MIRA INFORM REPORT

Report Date :

13.12.2014

IDENTIFICATION DETAILS

Name :	PRAYON SA
Registered Office :	Rue Joseph Wauters 144, 4480 Engis
Country :	Belgium
Financials (as on) :	31.12.2013
Date of Incorporation :	15.10.1928
Com. Reg. No.:	405747040
Legal Form :	Public Limited Liability Company
Line of Business :	Engaged in development, manufacturing and marketing of phosphate, sulphate, fluoride, aluminosilicate based chemicals for use in the food and pharmaceutical industries and for fertilizing and technical applications.
No of Employees :	962 (31.12.2013)

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Belgium	a2	a2

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

BELGIUM ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank

Source : CIA

Company name & address

Business number 405747040

Company name PRAYON SA

Address RUE JOSEPH WAUTERS 144

4480 ENGIS

Number of staff 962 (31.12.2013)

Date of establishment 15/10/1928

Telephone number 042739211

Fax number 042739635

Commentary

The business was established over 86 years ago.
The business has 962 employees.
The business is part of a group.
This business has a foreign parent business.
The business has been at the address for over 24 years.
Net Worth decreased by 40% during the latest trading period.
The business saw an increase in their Cash Balance of 167% during the latest trading period.
Working Capital is a negative amount during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPTAL
31/12/2013	609,295,224	-16,074,752	41,955,015	-44,225,400
31/12/2012	617,072,553	-29,838,429	70,442,863	-72,476,332
31/12/2011	582,371,727	-6,422,825	102,253,100	-33,324,494

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	Capital	CAshflow
31/12/2013	472,759,382	922	43,000,000	-5,659,910
31/12/2012	488,363,725	940	43,000,000	12,467,823
31/12/2011	463,164,225	944	43,000,000	16,535,873

TRENDS

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	49.49
Industry average payment expectation days	87.41	Industry average day sales outstanding	116.57
Day sales outstanding	69.18

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	04/05/2007

Company information

Business number 405747040

Company name PRAYON SA

Fax number 042739635

Date founded 15/10/1928

Company status active

Company type Public Limited Liability Company (BE)

Currency Euro (€)

Date of latest accounts 31/12/2013

Activity code 20130

Activity description Engaged in development, manufacturing and marketing of phosphate, sulphate, fluoride,

aluminosilicate based chemicals for use in the food and pharmaceutical industries and for fertilizing and technical applications. 

Liable for VAT yes

VAT Number BE.0405.747.040

Belgian Bullettin of Acts

Publications moniteur belge

Joint Industrial Committee (JIC)
JIC Code	116
Description	Joint committee for the chemical industry
category
JIC Code	207
Description	Joint committee for the employees off he chemical industry
category

Significant Events
Event Date	10/10/2013
Event Description	re-appointment of director(s)
Event Details	Commentaire 10-10-2013: Herbenoemd als bestuurder vanaf 10 oktober 2013: Pierre Joris.

