MIRA INFORM REPORT

Report No. :	486505
Report Date :	20.01.2018

IDENTIFICATION DETAILS

Name :	CGPC POLYMER CORPORATION
Registered Office :	12F., No.37, Jihu Rd., Neihu Dist., Taipei City 11492, Taiwan (R.O.C.)
Country :	Taiwan
Financials (as on) :	31.12.2016
Date of Incorporation :	19.05.2009
Com. Reg. No.:	24347565
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and sale of polyvinyl chloride (PVC) powders
No. of Employees :	100 Employees (Company) 900 Employees (Group)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Taiwan	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

TAIWAN - ECONOMIC OVERVIEW

Taiwan has a dynamic capitalist economy that is driven largely by industrial manufacturing, and especially exports of electronics, machinery, and petrochemicals. This heavy dependence on exports exposes the economy to fluctuations in global demand. Taiwan's diplomatic isolation, low birth rate, rapidly aging population, and increasing competition from China and other Asia Pacific markets are other major long-term challenges.

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 of that year, 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 uncertain. President TSAI since taking office in May 2016 has promoted greater economic integration with South and Southeast Asia through the New Southbound Policy initiative and has also expressed interest in Taiwan joining the Trans-Pacific Partnership as well as bilateral trade deals with partners such as the US.

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 with many economies, including China and the US, 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 and has also secured greater market access for its investors on 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 renminbi (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 opportunities for Taiwan’s economy but also pose challenges as political differences remain unresolved and China’s economic growth is slowing. Domestic economic issues loomed large in public debate ahead of the January 2016 presidential and legislative elections, including concerns about stagnant wages, high housing prices, youth unemployment, job security, and financial security in retirement.

Source : CIA

COMPANY NAME AND ADDRESS

Company Name:	CGPC Polymer Corporation
Supplied Name:	CGPC POLYMER CORPORATION.
Trading Address:	12F., No.37, Jihu Rd., Neihu Dist., Taipei City 11492, Taiwan (R.O.C.)
Supplied Address:	NO.08, SHIHUA 2ND RD, LINYUAN DIST., KAOHSIUNG ROC
Telephone Number:	+886-2-8751-6888/ 2658-2158
Fax Number:	+886-2-2659-9516

Notes: The exact name and address are as above. The supplied address belongs to Kaohsiung branch and factory.

Company Identification Details

Registered Name:	CGPC Polymer Corporation
Registered Address:	12F., No.37, Jihu Rd., Neihu Dist., Taipei City 11492, Taiwan (R.O.C.)
Date of Foundation:	2009-05-19
Registration Number:	24347565
Registry:	Taipei City Government
Registered Capital:	NTD 800,000,000 (USD 26,400,000)
Paid-up Capital:	NTD 564,782,910 (USD 18,637,836)
Legal Representatives:	Yigui Wu
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sale of polyvinyl chloride (PVC) powders.
Staff:	About 100 Employees (Company) About 900 Employees (Group)
Listed at Stock Exchange:	No
Date of Last Annual Return:	2017-08-10

History

Subject was incorporated on 2009-5-19 with registered number 24347565 as Joint Stock Company in Taiwan.

Corporate Structure

Factory

Name:	Linyuan Factory
Address:	No.6, 8, Shihua 2nd Rd., Linyuan Dist., Kaohsiung, Taiwan
Date of Registration:	2011-8-19
Factory Registration Number:	64006350
Factory Manager:	Peihong Cai
Status:	In Production
Date of Last Annual Return:	2014-12-07
Major Products:	184 synthetic resin, plastic and rubber

Branch

Name	CGPC Polymer Corporation Kaohsiung Branch
Address	No.8, Shihua 2nd Rd., Linyuan Dist., Kaohsiung, Taiwan
Registration Number	54385853
Date of Registration	2014-07-10
Status	Live
Manager Name	Hanfu Lin
Date of Last Annual Return	--

Parent Company

Name:	China General Plastics Corp.
Address:	12^th Floor, No.37, Ji-Hu Road, Nei-Hu Dist., Taipei City, Taiwan, R.O.C.
Listed at Stock Exchange:	Yes; Stock Code: 1305
Date of Listed:	1973-03-05
Telephone Number:	+886-2-8751-6888

