MIRA INFORM REPORT

Report Date :

12.06.2013

IDENTIFICATION DETAILS

Name :	DAITHIENHA JOINT STOCK COMPANY
Registered Office :	No.3 Nguyen Van Cu Street, Ka Long Ward, Mong Cai City, Quang Ninh Province
Country :	Vietnam
Financials (as on) :	31.12.2012
Year of Incorporation :	2007
Com. Reg. No.:	5700646493
Legal Form :	Joint Stock Company
Line of Business :	The subject is specialized in Trading materials and equipments for construction; trading agricultural products (mainly sesame seeds)
No. of Employees :	15

RATING & COMMENTS

MIRA’s Rating :

B

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

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, 2013

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

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

VIETNAM - ECONOMIC OVERVIEW

Vietnam is a densely-populated developing country that has been transitioning from the rigidities of a centrally-planned economy since 1986. Vietnamese authorities have reaffirmed their commitment to economic modernization in recent years. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam became an official negotiating partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture''s share of economic output has continued to shrink from about 25% in 2000 to less than 22% in 2012, while industry''s share increased from 36% to nearly 41% in the same period. State-owned enterprises account for roughly 40% of GDP. Poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession hurt Vietnam''s export-oriented economy, with GDP in 2012 growing at 5%, the slowest rate of growth since 1999. In 2012, however, exports increased by more than 18%, year-on-year; several administrative actions brought the trade deficit back into balance. Between 2008 and 2011, Vietnam''s managed currency, the dong, was devalued in excess of 20%, but its value remained stable in 2012. Foreign direct investment inflows fell 4.5% to $10.5 billion in 2012. Foreign donors have pledged $6.5 billion in new development assistance for 2013. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. In February 2011, the Government shifted policy away from policies aimed at achieving a high rate of economic growth, which had stoked inflation, to those aimed at stabilizing the economy, through tighter monetary and fiscal control. Although Vietnam unveiled a broad, "three pillar" economic reform program in early 2012, proposing the restructuring of public investment, state-owned enterprises, and the banking sector, little perceptible progress had been made by early 2013. Vietnam''s economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses. In September 2012, the official bad debt ratio climbed to 8.8%, though some independent analysts believe it could be higher than 15%.

Source : CIA

SUBJECT IDENTIFICATION & LEGAL FORM
Current legal status
English Name	DAITHIENHA JOINT STOCK COMPANY
Vietnamese Name	CONG TY CO PHAN DAI THIEN HA
Short name	DAITHIENHA.JSC
Type of Business	Joint stock company
Year Established	2007
Business Registration No.	5700646493
Date of Registration	18 Jan 2011
Place of Registration	Quang Ninh Department of Planning and Investment
Chartered capital	VND 10,000,000,000
Status	Unlisted
Tax code	5700646493
Total Employees	15
Size	Small
Note: The correct name of the subject is above.

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Address: Km3 Hai Yen, Mong Cai District, Quang Ninh Province, Vietnam Changed to: No. 3 Nguyen Van Cu Street, Ka Long Ward, Mong Cai City, Quang Ninh Province, Vietnam	18 Jan 2011

ADDRESSES
Head Office
Address	No.3 Nguyen Van Cu Street, Ka Long Ward, Mong Cai City, Quang Ninh Province, Vietnam
Telephone	(84-33) 3772772
Fax	(84-33) 3886258
Email	administrator@daithienha.vn/ daithienhajsc@yahoo.com
Website	http://www.daithienha.vn
Note: The full address of the subject is above.

DIRECTORS
1. NAME	Mr. PHAM KHAC KIEN
Position	Chairman cum General Director
Date of Birth	01 Nov 1974
ID Number/Passport	B2554661
ID Issue Date	23 Sep 2009
ID Issue Place	Quang Ninh Police
Resident	Group 10 - Block 1 Ka Long Ward, Mong Cai City, Quang Ninh Province, Vietnam
Tel/Mobile phone	(84) 913264016
Email	pham_khac_kien@yahoo.com
2. NAME	Mr. PHAM KHAC TRUNG
Position	Director
Date of Birth	21 Aug 1976
ID Number/Passport	100818764
ID Issue Date	01 Aug 2005
ID Issue Place	Police Station of Quang Ninh city
Resident	Group 10 - Block 1 Ka Long Ward, Mong Cai City, Quang Ninh Province, Vietnam
Nationality	Vietnamese
Tel/Mobile phone	(84) 986 996666
3. NAME	Mr. TRAN SON DUNG
Position	Deputy General Director
Nationality	Vietnamese
4. NAME	Ms. PHAM THI HONG NGAN
Position	Deputy General Director
ID Number/Passport	100877598
Resident	Group 10, Lane 1 Ka Long Ward, Mong Cai City, Quang Ninh Province, Vietnam
5. NAME	Ms. VU THI MAI HIEN
Position	Chief Accountant
Nationality	Vietnamese
Tel/Mobile phone	(84) 936 800 168

