MIRA INFORM REPORT

Report Date :

19.12.2013

IDENTIFICATION DETAILS

Name :	PRINOVA EUROPE LTD.

Registered Office :	C A P House 9-12 Long Lane, London, EC1A 9HA

Country :	United Kingdom

Financials (as on) :	31.12.2012

Date of Incorporation :	30.09.2002

Com. Reg. No.:	04548728

Legal Form :	Private Subsidiary

Line of Business :	Trading and merchanting of essential ingredients, additives, aroma chemicals and essential oils principally for use in the food, flavour and fragrance, nutraceutical, pharmaceutical and cosmetic indutries.

No. of Employees :	41

RATING & COMMENTS

MIRA’s Rating :

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 – March, 31^st,2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

United Kingdom

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 second largest economy in Europe after Germany. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. 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, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining 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; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. 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 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. 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. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase.

Source : CIA

Company name & address

PRINOVA EUROPE LTD.

C A P House 9-12 Long Lane


London, EC1A 9HA
United Kingdom
(Trading Address) Registered Address


Tel:	02074665460
Fax:	02074665461

www.prinovagroup.com

Employees:	41
Company Type:	Private Subsidiary
Corporate Family:	3 Companies
Ultimate Parent:	Premium Ingredients International Holdings LLC

Quoted Status:	Non-quoted Company
Incorporation Date:	30-Sep-2002
Auditor:	Rsm Tenon Audit Ltd.

Financials in:

Fiscal Year End:	31-Dec-2012
Reporting Currency:	US Dollar
Annual Sales:	143.1 ¹
Net Income:	2.5
Total Assets:	53.5

Business Description

Trading and merchanting of essential ingredients, additives, aroma chemicals and essential oils principally for use in the food, flavour and fragrance, nutraceutical, pharmaceutical and cosmetic indutries.

Industry

Industry	Chemical Wholesale
ANZSIC 2006:	3323 - Industrial and Agricultural Chemical Product Wholesaling
ISIC Rev 4:	4669 - Wholesale of waste and scrap and other products n.e.c.
NACE Rev 2:	4675 - Wholesale of chemical products
NAICS 2012:	4246 - Chemical and Allied Products Merchant Wholesalers
UK SIC 2007:	4675 - Wholesale of chemical products
US SIC 1987:	516 - Chemicals and Allied Products

Key Executives

Name	Title
Donald Kevin Thorp	President, Director
David Houston York	Chief Financial Officer, Director, Secretary
Bukky Osobe	Financial Controller

News

Title	Date
The definitive guide to Fi Europe 2013, OR IFI Online (5607 Words)	1-Nov-2013
Group back re-authorisation of feed flavouring additives AllAboutFeed.net (359 Words)	5-May-2013
Red palm oil could colour foods without food colouring Food Navigator (1247 Words)	31-Jan-2013
Danone juice JV with Chiquita dogged by mismanagement: Industry source Food Navigator (1555 Words)	25-Jan-2013
High fruit and veg intake helps to keep the blues at bay, say researchers Food Navigator (1134 Words)	25-Jan-2013
How compatible are sustainability and nutrition? Food Navigator (1298 Words)	25-Jan-2013

Financial Summary

FYE: 31-Dec-2012

USD (mil)

Key Figures
Current Assets	53.29
Fixed Assets	0.17
Total Liabilities	34.55
Net Worth	18.83

Key Ratios
Current Ratio	1.54
Acid Test	0.81

Registered No.(UK): 04548728

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

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

Corporate Overview

Location
C A P House 9-12 Long Lane
London, EC1A 9HA
London County
United Kingdom

Tel:	02074665460
Fax:	02074665461

www.prinovagroup.com

Sales USD(mil):	143.1
Assets USD(mil):	53.5
Employees:	41
Fiscal Year End:	31-Dec-2012



Industry:	Chemical Manufacturing

Registered Address:
20 Farringdon Road
London, EC1M 3HE
United Kingdom

Incorporation Date:	30-Sep-2002
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Previous Name:	Premium Ingredients International (UK) Ltd.
Registered No.(UK):	04548728


Managing Director:	Stephen Watts

Industry Codes

ANZSIC 2006 Codes:
3323	-	Industrial and Agricultural Chemical Product Wholesaling

ISIC Rev 4 Codes:
4669	-	Wholesale of waste and scrap and other products n.e.c.

