MIRA INFORM REPORT

Report Date :

20.04.2012

IDENTIFICATION DETAILS

Name :	BACHATTA COMPLEMENTS SL
Registered Office :	Avenida De Cadiz, 1 11600 Ubrique Cádiz
Country :	Spain
Financials (as on) :	31.12.2010
Date of Incorporation :	03.011.1999
Legal Form :	Limited Liability Company
Line of Business :	Wholesale of footwear, furrier , etc.
No. of Employees :	1

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	13.000,00 €
Status :	Moderate
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^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Spain	A2	A2

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

Company name

BACHATTA COMPLEMENTS SL

CIF/NIF: B11472008

Company situation: Active

EXECUTIVE SUMMARY

Identification

Current Business Name: BACHATTA COMPLEMENTS SL

Other names: NO

Current Address:  AVENIDA DE CADIZ, 1

11600 UBRIQUE CÁDIZ 

Telephone number: 956462651 Fax: 956461044

URL:  www.bachattacomplementos.es 

Corporate e-mail:  bachattacom@hotmail.com

Trade Risk

Credit appraisal: 13.000,00 €

Incidents:  NO

R.A.I.:  NO

EXPERIAN BUREAU EMPRESARIAL Bank and Multi - sectorial Defaults of Payment:  NO

Financial Information

Balance sheet latest sales (2010):  695.108,96 € (Commercial Registry)

Result: 10.537,66 €

Total Assets: 172.986,94 €

Share capital:  3.006,00 €

Employees:  1

Listed on a Stock Exchange: NO

Commercial Information

Incorporation date:  03/11/1999

Activity:  Wholesale of footwear, furrier , etc.

NACE 2009 CODE: 4642

International Operations: It does not import nor export

Corporate Structure

Sole Administrator: 

VENEGAS LLUCIA, ANTONIO

Other Complementary Information

Latest filed accounts in the Commercial Registry: 2010

Latest act published in BORME:  13/09/2011 Annual Filed Accounts

Latest press article: No press articles registered

Bank Entities:  There are

RATING

Credit appraisal

Maximum Credit

(from 0 to 6,000,000 €)

Favourable to 13.000,00 €

Financial Situation

Exercise:2010		Evolution
Treasury	Excellent
Indebtedness	Average
Profitability	Average

Performance

Incidents	None or Negligible
Business Trajectory	Good

Rating Explication

Financial Situation

• The company’s financial situation is normal.

• The company’s financial situation evolution has been negative.

• The sales evolution and results has been negative.

Company Structure

• The company’s capitalization degree determines that its structure is normal.

• The company’s size is  very small depending on its sales volume.

• The employees evolution has been stable.

Performance and Incidences

• The available information indicates that the company does not have payment incidences.

• He have detected no recent legal actions or claims from the Administration against this company

Accounts Filing

• The company files regularly its accounts.

INCIDENTS

Summary

LEGAL ACTIONS: No legal actions registered

ADMINISTRATIVE CLAIMS: No administrative claims registered

AFFECTED BY: No significant element. 

R.A.I.

COMPANY NOT REGISTERED IN THE R.A.I.

This company is not registered in the Disputed Bills register (R.A.I.)

DATE AND TIME OF THE CONSULTATION

13/04/2012 15:04:32

Information from the Registro de Aceptaciones Impagados (RAI)- Disputed Bills register.

It can only be used for information legitimate needs of the consulting party, in accordance with its social or business activity, in order to grant a credit or the monitoring or control of the already granted credits and can not be transmitted or communicated to thirds, nor copied, duplicated, reproduced nor implemented to any database , owned or external, or reused it in anyway, direct or indirectly.