Company accounts

Assets

Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010	%	31-12-2009
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	180,479,936	-3.58	187,186,445	-2.55	192,088,286	-0.70	193,441,146	-1.43	196,241,980
Intangible fixed assets	4,505,085	85. 27	2,431,675	129	1,060,047	108	508,984	-80.44	2,601,905
Tangible fixed assets	115,871,785	-5.77	122,964,035	-3.37	127,252,966	-5.03	133,993,094	-3.91	139,443,496
Land & building	18,611,482	9.33	17,022,602	-3.00	17,549,501	-10.07	19,515,520	-6.17	20,798,960
Plant & machinery	66,320,820	3.24	64,238,837	0.30	64,049,864	-10.87	71,857,509	-11.72	81,398,124
Furniture & Vehicles	432,303	-19.97	540,208	-7.12	581,613	5.71	550,179	-4.92	578,641
Leasing & Other Similar Rights	28,960,678	-20.89	36,608,166	-12.27	41,727,796	7.97	38,648,525	31.89	29,303,346
Other tangible assets	1,546,502	-66.04	4,554,222	_ 36.18	3,344,192	-2.26	3,421,361	-53.54	7,364,425
Financial fixed assets	60,103,066	-2.73	61,790,735	-3.11	63,775,273	8.21	58,939,068	8.75	54,196,579
Total current assets	292,279,446	-2.95	301,177,280	11.10	271,075,939	14.64	236,467,520 19.64 197,652,833
Inventories	114,353,562	-17.43	138,486,219	19.84	115,563,648	12. 64	102,593,074	20.82	84,910,563
Raw materials & Consumables	20,021,081	-38.22	32,405,623	27.08	25,499,479 -	-11.79	28,906,843	39.17	20,770,440
Work in progress	26,371,419	13.91	23,150,350	-1.10	23,407,760	60. 39	14,594,512	16.25	12,554,142
Finished goods	67,961,062	-18.05	82,930,246	24.41	66,656,409	17. 77	56,600,189	9.74	51,576,142
Trade debtors	115,477,704	0.81	114,548,656	11.28	102,933,049	3.64	99,321,053	32.70	74,843,499
Other amounts receivable	41,540,196	3.94	39,964,804	4.65	38,188,978	45.04	26,329,837	-16.51	31,535,778
Cash	20,156,558	167	75475,555	62.91	4,632,999	-4.18	4,835,047	154	1897,267
Miscellaneous current assets	751,426	19.27	630,046	-93.54	9,757,265	187	33,88,509	-24.12	4465,726
Total Assets	472,759,382	-3.20	488,363,725	5.44	463,161,225	7.74	429,908,666	9.14	393894,813
Liabilities
Total shareholders equity	46,460,100	-36.25	72,874,538	-29.46	103,313,147	-3.20	106,724,221	-1.09	107900,121
Issued share capital	43,000,000	0	43,000,000	0	43,000,000	0	43,000,000	0	43,000,000
Reserves	3,460,100	-88.42	29,874,538	-50.47	60,313,147	-5.35	63,724,221	-1.81	64,900,121
Provisions for Liabilities & Charges	15,935,432	71.46	9,293,791	-2.67	9,548,355	-2.88	9,831,992	-19.37	12,194,279
Creditors	410,363,850	1.03	406,195,396	15.96	350,302,723	11.79	313,352,453	14.45	273,800,413
Other long term loans	73,859,004	126	32,541,784	-29.11	45,902,290	-5.35	48,497,544	8.92	44,526,100
Total long term debts	89,794,436	114	41,835,575	-24.55	55,450,645	-4.94	58,329,536	2.84	56,720,379
Current portion of long term Debts	10,700,261	-38.45	17,385,118	-16.53	20,828,026	23.14	16,914,691	3.48	16,345,187
Financial debts	20,2257,541	-0.20	202,653,755	25.38	161,634,261	21.53	133,002,629	6.45	124,949,051
Trade creditors	83,694,710	-32.88	124,688,401	44.69	86,176,457	11.55	77,252,637	29.48	59,662,969
Amounts Payable for Taxes, Remuneration & Social Security	19,593,299	3.01	19,020,956	-1.92	19,392,718	0.26	19,342,087	19.28	16,215,819
Miscellaneous current Liabilities	20,259,035	104	9,905,382	-39.49	1,638,971	-10.76	18,342,865	51.58	12,101,287
Total current liabilities	336,504,846	-9.94	373,653,612	22.75	304,400,433	14.93	264,854,909	15.52	229,274,313
Total Liabilities	472,759,382	-3.20	488,363,725	5.44	463,164,225	7.74	429,908,666	9.14	393,894,813

Ratio Analysis

	31.12.2013	%	31.12.2012	%	31.12.2011	%	31.12.2010	%	31.12.2009
TRADING PERFORMANCE
Profit Before Tax	-2.64	54.55	-4.84	-340	-1.10	-711	0.18	1.59	-11.33
Return on capital employed	-11.80	45.37	-26.01	-542	-4.05	-850	0.54	2.07	-26.11
Return on total assets employed	-3.40	55.65	-6.11	-339	-1.39	-761	0.21	1.92	-10.91
Return on net assets employed	-34.60	84.51	-40.94	-558	-6.22	-849	0.83	2.08	-39.84
Sales / net working capital	-13.78	-61.93	-8.51	48.68	-17.48	99	-17.58	-46.50	-12.00
Stock turnover ratio	18.77	-16.35	22.44	13.10	19.84	-3.50	20.56	-8.13	22.38
Creditor days	49.49	-29.63	70.33	31.34	53.55	-5.79	56.84	11.49	50.98
Debtor days	69.18	2.10	67.76	5.04	64.51	-11.20	72.65	0.90	72.00
SHORT TERM STABILITY
Current ratio	0.87	7.41	0.81	-8.99	0.89	0	0.89	3.49	0.86
Liquidity ratio / acid ratio	0.53	20.45	0.44	-13.73	0.51	0	0.51	4.08	0.49
Current debt ratio	7.24	41.13	5.13	73.90	2.95	18.95	2.48	16.98	2.12
Cashflow	-5,659,910	45.40	12,467,823	-175	16,535,873	-27.27	22,734,575	78.07	-29,122,124
Net worth	41,955,015	-40.44	70,442,863	-31.11	102,253,100	-3.73	106,215,237	0.87	105,298,216
LONG TERM STABILITY
Gearing	617.34	78.11	346.60	56.80	221.04	18.90	185.91	7.95	172.22
Equity in percentage	9.92	-33.87	15.00	-32.92	22.36	-10.02	24.85	-9.90	27.58
Total debt ratio	9.18	61.05	5.70	63.79	3.48	14.85	3.03	14.34	2.65
Working Capital	-44,225,400	61.02	-72,476,332	-117	-33,324,494	-17.39	-28,387,389	89.77	-31,621,480

