MIRA INFORM REPORT

Report Date :

19.08.2013

IDENTIFICATION DETAILS

Name :	BANGLADESH DEVELOPMENT BANK LTD
Registered Office :	BDBL Bhaban, 8, Rajuk Avenue, Dhaka, 1000
Country :	Bangladesh
Financials (as on) :	31.12.2011
Date of Incorporation :	16.11.2009
Legal Form :	Private Independent Company
Line of Business :	Subject provides financial and technical assistance to broaden the private, as well as public sector industrial sector
No. of Employees :	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^st 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Bangladesh	B1	B1

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

Bangladesh ECONOMIC OVERVIEW

In real terms Bangladesh's economy has grown 5.8% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, and slow implementation of economic reforms. Bangladesh remains a poor, overpopulated, and inefficiently-governed nation. Although more than half of GDP is generated through the service sector, 45% of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Bangladesh's growth was resilient during the 2008-09 global financial crisis and recession. Garment exports, totaling $12.3 billion in FY09 and remittances from overseas Bangladeshis, totaling $11 billion in FY10, accounted for almost 12% of GDP.

Source : CIA

COMPANY NAME & ADDRESS

Bangladesh Development Bank Ltd

BDBL Bhaban, 8, Rajuk Avenue

Dhaka, 1000

Bangladesh

Tel: 880-2-9563476

Fax: 880-2-9562061

Web: www.bdbl.com.bd

Synthesis

Employees: NA

Company Type: Private Independent

Incorporation Date: 16-Nov-2009

Auditor: Hoda Vasi Chowdhury & Co

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Bangladesh Taka

Annual Sales: 21.7 1

Net Income: 9.3

Total Assets: 353.8 2

Business Description

Bangladesh Development Bank Limited (BDBL) is a commercial bank. The Company provides financial and technical assistance to broaden the private, as well as public sector industrial sector. BDBL prioritizes, export oriented/export linkage industrial units, efficient import substitution, joint ventures, commercialization of local technology and promotion of agro-based industry. The Company provides small and medium enterprises (SME) finance and consumer credit. For the fiscal year ended 31 December 2011, Bangladesh Development Bank Ltd interest income increased 51% to BDT1.21B. Net interest income after loan loss provision increased 32% to BDT899.6M. Net income increased 7% to BDT688M. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities.

Industry

Industry Banking

ANZSIC 2006: 6221 - Banking

ISIC Rev 4: 6419 - Other monetary intermediation

NACE Rev 2: 6419 - Other monetary intermediation

NAICS 2012: 52211 - Commercial Banking

UK SIC 2007: 64191 - Banks

US SIC 1987: 6029 - Commercial Banks, Not Elsewhere Classified

Key Executives

Name	Title
Abdur Rahim Khan	Company Secretary, General Manager
Nazem Ahmad Ahmad Choudhury	Chairman of the Board
Selima Ahmad	Director
Rustom Ali Ahmed	Director
Quazi Murshed Hossain Kamal	Director

1 - Profit & Loss Item Exchange Rate: USD 1 = BDT 74.04171

2 - Balance Sheet Item Exchange Rate: USD 1 = BDT 81.8

Corporate Overview

Location

BDBL Bhaban, 8, Rajuk Avenue

Dhaka, 1000

Bangladesh

Tel: 880-2-9563476

Fax: 880-2-9562061

Web www.bdbl.com.bd

Sales BDT(mil): 1,603.0

Assets BDT(mil): 28,951.5

Employees: NA

Fiscal Year End: 31-Dec-2011

Industry: Commercial Banks

Incorporation Date: 16-Nov-2009

Company Type: Private Independent

Quoted Status: Not Quoted

Company Secretary, General Manager:

Abdur Rahim Khan

Industry Codes

ANZSIC 2006 Codes:

6221 - Banking

6230 - Non-Depository Financing

ISIC Rev 4 Codes:

6419 - Other monetary intermediation

6492 - Other credit granting

NACE Rev 2 Codes:

6419 - Other monetary intermediation

6492 - Other credit granting

NAICS 2012 Codes:

52211 - Commercial Banking

522291 - Consumer Lending

US SIC 1987:

6029 - Commercial Banks, Not Elsewhere Classified

6141 - Personal Credit Institutions

UK SIC 2007:

64191 - Banks

6492 - Other credit granting

Business Description

Bangladesh Development Bank Limited (BDBL) is a commercial bank. The Company provides financial and technical assistance to broaden the private, as well as public sector industrial sector. BDBL prioritizes, export oriented/export linkage industrial units, efficient import substitution, joint ventures, commercialization of local technology and promotion of agro-based industry. The Company provides small and medium enterprises (SME) finance and consumer credit. For the fiscal year ended 31 December 2011, Bangladesh Development Bank Ltd interest income increased 51% to BDT1.21B. Net interest income after loan loss provision increased 32% to BDT899.6M. Net income increased 7% to BDT688M. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities.

More Business Descriptions

State-owned industrial development bank providing long- and short-term finance for the public and private sectors

Financial Data

Financials in:	BDT(mil)
Revenue:	1,603.0
Net Income:	688.0
Assets:	28,951.5
Long Term Debt:	0.0
Total Liabilities:	13,985.8
Date of Financial Data:	31-Dec-2011

1 Year Growth

-6.9%

NA

NA

Key Corporate Relationships

Auditor:	Hoda Vasi Chowdhury & Co
Auditor:	Hoda Vasi Chowdhury & Co

Executives Report

Board of Directors

Name	Title	Function
Nazem Ahmad Ahmad Choudhury	Chairman of the Board	Chairman
Santi Narayan Ghosh	Chairman	Chairman
Selima Ahmad	Director	Director/Board Member
Rustom Ali Ahmed	Director	Director/Board Member
M. Ishaque Bhuiyan	Director	Director/Board Member
Md. Fayekuzzaman	Director	Director/Board Member
Dewan Nurul Islam	Director	Director/Board Member
Quazi Murshed Hossain Kamal	Director	Director/Board Member
Amalendu Mukherjee	Director	Director/Board Member
Apter Hossain Pear	Director	Director/Board Member
Syed Hossain Pear	Director	Director/Board Member
Niaz Rahim	Director	Director/Board Member
Md. Zillur Rahman	Managing Director, Director	Director/Board Member
Krishibid Moshiur Rahman	Director	Director/Board Member
Md. Khalilur Rahman Siddiqui	Director	Director/Board Member

Executives

Name	Title	Function
Mahe Alam	General Manager	Division Head Executive
Nazmul Bari	General Manager	Division Head Executive
Md. Khalilur Rahman Chowdhury	General Manager	Division Head Executive
A M M Zeaul Haq	General Manager	Division Head Executive
Kh. Mahmudul Hasan	General Manager	Division Head Executive
Kazi Sanaul Hoq	General Manager	Division Head Executive
Md. Amirul Islam	General Manager	Division Head Executive
Education: University of Dhaka, M (Management)
Abdur Rahim Khan	Company Secretary, General Manager	Division Head Executive
Md. Abdur Razzaque	General Manager	Division Head Executive
Md. Zillur Rahman	Managing Director, Director	Managing Director

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010
Filed Currency	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265
Auditor	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co
Auditor Opinion	Unqualified with Explanation	No Opinion
Interest on Deposits	16.4	11.5
Interest Income, Bank	16.4	11.5
Interest on Deposit	4.2	1.7
Total Interest Expense	4.2	1.7
Net Interest Income	12.1	9.8
Loan Loss Provision	0.0	0.0
Net Interest Income after Loan Loss Provision	12.1	9.8
Commissions & Fees from Securities Activities	0.3	0.4
Other Revenue	9.2	14.5
Non-Interest Income, Bank	9.5	14.9
Labor & Related Expenses	-7.4	-10.6
Depreciation Expense	-0.6	-0.6
Other Expense	-2.0	-1.7
Non-Interest Expense, Bank	-10.0	-12.9
Income Before Tax	11.7	11.8
Total Income Tax	2.4	2.6
Income After Tax	9.3	9.3
Net Income Before Extraord Items	9.3	9.3
Net Income	9.3	9.3
Income Available to Common Excl Extraord Items	9.3	9.3
Income Available to Common Incl Extraord Items	9.3	9.3
Basic/Primary Weighted Average Shares	40.0	40.0
Basic EPS Excl Extraord Items	0.23	0.23
Basic/Primary EPS Incl Extraord Items	0.23	0.23
Diluted Net Income	9.3	9.3
Diluted Weighted Average Shares	40.0	40.0
Diluted EPS Excl Extraord Items	0.23	0.23
Diluted EPS Incl Extraord Items	0.23	0.23
Depreciation, Supplemental	0.6	0.6
Normalized Income Before Tax	11.7	11.8
Inc Tax Ex Impact of Sp Items	2.4	2.6
Normalized Income After Tax	9.3	9.3
Normalized Inc. Avail to Com.	9.3	9.3
Basic Normalized EPS	0.23	0.23
Diluted Normalized EPS	0.23	0.23
Bank Total Revenue	21.7	24.7

