MIRA INFORM REPORT

Report Date :

17.08.2012

IDENTIFICATION DETAILS

Name :	DEZA, A.S.

Registered Office :	Masarykova 753, 757 28 Valašské Meziříčí

Country :	Czech Republic

Financials (as on) :	31.12.2011

Date of Incorporation :	29.12.1990

Legal Form :	Public limited company

Line of Business :	Manufacture of other organic basic chemicals

No. of Employees :	980

RATING & COMMENTS

MIRA’s Rating :

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^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Czech Republic

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

company name and address

DEZA, a.s.

Masarykova 753
757 28 Valašské Meziříčí

telephone: 00420/ 571 691 111
telefax: 00420/ 571 611 546
e-mail: info@deza.cz
Web: www.deza.cz

Company development

Positive company development

(20)

Order situation	Good order situation	(20)
Terms of payment	mostly no complaints, but occasional delays / reminders	(31)

Business connection	Business connections are permissible	(21)


Legal form	Public limited company

Foundation	29/12/1990 - Public limited company
Comp. Register	29/12/1990, Krajský soud v Ostravě, RegNr.: B/120 Statistical number: 00011835 Tax number: CZ00011835

Share Capital		29/12/1990		CZK	818 096 000,-
	11/12/1992		CZK			1 101 025 000,-

		1.101 pc of common nominative shares at nominal value of CZK 1.000.000,- 02 pc of common nominative shares at nominal value of CZK 10.000,- 01 pc of common nominative shares at nominal value of CZK 5.000,- - in documentary form
Main Shareholder	AGROFERT HOLDING, a.s. (Statistical number: 26185610) Pyšelská 2327/2, 149 00 Praha 4		%	100

Board of Directors	Ing. Zbyněk Průša (06.12.1953) Sluneční 2355, 755 01 Rožnov pod Radhoštěm chairman Tel:00420/ 571 692 101 E-mail:z.prusa@deza.cz
	Ing. Karel Jiříček (23.06.1942) Sluneční 2408, 756 61 Rožnov pod Radhoštěm vice-chairman

	Ing. Martin Marek (29.01.1970) Horní Dráhy 2701, 756 61 Rožnov pod Radhoštěm
Supervisory Board	Ing. Oldřich Konečný, MBA (02.06.1966) Sušilova 490, 769 01 Holešov chairman Tel:00420/ 581 252 270

	Ing. Karel Vabroušek (22.08.1969) Jabloňová 1920, 274 01 Slaný vice-chairman
	Ing. Marta Bezděková (07.05.1963) Ve Stráni 690, 757 01 Valašské Meziříčí

General Data		Manufacture of basic and auxiliary products made of raw tar, manufacture of phthalate plasticizers, processing raw benzole, manufacture and distribution of heat and electricity.
	Main activity: Manufacture of other organic basic chemicals		(20.14)

	Historical name DEZA, akciová společnost Beginning of validity: 29.12.1990 End of validity: 06.08.2001
	Trade name(s) DEZA, a.s. Beginning of validity: 06.08.2001

	Export: Italy Germany Poland India Ukraine Slovakia France	61%
	Import: Poland Ukraine


	Address: Masarykova 753, 757 28 Valašské Meziříčí Beginning of validity: 17.07.1997 telephone: 00420/ 571 691 111 telefax: 00420/ 571 611 546 e-mail: info@deza.cz Web: www.deza.cz

	75727 Valašské Meziřící Beginning of validity: 29.12.1990 End of validity: 03.09.1993
	Hřbitovní 753, 75728 Valašské Meziříčí Beginning of validity: 03.09.1993 End of validity: 17.07.1997

		Branch of the business: Tomáše Bati 1764, 765 02 Otrokovice telephone: 00420/ 577 111 611
Staff	2006		1069 employees

	2007	1071 employees
	2008	1081 employees

	2009	1011 employees
	2010	963 employees

	2011	968 employees
	2012	980 employees

Annual Sales	2005	actual sales	CZK	7 204 510 000,-
	2006	actual sales	CZK	7 976 791 000,-

