MIRA INFORM REPORT

Report Date :

07.01.2014

IDENTIFICATION DETAILS

Name :	MASTERPRESS SA
Formerly Known as:	MASTERPRESS Sp. z o.o.
Registered Office :	ul. Lubelska 46, 10-406 Olsztyn
Country :	Poland
Financials (as on) :	31.12.2012
Date of Incorporation :	26.06.1996
Com. Reg. No.:	KRS 297195
Legal Form :	Joint Stock Company
Line of Business :	· manufacturer of paper and foil labels and packages, printing & publishing. Manufacturer of corrugated paper, paperboard and containers of paper and paperboard
No. of Employees :	234 (2012)

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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Poland	A2	A2

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

Poland ECONOMIC OVERVIEW

Poland has pursued a policy of economic liberalization since 1990 and Poland's economy was the only one in the European Union to avoid a recession through the 2008-09 economic downturn. Although EU membership and access to EU structural funds have provided a major boost to the economy since 2004, GDP per capita remains significantly below the EU average while unemployment continues to exceed the EU average. The government of Prime Minister Donald TUSK steered the Polish economy through the economic downturn by skillfully managing public finances without stifling economic growth and adopted controversial pension and tax reforms to further shore up public finances. While the Polish economy has performed well over the past five years, growth slowed in 2012, in part due to the ongoing economic difficulties in the euro zone. The key policy challenge is to provide support to the economy through monetary easing, while maintaining the pace of structural fiscal consolidation. Poland's economic performance could improve over the longer term if the country addresses some of the remaining deficiencies in its road and rail infrastructure and its business environment. An inefficient commercial court system, a rigid labor code, red tape, and a burdensome tax system keep the private sector from realizing its full potential.

Source : CIA

Company name & address

MASTERPRESS SA

ul. Lubelska 46
10-406 Olsztyn

Phone:    89 5334712

Fax:      89 5334330

E-mail:   infoo@masterpress.com

Website:  www.masterpress.com.pl

company summary

Legal form	Joint Stock Company
Stat.no.	510431484
Tax ID	PL 7391801250

Establishment	26.06.1996 as Limited liability company
	26.11.2007  as Joint Stock Company
Changes of names and addresses	MASTERPRESS Sp. z o.o.
	26.06.1996 ul. Poprzeczna 13, 10-282 Olsztyn
	then ul. Metalowa 4, 10-603 Olsztyn
	26.11.2007 MASTERPRESS SA
	04.07.2012  ul. Lubelska 46, 10-406 Olsztyn

Registration:

01.02.2008, District Court Olsztyn, VIII Department, KRS 297195 Data concerning previous registrations: 27.06.1996, District Court Olsztyn, RHB 2020 29.05.2001, District Court Olsztyn, VIII Department, KRS 13763

Shareholders	Waldemar Wojciech Zdrodowski , personal ID no. (PESEL) 60083002872, ul. Aleksandra Puszkina 13, 15-190 Białystok
	Percent of owned shares	47.50%
	Mirosław Jan Żywicki , personal ID no. (PESEL) 61112408337, Droszewo 7, 11-300 Biskupiec
	Percent of owned shares	47.50%
	Wojciech Faszczewski , personal ID no. (PESEL) 67060607855, ul. Armii Krajowej 23/11, 15-661 Białystok
	Percent of owned shares	5.00%
	shareholders' list as at 12.08.2011

Share capital		PLN 800 000,00
	Share capital divided into 8000000 shares of PLN 0,10 each
	Series of shares 1600000 type Not preference shares B 6400000 type Preference shares A

Management	Mirosław Jan Żywicki , personal ID no. (PESEL) 61112408337, Droszewo 7, 11-300 Biskupiec  - president Bogusław Wojtach , personal ID no. (PESEL) 60010118539, ul. Śląska 3, 15-266 Białystok  - vice president Waldemar Wojciech Zdrodowski , personal ID no. (PESEL) 60083002872, ul. Aleksandra Puszkina 13, 15-190 Białystok  - vice president
	Representation: since 09.09.2011  To make declarations on behalf of the company are entitled: the President and Vice-Presidents individually, two members of the board or one board member and a proxy. If one man board, the president of the board is entitled to make declarations on behalf of the company.

