MIRA INFORM REPORT

Report Date :

11.09.2013

IDENTIFICATION DETAILS

Name :	BLUE BOX GROUP S.R.I
Registered Office :	Via Valletta 5 Cona, 30010
Country :	Italy
Financials (as on) :	31.12.2012
Date of Incorporation :	24.07.1991
Com. Reg. No.:	02481290282
Legal Form :	Private Subsidiary
Line of Business :	Subject is engaged in manufacture of refrigerating or freezing industrial equipment
No. of Employees :	232

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

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

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

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Italy	A2	A2

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

ITALY - ECONOMIC OVERVIEW

Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is high. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 126% of GDP in 2012, and investor concerns about the broader euro-zone crisis at times have caused borrowing costs on sovereign government debt to rise to euro-era. During the second half of 2011 the government passed three austerity packages to reduce its budget deficit and help bring down borrowing costs. These measures included a hike in the value-added tax, pension reforms, and cuts to public administration. The government also faces pressure from investors and European partners to sustain its recent efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2012 economic growth and labor market conditions deteriorated, with growth at -2.3% and unemployment rising to nearly 11%, with youth unemployment around 35%. The government has undertaken several reform initiatives designed to increase long-term economic growth. Italy's GDP is now 7% below its 2007 pre-crisis level.

Source : CIA

Company name and address

BLUE BOX GROUP S.R.I

Via Valletta 5

Cona, 30010

Italy

Tel:	39-0426-921111
Fax:	+39 0426 302222
www.bluebox.it

Employees:	232
Company Type:	Private Subsidiary
Corporate Family:	116 Companies
Ultimate Parent:	Investment Latour AB
Incorporation Date:	24-Jul-1991

Financials in:	USD (In Millions)
Fiscal Year End:	31-Dec-2012
Reporting Currency:	Euro
Annual Sales:	71.5
Total Assets:	45.8

Business Description

Blue Box Group SRL is primarily engaged in manufacture of refrigerating or freezing industrial equipment; manufacture of air-conditioning machines; manufacture of heat exchangers; and manufacture of non-domestic fans.

Industry

Industry	Motor Vehicle Parts Manufacturing
ANZSIC 2006:	2452 - Fixed Space Heating, Cooling and Ventilation Equipment Manufacturing
ISIC Rev 4:	2819 - Manufacture of other general-purpose machinery
NACE Rev 2:	2825 - Manufacture of non-domestic cooling and ventilation equipment
NAICS 2012:	336390 - Other Motor Vehicle Parts Manufacturing
UK SIC 2007:	2825 - Manufacture of non-domestic cooling and ventilation equipment
US SIC 1987:	3585 - Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment

Key Executives

Name	Title
Hannu Heikki Saastamoinen	President
Jan David Tobias Bohlin	Member of the board
Karl Magnus Lind	Member of the board
Alessandro Lora	Member of the board
Andrea Veggian	Member of the board

Registered No.(ITA): 02481290282

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7782366
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7566

Corporate Overview

Location
Via Valletta 5
Cona, 30010
Italy

Tel:	39-0426-921111
Fax:	+39 0426 302222

www.bluebox.it

Sales EUR(mil):	55.6
Assets EUR(mil):	34.6
Employees:	232
Fiscal Year End:	31-Dec-2012

Industry:

Miscellaneous Capital Goods

Incorporation Date:	24-Jul-1991
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(ITA):	02481290282

President:	Hannu Heikki Saastamoinen

Industry Codes

ANZSIC 2006 Codes:
2452	-	Fixed Space Heating, Cooling and Ventilation Equipment Manufacturing

ISIC Rev 4 Codes:
2819	-	Manufacture of other general-purpose machinery

NACE Rev 2 Codes:
2825	-	Manufacture of non-domestic cooling and ventilation equipment

NAICS 2012 Codes:
336390	-	Other Motor Vehicle Parts Manufacturing

US SIC 1987:
3585	-	Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment

UK SIC 2007:
2825	-	Manufacture of non-domestic cooling and ventilation equipment

Business Description

Air Conditioning Equipment Mfr

More Business Descriptions

Blue Box Group SRL is primarily engaged in manufacture of refrigerating or freezing industrial equipment; manufacture of air-conditioning machines; manufacture of heat exchangers; and manufacture of non-domestic fans.

