MIRA INFORM REPORT

Report No. :	306905
Report Date :	11.02.2015

IDENTIFICATION DETAILS

Name :	CHINA GENERAL PLASTICS CORP.
Registered Office :	12^th Floor, No.37, Ji-Hu Road, Nei-Hu Dist., Taipei City
Country :	Taiwan
Financials (as on) :	30.09.2014 (Consolidated)
Date of Incorporation :	29.04.1964
Com. Reg. No.:	11686106
Legal Form :	Joint Stock Company
Line of Business :	engaged in Manufacturing & sales of Plastic Products including PVC Resin, PVC Compound, PVC Film, PVC Leather, PVC Sheet & Chemical Products
No of Employees :	As of 30.04.2014 926 Employees

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 :	Slow but Correct
Litigation :	----

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Taiwan	A2	A1

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

Contact Points

Company Name:	China General Plastics Corp.
Supplied Name:	CHINA GENERAL PLASTICS CORPORATION
Trading Address:	12^th Floor, No.37, Ji-Hu Road, Nei-Hu Dist., Taipei City, Taiwan, R.O.C.
Supplied Address:	12F,NO.37 JI-HU RD,NEI-HU-DIST,TAIPEI,TAIWAN
Telephone Number:	+886-2-8751-6888
Fax Number:	+886-2-2659-9516

Notes: The exact name and address are as above.

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	China General Plastics Corp.
Registered Address:	12^th Floor, No.37, Ji-Hu Road, Nei-Hu Dist., Taipei City, Taiwan, R.O.C.
Date of Foundation:	1964-4-29
Registration Number:	11686106
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 5,000,000,000 (USD 155,000,000) (As of 2015.02, 1 NTD = 0.0310 USD)
Paid-up Capital:	NTD 4,683,034,080 (USD 145,174,056)
Legal Representatives:	Yigui Wu
Legal Form:	Joint Stock Company
Principal Activities:	engaged in Manufacturing & sales of Plastic Products including PVC Resin, PVC Compound, PVC Film, PVC Leather, PVC Sheet & Chemical Products
Staff:	926 Employees (As of 2014-4-30)
Listed at Stock Exchange:	Yes; Stock Code:1305
Date of Last Annual Return:	2014-8-26

History

Subject was incorporated on 1964-4-29 with registered number 11686106 as Joint Stock Company in Taiwan.

Subject listed on the Taiwan Stock Exchange on 1973-3-5.

Corporate Structure

Factory

Name:	Toufen Factory
Address:	No.571, Minzu Rd., 17 Lin, Tian Liao Li, Toufen Township, Miaoli County, Taiwan (R.O.C.)
Date of Foundation:	1969-4-16
Date of Registration:	1969-4-16
Factory Registration Number:	99631801
Factory Manager:	Wanda Chen
Status:	In Production
Date of Last Annual Return:	2014-10-8
Major Products:	220 plasthetics 181 basic chemical materials (chemical materials for dietary supplement, sodium hydroxide solution 45%, hydrochloric acid 32%, sodium hypochlorite solution) 184 synthetic resin, plastic and rubber

Major Related Companies

1
Name:	CGPC Polymer Co., Ltd.
2
Name:	Taiwan VCM Corporation
3
Name:	CGPC (BVI) Holding Co., Ltd.
4
Name:	CGPC America Corporation
5
Name:	C G Europe Limited
6
Name:	Krystal Star International Corporation
7
Name:	China General Plastics (Hong Kong) Co., Ltd.
8
Name:	Continental General Plastics (Zhongshan) Co., Ltd. (Translated)
9
Name:	Zhongshan Huaju Plastics Products Co., Ltd. (Translated)

Shareholders

Major Shareholder

Name	Subscription Shares
Lian Ju International Investment Co., Ltd. (Literal Translation)	115,620,207
Tai Lian International Investment Co., Ltd. (Literal Translation)
15,301,122

Shareholder Information:

Registered Name:	Lian Ju International Investment Co., Ltd. (Literal Translation)
Registered Address:	12^th Floor, No.37, Ji-Hu Road, Nei-Hu Dist., Taipei City, Taiwan, R.O.C.
Date of Foundation:	1996-10-18
Registration Number:	97168102
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 3,866,830,000 (USD 119,871,730) (As of 2015.02, 1 NTD = 0.0310 USD)
Paid-up Capital:	NTD 3,866,830,000 (USD 119,871,730)
Legal Representatives:	Yigui Wu
Legal Form:	Joint Stock Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2014-7-15

Management Information

Core Management

Directors

1
Name	Yigui Wu
Position	Board Chairman
2
Name	Yaosheng Chen
Position	Director
3
Name	Jizhong Zhang
Position	Director
4
Name	Hanfu Lin
Position	Director & Manager
Appointment Date of Manager	2013-2-27
5
Name	Baoluo Ying
Position	Director
6
Name	Hantai Liu
Position	Director
7
Name	Zhentu Liu
Position	Director
8
Name	Yishao Ke
Position	Supervisor
9
Name	Guohong Li
Position	Supervisor

Personnel Structure

Total Employees

926 Employees (As of 2014-4-30)

Operation Information

	Headquarters
Add	12^th Floor, No.37, Ji-Hu Road, Nei-Hu Dist., Taipei City, Taiwan, R.O.C.

Production Information

l Subject is a manufacturer of plastic products

l It is introduced that subject has a factory in Taiwan for production and invested in some factories in Mainland China.

l Subject obtained the certifications of ISO 9001:2008, ISO/TS 16949:2009, OHSAS 18001:2007, ISO 14001:2004, ISO/IEC 17025:2005, etc.

l We obtained some of subject’s annual production information as follows for reference.

Unit: ton

Products	2013		2012
	Capacity of production	Output of production	Capacity of production	Output of production
PVC Powder, PVC Compound and Chemical Products	433,308	356,308	433,308	334,524
Construction Products	25,380	21,171	25,380	18,084
PVC Film	68,460	43,415	68,460	43,121
PVC Leather	9,800	7,740	9,800	7,391

Purchase Information

l The registered activities of subject:

Business Code	Details
--	Manufacturing of raw materials and plastic
--	Manufacturing of plastic processed products
--	Manufacturing of related chemical products for plastic processed products
--	Manufacturing of printing and embossing rollers
--	Manufacturing, technical service (design and installation) and sales of chemical machinery and equipment (whole plant equipment of vinyl chloride monomer)
--	Transporting, sales, entrusting and processing of above related products.
--	Research and promoting services of above mentioned products
F107110	Wholesales of petrochemical materials
F207110	Retails of petrochemical materials
ZZ99999	Besides licensed business, all other business items those are not banned or restricted

l The raw materials for production are purchased from both home and abroad.

Sales Information

l Subject is engaged in sales of plastic products

l Subject’s major products include PVC resin, PVC compound, PVC film, PVC leather, PVC sheet & chemical products

l The products are applied to the industries of construction, chemical, printing and so on.

l Subject’s sales regions almost cover all over the world.

l One of subject’s major customers is the related company of CGPC America Corp.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Product	Raw materials, etc.
Payment Terms	Cash, T/T, etc.

Foreign Purchase

Product	Raw materials, etc.
Payment Terms	T/T, etc.

Sales

Domestic Markets

Product	Plastic products, etc.
Selling Terms	Cash, T/T, etc.

Export

Product	Plastic products, etc.
Selling Terms	L/C, T/T, etc.

