MIRA INFORM REPORT

Report Date :

12.11.2013

IDENTIFICATION DETAILS

Name :	BATA, AKCIOVA SPOLECNOST

Registered Office :	Dlouhá ul. 130 762 22 Zlín

Country :	Czech Republic

Financials (as on) :	31.12.2012

Date of Incorporation :	26.11.1991

Com. Reg. No.:	B 872

Legal Form :	Public limited company

Line of Business :	Manufacture of footwear

No. of Employees :	890 employees

RATING & COMMENTS

MIRA’s Rating :

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, 31^st,2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Czech Republic

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

CZECH REPUBLIC - ECONOMIC OVERVIEW

The Czech Republic is a stable and prosperous market economy closely integrated with the EU, especially since the country's EU accession in 2004. While the conservative, inward-looking Czech financial system has remained relatively healthy, the small, open, export-driven Czech economy remains sensitive to changes in the economic performance of its main export markets, especially Germany. When Western Europe and Germany fell into recession in late 2008, demand for Czech goods plunged, leading to double digit drops in industrial production and exports. As a result, real GDP fell 4.7% in 2009, with most of the decline occurring during the first quarter. Real GDP, however, slowly recovered with positive quarter-on-quarter growth starting in the second half of 2009 and continuing throughout 2011. In 2012, however, the economy fell into a recession due to a slump in external demand. The auto industry remains the largest single industry, and, together with its upstream suppliers, accounts for nearly 24% of Czech manufacturing. The Czech Republic produced more than a million cars for the first time in 2010, over 80% of which were exported. Foreign and domestic businesses alike voice concerns about corruption especially in public procurement. Other long term challenges include dealing with a rapidly aging population, funding an unsustainable pension and health care system, and diversifying away from manufacturing and toward a more high-tech, services-based, knowledge economy.

Source : CIA

company name aNd address

BATA, AKCIOVA SPOLECNOST
Dlouhá ul. 130
762 22 Zlín

telephone:         00420/ 577 685 111
telefax:              00420/ 577 685 224
e-mail:              kontakt@bata.cz
Web:                www.bata.cz

Company Identification

Legal form

Public limited company

Foundation	26/11/1991 - Public limited company
Comp. Register	26/11/1991, Krajský soud v Brně, RegNr.: B 872 Statistical number: 44268050 Tax number: CZ44268050

Share Capital	26/11/1991	CZK	100 000,-
	20/12/1991	CZK	817 257 000,-

20/10/1994		CZK	817 257 000,-
	817.257 of registered shares at nominal value of CZK 1.000,--

Main Shareholder	INTERNATIONAL FOOTWEAR INVESTMENT, B.V. Herengracht 548, 1012 Amsterdam, Netherlands		%	100
Board of Directors		Bengt Gunnarsson (11.07.1943) Avenue Clovis Hugues 8448, Bonnieux, France chairman of board

	Eugenio Olabe (01.02.1971) C.Salabre 11, BW 64 Alicante, Spain
	Ing. Jaroslav Odstrčil (01.03.1959) Horní Lapač 28, 767 01 Kroměříž

	Ing. Tomáš Novotný (07.02.1974) Školní 208, 760 01 Zlín
	Martin Procházka, MBA (10.11.1972) Na Zápovědi 561, 686 01 Uherské Hradiště

Supervisory Board	Ing. Petr Sáha (15.02.1948) Náves 4, 760 01 Zlín, Mladcová chairman of supervisory board
	Martin Ševčík (03.03.1972) Křiby 4603, 760 05 Zlín

	Thomas Archer Bata (23.01.1988) Dundas Street 73/4, Edinburgh EH36RS, Great Britain
Management	Vojtěch Kořen (31.08.1976) Ruská 2164/21, 415 01 Teplice confidential clerk

General Data		Manufacture and retail sale of footwear, of leather fancy goods, travelling luggage; sale of hosiery. Sales network of the company is constituted by 75 salesrooms, from this 22 superstores all over the territory of the Czech Republic. The greatest department store Baťa in Europe is situated at Venceslas Square No. 6, 110 00 Prague 1, phone: 00420/ 221 088 478
	Main activity: Manufacture of footwear

