MIRA INFORM REPORT

Report Date :

20.08.2014

IDENTIFICATION DETAILS

Name :	QUANTA COMPUTER INC.
Registered Office :	No.188, Wen Hwa 2nd Rd., Kuei Shan Hsiang, Tao Yuan Hsien,
Country :	Taiwan
Financials (as on) :	31.12.2013
Date of Incorporation :	09.05.1988
Com. Reg. No.:	22822281
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and sales of electronic products
No. of Employees	5,000

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 :	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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Taiwan	A2	A2

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

TAIWAN ECONOMIC OVERVIEW

Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are other major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, and following the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, Taiwan in July 2013 signed a free trade deal with New Zealand—Taipei’s first-ever with a country with which it does not maintain diplomatic relations—and in November inked a trade pact with Singapore. Negotiations continue on follow-on components of ECFA regarding trade in goods and a dispute resolution mechanism; a trade in services agreement is under review in the legislature. Taiwan's Total Fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 accounting for 11.2% of the island's total population as of 2012. The island runs a large overall trade surplus largely because of its surplus with China, and its foreign reserves are the world's sixth largest, behind China, Japan, Saudi Arabia, Russia, and Switzerland. In 2006 China overtook the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Taiwan since 2009 has gradually loosened rules governing Chinese investment on the island, and has also secured greater market access for its investors in the mainland. In August 2012, Taiwan Central Bank signed a memorandum of understanding on cross-Strait currency settlement with its Chinese counterpart. The MOU allows for the direct settlement of Chinese RMB and the New Taiwan dollar across the Strait, which could help develop Taiwan into a local RMB hub. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also poses new challenges as the island becomes more economically dependent on China while political differences remain unresolved

Source : CIA

Company name and address

Company Name:	QUANTA COMPUTER INC.
Supplied Name:	QUANTA COMPUTER INC
Trading Address:	No.211, Wen Hwa 2nd Rd., Kuei Shan Hsiang, Tao Yuan Hsien, Taiwan (R.O.C.)
Supplied Address:	KUEI SHAN HSIANG NO. 188, WEN-HWA 2ND ROAD TAO YUAN HSIEN TAIWAN
Telephone Number:	+886-3-327-2345
Fax Number:	+886-3-397-3003
Website:	www.quantatw.com

Notes: The exact address is as above.

Company Identification Details

Registered Name:	QUANTA COMPUTER INC.
Registered Address:	No.188, Wen Hwa 2nd Rd., Kuei Shan Hsiang, Tao Yuan Hsien, Taiwan (R.O.C.)
Date of Foundation:	1988-5-9
Registration Number:	22822281
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 42,000,000,000 (USD 1,428,000,000) (As of 2014.08, 1 NTD = 0.0340 USD)
Paid-up Capital:	NTD 38,626,274,320 (USD 1,313,293,327)
Legal Representatives:	Baili Lin
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sales of electronic products, etc
Staff:	About 5,000 Employees
Listed at Stock Exchange:	Yes; Stock Code: 2382
Date of Last Annual Return:	2014-3-7

History

Subject was incorporated on 1988-5-9 with registered number 22822281 as Joint Stock Company in Taiwan.

Subject listed on Taiwan Stock Exchange on 1999-1-8.

Corporate Structure

Factories

1
Address:	G/F., 1/F., 2/F., 3/F., 5/F., No.188, Wen Hwa 2nd Rd., Kuei Shan Hsiang, Tao Yuan Hsien, Taiwan (R.O.C.)
Date of Foundation:	1997-7-24
Date of Registration:	1998-10-16
Factory Registration Number:	99627301
Factory Manager:	Baili Lin
Status:	In Production
Date of Last Annual Return:	2010-7-14
Major Products:	271 computer and peripheral equipment 272 communication equipment 273 audio visual product 277 optical instrument
2
Address:	4/F., No.188, Wen Hwa 2nd Rd., Kuei Shan Hsiang, Tao Yuan Hsien, Taiwan (R.O.C.)
Date of Registration:	2010-10-1
Factory Registration Number:	99722681
Factory Manager:	Baili Lin
Status:	In Production
Date of Last Annual Return:	2013-12-13
Major Products:	276 Radiation and electronic medical equipment

Branches

Name	Linkou Branch
Address	No.4, Wenming 1^st Road, Guishan Township, Taoyuan County, Taiwan
Registration Number	97178468
Date of Registration	1997-3-26
Status	Live
Manager Name	Baili Lin
Date of Last Annual Return	1997-3-26

