1. Summary Information

		Country	India
Company Name	GUJARAT POLYSOL CHEMICALS PRIVATE LIMITED	Principal Name 1	Mr. Sanjay Balvantrai Desai
Status	Satisfactory	Principal Name 2	Mr. Shailesh Balvantrai Desai
		Registration #	04-012892
Street Address	Plot No. 1734, III Phase, G.I.D.C., Vapi, District Valsad, Vapi – 396195, Gujarat
Established Date	18.10.1989	SIC Code	--
Telephone#	91-260-2426407	Business Style 1	Manufacturer
Fax #	91-260-2431499	Business Style 2	Supplier
Homepage	--	Product Name 1	Disperse dyes
# of employees	25 (Approximately)	Product Name 2	Dyes stuff
Paid up capital	Rs.7,000,000/-	Product Name 3	--
Shareholders	Directors or relatives of Directors (71.43%) Other top fifty shareholders (28.57%)	Banking	State Bank of India
Public Limited Corp.	No	Business Period	22 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (44)
Related Company
Relation	Country	Company Name	CEO
Sister Concern	--	Polysol Industries	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	248,362,000	Current Liabilities	84,562,000
Inventories	29,111,000	Long-term Liabilities	186,819,000
Fixed Assets	33,310,000	Other Liabilities	1,543,000
Deferred Assets	0,000	Total Liabilities	272,924,000
Invest& other Assets	2,000	Retained Earnings	30,861,000
		Net Worth	37,861,000
Total Assets	310,785,000	Total Liab. & Equity	310,785,000
Total Assets (Previous Year)	191,067,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	453,052,000	Net Profit	0,000
Sales(Previous yr)	0,000	Net Profit(Prev.yr)	5,658,000

MIRA INFORM REPORT

Report Date :

03.12.2011

IDENTIFICATION DETAILS

Name :	GUJARAT POLYSOL CHEMICALS PRIVATE LIMITED
Registered Office :	Plot No. 1734, III Phase, G.I.D.C., Vapi, District Valsad, Vapi – 396195, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.10.1989
Com. Reg. No.:	04-012892
Capital Investment / Paid-up Capital :	Rs.7.000 Millions
CIN No.: [Company Identification No.]	U24231GJ1989PTC012892
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Disperse dyes, Dyes stuff.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
-	NB	New Business	-

Maximum Credit Limit :	USD 151000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Vijay Jadhav
Designation :	Account Department
Contact No.:	91-9925100331
Date :	26.11.2011

LOCATIONS

Registered Office/ Factory :	Plot No. 1734, III Phase, G.I.D.C., Vapi, District Valsad, Vapi – 396195, Gujarat, India
Tel. No.:	91-260-2426407
Mobile No.:	91-9825406822 (Mr. Uzair Shaikh) [Production Manager]
Fax No.:	91-260-2431499
E-Mail :	gujaratpolysol@gmail.com polysolvapi@hotmail.com
Administration Office :	C 5/101/4, N.H. No. 8, Near GIDC Office, GIDC, Vapi – 396195, Gujarat, India
Tel. No.:	91-260-2431587
Fax No.:	91-260-2430487

DIRECTORS

As on 30.09.2010

Name :

Mr. Sanjay Balvantrai Desai

Designation :

Director

Address :

232, GIDC, Vapi, Bulsar – 396195, Gujarat, India

Date of Birth/Age :

25.11.1964

Date of Appointment :

18.10.1989

DIN No.:

00266823

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U24231GJ1989PTC012892	Gujarat Polysol Chemicals Private Limited	Director	18/10/1989	18/10/1989	-	Active	NO
U65910GJ1995PLC024768	Polysol Financial Services Limited	Director	23/02/1995	23/02/1995	-	Active	NO

Name :

Mr. Shailesh Balvantrai Desai

Designation :

Director

Address :

Plot No. 20, Behind Three Star Hotel, GIDC, Vapi, Bulsar – 396195, Gujarat, India

