MIRA INFORM REPORT

 

 

Report Date :

28.06.2012

 

IDENTIFICATION DETAILS

 

Name :

TECNICOMAR S.P.A.

 

 

Registered Office :

Berbaro,  78,

91025- Marsala(TP)  

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

05.01.1987

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of purification and filtering liquids and gases equipment for non-domestic use

 

 

No. of Employees :

16 to 25 employees

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES:

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

 

ECGC Country Risk Classification List – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Italy

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company name & address 

 

Tecnicomar S.p.a.

 

Berbaro, 78

 

91025 - Marsala (TP) -IT-

 

 

Summary

 

Fiscal Code

:

01395700816

Legal Form

:

Joint stock company

start of Activities

:

06/02/1987

Equity

:

2.500.000

Turnover Range

:

2.250.000/3.000.000

Number of Employees

:

from 16 to 25

 

Activity

 

Manufacture of purification and filtering liquids and gases equipment for non-domestic use

 

Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 01395700816

 

Foreign Trade Reg. no. : TP000560 since 27/12/1991

 

Chamber of Commerce no. : 144421 of

 

Chamber of Commerce no. : 81642 of since 06/02/1987

 

V.A.T. Code : 01395700816

 

Establishment date

: 05/01/1987

Start of Activities

: 06/02/1987

Legal duration

: 31/12/2040

Nominal Capital

: 1.500.000

 

Subscribed Capital

: 1.500.000

 

Paid up Capital

: 1.500.000

 

 

Members

 

De Vita

Francesco

 

 

Born in Marsala

(TP)

on 20/05/1934

- Fiscal Code : DVTFNC34E20E974D

 

 

Residence:

 

Berbaro

, 78

- 91025

Marsala

(TP)

- IT -

 

Position

Since

Shares Amount

% Ownership

Technical Manager

 

 

 

Sole Director

30/05/2011

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Companies connected to members *

 

*checkings have been performed on a national scale.

In this module the companies in which members hold/held positions are listed.

 

The Members of the subject firm are not reported to be Members in other companies.

 

Capital Shareholders

 

Shareholders' list as at date of data collection:

 

Firm's Style / Name

Seat / Residence

Fiscal Code

Owned Shares

% Ownership

De Vita Francesco

Marsala - IT -

DVTFNC34E20E974D

499.950 .Eur

33,33

Maria Giuseppa

 

MRAGPP39B49E974M

499.950 .Eur

33,33

De Vita Enza Laura

 

DVTNLR71M50E974D

500.100 .Eur

33,33

 

Direct Participations

 

The Company under review has no participations in other Companies.

 

 

Firm's location and structure

 

In order to carry out its activities the firm uses the following locations:

 

-

Sede legale e di attivita'

 

 

 

 

 

 

Contrada

Berbaro

, 78

- 91025

- Marsala

(TP)

- IT -

 

 

 

 

TELEFONO

: 0923969409

 

 

 

 

FAX

: 0923960235

 

-

Unita' locale

(Officina)

since 07/06/2008

 

 

 

 

 

Contrada

Berbaro

, 145/D

- 91025

- Marsala

(TP)

- IT -

 

-

Unita' locale

(Deposito)

since 31/01/1998

 

 

 

 

 

Via

Michele Coppino

, 67

- 55049

- Viareggio

(LU)

- IT -

 

 

 

 

TELEFONO

: 0584395408

 

 

 

 

Employees

: 19

 

Fittings and Equipment for a value of 230.000

Eur

 

Stocks for a value of 290.000

Eur

 

 

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- distributors

 

- direct orders to foreign companies

Export represents from 20% to 50% of the global turnover.

Products abroad are placed by :

- importers

 

- direct orders from foreign companies

 

Export is mainly towards:

- France

 

- Italy

 

- Gabon

 

- Greece

 

- Belgium

 

Protests

 

Protests checking on the subject firm has given a negative result.

 

Data Base Prejudicial Events Search

 

Search performed on a National Scale

 

 

Prejudicial Events Search Result: NEGATIVE

 

Search performed on a specialized data base.

Legal Procedures

 

None reported, standing to the latest received edition of the Official Publications.

 

Financial and Economical Analysis

 

The subject has been acting for many years on local market.

