MIRA INFORM REPORT

Report Date :

20.05.2011

Note : “GODREJ HOUSEHOLD PRODUCTS LIMITED” has been amalgamated with “GODREJ CONSUMER PRODUCTS LIMITED”

IDENTIFICATION DETAILS

Name :	GODREJ CONSUMER PRODUCTS LIMITED GODREJ HOUSEHOLD PRODUCTS LIMITED AMALGAMATED WITH GODREJ CONSUMER PRODUCTS LIMITED

Registered Office :	Pirojsha Nagar, Eastern Express Highway, Vikhroli (East), Mumbai – 400079, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	29.11.2000

Com. Reg. No.:	129806

Capital Investment / Paid-up Capital :	Rs.308.190 Millions

CIN No.: [Company Identification No.]	L24246MH2000PLC129806

Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.

Line of Business :	Manufacturer and Supplier of Consumer Products.

No. of Employees :	Information not divulged by the management.

RATING & COMMENTS

MIRA’s Rating :

A (66)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 33100000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Their trade relations are reported as fair. Payments are reported to be regular and as per commitments. The company can be considered good for any 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.

INFORMATION DENIED BY

Name :	Mr. Raju
Designation :	Finance Department
Date :	18.05.2011

LOCATIONS

Registered Office :	Pirojsha Nagar, Eastern Express Highway, Vikhroli (East), Mumbai – 400 079, Maharashtra, India.
Tel. No.:	91-022-25188010/ 25188020/ 25188030
Fax No.:	91-022-25188040
E-Mail :	investor.relations@godrejcp.com
Website :	www.godrejcp.com

Factory 1 :	U - 30, Industrial Area, Malanpur, District : Bhind, Madhya Pradesh, 477116
Tel. No.:	91-07539 - 83113, 83419
Fax No.:	91-07539 – 283421

Factory 2 :	Shed No.9 - 12, Byelane 1, Bamunimaidan Industrial Estate, Guwahati - 781021, Assam
Tel. No.:	91-(0361) 2653 437, 2654 186
Fax No.:	91-(0361) 2653597

Factory 3 :	Plot Nos 85-88, EPIP, Phase-II, Village Thana, Tehsil Nalagarh, District Solan, Himachal Pradesh – 173205
Tel. No.:	91-01795-274298, 274235
Fax No.:	91-01795-274233

Branches

Delhi Office :	4th Floor, Delite Theatre Bldg, 4/1 Asaf Ali Road, New Delhi – 110002
Tel. No.:	91-: 011 - 23261066/ 77/99
Fax No.:	91-011 - 23261088

Kolkata Office:	Block G.N, Sector V, Salt Lake City, Kolkata – 700091
Tel. No.:	91-033 - 2357 3556/3944/5688/0081
Fax No.:	91-033 - 23573945

Chennai Office:	New No 102 (old No 81) Chamiers Road, Chennai-600 028
Tel. No.:	91-044-24315792 to 24315794
Fax No.:	91-044-24315796

DIRECTORS

Name :	Mrs. Rama Bijapurkar
Designation :	Director

Name :	Mr. D. Shivkumar
Designation :	Director

Name :	Mr. Bharat Doshi
Designation :	Director

Name :	Mr. Nadir Godrej
Designation :	Director

Name :	Mr. Hoshedar Press
Designation :	Director

Name :	Mr. Adi Godrej
Designation :	Chairman

Name :	Mr. Jamshyd Godrej
Designation :	Director

Name :	Mr. Aman Mehta
Designation :	Director

Name :	Mr. A. Mahendran
Designation :	Managing Director

Name :	Dr. Omkar Goswami
Designation :	Director

Name :	Mr. Dalip Sehgal
Designation :	Director

Name :	Mr. Bala Balachandran
Designation :	Director

KEY EXECUTIVES

Name :	Mr. P. Ganesh
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2011

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	20,479,739	6.33
Bodies Corporate	197,221,435	60.95
Sub Total	217,701,174	67.28
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	217,701,174	67.28
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	4,197,236	1.30
Financial Institutions / Banks	687,598	0.21
Insurance Companies	581,705	0.18
Foreign Institutional Investors	63,034,077	19.48
Sub Total	68,500,616	21.17
(2) Non-Institutions
Bodies Corporate	14,730,397	4.55
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	20,211,053	6.25
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2,446,904	0.76
Sub Total	37,388,354	11.55
Total Public shareholding (B)	105,888,970	32.72
Total (A)+(B)	323,590,144	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	323,590,144	-

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Consumer Products.

