MIRA INFORM REPORT

Report Date :

20.04.2013

IDENTIFICATION DETAILS

Name :	BLRT REFONDA OSAUHING
Formerly Known As :	Vakaru Refonda Osauhing
Registered Office :	Kopli 103, Tallinn, Harju county, 11712
Country :	Estonia
Financials (as on) :	31.12.2011
Date of Incorporation :	07.07.2008
Com. Reg. No.:	11515345
Legal Form :	Limited Liability Company
Line of Business :	Wholesaler of metals and metal ores
No. of Employees :	81 employees

RATING & COMMENTS

MIRA’s Rating :

B

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)
Estonia	B2	B2

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

estonia - ECONOMIC OVERVIEW

Estonia, a 2004 European Union entrant, has a modern market-based economy and one of the higher per capita income levels in Central Europe and the Baltic region. Estonia's successive governments have pursued a free market, pro-business economic agenda and have wavered little in their commitment to pro-market reforms. The current government has followed sound fiscal policies that have resulted in balanced budgets and low public debt. The economy benefits from strong electronics and telecommunications sectors and strong trade ties with Finland, Sweden, Russia, and Germany. Tallinn's priority has been to sustain high growth rates - on average 8% per year from 2003 to 2007. Estonia's economy fell sharply into recession in mid-2008, primarily as a result of an investment and consumption slump following the bursting of the real estate market bubble. Estonia has rebounded well from the economic crisis. GDP contracted 14.3% in 2009, but the Estonian economy now has the highest GDP growth rate in Europe, largely thanks to a boom in exports and increased foreign investment following Estonia's adoption of the euro on 1 January 2011. Although Estonian GDP returned to positive growth in 2010, unemployment continued to rise, reaching an all time high of 19.8% in early 2010.

Source : CIA

Identification

Full Name

:

BLRT Refonda Osauhing

Name in English

:

BLRT Refonda LLC

Name in national language

:

BLRT Refonda O

Previous Names

:

-	Vakaru Refonda Osauhing

Office address

:

Kopli 103, Tallinn, Harju county, 11712, Estonia

Legal Address

:

Kopli 103, Tallinn, Harju county, 11712, Estonia

Contacts

:

-	Phone	:	(+372) 6102933
-	Fax	:	(+372) 6102999
-	E-mail	:	refonda@bsr.ee refonda@blrt.ee
-	WWW	:	www.refonda.ee

company SUMMARY

Legal Form : OU (Limited Liability Company by Estonian Commercial Law)

Incorporation : 2008

Staff : 81

Litigation events : none Remarks on payments : none

Sales :	34 495 919.00 EUR ( for 12 months, ended 31.12.2011 )
	31 368 499.00 EUR ( for 12 months, ended 31.12.2010 )

Incorporation

:

2008

Registration Data

Date of registration

:

07.07.2008

Registration number

:

11515345

Registr. authority

:

Registration department of the County Court (Harju county, Estonia)

Date of registration

:

01.09.2008

VAT number

:

EE101241072

Registr. authority

:

Estonian Tax and Customs Board (Harju county, Estonia)

VAT payers are persons (including legal persons), whose taxable supply from the beginning of a calendar year exceeds 16 000 EUR. VAT rate is 20 percent.

Legal Form

:

OU (Limited Liability Company by Estonian Commercial Law)

since 07.07.2008

Limited liability company (LLC) is a company with a capital divided into shares and who is liable for its obligations with all its assets. The minimum share capital must be at least 40,000.00 EEK (2,556.00 EUR), held by one or several shareholders.