BUSINESS NATURE AND ACTIVITIES

The subject is specialized in the following business activities:
- Trading materials and equipments for construction; trading agricultural products (mainly sesame seeds)
- Commercial services, import and export

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	Rice seeds, fertilizer, steel, iron, magnesium oxide…
· Market	China, India, Indonesia
· Mode of payment	T/T, L/C
EXPORT:
· Types of products	Plastic beads, shell crab, sesame seeds, etc
· Market	China, Hongkong
· Mode of payment	T/T, L/C

BANKERS
1. JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM MONG CAI BRANCH
Address	No.2 Van Don, Mong Cai City, Quang Ninh Province, Vietnam
Telephone	(84-33) 3882193
Fax	(84-33) 3881676
2. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM MONG CAI BRANCH
Address	Hung Vuong str, Mong Cai City, Quang Ninh Province, Vietnam
Telephone	(84-33) 3881121
3. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT MONG CAI BRANCH
Address	No.24 Chu Van An Street, Hoa Lac Ward, Mong Cai City, Quang Ninh Province, Vietnam
Telephone	(84-33) 3777 177
Fax	(84-33) 3777 175

SHAREHOLDERS
1. NAME	Mr. PHAM KHAC KIEN
Position	Chairman cum General Director
Date of Birth	01 Nov 1974
ID Number/Passport	B2554661
Issued on	23 Sep 2009
Issued Place	Quang Ninh Police
Resident	Group 10 - Block 1 Ka Long Ward, Mong Cai City, Quang Ninh Province, Vietnam
Email	pham_khac_kien@yahoo.com
Mobile phone	(84) 913264016
Number of Shares	45,000
Value of shares	VND 4,500,000,000
Percentage	45%
2. NAME	Mr. PHAM KHAC TRUNG
Position	Director
Date of Birth	21 Aug 1976
ID Number/Passport	100818764
Issued on	01 Aug 2005
Issued Place	Police Station of Quang Ninh city
Resident	Group 10 - Block 1 Ka Long Ward, Mong Cai City, Quang Ninh Province, Vietnam
Mobile phone	(84) 986 996666
Nationality	Vietnamese
Number of Shares	15,000
Value of shares	VND 1,500,000,000
Percentage	15%
3. NAME	Ms. PHAM THI HONG NGAN
Position	Deputy General Director
ID Number/Passport	100877598
Resident	Group 10, Lane 1 Ka Long Ward, Mong Cai City, Quang Ninh Province, Vietnam
Number of Shares	10,000
Value of shares	VND 1,000,000,000
Percentage	10%