Balance Sheet

Unit: NTD/000

Consolidated	2014-9-30	2013-9-30
Assets
Current assets
Cash and cash equivalents
Total cash and cash equivalents	434,827	1,143,578
Current financial assets at fair value through profit or loss
Total current financial assets at fair value through profit or loss	1,224,242	1,056,049
Current available-for-sale financial assets
Current available-for-sale financial assets, net	2,890	3,349
Current bond investment without active market
Current bond investment without active market, net	409,207	207,514
Notes receivable, net
Notes receivable, net	200,790	140,091
Accounts receivable, net
Accounts receivable, net	1,344,494	1,049,624
Accounts receivable due from related parties, net
Accounts receivable due from related parties, net	146,809	122,409
Other receivables
Other receivables, net	99,322	63,175
Other receivables due from related parties
Other receivables due from related parties, net	59,472	49,494
Inventories
Inventories, manufacturing business
Inventories, manufacturing business, net	1,915,432	1,368,006
Total inventories	1,915,432	1,368,006
Prepayments
Total prepayments	183,202	152,609
Other current assets
Total other current assets	375	118,813
Total current assets	6,021,062	5,474,711
Non-current assets
Non-current available-for-sale financial assets
Non-current available-for-sale financial assets, net	2,128	2,555
Non-current financial assets at cost
Non-current financial assets at cost, net	103,066	2,981
Investments accounted for using equity method
Investments accounted for using equity method, net	282,642	288,788
Property, plant and equipment
Total property, plant and equipment	5,144,472	5,206,391
Investment property, net
Investment property, net	27,715	29,407
Intangible assets
Total intangible assets	34,518	38,800
Deferred tax assets	319,179	319,342
Other non-current assets
Long-term prepaid rents	120,762	121,075
Other non-current assets, others
Total other non-current assets, others	24,441	32,157
Total other non-current assets	145,203	153,232
Total non-current assets	6,058,923	6,041,496
Total assets	12,079,985	11,516,207
Liabilities
Current liabilities
Short-term borrowings
Total short-term borrowings	431,747	200,000
Short-term notes and bills payable
Total short-term notes and bills payable	699,735	344,880
Current financial liabilities at fair value through profit or loss
Total current financial liabilities at fair value through profit or loss	348	328
Notes payable
Total notes payable	305	147
Accounts payable
Total accounts payable	902,286	662,266
Accounts payable to related parties
Total accounts payable to related parties	51,047	148,563
Other payables
Total other payables	611,277	606,607
Other payables to related parties	12,554	11,720
Current tax liabilities	18,214	129,778
Current provisions
Total current provisions	11,746	16,931
Other current liabilities
Long-term liabilities, current portion
Total long-term liabilities, current portion	189,612	62,000
Other current liabilities, others	86,738	30,760
Total other current liabilities	276,350	92,760
Total current liabilities	3,015,609	2,213,980
Non-current liabilities
Long-term borrowings
Total long-term borrowings	961,946	1,151,314
Deferred tax liabilities
Total deferred tax liabilities	600,259	602,592
Other non-current liabilities
Accrued pension liabilities	1,366,753	1,361,807
Other non-current liabilities, others	3,434	7,839
Total other non-current liabilities	1,370,187	1,369,646
Total non-current liabilities	2,932,392	3,123,552
Total liabilities	5,948,001	5,337,532
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	4,683,034	4,502,917
Total capital stock	4,683,034	4,502,917
Capital surplus
Total capital surplus	8,232	8,248
Retained earnings
Legal reserve	153,013	77,701
Special reserve	408,223	408,223
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	584,822	910,055
Total retained earnings	1,146,058	1,395,979
Other equity interest
Total other equity interest	25,263	22,238
Total equity attributable to owners of parent	5,862,587	5,929,382
Non-controlling interests	269,397	249,293
Total equity	6,131,984	6,178,675
Number of share capital awaiting retirement	0	0
Equivalent issue shares of advance receipts for ordinary share	0	0
Number of shares in entity held by entity and by its subsidiaries	0	0