Major Related Companies

1
Name:	CGPC America Corporation
Address:	11310 HARREL ST. MIRA LOMA CA 91752-1408 U.S.A.
Tel:	+909-594-0080
Fax:	+909-594-0062
2
Name:	China General Plastics (Hong Kong) Co., Ltd.
Address:	Rm. 1110B. Tower 2, China H.K. City, 33 Canton Rd., Tsim Sha Tsui, Kln, Hong Kong
3
Name:	Asia Polymer Corporation (APC)
Address:	12F., No.37, Jihu Rd., Neihu Dist., Taipei City 11492, Taiwan (R.O.C.)
Tel:	+886-2-8751-6888
4
Name:	USI Corporation (USI)
Address:	No. 330, Fengren Rd., Renwu Dist., Kaohsiung City 81449, Taiwan (R.O.C.)
Tel:	+886-2-8751-6888
5
Name:	Swanson Plastics Corporation (SPC)
Address:	8th Floor, No. 37, Ji-Hu Rd., Nei-Hu Dist., Taipei 114, Taiwan, R. o. c.
Tel:	+886-2-2798-0333
Fax:	+886-2-2659-9508
6
Name:	USI Optronics Corporation (USIO)
Address:	12th Floor, No. 37, Ji-Hu Rd., Nei-Hu Dist., Taipei 114, Taiwan, R. o. c.
Tel:	+886-2-37630168
Fax:	+886-2-37630169

Shareholders

Major Shareholders

Name	Subscription Shares
China General Plastics Corp.
56,478,291

Shareholder Information:

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:	1964-04-29
Registration Number:	11686106
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 5,000,000,000
Paid-up Capital:	NTD 4,919,995,600
Legal Representatives:	Yigui Wu
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2017-08-28

Management Information

Core Management

Directors

1
Name		Yigui Wu
Position		Board Chairman
2
Name	Bingyi Wang
Position		Director
3
Name	Hanfu Lin
Position		Director & Manager
Appointment Date of Manager		2012-5-11
4
Name	Yayi Huang
Position		Supervisor

Operation Information

	Headquarters
Add	12F., No.37, Jihu Rd., Neihu Dist., Taipei City 11492, Taiwan (R.O.C.)

Production Information

Subject is engaged in manufacturing of polyvinyl chloride (PVC) powders, etc.

Subject has a factory in Kaohsiung, Taiwan for production.

Subject obtained ISO 9001 certification.

It is introduced that subject’s production annual capacity of PVC powder is about 200,000 ton.

Purchase Information

The registered activities of subject:

Business Code	Details
C801020	Manufacturing of petrochemical materials
C805010	Manufacturing of plastic leather, cloth, plate and tube
F107200	Wholesale of chemical raw materials
F107990	Wholesale of other chemical products
F207200	Retail of chemical raw materials
F207990	Retail of other chemical products
C801100	Manufacturing of synthetic resin and plastic
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

The raw materials for production are mostly purchased in domestic market.

Sales Information

Subject is engaged in sale of polyvinyl chloride (PVC) powders, etc.

Subject’s products are mainly applied for tubular product, synthetic fibers, paper pulps, shoes, automobile products, wires and construction materials, etc.

Subject’s sales regions cover Asia, America, Oceania, Europe, the Middle East and Africa.

The general delivery lead time of subject is about 20 days.

The major customers are manufacturers of tubular product, etc.

It is introduced that one of subject’s customers is GNB Import Export SA.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

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

Import

Subject has little import.

Sales

Domestic Markets

Product	Polyvinyl chloride (PVC) powders, etc.
Selling Terms	Cash, T/T, etc.

Export

Product	Polyvinyl chloride (PVC) powders, etc.
Selling Terms	T/T, etc.

