MIRA INFORM REPORT

Report Date :

01.11.2011

IDENTIFICATION DETAILS

Name :	FIX WELL INDUSTRIES
Registered Office :	C-109-110, Second Floor, Jeevan Park, Pankha Road, Uttam Nagar, New Delhi – 110057
Country :	India
Financials (as on) :	31.03.2011
Year of Establishment :	1997
Capital Investment / Paid-up Capital :	Rs.0.534 Million
TIN and VAT No.:	LC61/1971119/0497
Legal Form :	Sole Proprietory Concern
Line of Business :	Manufacturing and Trading of Liquid Chemicals and Pastin Gum.
No. of Employees :	12 (Approximately) (Office – 2 and Factory – 10)

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Concern
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a small proprietory concern in its field. It’s scale of activities are limited. Trade relations are reported as fair. Business is active. Payments are unknown. It would be take advisable securities while dealing with the subject.

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

INFORMATION PARTED BY

Name :	Mr. Mantreshwar Karna
Designation :	Chartered Accountants
Contact No.:	91-9654465579
Date :	24.10.2011

LOCATIONS

Registered Office :	C-109-110, Second Floor, Jeevan Park, Pankha Road, Uttam Nagar, New Delhi – 110057, India
Mobile No.:	91-9654465579 (Mr. Mantreshwar Karna)
Fax No.:	91-11-65664767
Area :	900 sq. ft.
Location :	Rented
Factory :	Khasara No. 31/23/2, Matiala Industrial Village, Uttam Nagar, New Delhi – 110059, India
Area :	1000 sq. ft.
Location :	Rented

SOLE PROPRIETOR

Name :	Mr. Naresh Kumar Kalra
Designation :	Proprietor
Address :	C-109-110, Second Floor, Jeevan Park, Pankha Road, Uttam Nagar, New Delhi – 110057, India
Date of Birth/Age :	02.07.1967
Qualification :	Graduate
PAN No.:	ABEPK8922A

KEY EXECUTIVES

Name :	Mr. Mantreshwar Karna
Designation :	Chartered Accountants

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading of Liquid Chemicals and Pastin Gum.
Brand Names :	FIXWELL
Terms :
Selling :	Credit (90 days)
Purchasing :	Credit (90 days)

GENERAL INFORMATION

Suppliers :	· Chemtech Marketing · D M Chemicals · Haryana Traders · Maha Laxmi chemicals · Nesco (India) · R S Agencies · Style Packaging Industries
Customers :	Wholesalers · Aero Packaging Industries · Ajeet Packaging · Bansal Enterprises · B S B Packaging · Chouhan Box Makers · Gaytri Udyog · Gupta Packagin Industries · Hari Krishna Paper Company · Jai Enterprises · Junaja Packaging Industries · King Packers · Metro Packaging · Nupack Industries · Packwell Industries · Pawan Packaging Industries · Perfact Packworks · R s Packing Industries · Sai Narg Packers · Veekay Sales · V K Enterprises
No. of Employees :	12 (Approximately) (Office – 2 and Factory – 10)
Bankers :	· Punjab National Bank

Banking Relations :	--
Auditors :
Name :	S. K. Dwivedi and Associates Chartered Accountants
Address :	114, 2^nd Floor, Vipin Garden, New Delhi – 110059, India
Tel No.:	91-11-25371012
Mobile No.:	91-9810326321

CAPITAL STRUCTURE

PROPRIETOR’S CAPITAL ACCOUNT

(RS. IN MILLIONS)

Particulars	31.03.2011
Capital A/c (Mr. Naresh Kalra)	0.711
Less:
Drawings	0.106
Income Tax	0.005
LIC of India	0.038
Mediclaim	0.004
School Fee	0.024
Total	0.534

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FINANCIAL DATA

[all figures are in Rupees Millions]

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.534	0.418	0.311
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.534	0.418	0.311
LOAN FUNDS
1] Secured Loans		2.057	1.335	0.428
2] Unsecured Loans
TOTAL BORROWING		2.057	1.335	0.428
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2.591	1.753	0.739
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.295	0.350	0.143
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	2.277	1.569	0.717
	Sundry Debtors	1.963	2.005	1.671
	Cash & Bank Balances	0.059	0.046	0.004
	Other Current Assets	0.000	0.000	0.003
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		4.299	3.620	2.395
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1.963	2.178	1.781
	Other Current Liabilities	0.040	0.039	0.018
	Provisions	0.000	0.000	0.000
Total Current Liabilities		2.003	2.217	1.799
Net Current Assets		2.296	1.403	0.596
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2.591	1.753	0.739