Financial means are adequate and allow a normal fulfilment of

bonds towards third parties.

Subject is characterized by a corrected managment, which allows a

regular fulfiment of its own engagments.

No irregularities are registered.

Business relations are held in order.No remarks by common suppliers.

the financial period 2010 closed with a profit.

In the last financial year an increase in the turnover has been registered (+5,21%).

Financial Data

 

 

 

Complete balance-sheet for the year

31/12/2010

(in Eur

x 1)

 

Item Type

Value

Sales

2.810.697

Profit (Loss) for the period

97.331

 

 

 

Complete balance-sheet for the year

31/12/2009

(in Eur

x 1)

 

Item Type

Value

Sales

2.671.325

Profit (Loss) for the period

246.801

 

 

 

Complete balance-sheet for the year

31/12/2008

(in Eur

x 1)

 

Item Type

Value

Sales

3.695.717

Profit (Loss) for the period

319.994

 

 

 

Complete balance-sheet for the year

31/12/2007

(in Eur

x 1)

 

Item Type

Value

Sales

2.850.532

Profit (Loss) for the period

146.057

 

 

 

Complete balance-sheet for the year

31/12/2006

(in Eur

x 1)

 

Item Type

Value

Sales

2.757.740

Profit (Loss) for the period

153.662


Balance Sheets

From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.

 

- Balance Sheet as at 31/12/2010 - 12 Mesi - Currency: - Amounts x 1

 

- Balance Sheet as at 31/12/2009 - 12 Mesi - Currency: - Amounts x 1

 

- Balance Sheet as at 31/12/2008 - 12 Mesi - Currency: - Amounts x 1

 

Years

2010

2009

2008

BALANCE SHEET ACCOUNTS

 

ASSETS

 

 

 

CREDITS VS PARTNERS

 

 

 

. Deposits not yet withdrawn

 

 

 

. Deposits already withdrawn

 

 

 

Total credits vs partners

 

 

 

FIXED ASSETS

 

 

 

. INTANGIBLE FIXED ASSETS

 

 

 

. . Start-up and expansion expenses

4.969

1.214

 

. . Research,develop. and advert.expens.

2.450

3.441

3.112

. . Industrial patent rights

530

5.609

1.221

. . Concessions,licenses,trademarks,etc.

1.527

1.003

945

. . Goodwill

 

 

 

. . Assets in formation and advance paymen.

 

 

 

. . Other intangible fixed assets

15.467

8.146

11.398

. Total Intangible Fixed Assets

24.943

19.413

16.676

. TANGIBLE FIXED ASSETS

 

 

 

. . Real estate

1.826.210

1.892.904

1.957.282

. . Plant and machinery

221.083

252.683

280.130

. . Industrial and commercial equipment

8.250

14.665

22.107

. . Other assets

108.935

138.708

114.918

. . Assets under construction and advances

798.467

272.291

262.110

. Total Tangible fixed assets

2.962.945

2.571.251

2.636.547

. FINANCIAL FIXED ASSETS

 

 

 

. . Equity investments

2.331

2.331

2.331

. . . Equity invest. in subsidiary companies

 

 

 

. . . Equity invest. in associated companies

 

 

 

. . . Equity invest. in holding companies

 

 

 

. . . Equity invest. in other companies

2.331

2.331

2.331

. . Financial receivables

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . . Receivab due from subsidiaries

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . . Receivables due from assoc.comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . . Receivables due from holding comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . . Receivables due from third parties

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Other securities

 

 

 

. . Own shares

 

 

 

. . . Total nominal value

 

 

 

. Total financial fixed assets

2.331

2.331

2.331

Total fixed assets

2.990.219

2.592.995

2.655.554

CURRENT ASSETS

 

 

 

. INVENTORIES

 

 

 

. . Raw materials and other consumables

237.043

103.308

102.451

. . Work in progress and semimanufactured

18.349

3.268

2.648

. . Work in progress on order

 

 

 

. . Finished goods

35.629

13.085

3.068

. . Advance payments

 

1.880

3.928

. Total Inventories

291.021

121.541

112.095

. CREDITS NOT HELD AS FIXED ASSETS

 

 

 

