MIRA INFORM REPORT

Report Date :

28.10.2013

IDENTIFICATION DETAILS

Name :	MEGA LIFESCIENCES PTY LIMITED
Formerly Known As :	MEGA PRODUCTS LIMITED
Registered Office :	9^th/Floor, Ample Tower, 120 Moo 11, Bangna-Trad Road, Bangna, Bangkok 10260
Country :	Thailand
Financials (as on) :	31.12.2012
Date of Incorporation :	18.01.1990
Legal Form :	Private Limited Company
Line of Business :	Subject is a distributor of various kinds of health products [self medication] including food supplements and medical products.
No. of Employees :	200

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 :	Satisfactory
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)
Thailand	B1	B1

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

THAILAND - ECONOMIC OVERVIEW

With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic crisis severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013

Source : CIA

Company name and address

MEGA LIFESCIENCES PTY LIMITED

[FORMER : MEGA PRODUCTS LIMITED]

SUMMARY

BUSINESS ADDRESS : 9^th/FLOOR, AMPLE TOWER, 120 MOO 11,

BANGNA-TRAD ROAD, BANGNA,

BANGKOK 10260, THAILAND

TELEPHONE : [66] 2769-4222

FAX : [66] 2769-4244

E-MAIL ADDRESS : megath@megawecare.com

REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS

ESTABLISHED : 1990

REGISTRATION NO. : 0105533007341 [Former : 732/2533]

CAPITAL REGISTERED : BHT. 50,000,000

CAPITAL PAID-UP : BHT. 50,000,000

SHAREHOLDER’S PROPORTION : THAI : 100%

FISCAL YEAR CLOSING DATE : DECEMBER 31

LEGAL STATUS : PRIVATE LIMITED COMPANY

EXECUTIVE : MS. DUANGNAPA TONGSIRI, THAI

MANAGING DIRECTOR

NO. OF STAFF : 200

LINES OF BUSINESS : HEALTH FOOD, VITAMINS, DIETARY

SUPPLEMENTS AND NATURAL COSMETICS DISTRIBUTOR

CORPORATE PROFILE

OPERATING TREND : STABLE

PRESENT SITUATION : OPERATING NORMALLY

REPUTATION : GOOD FOR NORMAL BUSINESS ENGAGEMENT

MANAGEMENT STANDARD : MANAGEMENT WITH GOOD PERFORMANCE

HISTORY

The subject was established on January 18, 1990 as a private limited company under the registered name “MEGA PRODUCTS LIMITED” by Thai-Indian groups, in order to distribute various kinds of food supplement and health products.

On August 15, 2005 the name was changed to “MEGA LIFESCIENCES PTY LIMITED”. The subject currently employs approximately 200 staff.

The subject has overseas representative offices with over 23 worldwide countries. It is a wholly owned subsidiary of Mega Lifescienecs Public Company Limited., which are member of The Premjee Group, one of the biggest conglomerates in Thailand for over 100 years. Premjee Group is diversified into business such as shipping, trading, jewelry, hotel, agricultural, chemical and pharmaceutical industries.

The subject’s registered address was initially located at 99/3-4 Moo 8, Bangna-Trad Rd., Km. 2.7, Bangna, Bangkok 10260.

On August 15, 2005 the subject’s registered address was relocated to 9^th Flr., Ample Tower, 120 Moo 11, Bangna-Trad Rd., Bangna, Bangkok 10260, and this is the subject’s current operation address.

THE BOARD OF DIRECTORS

Name	Nationality	Age
Mr. Vivek Dhawan	Thai	52
Mr. Thomas Abraham	Indian	51
Ms. Duangnapa Tongsiri	Thai	52

AUTHORIZED PERSON

Any of the mentioned directors can sign on behalf of the subject with the company’s affixed.

MANAGEMENT

Ms. Duangnapa Tongsiri is the Managing Director.

She is Thai nationality with the age of 52 years old.

Ms. Vichurada Palonkiat is the Marketing & Sales Director.

She is Thai nationality.

Mr. Aroon Raman is the Overseas Manager.

He is Indian nationality.

BUSINESS OPERATIONS

The subject’s activity is a distributor various kinds of health products [self medication] including food supplements and medical products.

The products and brands are as follows:

• Food Supplements :

Consists of vitamin and food supplement products, such as fish oil, evening propose oil, lecithin, Calcium, Tornado, II Care, Glow, CLA Advance, Zemax SX, DHA, Cosanol, garlic and etc.