Supervisory board

Wojciech Faszczewski , personal ID no. (PESEL) 67060607855, ul. Armii Krajowej 23/11, 15-661 Białystok  - chairman Jolanta Zdrodowska , personal ID no. (PESEL) 67061513207  - deputy-chairman Mirosław Kutnik , personal ID no. (PESEL) 63062304950  - deputy-chairman Krzysztof Artemiuk , personal ID no. (PESEL) 65061003991  - member Jerzy Tober , personal ID no. (PESEL) 52100306993  - member

Main activity	manufacturer of paper and foil labels and packages, printing & publishing.
	Branches NACE 2007:
	Manufacture of other articles of paper and paperboard	(C.17.29.Z)
	Manufacturer of corrugated paper, paperboard and containers of paper and paperboard	(C.17.21.Z)

Employment

2008:              241       employees 2009:              239       employees 2010:              239       employees 2011:              238       employees 2012:              234       employees

Turnover	2008	PLN	54 947 697,44
	2009	PLN	62 429 127,92
	2010	PLN	69 380 226,18
	2011	PLN	70 215 372,90
	2012	PLN	81 105 958,86

Financial statements

Source of financial data	Court	Monitor Polski B	Monitor Polski B	Monitor Polski B
	annual	annual	annual	annual
Personal balance sheet as at	31.12.2012 (PLN)	31.12.2011 (PLN)	31.12.2010 (PLN)	31.12.2009 (PLN)
-A. Fixed assets......................	85 575 493,53	69 002 454,10	53 766 685,10	42 774 161,34
-  I.   Intangible assets.............	66 785,15	87 880,32	17 264,35	84 732,64
-    3. Other intangible assets.......	66 785,15	87 880,32	17 264,35	84 732,64
-  II.  Tangible assets...............	83 211 747,25	66 772 843,81	53 606 033,53	42 522 087,59
-    1. Fixed goods...................	77 527 562,38	39 725 417,66	42 048 658,68	35 719 107,40
-      a) land........................	9 974 099,70	9 214 733,49	6 811 158,08	6 816 878,55
-      b) buildings, premises, facilities............................	28 772 331,04	7 360 086,99	9 878 402,06	9 295 869,99
-      c) machinery and equipment.....	37 446 902,99	21 748 461,91	23 969 130,10	18 954 581,85
-      d) fleet of motor vehicles.....	755 147,34	824 489,52	689 391,37	380 029,57
-      e) other fixed goods...........	579 081,31	577 645,75	700 577,07	271 747,44
-    2. Fixed goods under construction..........................	4 055 598,83	26 216 208,07	10 173 254,92	3 262 755,05
-    3. Prepayments for fixed goods under construction....................	1 628 586,04	831 218,08	1 384 119,93	3 540 225,14
-  IV.  Long term investments.........	2 021 558,71	2 128 417,45	14 758,60	11 205,20
-    1. Real estate...................	2 007 563,11	2 114 487,25
-    3. Long term financial assets....	13 995,60	13 930,20	14 758,60	11 205,20
-      b) Other.......................	13 995,60	13 930,20	14 758,60	11 205,20
-        - participations or shares...	13 995,60	13 930,20	14 758,60	11 205,20
-V. Long-term prepayments and accrued income........................	275 402,42	13 312,52	128 628,62	156 135,91
-  1. Deferred tax assets.............	84 385,86	4 227,47	124 797,10	153 051,39
-  2. Other prepayments...............	191 016,56	9 085,05	3 831,52	3 084,52
-B. Current assets....................	33 916 518,18	29 164 325,35	34 274 292,90	32 816 676,49
-  I.   Stock.........................	7 069 426,51	5 938 139,32	4 211 002,08	4 093 110,76
-    1. Raw materials.................	4 442 416,81	4 136 005,79	2 598 420,06	2 634 021,26
-    2. Semi-finished products and work-in-progress......................	589 738,50	309 168,44	77 637,06	352 742,26
-    3. Finished products.............	1 852 479,78	1 443 793,96	1 448 605,76	1 022 819,35
-    4. Goods for re-sale.............	160 893,50	20 942,40	62 253,59	80 295,96
-    5. Advance payments .............	23 897,92	28 228,73	24 085,61	3 231,93
-  II. Short-term receivables.........	25 148 025,09	19 790 508,63	17 834 436,18	19 484 093,45
-    2. Other receivables ............	25 148 025,09	19 790 508,63	17 834 436,18	19 484 093,45
-      a) Due to deliveries and services with payment period:.........	23 138 528,93	17 571 794,72	16 311 449,37	14 336 026,05
-        - up to 12 months............	23 138 528,93	17 571 794,72	16 311 449,37
-      b) Due to taxes, subsidies, insurances, duties, etc...............	321 428,12	544 629,38	296 801,69	726 614,60
-      c) Other.......................	1 688 068,04	1 674 084,53	1 226 185,12	4 421 452,80
-  III. Short term investments........	1 357 782,84	2 936 333,75	11 899 913,41	8 827 307,77
-    1. Short-term financial assets...	1 357 782,84	2 936 333,75	11 899 913,41	8 827 307,77
-      c) cash and other liquid assets................................	1 357 782,84	2 936 333,75	11 899 913,41	8 827 307,77
-        - cash in hand and on bank account...............................	1 357 782,84	2 936 333,75		8 827 307,77
-IV. Short-term prepayments and accrued income........................	341 283,74	499 343,65	328 941,23	412 164,51
-D. Total assets......................	119 492 011,71	98 166 779,45	88 040 978,00	75 590 837,83
-A. Shareholders' equity..............	65 303 260,86	61 792 995,64	55 366 177,28	48 314 527,10
