MIRA INFORM REPORT

Report Date :

15.01.2011

IDENTIFICATION DETAILS

Name :	ANSHUL SPECIALITY MOLECULES LIMITED

Formerly Known As :	ANSHUL CHEMICALS LTD

Registered Office :	13, Aradhana Industrial, Development Corporation, Near Virwani Industrial Estate, Goregaon (East), Mumbai- 400063, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	05.10.1971

Com. Reg. No.:	11-015364

CIN No.: [Company Identification No.]	U24100MH1971PLC015364

Legal Form :	A closely held Public Limited Liability Company

Line of Business :	Manufacturer of pharma intermediates and perfumery chemicals.

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 240000

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 good for normal 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

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. Prajapati
Designation :	Accounts Manager
Date :	14.01.2011

LOCATIONS

Registered Office :	13, Aradhana Industrial, Development Corporation, Near Virwani Industrial Estate, Goregaon (East), Mumbai- 400063, Maharashtra, India
Tel No.:	91-22-28721480/ 81/ 82/ 83/ 84/ 85
Fax No.:	91-22-28721486
E-Mail :	anshul@mtnl.net.in
Website :	www.anshulchemicals.com www.anshulspecialtymolecules.com
Area :	1500Sq.ft.
Location :	Owned

Factory :	Excel Estate, S V Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India
Tel. No.:	91-22-28724091
Fax No.:	91-22-28746932
E-Mail :	anshul@mtnl.net.in

DIRECTORS

As on 09.09.2010

Name :	Mrs. Usha Ashwin Shroff
Designation :	Director
Address :	B -15, Vasant Theosophical Society Juhu Road, Juhu, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	28.03.1947
Date of Appointment :	24.11.1979
E-Mail:	uashroff@hotmail.com
CIN No:	00020519

Name :	Mr. Bahadur Vrajlal Gandhi
Designation :	Director
Address :	15/204, Indradarshan Phase II, Oshiwara, Andheri (West), Mumbai – 400 053, Maharashtra, India
Date of Birth/Age :	18.11.1948
Date of Appointment :	30.08.1984
E-Mail:	bvgandhi@excelind.com
CIN No:	00074390

Name :	Mr. Vipin Keshavlal Doshi
Designation :	Director
Address :	A – 203, Pushp Heritage Mahavir Nagar, Kandivli (West), Mumbai – 400 067, Maharashtra, India
Date of Birth/Age :	21.10.1948
Date of Appointment :	30.08.1984
E-Mail:	vdoshi@excelind.com
CIN No:	00167880

Name :	Mr. Ashok Veljee Isharani
Designation :	Director
Address :	312, Laxmichand House Telang Road, Matunga, Mumbai – 400 019, Maharashtra, India
Date of Birth/Age :	14.08.1944
Date of Appointment :	23.04.2002
E-Mail:	ashok@anshulindia.com
CIN No:	00037946

Name :	Mr. Jagdish Ramanlal Naik
Designation :	Director
Address :	6 Padma, S V Road, Vile Parle (West), Mumbai – 400 056, Maharashtra, India
Date of Birth/Age :	23.09.1958
Date of Appointment :	21.07.2006
E-Mail:	jagdish@excelind.com
Other Directorship :	Excel Crop Care Limited CIN: L74999MH1964PLC012878 Punjab Chemicals and Corp Protection Limited CIN: L24231CH1975PLC003603 Acrysil Limited CIN: U26914MH1987PLC042283 Agrocel Industrial Limited CIN: U24210GJ1985PLC007569 Utkarsh Chemicals Private Limited CIN: U24100MH1980PTC022574 Divakar Chemicals Limited CIN: U24230MH1991PTC063555 Good Rasayan Limited CIN: U24110MH1995PLC092429
Other Proprietorship:	Naik J R and Company Address: 6, Padma, S.V. Road, Vile Parle (West), Mumbai-400056, Maharashtra, India
CIN No:	00030172