• Medical products :

Consists of Acnotin, Flexsa, Valiant-X, Nat-C, Vit-E, Echinax, Gofen 400, Alerten and etc.

80% of the company’s products are manufactured in Thailand by Mega Lifesciences Public Company Limited, and using imported ingredients.

PURCHASE

80% of the products is purchased from parent company, the remaining 20% is imported from Australia and Malaysia.

MAJOR SUPPLIER

Mega Lifescienecs Public Company Limited. : Thailand

EXPORT

30% of products is exported directly to Myanmar, Vietnam, Australia, Cambodia, Indonesia, Nigeria, Malaysia, Taiwan, Japan, Hong Kong, Philippines, Singapore, Peru, Ukraine, and European countries.

SALES [LOCAL]

70% of its products is marketed locally by Zuellig Pharma Limited.

PARENT COMPANY

Mega Lifescienecs Public Company Limited

Business type : Manufacture of food supplement and health products

Address : 384 Bangpoo Industrial Estate, Samutprakarn 10280, Thailand

Tel.: [66] 2324-0681, 2324-0451

RELATED COMPANIES

Natural Health Food Co., Ltd.

Business Type: Direct Sale

Mega Products [Myanmar] Co., Ltd.

Business Type: Distributor of health care products

Mega Products [Vietnam] Co., Ltd.

Business Type: Distributor of health care products

Mega Products [Australia] Pty. Ltd.

Business Type: Distributor of health care products

Mega Products [Mauritius] Ltd.

Business Type: Distributor of health care products

Mega Products [Cambodia] Co., Ltd.

Business Type: Distributor of health care products

Mega Health Care Nigeria Co., Ltd.

Business Type: Distributor of health care products

PT Mega Products Indonesia Ltd.

Business Type: Distributor of health care products

Mayfils International Co., Ltd.

Business Type: Distributor of health care products

E-Cenz Co., Ltd.

Business Type: Distributor of health care products

Mega We Care Sdn. Bhd.

Business Type: Distributor of health care products

LITIGATION

Bankruptcy and Receivership

There are no litigation on bankruptcy and receivership cases filed against the subject found at Legal Execution Department for the past five years.

Others

There are no legal suits filed against the subject for the past two years.

CREDIT

Local bills are paid by cash or on the credits of 30-60 days.

Sales are by cash or on the credit of 30 days.

Imports are by L/C at sight or T/T.

Exports are against T/T.

BANKING

The Siam Commercial Bank Public Co., Ltd.

[Bangna Km. 35 Branch, Bangna-Trad Road, Km. 35, Bangpleenoi, Bangbor,

Samutprakarn]

Hongkong & Shanghai Banking Corporation

[Bangkok Branch : 968 Rama 4 Rd., Bangrak, Bangkok]

Bangkok Bank Public Co., Ltd.

Krung Thai Bank Public Co., Ltd.

EMPLOYMENT

The subject employs approximately 200 staff.

LOCATION DETAILS

The premise is rented for administrative office and warehouse at the heading address. Premise is located in commercial/residential area.

COMMENT

The subject’s products are now popular among local consumers as Thai consumers become more health conscious as well as eating habit have been changed. Despite the high prices of food supplements and health products, consumers are willing to spend.

Despite the business has become more aggressive, due to there are many brands from both local and internationals competing in domestic market. However subject’s business remains solid.

FINANCIAL INFORMATION

The capital was initially registered at Bht. 1,000,000 divided into 10,000 shares of Bht. 100 each.

The capital was increased later as followings:

Bht. 10,000,000 on September 18, 1995

Bht. 25,000,000 on October 31, 1997

Bht. 30,000,000 on November 3, 1997

Bht. 40,000,000 on September 6, 1998

Bht. 50,000,000 on September 27, 2007

The latest capital was at Bht. 50,000,000 divided into 5,000,000 shares of Bht. 10 each with fully paid.

