Ayala Ave., Makati City. Philippines

Name:	Silverio S. Tayao
No. of shares:	54 ordinary shares
Address:	c/o 23/F Ayala Life-FGU Center, 6811 Ayala Ave., Makati City. Philippines

Name:	Solomon F. Reyes
No. of shares:	54 ordinary shares
Address:	c/o 23/F Ayala Life-FGU Center, 6811 Ayala Ave., Makati City. Philippines

Name:	Roland Mahr
No. of shares:	54 ordinary shares
Address:	c/o 23/F Ayala Life-FGU Center, 6811 Ayala Ave., Makati City. Philippines

Name:	Renato G. Calma
No. of shares:	1 ordinary share
Address:	c/o 23/F Ayala Life-FGU Center, 6811 Ayala Ave., Makati City. Philippines

Name:	Maritess Villamayor
No. of shares:	1 ordinary share
Address:	c/o 23/F Ayala Life-FGU Center, 6811 Ayala Ave., Makati City. Philippines

Name:	Ricardo J. Romulo
No. of shares:	1 ordinary share
Address:	c/o 23/F Ayala Life-FGU Center, 6811 Ayala Ave., Makati City. Philippines

Name:	Ahmet Genel
No. of shares:	1 ordinary share
Address:	c/o 23/F Ayala Life-FGU Center, 6811 Ayala Ave., Makati City. Philippines

PAYMENT INFORMATION

PAYMENTS
Purchase Terms
Local:	Cash Credits 14-30 days
Imports:	L/Cs Credits 30 days net

Sales Terms
Local:	Cash Credits 14-30 days
Exports:	L/Cs Credits 30 days net

Debt Collections / Judgements	No negative information was found.

Payment Experience
Payment Behaviour:	As trade references were not supplied, the Subject's payment track record history CANNOT BE ACCURATELY DETERMINED, but payments are believed to be PROMPT.

GROUP STRUCTURE & AFFILIATED COMPANIES

CORPORATE AFFILIATIONS
Structure
Name:	PFIZER INC
Affiliation type:	Holding Company
Address:	235 East 42nd Street, New York, NY 10017 USA

Name:	PFIZER B.V. (FORMERLY PARKE-DAVIS)
Affiliation type:	Shareholder
Address:	Netherlands

Name:	PFIZER INTL HOLDINGS
Affiliation type:	Shareholder
Address:	USA

Name:	PHARMACIA & UPJOHN COMPANY
Affiliation type:	Shareholder
Address:	USA

Name:	PHARMACIA INTERNATIONAL B.V
Affiliation type:	Shareholder
Address:	Netherlands

Name:	WYETH INC
Affiliation type:	Associate
Address:	Five Giralda Farms Madison, NJ 07940 United States

Name:	WYETH NUTRITIONALS (SINGAPORE) PTE. LTD.
Affiliation type:	Associate
Address:	1 Tuas South Avenue 4 Singapore 637609 Singapore

Name:	WYETH PHILIPPINES INC
Affiliation type:	Associate
Address:	2236 Chino Roces Ave Makati City Metro Manila 1252 Philippines

Comments	Other companies of the PFIZER Group should also be considered as affiliates of the Subject. A list of major affiliated companies is attached to this report.

FINANCIAL INFORMATION

FINANCIAL ACCOUNTS
Description
Required to file:	Yes
Source:	Group Consolidated Statements
Presentation:	Attached to this report / Summarised below
Date of accounts:	30-11-2009
Type of accounts:	Full audited
Currency:	Philippines Peso (PHP), US Dollar (USD)
Exchange rate:	USD 1 = PHP 42.4 as of 16-Aug-11

Summarised
	30-11-2009	30-11-2008	31-12-2010
Currency:	Philippines Peso (PHP)	Philippines Peso (PHP)	US Dollar (USD)
Consolidation:	Non-consolidated	Non-consolidated	Group consolidated
Period:	12 months	12 months	12 months