Name :	Mr. Ravi Ashwin Shroff
Designation :	Additional Director
Address :	B – 15 Vasanta Theosophical Society, Juhu Tara Road, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	05.02.1978
Date of Appointment :	20.04.2008
CIN No:	00033505

KEY EXECUTIVES

Name :	Mr. Prajapati
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 09.09.2010

Names of Shareholders	No. of Preference Shares	No. of Equity Shares
Ashwin Shroff Usha Shroff	17745	8936
Usha Shroff Ashwin Shroff	4755	5746
Snehalata Shroff Ashwin Shroff Usha Shroff	--	2500
Ashwin Shroff Usha Shroff Ravi Shroff Hrishit Shroff	--	150
Hrishit Shroff Ashwin Shroff Usha Shroff	--	3810
Utkarsh Chemicals Private Limited	--	2633
Harijash Investments Private Limited	--	3150
Brihat Investments Private Limited	--	375
Ashwin Shroff Ashok Isharani Ravi Shroff	--	10
Ravi Shroff Usha Shroff Ashwin Shroff	--	3810
Anshul Bhatia Amrish Bhatia Usha Shroff	--	935
Total	22500	32055

As On (30.09.2010)

Equity Share Breakup (Percentage of Total Equity):-

Category	Percentage
Bodies Corporate	19.00
Directors or relative of directors	81.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of pharma intermediates and perfumery chemicals.

Products :

ITC Code	Product Description
2903.19.09	Hexachloroethane
2922.50.04	Methyl Anthranilate
2905.90.00	Oxalyl Chloride

Exports :

Products :

Lawessin’s Reagent, Non Dangerous Chemicals

Countries :

United Kingdom
Singapore
Switzerland
Korea
Spain
Belgium
USA
Canada

Imports :

Products :

Perchloroethylene

Steel Drum

Countries :

Spain
United Kingdom
Germany
Korea

Terms :

Selling :

L/C, Cash, Credit (30 days / 60 days / 90 days)

Purchasing :

L/C, Cash, Credit (30 days / 60 days / 90 days)

PRODUCTION STATUS

AS On : 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production *
Hexachloroethane	Kgs	1500000	972000	710650
Lawessin’s Reagent	Kgs	18000	18000	1305
Oxalyl Chloride	Kgs	312000	252000	94568
Isatoic Anhydride	Kgs	75000	510000	393772@
Methyl Anthranilate	Kgs	300000	612000	357526
Chloromethyl Isopropy Carbonate	Kgs	--	96000	49145
Dimethyl Anthranilate	Kgs	60000	30000	4820
Freshness Flavour Booster WS3 DQ (AF)	Kgs	--	25000	2700
Framidice	Kgs	--	12000	--
Para Fluoro Thiophenol	Kgs	--	18000	2189

Note :

(a) Installed Capacity is as certified by a Director on which the Auditors have relied, being a technical matter.

(b) Licensed capacity includes capacity as acknowledged by the Directorate General of Technical Development Secretarial for Industrial Approvals.

(d) @ Production includes 379310 kgs used for captive consumption.

GENERAL INFORMATION

Customers :

End Users
OEM’s

No. of Employees :

300 (Approximately)

Bankers :

Bank of India

Address 1 : 28 Swami Vivekanand Road, Andheri (West), Mumbai – 400 058, Maharashtra, India

Address 2 : Andheri (West) Branch MDI Building, S V Road, Andheri (West), Mumbai – 400 058, Maharashtra, India

Facilities:

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Banks:
On Cash Credit Accounts	23.540	16.223
Total	23.540	16.223
Notes: Loans from Banks on Cash Credit Accounts are secured by hypothecation of stocks of raw materials, finished goods, goods-in-process, stores and book debts of the company and are further secured by pledge of 27500 (Previous year: 27500) Equity Shares of Rs. 5/- each fully paid-up of Excel Industries Limited and 27500 (Previous year : 27500) Equity Shares of Rs. 5/- each fully paid-up of Excel Corporation Care Limited as collateral security. Loans referred to above are also secured by equitable mortgage of land and existing factory building and hypothecation of the existing plant and machinery, furniture and fixtures, equipments and electrical installations of factory, situated at Plot Nos. 108, 109 and 110 MIDC Industrial Area, Dhatav, Roha and is guaranteed by Smt. Usha A Shroff, a Director of the company and Mr. A C Shroff in their individual capacities.
Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Fixed Deposits (Repayable within one year Rs. 0.500 Million Previous year Rs. 0.480 Million)	9.950	6.325
Short Term Loans (Repayable within one year Rs. 250.802 Millions previous year Rs. 265.131 Millions)	249.475	263.375
Total	259.425	269.700
Note: Short Term Loans including interest free loan received form a Director of the company. Rs. 55.500 Millions

Bank of India,

Cash Credit Limit : Rs.23.000 millions

Banking Relations :	Satisfactory

Auditors :
Name :	S V Ghatalia and Associates Chartered Accountants
Address :	Medows House., 2^nd Floor, Nagindas Master Road, Fort, Mumbai – 400 023, Maharashtra, India
Tel No.:	91-22-40021011 / 22651011 / 66341011
Fax No.:	91-22-22654105
E Mail :	svgakrk@svga.in
Pan No.:	AACFS6921Q

Associates :	Good Rasayan Limited

Subsidiaries :	Anshul Agencies Brihat Investment Private Limited Divarkar Chemicals Limited Excel Industries Limited Agricel Industries Limited Transpek Industry Limited TML Industries Limited Utkarsh Chemicals Private Limited Kutch Corporation Care Limited Harjash Investments Private Limited Jaichemie C. C. Shroff Research Institute.

CAPITAL STRUCTURE

(As on 31.03.2010):-

Authorised Capital :

No. of Shares	Type	Value	Amount
47500	Equity Shares	Rs.100/- each	Rs.4.750 millions
22500	Preference Shares	Rs.100/- each	Rs.2.250 millions
		Total	Rs.7.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32055	Equity Shares	Rs.100/- each	Rs.3.206 millions
22500	Preference Shares	Rs.100/- each	Rs.2.250 millions
		Total	Rs.5.456 millions

Notes:

Out of the above, 11222 (Previous year : 11222) equity Shares have been allotted as fully paid-up, without payment being received in cash, pursuant to a scheme of amalgamation sanctioned by the Hon’ble High Court of Bombay.
Out of the above, 5000 (Previous year : 5000) 2% Non-Cumulative Redeemable Preference Shares are redeemable at par, at any time, at the option of the company by giving 48 hours’ notice but not later than 31^st May, 2018 and the balance 17500 (Previous year : 17500) 2% Non-Cumulative Redeemable Preferences Shares are redeemable at par, at any time at the option of the company by giving 48 hours’ notice but not later than 7^th March, 2021

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		5.456	5.456	5.456
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		55.947	37.542	20.840
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		61.403	42.998	26.296
LOAN FUNDS
1] Secured Loans		23.540	16.223	8.794
2] Unsecured Loans		259.425	269.700	269.615
TOTAL BORROWING		282.965	285.923	278.409
DEFERRED TAX LIABILITIES		3.559	0.000	0.000

TOTAL		347.927	328.921	304.705

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		76.150	66.547	57.452
Capital work-in-progress		0.503	4.136	0.424

INVESTMENT		206.833	206.833	206.833
DEFERREX TAX ASSETS		0.000	0.000	1.043

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	27.894	31.704	17.038
	Sundry Debtors	65.150	40.642	40.182
	Cash & Bank Balances	4.055	1.595	2.391
	Other Current Assets	0.053	0.039	0.054
	Loans & Advances	20.137	15.289	11.614
Total Current Assets		117.289	89.269	71.279
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.770	17.469	13.286
	Other Current Liabilities	6.343	7.141	8.662
	Provisions	21.735	13.254	10.378
Total Current Liabilities		52.848	37.864	32.326
Net Current Assets		64.441	51.405	38.953