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	6.297	6.012	3.174
		Other Income	0.005	0.000	0.000
		TOTAL	6.302	6.012	3.174
Less	EXPENSES
		Cost of Goods Sold	5.224	4.936	2.559
		Cartage Inward	0.029	0.005	0.002
		Job Work	0.032	0.000	0.000
		Power and Electricity Expenses	0.091	0.095	0.064
		Rent A/c	0.084	0.075	0.060
		Wages and Salary	0.126	0.222	0.085
		Audit Expenses	0.011	0.011	0.000
		Printing and Stationery	0.011	0.006	0.008
		Sales A/c	0.096	0.097	0.000
		Telephone Expenses	0.013	0.018	0.013
		Vehicles Running and Maintenance	0.016	0.019	0.030
		Other Expenses	0.200	0.224	0.111
		TOTAL	5.933	5.708	2.932
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.369	0.304	0.242
Less/ Add	DEPRECIATION/ AMORTISATION		0.076	0.041	0.028
	NET PROFIT		0.293	0.263	0.214

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.65	4.37	6.74
Net Profit Margin (PBT/Sales)	(%)	4.65	4.37	6.74
Return on Total Assets (PBT/Total Assets}	(%)	6.38	6.62	8.43
Return on Investment (ROI) (PBT/Networth)		0.55	0.63	0.69
Debt Equity Ratio (Total Liability/Networth)		7.60	8.50	7.16
Current Ratio (Current Asset/Current Liability)		2.15	1.63	1.33

LOCAL AGENCY FURTHER INFORMATION

OBSERVATION POINTS

Name of Company :	FIXWELL INDUSTRIES
Visit Address :	C-109-110, Second Floor, Jeevan Park, Pankha Road, Uttam Nagar, Delhi – 110057 (Resident)
Visit Address :	Khasara No. 31/23/2, Matiala Industrial Village, Delhi, India (Works)
Name Board :	Not Sighted
Location :	Easy
Landmark (if any) :	Near Nawada Metro Station
Locality :	Residential cum Commercial
Approx. Market Value of Premises :	Residential Area: 1000 (sq. ft.) Factory Area: 900 (sq. ft.)
Area :	Down Market
Visibility of Items :	· Telephone · Computers · Office Equipment
No. of Employees seen at Business Premises :	11
Furniture Items Sighted :	Yes
Office Appearance :	Yes
Sister Concerns (Other Names on Name Board):	No

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ASSESSMENT OF WORKING CAPITAL REQUIREMENT

PARTICULARS OF EXISTING / PROPOSED LIMITS FROM THE BANKING SYSTEMS

(RS. IN MILLIONS)

Name of Bank/ Financial Institutions	Nature of Facility	Existing Limits	Extent to which limits were utilised during the last 12 months Maximum/ Minimum	Limits now Requested
Punjab National Bank	Working Capital	1.000	Fully Utilised	2.500
Total				2.500

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OPERATING STATEMENT

(RS. IN MILLIONS)

Particulars	2011-12	2012-13
	(Provisional)	(Projected)
Gross Sales
Domestic Sales	12.800	15.200
Export Sales	0.000	0.000
Other Operating/ Revenue Income	0.000	0.000
Total	12.800	15.200
Less : Excise Duty	0.000	0.000
Net Sales	12.800	15.200
% rise [+] or fall [-] in net sales as compared to previous year	50	150
Cost of Sales
Raw Materials (Including Stores)
- Imported	0.000	0.000
- Indigenous	11.430	14.205
Others Stores and Spares
- Imported	0.000	0.000
- Indigenous	0.000	0.000
Power and Fuel	0.135	0.175
Direct Labour	0.200	0.250
Other Manufacturing Expenses	0.000	0.000
Depreciation	0.289	0.219
Sub Total	12.054	14.849
Add: Opening Stock-In-Process	0.000	0.000
Sub Total	12.054	14.849
Less: Closing Stock-In-Process	0.000	0.000
Cost of Production	12.054	14.849
Add: Opening Stock of Finished Goods	2.277	2.500
Total	14.332	17.349
Deduct: Closing Stock of Finished Goods	2.500	3.500
SUB TOTAL (Total cost of sales)	11.832	13.849
Selling, General and Administrative Expenses	0.377	0.521
Sub Total	12.209	14.370
Operating Profit before interests	0.591	0.830
Interests	0.200	0.350
Operating Profit After Interests	0.391	0.480
Other Non Operating Income	0.000	0.000
Other Non Operating Expenses	0.000	0.000
Net of Non-operating Income and Expenses	0.000	0.000
Profit before Tax/ Loss [PBT]	0.391	0.480
Provision for taxes	0.000	0.000
Net Profit / Loss [PAT]	0.391	0.480
Retained Profit	0.391	0.480