Share Capital

:

63 911 EUR (registered)

since 12.04.2011

Shareholders

:

-	UAB " VAKARU REFONDA" (Lithuania)				100.00 %
		share's book value	:	63 911 EUR
		reg. number	:	142040130

Board / Executives

Executives

Member of the board

:

Mr Gordijenko, Konstantin (Estonia)
	pers. code: 38503190379

Currently related to the following companies: 1 Arefonte Chemicals Grupp O (11278017) (Registrisse kantud) 2 BLRT Logistics O (12025962) (Registrisse kantud) 3 BLRT Refonda O (11515345) (Registrisse kantud) 4 United Distribution O (12307011) (Registrisse kantud)

Member of the board

:

Mr Raag, Peeter (Estonia)
	pers. code: 36611230256
	address: Tallinn, Harju county, Estonia

Currently related in Estonia to the following companies: 1 Annepaju O (11577205) (Active) 2 BLRT Refonda O (11515345) (Active) 3 Heleros Ehitus O (11239690) (Active) 4 Hoonehistu Autom-2 (80057632) (Active) 5 OSAHING ANKONA HOLDING (11198092) (Active) 6 Osahing GHJ Invest (11488499) (Active) Was related in Estonia to the following companies: 1 Aktsiaselts Akadeemia Trkk (10431066) (Deleted since 23.12.2003) 2 AS LUUMERA (10278937) (Deleted since 13.06.2001) 3 ETPV TRKIKOJA aktsiaselts (10093913) (Deleted since 14.03.2008) 4 Heleros Ehitus O (11239690) (Active) 5 OSAHING ANKONA HOLDING (11198092) (Active) 6 Osahing PM Form (10510512) (Active) 7 Osahing Tri Maja (11013425) (Active) 8 Soffa Inn O (11520843) (Active)

Member of the board

:

Mr Stsurakov, Viktor (Estonia)
	pers. code: 35101210258
	address: Tallinn, Harju county, Estonia

Currently related in Estonia to the following companies: 1 BLRT Refonda O (11515345) (Active) Was related in Estonia to the following companies: 1 Osahing Refonda (10331749) (Deleted since 08.02.2012)

The member of the management board represents the private limited company alone unless noted otherwise in the commercial register.

Authorised signature

:

Mr Gordijenko, Konstantin

Mr Raag, Peeter

Mr Stsurakov, Viktor

Changes in Registration Data

- 22.08.2012

:

managers, authorised signature

Mr Vitali Bahharev (Estonia, 37712310236)

- 22.08.2012

:

name

osahing Vakaru Refonda

- 31.01.2012

:

managers, authorised signature

Mr Viktor Sagal (Estonia, 36602190329)

- 12.04.2011

:

share capital

- 12.04.2011

:

managers, authorised signature

Mrs Polehhina, Olesja (Estonia, 48301172235)

- 26.05.2010

:

activities

Principal activity: Recovery of sorted materials (NACE code: 38.32)

- 29.07.2009

:

managers, authorised signature

Mr Berman, Mark (Estonia, 37807310231)

Activities

:

-	505	Metals and Minerals, Except Petroleum
		(NACE 5152: Wholesale of metals and metal ores)

Principal activity: Wholesale of metals and metal ores (NACE code: 46.72) Additional activity: Other personal service activities (NACE code: 96.09)

The main categories of goods are HMS1 (3A) dimensional (bulk) material and HMS 1 & 2 (70/30) - mixed, shredded material. Other categories that are usually offered for sale are: - cast iron - chipped rejects of a new production - galvanized sheet plate - rails - automotive scrap - chip scrap Several categories of non-ferrous scrap metal are also offered, and their main types are: - multicomponent- or electrical copper - bronze and brass - bronze and brass radiators - various types of aluminum scrap - lead and lead batteries - zinc - electric motors, etc. In addition to the core business of buying up and processing various types of scrap metal, our company provides to its clients the following services: - provision of transport for loading and removal of scrap metal from the territory of the seller - rental of containers of various sizes for storage of various types of scrap - purchase and dismantling of floating craft - purchase and dismantling of railway transportation means - purchase and dismantling of metal-intensive equipment and structures - demolition of real estate objects - rent of loading and unloading equipment

Staff employed

:

81

( the data as of 31.12.2011 )

Staff History

:

-	72
	( the data as of 31.12.2010 )
-	62
	( the data as of 31.12.2009 )
-	62
	( the data as of 31.12.2008 )

Export

- 31.12.2011

:

Fiscal period: 12 month(s), currency: EUR

33 213 698.00

Germany, Latvia, Belgium, Spain, Sweden, Netherlands, Lithuania, Denmark, Hungary, Finland, China Peoples Republic, United States of America, India, Norway, Antigua
Export share: 96%

- 31.12.2010

:

Fiscal period: 12 month(s), currency: EUR

30 046 703.00

Germany, Latvia, Belgium, Spain, Sweden, Cyprus, Netherlands, China Peoples Republic, Turkey, World-wide
Export share: 96%

- 31.12.2009

:

Fiscal period: 12 month(s), currency: EEK

171 040 570.00

Germany, Latvia, Belgium, Spain, Sweden, European Union, China Peoples Republic, India, Hong Kong, Pakistan, Norway, Anguilla, Turkey

Facilities

Real estate

:

According to Estonian Land Register, company required has no real estate objects. According to official sources, company has next transport vehicles: Reg mark/Mark/Model/Owner/Year of construction - 733MLG/SCANIA/G 420 LB6X2*4HNA (PRO LIFT)/SWEDBANK LIISING AS/2008

Branches

:

-	Branch (Tallinn, Harju county, Estonia)
	address	:	Kopli 103, Tallinn, Harju county, 11712, Estonia
	tel 6102933, refonda@bsr.ee
-	Representative office (Kohtla-Jarve, Ida-Viru county, Estonia)
	name	:	Representation in Kohtla-Jarve
	address	:	Ehitajate tee 120, Kohtla-Jarve, Ida-Viru county, 30221, Estonia
-	Representative office (Narva, Ida-Viru county, Estonia)
	name	:	Representation in Narva
	address	:	Joala 38, Narva, Ida-Viru county, Estonia
-	Representative office (Parnu, Parnu county, Estonia)
	name	:	Representation in Parnu
	address	:	Savi 37, Parnu, Parnu county, 80010, Estonia
-	Representative office (Rakvere, Laane-Viru county, Estonia)
	name	:	Representation in Rakvere
	address	:	Narva 25a, Rakvere, Laane-Viru county, 44311, Estonia
-	Representative office (Tallinn, Harju county, Estonia)
	name	:	Representation in Tallinn
	address	:	Betooni 7/Silluse 15, Tallinn, Harju county, Estonia
-	Representative office (Tartu, Tartu county, Estonia)
	name	:	Representation in Tartu
	address	:	Vitamiini 3, Tartu, Tartu county, 51014, Estonia
-	Representative office (Turi, Turi parish, Jarva county, Estonia)
	name	:	Representation in Turi
	address	:	Jaama 22a, Turi, Turi parish, Jarva county, 72213, Estonia
-	Representative office (Voru, Voru county, Estonia)
	name	:	Representation in Voru
	address	:	Vanaraua tee 1, Voru, Voru county, Estonia
-	Representative office (Klaipeda, Klaipeda region, Klaipeda city municipality, Lithuania)

Subsidiaries and Participation

:

-	SIA Refonda (Latvia)				100.00 %
		reg. number	:	40003981529

Bankers

:

-	Swedbank (Estonia)
	address	:	Liivalaia 8, Tallinn, Harju county, 15040, Estonia
	reg. number	:	10060701
	bank code	:	767

Litigation

:

none

There are no warnings recorded by the State Register. There are no registered legal actions against company required.

Remarks on payment

:

none

Debts to Estonian government: By the Tax Authorities there are no tax debts registered on the subject. Other debts: No current on defaulted payments are reported by local debt collection companies. No current are reported on the company required.

Business mortgages

:

none

According to official sources and our evaluation, the company required has no commercial pledges.

