MIRA INFORM REPORT

Report No. :	312759
Report Date :	26.03.2015

IDENTIFICATION DETAILS

Name :	TRUFER COMÉRCIO DE SUCATAS LTDA
Registered Office :	Avenida Fagundes De Oliveira, 1212 - Vila São Jose
Country :	Brazil
Financials (as on) :	31.12.2014
Date of Incorporation :	20.10.1970
Legal Form :	Limited Liability Company
Line of Business :	Wholesale of Metal Scrap.
No. of Employee :	290

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Brazil	A2	A2

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

BRAZIL - ECONOMIC OVERVIEW

Characterized by large and well-developed agricultural, mining, manufacturing, and service sectors, and a rapidly expanding middle class, Brazil's economy outweighs that of all other South American countries, and Brazil is expanding its presence in world markets. Since 2003, Brazil has steadily improved its macroeconomic stability, building up foreign reserves, and reducing its debt profile by shifting its debt burden toward real denominated and domestically held instruments. In 2008, Brazil became a net external creditor and two ratings agencies awarded investment grade status to its debt. After strong growth in 2007 and 2008, the onset of the global financial crisis hit Brazil in 2008. Brazil experienced two quarters of recession, as global demand for Brazil's commodity-based exports dwindled and external credit dried up. However, Brazil was one of the first emerging markets to begin a recovery. In 2010, consumer and investor confidence revived and GDP growth reached 7.5%, the highest growth rate in the past 25 years. Rising inflation led the authorities to take measures to cool the economy; these actions and the deteriorating international economic situation slowed growth in 2011-13. Unemployment is at historic lows and Brazil's traditionally high level of income inequality has declined for each of the last 14 years. Brazil's historically high interest rates have made it an attractive destination for foreign investors. Large capital inflows over the past several years have contributed to the appreciation of the currency, hurting the competitiveness of Brazilian manufacturing and leading the government to intervene in foreign exchange markets and raise taxes on some foreign capital inflows. President Dilma ROUSSEFF has retained the previous administration's commitment to inflation targeting by the central bank, a floating exchange rate, and fiscal restraint.

Source : CIA

Company name

TRUFER COMÉRCIO DE SUCATAS LTDA

ADDRESSES:

MAIN ADDRESS:	AVENIDA FAGUNDES DE OLIVEIRA, 1212 - VILA SÃO JOSE
ZIP CODE/CITY:	09950-300 - DIADEMA/SP
PHONE:	11 4075-0555
FAX:	11 4075-1737
E-MAIL:	salete.godoi@trufer.com.br
WEB SITE:	www.trufer.com.br

BRANCHES:
ADDRESS:	ESTRADA MUNICIPAL MINEKO ITO, 3710 - JARDIM DULCE
ZIP CODE/CITY:	13178-535 SUMARÉ/SP
CNPJ:	62.862.479/0009-80
ADDRESS:	RUA LICIO DE MIRANDA, 477 - VILA CARIOCA
ZIP CODE/CITY:	04225-03 SÃO PAULO/SP
PHONE:	11 2914.6611
CNPJ:	62.862.479/0005-56
ADDRESS:	RODOVIA BR 376, 17201 - CENTRO
ZIP CODE/CITY:	83015-000 SÃO JOSE DOS PINHAIS/SP
PHONE:	413385.5521
FAX:	413383.1104
CNPJ:	62.862.479/0004-75
ADDRESS:	AVENIDA PROJETADA, S/Nº. BAIRRO PIRACANGUAGA
ZIP CODE/CITY:	12042-000 TAUBATÉ/SP
PHONE:	12 3686.2199
FAX:	123686.4680
CNPJ:	62.862.479/0006-37
ADDRESS:	RUA AMERICO SANTIAGO PIACENZA, 750 - BAIRRO CINCO
ZIP CODE/CITY:	32010-030 CONTAGEM/MG
PHONE:	31 3395.3528
CNPJ:	62.862.479/0007-18
ADDRESS:	AVENIDA PRESIDENTE KENNEDY, 3323 - BAIRRO ANA BOM
ZIP CODE/CITY:	27323-641 BARRA MANSA/RJ
CNPJ:	62.862.479/0008-07

LEGAL DATA

MAIN ACTIVITIES:

WHOLESALE OF METAL SCRAP.

