MIRA INFORM REPORT

Report No. :	506818
Report Date :	03.05.2018

IDENTIFICATION DETAILS

Name :	PORTE FRIGORIFERE INDUSTRIALI S.R.L.
Registered Office :	Contrada Juncio Testasecca, 93100- Caltanissetta(CL)-IT
Country :	Italy
Financials (as on) :	31.12.2015
Date of Incorporation :	20.03.1998
Legal Form :	Sole-Member Limited Liability Company
Line of Business :	· Manufacture of metal doors and windows · Manufacture of non-domestic cooling and ventilation equipment
No. of Employees :	Not available

RATING & COMMENTS

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

MIRA’s Rating :

D

Credit Rating	Explanation	Rating Comments
D	High Risk	Business dealing not recommended or on secured terms only

Status :	Bankrupt
Payment Behaviour :	--
Litigation :	--

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

Porte Frigorifere Industriali S.r.l.

Contrada

Juncio Testasecca,

93100

- Caltanissetta

(CL)

-IT-

Summary

Fiscal Code	:	01485880858
Legal Form	:	Sole-Member Limited Liability Company
start of Activities	:	30/09/1999
Firm's Status	:	Bankrupt

Activity

Manufacture of metal doors and windows

Manufacture of non-domestic cooling and ventilation equipment

Legal Data

Legal Form : Sole-Member Limited Liability Company

Fiscal Code : 01485880858

Foreign Trade Reg. no. : CL002686 since 20/07/2000

Chamber of Commerce no. : 80177 of Caltanissetta since 16/04/1998

Firms' Register : CL-1998-7186 of Caltanissetta since 10/04/1998

V.A.T. Code : 01485880858

Establishment date	: 20/03/1998
Start of Activities	: 30/09/1999
Legal duration	: 30/04/2028
Nominal Capital	: 16.888
Subscribed Capital	: 16.888
Paid up Capital	: 16.888

Legal mail :

PFI@MYPEC.EU

Members

Giammusso

Arialdo Graziano

Born in Roma

(RM)

on 13/10/1972

- Fiscal Code : GMMRDG72R13H501A

Residence:

Piave

, 14/B

- 93100

Caltanissetta

(CL)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	20/03/1998
Sole partner

No Prejudicial events are reported

No Protests registered

Balsamo

Antonio

Born in Enna

(EN)

on 03/05/1976

- Fiscal Code : BLSNTN76E03C342Q

Residence:

J. F. Kennedy

, 21

- 93100

Caltanissetta

(CL)

- IT -

Position	Since	Shares Amount	% Ownership
Trustee	21/07/2017

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.

Giammusso

Arialdo Graziano

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Sive Societa' A Responsabilita' LimitataO In Forma Abbreviata Sive S.r.l.	Caltanissetta (CL) - IT -	01758080855	Managing Director	Active	Registered
Sive Societa' A Responsabilita' LimitataO In Forma Abbreviata Sive S.r.l.	Caltanissetta (CL) - IT -	01758080855	Director	Active	Registered
Giammusso Arialdo Graziano	Caltanissetta (CL) - IT -	GMMRDG72R13H501A	Proprietor	Withdrawn	Registered
Pfi S.r.l.	Caltanissetta (CL) - IT -	06317670823	Sole Director	Withdrawn	Registered
Giammusso Arialdo Graziano	Caltanissetta (CL) - IT -	GMMRDG72R13H501A	Proprietor	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
Giammusso Arialdo Graziano	Caltanissetta - IT -	GMMRDG72R13H501A		100,00

Firm's location and structure

-	Legal and operative seat

Juncio Testasecca

- 93100

- Caltanissetta

(CL)

- IT -

PHONE

: 0934566247

Legal mail

: PFI@MYPEC.EU

-

Branch

since 17/10/2011

Mangiaresta

, SNC

- 93100

- Caltanissetta

(CL)

- IT -

Trading Style: AGEM

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:

Legal Mortgage on 10/07/2017. for an amount of 5.803.345 Euro.

 RISCOSSIONE SICILIA SPA

Search performed on a specialized data base.