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010
Filed Currency	BDT	BDT
Exchange Rate	81.83	70.475
Auditor	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co
Auditor Opinion	Unqualified with Explanation	No Opinion
Cash & Due from Banks	61.9	72.7
Other Short Term Investments	37.3	26.8
Other Earning Assets, Total	37.3	26.8
Net Loans	121.9	140.6
Property/Plant/Equipment - Net	107.8	127.2
Other Assets	24.9	23.2
Other Assets, Total	24.9	23.2
Total Assets	353.8	390.5
Accounts Payable	0.6	0.3
Interest Bearing Deposits	37.5	27.1
Total Deposits	37.5	27.1
Total Short Term Borrowings	25.2	37.0
Total Long Term Debt	0.0	0.0
Total Debt	25.2	37.0
Other Liabilities	107.7	104.2
Other Liabilities, Total	107.7	104.2
Total Liabilities	170.9	168.6
Common Stock	1.6	1.9
Common Stock	1.6	1.9
Additional Paid-In Capital	50.1	56.8
Retained Earnings (Accumulated Deficit)	131.1	163.2
Total Equity	182.9	221.9
Total Liabilities & Shareholders’ Equity	353.8	390.5
Shares Outstanding - Common Stock Primary Issue	40.0	40.0
Total Common Shares Outstanding	40.0	40.0
Total Risk-Weighted Capital	0.4	0.5
Total Capital %	28.90%	28.08%

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010
Filed Currency	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265
Auditor	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co
Auditor Opinion	Unqualified with Explanation	No Opinion
Cash Receipts	17.0	11.7
Cash Taxes Paid	-2.0	-1.2
Cash Interest Paid	-4.2	-1.7
Other Assets	-2.1	14.5
Other Liabilities	16.3	28.3
Other Operating Cash Flow	-5.2	-8.5
Sale of Loans	2.2	0.8
Changes in Working Capital	11.3	35.1
Cash from Operating Activities	22.0	44.0
Purchase of Fixed Assets	-0.3	-0.2
Capital Expenditures	-0.3	-0.2
Sale of Fixed Assets	0.0	0.0
Sale/Maturity of Investment	0.9	7.1
Purchase of Investments	-17.6	-8.5
Other Investing Cash Flow Items, Total	-16.8	-1.3
Cash from Investing Activities	-17.1	-1.6
Other Financing Cash Flow	0.7	-0.1
Financing Cash Flow Items	0.7	-0.1
Long Term Debt Reduction	-7.5	-7.9
Long Term Debt, Net	-7.5	-7.9
Issuance (Retirement) of Debt, Net	-7.5	-7.9
Cash from Financing Activities	-6.8	-8.1
Foreign Exchange Effects	0.1	0.0
Net Change in Cash	-1.8	34.3
Net Cash - Beginning Balance	73.3	43.6
Net Cash - Ending Balance	71.5	77.9

