MIRA INFORM REPORT

Report Date :

05.12.2011

IDENTIFICATION DETAILS

Name :	ORIENTAL CONTAINERS LIMITED
Formerly known as :	Oricon Packaging Private Limited
Registered Office :	1076, Dr. E Moses Road, Worli , Mumbai-400 018, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.02.2006
Com. Reg. No.:	11-159687
Capital Investment/ Paid-up Capital:	Rs.108.208 millions
CIN No.: [Company Identification No.]	U28992MH2006PLC159687
TAN No.: [Tax Deduction & Collection Account No.]	MUMO04068B / MUMO03131C / BLRO00968C / BLRO00686A / BLRO00969D
PAN No.: [Permanent Account No.]	AAACO8122G
Legal Form :	A closely held Public Limited Liability Company
Line of Business :	Manufacturer of Aluminium and Aluminium Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 5000000
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

LOCATIONS

Registered Office :	Parijat House, 1076, Dr. E Moses Road, Worli , Mumbai – 400 018, Maharashtra , India
Tel. No.:	91-22-24964656 / 60 / 24925581 / 82 / 24954484
Fax No.:	91-22-24963055 / 24950314
E-Mail :	admin@ocl-india.com kamnath@ocl-india.com sunder@ocl-india.com sanjayjain@ocl-india.com vnk@ocl-india.com
Website :	www.orientalcontainers.com
Location :	Owned
Factory 1 :	Plot No. 327 to 332, Kundiam Industrial Estate, Kundiam, Goa – 403 115, India
Factory 2 :	A-1, MIDC, Industrial Area, Dist. Thane, Mumbai, Maharashtra, India

DIRECTORS

(AS ON 26.08.2011)

Name :

Mr. Rajendran Ayadurai

Designation :

Director

Address :

Apartment B -21-1 Villa, Angsana 56 Jalan Krian off JLN IOPH, Kuala Lumpur- 51100, India

Date of Birth/Age :

23.09.1961

Date of Appointment :

16.01.2008

DIN No. :

02032283

Other Directorship :

S.No.	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
1	U67190MH2007PTC169620	Prosales Financial Services Private Limited	Director	12/12/2007	12/12/2007	-	Active	NO
2	U51900MH1993PTC070252	Andromeda Marketing Private Limited	Director	12/12/2007	12/12/2007	-	Active	NO
3	U72900MH2004PTC150161	Andromeda Call Centre Services Private Limited	Director	12/12/2007	12/12/2007	-	Active	NO
4	U74910MH2005PTC155341	Affiliates Management Resources Private Limited	Director	12/12/2007	12/12/2007	-	Active	NO
5	U67110MH2001PTC133346	Talk Connexion (India) Private Limited	Director	12/12/2007	12/12/2007	-	Active	NO
6	U28992MH2006PLC159687	Oriental Containers Limited	Director	16/01/2008	16/01/2008	-	Active	NO
7	U55204MH2002PTC134439	Skygourmet Catering Private Limited	Alternate director	5/2/2008	5/2/2008	13/03/2009	Active	NO
8	U74130MH2011FTC211909	Andromeda Sales And Distribution Private Limited	Director	6/1/2011	6/1/2011	-	Active	NO

Name :

Mr. Balkishan Udairam Toshniwal

Designation :

Whole Time Director

Address :

G -5, Satyanaryan Bhavan, Dr. R G Thadani Marg, Worli, Mumbai – 400 018, Maharashtra, India

Date of Appointment :

13.02.2006

DIN No. :

00048019

Other Directorship :

S.No.	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
1	L51100MH1983PLC029600	Sarvamangal Marcantile Company Limited	Director	21/03/1985	21/03/1985	-	Active	NO
2	U45200MH1995PTC088722	Suyash Holding And Estate Developers Private Limited	Director	15/04/1996	15/04/1996	-	Active	NO
3	L28100MH1968PLC014156	Oricon Enterprises Limited	Whole-time director	30/10/2006	1/3/1997	-	Active	NO
4	U70100MH2002PTC135798	Kanaiya Properties Private Limited	Director	7/5/2002	7/5/2002	-	Active	NO
5	U28992MH2006PLC159687	Oriental Containers Limited	Managing director	27/05/2009	13/02/2006	-	Active	NO
6	U74999MH2006PLC165123	Top Seals India Limited.	Director	12/10/2006	12/10/2006	20/12/2010	Active	NO

Name :

Mr. Richard Foyston

Designation :

Director

Address :

1^st Floor, Menare Prudential JalanSultan Ismail Kuala Lumpur, Malaysia

Date of Birth / Age :

