MIRA INFORM REPORT

Report No. :	503857
Report Date :	12.04.2018

IDENTIFICATION DETAILS

Name :	KENOSISTEC S.R.L.
Registered Office :	Localita' Cimacolle, 464 , 06056 - Massa Martana(PG)-IT
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	12.10.2005
Legal Form :	Limited liability company
Line of Business :	Manufacture of other pumps and compressors
No. of Employees :	From 16 to 25

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Italy	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

ITALY - ECONOMIC OVERVIEW

Italy’s economy compromises a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, with a legacy of unemployment and underdevelopment. 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, reaching 131% of GDP in 2017. 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 longstanding structural economic problems, including labor market inefficiencies, a sluggish judicial system, and a weak banking sector. Italy’s economy returned to modest growth in late 2014 for the first time since 2011. In 2015-16, Italy’s economy grew at about 1% each year, and in 2017 growth accelerated to 1.5% of GDP. In 2017, overall unemployment was 11.4%, but youth unemployment remained high at 37.1%.

Source : CIA

Company name and address

Kenosistec S.r.l.

Localita'

Cimacolle,

464

06056

- Massa Martana

(PG)

-IT-

Summary

Fiscal Code	:	02837890546
Legal Form	:	Limited liability company
start of Activities	:	12/10/2005
Equity	:	500.000
Turnover Range	:	3.750.000/5.000.000
Number of Employees	:	from 16 to 25

Activity

Manufacture of other pumps and compressors

Legal Data

Legal Form : Limited liability company

Fiscal Code : 02837890546

Chamber of Commerce no. : 335885 of Catania

Chamber of Commerce no. : 1791409 of Milano

Chamber of Commerce no. : 244504 of Perugia since 18/10/2005

V.A.T. Code : 02837890546

Establishment date	: 12/10/2005
Start of Activities	: 12/10/2005
Legal duration	: 31/12/2050
Nominal Capital	: 50.000
Subscribed Capital	: 50.000
Paid up Capital	: 50.000

Legal mail :

AMMINISTRAZIONE_KENOSISTEC@PEC.IT

Members

Margherita

Mauro

Born in Napoli

(NA)

on 18/04/1967

- Fiscal Code : MRGMRA67D18F839L

Residence:

Polezze

, 93/3

- 41126

Modena

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	17/10/2014

No Prejudicial events are reported

No Protests registered

Angelantoni Test Technologies S.r.l. In

Forma Abbreviata Att S.r.l.

Residence:

Cimacolle

, 464

- 06056

Massa Martana

(PG)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner	07/08/2014

No Prejudicial events are reported

No Protests registered

Rovati

Mario

Born in Pavia

(PV)

on 16/03/1972

- Fiscal Code : RVTMRA72C16G388N

Residence:

Vigevano

, 39

- 20086

Motta Visconti

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	10/11/2014

No Prejudicial events are reported

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

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

Margherita

Mauro

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
VEMER ENCLOSURES S.P.A.	Massalengo (LO) - IT -	06700700013	Director	Withdrawn	Registered
VEMER ENCLOSURES S.P.A.	Massalengo (LO) - IT -	06700700013	Managing Director	Withdrawn	Registered
Motovario S.p.a.	Milano (MI) - IT -	02569681204	Procurator	Withdrawn	Registered
Angelantoni Test Technologies S.r.l. InForma Abbreviata Att S.r.l.	Massa Martana (PG) - IT -	03216310544	Director	Withdrawn	Registered
Angelantoni Test Technologies S.r.l. InForma Abbreviata Att S.r.l.	Massa Martana (PG) - IT -	03216310544	Attorney with special power	Active	Registered
Angelantoni Life Science S.r.l. In FormaAbbreviata Als S.r.l.	Massa Martana (PG) - IT -	03216320543	Managing Director	Active	Registered
Angelantoni Life Science S.r.l. In FormaAbbreviata Als S.r.l.	Massa Martana (PG) - IT -	03216320543	Director	Active	Registered
Turboalgor S.r.l.	Massa Martana (PG) - IT -	03480690548	Sole Director	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
Angelantoni Test Technologies S.r.l. In Forma Abbreviata Att S.r.l.	Massa Martana - IT -	03216310544	50.000 .Eur	100,00

Direct Participations

The Company under review has no participations in other Companies.