Products :

Particulars	ITC Code
Soaps	34.01
Cosmetics	33.07
Detergents	34.02

PRODUCTION STATUS As on 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Soaps	M.T.	NA	159000	92290
Hair Colour and Other Toiletries	M.T.	NA	16080	1540
Fatty Acids	M.T.	NA	97500	3087
Glycerine	M.T.	NA	2300	3465
Detergents	M.T.	NA	12000	5134

GENERAL INFORMATION

No. of Employees :

Information not divulged by the management.

Bankers :

Central Bank of India
State Bank of India
Citibank
HDFC Bank Limited
The Honkong and Shanghai Banking Corporation Limited.

Facilities :

Secured Loans	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Borrowings from Banks
Term Loans	0.000	66.667
Cash Credit	118.946	77.530
Sales tax Deferment Loan	5.034	4.706
Total	123.980	148.903

Unsecured Loans	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Term Loans and Advances
From Banks	0.000	480.000
Total	0.000	480.000


Banking Relations :	--

Auditors :
Name :	Kalyaniwalla and Mistry Chartered Accountant

Joint Venture :	Godrej Sara Lee Limited (from June 1, 2009) Godrej Hygiene Products Limited (Formerly Godrej SCA Hygiene Limited (up to March 31, 2009)

Associates/Subsidiaries :	Godrej and Boyce Manufacturing Company Limited Godrej Netherlands B.V. Keyline Brands Limited Rapidol (Proprietary) Limited Godrej Global Mid East FZE Godrej Hygiene Products Limited (from April 1, 2009) Godrej Consumer Products Mauritius Limited Godrej Industries Limited Godrej Agrovet Limited Godrej Hershey Limited Godrej Infotech Limited Godrej Investments Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

410000000	Equity Shares	Re.1/- each	Rs.410.000 Millions
10000000	Preference Shares	Re.1/- each	Rs.10.000 Millions
	Total		Rs.420.000 Millions

Issued :

No. of Shares	Type	Value	Amount

308221168	Equity Shares	Re.1/-each	Rs.308.221 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

308190044	Equity Shares	Re.1/-each	Rs.308.190 Millions

Note :-

Of the above 51236136 equity shares of Rs.1 each (previous year nil) have been issued pursuant to a Scheme of Amalgamation for a consideration other than cash.

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		308.190	256.954	225.844
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7966.463	5112.240	1279.148
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8274.653	5369.194	1504.992
LOAN FUNDS
1] Secured Loans		123.980	148.903	405.928
2] Unsecured Loans		0.000	480.000	940.000
TOTAL BORROWING		123.980	628.903	1345.928
DEFERRED TAX LIABILITIES		63.212	41.632	90.700

TOTAL		8461.845	6039.729	2941.620

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1655.579	1697.908	1545.794
Capital work-in-progress		8.372	24.967	715.807

INVESTMENT		5218.817	978.859	776.093
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1680.483	1266.741	1649.101
	Sundry Debtors	331.495	98.104	121.979
	Cash & Bank Balances	1857.042	3445.681	198.463
	Other Current Assets	60.442	90.064	0.000
	Loans & Advances	1568.835	1148.399	639.151
Total Current Assets		5498.297	6048.989	2608.694
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1006.988	841.956	1198.980
	Other Current Liabilities	2774.689	1539.663	1229.140
	Provisions	137.543	329.375	305.301
Total Current Liabilities		3919.220	2710.994	2733.421
Net Current Assets		1579.077	3337.995	(124.727)

MISCELLANEOUS EXPENSES		0.000	0.000	28.653

TOTAL		8461.845	6039.729	2941.620

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	12678.812	10843.423	8866.844
		Other Income	506.048	476.658	110.839
		TOTAL (A)	13184.860	11320.081	8977.683

Less	EXPENSES
		Materials Consumed and Purchase of Goods	5773.062	6011.792	4319.982
		Expenses	4397.582	3008.028	2844.470
		Increase / (Decrease) in Stock	(151.321)	209.101	(139.942)
		TOTAL (B)	10019.323	9228.921	7024.510

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3165.537	2091.160	1953.173

Less	FINANCIAL EXPENSES (D)		36.622	88.231	103.802

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3128.915	2002.929	1849.371

Less/ Add	DEPRECIATION/ AMORTISATION (F)		137.494	143.692	157.010

	PROFIT BEFORE TAX (E-F) (G)		2991.421	1859.237	1692.361

Less	TAX (I)		510.257	243.768	211.200

	PROFIT AFTER TAX (G-I) (J)		2481.164	1615.469	1481.161

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		981.458	732.405	484.959

Less	APPROPRIATIONS
		Transfer to General Reserve	248.200	161.558	148.500
		Interim Dividend	1258.572	837.124	733.993
		Proposed Dividend	0.000	192.715	193.581
		Tax on Dividend	213.894	175.017	157.641
	BALANCE CARRIED TO THE B/S		1741.956	981.460	732.405