Profit and Loss Account

Unit: NTD/000

Consolidated	2014-1-1~2014-9-30	2013-1-1~2013-9-30
Operating revenue
Net sales revenue
Net sales revenue	11,339,985	10,716,809
Total operating revenue	11,339,985	10,716,809
Operating costs
Cost of sales
Total cost of sales	10,312,291	9,181,795
Total operating costs	10,312,291	9,181,795
Gross profit (loss) from operations	1,027,694	1,535,014
Gross profit (loss) from operations	1,027,694	1,535,014
Operating expenses
Selling expenses
Total selling expenses	570,031	580,153
Administrative expenses
Total administrative expenses	195,644	203,993
Research and development expenses
Total research and development expenses	35,308	29,822
Total operating expenses	800,983	813,968
Net operating income (loss)	226,711	721,046
Non-operating income and expenses
Other income
Total other income	28,934	27,752
Other gains and losses
Other gains and losses, net	17,812	59,358
Finance costs
Interest expense	21,935	21,923
Finance costs, net	21,935	21,923
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	3,933	19,653
Total non-operating income and expenses	28,744	84,840
Profit (loss) from continuing operations before tax	255,455	805,886
Tax expense (income)
Total tax expense (income)	49,965	132,281
Profit (loss) from continuing operations	205,490	673,605
Profit (loss) from discontinued operations
Total profit (loss) from discontinued operations	-21,189	-14,020
Profit (loss)	184,301	659,585
Other comprehensive income
Exchange differences on translation	11,481	19,173
Unrealised gains (losses) on valuation of available-for-sale financial assets	-1,223	121
Share of other comprehensive income of associates and joint ventures accounted for using equity method
Share of other comprehensive income of associates and joint ventures accounted for using equity method, exchange differences on translation	313	565
Share of other comprehensive income of associates and joint ventures accounted for using equity method, unrealized gains (losses) on available-for-sale financial assets	-13,515	3,085
Total share of other comprehensive income of associates and joint ventures accounted for using equity method	-13,202	3,650
Income tax related to components of other comprehensive income	1,952	3,259
Other comprehensive income, net	-4,896	19,685
Total comprehensive income	179,405	679,270
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	177,076	610,359
Profit (loss), attributable to non-controlling interests	7,225	49,226
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	172,252	630,056
Comprehensive income, attributable to non-controlling interests	7,153	49,214
Basic earnings per share
Basic earnings (loss) per share from continuing operations	0.42	1.33
Basic earnings (loss) per share from discontinued operations	-0.04	-0.03
Total basic earnings per share	0.38	1.3
Diluted earnings per share
Diluted earnings (loss) per share from continuing operations	0.42	1.33
Diluted earnings (loss) per share from discontinued operations	-0.04	-0.03
Total diluted earnings per share	0.38	1.3

