MIRA INFORM REPORT

Report No. :	345122
Report Date :	20.10.2015

IDENTIFICATION DETAILS

Name :	WAH HONG INDUSTRIAL CORP.
Registered Office :	11F-6&7, No.235, Chung Cheng 4th Rd., Kaohsiung
Country :	Taiwan
Financials (as on) :	31.12.2014
Date of Incorporation :	09.08.1973
Com. Reg. No.:	83428825
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and sales of optical film
No. of Employees :	About 800 Employees (Taiwan) About 3000 Employees (Group)

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Taiwan	A1	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. 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. However, follow-on components of the ECFA, including a signed agreement on trade in services and negotiations on trade in goods and dispute resolution, have stalled. In early 2014, the government bowed to public demand and proposed a new law governing the oversight of cross-Strait agreements, before any additional deals with China are implemented; the legislature has yet to vote on such legislation, leaving the future of ECFA up in the air as President MA enters his final full year in office. MA has portrayed ECFA as Taiwan’s key to greater participation in East Asia’s free trade networks.

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 expected to account for nearly 20% of the island's total population by 2025.

The island runs a trade surplus, largely because of its surplus with China, and its foreign reserves are the world's fifth largest, behind those of China, Japan, Saudi Arabia, 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, the Taiwan Central Bank signed a memorandum of understanding (MOU) 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 has helped Taiwan develop into a local RMB hub.

Closer economic links with the mainland bring greater opportunities for Taiwan’s economy but also pose new challenges as the island becomes more economically dependent on China at a time when political differences remain unresolved. During 2014, the press paid increasing attention to domestic economic issues, while pushing aside the debates over trade liberalization that were a hallmark of MA’s tenure. The media focused on the divide between Taiwan’s “haves” and “have nots,” providing extensive coverage of public frustration with stagnant wages, skyrocketing housing prices, and the difficulty of finding decent entry-level jobs.

Source : CIA

Company name and address

Company Name:	Wah Hong Industrial Corp.
Supplied Name:	WAH HONG INDUSTRIAL CORP
Trading Address:	11F-6&7, No.235, Chung Cheng 4th Rd., Kaohsiung, Taiwan, R.O.C.
Supplied Address:	11F -6 7 NO 235 CHUNG CHENG 4 TH ROAD KAOHSIUNG TAIWAN R.O.C
Telephone Number:	+886-7-272-9600
Fax Number:	+886-7-272-5732

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	Wah Hong Industrial Corp.
Registered Address:	11F-6&7, No.235, Chung Cheng 4th Rd., Kaohsiung, Taiwan, R.O.C.
Date of Foundation:	1973-08-09
Registration Number:	83428825
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 1,500,000,000 (USD 46,500,000) (As of 2015.10, 1 NTD = 0.031 USD)
Paid-up Capital:	NTD 1,000,044,140 (USD 31,001,368.34)
Legal Representatives:	Ruiqin Zhang
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sales of optical film
Staff:	About 800 Employees (Taiwan) About 3000 Employees (Group)
Listed at Stock Exchange:	Yes; Stock Symbol:8240
Date of Last Annual Return:	2015-07-16

History

Subject was incorporated on 1973-08-09 with registered number 83428825 as Joint Stock Company in Taiwan.

Subject listed on Taiwan Over-The-Counter Securities Exchange on 2005-06-23.