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ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

Particulars	2011-12	2012-13
	(Provisional)	(Projected)
Short Term Borrowing from Bank
i. From Application Bank	2.500	2.500
ii. From Other Banks	0.000	0.000
iii. Of which BP and BD	0.000	0.000
SUB TOTAL(A)	2.500	2.500
Short Term Borrowings From Others	0.000	0.000
Sundry Creditors (Trader)	0.235	0.736
Advances Payment from customers	0.000	0.000
Provision For Taxes	0.000	0.000
Creditor for Expenses	0.000	0.000
Dividend Payable	0.000	0.000
Other Statutory Liabilities (due within one years)	0.000	0.000
Installments of term loans and Deferred Payment Credits	0.000	0.000
Other current Liabilities and Provisions (due within one years)	0.000	0.000
SUB TOTAL (B)	0.235	0.736
TOTAL CURRENT LIABILITIES	2.735	3.236
TERM LIABILITIES
Debentures	0.000	0.000
Redeemable Preference Shares	0.000	0.000
Term Loans	0.000	0.000
Deferred Payment Credits	0.000	0.000
Vehicles Loan	0.000	0.000
Term Loan HDFC Limited (Repayable after one year)	0.000	0.000
Unsecured Loans	0.900	0.900
Term Deposit	0.000	0.000
Deferred Tax Liability	0.000	0.000
Other Term Liabilities	0.000	0.000
TOTAL TERM LIABILITIES	0.900	0.900
TOTAL OF OUTSIDE LIABILITIES	3.635	4.136
NET WORTH
Proprietor’s Capital	0.534	0.826
General Reserve	0.000	0.000
Other Reserve (Excluding Provision)	0.000	0.000
Reserves and Surplus	0.000	0.000
Unsecured Loans	0.000	0.000
Share Premium Account	0.000	0.000
Surplus (+) or deficit (-) in Profit and Loss Account	0.391	0.480
TOTAL NET WORTH	0.925	1.306
TOTAL LIABILITIES	4.560	5.442
ASSETS
CURRENT ASSETS
Cash and Bank Balance	0.050	0.050
Investments [Other than long term investments]	0.000	0.000
Receivables other than deferred and exports	0.900	1.000
Export receivables	0.000	0.000
Installments of deferred receivable	0.000	0.000
Inventory	2.500	3.500
Stock in Process	0.000	0.000
Finished Goods	0.000	0.000
Other Consumable Spares	0.000	0.000
Advances to suppliers	0.000	0.000
Advance Payment of Taxes	0.000	0.000
Other Current Assets	0.000	0.000
TOTAL CURRENT ASSETS	3.450	4.550
FIXED ASSETS
NET BLOCK	1.111	0.892
OTHER NON CURRENT ASSETS
Investments in sub Cos./ Affiliates	0.000	0.000
Advances suppliers of Capital goods and contractors	0.000	0.000
Investment in Others	0.000	0.000
Other Non-Current Investment	0.000	0.000
Loans and Advance	0.000	0.000
Receivables more than 6 month old	0.000	0.000
TOTAL OTHER NON CURRENT ASSETS	0.000	0.000
Intangible Assets	0.000	0.000
TOTAL ASSETS	4.561	5.442
Tangible Networth	3.635	4.136
Net Working Capital	0.715	1.314
Current Ratio	1.26	1.41
Debt Service Coverage Ratio	0.51	0.73
TOL/ TNW	3.93	3.17
Net Profits/ Sales	0.03	0.03

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COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS IN MILLIONS)

Particulars	2011-12	2012-13
	(Provisional)	(Projected)
Raw Materials
[a] Imported	0.000	0.000
Months Consumption	--	--
[b] Indigenous	2.500	3.500
Months Consumption	--	--
Other consumable spares
Excluding those included 1 above
[a] Imported	0.000	0.000
Months Consumption	--	--
[b] Indigenous	0.000	0.000
Months Consumption	--	--
Stock in process	0.000	0.000
Months cost of production	--	--
Finished goods	0.000	0.000
Months cost of sales	--	--
Receivable other than export and deferred receivables [including bills purchased and discounted by bankers]	0.900	1.000
Months domestic sales	--	--
Export receivables [including bills purchased and discounted by bankers]	0.000	0.000
Months export sales	--	--
Advances to suppliers of raw materials and stores/ spares consumable	0.000	0.000
Other current Assets including cash and bank balances and deferred receivable due within one year	0.050	0.050
TOTAL CURRENT ASSETS	3.450	4.550
B CURRENT LIABILITIES
[Other than bank borrowing for working capital]
Creditors for purchases of raw materials and stores and consumable spares	0.235	0.736
Months Purchases	--	--
Advances from customers	0.000	0.000
Statutory Liabilities	0.000	0.000
Other current liability including short term borrowing dividend payable, installment of DPG public deposit, debentures etc	0.000	0.000
TOTAL	0.235	0.736

