MIRA INFORM REPORT

Report No. :	516719
Report Date :	25.06.2018

IDENTIFICATION DETAILS

Name :	ODS B.V.
Registered Office :	Donk 6, 2991LE Barendrecht
Country :	Netherlands
Financials (as on) :	31.12.2016
Date of Incorporation :	02.05.1994
Com. Reg. No.:	24257353
Legal Form :	Private Limited Company
Line of Business :	Wholesale of ferrous metals and ferrous semi-finished products
No. of Employees :	385

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 (31.12.2017)	Current Rating (01.04.2018)
Netherlands	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

NETHERLANDS - ECONOMIC OVERVIEW

The Netherlands, the sixth-largest economy in the European Union, plays an important role as a European transportation hub, with a consistently high trade surplus, stable industrial relations, and low unemployment. Industry focuses on food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force but provides large surpluses for food-processing and underpins the country’s status as the world’s second largest agricultural exporter.

The Netherlands is part of the euro zone, and as such, its monetary policy is controlled by the European Central Bank. The Dutch financial sector is highly concentrated, with four commercial banks possessing over 80% of banking assets, and is four times the size of Dutch GDP.

In 2008, during the financial crisis, the government budget deficit hit 5.3% of GDP. Following a protracted recession from 2009 to 2013, during which unemployment doubled to 7.4% and household consumption contracted for four consecutive years, economic growth began inching forward in 2014. Since 2010, Prime Minister Mark RUTTE’s government has implemented significant austerity measures to improve public finances and has instituted broad structural reforms in key policy areas, including the labor market, the housing sector, the energy market, and the pension system. In 2017, the government budget returned to a surplus of 0.7% of GDP, with economic growth of 3.2%, and GDP per capita finally surpassed pre-crisis levels. The fiscal policy announced by the new government in the 2018-2021 coalition plans for increases in government consumption and public investment, fueling domestic demand and household consumption and investment. The new government’s policy also plans to increase demand for workers in the public and private sector, forecasting a further decline in the unemployment rate, which hit 4.8% in 2017.

Source : CIA

Summary

Company name	ODS B.V.
Operative address	Donk 6 2991LE Barendrecht Netherlands
Risk	Average risk
Status	Active
Specification	This company can meet all its obligations.

Legal form	Private Limited Company
Registration number	KvK-nummer: 24257353
VAT-number	802920846
European VAT-number	NL802920846B01
Year	2016	Mutation	2015	Mutation	2014
Fixed assets	42.837.000	-1,56	43.516.000	-13,96	50.575.000
Total receivables	53.774.000	40,62	38.241.000	46,21	26.154.000
Total equity	43.206.000	4,73	41.255.000	29,48	31.862.000
Short term liabilities	74.558.000	24,62	59.827.000	-11,81	67.835.000
Net result	2.158.000	-73,96	8.286.000	21,89	6.798.000
Working capital	7.657.000	34,66	5.686.000	176,41	-7.441.000
Quick ratio	0,74	15,63	0,64	52,38	0,42

Contact information

Company name	ODS B.V.
Trade names	ODS B.V. Kloeckner Metals ODS Nederland
Operative address	Donk 6 2991LE Barendrecht Netherlands
Correspondence address	Donk 6 2991LE Barendrecht Netherlands

Telephone number	0180640911
Fax number	0180640275
Email address	info@ods.nl
Website	www.odsbv.nl

Registration

Registration number	KvK-nummer: 24257353
Branch number	000015959147
VAT-number	802920846
European VAT-number	NL802920846B01
Status	Active
First registration company register	1994-05-10
Memorandum	1994-05-02
Establishment date	1994-05-02

Legal form	Private Limited Company
Last proposed admendment	2015-01-01
Issued placed capital	EUR 22.689.000
Paid up share capital	EUR 22.689.000

Activities

SBI	46722: Wholesale of ferrous metals and ferrous semi-finished products
Exporter	Yes
Importer	No

