Company name & address

Company summary

Financial data

Company name & address

Company summary

Financial data

MIRA INFORM REPORT

MIRA INFORM REPORT

Unit

Report Date :

04.12.2012

IDENTIFICATION DETAILS

Name :	MSA, A.S.

Formerly Known As :	SIGMA DOLNÍ BENEŠOV A.S.

Registered Office :	Hlučínská 41, 747 22 Dolní Benešov

Country :	Czech Republic

Financials (as on) :	31.12.2011

Date of Incorporation :	30.04.1992

Com. Reg. No.:	B/388

Legal Form :	Public limited company

Line of Business :	Manufacture of other taps and valves

No. of Employees :	508 employees

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Czech Republic

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

Czech Republic - ECONOMIC OVERVIEW

The Czech Republic is a stable and prosperous market economy, which harmonized its laws and regulations with those of the EU prior to its EU accession in 2004. While the conservative, inward-looking Czech financial system has remained relatively healthy, the small, open, export-driven Czech economy remains sensitive to changes in the economic performance of its main export markets, especially Germany. When Western Europe and Germany fell into recession in late 2008, demand for Czech goods plunged, leading to double digit drops in industrial production and exports. As a result, real GDP fell 4.7% in 2009, with most of the decline occurring during the first quarter. Real GDP, however, has slowly recovered with positive quarter-on-quarter growth starting in the second half of 2009 and continuing throughout 2011. The auto industry remains the largest single industry, and, together with its upstream suppliers, accounts for nearly 24% of Czech manufacturing. The Czech Republic produced more than a million cars for the first time in 2010, over 80% of which were exported. Foreign and domestic businesses alike voice concerns about corruption especially in public procurement. Other long term challenges include dealing with a rapidly aging population, funding an unsustainable pension and health care system, and diversifying away from manufacturing and toward a more high-tech, services-based, knowledge economy.

Source : CIA

MSA, A.S.

Hlučínská 41
747 22 Dolní Benešov
telephone: 00420/ 553 881 111
telefax: 00420/ 553 881 200
e-mail: sales@msa.cz
Web: www.msa.cz

Company development

Stagnant business development

Order situation	Satisfactory course of business
Terms of payment	mostly within agreed terms, but partly also delayed

Business connection

Business connections are not denied


Legal form	Public limited company

Foundation	30/04/1992 - Public limited company
Comp. Register	30/04/1992, Krajský soud v Ostravě, RegNr.: B/388 Statistical number: 45192278 Tax number: CZ45192278

Share Capital	30/04/1992	CZK	868 711 000,-
	05/01/1993	CZK	898 008 000,-

	02/05/2000	CZK	609 723 000,-
	23/09/2003	CZK	384 125 490,-

	02/02/2005	CZK	11 508 740,-
	23/08/2005	CZK	23 019 480,-

27/04/2011		CZK	351 172 170,-
	1 534 632 pc of common registered shares in documentary form at nominal value of CZK 15,- 3 646 141 pc of common registered shares in documentary form at nominal value of CZK 90,-

Main Shareholder	Joint Stock Company Chelyabinsk Tube-Rolling Plant Mashinostroiteley 21, 454129 Chelyabinsk, Russia		%	100
Board of Directors		Ivan Neuwirth (08.11.1975) Pri Pile 531/2, 90043 Hamuliakovo, Slovakia chairman Tel:00420/ 553 881 196 E-mail:ivan.neuwirth@msa.cz

	Vladimir Kononov (02.02.1973) ulice Metallurgov 14 A 1, Orel, Russia
Supervisory Board	Olga Valerievna Naumova (30.06.1972) Kotelnicheskaya naberezhnaya 1/15, budova "B", byt 284, Moskva, Russia chairman of supervisory board

	Marina Mikhailovna Chupakhina B.Cheremushkinskaya ulice 16, byt 43, 117447 Moskva, Russia
	Štěpánka Kubincová (06.07.1966) Petra Bezruče 453, 747 22 Dolní Benešov