14.01.1958

Date of Appointment :

27.09.2006

DIN No. :

01089445

Other Directorship :

S.No.	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
1	U55204MH2002PTC134439	Skygourmet Catering Private Limited	Director	10/9/2004	10/9/2004	13/03/2009	Active	NO
2	U15137DL1941PTC000598	Nirula And Company Private Limited	Director	26/09/2006	26/09/2006	-	Amalgamated	NO
3	U28992MH2006PLC159687	Oriental Containers Limited	Director	27/09/2006	27/09/2006	-	Active	NO
4	U74140DL2007PTC158934	Navis Capital (India) Private Limited	Director	22/03/2007	22/03/2007	-	Active	NO
5	U55101MH2006PTC165786	Gordon House Airport Hotels Private Limited	Director	21/08/2007	21/08/2007	-	Active	NO

Name :

Mr. Rajendra Somani

Designation :

Managing Director

Address :

Sreeninetan 5^th Floor, 86-A, N.S. Road, Mumbai – 400002, Maharashtra, India

Date of Birth / Age :

18.02.1948

Date of Appointment :

13.02.2006

DIN No. :

00332465

Other Directorship :

S.No.	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
1	U55100MH1971PLC015348	Hotel Empire Limited	Director	2/2/1972	2/2/1972	-	Active	NO
2	U51900MH1942PTC038009	Gujrat Textile Company Private Limited	Director	24/05/1972	24/05/1972	27/10/2009	Active	NO
3	L51100MH1980PLC022315	Svaraj Trading And Agencies Limited	Director	7/3/1980	7/3/1980	9/11/2011	Active	NO
4	U22120MH1972PLC015890	Debonair Publications Limited	Director	1/4/1981	1/4/1981	-	Active	NO
5	U31100MH1970PTC014385	Advance Transformers And Equipments Private Limited	Director	28/09/1981	28/09/1981	3/12/2007	Active	NO
6	L24110MH1983PLC029381	Sampada Chemicals Limited	Director	11/2/1984	11/2/1984	24/05/2008	Active	NO
7	L51100MH1983PLC029600	Sarvamangal Marcantile Company Limited	Director	21/03/1985	21/03/1985	9/11/2011	Active	NO
8	U22219MH1920PLC000697	G Claridge And Company Limited	Director	1/4/1985	1/4/1985	7/11/2011	Active	NO
9	L51900MH1980PLC022309	S V Trading And Agencies Limited	Director	22/09/1986	22/09/1986	9/11/2011	Active	NO
10	U63090MH1991PTC061162	Parijat Shipping And Finale Limited	Director	10/4/1991	10/4/1991	-	Active	NO
11	L28100MH1968PLC014156	Oricon Enterprises Limited	Managing director	12/9/2009	30/09/1995	-	Active	NO
12	U25206MH1998PLC113694	Claridge Moulded Fibre Limited	Director	6/4/1998	6/4/1998	7/11/2011	Active	NO
13	U35301MH1999PLC122386	Shinrai Auto Services Limited	Director	26/10/1999	26/10/1999	-	Active	NO
14	U70100MH1972PLC015914	Shree Madhu Industrial Estates Limited	Director	29/12/2004	29/12/2004	-	Active	NO
15	U28992MH2006PLC159687	Oriental Containers Limited	Managing director	1/5/2009	13/02/2006	-	Active	NO
16	U60231RJ1946PTC000371	The United Mercantile Company Private Limited	Director	5/5/2006	5/5/2006	-	Active	NO
17	U74999MH2006PLC165123	Top Seals India Limited.	Director	12/10/2006	12/10/2006	20/12/2010	Active	NO
18	L27203KL1946PLC000057	Aluminium Industries Limited	Director	10/2/2007	10/2/2007	29/12/2010	Active	NO

Name :

Mr. Bruno Seghin

Designation :

Director

Address :

Apt A 1, 4 South Bay Road, Repulse Road, Hongkong

Date of Birth / Age :

07.05.1957

Date of Appointment :

27.09.2006

DIN No. :

00740866

Other Directorship :