NACE Rev 2 Codes:
4675	-	Wholesale of chemical products

NAICS 2012 Codes:
4246	-	Chemical and Allied Products Merchant Wholesalers

US SIC 1987:
516	-	Chemicals and Allied Products

UK SIC 2007:
4675	-	Wholesale of chemical products

Business Description

More Business Descriptions

Chemicals Distribution and Wholesale

Providing ingredient and flavor solutions to the global food, feed and wellness industries Please Select Your Region: Region Select form Select Region select Select Region USA Europe Canada Africa Asia Australasia South America Remember my location

Financial Data

Financials in:	USD(mil)

Revenue:	143.1
Net Income:	2.5
Assets:	53.5
Current Assets:	53.3
Fixed Assets:	0.2
Long Term Debt:	0.0
Total Liabilities:	34.5
Issued Capital:	NaN
Working Capital:	18.7
Net Worth:	18.8

Date of Financial Data:	31-Dec-2012

1 Year Growth

16.3%

Key Corporate Relationships

Auditor:	Rsm Tenon Audit Ltd.
Bank:	Jp Morgan Chase Bank Na

Auditor:	Rsm Tenon Audit Ltd.

Auditor History
Rsm Tenon Audit Ltd.	31-Dec-2012
Rsm Tenon Audit Ltd.	31-Dec-2011
Rsm Tenon Audit Ltd.	31-Dec-2010
Rsm Tenon Audit Ltd.	31-Dec-2009
Rsm Bentley Jennison	31-Dec-2008

	USD(mil)
Audit Fees:	0.1
Non Audit Fees:	0.0
Audit Fiscal Year:	12-31-2012

Corporate Family

Total Corporate Family Members: 3

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Premium Ingredients International Holdings LLC	Parent
Prinova Europe Ltd.	Subsidiary	London	United Kingdom	Chemical Wholesale	143.1	41
Prinova Germany Ltd.	Subsidiary	Milton Keynes	United Kingdom	Miscellaneous Professional Services	0.2

Executives Report

Board of Directors

Name

Title

Function

Donald Kevin Thorp

President, Director

Director/Board Member

Age: 51

David Houston York

Chief Financial Officer, Director, Secretary

Director/Board Member

Age: 53

Executives

Name

Title

Function

Donald Kevin Thorp

President, Director

President

Age: 51

Nic Dam

General Manager

Division Head Executive

Stephen Watts

Managing Director

David Houston York

Chief Financial Officer, Director, Secretary

Company Secretary

Age: 53

Bukky Osobe

Financial Controller

Finance Executive

Directors and Shareholders Report

Main Office Address:
C A P House 9-12 Long Lane
London
United Kingdom EC1A 9HA

Tel: 02074665460
Fax: 02074665461
URL:http://www.prinovagroup.com

Annual Return Date: 30 Sep 2013

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Donald Kevin Thorp	Current	10 Jul 1962	4773 Rfd, Long Grove 60047, Illinois	30 Sep 2002	NA	Current:1 Previous:0 Disqualifications:0
David Houston York	Current	10 Jun 1960	1660 Brookview Ct, Aurora, Il 60502	22 Jul 2009	NA	Current:3 Previous:0 Disqualifications:0
Donald Patrick Cepican	Previous	27 Feb 1952	C/O Maxwell Winward Llp, 100 Ludgate Hill, London , London EC4M 7RE	19 Dec 2002	20 Jul 2009	Current:0 Previous:2 Disqualifications:0

Corporate Directors


Company Name	Status	Registered Address	Appointment Date	Resignation Date
Instant Companies Limited	Previous	1 Mitchell Lane, Bristol, Avon BS1 6BU	30 Sep 2002	30 Sep 2002

Individual Secretaries

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
David Houston York	Current	10 Jun 1960	1660 Brookview Ct, Aurora, Il 60502	22 Jul 2009	NA	Current:3 Previous:0 Disqualifications:0
Donald Patrick Cepican	Previous	27 Feb 1952	C/O Maxwell Winward Llp, 100 Ludgate Hill, London , London EC4M 7RE	30 Sep 2002	20 Jul 2009	Current:0 Previous:2 Disqualifications:0

Corporate Secretaries


Company Name	Status	Registered Address	Appointment Date	Resignation Date
Swift Incorporations Limited	Previous	1 Mitchell Lane, Bristol, Avon BS1 6BU	30 Sep 2002	30 Sep 2002

Individual Shareholders

Name	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Premium Ingredients International Holdings, LLC	1 Ordinary GBP 1.00	Ordinary	1	1.00	1.00	100.00

Corporate Shareholders

There are no corporate shareholders for this company.