	2007	actual sales	CZK	8 660 134 000,-
	2008	actual sales	CZK	8 994 596 000,-

	2009	actual sales	CZK	5 166 488 000,-
	2010	actual sales	CZK	7 585 128 000,-

	2011		actual sales	CZK	8 896 593 000,-
Property		Property of the company: Business premises (verified in the real estate registry) CZ-757 28 Valašské Meziříčí - Krásno nad Bečvou, Masarykova 753 Property of the company: Business premises (verified in the real estate registry) CZ-765 02 Otrokovice, K. Čapka 1764

Balance sheets

The enclosed balance of 2011 from business register, it is authenticated by the auditor. (31.12.2011 - 1 CZK)
The enclosed balance of 2010 from business register, it is authenticated by the auditor. (31.12.2010 - 1 CZK)
The enclosed balance of 2009 company's own data, it is authenticated by the auditor. (31.12.2009 - 1 CZK)
The enclosed balance of 2008. (31.12.2008 - 1 CZK)

The enclosed profit/loss account of 2011 from business register, it is authenticated by the auditor. (31.12.2011 - 1 CZK)
The enclosed profit/loss account of 2010 from business register, it is authenticated by the auditor. (31.12.2010 - 1 CZK)
The enclosed profit/loss account of 2009 company's own data, it is authenticated by the auditor. (31.12.2009 - 1 CZK)
The enclosed profit/loss account of 2008. (31.12.2008 - 1 CZK)

Auditor	PricewaterhouseCoopers Audit, s.r.o. (Statistical number: 40765521) Kateřinská 40/466, 120 00 Praha 2
Remarks		The company is a holder of ISO 9001 certificate. All the sources of negative data accessible to public

	Business management: Ing. Zbyněk Průša – general director Ing. Daniel Hruška – director for finance, economy and property administration, phone: 00420/ 571 692 401, e-mail: d.hruska@deza.cz Ing. Martin Marek – business section director Ing. Ladislav Haiker – staff director Ing. Pavel Pustějovský – production director The company is a part of the consolidation complex Agrofert Holding. Subsidiaries: - TK DEZA Valašské Meziříčí spol. s r.o., IČ 64087247, Kouty 26, 757 01 Valašké Meziříčí, share 65% - CS CABOT, spol. s r.o., IČ 14612411, Masarykova 753, 757 27 Valašské Meziříčí, share 48% - DEZA POLSKA Sp. z o.o., Bytomska 9, Szcecin, Poland, share 100% To the inquired company as to the successor company, property of the company AGROBOHEMIE a.s., IČ 63078121 as of the disappearing company has been transferred; the latter cited company was dissolved without liquidation. The transfer was performed on the basis of fusion by merger from May 14, 2008 j Record date of the fusion was stipulated for 1.1.2008. Contact: Ing. J. Gvozdek – economic department chief, phone 00420/ 571 692 421 Ing. Jaroslav Obermajer, Ph.D. – press spokesman phone 00420/ 571 692 347
Bankers	Komerční banka, a.s. Citibank Europe plc, organizační složka HSBC Bank plc - pobočka Praha The Royal Bank of Scotland N.V. UniCredit Bank Czech Republic, a.s.	(0100) (2600) (8150) (5400) (2700)