Firm's location and structure

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

-	Legal and operative seat

Cimacolle

, 464

- 06056

- Massa Martana

(PG)

- IT -

PHONE

: 0290091028

Legal mail

: AMMINISTRAZIONE_KENOSISTEC@PEC.IT

-

Branch

(Operating branch)

since 02/11/2005

Delle Scienze

, 23

- 20082

- Binasco

(MI)

- IT -

Employees

: 18

Fittings and Equipment for a value of 42.000

Eur

Stocks for a value of 910.000

Eur

Work in progress for a value of 1.260.000

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

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.

National Real Estates Survey

The requested subject is not present c/o the CADASTRE OFFICES.

All responsibilities are declined regarding any possible omissions concerning the given results. Therefore, we advise to request for "Hypothecating Survey Inspection" c/o the locally competent RR.II. Immovables Registry, as this service doesn't fully guarantees the actual title of the Real Estates of the requested Subject.

Financial and Economical Analysis

Company's starting of activities dates back to 2005.

The eonomic-financial analysis is based on the latest 3 b/s.

In the economic management , good and bad results followed on by turns. with a negative economic result in the last financial year. The turnover is growing in the last financial year (+79%).

The operating result in 2016 was positive (2,02%) and in line with the sector's average.

The amount of the operating result is equal to Eur. 39.588 showing a downwards trend equal to -65,32% if compared to the value of the financial year 2015.

The gross operating margin of the latest financial year is of Eur. 116.534 with a -37,84% fall.

The financial status of the company is fairly balanced with an indebtedness level of 2,41 with an improving trend as on the decrease.

The management generated equity capital for an amount of Eur. 466.280 , unchanged as opposed to the preceding year.

The financial management has recorded total debts amounting to Eur. 1.205.748, , with a fall of -50,16%.

Available funds are good.

Eur. 61.977 is the value of cash flow during the year 2016

Labour cost expenses amount to Eur. 1.031.768 , representing 32,99% on the total of production costs. , with a 26,47% incidence on turnover.

The financial management has a limited economic impact, equal to -0,92% on the sales.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	3.897.314
Profit (Loss) for the period	-14.969

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	2.177.250
Profit (Loss) for the period	29.518

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	4.264.326
Profit (Loss) for the period	59.329

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	3.898.344
Profit (Loss) for the period	-320.816

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	2.458.970
Profit (Loss) for the period	-517.093

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 31/12/2016 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2015 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2014 - 12 Mesi - Currency: - Amounts x 1