-  I.   Basic share capital...........	800 000,00	800 000,00	800 000,00	800 000,00
-  IV.  Statutory reserve capital.....	11 235 086,11	10 942 523,47	10 770 723,47	10 770 723,47
-  VI.  Other reserve capital.........	50 050 472,17	43 795 453,81	36 743 803,63	30 434 207,62
-  VIII. Net profit (loss)............	3 217 702,58	6 255 018,36	7 051 650,18	6 309 596,01
-B. Liabilities and reserves for liabilities...........................	54 188 750,85	36 373 783,81	32 674 800,72	27 276 310,73
-  I.   Reserves for liabilities......	589 569,89	377 092,12	104 920,60	137 805,20
-    1. Deferred income tax reserves..	589 569,89	377 092,12	104 920,60	137 805,20
-II.  Long-term liabilities...........	5 011 719,14	4 539 410,19	4 559 013,22	3 017 400,00
-  2. Other liabilities...............	5 011 719,14	4 539 410,19	4 559 013,22	3 017 400,00
-    a) Loans.........................	4 511 862,50	4 539 410,19	4 559 013,22	3 017 400,00
-    c) Other financial liabilities...	499 856,64
-III. Short-term liabilities..........	36 124 749,76	22 601 930,22	18 908 128,94	19 318 541,04
-  2. Other liabilities...............	34 042 584,80	20 277 522,15	15 625 197,58	16 372 514,91
-    a) Loans.........................	15 791 175,85	2 731 000,00	325 000,00	1 275 000,00
-    c) Other financial liabilities...	211 045,97
-    d)Due to deliveries and services with payment period:.........	16 097 901,90	13 588 174,02	9 914 436,12	8 085 632,83
-      - up to 12 months..............	16 097 901,90	13 588 174,02	9 914 436,12	8 085 632,83
-    e) Advances received.............	43 654,84	149 246,59	30 767,82	27 575,25
-    g) Due to taxes, subsidies, insurances, duties, etc...............	775 061,72	330 282,47	516 123,92	561 883,95
-    h) Due to salaries...............	207 862,06
-    i) Other.........................	915 882,46	3 478 819,07	4 838 869,72	6 422 422,88
-  3. Special funds...................	2 082 164,96	2 324 408,07	3 282 931,36	2 946 026,13
-IV.  Accruals and deferred income....	12 462 712,06	8 855 351,28	9 102 737,96	4 802 564,49
-  2. Other accruals..................	12 462 712,06	8 855 351,28	9 102 737,96	4 802 564,49
-    - long-term......................	11 020 940,11	7 727 814,44	9 102 737,96	4 802 564,49
-    - short-term.....................	1 441 771,95	1 127 536,84
-D. Total liabilities.................	119 492 011,71	98 166 779,45	88 040 978,00	75 590 837,83
Source of financial data	Court	Monitor Polski B	Monitor Polski B
	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2012- 31.12.2012 (PLN)	01.01.2011- 31.12.2011 (PLN)	01.01.2010- 31.12.2010 (PLN)
-A. Income from sales and similar.....	81 105 958,86	70 215 372,90	69 380 226,18
-  I.   Net revenue form sale of products..............................	80 778 624,38	69 361 317,75	68 777 376,44
-  II.  Net revenue from sale of goods.................................	327 334,48	854 055,15	602 849,74
-B.Cost of products, goods sold.......	67 514 270,85	56 461 056,46	55 156 909,59
-  I.  Cost of production of products sold.........................	67 309 408,05	55 844 235,67	54 588 376,68
-  II.  Value of products sold........	204 862,80	616 820,79	568 532,91
-C. Gross profit on sale..............	13 591 688,01	13 754 316,44	14 223 316,59
-D. Costs of sale.....................	4 301 840,61	3 332 475,58	3 498 518,10
-E. General management costs..........	7 823 718,19	7 361 523,09	4 795 178,99
-F. Profit on sale....................	1 466 129,21	3 060 317,77	5 929 619,50
-G. Other operating incomes...........	3 933 500,60	6 044 325,95	3 849 048,65
-  I.   Incomes from disposal of fixed assets..........................	20 118,42	8 555,00	314 431,35
-  II.  Subsidies.....................	2 455 908,36	2 695 603,81	2 979 015,61
-  III. Other operating incomes.......	1 457 473,82	3 340 167,14	555 601,69
-H. Other operating costs.............	1 150 812,46	1 810 555,78	856 563,83
-  II.  Goodwill revaluation..........	109 359,60	748 661,67	691 897,07
-  III. Other operating costs.........	1 041 452,86	1 061 894,11	164 666,76
-I. Profit on operating activities....	4 248 817,35	7 294 087,94	8 922 104,32
-J. Financial incomes.................	26 503,45	1 005 506,83	450 174,72
-  II.  Interest received.............	25 164,16	211 995,87	168 928,76
-  III. Profit from assets sold.......		18 668,84	196 950,88
-  IV.  Financial assets revaluation..	65,40		3 553,40
-  V.   Other.........................	1 273,89	774 842,12	80 741,68
-K. Financial costs...................	930 103,22	282 819,41	430 728,17
-  I.   Interest......................	708 279,18	279 465,55	430 728,17
-  III. Financial assets revaluation..		828,40
-  IV.  Other.........................	221 824,04	2 525,46
-L. Gross profit on economic activity.	3 345 217,58	8 016 775,36	8 941 550,87
-N. Gross profit......................	3 345 217,58	8 016 775,36	8 941 550,87
-O. Corporation tax...................	127 515,00	1 761 757,00	1 889 900,69
-  a) current part....................	-4 804,00
-  b) deferred part...................	132 319,00
-R. Net profit........................	3 217 702,58	6 255 018,36	7 051 650,18