Profit & Loss

Annual accounts	31.12.2013	%	31.12.2012	%	31.12.2011	%	31.12.2010	%	31.12.2009
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Operating Income	607,927,554	-5.73	6448,922,924	5.62	610,598,130	19.81	509,496,307	53.33	332,281,144
Turnover	609,295,224	-1.26	617,072,533	5.96	582,371,727	16.71	499,003,861	31.52	379,417,277
Total Operating Expense	617,298,813	-4.60	647,064,399	10.16	587,377,839	18.40	496,097,844	16.15	427,128,167
Operating Charges	615,931,143	-8.74	674,891,770	9.63	615,604,242	21.52	506,590,290	33.32	379,992,034
Employees Costs	77,636,329	-0.26	77,834,994	3.26	75,377,363	2.98	73,192,721	7.66	67,982,361
Wages & Salary	53,945,038	-0.95	54,459,978	4.08	52,327,300	4.89	49,889,334	5.53	47,276,397
Employees Pension costs	1,141,014	1.59	1,123,107	-8.50	1,227,501	-13.92	1,425,984	-6.16	1,519,514
Social security Contribution	21,625,681	-1.34	21,918,519	7.01	20,481,814	5.16	19,477,595	4.54	18,631,058
Other Employees Costs	924,596	177	333,390	-75.13	1340,748	-44.13	2,399,808	332	555,392
Director remuneration	4,148	-5.90	4,408	-3.90	4,587	-8.17	4,995	-27.43	6,883
Amortization & Depreciation	20,695,807	7.14	19,316,828	1.35	19,581,884	1.27	19,337,232	46.94	13,160,316
Operating result	-8,003,589	26.69	-29,991,846	-499	-5,006,122	-272	2,906,017	6.09	-47,710,890
Total financial income	13,372,922	-41.69	22,933,949	10.65	20,725,654	32.04	15,696,936	-20.13	19,652,745
Total financial expenses	21,444,085	-5.87	22,780,532	2.88	22,142,367	25.00	17,714,372	18.67	14,927,352
Results on ordinary operations	-16,074,752	53.87	-29,836,429	-364	-6,422,825	-822	888,581	2.07	-42,985,497
Extra ordinary Income	170,981	-89.36	1,606,807	-52.51	3,383,503	4.54	3,236,575	-73.15	12,053,605
Extra ordinary Charges	10451,946	194	3,553,029	53017	6,689	-99	727,813	-93.59	11,350,548
Extraordinary Items	-10280,965	-428	-1,946,222	-157	3,376,814	34.60	2508,762	256	703,057
Results for the year Before Taxation	-26,355,717	82.92	-31,784,651	-943	-3,046,011	-189	3,397,343	8.03	-42,282,440
Result on ordinary Operations after taxation	-16,074,752	53.87	-29,838,429	-364	6,422,825	-822	888,581	2.07	-42,985,497
Net result	-26,355,717	82.92	-31,784,651	-943	-3,046,011	-189	3,397,343	8.03	-42,282,440
Profit (Loss) for the year to be appropriated	-26,355,717	82.92	-31,784,651	-943	-3,046,011	-189	3,397,343	8.03	-42,282,440
Dividends	--	--	--	--	---	--	4,200,000	--	--

