MIRA INFORM REPORT

Report Date :

24.09.2014

IDENTIFICATION DETAILS

Name :	MARIO CROSTA S.R.L.

Registered Office :	Corso Sempione, 67 21052 – Busto Arsizio (VA) – IT -

Country :	Italy

Financials (as on) :	31.12.2012

Date of Incorporation :	01.11.2001

Legal Form :	Limited liability company

Line of Business :	General Mechanics

No. of Employees :	36 to 50

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Italy

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

Mario Crosta S.r.l.

Corso

Sempione,

21052

- Busto Arsizio

(VA)

-IT-

Summary

Fiscal Code	:	02683670125
Legal Form	:	Limited liability company
start of Activities	:	01/11/2001
Equity	:	125.000
Turnover Range	:	7.750.000/9.000.000
Number of Employees	:	from 36 to 50

Activity

General mechanics

Legal Data

Legal Form : Limited liability company

Fiscal Code : 02683670125

Chamber of Commerce no. : 277306 of Varese since 26/10/2001

V.A.T. Code : 02683670125

Establishment date	: 23/10/2001
Start of Activities	: 01/11/2001
Legal duration	: 31/12/2050
Nominal Capital	: 118.000
Subscribed Capital	: 118.000
Paid up Capital	: 118.000

Members

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Erba

Paola

$Description: \\VIVEK\Foreign Report Raw\Mario Crosta S.r.l._files\Vuoto.gif$

Born in Busto Arsizio

(VA)

on 26/04/1945

- Fiscal Code : RBEPLA45D66B300K

$Description: \\VIVEK\Foreign Report Raw\Mario Crosta S.r.l._files\Vuoto.gif$

Residence:

Gian Battista Crespi

, 2

- 21052

Busto Arsizio

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	25/06/2004

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No Prejudicial events are reported

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No Protests registered

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Crosta

Laura Maria Grazia

$Description: \\VIVEK\Foreign Report Raw\Mario Crosta S.r.l._files\Vuoto.gif$

Born in Busto Arsizio

(VA)

on 27/10/1968

- Fiscal Code : CRSLMR68R67B300N

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Residence:

Rodolfo Gallazzi

, 9

- 21052

Busto Arsizio

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	25/06/2004

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No Prejudicial events are reported

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No Protests registered

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Crosta

Massimo

$Description: \\VIVEK\Foreign Report Raw\Mario Crosta S.r.l._files\Vuoto.gif$

Born in Busto Arsizio

(VA)

on 20/08/1972

- Fiscal Code : CRSMSM72M20B300P

$Description: \\VIVEK\Foreign Report Raw\Mario Crosta S.r.l._files\Vuoto.gif$

Residence:

Rodolfo Gallazzi

, 9

- 21052

Busto Arsizio

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	25/06/2004

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No Prejudicial events are reported

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No Protests registered

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Crosta

Marco

$Description: \\VIVEK\Foreign Report Raw\Mario Crosta S.r.l._files\Vuoto.gif$

Born in Busto Arsizio

(VA)

on 07/03/1974

- Fiscal Code : CRSMRC74C07B300E

$Description: \\VIVEK\Foreign Report Raw\Mario Crosta S.r.l._files\Vuoto.gif$

Residence:

Crimea

, 5

- 21052

Busto Arsizio

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	25/06/2004
Managing Director	25/06/2004

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No Prejudicial events are reported

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No Protests registered

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C.b.s. Holding S.r.l.

Position	Since	Shares Amount	% Ownership
Partner

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No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw\Mario Crosta S.r.l._files\Vuoto.gif$

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.

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Erba

Paola

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
C.b.s. Holding S.r.l.	Busto Arsizio (VA) - IT -	00094260122	Director	Active	Registered
C.b.s. Holding S.r.l.	Busto Arsizio (VA) - IT -	00094260122	Board Chairman	Active	Registered
Service Consulting E Engineering S.r.l.A Socio Unico	Busto Arsizio (VA) - IT -	03394250124	Sole partner	Active	Registered

$Description: \\VIVEK\Foreign Report Raw\Mario Crosta S.r.l._files\Verde.gif$

Crosta

Laura Maria Grazia

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
C.b.s. Holding S.r.l.	Busto Arsizio (VA) - IT -	00094260122	Managing Director	Withdrawn	Registered
C.b.s. Holding S.r.l.	Busto Arsizio (VA) - IT -	00094260122	Director	Active	Registered
C.b.s. Holding S.r.l.	Busto Arsizio (VA) - IT -	00094260122	Partner	Withdrawn	Registered
C.b.s. Holding S.r.l.	Busto Arsizio (VA) - IT -	00094260122	Attorney with special power	Active	Registered

$Description: \\VIVEK\Foreign Report Raw\Mario Crosta S.r.l._files\Verde.gif$

Crosta

Massimo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
C.b.s. Holding S.r.l.	Busto Arsizio (VA) - IT -	00094260122	Managing Director	Withdrawn	Registered
C.b.s. Holding S.r.l.	Busto Arsizio (VA) - IT -	00094260122	Director	Active	Registered

