MIRA INFORM REPORT

Report Date :

29.12.2011

IDENTIFICATION DETAILS

Name :	SM HERBALS PRIVATE LIMITED
Registered Office :	D-15, Defence Colony, 3^rd Floor, New Delhi-110024
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.12.1993
Com. Reg. No.:	55-221830
Capital Investment / Paid-up Capital :	Rs.5.776 Millions
CIN No.: [Company Identification No.]	U18101DL1993PTC221830
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Herbal Extracts and Phytochemicals.
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 380000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well 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 :	D-15, Defence Colony, 3^rd Floor, New Delhi-110024, India
Tel. No.:	91-11-24624177
Fax No.:	Not Available
E-Mail :	mukesh_agarwal3@rediffmail.com contact@smherbals.com

DIRECTORS

As on 30.09.2011

Name :

Avni Bader

Designation :

Director

Address :

Mercantile Building, Main Road, Tezpur, Sonitpur-784001, Assam, India

Date of Birth/Age :

02.04.1967

Date of Appointment :

01.10.2009

Din No.:

00292531

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	U15412DL1995PTC194285	NEZONE BISCUITS PRIVATE LIMITED	Director	24-08-95	24-08-95	-	Active	NO
2	U51109DL1992PTC106029	ARIHANT FLOUR MILLS PRIVATE LIMITED	Director	12-04-98	12-04-98	06-04-11	Active	NO
3	U65921AS1998PTC005419	BADER SONS PRIVATE LIMITED	Director	24-08-98	24-08-98	-	Active	NO
4	U15142DL1990PTC208969	ARIHANT SOLVEX PRIVATE LIMITED	Director	11-07-07	11-07-07	-	Active	NO
5	U18101DL1993PTC221830	SM HERBALS PRIVATE LIMITED	Director	27-09-10	01-10-09	-	Active	NO
6	U45400DL2007PTC167990	NORTH EAST INFRABUILD PRIVATE LIMITED	Director	30-09-11	20-01-11	-	Active	NO
7	U45400DL2007PTC167989	NORTH EAST INFRATECH PRIVATE LIMITED	Director	29-09-11	01-07-11	-	Active	NO
8	U74899DL1994PTC056799	LEISURE BUILDERS PRIVATE LIMITED	Director	29-09-11	18-08-11	-	Active	NO
9	U74899DL1988PTC033292	BENZ ESTATES PRIVATE LIMITED	Additional director	18-10-11	18-10-11	-	Active	NO

Name :

Ms. Poonam Prakash

Designation :

Director

Address :

2/1/B, Bright Street, Kolkata-700019, West Bengal, India

Date of Birth/Age :

03.10.1952

Date of Appointment :

01.10.2009

Din No.:

00475488

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U01132WB1995PTC071477	DARSHANLAL ANAND PRAKASH & SONS PRIVATE LIMITED	Director	12-05-95	12-05-95	Active	NO
2	U18101DL1993PTC221830	SM HERBALS PRIVATE LIMITED	Director	27-09-10	01-10-09	Active	NO
3	U27310WB2011PTC166829	PURBANCHAL CONCAST PRIVATE LIMITED	Director	26-08-11	26-08-11	Active	NO

Name :

Madhushree Rungta

Designation :

Director

Address :

9, Sarajini Naidu, 6^th Floor, Flat No. 22, Kolkata-700017, West Bengal, India

Date of Birth/Age :

16.09.1958

Date of Appointment :

01.10.2009

Din No.:

00536293

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U67120WB1958PTC023737	TEESTA VALLEY CORPN PRIVATE LIMITED	Director	29-06-01	29-06-01	Active	NO
2	U18101DL1993PTC221830	SM HERBALS PRIVATE LIMITED	Director	27-09-10	01-10-09	Active	NO

Name :

Mr. Rajendra Kumar Bader

Designation :

Director

Address :

B-7, Gulmohar Park, New Delhi-110049, India

Date of Birth/Age :

27.05.1949

Date of Appointment :

31.12.1993

Din No.:

00860980

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	U15319DL1986PTC190955	NEZONE FOODS PRIVATE LIMITED	Director	09-12-86	09-12-86	-	Active	NO
2	U15143AS1988PLC002863	SONITPUR SOLVEX LIMITED	Director	10-02-88	10-02-88	-	Active	NO
3	U15142DL1990PTC208969	ARIHANT SOLVEX PRIVATE LIMITED	Director	27-08-90	27-08-90	-	Active	NO
4	U74899DL1990PTC041573	NORTH EAST BUILDERS PRIVATE LIMITED	Director	24-09-90	24-09-90	-	Active	NO
5	U74899DL1988PTC033292	BENZ ESTATES PRIVATE LIMITED	Director	22-07-93	22-07-93	-	Active	NO
6	U18101DL1993PTC221830	SM HERBALS PRIVATE LIMITED	Director	31-12-93	31-12-93	-	Active	NO
7	U65921AS1998PTC005419	BADER SONS PRIVATE LIMITED	Director	29-05-98	29-05-98	-	Active	NO
8	U74899DL1994PTC056799	LEISURE BUILDERS PRIVATE LIMITED	Director	14-09-04	14-09-04	-	Active	NO
9	U45201RJ2005PTC021052	PRIME CITY REALTORS PRIVATE LIMITED	Director	12-12-05	12-12-05	29-03-10	Active	NO
10	U70109DL1998PTC096371	NORTH EAST BUILDCON PRIVATE LIMITED	Director	24-01-06	24-01-06	27-03-09	Active	NO
11	U45201DL2006PTC146984	NORTH EAST COLONIZERS PRIVATE LIMITED	Director	01-03-06	01-03-06	27-03-09	Active	NO
12	U45201DL2006PTC146986	NORTH EAST RURAL DEVELOPERS PRIVATE LIMITED	Director	06-03-06	06-03-06	-	Active	NO
13	U45201DL2006PTC147141	NORTH EAST URBAN DEVELOPERS PRIVATE LIMITED	Director	06-03-06	06-03-06	27-03-09	Active	NO
14	U45201DL2004PTC130161	BRIJWASI REALTORS PRIVATE LIMITED	Director	10-04-06	10-04-06	15-03-08	Active	NO
15	U74899DL1995PTC065095	FUTURISTIC ESTATES PRIVATE LIMITED	Director	14-07-07	14-07-07	27-03-09	Active	NO
16	U72300DL2005PTC136292	DAFFODIL IT SERVICES PRIVATE LIMITED	Director	28-07-07	28-07-07	15-10-10	Strike off	NO
17	U45400DL2007PTC167990	NORTH EAST INFRABUILD PRIVATE LIMITED	Director	11-09-07	11-09-07	-	Active	NO
18	U45400DL2007PTC167989	NORTH EAST INFRATECH PRIVATE LIMITED	Director	11-09-07	11-09-07	27-03-09	Active	NO
19	U74992DL2008PTC174786	FOURWOOD SECURITIES PRIVATE LIMITED	Director	29-02-08	29-02-08	-	Active	NO
20	U51109DL1992PTC106029	ARIHANT FLOUR MILLS PRIVATE LIMITED	Director	06-03-08	06-03-08	-	Active	NO

Name :

Mr. Sudhir Prakash

Designation :

Director

Address :

2/1/B, Bright Street, Kolkata-700019, West Bengal, India

Date of Birth/Age :

05.01.1949

Date of Appointment :

31.12.1993

Din No.:

00434020

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	L51226UR1918PLC000023	DTC INDIA LIMITED	Director	29-06-84	29-06-84	19-01-07	Active	NO
2	U29264WB1981PTC033347	PRECISION WARPS AND FLYERS PRIVATE LIMITED	Director	04-08-87	04-08-87	-	Active	NO
3	U15143AS1988PLC002863	SONITPUR SOLVEX LIMITED	Director	10-02-88	10-02-88	-	Active	NO
4	L01132KL1923PLC000415	HAILEYBURIA TEA ESTATES LIMITED	Director	11-06-88	11-06-88	-	Active	NO
5	L67020WB1979PLC031867	KANAK PROJECTS LIMITED	Director	01-11-88	01-11-88	-	Active	NO
6	U15142DL1990PTC208969	ARIHANT SOLVEX PRIVATE LIMITED	Director	22-12-90	22-12-90	11-07-07	Active	NO
7	U29299WB1983PLC036897	TECHNO FINANCE LIMITED	Director	16-08-92	16-08-92	-	Amalgamated	NO
8	U18101DL1993PTC221830	SM HERBALS PRIVATE LIMITED	Director	31-12-93	31-12-93	-	Active	NO
9	U01132WB1995PTC071477	DARSHANLAL ANAND PRAKASH AND SONS PRIVATE LIMITED	Director	12-05-95	12-05-95	-	Active	NO
10	L15491WB1964PLC026262	DLX LIMITED	Director	31-05-96	31-05-96	-	Active	NO
11	L01132AS1981PLC007309	SPBP TEA INDIA LIMITED	Director	07-03-98	07-03-98	30-04-10	Active	NO
12	L72200KA1995PLC025617	WEP SOLUTIONS LIMITED	Director	02-07-98	02-07-98	-	Active	NO
13	L65993WB1982PLC035298	R K COMMERCIAL LIMITED	Director	02-11-11	02-11-11	-	Active	NO