FINANCIAL DATA
BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2012	31/12/2011	31/12/2010
Number of weeks	52	52	52
ASSETS
A – CURRENT ASSETS	330,767,555,960	58,098,000,000	55,886,000,000
I. Cash and cash equivalents	67,887,653,204	5,990,000,000	30,961,000,000
1. Cash	67,887,653,204	5,275,000,000	30,961,000,000
2. Cash equivalents	0	715,000,000	0
II. Short-term investments	0	0	0
1. Short-term investments	0	0	0
2. Provisions for devaluation of short-term investments	0	0	0
III. Accounts receivable	261,890,710,345	39,892,000,000	23,928,000,000
1. Receivable from customers	202,771,102,579	39,458,000,000	23,200,000,000
2. Prepayments to suppliers	47,319,325,654	0	0
3. Inter-company receivable	0	0	0
4. Receivable according to the progress of construction	0	0	0
5. Other receivable	11,800,282,112	434,000,000	728,000,000
6. Provisions for bad debts	0	0	0
IV. Inventories	977,400,603	12,216,000,000	997,000,000
1. Inventories	977,400,603	12,216,000,000	997,000,000
2. Provisions for devaluation of inventories	0	0	0
V. Other Current Assets	11,791,808	0	0
1. Short-term prepaid expenses	0	0	0
2. VAT to be deducted	23	0	0
3. Taxes and other accounts receivable from the State	11,791,785	0	0
4. Other current assets	0	0	0
B. LONG-TERM ASSETS	435,769,714	1,084,000,000	2,094,000,000
I. Long term accounts receivable	0	0	0
1. Long term account receivable from customers	0	0	0
2. Working capital in affiliates	0	0	0
3. Long-term inter-company receivable	0	0	0
4. Other long-term receivable	0	0	0
5. Provisions for bad debts from customers	0	0	0
II. Fixed assets	435,769,714	1,047,000,000	2,057,000,000
1. Tangible assets	399,214,786	1,047,000,000	2,057,000,000
- Historical costs	1,279,957,500	2,436,000,000	3,479,000,000
- Accumulated depreciation	-880,742,714	-1,389,000,000	-1,422,000,000
2. Financial leasehold assets	0	0	0
- Historical costs	0	0	0
- Accumulated depreciation	0	0	0
3. Intangible assets	0	0	0
- Initial costs	0	0	0
- Accumulated amortization	0	0	0
4. Construction-in-progress	0	0	0
III. Investment property	0	0	0
Historical costs	0	0	0
Accumulated depreciation	0	0	0
IV. Long-term investments	0	0	0
1. Investments in affiliates	0	0	0
2. Investments in business concerns and joint ventures	0	0	0
3. Other long-term investments	0	0	0
4. Provisions for devaluation of long-term investments	0	0	0
V. Other long-term assets	36,554,928	37,000,000	37,000,000
1. Long-term prepaid expenses	36,554,928	37,000,000	37,000,000
2. Deferred income tax assets	0	0	0
3. Other long-term assets	0	0	0
VI. Goodwill	0		0
1. Goodwill	0		0
TOTAL ASSETS	331,203,325,674	59,182,000,000	57,980,000,000
LIABILITIES
A- LIABILITIES	327,761,056,293	46,307,000,000	45,953,000,000
I. Current liabilities	327,761,056,293	46,307,000,000	45,953,000,000
1. Short-term debts and loans	7,410,970,800	6,720,000,000	13,238,000,000
2. Payable to suppliers	315,888,513,673	35,582,000,000	32,021,000,000
3. Advances from customers	4,458,726,335	4,005,000,000	0
4. Taxes and other obligations to the State Budget	2,845,485	0	694,000,000
5. Payable to employees	0	0	0
6. Accrued expenses	0	0	0
7. Inter-company payable	0	0	0
8. Payable according to the progress of construction contracts	0	0	0
9. Other payable	0	0	0
10. Provisions for short-term accounts payable	0	0	0
II. Long-Term Liabilities	0	0	0
1. Long-term accounts payable to suppliers	0	0	0
2. Long-term inter-company payable	0	0	0
3. Other long-term payable	0	0	0
4. Long-term debts and loans	0	0	0
5. Deferred income tax payable	0	0	0
6. Provisions for unemployment allowances	0	0	0
7. Provisions for long-term accounts payable	0	0	0
8. Unearned Revenue
9. Science and technology development fund
B- OWNER’S EQUITY	3,442,269,381	12,875,000,000	12,027,000,000
I. OWNER’S EQUITY	3,442,269,381	12,875,000,000	12,027,000,000
1. Capital	10,000,000,000	10,000,000,000	10,000,000,000
2. Share premiums	0	0	0
3. Other sources of capital	0	0	0
4. Treasury stocks	0	0	0
5. Differences on asset revaluation	0	0	0
6. Foreign exchange differences	0	0	0
7. Business promotion fund	0	0	0
8. Financial reserved fund	0	0	0
9. Other funds	0	0	0
10. Retained earnings	-6,557,730,619	2,875,000,000	0
11. Construction investment fund	0	0	2,027,000,000
12. Business arrangement supporting fund
II. Other sources and funds	0	0	0
1. Bonus and welfare funds		0	0
2. Sources of expenditure	0	0	0
3. Fund to form fixed assets	0	0	0
MINORITY’S INTEREST	0		0
TOTAL LIABILITIES AND OWNER’S EQUITY	331,203,325,674	59,182,000,000	57,980,000,000

