MIRA INFORM REPORT

Report Date :

10.10.2011

IDENTIFICATION DETAILS

Name :`	TECHNOVINYL POLYMERS INDIA LIMITED
Registered Office :	30, Unique Industrial Estate, Dr. R.P. Road, Mulund (West), Mumbai-400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.06.1992
Com. Reg. No.:	11-067303
Capital Investment / Paid-up Capital :	Rs.4.000 Millions
CIN No.: [Company Identification No.]	U25209MH1992PLC067303
TAN No.: [Tax Deduction & Collection Account No.]	MUMT04346G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Importer of Hi-Performance P.V.C. Compounds and Speciality Polymers.
No. of Employees :	Not Available

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 279000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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 for normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered / Administrative Office :	30, Unique Industrial Estate, Dr. R.P. Road, Mulund (West), Mumbai-400080, Maharashtra, India.
Tel. No.:	91-22-25930940 / 25930941 / 25930944 / 25930936
Fax No.:	91-22-25642577
E-Mail :	tpil.kkgroup@gmail.com kk_group@vsnl.net.
Website :	http://www.kkthelititlegiant.com
Corporate Office :	F – 57, Sai Dham Arcade, Near St. Marry’s School, P.K. Road, Mulund (West), Mumbai - 400080, Maharashtra, India
Manufacturing Plants
Unit 1 :	Plot No. 83 Govt. Industrial Area, Village Masat, Silvassa (UT), DNH – 396 230. India
Unit 2 :	Plot No. 59/10/01 Khanvel Silvassa Road, Village Masat, Silvassa (UT), DNH – 396 230. India
Unit 3 :	14, Amli Industrial Estate, Amli, Silvassa, India, DNH – 396 230. India.
Unit 4 :	Plot No. D-106, MIDC Ranjangaon, Pune Nagar Road. Dist. Pune – 412209

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Kirit G. Chandan

Designation :

Chairman and Managing Director

Address :

603/604, Mount View CHS Limited, Devidayal Road, Mulund (West), Mumbai – 400 080, Maharashtra, India

Date of Birth/Age :

13.01.1960

Date of Appointment :

19.06.1992

DIN :

00536173

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	U25209MH1992PLC067303	TECHNOVINYL POLYMERS INDIA LIMITED	Managing director	1/4/2010	19/06/1992	Active	NO
2	U67120MH1996PTC096753	CELEBRITY FINVEST PRIVATE LIMITED.	Director	30/11/2010	24/07/1996	Active	NO
3	U29191MH1995PTC095122	HOLM-KK EXTRUSION PVT LTD	Managing director	26/07/1996	26/07/1996	Active	NO

Name :

Mrs. Tejal K. Chandan

Designation :

Director

Address :

603/604, Mount View CHS Limited, Devidayal Road, Mulund (West), Mumbai – 400 080, Maharashtra, India

Date of Birth/Age :

05.10.1967

Date of Appointment :

1906.1992

DIN :

00536290

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	U25209MH1992PLC067303	TECHNOVINYL POLYMERS INDIA LIMITED	Director	19/06/1992	19/06/1992	Active	NO
2	U67120MH1996PTC096753	CELEBRITY FINVEST PRIVATE LIMITED.	Director	10/9/1996	10/9/1996	Active	NO

Name :

Mrs. Priti G. Chandan

Designation :

Director

Address :

603/604, Mount View CHS Limited, Devidayal Road, Mulund (West), Mumbai – 400 080, Maharashtra, India

Date of Birth/Age :

06.01.1964

Date of Appointment :

28.09.1993

DIN :

00535703

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	U25209MH1992PLC067303	TECHNOVINYL POLYMERS INDIA LIMITED	Director	19/06/1992	19/06/1992	Active	NO
2	U29191MH1995PTC095122	HOLM-KK EXTRUSION PVT LTD	Director	4/9/1996	4/9/1996	Active	NO
3	U67120MH1996PTC096753	CELEBRITY FINVEST PRIVATE LIMITED.	Director	10/9/1996	10/9/1996	Active	NO

Name :

Mrs. Deviben G. Chandan

Designation :

Director

Address :

603/604, Mount View CHS Limited, Devidayal Road, Mulund (West), Mumbai – 400 080, Maharashtra, India

Date of Birth/Age :

20.06.1937

Date of Appointment :

19.06.1992

DIN :