Related Companies

1
Name	Quanta Computer USA Inc.
Address	45630 Northport Loop East, Fremont, CA 94538, U.S.A.
Telephone Number	+1-510-226-1001
Fax Number	+1-510-226-1012
2
Name	Quanta Computer Nashville, LLC.
Address	1621 Heil Quaker Blvd. La Vergne, Tennessee, TN 37086, U.S.A.
Telephone Number	+1-615-501-7500
Fax Number	+1-615-501-7500
3
Name	QCG Computer GmbH
Address	Neuenhofstrasse 191, 52078 Aachen, Germany
Telephone Number	+49-241-5593091
Fax Number	+49-241-5593019
4
Name	Quanta Shanghai Manufacture Co., Ltd.
Address	No.68, Sanzhuang Rd., Songjiang Export Processing Zone, Shanghai, China
5
Name	Tech-Full (Changshu) Computer Co., Ltd.
Address	No.8, Jingzhou Rd., High-Tech Industrial Park, Changshu Economic Development Zone, Changshu, Jiangsu Province, China
Telephone Number	+86-512-5236-0888
Fax Number	+86-512-5236-0768
6
Name	Tech-Front (Chongqing) Computer Co., Ltd.
Address	18#, Zongbao Road, Shapingba District, Chongqing, China
Telephone Number	+86-023-8811-8168

Shareholders

Major Shareholders

Name	Subscription Shares
Baili Lin
445,738,138
Cizhen Liang	115,645,736
Jiantang Huang	6,928,197
Weida Pan	6,717
Qian Yu Investment Co., Ltd. (Literal Translation)	572,401,374

Shareholder Information:

Registered Name:	Qian Yu Investment Co., Ltd. (Literal Translation)
Registered Address:	10/F., No.76, Boai Road, Zhongzheng District, Taipei City, Taiwan
Date of Foundation:	1997-7-28
Registration Number:	16088261
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 1,910,000,000 (USD 64,940,000) (As of 2014.08, 1 NTD = 0.0340 USD)
Paid-up Capital:	NTD 1,460,000,000 (USD 49,640,000)
Legal Representatives:	Baili Lin
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2013-8-13

Management Information

Core Management

Directors

1
Name		Baili Lin
Position		Board Chairman
2
Name	Cizhen Liang
Position		Deputy Chairman
3
Name	Jiantang Huang
Position		Director
4
Name	Weida Pan
Position		Independent Director
5
Name	Qizhi Lu
Position		Independent Director
6
Name	Zhenglin Li
Position		Supervisor
7
Name	Jingyi Zhang
Position		Supervisor
8
Name	Qian Yu Investment Co., Ltd. (Literal Translation)
Position		Supervisor

Personnel Structure

Total Employees

About 5,000 Employees

Operation Information

	Headquarters
Add	No.211, Wen Hwa 2nd Rd., Kuei Shan Hsiang, Tao Yuan Hsien, Taiwan (R.O.C.)

Production Information

Subject is engaged in manufacturing of electronic products.

Subject has factories in Taiwan and Mainland China for production.

Subject can provide OEM and ODM Services.

Purchase Information

The registered activities of subject:

Business Code	Details
CC01101	Manufacturing of RF equipment controlled by telecom
F401021	Import of RF equipment controlled by telecom
CF01011	Manufacturing of medical equipment
F108031	Wholesale of medical equipment
CC01010	Manufacturing of power equipment, transmission equipment and distribution equipment
CC01030	Manufacturing of electric appliance and audio visual product
CC01060	Manufacturing of wire communication equipment
CC01070	Manufacturing of wireless communication equipment
CC01080	Manufacturing of electronic component
CE01010	Manufacturing of general instrument
E701030	RF equipment engineering
EZ05010	Instrument and meter installation
F113030	Wholesale of precise instrument
F113050	Wholesale of computer and office equipment
F113070	Wholesale of telecommunications equipment
F213060	Retail of telecommunications equipment
I103060	Management consulting
I501010	Product design
IE01010	Telecommunications service agency
IZ99990	Other industry and commerce service
CC01110	Manufacturing of computer and peripheral equipment
CC01120	Manufacturing and copy data storage
JA02010	Electric appliance and electronic product repair
I301010	Software service
I301020	Data processing service
I301030	Electronic information supply
JE01010	Leasing industry
F118010	Wholesale of software
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

The raw materials and components for production are purchased from both home and abroad; we obtained some of subject’s suppliers’ information as follows for reference.