PROFIT & LOSS STATEMENT
Description	FY2012	FY2011	FY2010
1. Total Sales	1,139,119,214,614	756,976,000,000	578,371,000,000
2. Deduction item	0	0	0
3. Net revenue	1,139,119,214,614	756,976,000,000	578,371,000,000
4. Costs of goods sold	1,126,056,050,727	750,610,000,000	568,877,000,000
5. Gross profit	13,063,163,887	6,366,000,000	9,494,000,000
6. Financial income	73,053,773	544,000,000	194,000,000
7. Financial expenses	2,646,980,239	1,649,000,000	5,514,000,000
- In which: Loan interest expenses	992,970,556	1,214,000,000	240,000,000
8. Selling expenses	8,376,139,753	3,404,000,000	2,603,000,000
9. Administrative overheads	2,667,656,133	724,000,000	724,000,000
10. Net operating profit	-554,558,465	1,133,000,000	847,000,000
11. Other income	74,152,939	0	0
12. Other expenses	0	0	0
13. Other profit /(loss)	74,152,939	0	0
14. Total accounting profit before tax	-480,405,526	1,133,000,000	847,000,000
15. Current corporate income tax	11,310,149	283,000,000	212,000,000
16. Deferred corporate income tax		0	0
17. Interest from subsidiaries/related companies			0
18. Profit after tax	-491,715,675	850,000,000	635,000,000

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2012	FY2011		FY2010			Average Industry
Current liquidity ratio	1.01	1.25		1.22			1.20
Quick liquidity ratio	1.01	0.99		1.19			0.65
Inventory circle	1,152.09	61.44		570.59			11.15
Average receive period	83.92	19.24		15.10			49.22
Utilizing asset performance	3.44	12.79		9.98			2.60
Liability by total assets	98.96	78.25		79.26			72.10
Liability by owner's equity	9,521.66	359.67		382.08			396.96
Ebit / Total assets (ROA)	0.15	3.97		1.87			8.25
Ebit / Owner's equity (ROE)	14.89	18.23		9.04			42.15
Ebit / Total revenue (NPM)	0.05	0.31		0.19			4.23
Gross profit / Total revenue (GPM)	1.15	0.84		1.64			7.33
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data
CASH FLOW STATEMENT
(Direct method)
Items					FY2012
I. Cash flows from operating activities
1.Cash received from customers					1,354,164,603,362
2. Cash paid to suppliers					-412,447,781,129
3. Cash paid to employees					-294,000,000
4. Interest paid					-992,970,556
5. Income taxes paid					-11,310,149
6. Other operating cash receipts					74,152,939
7. Other operating payments					-873,298,604,770
Net cash flows from operating activities					67,194,089,697
II. Cash flows from investing activities
1. Purchases and construction of fixed assets and other long-term assets
2. Gains from disposals and liquidation of fixed assets and other long-term assets
3. Loans given and purchases of debt instruments of other entities
4. Recovery of loans given and disposals of debt instruments of other entities
5. Investments into other entities
6. Withdrawals of investments in other entities
7. Receipts of loan interests, dividends and profit shared					7,418,798
Net cash flows from investing activities					7,418,798
III. Cash flows from financing activities
1. Gains from stock issuance and capital contributions from shareholders
2. Repayment for capital contributions and re-purchases of stocks already issues
3. Short-term and long-term loans received
4. Loan principal amounts repaid
5. Payments for financial leasehold assets
6. Dividends and profit already paid to the owners
Net cash flows from financing activities
Net cash flows during the year					67,201,508,495
Beginning cash and cash equivalents					686,144,709
Effects of fluctuations in foreign exchange rates
Ending cash and cash equivalents					67,887,653,204
CASH FLOW STATEMENT
(Indirect method)
Items			FY2011			FY2010
I. Cash flows from operating activities
1. Profit before tax			1,133,000,000			847,000,000
2. Adjustments
- Depreciation and amortization			-33,000,000			501,000,000
- Provisions			0			0
- Unrealized foreign exchange difference			0			0
- Gain/loss from investing activities			0			0
- Interest expense			1,214,000,000			240,000,000
3. Operating profit before movements in working capital			2,314,000,000			1,588,000,000
- (Increase)/Decrease in receivables			-15,964,000,000			-7,009,000,000
- (Increase)/Decrease in inventories			-11,219,000,000			5,152,000,000
- Increase/(Decrease) in accounts payable			7,566,000,000			23,870,000,000
- (Increase)/Decrease in prepaid expenses			0			0
- Interest paid			-1,214,000,000			-240,000,000
- Corporate income tax paid			-977,000,000			403,000,000
- Other cash inflows			0			0
- Other cash outflows			-2,000,000			0
Net cash from (used in) operating activities			-19,496,000,000			23,764,000,000
II. Cash flows from investing activities
1. Acquisition of fixed assets and other long - term assets			1,043,000,000			0
2. Proceeds from fixed assets and long - term assets disposal			0			0
3. Cash outflow for lending, buying debt instruments of other companies			0			0
4. Cash recovered from lending, selling debt instruments of other companies			0			0
5. Investment in other entities			0			0
6. Cash recovered from investments in other entities			0			0
7. Interest income, dividend and profit paid			0			0
Net cash from (used in) investing activities			1,043,000,000			0
III. Cash flows from financing activities
1. Proceeds from issuing stocks, receiving capital from owners			0			0
2. Capital withdrawal, buying back issued stocks			0			0
3. Proceeds from borrowings			-6,518,000,000			6,245,000,000
4. Repayment of borrowings			0			0
5. Repayment of obligations under finance leased			0			0
6. Dividends paid			0			0
Net cash from (used in) financing activities			-6,518,000,000			6,245,000,000
Net increase/(decrease) in cash and cash equivalents			-24,971,000,000			30,009,000,000
Cash and cash equivalents at beginning of year			30,961,000,000			952,000,000
Effect from changing foreign exchange rate			0			0
Cash and cash equivalents at end of year			5,990,000,000			30,961,000,000