Name :

Mr. Aditya Vikram Rungta

Designation :

Director

Address :

9, Sarajini Naidu, 6^th Floor, Flat No. 22, Kolkata-700017, West Bengal, India

Date of Birth/Age :

14.04.1956

Date of Appointment :

27.05.2003

Din No.:

00456092

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29264WB1981PTC033347	PRECISION WARPS AND FLYERS PRIVATE LIMITED	Director	07-02-81	07-02-81	Active	NO
2	U51909WB1983PTC036601	VINIT ENTERPRISES(COMMERCE) PRIVATE LIMITED	Director	10-05-84	10-05-84	Strike off	NO
3	U67120WB1971PTC028170	A D INVESTMENT COMPANY PRIVATE LIMITED	Director	30-12-88	30-12-88	Active	NO
4	U67120WB1971PTC028172	T M INVESTMENT COMPANY PRIVATE LIMITED	Director	27-06-91	27-06-91	Active	NO
5	U70109WB1993PTC060878	DEVANSHI PROPERTIES AND CREDIT PRIVATE LIMITED	Director	01-12-93	01-12-93	Strike off	NO
6	U67110WB1995PTC068079	DEVANSHI FINVEST PRIVATE LIMITED	Director	06-02-95	06-02-95	Active	NO
7	L67020WB1979PLC031867	KANAK PROJECTS LIMITED	Director	09-10-00	09-10-00	Active	NO
8	U30009WB2001PTC093532	BARODA CARPETS PRIVATE LIMITED	Director	06-08-01	06-08-01	Active	NO
9	U18101DL1993PTC221830	SM HERBALS PRIVATE LIMITED	Director	27-05-03	27-05-03	Active	NO

Name :

Ms. Priti Bader

Designation :

Director

Address :

Mercantile Building, Main Road, Tezpur, Sonitpur-784001, Assam, India

Date of Birth/Age :

10.12.1952

Date of Appointment :

30.03.1998

Din No.:

00232962

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U15412DL1995PTC194285	NEZONE BISCUITS PRIVATE LIMITED	Director	24-08-95	24-08-95	Active	NO
2	U18101DL1993PTC221830	SM HERBALS PRIVATE LIMITED	Director	30-03-98	30-03-98	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Rajendra Kumar Bader	50035
Sudhir Prakash	1020
Chand Prakash Bader	37760
Priti Bader	22010
Poonam Prakash	1000
Ridhika Prakash	1000
Sidhani Prakash	1000
Darshan Lal Anand Prakash and Sons Private Limited, India	159760
Avni Bader	5000
Vimla Bader	12500
Techno Finance Limited, India	10000
Madhushree Rungta	12750
Shant Kumar Rungta	55000
Aditya Vikram Rungta	90000
Sita Devi Rungta	15000
Yunika Bader	33235
Master Samyak Bader	21500
Master Arjun Bader	29000
Run Bader	20000
Total	577570

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	29.22
Directors or relatives of directors	70.78
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Herbal Extracts and Phytochemicals.

GENERAL INFORMATION

Bankers :

• State Bank of Bikaner and Jaipur, Industrial Estate, Bhiwadi, Alwer, Rajasthan, India
• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai-400013, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Export Packing Credit HDFC	0.000	2.347
Total	0.000	2.347

Banking Relations :	--
Auditors :
Name :	Doogar and Associates Chartered Accountants
Address :	13, Community Centre, East of Kailash, New Delhi-110065, India
Pan No.:	AACFD8728L

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.10/- each	Rs.7.000 Millions
130000	Preferences Shares	Rs.100/- each	Rs.13.000 Millions
	Total		Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
577570	Equity Shares	Rs.10/- each	Rs.5.776 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		5.776	5.776	5.775
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		89.270	72.619	51.277
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		95.046	78.395	57.052
LOAN FUNDS
1] Secured Loans		0.000	2.347	18.201
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	2.347	18.201
DEFERRED TAX LIABILITIES		0.892	0.807	1.146
TOTAL		95.938	81.549	76.399
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		32.246	21.901	23.122
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		15.633	14.322	0.558
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.777	27.522	41.493
	Sundry Debtors	26.833	41.321	25.786
	Cash & Bank Balances	2.919	6.322	1.962
	Other Current Assets	0.427	0.311	0.362
	Loans & Advances	2.193	6.198	0.532
Total Current Assets		62.149	81.674	70.135
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		6.354	0.020
	Other Current Liabilities	13.296	29.256	17.363
	Provisions	0.794	0.738	0.033
Total Current Liabilities		14.090	36.348	17.416
Net Current Assets		48.059	45.326	52.719
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		95.938	81.549	76.399

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	228.216	393.060	215.063
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		32.278	34.501	18.802
Less	FINANCIAL EXPENSES		0.313	0.232	2.611
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		31.965	34.269	16.191
Less/ Add	DEPRECIATION/ AMORTISATION		2.102	2.408	2.097
	PROFIT BEFORE TAX		29.863	31.861	14.094
Less	TAX		9.844	10.520	5.042
	PROFIT AFTER TAX		20.019	21.341	9.052
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	128.165	180.451	202.066
	IMPORTS
		Raw Materials	94.568	179.626	135.205
	Earnings Per Share (Rs.)		34.66	36.95	15.67

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	13.09	8.10	6.55
Return on Total Assets (PBT/Total Assets}	(%)	31.64	30.76	15.11
Return on Investment (ROI) (PBT/Networth)		0.31	0.41	0.25
Debt Equity Ratio (Total Liability/Networth)		0.15	0.49	0.62
Current Ratio (Current Asset/Current Liability)		4.41	2.25	4.03

LOCAL AGENCY FURTHER INFORMATION

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10077108
Corporate identity number of the company	U18101DL1993PTC221830
Name of the company	SM HERBALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D-15, Defence Colony, 3^rd Floor, New Delhi-110024, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge Immovable Property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai-400013, Maharashtra, India
Email	rbbform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	a) Supplementary Letter of Hypothecation. b) Memorandum Recording past transaction of creation of mortgage by delivery of title deeds. (Collectively constitute a single charge for Rs. 34.265 Millions).
Date of instrument Creating the charge	08.11.2011
Amount secured by the charge	Rs.34.265 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment On Demand. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge (a) Hypo by way of First Charge on Company's Stock and Book Debts etc., to secure as a continuing security as stated, (b) The Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties as stated, as security for repayment of Rs.34.265 Millions, together with principal, interest, liquidated damages, costs, charges and expenses.
Short particulars of the property charged	Stock in Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties All the debts, that is, all the book debts, outstanding, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights which are now Factory Land and Building at A- 1132, RIICO Ind. Area, Phase - III, Bhiwadi - 301019 (Rajasthan).
Date of latest modification prior to the present modification	30.07.2011
Particulars of the present modification	The charge shall now stand increased from Rs. 27,886,776/- to Rs. 34,265,000/- in favour the Bank against the security of stocks and book debts and property situated at Factory Land and Building at A-1132, RIICO Ind. Area, Phase - III, Bhiwadi - 301019 (Rajasthan).

FIXED ASSETS:

• Building and Civil Construction
• Plant and Machinery
• Air Compressor
• Refrigerator
• Transformer
• Office Equipment
• Xerox Machine
• Furniture and Fixtures
• Vehicles
• Motor Cycle
• Cycle
• Mobile Handset
• Cooling Tower
• Air Conditioner
• Electric Pump
• Water Softener

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.53.21
UK Pound	1	Rs.83.32
Euro	1	Rs.69.51

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	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	NO
--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.