Corporate Structure

Factories

1
Name:	Lixing Factory
Address:	No. Shijian Street & Block B, No.6 Lixing Street, Erzhen Li, Guantian Dist., Tainan City, Taiwan
Date of Registration:	2002-02-08
Factory Registration Number:	99657815
Factory Manager:	Ruiqin Zhang
Status:	In Production
Date of Last Annual Return:	2007-07-06
Major Products:	269 Other electronic components
2
Name:	The 2^nd Lixing Factory
Address:	2/F, 3/F, Block C, No.6 Lixing Street, Erzhen Li, Guantian Dist., Tainan City, Taiwan
Date of Registration:	2005-11-01
Factory Registration Number:	99684883
Factory Manager:	Ruiqin Zhang
Status:	In Production
Date of Last Annual Return:	2005-11-01
Major Products:	292 Other special machinery equipment 220 Plastic products
3
Name:	Jumeiguang Factory
Address:	No. 22, Xinping Rd., Zhangnan Li, South Dist., Tainan City, Taiwan
Date of Registration:	2001-11-12
Factory Registration Number:	99673745
Factory Manager:	Ruiqin Zhang
Status:	In Production
Date of Last Annual Return:	2007-03-08
Major Products:	264 Photoelectric material and components
4
Name:	Nanzi Factory
Address:	No. 330, Fengqi Rd., Fengxiong Li, Yanchao Dist., Kaohsiung City, Taiwan
Date of Foundation:	1990-12-31
Date of Registration:	1990-12-31
Factory Registration Number:	99662820
Factory Manager:	Ruiqin Zhang
Status:	In Production
Date of Last Annual Return:	2015-01-07
Major Products:	192 Coating, dyes and pigments 199 Other chemical products 220 Plastic products 184 Synthetic resin, plastic and rubber
5
Name:	Guantian Factory
Address:	No. 6 Lixing Street., Erzhen Li, Guantian Dist., Tainan City, Taiwan
Date of Foundation:	1987-12-31
Date of Registration:	1988-03-01
Factory Registration Number:	99657816
Factory Manager:	Ruiqin Zhang
Status:	In production
Date of Last Annual Return:	2003-12-26
Major Products:	220 Plastic products 269 Other electronic components
6
Name:	Suba Factory
Address:	No. 6-1, Lixing Street, Erzhen Li, Guantian Dist., Tainan City, Taiwan
Date of Foundation:	1995-01-19
Date of Registration:	1995-02-10
Factory Registration Number:	99657617
Factory Manager:	Ruiqin Zhang
Status:	In Production
Date of Last Annual Return:	2006-07-24
Major Products:	292 Other special machinery equipment

Offices

1
Name	Taoyuan Office
Address	No. 8, ln.142, Sec. 2, Nankan Rd., Luzhu Township, Taoyuan County 33855, Taiwan, R.O.C.
Tel:	+886-3-271-4998
Fax:	+886-3-270-6638
2
Name	Hsinchu Office
Address	17F, No. 8, Ziqiang S. Rd., Zhubei City, Hsinchu County 302, Taiwan, R.O.C.
Tel:	+886-3-620-6958
Fax:	+886-3-620-6978
3
Name	Taichung Office
Address	11F, No. 68, Industrial Zone 1st Road, Taichung, Taiwan, R.O.C.
Tel:	+886-4-3703-1537
Fax:	+886-4-2359-7419

Related Companies

1
Name	SIP Chang Hong Optoelectronics Ltd.
Address	No.73, Tingho Road, Weiting Township, Suzhou Industrial Park, Jiangsu, China
Tel:	+86-512-6271-5615
Fax:	+ 86-512-6271-5618
2
Name	GMK
Address	No. 22, Sinping Road, An-Ping Industrial Park, Tainan, Taiwan
Tel:	+886-6-263-6162
Fax:	+ 886-6-263-6133
3
Name	Sun Hong Optronics Ltd.
Address	No. 10, Sheng Rong Road, HuiZhou Hi-tech Zone, Guangdong
Tel:	+86-752-277-6868
Fax:	+86-752-277-6867
4
Name	Ningbo Chang Hong Optoelectronics Ltd.
Address	No.436, Sungari River Road, Beilun, Ningbo, China
Tel:	+86-574-8698-7135
Fax:	+86-574-8698-7531
5
Name	Wah Ma Chemical Sdn. Bhd.
Address	Lot 2969, Mukim 16, Kawasan Perusahaan Acku, Seberang Perai Utara, 13400 Butterworth, Penang, Malaysia
Tel:	+604-324-3800-800
Fax:	+604-324-3815
6
Name	Xiamen Guang Hong Optronics Co., Ltd.
Address	No.160, Jihe Road, Tongan District, Xiamen City, China
Tel:	+86-592-723-0988
Fax:	+86-592-739-7299
7
Name	Qingdao Chang Hong Optoelectronics Ltd.
Address	East, Taihu Road, Jiaozhou Industrial Park Phase II, Yunxi Sub-District Office, Jiaozhou City, Shandong, China
Tel:	+86-532-8662-2179
Fax:	+86-532-8662-0256