Product	Supplier
CPU	Intel, AMD
LCD	AUO, CHIMEI, LG, SAMSUNG
Hard Disk Drive	Hitachi, Seagate Technology
CD-ROM driver	Panasonic, OPTIAC, HLDS, TSST, SONY
Battery	Sanyo, Panasonic

Sales Information

Subject is engaged in sale of electronic products, etc.

The major products notebook computer, server, tablet PC, All-in-One PC, mobile phone, LCD TV and other products, etc.

Subject’s sales regions USA, Mainland China, Netherlands, Japan and Taiwan, etc.

Subject’s major customers are as follows for reference.

Product	Customer
Notebook Computer	HP, Dell, Apple, Lenovo, Acer, Asus
All-in-One PC	HP, Apple, Sony, Asus
Server	Dell, Cisco, Facebook, Google, Amazon
Tablet PC	Amazon, SONY, Toshiba, Acer, Haier, Google

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Raw materials and components
Payment Terms	Cash, T/T, etc

Import

Products	Raw materials and components
Payment Terms	T/T, etc

Sales

Domestic Markets

Product	Electronic products
Selling Terms	Cash, T/T, etc

Export

Product	Electronic products
Selling Terms	T/T, etc

Balance Sheet

Unit: NTD/000

	2013-12-31	2012-12-31
Assets
Current assets
Cash and cash equivalents
Total cash and cash equivalents	207,448,269	187,508,850
Current financial assets at fair value through profit or loss
Total current financial assets at fair value through profit or loss	2,479,415	380,015
Current available-for-sale financial assets
Current available-for-sale financial assets, net	11,754,728	10,838,563
Current held-to-maturity financial assets
Current held-to-maturity financial assets, net	0	867,132
Accounts receivable, net
Accounts receivable, net	179,023,851	193,579,869
Other receivables
Other receivables, net	2,419,398	2,010,143
Inventories
Total inventories	86,552,540	96,168,039
Other current assets
Total other current assets	6,747,928	9,998,747
Total current assets	496,426,129	501,351,358
Non-current assets
Non-current financial assets at fair value through profit or loss
Total non-current financial assets at fair value through profit or loss	0	86,401
Non-current available-for-sale financial assets
Non-current available-for-sale financial assets, net	3,074,012	3,932,768
Non-current financial assets at cost
Non-current financial assets at cost, net	719,577	662,829
Investments accounted for using equity method
Investments accounted for using equity method, net	386,858	427,907
Property, plant and equipment
Total property, plant and equipment	48,041,689	50,756,663
Investment property, net
Investment property, net	72,885	73,532
Intangible assets
Total intangible assets	876,878	937,237
Deferred tax assets	4,077,858	4,461,737
Other non-current assets
Total other non-current assets	4,409,353	2,577,567
Total non-current assets	61,659,110	63,916,641
Total assets	558,085,239	565,267,999
Liabilities
Current liabilities
Short-term borrowings
Total short-term borrowings	158,559,106	170,107,016
Short-term notes and bills payable
Total short-term notes and bills payable	600,000	0
Current financial liabilities at fair value through profit or loss
Total current financial liabilities at fair value through profit or loss	0	28,165
Accounts payable
Total accounts payable	191,282,728	191,910,033
Other payables
Total other payables	16,746,155	16,904,084
Current tax liabilities	5,738,118	6,682,477
Current provisions
Total current provisions	0	0
Other current liabilities
Other current financial liabilities	5,447,310	5,968,233
Long-term liabilities, current portion
Total long-term liabilities, current portion	896,100	12,205,453
Other current liabilities, others	13,439,551	12,710,200
Total other current liabilities	19,782,961	30,883,886
Total current liabilities	392,709,068	416,515,661
Non-current liabilities
Long-term borrowings
Total long-term borrowings	31,400,838	18,631,519
Deferred tax liabilities
Total deferred tax liabilities	2,106,904	1,664,500
Other non-current liabilities
Accrued pension liabilities	702,707	634,855
Other non-current liabilities, others	78,892	183,918
Total other non-current liabilities	781,599	818,773
Total non-current liabilities	34,289,341	21,114,792
Total liabilities	426,998,409	437,630,453
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	38,626,274	38,487,474
Advance receipts for share capital	0	4,288
Total capital stock	38,626,274	38,491,762
Capital surplus
Capital surplus, additional paid-in capital
Total capital surplus, additional paid-in capital	14,018,710	13,726,008
Total capital surplus	14,018,710	13,726,008
Retained earnings
Total retained earnings	78,771,169	75,630,952
Other equity interest
Total other equity interest	-7,781,048	-7,253,662
Treasury shares	333,094	333,094
Total equity attributable to owners of parent	123,302,011	120,261,966
Non-controlling interests	7,784,819	7,375,580
Total equity	131,086,830 (USD 4,456,952,220)	127,637,546 (USD 4,339,676,564)
Equivalent issue shares of advance receipts for ordinary share	0	137,000
Number of shares in entity held by entity and by its subsidiaries	8,108,885	8,108,885