Copyright: Creditreform s.r.o. Praha		This information is addressed exclusively to the addressee. Contractor obligates to provide updated information. Although it is always put maximum effort to collect actual and exact information, it is not confirmed as delinquency if there are particular inaccurateness contained within the information, which are not considered as essential in terms of the objective for which the information is provided to the addressee. Contractor and recipient conform to the rules of the Name and Description Security Act, Nub.101/2000. According to the Name and Description Security Act, recipient has the right to process or to use forwarding data only for the purpose for which information has been sent to the recipient. Usage for other purpose is acceptable only in case referring to valid regulations of the above mentioned act.
	balance		31.12.2008 (CZK)	31.12.2009 (CZK)	31.12.2010 (CZK)	31.12.2011 (CZK)
r1	TOTAL ASSETS		6 830 737 000	4 411 221 000	4 642 145 000	5 216 660 000
r2	Receivables for subscriptions		0		0	0
r3	Fixed assets		4 812 522 000	2 628 135 000	2 663 333 000	2 702 501 000
r4	Intangible fixed assets		3 468 000	7 330 000	15 812 000	72 917 000
r5	Incorporation expenses					0
r6	Research and development					0
r7	Software		512 000	336 000	265 000	300 000
r8	Valuable rights		2 956 000	2 247 000	1 543 000	36 037 000
r9	Goodwill					0
r10	Other intangible fixed assets			4 747 000	14 004 000	33 621 000
r11	Intangible fixed assets under construction					2 959 000
r12	Advance payments for intangible fixed assets					0
r13	Tangible fixed assets		2 496 512 000	2 294 430 000	2 324 358 000	2 335 781 000
r14	Lands		99 707 000	97 328 000	97 267 000	97 576 000
r15	Constructions		1 030 349 000	1 019 089 000	1 008 021 000	980 470 000
r16	Equipment		1 280 171 000	1 160 888 000	1 092 067 000	1 047 795 000
r17	Perennial corps					136 000
r18	Breeding and draught animals					203 225 000
r19	Other tangible fixed assets		136 000	136 000	136 000	6 579 000
r20	Tangible fixed assets under construction		33 328 000	14 800 000	124 667 000	0
r21	Advance payments for tangible fixed assets		52 821 000	2 189 000	2 200 000	0
r22	Adjustment to acquired assets					0
r23	Long-term financial assets		2 312 542 000	326 375 000	323 163 000	293 803 000
r24	Shares in controlled and managed organizations		2 030 651 000	46 813 000	45 799 000	42 038 000
r25	Shares in accounting units with substantial influence		178 327 000	178 327 000	178 327 000	178 327 000
r26	Other securities and shares			1 000	1 000	1 000
r27	Loans to controlled and managed organizations and to accounting unit with substantial influence		1 750 000	0		73 437 000
r28	Other financial investments		101 814 000	101 234 000	99 036 000	0
r29	Financial investments acquired					0
r30	Advance payments for long-term financial assets					0
r31	Current assets		2 000 209 000	1 770 696 000	1 942 474 000	2 510 086 000
r32	Inventory		1 014 305 000	877 501 000	831 157 000	1 159 264 000
r33	Materials		319 921 000	385 418 000	336 046 000	539 891 000
r34	Work in progress and semi-products		323 331 000	221 893 000	181 918 000	248 341 000
r35	Finished products		370 155 000	265 525 000	285 445 000	345 319 000
r36	Animals					0
r37	Merchandise		898 000	376 000	435 000	148 000
r38	Advance payments for inventory			4 289 000	27 313 000	25 565 000
r39	Long-term receivables		38 387 000	9 123 000	8 397 000	7 096 000
r40	Trade receivables					5 281 000
r41	Receivables from controlled and managed organizations					1 815 000
r42	Receivables from accounting units with substantial influence					0
r43	Receivables from partners, cooperative members and association members					0
r44	Long-term deposits given		5 910 000	4 060 000	5 275 000	0
r45	Estimated receivable					0
r46	Other receivables		32 477 000	5 063 000	3 122 000	0
r47	Deferred tax receivable					0
r48	Short-term receivables		801 894 000	788 021 000	939 732 000	1 200 155 000
r49	Trade receivables		676 005 000	732 000 000	866 663 000	1 099 032 000
r50	Receivables from controlled and managed organizations		1 167 000	0		0
r51	Receivables from accounting units with substantial influence					0
r52	Receivables from partners, cooperative members and association members					0
r53	Receivables from social security and health insurance					0
r54	Due from state - tax receivable		54 648 000	10 501 000	14 730 000	43 997 000