Legal Procedures

In the name of the firm we report the following events:

Bankruptcy since 21/07/2017

Communications linked to procedures

National Real Estates Survey

The firm under review, by the reported percentages, owns the following real estates:

Town	Cadastre	No. Immovables	Up to Date
CALTANISSETTA (CL)	Buildings	2	30/04/2018
CALTANISSETTA (CL)	Land	1	30/04/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1/1	CALTANISSETTA (CL) CONTRADA JUNCIO TESTASECCA, Piano T	99	206	1	zona2 cat. C/2	3	75 mq	Euro:263,39
B	Proprieta' per 1/1	CALTANISSETTA (CL) CONTRADA STRETTO GIORDANO, SNC Piano T	99	98		zona2 cat. C/2	1	150 mq	Euro:387,34

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1/1	CALTANISSETTA (CL)	99	63		SEMINATIVO	5	1 ha 52 are 20 ca	R.D.Euro:15,72 R.A. Euro: 4,72

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 Data

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	3.671.223
Profit (Loss) for the period	-70.823

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	5.456.989
Profit (Loss) for the period	-458.091

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	6.913.218
Profit (Loss) for the period	14.398

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	7.039.294
Profit (Loss) for the period	67.341

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	3.486.253
Profit (Loss) for the period	39.272

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 31/12/2015 - 12 Mesi - Currency: - Amounts x 1

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

- Balance Sheet as at 31/12/2013 - 12 Mesi - Currency: - Amounts x 1

Years

2015

2014

2013

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses
. . Research,develop. and advert.expens.
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	6.633	18.948	29.313
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery
. . Industrial and commercial equipment
. . Other assets
. . Assets under construction and advances
. Total Tangible fixed assets	41.513	52.015	71.812
. 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	12.701	329.698	409.698
Total fixed assets	60.847	400.661	510.823
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods
. . Advance payments
. Total Inventories	3.223.308	3.146.810	2.756.359
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	3.838.803	3.449.009	4.084.866
. . Beyond 12 months	94.765
. . Trade receivables
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties
. . . . Within 12 months
. . . . Beyond 12 months
. Total Credits not held as fixed assets	3.933.568	3.449.009	4.084.866
. 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	66.084	119.593	239.304
Total current assets	7.222.960	6.715.412	7.080.529
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	90.946	92.889	124.803
Total adjustments accounts	90.946	92.889	124.803
TOTAL ASSETS	7.374.753	7.208.962	7.716.155
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	119.000	119.000	119.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve		23.800	23.800
. Reserve for Own shares
. Statute reserves
. Other reserves	2	351.032	336.630
. Accumulated Profits (Losses)	-31.291
. Profit( loss) of the year	-70.823	-458.091	14.398
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	16.888	35.741	493.828
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	480.155	630.639	558.242
ACCOUNTS PAYABLE
. . . . Within 12 months	6.505.093	5.963.286	6.068.978
. . . . Beyond 12 months	372.604	579.296	595.107
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables
. . . . Within 12 months
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to social security and welfare inst.
. . . . Within 12 months
. . . . Beyond 12 months
. . Other payables
. . . . Within 12 months
. . . . Beyond 12 months
Total accounts payable	6.877.697	6.542.582	6.664.085
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	13
Total adjustment accounts	13
TOTAL LIABILITIES	7.374.753	7.208.962	7.716.155

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	3.671.223	5.456.989	6.913.214
. Changes in work in progress	-120.450	379.250	89.660
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	721.500	48.632	74.472
. . Contributions for operating expenses
. . Different income and revenues	721.500	48.632	74.472
Total value of production	4.272.273	5.884.871	7.077.346
PRODUCTION COSTS
. Raw material,other materials and consum.	1.438.406	3.275.071	4.073.983
. Services received	907.790	1.190.888	1.249.540
. Leases and rentals	317.582	287.064	382.367
. Payroll and related costs	1.502.780	1.502.725	1.476.309
. . Wages and salaries	1.082.338	1.075.459	1.057.214
. . Social security contributions	346.341	340.127	335.877
. . Employee termination indemnities	73.843	87.108	82.578
. . Pension and similar
. . Other costs	258	31	640
. Amortization and depreciation	24.013	35.411	46.013
. . Amortization of intangible fixed assets	12.314	12.479	12.542
. . Amortization of tangible fixed assets	11.699	22.932	33.471
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid
. Changes in raw materials	-89.750	2.450	-489.850
. Provisions to risk reserves
. Other provisions
. Other operating costs	59.251	62.800	42.390
Total production costs	4.160.072	6.356.409	6.780.752
Diff. between value and cost of product.	112.201	-471.538	296.594
FINANCIAL INCOME AND EXPENSE
. Income from equity investments		1.236	51
. . In subsidiary companies
. . In associated companies
. . In other companies		1.236	51
. Other financial income	1.309	6.097	3.060
. . Financ.income from receivables	1.282
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies	1.282
. . Financ.income from secur. t.f.assets	23	1.220	1.220
. . Financ.income from secur. cur.assets		162	1.601
. . Financ.income other than the above	4	4.715	239
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	4	4.715	239
. Interest and other financial expense	-88.208	-146.574	-141.972
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	-86.899	-139.241	-138.861
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	15.246	157.911	135
. . Gains on disposals
. . Other extraordinary income	15.246	157.911	135
. Extraordinary expense	-91.517	-1.071	-3.900
. . Losses on disposals	-58.754
. . Taxes relating to prior years
. . Other extraordinary expense	-32.763	-1.071	-3.900
Total extraordinary income and expense	-76.271	156.840	-3.765
Results before income taxes	-50.969	-453.939	153.968
. Taxes on current income	19.854	4.152	139.570
. . current taxes	19.854	4.152	139.570
. . differed taxes(anticip.)
. Net income for the period	-70.823	-458.091	14.398
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	-70.823	-458.091	14.398