FINANCIAL ELEMENTS AND SECTORIAL COMPARATIVE

FINANCIAL ELEMENTS

Balance-sheet analysis

Figures given in €

	31/12/2010 (12) BALANCE SHEET	% ASSETS	31/12/2009 (12) BALANCE SHEET	% ASSETS	31/12/2008 (12) BALANCE SHEET	% ASSETS
ASSETS
A) NON CURRENT ASSETS
B) CURRENT ASSETS	172.986,94	100,00	219.512,01	100,00	325.400,05	100,00
LIABILITIES
A) NET WORTH	68.558,83	39,63	58.021,17	26,43	46.135,52	14,18
B) NON CURRENT LIABILITIES
C) CURRENT LIABILITIES	104.428,11	60,37	161.490,84	73,57	279.264,53	85,82

Profit and Loss Account Analysis

Figures given in €

	31/12/2010 (12) BALANCE SHEET	% NET TURNOVER	31/12/2009 (12) BALANCE SHEET	% NET TURNOVER	31/12/2008 (12) BALANCE SHEET	% NET TURNOVER
SALES	695.108,96		817.012,61		823.251,42
GROSS MARGIN	67.420,80	9,70	79.663,21	9,75	64.055,46	7,78
EBITDA	15.998,80	2,30	17.230,92	2,11	6.585,93	0,80
EBIT	15.998,80	2,30	17.230,92	2,11	6.585,93	0,80
NET RESULT	10.537,66	1,52	11.885,65	1,45	2.199,55	0,27
EFFECTIVE TAX RATE (%)	25,00	0,00	25,00	0,00	66,23	0,01

COMPARATIVE SECTOR ANALYSIS

Values table

Figures expressed in %

	COMPANY (2010)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS		33,31
A) CURRENT ASSETS	100,00	66,69	33,31
LIABILITIES
A) NET WORTH	39,63	37,84	1,79
B) NON CURRENT LIABILITIES		17,16
C) CURRENT LIABILITIES	60,37	45,00	15,37
	COMPANY (2010)	SECTOR	DIFFERENCE
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income
SALES	100,00	98,46	1,54
GROSS MARGIN	9,70	40,03	-30,33
EBITDA	2,30	4,21	-1,91
EBIT	2,30	2,34	-0,04
NET RESULT	1,52	0,63	0,89

Sector Composition

Compared sector (NACE 2009): 4642

Number of companies: 736

Size (sales figure): 0 - 2,800,000.00 Euros

ADDRESSES

Business address

Current Legal Seat Address: 

AVENIDA DE CADIZ, 1

11600 UBRIQUE  CÁDIZ

Characteristics of the current address

Type of establishment: store

Local Situation: main

CORPORATE STRUCTURE

ADMINISTRATIVE LINKS

Summary

Governing body : 1 member (latest change: 15/03/2000)

Main Board members, Directors and Auditor

Governing body

POSITION	NAME AND SURNAME	DATE  APPOINTMENT
SOLE ADMINISTRATOR	VENEGAS LLUCIA, ANTONIO	15/03/2000

FINANCIAL LINKS

Direct Shareholders

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
VENEGAS LLUCIA ANTONIO		Indef.	OWN SOURCES	19/04/2012

POTENTIAL LINKS

Search for Link by Administrator

Search Criterion: ”ANTONIO VENEGAS LLUCIA”

COMPANY	POSITION	PROVINCE
PIEL NEVADA S.L.	Administrador Único	CADIZ
CREACIONES BROOKERS SL	Administrador Único	CADIZ

BUSINESS INFORMATION

Constitution

Incorporation date: 03/11/1999

Activity

Code: 1613400

Activity: Wholesale of footwear, furrier , etc.

NACE 2009 CODE: 4642

NACE 2009 Activity: Wholesale of clothing and footwear

Business: WHOLESALE TRADE ALL KINDS OF LEATHER OR REPLACEMENT.

Activity description: Wholesale distribution of leather and leather goods.