Branche organisations

BIG - Buisleiding Industrie Gilde

Goal

Het verrichten van handelingen op commercieel en industrieel terrein, export van alle soorten ijzer en staal, non-ferrometalen, aluminium, kunststoffen, buizen, meet- en regelapparatuur en aanverwante artikelen, grond- en hulpstoffen daarbij inbegrepen, de handel in en het verhuren van materieel voor spoorweg- en intern transport aannemersmateriaal en rioleringsmateriaal, exploitatie daarvan, het waarnemen van agenturen. Het verstrekken van zekerheden voor schulden van rechtspersonen of andere vennootschappen die met haar in een groep verbonden zij of voor schulden van derden.

Relations

Involved with the following companies	ODS Metering Systems B.V. Donk 6 2991LE Barendrecht Netherlands Registration number: 61950238 Function: Manager Starting date: 2015-01-01
Shareholders	Klöckner Netherlands Holding B.V. Donk 6 2991LE BARENDRECHT Netherlands Registration number: 33098390 Percentage: 100%

Affiliates	Klockner & Co. Financial Services B.V. Donk 6 2991LE BARENDRECHT Netherlands Registration number: 23063908
Subsidiaries	O-D-S Transport B.V. Donk 6 2991LE Barendrecht Netherlands Registration number: 24137070 ODS Metering Systems B.V. Donk 6 2991LE Barendrecht Netherlands Registration number: 61950238

Branches	ODS B.V. Keurmeesterstraat 4 2984BA RIDDERKERK Netherlands Registration number: 24257353 ODS B.V. Dollegoorweg 17 7602EC ALMELO Netherlands Registration number: 24257353 ODS B.V. Molenwerf 1 1911DB UITGEEST Netherlands Registration number: 24257353
Companies on same address	Klockner & Co. Financial Services B.V. Registration number: 23063908 Klöckner Netherlands Holding B.V. Registration number: 33098390 O-D-S Transport B.V. Registration number: 24137070 ODS Metering Systems B.V. Registration number: 61950238

Bank details

Accounts

ABN Amro Bank NV Account number: NL74RBOS0426654943 BIC: ABNANL2A ABN Amro Bank NV Account number: NL74RBOS0426654943 BIC: ABNANL2A ING Bank NV Account number: NL56INGB0000008712 BIC: INGBNL2A

Real Estate

Details operative address

Surface area: 36666 m2 Purpose: Industrial function Construction year: 1980 Status: Building in use Under investigation: No

Management

Active management

O. Falk Oliver Netherlands Competence: Jointly authorized Function: Manager Starting date: 2016-04-01 Date of birth: 1962-07-15, Mainz, DE Involved with the following companies: Klockner & Co. Financial Services B.V. Donk 6 2991LE BARENDRECHT Netherlands Registration number: 23063908 Function: Manager Starting date: 2016-04-01 O-D-S Transport B.V. Donk 6 2991LE Barendrecht Netherlands Registration number: 24137070 Function: Manager Starting date: 2016-04-01 ODS Metering Systems B.V. Donk 6 2991LE Barendrecht Netherlands Registration number: 61950238 Function: Manager Starting date: 2017-04-01 R.W. Geenen Raimond Walter Netherlands Competence: Jointly authorized Function: Manager Starting date: 2017-03-02 Date of birth: 1967-03-18, Amsterdam, NL Involved with the following companies: O-D-S Transport B.V. Donk 6 2991LE Barendrecht Netherlands Registration number: 24137070 Function: Manager Starting date: 2017-03-02 H. Westerlaken Hendrik Netherlands Function: Commissaris Starting date: 2002-10-01 Date of birth: 1940-04-25, Gorinchem, NL Involved with the following companies: Bis International Holding B.V. De Haak 14 5555XK VALKENSWAARD Netherlands Registration number: 17078837 Function: Commissaris Starting date: 2002-05-25 ODS Metering Systems B.V. Donk 6 2991LE Barendrecht Netherlands Registration number: 61950238 Function: Commissaris Starting date: 2017-05-01 Stena Line Ferries B.V. Stationsweg 10 3151HS HOEK VAN HOLLAND Netherlands Registration number: 24176343 Function: Commissaris Starting date: 1994-12-08 M.A. Ketter Marcus André Netherlands Function: Commissaris Starting date: 2013-01-01 Date of birth: 1968-04-14, Essen, DE Involved with the following companies: ODS Metering Systems B.V. Donk 6 2991LE Barendrecht Netherlands Registration number: 61950238 Function: Commissaris Starting date: 2017-05-01 S. Koepchen Sven Netherlands Function: Commissaris Starting date: 2017-03-02 Date of birth: 1961-05-07, Dortmund, DE J.M. Wegmann Jens Michael Netherlands Function: Commissaris Starting date: 2018-01-23 Date of birth: 1965-10-06, Hameln, DE Involved with the following companies: ODS Metering Systems B.V. Donk 6 2991LE Barendrecht Netherlands Registration number: 61950238 Function: Commissaris Starting date: 2018-01-23 B.J.M. Ingen-Housz Barthelomeus Johannes Maria Netherlands Competence: Limited authorization Function: Proxy Starting date: 1995-08-01 Date of birth: 1951-07-29, Kisaran, ID G. van Die Gertjan Netherlands Competence: Limited authorization Function: Proxy Starting date: 2009-04-15 Date of birth: 1961-12-19, Ridderkerk, NL

