MIRA INFORM REPORT

Report Date :

19.10.2011

IDENTIFICATION DETAILS

Name :	SANTLAL INDUSTRIES LIMITED
Registered Office :	233 Narain Nagar, Mainpuri - 205001, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.10.1999
Com. Reg. No.:	20-24880
Capital Investment / Paid-up Capital :	Rs.8.315 Millions
CIN No.: [Company Identification No.]	U15312UP1999PLC024880
TAN No.: [Tax Deduction & Collection Account No.]	AGRS11506F
PAN No.: [Permanent Account No.]	AAFCS4152B
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	the company is primarily engaged in the business of production of rice by processing of paddy
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 555000
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 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)

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 Agarwal
Designation :	Director
Contact No.:	91-9719285555
Name :	Mr. Sunil Agarwal
Designation :	Director
Contact No.:	91-9719283333
Date :	07.10.2011

LOCATIONS

Registered Office :	233 Narain Nagar, Mainpuri - 205001, Uttar Pradesh, India
Tel. No.:	91-5672-234440
Mobile No.:	91-9719285555 (Mr. Anil Agarwal)
Fax No.:	91-5672-234012
E-Mail :	info@santlalgroup.com saketjain_co@yahoo.com rrfm3440@hotmail.com
Website :	www.santlalgroup.com
Location :	Owned
Corporate Office :	4080/81, 2^nd and 3^rd Floor, Sardar Bazar, Delhi – 110006, India
Factory :	5 KM Milestone, Agra Road, Mainpuri, Uttar Pradesh, India
Sales Office :	Parinay, 108, Anand Vrindavan, Sanja Place, Agra – 282001, Uttar Pradesh, India

DIRECTORS

As on 30.09.2010

Name :

Mr. Anil Agarwal

Designation :

Director

Address :

403, Anand Vrindavan, Sanjay Palace, Agra-282004, Uttar Pradesh, India

Date of Birth/Age :

19.09.1962

Date of Appointment :

29.10.1999

DIN :

01434994

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	U74899DL1987PTC026883	RUDI ROLLERS FLOUR MILL PRIVATE LIMITED	Director	4/2/1987	4/2/1987	Active	NO
2	U15312UP1999PLC024880	SANTLAL INDUSTRIES LIMITED	Director	29/10/1999	29/10/1999	Active	NO
3	U51109UP2004PLC028638	SANTILAL COMMODITIES AND STOCKS LIMITED	Whole-time director	18/05/2004	18/05/2004	Active	NO
4	U45201DL2005PTC134839	SANT LAL BUILD TECH CONSTRUCTION COPRIVATE LIMITED	Director	7/4/2005	7/4/2005	Active	NO
5	U45201UP2005PTC030010	GREEN VALLEY NIRMAN CO. PRIVATE LIMITED	Director	13/03/2007	13/03/2007	Active	NO
6	U45400DL2007PTC165481	MANGALBHAWAN INFRASTRUCTURE PRIVATE LIMITED	Director	29/10/2009	29/10/2009	Active	NO

Name :

Mr. Sunil Agrwal

Designation :

Whole Time Director

Address :

233, Narain Nagar, Mainpuri-205001, Uttar Pradesh, India

Date of Birth/Age :

17.11.1967

Date of Appointment :

29.10.1999

DIN :

02083267

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	U74899DL1987PTC026883	RUDI ROLLERS FLOUR MILL PRIVATE LIMITED	Whole-time director	4/2/1987	4/2/1987	Active	NO
2	U15312UP1999PLC024880	SANTLAL INDUSTRIES LIMITED	Whole-time director	29/10/1999	29/10/1999	Active	NO
3	U51109UP2004PLC028638	SANTILAL COMMODITIES AND STOCKS LIMITED	Whole-time director	18/05/2004	18/05/2004	Active	NO
4	U45201DL2005PTC134839	SANT LAL BUILD TECH CONSTRUCTION COPRIVATE LIMITED	Whole-time director	17/04/2005	17/04/2005	Active	NO
5	U45201UP2005PTC030010	GREEN VALLEY NIRMAN COMPANY PRIVATE LIMITED	Whole-time director	2/4/2008	2/4/2008	Active	NO
6	U45400DL2007PTC165481	MANGALBHAWAN INFRASTRUCTURE PRIVATE LIMITED	Director	29/10/2009	29/10/2009	Active	NO

