MIRA INFORM REPORT

Report Date :

24.04.2007

IDENTIFICATION DETAILS

Name :	JOHNSON DIVERSEY INDIA PRIVATE LIMITED

Formerly Known As :	JOHNSON WAX PROFESSIONAL PRIVATE LIMITED

Registered Office :	101 Sagar Plaza, District Centre, Laxmi Nagar, Vikas Marg, Delhi 110 092

Country :	India

Financials (as on) :	31.03.2005

Date of Incorporation :	01.10.2001

Com. Reg. No.:	55-112613

CIN No.: [Company Identification No.]	U74999DL2001PTC112613

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturers and Exporters of Institutional & Industrial Cleaning and Hygiene Products

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Maximum Credit Limit :	USD 230000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	101 Sagar Plaza, District Centre, Laxmi Nagar, Vikas Marg, Delhi 110 092, India
Tel. No.:	91 11 2202 5986
Mobile No.:	91 11 2201 5625
Website :	http://www.johnsondiversey.com

Delhi Office :	10/8 DI GRG Road, Samalkha, New Delhi 110 037

Corporate Office :	A-8 Laxmi Towers, Bandra-Kurla Complex, Mumbai 400 051
Tel. No.:	91 22 5644 4222
Fax No.:	91 22 5644 4223
Location :	Commercial

Factory 1 :	Survey No.56/2, Plot No.17, Silver Industrial Estate, Daman-396210, Daman and Diu, India

Factory 2 :	C/O Tapasvi Sales Enterprise, Sevak Nagar, Behind Geb H. Q., Racecourse, Vadodara 390 007, Gujarat
Tel. No.:	91 265 552 6610
Fax No.:	91 265 552 6610

DIRECTORS

Name :	Mr C David Quast, USA
Designation :	Director

Name :	Mr T Balakrishnan
Designation :	Managing Director

Name :	Mr Sanjay Gupta
Designation :	Director

Name :	Mr Vishal Sharma
Designation :	Director

Name :	Mr Andrew Tbffrey Warren
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Sanjay Gupta
Designation :	Director, Finance, Legal & IT

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
M/s Johnson Diversey Inc., USA	25,309,599
M/s Professional Share Holdings Inc., USA	1
Total	25,309,600

BUSINESS DETAILS

Line of Business :	Manufacturers and Exporters of Institutional & Industrial Cleaning and Hygiene Products

Products :	The subject is manufacturing the following products v Industrial Vacuum Cleaner v Ride on Sweeping Machines v Manual Sweeping Machines v Auto Scrubber Drier v Single Disc Machines v High Pressure Water Jet v Floor Treatment Chemicals v Chelating Agents v Alkali v Polyphosphates v Non Ionic Surfactant v Sequestrants v Hydrotrope v Fatty Amines v Anionic Surfactant

Imports :
Products :	Raw materials & chemicals and Equipments & Accessories

PRODUCTION STATUS

The Production details as on March 31, 2005 is as follows:

Particulars	Unit		Installed Capacity	Actual Production
Chemicals & Solutions	Tonnes		5,000	6,057

GENERAL INFORMATION

No. of Employees :	About 400

Bankers :	Scheduled Bank

Facilities :	The subject has availed Unsecured Loan from Johnson Diversey, Europe, BV (formerly known as Johnson Diversey, Netherlands B.V.)


Banking Relations :	Satisfactory

Auditors :
Name :	S R Batliboi & Associates, Chartered Accountants
Address :	6^th Floor, Express Towers, Nariman Point, Mumbai 400 021
Tel. No.:	91 22 2287 6485, 2287 6486
Fax No.:	91 22 2287 6401

Holding Company :	Johnson Diversey Inc., USA

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
31000000	Equity Shares	Rs.10/- each	Rs.310.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
29809600	Equity Shares	Rs.10/- each	Rs.298.096 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		253.096	298.096	298.096
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(195.561)	(192.132)	(149.039)
NETWORTH		57.535	105.964	149.057
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		284.427	284.427	284.427
TOTAL BORROWING		284.427	284.427	284.427
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		341.962	390.391	433.484