General Data		Manufacture and sale of industrial fixtures: round taps, slide-valves, lids, valves manufactured in compliance with the norms ČSN, API, ANSI, DIN and GOST, special fixtures stipulated above all for app- lication in nuclear energetics.
	Main activity: Manufacture of other taps and valves		(28.14)

	Former name(s) Sigma Dolní Benešov a.s. Beginning of validity: 30.04.1992 End of validity: 05.01.1993
	Trade name(s) MSA, a.s. Beginning of validity: 05.01.1993

	Export: Iran South Korea Russia Germany China Romania India Indonesia	82%
	Import: Germany Italy Great Britain

	General contacts: telephone: 00420/ 553 881 111 telefax: 00420/ 553 881 200 e-mail: sales@msa.cz Web: www.msa.cz
	Address: Hlučínská 41, 747 22 Dolní Benešov

Staff	2009	586 employees
	2010	558 employees

	2011	508 employees
	2012	508 employees

Annual Sales	2005	actual sales	CZK	1 130 125 000,-
	2006	actual sales	CZK	1 720 807 000,-

	2007	actual sales	CZK	1 424 729 000,-
	2008	actual sales	CZK	1 505 571 000,-

	2009	actual sales	CZK	1 376 685 000,-
	2010	actual sales	CZK	1 088 697 000,-

	2011		actual sales	CZK	1 189 001 000,-
Property		Property of the company: Business premises (verified in the real estate registry) CZ-747 22 Dolní Benešov, Hlučínská 641

Balance sheets

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

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

Auditor	Deloitte Audit s.r.o. (Statistical number: 49620592) Karolinská 654/2, 186 00 Praha 8, Karlín
Remarks		All the sources of negative data accessible to public (insolvency registers, databases of debtors of health insurance institutions, commercial bulletin, collection database of Creditreform and others) are currently monitored.

	Business management: Dr. Ivan Neuwirth – chairman of the Board of Directors Ing. Otto Janda – executive Vladimír Kononov – financial director, phone: 00420/ 553 881 187, e-mail: vladimir.kononov@msa.cz Marie Teslevičová, DiS. – human source director, phone: 553 881 650, e-mail: marie.teslevicova@msa.cz Ing. Jan Halfar – technical director Roman Baláž – business director Ing. Martin Sněhota – director for purchase Subsidiaries: - Opravárenský závod, MSA, s.r.o., IČ 62 30 19 26, Hlučínská 41, 747 22 Dolní Benešov, share 70% - ZPA MORAVIA s.r.o., IČ 268 58 282, Hlučínská 41, 747 22 Dolní Benešov, share 35% - MSA Slovakia s.r.o., Prievozská 2/A , 821 09 Bratislava, Slovakia, share 100% - MSA ALLPORT ENGINEERING EQUIPMENTS PRIVATE LIMITED, A 213-214 Som Dutt Chamber-1, Bikaji Cama Place, New Delhi, Delhi-110066, India, share 50% - ,,LOZNICA-GAS" A.D. Loznica, ul. Vojvode Mišića br. 4 Loznica, Serbia, share 20% The company MSA, a.s., IČ: 45192278, is the successor company – in connection with fusion by merger – of the companies ASM Holding, a.s., IČ: 27417671 and MSA Holding, a.s., IČ: 27415716. To the company MSA, a.s., property of the disappearing companies ASM Holding a.s. and MSA Holding, a.s. has been transferred. Record date of the fusion is April 3, 2007. Here are some data from the final account for the year 2011 (in thousand CZK) Total assets 836 430 - Long-term assets 221 473 - Provisions 291 140 - Short-term recievables 220 377 Total liabilities 836 430 - Equity capital 340 916 - Third party sources 495 271 Profit and Loss account - Revenues from sale of proper products, goods and services 1 189 001 - Profit/Loss - 51 140 To the final account for the year 2011, the auditor has expressed following opinion with reservation: The company has shown, as of December 31, 2011 provisions at the value of CZK 293 452 thousand, which consist of gross value of CZK 321 828 thousand and of rectifying items amounting to CZK 28 386 thousand. Company management holds the value of the rectifying item to be sufficient, namely in spite of the fact that the provisions include the items without any movement of more than one year – exceeding the value of CZK 144 983 thousand. The inquired company disposes just of restricted proving information concerning correctness of value of rectifying items to provisions as of 31.12.2011 and 31.12.2010 and the impact of the rectifying item to profit/Loss of the years 2011 and 2010. Contact: Ing. Margarita Bizyanova – assistant of economic and financial director, phone: 00420/ 553 541 174, mobile phone: 00420/ 775 096 588, e-mail: margarita.bizyanova@msa.cz
Bankers	Československá obchodní banka, a. s. Volksbank CZ, a.s. UniCredit Bank Czech Republic, a.s.	(0300) (6800) (2700)