. . Within 12 months

1.246.817

1.122.927

1.309.350

. . Beyond 12 months

350.260

29.081

31.346

. . Trade receivables

1.360.001

1.111.599

1.157.368

. . . . Within 12 months

1.013.929

1.082.880

1.126.649

. . . . Beyond 12 months

346.072

28.719

30.719

. . Receivables due from subsid. comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Receivables due from assoc. comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Receivables due from holding comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Fiscal Receivables

74.742

30.868

91.665

. . . . Within 12 months

74.742

30.868

91.665

. . . . Beyond 12 months

 

 

 

. . Receivables for anticipated taxes

82

225

430

. . . . Within 12 months

82

142

61

. . . . Beyond 12 months

 

83

369

. . Receivables due from third parties

162.252

9.316

91.233

. . . . Within 12 months

158.064

9.037

90.975

. . . . Beyond 12 months

4.188

279

258

. Total Credits not held as fixed assets

1.597.077

1.152.008

1.340.696

. FINANCIAL ASSETS

 

 

 

. . Equity invest. in subsidiary comp.

 

 

 

. . Equity invest. in associated companies

 

 

 

. . Equity invest. in holding companies

 

 

 

. . Other equity investments

 

 

 

. . Own shares

 

 

 

. . . Total nominale value

 

 

 

. . Other securities

 

 

 

. Total Financial Assets

 

 

 

. LIQUID FUNDS

 

 

 

. . Bank and post office deposits

118.022

222.922

129.676

. . Checks

 

 

135

. . Banknotes and coins

14.377

5.162

6.226

. Total Liquid funds

132.399

228.084

136.037

Total current assets

2.020.497

1.501.633

1.588.828

ADJUSTMENT ACCOUNTS

 

 

 

. Discount on loans

 

6.844

9.712

. Other adjustment accounts

9.900

 

 

Total adjustments accounts

9.900

6.844

9.712

TOTAL ASSETS

5.020.616

4.101.472

4.254.094

 

 

 

 

LIABILITIES

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

. Capital stock

1.500.000

900.000

900.000

. Additional paid-in capital

 

 

 

. Revaluation reserves

 

 

 

. Legal reserve

97.332

84.992

68.992

. Reserve for Own shares

 

 

 

. Statute reserves

 

 

 

. Other reserves

721.408

1.086.946

782.955

. Accumulated Profits (Losses)

 

 

 

. Profit( loss) of the year

97.331

246.801

319.994

. Advances on dividends

 

 

 

. Partial loss of the year Coverage

 

 

 

Total Stockholders'Equity

2.416.071

2.318.739

2.071.941

RESERVES FOR RISKS AND CHARGES

 

 

 

. . Reserve for employee termination indem.

 

 

 

. . Taxation fund, also differed

 

 

 

. . Other funds

 

 

 

Total Reserves for Risks and Charges

 

 

 

Employee termination indemnities

184.528

154.576

138.583

ACCOUNTS PAYABLE

 

 

 

. . . . Within 12 months

1.091.294

741.655

1.058.974

. . . . Beyond 12 months

1.237.445

777.778

859.263

. . Bonds

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Convertible bonds repayable

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to shareholders for financing

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to banks

83.422

25.930

186.459

. . . . Within 12 months

83.422

25.930

160.529

. . . . Beyond 12 months

 

 

25.930

. . Due to other providers of finance

1.394.167

888.889

944.444

. . . . Within 12 months

156.722

111.111

111.111

. . . . Beyond 12 months

1.237.445

777.778

833.333

. . Advances from customers

67.160

62.694

51.776

. . . . Within 12 months

67.160

62.694

51.776

. . . . Beyond 12 months

 

 

 

. . Trade payables

659.246

422.646

591.235

. . . . Within 12 months

659.246

422.646

591.235

. . . . Beyond 12 months

 

 

 

. . Securities issued

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to subsidiary companies

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to associated companies

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to holding companies

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to the tax authorities

44.458

41.841

60.750

. . . . Within 12 months

44.458

41.841

60.750

. . . . Beyond 12 months

 

 

 

. . Due to social security and welfare inst.

