MIRA INFORM REPORT

Report No. :	307210
Report Date :	13.02.2015

IDENTIFICATION DETAILS

Name :	LI PENG ENTERPRISE CO., LTD.
Registered Office :	6F, No.162 Sung Chiang Rd., Taipei
Country :	Taiwan
Financials (as on) :	30.09.2014
Date of Incorporation :	20.08.1975
Com. Reg. No.:	33955322
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and sale of textile
No. of Employee :	About 1,000 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 :	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 – 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:	Li Peng Enterprise Co., Ltd.
Supplied Name:	LIPENG ENTERPRISE CO LTD.
Trading Address:	6F, No.162 Sung Chiang Rd., Taipei Taiwan R.O.C.
Supplied Address:	6F No 162 Sung Chiang Road Taipei
Telephone Number:	+886-2-2100-2188
Fax Number:	+886-2-2100-1817
Email:	lp_sales@lipeng.com.tw

Note: The exact name and address are as above.

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	Li Peng Enterprise Co., Ltd.
Registered Address:	6F, No.162 Sung Chiang Rd., Taipei Taiwan R.O.C.
Date of Foundation:	1975-8-20
Registration Number:	33955322
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 8,800,000,000 (USD 278,080,000) (As of 2015.02, 1 NTD = 0.0316 USD)
Paid-up Capital:	NTD 8,709,402,310 (USD 275,217,113)
Legal Representatives:	Shaoyi Guo
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sale of textile, etc.
Staff:	About 1,000 Employees
Listed at Stock Exchange:	Yes; Stock Code 1447
Date of Last Annual Return:	2014-8-28

History

Subject was incorporated on 1975-8-20 with registered number 33955322 as Joint Stock Company in Taiwan.

Subject listed on Taiwan Stock Exchange on 1992-1-28.

Corporate Structure

Factories

1
Name:	Zhanghua Nylon Factory
Address:	No. 33, Industrial Road, Houliao Village, Fangyuan Township, Zhanghua County, Taiwan
Date of Foundation:	1997-1-6
Date of Registration:	1999-6-5
Factory Registration Number:	99645362
Factory Manager:	Binghung Chen
Status:	In Production
Date of Last Annual Return:	2014-11-17
Major Products:	111 spinning 184 synthetic resins, plastics and rubber
2
Name:	Zhanghua Textile Factory
Address:	No. 16, Industrial Road, Houliao Village, Fangyuan Township, Zhanghua County, Taiwan
Date of Foundation:	1991-12-24
Date of Registration:	1993-6-23
Factory Registration Number:	99645357
Factory Manager:	Wenhong Zhan
Status:	In Production
Date of Last Annual Return:	2014-11-4
Major Products:	112 weaving
3
Name:	Zhanghua 2^nd Factory
Address:	No.13, Industrial Road, Houliao Village, Fangyuan Township, Zhanghua County, Taiwan
Date of Foundation:	1996-5-1
Date of Registration:	1996-8-7
Factory Registration Number:	99645356
Factory Manager:	Minxiong Tong
Status:	In Production
Date of Last Annual Return:	2002-4-19
Major Products:	111 spinning
4
Name:	Yangmei Factory
Address:	No. 339, Xinrong Rd., Xinrong Li, Yangmei Dist., Taoyuan City, Taiwan
Date of Foundation:	1969-1-1
Date of Registration:	1976-8-14
Factory Registration Number:	99621595
Factory Manager:	Chunfa Wang
Status:	In Production
Date of Last Annual Return:	2014-10-31
Major Products:	112 weaving 114 dyeing and finishing
5
Name:	Zhanghua Nylon 2^nd Factory
Address:	No. 17, Industrial 9^th Road, Houliao Village, Fangyuan Township, Zhanghua County, Taiwan
Date of Registration:	2013-11-26
Factory Registration Number:	07001034
Factory Manager:	Zhiyuan Xie
Status:	In Production
Date of Last Annual Return:	2014-4-14
Major Products:	111 spinning

Shareholders

Major Shareholders

Name	Subscription Shares
Shaoyi Guo	15,711,413
Lealea Enterprise Co., Ltd.
138,432,241
Binghuang Chen	50,803
Jigang Guo	381,566
Zhiyuan Xie	262,590
Junnan Guo	15,710,713

Shareholder Information:

Registered Name:	Lealea Enterprise Co., Ltd.
Registered Address:	11F. No.162, Sung Chiang Rd., Taipei, Taiwan, R.O.C.
Date of Foundation:	1979-1-15
Registration Number:	07663290
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 12,000,000,000 (USD 379,200,000) (As of 2015.02, 1 NTD = 0.0316 USD)
Paid-up Capital:	NTD 9,573,029,420 (USD 302,507,730)
Legal Representatives:	Shaoyi Guo
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2014-8-22

Management Information

Core Management

Directors

1
Name		Shaoyi Guo
Position		Board Chairman & Manager
Appointment Date of Manager:		2014-3-1
2
Name	Raoqin Hong
Position		Director
3
Name	Binghuang Chen
Position		Director
4
Name	Jigang Guo
Position		Director
5
Name	Zhiyuan Xie
Position		Director
6
Name	Junnan Guo
Position		Supervisor
7
Name	Minglang Zhan
Position		Supervisor

Personnel Structure

Total Employees

About 1,000 Employees

Operation Information

	Headquarters
Add	6F, No.162 Sung Chiang Rd., Taipei Taiwan R.O.C.