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	247.326	162.328	125.328
		Royalty and Technologies Fees	72.358	50.946	47.379
		Interest on Loan to Subsidiary	0.779	1.951	0.000
	TOTAL EARNINGS		320.463	215.225	172.707

	IMPORTS
		Raw Materials	1507.523	2205.383	1828.869
	TOTAL IMPORTS		1507.523	2205.383	1828.869

	Earnings Per Share (Rs.)		8.28	6.36	6.56

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	18.82	14.27	16.50

Net Profit Margin (PBT/Sales)	(%)	23.59	17.15	19.09

Return on Total Assets (PBT/Total Assets}	(%)	41.81	24.00	40.73

Return on Investment (ROI) (PBT/Networth)		0.36	0.35	1.12

Debt Equity Ratio (Total Liability/Networth)		0.49	0.62	2.71

Current Ratio (Current Asset/Current Liability)		1.40	2.23	0.95

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. in Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
- Dues to Micro, Small and Medium Enterprises	68.819	92.642	75.527
- Others	938.169	749.314	1123.453
Total	1006.988	841.956	1198.980

REVIEW OF OPERATIONS

During the year the company earned Profit After Tax (PAT) of Rs.2481.000 Millions. Sales of Godrej brands have increased by 19 percent from Rs.10409.000 Millions in 2008-09 to Rs.12394.000 Millions in 2009-10.

ACQUISITIONS

49% stake in Godrej Sara Lee Limited

The Honorable High Court of Judicature at Bombay has vide order dated October 8, 2009, sanctioned the Scheme of amalgamation of Godrej ConsumerBiz Limited (GCBL) and Godrej Hygiene Care Limited (GHCL) with Godrej Consumer Products Limited (GCPL). The appointed date of the Scheme was June 1, 2009 and the effective date, was October 15, 2009 (being the date on which the certified copy of the court order was filed with the Registrar of Companies, Mumbai).

GCBL and GHCL held 29% and 20% respectively in Godrej Sara Lee Limited (GSLL), which is a 49:51 unlisted joint venture company between the Godrej Group and Saralee Corporation, USA.

Pursuant to the amalgamation, the assets and liabilities of GCBL and GHCL have been transferred to GCPL with effect from the appointed date and therefore GCPL holds 49% stake in the equity of GSLL.

In terms of the Scheme, Godrej and Boyce Manufacturing Company Limited, (G and B) and Godrej Industries Limited (GIL), the shareholders of GCBL and GHCL respectively, were to be issued and allotted 10 shares in GCPL for every 11 shares held by them in GCBL and GHCL respectively. Accordingly, GCPL has issued and allotted 3,02,96,727 equity shares of face value Re.1 each to G and B and 2,09,39,409 equity shares of face value Re.1 each to GIL. The new shares aggregating to 5,12,36,136 rank pari passu with the existing equity shares.

Consequent to the above allotment of shares, the issued and paid-up equity share capital of GCPL stands increased to 30,81,90,044 equity shares of face value of Re.1 each aggregating Rs.30,81,90,044.

Performance of GSLL in FY 2009-10

Godrej Sara Lee Limited has recorded a growth of 20% in gross sales and 31% in Profit after Tax over the previous year. Good knight Active plus initiative was a great success and recorded a good sales growth. Other new initiatives in household insecticides category viz., GoodKnight Naturals and GK Advanced Coils were able to get a good consumer response. The Company witnessed a strong market share increase in Electrics and Aerosol formats in household insecticide category during the year.

Bangladesh witnessed doubling of sales on the back of the new distribution model. The Company maintained its focus of growing South East Asian markets including Bangladesh, Sri Lanka and Nepal.

Tura, Nigeria

In March 2010, the Company entered into an agreement to acquire Tura from the Tura Group, Nigeria. Tura, a household name in many African markets, is a market-leading personal care brand with a range of products that distributes a range of products including soaps, moisturising lotions and skin-toning creams. Its medicated bar soap is amongst the top three in its category in Nigeria. The acquisition will serve as a strong platform for introducing your Companys portfolio into Nigeria and other Western African countries.

Megasari, Indonesia

After the close of the financial year, the Company has entered in to an agreement to acquire PT. Megasari Makmur Group and its distribution company in Indonesia. Megasari Group manufactures and distributes a wide range of household products including household insecticides, wet tissues and air fresheners. Megasari Groups products are market leaders in Indonesia in most of the categories that the company participates in. Megasari Group provides the Company a strong platform to establish a significant foothold in Indonesia, which is among the largest consumer markets in Asia. Given Megasari Groups leading position in household product categories in Indonesia and the Godrej Groups strong presence in this category in India, we believe this acquisition will provide significant synergies and create value for shareholders.