Employees

Year	2018	2017	2016	2015	2014
Annual			60	373	376
Chamber of Commerce	385	385	385	324

Total	EUR 152.530
	Last quarter	Last year
Average payment period (days)	412	148
Average delay (days)	382	121

Quarter	Volume	Not overdue	1-30	31-60	61-90	91-120	121+
2018 Q2	A	0,00%	0,00%	0,00%	0,00%	0,00%	100,00%
2018 Q1	B	24,00%	48,00%	18,00%	1,00%	0,00%	9,00%
2017 Q4	C	56,00%	37,00%	0,00%	1,00%	0,00%	6,00%
2017 Q3	D	26,00%	68,00%	4,00%	1,00%	1,00%	1,00%
2017 Q2	D	46,00%	51,00%	3,00%	0,00%	0,00%	0,00%

A = < 10.000, B = < 25.000, C = < 50.000, D = < 125.000, E = > 125.000

Payments within industry		Last quarter			Last year
Average payment period (days)		34			33
Average delay (days)		11			11
Quarter	Not overdue	1-30	31-60	61-90		91-120	121+
2018 Q2	22,00%	20,00%	8,00%	2,00%		1,00%	46,00%
2018 Q1	53,00%	39,00%	5,00%	2,00%		0,00%	0,00%
2017 Q4	48,00%	42,00%	6,00%	1,00%		0,00%	3,00%
2017 Q3	47,00%	42,00%	10,00%	2,00%		0,00%	0,00%
2017 Q2	56,00%	33,00%	8,00%	2,00%		0,00%	0,00%

The above data is an indication of the average payment behaviour of the client. the payment experieneces can be affected by disputes, payment arrangements, etc.