Closing Stock	2.500	3.500
Add: Consumption	11.430	13.805
Less: Opening Stock	2.277	3.000
Purchases	11.652	14.305

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

Particulars	2011-12	2012-13
	(Provisional)	(Projected)
Annual Turnover	12.800	15.200
25% of 1 (Margin for Working Capital)	3.200	3.800
Margin Required @ 5% of 1	0.160	0.190
Margin (NWC)	0.715	1.314
(2-3)	3.040	3.610
(2-4)	2.485	2.486
MPBF (5-6 Whichever is less)	2.485	2.486

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PROJECTED BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2012	31.03.2013
SHAREHOLDERS FUNDS
1] Share Capital		0.926	1.306
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		0.926	1.306
LOAN FUNDS
1] Secured Loans		2.500	2.500
2] Unsecured Loans		0.900	0.900
TOTAL BORROWING		3.400	3.400
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		4.326	4.706
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.111	0.892
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.500	3.500
	Sundry Debtors	0.900	1.000
	Cash & Bank Balances	0.050	0.050
	Other Current Assets	0.000	0.000
	Loans & Advances	0.000	0.000
Total Current Assets		3.450	4.550
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.235	0.736
	Other Current Liabilities	0.000	0.000
	Provisions	0.000	0.000
Total Current Liabilities		0.235	0.736
Net Current Assets		3.215	3.814
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		4.326	4.706

PROFIT & LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.03.2012	31.03.2013
	SALES
		Income	12.800	15.200
		Other Income	0.000	0.000
		TOTAL	12.800	15.200
Less	EXPENSES
		Cost of Goods Sold	11.207	13.205
		Freight and Cartage	0.150	0.200
		Wages and Salary	0.200	0.250
		Rent	0.096	0.120
		Conveyance Charges	0.020	0.040
		Electricity Charges	0.100	0.125
		Bank Interests	0.200	0.350
		Fuel Charges	0.035	0.050
		Vehicles Running expenses	0.035	0.050
		Other Expenses	0.076	0.111
		TOTAL	12.119	14.501
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.681	0.699
Less/ Add	DEPRECIATION/ AMORTISATION		0.290	0.219
	NET PROFIT		0.391	0.480

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STATEMENT OF ASSETS AND LIABILITIES

NAME OF THE APPLICANT: MR. NARESH KALRA

(RS. IN MILLIONS)

ASSETS

INVESTMENT IN BUSINESS CAPITAL

Particulars	Applicant
Name of the company/ Firm/ concern in which investment is made	Fixwell Industries
Date of Investments	1997
Present Value of Investments	Rs.0.941 Million

VEHICLES OWNED

Model / Make	Wagon R / Tata ACE
Date of Purchases	2005 / June 2011
Whether Hypothecated for loan	-- / No
Details of Loan against Vehicles	-- / Tata Fin Company
Present Market Value	Rs.0.200 Million / Rs.0.400 Million

OTHER ASSETS

Furniture and Fixture	0.250
Cash in Hand	0.050
Jewellery	0.500
Plant and Machinery	0.000
Other Assets	1.500
Total Value of other Assets	Rs.2.300 Millions

TOTAL ASSETS

RS.3.841 MILLIONS

LIABILITIES

FURNISH LOANS AVAILED FROM BANKS/ FINANCIAL INSTITUTIONS AND OTHER BORROWINGS

Name of the Banks/ Institution	Punjab National Bank
Nature/ Type of Loan	Cash and Credit
Date of Loan	2009
Amount of Loan Availed	1.000
Amount Outstanding	Rs.0.960 Million

TOTAL LIABILITIES

RS.0.960 MILLION

NET WORTH

RS.2.881 MILLIONS

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TRADE REFERENCE:

· Sakshi Print and Packers

· Bansal Packers

· Sun Pack Industries

· Drive Flame

· Gupta Packers

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FIXED ASSETS:

· Computers

· Equipments

· Fire Extinguisher

· Furniture and Fixtures

· Generator

· Maruti Wagon R

· Plant and Machinery

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.48.87
UK Pound	1	Rs.78.11
Euro	1	Rs.68.36

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		31

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.