THE SHAREHOLDERS LISTED WERE: [as at September 23, 2013]

NAME	HOLDING	%
Mega Lifescienecs Public Company Limited Nationality : Thai Address : 384 Moo 4, Praeksa, Muang, Samutprakarn	4,999,640	99.99
Ms. Pathana Thongkon Nationality : Thai Address : 354 Klongtakedfangtawan-ok Rd., Paknam, Muang, Samutprakarn	60
Mr. Apichai Chantanajarusiri Nationality : Thai Address : 1589/141 Moo 4, Samrongnua, Muang, Samutprakarn	60
Ms. Duangnapa Tongsiri Nationality : Thai Address : 9^th Flr., Ample Tower, 120 Moo 11, Bangna-Trad Rd., Bangna, Bangkok	60	= 0.01
Ms. Zamira Shah Nationality : Thai Address : 35/42 Sukhumvit 11 Rd., Klongtoeynua, Wattana, Bangkok 10110	60
Ms. Nishita Shah Nationality : Thai Address : 35/42 Sukhumvit 11 Rd., Klongtoeynua, Wattana, Bangkok 10110	60
Mr. Vivek Dhawan Nationality : Thai Address : 35/203 Srinakarin Rd., Bangkaew, Bangplee, Samutprakarn	60

Total Shareholders : 7

Share Structure [as at September 23, 2013]

Nationality	Shareholders	No. of Share	% Shares
Thai	7	5,000,000	100.00
Foreign	-	-	-
Total	7	5,000,000	100.00

NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO. :

Ms. Vilai Buranakittisopon No. 3920]

BALANCE SHEET [BAHT]

The latest financial figures published as at December 31, 2012, 2011 & 2010 were:

ASSETS

Current Assets	2012	2011 [Adjusted]	2010
Cash and Cash Equivalents	94,519,125	54,044,162	49,791,869
Short-term Investment	-	-	10,829,727
Trade Accounts Receivable	809,960,665	765,640,974	968,952,382
Other Receivable	34,281,670	32,327,163	-
Other Receivable-Related Company	147,917,938	56,814,667	17,640,141
Inventories	760,791,704	515,820,266	45,257,336
Advance Payments to Suppliers and Vendors	48,025,227	79,023,075	45,383,573
Other Current Assets	-	-	21,895,142
Total Current Assets	1,895,496,329	1,503,670,307	1,159,750,170
Investment in Subsidiaries & Associated	542,367,598	323,895,854	316,392,114
Cash at Bank pledged as a Collateral	10,428,852	10,428,852	-
Fixed Assets	42,333,816	21,679,479	17,302,916
Intangible Assets	2,814,772	370,962	558,624
Other Non-current Assets	9,983,107	8,418,863	1,565,969
Total Assets	2,503,424,474	1,868,464,317	1,495,569,793

LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]

Current Liabilities	2012	2011 [Adjusted]	2010
Bank Overdraft & Short-term Loan From Financial Institutions	376,593,704	421,864,072	266,679,323
Trade Accounts Payable	999,695,273	851,321,962	641,497,109
Other Payable	179,229,675	144,411,572	-
Related Company Payable	259,550,724	88,872,946	121,885,672
Current Portion of Long-term Loans from Financial Institutions	19,303,648	-	-
Current Portion of Financial Lease Contract Liabilities	92,097	720,415	1,374,001
Accrued Income Tax	64,142,981	39,795,201	6,595,195
Accrued Expenses	-	-	116,211,429
Other Current Liabilities	-	-	13,870,312
Total Current Liabilities	1,898,608,102	1,546,986,168	1,168,113,041
Long-term Loan from Financial Institutions	103,806,352	-	-
Financial Lease Contract Liabilities	107,447	207,303	729,807
Employee Benefits Obligation	18,421,558	20,744,871	-
Total Liabilities	2,020,943,459	1,567,938,342	1,168,842,848
Shareholders' Equity
Share capital : Baht 100 par value authorized, issued and fully paid share capital 500,000 shares	50,000,000	50,000,000	50,000,000
Capital Paid	50,000,000	50,000,000	50,000,000
Retained Earnings: Appropriated for Statutory Reserve	5,000,000	5,000,000	5,000,000
Unappropriated	427,481,015	245,525,975	271,726,945
Total Shareholders' Equity	482,481,015	300,525,975	326,726,945
Total Liabilities & Shareholders' Equity	2,503,424,474	1,868,464,317	1,495,569,793