Production Information

l Subject is engaged in manufacturing of textile, etc.

l Subject has factories in Taiwan for production.

l Subject obtained the certifications of ISO9001, ISO14001, OSHAS18001, etc.

l We obtained subject’s monthly production capacity as follows for reference.

Product	Monthly Production Capacity
Nylon grain	33,000 tons
Nylon strands	3,000 tons
Nylon textured yarn	300 tons
Weaving	8,000,000 yards
Dyeing	6,000,000 yards
Coating Processing	2,000,000 yards

Purchase Information

l The registered activities of subject:

--	Printing, processing, manufacture and sales of all kinds of calico paper, Figure dye paper, paper products, etc.
--	Manufacture and sales of Man-made fiber materials, Synthetic fiber materials and its related processed products
--	Manufacturing and sale of plastic materials
--	Trading of chemical products
--	Manufacturing, processing, false-twisting, weaving, dyeing and finishing of various artificial and natural fiber fabric, cloth, cotton, silk and garment
--	Manufacturing and sale of all kinds of man-made and nature fiber fabric, calico, cotton, silk and clothes
--	Manufacturing, processing and sale of natural cotton, cotton, silk, wool, synthetic fiber, chemical fiber, etc.
--	Import and export business for above mentioned raw materials and products
--	Import and export of textiles cloth
--	Trading of daily necessities, department stores, groceries, toys, sports equipment
--	Trading of all kinds of construction machinery
--	Supermarket operation
--	Cultivation of crops and poultry breeding business.
--	Trading of soybeans, corn, soybeans, soybean meal
--	Trading of all kinds of automotive parts and accessories
--	Automotive assembly, repair and maintenance business.
--	Manufacturing, processing and sale of rubber products
--	As an agent assists in developing quoting, bidding and distributing about home and abroad companies' products(except for futures).
I301010	Information software service
I301030	Electronic information supply services
IZ99990	Other business services (R & D BIopharmaceutical)

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

Sales Information

l Subject is engaged in sale of textile, etc.

l Subject’s major products are nylon granule, nylon strand, nylon textured yarn, weaving, dyeing cloth and so on.

l Subject has own brand “Libolon”.

l Subject’s sales regions include domestic market, Japan, Southeast Asia and Europe, etc.

l Subject’s major types of customers are cloth, apparel manufacturers and dealers, etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

1. Domestic Purchase

Products	Raw material, etc.
Payment Terms	T/T, Cash, etc.

2. Import

Products	Raw material, etc.
Payment Terms	T/T, etc.

Sales

1. Domestic Markets

Product	Textile, etc.
Selling Terms	T/T, Cash, etc.