	Former name(s) BAŤA ČSFR, a.s. Beginning of validity: 26.11.1991 End of validity: 03.05.1993
	Trade name(s) BAŤA, akciová společnost Beginning of validity: 03.05.1993

	Export: Italy Poland Slovakia Spain	20%
	Import: China Italy Spain Switzerland

	General contacts: telephone: 00420/ 577 685 111 telefax: 00420/ 577 685 224 e-mail: kontakt@bata.cz Web: www.bata.cz
	Address: Dlouhá ul. 130, 762 22 Zlín Beginning of validity: 22.05.1992

	U Sovových mlýnů 9, 111 21 Praha 1 Beginning of validity: 26.11.1991 End of validity: 22.05.1992
	Factory of the business: výrobní divize / division of production /Herstellungsdivision Hlucká 573, 687 62 Dolní Němčí telephone: 00420/ 572 611 111 telefax: 00420/ 572 611 122

Staff	2006	1247 employees
	2007	1219 employees

	2008	1228 employees
	2009	1084 employees

	2010	1076 employees
	2011	980 employees

	2012	898 employees
	2013	890 employees

Annual Sales	2005	actual sales	CZK	2 577 507 000,-
	2006	actual sales	CZK	2 703 733 000,-

	2007	actual sales	CZK	2 897 390 000,-
	2008	actual sales	CZK	2 763 616 000,-

	2009	actual sales	CZK	2 459 891 000,-
	2010	actual sales	CZK	2 127 680 000,-

	2011	actual sales	CZK	1 935 241 000,-
	2012	actual sales	CZK	1 804 423 000,-

	2013		projected sales	CZK	1 800 000 000,-
Property		Property of the company: CZ-762 22 Zlín, Dlouhá 130 Property of the company: CZ-68762 Dolní Němčí, Hluchá 573 Property of the company: CZ-110 00 Praha 1, Václavské náměstí 774/6

	and other real estate.
Balance sheets	The enclosed balance of 2012 from business register, -. (31.12.2012 - 1 CZK) The enclosed balance of 2011 company's own data, it is authenticated by the auditor. (31.12.2011 - 1 CZK) The enclosed balance of 2010 from business register, it is authenticated by the auditor. (31.12.2010 - 1 CZK) The enclosed balance of 2009 company's own data, it is authenticated by the auditor. (31.12.2009 - 1 CZK)

The enclosed profit/loss account of 2012 from business register, -. (31.12.2012 - 1 CZK)
The enclosed profit/loss account of 2011 company's own data, it is authenticated by the auditor. (31.12.2011 - 1 CZK)
The enclosed profit/loss account of 2010 from business register, it is authenticated by the auditor. (31.12.2010 - 1 CZK)
The enclosed profit/loss account of 2009 company's own data, it is authenticated by the auditor. (31.12.2009 - 1 CZK)

Remarks

All the sources of negative data accessible to public (insolvency registers, databases of debtors of health insurance institutions, commercial bulletin, collection database of Creditreform and others) are currently monitored.

