MIRA INFORM REPORT

Report Date :

15.05.2013

IDENTIFICATION DETAILS

Name :	TOVARYSTVO Z OBMEZHENOYU VIDPOVIDALNISTYU NUFARM UKRAINA
Registered Office :	4 Mykoly Grinchenka str., Business Center Horizon Park, Kiev, 03680
Country :	Ukraine
Financials (as on) :	30.06.2012
Date of Incorporation :	20.10.2009
Com. Reg. No.:	36797495
Legal Form :	TOV (Limited Liability Company by Ukrainian Law)
Line of Business :	Wholesale of plant protection products.
No. of Employees :	Not Available

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 :	No Complaints
Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – March, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Ukraine	B2	B2

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

UKRAINE - ECONOMIC OVERVIEW

After Russia, the Ukrainian republic was the most important economic component of the former Soviet Union, producing about four times the output of the next-ranking republic. Its fertile black soil generated more than one-fourth of Soviet agricultural output, and its farms provided substantial quantities of meat, milk, grain, and vegetables to other republics. Likewise, its diversified heavy industry supplied the unique equipment (for example, large diameter pipes) and raw materials to industrial and mining sites (vertical drilling apparatus) in other regions of the former USSR. Shortly after independence in August 1991, the Ukrainian Government liberalized most prices and erected a legal framework for privatization, but widespread resistance to reform within the government and the legislature soon stalled reform efforts and led to some backtracking. Output by 1999 had fallen to less than 40% of the 1991 level. Ukraine's dependence on Russia for energy supplies and the lack of significant structural reform have made the Ukrainian economy vulnerable to external shocks. Ukraine depends on imports to meet about three-fourths of its annual oil and natural gas requirements and 100% of its nuclear fuel needs. After a two-week dispute that saw gas supplies cutoff to Europe, Ukraine agreed to 10-year gas supply and transit contracts with Russia in January 2009 that brought gas prices to "world" levels. The strict terms of the contracts have further hobbled Ukraine's cash-strapped state gas company, Naftohaz. Outside institutions - particularly the IMF - have encouraged Ukraine to quicken the pace and scope of reforms to foster economic growth. Ukrainian Government officials eliminated most tax and customs privileges in a March 2005 budget law, bringing more economic activity out of Ukraine's large shadow economy, but more improvements are needed, including fighting corruption, developing capital markets, and improving the legislative framework. Ukraine's economy was buoyant despite political turmoil between the prime minister and president until mid-2008. Real GDP growth exceeded 7% in 2006-07, fueled by high global prices for steel - Ukraine's top export - and by strong domestic consumption, spurred by rising pensions and wages. A drop in steel prices and Ukraine's exposure to the global financial crisis due to aggressive foreign borrowing lowered growth in 2008. Ukraine reached an agreement with the IMF for a $16.4 billion Stand-By Arrangement in November 2008 to deal with the economic crisis, but the program quickly stalled due to the Ukrainian Government's lack of progress in implementing reforms. The economy contracted nearly 15% in 2009, among the worst economic performances in the world. In April 2010, Ukraine negotiated a price discount on Russian gas imports in exchange for extending Russia's lease on its naval base in Crimea. In August 2010, Ukraine, under the YANUKOVYCH Administration, reached a new agreement with the IMF for a $15.1 billion Stand-By Agreement. Economic growth resumed in 2010 and 2011, buoyed by exports. After initial disbursements, the IMF program stalled in early 2011 due to the Ukrainian Government's lack of progress in implementing key gas sector reforms, namely gas tariff increases. Economic growth slowed in the second half of 2012 with Ukraine finishing the year in technical recession following two consecutive quarters of negative growth.

Source : CIA

given Company name

NUFARM UKRAINE LLC

Identification

Full Name

:

TOVARYSTVO Z OBMEZHENOYU VIDPOVIDALNISTYU NUFARM UKRAINA

Name in English

:

NUFARM UKRAINE, LLC

Office Address

:

4 Mykoly Grinchenka str., Business Center Horizon Park, Kiev, 03680, Ukraine

Legal Address

:

4 Mykoly Grinchenka str., Kiev, 03680, Ukraine

Contacts

:

-	Phone	:	(+38 044) 4955360
-	Fax	:	(+38 044) 4955363
-	E-mail	:	olena.hlushko@ua.nufarm.com
-	WWW	:	www.nufarm.com

SUMMARY

Legal Form : TOV (Limited Liability Company by Ukrainian Law)

