MIRA INFORM REPORT

Report Date :

31.03.2012

IDENTIFICATION DETAILS

Name :	MELON FASHION GROUP - PUBLIC JOINT STOCK COMPANY
Registered Office :	10-th Krasnoarmeyskaya str., 22, St.-Petersburg, 190103
Country :	Russian Federation
Financials (as on) :	01.01.2011
Date of Incorporation :	27.12.2005
Com. Reg. No.:	1057813298553
Legal Form :	OAO (Public Joint Stock Company by Russian Law)
Line of Business :	Manufacture and sales of clothes for women
No. of Employees :	900 Approximately

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

Maximum Credit Limit :	300 000 USD
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Russia	A2	A2

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

Comments

Information

According to the data of the State Register of Legal Entities of Russian Federation the company "PJSC Melson Fashion Group" hasn't been registered. The address mentioned in your inquiry belongs to the company Otkrytoe aktsyonernoe obschestvo "MELON FESHN GRUP" (name in English: "MELON FASHION GROUP" PUBLIC JOINT STOCK COMPANY). The name of this company in your inquiry is mentioned not correctly. We provide the report on this company.

Summary

Original Name	Otkrytoe aktsyonernoe obschestvo "MELON FESHN GRUP"
Legal Form	OAO (Public Joint Stock Company by Russian Law)
Year of Foundation	2005
Sales	4 622 430 th RUR for 12 months, ended 01.01.2011
Employees	900 (approx.) on March, 22, 2012 (company's data)

Creditline Recommendations

Credit Limit

300 000 USD

Company Identification Details

Original Name	Otkrytoe aktsyonernoe obschestvo "MELON FESHN GRUP"
Short Name	OAO "MELON FESHN GRUP"
Name in English	"MELON FASHION GROUP" PUBLIC JOINT STOCK COMPANY
Address	10-th Krasnoarmeyskaya str., 22, St.-Petersburg, 190103, Russian Federation
Legal Address	10-th Krasnoarmeyskaya str., 22, St.-Petersburg, 190103, Russian Federation
Phone	+7 (812) 3264546, 3266361, 3265062, 3265042, 3266362, 3275612
Fax	+7 (812) 3265090, 3208444
E-mail	office@zarina.ru
WEB Address	www.melonfashion.ru www.zarina.ru
History	The company Otkrytoe aktsyonernoe obschestvo "MELON FESHN GRUP" was formed through reorganization by separation from the composition of the company Zakrytoe aktsyonernoe obschestvo "PERVOMAYSKAYA ZARYA" (registration number: 1027810270476). 10.01.2007: the annexation of the companies Zakrytoe aktsyonernoe obschestvo "ZARINA" (registration number: 5067847329480), Zakrytoe aktsyonernoe obschestvo "KURT KELLERMANN-SANKT-PETERBURG" (registration number: 5067847330601).

Official Company Data

Legal Form	OAO (Public Joint Stock Company by Russian Law)
Date of Registration	27.12.2005
Registration Number	1057813298553
Statistic Code (OKPO)	79723322
Taxpayer Code (INN)	7839326623
Registration Authority	Federal Tax Service of Russian Federation Interregional Inspection N 15 within St.-Petersburg

Public Record Information

Information

The company Otkrytoe aktsyonernoe obschestvo "MELON FESHN GRUP" was not included in the published list of bankrupt companies.

Share Capital

Current Share Capital

46 753 500 RUR

Shareholders

Total	283 legal and private persons including
Shareholder	I.G.M. MANUFACTRUST LIMITED
Address	Cyprus
Share	36,34 %
Shareholder	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)
Address	Sweden
Share	43,04 %
Shareholder	Ms Sintsova Galina Genrikhovna
Nationality	Russian Federation
Address	Tavricheskaya str., 2, ap. 258, St.-Petersburg, Russian Federation
Date of Birth	31.10.1939
Share	1,56 %
Shareholder	Mr Urzhumtsev Mikhail Mikhaylovich
Nationality	Russian Federation
Address	Ordinarskaya str., 11/85, ap. 37, St.-Petersburg, Russian Federation
Date of Birth	17.02.1970
Taxpayer Code (INN)	781305305376
Share	5,96 %
Shareholder	Mr Kellermann David Gustav
Nationality	Sweden
Share	2,85 %
Comments	The information on the shareholders of the company is presented on 01.01.2012 By Russian law full structural information of shareholders is not available. The names of foreign shareholders of the company may be pointed incorrectly as in official documents (extracts from register) they’re written in Russian by cyrillic letters. We present our apologies for possible mistakes in transliteration.