	balance	31.12.2008 (CZK)	31.12.2009 (CZK)	31.12.2010 (CZK)	31.12.2011 (CZK)
r1	TOTAL ASSETS	1 201 354 000	973 716 000	960 560 000	836 430 000
r2	Receivables for subscriptions	0	0	0	0
r3	Fixed assets	322 430 000	288 763 000	274 101 000	221 473 000
r4	Intangible fixed assets	3 475 000	1 720 000	414 000	500 000
r5	Incorporation expenses		0
r6	Research and development		0
r7	Software	3 475 000	1 720 000	414 000	243 000
r8	Valuable rights		0
r9	Goodwill		0
r10	Other intangible fixed assets		0
r11	Intangible fixed assets under construction		0		257 000
r12	Advance payments for intangible fixed assets		0
r13	Tangible fixed assets	311 293 000	259 439 000	245 792 000	209 307 000
r14	Lands	17 500 000	17 500 000	17 500 000	10 863 000
r15	Constructions	180 341 000	174 561 000	169 031 000	129 083 000
r16	Equipment	49 837 000	40 487 000	55 284 000	54 480 000
r17	Perennial corps		0
r18	Breeding and draught animals		0
r19	Other tangible fixed assets	21 903 000	22 808 000	18 000	18 000
r20	Tangible fixed assets under construction	41 212 000	3 080 000	3 959 000	11 504 000
r21	Advance payments for tangible fixed assets	500 000	1 003 000		3 359 000
r22	Adjustment to acquired assets		0
r23	Long-term financial assets	7 662 000	27 604 000	27 895 000	11 666 000
r24	Shares in controlled and managed organizations	7 546 000	11 007 000	11 374 000	11 446 000
r25	Shares in accounting units with substantial influence	97 000	16 597 000	16 521 000	220 000
r26	Other securities and shares		0
r27	Loans to controlled and managed organizations and to accounting unit with substantial influence		0
r28	Other financial investments		0
r29	Financial investments acquired	19 000	0
r30	Advance payments for long-term financial assets		0
r31	Current assets	870 447 000	675 952 000	678 629 000	609 442 000
r32	Inventory	495 683 000	372 956 000	335 449 000	291 140 000
r33	Materials	301 018 000	197 454 000	184 838 000	165 783 000
r34	Work in progress and semi-products	139 287 000	130 583 000	91 783 000	103 900 000
r35	Finished products	54 194 000	43 304 000	56 453 000	16 409 000
r36	Animals		0
r37	Merchandise	1 128 000	1 615 000	2 343 000	1 993 000
r38	Advance payments for inventory	56 000	0	32 000	3 055 000
r39	Long-term receivables	0	0	0	1 927 000
r40	Trade receivables		0		1 927 000
r41	Receivables from controlled and managed organizations		0
r42	Receivables from accounting units with substantial influence		0
r43	Receivables from partners, cooperative members and association members		0
r44	Long-term deposits given		0
r45	Estimated receivable		0
r46	Other receivables		0
r47	Deferred tax receivable		0
r48	Short-term receivables	335 212 000	241 323 000	289 141 000	220 377 000
r49	Trade receivables	133 495 000	184 144 000	261 621 000	204 821 000
r50	Receivables from controlled and managed organizations	183 490 000	44 503 000	3 274 000
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	13 660 000	6 407 000	21 708 000	12 668 000
r55	Short-term deposits given	3 994 000	5 239 000	843 000	701 000
r56	Estimated receivable	263 000	641 000	833 000	679 000
r57	Other receivables	310 000	389 000	862 000	1 508 000
r58	Short-term financial assets	39 552 000	61 673 000	54 039 000	95 998 000
r59	Cash	113 000	55 000	171 000	115 000
r60	Bank accounts	39 439 000	61 618 000	53 868 000	95 883 000
r61	Short-term securities and ownership interests		0
r62	Short-term financial assets acquired		0