		Business management: Eugenio Olabe – general manager Martin Procházka, MBA – financial director Mr. Kubáník – business director Tomáš Novotný – business performance director Vojtěch Kořen – staff director Lukáš Ohanka – director for marketing ing. Jaroslav Odstrčil - manager for logistics and distribution The original firm Baťa was founded in Zlín in 1894. Before the year 1939, the concern Baťa was engaging 67 thousand employees, from this 25.000 abroad, where 63 companies Baťa were doing business. The domestic annual production of the firm Baťa constituted 48 million pairs of footwear In 1945, the firm was nationalized and renamed to Svit Zlín. In 1991, joint-stock company BAŤA was newly established; proprietor was National property fund. Its share was bought-off by the present shareholder gradually (80% in 1996, 10% in 1998 and 10% in 1999). By means of shareholder, the company is a part of the group, which is doing business in 68 countries of the world, has 40 production plants, 4.600 salesrooms and engages 40 thousand employees. On 1.9.2008, Tomáš Baťa jr., son of the founder of the footwear imperious and a member of the Board of Supervision of the company BAŤA, akciová společnost has died. Contact: ing. Libuše Bělotová – accounting department chief, phone: 00420/ 577 685 135, mobile phone: 00420/ 731 618 764 Světlana Pomajbíková, accountant, phone: 00420/ 577 685 121 Mrs. Mikulčíková, staff department, phone: 00420/ 577 685 119
Bankers	HSBC Bank plc - pobočka Praha Account number: 98303105/8150 UniCredit Bank Czech Republic, a.s. Account number: 52695/2700 Account number: 2538819084/2700 Account number: 2540513084/2700 Account number: 00052695-019 Account number: 00052695-027 Account number: 00052695-107 Account number: 001-000983-001 Account number: 001-000983-002 Account number: 3593702 UniCredit Bank Czech Republic, a.s. Account number: 52695000/2700		(8150) (2700) (2700)