2. Export

Product	Textile, 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	1,322,569	582,086
Current financial assets at fair value through profit or loss
Total current financial assets at fair value through profit or loss	161,944	148,869
Notes receivable, net
Notes receivable, net	240,780	109,154
Accounts receivable, net
Accounts receivable, net	3,219,935	3,993,532
Accounts receivable due from related parties, net
Accounts receivable due from related parties, net	74,834	53,561
Inventories
Total inventories	3,796,470	4,102,869
Prepayments
Total prepayments	54,973	60,933
Other current assets
Other current financial assets	2,285,406	182,747
Other current assets, others	252,232	168,332
Total other current assets	2,537,638	351,079
Total current assets	11,409,143	9,402,083
Non-current assets
Non-current available-for-sale financial assets
Non-current available-for-sale financial assets, net	1,616,119	1,722,371
Non-current financial assets at cost
Non-current financial assets at cost, net	36,726	64,807
Investments accounted for using equity method
Investments accounted for using equity method, net	1,749,787	1,720,782
Property, plant and equipment
Total property, plant and equipment	5,106,599	4,907,563
Intangible assets
Total intangible assets	15,282	19,260
Deferred tax assets	40,302	55,476
Other non-current assets
Prepayments for business facilities	436,306	38,757
Other non-current assets, others
Total other non-current assets, others	52,569	12,404
Total other non-current assets	488,875	51,161
Total non-current assets	9,053,690	8,541,420
Total assets	20,462,833	17,943,503
Liabilities
Current liabilities
Short-term borrowings
Total short-term borrowings	5,190,000	2,911,239
Short-term notes and bills payable
Total short-term notes and bills payable	1,169,000	1,044,000
Notes payable
Total notes payable	190,820	76,784
Notes payable to related parties
Total notes payable to related parties	34,239	25,849
Accounts payable
Total accounts payable	972,533	1,447,511
Accounts payable to related parties
Total accounts payable to related parties	62,070	75,783
Other payables
Other payables, others	467,587	380,524
Total other payables	467,587	380,524
Other payables to related parties	152,000	178,789
Current tax liabilities	76,569	55,106
Current provisions
Total current provisions	11,697	25,588
Other current liabilities
Long-term liabilities, current portion
Total long-term liabilities, current portion	130,611	535,375
Other current liabilities, others	267,637	103,521
Total other current liabilities	398,248	638,896
Total current liabilities	8,724,763	6,860,069
Non-current liabilities
Long-term borrowings
Total long-term borrowings	549,556	558,931
Deferred tax liabilities
Total deferred tax liabilities	146,650	146,650
Other non-current liabilities
Accrued pension liabilities	260,936	255,177
Other non-current liabilities, others	886	924
Total other non-current liabilities	261,822	256,101
Total non-current liabilities	958,028	961,682
Total liabilities	9,682,791	7,821,751
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	8,709,402	7,917,638
Total capital stock	8,709,402	7,917,638
Capital surplus
Total capital surplus	64,024	3,421
Retained earnings
Legal reserve	472,409	372,061
Special reserve	508,076	508,076
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	981,787	1,312,664
Total retained earnings	1,962,272	2,192,801
Other equity interest
Total other equity interest	-232,433	-161,021
Treasury shares	357,738	441,204
Total equity attributable to owners of parent	10,145,527	9,511,635
Non-controlling interests	634,515	610,117
Total equity	10,780,042	10,121,752
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	78,998,198	88,168,545

Profit and Loss Account

Unit: NTD/000

Consolidated	2014-1-1~2014-9-30	2013-1-1~2013-9-30
Operating revenue
Total operating revenue	17,322,933	19,769,121
Operating costs
Total operating costs	16,534,195	18,628,911
Gross profit (loss) from operations	788,738	1,140,210
Gross profit (loss) from operations	788,738	1,140,210
Operating expenses
Selling expenses
Total selling expenses	323,263	294,953
Administrative expenses
Total administrative expenses	140,221	149,510
Research and development expenses
Total research and development expenses	74,037	64,298
Total operating expenses	537,521	508,761
Net operating income (loss)	251,217	631,449
Non-operating income and expenses
Other income
Other income, others	61,444	131,034
Total other income	61,444	131,034
Other gains and losses
Other gains and losses, net	103,873	201,280
Finance costs
Finance costs, net	53,354	47,816
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	82,018	44,467
Total non-operating income and expenses	193,981	328,965
Profit (loss) from continuing operations before tax	445,198	960,414
Tax expense (income)
Total tax expense (income)	69,500	116,815
Profit (loss) from continuing operations	375,698	843,599
Profit (loss)	375,698	843,599
Other comprehensive income
Exchange differences on translation	3,155	1,835
Unrealised gains (losses) on valuation of available-for-sale financial assets	-201,163	-134,566
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	-83,272	170,831
Other comprehensive income, net	-281,280	38,100
Total comprehensive income	94,418	881,699
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	377,048	814,203
Profit (loss), attributable to non-controlling interests	-1,350	29,396
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	23,854	890,222
Comprehensive income, attributable to non-controlling interests	70,564	-8,523
Basic earnings per share
Basic earnings (loss) per share from continuing operations	0.46	0.99
Total basic earnings per share	0.46	0.99
Diluted earnings per share
Diluted earnings (loss) per share from continuing operations	0.45	0.99
Total diluted earnings per share	0.45	0.99