PROFIT & LOSS ACCOUNT

Revenue	2012	2011 [Adjusted]	2010
Sales Income	4,048,876,156	3,289,850,098	2,769,407,454
Investment Income	138,395,196	102,343,666	35,206,915
Gain on Exchange Rate	9,622,114	18,525,289	-
Other Income	23,705,032	22,698,004	19,335,026
Total Revenues	4,220,598,498	3,433,417,057	2,823,949,395
Expenses
Cost of Goods Sold	2,698,960,241	2,169,315,252	1,764,853,270
Selling Expenses	705,373,663	644,315,875	480,647,899
Administrative Expenses	390,139,591	331,848,703	373,715,074
Loss on Exchange Rate	-	-	39,160,288
Total Expenses	3,794,473,495	3,145,479,830	2,658,376,531
Profit before Financial Cost & Income Tax	426,125,003	287,937,227	165,572,864
Financial Cost	[9,618,110]	[10,756,731]	[14,689,794]
Profit before Income Tax	416,506,893	277,180,496	150,883,070
Income Tax	[94,541,772]	[58,098,290]	[35,774,990]
Net Profit / [Loss]	321,965,121	219,082,206	115,108,080

FINANCIAL ANALYSIS

ITEM	UNIT	2012	2011	2010
LIQUIDITY RATIO
CURRENT RATIO	TIMES	1.00	0.97	0.99
QUICK RATIO	TIMES	0.60	0.64	0.94
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	95.64	151.75	160.05
TOTAL ASSETS TURNOVER	TIMES	1.62	1.76	1.85
INVENTORY CONVERSION PERIOD	DAYS	102.89	86.79	9.36
INVENTORY TURNOVER	TIMES	3.55	4.21	39.00
RECEIVABLES CONVERSION PERIOD	DAYS	73.02	84.95	127.71
RECEIVABLES TURNOVER	TIMES	5.00	4.30	2.86
PAYABLES CONVERSION PERIOD	DAYS	135.20	143.24	132.67
CASH CONVERSION CYCLE	DAYS	40.71	28.50	4.39
PROFITABILITY RATIO
COST OF GOODS SOLD	%	66.66	65.94	63.73
SELLING & ADMINISTRATION	%	27.06	29.67	30.85
INTEREST	%	0.24	0.33	0.53
GROSS PROFIT MARGIN	%	37.58	38.42	38.24
NET PROFIT MARGIN BEFORE EX. ITEM	%	10.52	8.75	5.98
NET PROFIT MARGIN	%	7.95	6.66	4.16
RETURN ON EQUITY	%	66.73	72.90	35.23
RETURN ON ASSET	%	12.86	11.73	7.70
EARNING PER SHARE	BAHT	643.93	438.16	230.22
LEVERAGE RATIO
DEBT RATIO	TIMES	0.81	0.84	0.78
DEBT TO EQUITY RATIO	TIMES	4.19	5.22	3.58
TIME INTEREST EARNED	TIMES	44.30	26.77	11.27
ANNUAL GROWTH
SALES GROWTH	%	23.07	18.79
OPERATING PROFIT	%	47.99	73.90
NET PROFIT	%	46.96	90.33
FIXED ASSETS	%	95.27	25.29
TOTAL ASSETS	%	33.98	24.93

ANNUAL GROWTH : EXCELLENT

An annual sales growth is 23.07%. Turnover has increased from THB 3,289,850,098.00 in 2011 to THB 4,048,876,156.00 in 2012. While net profit has increased from THB 219,082,206.00 in 2011 to THB 321,965,121.00 in 2012. And total assets has increased from THB 1,868,464,317.00 in 2011 to THB 2,503,424,474.00 in 2012.

PROFITABILITY : EXCELLENT

PROFITABILITY RATIO

Gross Profit Margin	37.58	Impressive	Industrial Average	11.77
Net Profit Margin	7.95	Impressive	Industrial Average	3.17
Return on Assets	12.86	Impressive	Industrial Average	8.09
Return on Equity	66.73	Impressive	Industrial Average	19.05

Gross Profit Margin used to assess a firm's financial health by revealing the proportion of money left over from revenues after accounting for the cost of goods sold. Gross profit margin serves as the source for paying additional expenses and future savings. The company’s figure is 37.58%. When compared with the industry average, the ratio of the company was higher, indicated that company was more profitable than the same industry.

Net Profit Margin is the indicator of the company's efficiency in that net profit takes into consideration all expenses of the company. A low profit margin indicates a low margin of safety, higher risk that a decline in sales will erase profits and result in a net loss. The company’s figure is 7.95%, higher figure when compared with those of its average competitors in the same industry, indicated that business was an efficient operator in a dominant position within its industry.

Return on Assets measures how efficiently profits are being generated from the assets employed in the business when compared with the ratios of firms in a similar business. A low ratio in comparison with industry averages indicates an inefficient use of business assets. Return on Assets ratio is 12.86%, higher figure when compared with those of its average competitors in the same industry, indicated that business was an efficient profit in a dominant position within its industry.