r55	Short-term deposits given		39 346 000	24 272 000	25 216 000	55 720 000
r56	Estimated receivable		3 698 000	1 034 000	25 494 000	20 000
r57	Other receivables		27 030 000	20 214 000	7 629 000	1 386 000
r58	Short-term financial assets		145 623 000	96 051 000	163 188 000	143 571 000
r59	Cash		421 000	401 000	469 000	431 000
r60	Bank accounts		145 202 000	95 650 000	162 719 000	143 140 000
r61	Short-term securities and ownership interests					0
r62	Short-term financial assets acquired					0
r63	Accruals		18 006 000	12 390 000	36 338 000	4 073 000
r64	Deferred expenses		15 154 000	12 380 000	36 335 000	3 337 000
r65	Complex deferred costs		2 690 000	0		735 000
r66	Deferred income		162 000	10 000	3 000	1 000
r67	TOTAL LIABILITIES		6 830 737 000	4 411 221 000	4 642 145 000	5 216 660 000
r68	Equity		4 416 849 000	2 849 336 000	3 442 163 000	3 695 447 000
r69	Registered capital		1 101 025 000	1 101 025 000	1 101 025 000	1 101 025 000
r70	Registered capital		1 101 025 000	1 101 025 000	1 101 025 000	1 101 025 000
r71	Company’s own shares and ownership interests (-)					0
r72	Changes of registered capital ( +/- )					0
r73	Capital funds		-21 482 000	-21 977 000	-25 189 000	-31 631 000
r74	Share premium					0
r75	Other capital funds		15 198 000	15 552 000	15 552 000	15 552 000
r76	Differences from revaluation of assets and liabilities ( +/- )		-36 680 000	-37 529 000	-40 741 000	-47 183 000
r77	Differences from revaluation in transformation ( +/- )					0
r78	Reserve funds, statutory reserve account for cooperatives, and other retained earnings		221 393 000	221 086 000	220 896 000	220 755 000
r79	Legal reserve fund / indivisible fund		220 205 000	220 205 000	220 205 000	220 205 000
r80	Statutory and other funds		1 188 000	881 000	691 000	550 000
r81	Profit / loss - previous years		2 802 496 000	1 062 154 000	1 044 114 000	1 389 206 000
r82	Retained earnings from previous years		2 802 496 000	1 062 154 000	1 044 114 000	1 389 206 000
r83	Accumulated losses from previous years					0
r84	Profit / loss - current year (+/-)		313 417 000	487 048 000	1 101 317 000	1 016 092 000
r85	Other sources		2 380 826 000	1 523 433 000	1 176 212 000	1 454 518 000
r86	Reserves		332 736 000	248 270 000	213 801 000	226 426 000
r87	Reserves under special statutory regulations		274 069 000	245 904 000	88 242 000	28 709 000
r88	Reserves for pension and similar payables					0
r89	Income tax reserves		31 917 000	0	121 470 000	187 804 000
r90	Other reserves		26 750 000	2 366 000	4 089 000	9 913 000
r91	Long-term payables		385 821 000	302 094 000	237 635 000	208 275 000
r92	Trade payables					0
r93	Payables to controlled and managed organizations					0
r94	Payables to accounting units with substantial influence					0
r95	Payables from partners, cooperative members and association members					0
r96	Long-term advances received		11 849 000	0		0
r97	Issues bonds					0
r98	Long-term notes payables					0
r99	Estimated payables					0
r100	Other payables		223 796 000	137 273 000	47 836 000	30 218 000
r101	Deferred tax liability		150 176 000	164 821 000	189 799 000	178 057 000
r102	Short-term payables		501 422 000	585 535 000	686 192 000	794 443 000
r103	Trade payables		318 537 000	394 149 000	539 906 000	673 357 000
r104	Payables to controlled and managed organizations					0
r105	Payables to accounting units with substantial influence					0
r106	Payables from partners, cooperative members and association members		355 000	0		0
r107	Payroll		22 347 000	25 208 000	25 637 000	20 801 000
r108	Payables to social securities and health insurance		13 246 000	14 364 000	15 661 000	12 458 000
r109	Due from state - tax liabilities and subsidies		6 626 000	17 322 000	21 458 000	37 397 000
r110	Short-term deposits received		418 000	45 602 000	32 595 000	910 000
r111	Issues bonds					0
r112	Estimated payables		68 044 000	12 592 000	9 163 000	9 206 000
r113	Other payables		71 849 000	76 298 000	41 772 000	40 314 000
r114	Bank loans and financial accommodations		1 160 847 000	387 534 000	38 584 000	225 374 000
r115	Long-term bank loans		461 651 000	80 000 000	0	0
r116	Short-term bank loans		699 196 000	307 534 000	38 584 000	225 374 000
r117	Short-term accommodations		0		0	0
r118	Accruals		33 062 000	38 452 000	23 770 000	66 695 000
r119	Accrued expenses		33 062 000	38 452 000	23 770 000	66 695 000
r120	Deferred revenues					0