Social Balance Sheet Details

Social Balance Sheet Total

During the reporting year

ended 31-12-2013

Full-time Employees 842

Part-time Employees 74

Total Fte Employees 891

Number of hours worked

Full-time Employees 1,395,308

Part-time Employees 75,432

Total 1,470,740

Personnel Charges

Full-time Employees 63,720,229

Part-time Employees 5,791,826

Total 69,512,055

Benefits In Addition To Wages 109,411

During the previous reporting year

Average number employees in Fte 897

Actual working hours 1,488,839

Personnel Charges 70,082,027

Benefits In Addition To Wages 156,992

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration Contracts	854	71	900
Limited Duration Contracts	21	1	22

Gender and Education

Level

Men Full-Time Part-Time Total Fte

Primary education 22 - 22

Secondary education 561 28 579

Higher education (non

university) 126 4 129

Higher education 73 7 77

(university)

Women Full-Time Part-Time Total Fte

Primary education 1 - 1

Secondary education 28 11 36

Higher education (non

university) 47 18 58

Higher education 17 4 20

Working Category	Full-Time	Part-Time	Total Fte
Management	12	1	13
White collar worker	343	41	370
Blue collar worker	520	30	539
Other	-	-	-
Temporary personnel	Total
Average number of temporary staff	53
Actual working hours	101,383
Cost of temporary staff	3,709,081

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	55	1	55
Leavers	59	12	67

Total of formal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	276	62
Number of training hours	6,806	2,045
Net costs for enterprise	515,789	179,432

Total of less formal and informal continuing vocational training initiatives for workers paid by the employer	Male	Female
Number of employees	490	55
Number of training hours	2,040	312
Net costs for enterprise	96,321	14,736
Total of initial training initiatives at the expense of the employer	Male	Female

Payment expectations

Payment Information Summary

Total number of Invoices available 350

Total number of Invoices paid within or up to 30 days after the due date 263

Total number of Invoices paid more than 30 days after the due date 59

Total number of Invoices currently outstanding where the due date has not yet been reached 25

Total number of Invoices currently outstanding beyond the due date 0

payments Expectation

Payment expectation days	49.49
Day sales outstanding	69.18

Industry comparison
Activity description	Engaged in development, manufacturing and marketing of phosphate, sulphate, fluoride, aluminosilicate based chemicals for use in the food and pharmaceutical industries and for fertilizing and technical applications.
Industry average payment expectation days	87.41
Industry average day sales	116.57
outstanding

Industry quartile analysis
Payment expectations
Company result	49.49
Lower	97.15
Median	66. 17
Upper	40. 54

Day sales outstanding

Company result 69.18

Lower 86.37

Median 46.21

Upper 25.97

Shareholder Details

Summary
Group - Number of Companies	9
Linkages - Number of Companies	1
Number of Countries	1

Group Structure

Company name	Number	Latest financials	Rating
-PRAYON SA	405747040	31-12-2013	60
- - PRAYON PIGMENTS EN LIQUIDATION SA	453739868	30-09-2008	N/R
- - PRAYON TECHNOLOGIES SA	419644566	30-12-2013	82
- - PRAYON-BENELUX NV	405742090	31-12-2013	82
--PRAYTECH SA	436321935	30-12-2013	87
- - TECHNO-HIGH-TECHNOLOGY SA	441794418	31-12-2013	99
— T.H.T. RESEARCH SPRL	865409254	31-12-2013	N/R
- - BELIFE SA	440744838	31-12-2013	44
- - - BELIFE INTERMEDIATES SA	846150202	31-12-2013	44

Minority Shareholders

Business number	Company name	Date of accounts
419644566	Prayon Technologies SA		30/12/2013

Minority Interests

Company name

SOLUSTEP

Linked Companies

Summary
Group - Number of Companies	9
Linkages - Number of Companies	1
Number of Countries	1