Financial data

Financial Elements

:

Exchange rate: 1 EUR = 15.6466 EEK

Period, months	12	12	12
Ended	31.12.2011	31.12.2010	31.12.2009
Currency	EUR	EUR	EEK
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets			0.00
- Fixed assets	1 332 963.00	67 689.00	572 930.00
- Investments in tangible assets
- Financial assets	2 819.00	0.00	0.00
- Other non-current assets
Non-current assets total	1 335 782.00	67 689.00	572 930.00
CURRENT ASSETS
- Stock	17 471 382.00	12 556 742.00	145 047 787.00
- Debtors	1 743 857.00	552 669.00	8 655 267.00
- Other receivables
- Short-term financial investments
- Cash	32 735.00	279 230.00	412 847.00
- Other current assets
Current assets total	19 247 974.00	13 388 641.00	154 115 901.00
Assets total	20 583 756.00	13 456 330.00	154 688 831.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	63 911.00	63 912.00	1 000 000.00
- Additional capital
- Other capital
- Reserve capital			0.00
- Retained earnings (Non-covered loss)	1 303 914.00	1 692 733.00	-35 623 004.00
Capital and reserves total	1 367 825.00	1 756 645.00	-34 623 004.00
Provisions
LONG-TERM LIABILITIES
- Loans and credits	789 845.00	0.00	0.00
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total	789 845.00	0.00	0.00
SHORT-TERM LIABILITIES
- Loans and credits	16 634 103.00	10 614 879.00	164 421 804.00
- short-term amounts owed to banks
- Creditors	1 791 983.00	1 084 806.00	24 890 031.00
- trade debts
- accrued payroll
- tax liabilities
- other creditors
- advances received
- Dividends in arrears
- Accrued income, deferred charges
- Other short-term liabilities
Short-term liabilities total	18 426 086.00	11 699 685.00	189 311 835.00
Liabilities total	19 215 931.00	11 699 685.00	189 311 835.00
Equity and liabilities total	20 583 756.00	13 456 330.00	154 688 831.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	34 495 919.00	31 368 499.00	181 578 703.00
Cost of goods sold	-31 717 020.00	-24 631 677.00	152 044 421.00
Gross profit
Distribution costs	-1 912 255.00	-1 505 072.00	39 003 940.00
Administrative and management costs	-476 552.00	-279 204.00	4 847 354.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests
Other operating income	273 639.00	108 789.00	427 826.00
Other operating charges	-34 232.00	-164 842.00	604 770.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges	-1 018 319.00	-927 035.00	-7 621 502.00
Profit before taxation	-388 820.00	3 969 458.00	-22 115 458.00
Income-tax and other similar payments			0.00
Profit (loss) from ordinary activity
Extraordinary income less charges
Net profit	-388 820.00	3 969 458.00	-22 115 458.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	-1.13	12.65	-12.18
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	-28.43	225.97	63.88
Profit before taxation / Equity
Current assets turnover	1.79	2.34	1.18
Net sales / Current assets
Working capital	821 888.00	1 688 956.00	-35 195 934.00
Current assets - Short-term liabilities
Leverage	0.07	0.13	-0.22
Equity / Total assets
Current ratio	1.04	1.14	0.81
Current assets / Short-term liabilities
Quick ratio	0.10	0.07	0.05
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	14.05	6.66	-5.47
Total liabilities / Equity

Publications

:

No important publications in mass-media regarding company required.

FINAL COMMENTS

The information given in this report was received from all accessible sources. We have called by the tel. number: +372 6102933, on 08.10.2012 We have sent our questionnaire form to the company by an email: refonda@blrt.ee If further information is received, we will update the report.

Capital History

- 07.07.2008

:

1 000 000 EEK (registered)

( the data as of 07.07.2008, cancelled since 12.04.2011 )

COUNTRY REVIEW

COUNTRY REVIEW

COUNTRY REVIEW, updated as of August, 2011

STATE BOARD FOR STATISTICAL DATA

Updated: 29 August 2011

Economy grew 8.4% in the 2nd quarter

According to Statistics Estonia, by flash estimates, the gross domestic

product (GDP) of Estonia increased by 8.4% in the 2nd quarter of 2011

compared to the same quarter of the previous year.