Directors

Director	Mr Urzhumtsev Mikhail Mikhaylovich
	Signature Right
Nationality	Russian Federation
Address	Ordinarnaya str., 11/85, ap. 37, St.-Petersburg, 197136, Russian Federation
Date of Birth	17.02.1970
Taxpayer Code (INN)	781305305376

Re-Registration Data

Date of Registration	27.12.2005
	(Entering into the Single State Register of Legal Entities)
Registration Number	1057813298553
Registration Authority	Federal Tax Service of Russian Federation Interregional Inspection N 15 within St.-Petersburg
Date of Re-registration	24.05.2006
File Number	6067847117002
Registration Authority	Federal Tax Service of Russian FederationInterregional Inspection N 15 within St.-Petersburg
Changes	Company Rules
Date of Re-registration	13.11.2006
File Number	9067847806150
Registration Authority	Federal Tax Service of Russian FederationInterregional Inspection N 15 within St.-Petersburg
Changes	Share Capital
Date of Re-registration	30.08.2007
File Number	9077847047885
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	17.12.2007
File Number	7079847268000
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	24.06.2008
File Number	7089847895152
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	10.07.2008
File Number	8089847216924
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules
Date of Re-registration	05.05.2009
File Number	7097847122102
Registration Authority	Federal Tax Service of Russian Federation
Changes	Share Capital
Date of Re-registration	24.06.2010
File Number	7107847601063
Registration Authority	Federal Tax Service of Russian Federation
Changes	Company's Rules

Operations

Activities	Manufacture and sales of clothes for women. Retail trade in footwear, textile products, bijouterie. The company produces goods under brands: ZARINA, ZARINA-PLUS, KELLERMANN, CI MI AND DI PIU, BEFREE.
Staff Employed	900 (approx.) on March, 22, 2012 (company's data)
Employees' History	850 (approx.) on April, 10, 2011 (company's data) 850 (approx.) on March, 28, 2011 (company's data) 800 (approx.) on April, 22, 2010 (company's data) 800 (approx.) on March, 30, 2010 (company's data) 800 (approx.) on February, 16, 2010 (company's data) 800 (approx.) on May, 28, 2009 (company's data) 900 (approx.) on August, 22, 2011 (company's data) 800 (approx.) on March, 06, 2009 (company's data) 1 000 (approx.) on November, 17, 2008 (company's data) 1 000 (approx.) on October, 28, 2008 (company's data) 1 000 (approx.) on March, 03, 2008 (company's data) 1 000 (approx.) on December, 28, 2007 (company's data) 950 on May, 25, 2007 (company's data) 940 on January, 23, 2007 (company's data)

Real Estate

Own

Industrial area, office, warehouse Address: 10-th Krasnoarmeyskaya str., 22, St.-Petersburg, 190103, Russian Federation (company's data)

Rent

Shop, warehouse Address: Taganskaya str., 1, bldg.1, TTs "Zvezdochka", Moscow, Russian Federation (company's data) Shop, warehouse Address: Andropova prosp., vl. 4-10, TK "Megapolis", Moscow, Russian Federation (company's data) Shop, warehouse Address: Krasnogo Mayaka str., 2B, TRK "Prazhskiy Passazh", Moscow, Russian Federation (company's data) Shop, warehouse Address: Bol'shevikov prosp., 18, bldg. 2, TRK "Nevskiy-2", St.-Petersburg, Russian Federation (company's data)

Export & Import

Export Countries	2011: Ukraine 2010: Ukraine
Exported Goods	clothes, footwear, textile products, bijouterie
Export Value	in 2011: 285 645 USD in 2010: 188 144 USD in 2005-2009: none
Import Countries	2011: China, Hong Kong, South Korea, Lithuania, Turkey, Estonia, United Arab Emirates, France, India 2010: China, Hong Kong, South Korea, Lithuania, Turkey, Estonia, United Arab Emirates, France, India 2009: China, Hong Kong, South Korea, Lithuania, Turkey, Estonia, United Arab Emirates, France, India 2008: China, Belgium, Hong Kong, India, France, United Arab Emirates, Lithuania, South Korea, Portugal, Turkey, Tunisia, Spain 2007: China, Hong Kong, Italy, France, India, Netherlands, Estonia, Turkey, Portugal, Lithuania, Tunisia, Finland, South Korea, Taiwan, Pakistan
Imported Goods	clothes, footwear, textile products, bijouterie
Import Value	in 2011: 51 350 748 USD in 2010: 14 957 718 USD in 2009: 21 613 977 USD in 2008: 22 623 964 USD in 2007: 12 503 974 USD in 2005-2006: none

Branches

Branch

According to the company's administration the company has got branches and shops situated in following cities of Russian Federation: St.-Petersburg, Abakan, Arkhangelsk, Barnaul, Blagoveshchensk, Bryansk, Vladimir, Volgograd, Voronezh, Vyborg, Ekaterinburg, Irkutsk, Kazan, Krasnodar, Krasnoyarsk, Kursk, Murmansk, Nizhni Novgorod, Novosibirsk, Omsk, Rostov-on-Don, Samara, Stavropol, Tolyatti, Chelyabinsk. The company has representation in China.