Date of Birth/Age :

22.11.1952

Date of Appointment :

18.10.1989

DIN No.:

00266938

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U24231GJ1989PTC012892	Gujarat Polysol Chemicals Private Limited	Director	18/10/1989	18/10/1989	-	Active	NO
U65910GJ1995PLC024768	Polysol Financial Services Limited	Director	23/02/1995	23/02/1995	-	Active	NO

Name :

Mr. Shirish Balvantrai Desai

Designation :

Director

Address :

Plot No. 20, Behind Three Star Hotel, GIDC, Vapi, Bulsar – 396195, Gujarat, India

Date of Birth/Age :

21.04.1955

Date of Appointment :

18.10.1989

DIN No.:

00266982

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U24231GJ1989PTC012892	Gujarat Polysol Chemicals Private Limited	Director	18/10/1989	18/10/1989	-	Active	NO
U65910GJ1995PLC024768	Polysol Financial Services Limited	Director	23/02/1995	23/02/1995	-	Active	NO
U74210GJ1997GAP031525	Vapi Waste and Effluent Management Company Limited	Nominee director	21/02/2003	21/02/2003	4/12/2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Vijay Jadhav
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Shaileshbhai B. Desai	6390
Shirishbhai B. Desai	2560
Sanjay Bhai B. Desai	2310
Kevin S. Desai	2830
Umang S. Desai	4500
Hitarth S. Desai	2580
Urmilaben B. Desai	100
Nilimaben S. Desai	100
Jainaben S. Desai	100
Heenaben S. Desai	100
Shaileshbhai S. Desai	5
Shirishbhai B. Desai (HUF)	5
Sanjaybhai B. Desai (HUF)	5
Shaileshbhai B. Desai	5
Shaileshbhai B. Desai	5
Shirishbhai B. Desai	5
Sanjaybhai B. Desai	5
Balvantrai P. Desai	5
Shaileshbhai B. Desai	6880
Shirishbhai B. Desai	2960
Sanjaybhai B. Desai	5275
Heenaben S. Desai	2575
Nilimaben S. Desai	4500
Jainaben S. Desai	4700
Urmilaben B. Desai	1500
Kapindra Multitrade Private Limited, India	1000
Kumaon Engineering Company Private Limited, India	1000
Blazer Venture Private Limited, India	1000
Sepia Venture Private Limited, India	1000
Meadow Venture Private Limited, Inida	1000
Polysol Financial Services Limited, India	15000
Total	70000

As on 28.10.2011

Name of Allotees	No. of Shares
Mr. Shailesh B. Desai	84210
Mrs. Nilima Shailesh Desai	5473
Mr. Umang Shailesh Desai	31578
Total	121261

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	71.43
Other top fifty shareholders	28.57
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Disperse dyes, Dyes stuff.
Terms :
Selling :	L/C/ Credit
Purchasing :	L/C/ Credit

PRODUCTION STATUS AS ON 31.03.2009

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Dye and Chemicals	Kgs			12787420.00

GENERAL INFORMATION

Suppliers :

· Advance Surfactants India Limited Silvassa

· Antriksha Chemicals Mumbai

· Asha Incorporation

· B.Chokshi Chem Private Limited

· Bansal Marketing

· Basp Chemical Products Limited

· Berries Dyes & Intermediates Private Limited

· Broadways Chemtech Private Limited

· Demosha Chemicals Private Limited

· K.B.Enterprise

· Kamdhenu Agro Chem Industries

· Kundan Rice Mills Limited

· Lamichem Corporation

· Malhotra Trading Company

· Maruti Rasayan

· Pari Chemicals

· Pcl Oil and Solvents Limited

· Pioneer Chemicals

· Pyramid Technoplast Private.Limited

· Kundan Rice Mills Limited

· Lamichem Corporation

· Malhotra Trading Company

· Maruti Rasayan

· Maxim Clearing and Shipping Forwarding Private Limited

Customers :