Gross domestic product (GDP) at current prices:

2010: 14 500.9 mln euros

1st quarter 2011: 3 709.4 mln euros

2-nd quarter 2011: not published yet

Key economic indicators in 2010

(as % of corresponding period of previous year)

GDP 103.10%

Industrial production index 122.70%

Freight turnover 108.00%

Retail trade turnover 104,00%

Unemployment rate (unemployed to the economically

active population), eop, in%: 17.5%

Population as of 1 January 2011 : 1

Gross domestic product and gross national income at current prices

Year GDP at current prices, millions Gross national income at current prices, milli

ons

2007 15,827.50 14,735.20

2008 16,106.70 15,237.50

2009 13,860.80 13,538.40

2010 14,500.90 13,849.30

MAIN INDICATORS

Year Q1 2011 (million euros) Q1 2010 (million euros)

GDP 3,790.40 3,919.30

Manufacturing 583.70 619.70

Wholesale and retail trade 388.00 413.40

Transport, storage and communication 400.60 387.30

Real estate, renting and business activities 671.40 628.80

Public administration 227.30 233.20

Education 160.30 167.60

Health and social work 122.80 127.70

Net taxes on products 431.50 516.60

Electricity, gas and water supply 173.90 179.20

Construction 159.10 170.40

FOREIGN TRADE

Year 12M 2010 (million euros) 6M 2010 (million euros)

Exports 8,753.50 5,913.10

Imports 9,241.80 6,256.50

Foreign trade:

In January-December 2010 foreign trade turnover of the Republic of Estonia amounted

to 17.995 billion EUR (130.77% against January - December 2009.), including export

s 8.75 billion EUR (134.89%), imports � 9.24 billion EUR (127.08%). The trade balan

ce remained negative -488.3 million EUR (in January-December 2009 -782.7 million EU

R).

