MIRA INFORM REPORT

Report No. :	351213
Report Date :	23.11.2015

IDENTIFICATION DETAILS

Name :	DB.F. SO.CAP. S.R.L.

Registered Office :	Via G.gigante,1, 80014 - Giugliano in Campania (NA) -IT-

Country :	Italy

Financials (as on) :	31.12.2013

Date of Incorporation :	25.02.1997

Legal Form :	Limited liability company

Line of Business :	· Wholesale of hairdressing equipment, gyms, solariums and beauty centres · Wholesale of hairdressing equipment, gyms, solariums and beauty centres · Cosmetic medicine centres

No. of Employee :	From 36 to 50

RATING & COMMENTS

MIRA’s Rating :

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 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 132% of GDP in 2014, 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 tax evasion. In 2014 economic growth and labor market conditions continued to deteriorate, with overall unemployment rising to 12.2% and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007 pre-crisis level.

Source : CIA

Company name and address

Db.f. So.cap. S.r.l.

Via G.gigante, 1

80014 - Giugliano in Campania (NA) -IT-

Summary

Fiscal Code	:	03282451214
Legal Form	:	Limited liability company
start of Activities	:	19/03/1987
Equity	:	Over 2.582.254
Turnover Range	:	6.500.000/7.750.000
Number of Employees	:	from 36 to 50

Activity

Wholesale of hairdressing equipment, gyms, solariums and beauty centres

Cosmetic medicine centres

Legal Data

Legal Form : Limited liability company

Fiscal Code : 03282451214

Foreign Trade Reg. no. : NA038342 since 22/11/2002

Chamber of Commerce no. : 276440 of Caserta

Chamber of Commerce no. : 585880 of Napoli since 12/05/1997

Firms' Register : NA-1997-320760 of Napoli since 07/05/1997

V.A.T. Code : 03282451214

Establishment date	: 25/02/1997
Start of Activities	: 19/03/1987
Legal duration	: 31/12/2050
Nominal Capital	: 100.000
Subscribed Capital	: 100.000
Paid up Capital	: 100.000

Legal mail :

DBFSOCAP@LEGALMAIL.IT

Legal mail :

DBFSOCAP@LEGALMAIL.IT

Members

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Di Biase

Luigi

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Born in Sant'Antimo

(NA)

on 08/03/1956

- Fiscal Code : DBSLGU56C08I293I

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Residence:

Saturno

, SN

- 80029

Sant'Antimo

(NA)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	25/02/1997

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No Prejudicial events are reported

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No Protests registered

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Flagiello Maria

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Born in SANT'ANTIMO

(NA)

- Fiscal Code : FLGMRA61A69I293C

Position	Since	Shares Amount	% Ownership
Partner

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No Prejudicial events are reported

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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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Di Biase

Luigi

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
So.cap.di Di Biase Luigi	Sant'Antimo (NA) - IT -	DBSLGU56C08I293I	Proprietor	Withdrawn	Registered
So.cap. International S.n.c. Dei Fratelli Di Biase	Sant'Antimo (NA) - IT -	03626701217	Partner	Active	Registered
So.cap.dei F.lli Di Biase S.a.s.	S.antimo (NA) - IT -	03487310637	Limited Partner	Withdrawn	Ceased
Di Biase Immobiliare S.r.l.	Sant'Antimo (NA) - IT -	05973021214	Partner	Withdrawn	Registered
Ikre' So.cap. S.r.l. In Liquidazione	Sant'Antimo (NA) - IT -	06309181219	Sole Director	Withdrawn	Registered
Ikre' So.cap. S.r.l. In Liquidazione	Sant'Antimo (NA) - IT -	06309181219	Liquidator	Active	Registered
Ial S.r.l.	Giugliano in Campania (NA) - IT -	08152091214	Director	Active	Registered
Il Bosco S.r.l.	Giugliano in Campania (NA) - IT -	08095051218	Sole Director	Active	Registered