LEGAL FORM:	LIMITED LIABILITY COMPANY
INCORPORATION DATE:	20/10/1970
REGISTER DATE:	20/10/1970
BALANCE SHEET FILING DATE:	31/12
TAX CONTRIBUTOR NUMBER(CNPJ):	62.862.479/0001-22
STATE REGISTER:	286.033.145.112
SHARE CAPITAL:	R$ 6.000.000,00

BOARD OF DIRECTORS:
JOSE TRUJILLO RODRIGUEZ	MANAGING PARTNER

AUTHORIZED USE OF SIGNATURE:

THE MANAGING PARTNER IS AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.

SHAREHOLDERS / PARTNERS:
JOSE TRUJILLO RODRIGUEZ	R$ 5.700.000,00
MANUEL TRUJILLO MEDINA	R$ 300.000,00

AFFILIATES / SUBSIDIARIES:

NOT AVAILABLE.

COMPANY'S BACKGROUND

THE SUBJECT WAS ESTABLISHED ON OCTOBER 20, 1970 TO BE ENGAGED IN THE SAID LINE OF BUSINESS AND UP TO DATE IT IS STILL OPERATING WITHIN THE GENERAL SCENE REPORTED HEREIN.

THE COMPANY HAS THE ISO 9001 CERTIFICATION ISSUED BY BSI - "BRITISH STANDARDS INSTITUTION MANAGEMENT SYSTEMS".

PARTNERS:

JOSE TRUJILLO RODRIGUEZ: SPANISH, MARRIED, ENTREPRENEUR, HOLDER OF DOCUMENTS CPF 460.215.078-00 AND RNE W135133-8 DPF RESIDENTIAL ADDRESS AT RUA MINISTRO GABRIEL DE RESENDE PASSOS 60, ATPO 111, MOEMA, ZIP CODE 04521-020, SAO PAULO/SP;

MANUEL TRUJILLO MEDINA: SPANISH, MARRIED, ENTREPRENEUR, HOLDER OF DOCUMENTS CPF 460.214.778-04 AND RG W135152-4 DPF, RESIDENTIAL ADDRESS AT RUA FREI ROLIM 128, BOSQUE DA SAÚDE, ZIP CODE 04151-000, SAO PAULO/SP.

FURTHER DETAILS ARE SO FAR NOT KNOWN.

PUBLIC INFORMATION:

PROTESTS:

01 PROTEST, TOTAL AMOUNT R$ 7.500,00

DETAILS OF LATEST PROTESTS:

NOTARY OFFICE:	DATE:	VALUE:
1º CARTÓRIO DE SP-DIADEMA	25/02/2015	R$ 7.500,00

LAWSUITS:
	DATE:	COURT OF LAW:

1	MONITORY SUIT	26/07/10	4ª VARA DE SP-TAUBATÉ
4	FEDERAL LAWSUITS	08/10/13	VARA DE SP-DIADEMA

FINANCIAL INFORMATION

GENERAL BALANCE SHEETS AS OF 31/12/2014, 31/12/2013 AND 31/12/2012.

( FIGURES ARE IN REAIS ).

ASSETS
CURRENT:	31/12/2014	31/12/2013	31/12/2012
CASH AND CASH EQUIVALENTS	5.029.085,46	9.651.899,56	11.177.473,78
CLIENTS	36.745.933,51	35.888.989,55	34.608.815,54
INVENTORY	287.869.863,55	23.476.762,31	41.507.194,70
RECOVERABLE TAXES	12.725.258,14	9.084.002,36	5.889.251,08
ADVANCE TO SUPPLIERS		13.450.551,79	1.481.419,52
ADVANCES	11.693.832,14	28.977,63	57.874,80
CREDITS		3.646.186,10	3.556.186,10
TAXES IN ADVANCE		54.847,87	54.847,87
JUDICIAL DEPOSITS		348.595,31	125.448,08
CURRENT ACCOUNTS	2.710.938,19	869.922,51	547.947,95
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	356.774.910,99	96.500.734,99	99.006.459,42