S.No.	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
1	U55204MH2002PTC134439	Skygourmet Catering Private Limited	Director	10/9/2004	10/9/2004	13/03/2009	Active	NO
2	U55101DL2006PTC148828	Navigate Restaurant Brands (India)Private Limited	Director	23/05/2006	23/05/2006	1/6/2011	Active	NO
3	U55101DL1974PTC007297	Nirulas Corner House Private Limited	Director	26/09/2006	1/7/2006	1/4/2009	Active	NO
4	U21020MH2006PTC159987	Clotex Labels (India) Private Limited	Director	3/7/2006	3/7/2006	-	Active	NO
5	U28992MH2006PLC159687	Oriental Containers Limited	Director	27/09/2006	27/09/2006	-	Active	NO
6	U55101MH2006PTC165786	Gordon House Airport Hotels Private Limited	Director	21/08/2007	21/08/2007	-	Active	NO
7	U74140DL2007PTC158934	Navis Capital (India) Private Limited	Director	21/11/2007	21/11/2007	-	Active	NO
8	L23201MH1983PLC030372	Sah Petroleums Limited	Additional director	2/2/2009	2/2/2009	-	Active	NO
9	U74999MH1987PTC044849	Classic Stripes Private Limited	Director	5/4/2011	29/03/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Oricon Enterprises Limited, India	3246186
Rajendra Somani	1
Surendra Somani	1
V.N. Khanna	1
B.K. Toshniwal	1
Sanjay Jain	1
B.M. Gaggar	1
Navigate Mauritius Limited, Mauritius	100
OC Holdings Limited, Mauritius	7574544
Total	10820836

Equity Share Capital

(AS ON 30.09.2011)

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	70.00
Bodies corporate	29.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Packaging Products
Products :	· Hycrown · Hycan · Hytube · Neeonseal · Gloseal · Topseal · Aluseal · Swageseal · Bevseal · Metal Printing · Petrochemicals

PRODUCTION STATUS AS ON 31.03.2011

(Quantity units in thousands)

Particulars	Installed Capacity	Actual Production
Closures	14306000	7312920
Tubes	120000	56304

Note:

Installed capacity is as certified by the management and has not been verified by auditors, as it is a technical matter.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ABN Amro Bank N V, Brady House, Veer Nariman Road, Mumbai – 400 018, Maharashtra, India

· Central Bank of India, Corporate Finance Branch, First Floor, MMO Building, M.G. Road, Fort, Mumbai – 400 023, Maharashtra, India

· Punjab National Bank, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

Facilities :

(Rs. in millions)

Secured Loans	As on 31.03.2011	As on 31.03.2010
From Banks: Term Loan (Secured by hypothecation of one plastic closure machine at goa) (Repayable within one year Rs. 12.500 Millions (Previous year : Nil))	34.375	46.875
Cash Credit facilities (Secured by hypothecation of inventories and sundry debtors, present and future.)	283.740	249.802
Vehicle Finance loans (Secured by the hypothecation of the said vehicle) (Repayable within one year Rs.0.673 million)	1.760	2.040
From Others: Vehicle Finance loans (Secured by the hypothecation of the said vehicle) (Repayable within one year Rs.0.222 million)	4.795	0.751
Interest accrued and due on Term Loan	0.453	0.602
Total	325.123	300.070

(Rs. in millions)

Unsecured Loans	As on 31.03.2011	As on 31.03.2010
Deferred sales tax liability	77.724	51.790
From Others: Loans from related parties (entirely repayable on demand) (received from affiliates of Oricon Enterprises Limited)	100.400	125.400
Total	178.124	177.190

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	KPMG House, Kamala Mills, Compound 448 S B Marg, Lower Parel, Mumbai – 400 014, Maharashtra, India
Holding Company :	· Oricon Holdings Limited, Mauritius
Parties over which directors exercise significant influence :	· Oricon Enterprises Limited (OEL) · Servamangal Mercantile Company Limited (SMCL) · SV Trading and Agencies Limited (SVTAL)

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 millions
75000000	0.000001% Convertible or Redeemable, Non-cumulative Preference Shares	Rs.10/- each	Rs.750.000 millions
		Total	Rs. 1000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10820836	Equity Shares	Rs.10/- each	Rs.108.208 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		108.208	68.845	438.207
2] Share Application Money		0.000	513.933	513.933
3] Reserves & Surplus		1164.114	602.764	99.111
4] (Accumulated Losses)		0.000	0.000	(9.810)
NETWORTH		1272.322	1185.542	1041.441
LOAN FUNDS
1] Secured Loans		325.123	300.070	160.343
2] Unsecured Loans		178.124	177.190	162.576
TOTAL BORROWING		503.247	477.260	322.919
DEFERRED TAX LIABILITIES		101.525	64.832	12.381
TOTAL		1877.094	1727.634	1376.741
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1473.336	1319.691	1089.790
Capital work-in-progress		129.894	45.458	0.795
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	542.923	389.024	250.982
	Sundry Debtors	432.386	402.557	370.862
	Cash & Bank Balances	38.571	85.831	15.188
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	197.490	148.254	112.685
Total Current Assets		1211.370	1025.666	749.717
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	839.252	562.182	297.831
	Other Current Liabilities	40.524	39.633	138.185
	Provisions	57.730	61.366	27.545
Total Current Liabilities		937.506	663.181	463.561
Net Current Assets		273.864	362.485	286.156
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1877.094	1727.634	1376.741