Key figures

Year	2016	2015	2014	2013	2012
Quick ratio	0,74	0,64	0,42	0,51	0,67
Current ratio	1,10	1,10	0,89	0,97	1,18
Working capital/ balance total	0,06	0,05	-0,07	-0,02	0,10
Equity / balance total	0,35	0,38	0,29	0,22	0,30
Equity / Fixed assets	1,01	0,95	0,63	0,57	0,82
Equity / liabilities	0,53	0,61	0,40	0,28	0,43
Balance total / liabilities	1,53	1,61	1,40	1,28	1,43
Working capital	7.657.000	5.686.000	-7.441.000	-1.789.000	11.181.000
Equity	43.206.000	41.255.000	31.862.000	24.166.000	34.473.000
Mutation equity	4,73	29,48	31,85	-29,90	4,25
Mutation short term liabilities	24,62	-11,81	-3,72	14,04	-15,60
Return on total assets (ROA)	2,26	7,55	5,87	-4,99	1,15
Return on equity (ROE)	6,54	19,97	20,43	-22,97	3,83
Gross profit margin	1,80	-0,22	0,45	-1,94	0,53
Net profit margin	1,54	5,47	3,38	-2,29	0,69
Average collection ratio	1,88	2,53	2,97	2,67	3,31
Average payment ratio	2,61	3,96	7,69	5,59	4,96
Equity turnover ratio	3,25	3,67	6,31	7,79	5,94
Total assets turnover ratio	1,12	1,39	1,81	1,69	1,78
Fixed assets turnover ratio	3,27	3,48	3,98	4,42	4,85
Inventory conversion ratio	5,25	5,61	6,33	5,76	6,52
Turnover	140.259.000	151.457.000	201.192.000	188.259.000	204.634.000
Operating result	2.518.000	-332.000	909.000	-3.650.000	1.080.000
Net result after taxes	2.158.000	8.286.000	6.798.000	-4.302.000	1.405.000
Gross profit	140.259.000	155.244.000	196.476.000	191.328.000	204.054.000
EBIT	2.518.000	-332.000	909.000	-3.650.000	1.080.000
Summary	The 2016 financial result structure is a postive working captial of 7.657.000 euro, which is in agreement with 6 % of the total assets of the company. The working capital has increased with 34.66 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2015 and 2016 has mainly been caused by a change of the current assets. The current ratio of the company in 2016 was 1.1. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations. The quick ratio in 2016 of the company was 0.74. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities. The 2015 financial result structure is a postive working captial of 5.686.000 euro, which is in agreement with 5 % of the total assets of the company. The working capital has increased with 176.41 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2014 and 2015 has mainly been caused by a change of the current assets. The current ratio of the company in 2015 was 1.1. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations. The quick ratio in 2015 of the company was 0.64. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

Financial statement

Last annual account	2016
Remark annual account	The company is obliged to file its financial statements.
Type of annual account	Corporate
Annual account	ODS B.V. Donk 6 2991LE Barendrecht Netherlands Registration number: 24257353

Balance

Year	2016	2015	2014	2013	2012
End date	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Type of annual account	Corporate	Corporate	Corporate	Corporate	Corporate
Intangible fixed assets			16.000	19.000	5.000
Tangible fixed assets	21.080.000	22.509.000	37.515.000	36.604.000	35.148.000
Financial fixed assets	21.757.000	21.007.000	13.044.000	5.955.000	7.065.000
Fixed assets	42.837.000	43.516.000	50.575.000	42.578.000	42.218.000
Total stock	26.696.000	27.007.000	31.766.000	32.662.000	31.364.000
Accounts receivable		18.398.000	22.931.000	22.953.000	24.172.000
Other receivables		19.843.000	3.223.000	10.715.000	17.101.000
Total receivables	53.774.000	38.241.000	26.154.000	33.668.000	41.273.000
Liquid funds	1.745.000	265.000	2.474.000	2.338.000	326.000
Current assets	82.215.000	65.513.000	60.394.000	68.668.000	72.963.000
Total assets	125.052.000	109.029.000	110.969.000	111.246.000	115.181.000
Issued capital	22.689.000	22.689.000	22.689.000	22.689.000	22.689.000
Share premium reserve	14.562.000	14.562.000	14.562.000	14.562.000	14.562.000
Revaluation reserve	1.486.000
Other reserves	2.311.000	4.004.000	-12.187.000	-22.679.000	-4.183.000
Non-distributable profit	2.158.000		6.798.000		1.405.000
Total reserves	20.517.000	18.566.000	9.173.000	-8.117.000	11.784.000
Total equity	43.206.000	41.255.000	31.862.000	24.166.000	34.473.000
Provisions	7.270.000	7.929.000	11.254.000	16.605.000	18.908.000
Long term interest yielding debt	18.000	18.000	18.000	18.000	18.000
Long term liabilities	18.000	18.000	18.000	18.000	18.000
Accounts payable		15.469.000	20.582.000	19.280.000	20.418.000
Other short term liabilities		44.358.000	47.253.000	51.177.000	41.364.000
Short term liabilities	74.558.000	59.827.000	67.835.000	70.457.000	61.782.000
Total short and long term liabilities	81.846.000	67.774.000	79.107.000	87.080.000	80.708.000
Total liabilities	125.052.000	109.029.000	110.969.000	111.246.000	115.181.000
Summary	The total assets of the company increased with 14.7 % between 2015 and 2016. Despite the assets growth, the non current assets decreased with -1.56 %. The asset growth has mainly been financed by a debt increase of 20.76 %. The Net Worth, however, grew with 4.73 %. In 2016 the assets of the company were 34.26 % composed of fixed assets and 65.74 % by current assets. The assets are being financed by an equity of 34.55 %, and total debt of 65.45 %. The total assets of the company decreased with -1.75 % between 2014 and 2015. This downturn is mainly retrievable in the fixed asset decrease of -13.96 %. The asset reduction is in contrast with the equity growth of 29.48 %. Due to this the total debt decreased with -14.33 %. In 2015 the assets of the company were 39.91 % composed of fixed assets and 60.09 % by current assets. The assets are being financed by an equity of 37.84 %, and total debt of 62.16 %.