	profit/loss account		31.12.2008 (CZK)		31.12.2009 (CZK)		31.12.2010 (CZK)		31.12.2011 (CZK)
a1	Turnover		8 994 596 000		5 166 488 000		7 585 128 000		8 896 593 000
a2	Revenues from sold goods		804 551 000		7 052 000		6 563 000		7 386 000
a3	Expenses on sold goods		780 738 000		6 145 000		5 450 000		6 212 000
a4	Sale margin		23 813 000		907 000		1 113 000		1 174 000
a5	Production		8 429 242 000		4 797 692 000		7 563 082 000		9 070 807 000
a6	Revenues from own products and services		8 190 045 000		5 159 436 000		7 578 565 000		8 889 207 000
a7	Change in inventory of own products		210 543 000		-382 915 000		-40 416 000		141 187 000
a8	Capitalization		28 654 000		21 171 000		24 933 000		40 413 000
a9	Production consumption		6 798 662 000		4 126 214 000		5 885 233 000		7 147 263 000
a10	Consumption of material and energy		5 818 488 000		3 463 037 000		5 008 033 000		6 354 830 000
a11	Services		980 174 000		663 177 000		877 200 000		792 433 000
a12	Added value		1 654 393 000		672 385 000		1 678 962 000		1 924 718 000
a13	Personnel expenses		522 292 000		470 570 000		451 231 000		471 157 000
a14	Wages and salaries		387 653 000		355 453 000		331 439 000		347 561 000
a15	Renumeration of board members		814 000		135 000		153 000		144 000
a16	Social security expenses and health insurance		123 309 000		104 611 000		109 567 000		112 583 000
a17	Other social expenses		10 516 000		10 371 000		10 072 000		10 869 000
a18	Taxes and fees		5 689 000		5 816 000		5 219 000		5 231 000
a19	Depreciations of intangible and tangible assets		396 697 000		387 994 000		321 622 000		321 345 000
a20	Revenues from disposals of fixed assets and materials		134 026 000		92 965 000		55 882 000		20 573 000
a21	Revenues from disposals of fixed assets		108 396 000		76 682 000		34 454 000		498 000
a22	Revenues from disposals of materials		25 630 000		16 283 000		21 428 000		20 075 000
a23	Net book value of disposed fixed assets and materials		42 855 000		76 224 000		18 131 000		17 280 000
a24	Net book value of sold fixed assets		20 740 000		62 526 000		233 000		42 000
a25	Net book value of sold material		22 115 000		13 698 000		17 898 000		17 238 000
a26	Change in operating reserves and adjustments and complex deferred costs ( + / - )		280 119 000		-277 047 000		-165 448 000		5 486 000
a27	Other operating revenues		95 611 000		66 649 000		303 394 000		95 063 000
a28	Other operating expenses		190 274 000		101 083 000		331 960 000		130 185 000
a29	Transfer of operating revenues								0
a30	Transfer of operating expenses								0
a31	Operating profit / loss		446 104 000		67 359 000		1 075 523 000		1 089 670 000
a32	Revenues from sales of securities and ownership interests				2 047 571 000				0
a33	Sold securities and ownership interests				1 993 239 000				0
a34	Revenues from long-term financial assets		187 735 000		395 284 000		110 596 000		120 710 000
a35	Revenues from shares in controlled and managed organizations and in accounting units with substantial influence		187 735 000		395 284 000		110 596 000		120 710 000
a36	Revenues from others securities and ownership interests								0
a37	Revenues from other long-term financial assets								0
a38	Revenues from short-term financial assets		489 000		57 000		8 000		2 000
a39	Expenses associated with financial assets								0