Ventilation, Heating, Air-Conditioning and Commercial Refrigeration Equipment Mfg

Financial Data

Financials in:	EUR(mil)
Revenue:	55.6
Assets:	34.6
Current Assets:	30.1
Total Liabilities:	34.6
Net Worth:	14.2
Date of Financial Data:	31-Dec-2012

1 Year Growth

8.0%

NA

Key Corporate Relationships

Bank:

Cassa di Risparmio di Padova e Rovigo Ag, Intesa Sanpaolo Ag, Banca Monte dei Paschi di Siena Ag

Corporate Family

Corporate Structure News:

Total Corporate Family Members: 116

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Investment Latour AB	Parent	Goteborg	Sweden	Motor Vehicle Parts Manufacturing	1,001.9	3,736
Swegon AB	Subsidiary	Kvänum	Sweden	Motor Vehicle Parts Manufacturing	411.1	1,340
Acquisition of Walter Meier (Klima Deutschland) GmbH proposed/announced.See corporate structure news on Investment Latour AB for details
Blue Box Group s.r.I	Subsidiary	Cona, Venice	Italy	Motor Vehicle Parts Manufacturing	71.5	232
Swegon AS	Subsidiary	Oslo	Norway	Motor Vehicle Parts Manufacturing	66.1	86
Swegon Sp.z o.o	Subsidiary	Poznan	Poland	Electronics Wholesale		80
Coolmation Ltd.	Subsidiary	Ringwood	United Kingdom	Miscellaneous Wholesale	11.4	56
Coolmation Service Ltd	Subsidiary	Markfield	United Kingdom	Miscellaneous Repair and Maintenance	4.1	33
Oy Swegon AB	Subsidiary	Kirkkonummi	Finland	Metal Products Manufacturing	41.3	37
Blue Box Air Engineering (India) Pvt. Ltd	Subsidiary	Mumbai	India	Motor Vehicle Parts Manufacturing		20
Swegon S.a.r.l.	Subsidiary	Argenteuil	France	Machinery Wholesale		15
Swegon	Subsidiary	St Priest	France	Machinery Wholesale	16.3	14
Swegon AS	Subsidiary	Arhus	Denmark	Machinery Wholesale	0.0	11
Swegon Gmbh	Subsidiary	Bergkamen, Nordrhein-Westfalen	Germany	Motor Vehicle Parts Manufacturing		10
Swegon Indoor Climate Sa	Subsidiary	Las Rozas De Madrid, Madrid	Spain	Construction and Hardware Materials Wholesale	3.7	9
Swegon SA	Subsidiary	Lausanne	Switzerland	Construction and Hardware Materials Wholesale		8
Ilto Air Oy	Subsidiary	Kaarina	Finland	Construction and Hardware Materials Wholesale	1.3	4
Swegon Ilto Oy	Subsidiary	Kaarina	Finland	Machinery and Equipment Manufacturing	27.2	68
Swegon GmbH	Subsidiary	Vienna	Austria	Construction and Hardware Materials Wholesale		3
Lewaco Trading AB	Subsidiary	Kvanum	Sweden	Miscellaneous Store Retailers
Swegon s.r.o.	Subsidiary	Prague	Czech Republic	Motor Vehicle Parts Manufacturing
Swegon BV	Subsidiary	Capelle aan den IJssel	Netherlands	Motor Vehicle Parts Manufacturing
Swegon Eesti OU	Subsidiary	Tallinn	Estonia	Motor Vehicle Parts Manufacturing
Swegon Belgium S.A.	Subsidiary	Hannut	Belgium	Motor Vehicle Parts Manufacturing
Blue Service s.r.I	Subsidiary	Ancona	Italy	Machinery Wholesale
Hultafors AB	Subsidiary	Gothenburg	Sweden	Electromedical and Control Instruments Manufacturing		250
Hultafors Oy	Subsidiary	Porvoo	Finland	Construction and Hardware Materials Wholesale		120
Snickers Workwear AB	Subsidiary	Sollentuna	Sweden	Clothing and Apparel Manufacturing	130.5	50
Snickers Original SIA	Subsidiary	Tukums	Latvia	Clothing and Apparel Manufacturing		100
Hultafors AB	Subsidiary	Bollebygd, Västra Götaland	Sweden	Electromedical and Control Instruments Manufacturing	37.9	79
Fisco Tools Ltd.	Subsidiary	Rayleigh	United Kingdom	Metal Products Manufacturing	8.7	78
Hultafors Group Finland Oy	Subsidiary	Helsinki	Finland	Metal Products Manufacturing	12.0	20
Snickers Intellectual Property AB	Subsidiary	Sollentuna	Sweden	Real Estate Agents and Brokers		60
Snickers Workwear Logistics BV	Subsidiary	Oldenzaal	Netherlands	Clothing and Apparel Manufacturing		50
Snickers Production SIA Latvia	Subsidiary	Tukums	Latvia	Clothing and Apparel Manufacturing		50