Profit and loss

Year	2016	2015	2014	2013	2012
Revenues	144.728.000	164.143.000	199.028.000	194.399.000	206.751.000
Other operating income	4.469.000	8.899.000	2.552.000	3.071.000	2.697.000
Net turnover	140.259.000	151.457.000	201.192.000	188.259.000	204.634.000
Changes in inventories of finished goods and work in progress		3.787.000	-4.716.000	3.069.000	-580.000
Operating expenses	142.210.000	164.475.000	198.119.000	198.049.000	205.671.000
Result in subsidiaries	710.000	9.345.000	6.978.000	-155.000	1.653.000
Operating result	2.518.000	-332.000	909.000	-3.650.000	1.080.000
Financial income	920.000	601.000	554.000	595.000	594.000
Financial expenses	1.322.000	1.377.000	1.932.000	2.341.000	2.005.000
Financial result	-402.000	-776.000	-1.378.000	-1.746.000	-1.411.000
Result on ordinary operations before taxes	2.826.000	8.237.000	6.509.000	-5.551.000	1.322.000
Taxation on the result of ordinary activities	668.000	-49.000	-289.000	-1.249.000	-83.000
Result of ordinary activities after taxes	2.158.000	8.286.000	6.798.000	-4.302.000	1.405.000
Net result	2.158.000	8.286.000	6.798.000	-4.302.000	1.405.000
Summary	The turnover of the company decreased by -7.39 % between 2015 and 2016. The operating result of the company grew with 858.43 % between 2015 and 2016. This evolution implies an increase of the company's economic profitability. The result of these changes is a reduction of the company's Economic Profitability of -70.07 % of the analysed period, being equal to 2.26 in the year 2016. This fall has contributed to a asset turnover decrease, whose index evolved from -19.42 to a level of 1.12. The Net Result of the company decreased by -73.96 % between 2015 and 2016. The company's Financial Profitability has been negatively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability reduction of -67.25 % of the analysed period, being 6.54 in the year 2016. The company's financial profitability has been positively affected by its financial structure. The turnover of the company decreased by -24.72 % between 2014 and 2015. The operating result of the company declined with -136.52 % between 2014 and 2015. This evolution implies an decrease of the company's economic profitability. The result of these changes is an increase of the company's Economic Profitability of 28.62 % of the analysed period, being equal to 7.55 in the year 2015. Despite the growth the assets turnover decreased, whose index evolved with -23.2 % to a level of 1.39. The Net Result of the company increased by 21.89 % between 2014 and 2015. The company's Financial Profitability has been positively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability increase of -2.25 % of the analysed period, being 19.97 in the year 2015. The company's financial profitability has been positively affected by its financial structure.