Financials

	balance	31.12.2009 (CZK)	31.12.2010 (CZK)	31.12.2011 (CZK)	31.12.2012 (CZK)
r1	TOTAL ASSETS	1 302 950 000	1 293 247 000	1 249 655 000	1 283 866 000
r2	Receivables for subscriptions	0	0	0	0
r3	Fixed assets	563 108 000	493 339 000	490 193 000	450 672 000
r4	Intangible fixed assets	1 761 000	1 076 000	2 640 000	2 549 000
r5	Incorporation expenses				0
r6	Research and development				0
r7	Software	933 000	484 000	722 000	1 221 000
r8	Valuable rights	814 000	592 000	514 000	325 000
r9	Goodwill				0
r10	Other intangible fixed assets	14 000			651 000
r11	Intangible fixed assets under construction			1 404 000	352 000
r12	Advance payments for intangible fixed assets				0
r13	Tangible fixed assets	561 347 000	492 263 000	487 553 000	448 123 000
r14	Lands	13 566 000	13 566 000	13 566 000	13 338 000
r15	Constructions	469 849 000	428 627 000	417 870 000	377 121 000
r16	Equipment	76 116 000	49 132 000	53 208 000	48 635 000
r17	Perennial corps				0
r18	Breeding and draught animals				0
r19	Other tangible fixed assets	1 188 000	744 000	971 000	1 787 000
r20	Tangible fixed assets under construction	316 000	165 000	1 504 000	7 045 000
r21	Advance payments for tangible fixed assets	55 000	29 000	434 000	197 000
r22	Adjustment to acquired assets	257 000			0
r23	Long-term financial assets	0	0	0	0
r24	Shares in controlled and managed organizations				0
r25	Shares in accounting units with substantial influence				0
r26	Other securities and shares				0
r27	Loans to controlled and managed organizations and to accounting unit with substantial influence				0
r28	Other financial investments				0
r29	Financial investments acquired				0
r30	Advance payments for long-term financial assets				0
r31	Current assets	729 223 000	789 381 000	751 267 000	825 958 000
r32	Inventory	480 436 000	398 168 000	450 889 000	424 215 000
r33	Materials	16 357 000	15 860 000	20 823 000	20 026 000
r34	Work in progress and semi-products	3 179 000	1 692 000	2 986 000	3 779 000
r35	Finished products	9 569 000	10 552 000	11 599 000	12 739 000
r36	Animals				0
r37	Merchandise	451 331 000	370 064 000	415 481 000	387 671 000
r38	Advance payments for inventory				0
r39	Long-term receivables	21 378 000	20 012 000	18 372 000	19 198 000
r40	Trade receivables				0
r41	Receivables from controlled and managed organizations				0
r42	Receivables from accounting units with substantial influence				0
r43	Receivables from partners, cooperative members and association members				0
r44	Long-term deposits given				0
r45	Estimated receivable				0
r46	Other receivables				0
r47	Deferred tax receivable	21 378 000	20 012 000	18 372 000	19 198 000
r48	Short-term receivables	206 696 000	105 667 000	68 160 000	69 925 000
r49	Trade receivables	170 915 000	86 088 000	44 663 000	55 589 000
r50	Receivables from controlled and managed organizations				0
r51	Receivables from accounting units with substantial influence				0
r52	Receivables from partners, cooperative members and association members				0
r53	Receivables from social security and health insurance				0
r54	Due from state - tax receivable	9 797 000		4 081 000	0
r55	Short-term deposits given	15 242 000	11 073 000	12 305 000	12 957 000
r56	Estimated receivable	1 098 000	1 296 000	578 000	746 000
r57	Other receivables	9 644 000	7 210 000	6 533 000	633 000
r58	Short-term financial assets	20 713 000	265 534 000	213 846 000	312 620 000
r59	Cash	6 877 000	4 916 000	6 966 000	5 629 000
r60	Bank accounts	13 836 000	260 618 000	206 880 000	306 991 000