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		272.057	293.378	351.972
Capital work-in-progress		0.118	2.891	0.000

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	102.717	63.992	56.722
	Sundry Debtors	65.800	73.210	55.014
	Cash & Bank Balances	4.433	26.044	27.560
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	30.412	21.616	14.135
Total Current Assets		203.362	184.862	153.431
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	130.917	88.563	70.389
	Provisions	2.658	2.177	1.530
Total Current Liabilities		133.575	90.740	71.919
Net Current Assets		69.787	94.122	81.512

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		341.962	390.391	433.484

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
Sales Turnover		504.021	416.982	299.248
Other Income		8.219	4.835	7.524
Total Income		512.240	421.817	306.772

Profit/(Loss) Before Tax		(3.429)	(43.092)	(141.499)
Provision for Taxation		(192.132)	(149.040)	(7.541)
Profit/(Loss) After Tax		(195.561)	(192.132)	(149.040)

Expenditures :
	Manufacturing Expenses	142.036	116.209	84.270
	Raw Material Consumed	230.110	201.229	150.165
	Salaries, Wages, Bonus, etc.	57.452	45.196	31.875
	Financial Charges	32.538	31.907	28.887
	Depreciation & Amortization	53.533	70.368	153.074
Total Expenditure		429,598	362,634	266,310

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	(%)	(38.18)	(45.55)	(48.58)

Net Profit Margin (PBT/Sales)	(%)	(0.68)	(10.33)	(47.28)

Return on Total Assets (PBT/Total Assets}	(%)	(0.72)	(8.96)	(28.00)

Return on Investment (ROI) (PBT/Networth)		(0.06)	(0.41)	(0.95)

Debt Equity Ratio (Total Liability/Networth)		7.27	3.54	2.39

Current Ratio (Current Asset/Current Liability)		1.52	2.04	2.13

LOCAL AGENCY FURTHER INFORMATION

Note: The subject was formerly known as “Johnson Wax Professional Private Limited” and changed to its present name on September 30, 2003

State of Affairs of the subject – Johnson Diversey India Private Limited (formerly known as Johnson Wax Professional Private Limited) is a wholly owned Subsidiary of Johnson Diversey Inc., USA (formerly known as S C Johnson Commercial Markets Inc.). The subject is engaged in the business of Manufacturing, Marketing and Trading of Institutional and Industrial Cleaning and Hygiene Products. The subject has a manufacturing facility at Daman.

Group Profile/Companies –

Johnson Diversey

Address: Global Headquarters, 8310 16th Street, P.O. Box 902, Sturtevant, WI 53177-0902 USA

Telephone: 1-262-631-4001

Web ID : www.johnsondiversey.com

FINANCIALS OF JOHNSON DIVERSEY, INC., USA

Balance Sheet

ASSETS	January 2, 2004	January 3, 2003
ASSETS	(USD ’000)
Current Assets
Cash & Cash Equivalents	24,543	59,272
Accounts Receivable, Less allowance of $28,089 and $21,099 respectively	618,991	463,743
Accounts Receivable – Related Parties	28,965	80,922
Inventories	263,397	260,983
Deferred Income Taxes	20,165	37,743
Other Current Assets	97,928	89,681
Total Current Assets	1,053,989	992,344
Property, Plant and Equipment, Net	595,483	561,835
Capitalized Software, Net	107,947	79,343
Goodwill, Net	1,224,059	1,132,329
Other Intangibles, Net	418,622	387,953
Deferred Income Taxes	93,258	37,653
Long-term Receivables – Related Parties	87,663	72,475
Other Assets	84,306	119,453
	3,665,327	3,383,385
Liabilities & Stockholders’ Equity
Current Liabilities
Short-term Borrowings	124,228	68,119
Current Portion of Long Term Debts	27,812	57,906
Accounts Payable	298,202	218,147
Accounts Payable – Related Parties	62,346	110,414
Accrued Expenses	435,774	382,733
Total Current Liabilities	948,362	837,319
Pension and other Post Retirement Benefits	253,787	268,962
Long-term Borrowings	1,338,622	1,348,270
Long-term Payables – Related Parties	28,309	11,750
Other Liabilities	101,352	84,051
Total Liabilities	2,670,432	2,550,352
Stockholders Equity
Common Stock - $1.00 par value: 200,000 shares authorised; 24,422 shares issued and outstanding	24	24
Capital in Excess of par value	736,959	734,568
Retained Earnings	114,198	100,672
Accumulated other comprehensive income	145,401	1,262
Notes receivable from officers	(1,687)	(3,493)
Total stockholders’ Equity	994,895	833,033
Total Liabilities and stockholders’ Equity	3,665,327	3,383,385