Sales turnover:	5,265,329,988	6,068,737,357	67,809,000,000
Gross profit:	1,796,666,821	3,070,450,196
Profit before tax:	-967,461,498	380,564,779	9,422,000,000
Profit after tax:	-1,190,245,338	203,724,264	9,422,000,000
Non-current assets:	655,430,123	933,586,018	134,546,000,000
Current assets:	5,198,210,196	5,290,751,244	60,468,000,000
Inventories:	364,418,354	877,151,216	8,405,000,000
Total assets:	5,853,640,319	6,224,337,262	195,014,000,000
Current liabilities:	3,579,668,598	2,717,140,230	28,609,000,000
Non-current liabilities:	15,195,298	47,270,700	78,140,000,000
Total liabilities:	3,594,863,896	2,764,410,930	106,749,000,000
Shareholders' equity:	2,258,776,423	3,459,926,332	88,265,000,000
Retained Earnings:	329,215,422	1,519,460,760	42,716,000,000

Comments	The above group consolidated figures relate to the Subject's Parent Company, PFIZER INC (USA).

PFIZER, INC.
BALANCE SHEETS
	Nov-30
	2009	2008

ASSETS
Current Assets
Cash and cash equivalents	814,552,820	181,441,688
Trade and other receivables - net	3,814,791,243	4,157,095,108
Inventories - net	364,418,354	877,151,216
Prepaid expenses and other current assets	204,447,779	75,063,232
Total Current Assets	5,198,210,196	5,290,751,244

Noncurrent Assets
Property and equipment - net	635,239,612	671,681,584
Deferred income tax assets - net	-	182,877,145
Other noncurrent assets - net	20,190,511	79,027,289
Total Noncurrent Assets	655,430,123	933,586,018
TOTAL ASSETS	5,853,640,319	6,224,337,262

LIABILITIES AND EQUITY
Current Liabilities
Notes payable	2,116,000,000	814,000,000
Trade and other payables	635,848,952	695,882,882
Income tax payable	18,625,076	60,435,765
Amounts owed to related parties	809,194,570	1,146,821,583
Total Current Liabilities	3,579,668,598	2,717,140,230

Noncurrent Liabilities
Pension benefit obligations	15,195,298	47,270,700

Equity
Capital stock - P100 par value
Authorized - 19,160,000 shares
Issued and outstanding- 18,349,152 shares	1,834,915,200	1,834,915,200
Additional paid-in capital	7,218,705	7,218,705
Stock options reserve	77,997,221	68,314,443
Unrealized valuation gains on available-for-sale investments	9,429,875	30,017,224
Retained earnings	329,215,422	1,519,460,760
Total Equity	2,258,776,423	3,459,926,332
TOTAL LIABILITIES AND EQUITY	5,853,640,319	6,224,337,262

PFIZER, INC.
STATEMENTS OF INCOME
	Years Ended November 30

NET SALES	5,265,329,988	6,068,737,357
COST OF SALES	3,468,663,167	2,998,287,161
GROSS PROFIT	1,796,666,821	3,070,450,196
OTHER INCOME (EXPENSES)
Operating expenses	-2,832,587,299	-2,772,071,516
Finance cost	-105,752,025	-136,332,988
Foreign exchange gain (loss) net	1,445,466	-31,072,517
Other income - net	172,765,539	249,591,604
	2,764,128,319	2,689,885,417

INCOME (LOSS) BEFORE INCOME TAX	-967,461,498	380,564,779
PROVISION FOR INCOME TAX	222,783,844	176,840,515
NET INCOME (LOSS)	-1,190,245,338	203,724,264

PFIZER, INC.
STATEMENTS OF INCOME
	Years Ended November 30

NET SALES	5,265,329,988	6,068,737,357
COST OF SALES	3,468,663,167	2,998,287,161
GROSS PROFIT	1,796,666,821	3,070,450,196
OTHER INCOME (EXPENSES)
Operating expenses	-2,832,587,299	-2,772,071,516
Finance cost	-105,752,025	-136,332,988
Foreign exchange gain (loss) net	1,445,466	-31,072,517
Other income - net	172,765,539	249,591,604
	2,764,128,319	2,689,885,417

INCOME (LOSS) BEFORE INCOME TAX	-967,461,498	380,564,779
PROVISION FOR INCOME TAX	222,783,844	176,840,515
NET INCOME (LOSS)	-1,190,245,338	203,724,264