(As of 2014.08, 1 NTD = 0.0340 USD)

Profit and Loss Account

Unit: NTD/000

	2013	2012
Operating revenue
Total operating revenue	880,401,954 (USD 29,933,666,436)	1,024,985,385 (USD 34,849,503,090)
Operating costs
Total operating costs	843,097,495	980,627,071
Gross profit (loss) from operations	37,304,459	44,358,314
Unrealized profit (loss) from sales	525	490
Realized profit (loss) on from sales	490	1,215
Gross profit (loss) from operations	37,304,424	44,359,039
Operating expenses
Selling expenses
Total selling expenses	6,227,104	6,539,202
Administrative expenses
Total administrative expenses	7,505,682	7,541,937
Research and development expenses
Total research and development expenses	10,511,964	9,844,642
Total operating expenses	24,244,750	23,925,781
Net operating income (loss)	13,059,674	20,433,258
Non-operating income and expenses
Other income
Total other income	6,472,982	15,349,928
Other gains and losses
Other gains and losses, net	6,643,241	3,252,799
Finance costs
Finance costs, net	1,913,705	9,843,592
Share of profit (loss) of associates and joint ventures accounted for using equity method
Share of profit (loss) of associates and joint ventures accounted for using equity method, net	-44,795	-142,360
Total non-operating income and expenses	11,157,723	8,616,775
Profit (loss) from continuing operations before tax	24,217,397	29,050,033
Tax expense (income)
Total tax expense (income)	5,107,850	5,612,679
Profit (loss) from continuing operations	19,109,547	23,437,354
Profit (loss)	19,109,547	23,437,354
Other comprehensive income
Exchange differences on translation	887,468	-1,502,123
Unrealised gains (losses) on valuation of available-for-sale financial assets	-1,488,952	-371,665
Actuarial gains (losses) on defined benefit plans	-71,660	-50,351
Share of other comprehensive income of associates and joint ventures accounted for using equity method
Total share of other comprehensive income of associates and joint ventures accounted for using equity method	-7,921	9,143
Income tax related to components of other comprehensive income	-10,621	-524,420
Other comprehensive income, net	-670,444	-1,390,576
Total comprehensive income	18,439,103 (USD 626,929,502)	22,046,778 (USD 749,590,452)
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	18,618,002	23,056,541
Profit (loss), attributable to non-controlling interests	491,545	380,813
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	18,029,864	22,055,081
Comprehensive income, attributable to non-controlling interests	409,239	-8,303
Basic earnings per share
Total basic earnings per share	4.84	6.01
Diluted earnings per share
Total diluted earnings per share	4.78	5.93

(As of 2014.08, 1 NTD = 0.0340 USD)