Employees

Latest employees figure: 1 (2012)

% of fixed employees: 100,00%

% of men: 100,00%

Employees evolution

Employees distribution

Source: Annual financial report 2010

CATEGORY	AVERAGE NUMBER OF EMPLOYEES	MEN	WOMEN
Distribution by sexes		1

COMMERCIAL OPERATIONS

PURCHASES

National Distribution: 100%

SALES

National Distribution: 100%

CLIENTS

BUSINESS NAME	INTERNATIONAL
EL CORTE INGLES	NO

Banks

ENTITY	BRANCH	ADDRESS	TOWN OR CITY	PROVINCE
UNICAJA BANCO, S.A.			UBRIQUE

LEGAL STRUCTURE

Constitution Data

Register Date: 03/11/1999

Register town: Cádiz

Announcement number: 101964

Share capital: 3.006 €

Current structure data

Legal form: Limited Liability Company

Share capital: 3.006,00 €

Legal Aspects

Obligation to fill in Financial Statements: YES

Chamber census: YES (2010)

B.O.R.M.E. (OFFICIAL GAZETTE OF THE COMMERCIAL REGISTRY)

Summary

  Acts on activity: 0

  Acts on administrators: 1 (Last: 15/03/2000)

  Acts on capital: 0

  Acts on creation: 1 (Last: 15/03/2000)

  Acts on filed accounts: 11 (Last: 13/09/2011, first: 14/09/2000)

  Acts on identification: 0

  Acts on Information: 0

Latest acts in B.O.R.M.E.

Most relevant acts of the last twelve months

	ACT	DATE	NOTICE NUM.	COMMERCIAL REGISTRY
Annual Filed Accounts (2010)		13/09/2011	503191	Cádiz
	Filed Accounts date: August from 2011 Exercise to which the accounts belong: 2010 Filed Accounts type: Individual Filed accounts available online: DOWNLOAD (+1.0 unit)  ZIPThis product is out of the fee for OPEN contracts61127062010PDFThis product is out of the fee for OPEN contracts61127062010TIFFThis product is out of the fee for OPEN contracts61127062010 Publication Data:  Register Cádiz, Gazette 174, Page  48720, Announcement 503191 (13/09/2011)

Other acts

ACT	DATE	NOTICE NUM.	COMMERCIAL REGISTRY
Annual Filed Accounts (2009)	27/09/2010	680293	Cádiz
Annual Filed Accounts (2008)	14/09/2009	407083	Cádiz
Annual Filed Accounts (2007)	01/09/2008	364578	Cádiz
Annual Filed Accounts (2006)	14/09/2007	511336	Cádiz
Annual Filed Accounts (2005)	15/09/2006	458317	Cádiz
Annual Filed Accounts (2003)	08/10/2004	568384	Cádiz
Annual Filed Accounts (2002)	12/09/2003	348165	Cádiz
Annual Filed Accounts (2001)	13/09/2002	370059	Cádiz
Annual Filed Accounts (2000)	17/09/2001	302034	Cádiz

PRESS ARTICLES

No press articles registered for this company

FINANCIAL INFORMATION

The information on the last Individual Filed Accounts contained in this report is extracted from the Commercial Registry file of the legal address of the Company and dated 21/09/2011.

SITUATION BALANCE-SHEET

Assets

Figures given in €

	31/12/2010 (12)	% ASSETS	31/12/2009 (12)	% ASSETS	31/12/2008 (12)	% ASSETS
A) NON CURRENT ASSETS
I. Intangible assets
II. Tangible fixed assets
III. Real-estate investments
IV. Long term investments in associated and affiliated companies
V. Long Term Financial Investments
VI. Assets by deferred taxes
VII. Non current commercial debts
B) CURRENT ASSETS	172.986,94	100,00	219.512,01	100,00	325.400,05	100,00
I. Non-current assets maintained for sale
II. Stocks	46.014,61	26,60	41.627,90	18,96	35.133,01	10,80
III. Trade Debtors and other receivable accounts	91.899,16	53,12	164.741,30	75,05	199.845,24	61,42
1. Clients	91.899,16	53,12	164.741,30	75,05	199.845,24	61,42
b) Clients for sales and short term services rendering	91.899,16	53,12	164.741,30	75,05	199.845,24	61,42
IV. Short term investments in associated and affiliated companies
V. Short term financial investments
VI. Short term periodifications
VII. Cash and equivalents	35.073,17	20,28	13.142,81	5,99	90.421,80	27,79
TOTAL ASSETS (A + B)	172.986,94	100,00	219.512,01	100,00	325.400,05	100,00