Financial Ratios
	30-11-2009	30-11-2008	Trend
PROFITABILITY [%]
Gross Margin	34.12%	50.59%	-32.56 %
Gross Profit / Revenue * 100
Operating Margin	N/A	N/A	N/A
Operating Income / Revenue * 100
Net Profit Margin	22.61%	3.36%	572.92 %
Profit After Tax / Revenue * 100
Return On Equity (ROE)	52.69%	5.89%	794.57 %
Profit After Tax / Equity * 100
Return On Assets (ROA)	20.33%	3.27%	521.71 %
Profit After Tax / Total Assets * 100
Return On Investment (ROI)	-42.83%	11%	-489.36 %
Profit Before Tax / Equity * 100
EFFICIENCY [%]
Asset Turnover	89.95%	97.5%	-7.74 %
Revenue / Total Assets * 100
Inventory Turnover	1444.86%	691.87%	108.83 %
Revenue ./ Inventory * 100
LIQUIDITY [%]
Current Ratio (CR)	145.21%	194.72%	-25.43 %
Current Assets ./ Current Liabilities * 100
Quick Ratio (QR)	135.03%	162.44%	-16.87 %
(Current Assets – Inventory) ./ Current Liabilities * 100
DEBT [%]
Debt Ratio	61.41%	44.41%	38.28 %
Total Liabilities ./ Total Assets * 100
Long-Term Debt Ratio	0.67%	1.37%	-51.09 %
Long-Term Liabilities ./ Equity * 100

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

BANKING & FINANCING
Bankers
Bank name:	CITIBANK
Address:	Philippines
Relationship type:	Current Account

Bank name:	PHILIPPINE COMMERCIAL INTERNATIONAL BANK
Address:	Philippines
Relationship type:	Current Account

Comments	It is generally not the policy of local banks to provide credit status information to non-bona fide applications, and interested parties would be advised to consult first with the Subject if banker's references are required.