Participation

Information

The company is a shareholder of following companies: OOO "PERVOMAYSKAYA ZARYA-OSTROV" Address: Zapadniy per., 12, Ostrov, Pskov Region, 181350, Russian Federation Registration Number: 1026002143023 Taxpayer Code (INN): 6013004740 Share: 100 % OOO "TAKSI.STIL'" Address: 10-th Krasnoarmeyskaya str., 22, St.-Petersburg, 190103, Russian Federation Registration Number: 5077746932830 Taxpayer Code (INN): 7713623321

Related Companies

Information

The companies I.G.M. MANUFACTRUST LIMITED and SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) aren't shareholders of any other companies in Russian Federation. Mr Urzhumtsev Mikhail Mikhaylovich, Ms Sintsova Galina Genrikhovna, and Mr Kellermann David Gustav aren't shareholders of any other companies of Russian Federation.

Bankers

Bank	OAO "MDM-BANK", St.-Petersburg branch (Russian Federation)

Financial Data

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12	12	12
Ended	01.01.2011	01.01.2010	01.01.2009	01.01.2008
Currency	RUR	RUR	RUR	RUR
SALES	4622430	3051729	2132458	1398682
Cost of Goods sold	1754131	1190246	824280	595633
GROSS PROFIT	2868299	1861483	1308178	803049
Distribution Costs	2648219	1676119	987550	557911
Management Costs	120825	99765	228018	202023
OPERATING PROFIT	99255	85599	92610	43115
Non Trading Income	-121263	18106	-12345	-8120
PRE TAX PROFIT	-22008	103705	80265	34995
Taxation	16	17591	21280	5208
PROFIT AFTER TAX	-28115	74876	59007	23903

Balance Sheet (extract)

The following figures are shown in units of 1000

As at	01.01.2011	01.01.2010	01.01.2009	01.01.2008
Currency	RUR	RUR	RUR	RUR
TOTAL FIXED ASSETS	388784	160192	133435	72546
Intangible Assets	5187	365	238	210
Fixed Assets	365580	147678	116653	70197
TOTAL CURRENT ASSETS	1220617	1120541	938918	517424
Stock	626679	219202	311404	243333
Trade debtors	237499	230537	214196	203508
Cash	77501	280467	110795	49668
TOTAL ASSETS	1609401	1280733	1072353	589970
TOTAL EQUITY	988706	1016821	497945	438937
Share Capital	46754	46754	36911	36911
Retained Profits	359876	387991	258427	200069
TOTAL LONG TERM LIABS	15831	11180		8972
Long Term Loans				8972
TOTAL CURRENT LIABS	604864	252732	574408	142061
Short Term Loans		12364	11348
Short Term Trade Creditors	603991	239697	562401	141340
TOTAL EQUITY & LIABS	1609401	1280733	1072353	589970

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	01.01.2011	01.01.2010	01.01.2009	01.01.2008
Current Ratio	2,02	4,43	1,63	3,64
Working Capital, x1000 RUR	615753	867809	364510	375363
Quick Ratio	0,98	3,57	1,09	1,93
Debt to Equity Ratio	0,63	0,26	1,15	0,34
Current Assets Turnover	3,79	2,72	2,27	2,7
Total Assets Turnover Ratio	2,87	2,38	1,99	2,37
Pre Tax Profit Margin, %	-0,48	3,4	3,76	2,5
Gross Profit, %	62,05	61	61,35	57,41
Return on Investment, %	-2,23	10,2	16,12	7,97
Return on Assets, %	-1,37	8,1	7,48	5,93

Clients & Suppliers

Clients

OOO "MODA KIEV" (Ukraine)

Suppliers

BOOST CONSULTING GROUP (China) RISEWIN (H.K.) FASHION LTD. (Hong Kong) ADM TRADING LTD (China) JULIA ART&CRAFT CO. LTD (China) HENITEX INTERNATIONAL S.A. (France) RON YEE GARMENT CO LTD (Hong Kong) MIROGLIO S.P.A. (Italy) MAGHELLA MODA ITALIANA SRF (Italy) JIAXING MENGDI IMPORT & EXPORT CO. LTD (China) GISAD DIS TIC. A.B. (Turkey) *** The names of foreign partners may be pointed incorrectly as in official documents (declarations) they’re written in Russian. We present our apologies for possible mistakes in transliteration.