News

The definitive guide to Fi Europe 2013, OR IFI Online (5607 Words)	01-Nov-2013
Group back re-authorisation of feed flavouring additives AllAboutFeed.net (359 Words)	05-May-2013
Red palm oil could colour foods without food colouring Food Navigator (1247 Words)	31-Jan-2013
Danone juice JV with Chiquita dogged by mismanagement: Industry source Food Navigator (1555 Words)	25-Jan-2013
High fruit and veg intake helps to keep the blues at bay, say researchers Food Navigator (1134 Words)	25-Jan-2013
How compatible are sustainability and nutrition? Food Navigator (1298 Words)	25-Jan-2013
Arla plans 2013 production capacity expansion to meet export demand Food Navigator (1355 Words)	24-Jan-2013
Greek-style yogurt proteins cut costs, but ensure quality - Arla Food Navigator (1313 Words)	22-Jan-2013
EFSA identifies insecticides as risk factor for bee colony collapse Food Navigator (1252 Words)	21-Jan-2013
Agricultural markets undervaluing risk, says Rabobank Food Navigator (1290 Words)	18-Jan-2013
ABP shutters Silvercrest site involved in horse meat scandal Food Navigator (960 Words)	18-Jan-2013

Annual Profit & Loss

Financials in: USD (mil)

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

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Consolidated	Yes	Yes	No	No	No

Turnover (UK)	34.0	31.3	32.9	24.8	21.3
Turnover (Exports)	109.1	91.7	76.3	77.9	95.6
Total Turnover	143.1	123.1	109.2	102.7	116.8
Cost of Sales	132.2	113.7	101.7	94.4	105.8
Gross Profit	10.9	9.4	7.6	8.4	11.0
Depreciation	0.1	0.1	0.1	0.0	0.1
Other Expenses	6.9	6.1	4.6	4.1	4.4
Operating Profit	4.0	3.2	3.0	4.2	6.6
Other Income	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.6	0.4	0.4	0.4	0.3
Exceptional Income	0.0	0.0	0.0	0.0	0.0
Discontinued Operations	0.0	0.0	0.0	0.0	0.0
Profit Before Taxes	3.5	2.8	2.6	3.9	6.3
Tax Payable / Credit	1.0	0.9	0.8	1.2	1.8
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	0.0	0.0	0.0	0.0	0.0
Profit After Taxes	2.5	1.9	1.9	2.7	4.5
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Audit Fees	0.1	0.1	0.1	0.1	0.1
Non Audit Fees	0.0	0.0	0.0	0.0	0.0
Number of Employees	41	31	26	21	21
Wages	3.3	2.9	2.1	1.9	2.3
Social Security Costs	0.5	0.4	0.2	0.3	0.3
Pensions	0.0	0.0	0.0	0.0	0.0
Other Pension Costs	0.1	0.1	0.1	0.1	0.1
Employees Remuneration	3.8	3.4	2.4	2.2	2.6
Directors Emoluments	0.0	0.0	0.0	0.0	0.0
Other Costs	0.0	0.0	0.0	0.0	0.0
Directors Remuneration	0.0	0.0	0.0	0.0	0.0
Highest Paid Director	0.0	0.0	0.0	0.0	0.0

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Consolidated	Yes	Yes	No	No	No

Land & Buildings	0.0	0.0	0.0	0.0	0.0
Fixtures & Fittings	0.2	0.1	0.1	0.1	0.1
Plant & Vehicles	0.0	0.0	0.0	0.0	0.0
Total Tangible Fixed Assets	0.2	0.1	0.1	0.1	0.1
Intangible Assets	0.0	0.0	0.0	0.0	0.0
Investments	0.0	0.0	0.0	0.0	0.0
Total Fixed Assets	0.2	0.1	0.1	0.1	0.1
Stocks	25.2	20.2	18.3	13.3	12.1
Work in Progress	0.0	0.0	0.0	0.0	0.0
Total Stocks Work In Progress	25.2	20.2	18.3	13.3	12.1
Trade Debtors	23.6	18.5	15.0	11.5	9.1
Inter-Company Debtors	0.4	0.7	1.8	2.0	0.3
Other Debtors	2.2	1.4	0.9	0.7	0.6
Total Debtors	26.2	20.6	17.7	14.2	10.1
Cash and Equivalents	1.9	2.0	0.9	1.6	1.2
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	53.3	42.8	36.8	29.1	23.3
Total Assets	53.5	42.9	36.9	29.1	23.4
Trade Creditors	8.6	5.7	7.3	6.9	4.8
Bank Overdraft	0.0	0.0	0.0	8.0	6.6
Inter-Company Creditors	3.5	1.5	0.3	0.0	0.1
Director Loans (Current Liability)	0.0	0.0	0.0	0.0	0.0
Hire Purchase (Current Liability)	0.0	0.0	0.0	0.0	0.0
Finance Lease (Current Liability)	0.0	0.0	0.0	0.0	0.0
Total Finance Lease/Hire Purchase (Current Liability)	0.0	0.0	0.0	0.0	0.0
Total Short Term Loans	19.9	17.3	12.8	0.0	0.0
Accruals/Deferred Income (Current Liability)	1.7	1.5	1.3	1.0	1.4
Social Security/VAT	0.1	0.1	0.1	0.1	0.1
Corporation Tax	0.7	0.3	0.6	0.6	0.3
Dividends (Current Liability)	0.0	0.0	0.0	0.0	0.0
Other Current Liabilities	0.0	0.0	0.0	0.0	0.0
Total Current Liabilities	34.5	26.5	22.4	16.6	13.3
Group Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Director Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Hire Purchase (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Leasing (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Total Hire Purchase Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Loans	0.0	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Total Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Deferred Taxation	0.0	0.0	-	0.0	0.0
Other Provisions	0.1	0.1	0.1	0.0	0.2
Total Provisions	0.1	0.1	0.1	0.0	0.2
Issued Capital	0.0	0.0	0.0	0.0	0.0
Share Premium Accounts	0.8	0.8	0.8	0.8	0.8
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	18.0	15.5	13.6	11.7	9.0
Other Reserves	0.0	0.0	0.0	0.0	0.0
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	18.8	16.3	14.4	12.5	9.9
Net Worth	18.8	16.3	14.4	12.5	9.9