Analysis

Branch (SBI)	Wholesale of ferrous metals and ferrous semi-finished products (SBI code 46722)
Region	Groot-Rijnmond
Summary	In the Netherlands 1713 of the companies are registered with the SBI code 46722 In the region Groot-Rijnmond 227 of the companies are registered with the SBI code 46722 In the Netherlands 9 of the bankrupcties are published within this sector In the region Groot-Rijnmond 2 of the bankruptcies are published within this sector The risk of this specific sector in the Netherlands is normal The risk of this specific sector in the region Groot-Rijnmond is normal
Year	2016	Company	2015	Company	2014
Equity	19.091.106	43.206.000	26.873.193	41.255.000	29.599.925
Working capital	6.335.000	7.657.000	8.076.629	5.686.000	5.858.720
Balance total	40.114.449	125.052.000	44.811.186	109.029.000	53.664.121
Quick ratio	0,77	0,74	1,01	0,64	1,14
Current ratio	1,40	1,10	1,72	1,10	1,86
Equity / balance total	0,43	0,35	0,47	0,38	0,58
Turnover	93.533.432	140.259.000	132.547.301	151.457.000
Net result	1.800.894	2.158.000	1.355.260	8.286.000	1.044.500

Publications

Deposits	23-05-2017: De jaarrekening over 2016 is gepubliceerd. 20-06-2016: De jaarrekening over 2015 is gepubliceerd. 03-06-2015: De jaarrekening over 2014 is gepubliceerd. 30-06-2014: De jaarrekening over 2013 is gepubliceerd.
Functions	16-02-2018: Per 31-12-2017 is commissaris Karsten Lork uit functie getreden. 16-02-2018: Per 23-01-2018 is commissaris Jens Michael Wegmann in functie getreden. 05-05-2017: Per 01-05-2017 is commissaris Moritz Jürgen Fischer uit functie getreden. 05-05-2017: Per 01-05-2017 is bestuurder Arjen Willem de Jong uit functie getreden. 05-05-2017: Per 01-05-2017 is bestuurder Johannes Pius Sinnige uit functie getreden. 07-04-2017: Per 02-03-2017 is commissaris Sven Koepchen in functie getreden. 05-04-2017: Per 02-03-2017 is bestuurder Raimond Walter Geenen in functie getreden. 16-05-2016: Per 13-05-2016 is commissaris Moritz Jürgen Fischer in functie getreden. 16-05-2016: Per 13-05-2016 is commissaris Jan Rüdiger Liersch uit functie getreden. 22-04-2016: Per 01-04-2016 is bestuurder Oliver Falk in functie getreden.
Mergers	08-01-2015: Op 31-12-2014 splitsingsakte (afsplitsing) verleden. Splitsende rechtspersoon: ODS B.V., 24257353 Verkrijgende rechtspersoon: ODS Metering Systems B.V., 61950238. 17-11-2014: Splitsingsvoorstel: Op 14-11-2014 voorstel tot afsplitsing gedeponeerd. Splitsende rechtspersoon: ODS B.V., 24257353 Verkrijgende rechtspersoon: nieuw op te richten Besloten Vennootschap: ODS Metering Systems B.V..
Other	23-05-2017: ... Datum deponering: 22-05-2017 Boekjaar: 2016 Soort deponering: Geconsolideerde jaarrekening (art. 408 BW2). 08-01-2015: Per 31-12-2014 statuten gewijzigd.

Company structure

Relations	6
Company	Registration number
Kl (D-47057 Duisburg)
| - - Klöckner Netherlands Holding B.V. (BARENDRECHT)	33098390
| - - | - - Klockner & Co. Financial Services B.V. (BARENDRECHT)	23063908
| - - | - - ODS B.V. (Barendrecht)	24257353
| - - | - - | - - ODS Metering Systems B.V. (Barendrecht)	61950238
| - - | - - | - - O-D-S Transport B.V. (Barendrecht)	24137070

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.77
UK Pound	1	INR 89.96
Euro	1	INR 78.86
Euro	1	INR 79.40

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	SDA

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.