CONSOLIDATED STATEMENTS OF INCOME

Income & Expenditure	January 2, 2004	January 3, 2003
Income & Expenditure	(USD ’000)
Net Product and Service Sales	2,860,964	2,142,109
Sales agency fee income	86,808	54,286
Total	2,947,772	2,196,395
Cost of Sales	1,616,031	1,209,678
Gross Profit	1,331,741	986,717
Marketing, Administrative & General Exp	1,084,908	801,308
Research & Development Expenses	75,124	64,363
Restructuring Expense	12,919	19,646
Operating Profit	158,790	101,400
Other Expense (Income)
Interest Expense	131,372	90,436
Interest Income	(7,069)	(5,940)
Other Expense (income), net	(9,690)	(29,011)
Income Before Tax	44,177	45,915
Provision for IT	19,774	16,662
Income before minority interests	24,403	29,253
Minority interests in net income (loss) of subsidiaries	262	(315)
Net Income	24,141	29,568

Argentina : Mr. Pedro Chidichimo

Address : Av. Marquez 970, Villa Bosch B1682 BAQ, Buenos Aires, Argentina

Phone : 54-11-48428281

Fax : 54 11 4842 8303

Australia : Mr Chris Rendle 29

Address : Chifley Street, Smithfield, NSW 2164, Sydney, Australia

Phone : 61 2 9757 0300

Fax : 61 2 9729 0937

Austria : Mr Reinhard Schwarz

Address : Guglgasse 7-9, A-1030 Vienna, Austria

Phone : 43 1 60 557 0

Fax : 43 1 60 557 901

Belgium : Mr Paul Goffin

Address : Haachtsesteenweg 672, B-1910 Kampenhout, Belgium

Phone : 32 16 61 77 77

Fax : 32 16 60 53 95

Brazil : Mr Adib Fadel

Address : Av. De Pinedo 401, Socorro,04764-0001,Sao Paulo, Brazil

Phone : 55 11 5681 1391

Fax : 55 11 5523 1923

Canada : Mr Tom Gartland, Regional President

Address : 2401 Bristol Circle, Oakville, Ontario, L6H 6P1 Canada

Phone : 1 800 668 7171

Fax : 1 800 765 2921

Chile : Mr Giovanni Piraino

Address : Alcantara 200, piso 8, Las Condes, Santiago de Chile

Phone : 56 2 336 5711

Fax : 56 2 206 6605

China : Mr Tak Sung (T.S.) Hong

Address : 15/F, COFCO Mansion, 440 Zhong Shan, Nan Er Road, Shanghai,

PC 200032, Shanghai, R. O. China

Phone : 86 21 6418 0000

Fax : 86 21 6403 0636

Colombia : Jose Molina

Address : Carrera 46, No. 13-18, Apartado Aéreo, Santafe de 4330 Bogota D.C.,

Colombia

Phone : 57 1 423 9846 or 9845

Fax : 57 1 423 9772

Costa Rica : Marvin Cordero

Address : Torre la Sabana, quinto piso, del ICE Sabana, Norte, 200 mtsOeste,

contiguo al Restaurante, Tunas, Apartado 59-1007 San José, Costa Rica

Phone : 50 6 296 9658

Fax : 50 6 290 3570

Czech Republic : Pavel Kovar

Address : K Hajum 2, 155 00 Praha 5 (Prague)-Stodulky, Czech Republic