a40	Revenues from revaluation of securities and derivatives		55 121 000		60 777 000		59 857 000		229 000
a41	Cost of revaluation of securities and derivatives		277 081 000		32 777 000		1 316 000		8 160 000
a42	Change in financial reserves and adjustments ( + / - )								0
a43	Interest revenues		5 550 000		1 849 000		662 000		547 000
a44	Interest expenses		76 710 000		26 147 000		3 613 000		2 321 000
a45	Other financial revenues		226 901 000		113 109 000		142 370 000		157 792 000
a46	Other financial expenses		213 680 000		131 939 000		140 147 000		133 116 000
a47	Transfer of financial revenues								0
a48	Transfer of financial expenses								0
a49	Profit / loss from financial operations ( transactions )		-91 675 000		434 545 000		168 417 000		135 683 000
a50	Income tax on ordinary income		41 012 000		14 856 000		147 904 000		209 261 000
a51	Due tax		93 043 000		211 000		122 926 000		221 003 000
a52	Tax deferred		-52 031 000		14 645 000		24 978 000		-11 742 000
a53	Operating profit / loss ordinary activity		313 417 000		487 048 000		1 096 036 000		1 016 092 000
a54	Extraordinary revenues						6 025 000		0
a55	Extraordinary expenses								0
a56	Income tax on extraordinary income						744 000		0
a57	Due tax						744 000		0
a58	Tax deferred								0
a59	Operating profit / loss extraordinary activity		0				5 281 000		0
a60	Transfer profit ( loss ) to partners (+/-)								0
a61	Profit / loss of current accounting period (+/-)		313 417 000		487 048 000		1 101 317 000		1 016 092 000
a62	Profit / loss before tax (+/-)		354 429 000		501 904 000		1 249 965 000		1 225 353 000
	Operating cash flow		1 169 493 000		985 571 000		1 287 957 000
	Investment cash flow		-1 082 374 000		-725 029 000		-465 876 000
	Financial cash flow		-109 026 000		-310 114 000		-754 944 000
	Receivables after due date total		166 745 000		91 612 000		110 546 000		145 368 000
	Liabilities after due date total		56 000		2 486 000		4 839 000		1 053 000
Balance indices				31.12.2008		31.12.2009		31.12.2010		31.12.2011
Return on total assets ROA (in %)		a62/r1 * 100		5,19		11,38		26,93		23,49
Return on equity ROE (in %)		a62/r68 * 100		8,02		17,61		36,31		33,16
Return on sales ROS (in %)		a62/a1 * 100		3,94		9,71		16,48		13,77
Turnover of receivables (in days)		r49/a1 * 365		27,43		51,71		41,70		45,09
Turnover of liabilities (in days)		r103/a1 * 365		12,93		27,85		25,98		27,63
Turnover of inventories (days)		r32/a1 * 365		41,16		61,99		40,00		47,56
Net working capital (in ths. CZK)		r31 - r102 - r116 - r117		799 591,00		877 627,00		1 217 698,00		1 490 269,00
Ratio of accounts payable to accounts receivable (in %)		(r39+r48) / (r91+r102) * 100		94,71		89,81		102,63		120,40
Ratio of profit/loss to tangible assets (in%)		r3 / a1 * 100		53,50		50,87		35,11		30,38
Current ratio		r31 / (r102+r116+r117)		1,67		1,98		2,68		2,46
Quick ratio		(r58+r48) / (r102+r116+r117)		0,79		0,99		1,52		1,32
Cash ratio		r58 / (r102+r116+r117)		0,12		0,11		0,23		0,14
Debt ratio I (in %)		(1-r68/r67) * 100		35,34		35,41		25,85		29,16
Debt ratio II (in %)		r85/r67 * 100		34,85		34,54		25,34		27,88

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.98
UK Pound	1	Rs.87.55
Euro	1	Rs.68.68

INFORMATION DETAILS

Report Prepared by :

PDT

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.

MIRA INFORM REPORT

company name and address

Unit