Net Worth and Liabilities

Figures given in €

	31/12/2010 (12)	% ASSETS	31/12/2009 (12)	% ASSETS	31/12/2008 (12)	% ASSETS
A) NET WORTH	68.558,83	39,63	58.021,17	26,43	46.135,52	14,18
A-1) Equity	68.558,83	39,63	58.021,17	26,43	46.135,52	14,18
I. Capital	3.006,00	1,74	3.006,00	1,37	3.006,00	0,92
1. Authorized capital	3.006,00	1,74	3.006,00	1,37	3.006,00	0,92
II. Issue premium
III. Reserves	55.015,17	31,80	43.129,52	19,65	40.929,97	12,58
IV. (Net worth own shares and participations)
V. Results from previous years
VI. Other loans from partners
VII. Exercise Result	10.537,66	6,09	11.885,65	5,41	2.199,55	0,68
VIII. (Interim dividend)
IX. Other net worth instruments
A-2) Value changes adjustments
A-3) Received legacies, grants and subventions
B) NON CURRENT LIABILITIES
I. Long term provisions
II. Long term debts
III. Long term debts with associated and affiliated companies
IV. Liabilities by deferred taxes
V. Long term periodifications
VI. Non current trade creditors
VII. Long term debts with special characteristics
C) CURRENT LIABILITIES	104.428,11	60,37	161.490,84	73,57	279.264,53	85,82
I. Liabilities related with non-current assets maintained for sale
II. Short term provisions
III. Short term debts			45.378,64	20,67
1. Debts with bank entities			45.378,64	20,67
IV. Short term debts with associated and affiliated companies
V. Trade creditors and other payable accounts	104.428,11	60,37	116.112,20	52,90	279.264,53	85,82
1. Suppliers	95.792,40	55,38	107.996,51	49,20	267.228,20	82,12
b) Short term suppliers	95.792,40	55,38	107.996,51	49,20	267.228,20	82,12
2. Other creditors	8.635,71	4,99	8.115,69	3,70	12.036,33	3,70
VI. Short term periodifications
VII. Short term debts with special characteristics
TOTAL NET WORTH AND LIABILITIES (A + B + C)	172.986,94	100,00	219.512,01	100,00	325.400,05	100,00

PROFIT AND LOSS ACCOUNT

Figures given in €

	31/12/2010 (12)	%OPERATING INCOME	31/12/2009 (12)	%OPERATING INCOME	31/12/2008 (12)	%OPERATING INCOME
1. Net Turnover	695.108,96	100,00	817.012,61	100,00	823.251,42	100,00
2. Variation in stocks of finished goods and work in progress
3. Works for its own assets
4. Supplies	-627.688,16	-90,30	-737.349,40	-90,25	-759.195,96	-92,22
5. Other operating income
6. Labour cost	-35.700,00	-5,14	-35.700,00	-4,37	-31.200,00	-3,79
7. Other operating costs	-15.722,00	-2,26	-26.732,29	-3,27	-15.529,23	-1,89
8. Amortization of fixed assets
9. Allocation of subventions on non financial investments and other
10. Provisions excess
11. Deterioration and result for fixed assets disposal
12. Negative difference of business combinations
13. Other results					-10.740,30	-1,30
A) OPERATING RESULT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13)	15.998,80	2,30	17.230,92	2,11	6.585,93	0,80
14. Financial income
15. Financial expenses	-1.948,59	-0,28	-1.383,38	-0,17	-73,09	-0,01
16. Reasonable value variation on financial instruments
17. Exchange differences
18. Deterioration and result for disposal of financial instruments
19. Other financial income and expenses
B) FINANCIAL RESULT (14 + 15 + 16 + 17 + 18 + 19)	-1.948,59	-0,28	-1.383,38	-0,17	-73,09	-0,01
C) RESULT BEFORE TAXES (A + B)	14.050,21	2,02	15.847,54	1,94	6.512,84	0,79
20. Taxes on profits	-3.512,55	-0,51	-3.961,89	-0,48	-4.313,29	-0,52
D) EXERCISE RESULT (C + 20)	10.537,66	1,52	11.885,65	1,45	2.199,55	0,27