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010
Filed Currency	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265
Auditor	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co
Auditor Opinion	Unqualified with Explanation	No Opinion
Interest and discount	16.4	11.5
Total Revenue	16.4	11.5
Interest paid on deposit, borrowing, etc	4.2	1.7
Provision for loans	0.0	0.0
Total Operating Expense	4.2	1.7
Investment income	4.9	12.0
Commission, exchange and brokerage	0.3	0.4
Other operating income	4.4	2.5
Salaries and allowances	-7.4	-10.6
Rent, taxes, insurance, lighting, etc.	-0.4	-0.3
Law charges	-0.1	0.0
Postage, telegram, telephone and stamps	-0.1	0.0
Stationery, printing, advertisement, etc	-0.2	-0.2
Managing Director/Chief Executive's remu	0.0	0.0
Director Fees	0.0	0.0
Auditors' fees	0.0	0.0
Depreciation and repair of Bank's assets	-0.6	-0.6
Other expenditure	-1.2	-1.1
Total Non-Interest Revenue	9.5	14.9
Total Non-Interest Expense	-10.0	-12.9
Net Income Before Taxes	11.7	11.8
Provision for Income Taxes	2.4	2.6
Net Income After Taxes	9.3	9.3
Net Income Before Extra. Items	9.3	9.3
Net Income	9.3	9.3
Income Available to Com Excl ExtraOrd	9.3	9.3
Income Available to Com Incl ExtraOrd	9.3	9.3
Basic Weighted Average Shares	40.0	40.0
Basic EPS Excluding ExtraOrdinary Items	0.23	0.23
Basic EPS Including ExtraOrdinary Items	0.23	0.23
Diluted Net Income	9.3	9.3
Diluted Weighted Average Shares	40.0	40.0
Diluted EPS Excluding ExtraOrd Items	0.23	0.23
Diluted EPS Including ExtraOrd Items	0.23	0.23
Normalized Income Before Taxes	11.7	11.8
Inc Tax Ex Impact of Sp Items	2.4	2.6
Normalized Income After Taxes	9.3	9.3
Normalized Inc. Avail to Com.	9.3	9.3
Basic Normalized EPS	0.23	0.23
Diluted Normalized EPS	0.23	0.23
Depreciation, Supplemental	0.6	0.6

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010
Filed Currency	BDT	BDT
Exchange Rate	81.83	70.475
Auditor	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co
Auditor Opinion	Unqualified with Explanation	No Opinion
Cash in Hand	0.3	0.4
Balance with Bangladesh Bank & its Agent	4.1	3.9
Balance with other banks In Bangladesh	57.1	68.2
Balance with other Outside Bangladesh	0.4	0.2
Money at Call and Short Notice	2.8	4.3
Investment in Government	0.0	0.0
Investment in Others	34.4	22.5
Loans, Cash Credit, Overdrafts, etc.	121.9	140.6
Bill purchased and discounted	0.8	0.0
Premises and Fixed Assets	107.8	127.2
Other Assets	24.0	23.2
Total Assets	353.8	390.5
Borrowing from other Banks, Agents, etc.	25.2	37.0
Current and other Contingency Accounts,	19.4	18.8
Bills Payable	0.6	0.3
Saving Bank Deposits	5.2	6.6
Fixed Deposits	32.2	20.5
Other Liabilities	88.2	85.4
Total Liabilities	170.9	168.6
Paid-up Capital	50.1	56.8
Quasi Equity	1.6	1.9
Statutory Reserve	14.9	14.8
General Reserve	16.0	13.5
Revaluation Reserve	87.9	122.1
Other Reserve	11.8	12.3
Retained Earnings	0.5	0.5
Total Equity	182.9	221.9
Total Liabilities & Shareholders' Equity	353.8	390.5
S/O-Common Stock	40.0	40.0
Total Common Shares Outstanding	40.0	40.0
Total Capital %	28.90%	28.08%
Total Risk-Weighted Capital	435.6	537.2