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

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
Di Biase Luigi	Sant'Antimo - IT -	DBSLGU56C08I293I	60.000 .Eur	60,00
Flagiello Maria		FLGMRA61A69I293C	40.000 .Eur	40,00

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

G.gigante

, 1

- 80014

- Giugliano in Campania

(NA)

- IT -

Legal mail

: DBFSOCAP@LEGALMAIL.IT

Legal and operative seat

until 22/05/2015

Roma

, 157

- 80029

- Sant'Antimo

(NA)

- IT -

PHONE

: 08119562315

FAX

: 08119562256

Legal mail

: DBFSOCAP@LEGALMAIL.IT

Branch

(Factory)

since 01/09/2005

Pietro Nenni

, 22/B

- 80018

- Mugnano di Napoli

(NA)

- IT -

Branch

(Shop)

since 07/08/2008

Michelangelo

, SNC

- 80040

- Volla

(NA)

- IT -

Total Surface: 78 Sq.mt.

Branch

(Shop)

since 05/03/2009

Europa

, 327

- 80010

- Villaricca

(NA)

- IT -

Total Surface: 87 Sq.mt.

Branch

(Store)

since 10/05/2011

Cis Nola Isola 7 Lotto 732/733

, .

- 80035

- Nola

(NA)

- IT -

Branch

(Shop)

since 21/12/2011

D'antona

, 16A

- 80100

- Napoli

(NA)

- IT -

Total Surface: 58 Sq.mt.

Branch

(Shop)

since 15/04/2013

Arenaccia

, 29

- 80100

- Napoli

(NA)

- IT -

Total Surface: 234 Sq.mt.

Branch

(Shop)

since 16/10/2012

Trieste

, 231

- 81100

- Caserta

(CE)

- IT -

Total Surface: 63 Sq.mt.

Employees

: 39

Fittings and Equipment for a value of 3.000

Eur

Stocks for a value of 6.380.000

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 Data

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Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	7.334.565
Profit (Loss) for the period	18.556

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Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	7.220.108
Profit (Loss) for the period	45.827

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Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

	Value
Sales	7.226.538
Profit (Loss) for the period	31.028

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Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	7.312.476
Profit (Loss) for the period	44.781

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Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	6.200.843
Profit (Loss) for the period	76.387

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.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	260.697	271.488	111.462
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery
. . Industrial and commercial equipment
. . Other assets
. . Assets under construction and advances
. Total Tangible fixed assets	484.331	330.249	219.261
. 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	745.028	601.737	330.723
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods
. . Advance payments
. Total Inventories	6.376.480	5.659.210	4.055.660
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	3.650.690	4.133.144	4.383.891
. . Beyond 12 months
. . Trade receivables		3.486.657
. . . . Within 12 months		3.486.657
. . . . 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		466.772
. . . . Within 12 months		466.772
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties		179.715
. . . . Within 12 months		179.715
. . . . Beyond 12 months
. Total Credits not held as fixed assets	3.650.690	4.133.144	4.383.891
. 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	125.844	34.913	11.181
Total current assets	10.153.014	9.827.267	8.450.732
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	140.809	26.235	131.118
Total adjustments accounts	140.809	26.235	131.118
TOTAL ASSETS	11.038.851	10.455.239	8.912.573

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	100.000	100.000	100.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	28.354	26.063	24.511
. Reserve for Own shares
. Statute reserves
. Other reserves	2.862.415	3.047.414	500.000
. Accumulated Profits (Losses)	43.536
. Profit( loss) of the year	18.556	45.827	31.028
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	3.052.861	3.219.304	655.539
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	175.641	133.296	112.850
ACCOUNTS PAYABLE
. . . . Within 12 months	6.726.678	7.093.914	6.364.919
. . . . Beyond 12 months	1.083.671	8.725	1.779.265
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing		8.725
. . . . Within 12 months
. . . . Beyond 12 months		8.725
. . Due to banks		1.548.705
. . . . Within 12 months		1.548.705
. . . . Beyond 12 months
. . Due to other providers of finance		762.091
. . . . Within 12 months		762.091
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables		4.235.320
. . . . Within 12 months		4.235.320
. . . . 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		82.424
. . . . Within 12 months		82.424
. . . . Beyond 12 months
. . Due to social security and welfare inst.		34.465
. . . . Within 12 months		34.465
. . . . Beyond 12 months
. . Other payables		430.909
. . . . Within 12 months		430.909
. . . . Beyond 12 months
Total accounts payable	7.810.349	7.102.639	8.144.184
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts
Total adjustment accounts
TOTAL LIABILITIES	11.038.851	10.455.239	8.912.573