Cash Flows

Unit: NTD/000

	2013	2012
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	24,217,397	29,050,033
Profit (loss) before tax	24,217,397	29,050,033
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	5,981,555	6,333,404
Amortization expense	719,750	727,442
Provision (reversal of provision) for bad debt expense	295,346	-67,215
Interest expense	1,913,705	9,843,592
Interest income	-6,330,655	-14,920,844
Dividend income	-110,075	-429,084
Share of loss (profit) of associates and joint ventures accounted for using equity method	44,795	142,360
Loss (gain) on disposal of property, plan and equipment	283,339	320,076
Property, plan and equipment transferred to expenses	7,219	3,300
Loss (gain) on disposal of other assets	0	42
Loss (gain) on disposal of investments	-287,458	-298,736
Loss (gain) on disposal of investments accounted for using equity method	0	-13,343
Impairment loss on financial assets	122,513	61,873
Impairment loss on non-financial assets	63,975	0
Other adjustments to reconcile profit (loss)	-160,246	-1,070,104
Total adjustments to reconcile profit (loss)	2,543,763	632,763
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in financial assets held for trading	81,076	-111,667
Decrease (increase) in accounts receivable	16,167,905	-10,155,515
Decrease (increase) in other receivable	720,358	-219,881
Decrease (increase) in inventories	11,200,734	15,137,949
Decrease (increase) in other current assets	1,079,696	-1,294,128
Decrease (increase) in other financial assets	97,958	5,527,735
Total changes in operating assets	29,347,727	8,884,493
Changes in operating liabilities
Increase (decrease) in financial liabilities held for trading	-28,165	28,165
Increase (decrease) in accounts payable	-6,372,788	2,006,624
Increase (decrease) in other payable	-359,652	2,048,560
Increase (decrease) in other financial liabilities	-433,735	-424,266
Increase (decrease) in other current liabilities	699,764	-4,681,702
Increase (decrease) in accrued pension liabilities	-3,787	-4,418
Increase (decrease) in deferred credits	-170,506	-183,299
Total changes in operating liabilities	-6,668,869	-1,210,336
Total changes in operating assets and liabilities	22,678,858	7,674,157
Total adjustments	25,222,621	8,306,920
Cash inflow (outflow) generated from operations	49,440,018	37,356,953
Interest received	6,064,044	15,219,932
Dividends received	358,585	455,821
Interest paid	-2,102,364	-10,212,107
Income taxes refund (paid)	-5,426,185	-7,228,557
Net cash flows from (used in) operating activities	48,334,098	35,592,042
Cash flows from (used in) investing activities
Acquisition of financial assets at fair value through profit or loss, designated as upon initial recognition	-2,008,593	0
Acquisition of available-for-sale financial assets	-64,256,114	-70,793,713
Proceeds from disposal of available-for-sale financial assets	62,722,736	80,172,180
Proceeds from capital reduction of available-for-sale financial assets	187,349	274,278
Acquisition of held-to-maturity financial assets	0	-365,198
Proceeds from disposal of held-to-maturity financial assets	867,132	89,790
Acquisition of financial assets at cost	-67,672	0
Proceeds from disposal of financial assets at cost	10,114	0
Proceeds from capital reduction of financial assets at cost	0	2,100
Net cash flow from acquisition of subsidiaries	-209,084	0
Proceeds from capital reduction of investments accounted for using equity method	0	43,954
Acquisition of property, plant and equipment	-2,204,293	-5,685,154
Proceeds from disposal of property, plant and equipment	254,385	137,075
Acquisition of intangible assets	-191,458	-197,519
Increase in other financial assets	0	-171,960
Decrease in other financial assets	509,565	705,556
Increase in other non-current assets	-270,736	-620,959
Decrease in other non-current assets	70,752	40,535
Net cash flows from (used in) investing activities	-4,585,917	3,630,965
Cash flows from (used in) financing activities
Increase in short-term loans	24,505,826	8,736,347
Decrease in short-term loans	-38,670,240	-101,033,800
Proceeds from long-term debt	13,127,746	0
Repayments of long-term debt	-11,993,659	-544,781
Increase in other financial liabilities	10,479	8,825
Decrease in other financial liabilities	0	-3,710
Increase in other non-current liabilities	6,996	0
Cash dividends paid	-15,913,371	-15,520,026
Capital reduction payments to shareholders	0	-38,144
Exercise of employee share options	415,291	249,592
Net cash flows from (used in) financing activities	-28,510,932	-108,145,697
Effect of exchange rate changes on cash and cash equivalents	4,702,170	-7,164,733
Net increase (decrease) in cash and cash equivalents	19,939,419	-76,087,423
Cash and cash equivalents at beginning of period	187,508,850	263,596,273
Cash and cash equivalents at end of period	207,448,269	187,508,850
Cash and cash equivalents reported in the statement of financial position	207,448,269	187,508,850

Note: The above financial figures are based on the IFRSs Accounting System.

Bankers

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

Public Record

Mortgage

No chattel mortgage record of subject has been found within the recent 3 months.

Lawsuit

Up to date of reporting, no existing or latent litigation of the subject has been found.

Special Note

Interview Details

Name	Ms. Wang
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.73
UK Pound	1	Rs.101.48
Euro	1	Rs.81.04

INFORMATION DETAILS

Analysis Done by :	SUB
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.