Years

2016

2015

2014

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.		1.890	210
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets		88.257	52.117
. Total Intangible Fixed Assets	89.546	90.147	52.327
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery		22.195	49.235
. . Industrial and commercial equipment		19.633	15.724
. . Other assets		21.090	13.289
. . Assets under construction and advances
. Total Tangible fixed assets	73.461	62.918	78.248
. 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		7.045	7.038
. . . . Within 12 months		7.045
. . . . Beyond 12 months			7.038
. . . 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		7.045	7.038
. . . . Within 12 months		7.045
. . . . Beyond 12 months			7.038
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	10.849	7.045	7.038
Total fixed assets	173.856	160.110	137.613
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables		486.066	485.169
. . Work in progress and semimanufactured
. . Work in progress on order		1.264.707	48.907
. . Finished goods
. . Advance payments		10.000
. Total Inventories	911.964	1.760.773	534.076
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	664.097	859.576	749.511
. . Beyond 12 months
. . Trade receivables		747.190	640.139
. . . . Within 12 months		747.190	640.139
. . . . 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		26.747	27.181
. . . . Within 12 months		26.747	27.181
. . . . Beyond 12 months
. . Receivables for anticipated taxes		67.140	82.191
. . . . Within 12 months		67.140	82.191
. . . . Beyond 12 months
. . Receivables due from third parties		18.499
. . . . Within 12 months		18.499
. . . . Beyond 12 months
. Total Credits not held as fixed assets	664.097	859.576	749.511
. 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		235.971	1.200.344
. . Checks
. . Banknotes and coins		225	204
. Total Liquid funds	83.606	236.196	1.200.548
Total current assets	1.659.667	2.856.545	2.484.135
ADJUSTMENT ACCOUNTS
. Discount on loans		139.167
. Other adjustment accounts	125.040		254.036
Total adjustments accounts	125.040	139.167	254.036
TOTAL ASSETS	1.958.563	3.155.822	2.875.784
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	50.000	50.000	50.000
. Additional paid-in capital	426.807	398.764	342.402
. Revaluation reserves
. Legal reserve	4.442	2.966
. Reserve for Own shares
. Statute reserves
. Other reserves
. Accumulated Profits (Losses)
. Profit( loss) of the year	-14.969	29.518	59.329
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	466.280	481.248	451.731
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	286.535	255.320	238.188
ACCOUNTS PAYABLE
. . . . Within 12 months	1.205.748	2.419.254	2.185.865
. . . . Beyond 12 months
. . 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		292.351	217.631
. . . . Within 12 months		292.351	217.631
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers		574.899
. . . . Within 12 months		574.899
. . . . Beyond 12 months
. . Trade payables		1.221.656	1.358.677
. . . . Within 12 months		1.221.656	1.358.677
. . . . 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		49.718	29.862
. . . . Within 12 months		49.718	29.862
. . . . Beyond 12 months
. . Due to the tax authorities		126.768	432.126
. . . . Within 12 months		126.768	432.126
. . . . Beyond 12 months
. . Due to social security and welfare inst.		58.332	58.160
. . . . Within 12 months		58.332	58.160
. . . . Beyond 12 months
. . Other payables		95.530	89.409
. . . . Within 12 months		95.530	89.409
. . . . Beyond 12 months
Total accounts payable	1.205.748	2.419.254	2.185.865
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts
Total adjustment accounts
TOTAL LIABILITIES	1.958.563	3.155.822	2.875.784

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	3.897.313	2.177.250	4.264.326
. Changes in work in progress
. Changes in semi-manufact. products	-814.912	1.215.800	-764.718
. Capitalization of internal work	35.486	47.617	21.472
. Other income and revenues	49.208	99.656	221.800
. . Contributions for operating expenses
. . Different income and revenues	49.208	99.656	221.800
Total value of production	3.167.095	3.540.323	3.742.880
PRODUCTION COSTS
. Raw material,other materials and consum.	1.260.548	1.822.187	1.581.469
. Services received	568.637	479.706	736.002
. Leases and rentals	107.002	98.859	106.560
. Payroll and related costs	1.031.768	919.634	945.102
. . Wages and salaries	703.770	653.103	680.915
. . Social security contributions	240.455	213.860	214.200
. . Employee termination indemnities	56.546	51.409	47.359
. . Pension and similar
. . Other costs	30.997	1.262	2.628
. Amortization and depreciation	76.946	73.333	75.875
. . Amortization of intangible fixed assets	37.864	6.583	14.489
. . Amortization of tangible fixed assets	39.082	66.750	61.386
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid
. Changes in raw materials	56.897	-897	90.612
. Provisions to risk reserves
. Other provisions
. Other operating costs	25.709	33.344	140.484
Total production costs	3.127.507	3.426.166	3.676.104
Diff. between value and cost of product.	39.588	114.157	66.776
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	162	348	439
. . 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	162	348
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	162	348
. Interest and other financial expense	-35.929	-33.961	-64.583
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	-35.767	-33.613	-64.144
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
. . Gains on disposals
. . Other extraordinary income
. Extraordinary expense		-25.717
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense		-25.717
Total extraordinary income and expense		-25.717
Results before income taxes	3.821	54.827	2.632
. Taxes on current income	18.790	25.309	-56.697
. . current taxes	2.532	10.256
. . differed taxes(anticip.)		15.053
. Net income for the period	-14.969	29.518	59.329
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	-14.969	29.518	59.329