Cash Flows

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	445,198	960,414
Profit (loss) before tax	445,198	960,414
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	376,461	365,000
Amortization expense	8,488	14,749
Provision (reversal of provision) for bad debt expense	-4,893	2,810
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	-12,889	-96,605
Interest expense	53,354	53,570
Interest income	-29,620	-2,886
Dividend income	-6,043	-103,073
Share-based payments	4,947	0
Share of loss (profit) of associates and joint ventures accounted for using equity method	-82,018	-44,467
Loss (gain) on disposal of property, plan and equipment	-13,222	-15,001
Loss (gain) on disposal of investments	-1,198	0
Impairment loss on financial assets	27,883	0
Impairment loss on non-financial assets	3,412	1,315
Unrealized foreign exchange loss (gain)	3,132	25,725
Other adjustments to reconcile profit (loss)	51,231	48,183
Total adjustments to reconcile profit (loss)	379,025	249,320
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in financial assets held for trading	30,394	0
Decrease (increase) in notes receivable	-52,802	115,695
Decrease (increase) in accounts receivable	977,530	-1,096,604
Decrease (increase) in other receivable	2,172	-23,954
Decrease (increase) in inventories	-416,195	-527,661
Decrease (increase) in prepayments	-9,083	-55,482
Decrease (increase) in other current assets	-54,202	-77,187
Decrease (increase) in other operating assets	5,483	685
Total changes in operating assets	483,297	-1,664,508
Changes in operating liabilities
Increase (decrease) in notes payable	105,759	-109,533
Increase (decrease) in accounts payable	-541,545	132,215
Increase (decrease) in other payable	-2,773	-4,685
Increase (decrease) in provisions	-3,160	24,342
Increase (decrease) in other current liabilities	128,694	-3,273
Increase (decrease) in accrued pension liabilities	58	-419
Total changes in operating liabilities	-312,967	38,647
Total changes in operating assets and liabilities	170,330	-1,625,861
Total adjustments	549,355	-1,376,541
Cash inflow (outflow) generated from operations	994,553	-416,127
Interest received	25,073	2,849
Dividends received	33,494	127,830
Interest paid	-52,570	-47,988
Income taxes refund (paid)	-110,418	-2,582
Net cash flows from (used in) operating activities	890,132	-336,018
Cash flows from (used in) investing activities
Acquisition of available-for-sale financial assets	-22,112	-28,057
Proceeds from capital reduction of financial assets at cost	198	0
Acquisition of investments accounted for using equity method	-16,000	0
Net cash flow from acquisition of subsidiaries	0	-43,454
Proceeds from capital reduction of investments accounted for using equity method	0	41,850
Acquisition of property, plant and equipment	-603,993	-452,986
Proceeds from disposal of property, plant and equipment	29,099	16,558
Increase in other financial assets	-2,132,840	0
Increase in prepayments for business facilities	-292,284	-29,080
Net cash flows from (used in) investing activities	-3,037,932	-495,169
Cash flows from (used in) financing activities
Increase in short-term loans	3,077,509	1,046,791
Increase in short-term notes and bills payable	120,000	150,000
Repayments of long-term debt	-199,785	-150,645
Increase in guarantee deposits received	9	-402
Increase in other payables to related parties	-86,415	65,789
Proceeds from sale of treasury shares	0	12,338
Treasury shares sold to employees	5,865	0
Net cash flows from (used in) financing activities	2,917,183	1,123,871
Effect of exchange rate changes on cash and cash equivalents	-5,698	-310
Net increase (decrease) in cash and cash equivalents	763,685	292,374
Cash and cash equivalents at beginning of period	558,884	289,712
Cash and cash equivalents at end of period	1,322,569	582,086
Cash and cash equivalents reported in the statement of financial position	1,322,569	582,086

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 could not obtain the relevant information, either.

Public Record

Mortgage

1
Case Type:	Chattel Mortgage
File No.:	072536
Debtor Name:	Li Peng Enterprise Co., Ltd.
Document Number:	09105055590
Date of Registration:	2002-2-21
2
Case Type:	Chattel Mortgage
File No.:	105930
Debtor Name:	Li Peng Enterprise Co., Ltd.
Document Number:	10130324930
Date of Registration:	2012-5-24
3
Case Type:	Chattel Mortgage
File No.:	105934
Debtor Name:	Li Peng Enterprise Co., Ltd.
Document Number:	10130324920
Date of Registration:	2012-5-24
4
Case Type:	Chattel Mortgage
File No.:	068950
Debtor Name:	Li Peng Enterprise Co., Ltd.
Document Number:	580712
Date of Registration:	2001-1-2
5
Case Type:	Chattel Mortgage
File No.:	109136
Debtor Name:	Li Peng Enterprise Co., Ltd.
Document Number:	10331004010
Date of Registration:	2014-1-20
6
Case Type:	Chattel Mortgage
File No.:	099624
Debtor Name:	Li Peng Enterprise Co., Ltd.
Document Number:	09930276420
Date of Registration:	2010-3-24

Lawsuit

1
Trial Number:	2003, Beilaojian, 157
Date of Trial:	2004-1-13
Reason:	Severance Pay
Claimant:	Not Stated
Defendant:	Li Peng Enterprise Co., Ltd.
2
Trial Number:	2003, Beijian, 26567
Date of Trial:	2004-3-2
Reason:	Pay for bills
Claimant:	Li Peng Enterprise Co., Ltd.
Defendant:	Not Stated
3
Trial Number:	2004, Beilaojian, 72
Date of Trial:	2004-8-12
Reason:	Pay for salary
Claimant:	Not Stated
Defendant:	Li Peng Enterprise Co., Ltd.

Special Note

Interview Details

Department

Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.43
UK Pound	1	Rs.95.01
Euro	1	Rs.70.63

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	DPT

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.