Shareholders

Major Shareholders

Name	Subscription Shares
Wah Lee Industrial Corp.
25,962,978
Huihe Co., Ltd. (Literal Translation)	1,546,542
Qingbin Ye	1,474,994
Zhicheng Wu	555,129
Zhenghong Yang	131,199
Binghong Chen	208,467
Baoguang Investment Co., Ltd. (Literal Translation)	1,427,357

Management Information

Core Management

Directors

1
Name		Ruiqin Zhang
Position		Chairman of the Board
2
Name	Wenbin Lin
Position		Independent Director
3
Name	Yuanyuan Lu
Position		Independent Director
4
Name	Wu Jiubao
Position		Director
5
Name	Qingbin Ye
Position		Director & Manager
Date of Appointment for Manager		2001-11-01
6
Name	Zhicheng Wu
Position		Director
7
Name	Zhenghong Yang
Position		Director
8
Name	Binghong Chen
Position		Supervisor
9
Name	Baoguang Investment Co., Ltd. (Literal Translation)
Position		Supervisor
10
Name	Zhengren Qiu
Position		Supervisor

Personnel Structure

Total Employees

About 800 Employees (Taiwan) About 3000 Employees (Group)

Operation Information

Offices & Factories

	Headquarters
Add	11F-6&7, No.235, Chung Cheng 4th Rd., Kaohsiung, Taiwan, R.O.C.

Production Information

Subject is engaged in manufacturing of optical film

Subject has factories in Taiwan for production.

Subject obtained the certification of ISO 9001 and QS9000.

Purchase Information

The registered activities of subject:

Business Code	Details
C801100	Manufacturing of synthetic resin and plastics
C802200	Manufacturing of coating, paint, dye and pigment
C805070	Manufacturing of reinforced plastic products
CD01020	Manufacturing of rail vehicles and parts
C805010	Manufacturing of plastic coating, cloth, board and pipe
CB01010	Manufacturing of machinery equipment
CD01060	Manufacturing of aircraft and parts
C801990	Other chemical materials manufacturing
CC01090	Battery manufacturing
C802990	Other chemical products manufacturing
CC01080	Manufacturing of electronic components
F401010	International trade
F108031	Medical equipment wholesale
F113070	Telecommunications equipment wholesale
F401021	The controlled telecommunications radio-frequency devices input
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

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

Sales Information

Subject is engaged in sales of optical film

The major products are optical film, sheet for LCD, BMC compounds and molding products, high performance “dry mix” thermosetting molding compounds, functional engineering plastic, epoxy resin, carbon fiber, prepreg, LCD module, 3D-MID micro line and optical film for touch panel

The products of subject are applied for LCD products, plastic products and optronic products

Subject’s sales regions include domestic market, Southeast Asia, North America and Europe