RATIOS	Value Type	as at 31/12/2016	as at 31/12/2015	as at 31/12/2014	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,09	0,05	0,05	0,26
Elasticity Ratio	Units	0,85	0,91	0,86	0,73
Availability of stock	Units	0,47	0,56	0,19	0,23
Total Liquidity Ratio	Units	0,38	0,35	0,68	0,44
Quick Ratio	Units	0,04	0,07	0,42	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	2,41	4,54	2,18	1,74
Self Financing Ratio	Units	0,24	0,15	0,16	0,29
Capital protection Ratio	Units	0,92	0,83	0,76	0,64
Liabilities consolidation quotient	Units	0,24	0,11	0,11	0,22
Financing	Units	2,59	5,03	4,84	2,30
Permanent Indebtedness Ratio	Units	0,38	0,23	0,24	0,46
M/L term Debts Ratio	Units	0,15	0,08	0,08	0,11
Net Financial Indebtedness Ratio	Units	n.c.	0,12	0,00	0,49
CORRELATION
Fixed assets ratio	Units	4,33	4,60	5,01	1,63
Current ratio	Units	1,38	1,18	1,14	1,32
Acid Test Ratio-Liquidity Ratio	Units	0,62	0,45	0,89	0,86
Structure's primary quotient	Units	2,68	3,01	3,28	1,05
Treasury's primary quotient	Units	0,07	0,10	0,55	0,04
Rate of indebtedness ( Leverage )	%	420,04	655,76	636,61	349,01
Current Capital ( net )	Value	453.919	437.291	298.271	753.266
RETURN
Return on Sales	%	1,59	4,72	3,17	5,13
Return on Equity - Net- ( R.O.E. )	%	-3,21	6,13	13,13	7,27
Return on Equity - Gross - ( R.O.E. )	%	0,82	11,39	0,58	15,95
Return on Investment ( R.O.I. )	%	2,02	3,62	2,32	5,36
Return/ Sales	%	1,02	5,24	1,57	5,57
Extra Management revenues/charges incid.	%	-37,81	25,86	88,85	42,11
Cash Flow	Value	61.977	102.851	135.204	344.143
Operating Profit	Value	39.588	114.157	66.776	359.008
Gross Operating Margin	Value	116.534	187.490	142.651	705.726
MANAGEMENT
Credits to clients average term	Days	n.c.	123,55	54,04	101,37
Debts to suppliers average term	Days	n.c.	190,65	206,22	115,52
Average stock waiting period	Days	84,24	291,14	45,09	80,62
Rate of capital employed return ( Turnover )	Units	1,99	0,69	1,48	1,07
Rate of stock return	Units	4,27	1,24	7,98	4,40
Labour cost incidence	%	26,47	42,24	22,16	16,91
Net financial revenues/ charges incidence	%	-0,92	-1,54	-1,50	-1,19
Labour cost on purchasing expenses	%	32,99	26,84	25,71	17,25
Short-term financing charges	%	2,98	1,40	2,95	2,71
Capital on hand	%	50,25	144,95	67,44	93,00
Sales pro employee	Value	121.791	77.758	266.520	223.920
Labour cost pro employee	Value	32.242	32.844	59.068	35.625

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	:	632.420
Population living in the region	:	858.938
Number of families in the region	:	331.385

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

- per food products	:	508
- per non food products	:	1.747
- per energy consume	:	125

Sector Data

The values are calculated on a base of 918 significant companies.

The companies cash their credits on an average of 101 dd.

The average duration of suppliers debts is about 116 dd.

The sector's profitability is on an average of 5,13%.

The labour cost affects the turnover in the measure of 16,91%.

Goods are held in stock in a range of 81 dd.

The difference between the sales volume and the resources used to realize it is about 1,07.

The employees costs represent the 17,25% 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 7.230 protested subjects are found; in the province they count to 5.173.

The insolvency index for the region is 0,85, , while for the province it is 0,83.

Total Bankrupt companies in the province : 2.808.

Total Bankrupt companies in the region : 3.572.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.13
UK Pound	1	INR 92.51
Euro	1	INR 80.59
Euro	1	INR 80.28

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIS
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.