FINANCIALS

Balance Sheet

Unit: NTD/000

Consolidated	2016-12-31	2015-12-31
Assets
Current assets
Cash and cash equivalents
Total cash and cash equivalents	1,408,954	782,564
Current financial assets at fair value through profit or loss
Total current financial assets at fair value through profit or loss	2,087,088	1,915,621
Current available-for-sale financial assets
Current available-for-sale financial assets, net	3,072	2,726
Current bond investment without active market
Total Current investments in debt instrument without active market	268,656	319,244
Notes receivable, net
Notes receivable, net	152,341	146,251
Accounts receivable, net
Accounts receivable, net	1,280,151	1,207,979
Other receivables
Other receivables, net	66,877	59,061
Other receivables due from related parties
Other receivables due from related parties, net	139,999	37,224
Current tax assets
Total current tax assets	1,085	26,950
Inventories
Inventories, manufacturing business
Inventories, manufacturing business, net	1,722,932	1,847,865
Total inventories	1,722,932	1,847,865
Prepayments
Total prepayments	67,192	61,272
Other current assets
Total other current assets	1,709	2,695
Total current assets	7,200,056	6,409,452
Non-current assets
Non-current available-for-sale financial assets
Non-current available-for-sale financial assets, net	2,102	1,866
Non-current financial assets at cost
Non-current financial assets at cost, net	103,251	103,309
Investments accounted for using equity method
Investments accounted for using equity method, net	271,354	266,692
Property, plant and equipment
Total property, plant and equipment	5,227,157	5,068,082
Investment property, net
Investment property, net	27,715	27,715
Intangible assets
Total intangible assets	19,589	29,733
Deferred tax assets	316,467	312,739
Other non-current assets
Long-term prepaid rents	105,920	118,680
Other non-current assets, others
Total other non-current assets, others	35,376	35,419
Total other non-current assets	141,296	154,099
Total non-current assets	6,108,931	5,964,235
Total assets	13,308,987	12,373,687
Liabilities and equity
Liabilities
Current liabilities
Short-term borrowings
Total short-term borrowings	160,000	350,000
Short-term notes and bills payable
Total short-term notes and bills payable	299,929	499,718
Current financial liabilities at fair value through profit or loss
Total current financial liabilities at fair value through profit or loss	3,116	0
Notes payable
Total notes payable	351	261
Accounts payable
Total accounts payable	789,053	668,448
Accounts payable to related parties
Total accounts payable to related parties	234,127	109,742
Other payables
Total other payables	667,972	542,599
Other payables to related parties	28,425	24,541
Current tax liabilities	215,670	104,416
Current provisions
Total current provisions	16,039	14,180
Other current liabilities
Long-term liabilities, current portion
Total long-term liabilities, current portion	0	238,411
Other current liabilities, others	65,451	63,814
Total other current liabilities	65,451	302,225
Total current liabilities	2,480,133	2,616,130
Non-current liabilities
Long-term borrowings
Total long-term borrowings	1,050,000	994,613
Deferred tax liabilities
Total deferred tax liabilities	596,167	597,502
Other non-current liabilities
Net defined benefit liability, non-current	1,420,641	1,370,597
Other non-current liabilities, others	6,226	9,669
Total other non-current liabilities	1,426,867	1,380,266
Total non-current liabilities	3,073,034	2,972,381
Total liabilities	5,553,167	5,588,511
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	4,776,695	4,683,034
Total capital stock	4,776,695	4,683,034
Capital surplus
Total capital surplus	8,220	8,221
Retained earnings
Legal reserve	241,661	164,904
Special reserve	408,223	408,223
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	1,899,548	1,157,031
Total retained earnings	2,549,432	1,730,158
Other equity interest
Total other equity interest	41,138	54,597
Total equity attributable to owners of parent	7,375,485	6,476,010
Equity attributable to former owner of business combination under common control	0	0
Non-controlling interests	380,335	309,166
Total equity	7,755,820	6,785,176
Total liabilities and equity	13,308,987	12,373,687