Source of financial data	Monitor Polski B
	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2009- 31.12.2009 (PLN)
-A. Income from sales and similar.....	62 429 127,92
-  I.   Net income on sales...........	62 599 866,91
-  II.  Change in value of stock ( +, -).................................	-639 440,77
-  IV.  Income from sales of goods and materials.........................	468 701,78
-B. Operational costs.................	60 427 919,16
-  I.   Depreciation..................	5 653 289,37
-  II.  Materials and energy..........	38 383 385,69
-  III. Third party services..........	3 818 329,20
-  IV.  Taxes and duties..............	209 009,14
-  V.   Salaries and wages............	9 554 674,84
-  VI.  Social security...............	1 965 718,85
-  VII. Other.........................	559 859,85
-  VIII.Costs of goods and materials sold..................................	283 652,22
-C. Profit on sale....................	2 001 208,76
-D. Other operating incomes...........	6 004 432,74
-  I.   Incomes from disposal non-financial assets..................	54 725,22
-  II.  Subsidies.....................	2 523 119,85
-  III. Other operating incomes.......	3 426 587,67
-E. Other operating costs.............	444 275,69
-  II.  Goodwill revaluation..........	58 577,98
-  III. Other operating costs.........	385 697,71
-F. Profit on operating activities....	7 561 365,81
-G. Financial incomes.................	368 446,56
-  II.  Interest received.............	218 817,68
-  III. Profit from assets sold.......	105 078,82
-  IV.  Financial assets revaluation..	893,80
-  V.   Other.........................	43 656,26
-H. Financial costs...................	163 436,89
-  I.   Interest......................	156 428,12
-  IV.  Other.........................	7 008,77
-I. Profit on economic activity.......	7 766 375,48
-K. Gross profit......................	7 766 375,48
-L. Corporation tax...................	1 456 779,47
-N. Net profit........................	6 309 596,01