Subject’s major customers are manufacturers of plastic products, LCD monitor

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

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

Import

Products	Raw materials and components
Payment Terms	L/C, T/T

Sales

Domestic Markets

Product	Optical film
Selling Terms	T/T, Cash

Export

Product	Optical film.
Selling Terms	L/C, T/T

Balance Sheet

Unit: NTD/000

Consolidated	2014-12-31	2013-12-31
Current assets
Cash and cash equivalents	1,035,578	1,088,886
Current available-for-sale financial assets, net	19,840	19,067
Notes receivable-net	368,583	503,154
Accounts receivable-net	4,453,937	4,068,449
Accounts receivable-related parties - net	68,784	79,121
Other receivables-net	82,140	30,407
Other receivables-related parties - net	47,302	19,961
Income tax assets	11,137	2,058
Inventories	1,411,963	1,375,434
Other current assets	120,435	311,800
Total current assets	7,619,699	7,498,337
Non-current assets
Non-current available-for-sale financial assets, net	8,689	11,011
Equity method long term investment	307,303	352,184
Real property, plant and equipment	2,572,698	2,539,636
Intangible assets	93,550	87,304
Deferred income tax assets	93,299	103,911
Other non-current assets	118,105	266,755
Non-current assets	3,193,644	3,360,801
Assets	10,813,343	10,859,138
Current liabilities
Short-term borrowing	1,491,069	2,267,694
Short-term notes payable	180,000	0
Financial liabilities measured at fair value through profit or loss -current	6,944	14,597
Notes payable	6,328	6,916
Account payable	1,406,364	1,476,255
Accounts payable- related parties	280,618	175,210
Other accounts payable	578,624	577,150
Income tax liability	35,227	30,638
Other current liabilities	13,131	168,822
Current liabilities	3,998,305	4,717,282
Non-current liabilities
Financial liabilities measured at fair value through profit or loss - non-current	8,460	13,140
Bonds payable	276,873	269,570
Long-term borrowings	1,023,270	684,093
Deferred income tax liabilities	480,910	417,188
Other non-current liabilities	118,068	120,258
Non-current liabilities	1,907,581	1,504,249
Liabilities	5,905,886	6,221,531
Equity attributable to owners of parent
Share capital
Ordinary share	1,000,044	1,000,044
Total capital stock	1,000,044	1,000,044
Capital surplus
Capital surplus	2,062,749	2,062,749
Retained earnings
Legal reserve	344,360	335,185
Special reserve	181,615	181,615
Unappropriated retained earnings	1,072,930	975,222
Retained earnings	1,598,905	1,492,022
Other equity
Other equity	209,796	46,320
Total equity attributable to owners parent	4,871,494	4,601,135
Non-controlling interests	35,963	36,472
Total equity	4,907,457	4,637,607

Profit and Loss Account

Unit: NTD/000

Consolidated	2014	2013
Sales net income	12,237,590	11,290,242
Operating income	12,237,590	11,290,242
Cost of sales	10,802,668	10,246,153
Operating costs	10,802,668	10,246,153
Gross profit (loss) from operations	1,434,922	1,044,089
Gross profit (loss) from operations-net	1,434,922	1,044,089
Operating expense
Selling expense	379,607	294,586
Administrative expense	357,932	346,470
Research and development expenses	304,004	263,240
Operating expenses	1,041,543	904,296
Operating income (loss)	393,379	139,793
Non-operating income and expenses
Other income	41,838	23,982
Other gains and losses, net	21,181	26,437
Finance costs, net	74,303	74,550
Affiliated enterprise of recognized by employing the equity method and Joint venture share profits and losses net	-60,546	58,749
Total non-operating income and expenses	-71,830	34,618
Profit (loss) from continuing operations before tax	321,549	174,411
Income tax expense (income)	116,840	81,155
Profit (loss) from continuing operations	204,709	93,256
Profit (loss)	204,709	93,256
Other comprehensive profit and loss (net)
Exchange differences on translation	198,577	178,239
Prepare for sale financial assets unrealized evaluation of profit and loss	-1,555	-6,041
Income tax related to components of other comprehensive income	2,202	-1,069
Other comprehensive income, net	34,079	30,280
Total comprehensive income	165,145	140,849
Total comprehensive income	369,854	234,105
Net profit (loss) attributable to:
Profit (loss), attributable to owners of parent	205,059	91,751
Profit (loss), attributable to non-controlling interests	-350	1,505
Comprehensive income, attributable to:
Comprehensive income, attributable to owners of parent	370,363	234,175
Profit (loss), attributable to non-controlling interests	-509	-70
Basic earnings per share
Profit (loss) from continuing operations	2.05	0.95
Basic earnings per share	2.05	0.95
Profit (loss) from continuing operations	1.91	0.94
Diluted earnings per share	1.91	0.94