Incorporation : 2009

Staff : n/a

Litigation events : n/a Remarks on payments : n/a

Sales :	59 154.00 th UAH ( for 6 months, ended 30.06.2012 )
	60 001.00 th UAH ( for 12 months, ended 31.12.2011 )

Incorporation

:

2009

Registration Data

Date of registration

:

20.10.2009

Registration number

:

36797495

Registr. authority

:

Local Administration (Kiev, Ukraine)

VAT number

:

367974926589

Registr. place

:

Ukraine

Number of VAT-certificate: 100254230 Date of issue: 11.11.2009

Legal Form

:

TOV (Limited Liability Company by Ukrainian Law)

since 20.10.2009

Share Capital

:

65 000 UAH (registered)

since 20.10.2009

Shareholders

:

-	Nufarm Hungary Kft (Hungary)				75.00 %
		share's book value	:	48 750 UAH
-	Nufarm Holdings B.V. (Netherlands)				25.00 %
		share's book value	:	16 250 UAH

Board / Executives

Executives

Director

:

Belits Bernd

Authorised signature

:

Belits Bernd

Changes in Registration Data

- 30.11.2010

:

managers, authorised signature

Activities

:

-	5191	Fertilizer/Agric Chemicals
		(NACE 5118: Agents specializing in the sale of particular products or ranges of products n.e.c.)

Wholesale of plant protection products.

Staff employed

:

n/a

There is no this information in the official sources. The company's administration refused to provide this information either.

Export

:

none

Import

- 01.12.2012

:

Fiscal period: 11 month(s), currency: UAH

61 979 696.00

Austria, Lithuania, China Peoples Republic, India, Netherlands

- 01.05.2011

:

Fiscal period: 4 month(s), currency: UAH

11 369 554.00

- 01.01.2011

:

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

33 885 837.00

Facilities

Real estate

:

rent:
-	Premises - Office
	address	:	4 Mykoly Grinchenka str., Business Center Horizon Park, Kiev, 03680, Ukraine

Subsidiaries and Participation

:

n/a

Bankers

:

Registration file does not contain this information.

Suppliers

:

-	DVA (SHANGHAI) CHEMICALS CO., LTD. on behalf of DVA AGRO GMBH (China Peoples Republic)
-	NUFARM S.A.S EKSPEDITOR UABTRANSEURINA IR KO (Lithuania)
-	Nufarm GmbH & Co KG (Austria)
-	SGS NEDERLAND BV (Netherlands)
-	Sharda Worldwide Exports Pvt. Ltd (India)

Other associated Companies

:

-	Nufarm
	Nufarm Limited is one of the world's leading crop protection and specialist seeds companies. Source: http://www.nufarm.com/About

Litigation

:

Generally in the DB of the Unified State Register of the Legal Judgements data the subject company has been involved as a claimant into 1 litigation process on 04.04.2013.

According to the data of Bulletin of the State Registration as of 14.05.2013, there are no bankruptcy registered in the name of the subject company.

Remarks on payment

:

No official information is available according to the Ukrainian legislation.