Return on Equity indicates how profitable a company is by comparing its net income to its average shareholders' equity, ROE measures how much the shareholders earned for their investment in the company. Return on Equity ratio is 66.73%, higher figure when compared with those of its average competitors in the same industry, indicated that business was an efficient profit in a dominant position within its industry.

Trend of the average competitors in the same industry for last 5 years

Return on Assets Uptrend

Return on Equity Uptrend

LIQUIDITY : RISKY

LIQUIDITY RATIO

Current Ratio	1.00	Risky	Industrial Average	1.80
Quick Ratio	0.60
Cash Conversion Cycle	40.71

The Current Ratio is to ascertain whether a company's short-term assets are readily available to pay off its short-term liabilities. The company's figure is 1 time in 2012, increased from 0.97 times, then the company may have problems meeting its short-term obligations. When compared with the industry average, the ratio of the company was lower.

The Quick Ratio is a liquidity indicator that further refines the current ratio by measuring the amount of the most liquid current assets there are to cover current liabilities. The company's figure is 0.6 times in 2012, decreased from 0.64 times, then the company has not enough current assets that presumably can be quickly converted to cash for pay financial obligations.

The Cash Conversion Cycle measures the number of days a company's cash is tied up in the production and sales process of its operations and the benefit from payment terms from its creditors. It meant the company could survive when no cash inflow was received from sale for 41 days.

Trend of the average competitors in the same industry for last 5 years

Current Ratio Uptrend

LEVERAGE : ACCEPTABLE

LEVERAGE RATIO

Debt Ratio	0.81	Acceptable	Industrial Average	0.48
Debt to Equity Ratio	4.19	Risky	Industrial Average	0.94
Times Interest Earned	44.30	Impressive	Industrial Average	-

Debt to Equity Ratio a measurement of how much suppliers, lenders, creditors and obligors have committed to the company versus what the shareholders have committed. A lower the percentage means that the company is using less leverage and has a stronger equity position.

Times Interest Earned measuring a company's ability to meet its debt obligations. Ratio is 44.31 higher than 1, so the company can pay interest expenses on outstanding debt.

Debt Ratio shows the proportion of a company's assets which are financed through debt. The company's figure is 0.81 greater than 0.5, most of the company's assets are financed through debt.

Trend of the average competitors in the same industry for last 5 years

Debt Ratio Downtrend

Times Interest Earned Downtrend

ACTIVITY : SATISFACTORY

ACTIVITY RATIO

Fixed Assets Turnover	95.64	Impressive	Industrial Average	-
Total Assets Turnover	1.62	Acceptable	Industrial Average	2.56
Inventory Conversion Period	102.89
Inventory Turnover	3.55	Acceptable	Industrial Average	4.87
Receivables Conversion Period	73.02
Receivables Turnover	5.00	Impressive	Industrial Average	4.43
Payables Conversion Period	135.20

The company's Account Receivable Ratio is calculated as 5.00 and 4.30 in 2012 and 2011 respectively. This ratio measures the efficiency of the company in managing its trade debtors to generate revenue. A lower ratio may indicate over extension and collection problems. Conversely, a higher ratio may indicate an overtly stringent policy. In this case, the company's A/R ratio in 2012 increased from 2011. This would suggest the company had good performance in the management of its debt collections.

Inventory Turnover in Days Ratio indicates the liquidity of inventory. It estimates the number of days that it will take to sell the current inventory. Inventory is particularly sensitive to change in business activities. The inventory turnover in days has increased from 87 days at the end of 2011 to 103 days at the end of 2012. This represents a negative trend. And Inventory turnover has decreased from 4.21 times in year 2011 to 3.55 times in year 2012.

The company's Total Asset Turnover is calculated as 1.62 times and 1.76 times in 2012 and 2011 respectively. This ratio is determined by dividing total assets into total sales turnover. The ratio measures the activity of the assets and the ability of the firm to generate sales through the use of the assets.

Trend of the average competitors in the same industry for last 5 years

Fixed Assets Turnover Downtrend

Total Assets Turnover Downtrend

Inventory Turnover Downtrend

Receivables Turnover Downtrend

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.63
UK Pound	1	Rs.99.94
Euro	1	Rs.85.14

INFORMATION DETAILS

Report Prepared by :

NIS

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.