24.977

25.052

26.115

. . . . Within 12 months

24.977

25.052

26.115

. . . . Beyond 12 months

 

 

 

. . Other payables

55.309

52.381

57.458

. . . . Within 12 months

55.309

52.381

57.458

. . . . Beyond 12 months

 

 

 

Total accounts payable

2.328.739

1.519.433

1.918.237

ADJUSTMENT ACCOUNTS

 

 

 

. Agio on loans

 

 

 

. Other adjustment accounts

91.278

108.724

125.333

Total adjustment accounts

91.278

108.724

125.333

TOTAL LIABILITIES

5.020.616

4.101.472

4.254.094

 

 

 

 

 

 

MEMORANDUM ACCOUNTS

 

Third party goods

 

 

 

Investment accounts

 

 

 

Risk accounts

 

2.000.000

 

Civil and fiscal norms relation

 

 

 

 

 

 

 

 

 

PROFIT AND LOSS ACCOUNTS

 

VALUE OF PRODUCTION

 

 

 

. Revenues from sales and services

2.810.697

2.671.325

3.695.718

. Changes in work in progress

37.626

10.636

-13.743

. Changes in semi-manufact. products

 

 

 

. Capitalization of internal work

 

 

4.199

. Other income and revenues

93.021

84.811

61.822

. . Contributions for operating expenses

9.647

14.457

 

. . Different income and revenues

83.374

70.354

61.822

Total value of production

2.941.344

2.766.772

3.747.996

PRODUCTION COSTS

 

 

 

. Raw material,other materials and consum.

1.366.495

1.101.904

1.846.958

. Services received

717.066

 

 

. Leases and rentals

 

459.110

535.431

. Payroll and related costs

543.748

541.331

521.871

. . Wages and salaries

398.087

390.792

374.318

. . Social security contributions

112.580

120.989

111.682

. . Employee termination indemnities

30.451

26.072

29.125

. . Pension and similar

130

1.835

 

. . Other costs

2.500

1.643

6.746

. Amortization and depreciation

165.865

162.063

153.404

. . Amortization of intangible fixed assets

14.440

14.794

6.005

. . Amortization of tangible fixed assets

144.591

141.669

141.583

. . Depreciation of tangible fixed assets

 

 

 

. . Writedown of current receiv.and of liquid

6.834

5.600

5.816

. Changes in raw materials

-133.735

-857

76.700

. Provisions to risk reserves

 

 

 

. Other provisions

 

 

 

. Other operating costs

47.726

41.155

48.380

Total production costs

2.707.165

2.304.706

3.182.744

Diff. between value and cost of product.

234.179

462.066

565.252

FINANCIAL INCOME AND EXPENSE

 

 

 

. Income from equity investments

 

 

 

. . In subsidiary companies

 

 

 

. . In associated companies

 

 

 

. . In other companies

 

 

 

. Other financial income

2.221

5.139

11.580

. . Financ.income from receivables

 

 

 

. . . Towards subsidiary companies

 

 

 

. . . Towards associated companies

 

 

 

. . . Towards holding companies

 

 

 

. . . Towards other companies

 

 

 

. . Financ.income from secur. t.f.assets

 

 

 

. . Financ.income from secur. cur.assets

 

 

7.122

. . Financ.income other than the above

 

5.139

4.458

. . . - Subsidiary companies

 

 

 

. . . - Associated companies

 

 

 

. . . - Holding companies

 

 

 

. . . - Other companies

 

5.139

4.458

. Interest and other financial expense

-47.589

-61.511

-75.374

. . Towards subsidiary companies

 

 

 

. . Towards associated companies

 

 

 

. . Towards holding companies

 

 

 

. . Towards other companies

 

61.511

75.374

Total financial income and expense

-45.368

-56.372

-63.794

ADJUSTMENTS TO FINANCIAL ASSETS

 

 

 

. Revaluations

 

 

 

. . Of equity investments

 

 

 

. . Of financ.fixed assets not repres.E.I.

 

 

 

. . Of securities incl.among current assets

 

 

 

. Devaluation

 

 

 

. . Of equity investments

 

 

 

. . Of financial fixed assets (no equity inv)

 

 

 

. . Of securities included among current ass

 

 

 

Total adjustments to financial assets

 

 

 

EXTRAORDINARY INCOME AND EXPENSE

 

 

 

. Extraordinary income

 

 

 

. . Gains on disposals

 

 

 

. . Other extraordinary income

 

 

 

. Extraordinary expense

-1

 

-15.000

. . Losses on disposals

 

 

-15.000

. . Taxes relating to prior years

 

 

 

. . Other extraordinary expense

-1

 

 

Total extraordinary income and expense

-1

 

-15.000

Results before income taxes

188.810

405.694

486.458

. Taxes on current income

91.479

158.893

166.464

. . current taxes

91.336

158.689

166.216

. . differed taxes(anticip.)

