MIRA INFORM REPORT

Report Date :

08.11.2011

IDENTIFICATION DETAILS

Name :	AKOLA CHEMICALS (INDIA) LIMITED
Registered Office :	802/803, The Corporate Centre, Nirmal Life Style, LBS Marg, Mulund (West), Mumbai-400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.02.1981
Com. Reg. No.:	11-023801
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U24100MH1981PLC023801
TAN No.: [Tax Deduction & Collection Account No.]	MUMA20605E
PAN No.: [Permanent Account No.]	AABCA1110H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Agricultural, Chemical Insecticides and Pesticides.
No. of Employees :	45 [Approximately]

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 :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre business dealings with some caution.

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. Gawade
Designation :	Purchase Department
Contact No.:	91-22-25924782
Date :	07.11.2011

LOCATIONS

Registered Office :	802/803, The Corporate Centre, Nirmal Life Style, LBS Marg, Mulund (West), Mumbai-400080, Maharashtra, India
Tel. No.:	91-22-25924782
Fax No.:	91-22-25924781
E-Mail :	akolachem@gmail.com akola.protein@gmail.com
Location :	Owned
Factory 1 :	A-15/18, Old MIDC Area, Seoni, Akola-444104, Maharashtra, India
Tel No.:	91-724-2258160
Location :	Owned
Factory 2 :	648/5, Rangwasa Roa, District Indore-453331, Madhya Pradesh, India
Tel No.:	91-731-6451893

DIRECTORS

As on 30.09.2010

Name :

Mr. Vijay Dilbagh Rai

Designation :

Director

Address :

68, Dolphin, Pilot Bunder Road, Colaba, Mumbai-400005, Maharashtra, India

Date of Appointment :

23.03.2005

Din No:

00075837

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L24231CH1975PLC003603	PUNJAB CHEMICALS AND CROP PROTECTION LIMITED	Director	28-02-85	28-02-85	-	Active	NO
2	U70200MH1999PTC121160	HAVIRA CONSULTANTS PRIVATE LIMITED	Director	05-08-99	05-08-99	-	Active	NO
3	L26939KL1963PLC002039	ENGLISH INDIAN CLAYS LIMITED	Director	07-08-00	07-08-00	-	Active	NO
4	L99999MH1922PLC000987	GREAVES COTTON LIMITED	Director	21-03-02	21-03-02	-	Active	NO
5	U18101MH1999PTC118071	ZEBA HOME PRIVATE LIMITED	Director	12-09-02	12-09-02	26-11-07	Active	NO
6	L22200MH1984PLC034055	NAVNEET PUBLICATIONS (INDIA) LIMITED	Director	28-04-03	28-04-03	04-10-11	Active	NO
7	U25209MH1992PTC069561	PRINCEWARE INTERNATIONAL PRIVATE LIMITED	Director	01-12-03	01-12-03	-	Active	NO
8	U29299MH1958PLC011250	GREAVES LEASING FINANCE LIMITED	Director	04-02-05	04-02-05	-	Active	NO
9	U24100MH1981PLC023801	AKOLA CHEMICALS (INDIA) LIMITED	Director	23-03-05	23-03-05	-	Active	NO
10	U74999AP2006PTC051788	VISWAS BUSINESS SYNERGIES PRIVATE LIMITED	Director	07-03-07	07-03-07	15-03-10	Active	YES
11	U17120MH1994PTC080074	POLYGEL INDUSTRIES PRIVATE LIMITED	Additional director	28-03-07	28-03-07	-	Active	NO
12	U24239AP2006PLC050060	SRI BIOTECH LABORATORIES INDIA LIMITED	Director	30-09-09	26-03-09	-	Active	NO

Name :

Mr. Rajesh Kumar Agarwal

Designation :

Director

Address :

Agarwal House, Madnani Lane, Club Road, Mithanpura, Ramna, Muzaffarpur-842001, Bihar, India

Date of Appointment :

14.03.2005

Din No:

00210719

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24219WB1995PTC074696	KRISHI RASAYAN EXPORTS PRIVATE LIMITED	Whole-time director	12-08-97	12-08-97	-	Active	NO
2	U25206DL1992PTC047288	WEGMANS INDUSTRIES PRIVATE LIMITED	Director	25-04-03	25-04-03	-	Active	NO
3	U24100MH1981PLC023801	AKOLA CHEMICALS (INDIA) LIMITED	Director	14-03-05	14-03-05	-	Active	NO
4	U01122DL2005PTC134064	GLOBE AGRITECH PRIVATE LIMITED	Director	16-03-05	16-03-05	-	Active	NO
5	U11102WB2007PTC113751	VANDAN HYDROCARBON PRIVATE LIMITED	Director	28-02-07	28-02-07	-	Active	NO
6	U70101DL1999PLC098885	MT. EVEREST CONSTRUCTIONS LIMITED	Director	01-07-07	01-07-07	01-08-10	Active	NO
7	U74999WB2007PTC116917	KRISH BIOTECH RESEARCH PRIVATE LIMITED	Director	03-07-07	03-07-07	-	Active	NO
8	U51109WB2009PTC135610	TRULY PEST SOLUTION PRIVATE LIMITED	Director	03-06-09	03-06-09	-	Active	NO

Name :

Mr. Atul Churiwal

Designation :

Director

Address :

4, National Library Avenue, Alipore, Kolkata-700027, West Bengal, India

Date of Appointment :

14.03.2005

Din No:

00180595

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51109WB1995PTC070983	RANITAL INVESTMENTS PRIVATE LIMITED	Director	06-04-95	06-04-95	-	Active	NO
2	U24219WB1995PTC074696	KRISHI RASAYAN EXPORTS PRIVATE LIMITED	Managing director	09-10-95	09-10-95	-	Active	NO
3	U51109WB1995PTC076240	SHLOKE PROPERTIES AND INVESTMENTS PRIVATE LIMITED	Director	29-12-95	29-12-95	-	Active	NO
4	U45201WB1993PTC058470	SHRESHTA CONSTRUCTION PRIVATE LIMITED	Director	18-10-04	18-10-04	-	Active	NO
5	U24100MH1981PLC023801	AKOLA CHEMICALS (INDIA) LIMITED	Director	14-03-05	14-03-05	-	Active	NO
6	U51109WB2005PTC105670	PRIMEROSE VINIMAY PRIVATE LIMITED	Director	20-12-05	20-12-05	-	Active	NO
7	U11102WB2007PTC113751	VANDAN HYDROCARBON PRIVATE LIMITED	Director	28-02-07	28-02-07	-	Active	NO
8	U74999WB2007PTC116917	KRISH BIOTECH RESEARCH PRIVATE LIMITED	Director	03-07-07	03-07-07	-	Active	NO
9	U51109WB2009PTC135610	TRULY PEST SOLUTION PRIVATE LIMITED	Director	03-06-09	03-06-09	-	Active	NO
10	U90009WB2008PTC126475	TIME ENVIRO-TECH PRIVATE LIMITED	Director	31-10-09	31-10-09	-	Active	NO
11	U51909WB2010PTC141463	IDEAL DEALCOMM PRIVATE LIMITED	Director	28-01-10	28-01-10	30-03-10	Active	NO
12	U51909WB2010PTC141454	REGAL VINTRADE PRIVATE LIMITED	Director	28-01-10	28-01-10	30-03-10	Active	NO
13	U51101WB2010PTC141453	PRISM DEALTRADE PRIVATE LIMITED	Director	28-01-10	28-01-10	30-03-10	Active	NO
14	U51909WB2010PTC141527	KRISHNA KRIPA SALES PRIVATE LIMITED	Director	29-01-10	29-01-10	30-03-10	Active	NO
15	U51909WB2010PTC141818	TRINITY COMMOSALES PRIVATE LIMITED	Director	05-02-10	05-02-10	30-03-10	Active	NO
16	U51909WB2010PTC141806	ASTRIX SALES PRIVATE LIMITED	Director	05-02-10	05-02-10	30-03-10	Active	NO
17	U70101WB2005PTC104051	EVERGREEN NIRMAN PRIVATE LIMITED	Director	13-10-10	13-10-10	-	Active	NO
18	U24219OR1992PTC003216	KRISHI RASAYAN PRIVATE LIMITED	Director	01-04-11	01-04-11	-	Active	NO

Name :

Mr. Abhishek Vinay Churiwal

Designation :

Director

Address :

4, National Library Avenue, Alipore, Kolkata-700027, West Bengal, India

Date of Appointment :

29.03.2006

Din No:

00409243

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24100MH1981PLC023801	AKOLA CHEMICALS (INDIA) LIMITED	Director	29-03-06	29-03-06	Active	NO
2	U90009WB2008PTC126475	TIME ENVIRO-TECH PRIVATE LIMITED	Director	31-10-09	31-10-09	Active	NO
3	U90000WB2010PTC148549	TIME TECH WASTE SOLUTIONS PRIVATE LIMITED	Director	19-05-10	19-05-10	Active	NO

Name :

Ms. Priyanka Vijay Rai

Designation :

Director

Address :

Flat No. 40, Shirin Building, Daulat Shiran CHS, Limited, 31, Colaba Road, Mumbai-400005, Maharashtra, India

Date of Appointment :

29.03.2006

Din No:

02673947

Name :

Mr. Karan Vijay Rai

Designation :

Additional Director

Address :

Flat No. 40, Shirin Building, Daulat Shiran CHS, Limited, 31, Colaba Road, Mumbai-400005, Maharashtra, India

Date of Birth/Age :

10.10.1981

Date of Appointment :

15.03.2011

Din No:

03438712

KEY EXECUTIVES

Name :	Mr. Gawade
Designation :	Purchase Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Yasmin J Homavazir	6000
Tehmi A. Nussirabadwalla	12000
S.P. Giri	4000
Dharampal Mehta	5500
Amarpal Singh Dhillon	1660
Hanumant V. Naik	2767
Kiran Suri	14330
Hirdayanath N. Ganju	17700
Gaurav Suri	7160
Anu P. Mahajan	6600
Parvez K. Dubash	4000
Rati H. Jogina	5400
Rekha S. Agarwal	6424
Gagan	2767
Nasiruddin K. Gangani	3000
Priyanka Vijay Rai	36940
Ardeshir M. Nussirabadwalla	5000
Rema Rajendran	1000
Krishna H. Deshpande	2000
Nasiruddin K. Gangani	22040
Nargish N. Gangani	11000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	24.33
Directors or relatives of directors	75.67
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Agricultural, Chemical Insecticides and Pesticides.
Exports :
Products :	Protein, Pharmaceutical
Countries :	Yemen
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

Suppliers :

Tata Chemicals, Indore, Madhya Pradesh, India

Customers :

Wholesalers, Retailers and End Users

· Religare India

No. of Employees :

45 [Approximately]

Bankers :

· Vijaya Bank, Excelsior Branch, D.S. Marg, Mumbai-400001, Maharashtra, India

· State Bank of India, Commercial Branch, 118-121, Swastik Chambers, S.T. Road, Chembur, Mumbai-400071, Maharashtra, India

Facilities:

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Secured [Against hypothecation of vehicles]	0.962	1.121
State Bank of India CC Account	19.195	20.569
Total	20.157	21.690
Unsecured Loan
Unsecured Loan Deferred Sales Tax	5.225	5.225
Other [Inclusive of accrued interest]	5.100	3.336
Total	10.325	8.561

Banking Relations :	--
Auditors :
Name :	K.J. Sheth and Associates Chartered Accountants
Address :	2^nd Floor, Seksaria Chambers, 139, N.M. Road, Fort, Mumbai-400023, Maharashtra, India
Tel. No.:	91-22-22671618
E-Mail :	kiri.sheth@rediffmail.com
Pan No.:	AAKPS1414Q

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 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		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		17.239	16.906	16.825
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		22.239	21.906	21.825
LOAN FUNDS
1] Secured Loans		20.157	21.690	10.735
2] Unsecured Loans		10.325	8.561	8.214
TOTAL BORROWING		30.482	30.251	18.949
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		52.721	52.157	40.774
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.652	17.641	15.329
Capital work-in-progress		0.000	1.012	0.000
INVESTMENT		0.164	0.164	0.164
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	39.076	28.426	31.743
	Sundry Debtors	23.267	16.897	23.842
	Cash & Bank Balances	2.425	4.452	1.505
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.804	8.822	7.961
Total Current Assets		74.572	58.597	65.051
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	30.417	17.461	30.537
	Other Current Liabilities	4.915	2.461	3.242
	Provisions	5.335	5.335	5.991
Total Current Liabilities		40.667	25.257	39.770
Net Current Assets		33.905	33.340	25.281
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		52.721	52.157	40.774

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Domestic Sales	65.224	58.194	62.968
		Exports Sales	1.213	0.000	2.446
		Other Income	14.454	10.798	3.873
		TOTAL	80.891	68.992	69.287
Less	EXPENSES
		Cost of Goods Sold	35.437	38.578	26.778
		Excise Duty	4.923	2.665	18.345
		Manufacturing and Other Expenses	37.671	25.723	20.821
		TOTAL	78.031	66.966	65.944
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.860	2.026	3.343
Less/ Add	DEPRECIATION/ AMORTISATION		2.527	1.945	1.886
	PROFIT BEFORE TAX		0.333	0.081	1.457
Less	TAX		0.000	0.000	0.697
	PROFIT AFTER TAX		0.333	0.081	0.760
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.806	4.725	4.550
	BALANCE CARRIED TO THE B/S		5.139	4.806	5.310
	Earnings Per Share (Rs.)		0.67	0.16	1.52

Particulars	31.03.2011
Sales Turnover [Approximately]	60.000 [Agrochemicals business decreases]

Expected Sales (2011-12) : Rs.42.500 Millions.

The above information has been parted by Mr. Gawade.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.41	0.12	1.10
Net Profit Margin (PBT/Sales)	(%)	0.50	0.14	2.23
Return on Total Assets (PBT/Total Assets}	(%)	0.36	0.11	1.81
Return on Investment (ROI) (PBT/Networth)		0.01	0.00	0.07
Debt Equity Ratio (Total Liability/Networth)		3.20	2.53	2.69
Current Ratio (Current Asset/Current Liability)		1.83	2.32	1.64

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10092450
Corporate identity number of the company	L24100MH1981PLC023801
Name of the company	AKOLA CHEMICALS (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	802/803, The Corporate Centre, Nirmal Life Style, LBS Marg, Mulund (West), Mumbai-400080, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Commercial Branch, 118-121, Swastik Chambers, S.T. Road, Chembur, Mumbai-400071, Maharashtra, India
Email	kamalax_saraf@hotmail.com
Nature of description of the instrument creating or modifying the charge	No Instrument. Memorandum For Recording Creation of Mortgage By Deposit of Title Deeds Dated 20.2.2008.
Date of instrument Creating the charge	20.02.2008
Amount secured by the charge	Rs.20.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Per Sanction Terms Terms of Repayment As Per Sanction Terms Margin As Per Sanction Terms Extent and Operation of the charge As Per Sanction Terms Others As Per Sanction Terms
Short particulars of the property charged	All present and future stocks, raw materials, goods, book debts and vehicles and all other movable assets of the borrower including receivables, documents of title to goods, outstanding monies, bills, invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights and the present and future machinery.
Particulars of the present modification	The original charge was created on 20.2.2008 for Rs.20.000 Millions. Now by the present modification dated. 20.2.2008 the company offered collateral security by way of an equitable mortgage by deposit of title deeds over the immovable properties to secure its credit facilities of Rs.20.000 Millions. Property described such as: survey no.802/803, total area 425 sq. ft. and 530 sq.ft. Situated at 8th floor, the corporate center, Nirmal Life Style, Lbs Road, Mulund, Mumbai-400080.

FIXED ASSETS:

· Goodwill

· Land

· Factory Building

· Office Premises

· Plant and Machinery

· Electrical Installation

· Tools and Equipments

· R and D Equipments

· Laboratory Equipments

· Furniture and Fixtures

· Boilers

· Office Equipments

· Vehicles

· Computer

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.49.08
UK Pound	1	Rs.78.65
Euro	1	Rs.67.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--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	YES
--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	-

Maximum Credit Limit :

USD 88000

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.