SUBSIDIARIES

Keyline Brands Limited, UK posted a turnover of GBP 29.0 million and a profit after tax of GBP 2.8 million (as per local GAAP).

Rapidol Private Limited, South Africa posted a turnover of ZAR 113.2 million and a profit after tax of ZAR 20.6 million.

Godrej Global Mideast FZE posted a turnover of AED 13.6 million and a profit after tax of AED 0.7 million.

Kinky Group Private Limited posted a turnover of ZAR 117.6 million and a profit after tax of ZAR 14.9 million (as per local GAAP).

The Company had made an application to the Central Government pursuant to Section 212 of the Companies Act, 1956 for seeking exemption from attaching with its accounts the individual accounts of each of the subsidiaries. The application was made in respect of the following 10 subsidiaries as on the date of the application viz., Godrej Netherlands B.V, Godrej Consumer Products (UK) Limited, Keyline Brands Limited, Inecto Manufacturing Limited, Rapidol Private Limited, Godrej Global Mideast FZE, Godrej Consumer Products (Mauritius) Limited, Godrej Kinky Holdings Limited, Kinky Group Private Limited and Godrej Hygiene Products Limited.

Accordingly the Central Government gave its approval and exempted the Company from attaching to its accounts, the individual accounts of each of the above subsidiaries.

The accounts of the subsidiary companies and the related detailed information will be made available to any shareholder seeking such information at any point of time. The accounts of the subsidiary companies are uploaded in the website of the Company viz., www.godrejcp.com and are also available for inspection by any shareholder at the registered office of the Company or at the registered offices of the subsidiary companies.

In respect of the following companies which were incorporated as subsidiaries of the Company during the last quarter of the current financial year, the Company did not prefer an application to the Central Government pursuant to Section 212 of the Companies Act, 1956.

FINANCIAL RESULTS FOR THE QUARTER ENDED AND YEAR ENDED 31^ST MARCH, 2011

Particulars	Quarter Ended 31.03.2011 (Reviewed)	Year Ended 31.03.2011 (Audited)
Operating Income
Gross sales / Income from Operations	6654.100	24774.700
Less: Excise Duty / Sale Tax recovered	218.000	822.900
a) Net Sales / Income from Operations	6436.100	23951.800
b) Other Operating Income	121.100	474.600
Total Operating Income	6557.200	24426.400
Expenditure
(a) (Increase)/decrease in Stock in Trade and Work in progress	121.200	(314.500)
(b) Consumption of Raw Materials	2871.000	10299.200
(c) Purchase of Traded Goods	416.400	1777.100
(d) Employees Cost	264.700	1335.800
(e) Depreciation	46.200	219.800
(f) Advertisement and Publicity	400.100	1985.500
(g) Other Expenditure	1173.500	4321.600
Total Expenditure	5293.100	19624.500
Profit / (Loss) From Operations before other Income Interest & Exceptional Items	1264.100	4801.900
Other Income	165.100	332.200
Profit/(Loss) before Interest and Exceptional items	1429.200	5134.100
Interest	37.400	87.600
Profit / (Loss) after interest before Exceptional items	1391.800	5046.500
Exceptional Items	0	403.100
Net Profit/(Loss) Before tax	1391.800	5449.600
Tax Expenses	286.000	1100.000
Net Profit/(Loss) after tax	1105.800	4349.600
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each )	323.600	323.600
Reserves excluding revaluation reserves	--	15013.100
Earning Per Share (Rs.)
a) Basic and Diluted EPS Before Extraordinary items (Not Annualised)	3.42	13.62
b) Basic and Diluted EPS After Extraordinary items (Not Annualised)	3.42	13.62
Public Share Holding
Number of Shares	105888970	105888970
Percentage of Shareholding	32.72%	32.72%
Promoters and Promoter group share holding
a) Pledged / Encumbered
- Number of Shares	6500000	6500000
- Percentage of share (as a % of the total shareholding of promoter and promoter group)	2.98%	2.98%
- Percentage of shares(as a % of the total share capital of the company)	2.01%	2.01%
b) Non-encumbered
- Number of Shares	211201174	211201174
- Percentage of Share (as a % of the total shareholding of promoter and promoter group)	97.02%	97.02%
- Percentage of Share (as a % of the total share capital of the company)	65.27%	65.27%

FIXED ASSETS :

Freehold Land
Leasehold Land
Leasehold Improvements
Buildings
Plant and Machinery
Furniture, Fixtures and Fittings
Office Equipment
Computers
Vehicles

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.44.98
UK Pound	1	Rs.72.68
Euro	1	Rs.64.16

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		66

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

1680.483

331.495

1857.042

60.442

1568.835

5498.297

2774.689

137.543

3919.220

1579.077

18.82

23.59

41.81

0.36

0.49

1.40

Unit