MIRA INFORM REPORT

Report Date :

23.12.2014

IDENTIFICATION DETAILS

Name :	MORIAN S.R.L.
Registered Office :	Via Codebelli, 2 Vallalta, 41030- Concordia sulla Secchia (MO)
Country :	Italy
Financials (as on) :	31.12.2013
Date of Incorporation :	03.01.1989
Legal Form :	Sole-Member Limited Liability Company
Line of Business :	· Wholesale of textiles · Wholesale of haberdashery, threads, yarns and braiding
No. of Employees :	From 6 To 10

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 :	Slow but correct
Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 higher. 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 133% of GDP in 2013, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2013 economic growth and labor market conditions deteriorated, with growth at -1.8% and unemployment rising to 12.4%, with youth unemployment around 40%. Italy's GDP is now 8% below its 2007 pre-crisis level.

Source : CIA

Company Name and address

MORIAN S.R.L.

Via Codebelli, 2 VALLALTA

41030 - Concordia sulla Secchia (MO) -IT-

Summary

Fiscal Code	:	01877820363
Legal Form	:	Sole-Member Limited Liability Company
start of Activities	:	26/09/1989
Equity	:	1.500.000
Turnover Range	:	6.500.000/7.750.000
Number of Employees	:	From 6 To 10

Activity

Wholesale of textiles

Wholesaleof haberdashery, threads, yarns and braiding

Legal Data

Legal Form : Sole-Member Limited Liability Company

Fiscal Code : 01877820363

Foreign Trade Reg. no. : MO009231 since 08/01/1992

Foreign Trade Reg. no. : 508226 of Modena

Chamber of Commerce no. : 248973 of Modena since 24/01/1989

V.A.T. Code : 01877820363

Tribunal Co. Register : 30023 of since 20/01/1989

Foundation date	: 03/01/1989
Establishment date	: 03/01/1989
Start of Activities	: 26/09/1989
Legal duration	: 31/12/2030
Nominal Capital	: 46.800
Subscribed Capital	: 46.800
Paid up Capital	: 46.800

Members

Morselli

Roberto

Born in Concordia sulla Secchia

(MO)

on 01/04/1965

- Fiscal Code : MRSRRT65D01C951Q

Residence:

Codebelli

, 2

- 41033

Concordia sulla Secchia

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner	19/12/2005
Sole Director	26/02/1997

No Prejudicial events are reported

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

In this module are listed the companies in which members hold or have holded positions.

Morselli

Roberto

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Tre Emme Snc Di Morselli Roberto E C.	Mirandola (MO) - IT -	03444640365	Partner	Active	Registered

The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, Inactive, etc.

For more information, in this case, we advise to request further investigations.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Morselli Roberto	Concordia sulla Secchia - IT -	MRSRRT65D01C951Q		100,00

Direct Participations

The Company under review has no participations in other Companies.

Firm's location and structure

In order to carry out its activities the firm uses the following locations:

-

Legal and operative seat

since 26/09/1989

Codebelli

, 2

- 41033

- Concordia sulla Secchia

(MO)

- IT -

Total Surface: 120 Sq.mt.

PHONE

: 053540510

-

Branch

(Store)

since 26/09/1989

Grandi 8 Ang. Via Gelati 49

- 41033

- Concordia sulla Secchia

(MO)

- IT -

-

Branch

(Store)

since 01/02/1999

Grandi

, 15

- 41033

- Concordia sulla Secchia

(MO)

- IT -

-

Branch

(Store)

since 01/07/2008

G. Di Vittorio

, 7

- 41033

- Concordia sulla Secchia

(MO)

- IT -

-

Branch

(Store)

since 01/11/2014

Novella

, 32/34

- 41033

- Concordia sulla Secchia

(MO)

- IT -

Employees

: 8

Assistants

: 1

Fittings and Equipment for a value of 98.000

Eur

Stocks for a value of 1.030.000

Eur

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- direct orders from foreign companies

Import comes generally from the following nations:

- Austria

- Cyprus

Export is mainly towards:

- Austria

- Cyprus

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
General partnership	Limited liability company	26/09/1989

EX-MEMBERS / EX-POSITIONS:

Ianniciello

Saverio

Born in Grottaminarda

(AV)

on 14/10/1944

- Fiscal Code : NNCSVR44R14E206I

Residence:

Codebelli

, 2

- 41033

Concordia sulla Secchia

(MO)

- IT -

Ex-Postions

Director

Protests

Protests checking on the subject firm has given a negative result.