LONG-TERM RECEIVABLES:
JUDICIAL DEPOSITS	239.730,92	26.000,00	26.000,00
CREDITS	6.576,06	6.576,06	6.576,06
CURRENT ACCOUNT	423.217,87	423.217,87
	----------------	----------------	----------------
TOTAL LONG-TERM RECEIVABLES	669.524,85	455.793,93	32.576,06

FIXED ASSETS:
INVESTMENTS	2.755.164,63	1.255.164,63	1.255.164,63
FIXED ASSETS	40.543.855,85	26.195.025,77	24.520.288,64
INTANGIBLE	1.752,96	1.752,96	1.752,96
	----------------	----------------	----------------
TOTAL FIXED ASSETS	43.300.773,44	27.451.943,36	25.777.206,23
	================	================	================
TOTAL ASSETS	400.745.209,28	124.408.472,28	124.816.241,71

LIABILITIES:
CURRENT:	31/12/2014	31/12/2013	31/12/2012
SUPPLIERS	22.525.462,96	10.797.182,92	9.816.320,56
TRIBUTARY OBLIGATIONS	3.651.836,19	1.825.006,44	1.474.997,77
LABOR OBLIGATIONS	160.695,32	160.695,32	215.826,51
SOCIAL OBLIGATIONS	364.707,98	296.282,24	211.302,23
PROVISIONS	2.088.963,06	2.129.691,14	1.984.256,61
ADVANCE FROM CLIENTS	3.095.984,58	1.450.346,60	1.960.875,62
ACCOUNTS PAYABLE	8.902,32		34.043,42
CURRENT ACCOUNTS	6.200.000,00
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	38.096.552,41	16.659.204,66	15.697.622,72

LONG TERM LIABILITIES:
CURRENT ACCOUNT	5.300.935,10	5.300.935,10	16.361.871,19
	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	5.300.935,10	5.300.935,10	16.361.871,19

NET EQUITY:
SHARE CAPITAL	6.000.000,00	6.000.000,00	1.500.000,00
PROFIT RESERVES	4.501.853,70	4.501.853,70	4.501.853,70
ACCRUED PROFIT (LOSS)	91.947.821,78	79.971.637,33	69.682.725,46
PROFIT (LOSS) OF PERIOD	254.898.046,29	11.974.841,49	17.072.168,64
	----------------	----------------	----------------
TOTAL NET EQUITY	357.347.721,77	102.448.332,52	92.756.747,80
	================	================	================
TOTAL LIABILITIES	400.745.209,28	124.408.472,28	124.816.241,71

PROFIT AND LOSS ACCOUNTS AS OF 31/12/2014, 31/12/2013 AND 31/12/2012.

( FIGURES ARE IN REAIS ).

	31/12/2014	31/12/2013	31/12/2012
GROSS SALES		397.708.044,88	352.994.591,59
(-) TAXES ON SALES		24.350.336,69	27.290.057,95
		----------------	----------------
NET SALES		373.357.708,19	325.704.533,64
(-) COST OF SOLD GOODS		278.044.015,61	236.428.076,53
		----------------	----------------
GROSS PROFIT		95.313.692,58	89.276.457,11
OPERATING REVENUE (EXPENSE)		-74.434.671,89	-62.090.998,70
FINANCIAL REVENUE(EXPENSE)		-2.758.547,43	-1.257.439,68
		----------------	----------------
OPERATIONAL PROFIT (LOSS)		18.120.473,26	25.928.018,73
NON-OPERATING RESULT
CONTRIBUTION/INCOME TAX		-6.145.631,77	-8.855.850,09
		----------------	----------------
NET PROFIT (LOSS)		11.974.841,49	17.072.168,64