Financial Elements

Period, months	6	12	12
Ended	30.06.2012	31.12.2011	31.12.2010
Currency	UAH th	UAH th	UAH th
Comments		**)
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets	1 526.00	582.00
- Fixed assets	984.00	1 072.00	1 024.00
- Investments in tangible assets
- Financial assets	0.00	0.00	0.00
- Other non-current assets	0.00	0.00
Non-current assets total	2 510.00	1 654.00	1 671.00
CURRENT ASSETS
- Stock	20 327.00	20 681.00	10 367.00
- Debtors	92 780.00	61 171.00	42 235.00
- Other receivables	10 527.00	8 622.00
- Short-term financial investments	0.00	0.00
- Cash	21 688.00	11 007.00	6 970.00
- Other current assets	1 454.00	537.00
Current assets total	146 776.00	102 018.00	59 751.00
Assets total	149 286.00	103 672.00	61 937.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	65.00	65.00	65.00
- Additional capital	0.00	0.00
- Other capital	0.00	0.00
- Reserve capital	0.00	0.00
- Retained earnings (Non-covered loss)	7 934.00	-2 530.00
Capital and reserves total	7 999.00	-2 465.00	-1 525.00
Provisions	398.00	317.00
LONG-TERM LIABILITIES
- Loans and credits	0.00	0.00
- long-term amounts owed to banks	0.00	0.00
- Other long-term liabilities	0.00	0.00
Long-term liabilities total	0.00	0.00	0.00
SHORT-TERM LIABILITIES
- Loans and credits	104 692.00	97 831.00
- short-term amounts owed to banks	104 692.00	97 831.00
- Creditors	35 029.00	6 698.00
- trade debts	35 029.00	6 359.00
- accrued payroll	0.00	0.00
- tax liabilities	0.00	339.00
- other creditors
- advances received	0.00	0.00
- Dividends in arrears
- Accrued income, deferred charges	0.00	0.00
- Other short-term liabilities	1 168.00	1 291.00
Short-term liabilities total	140 889.00	105 820.00	63 356.00
Liabilities total	140 889.00	105 820.00	63 356.00
Equity and liabilities total	149 286.00	103 672.00	61 937.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	59 154.00	60 001.00	49 152.00
Cost of goods sold	43 096.00	44 900.00	31 483.00
Gross profit	16 058.00	11 688.00
Distribution costs	1 581.00	2 540.00
Administrative and management costs	4 226.00	8 808.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable
Income from participating interests	0.00	0.00
Other operating income	3 752.00	11 886.00
Other operating charges	1 348.00	7 351.00
Operating profit			-800.00
INVESTMENT INCOME AND CHARGES
Investment income less charges	-1 994.00	-3 989.00
Profit before taxation	10 661.00	886.00	-674.00
Income-tax and other similar payments	197.00	1 826.00
Profit (loss) from ordinary activity
Extraordinary income less charges	0.00	0.00
Net profit	10 464.00	-940.00	-1 352.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	18.02	1.48	-1.37
Profit before taxation / Net sales
Operating margin of profit, %			-1.63
Operating profit / Net sales
Return on investment, %	133.28	-35.94	44.20
Profit before taxation / Equity
Current assets turnover	0.40	0.59	0.82
Net sales / Current assets
Working capital	5 887.00	-3 802.00	-3 605.00
Current assets - Short-term liabilities
Leverage	0.05	-0.02	-0.02
Equity / Total assets
Current ratio	1.04	0.96	0.94
Current assets / Short-term liabilities
Quick ratio	0.90	0.77	0.78
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	17.61	-42.93	-41.54
Total liabilities / Equity

**)

Results of automatic check:

CONSISTENCY NOTE(S):

- "Gross profit" (11688) not equal to calculated result (15101)

The company is registered as a taxpayer at the State Tax Administration.

FINAL COMMENTS

The information given in this report was collected from all the sources accessible. We contacted Mrs Elena Glushko(secretary) on 14.05.2013 by the tel. number: +38 044 4955360. She confirmed the general information and asked us to send a questionnaire. An inquiry was sent for the attention of the Director but no answer was received. If the additional information comes in we will update the subject report.