143

204

248

. Net income for the period

97.331

246.801

319.994

. Adjustments in tax regulations pursuance

 

 

 

. Provisions in tax regulations pursuance

 

 

 

. Profit (loss) of the year

97.331

246.801

319.994

 

RATIOS

Value Type

as at 31/12/2010

as at 31/12/2009

as at 31/12/2008

Sector Average

COMPOSITION ON INVESTMENT

 

 

 

 

 

Rigidity Ratio

Units

0,60

0,63

0,62

0,18

Elasticity Ratio

Units

0,40

0,37

0,37

0,79

Availability of stock

Units

0,06

0,03

0,03

0,21

Total Liquidity Ratio

Units

0,34

0,34

0,35

0,52

Quick Ratio

Units

0,03

0,06

0,03

0,03

COMPOSITION ON SOURCE

 

 

 

 

 

Net Short-term indebtedness

Units

0,40

0,22

0,45

3,01

Self Financing Ratio

Units

0,48

0,57

0,49

0,19

Capital protection Ratio

Units

0,34

0,51

0,41

0,66

Liabilities consolidation quotient

Units

1,30

1,26

0,94

0,16

Financing

Units

0,96

0,66

0,93

3,56

Permanent Indebtedness Ratio

Units

0,76

0,79

0,72

0,34

M/L term Debts Ratio

Units

0,28

0,23

0,23

0,10

Net Financial Indebtedness Ratio

Units

0,56

0,30

0,48

0,69

CORRELATION

 

 

 

 

 

Fixed assets ratio

Units

1,28

1,25

1,16

1,65

Current ratio

Units

1,85

2,02

1,50

1,18

Acid Test Ratio-Liquidity Ratio

Units

1,58

1,86

1,39

0,86

Structure's primary quotient

Units

0,81

0,89

0,78

1,02

Treasury's primary quotient

Units

0,12

0,31

0,13

0,06

Rate of indebtedness ( Leverage )

%

207,80

176,88

205,32

509,92

Current Capital ( net )

Value

929.203

759.978

529.854

330.495

RETURN

 

 

 

 

 

Return on Sales

%

9,36

15,31

12,81

3,79

Return on Equity - Net- ( R.O.E. )

%

4,03

10,64

15,44

6,70

Return on Equity - Gross - ( R.O.E. )

%

7,81

17,50

23,48

18,82

Return on Investment ( R.O.I. )

%

4,66

11,27

13,29

4,89

Return/ Sales

%

8,33

17,30

15,29

4,78

Extra Management revenues/charges incid.

%

41,56

53,41

56,61

29,96

Cash Flow

Value

263.196

408.864

473.398

165.166

Operating Profit

Value

234.179

462.066

565.252

225.594

Gross Operating Margin

Value

400.044

624.129

718.656

376.080

MANAGEMENT

 

 

 

 

 

Credits to clients average term

Days

174,19

149,80

112,74

111,07

Debts to suppliers average term

Days

113,91

97,47

89,34

127,44

Average stock waiting period

Days

37,27

16,38

10,92

62,88

Rate of capital employed return ( Turnover )

Units

0,56

0,65

0,87

1,10

Rate of stock return

Units

9,66

21,98

32,97

5,58

Labour cost incidence

%

19,35

20,26

14,12

18,94

Net financial revenues/ charges incidence

%

-1,61

-2,11

-1,73

-1,15

Labour cost on purchasing expenses

%

20,09

23,49

16,40

18,99

Short-term financing charges

%

2,04

4,05

3,93

2,55

Capital on hand

%

178,63

153,54

115,11

90,89

Sales pro employee

Value

165.335

166.957

230.982

199.007

Labour cost pro employee

Value

31.985

33.833

32.616

34.820

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.57.22

UK Pound

1

Rs.89.42

Euro

1

Rs.71.46

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.