End Users

· Acem Chem Private Limited

· Adinath Enterprsies

· Ambuja intermediates Private Limited

· Ami Chemicals

· Amogh Chemicals Private Limited

· Amorphos Che. Private Limited Tamilnadu

· Amorphos Che. Private Limited Delhi

· Amorphos Che. Private Limited Thane

· Amorphos Chemicals Private Limited Ukhand

· Amorphos Chemicals Private.Limited. Vapi

· Anil Organics

· Don Construction Che.(India) Limited(Tamilnadu)

· Don Constructioh Che.India Limited, Rajasthan

· Fact Trading Company, Morbi

· Fairmate Chemicals Private Limited, Vadodara

· Fosroc Che. (India) Private Limited Uttaranchal

· Fosroc Che.(India) Private Limited, Ankleshwar

· Fosroc Che. (India) Private Limited, Bangalore

· Grauer and Well (India) Limited - Chandigadh

· Grauer and Well (India) Limited (Dadra)

No. of Employees :

25 (Approximately)

Bankers :

· State Bank of India, MID Corporation Branch, GIDC, Vapi – 396195, Gujarat, India

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
HDFC Bank Limited - 411	31.653	0.000
HDFC Bank Term Loan	6.293	0.000
HDFC Bank Limited Loan (Against Tanker)	1.374	0.000
Buyers Credit Facility HDFC CC A/c	10.379	0.000
Buyers Credit facility HDFC LC A/c	12.518	0.000
ICICI Bank Loan (Against Skoda Car)	0.608	0.901
Total	62.825	0.901
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Apurva Chemicals (Loan)	0.196	5.196
Apurva International – Loan	71.068	11.735
Centre Point Industries (Loan)	0.569	0.569
Master Kevin S Desai Loan A/c	1.002	1.002
Ms. Bhavisha S Desai Loan A/c	8.361	8.136
Ms. Honey S. Desai Loan A/c	8.135	8.135
Polysol Financial Services Limited (Loan)	11.616	5.402
Sarigam Industrial Products (Loan)	0.012	0.011
Shri Hitharth S. Desai Loan A/c	0.016	5.016
Shri Sanjay B. Desai Loan A/c	0.016	4.916
Shri Shailesh B. Desai Loan A/c	0.561	4.571
Shri Shirish B. Desai Loan A/c	0.037	5.136
Shri Umag S. Desai Loan A/c	0.514	5.316
Sun Industries (Loan)	3.186	13.186
Urmi Polymer Industrires (Loan)	3.929	3.586
Dolly Exim Private Limited	5.000	0.000
Three C Surveys Private Limited	9.601	0.000
Polysol Industries	0.175	0.000
Total	123.994	81.913

Banking Relations :	--
Auditors :
Name :	J V Vasani and Company Chartered Accountants
Address :	310, Tirupati Towers, GIDC, Vapi – 396195, Gujarat, India
PAN.:	AAMPV1329D
Sister Concerns :	Polysol Industries
Enterprises over which significant influence exercised by Key Management Personnel :	· Sarigam Industrial Products · Sun Industries · Polysol Financial Services Limited · Urmi Polymer Industries · Polysol Chemicals · Centre Point Industries · Apurva Chemicals · Sanjay Dye Chem Industries

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.100/- each	Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
191261	Equity Shares	Rs.100/- each	Rs.19.126 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
70000	Equity Shares	Rs.100/- each	Rs.7.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		7.000	6.500	5.000
2] Share Application Money		0.000	20.000	0.000
3] Reserves & Surplus		30.861	7.880	3.344
4] (Accumulated Losses)		0.000	0.000	(2.131)
NETWORTH		37.861	34.380	6.213
LOAN FUNDS
1] Secured Loans		62.825	0.901	1.167
2] Unsecured Loans		123.994	81.913	43.340
TOTAL BORROWING		186.819	82.814	44.507
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		224.680	117.194	50.720
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		33.310	21.767	15.921
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.002	0.002	0.002
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.111	37.289	20.120
	Sundry Debtors	189.257	112.484	36.791
	Cash & Bank Balances	0.327	2.576	0.030
	Other Current Assets	0.000	0.000	2.783
	Loans & Advances	58.778	16.949	8.273
Total Current Assets		277.473	169.298	67.997
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	84.562	71.240	32.996
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	1.543	2.633	0.204
Total Current Liabilities		86.105	73.873	33.200
Net Current Assets		191.368	95.425	34.797
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		224.680	117.194	50.720