APPENDIX A

Financial Statements

Period, months	6	12	12
Ended	30.06.2012	31.12.2011	31.12.2010
Currency	UAH th	UAH th	UAH th
PROFIT AND LOSS ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	70 985.00	72 080.00
services
015 VAT tax	11 831.00	12 013.00
020 Excise tax	0.00	0.00
025	0.00	3 413.00
030 Other compulsory payments	0.00	66.00
035 Net sales revenue	59 154.00	56 588.00
040 Cost of goods, work, services	43 096.00	44 900.00
045 Total production costs
050 Gross profit	16 058.00	11 688.00
055 Gross loss	0.00	0.00
060 Other operating income	140.00	6 952.00
070 Administrative and management costs	4 226.00	8 808.00
080 Distribution costs	1 581.00	2 540.00
090 Other operating charges	1 348.00	6 590.00
100 Operating profit	9 043.00	702.00
105 Operating loss	0.00	0.00
110 Income from capital participating	0.00	0.00
120 Other financial income	314.00	192.00
130 Other income	3 612.00	4 934.00
140 Financial charges	2 308.00	4 181.00
150 Capital participating expenses	0.00	0.00
160 Other expenses	0.00	761.00
170 Profit from ordinary activity before taxation	10 661.00	886.00
175 Loss from ordinary activity before taxation	0.00	0.00
180 Ordinary activity Income-tax	197.00	1 826.00
190 Profit from ordinary activity	10 464.00	0.00
195 Loss from ordinary activity	0.00	940.00
200 Extraordinary income	0.00	0.00
205 Extraordinary charges	0.00	0.00
210 Extraordinary activity Income-Tax	0.00	0.00
220 Net profit	10 464.00	0.00
225 Net loss	0.00	940.00
Operating charges details:
230 Tangible expenses	164.00	220.00
240 Payroll costs	2 181.00	3 075.00
250 Allocation to social needs	470.00	578.00
260 Amortization charges	283.00	424.00
270 Other operating charges	1 545.00	17 938.00
280 Operating charges total	4 643.00	22 235.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value	1 526.00	582.00
011 acquisition cost	2 253.00	767.00
012 depreciation	727.00	185.00
020 Construction in progress	426.00	0.00
Fixed assets
030 residual value	558.00	1 072.00
031 acquisition cost	820.00	1 593.00
032 depreciation	262.00	521.00
Long-term biological assets
035 residual value
036 acquisition cost
037 depreciation
Long-term financial assets
040 Capital participation in other enterprises	0.00	0.00
045 Other financial investments	0.00	0.00
050 Long-term accounts receivable	0.00	0.00
060 Deferred tax assets	0.00	0.00
070 Other non-current assets	0.00	0.00
080 NON-CURRENT ASSETS TOTAL	2 510.00	1 654.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	97.00	61.00
110 Current biological assets	0.00	0.00
120 Work in progress	0.00	0.00
130 Finished goods	0.00	0.00
140 Goods for resale	20 230.00	20 620.00
150 Bills of exchange receivable	0.00	0.00
Trade debtors:
160 net realizable value	92 780.00	60 167.00
161 acquisition cost	92 780.00	60 167.00
162 doubtful debts reserve	0.00	0.00
Accounts receivable
170 Budget accounts receivable	7 505.00	8 622.00
180 Payments in advance	0.00	1 004.00
190 Accrued income	0.00	0.00
200 Internal payments	0.00	0.00
210 Other current accounts receivable	3 022.00	0.00
220 Current financial investments	0.00	0.00
Cash at bank and on hands
230 Funds in local currency	8 794.00	1 672.00
231 incl. cash on hands
240 Funds in foreign currencies	12 894.00	9 335.00
250 Other current assets	962.00	520.00
260 CURRENT ASSETS TOTAL	146 284.00	102 001.00
270 III. DEFERRED CHARGES	492.00	17.00
280 ASSETS TOTAL	149 286.00	103 672.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	65.00	65.00
310 Share capital	0.00	0.00
320 Additional contributed capital	0.00	0.00
330 Other additional capital	0.00	0.00
340 Reserve capital	0.00	0.00
350 Retained earnings (loss)	7 934.00	-2 530.00
360 Unpaid capital (minus)	0.00	0.00
370 Retired capital (minus)	0.00	0.00
380 CAPITAL AND RESERVES TOTAL	7 999.00	-2 465.00
II. PROVISIONS OF EXPENSES AND
LIABILITIES
400 Provisions of payments to personnel	183.00	102.00
410 Other provisions	215.00	215.00
415 Insurance reserves	0.00	0.00
416 portion covered by insurers	0.00	0.00
417	0.00
418	0.00
420 Targeted funding	0.00	0.00
430 PROVISIONS OF EXPENSES AND	398.00	317.00
LIABILITIES TOTAL
III. LONG-TERM LIABILITIES
440 Long-term amounts owed to credit institutions	0.00	0.00
450 Other financial liabilities	0.00	0.00
460 Deferred tax liabilities	0.00	0.00
470 Other long-term liabilities	0.00	0.00
480 TOTAL LONG-TERM LIABILITIES	0.00	0.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	104 692.00	97 831.00
510 Short-term portion of long-term liabilities	0.00	0.00
520 Bills of exchange payable	0.00	0.00
530 Trade creditors	35 029.00	6 359.00
Accounts payable:
540 Advance payments	0.00	0.00
550 Budget accounts payable	0.00	339.00
560 Non-budget accounts payable	0.00	0.00
570 Insurance payments	0.00	0.00
580 Accrued payroll	0.00	0.00
590 Liabilities to shareholders	0.00	0.00
600 Internal payments	0.00	0.00
610 Other short-term liabilities	1 168.00	1 291.00
620 SHORT-TERM LIABILITIES TOTAL	140 889.00	105 820.00
630 V. DEFERRED INCOME	0.00	0.00
640 EQUITY AND LIABILITIES TOTAL	149 286.00	103 672.00

- 31.12.2010

:

Fiscal period: 12 month(s), currency: UAH, th
PROFIT AND LOSS ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	49 152.00
services
015 VAT tax	8 192.00
020 Excise tax	0.00
025
030 Other compulsory payments	0.00
035 Net sales revenue	40 960.00
040 Cost of goods, work, services	31 483.00
050 Gross profit	9 477.00
055 Gross loss	0.00
060 Other operating income	19 123.00
070 Administrative and management costs	7 485.00
080 Distribution costs	1 006.00
090 Other operating charges	20 909.00
100 Operating profit	0.00
105 Operating loss	800.00
110 Income from capital participating	0.00
120 Other financial income	65.00
130 Other income	1 279.00
140 Financial charges	653.00
150 Capital participating expenses	0.00
160 Other expenses	565.00
170 Profit from ordinary activity before taxation	0.00
175 Loss from ordinary activity before taxation	674.00
180 Ordinary activity Income-tax	678.00
190 Profit from ordinary activity	0.00
195 Loss from ordinary activity	1 352.00
200 Extraordinary income	0.00
205 Extraordinary charges	0.00
210 Extraordinary activity Income-Tax	0.00
220 Net profit	0.00
225 Net loss	1 352.00
Operating charges details:
230 Tangible expenses	168.00
240 Payroll costs	1 839.00
250 Allocation to social needs	380.00
260 Amortization charges	282.00
270 Other operating charges	11 438.00
280 Operating charges total	14 107.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value	647.00
011 acquisition cost	685.00
012 depreciation	38.00
020 Construction in progress	0.00
Fixed assets
030 residual assets	1 024.00
031 acquisition cost	1 268.00
032 depreciation	244.00
Long-term financial assets
040 Capital participation in other enterprises	0.00
045 Other financial investments	0.00
050 Long-term accounts receivable	0.00
060 Deferred tax charges	0.00
070 Other non-current assets	0.00
080 NON-CURRENT ASSETS TOTAL	1 671.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	36.00
110 Working and productive animals	0.00
120 Construction in progress	0.00
130 Finished goods	0.00
140 Goods for resale	10 331.00
150 Bills of exchange receivable	0.00
Trade debtors:
160 net realizable value	35 413.00
161 acquisition cost	35 413.00
162 doubtful debts reserve	0.00
Accounts receivable
170 Budget accounts receivable	6 509.00
180 Payments in advance	0.00
190 Accrued income	0.00
200 Internal payments	0.00
210 Other current accounts receivable	313.00
220 Current financial investments	0.00
Cash at bank and in hand
230 Funds in local currency	968.00
240 Funds in foreign currencies	6 002.00
250 Other current assets	179.00
260 CURRENT ASSETS TOTAL	59 751.00
270 III. DEFERRED CHARGES	515.00
280 ASSETS TOTAL	61 937.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	65.00
310 Share capital	0.00
320 Additional contributed capital	0.00
330 Other additional capital	0.00
340 Reserve capital	0.00
350 Retained earnings (loss)	-1 590.00
360 Unpaid capital (minus)	0.00
370 Retired capital (minus)	0.00
380 CAPITAL AND RESERVES TOTAL	-1 525.00
II. PROVISIONS FOR EXPENSES AND
LIABILITIES
400 Provisions for payments to personnel	106.00
410 Other provisions	0.00
415 Insurance reserves	0.00
416 portion covered by insurers	0.00
420 Special-purpose funding	0.00
430 PROVISIONS FOR EXPENSES AND	106.00
LIABILITIES TOTAL
III. LONG-TERM LIABILITIES
440 Long-term amounts owed to credit institutions	0.00
450 Other financial liabilities	0.00
460 Deferred tax liabilities	0.00
470 Other long-term liabilities	0.00
480 TOTAL LONG-TERM LIABILITIES	0.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	55 509.00
510 Short-term portion of long-term liabilities	0.00
520 Bills of exchange payable	0.00
530 Trade creditors	7 556.00
Accounts payable:
540 Advance payments	0.00
550 Budget accounts payable	0.00
560 Non-budget accounts payable	0.00
570 Insurance payments	0.00
580 Accrued payroll	3.00
590 Liabilities to shareholders	0.00
600 Internal payments	0.00
610 Other short-term liabilities	288.00
620 SHORT-TERM LIABILITIES TOTAL	63 356.00
630 V. DEFERRED INCOME	0.00
640 EQUITY AND LIABILITIES TOTAL	61 937.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.63
UK Pound	1	Rs.83.67
Euro	1	Rs.71.02

INFORMATION DETAILS

Report Prepared by :

SDA

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.