NAME NUMBER LATEST KEY

FINANCIALS TURNOVER

PRAYON (UK) PUBLIC

LIMITED COMPANY 01283674 31.12.2013 £1.065.860

Summons

Legal event type Social Security Summons

Event date 04/05/2007

Court type Court name HUY

Creditor's name 3rd party type

Legal event type Social Security Summons

Event date 27/04/2007

Court type Court name Huy

Director details

Current director details
Name	OLIVIER MARIE FERNAND VANDERIJST
Position	Chairperson
Start Date	05/11/2013
Date of birth	21/10/1960
Street	13 AVENUE MAURICE DESTENAY LIEGE
Post code	4000
Country	Belgium
Name	YVES GUILLAUME CAPRARA
Position	Managing Director
Start Date	12/05/2009
Date of birth	14/01/1956
Street	5 RUE DES CARRIERES ESNEUX
Post code	4130
Country	Belgium
Position	Director
Start Date	14/10/2008
Date of birth	14/01/1956
Street	5 RUE DES CARRIERES ESNEUX
Post code	4130
Country	Belgium
Name	ARPEGO SPRL
Position	Director
Start Date	10/10/2013
End Date	13/05/2015
Date of birth	25/09/2013
Street	26 AVENUE DES PELERINS LASNE
Post code	1380
Country	Belgium
Position	Legal Representative
Start Date	10/10/2013
Date of birth	25/09/2013
Street	26 AVENUE DES PELERINS LASNE
Post code	1380
Country	Belgium
Name	ALACCA SPRL
Position	Director
Start Date	20/06/2013
End Date	12/05/2015
Date of birth	27/10/2011
Street	70 CHAUSSEE DE CHARLEROI BRUXELLES
Post code	1060
Country	Belgium
Position	Legal Representative
Start Date	20/06/2013
Date of birth	27/10/2011
Street	70 CHAUSSEE DE CHARLEROI BRUXELLES
Post code	1060
Country	Belgium
Name	SPARAXIS SA
Position	Legal Representative
Start Date	01/04/2008
Date of birth	27/01/1994
Street	13 AVENUE MAURICE DESTENAY LIEGE
Post code	4000
Country	Belgium
Name	MAROUANE AMEZIANE
Position	Director
Start Date	19/06/2014
Name	MUSTAPHA EL OUAFI
Position	Director
Start Date	10/10/2013
Name	GHISLANE GUEDIRA
Position	Director
Start Date	10/10/2013
End Date	10/05/2016
Name	MUSTAPHA EL OUAFI
Position	Director
Start Date	10/10/2013
End Date	10/05/2016
Street	1 EL ABTAL - HAY ERRAHA

Current mandates in other companies
Name	Symbiose Biomaterials SA
Business number	536267072
Position	Director
Start Date	28/06/2013
Business number	536267072
Position	Legal Representative
Start Date	28/06/2013
Former director details
Name	MICHEL VAES
Position	Commissioner
Start Date	13/10/1998
End Date	Unknown date
Name	SAMIA CHARADI
Position	Director
Start Date	18/07/2011
End Date	13/05/2014
Country	Morocco
Name	OLIVIER MARIE FERNAND VANDERIJST
Position	Chairman of the Board
Start Date	18/07/2011
End Date	13/05/2014
Date of birth	21/10/1960
Street	13 AVENUE MAURICE DESTENAY LIEGE
Post code	4000
Country	Belgium
Position	Director
Start Date	18/07/2011
End Date	31/12/2013
Date of birth	21/10/1960
Street	13 AVENUE MAURICE DESTENAY LIEGE
Post code	4000
Country	Belgium
Name	JEAN LEROY
Position	Managing Director
Start Date	12/11/1996
End Date	02/04/1998
Street	102 NEUVILLE STOUMONT
Post code	4987
Country	Belgium
Position	Director
Start Date	12/11/1996
End Date	Unknown date
Street	102 NEUVILLE STOUMONT
Post code	4987
Country	Belgium
Name	SPARAXIS SA
Position	Director
Start Date	12/05/2009
End Date	12/05/2012
Date of birth	27/01/1994
Street	13 AVENUE MAURICE DESTENAY LIEGE
Post code	4000
Country	Belgium
Name	BERNARD GOBELET
Position	Director
Start Date	07/06/2013
End Date	20/06/2013
Street	3 CLOS DU TAILLIS ZAVENTEM
Post code	1930
Country	Belgium
Name	PIERRE JORIS
Position	Director
Start Date	07/06/2013
End Date	Unknown date
Street	26 AVENUE DES PELERINS LASNE
Post code	1380
Country	Belgium
Name	MOHAMED BERRADA
Position	Director
Start Date	09/05/2000
End Date	Unknown date
Street	70 RUE DE L'ECONOMIE BRUXELLES
Post code	1000
Country	Belgium
Name	MARC GIBOUX
Position	Director
Start Date	12/11/1996
End Date	Unknown date
Street	62 AVENUE DES CERISIERS BRUXELLES
Post code	1040
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.38

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	MNL

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.