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Consolidated	Yes	Yes	No	No	No

Net Cash Flow From Operating Activities	-1.3	-1.7	-4.4	0.3	0.7
Net Cash Flow from ROI and Servicing of Finance	-0.6	-0.5	-0.4	-0.4	-0.3
Taxation	-0.6	-1.1	-0.7	-0.9	-2.0
Capital Expenditures	-0.1	-0.1	0.0	0.0	0.0
Acquisitions and Disposals	0.0	0.0	0.0	0.0	0.0
Paid Up Equity	0.0	0.0	0.0	0.0	0.0
Management of Liquid Resources	0.0	0.0	0.0	0.0	0.0
Net Cash Flow From Financing	2.6	4.5	4.8	1.4	1.9
Increase in Cash	-0.1	1.1	-0.7	0.4	0.1

Annual Ratios

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Consolidated	Yes	Yes	No	No	No

Current Ratio	1.54	1.62	1.64	1.75	1.75
Liquidity Ratio	0.81	0.86	0.83	0.95	0.85
Stock Turnover	568.00	610.00	597.00	774.00	968.00
Credit Period (Days)	6,020.00	5,491.00	4,998.00	4,069.00	2,847.00
Working Capital by Sales	1,310.00%	1,329.00%	1,321.00%	1,213.00%	858.00%
Trade Credit by Debtors	37.00	31.00	49.00	60.00	53.00
Return on Capital	1,835.00%	1,710.00%	1,802.00%	3,083.00%	6,221.00%
Return on Assets	649.00%	655.00%	709.00%	1,326.00%	2,685.00%
Profit Margin	243.00%	229.00%	239.00%	376.00%	538.00%
Return on Shareholders Funds	1,843.00%	1,723.00%	1,815.00%	3,085.00%	6,377.00%
Borrowing Ratio	12,426.00%	11,503.00%	9,117.00%	6,413.00%	6,802.00%
Equity Gearing	3,523.00%	3,803.00%	3,903.00%	4,298.00%	4,210.00%
Interest Coverage	606.00	648.00	716.00	1,080.00	1,886.00
Sales by Tangible Assets	84,676.00	121,840.00	160,637.00	138,800.00	169,303.00
Average Remuneration per Employee	0.1	0.1	0.1	0.1	0.1
Profit per Employee	0.1	0.1	0.1	0.2	0.3
Sales per Employee	3.5	4.0	4.2	4.9	5.6
Capital Employed per Employee	0.5	0.5	0.6	0.6	0.5
Tangible Assets per Employee	0.0	0.0	0.0	0.0	0.0
Total Assets per Employee	1.3	1.4	1.4	1.4	1.1
Employee Remuneration by Sales	269.00%	276.00%	219.00%	217.00%	223.00%
Creditor Days (Cost of Sales Based)	2,385.00	1,830.00	2,628.00	2,663.00	1,660.00
Creditor Days (Sales Based)	2,203.00	1,691.00	2,446.00	2,447.00	1,504.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.92
UK Pound	1	Rs.100.83
Euro	1	Rs.85.27

INFORMATION DETAILS

Report Prepared by :

NNA

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.