NET WORTH CHANGES STATUS

Status of recognized income and expenses

For the financial statements presented under the SME’s model (PYMES), the ‘Net Worth Changes Status’ is formed by a single table. For the rest of the cases there would be shown the two tables corresponding to the mentioned status with the exception of the company not having operations reflected in the ‘Status of recognized income and expenses’ and that, for this reason, it has no data.

Total net worth changes status

Figures given in €

NET WORTH CHANGES ( 1 /1)	AUTHORIZED CAPITAL	RESERVES	EXERCISE RESULT	TOTAL
FINAL ACCOUNT BALANCE OF EXERCISE (2007)	3.006,00	30.284,80	10.645,17	43.935,97
I. Adjustments by change of criteria in the exercise (2007)
II. Adjustments by errors in the exercise (2007)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2008)	3.006,00	30.284,80	10.645,17	43.935,97
I. Total recognized income and expenses			2.199,55	2.199,55
II. Operations with partners or owners
III. Other net worth variations		10.645,17	-10.645,17
FINAL ACCOUNT BALANCE OF EXERCISE (2008)	3.006,00	40.929,97	2.199,55	46.135,52
I. Adjustments by change of criteria in the exercise (2008)
II. Adjustments by errors in the exercise (2008)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2009)
I. Total recognized income and expenses			11.885,65	11.885,65
II. Operations with partners or owners	3.006,00			3.006,00
1. Capital Increases	3.006,00			3.006,00
III. Other net worth variations		43.129,52		43.129,52
FINAL ACCOUNT BALANCE OF EXERCISE (2009)	3.006,00	43.129,52	11.885,65	58.021,17
I. Adjustments by change of criteria in the exercise (2009)
II. Adjustments by errors in the exercise (2009)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2010)	3.006,00	43.129,52	11.885,65	58.021,17
I. Total recognized income and expenses			10.537,66	10.537,66
II. Operations with partners or owners
III. Other net worth variations		11.885,65	-11.885,65
FINAL ACCOUNT BALANCE OF EXERCISE (2010)	3.006,00	55.015,17	10.537,66	68.558,83

RATIOS

	31/12/2010 (12)	CHANGE %	31/12/2009 (12)	CHANGE %	31/12/2008 (12)
BALANCE RATIOS
Working Capital (€)	68.558,83	18,16	58.021,17	25,76	46.135,52
Working capital ratio	0,40	53,85	0,26	85,71	0,14
Average Collection Period (days)	48	-34,65	73	-16,87	87
Average Payment Period (days)	58	6,58	55	-57,78	130
LIQUIDITY RATIOS
Current Ratio (%)	165,65	21,86	135,93	16,66	116,52
Quick Ratio (%)	33,59	312,65	8,14	-74,86	32,38
DEBT RATIOS
Borrowing percentage (%)		-100,00	20,67
External Financing Average Cost		-100,00	0,03
Debt Service Coverage		-100,00	3,82
Interest Coverage	8,21	-34,11	12,46	-86,17	90,11
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	1,52	4,11	1,46	440,74	0,27
Auto financing generated by Assets (%)	6,09	12,36	5,42	697,06	0,68
Breakdown Point	1,02	0,00	1,02	0,99	1,01
Average Sales Volume per Employee	695.108,96	-14,92	817.012,61	-0,76	823.251,42
Average Cost per Employee	35.700,00	0,00	35.700,00	14,42	31.200,00
Assets Turnover	4,02	8,06	3,72	47,04	2,53
Inventory Turnover (days)	26	30,36	20	21,74	17
RESULTS RATIOS
Return on Assets (ROA) (%)	9,25	17,83	7,85	288,61	2,02
Operating Profitability (%)	9,25	17,83	7,85	288,61	2,02
Return on Equity (ROE) (%)	20,49	-24,97	27,31	93,41	14,12