Cash Flows

Unit: NTD/000

Consolidated	2014	2013
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	321,549	174,411
Profit (loss) before tax	321,549	174,411
Depreciation expense	296,737	311,853
Amortization expense	44,764	42,448
Provision (reversal of provision) for bad debt expense	77,830	13,671
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	14,195	17,873
Interest expense	74,303	74,550
Interest income	-19,056	-6,428
Share based payment compensation cost	0	7,710
Affiliated enterprise of recognized by employing the equity method and Joint venture share profits and losses net	60,546	-58,749
Loss (gain) on disposal of property, plant and equipment	-579	820
Loss (gain) on disposal of other assets	-116	0
Loss (gain) on disposal of investment	0	641
Impairment loss on non-financial assets	-931	66,362
Unrealized loss (gain) on foreign currency exchange	81,495	12,235
Loss (gain) in buying bonds payable	151	5,017
Other items	227,345	196,824
Non-cash gains and losses items	856,684	684,827
Decrease (increase) in financial assets for transaction	-14,054	-2,628
Decrease (increase) in notes receivable	135,108	-38,509
Decrease (increase) in accounts receivable	-422,284	333,891
Decrease (increase) in accounts receivable - related parties	10,337	33,812
Decrease (increase) in other receivable	-85,805	16,260
Decrease (increase) in inventories	-260,725	537,107
Increase (decrease) in other current assets	91,790	-88,857
Increase (decrease) in other operating assets	-9,079	8,299
Total changes in operating assets	-554,712	799,375
Increase (decrease) in notes payable	-588	-3,737
Increase (decrease) in accounts payable	-69,891	-449,611
Increase (decrease) in accounts payable-related party	105,408	-245,505
Increase (decrease) in other payable	-10,948	93,660
Increase (decrease) in other current liabilities	2,077	-22,556
Increase (decrease) in accrued pension liabilities	1,327	301
Total changes in operating liabilities	27,385	-627,448
Total changes in operating assets and liabilities	-527,327	171,927
Total judgment	329,357	856,754
Cash inflow (outflow) generated from operations	650,906	1,031,165
Interests collected	19,056	6,525
Interest paid	-65,446	-62,192
Income taxes refund (paid)	-71,154	-126,354
Net cash flows from (used in) operating activities	533,362	849,144
Cash flows from (used in) investing activities
Acquisition of available-for-sale financial assets	0	-30,020
Disposal of available-for-sale financial assets	0	376
Equity method investment	-15,024	-122,500
Acquisition of property, plant and equipment	-252,512	-283,035
Process from disposal of property, plant and equipment	25,800	13,629
Increase in guaranteed deposits paid	-15,959	-120,309
Decrease in guaranteed deposits paid	121,753	19,644
Acquisition of intangible assets	-49,527	-5,450
Increase in other financial assets	98,260	-98,260
Increase in other non-current financial assets	-4,622	-21,892
Decrease in other prepayments	8,410	0
Net cash flows from (used in) investing activities	-83,421	-647,817
Cash flows from (used in) financing activities
Increase in short-term borrowing	4,026,046	6,216,037
Decrease in short-term borrowing	-4,861,526	-6,666,854
Increase in short-term note payable	180,000	-160,000
Bonds Issued	0	296,000
Bonds redeemed	-171,355	-291,117
Long-term borrowings	1,063,590	104,825
Repayments of long-term debt	-781,560	-134,317
Increase in guarantee deposit received	251	1,042
Decrease in guarantee deposit received	-1,583	-1,481
Cash dividends paid	-100,004	-150,007
Cash capital increase	0	599,000
Net cash flows from (used in) financing activities	-646,141	-186,872
Effect of exchange rate changes on cash and cash equivalents	142,892	128,916
Net increase (decrease) in cash and cash equivalents	-53,308	143,371
Cash and cash equivalents at beginning of period	1,088,886	945,515
Cash and cash equivalents at end of period	1,035,578	1,088,886
Cash and cash equivalents reported in the statement of financial position	1,035,578	1,088,886

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

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

Lawsuit

1
Trial Number:	2009,Xiongbu, 2121
Date of Trial:	2009-12-29
Reason:	Payment for the goods
Claimant:	Pinda Photo Electricity Co. Ltd. (Literal Translation)
Defendant:	Wah Hong Industrial Corp.
2
Trial Number:	2010, Xiongxiao,920
Date of Trial:	2010-04-21
Reason:	Payment for the goods
Claimant:	Pinda Photo Electricity Co. Ltd. (Literal Translation)
Defendant:	Wah Hong Industrial Corp.
3
Trial Number:	2013,Xiongbu,30
Date of Trial:	2013-01-04
Reason:	Compensation for damages
Claimant:	Hexin Photo Electricity Co. Ltd. (Literal Translation)
Defendant:	Wah Hong Industrial Corp.

Special Note

Interview Details

Name	Ms. Yu
Department	Sales Department
E-mail	shellyyu@wahhong.com

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.82
UK Pound	1	Rs.100.55
Euro	1	Rs.73.75

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

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.