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2445.528	2094.476	1593.732
		Other Income	18.507	118.687	69.180
		TOTAL (A)	2464.035	2213.163	1662.912
Less	EXPENSES
		Consumption materials changes inventories	1575.492	1382.237	0.000
		Manufacturing Service Costs	322.790	255.452	1064.715
		Employee related expenses	170.680	142.598	110.859
		Administrative selling other expenses	84.502	80.549	306.686
		TOTAL (B)	2153.464	1860.836	1486.478
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		310.571	352.327	176.434
Less	FINANCIAL EXPENSES (D)		56.800	45.891	39.863
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		253.771	306.436	136.571
Less/ Add	DEPRECIATION/ AMORTISATION (F)		116.897	107.187	78.305
	PROFIT BEFORE TAX (E-F) (G)		136.874	199.249	58.266
Less	TAX (H)		50.092	55.150	14.515
	PROFIT AFTER TAX (G-H) (I)		86.782	144.099	43.751
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		134.289	(9.810)	(53.561)
	BALANCE CARRIED TO THE B/S		221.071	134.289	(9.810)
	Earnings Per Share (Rs.)		8.36	26.04	12.97

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.52	6.51	2.63
Net Profit Margin (PBT/Sales)	(%)	5.59	9.51	3.66
Return on Total Assets (PBT/Total Assets}	(%)	5.09	8.50	3.17
Return on Investment (ROI) (PBT/Networth)		0.11	0.17	0.06
Debt Equity Ratio (Total Liability/Networth)		1.13	0.96	0.76
Current Ratio (Current Asset/Current Liability)		1.29	1.55	1.62

LOCAL AGENCY FURTHER INFORMATION

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

a) Capital commitments Estimated amount of contracts, net of capital advances of Rs.10.685 millions (previous year: Rs.27.594 millions) remaining to be executed on capital account (previous year: Rs.50.519 millions)

b) Contingent liabilities in respect In respect of excise and Service tax matters Rs.3.288 (Previous Year: Rs.2.691 millions).

c) Other commitments The Company has an unfulfilled export commitments aggregating Rs.846.049 millions (Previous Year: Rs.649.087 millions) towards capital goods installed in the manufacturing facilities in Murbad and Goa for which duty exemption was availed.

FORM 8:

Corporate identity number of the company	U28992MH2006PLC159687
Name of the company	ORIENTAL CONTAINERS LIMITED
Address of the registered office or of the principal place of business in India of the company	1076, Dr. E. Moses Road, Worli, Mumbai-400018, Maharashtra, India E-Mail Id: sanjayjain@ocl-india.com
This form is for	Creation of charge
Type of charge	Others-Vehicle (Hypothecated Vehicle)
Particular of charge holder	Punjab National Bank, Shiv E Numb, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India E-Mail Id: shreechandkhaturia@pnb.co.in
Nature of instrument creating charge	Letter Of Hypothecation (For Car Loan)
Date of instrument Creating the charge	20.10.2011
Amount secured by the charge	Rs.0.700 millions
Brief of the principal terms an conditions and extent and operation of the charge	a) Rate of Interest Base Rate +2.00% - 1.50 % presently 11.25% per annum with monthly rests and as per sanctioned letter b) Terms of Repayment The amount of loan together with interest will be paid in 35 EMI of Rs. 23555/- commencing from november, 2011 c) Margin To the extent of hypothecated vehicle i.e car maruti sx4 zxi automatic d) Extent and operation of the charge Rs.0.700 millions Letter Of hypothecation for car loan i.e car maruti sx4 zxi automatic e) Other Nil
Short Particulars of the property charged	i) Hypothecated vehicle i.e car maruti sx4 zxi automatic ii) The vehicle shall be used for personal use and will not be sold, given on lease or on hire or otherwise parted with the possession or encumbered in any way till the repayment of loan.

FIXED ASSETS:

• License Fee
• Goodwill
• Leasehold Land
• Factory Buildings
• Residential Flats
• Plant and Machinery
• Electric Installations
• Office Equipments
• Computer
• Furniture and Fixtures
• Vehicles
• Fire Fighting Equipments
• Laboratory Equipments
• Weighing Machines

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.80.50
Euro	1	Rs.69.14

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		46

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.