r63	Accruals	8 477 000	9 001 000	7 830 000	5 515 000
r64	Deferred expenses	8 461 000	8 599 000	7 829 000	5 514 000
r65	Complex deferred costs		0
r66	Deferred income	16 000	402 000	1 000	1 000
r67	TOTAL LIABILITIES	1 201 354 000	973 716 000	960 560 000	836 430 000
r68	Equity	138 233 000	197 313 000	74 976 000	340 916 000
r69	Registered capital	23 019 000	23 019 000	23 019 000	351 172 000
r70	Registered capital	23 019 000	23 019 000	23 019 000	351 172 000
r71	Company’s own shares and ownership interests (-)		0
r72	Changes of registered capital ( +/- )		0
r73	Capital funds	-463 256 000	-443 911 000	-443 659 000	-454 732 000
r74	Share premium		0
r75	Other capital funds	94 000	93 000	93 000	5 198 000
r76	Differences from revaluation of assets and liabilities ( +/- )	38 000	19 384 000	19 636 000	3 458 000
r77	Differences from revaluation in transformation ( +/- )	-463 388 000	-463 388 000	-463 388 000	-463 388 000
r78	Reserve funds, statutory reserve account for cooperatives, and other retained earnings	326 372 000	326 372 000	326 372 000	326 372 000
r79	Legal reserve fund / indivisible fund	100 986 000	100 986 000	100 986 000	100 986 000
r80	Statutory and other funds	225 386 000	225 386 000	225 386 000	225 386 000
r81	Profit / loss - previous years	242 488 000	252 098 000	291 833 000	169 244 000
r82	Retained earnings from previous years	262 383 000	271 993 000	291 833 000	169 244 000
r83	Accumulated losses from previous years	-19 895 000	-19 895 000
r84	Profit / loss - current year (+/-)	9 610 000	39 735 000	-122 589 000	-51 140 000
r85	Liabilities	1 063 020 000	775 487 000	885 461 000	495 271 000
r86	Reserves	50 478 000	6 847 000	7 762 000	8 013 000
r87	Reserves under special statutory regulations	44 835 000	0
r88	Reserves for pension and similar payables		0
r89	Income tax reserves		0
r90	Other reserves	5 643 000	6 847 000	7 762 000	8 013 000
r91	Long-term payables	0	0	0	1 217 000
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		0
r97	Issues bonds		0
r98	Long-term notes payables		0
r99	Estimated payables		0
r100	Other payables		0		1 217 000
r101	Deferred tax liability		0
r102	Short-term payables	725 994 000	668 640 000	817 699 000	426 041 000
r103	Trade payables	254 984 000	242 558 000	269 326 000	237 988 000
r104	Payables to controlled and managed organizations	292 992 000	305 343 000	422 162 000	101 385 000
r105	Payables to accounting units with substantial influence		0
r106	Payables from partners, cooperative members and association members		0
r107	Payroll	11 627 000	11 114 000	11 783 000	10 478 000
r108	Payables to social securities and health insurance	6 676 000	5 904 000	7 021 000	5 642 000
r109	Due from state - tax liabilities and subsidies	1 614 000	16 004 000	3 528 000	1 224 000
r110	Short-term deposits received	66 845 000	9 503 000	19 876 000	15 717 000
r111	Issues bonds		0
r112	Estimated payables	32 473 000	35 458 000	41 369 000	17 525 000
r113	Other payables	58 783 000	42 756 000	42 634 000	36 082 000
r114	Bank loans and financial accommodations	286 548 000	100 000 000	60 000 000	60 000 000
r115	Long-term bank loans	0	0	0	0
r116	Short-term bank loans	286 548 000	100 000 000	60 000 000	60 000 000
r117	Short-term accommodations	0	0	0	0
r118	Accruals	101 000	916 000	123 000	243 000
r119	Accrued expenses	100 000	916 000	123 000	243 000
r120	Deferred revenues	1 000	0