r61	Short-term securities and ownership interests				0
r62	Short-term financial assets acquired				0
r63	Accruals	10 619 000	10 527 000	8 195 000	7 236 000
r64	Deferred expenses	10 619 000	10 527 000	8 195 000	7 236 000
r65	Complex deferred costs				0
r66	Deferred income				0
r67	TOTAL LIABILITIES	1 302 950 000	1 293 247 000	1 249 655 000	1 283 866 000
r68	Equity	1 036 527 000	1 069 071 000	984 214 000	1 014 789 000
r69	Registered capital	817 257 000	817 257 000	817 257 000	817 257 000
r70	Registered capital	817 257 000	817 257 000	817 257 000	817 257 000
r71	Company’s own shares and ownership interests (-)				0
r72	Changes of registered capital ( +/- )				0
r73	Capital funds	14 528 000	13 162 000	12 475 000	6 608 000
r74	Share premium				0
r75	Other capital funds	7 433 000	7 433 000	7 433 000	7 433 000
r76	Differences from revaluation of assets and liabilities ( +/- )	7 095 000	5 729 000	5 042 000	5 042 000
r77	Differences from revaluation in transformation ( +/- )				0
r78	Reserve funds, statutory reserve account for cooperatives, and other retained earnings	24 668 000	24 668 000	26 364 000	26 657 000
r79	Legal reserve fund / indivisible fund	24 668 000	24 668 000	26 364 000	26 657 000
r80	Statutory and other funds				0
r81	Profit / loss - previous years	196 503 000	180 074 000	122 288 000	127 825 000
r82	Retained earnings from previous years	196 503 000	180 074 000	122 288 000	127 825 000
r83	Accumulated losses from previous years				0
r84	Profit / loss - current year (+/-)	-16 429 000	33 910 000	5 830 000	36 442 000
r85	Liabilities	242 522 000	208 084 000	251 329 000	252 445 000
r86	Reserves	3 269 000	4 895 000	4 781 000	2 984 000
r87	Reserves under special statutory regulations				0
r88	Reserves for pension and similar payables				0
r89	Income tax reserves				0
r90	Other reserves	3 269 000	4 895 000	4 781 000	2 984 000
r91	Long-term payables	0	0	0	0
r92	Trade payables				0
r93	Payables to controlled and managed organizations				0
r94	Payables to accounting units with substantial influence				0
r95	Payables from partners, cooperative members and association members				0
r96	Long-term advances received				0
r97	Issues bonds				0
r98	Long-term notes payables				0
r99	Estimated payables				0
r100	Other payables				0
r101	Deferred tax liability				0
r102	Short-term payables	173 130 000	203 189 000	246 548 000	249 461 000
r103	Trade payables	88 377 000	114 503 000	154 384 000	156 296 000
r104	Payables to controlled and managed organizations				0
r105	Payables to accounting units with substantial influence				0
r106	Payables from partners, cooperative members and association members				0
r107	Payroll	15 041 000	14 573 000	14 788 000	14 440 000
r108	Payables to social securities and health insurance	7 944 000	8 067 000	8 180 000	7 974 000
r109	Due from state - tax liabilities and subsidies	28 485 000	29 045 000	22 576 000	25 417 000
r110	Short-term deposits received	2 386 000	2 358 000	2 137 000	2 205 000
r111	Issues bonds				0
r112	Estimated payables	30 895 000	34 643 000	44 483 000	41 763 000
r113	Other payables	2 000			1 366 000
r114	Bank loans and financial accommodations	66 123 000	0	0	0
r115	Long-term bank loans	0	0	0	0
r116	Short-term bank loans	66 123 000	0	0	0
r117	Short-term accommodations	0	0	0	0
r118	Accruals	23 901 000	16 092 000	14 112 000	16 632 000
r119	Accrued expenses	13 173 000	7 869 000	6 511 000	6 553 000
r120	Deferred revenues	10 728 000	8 223 000	7 601 000	10 079 000