MONTHLY SALES
	2015
	---------------------	---------------------
JANUARY	R$ 22.424.096,12
FEBRUARY	R$ 22.209.051,44
MARCH
APRIL
MAY
JUNE
JULY
AUGUST
SEPTEMBER
OCTOBER
NOVEMBER
DECEMBER
TOTAL	R$ 44.633.147,56

RATIOS:

31/12/2014

31/12/2013

31/12/2012

QUICK RATIO	1,81		4,38		3,66
CURRENT RATIO	9,37		5,79		6,31
ACCOUNTS RECEIVABLE TURNOVER	9,12	TIMES	10,40	TIMES	9,41	TIMES
DAYS' SALES IN RECEIVABLES	39,48	DAYS	34,61	DAYS	38,25	DAYS
INVENTORY TURNOVER	,00	TIMES	11,84	TIMES	5,70	TIMES
ACCOUNTS PAYABLE PERIOD	43.357,89	DAYS	13,98	DAYS	14,95	DAYS
RETURN ON ASSETS	,84	TIMES	3,00	TIMES	2,61	TIMES
SALES TURNOVER ON NET EQUITY	,94	TIMES	3,64	TIMES	3,51	TIMES
NET WORTH TIE-UP	,11		,26		,26
INDEBTEDNESS	,12		,21		,35
EQUITY RATIO	89,17	%	82,35	%	74,31	%
WORKING CAPITAL RATIO	836,50	%	479,26	%	530,71	%
GENERAL SOLVENCY	9,23		5,67		3,89
RETURN ON NET EQUITY	71,33	%	11,69	%	18,41	%
RETURN ON SALES (PROFIT MARGIN)	76,08	%	3,21	%	5,24	%
GROSS PROFIT MARGIN	99,94	%	25,53	%	27,41	%
OPERATIONAL RESULT	75,83	%	4,85	%	7,96	%
SALES TURNOVER ON LIABILITIES	8,79	TIMES	22,41	TIMES	20,75	TIMES
FOREIGN CURRENCY ON ASSETS
FOREIGN CURRENCY ON LIABILITIES

EXCHANGE RATE:

US$ 1,00 = R$ 3,26

US$ 1,00 = R$ 2,65

US$ 1,00 = R$ 2,34

US$ 1,00 = R$ 2,04

COMMENTS ON THE FINANCIAL INFORMATION:

FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS.

THE FIGURES FOR 2013 SHOW A GOOD FINANCIAL STANDING. IT SHOWS HIGH LIQUIDITY RATIOS AND POSITIVE WORKING CAPITAL, AS WELL AS LOW LEVEL OF INDEBTEDNESS. IN ADDITION IT IS NOTED GROWING SALES AND PROFITABILITY.

REMARKS:

THE COMPANY HAS NOT PROVIDED PROFIT AND LOSS ACCOUNTS FOR 2014.

REAL ESTATE:

OWNED PREMISES ARE VALUED AT R$ 584.724,96

VEHICLES:

OWNED VEHICLES ARE VALUED AT R$ 31.651.313,89

MACHINES:

OWNED MACHINES AND EQUIPMENTS ARE VALUED AT R$ 29.977.870,31

INSURANCE

NOT AVAILABLE.

BANKING REFERENCES

	BRANCH/PHONE:	CITY:
BANCO BRADESCO S/A	PIRAPORINHA / 11 4066-2455	DIADEMA/SP
HSBC BANK BRASIL	PIRAPORINHA / 11 4066-1999	DIADEMA/SP

REMARKS: IN BRAZIL THE BANKS ARE PROHIBITED BY LAW TO PROVIDE INFORMATION OR ANY KIND OF COMMENTS ABOUT THEIR CLIENTS. DUE TO THIS LAW PROHIBITION WE ARE UNABLE TO PROVIDE ANY BANKING DETAILS.

ACCORDING TO THE CENTRAL BANK OF BRAZIL OFFICIAL REPORT, THE COMPANY HAS NO RETURNED CHECKS UP TO DATE. (IN THE TERMS OF "CIRCULAR 1682 BRAZILIAN CENTRAL BANK").

ACTIVITIES COMMENTS

WHOLESALE OF METAL SCRAP.