	profit/loss account	31.12.2008 (CZK)	31.12.2009 (CZK)	31.12.2010 (CZK)	31.12.2011 (CZK)
a1	Turnover	1 505 571 000	1 376 685 000	1 088 697 000	1 189 001 000
a2	Revenues from sold goods	22 137 000	31 202 000	20 534 000	21 398 000
a3	Expenses on sold goods	21 270 000	28 380 000	18 159 000	19 239 000
a4	Sale margin	867 000	2 822 000	2 375 000	2 159 000
a5	Production	1 471 605 000	1 337 070 000	1 082 776 000	1 157 985 000
a6	Revenues from own products and services	1 483 434 000	1 345 483 000	1 068 163 000	1 167 603 000
a7	Change in inventory of own products	-82 320 000	-20 152 000	-24 512 000	-28 278 000
a8	Capitalization	70 491 000	11 739 000	39 125 000	18 660 000
a9	Production consumption	1 141 481 000	1 028 842 000	929 924 000	989 601 000
a10	Consumption of material and energy	927 626 000	837 425 000	765 132 000	839 445 000
a11	Services	213 855 000	191 417 000	164 792 000	150 156 000
a12	Added value	330 991 000	311 050 000	155 227 000	170 543 000
a13	Personnel expenses	239 661 000	232 566 000	212 922 000	200 868 000
a14	Wages and salaries	169 153 000	165 508 000	152 063 000	147 179 000
a15	Renumeration of board members	4 703 000	4 837 000	5 280 000	765 000
a16	Social security expenses and health insurance	59 268 000	55 134 000	51 156 000	48 893 000
a17	Other social expenses	6 537 000	7 087 000	4 423 000	4 031 000
a18	Taxes and fees	857 000	716 000	1 278 000	1 918 000
a19	Depreciations of intangible and tangible assets	26 681 000	25 584 000	24 429 000	20 327 000
a20	Revenues from disposals of fixed assets and materials	41 705 000	52 639 000	23 809 000	54 802 000
a21	Revenues from disposals of fixed assets	19 783 000	43 257 000	5 174 000	28 111 000
a22	Revenues from disposals of materials	21 922 000	9 382 000	18 635 000	26 691 000
a23	Net book value of disposed fixed assets and materials	21 319 000	38 713 000	5 824 000	57 897 000
a24	Net book value of sold fixed assets	19 204 000	38 006 000	3 419 000	40 567 000
a25	Net book value of sold material	2 115 000	707 000	2 405 000	17 330 000
a26	Change in operating reserves and adjustments and complex deferred costs ( + / - )	-5 749 000	-46 967 000	7 149 000	-3 491 000
a27	Other operating revenues	12 852 000	188 331 000	112 824 000	14 394 000
a28	Other operating expenses	15 928 000	188 050 000	107 775 000	4 171 000
a29	Transfer of operating revenues		0
a30	Transfer of operating expenses		0
a31	Operating profit / loss	86 851 000	113 358 000	-67 517 000	-41 951 000
a32	Revenues from sales of securities and ownership interests		0
a33	Sold securities and ownership interests		0
a34	Revenues from long-term financial assets	700 000	700 000
a35	Revenues from shares in controlled and managed organizations and in accounting units with substantial influence	700 000	700 000
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		0
a39	Expenses associated with financial assets		0
a40	Revenues from revaluation of securities and derivatives	7 097 000	15 739 000
a41	Cost of revaluation of securities and derivatives	33 949 000	0
a42	Change in financial reserves and adjustments ( + / - )	49 000	-470 000		52 000
a43	Interest revenues	568 000	366 000	134 000	124 000
a44	Interest expenses	49 396 000	46 276 000	37 139 000	13 536 000
a45	Other financial revenues	201 010 000	130 545 000	103 769 000	45 513 000
a46	Other financial expenses	155 193 000	160 332 000	122 849 000	41 238 000
a47	Transfer of financial revenues		0
a48	Transfer of financial expenses		0
a49	Profit / loss from financial operations ( transactions )	-29 212 000	-58 788 000	-56 085 000	-9 189 000
a50	Income tax on ordinary income	-879 000	14 835 000	-1 013 000	0
a51	Due tax	-879 000	14 835 000	-1 013 000
a52	Tax deferred		0
a53	Operating profit / loss ordinary activity	58 518 000	39 735 000	-122 589 000	-51 140 000
a54	Extraordinary revenues	1 413 000	0
a55	Extraordinary expenses	50 321 000	0
a56	Income tax on extraordinary income		0
a57	Due tax		0
a58	Tax deferred		0
a59	Operating profit / loss extraordinary activity	-48 908 000	0	0	0
a60	Transfer profit ( loss ) to partners (+/-)		0
a61	Profit / loss of current accounting period (+/-)	9 610 000	39 735 000	-122 589 000	-51 140 000
a62	Profit / loss before tax (+/-)	8 731 000	54 570 000	-123 602 000	-51 140 000
	Operating cash flow	125 907 000	189 661 000	-40 647 000	40 472 000
	Investment cash flow	-61 659 000	31 951 000	-7 236 000	4 232 000
	Financial cash flow	-63 317 000	-199 491 000	40 249 000	-11 132 000
	Receivables after due date total		42 353 000	29 646 000	43 721 000
	Liabilities after due date total		87 321 000	124 315 000	63 949 000
	Liabilities more than 180 days after due date	403 000

Balance indices		31.12.2008	31.12.2009	31.12.2010	31.12.2011
Return on total assets ROA (in %)	a62/r1 * 100	0,73	5,60	-12,87	-6,11
Return on equity ROE (in %)	a62/r68 * 100	6,32	27,66	-164,86	-15,00
Return on sales ROS (in %)	a62/a1 * 100	0,58	3,96	-11,35	-4,30
Turnover of receivables (in days)	r49/a1 * 365	32,36	48,82	87,71	62,88
Turnover of liabilities (in days)	r103/a1 * 365	61,82	64,31	90,30	73,06
Turnover of inventories (days)	r32/a1 * 365	120,17	98,88	112,46	89,37
Net working capital (in ths. CZK)	r31 - r102 - r116 - r117	-142 095,00	-92 688,00	-199 070,00	123 401,00
Ratio of accounts payable to accounts receivable (in %)	(r39+r48) / (r91+r102) * 100	46,17	36,09	35,36	52,03
Ratio of profit/loss to tangible assets (in%)	r3 / a1 * 100	21,42	20,98	25,18	18,63
Current ratio	r31 / (r102+r116+r117)	0,86	0,88	0,77	1,25
Quick ratio	(r58+r48) / (r102+r116+r117)	0,37	0,39	0,39	0,65
Cash ratio	r58 / (r102+r116+r117)	0,04	0,08	0,06	0,20
Debt ratio I (in %)	(1-r68/r67) * 100	88,49	79,74	92,19	59,24
Debt ratio II (in %)	r85/r67 * 100	88,49	79,64	92,18	59,21

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.56
UK Pound	1	Rs.87.45
Euro	1	Rs.71.08

INFORMATION DETAILS

Report Prepared by :

NLM

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.

Copyright: 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.