AUDITOR

Balance sheet as at 31.12.2011
PKF AUDYT sp. z o.o., ul. Orzycka 6/1B, 02-695 Warszawa	No. 548

Expert auditor Marek Nowaczyk

No. 2769

Balance sheet as at 31.12.2010
PKF AUDYT sp. z o.o., ul. Orzycka 6/1B, 02-695 Warszawa	No. 548

Expert auditor Marek Nowaczyk

No. 2769

Balance sheet as at 31.12.2009
ZAKŁAD USŁUG KSIĘGOWYCH I DORADZTWO EKSPERT-FIN - SPÓŁKA Z O.O., ul. Lubelska 3, 10-404 Olsztyn	No. 1453

Expert auditor Danuta Piktel

No. 3124

Ratios	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011	01.01.2010- 31.12.2010	01.01.2009- 31.12.2009
Current ratio	0,94	1,29	1,81	1,70
Quick ratio	0,73	1,01	1,57	1,47
Immediate ratio	0,04	0,13	0,63	0,46
Return on sale	3,97	8,91	10,16	10,00
Return on assets	2,69	6,37	8,01	8,35
Return on equity	4,93	10,12	12,74	13,06
Average trade debtors' days	113,48	102,88	93,82	112,76
Average stock turnover's days	31,90	30,87	22,15	23,69
average payables payment period	163,02	117,49	99,47	111,80
Total indebtedness ratio	45,35	37,05	37,11	36,08

While rating the company, it is advisable to take into consideration information about the branch  , the company is acting in
(C.17.29.Z - NACE 2007), as at :	31.12.2011	31.12.2007
Current ratio............................	1,81	1,52
Quick ratio..............................	1,25	1,07
Immediate ratio..........................	0,32	0,18
Return on sale...........................	5,13	8,32
Return on assets.........................	5,16	11,85
Return on equity.........................	9,47	22,38
Average trade debtors' days..............	81,06	78,78
Average stock turnover's days............	50,63	38,34
average payables payment period..........	93,19	88,98
Total indebtedness ratio.................	45,50	47,04
Percent share in the examinated group of companies with net profit.............	71,40	76,90
Sales/revenue per employee in th. PLN....	236,04	207,89
Average sales/revenue per company in th. PLN..................................	31 384,89	24 674,92
according to the Central Statistical Office

Locations:

seat:
ul. Lubelska 46, 10-406 Olsztyn
Phone:                   89 5334712
Fax:                     89 5334330
E-mail:                  infoo@masterpress.com
Website:                 www.masterpress.com.pl

branch:
ul. Kuronia 4, 15-569 Białystok
Phone:                   85 6647530
                         85 7130701
E-mail:                  infob@masterpress.com

Real Estate	ul. Kuronia 4, 15-569 Białystok production plant of area 15 000 sq m,  (plant put into operation in mid-2012, located in the Suwalki Special Economic Zone)
	Book value of buildings as at 31.12.2012	PLN	28 772 331,04
	Book value of lands as at 31.12.2012	PLN	9 974 099,70
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Shares in other companies

As at 10.12.2013 there are no shares in other companies.