Actions at law

The information of Arbitration court of Moscow about judicial claims is presented

Date of registration	22.10.2009
Registration number	A32-47623/2009
Plaintiff	OOO "FAKTORIAL"
Defendant	OAO "MELON FESHN GRUP"
Claim sum	65 355 RUR
Claim category	Default of obligations under the contract

Date of registration	24.02.2011
Registration number	A56-8047/11
Plaintiff	OAO "MELON FESHN GRUP"
Defendant	IP Purtova Elena Vasil'evna
Claim sum	-
Claim category	Economic disputes

Date of registration	11.02.2011
Registration number	A56-50482/10
Plaintiff	OAO "MELON FESHN GRUP"
Defendant	Pulkovo Customs
Claim sum	100 000 RUR
Claim category	Default of obligations under the contract

Date of registration	13.11.2009
Registration number	A56-38001/09
Plaintiff	OAO "MELON FESHN GRUP"
Defendant	IP Bessonov Vitaliy Aleksandrovich
Claim sum	1 013 698 RUR
Claim category	Default of obligations under the contract

Date of registration	08.04.2011
Registration number	A40-36901/11
Plaintiff	OOO "GARANT BAUINVESTITSION GMBKH"
Defendant	OAO "MELON FESHN GRUP"
Claim sum	-
Claim category	Economic disputes

Date of registration	11.05.2011
Registration number	A40-50881/2011
Plaintiff	OOO UPRAVLYAYUSCHAYA KOMPANIYA "TEN-DEVELOPMENT"
Defendant	OAO "MELON FESHN GRUP"
Claim sum	3 621 887 RUR
Claim category	Default of obligations under the contract

Date of registration	15.07.2011
Registration number	A56-38857/2011
Plaintiff	OOO "PAZL-PRO"
Defendant	OAO "MELON FESHN GRUP"
Claim sum	2 998 510 RUR
Claim category	Default of obligations under the contract

Date of registration	31.08.2011
Registration number	A56-20293/2011
Plaintiff	OOO "OPTIK-TSENTR"
Defendant	OAO "MELON FESHN GRUP"
Claim sum	52 474 RUR
Claim category	Default of obligations under the contract

Publications

Date	2012
Source	The Federal Tax Service of Russian Federation
Text of Publication	The Federal Tax Service of Russian Federation has published the information that Mr Urzhumtsev Mikhail Mikhaylovich (as private person) does't have not paid taxes.

Original Financial Data

(Russian Accounting Report in English

Balance Sheet

The following figures are shown in units of 1000

ASSETS	Line code	as at 01.01.2009	as at 01.01.2010	as at 01.01.2011
I. NON-CURRENT ASSETS
Intangible assets	110	238	365	5187
Fixed assets	120	116653	147678	365580
Construction in progress	130	1510	1932	12331
Income-bearing investments in tangible assets	135	-	-	1093
Long-term financial investments	140	10010	10010	3015
Deferred tax assets	145	70	-	-
Other non-current assets	150	4954	207	1578
Total section I	190	133435	160192	388784
II. CURRENT ASSETS
Inventories	210	311404	219202	626679
including :
raw materials and other inventories	211	48658	19368	28122
livestock	212	-	-	-
work in progress	213	13930	150	20
finished goods and goods for resale	214	235896	141727	509242
goods dispatched	215	2092	832	1901
expenses related to future periods	216	10828	57125	87394
other supplies and expenditures	217	-	-	-
Value added tax on purchased goods	220	69	-	4949
Accounts receivable (payments expected beyond 12 months after the reporting date)	230	126172	159643	204053
including :
buyers and customers	231	-	-	-
Accounts receivable (payments expected within 12 months after the reporting date)	240	214196	230537	237499
including :
buyers and customers	241	63083	39826	61414
Short-term investments	250	176282	230424	69338
Monetary assets	260	110795	280467	77501
Other current assets	270	-	268	598
Total section II	290	938918	1120541	1220617
TOTAL SECTIONS I and II	300	1072353	1280733	1609401
EQUITY AND LIABILITIES
III. EQUITY AND RESERVES
Share capital	410	36911	46754	46754
Treasury shares	411	-	-	-
Additional capital	420	200761	579738	579738
Legal reserve	430	1846	2338	2338
including :
reserves and provisions formed in  accordance with legislation	431	-	-	-
reserves formed in accordance  with foundation documents	432	1846	2338	2338
Retained earnings (loss)	470	258427	387991	359876
Total section III	490	497945	1016821	988706
IV. NON-CURRENT LIABILITIES
Borrowings	510	-	-	-
Deferred tax liabilities	515	-	11180	15831
Other non-current liabilities	520	-	-	-
Total section IV	590	-	11180	15831
V. CURRENT LIABILITIES
Borrowings	610	11348	12364	-
Accounts payable	620	562401	239697	603991
including :
suppliers and contractors	621	81861	109522	333703
salaries payable	622	20538	27836	54572
payable to state non-budget funds	623	6002	7530	15427
taxes payable	624	15338	54888	94354
other creditors	625	438662	39921	105935
Dividends payable to participants (shareholders)	630	381	381	354
Income of future periods	640	278	290	519
Reserves for future expenses and payments	650	-	-	-
Other current liabilities	660	-	-	-
Total section V	690	574408	252732	604864
TOTAL SECTIONS III,IV,V	700	1072353	1280733	1609401