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		347.927	328.921	304.705

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	236.458	188.405	152.060
		Other Income form Operations	1.747	1.380	2.590
		Other Income	4.833	5.596	4.248
		TOTAL (A)	243.038	195.381	158.898

Less	EXPENSES
		Manufacturing and Other Expenses	189.227	180.446	140.522
		Increase/ Decrease in Stock	8.155	[14.951]	[0.123]
		Excess/ Short Provision	0.007	[0.021]	[2.370]
		TOTAL (B)	197.389	165.474	138.029

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		45.649	29.906	20.869

Less	FINANCIAL EXPENSES/ INTEREST (D)		3.602	3.772	6.909

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		42.047	26.134	13.960

Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.585	8.209	7.124

	PROFIT BEFORE TAX (E-F) (G)		32.462	17.925	6.836

Less	TAX (H)		14.060	1.200	[0.618]

	PROFIT AFTER TAX (G-H) (I)		18.402	16.725	7.454

	EARNINGS IN FOREIGN CURRENCY		111.359	125.711	NA

	IMPORTS
	Raw Materials		35.561	31.949	NA
	Capital Goods		1.295	0.000	NA
	TOTAL IMPORTS		36.856	31.949	NA

	Earnings Per Share (Rs.)		337.31	243.91	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.57	8.56	4.61

Net Profit Margin (PBT/Sales)	(%)	13.73	9.51	4.48

Return on Total Assets (PBT/Total Assets}	(%)	16.78	11.50	5.31

Return on Investment (ROI) (PBT/Networth)		0.53	0.42	0.26

Debt Equity Ratio (Total Liability/Networth)		5.47	7.53	1.09

Current Ratio (Current Asset/Current Liability)		2.22	2.36	2.48

LOCAL AGENCY FURTHER INFORMATION

NOTES:-

The registered office of the company has been shifted from Ram House, 1^st Floor 4, Gaiwadi Industrial Estate, S V Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India to the present address w. e. f. 01.07.2009

SUNDRY CREDITORS DETAILS :

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
Total outstanding dues of creditors other than Micro Enterprises and Small Enterprises	24.770	17.469	13.286

Total	24.770	17.469	13.286

OPERATIONS

During the year the company’s Sales have been registered at Rs.236.458 millions as against Rs.1884.405 millions, registering a growth of 25.51%. the company’s exports decreased from Rs.125.711 millions to Rs.111.359 millions registering a decline of 11%. During the year, the company had a profit before tax of Rs. 32.462 millions compared to Rs.17.925 millions in the previous year, and had a profit after tax of Rs.18.402 millions compared to Rs.16.725 millions in the previous year.

TRADE REFERENCE :