SECTORIAL ANALYSIS

Balance Sheet and Financial Balance

Figures expressed in %

	COMPANY (2010)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS		33,31
A) CURRENT ASSETS	100,00	66,69	33,31
LIABILITIES
A) NET WORTH	39,63	37,84	1,79
B) NON CURRENT LIABILITIES		17,16
C) CURRENT LIABILITIES	60,37	45,00	15,37

Results Analytical Account

Figures given in  %

	COMPANY (2010)	SECTOR	DIFFERENCE
Net Turnover	100,00	98,46	1,54
Other operating income		1,54
OPERATING INCOME	100,00	100,00	0,00
Supplies	-90,30	-60,71	-29,59
Variation in stocks of finished goods and work in progress		0,75
GROSS MARGIN	9,70	40,03	-30,33
Other operating costs	-2,26	-18,29	16,03
Labour cost	-5,14	-17,79	12,65
GROSS OPERATING RESULT	2,30	3,96	-1,66
Amortization of fixed assets		-1,88
Deterioration and result for fixed assets disposal		0,01
Other expenses / income		0,26
NET OPERATING RESULT	2,30	2,34	-0,04
Financial result	-0,28	-1,41	1,13
RESULT BEFORE TAX	2,02	0,93	1,09
Taxes on profits	-0,51	-0,30	-0,21
RESULT COMING FROM CONTINUED OPERATIONS	1,52	0,63	0,89
Exercise result coming from discontinued operations net of taxes		0,00
NET RESULT	1,52	0,63	0,89
Amortization of fixed assets		-1,88
Deterioration and provisions variation		0,02
	1,52	2,50	-0,98

Main Ratios

Figures given in €

	COMPANY (2010)	PTILE25	PTILE50	PTILE75
BALANCE RATIOS
Working Capital (€)	68.558,83	12.967,81	68.563,79	215.696,22
Working capital ratio	0,40	0,06	0,21	0,42
Soundness Ratio		0,74	1,69	4,25
Average Collection Period (days)	48	19	56	109
Average Payment Period (days)	58	61	104	174
LIQUIDITY RATIOS
Current Ratio (%)	165,65	108,88	141,20	222,38
Quick Ratio (%)	33,59	4,66	18,89	53,28
DEBT RATIOS
Borrowing percentage (%)		6,82	26,25	48,29
External Financing Average Cost		0,02	0,04	0,08
Debt Service Coverage		0,00	3,75	12,03
Interest Coverage	8,21	0,97	1,78	4,77
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	1,52	0,92	2,48	5,09
Auto financing generated by Assets (%)	6,09	1,26	3,28	6,21
Breakdown Point	1,02	1,00	1,02	1,05
Average Sales Volume per Employee	695.108,96	78.516,61	118.209,13	190.398,75
Average Cost per Employee	35.700,00	15.294,39	20.499,91	26.644,87
Assets Turnover	4,02	0,79	1,23	1,81
Inventory Turnover (days)	26	49	144	302
RESULTS RATIOS
Return on Assets (ROA) (%)	9,25	0,56	2,95	6,20
Operating Profitability (%)	9,25	2,02	5,27	9,04
Return on Equity (ROE) (%)	20,49	0,39	5,98	17,35

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.00
UK Pound	1	Rs.83.54
Euro	1	Rs.68.40

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.