Phone : 420 2 33 082 111

Fax : 420 2 33 082 112

Denmark : Morten Ronager

Address : Teglbuen 10, DK-2990 Nivaa, Denmark

Phone : 45 49 18 59 90

Fax : 45 70 10 66 10

Egypt : Osama Farid

Address : 39 Beirut Street, Heliopolis, Cairo, Egypt

Phone : 20 2 291 7491

Fax : 20 2 418 3602

Finland : Pasi Pesonen

Address : Kaurakatu 48 B, FI-20740 Turku, Finland

Phone : 358 20 7474 200

Fax : 358 20 7474 202

France : Marie-Helene Sekely

Address : 9-11 Avenue du Val de Fontenay, 94133 Fontenay sous Bois Cedex,

France

Phone : 33 1 45 14 76 76

Fax : 33 1 45 14 76 11

Germany : Herwarth Brune

Address : Mallaustrasse 50-56, D-68219 Mannheim, Germany

Phone : 49 621 87 57 189

Fax : 49 621 87 57 188

Greece : George Vassilakos

Address : 5, Himarras St. 15125, Maroussi, Athens, Greece

Phone : 30 210 6385900

Fax : 30 210 6385901

Guatemala : Sandra Garcia

Address : KM. 15 Carretera Roosevelt #1-58 Zona 2 de Mexico Colonia Molino de las Flores, Guatemala City, Guatemala

Phone : 502 59 10 411

Fax : 502 43 10 343

Hong Kong : Reynold Wan

Address : Unit 2001-12, Level 20, Tower 1, Metroplaza Kwai Fong, New Territories

Hong Kong

Phone : 852 2308 0288

Fax : 852 2510 9948

Hungary : Erik-Jan Bets

Address : Puskas Tivadar u. 6, H-2040 Budaors, Hungary

Phone : 36 23 509 100

Fax : 36 23 509 101

Ireland : William Austin Jamestown Road Finglas

Address : Dublin 11, Ireland

Phone : 353 1 8081 815

Fax : 353 1 8081 898

Israel : David Mayer

Address : Dutan St. 14-15, P.O. Box 13260, N. Industrial Zone, Yavne, Israel 81225

Phone : 972 932 3700

Fax : 972 932 3705

Italy : Claudio Zucchia

Address : Via Meucci 40, 20128 Milan, Italy

Phone : 39 02 25801

Fax : 39 02 2566960

Jamaica : Yvonne Brown

Address : 8 Bell Road East, PO Box 230, Kingston 11, Jamaica W.I.

Phone : 876 923 8678

Fax : 876 937 2665

Japan : Morio Nishikawa

Address : JohnsonDiversey Company, Limited. Japan Yamashita-cho SSK Building 22

Yamashita-cho, Naka-ku, Yokohama, Japan 231-8691

Phone : 81 45 640 2201

Fax : 81 45 640 2202

Kenya : Ngugi Kiuna

Address : Kaptagat Road, P.O. Box 41939, 00100 GPO, Nairobi, Kenya, Africa

Phone : 254 20 4224 000

Fax : 254 20 4224 888

Malaysia : M.K. Tan

Address : #5.01 Level 5 Wisma Academy, Lot 4A, Jalan 19/1, 46300 Petaling Jaya

Selangor Darul Ehsan, Malaysia

Phone : 603 7960 3088

Fax : 603 7960 3022

Mexico : Javier Gonzalez Av. Jaime Balmes

No.8 – 204, Col. Los Morales Polanco Del. Miguel Hidalgo, C.P. 11510,

México D.F.