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	2016	2015
Operating revenue
Net sales revenue
Net sales revenue	14,157,389	13,842,155
Total operating revenue	14,157,389	13,842,155
Operating costs
Cost of sales
Total cost of sales	11,217,020	11,893,683
Total operating costs	11,217,020	11,893,683
Gross profit (loss) from operations	2,940,369	1,948,472
Gross profit (loss) from operations	2,940,369	1,948,472
Operating expenses
Selling expenses
Total selling expenses	747,081	739,444
Administrative expenses
Total administrative expenses	269,387	244,353
Research and development expenses
Total research and development expenses	49,431	48,547
Total operating expenses	1,065,899	1,032,344
Net operating income (loss)	1,874,470	916,128
Non-operating income and expenses
Other income
Total other income	30,881	30,751
Other gains and losses
Other gains and losses, net	-78,238	51,533
Finance costs
Interest expense	22,142	30,943
Finance costs, net	22,142	30,943
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	-3,817	-12,256
Total non-operating income and expenses	-73,316	39,085
Profit (loss) from continuing operations before tax	1,801,154	955,213
Tax expense (income)
Total tax expense (income)	279,847	110,872
Profit (loss) from continuing operations	1,521,307	844,341
Profit (loss) from discontinued operations
Total profit (loss) from discontinued operations	21,777	-31,923
Profit (loss)	1,543,084	812,418
Other comprehensive income
Components of other comprehensive income that will not be reclassified to profit or loss
Gains (losses) on re-measurements of defined benefit plans	-71,133	-8,694
Share of other comprehensive income of associates and joint ventures accounted for using equity method, components of other comprehensive income that will not be reclassified to profit or loss
Gains (losses) on re-measurements of defined benefit plans, associates and joint ventures accounted for using equity method	-2,196	142
Share of other comprehensive income of associates and joint ventures accounted for using equity method, components of other comprehensive income that will not be reclassified to profit or loss	-2,196	142
Income tax related to components of other comprehensive income that will not be reclassified to profit or loss	-9,470	-616
Components of other comprehensive income that will not be reclassified to profit or loss	-63,859	-7,936
Components of other comprehensive income that will be reclassified to profit or loss
Exchange differences on translation	-29,784	8,797
Unrealized gains (losses) on valuation of available-for-sale financial assets	616	-1,187
Share of other comprehensive income of associates and joint ventures accounted for using equity method, components of other comprehensive income that will be reclassified to profit or loss
Exchange differences on translation, associates and joint ventures accounted for using equity method	-1,693	-1,080
Unrealized gains (losses) on available-for-sale financial assets, associates and joint ventures accounted for using equity method	12,368	-8,991
Share of other comprehensive income of associates and joint ventures accounted for using equity method, components of other comprehensive income that will be reclassified to profit or loss	10,675	-10,071
Income tax related to components of other comprehensive income that will be reclassified to profit or loss	-5,064	1,495
Components of other comprehensive income that will be reclassified to profit or loss	-13,429	-3,956
Other comprehensive income, net	-77,288	-11,892
Total comprehensive income	1,465,796	800,526
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	1,443,125	767,567
Profit (loss), attributable to non-controlling interests	99,959	44,851
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	1,367,779	756,403
Comprehensive income, attributable to non-controlling interests	98,017	44,123
Basic earnings per share
Basic earnings (loss) per share from continuing operations	2.97	1.67
Basic earnings (loss) per share from discontinued operations	0.05	-0.07
Total basic earnings per share	3.02	1.60
Diluted earnings per share
Diluted earnings (loss) per share from continuing operations	2.97	1.67
Diluted earnings (loss) per share from discontinued operations	0.05	-0.07
Total diluted earnings per share	3.02	1.60