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2011	31.12.2010	31.12.2009
Currency	EUR	EUR	EEK
BALANCE SHEET
A S S E T S
CURRENT ASSETS
1. CASH IN BANK AND IN HAND	32 735.00	279 230.00	412 847.00
2. SHORT-TERM FINANCIAL INVESTMENTS
3. RECEIVABLES AND PREPAYMENTS
3.1 Customer receivables
3.2. Prepaid and deferred taxes
3.3. Other short-term receivables
3.4. Prepaid services
3. RECEIVABLES AND PREPAYMENTS TOTAL	1 743 857.00	552 669.00	8 655 267.00
4. INVENTORIES
4.1 Raw materials
4.2 Work in progress
4.3 Finished goods
4.4 Goods for resale
4.5 Prepayments for inventories
4. INVENTORIES TOTAL	17 471 382.00	12 556 742.00	145 047 787.00
5. BIOLOGICAL ASSETS
6. NON-CURRENT ASSETS HELD FOR SALE
TOTAL CURRENT ASSETS	19 247 974.00	13 388 641.00	154 115 901.00
NON-CURRENT ASSETS
7. LONG-TERM FINANCIAL INVESTMENTS
7.1 Shares in subsidiary companies
7.2 Shares in associates
7.3 Other shares and securities
7.4 Long-term accounts receivable
7. LONG-TERM FINANCIAL INVESTMENTS TOTAL	2 819.00	0.00	0.00
8. INVESTMENT PROPERTIES
9. TANGIBLE ASSETS
9.1. Land
9.2. Buildings
9.3. Machinery and equipment
9.4. Other tangible assets
9.5. Construction-in-progress and prepayments for
tangible assets
9. TANGIBLE ASSETS TOTAL	1 332 963.00	67 689.00	572 930.00
10. BIOLOGICAL ASSETS
11. INTANGIBLE ASSETS
11.1. Goodwill
11.2. Development costs
11.3. Other intangible assets
11.4. Prepayments for intangible assets
11. INTANGIBLE ASSETS TOTAL			0.00
NON-CURRENT ASSETS TOTAL	1 335 782.00	67 689.00	572 930.00
TOTAL ASSETS	20 583 756.00	13 456 330.00	154 688 831.00
SHORT-TERM LIABILITIES
12. LOAN LIABILITIES
12.1. Short-term loans and notes
12.2. Current portion of long-term debt
12.3. Convertible debts
12. LOAN LIABILITIES TOTAL	16 634 103.00	10 614 879.00	164 421 804.00
13. DEBTS AND PAYABLES
13.1. Supplier payables
13.2. Employee-related liabilities
13.3. Taxes payable
13.4. Other debts
13.5. Prepayments received
13. DEBTS AND PAYABLES TOTAL	1 791 983.00	1 084 806.00	24 890 031.00
14. SHORT-TERM PROVISIONS
15. TARGETED FINANCING
SHORT-TERM LIABILITIES TOTAL	18 426 086.00	11 699 685.00	189 311 835.00
LONG-TERM LIABILITIES
16. LONG-TERM LOAN LIABILITIES
16.1. Loans, notes and financial lease payables
16.2. Covertible debts
16. LONG-TERM LOAN LIABILITIES TOTAL	789 845.00	0.00	0.00
17. OTHER LONG-TERM DEBTS
18. LONG-TERM PROVISIONS
19. TARGETED FINANCING
LONG-TERM LIABILITIES TOTAL	789 845.00	0.00	0.00
LIABILITIES TOTAL	19 215 931.00	11 699 685.00	189 311 835.00
20. SHARE CAPITAL	63 911.00	63 912.00	1 000 000.00
20.a. OTHER CAPITAL
21. UNREGISTERED SHARE CAPITAL
22. SHARE PREMIUM
23. LESS TREASURY SHARES
24. Statutory legal reserve			0.00
25. Other reserves
26. RETAINED EARNINGS	1 692 734.00	-2 276 725.00	-13 507 546.00
27. NET PROFIT/ LOSS FOR FINANCIAL YEAR	-388 820.00	3 969 458.00	-22 115 458.00
EQUITY TOTAL	1 367 825.00	1 756 645.00	-34 623 004.00
EQUITY AND LIABILITIES TOTAL	20 583 756.00	13 456 330.00	154 688 831.00
INCOME STATEMENT format 1 or 2
1. NET SALES format 1
2. Other income
3. Change in inventories of agricultural goods
4. Profit (loss) on biological inventories
5. Changes in inventories of finished goods and work in
progress
6. Work performed by the undertaking for its own purpose
and capital
7. Goods, raw materials and services
8. Other operating expenses
9. STAFF COSTS
9.a. Wages and salaries
9.b. Social security costs
9.c. Pension expenses
9. STAFF COSTS TOTAL
10. Depreciation and impairment of fixed assets
11. Other expenses
1. NET SALES format 2	34 495 919.00	31 368 499.00	181 578 703.00
2. Change in inventories of agricultural goods
3. Profit (loss) on biological inventories
4. Cost of sales	-31 717 020.00	-24 631 677.00	152 044 421.00
GROSS PROFIT (LOSS)	2 778 899.00	6 736 822.00	29 534 282.00
5. Marketing expenses	-1 912 255.00	-1 505 072.00	39 003 940.00
6. Administration and general expenses	-476 552.00	-279 204.00	4 847 354.00
7. Other income	273 639.00	108 789.00	427 826.00
8. Other expenses	-34 232.00	-164 842.00	604 770.00
OPERATING PROFIT (LOSS)	629 499.00	4 896 493.00	-14 493 956.00
12. FINANCIAL INCOME AND EXPENSES
12.a. Financial income and expenses from shares in subsidiaries
12.b. Financial income and expenses from shares in associates
12.c. Financial income and expenses from long-term
financial investments
12.d. Interest expense
12.e. Profit (loss) on translation of foreign currencies
12.f. Other financial income and expenses
12. TOTAL FINANCIAL INCOME AND EXPENSES	-1 018 319.00	-927 035.00	-7 621 502.00
PROFIT(LOSS) ON ORDINARY ACTIVITIES	-388 820.00	3 969 458.00	-22 115 458.00
13. Income tax expense			0.00
NET PROFIT (LOSS) FOR FINANCIAL YEAR	-388 820.00	3 969 458.00	-22 115 458.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.03
UK Pound	1	Rs.82.43
Euro	1	Rs.70.49

INFORMATION DETAILS

Report Prepared by :

PRL

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.