IMPORT AND EXPORT

IMPORTS FROM:

NOT AVAILABLE.

EXPORTS TO:

NOT AVAILABLE.

MAIN CLIENTS:
DOMESTIC CLIENTS:	CITY:	PHONE:
AÇOS VILLARES	PINDAMONHANGABA/SP	19 3864-8000
ARCELOR BRASIL (BELGO MINEIRA)	PIRACICABA/SP	19 3429-3100
COMPANHIA SIDERÚRGICA NACIONAL	VOLTA REDONDA/RJ	24 3344-6000
FUNDIÇÃO TUPY	JOINVILLE/SC	47 3441-8181
VOTORANTIM METAIS (SIDERÚRGICA BARRA MANSA)	BARRA MANSA/RJ	24 3324-9655

STAFF:

THE COMPANY HAS: 290 EMPLOYEE(S)

CONCEPT AND FULFILMENT

THE SUBJECT WAS ESTABLISHED IN 1970. SO FAR IT HAS A CLEAR TARDE HISTORY AND GOOD PAYMENT BEHAVIOUR.

THE COMPANY HAS TRADE RELATIONS WITH SEVERAL SUPPLIERS IN BRAZIL. THE SUPPLIERS EXTEND CREDIT FACILITIES TO THE SUBJECT IN TERMS AND AMOUNTS ACCORDING TO THE COMPANY'S NEEDS AND SO FAR NO PAYMENT PROBLEMS ARE NOTED.

THE LAWSUITS REPORTED ARE NOT RELATED WITH TRADE DEBTS. THEY ARE RELATED TO TAX DEBTS THAT FOR ANY REASON THE COMPANY HAS NOT YET PAID. NEVERTHELESS WE POINT OUT THAT THE SAID LAWSUITS DO NOT AFFECT THE COMPANY'S TRADE REPUTATION.

THE PROTEST FOUND IS IRRELEVANT.

MAIN SUPPLIERS:
DOMESTIC SUPPLIERS:	CITY:	PHONE:
ACE SCHMERSAL ELETROELETRONICA INDL LTDA
CDC BRASIL DISTRIBUIDORA LTDA
DELMANO SOLUÇÕES EM MRO LTDA
FORD BRASIL	SÃO BERNARDO DO CAMPO/SP	11 4174-8855
IRENILDA MARIA DE SIQUEIRA LIMA
PANDURATA ALIMENTOS LTDA
PINDUCA INDUSTRIA DE ALIMENTOS LTDA
POMGAR COM REPRES SERV AUTO PEÇAS LTDA
SIFCO S/A.	JUNDIAÍ/SP	11 4588-1500
TINTAS MC LTDA
TUBOS IPIRANGA INDUSTRIA E COMERCIO LTDA
VOLKSWAGEN DO BRASIL	SÃO BERNARDO CAMPO/SP	11 4347-2355

PAYMENT HISTORY:

22 SUPPLIERS REPORTED PAYMENTS:

TOTAL AMOUNT: R$ 916.454,00

AMOUNT OF INVOICES PAID: 125

TOTAL OF PROMPT PAYMENTS: 99,9%

TOTAL OF DELAYED PAYMENTS: 0,1%

HIGHEST INVOICE: R$ 77.640,00

HIGHEST CREDIT: R$ 77.640,00

FINAL OPINION

BASED ON THE GENERAL INFORMATION AVAILABLE IT IS BELIEVED THAT GOOD TRADE RELATIONS MAY BE ESTABLISHED. CREDIT FACILITIES MAY BE EXTENDED WITHIN TERMS AND AMOUNTS ADEQUATE TO THE COMPANY'S FINANCIAL STRENGTH.