Cash Flows

Unit: NTD/000

Consolidated	2016	2015
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	1,801,154	955,213
Profit (loss) from discontinued operations before tax	21,777	-31,923
Profit (loss) before tax	1,822,931	923,290
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	382,244	383,674
Amortization expense	31,459	10,037
Provision (reversal of provision) for bad debt expense	580	3,413
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	9,510	-16,807
Interest expense	22,142	30,943
Interest income	-11,962	-13,997
Dividend income	-65	-334
Share of loss (profit) of associates and joint ventures accounted for using equity method	3,817	12,256
Loss (gain) on disposal of property, plant and equipment	-20,673	-386
Loss (gain) on disposal of investments	20	0
Reversal of impairment loss on non-financial assets	-3,364	-105,938
Other adjustments to reconcile profit (loss)	3,362	22,745
Total adjustments to reconcile profit (loss)	417,070	325,606
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in financial assets held for trading	-177,861	-1,417,230
Decrease (increase) in notes receivable	-6,090	44,515
Decrease (increase) in accounts receivable	-74,402	-67,736
Decrease (increase) in other receivable	-9,294	4,184
Decrease (increase) in other receivable due from related parties	-103,079	-13,611
Decrease (increase) in inventories	128,360	338,321
Decrease (increase) in prepayments	-5,920	106,608
Decrease (increase) in other current assets	986	-579
Total changes in operating assets	-247,300	-1,005,528
Changes in operating liabilities
Increase (decrease) in notes payable	90	-85
Increase (decrease) in accounts payable	120,737	52,532
Increase (decrease) in accounts payable to related parties	124,385	82,764
Increase (decrease) in other payable	103,418	35,047
Increase (decrease) in other payable to related parties	3,911	15,312
Increase (decrease) in provisions	1,859	-2,853
Increase (decrease) in other current liabilities	1,637	17,617
Increase (decrease) in net defined benefit liability	-21,089	-29,946
Total changes in operating liabilities	334,948	170,388
Total changes in operating assets and liabilities	87,648	-835,140
Total adjustments	504,718	-509,534
Cash inflow (outflow) generated from operations	2,327,649	413,756
Interest received	11,834	14,487
Interest paid	-22,566	-30,757
Income taxes refund (paid)	-131,904	-7,031
Net cash flows from (used in) operating activities	2,185,013	390,455
Cash flows from (used in) investing activities
Acquisition of available-for-sale financial assets	-151	0
Proceeds from disposal of available-for-sale financial assets	165	0
Acquisition of investments in debt instrument without active market	-60,412	-48,546
Proceeds from disposal of investments in debt instrument without active market	111,000	128,542
Proceeds from disposal of investments accounted for using equity method	0	435
Acquisition of property, plant and equipment	-566,789	-381,081
Proceeds from disposal of property, plant and equipment	57,662	24,742
Increase in refundable deposits	-682	-3,100
Decrease in refundable deposits	91	0
Acquisition of intangible assets	-515	-7,318
Dividends received	65	334
Other investing activities	-21,147	-16,706
Net cash flows from (used in) investing activities	-480,713	-302,698
Cash flows from (used in) financing activities
Decrease in short-term loans	-190,000	-150,000
Decrease in short-term notes and bills payable	-200,000	-99,983
Proceeds from long-term debt	608,000	1,155,000
Repayments of long-term debt	-791,288	-889,411
Increase in guarantee deposits received	2,397	3,105
Decrease in guarantee deposits received	-3,031	-2,909
Increase in other non-current liabilities	-2,809	5,210
Cash dividends paid	-468,595	-92,438
Change in non-controlling interests	-26,848	0
Net cash flows from (used in) financing activities	-1,072,174	-71,426
Effect of exchange rate changes on cash and cash equivalents	-5,736	5,804
Net increase (decrease) in cash and cash equivalents	626,390	22,135
Cash and cash equivalents at beginning of period	782,564	760,429
Cash and cash equivalents at end of period	1,408,954	782,564
Cash and cash equivalents reported in the statement of financial position	1,408,954	782,564

Note: Subject has no obligations to disclose its financial statements to the third party according to the relevant policy in Taiwan and the only source from which we can obtain the information is the subject itself.

Subject’s relevant staff declined to disclose its financials citing the grounds of company’s confidentiality; from other sources we found the consolidated financial information of subject’s parent company (China General Plastics Corp.) 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

Case Type:	Chattel Mortgage
Registered Number:	GSJFGDZD5530
Debtor Name:	CGPC Polymer Corporation
Registry:	Economic Development Bureau of Kaohsiung City Government
Name of Mortgagee:	KGI Bank
Date of Registration:	2016-12-09
Amount of Mortgage:	NTD 1,200,000,000
Type of Subject Matter:	Machinery or tools

Lawsuit

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

Special Note

Interview Details

Name	Mr. Zhang
Department	Sales Department
E-mail:	bennyho@cgpc.com.tw

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.72
UK Pound	1	INR 88.64
Euro	1	INR 78.14
TWD	1	INR 2.17

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.