Phone : 52 55 5350 7100

Fax : 52 55 5350 7104

Morocco : Ahmed Meliani

Address : KM 12,500 - Route 110, ZL Des Zenata, Ain Sebaa, Casablanca,

Morocco 20300

Phone : 212 22 35 2775

Fax : 212 22 35 7261

Netherlands : Wim Callens

Address : Maarssenbroeksedijk 2, 3542 DN Utrecht, Netherlands

Phone : 31 30 247 6911

Fax : 31 30 247 6317

New Zealand : Neville Kapadia

Address : 3 Diversey Lane, P.O. Box 23-172, Papatoetoe, Auckland, New Zealand

Phone : 64 9 278 2119

Fax : 64 9 278 4286

Press Article

Johnson Diversey India (JDI), the 100 per cent subsidiary of Johnson Diversey, is planning to make India the hub for its South Asia region operations, according to T Balakrishnan, Managing Director of Johnson Diversey India.

Following the global merger of Diversey Lever and Johnson Wax Professional in India, Hindustan Lever sold its industrial cleaning business to JDI in 2002 for Rs 55 crore.

The company is now planning to set up another manufacturing unit here, Balakrishnan added. Its current manufacturing plant is located at Daman.

The Hindu : Business Line dated May 9, 2002

Shareholders okay transfer of HLL unit to Johnson Wax

Our Bureau

MUMBAI, May 8

THE shareholders of Hindustan Lever Limited (HLL) have approved the transfer of the company's business of industrial and institutional cleaning, known as Diversey Lever, to Johnson Wax Professional Private Limited. The shareholders have approved the transfer by a vote of 99.89 per cent. The company had sought shareholders' approval by means of postal ballot. The board had appointed Mr K.M. Powvala, a former senior partner of A.F. Ferguson & Co, chartered accountants, as scrutiniser for conducting the postal ballot. As per Mr Powvala's report, 1,28,57,61,084 votes were in favour and 13,92,057 votes against the resolution.

The US-based SC Johnson & Son has consolidated its consumer products business under one company, Karamchand Appliances, in which it owns 50 per cent of the equity. The Delhi-headquartered company, which produces the AllOut insect control product, has been identified as SC Johnson & Son's investment vehicle for the Indian market.

A source at Karamchand Appliances said: "Karamchand Appliances markets and distributes Raid and Bagyon insect control products. Any future launch of products from SC Johnson's global portfolio or any further investment will be through this company."

The remaining 50 per cent stake is held by the Arya family and Bimal Arya is chairman and managing director of Karamchand Appliances.

Industry sources said SC Johnson & Son had recognised India as one of its key markets for both consumer products and for its industrial cleaning and hygiene business (which falls under a separate company called Johnson Diversey India). It is drawing up strategies to consolidate and penetrate the market. As a result, the shareholding structure of Karamchand Appliances may see a change.

When contacted Kelly M Semrau, vice president, global public affairs and communications, at SC Johnson said "As a privately-held company, S C Johnson does not discuss business plans."

SC Johnson entered the Indian fast moving consumer goods market through an equal joint venture with Hindustan Lever called Lever Johnson. The JV sold brands like Domex floor cleaner,Raid mosquito repellent and Glade incense sticks.

A few years back, Lever Johnson was split, with the Domex brand coming under HLL's fold. SC Johnson globally acquired the Bagyon insect control brand from Bayer. Bagyon is now marketed by Karamchand Appliances. S C Johnson then acquired a 50 per cent interest in Karamchand Appliances.

Johnson Diversey India, the 100 per cent subsidiary of Johnson Diversey, is planning to make India the hub for its South Asia region operations, according to T Balakrishnan, managing director of Johnson Diversey India.

Following the global merger of Diversey Lever and Johnson Wax Professional in India, Hindustan Lever sold its industrial cleaning business to JDI in 2002 for Rs 550 millions.

The company is now planning to set up another manufacturing unit in Mumbai, Balakrishnan added. Its current manufacturing plant is located at Daman.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.41.18
UK Pound	1	Rs.82.02
Euro	1	Rs.56.07

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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%)

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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

MIRA INFORM REPORT

203.362

133.575

69.787

Phone : 61 2 9757 0300

Unit