Name :

Mr. Anand Swarup Agarwal

Designation :

Whole Time Director

Address :

233, Narain Nagar, Mainpuri-205001, Uttar Pradesh, India

Date of Birth/Age :

11.12.1942

Date of Appointment :

29.10.1999

DIN :

02088408

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Anand Swaroop Agarwal	16000
Anand Swaroop Agarwal [HUF]	2500
Anil Agarwal (HUF)	4500
BIC Consultant (Private) Limited, India	300
D K Ispat and Timber Limited, India	400
Garg Finvest Private Limited, India	200
K R Fincap (Private) Limited, India	200
Anand Swaroop Agarwal	16000
Anil Agarwal	2000
Shobha Agarwal	26500
Anju Agarwal	17500
Sunil Agarwal	1750
Sunil Agarwal HUF	3750
Ashok Kumar	45
MCM Information Systems (Private) Limited, India	400
Kuberco Sales (Private) Limited, India	200
Neel Gagan Polymers and Marketing Private Limited, India	600
Mithlesh Kumar Agarwal	500
Ambrish Chand Agarwal	440
Geeta Devi Shah	350

As on 07.05.2011

Names of Allottees	No. of Shares Allotted
Akansha Agarwal	880
Ambrish Chand Agarwal	440
Anand Swaroop Agarwal (H.U.F)	2500
Anand Swaroop Agarwal	16000
Anil Agarwal	2000
Anil Agarwal (H.U.F)	4500
Ajay Agarwal	150
Smt . Deepa Agarwal	200
Dinesh Chand Agarwal	20
Km. Anita Agarwal	300
km. Shilpi Agarwal	150
Mohit Agarwal	150
Km. Nandini Agarwal	500
Narendra Kumar Shah	250
Pranjal Agarwal	2736
Renu Agarwal	135
Km. Shruti Agarwal	340
Km. Sivani Agarwal	1095
Smt . Anju Agarwal	17500
Smt. Gita Devi Shah	200
Smt. Laxmi Agarwal	80
Smt. Madhu Agarwal	70
Smt. Mithlesh Agarwal	500
Smt. Shobha Agarwal	26500
Smt. Vineeta Agarwal	340
Sunil Agarwal (H.U.F)	3750
Sunil Agarwal	1750
Vikas Agarwal	115
Total	83151

Equity Share Breakup [As on 30.09.2010]

Category	Percentage of Holding
Bodies corporate	4.00
Directors or relatives of directors	96.00
Total	100.00

BUSINESS DETAILS

Line of Business :	the company is primarily engaged in the business of production of rice by processing of paddy
Products :	· SL Royal Basmati Rice · SL Rozana Basmati Rice · SL Tibar Basmati Rice · SL Dubar Basmati Rice · SL Classic Basmati Rice · Mayur Dubar Rice · Mayur Tibar Rice · Mayur Royal Rice · Mayur Mogra Rice · Mayur Resort Rice · Mayur Classic Rice
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

PRODUCTION STATUS [As on 31.03.2010]

Particulars	Unit	Actual Production
Rice	Qtls	188905.460
Rice Bran	Qtls	12795.576

*As certified by management

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Punjab National Bank, Club Ghar, Main Branch, Mainpuri-205001, Uttar Pradesh, India
• Bank of Baroda, IBB Branch, M G Road, Agra – 282002, Uttar Pradesh, India
• Axis Bank Limited, Hong Kong
• ABN Amro Bank, Singapore