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

None reported, standing to the latest received edition of the Official Publications.

Financial and Economical Analysis

Company's starting of activities dates back to 1989.

The economic-financial analysis has been made on the base of the b/s of the latests three years.

During the last years, it achieved profits (r.o.e. 6,6% on 2013)

The operating result was positive in the last financial year (4,67%) and reflects the field's average.

The amount of the operating result is equal to Eur. 220.387 showing a fall as opposed to the previous year (-23,24%).

A gross operating margine for a value of Eur. 276.662 was reached. with no sensible increase as against 2012.

The analysis shows a fair financial position as the indebtedness volume is acceptable (2,76) and decreasing as against 2012.

It's shareholders funds amount to Eur. 1.024.584 , stable in comparison with the value of the previous year.

In the year 2013 total debts amounted to Eur. 3.589.096 , with no sensible variation.

The exposure towards banks is slightly high, the recourse to suppliers' credit is limited below the sector's average.

The liquidity level is positive (1,56).

Trade credits are collected slowly, average term is 164,96 days. besides being higher than the sector's average.

Eur. 123.917 is the value of cash flow during the year 2013

Labour cost expenses amount to Eur. 201.152 , representing 2,97% on the total of production costs. and a 2,88% incidence on sales volumes.

The financial management has a limited economic impact, equal to -1,19% on the sales.

Financial Data

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	6.977.109
Profit (Loss) for the period	67.642

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	7.607.592
Profit (Loss) for the period	60.885

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	8.267.290
Profit (Loss) for the period	73.777

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	6.638.722
Profit (Loss) for the period	5.390

Balance Sheets

From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.

- Balance Sheet as at 31/12/2013 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1

Years

2013

2012

2011

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses
. . Research,develop. and advert.expens.
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery
. . Industrial and commercial equipment
. . Other assets
. . Assets under construction and advances
. Total Tangible fixed assets	314.023	334.707	357.840
. FINANCIAL FIXED ASSETS
. . Equity investments
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties
. . . . Within 12 months
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets
Total fixed assets	314.023	334.707	357.840
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods
. . Advance payments
. Total Inventories	1.029.574	970.877	938.548
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	3.372.840	3.934.749	3.772.320
. . Beyond 12 months
. . Trade receivables	3.197.116	3.817.600	3.556.632
. . . . Within 12 months	3.197.116	3.817.600	3.556.632
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties	175.724	117.149	215.688
. . . . Within 12 months	175.724	117.149	215.688
. . . . Beyond 12 months
. Total Credits not held as fixed assets	3.372.840	3.934.749	3.772.320
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments
. . Own shares
. . . Total nominale value
. . Other securities
. Total Financial Assets
. LIQUID FUNDS
. . Bank and post office deposits
. . Checks
. . Banknotes and coins
. Total Liquid funds	92		84
Total current assets	4.402.506	4.905.626	4.710.952
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	295	1.584	1.990
Total adjustments accounts	295	1.584	1.990
TOTAL ASSETS	4.716.824	5.241.917	5.070.782
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	46.800	46.800	46.800
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	9.360	9.360	9.360
. Reserve for Own shares
. Statute reserves
. Other reserves	900.782	839.897	766.120
. Accumulated Profits (Losses)
. Profit( loss) of the year	67.642	60.885	73.777
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	1.024.584	956.942	896.057
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges
Employee termination indemnities	68.161	58.748	51.230
ACCOUNTS PAYABLE
. . . . Within 12 months	2.828.661	2.955.772	3.256.995
. . . . Beyond 12 months	760.435	1.250.972	866.500
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing	92.911		92.911
. . . . Within 12 months	92.911		92.911
. . . . Beyond 12 months
. . Due to banks	2.805.180	3.132.732	2.889.940
. . . . Within 12 months	2.044.745	1.881.760	2.023.440
. . . . Beyond 12 months	760.435	1.250.972	866.500
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	550.737	808.244	999.276
. . . . Within 12 months	550.737	808.244	999.276
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	30.210	68.566	52.824
. . . . Within 12 months	30.210	68.566	52.824
. . . . Beyond 12 months
. . Due to social security and welfare inst.
. . . . Within 12 months
. . . . Beyond 12 months
. . Other payables	110.058	197.202	88.544
. . . . Within 12 months	110.058	197.202	88.544
. . . . Beyond 12 months
Total accounts payable	3.589.096	4.206.744	4.123.495
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	34.983	19.483
Total adjustment accounts	34.983	19.483
TOTAL LIABILITIES	4.716.824	5.241.917	5.070.782