PROFIT AND LOSS ACCOUNT

The following figures are shown in units of 1000

PARAMETER	Line code	01.01.2011	01.01.2010	01.01.2009
INCOME FROM AND EXPENSES ON ORDINARY ACTIVITIES
Sale of goods, products, work, services (less VAT, excise tax, other similar mandatory payments)	010	4622430	3051729	2132458
Cost of goods, products, work, services sold	020	1754131	1190246	824280
Gross profit	029	2868299	1861483	1308178
Selling expenses	030	2648219	1676119	987550
Administrative expenses	040	120825	99765	228018
Profit (loss) from operations	050	99255	85599	92610
OTHER INCOME AND EXPENSES
Interest income	060	6212	16461	-
Interest expenses	070	14622	977	6969
Income from investments in other companies	080	-	-	-
Other operating income	090	97948	549737	135997
Other operating expenses	100	210801	547115	141373
Non-operating income	120	-	-	-
Non-operating expenses	130	-	-	-
Profit (loss) before profit tax	140	-22008	103705	80265
Deferred tax assets	141	-	-58	22
Deferred tax liabilities	142	4651	11180	-
Current profit tax	150	16	17591	21280
Net profit (loss) for the reporting period	190	-28115	74876	59007

Additional information about participation companies

Below is presented the extended information about the participation companies of subject company.

Name	OOO "PERVOMAYSKAYA ZARYA-OSTROV"
Legal address	Zapadniy per., 12, Ostrov, Pskov Region, 181350, Russian Federation
Registration Number	1026002143023
Taxpayer code (INN)	6013004740
Share	100 %

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12	12	12
Ended	01.01.2011	01.01.2010	01.01.2009	01.01.2008
Currency	RUR	RUR	RUR	RUR
SALES	7694	22039	27158	21646
Cost of Goods sold	6540	15611	16761	14544
GROSS PROFIT	1154	6428	10397	7102
Distribution Costs
Management Costs	4868	6963	9168	5897
OPERATING PROFIT	-3714	-535	1229	1205
Non Trading Income	2017	-664	-303	-384
PRE TAX PROFIT	-1697	-1199	926	821
Taxation		73	162	90
PROFIT AFTER TAX	-1656	-1056	662	571

Balance Sheet (extract)

The following figures are shown in units of 1000

As at	01.01.2011	01.01.2010	01.01.2009	01.01.2008
Currency	RUR	RUR	RUR	RUR
TOTAL FIXED ASSETS	118	163	211	288
Intangible Assets
Fixed Assets	118	163	211	288
TOTAL CURRENT ASSETS	489	2880	4379	4778
Stock	4	241	1502	965
Trade debtors	111	1868	1760	2658
Cash	374	771	1117	1155
TOTAL ASSETS	607	3043	4590	5066
TOTAL EQUITY	-635	1021	2025	1363
Share Capital	10	10	10	10
Retained Profits	-645	1011	2015	1353
TOTAL LONG TERM LIABS		41	289	187
Long Term Loans
TOTAL CURRENT LIABS	1242	1981	2276	3516
Short Term Loans
Short Term Trade Creditors	1242	1981	2276	3516
TOTAL EQUITY & LIABS	607	3043	4590	5066

Rates of Exchange

RUR - Russian Rouble	01.01.2011:   1 EUR = 40.49 RUR,   1 USD = 30.35 RUR
EUR - EURO	01.01.2010:   1 EUR = 43.46 RUR,   1 USD = 30.19 RUR
USD - US Dollar	01.01.2009:   1 EUR = 41.43 RUR,   1 USD = 29.39 RUR

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.15
UK Pound	1	Rs.81.80
Euro	1	Rs.68.34

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.