Snickers Workwear Tradewear Ltd	Subsidiary	Dublin	Ireland	Clothing and Apparel Manufacturing		20
Hultafors Group Belgium	Subsidiary	Mechelen	Belgium	Clothing and Apparel Wholesale	12.0	11
Skillers Workwear NA Inc	Subsidiary	Woburn, MA	United States	Clothing and Apparel Manufacturing		4
Wibe Stegar AB	Subsidiary	Nassjo	Sweden	Metal Products Manufacturing		45
Hultafors Group Norge AS	Subsidiary	Oslo	Norway	Machinery and Equipment Manufacturing		22
Hultafors Group Danmark AS	Subsidiary	Ballerup	Denmark	Electromedical and Control Instruments Manufacturing	0.0	21
Hultafors Norge AS	Subsidiary	Oslo	Norway	Rubber and Plastic Product Manufacturing		20
Hultafors Prasident GmbH	Subsidiary	Vlotho	Germany	Professional and Commercial Equipment Wholesale		20
Hultafors U.M.I. S.r.l.	Subsidiary	Sibiu	Romania	Electromedical and Control Instruments Manufacturing
Latour Industries International AB	Subsidiary	Gothenburg	Sweden	Miscellaneous Wholesale	4.3	210
Langshyttan Slipservice AB	Subsidiary	Langshyttan	Sweden	Industrial Machinery Repair and Maintenance	24.8	230
Suomen Terahuolto Oy	Subsidiary	Raisio	Finland	Machinery Wholesale	5.2	27
Pressmaster AB	Subsidiary	Älvdalen, Dalarna	Sweden	Machinery and Equipment Manufacturing	14.4	82
Nord-Lock AB	Subsidiary	Ostersund	Sweden	Metal Products Manufacturing	18.1	80
Nord-Lock Switzerland Gmbh	Subsidiary	Sankt Gallenkappel	Switzerland	Metal Products Manufacturing		50
Nord-Lock International AB	Subsidiary	Gothenburg	Sweden	Metal Products Manufacturing	35.7	24
Superbolt Inc	Subsidiary	Carnegie, PA	United States	Metal Products Manufacturing	19.9	80
Nord-Lock France S.a.r.l.	Subsidiary	Saint-Jean-de-la-Ruelle	France	Metal Products Manufacturing	4.9	7
Nord-Lock Ltd	Subsidiary	Tidworth	United Kingdom	Metal Products Manufacturing		7
Nord-Lock Finland Oy	Subsidiary	Nurmijarvi	Finland	Construction and Hardware Materials Wholesale	1.8	3
Nord-Lock Gmbh	Subsidiary	Westhausen, Baden-Württemberg	Germany	Construction and Hardware Materials Wholesale		20
Nord-Lock Japan co, Ltd	Subsidiary	Osaka	Japan	Construction and Hardware Materials Wholesale		15
Nord-Lock Inc.	Subsidiary	Elk Grove Village, IL	United States	Metal Products Manufacturing	75.0	10
Nord-Lock Oy	Subsidiary	Helsinki	Finland	Home and Garden Retail		3
Nord-Lock s.r.o.	Subsidiary	Chomutov	Czech Republic	Machinery Wholesale
Nord-Lock Poland Sp. Z.o.o.	Subsidiary	Radom	Poland	Construction and Hardware Materials Wholesale
Nord-Lock Benelux BV	Subsidiary	Groningen	Netherlands	Machinery Wholesale
Nord-Lock Holding Gmbh	Subsidiary	Westhausen	Germany	Investment Services
AVT Industriteknik AB	Subsidiary	Alingsås, Västra Götaland	Sweden	Computer System Design Services	13.5	70
LSAB Vaxjo AB	Subsidiary	Vaxjo	Sweden	Machinery and Equipment Manufacturing	11.3	50
Vandra Saeteritus As	Subsidiary	Vandra, Parnumaa	Estonia	Machinery Wholesale		50
Brickpack AB	Subsidiary	Laholm	Sweden	Metal Products Manufacturing	8.2	40
Specma Seals AB	Subsidiary	Vastra Frolunda	Sweden	Miscellaneous Manufacturing	13.4	37
REAC AB	Subsidiary	Amal	Sweden	Medical Equipment and Supplies	14.1	34
Balle A/S	Subsidiary	Herning	Denmark	Furniture Manufacturing	0.0	18
Specma OY	Subsidiary	Espoo	Finland	Machinery and Equipment Manufacturing	18.7	30
Fortiva AB	Subsidiary	Nassjo	Sweden	Machinery and Equipment Manufacturing	14.8	21
LSAB Produktion AB	Subsidiary	Laholm, Halland	Sweden	Machinery and Equipment Manufacturing	3.7	16
Morlunda Slipservice AB	Subsidiary	Hultsfred	Sweden	Machinery Wholesale	2.5	15
Specma Tools AB	Subsidiary	Vastra Frolunda	Sweden	Machinery and Equipment Manufacturing	10.6	12
Machine Trading Team OY Ltd	Subsidiary	Helsinki	Finland	Machinery Wholesale		12