$Description: \\VIVEK\Foreign Report Raw\Mario Crosta S.r.l._files\Verde.gif$

Crosta

Marco

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
C.b.s. Holding S.r.l.	Busto Arsizio (VA) - IT -	00094260122	Director	Active	Registered
Ceam Group International - Consorzio Export Alto Milanese	Busto Arsizio (VA) - IT -	01981710120	Director	Active	Registered
Immobiliare Aurora - S.r.l. - In Liquidazione	Busto Arsizio (VA) - IT -	02717490128	Liquidator	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
Crosta Laura Maria Grazia	Busto Arsizio - IT -	CRSLMR68R67B300N	11.800 .Eur	10,00
Crosta Massimo	Busto Arsizio - IT -	CRSMSM72M20B300P	11.800 .Eur	10,00
Crosta Marco	Busto Arsizio - IT -	CRSMRC74C07B300E	11.800 .Eur	10,00
C.b.s. Holding S.r.l.		01951590122	82.600 .Eur	70,00

Direct Participations

The Company under review has participations in the following Companies:

Firm's Style	Seat	Fiscal Code	Owned Shares Amount	% Ownership	since	until	Share Status
Ceam Group International - Consorzio Exp ort Alto Milanese	Busto Arsizio - IT -	01981710120					Active

Firm's location and structure

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

Legal and operative seat

Sempione

, 67

- 21052

- Busto Arsizio

(VA)

- IT -

PHONE

: 0331631380

FAX

: 0331631612

Employees

: 42

Fittings and Equipment for a value of 54.000

Eur

Stocks for a value of 3.800.000

Eur

Historical Information and/or Firm's Status

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

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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 2001.

The latest 2 available b/s have been used.

Unstable economic results mark the company's financial state of affairs. anyway in 2013 a positive result was achieved (r.o.e. 1,88%). Upward trend as to the turnover in the last financial year (more then 100%).

The return on Investment in the last financial year was positive (6,66%) falling within the field's average.

The operating result is positive and amounts to Eur. 428.665 increasing if compared to the yeart 2012.

During the latest financial year the gross operating margin amounted to Eur. 509.545 showing an upward trend if compared to 2012.

Net worth does not allow a regular management, short-term debts volume is considerably high, with an high indebtedness volume on the whole (41,22) and increasing if compared to the previous year.

Subject can manage an equity capital funds for an amount of Eur. 120.552 on the same levels as the year before.

Total debts recorded amounted to Eur. 6.192.721 (Eur. 783.500 of which were m/l term debts) while during the financial year 2012 the amount was equal to Eur. 2.600.183.

Available funds are good.

Eur. 83.141 is the value of cash flow during the year 2013

During 2013 financial year labour costs amounted to Eur. 1.368.102, with a 15,38% incidence on production costs. and a 16,59% incidence on sales volumes.

The financial management has a limited economic impact, equal to -0,6% on the sales.

Financial Data

$Description: \\VIVEK\Foreign Report Raw\Mario Crosta S.r.l._files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	838.599
Profit (Loss) for the period	-406.448

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 31/12/2012 - 12 Mesi - Currency: - Amounts x 1

Years

2012

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	12.357
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery
. . Industrial and commercial equipment
. . Other assets
. . Assets under construction and advances
. Total Tangible fixed assets	39.355
. 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	9.702
. . . . 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	11.110
Total fixed assets	62.822
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods
. . Advance payments
. Total Inventories	2.023.145
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	662.186
. . Beyond 12 months	311.069
. . Trade receivables
. . . . Within 12 months
. . . . 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
. . . . Within 12 months
. . . . Beyond 12 months
. Total Credits not held as fixed assets	973.255
. 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	90.809
Total current assets	3.087.209
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	20.652
Total adjustments accounts	20.652
TOTAL ASSETS	3.170.683

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	160.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	32.000
. Reserve for Own shares
. Statute reserves
. Other reserves	1.115.854
. Accumulated Profits (Losses)	-783.116
. Profit( loss) of the year	-406.448
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	118.290
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges	1.800
Employee termination indemnities	449.571
ACCOUNTS PAYABLE
. . . . Within 12 months	2.435.683
. . . . Beyond 12 months	164.500
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables
. . . . Within 12 months
. . . . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to social security and welfare inst.
. . . . Within 12 months
. . . . Beyond 12 months
. . Other payables
. . . . Within 12 months
. . . . Beyond 12 months
Total accounts payable	2.600.183
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	839
Total adjustment accounts	839
TOTAL LIABILITIES	3.170.683

