MIRA INFORM REPORT

Report Date :

19.11.2011

IDENTIFICATION DETAILS

Name :	SHIVA PHARMACHEM LIMITED [w.e.f. 04.07.2011]
Formerly Known As :	SHIVA PHARMACHEM PRIVATE LIMITED SHIVA PHARMACHEM LIMITED SPPL INDIA LIMITED [w.e.f. 01.04.2011]
Registered Office :	9^th Floor, ABS Towers, Old Padra Road, Vadodara390007, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.03.1999
Com. Reg. No.:	04-035615
Capital Investment / Paid-up Capital :	Rs.69.502 Millions
CIN No.: [Company Identification No.]	U24231GJ1999PTC035615
TAN No.: [Tax Deduction & Collection Account No.]	BRDS01031C
PAN No.: [Permanent Account No.]	AALFS0672H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Multifunctional Intermediates and Speciality Chemicals
No. of Employees :	180 [In Office 30 + 150 in Factory] Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1040000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. 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 normal for business dealings at usual trade terms and conditions.

NOTES : Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY

Name :	Ms. Zarna
Designation :	Finance Executive
Contact No.:	91-265-2321418
Date :	19.11.2011

LOCATIONS

Registered / Corporate Office :	9^th Floor, ABS Towers, Old Padra Road, Vadodara – 390007, Gujarat, India
Tel. No.:	91-265-2321418 / 2335432
Fax No.:	91-265-2357238
E-Mail :	info@shivapharmachem.com vagrawal@shivapharmachem.com marketing@shivapharmachem.com accounts@shivapharmachem.com
Website :	http://www.shivapharmachem.com
Area :	5000Sq.ft.
Location :	Owned
Factory :	Block No. 588, Village-Luna, Taluka-Padra-391440, District-Vododara, Gujarat, India
Tel. No.:	91-2662-221021 / 224360
Fax No.:	91-2662-223314
E-Mail :	inquiry@shivapharmachem.com
Area :	42000 Sq.Meters
Location :	Owned
USA Office :	One Alpine Way, Livingston, NJ 07039
Tel. No.:	973-535-6135
Fax No.:	973-535-6149

DIRECTORS

AS ON 29.07.2011

Name :

Mr. Rahul Rakesh Agrawal

Designation :

Managing Director

Address :

174, 17^th Floor, NCPA Apartment, Nariman Point, Mumbai – 400021, Maharashtra, India

Date of Birth/Age :

04.03.1978

Qualification :

B. E. Chemical and MBA

Date of Appointment :

18.03.1999

DIN :

01226996

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	U67120MH1988PLC049858	ANKSHREE INVESTMENTS AND TRADING COMPANY LIMITED	Director	21/09/1998	21/09/1998	Active	NO
2	U24231GJ1999PLC035615	SHIVA PHARMACHEM LIMITED	Managing director	18/03/1999	18/03/1999	Active	NO
3	U65993GJ1986PTC008516	TASH INVESTMENT PRIVATE LIMITED	Director	30/09/1999	30/09/1999	Active	NO
4	U65910GJ1989PTC012889	GEETGANGA INVESTMENT PRIVATE LIMITED	Director	30/09/1999	30/09/1999	Active	NO
5	U92140MH2006PTC183067	RED EARTH ART GALLERIES PRIVATE LIMITED	Director	20/03/2006	20/03/2006	Active	NO
6	U70102MH2007PTC174896	RODIN PROPERTIES PRIVATE LIMITED	Managing director	10/10/2007	10/10/2007	Active	NO
7	U70102MH2008PTC181148	MONET PROPERTIES PRIVATE LIMITED	Director	15/04/2008	15/04/2008	Active	NO
8	U51109MH2008PTC184043	UMA RETAIL PRIVATE LIMITED	Director	26/06/2008	26/06/2008	Active	NO
9	U45200MH2008PTC187521	JASPUR PROPERTIES PRIVATE LIMITED	Director	14/10/2008	14/10/2008	Active	NO
10	U72900GJ2011PTC067839	SES ENGINEERING PRIVATE LIMITED	Director	16/11/2011	16/11/2011	Active	NO

Name :

Mr. Vishal Rakesh Agrawal

Designation :

Managing Director

Address :

61, Alkapuri Society, Alkapuri, Vododara-390005, Gujarat, India

Date of Birth/Age :

01.10.1974

Qualification :

Chemical Engineering, US

Date of Appointment :

18.03.1999

DIN :

00056800

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	U67120MH1988PLC049858	ANKSHREE INVESTMENTS AND TRADING COMPANY LIMITED	Director	21/09/1998	21/09/1998	-	Active	NO
2	U24231GJ1999PLC035615	SHIVA PHARMACHEM LIMITED	Managing director	18/03/1999	18/03/1999	-	Active	NO
3	U65910GJ1989PTC012889	GEETGANGA INVESTMENT PRIVATE LIMITED	Director	30/09/1999	30/09/1999	-	Active	NO
4	U65993GJ1986PTC008516	TASH INVESTMENT PRIVATE LIMITED	Director	30/09/1999	30/09/1999	-	Active	NO
5	L25200GJ1973PLC002436	INEOS ABS (INDIA) LIMITED	Director	23/03/2001	23/03/2001	17/04/2008	Active	NO
6	U92140MH2006PTC183067	RED EARTH ART GALLERIES PRIVATE LIMITED	Director	20/03/2006	20/03/2006	-	Active	NO
7	U70102MH2007PTC174896	RODIN PROPERTIES PRIVATE LIMITED	Director	10/10/2007	10/10/2007	-	Active	NO
8	U51109MH2008PTC184043	UMA RETAIL PRIVATE LIMITED	Director	26/06/2008	26/06/2008	-	Active	NO
9	U45200MH2008PTC187521	Jaspur Properties Private Limited	Director	14/10/2008	14/10/2008	-	Active	NO
10	U24231GJ1989PLC013141	SUDEEP PHARMA LIMITED	Director	1/4/2011	20/02/2009	-	Active	NO
11	U70102MH2008PTC181148	MONET PROPERTIES PRIVATE LIMITED	Director	17/05/2011	17/05/2011	-	Active	NO
12	U72900GJ2011PTC067839	SES ENGINEERING PRIVATE LIMITED	Director	16/11/2011	16/11/2011	-	Active	NO

Name :

Mr. Rakesh Shivbhagwan Agrawal

Designation :

Director

Address :

61, Alkapuri Society, Alkapuri, Vododara-390005, Gujarat, India

Date of Birth/Age :

08.06.1947

Qualification :

Arts

Date of Appointment :

29.09.2001

DIN :

00057955

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	L25200GJ1973PLC002436	INEOS ABS (INDIA) LIMITED	Managing director	1/1/2010	7/12/1973	-	Active	NO
2	U65910GJ1989PTC012889	GEETGANGA INVESTMENT PRIVATE LIMITED	Director	18/10/1989	18/10/1989	-	Active	NO
3	L22219MH1991PLC059800	CONTROL PRINT LIMITED	Director	23/09/2011	26/03/1997	-	Active	NO
4	U67120MH1988PLC049858	ANKSHREE INVESTMENTS AND TRADING COMPANY LIMITED	Director	21/09/1998	21/09/1998	-	Active	NO
5	U80301GJ2000NPL039019	TAPOVAN EDUCATION INSTITUTE	Director	6/12/2000	6/12/2000	19/06/2007	Active	NO
6	U24231GJ1999PLC035615	SHIVA PHARMACHEM LIMITED	Director	29/09/2001	29/09/2001	-	Active	NO
7	U45200MH2008PTC187521	JASPUR PROPERTIES PRIVATE LIMITED	Director	14/10/2008	14/10/2008	-	Active	NO
8	L17110GJ1935PLC000494	SHRI DINESH MILLS LIMITED	Additional director	10/2/2011	10/2/2011	-	Active	NO
9	U70102MH2008PTC181148	MONET PROPERTIES PRIVATE LIMITED	Director	17/05/2011	17/05/2011	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Zarna
Designation :	Finance Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.07.2011

Names of Shareholders	No. of Shares
Tash Investment Private Limited, India	5870000
Rakesh S Agrawal	270000
Vishal R Agrawal	270000
Rahul R Agrawal	270000
Uma R Agrawal	270000
Madhavi Agarwal	100
Ruchika Agarwal	100
Total	6950200

(AS ON 29.07.2011)

Equity Share Break Up Category	Percentage
Bodies corporate	84.46
Directors or relatives of directors	15.54
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Multifunctional Intermediates and Speciality Chemicals

Products :

Products Description	ITC Code No.
Pivaloyl Chloride	29159090
Ethyl Hexanyl Chloride	29159090

Exports :

Products :

Multifunctional Intermediates and Speciality Chemicals

Countries :

• China
• Germany
• Spain
• France
• European Countries

Imports :

Products :

Raw Material

Countries :

• Japan
• China

Terms :

Selling :

L/C / Cash / Credit [30 / 60 Days]

Purchasing :

L/C / Cash / Credit [30 / 60 Days]

PRODUCTION STATUS AS ON 31.03.2010

Installed Capacity 600 MTs / Month

Particulars	Actual Production
Acid Chlorides	5598.806
Sulphur dioxide	2449.310
Sodium Sulphite	940.540
Hydro Chloric Acid	6295.942
Sulphur Acid	398.097

GENERAL INFORMATION

Customers :

Bulk Drug Manufacturing

No. of Employees :

180 [In Office 30 + 150 in Factory] Approximately

Bankers :

• IDBI Bank, IDBI Tower WTC Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India
• Industrial Development Bank of India Limited
• ICICI Bank
• IDBI Bank, Old Padra Road Branch, Vododara, Gujarat, India
• Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakali Six Roads, Ahmedabad – 380006, Gujarat, India

Facilities :

Particulars	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Secured Loans
Car Loans (secured by hypothecation of Vehicles)	3.389	5.328
From Banks	9.082	8.333
Cash Credit with Banks	0.906	49.275
Total	13.377	62.936
Unsecured Loan	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Temp. overdraft from Standard Chartered Bank	0.000	2.405
From Shareholders, Directors, Relatives	39.600	1.580
From Others Geetganga Investment Private Limited Ankshree Investment and Trading Company Limited Tash Investment Private Limited	30.400 10.000 0.000	27.356 0.000 85.884
Total	80.000	117.225

Banking Relations :	--
Auditors :
Name :	Talati and Talati Chartered Accountants
Address :	501, Race Course Towers, Race Course Circle, Vododara – 390007, Gujarat, India
Tel. No.:	91-265-3058025-29
Fax No.:	91-265-3058027
PAN :	AAAFT4520A
Parent Company :	Tash Investment Private Limited
Holding Company :	Geetganga Investment Private Limited CIN : U65910GJ1989PTC012889
Other Related Party :	Ankshree Investments and Trading Company Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs.30.000 Millions
400,000	10% Redeemable Preference Shares	Rs.100/-Each	Rs.40.000 Millions
	Total		Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,950,000	Equity Shares	Rs.10/- each	Rs.29.500 Millions
200	Equity Shares	Rs.10/- each	Rs.0.002 Million
400,000	10% Redeemable Preference Shares	Rs.100/- each	Rs.40.000 Millions
	Total		Rs.69.502 Millions

AS ON 29.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,950,200	Equity Shares	Rs.10/- each	Rs.69.502 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		69.502	69.500	69.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		192.724	59.127	0.000
4] (Accumulated Losses)		0.000	0.000	(42.316)
NETWORTH		262.226	128.627	27.184
LOAN FUNDS
1] Secured Loans		13.377	62.936	77.378
2] Unsecured Loans		80.000	117.225	104.601
TOTAL BORROWING		93.377	180.161	181.979
DEFERRED TAX LIABILITIES		2.240	0.000	0.000
TOTAL		357.843	308.788	209.163
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		220.079	146.751	122.289
Capital work-in-progress		7.955	3.457	0.000
INVESTMENT		0.980	0.980	0.980
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	47.913	41.949	41.275
	Sundry Debtors	234.526	150.663	135.278
	Cash & Bank Balances	15.641	0.370	0.449
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	133.771	59.613	18.801
Total Current Assets		431.851	252.595	195.803
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	201.934	51.681	103.213
	Other Current Liabilities	4.712	14.729	1.225
	Provisions	96.376	28.585	5.471
Total Current Liabilities		303.022	94.995	109.909
Net Current Assets		128.829	157.600	85.894
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		357.843	308.788	209.163

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1090.728	812.584	408.749
		Other Income	7.733	17.196	22.196
		TOTAL (A)	1098.461	829.780	430.945
Less	EXPENSES
		Raw Material Consumed	557.520	495.913
		Manufacturing, Administrative and Selling Expenses	169.997	149.646	372.733
		Trading Purchases	113.597	2.708
		Increase/(Decrease) in Stocks	12.485	(4.990)
		TOTAL (B)	853.599	643.277	372.733
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		244.862	186.503	58.212
Less	FINANCIAL EXPENSES (D)		19.393	42.541	16.126
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		225.469	143.962	42.086
Less/ Add	DEPRECIATION/ AMORTISATION (F)		22.807	18.848	16.879
	PROFIT BEFORE TAX (E-F) (G)		202.662	125.114	25.207
Less	TAX (H)		69.065	23.670	1.795
	PROFIT AFTER TAX (G-H) (I)		133.597	101.444	23.412
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		59.127	(42.317)	NA
	BALANCE CARRIED TO THE B/S		192.724	59.127	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	707.901	340.372	NA
	TOTAL EARNINGS		707.901	340.372	NA
	IMPORTS
		Raw Materials	541.945	471.201	NA
	TOTAL IMPORTS		541.945	471.201	NA
	Earnings Per Share (Rs.)		45.28	34.38	--

Particulars	31.03.2011
Sales Turnover [Approximately]	1250.000

Expected Sales (2011-2012) : More than Rs.1500.000 millions

The above information has been parted by Ms. Zarna [Finance Executive]

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	12.16	12.15	5.43
Net Profit Margin (PBT/Sales)	(%)	18.58	15.46	6.17
Return on Total Assets (PBT/Total Assets}	(%)	31.09	31.06	7.92
Return on Investment (ROI) (PBT/Networth)		0.77	0.97	0.94
Debt Equity Ratio (Total Liability/Networth)		1.51	2.14	10.74
Current Ratio (Current Asset/Current Liability)		1.42	2.66	1.78

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Detail:

Particulars	As on 31.03.2010 (Rs. In Millions )	As on 31.03.2009 (Rs. In Millions )	As on 31.03.2008 (Rs. In Millions )
Sundry Creditor	201.934	51.681	103.213

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	No
Details of sister concerns	-
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	-
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

Financial Results of the Company

During the period the company has achieved net sales of Rs.1090.728 millions [previous year 809.399 millions]. Total income for the year is Rs.1085.976 millions compare to previous year Rs.834.769 millions. The total profit for the year is Rs.202.662 millions as against profit of Rs.125.113 millions for the previous year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24231GJ1999PLC035615
Name of the company	SPPL INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	9th Floor ABS Towersold Padra Road, Baroda – 390007, Gujarat, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakali Six Roads, Ahmedabad – 380006, Gujarat, India Email : Shivan.Umashankar@sc.com
Nature of instrument creating charge	Unattested Deed of Hypothecation
Date of instrument Creating the charge	19.05.2011
Amount secured by the charge	Rs.400.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest – Credit Facilities. Interest / Commission - As agreed by and with the Bank from time to time. Terms of Repayment - As agreed by and with the Bank from time to time. Margin - As agreed by and with the Bank from time to time. Extent and Operation of the charge - The Bank is having first charge on security given by the Company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by way of first charge over a) all present and future movable properties of the borrower including without limitation its movable plant and machinery, etc. at Luna Plant b) all present and future book debts, o/s moneys receivable, claims and bills which are now due and owing or which may at any time during the continuance of this security. c) all present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise.

Corporate identity number of the company	U24231GJ1999PLC035615
Name of the company	SHIVA PHARMACHEM LIMITED
Address of the registered office or of the principal place of business in India of the company	9th Floor Abs Towersold Padra Road, Baroda – 390007, Gujarat, India
This form is for	Modification of charge
Type of charge	Book Debts Movable Property
Particular of charge holder	IDBI Bank Limited
Nature of instrument creating charge	Supplimental Deed Of Hypothecation
Date of instrument Creating the charge	16.09.2010
Amount secured by the charge	Rs.600.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest IDBI/MCG/Shiva-Pharma/2010-11/171 Dated 25th August, 2010.
Short particulars of the property charged	Hypothecation of Present and Future Goods, Book Debt And Other Movable Assets.
Particulars of the present modification	Properties hypothecated shall stand as a security for the revised facilities of Rs.600.000 millions vide supplemental composite agreement of hypothecation of current assets, goods, book debts, moveable machineries and vehicles dated 16.09.2010.

Fixed Assets:

• Land
• Factory Building
• Plant and Machinery
• Furniture
• Air conditioner
• Computers
• Vehicles
• R and D Equipment
• Office Equipment

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] 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.50.72
UK Pound	1	Rs.79.88
Euro	1	Rs.68.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.