Nimesh Industries, Borivali
Labguard India Private Limited

FORM 8

Corporate identity number of the company	U24100MH1971PLC015364
Name of the company	ANSHUL SPECIALITY MOLECULES LIMITED
Address of the registered office or of the principal place of business in India of the company	13, Aradhana Industrial, Development Corporation, Near Virwani Industrial Estate, Goregaon (East), Mumbai- 400063, Maharashtra, India
This form is for	Modification of Charge
Charge identification number of the charge to be modified	90164523
Type of charge	Book Debts Movable Property
Particular of charge holder	Bank of India, 28 Swami Vivekanand Road, Andheri (West), Mumbai – 400 058, Maharashtra, India
Nature of instrument creating charge	Supplemental Deed of Hypothecation
Date of instrument Creating the charge	04.05.2010
Amount secured by the charge	Rs. 29.840 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC (St. and BD) : 3.25% OBPLR presently 14.50% p.a. with monthly rests, EPC, FBN/FBP/FBD, I/F L/C DP DA 90 Days, G’tee (I): As per extent guidelines or at such other rate/s of interest as may be notified by the bank. Terms of Repayment On Demand Margin 25% against RM Imp. 30% against Indg. RM 35% against goods in process and finished goods, 40% against book debts outstanding of 2 or 3 months or as specified by the bank from time to time Extent and Operation of the charge Security in favour of Bank as first charge for due payment of all monies including principal sums/ interest/ commission, costs, charges and expenses and all other moneys, whatsoever due owing and payable by borrower to bank under on in respect of or in connect ion with or in anywise concerning or relating to said facilities agreed to be granted and / or granted by Bank to borrower as aforesaid and Also for due repayment of all present and future indebtedness and liabilities of borrower and continues in others Others *Bank of any kind in any manner whether solely or jointly, primary or collateral, accrued or accruing with all relatives interest/ commission, charges, costs and expenses. Revised Facilities and Limits (Rs. In Millions) A) FB 1) CC (Stocks) : Rs. 8.000 Millions 2) EPC: Rs. 4.000 Millions Max ( 1 and 2) Rs. 8.000 Millions 3) CC Book Debts Rs. 12.000 Millions 4) FBP/FBN/ FBD 90 Days Rs. 8.000 Millions Max ( 3 and 4) Rs. 12.000 Millions Sub Total (A) Rs. 20.000 Millions B) NFB: 1) I/F L/C DP DA 90 Days Rs. 9.000 Millions 2) Inland G’tee Rs. 0.840 Million Sub Total (B) Rs. 9.840 Millions Aggregate Limits Rs 29.840 Millions
Short particulars of the property charged	A) All tangible movable machineries and plant both present and future at Roha or wherever else b) All tangible movable properties and assets of whatsoever nature of the borrower (both present and future) where so ever situate at Dhatav (Roha) or wherever else c) All present and future book debts outstanding, money receivables, claims, bills which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the borrower. Details as per supplemental deed.
Particulars of the present modification	1^st Modification, The principal amount of charge on the hypothecated assets is increased form Rs. 26.000 Millions to Rs. 29.840 Millions. Revised Facilities and Limits (Rs. In Millions) A) FB 1) CC (Stocks) Rs. 8.000 Millions 2) EPC : Rs. 4.000 Millions Max ( 1 and 2) Rs. 8.000 Millions 3) CC Book Debts Rs. 12.000 Millions 4) FBP/FBN/FBD 90 Days: Rs. 8.000 Millions Max (3 and 4) Rs. 12.000 Millions Sub Total (A) Rs. 20.000 Millions B) BFB: 1) I/F L/C DP DA 90 Days Rs. 9.000 Millions 2) Inland G’tee Rs. 0.840 Millions Sub Total (B) Rs. 9.840 Millions Aggregate Limits Rs. 29.840 Millions

Fixed Assets

Freehold Land
Leasehold Land
Building
Plant and Machinery
Furniture and Fixture and Office Equipments
Vehicles

WEBSITE DETAILS:-

Anshul means's a ray of the sun' and true to its name Anshul Specialty Molecules Limited. is beacon shining forth with the brilliance that can only come from the 'Sun'. This ray emerged in 1981 and has earned its radiance in the expertise of photo chlorination.

Subject is promoted by the visionary Shroff Family, that has a chemical stronghold not only on Indian Shores but the world over. With more that five decades of chemical excellence 'EXCEL' Industries Ltd, the True Head of the group, with a single unifying mission to place India on the chemical map of the world' has tamed the most hazardous chemicals into matter-of-fact process.

Subject is carrying on the 'EXCEL' tradition of tramping the hazardous processes to make specialty chemicals. These products support production of various bulk pharmaceuticals and pesticides in India and abroad. Their products are having wide range of applications from defense to perfumery

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.45.30
UK Pound	1	Rs.71.73
Euro	1	Rs.60.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.

MIRA INFORM REPORT

27.894

31.704

17.038

65.150

40.642

40.182

4.055

1.595

2.391

0.053

0.039

0.054

20.137

15.289

11.614

117.289

89.269

71.279

24.770

17.469

13.286

6.343

7.141

8.662

21.735

13.254

10.378

52.848

37.864

32.326

64.441

51.405

38.953

7.57

8.56

4.61

13.73

9.51

4.48

16.78

11.50

5.31

0.53

0.42

0.26

5.47

7.53

1.09

2.22

2.36

2.48

Unit