Granaths Hardmetal AS	Subsidiary	Fredericia	Denmark	Machinery Wholesale	0.0	9
Latour Industrier AB	Subsidiary	Gothenburg	Sweden	Consulting Services		7
Kontikab AB	Subsidiary	Alingsas	Sweden	Electromedical and Control Instruments Manufacturing
Pressmaster Gmbh	Subsidiary	Viersen	Germany	Machinery and Equipment Manufacturing
LSAB Instrument Service	Subsidiary	Saint Petersburg	Russian Federation	Commercial and Industrial Rental
Skandinaviska chuckfabriken AB	Subsidiary	Hassleholm	Sweden	Machinery and Equipment Manufacturing
Nordiska Industri AB	Subsidiary	Gothenburg	Sweden	Machinery Wholesale	2.3	200
PM-LUfT AB	Subsidiary	Kvanum	Sweden	Motor Vehicle Parts Manufacturing		350
Specma Hydraulic AB	Subsidiary	Gothenburg	Sweden	Metal Products Manufacturing	76.5	100
Specma Hydraulic - Component Division	Division	Skelleftea	Sweden	Machinery and Equipment Manufacturing		85
Specma Hydraulic Oy	Subsidiary	Espoo	Finland	Metal Products Manufacturing		70
Specma HS AB	Subsidiary	Göteborg, Västra Götaland	Sweden	Electromedical and Control Instruments Manufacturing	22.7	57
Specma Hydraulic - System Division	Division	Gothenburg	Sweden	Miscellaneous Wholesale		50
Specma Hydraulic - System Division	Branch	Ornskoldsvik	Sweden	Miscellaneous Wholesale		50
Specma Hydraulic - OEM Division	Division	Gothenburg	Sweden	Machinery Wholesale		50
Specma Wiro AB	Subsidiary	Motala	Sweden	Metal Products Manufacturing	12.7	38
Specma Hydraulic Polska Sp. z.o.o.	Subsidiary	Goleniow	Poland	Metal Products Manufacturing		15
Specma component AB	Subsidiary	Ljungby	Sweden	Machinery Wholesale
Kabona AB	Subsidiary	Borås, Västra Götaland	Sweden	Electromedical and Control Instruments Manufacturing	11.0	59
Specma AB	Subsidiary	Göteborg	Sweden	Machinery Wholesale	13.9	44
Hultafors Group UK Ltd.	Subsidiary	Holmfirth	United Kingdom	Clothing and Apparel Wholesale	15.8	31
Snickers Original Ltd.	Subsidiary	Holmfirth	United Kingdom	Clothing and Apparel Wholesale		25
Snickers Workwear Ltd.	Subsidiary	Holmfirth	United Kingdom
Swegon Ltd.	Subsidiary	Hoddesdon	United Kingdom	Specialty Construction Trade Contractors	12.7	26
Carstens AB	Subsidiary	Jonkoping	Sweden	Construction and Hardware Materials Wholesale	11.1	16
MaskinCentrum i Ornskoldsvik AB	Subsidiary	Ornskoldsvik	Sweden	Machinery Wholesale
Latour-Gruppen AB	Subsidiary	Gothenburg	Sweden	Investment Services
Hultafors Group AB	Subsidiary	Bollebygd	Sweden	Machinery and Equipment Manufacturing	178.4	620
Hultafors Group Sverige AB	Subsidiary	Bollebygd	Sweden	Metal Products Manufacturing	47.9	200
Hultafors Group Netherlands B.V.	Subsidiary	Apeldoorn, Gelderland	Netherlands	Clothing and Apparel Wholesale		16
Hultafors Group Germany Gmbh	Subsidiary	Vlotho, Nordrhein-Westfalen	Germany	Machinery and Equipment Manufacturing		15
Hultafors Group Italy SRL	Subsidiary	Bolzano, Bolzano	Italy	Clothing and Apparel Wholesale	3.2	8
Specma Group AB	Subsidiary	Gothenburg	Sweden	Machinery and Equipment Manufacturing
Specma Group AB - OEM Division	Division	Umea	Sweden	Metal Products Manufacturing		50
Specma Group AB - Component Division	Division	Skelleftea	Sweden	Metal Products Manufacturing		50
Specma Group AB - System Division	Division	Ornskoldsvik	Sweden	Metal Products Manufacturing		50
Samwon Tech (Europe) Ltd	Subsidiary	Newton Aycliffe	United Kingdom	Metal Products Manufacturing	7.5	25
Specma Hydraulic U.S. Inc.	Subsidiary	Selma, TX	United States	Metal Products Manufacturing	16.4	6
Specma Hydraulic Shanghai Co Ltd.	Subsidiary	Shanghai	China	Machinery and Equipment Manufacturing
Specma Do Brasil Mangueiras Hidraulicas Ltda	Subsidiary	Pinhais	Brazil	Metal Products Manufacturing
JMS Systemhydraulik AB	Subsidiary	Gothenburg	Sweden	Metal Products Manufacturing