BALANCE SHEET ANALYSIS

	FIGURES ARE IN REAIS
	31-12-14		31-12-13		31-12-12
ASSETS		%		%		%
Current Assets	$ 356,774,911	89.03	$ 96,500,735	77.57	$ 99,006,459	79.32
Fixed Assets	$ 43,300,773	10.81	$ 27,451,943	22.07	$ 25,777,206	20.65
TOTAL ASSETS	$ 400,745,209	100.00	$ 124,408,472	100.00	$ 124,816,242	100.00
LIABILITIES
Current Liabilities	$ 38,096,552	9.51	$ 16,659,205	13.39	$ 15,697,623	12.58
Long-Term Liabilities	$ 5,300,935	1.32	$ 5,300,935	4.26	$ 16,361,871	13.11
TOTAL LIABILITIES	$ 43,397,488	10.83	$ 21,960,140	17.65	$ 32,059,494	25.69
Deferred Income	$ -	0.00	$ -	0.00	$ -	0.00
Net Equity	$ 357,347,722	89.17	$ 102,448,333	82.35	$ 92,756,748	74.31
TOTAL LIABILITIES + NET EQUITY	$ 400,745,209	100.00	$ 124,408,472	100.00	$ 124,816,242	100.00
PROFIT AND LOSS ACCOUNTS
Net Sales	$ 335,052,384	100.00	$ 373,357,708	100.00	$ 325,704,534	100.00
Costs	$ 187,029	0.06	$ 278,044,016	74.47	$ 236,428,077	72.59
Gross Profit	$ 334,865,356	99.94	$ 95,313,693	25.53	$ 89,276,457	27.41
Operating expenses	$ (81,489,413)	-24.32	$ (74,434,672)	-19.94	$ (62,090,999)	-19.06
operational Result	$ 254,054,804	75.83	$ 18,120,473	4.85	$ 25,928,019	7.96
Net Profit (loss)	$ 254,898,046	76.08	$ 11,974,841	3.21	$ 17,072,169	5.24
COMPLEMENTARY DATA
Inventory	$ 287,869,864		$ 23,476,762		$ 41,507,195
Accounts receivable	$ 36,745,934		$ 35,888,990		$ 34,608,816
Accounts Payable	$ 22,525,463		$ 10,797,183		$ 9,816,321
Property, plant and equipment	$ 40,543,856		$ 26,195,026		$ 24,520,289
Purchases	$ 43,300,773		$ 27,451,943		$ 25,777,206
Financial Expenses	$ 678,862		$ (2,758,547)		$ (1,257,440)
Foreign Currency Assets
Foreign Currency Liabilities
Working Capital	$ 318,678,359		$ 79,841,530		$ 83,308,837
RATIOS:
QUICK RATIO	1.81		4.38		3.66
CURRENT RATIO	9.37		5.79		6.31
ACCOUNTS RECEIVABLE TURNOVER	9.12	times	10.40	times	9.41	times
DAYS' SALES IN RECEIVABLES	39.48	days	34.60	days	38.25	days
INVENTORY TURNOVER	0.00	times	11.84	times	5.70	times
ACCOUNTS PAYABLE PERIOD	43,357.89	days	13.98	days	14.95	days
RETURN ON ASSETS	0.84	times	3.00	times	2.61	times
SALES TURNOVER ON NET EQUIY	0.94	times	3.64	times	3.51	times
NET WORTH TIE-UP	0.11		0.26		0.26
ENDEBTEDNESS	0.12		0.21		0.35
EQUITY RATIO	89.17	%	82.35	%	74.31	%
WORKING CAPITAL RATIO	836.50	%	479.26	%	530.71	%
GENERAL SOLVENCY	9.23		5.67		3.89
RETURN ON NET EQUITY	71.33	%	11.69	%	18.41	%
RETURN ON SALES (PROFIT MARGIN)	76.08	%	3.21	%	5.24	%
GROSS PROFIT MARGIN	99.94	%	25.53	%	27.41	%
OPERATIONAL RESULT	75.83	%	4.85	%	7.96	%
SALES TURNOVER ON LIABILITIES	8.79	times	22.41	times	20.75	times
FOREIGN CURRENCY ON ASSETS	-	%	-	%	-	%
FOREIGN CURRENCY ON LIABILITIES	-	%	-	%	-	%

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.34
UK Pound	1	Rs.92.65
Euro	1	Rs.68.12

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	ASH

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.