00535893

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	U25209MH1992PLC067303	TECHNOVINYL POLYMERS INDIA LIMITED	Director	19/06/1992	19/06/1992	Active	NO
2	U67120MH1996PTC096753	CELEBRITY FINVEST PRIVATE LIMITED.	Director	10/9/1996	10/9/1996	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Gokuldas O. Chandan	122010
Kirit G. Chandan	135010
Deviben G. Chandan	32510
Tejal K. Chandan	61940
Preeti G. Chandan	45010
Deepak P. Thakkar	10
Lata D. Palan	10
K.G. Chandan (HUF)	3500
Total	400000

AS ON 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Hi-Performance P.V.C. Compounds and Speciality Polymers.
Product :	PVC Elastomer Over Moulding TPE SEBS Thermoplastic Elastomer Soft TPU Alloys Nano Engineered PP Compounds SBS Thermoplastic Rubber Halogen Free Flame Retardant Wire and Cable Compounds Thermoplastic Vulcanizates PVC Compounds – Medical, Wire and Cable, Automotive, Footwear

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
PVC Compound and Other Polymers	KG	4500	1481894

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• City Bank N.A.
• Standard Chartered Grindlays Bank Limited
• Dena Bank, Mulund (West) Branch, 11, Surya Prakash, M.G. Road, Mumbai-400080, Maharashtra, India.
• HDFC Bank Limited
• ICICI Bank Limited
• Kotak Mahindra Bank Limited

Facilities :

Secured Loan	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Cash credit facility from Dena bank (Secured by hypothecation of stock and book debts and also further secured by personal counter guarantee of three director viz. Mr. K G Chandan, Mrs. D.G. Chandan and Mrs. T.K. Chandan)	40.417	38.487
Dena Bank Term Loan (Due within one year Rs.4.300 millions) (Secured by hypothecation of factory building and plant and machinery further secured by personal counter guarantee of three director viz. Mr. K.G Chandan, Mrs. D.G. Chandan and Mrs. T.K. Chandan)	7.217	11.229
Kotak Mahindra Bank Limited [Car Loan] [due within one year Rs.0.470 million – secured by hypothecation of motor car]	1.283	0.000
HDFC Bank Limited (Car Loan) (Due within one year Rs.nil) (Car loan from HDFC Bank is secured by hypothecation of motor car)	0.000	0.192
HDFC Bank Limited (Loan against property) (Due within one year Rs.3.145 millions) (Loan is secured by residential flats of the directors)	3.588	6.687
Total	52.505	56.595
Unsecured Loan	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
From directors	50.593	50.643
From financial companies	1.978	6.181
Total	52.571	56.824

Banking Relations :	--
Auditors :
Name :	Dayal and Lohia Chartered Accountants
Address :	6 and 7 Kamanwala Chambers, 1^st Floor, Sir P.M. Road, Fort, Mumbai- 400001, Maharashtra, India

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400,000	Equity Shares	Rs.10/- each	Rs.4.000 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		4.000	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		65.845	60.800	54.602
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		69.845	64.800	58.602
LOAN FUNDS
1] Secured Loans		52.505	56.595	62.706
2] Unsecured Loans		52.571	56.824	57.175
TOTAL BORROWING		105.076	113.419	119.881
DEFERRED TAX LIABILITIES		9.182	6.148	6.991
TOTAL		184.103	184.367	185.474
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		98.102	98.647	102.568
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.848	1.848	1.848
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	70.395	75.015	58.967
	Sundry Debtors	26.711	17.932	24.522
	Cash & Bank Balances	2.779	2.128	3.137
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	15.758	6.751	15.144
Total Current Assets		115.643	101.826	101.770
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	23.338	11.415	10.599
	Other Current Liabilities	2.975	2.417	1.773
	Provisions	5.177	4.122	8.340
Total Current Liabilities		31.490	17.954	20.712
Net Current Assets		84.153	83.872	81.058
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		184.103	184.367	185.474

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	191.840	150.073	144.288
		Other Income	0.958	0.618	0.176
		TOTAL (A)	192.798	150.691	144.464
Less	EXPENSES
		Raw material consumed	135.411	93.900
		Excise duty	1.899	1.313
		Manufacturing expenses	12.257	10.292	122.766
		Other expense	14.945	15.779
		Increase / decrease in stocks	0.782	5.195
		TOTAL (B)	165.294	126.479	122.766
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		27.504	24.212	21.698
Less	FINANCIAL EXPENSES/ INTEREST (D)		11.407	12.165	11.732
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		16.097	12.047	9.966
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.273	5.178	4.166
	PROFIT BEFORE TAX (E-F) (G)		10.824	6.869	5.800
Less	TAX (H)		5.311	0.484	1.000
	PROFIT AFTER TAX (G-H) (I)		5.513	6.385	4.800
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		60.800	54.602	49.942
Less	APPROPRIATIONS
		Proposed Dividend	0.400	0.160	0.120
		Tax on Proposed Dividend	0.068	0.027	0.020
	BALANCE CARRIED TO THE B/S		65.845	60.800	54.602
	EARNINGS IN FOREIGN CURRENCY		0.204	0.008	1.383
	IMPORTS – Raw Materials		43.326	35.240	16.510
	Earnings Per Share (Rs.)		13.78	15.96	12.00

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.86	4.24	3.32
Net Profit Margin (PBT/Sales)	(%)	5.64	4.58	4.02
Return on Total Assets (PBT/Total Assets}	(%)	5.06	3.43	2.84
Return on Investment (ROI) (PBT/Networth)		0.15	0.11	0.10
Debt Equity Ratio (Total Liability/Networth)		1.96	2.03	2.40
Current Ratio (Current Asset/Current Liability)		3.67	5.67	4.91

LOCAL AGENCY FURTHER INFORMATION

Note: The registered office of the company has been shifted from 121 Solaries opposite Larsen and Toubro, Saki Naka Vihar Road, Powai, Mumbai-400072, Maharashtra, India to the present address w.e.f. 01.04.2010

OPERATION:

During the year gross income have increase from 150.074 millions to 191.840 millions and company has made net profit 5.600 millions. Sales has been increased by 28%.

Contingent Liabilities : [As on 31.03.2010]

Bank guarantee to the electric department given to the tune of Rs. 1.675 millions [P.Y. Rs.1.675 millions]

Bankers Charges Report as per Registry

Corporate identity number of the company	U25209MH1992PLC067303
Name of the company	TECHNOVINYL POLYMERS INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	30, Unique Industrial Estate, Dr.R.P. Road, Mulund (W), Mumbai – 400080, Maharashtra, India
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	Dena Bank, Mulund (West) Branch, 11, Surya Prakash, M.G. Road, Mumbai-400080, Maharashtra, India
Nature of instrument creating charge	No Instrument was executed. Charge created by way of equitable mortgage by deposit of title deeds by constructive delivery.
Date of instrument Creating the charge	21.08.2010
Amount secured by the charge	Rs.1.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest – Not Applicable Terms of Repayment - Not Applicable Margin - Not Applicable Extent and Operation of the charge - Security to cover principal amount together with interest, commission, commitment charges, costs, charges, expenses etc. Others - 1/ Security created in respect of Forward Contract limit 2/ Separate forms are being filed to cover other credit facilities aggregating Rs.72.170 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All that piece and parcel of plot of land bearing No.83, Government Industrial Estate and situate at Village Masat, UT of Dadra and Nagar Haveli, admg. 1000 sq. mtrs. or thereabout in area, and bearing Revenue Sy No.444/1 of Village Masat; All that piece and parcel of N.A. Indl. land bearing Sy. No.59/10/1, admg. H-0-52 Are, and Sy. No.59/10/3, admg. H-0-8 Are, are totally admg. H-0-60 Are, equiv. to 6000 sq. mtrs, situate at Village Masat, UT of Dadra and Nagar Haveli; together with building sheds other structures, fixtures, fittings, fixed plant and machinery permanently embedded in the earth or fastened to anything permanently embedded in the earth, electrical installations, etc., now constructed, erected, installed thereon and hereafter to be constructed, erected, installed thereon, both present and future.

Bankers Charges Report as per Registry

Name of the company	TECHNOVINYL POLYMERS INDIA LIMITED
Presented By	Jointly Company and Charge holder
1) Date and description of instrument creating the change	Memorandum of fifth modification of hypothecation agreement dated – 16.04.2005
2) Amount secured by the charge/amount owing on the securities of charge	Rs.21.500 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	(i) Stocks of raw materials such as PVC compounds, PVC resins, DOP, K – 120 ND, Luwax Powder, stabilizers, HDP bag etc. Stock in process and finished goods, Consumable stores and spares, packing materials etc, both present and future now being or hereafter brought into or upon or now or hereafter in course of transit to any godowns, jathas or other place of storage at Mulund or Masai, Dadar Nagar Haveli or other place whatsoever and where over in the possession or occupation of the company. (ii) All the tangible movable properties and assets of whatsoever nature including plant, machinery, tools and accessories, stores, spares relating to the plant and machinery, furniture, fixtures, typewriter, vehicles, computers, calculation machines, air conditioners, articles, computers and things belonging to the company and lying and being at their premises / factories at Mulund, Mumbai being movable prosperities and capable of passing by delivery, both present and future, whether installed or not and whether now lying loose or in cases and now being or at nay time brought into or upon or at anytime in course of transit to the premises / factories of the company at Mulund or Masat, Dadra and Nagar Haveli or other place whatsoever or wheresoever either by way of substitution or addition in the possession or occupation of the company. (iii) All the present and future book debts, outstanding, moneys, receivables, claims, bills, right, to or in movable properties and movable assets and which are now due, owing or payable or belonging to the company or which ma at any time hereafter become due, owing, payable or belonging to the company in the course of its business by any person, fire, company or body corporate or by the government central or state or Indian railways and government departments or office or corporate or undertaking or project or semi government body or authority or any body corporate or undertaking or project whatever in the public sector.
4) Gist of the terms and conditions and extent and operation of the charge.	(i) Security created in respect of Terms Loan – Machinery / Building limit. (ii) Security to cover principal amount tighter with interest, costs, Charges, expenses etc.
5) Name and Address and description of the person entitled to the charge.	Dena Bank Mulund (West), Mumbai – 400080
6) Date and brief description of instrument modifying the charge	No instrument was executed. Charge created on 16.04.2005 by way of equitable mortgage by deposit of title deeds.
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Additional security provided of the following immovable properties: (i) All that piece and parcel of plot of land bearing No. 83 Government Industrial Estate and situate at village Masat, Union Territory of Dadra and Nagar Haveli, admeasuring 1000sq.mtrs. or thereabout in area and bearing Revenue survey No. 444 / 1 of village Masats (ii) All that piece and parcel of N.A. Industrial land bearing Survey No. 59 / 10 / 1 admg. H – 0 – 52 are equivalent to 6000sq.mtrs both situated at village Masat, Union Territory of Dadra and Nagar Haveli together with building sheds other structures, fixtures, fitting, fixed plant and machinery permanently embedded in the earth electrical installations etc. Now constructed, erected, installed thereon and hereafter to be constructed, erected, installed thereon both present and futures.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	90162906
Corporate identity number of the company	U25209MH1992PTC067303
Name of the company	TECHNOVINYL POLYMERS INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	30, Unique Industrial Estate, Dr. R.P. Road, Mulund (West), Mumbai-400080, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	Dena Bank, Mulund (West) Branch, 11, Surya Prakash, M.G. Road, Mumbai-400080, Maharashtra, India.
Email	mulwes@denabank.co.in
Nature of description of the instrument creating or modifying the charge	No Instrument was executed. Charge created by way of equitable mortgage by deposit of title deeds by constructive delivery.
Date of instrument Creating the charge	29.04.2008
Amount secured by the charge	Rs.42.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge Security to cover principal amount together with interest, commission, commitment charges, costs, charges, expenses etc. Others Security created in respect of Cash Credit facility with a sub limit of Book Debts for Rs.20.000 Millions
Short particulars of the property charged	(i) All that piece and parcel of plot of land bearing No.83, Govt. Industrial Estate and situate at Village Masat, UT of Dadra and Nagar Haveli, admg. 1000 sq. mtrs. or thereabout in area, and bearing Revenue Sy No.444/1 of Village Masat; (ii) All that piece and parcel of N.A. Indl. land bearing Sy. No.59/10/1, admg. H-0-52 Are, and Sy. No.59/10/3, admg. H-0-8 Are, are totally admg. H-0-60 Are, equiv. to 6000 sq. mtrs, situate at Village Masat; and more
Date of latest modification prior to the present modification	22.04.2008
Particulars of the present modification	Charge over immovable properties is extended to secure the enhanced cash credit facility of Rs.42.500 Millions. Separate forms are being filed, to cover other credit facilities aggregating Rs.30.250 Millions.

Fixed Assets

• Factory building
• Plant and machinery
• Computer
• Furniture and Fixture
• Office equipments
• Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.13
UK Pound	1	Rs.75.97
Euro	1	Rs.65.99

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	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.