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	7.334.565	7.220.108	7.226.536
. Changes in work in progress	-75.300	4.199.900	670.600
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	234.642	176.743	128.177
. . Contributions for operating expenses	26.474
. . Different income and revenues	208.168	176.743	128.177
Total value of production	7.493.907	11.596.751	8.025.313
PRODUCTION COSTS
. Raw material,other materials and consum.	4.731.247	5.861.318	5.356.181
. Services received		1.617.060	1.586.806
. Leases and rentals	2.063.552	587.461	473.804
. Payroll and related costs	815.915	662.560	529.092
. . Wages and salaries	621.108	508.065	402.613
. . Social security contributions	149.627	114.765	95.205
. . Employee termination indemnities	45.180	38.850	31.274
. . Pension and similar
. . Other costs		880
. Amortization and depreciation	154.374	195.315	152.020
. . Amortization of intangible fixed assets	61.791	70.091	13.666
. . Amortization of tangible fixed assets	92.583	125.224	138.354
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid
. Changes in raw materials	-792.570	2.596.350	-449.840
. Provisions to risk reserves
. Other provisions	13.544
. Other operating costs	247.377	146.613	139.155
Total production costs	7.233.439	11.666.677	7.787.218
Diff. between value and cost of product.	260.468	-69.926	238.095
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	256	18	21
. . 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	256		21
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	256		21
. Interest and other financial expense	-160.816	-163.678	-144.987
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	160.816		144.987
Total financial income and expense	-160.560	-163.660	-144.966
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	28.992	371.547	5.039
. . Gains on disposals			5.000
. . Other extraordinary income	28.992	371.547	39
. Extraordinary expense	-32.290	-25.897	-9.238
. . Losses on disposals
. . Taxes relating to prior years			-9.238
. . Other extraordinary expense	-32.290	-25.897
Total extraordinary income and expense	-3.298	345.650	-4.199
Results before income taxes	96.610	112.064	88.930
. Taxes on current income	78.054	66.237	57.902
. . current taxes	78.054	66.237	57.902
. . differed taxes(anticip.)
. Net income for the period	18.556	45.827	31.028
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	18.556	45.827	31.028