Executives Report

Board of Directors

Name	Title	Function
Jan David Tobias Bohlin	Member of the board	Director/Board Member
Karl Magnus Lind	Member of the board	Director/Board Member
Alessandro Lora	Member of the board	Director/Board Member
Andrea Veggian	Member of the board	Director/Board Member
Paolo Zenatto	Member of the board	Director/Board Member

Executives

Name	Title	Function
Hannu Heikki Saastamoinen	President	President

Annual Profit & Loss

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078
Consolidated	No	No	No
Total income	74.6	74.0	68.2
Net sales	71.5	71.6	65.8
Other operating income	1.9	2.0	2.3
Raw materials and consumables employed	36.6	36.0	33.0
Other expenses	15.7	17.7	17.3
Total payroll costs	15.2	15.1	13.3
Fixed asset depreciation and amortisation	2.3	1.5	1.5
Other operating costs	0.9	0.5	0.6
Net operating income	4.0	3.2	2.5
Total financial income	0.0	0.1	0.0
Total expenses	0.0	0.0	0.1
Profit before tax	4.0	3.3	2.5
Extraordinary result	-	-0.3	-
Profit after extraordinary items and before tax	4.0	3.0	2.5
Total taxation	1.6	1.4	1.3
Net profit	2.4	1.6	1.2

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406
Consolidated	No	No	No
Total stockholders equity	18.7	21.0	16.4
Provision for risks	1.5	1.2	1.2
Provision for pensions	1.7	1.7	1.6
Mortgages and loans	0.5	0.7	0.5
Trade creditors	18.0	16.3	14.9
Bank loans and overdrafts	0.2	0.2	0.1
Other current liabilities	5.0	7.3	10.7
Accruals and deferred income	0.1	0.0	0.0
Total current liabilities	23.3	23.8	25.7
Total liabilities (including net worth)	45.8	48.4	45.4
Intangibles	2.6	2.8	3.2
Buildings	0.0	0.0	0.0
Total tangible fixed assets	2.8	6.8	5.4
Long-term investments	0.5	0.5	0.9
Total financial assets	0.5	0.5	1.0
Receivables due after 1 year	0.1	0.1	0.0
Loans to associated companies	-	-	0.1
Total non-current assets	5.9	10.1	9.7
Finished goods	4.3	3.0	2.7
Net stocks and work in progress	7.9	6.9	7.2
Trade debtors	19.7	17.7	17.5
Other receivables	2.8	7.6	7.0
Cash and liquid assets	6.6	3.1	0.9
Accruals	2.8	3.0	3.1
Total current assets	39.8	38.3	35.7
Total assets	45.8	48.4	45.4

Annual Ratios

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406
Consolidated	No	No	No
Current ratio	1.70	1.60	1.40
Quick ratio	1.40	1.30	1.10
Current liabilities to net worth	0.01%	0.01%	0.02%
Sales per employee	0.24	0.23	0.23
Profit per employee	0.01	0.01	0.01
Average wage per employee	0.05	0.05	0.05
Net worth	18.7	21.0	16.4
Number of employees	233	229	216

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.21
UK Pound	1	Rs.100.82
Euro	1	Rs.85.21

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.