Connections:

Krzysztof Artemiuk , personal ID no. (PESEL) 65061003991 -  AMBER KATARZYNA I KRZYSZTOF ARTEMIUK SPÓŁKA JAWNA NIP 9661770449   · shareholder   · member of representation unit Jolanta Zdrodowska , personal ID no. (PESEL) 67061513207 -  MASTERMED KURZĄTKOWSKI ZDRODOWSKA SPÓŁKA PARTNERSKA LEKARZY NIP 5422975123, ul. Legionowa 9A/6, 15-281 Białystok   · partner   · member of representation unit Wojciech Faszczewski , personal ID no. (PESEL) 67060607855 -  Zakład Przemysłu Ziemniaczanego Lublin Sp. z o.o. NIP PL 9461580419, ul. Betonowa 9, 20-402 Lublin   · member of supervisory board -  CHP ENERGIA sp. z o.o., Wojny Wawrzyńce 1, 18-210 Szepietowo   · member of supervisory board -  Przedsiębiorstwo Przemysłu Spożywczego PEPEES SA NIP PL 7181005512, ul. Poznańska 121, 18-402 Łomża   · president -  Przedsiębiorstwo Przemysłu Ziemniaczanego BRONISŁAW Sp. z o.o. NIP 5571595182, Bronisław,, 88-320 Strzelno   · member of supervisory board Mirosław Jan Żywicki , personal ID no. (PESEL) 61112408337 -  EKO 1 sp. z o.o. NIP 7393201181, Droszewo 7A, 11-300 Biskupiec   · shareholder: PLN 100 000,00 (50,00%)   · vice president -  EKO 2 sp. z o.o. NIP 8442020943, Droszewo 7A, 11-300 Biskupiec   · shareholder: PLN 115 000,00 (50,00%)   · member of board of directors Mirosław Kutnik , personal ID no. (PESEL) 63062304950 -  KANCELARIA RADCÓW PRAWNYCH KUTNIK, KALINOWSKI I PARTNERZY NIP 8792458781, ,ul. Batorego 5, 87-100 Toruń   · partner   · member of representation unit -  BORYSZEW SA NIP PL 8370000634, ul. 15 Sierpnia 106, 96-500 Sochaczew   · secretary -  ALCHEMIA SA NIP PL 7470006096, ul. Łucka 7/9, 00-842 Warszawa   · secretary Waldemar Wojciech Zdrodowski , personal ID no. (PESEL) 60083002872 -  EKO 2 sp. z o.o. NIP 8442020943, Droszewo 7A, 11-300 Biskupiec   · shareholder: PLN 115 000,00 (50,00%)   · president -  EKO 1 sp. z o.o. NIP 7393201181, Droszewo 7A, 11-300 Biskupiec   · shareholder: PLN 100 000,00 (50,00%)   · president

Data concerning connections are valid as at: 10.12.2013.

Certificates:

ISO 9001:2000 the status of a protected work firm - from 04/10/1996

Banks

MBANK SA O. Korporacyjny Olsztyn  (11401111) ul. Piłsudskiego 44A, 10-450 Olsztyn Acc.no. 33114011110000503068001001

Payment Manner	In available sources, payment delays have not been noted
Credit capability	Business connections appear permissible, credits should not be refused.
	We would like to draw your attention to: - Short term liabilities exceeding the amount of current assets - long period of liabilities repayment

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.33
UK Pound	1	Rs.101.99
Euro	1	Rs.84.62

INFORMATION DETAILS

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.