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	0,04	0,10
Elasticity Ratio	Units	0,92	0,94	0,95	0,87
Availability of stock	Units	0,58	0,54	0,46	0,21
Total Liquidity Ratio	Units	0,34	0,40	0,49	0,61
Quick Ratio	Units	0,01	0,00	0,00	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	2,16	2,19	9,69	4,04
Self Financing Ratio	Units	0,28	0,31	0,07	0,16
Capital protection Ratio	Units	0,96	0,95	0,80	0,59
Liabilities consolidation quotient	Units	0,19	0,02	0,30	0,11
Financing	Units	2,56	2,21	12,42	4,85
Permanent Indebtedness Ratio	Units	0,39	0,32	0,29	0,26
M/L term Debts Ratio	Units	0,11	0,01	0,21	0,07
Net Financial Indebtedness Ratio	Units	n.c.	0,71	n.c.	1,01
CORRELATION
Fixed assets ratio	Units	5,79	5,59	7,70	2,12
Current ratio	Units	1,51	1,39	1,33	1,16
Acid Test Ratio-Liquidity Ratio	Units	0,56	0,59	0,69	0,88
Structure's primary quotient	Units	4,10	5,35	1,98	1,40
Treasury's primary quotient	Units	0,02	0,00	0,00	0,04
Rate of indebtedness ( Leverage )	%	361,59	324,77	1359,58	620,22
Current Capital ( net )	Value	3.426.336	2.733.353	2.085.813	131.414
RETURN
Return on Sales	%	2,36	3,34	2,53	2,27
Return on Equity - Net- ( R.O.E. )	%	0,61	1,42	4,73	6,70
Return on Equity - Gross - ( R.O.E. )	%	3,16	3,48	13,57	18,85
Return on Investment ( R.O.I. )	%	2,36	-0,67	2,67	4,76
Return/ Sales	%	3,55	-0,97	3,29	3,70
Extra Management revenues/charges incid.	%	7,12	n.c.	13,03	28,15
Cash Flow	Value	172.930	241.142	183.048	39.655
Operating Profit	Value	260.468	-69.926	238.095	63.123
Gross Operating Margin	Value	428.386	125.389	390.115	99.042
MANAGEMENT
Credits to clients average term	Days	n.c.	173,85	n.c.	119,16
Debts to suppliers average term	Days	n.c.	189,03	n.c.	116,83
Average stock waiting period	Days	312,97	282,17	202,04	58,39
Rate of capital employed return ( Turnover )	Units	0,66	0,69	0,81	1,36
Rate of stock return	Units	1,15	1,28	1,78	6,14
Labour cost incidence	%	11,12	9,18	7,32	8,98
Net financial revenues/ charges incidence	%	-2,19	-2,27	-2,01	-1,08
Labour cost on purchasing expenses	%	11,28	5,68	6,79	8,98
Short-term financing charges	%	2,06	2,30	1,78	2,60
Capital on hand	%	150,50	144,81	123,33	73,17
Sales pro employee	Value	293.382	361.005	451.658	394.001
Labour cost pro employee	Value	32.636	33.128	33.068	34.340

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	:	$Description: \\vivek-pc\123 Foreign Report Raw\Db.f. So.cap. S.r.l._files\Spazio.gif$ 3.092.859
Population living in the region	:	$Description: \\vivek-pc\123 Foreign Report Raw\Db.f. So.cap. S.r.l._files\Spazio.gif$ 5.788.986
Number of families in the region	:	$Description: \\vivek-pc\123 Foreign Report Raw\Db.f. So.cap. S.r.l._files\Spazio.gif$ 1.966.064

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

- per food products	:	$Description: \\vivek-pc\123 Foreign Report Raw\Db.f. So.cap. S.r.l._files\Spazio.gif$ 475
- per non food products	:	$Description: \\vivek-pc\123 Foreign Report Raw\Db.f. So.cap. S.r.l._files\Spazio.gif$ 1.304
- per energy consume	:	$Description: \\vivek-pc\123 Foreign Report Raw\Db.f. So.cap. S.r.l._files\Spazio.gif$ 79

Sector Data

The values are calculated on a base of 2.551 significant companies.

The companies cash their credits on an average of 119 dd.

The average duration of suppliers debts is about 117 dd.

The sector's profitability is on an average of 2,27%.

The labour cost affects the turnover in the measure of 8,98%.

Goods are held in stock in a range of 58 dd.

The difference between the sales volume and the resources used to realize it is about 1,36.

The employees costs represent the 8,98% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered remarkably risky.

In the region 80.616 protested subjects are found; in the province they count to 41.815.

The insolvency index for the region is 1,40, , while for the province it is 1,36.

Total Bankrupt companies in the province : 18.217.

Total Bankrupt companies in the region : 28.514.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 66.09
UK Pound	1	Rs. 101.04
Euro	1	Rs. 70.86

INFORMATION DETAILS

Analysis Done by :	HEE

Report Prepared by :	TRU

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

Protests

Data Base Prejudicial Events Search

Legal Procedures

Financial Data

Balance Sheets

MEMORANDUM ACCOUNTS

PROFIT AND LOSS ACCOUNTS

RATIOS

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

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