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010
Filed Currency	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265
Auditor	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co
Auditor Opinion	Unqualified with Explanation	No Opinion
Cash Receipts	17.0	11.7
Interest Paid	-4.2	-1.7
Cash Taxes Paid	-2.0	-1.2
Dividend received	2.2	2.1
Fees and commission received	0.3	0.4
Recovery of Loans previously written-off	2.2	0.8
Salary and allowances paid	-7.4	-10.6
Other expenditure	-2.3	-2.0
assets and liabilities	2.0	1.2
Increase in liabilities & provisions	-3.3	2.0
Increase in deposits from customers & ot	19.6	26.3
Increase in other assets	-2.3	-0.4
Increase in loans & advances	-1.9	5.2
Net increase in security trading	2.1	9.7
Adjustment	-	0.4
Cash from Operating Activities	22.0	44.0
Disposal/adjustment of fixed assets	0.0	0.0
Purchase of securities	-17.6	-8.5
Sale/Liquidation of securities	0.9	7.1
Capital Expenditure	-0.3	-0.2
Cash from Investing Activities	-17.1	-1.6
Increase in Capital	1.4	0.0
Decrease in long term borrowing	-7.5	-7.9
Dividend to the Government	-0.7	-0.1
Cash from Financing Activities	-6.8	-8.1
Foreign Exchange Effects	0.1	0.0
Net Change in Cash	-1.8	34.3
Cash & equivalent at Beginning Period	73.3	43.6
Cash & equivalent at Ending period	71.5	77.9

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	-	-	21.7	-6.94%	-	-
Income Available to Common Excl Extraord Items1	-	-	9.3	6.75%	-	-
Basic EPS Excl Extraord Items1	-	-	0.23	6.75%	-	-
Capital Expenditures2	-	-	0.3	35.05%	-	-
Cash from Operating Activities2	-	-	22.0	-46.77%	-	-
Free Cash Flow	-	-	19.6	-47.21%	-	-
Total Assets3	-	-	353.8	5.21%	-	-
Total Liabilities3	-	-	170.9	17.71%	-	-
Total Long Term Debt3	-	-	0.0	-	-	-
Total Common Shares Outstanding3	-	-	40.0	0.00%	-	-
1-ExchangeRate: BDT to USD Average for Period	Â	Â	74.041708	Â	Â	Â
2-ExchangeRate: BDT to USD Average for Period	Â	Â	74.041708	Â	Â	Â
3-ExchangeRate: BDT to USD Period End Date	Â	Â	81.830000	Â	Â	Â

Banking Industry Specific USD (mil)
Â	31-Dec-2011	31-Dec-2010
Interest Income, Bank1	16.4	11.5
Total Interest Expense1	4.2	1.7
Loan Loss Provision1	0.0	0.0
Cash & Due from Banks3	61.9	72.7
Total Deposits3	37.5	27.1
1-ExchangeRate: BDT to USD Average for Period	74.041708	69.602650
3-ExchangeRate: BDT to USD Period End Date	81.830000	70.475000

Key Ratios
Â	31-Dec-2011	31-Dec-2010
Profitability
Pretax Margin	71.31%	102.82%
Net Profit Margin	56.83%	80.57%
Financial Strength
Long Term Debt/Equity	0.00	0.00
Total Debt/Equity	0.14	0.17
Management Effectiveness
Return on Assets	2.44%	-
Return on Equity	4.50%	-
Efficiency
Receivables Turnover	0.16	-
Asset Turnover	0.06	-

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010
Financial Strength
Long Term Debt/Equity	0.00	0.00
Total Debt/Equity	0.14	0.17
Long Term Debt/Total Capital	0.00	0.00
Total Debt/Total Capital	0.14	0.17
Effective Tax Rate	20.31%	21.64%
Total Capital1	182.9	221.9
Efficiency
Asset Turnover	0.06	-
Receivables Turnover	0.16	-
Days Receivables Outstanding	2,263.81	-
Profitability
Pretax Margin	71.31%	102.82%
Net Profit Margin	56.83%	80.57%
Management Effectiveness
Return on Assets	2.44%	-
Return on Equity	4.50%	-
Valuation
Free Cash Flow/Share2	0.49	1.08
Operating Cash Flow/Share 2	0.50	1.09
1-ExchangeRate: BDT to USD Period End Date	81.83	70.475
2-ExchangeRate: BDT to USD Average for Period	81.83	70.475

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.82
UK Pound	1	Rs.96.57
Euro	1	Rs.82.45

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.