MEMORANDUM ACCOUNTS

Third party goods

Investment accounts

Risk accounts

Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	6.977.109	7.607.592	8.267.290
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	12.068	36.609	40.418
. . Contributions for operating expenses
. . Different income and revenues	12.068	36.609	40.418
Total value of production	6.989.177	7.644.201	8.307.708
PRODUCTION COSTS
. Raw material,other materials and consum.	6.019.333	6.553.003	7.132.188
. Services received	479.806	460.054	546.003
. Leases and rentals	30.524	36.773	32.100
. Payroll and related costs	201.152	171.261	149.298
. . Wages and salaries	143.750	123.188	106.989
. . Social security contributions	46.072	38.209	32.948
. . Employee termination indemnities	11.330	9.864	9.361
. . Pension and similar
. . Other costs
. Amortization and depreciation	56.275	56.704	54.262
. . Amortization of intangible fixed assets
. . Amortization of tangible fixed assets	40.209	37.520	36.389
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	16.066	19.184	17.873
. Changes in raw materials	-58.697	-32.329	135.939
. Provisions to risk reserves
. Other provisions
. Other operating costs	40.397	111.623	38.603
Total production costs	6.768.790	7.357.089	8.088.393
Diff. between value and cost of product.	220.387	287.112	219.315
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income			18
. . Financ.income from receivables
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets			18
. . Financ.income from secur. cur.assets
. . Financ.income other than the above
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies
. Interest and other financial expense	-82.778	-138.615	-67.813
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	-82.778	-138.615	-67.795
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	6.189	527	11.406
. . Gains on disposals
. . Other extraordinary income	6.189	527	11.406
. Extraordinary expense	-15.167	-18.851	-29.472
. . Losses on disposals
. . Taxes relating to prior years		-18.851	-29.472
. . Other extraordinary expense	-15.167
Total extraordinary income and expense	-8.978	-18.324	-18.066
Results before income taxes	128.631	130.173	133.454
. Taxes on current income	60.989	69.288	59.677
. . current taxes	59.967	69.288	59.677
. . differed taxes(anticip.)	1.022
. Net income for the period	67.642	60.885	73.777
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	67.642	60.885	73.777