Cash Flow

Unit: NTD/000

Consolidated	2014-1-1~2014-9-30	2013-1-1~2013-9-30
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	255,455	805,886
Profit (loss) from discontinued operations before tax	-21,189	-14,020
Profit (loss) before tax	234,266	791,866
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	268,717	258,478
Amortization expense	4,653	3,808
Provision (reversal of provision) for bad debt expense	63	-19
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	6,894	-41,732
Interest expense	21,935	21,923
Interest income	-12,825	-10,524
Dividend income	-426	-1,003
Share of loss (profit) of associates and joint ventures accounted for using equity method	-3,933	-19,653
Loss (gain) on disposal of property, plan and equipment	590	-1,725
Impairment loss on non-financial assets	15,559	555
Other adjustments to reconcile profit (loss)	21,568	25,061
Total adjustments to reconcile profit (loss)	322,795	235,169
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in financial assets held for trading	-212,356	56,760
Decrease (increase) in notes receivable	-48,888	82,942
Decrease (increase) in accounts receivable	-275,446	-13,746
Decrease (increase) in accounts receivable due from related parties	764	7,390
Decrease (increase) in other receivable	-44,880	4,104
Decrease (increase) in other receivable due from related parties	-37,293	-30,619
Decrease (increase) in inventories	-248,714	3,947
Decrease (increase) in prepayments	-66,943	-144,775
Decrease (increase) in other current assets	43,130	27,920
Total changes in operating assets	-890,626	-6,077
Changes in operating liabilities
Increase (decrease) in notes payable	43	-217
Increase (decrease) in accounts payable	89,363	86,933
Increase (decrease) in accounts payable to related parties	-2,035	-193,388
Increase (decrease) in other payable	60,427	34,383
Increase (decrease) in other payable to related parties	-1,736	-3,293
Increase (decrease) in provisions	-9,450	-3,538
Increase (decrease) in other current liabilities	46,550	-7,710
Increase (decrease) in accrued pension liabilities	-27,127	-29,427
Total changes in operating liabilities	156,035	-116,257
Total changes in operating assets and liabilities	-734,591	-122,334
Total adjustments	-411,796	112,835
Cash inflow (outflow) generated from operations	-177,530	904,701
Interest received	12,336	12,245
Interest paid	-21,805	-21,872
Income taxes refund (paid)	-183,638	-63,126
Net cash flows from (used in) operating activities	-370,637	831,948
Cash flows from (used in) investing activities
Acquisition of bond investments without active market	-686,252	-193,514
Proceeds from disposal of bond investments without active market	484,980	18,925
Acquisition of financial assets at cost	-100,000	0
Proceeds from disposal of investments accounted for using equity method	0	39,511
Acquisition of property, plant and equipment	-195,924	-222,731
Proceeds from disposal of property, plant and equipment	2,772	2,418
Increase in refundable deposits	0	-78
Decrease in refundable deposits	1,650	1,977
Acquisition of intangible assets	-1,641	-1,832
Decrease in other non-current assets	0	12
Dividends received	426	1,003
Other investing activities	-17,319	-18,397
Net cash flows from (used in) investing activities	-511,308	-372,706
Cash flows from (used in) financing activities
Increase in short-term loans	231,747	-11,214
Increase in short-term notes and bills payable	574,806	-26,969
Repayments of long-term debt	-62,000	-62,000
Increase in guarantee deposits received	574	5,099
Decrease in guarantee deposits received	-4,414	-2,042
Increase in other non-current liabilities	-12	-10
Cash dividends paid	-360,148	-169,922
Net cash flows from (used in) financing activities	380,553	-267,058
Effect of exchange rate changes on cash and cash equivalents	7,634	7,614
Net increase (decrease) in cash and cash equivalents	-493,758	199,798
Cash and cash equivalents at beginning of period	928,585	943,780
Cash and cash equivalents at end of period	434,827	1,143,578
Cash and cash equivalents reported in the statement of financial position	434,827	1,143,578

Note: Subject didn’t submit its individual financial information; we obtained its consolidated financials as above for reference.

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

Bankers

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

Public Record

Mortgage

1
Case Type:	Chattel Mortgage
Certificate No.:	024111
Debtor Name:	China General Plastics Corp.
Document Number:	287904
Date of Registration:	1985-9-27
Date of Alteration:	1985-9-27
Status:	Paid off
2
Case Type:	Chattel Mortgage
Certificate No.:	027837
Debtor Name:	China General Plastics Corp.
Document Number:	202727
Date of Registration:	1987-6-18
Date of Alteration:	1987-6-18
Status:	Paid off
3
Case Type:	Chattel Mortgage
Certificate No.:	036001
Debtor Name:	China General Plastics Corp.
Document Number:	199833
Date of Registration:	1990-7-30
Date of Alteration:	1990-7-30
Status:	Paid off
4
Case Type:	Chattel Mortgage
Certificate No.:	070029
Debtor Name:	China General Plastics Corp.
Document Number:	09005083670
Date of Registration:	2001-4-18
Status:	Paid off

Lawsuit

1
Trial Number:	2011, Su, 1313
Date of Trial:	2011-11-18
Reason:	Partition for common property
2
Trial Number:	2010, Xiaoshang, 161
Date of Trial:	2010-12-16
Reason:	Payment for damages
3
Trial Number:	2009, Su, 1572
Date of Trial:	2010-1-26
Reason:	Payment for damages
4
Trial Number:	2010, Beixiao, 811
Trial Date:	2010-10-27
Reason:	Compensation for damage
Claimant:	Xin Hua Yu Co., Ltd. (Literal Translation)
Defendant:	China General Plastics Corp.
5
Trial Number:	2002, Beilaosu, 2
Trial Date:	2003-5-15
Reason:	Confirmation the existence of employment relationship
Claimant:	Not Stated
Defendant:	China General Plastics Corp.

Interview Details

Name:	Ms. Zhang
Department:	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.96
UK Pound	1	Rs.94.41
Euro	1	Rs.70.20

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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