	profit/loss account		31.12.2009 (CZK)		31.12.2010 (CZK)		31.12.2011 (CZK)		31.12.2012 (CZK)
a1	Turnover		2 459 891 000		2 127 680 000		1 935 241 000		1 804 423 000
a2	Revenues from sold goods		2 352 221 000		2 020 166 000		1 828 597 000		1 662 002 000
a3	Expenses on sold goods		1 626 898 000		1 341 351 000		1 117 183 000		971 743 000
a4	Sale margin		725 323 000		678 815 000		711 414 000		690 259 000
a5	Production		150 776 000		143 939 000		146 390 000		168 710 000
a6	Revenues from own products and services		107 670 000		107 514 000		106 644 000		142 421 000
a7	Change in inventory of own products		-9 015 000		311 000		2 292 000		1 396 000
a8	Capitalization		52 121 000		36 114 000		37 454 000		24 893 000
a9	Production consumption		422 981 000		394 196 000		431 676 000		432 215 000
a10	Consumption of material and energy		125 007 000		125 119 000		131 831 000		133 981 000
a11	Services		297 974 000		269 077 000		299 845 000		298 234 000
a12	Added value		453 118 000		428 558 000		426 128 000		426 754 000
a13	Personnel expenses		327 137 000		298 651 000		315 674 000		304 148 000
a14	Wages and salaries		248 655 000		220 191 000		232 550 000		224 354 000
a15	Renumeration of board members		293 000		230 000		139 000		219 000
a16	Social security expenses and health insurance		74 134 000		75 449 000		79 837 000		76 303 000
a17	Other social expenses		4 055 000		2 781 000		3 148 000		3 272 000
a18	Taxes and fees		660 000		702 000		741 000		1 738 000
a19	Depreciations of intangible and tangible assets		91 609 000		80 485 000		74 464 000		74 172 000
a20	Revenues from disposals of fixed assets and materials		2 999 000		2 316 000		6 617 000		37 867 000
a21	Revenues from disposals of fixed assets		1 137 000		493 000		3 033 000		33 695 000
a22	Revenues from disposals of materials		1 862 000		1 823 000		3 584 000		4 172 000
a23	Net book value of disposed fixed assets and materials		7 498 000		2 523 000		4 473 000		16 623 000
a24	Net book value of sold fixed assets		5 267 000		355 000		398 000		12 343 000
a25	Net book value of sold material		2 231 000		2 168 000		4 075 000		4 280 000
a26	Change in operating reserves and adjustments and complex deferred costs ( + / - )		42 000		-23 034 000		-15 098 000		-2 694 000
a27	Other operating revenues		4 620 000		5 221 000		5 324 000		2 573 000
a28	Other operating expenses		36 292 000		28 688 000		29 244 000		24 483 000
a29	Transfer of operating revenues		1 990 000		2 612 000		1 686 000		2 445 000
a30	Transfer of operating expenses		1 990 000		2 612 000		1 686 000		2 445 000
a31	Operating profit / loss		-2 501 000		48 080 000		28 571 000		48 724 000
a32	Revenues from sales of securities and ownership interests								0
a33	Sold securities and ownership interests								0
a34	Revenues from long-term financial assets								0
a35	Revenues from shares in controlled and managed organizations and in accounting units with substantial influence								0
a36	Revenues from others securities and ownership interests								0
a37	Revenues from other long-term financial assets								0
a38	Revenues from short-term financial assets								0
a39	Expenses associated with financial assets								0
a40	Revenues from revaluation of securities and derivatives								0
a41	Cost of revaluation of securities and derivatives								0
a42	Change in financial reserves and adjustments ( + / - )								0
a43	Interest revenues		123 000		82 000		349 000		914 000
a44	Interest expenses		7 351 000		869 000		7 000		11 000
a45	Other financial revenues		99 420 000		53 543 000		30 462 000		34 878 000
a46	Other financial expenses		105 637 000		56 869 000		49 229 000		37 651 000
a47	Transfer of financial revenues								0
a48	Transfer of financial expenses								0
a49	Profit / loss from financial operations ( transactions )		-13 445 000		-4 113 000		-18 425 000		-1 870 000
a50	Income tax on ordinary income		483 000		10 057 000		4 316 000		10 412 000
a51	Due tax		1 604 000		8 371 000		2 515 000		10 055 000
a52	Tax deferred		-1 121 000		1 686 000		1 801 000		357 000
a53	Operating profit / loss ordinary activity		-16 429 000		33 910 000		5 830 000		36 442 000
a54	Extraordinary revenues								0
a55	Extraordinary expenses								0
a56	Income tax on extraordinary income								0
a57	Due tax								0
a58	Tax deferred								0
a59	Operating profit / loss extraordinary activity		0		0		0		0
a60	Transfer profit ( loss ) to partners (+/-)								0
a61	Profit / loss of current accounting period (+/-)		-16 429 000		33 910 000		5 830 000		36 442 000
a62	Profit / loss before tax (+/-)		-15 946 000		43 967 000		10 146 000		46 854 000
	Operating cash flow		73 838 000		322 396 000		105 023 000
	Investment cash flow		-26 379 000		-11 452 000		-66 711 000
	Financial cash flow		-87 374 000		-66 123 000		-90 000 000
	Receivables after due date total		78 982 000		20 880 000		7 802 000		14 940 000
	Liabilities after due date total		15 823 000		1 895 000		7 736 000		3 807 000
Balance indices				31.12.2009		31.12.2010		31.12.2011		31.12.2012
Return on total assets ROA (in %)		a62/r1 * 100		-1,22		3,40		0,81		3,65
Return on equity ROE (in %)		a62/r68 * 100		-1,54		4,11		1,03		4,62
Return on sales ROS (in %)		a62/a1 * 100		-0,65		2,07		0,52		2,60
Turnover of receivables (in days)		r49/a1 * 365		25,36		14,77		8,42		11,24
Turnover of liabilities (in days)		r103/a1 * 365		13,11		19,64		29,12		31,62
Turnover of inventories (days)		r32/a1 * 365		71,29		68,31		85,04		85,81
Net working capital (in ths. CZK)		r31 - r102 - r116 - r117		489 970,00		586 192,00		504 719,00		576 497,00
Ratio of accounts payable to accounts receivable (in %)		(r39+r48) / (r91+r102) * 100		131,74		61,85		35,10		35,73
Ratio of profit/loss to tangible assets (in%)		r3 / a1 * 100		22,89		23,19		25,33		24,98
Current ratio		r31 / (r102+r116+r117)		3,05		3,88		3,05		3,31
Quick ratio		(r58+r48) / (r102+r116+r117)		0,95		1,83		1,14		1,53
Cash ratio		r58 / (r102+r116+r117)		0,09		1,31		0,87		1,25
Debt ratio I (in %)		(1-r68/r67) * 100		20,45		17,33		21,24		20,96
Debt ratio II (in %)		r85/r67 * 100		18,61		16,09		20,11		19,66

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.30
UK Pound	1	Rs.101.36
Euro	1	Rs.84.60

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.

MIRA INFORM REPORT

company name aNd address

Company Identification

Financials

Unit