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Fair
Liquidity	Normal
Payment status	Normal
Financial Situation	Average
Development trend	Developing
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	T/T, L/C
Sale Methods	Wholesaler
Public opinion	Good

INTERPRETATION ON THE SCORES

Founded in 2007 in Quang Ninh province, DAITHIENHA JOINT STOCK COMPANY has now operated under business registration No.5700646493 that is also its tax code. The chartered capital of the subject is now VND 10 billion contributed by 3 shareholders: Mr. Pham Khac Kien, Mr. Pham Khac Trung and Ms. Pham Thi Hong Ngan who are members in a family.

Head office of the company is located at No. 3 Nguyen Van Cu Street, Ka Long Ward, Mong Cai City, Quang Ninh Province. It is specialized in commercial services, transportation service, etc. Currently, the subject imports rice seeds, fertilizer, steel, magnesium oxide, etc from traditional markets such as China, India, and Indonesia… Besides, it also exports plastic beads, shell crab to some countries in Asia.

In 2009, the subject achieved award Cultural Enterprise by Business Cultural Center - Unesco. Mr. Pham Khac Kien - Chairman and General Director of the company also received golden cup Cultural Entrepreneur by Vietnam Entrepreneur Cultural Center.

Based on financial data above, we can see that the figures in 2012 are inconsistent compared with 2011. This is acceptable because the latest financial statements are provided by the subject and the data in the previous years are from other source. Therefore, we only concentrate on analyzing financial situation in 2012.

In 2012, the subject achieved high total sales of VND 1,139,119,214,614 but it lost VND 480,405,526. The liquidity is normal. Especially, its inventory circle is very high, showed that the inventory is low. Recognized reason for that maybe the company applies easy credit policy for its customers. Moreover, the subject maintains a very risky liabilities ratio. Its liability by owner's equity is 9,521.66 while the average industry is 396.96. Its self-financing ability is considered not strong. The plus point for the subject is the utilizing asset performance is good.

In short, the subject is operating as a small company but its finance scale is remarkable. The business activities seem stable. With current position, it is reliable to meet small transactions.

----------- APPENDIX ----------

INDUSTRY DATA
Industry code	GDP growth speed by price compared with 1994 (%)		Total enterprises 2010		Total employees 2011 (Thous.pers.)	Annual average capital of enterprises 2010 (billion dongs)
	2012	2011
Agriculture, Forestry and Fishing	2.72	4.00	8,887		24,362.9	95,227
Industry and Construction	4.52	5.53	95,217		10,718.9	3,641,376
Trade and Services	6.42	6.69	187,195		15,270.2	6,957,082
ECONOMIC INDICATORS
			2012	2011		2010
Population (Million person)			88.78	87.84		86.93
Gross Domestic Products (USD billion)			136	119		102.2
GDP Growth (%)			5.03	5.89		6.78
GDP Per Capita (USD/person/year)			1,540	1,300		1,160
Inflation (% Change in Composite CPI)			9.21	18.58		11.75
State Budget Deficit compared with GDP (%)			4.8	4.9		5.8
SERVICE TRADE PERFORMANCE
Billion USD			2012	2011		2010
Exports			114.6	96.3		72.2
Imports			114.3	105.8		84.8
Trade Balance			0.3	-9.5		-12.6

Source: General Statistics Office

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.92
UK Pound	1	Rs.91.80
Euro	1	Rs.78.18

INFORMATION DETAILS

Report Prepared by :

PRL

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.