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	453.052
		Other Income
		TOTAL (A)	NA
Less	EXPENSES
		Office Expenses		NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)
Less	FINANCIAL EXPENSES (D)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			10.652	2.590
Less/ Add	DEPRECIATION/ AMORTISATION (F)			2.565	1.931
	PROFIT BEFORE TAX (E-F) (G)		5.364	8.087	0.659
Less	TAX (I)			2.429	0.117
	PROFIT AFTER TAX (G-I) (J)			5.658	0.542
			NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			(2.131)	2.673
	BALANCE CARRIED TO THE B/S			3.527	(2.131)
	Earnings Per Share (Rs.)		NA	87.04	10.84

Particulars	31.03.2011
Sales Turnover (Approximately)	450.000

Expected Sales (2011-12) : Rs.750.000 Millions

The above information has been parted by Mr. Vijay Jadhav.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	1.18	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.73	4.23	0.78
Return on Investment (ROI) (PBT/Networth)		0.14	0.23	011
Debt Equity Ratio (Total Liability/Networth)		7.21	4.55	12.51
Current Ratio (Current Asset/Current Liability)		3.22	2.29	2.04

LOCAL AGENCY FURTHER INFORMATION

Note :

The registered address of the company Block No. 3 A, Jawahar Nagar Society, Valsad – 396195, Gujarat, India has been shifted to the present address with effect from 01.05.2011

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FORM 8

Corporate identity number of the company	U24231GJ1989PTC012892
Name of the company	GUJARAT POLYSOL CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No 1734, Third Phase, G.I.D.C ,Vapi, Dist Valsad, Vapi – 396195, Gujarat, India Email Id : polysolvapi@hotmail.com
This form is for	Creation of charge
Type of charge	Book Debts Movable property (not being pledge)
Particular of charge holder	State Bank Of India, MID Corporate Branch, GIDC, Vapi – 396195, Gujarat, India Email Id : naveen.chauhan@sbi.co.in
Nature of instrument creating charge	Agreement of Hypothecation of goods and assets
Date of instrument Creating the charge	30.08.2011
Amount secured by the charge	Rs.583.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC - 3.50% above base rate (13.50%),TL-I and II - 4.00% above base rate (14.00%), CL - 4.00% above base rate (14.00%), SLC - 4.50% above base rate (14.50%) Terms of repayment Term Loan - I - 40 monthly installments, Term Loan – I - 50 monthly installments Working Capital - on demand Margin Raw material, stock in process, finished goods and stores and spares - 25% Book Debts - 40% EPC (FOB value) 10%, FBD - 10%, Letter of Credit (Inland/ Import) 10%, Bank Guarantee - 20% Extent and operation of the charge The charge is secured against the properties of the company until the loan and interest and all other charges are fully paid up
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1st charge by way of hypothecation of stock of raw material, stock in process, finished goods, stores, spares, receivables and other chargeable current assets of the company at factory office

FIXED ASSETS

· Leasehold Land

· Factory Building

· Borewell

· Plant and Machinery

· Weigh Scale

· D. G. Set

· Laboratory Equipment

· Computer

· Furniture and Fixtures

· Office Equipment

· Cycle

· Scooter

· Motor Cycle

· Motor Car

· Mobile Phone

· Air Conditioner

· Gas Distribution Equipment

· Tanker

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.51.35
UK Pound	1	Rs.80.51
Euro	1	Rs.69.14

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

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.