RATIOS	Value Type	as at 31/12/2013	as at 31/12/2012	as at 31/12/2011	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,07	0,06	0,07	0,09
Elasticity Ratio	Units	0,93	0,94	0,93	0,89
Availability of stock	Units	0,22	0,19	0,19	0,26
Total Liquidity Ratio	Units	0,72	0,75	0,74	0,54
Quick Ratio	Units	0,00	n.c.	0,00	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	2,76	3,09	3,63	3,95
Self Financing Ratio	Units	0,22	0,18	0,18	0,17
Capital protection Ratio	Units	0,89	0,89	0,87	0,62
Liabilities consolidation quotient	Units	0,29	0,44	0,28	0,10
Financing	Units	3,50	4,40	4,60	4,85
Permanent Indebtedness Ratio	Units	0,39	0,43	0,36	0,29
M/L term Debts Ratio	Units	0,18	0,25	0,18	0,07
Net Financial Indebtedness Ratio	Units	2,83	3,27	3,33	1,04
CORRELATION
Fixed assets ratio	Units	5,90	6,77	5,07	2,37
Current ratio	Units	1,56	1,66	1,45	1,18
Acid Test Ratio-Liquidity Ratio	Units	1,19	1,33	1,16	0,80
Structure's primary quotient	Units	3,26	2,86	2,50	1,48
Treasury's primary quotient	Units	0,00	n.c.	0,00	0,04
Rate of indebtedness ( Leverage )	%	460,36	547,78	565,90	602,26
Current Capital ( net )	Value	1.573.845	1.949.854	1.453.957	191.984
RETURN
Return on Sales	%	1,78	1,55	1,55	2,03
Return on Equity - Net- ( R.O.E. )	%	6,60	6,36	8,23	6,31
Return on Equity - Gross - ( R.O.E. )	%	12,55	13,60	14,89	17,00
Return on Investment ( R.O.I. )	%	4,67	5,48	4,33	4,18
Return/ Sales	%	3,16	3,77	2,65	3,46
Extra Management revenues/charges incid.	%	30,69	21,21	33,64	27,96
Cash Flow	Value	123.917	117.589	128.039	44.823
Operating Profit	Value	220.387	287.112	219.315	74.603
Gross Operating Margin	Value	276.662	343.816	273.577	111.383
MANAGEMENT
Credits to clients average term	Days	164,96	180,65	154,87	113,70
Debts to suppliers average term	Days	30,36	41,27	46,66	118,14
Average stock waiting period	Days	53,12	45,94	40,87	72,90
Rate of capital employed return ( Turnover )	Units	1,48	1,45	1,63	1,25
Rate of stock return	Units	6,78	7,84	8,81	4,88
Labour cost incidence	%	2,88	2,25	1,81	8,14
Net financial revenues/ charges incidence	%	-1,19	-1,82	-0,82	-1,38
Labour cost on purchasing expenses	%	2,97	2,33	1,85	8,25
Short-term financing charges	%	2,31	3,30	1,64	2,76
Capital on hand	%	67,60	68,90	61,34	79,85
Sales pro employee	Value	1.162.851	1.521.518	2.066.822	397.742
Labour cost pro employee	Value	33.525	34.252	37.324	33.267

Remarks

1) Protests checking (relative to the last five years) performed by crossing and matching the members names and the Firm's Style with the reported addresses, is supplied by the Informatic Registry managed by the Italian Chamber of Commerce. If the fiscal code is not indicated, the eventual homonymous cases are submitted to expert staff evaluation in order to limit wrong matching risks.

2) The Legal Data, supplied and retrived from the Firm's Registry of the Italian Chamber of Commerce, are in line with the last registered modifications.

3) Risk evaluation and Credit Opinion have been performed on the base of the actual data at the moment of their availability.

Market / Territory Data

Population living in the province	:	659.925
Population living in the region	:	4.151.369
Number of families in the region	:	1.748.359

Monthly family expences average in the region (in Eur..) :

- per food products	:	425
- per non food products	:	2.063
- per energy consume	:	143

Sector Data

The values are calculated on a base of 9.175 significant companies.

The companies cash their credits on an average of 114 dd.

The average duration of suppliers debts is about 118 dd.

The sector's profitability is on an average of 2,03%.

The labour cost affects the turnover in the measure of 8,14%.

Goods are held in stock in a range of 73 dd.

The difference between the sales volume and the resources used to realize it is about 1,25.

The employees costs represent the 8,25% of the production costs.

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered lowly risky.

In the region 18.860 protested subjects are found; in the province they count to 3.557.

The insolvency index for the region is 0,46, , while for the province it is 0,55.

Total Bankrupt companies in the province : 2.526.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.18
UK Pound	1	Rs.98.85
Euro	1	Rs.77.42

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	NIT

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.