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	471.765
Risk accounts	50.333
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	838.599
. Changes in work in progress	46.807
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	9.414
. . Contributions for operating expenses	2.000
. . Different income and revenues	7.414
Total value of production	894.820
PRODUCTION COSTS
. Raw material,other materials and consum.	713.420
. Services received
. Leases and rentals	372.248
. Payroll and related costs	260.824
. . Wages and salaries	176.740
. . Social security contributions	61.333
. . Employee termination indemnities	22.751
. . Pension and similar
. . Other costs
. Amortization and depreciation	109.885
. . Amortization of intangible fixed assets	1.956
. . Amortization of tangible fixed assets	2.106
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	105.823
. Changes in raw materials	-182.843
. Provisions to risk reserves
. Other provisions
. Other operating costs	7.278
Total production costs	1.280.812
Diff. between value and cost of product.	-385.992
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	22
. . Financ.income from receivables
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	22
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	22
. Interest and other financial expense	-20.479
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	20.479
Total financial income and expense	-20.457
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	1
. . Gains on disposals
. . Other extraordinary income	1
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense	1
Results before income taxes	-406.448
. Taxes on current income
. . current taxes
. . differed taxes(anticip.)
. Net income for the period	-406.448
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	-406.448

RATIOS	Value Type	as at 31/12/2012	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,02	0,24
Elasticity Ratio	Units	0,97	0,73
Availability of stock	Units	0,64	0,13
Total Liquidity Ratio	Units	0,34	0,54
Quick Ratio	Units	0,03	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	19,82	3,02
Self Financing Ratio	Units	0,04	0,19
Capital protection Ratio	Units	3,08	0,67
Liabilities consolidation quotient	Units	0,25	0,21
Financing	Units	21,98	3,82
Permanent Indebtedness Ratio	Units	0,23	0,37
M/L term Debts Ratio	Units	0,19	0,12
Net Financial Indebtedness Ratio	Units	n.c.	0,54
CORRELATION
Fixed assets ratio	Units	11,66	1,36
Current ratio	Units	1,27	1,15
Acid Test Ratio-Liquidity Ratio	Units	0,44	0,90
Structure's primary quotient	Units	1,88	0,80
Treasury's primary quotient	Units	0,04	0,05
Rate of indebtedness ( Leverage )	%	2680,43	522,79
Current Capital ( net )	Value	651.526	137.035
RETURN
Return on Sales (R.O.S.)	%	-35,36	4,19
Return on Equity - Net- ( R.O.E. )	%	-343,60	6,82
Return on Equity - Gross - ( R.O.E. )	%	-343,60	21,82
Return on Investment ( R.O.I. )	%	-12,17	5,32
Return/ Sales	%	-46,03	4,80
Extra Management revenues/charges incid.	%	n.c.	24,34
Cash Flow	Value	-296.563	122.584
Operating Profit	Value	-385.992	134.039
Gross Operating Margin	Value	-276.107	232.049
MANAGEMENT
Credits to clients average term	Days	n.c.	113,47
Debts to suppliers average term	Days	n.c.	128,87
Average stock waiting period	Days	868,51	41,22
Rate of capital employed return ( Turnover )	Units	0,26	1,15
Rate of stock return	Units	0,41	8,63
Labour cost incidence	%	31,10	23,26
Net financial revenues/charges incidence	%	-2,44	-1,36
Labour cost on purchasing expenses	%	20,36	23,52
Short-term financing charges	%	0,79	2,74
Capital on hand	%	378,09	87,13
Sales pro employee	Value	104.824	150.278
Labour cost pro employee	Value	32.603	33.017

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	:	$Description: \\VIVEK\Foreign Report Raw\Mario Crosta S.r.l._files\Spazio.gif$ 843.250
Population living in the region	:	$Description: \\VIVEK\Foreign Report Raw\Mario Crosta S.r.l._files\Spazio.gif$ 9.393.092
Number of families in the region	:	$Description: \\VIVEK\Foreign Report Raw\Mario Crosta S.r.l._files\Spazio.gif$ 3.858.736

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

- per food products	:	$Description: \\VIVEK\Foreign Report Raw\Mario Crosta S.r.l._files\Spazio.gif$ 460
- per non food products	:	$Description: \\VIVEK\Foreign Report Raw\Mario Crosta S.r.l._files\Spazio.gif$ 2.090
- per energy consume	:	$Description: \\VIVEK\Foreign Report Raw\Mario Crosta S.r.l._files\Spazio.gif$ 114

Sector Data

The values are calculated on a base of 3.083 significant companies.

The companies cash their credits on an average of 113 dd.

The average duration of suppliers debts is about 129 dd.

The sector's profitability is on an average of 4,19%.

The labour cost affects the turnover in the measure of 23,26%.

Goods are held in stock in a range of 41 dd.

The difference between the sales volume and the resources used to realize it is about 1,15.

The employees costs represent the 23,52% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered moderately risky.

In the region 50.886 protested subjects are found; in the province they count to 4.597.

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

Total Bankrupt companies in the province : 3.052.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.87
UK Pound	1	Rs.99.63
Euro	1	Rs.78.22

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	PDT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

Company name and address

Summary

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Direct Participations

Firm's location and structure

Historical Information and/or Firm's Status

Data Base Prejudicial Events Search

Legal Procedures

Financial and Economical Analysis

Financial Data

Balance Sheets

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit