MIRA INFORM REPORT

Report Date :

22.02.2011

IDENTIFICATION DETAILS

Name :	NEW (INDIA) IMAGING INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot No. A/95, TTC Industrial Area, MIDC, Khairane, Thane Belapur Road, Navi Mumbai – 400705, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	25.10.2002
Com. Reg. No.:	11-137684
CIN No.: [Company Identification No.]	U22200MH2002PTC137684
IEC No.:	0302076760
TAN No.: [Tax Deduction & Collection Account No.]	MUMN09276B
PAN No.: [Permanent Account No.]	AABCN6581B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of Inkjet Media – “ Compu Color”, “Plus print” , Tracing Paper “Sihl Utoflex Gem”, Vinyl “Sihl Plus Print”, Solvent Media “Plus Print”, Cloth Banner, “Sihl”, Polyester Film “Folex” (they purchase raw material from international countries they do processing and sell them in India )

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 170000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a successor of old established Proprietory concern. Directors are experienced, respectable and resourceful businessmen. Their trade relations are fair. Financial position is good. Payments are 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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. Bharat Cheda
Designation :	Finance Manager
Contact No.:	91-9821023554
Date :	24.11.2010

LOCATIONS

Registered Office :	Plot No. A/95, TTC Industrial Area, MIDC Khalrane, Thane Belapur Road, Navi Mumbai - 400 705, Maharashtra, India
Tel. No.:	91-22-27782281 / 2 / 3 / 4 / 27780648/ 41510100
Mobile No.:	91-9821023554 (Mr. Bharat Cheda)
Fax No.:	91-22-27782285
E-Mail :	national@bom4.vsnl.net.in info@nationalind.com nationalind@vsnl.com haresh_joshi@hotmail.com bharat@newindiaind.com administration@newindiaind.com
Website :	http://www.nationalind.com http://www.newindiaind.com
Area :	20,000 sq. ft.
Location :	Owned
Factory :	Plot No. 128, 129, 130 Mustafa Bazar, Union Park Lane, Victoria Road, Mazgaon, Mumbai – 400 010, Maharashtra, India
Warehouse :	Indian Corporation Complex, Dapode Village, Unit No. 6,7, Building No. 39, Bhiwndi, Mumbai, Maharashtra, India
Area :	7000 Sq. ft
Location :	Rented
Branches :	Located At :- · Delhi · Kolkata, West Bengal · Hyderabad, Andhra Pradesh · Bangalore, Karnataka · Lucknow, Uttar Pradesh · Calcutta

DIRECTORS

(AS ON 30.09.2010)

Name :	Mr. Rajan Nanikram Vaswani
Designation :	Director
Address :	122-A, Sea Lord Apartment, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
Date of Birth/Age :	03.02.1962
Qualification :	MA
Date of Appointment :	25.10.2002
Name :	Ms. Sonia Rajan Vaswani
Designation :	Director
Address :	05.03.1964
Date of Birth/Age :	122-A, Sea Lord Apartment, Cuffe Parade, Mumbai – 400 005, Maharashtra,. India
Qualification :	BA
Date of Appointment :	25.10.2002

KEY EXECUTIVES

Name :	Mr. Bharat Cheda
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Rajan Nanikram Vaswani	85000
Sonia Rajan Vaswani	85000
Total	170000

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader, Exporter and Importer of Inkjet Media – “ Compu Color”, “Plus print” , Tracing Paper “Sihl Utoflex Gem”, Vinyl “Sihl Plus Print”, Solvent Media “Plus Print”, Cloth Banner, “Sihl”, Polyester Film “Folex”

(they purchase raw material from international countries they do processing and sell them in India )

Products :

Products Description	Item Code No.
Tracing Paper	1
Inkjet Paper	2
Plain Paper	3
PVC	4

· Utoplex Tracing Paper

· SIHL Traink Paper

· Compu Color

· Inject Paper

· Folex

· Inject Film

· Plus Print and Gen Plain Paper

· Conversation and Marketing of Paper and Film.

· Tracing Paper

· Inkjet Paper

· Plain Paper

· PVC

Agencies Held :

· SIHL Group, Germany

· Folex Film System, P. O. Box 608, CH-8010, Zurich, Switzerland

· Felix Scholler, Bung Gretesch, 49086 Osnabruck, Post Fach 3667, 49026 Osnabruck, Germany

· Folex AG

· Ziegler Paper AG, Post Fach, CH-4203, Grellingen, Switzerland

· Land Quart, Switzerland

· Speciality Toner Corporation

· Naisi Digital, China

· Schoelle R S Hammer, Germany

Exports :

Products :

· Tracing and Plotter Paper

· Inkjet Media

· Natural Transparent Paper

Countries :

· Bangladesh

· Switzerland

· Dubai

· Kenya

· Nigeria

· Sri lanka

Imports :

Products :

· Tracing Paper

· Ink Jet Paper

· Jumbo Paper Roll

· Inkjet Paper from

· Raw Materials

Countries :

· Switzerland

· Germany

· UK

· Korea

· Taiwan

· China

· Korea

Terms :

Selling :

L/C, Cash and Credit (30-60-90 days) Advance Payment

Purchasing :

L/C, Cash and Credit (60-90 days)

GENERAL INFORMATION

Suppliers :

· SIHL Group

· Felix Schoeller

· Zurich Paper Mill

· C. H. Java and Company

· Modi Xerox Limited

· Excel Tubes and Cones

· J. K. Packaging and Printing Works

· Jay Equipment and Systems Private Limited

· Jayshree Packaging

· Parksons Packaging Limited

· Delta Systems

· Delux Electric and Hardware Stores

· H. R. Joshi and Company

· Multitec Industries Private Limited

· Rama Krishna Engineers Private Limited

· Shrink Packaging Systems Private Limited

· Support Services

· Tidland Web Accessories Private Limited

· Crystal Enterprises

· Twenty First Century Printers Limited

· Packwell Combine

· Sushil Packaging

· United Wires and Plastics

· Shipra Packaging Private Limited

· Blue Dart Express limited

Customers :

· End Users, OEM’s and Distributors

Some of its’ major customers are :

· Akama Paper Private Limited

· Allied Photographics India Limited, Bangalore, Karnataka

· Allied Photographics India Limited, Mumbai, Maharashtra

· Allied Photographics India Limited, Chennai, Tamilnadu

· Allied Photographics India Limited, Hyderabad, Andhra Pradesh

· Allied Photographics India Limited, Kochi, Karala

· Allied Photographics India Limited, Kolkata, West Bengal

· Alpha Agencies

· Andhra Stationery Syndicate

· A-1 Computers

· Arihant International

· Arora Trade Services

· Asian Reprographics

· Asterisk Media India Private Limited

· Ayrton Agencies Private Limited

· Bharat Trading Company

· Bhaskar Art Centre

· B. M. Paper Agencies

· B. Sheth and Sons

· Chandmor Agencies

· Chemo Graphic Impex

· Computech India

· Dixit Trading Company

· Evergreen Syndicate

· Express Stationery Mart

· Fab R. Signs

· Chandmor Agencies

· Hyderabad Reprographics Private Limited

· Imaging Technologies Inc.

· Plus Consumables

· Sheth Brothers, Kolkata, West Bengal

· Sprint Papers (Private) Limited

· Technova Imaging Systems Limited

· The Exclusive

No. of Employees :

45 (Approximately)

Bankers :

· ABN Amro Bank

· ICICI Bank

· Bank of Baroda, Cuffe Parade Branch, G D Somani School Building, G D Somani School Marg, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Facilities :

Secured Loan	31.03.2010	31.03.2009
	(Rs. In millions)
Bank of Baroda Term Loan Account (Secured Against hypothecation of Vehicles)	0.162	0.774
Bank of Baroda CC amount 10043 (secured against Hypothecation of Sundry Debtors and Stock)	18.205	14.574
Kotak Mahindra Car Loan Honda Civic (Secured against hypothecation of Motor Car)	--	0.181
Total	18.367	15.529
(Rs. In millions)
Unsecured Loan	31.03.2010	31.03.2009
From Directors and Shareholders	14.000	14.000
Total	14.000	14.000

Banking Relations :	--
Auditors :
Name :	H. R. Joshi and Company Chartered Accountants
Address :	43/45, Ganesh Bhuvan, 1^st Floor, 2^nd Marine Street, Mumbai – 400002, Maharashtra, India
Memberships :	· Indo American Society · Indo Swiss Society · Indo German Chamber of Commerce

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- Each	Rs.2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
170000	Equity Shares	Rs.10/- Each	Rs.1.700 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		1.700	1.700	1.700
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		41.856	29.718	23.313
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		43.556	31.418	25.013
LOAN FUNDS
1] Secured Loans		18.367	15.528	10.266
2] Unsecured Loans		14.000	14.000	10.400
TOTAL BORROWING		32.367	29.528	20.666
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		75.923	60.946	45.679
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.858	12.233	13.082
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.022	19.911	27.585
	Sundry Debtors	29.897	36.543	16.816
	Cash & Bank Balances	8.302	0.720	0.213
	Other Current Assets	3.659	3.865	2.267
	Loans & Advances	18.411	15.558	3.793
Total Current Assets		89.291	76.597	50.674
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	13.027	16.614	9.875
	Other Current Liabilities	2.021	1.517	2.052
	Provisions	10.178	9.753	6.150
Total Current Liabilities		25.226	27.884	18.077
Net Current Assets		64.065	48.713	32.597
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		75.923	60.946	45.679

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	268.107	232.231	251.497
		Other Income	11.811	7.853	0.360
		TOTAL (A)	279.918	240.084	251.857
Less	EXPENSES
		Cost of Goods Sold	218.354	189.967	189.819
		Cost of Packing Material Consumed	12.890	10.660	14.344
		Manufacturing Expenses	6.684	10.464	8.335
		Office & Administrative Expenses	15.572	12.313	11.198
		Selling & Distribution Expenses	1.726	1.047	0.000
		Preliminary Expenses W/off	0.000	0.000	0.013
		Other Expenditure	0.000	0.000	2.808
		TOTAL (B)	255.226	224.451	226.517
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		24.692	15.633	25.340
Less	FINANCIAL EXPENSES (D)		3.536	3.378	2.335
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		21.156	12.255	23.005
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.000	2.247	5.255
	PROFIT BEFORE TAX (E-F) (G)		19.156	10.008	17.750
Less	TAX (H)		6.575	3.603	6.150
	PROFIT AFTER TAX (G-H) (I)		12.581	6.405	11.600
Add	BALANCE B/F		28.918	22.513	NA
Less	INCOME TAX (EARLIER YEAR)		0.443	0.000	NA
	Balance carried to Balance Sheet		41.056	28.918	NA
	Earnings Per Share (Rs.)		74.01	37.68	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.49	2.67	4.61
Net Profit Margin (PBT/Sales)	(%)	7.14	4.31	7.06
Return on Total Assets (PBT/Total Assets}	(%)	18.94	11.27	27.84
Return on Investment (ROI) (PBT/Networth)		0.44	0.32	0.71
Debt Equity Ratio (Total Liability/Networth)		1.32	0.89	0.72
Current Ratio (Current Asset/Current Liability)		3.54	2.75	2.80

LOCAL AGENCY FURTHER INFORMATION

STATE OF THE AFFAIRS OF THE COMPANY:

The company has made a profit of Rs.12.581 Million for the financial year ended 31^st March 2010 as against a net profit of Rs.6.405 Millions for the financial year ended 31^st March 2009.

TRADE REFERENCES

· Comart Lithographers Limited

· TAL Manufacturing solutions Limited

· P V Media Vision Private Limited

FORM NO. 8

Name of the company

NEW (INDIA) IMAGING INDUSTRIES PRIVATE LIMITED

Presented By

Bank of Baroda, Cuffe Parade Branch, Mumbai – 400 005

1) Date and description of instrument creating the change

Composite hypothecation agreement dated 17.07.2003.

Registered on 07.08.2003 under document No.7

2) Amount secured by the charge/amount owing on the securities of charge

RS.10.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

The whole of borrower’s stocks both present and future and including but without prejudice to the generality of the forging words all stocks of raw materials, work in process, semi finished goods and finished goods such as various types of papers etc. packing materials and stores etc. whatsoever and wheresoever situate and/or in transit whether now belonging to or that may at any time during the continuance of this security belong t the borrower or that may be held by any party anywhere to the order and disposition or the borrower and

All the present and future book debts outstanding, monies receivable, claims, bills, now due and owing or which may at any tie hereafter during the continuance of this security become due and owing to the borrower in the course of its business by any person, firm, company or body corporate or by the Government of India or ay State Government or Indian Railways or any Government Department or Office or any Municipal or local or public or semi government body or authority whatever including those relating to the assets leased out and/or godown on hire purchase basis and

All the tangible movable machinery and plant and cranes, boats and crafts and the vehicles of the borrower together with spares, tools and future and the furniture fixtures and fittings and office equipments whether installed or nor and whether lying loose or in cases which are now lying or stored n or about or shall be brought into or be stored or be in or on or about the borrower’s premises and godowns or whatever else the same may be or be held by any party to the order or disposition of the borrower (including those on lease or ire purchase) relating or pertaining to the borrower’s works at Navi Mumbai etc.

4) Gist of the terms and conditions and extent and operation of the charge.

The charge is created to secure the following credit facilities together with interest/ commission and margin as stated below :

Nature of Facility	Interest/ Commission	Margin
Term Loan Rs.2.500 millions	TPLR+2%	30% on machinery
Cash Credit Rs.7.500 millions	STPLR II+2%	25% on stocks
Inland Guarantee Rs.0.500 million	2% for pref. 3% for fin.+Rs.150/- subject to change as per RBI/Bank’s Guidelines.	40% on Book debts

5) Name and Address and description of the person entitled to the charge.

Bank Of Baroda

Cuffe Parade Branch, Mumbai – 400 005, Maharashtra, India

6) Date and brief description of instrument modifying the charge

Composite hypothecation agreement dated 12.05.2005

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The charge is increased by Rs.5.000 millions i.e. increased from Rs.10.500 millions to Rs.15.5000 millions to secure the following additional credit facilities together with interest/commission and margin as stated below:

Nature of Facility	Interest/Commission	Margin
Cash Credit Rs.2.500 millions	BPLR 0.25%	Stocks 25% Book Debts 40% Machinery 30%
Import Letter of Credit Rs.2.500 millions	As per Bank’s rules

Corporate identity number of the company	U22200MH2002PTC137684
Name of the company	NEW (INDIA) IMAGING INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.A/95, TTC Industrial Area, MIDC, Khairane, Thane Belapur Road, Navi Mumbai - 400 705, Maharashtra, India haresh_joshi@hotmail.com
This form is for	Modification of charge
Type of charge	· Immovable Property · Any Interests in Immovable Property
Particular of charge holder	Bank of Baroda Cuffe Parade Branch, G D Somani School Building, G D Somani School Marg, Cuffe Parade, Mumbai – 400 005, Maharashtra, India shirishshetye@gmail.com
Nature of instrument creating charge	Fifth Supplemental Memorandum of Deposit of Title Deeds.
Date of instrument Creating the charge	08.03.2010
Amount secured by the charge	Rs.35.820 millions
Brief of the principal terms an conditions and extent and operation of the charge	· Rate of interest Interest to be charged as per sanction/review of the account from time to time. · Terms of repayment --- · Margin --- · Extent and operation of the charge The charge is modified to secure the due repayment, discharge and redemption by the company to Bank for Cash Credit (Hypothecation of Stock and Book Debts) - Rs.20.000 Millions, Car Loan - Rs.0.320 Millions, Import Letter of Credit (DP/DA 60 days Usance) - Rs.10.000 Millions, Bank Guarantee - Rs.0.500 Millions and Packing Credit cum FBP/UFBP (90 days) - Rs.5.000 Millions [with Sub-Limit : Packing Credit (90 days)- Rs.3.500 Millions], aggregating to Rs.35.820 Millions together with interest, compound interest and /or addl. interest, further interest, etc..
Particulars of the property charged	Company's immovable property being Plot No.A/95 admeasuring 1656 sq. mtrs. in Trans Thane Creek Industrial Area of MIDC, Village - Khairane, Navi Mumbai, Taluka and District Thane, together with factory Building and Structures standing thereon with fixed Plant and Machinery, erected or to be erected in future.
Particulars of the Present Modification	The charge is increased upto Rs.35.820 Millions to cover Cash Credit (Hypothecation of Stock and Book Debts) - Rs.20.000 Millions (Review), Car Loan - Rs.0.320 Millions (Review), Import Letter of Credit (DP/DA 60 days Usance) - Rs.10.000 Millions (Increased from Rs.5.000 Millions), Bank Guarantee - Rs.0.500 Million (Review) and Packing Credit cum FBP/UFBP (90 days) - Rs.5.000 Millions (Fresh) [with Sub-Limit: Packing Credit (90 days) - Rs.3.500 Millions].

FIXED ASSETS

· Land and Building

· Air Conditioner

· Electrical Installation

· Office Equipments

· Plant and Machinery

· Computers

· Vehicle

· Furniture and Fixtures

· Generator Machine

WEBSITE DETAILS:

PROFILE:

New (India) Imaging Industries, original know as “National Industries was incorporated in the year 1979. Since then it has been dedicated in the field of Transparent Papers close to over Three Decades associated with World Leaders-Sihl-Switzerland. Since 1972 Company is one of the kind company that has been converter of tracing paper and allied products maintaining strict criteria of quality control for the conversion of specialty media in sheets and rolls and engaged in the distribution of its product Pan India through its distributor network present all over India. Special care is taken in packaging of products to make it more attractive and affordable as per international standard.

With the ushering in of the new millennium the indications are clear that the future belong to the Digital Imaging. With over three decades of existing leadership company has expanded and diversified in media for large format and small format digital printing applications, special products for engineering office etc. Company is prepared for the future.

BUSINESS PARTNERS

Company has tie-ups with world leaders like Sihl-Switzerland, Felix Schoeller- Germany, who have recognised the immense potential of the country and are eying to get a head start, company being the pioneer and the market leader since past 3 decades in introducing new technologies is their preferred partner to market their products in India.

Subject has anticipated future challenges positively and have linked up their growth plans energetically in liaison with their principals in the area of new developments of future technology and the changing requirements of the market. The know-how the vast experience and the results of research and development are concentrated and applied objectively in the product which are renowned for the very highest characteristics, All this is immediately brought down to India by Company.

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 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.45.11
UK Pound	1	Rs.73.25
Euro	1	Rs.61.70

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		53

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.