OPERATIONS & HISTORY
Activities
Full description:	The Subject is engaged in manufacturing of chemicals, pharmaceutical , medicinal biological products.
Products/services:	Accupril (quinapril hydrochloride) - ACE Inhibitors (2c) Accuzide (hydrochlorothiazide, quinapril hydrochloride) - ACE Inhibitors, Diuretics (2c, 2h) Adriblastina RD (doxorubicin hydrochloride) - Cytotoxic Chemotherapy (9a) Aldactone (spironolactone) - Other Antihypertensives, Diuretics (2g, 2h) Aldazide (butizide, spironolactone) - Other Antihypertensives, Diuretics (2g, 2h) Alfadil XL (doxazosin mesylate) - Drugs for Bladder & Prostate Disorders (10e) Aromasin (exemestane) - Hormonal Chemotherapy (9b) Campto CS (irinotecan hydrochloride) - Cytotoxic Chemotherapy (9a) Celebrex (celecoxib) - Nonsteroidal Anti-Inflammatory Drugs (NSAIDs) (4l) Champix (varenicline tartrate) - Antidotes, Detoxifying Agents & Drugs Used in Substance Dependence (19) Chloromycetin (chloramphenicol palmitate, chloramphenicol) - Chloramphenicols (8e) Cytosar-U (cytarabine) - Cytotoxic Chemotherapy (9a) Dalacin C (clindamycin hydrochloride, clindamycin phosphate, clindamycin palmitate hydrochloride) - Other Antibiotics (8k) Depo-Medrol (methylprednisolone acetate) - Corticosteroid Hormones (6d) Depo-Provera (medroxyprogesterone acetate) - Oestrogens & Progesterones & Related Synthetic Drugs, Depot Contraceptives (6b, 7b) Detrusitol (tolterodine l-tartrate) - Drugs for Bladder & Prostate Disorders (10e) Diflucan (fluconazole) - Antifungals (8n) Dilantin (phenytoin sodium, phenytoin) - Anticonvulsants (4e) Dilzem (diltiazem hydrochloride) - Calcium Antagonists (2e) Dynastat (parecoxib sodium) - Nonsteroidal Anti-Inflammatory Drugs (NSAIDs) (4l) Envacar (amlodipine besylate, atorvastatin calcium) - Calcium Antagonists, Dyslipidaemic Agents (2e, 2l) Eraxis (anidulafungin) - Antifungals (8n) Feldene (piroxicam) - Nonsteroidal Anti-Inflammatory Drugs (NSAIDs) (4l) Feldene Gel (piroxicam) - Nonsteroidal Anti-Inflammatory Drugs (NSAIDs) (4l) Fluroblastin (5-fluorouracil) - Cytotoxic Chemotherapy (9a) Gelfoam (gelatin) - Haemostatics (2m) Kitnos Forte (etofamide) - Antiamoebics (8s) Lincocin (lincomycin hydrochloride) - Other Antibiotics (8k) Lipitor (atorvastatin calcium) - Dyslipidaemic Agents (2l) Lopid (gemfibrozil) - Dyslipidaemic Agents (2l) Lyrica (pregabalin) - Anticonvulsants, Drugs For Neuropathic Pain (4e, 4m) Macugen (pegaptanib sodium) - Other Eye Preparations (14i) Medrol (methylprednisolone) - Corticosteroid Hormones (6d) Minidiab (glipizide) - Antidiabetic Agents (11b) Mylanta Rolltabs (calcium carbonate, magnesium hydroxide) - Antacids, Antireflux Agents & Antiulcerants (1a) Neurontin (gabapentin) - Anticonvulsants, Drugs For Neuropathic Pain (4e, 4m) Nitrostat (nitroglycerin) - Anti-Anginal Drugs (2b) Normetec (amlodipine besylate, olmesartan medoxomil) - Anti-Anginal Drugs, Calcium Antagonists, Angiotensin II Antagonists (2b, 2e, 2f) Norvasc (amlodipine besylate) - Anti-Anginal Drugs, Calcium Antagonists, Other Antihypertensives (2b, 2e, 2g) Olmetec (olmesartan medoxomil) - Angiotensin II Antagonists (2f) Olmetec Plus (hydrochlorothiazide, olmesartan medoxomil) - Angiotensin II Antagonists, Diuretics (2f, 2h) Pharmorubicin RD (epirubicin hydrochloride) - Cytotoxic Chemotherapy (9a) Ponstan/Ponstan SF (mefenamic acid) - Nonsteroidal Anti-Inflammatory Drugs (NSAIDs) (4l) Provera (medroxyprogesterone acetate) - Oestrogens & Progesterones & Related Synthetic Drugs (6b) Serenace (haloperidol) - Antipsychotics (4d) Solu-Cortef (hydrocortisone sodium succinate) - Corticosteroid Hormones (6d) Solu-Medrol (methylprednisolone sodium succinate) - Corticosteroid Hormones (6d) Sulperazone (cefoperazone sodium, sulbactam sodium) - Cephalosporins (8b) Sutent (sunitinib malate) - Targeted Cancer Therapy (9d) Terramycin Eye (oxytetracycline hydrochloride, polymyxin B sulfate) - Eye Anti-Infectives & Antiseptics (14a) Terramycin Plus (bacitracin zinc, neomycin sulfate, polymyxin B sulfate) - Topical Antibiotics (16a) Terramycin (oxytetracycline hydrochloride) - Tetracyclines (8h) Torisel (temsirolimus) - Targeted Cancer Therapy (9d) Unasyn IM/IV (ampicillin, ampicillin sodium, sulbactam, ...) - Penicillins (8c) Unasyn Oral (ampicillin, sulbactam, sultamicillin tosylate) - Penicillins (8c) Vfend (voriconazole) - Antifungals (8n) Viagra (sildenafil citrate) - Drugs for Erectile Dysfunction (10d) Vibramycin (doxycycline hydrochloride) - Tetracyclines (8h) Xalacom (latanoprost, timolol) - Antiglaucoma Preparations (14f) Xalatan (latanoprost) - Antiglaucoma Preparations (14f) Xanor (alprazolam) - Anxiolytics (4a) Xanor XR (alprazolam) - Anxiolytics (4a) Zavedos (idarubicin hydrochloride) - Cytotoxic Chemotherapy (9a) Zithromax (azithromycin dihydrate) - Macrolides (8f) Zmax One Dose (azithromycin dihydrate) - Macrolides (8f) Zoloft (sertraline hydrochloride) - Antidepressants (4c) Zyvox (linezolid) - Other Antibiotics

Sales
Local:	Yes


PROPERTY & ASSETS

Premises	The Subject operates from premises located at the heading address, consisting of administrative offices.

NOTES & COMMENTS

INVESTIGATIVE NOTES

Sources:

Interviews and material provided by the Subject

Other official and local business sources

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.69
UK Pound	1	Rs.75.29
Euro	1	Rs.65.77

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.