RATIOS	Value Type	as at 31/12/2015	as at 31/12/2014	as at 31/12/2013	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,01	0,06	0,07	0,20
Elasticity Ratio	Units	0,98	0,93	0,92	0,77
Availability of stock	Units	0,44	0,44	0,36	0,15
Total Liquidity Ratio	Units	0,54	0,50	0,56	0,55
Quick Ratio	Units	0,01	0,02	0,03	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	381,28	163,50	11,81	4,09
Self Financing Ratio	Units	0,00	0,00	0,06	0,15
Capital protection Ratio	Units	-1,85	10,49	0,73	0,63
Liabilities consolidation quotient	Units	0,13	0,20	0,19	0,16
Financing	Units	407,25	183,06	13,49	5,11
Permanent Indebtedness Ratio	Units	0,12	0,17	0,21	0,31
M/L term Debts Ratio	Units	0,12	0,17	0,15	0,10
Net Financial Indebtedness Ratio	Units	n.c.	n.c.	n.c.	1,01
CORRELATION
Fixed assets ratio	Units	14,29	3,11	3,22	1,34
Current ratio	Units	1,11	1,13	1,17	1,09
Acid Test Ratio-Liquidity Ratio	Units	0,61	0,60	0,71	0,85
Structure's primary quotient	Units	0,28	0,09	0,97	0,75
Treasury's primary quotient	Units	0,01	0,02	0,04	0,05
Rate of indebtedness ( Leverage )	%	43668,60	20170,01	1562,52	660,68
Current Capital ( net )	Value	717.867	752.126	1.011.551	80.037
RETURN
Return on Sales	%	-1,28	-7,75	0,87	3,45
Return on Equity - Net- ( R.O.E. )	%	-419,37	-1281,70	2,92	7,93
Return on Equity - Gross - ( R.O.E. )	%	-301,81	-1270,08	31,18	23,28
Return on Investment ( R.O.I. )	%	1,52	-6,54	3,84	4,91
Return/ Sales	%	3,06	-8,64	4,29	4,60
Extra Management revenues/charges incid.	%	-63,12	n.c.	4,85	26,08
Cash Flow	Value	-46.810	-422.680	60.411	67.440
Operating Profit	Value	112.201	-471.538	296.594	88.577
Gross Operating Margin	Value	136.214	-436.127	342.607	150.352
MANAGEMENT
Credits to clients average term	Days	n.c.	n.c.	n.c.	126,77
Debts to suppliers average term	Days	n.c.	n.c.	n.c.	141,48
Average stock waiting period	Days	316,08	207,60	143,54	45,00
Rate of capital employed return ( Turnover )	Units	0,50	0,76	0,90	1,12
Rate of stock return	Units	1,14	1,73	2,51	7,83
Labour cost incidence	%	40,93	27,54	21,35	20,16
Net financial revenues/ charges incidence	%	-2,37	-2,55	-2,01	-1,63
Labour cost on purchasing expenses	%	36,12	23,64	21,77	20,64
Short-term financing charges	%	1,28	2,24	2,13	2,63
Capital on hand	%	200,88	132,11	111,61	89,16
Sales pro employee	Value	79.809	118.630	150.287	163.688
Labour cost pro employee	Value	32.669	32.667	32.093	32.486

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	:	275.221
Population living in the region	:	5.013.081
Number of families in the region	:	1.842.252

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

- per food products	:	425
- per non food products	:	1.256
- per energy consume	:	69

Sector Data

The values are calculated on a base of 3.053 significant companies.

The companies cash their credits on an average of 127 dd.

The average duration of suppliers debts is about 141 dd.

The sector's profitability is on an average of 3,45%.

The labour cost affects the turnover in the measure of 20,16%.

Goods are held in stock in a range of 45 dd.

The difference between the sales volume and the resources used to realize it is about 1,12.

The employees costs represent the 20,64% 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 54.738 protested subjects are found; in the province they count to 2.320.

The insolvency index for the region is 1,09, , while for the province it is 0,84.

Total Bankrupt companies in the province : 581.

Total Bankrupt companies in the region : 14.491.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.66
UK Pound	1	INR 90.66
Euro	1	INR 80.01
Euro	1	INR 79.84

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

INFORMATION DETAILS

Analysis Done by :	NIY
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.