MIRA INFORM REPORT

Report Date :

30.11.2011

IDENTIFICATION DETAILS

Name :	STAR OXOCHEM PRIVATE LIMITED
Registered Office :	Plot No. 431, Chipritali Shirol, Kolhapur-416001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.04.1997
Com. Reg. No.:	11-107418
Capital Investment/ Paid-up Capital:	Rs. 48.500 Millions
CIN No.: [Company Identification No.]	U24119MH1997PTC107418
IEC No.:	3197019270
TAN No.: [Tax Deduction & Collection Account No.]	KLPS05157F
PAN No.: [Permanent Account No.]	AACC55640G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Oxalic Acid.
No. of Employees:	Approximately 68 (Office 15, Factory 53)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 280000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of Sanjay Ghodwat Group, India. It is an established company having satisfactory track. There appears some dip in the profitability of the company. However trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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.

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. Anil Bhansi
Designation :	Export Manager
Date :	28.11.2011

LOCATIONS

Registered Office :	Plot No. 431, Chipritali Shirol, Kolhapur-416001, Maharashtra, India
Tel. No.:	91-2645-226133
Fax No.:	91-2645-255223
E-Mail :	staroxojhg@gmail.com pgassociate@rediffmail.com
Website :	www.ghodawat.com
Area :	Owned
Factory :	Plot No. 756/10A and 756/10B, Mega Industrial Estate, Jhagadia, District: Bharuch-393110, Gujarat, India
Tel. No.:	91-2322-255223
Fax No.:	91-2322-255223
Area :	Owned

DIRECTORS

As on 29.09.2010

Name :

Mr. Sanjay Danchand Ghodawat

Designation :

Director

Address :

Sushreya, 2549, Yashwant Co-Operative Housing Society, A/P Jaysingpur, Kolhapur-416101, Maharashtra, India

Date of Appointment :

21.04.1997

DIN No.:

0010993

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	U29110MH1993PTC074899	Ghodawat Energy Private Limited	Director	01/04/2007	04/11/1993	-	Active	NO
2	U24119MH1997PTC107418	Star Oxochem Private Limited	Director	21/04/1997	21/04/1997	-	Active	NO
3	U72200PN1999PTC013214	Star Infosystems Private Limited	Director	01/01/1999	01/01/1999	-	Under Process of Striking off	NO
4	U85110KA1994PTC016357	Topaz Investments Private Limited	Director	01/08/1999	01/08/1999	-	Active	NO
5	U33300MH1990PTC055935	Diana Watches And Ancillaries Private Limited	Director	08/10/1999	08/10/1999	-	Active	NO
6	U65990MH1989PTC051168	Everready Investments Private Limited	Director	08/10/1999	08/10/1999	-	Active	NO
7	U16008PN1998PTC012977	Manali Products Private Limited	Director	22/09/2000	22/09/2000	-	Active	NO
8	U15440PN2002PTC017370	Ghodawat Foods International Private Limited	Director	21/10/2002	21/10/2002	-	Active	NO
9	U65921PN2007PTC130044	Sdg Finance And Investment Private Limited	Director	25/04/2007	25/04/2007	-	Active	NO
10	U85110KA1995PTC017883	M.D.Properties Private Limited	Director	07/12/2007	07/12/2007	-	Active	NO
11	U17301PN2008PTC132189	Fourstar Textiles Private Limited	Director	06/06/2008	06/06/2008	-	Active	NO
12	U01114PN2008PTC133229	Ghodawat Pan Masala Products (India) Private Limited	Director	15/12/2008	15/12/2008	-	Active	NO
13	U01122PN2009PTC133605	Ghodawat Agro Private Limited	Director	05/03/2009	05/03/2009	-	Active	NO
14	U15411GJ2009PTC057271	Ghodawat Chemfood Private Limited	Director	16/06/2009	16/06/2009	-	Active	NO
15	U29299PN2010PTC135984	Shrenik Industries Private Limited	Director	05/04/2010	05/04/2010	-	Active	NO
16	U15500MH2011PTC224183	Excelus Star Foodbev Private Limited	Director	21/11/2011	21/11/2011	-	Active	NO

Name :

Mr. Satish Danchand Ghodawat

Designation :

Director

Address :

Varshman, Malbhag, A/P Jaysingpur, Kolhapur-416101, Maharashtra, India

Date of Appointment :

21.04.1997

DIN No.:

00109992

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	U29110MH1993PTC074899	Ghodawat Energy Private Limited	Director	13/04/2010	04/11/1993	-	Active	NO
2	U24119MH1997PTC107418	Star Oxochem Private Limited	Director	21/04/1997	21/04/1997	-	Active	NO
3	U16008PN1998PTC012977	Manali Products Private Limited	Director	22/09/2000	22/09/2000	-	Active	NO
4	U01114PN2008PTC133229	Ghodawat Pan Masala Products (India) Private Limited	Director	15/12/2008	15/12/2008	-	Active	NO
5	U01122PN2009PTC133605	Ghodawat Agro Private Limited	Director	05/03/2009	05/03/2009	-	Active	NO
6	U29299PN2010PTC135984	Shrenik Industries Private Limited	Director	05/04/2010	05/04/2010	-	Active	NO

Name :

Mr. Vinod Danchand Ghodawat

Designation :

Director

Address :

‘Sudan’, 715 Road, Near Ram Mandir, Jaysingpur, Tal-Shirol, District Kolhapur-416101, Maharashtra, India

Date of Appointment :

05.01.1998

DIN No.:

00365521

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	U24119MH1997PTC107418	Star Oxochem Private Limited	Director	05/01/1998	05/01/1998	-	Active	NO
2	U16008PN1998PTC012977	Manali Products Private Limited	Managing director	30/03/2011	20/10/1998	-	Active	NO

Name :

Mr. Pushpraj Sawailal Jain

Designation :

Director

Address :

1^st Floor, Plot 43, Hatkesh Chs Limited, N S Road 6 JVPD Scheme Vile Parle West, Mumbai-400056, Maharashtra, India

Date of Appointment :

20.05.1997

DIN No.:

01803678

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	U29299MH1989PTC053946	Pragati Aroma Oil Distillers P Limited	Director	18/10/1989	18/10/1989	-	Active	NO
2	U24119MH1997PTC107418	Star Oxochem Private Limited	Director	20/05/1997	20/05/1997	-	Active	NO
3	U45200MH2005PTC152385	Prashasti Developers Private Limited	Director	04/04/2005	04/04/2005	-	Active	NO
4	U45200MH2005PTC152247	Prashasti Realtors Private Limited	Director	10/12/2007	10/12/2007	-	Active	NO

Name :

Mr. Prabhatchandra Sawailal Jain

Designation :

Director

Address :

5^th Floor, Plot 43 Hatkesh Chs Limited , N S Road JVPD Scheme Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Appointment :

24.04.1997

DIN No.:

01803686

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	U29299MH1989PTC053946	Pragati Aroma Oil Distillers Private Limited	Managing director	26/08/2009	18/10/1989	-	Active	NO
2	U24119MH1997PTC107418	Star Oxochem Private Limited	Director	24/04/1997	24/04/1997	-	Active	NO
3	U45200MH2005PTC152247	Prashasti Realtors Private Limited	Managing director	29/03/2005	29/03/2005	-	Active	NO
4	U45200MH2005PTC152385	Prashasti Developers Private Limited	Managing director	01/05/2006	01/05/2006	-	Active	NO
5	U45400MH2008PTC179304	Aadi Properties Private Limited	Director	22/02/2008	22/02/2008	-	Active	NO
6	U45200MH2008PTC182262	Skystar Realtors Private Limited	Director	16/05/2008	16/05/2008	-	Active	NO
7	U45201MH2008PTC182278	Skystar Property Development Private Limited	Director	16/05/2008	16/05/2008	-	Active	NO
8	U24244MH2009PTC195006	Pragati Perfumes Private Limited	Director	25/03/2009	25/03/2009	-	Amalgamated	NO

Name :

Mr. Pankaj Sawailal Jain

Designation :

Director

Address :

Flat 603, Indrapuri 6, Jawahar Nagar, S V Road, Goregaon West, Mumbai-400062, Maharashtra, India

Date of Appointment :

20.05.1997

DIN No.:

01803686

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	U29299MH1989PTC053946	Pragati Aroma Oil Distillers Private Limited	Director	18/10/1989	18/10/1989	-	Active	NO
2	U24119MH1997PTC107418	Star Oxochem Private Limited	Director	20/05/1997	20/05/1997	-	Active	NO
3	U45200MH2005PTC152247	Prashasti Realtors Private Limited	Director	29/03/2005	29/03/2005	-	Active	NO
4	U45200MH2005PTC152385	Prashasti Developers Private Limited	Director	01/05/2006	01/05/2006	-	Active	NO
5	U24244MH2009PTC195006	Pragati Perfumes Private Limited	Director	25/03/2009	25/03/2009	-	Amalgamated	NO

Name :

Mr. Atulkumar Sawailal Jain

Designation :

Director

Address :

2^nd Floor, Plot No. 43 Hatkesh Chs Limited, N S Road, JVPD Scheme, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Appointment :

20.05.1997

DIN No.:

01803698

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	U29299MH1989PTC053946	Pragati Aroma Oil Distillers Private Limited	Director	18/10/1989	18/10/1989	-	Active	NO
2	U24119MH1997PTC107418	Star Oxochem Private Limited	Director	20/05/1997	20/05/1997	-	Active	NO
3	U45200MH2005PTC152385	Prashasti Developers Private Limited	Director	04/04/2005	04/04/2005	-	Active	NO
4	U45200MH2005PTC152247	Prashasti Realtors Private Limited	Director	10/12/2007	10/12/2007	-	Active	NO

Name :

Mr. Mahesh Subhash Patil

Designation :

Managing Director

Address :

10-7, Jaysingpur, Taluka Shirol, District Kolhapur-416101, Maharashtra, India

Date of Birth/Age :

30.07.1975

Date of Appointment :

30.09.2011

DIN No.:

03592558

KEY EXECUTIVES

Name :	Mr. Anil Bhansi
Designation :	Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Equity Shares	No. of Preference Shares
Sanjay Dhanchand Ghodawat	1284500	243000
Satish Dhanchadn Ghodawat	372500	135000
Prabhat Jain	385000	215000
Pankaj Jain	385000	215000
Pushpraj Jain	385000	215000
Atulkumar Jain	385000	215000
Vinod Ghodawat	186000	124000
Neeta Ghodawat	70000	0
Ghodawat Pan Msala Private Limited, Kolhapur, Maharashtra, India	246000	324000
Yogeshwar D Lohana	51000	34000
Reshmaben N Contractor	100000	0
Total	3850000	1720000

Equity Share Breakup (Percentage of Total Equity)

(AS ON 29.09.2010 )

Category	Percentage
Bodies corporate	20.00
Directors or relatives of directors	80.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Oxalic Acid.
Exports :
Products :	Oxalic Acid
Countries :	· Mexico · UK · Brazil · Malaysia · Germany · Netherlands · Denmark · Poland · Pakistan · Chile · Spain · Italy
Terms :
Selling :	L/C

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Oxalic Acid	MT/Annum	9000	7500

GENERAL INFORMATION

Customers :	Wholesalers, Retailers and End Users
No. of Employees :	Approximately 68 (Office 15, Factory 53)
Bankers :	· HDFC Bank Limited, Sangli, Maharashtra, India · Bank of Baroda, Udgaon Branch, Kolhapur-416101, Maharashtra, India · Industrial Development Bank of India Limited, Sangli Branch, Opposite Zilha Parishad, Sangli-416234, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	R.V. Raichur and Associates Chartered Accountant
Address :	Flat No. 14, Aditya Apartments, Agarkar Road, Tilakwadi, Belgaum-590006, Karnataka, India
Tel. No.:	91-831-2431098
Mobile No.:	91-9448112198
PAN No.:	AALPR0894A
Group Companies :	· Ghodawat Agro Private Limited · Ghodawat Consumer Products Private Limited · Ghodwat Energy Limited · Ghodwat Packaging Private Limited · Ghodwat Realty Private Limited · Ghodwat Textiles · Sanjay Ghodwat Institute · Future Projects

CAPITAL STRUCTURE

As on 29.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs. 40.000 Millions
4000000	Equity Shares	Rs. 10/- each	Rs. 40.000 Millions
	Total		Rs. 80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3850000	Equity Share	Rs.10/- each	Rs. 38.500 Millions
1720000	Preference Shares	Rs. 10/- each	Rs. 17.200 Millions
	Total		Rs. 55.700 Millions

As on 31.03.2011

Authorized Capita: Not Available.

Paid-up Capital: Rs. 48.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		48.500	55.700	55.700
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		23.539	21.507	15.969
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		72.039	77.207	71.669
LOAN FUNDS
1] Secured Loans		55.450	67.336	58.817
2] Unsecured Loans		13.876	8.951	19.210
TOTAL BORROWING		69.326	76.287	78.027
DEFERRED TAX LIABILITIES		0.729	2.315	4.750
TOTAL		142.094	155.809	154.446
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		92.118	107.884	121.506
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.004	0.004	0.004
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.622	6.907	8.282
	Sundry Debtors	28.638	26.960	23.232
	Cash & Bank Balances	15.802	19.388	6.599
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.629	7.675	9.235
Total Current Assets		61.691	60.930	47.348
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	14.106	15.994	18.144
	Other Current Liabilities
	Provisions
Total Current Liabilities		14.106	15.994	18.144
Net Current Assets		47.585	44.936	29.204
MISCELLANEOUS EXPENSES		0.073	0.092	0.115
Pre-Operative Expenses		2.314	2.893	3.617
TOTAL		142.094	155.809	154.446

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	255.959	269.044	274.436
		Other Income
		TOTAL (A)	255.959	269.044	274.436
Less	EXPENSES
		Office Expenses
		Administrative Expenses	224.387	225.945	166.142
		Advertising Expenses
		TOTAL (B)	224.387	225.945	166.142
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.572	43.099	108.294
Less	FINANCIAL EXPENSES (D)		8.039	8.844	20.115
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.533	34.255	88.179
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.867	22.560	27.651
	PROFIT BEFORE TAX (E-F) (G)		4.666	11.695	60.528
Less	TAX (H)		2.633	6.157	15.951
	PROFIT AFTER TAX (G-H) (I)		2.033	5.538	44.577
	Earnings Per Share (Rs.)		--	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.79	2.06	16.24
Return on Total Assets (PBT/Total Assets}	(%)	3.03	6.93	35.85
Return on Investment (ROI) (PBT/Networth)		0.06	0.15	0.84
Debt Equity Ratio (Total Liability/Networth)		1.16	1.20	1.34
Current Ratio (Current Asset/Current Liability)		4.37	3.81	2.61

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the firm	Yes
Constitutions of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last year	Yes
Profitability for last three years	No
Reasons for Variation <> 20%`	--
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concern	Yes
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, fi provided	Yes
Incorporation details, if applicable	--
Last accounts filed at ROC	--
Major Shareholders , if available	--

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U24119MH1997PTC107418
Name of the company	STAR OXOCHEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 431, Chipritali Shirol, Kolhapur-416001, Maharashtra, India
Type of charge	Book Debts Movable Property
Particular of charge holder	Industrial Development Bank of India Limited, Sangli Branch, Opposite Zilha Parishad, Sangli-416234, Maharashtra, India Email: jitu_160372@yahoo.com
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation
Date of instrument Creating the charge	14.12.2007
Amount secured by the charge	Rs. 16.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 13.25% p.a. Terms of Repayment Loan should be repaid within the period of one year. Margin 25% on movable properties and 40% on Book Debts Extent and Operation of the charge Charge will remain in operation till the repayment of principal amount and interest of loan in full

As Per Website:

Profile:

Subject was set up in 1997. This oxalic acid manufacturing plant is the second largest in India. The current manufacturing capacity of the plant is 30 MTPD. Almost 75% of which is exported across the world. Additionally, there are two other plants manufacturing diethyl oxalate (deo) and ethanol with a capacity of 5.5 MTPD and 12 KLPD respectively.

These state-of-the-art plants uses ultra modern laboratory for testing and analyzing of various products and raw materials. They are also equipped with effluent treatment plant for disposing the effluents of various processes.

The chemical division has acquired the most coveted ISO 9001:2000 accreditation.

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.51.93
UK Pound	1	Rs.80.62
Euro	1	Rs.69.37

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.