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Cash Credit Account [Secures by way of hypothecation of stock in trade and trade receivables]
Punjab National Bank	157.850	31.314
Axis Bank Limited	101.528	84.975
Term Loan Account [Secures by way of hypothecation of Assets]
Punjab National Bank [TL - I]	5.121	3.231
Punjab National Bank [TL – II]	109.141	0.000
Foreign Currency Loans
Punjab National Bank, Hong Kong	13.781	0.000
ABN Amro Bank, Singapore	5.664	0.000
Total	393.085	119.520

Banking Relations :	--
Auditors :
Name :	Agarwsal Singhania and Company Chartered Accountants
Address :	206, Prakash House, 4379/4B, Ansari Road, Daryaganj, New Delhi – 110002, India
Memberships :	· Rice Millers Association (Uttar Pradesh) · National Chamber of Commerce, Agra
Related Parties :	· Rudi Rollers Flour Mill Private Limited · Santlal Build-Tech Construction Company (Private) Limited · Green Valley Nirman Company (Private) Limited · S. L. Real Estate Private Limited · Nandan Food Products · Sunil Agro Mills · Santlal Commodities and Stocks Limited

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital : Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.49.891 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs. 100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
83,151	Equity Shares (Of the above 60000 Equity Shares are issued and allotted as fully paid-up Bonus Shares by capitalization of Profit and Loss Account)	Rs. 100/- each	Rs. 8.315 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		8.315	8.315	8.057
2] Share Application Money		83.340	3.190	3.130
3] Reserves & Surplus		47.122	43.187	39.046
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		138.777	54.692	50.233
LOAN FUNDS
1] Secured Loans		393.085	119.520	15.205
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		393.085	119.520	15.205
DEFERRED TAX LIABILITIES		2.990	0.875	0.353
TOTAL		534.852	175.087	65.791
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43.013	38.005	22.041
Capital work-in-progress		215.893	6.377	0000
INVESTMENT		0.035	0.035	0.035
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	418.405	132.388	86.472
	Sundry Debtors	15.045	6.613	3.211
	Cash & Bank Balances	25.686	10.266	1.284
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.971	8.292	6.198
Total Current Assets		467.107	157.559	97.165
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	184.172	25.816	52.613
	Current Liabilities	6.081	0.930	0.667
	Provisions	0.943	0.143	0.170
Total Current Liabilities		191.196	26.889	53.450
Net Current Assets		275.911	130.670	43.715
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		534.852	175.087	65.791

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	521.280	139.912	140.541
		Other Income	10.761	5.929	13.693
		TOTAL (A)	532.041	145.841	154.234
Less	EXPENSES
		Cost of Production	538.030	103.719	160.882
		Personnel Expenses	1.574	0.852	0.975
		Administrative and Selling Expenses	18.934	5.459	2.267
		Increase/(Decrease) in Finished Goods	[55.150]	23.978	[21.977]
		TOTAL (B)	503.388	134.008	142.147
	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28.653	11.833	12.087
Less	FINANCIAL EXPENSES (D)		14.992	5.214	0.675
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.661	6.619	11.411
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.506	3.908	2.812
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		7.155	2.711	8.600
Less	TAX (H)		3.220	0.883	1.877
	PROFIT / [LOSS] AFTER TAX (G-H) (I)		3.935	1.828	6.723
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		35.851	34.027	27.589
Less	Additional Provision of Income Tax for Earlier Years		0.000	0.004	[0.285]
	BALANCE CARRIED TO THE B/S		39.786	35.851	34.027
	EARNINGS IN FOREIGN CURRENCY		57.730	0.000	0.000
	IMPORTS
		Capital Goods	56.050	12.206	0.000
	TOTAL IMPORTS		56.050	12.206	0.000
	Earnings Per Share (Rs.)		47.32	22.06	83.44

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.74	1.25	4.36
Net Profit Margin (PBT/Sales)	(%)	1.37	1.94	6.12
Return on Total Assets (PBT/Total Assets}	(%)	1.40	1.39	7.21
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.17
Debt Equity Ratio (Total Liability/Networth)		4.21	2.68	1.37
Current Ratio (Current Asset/Current Liability)		2.44	5.86	1.82

LOCAL AGENCY FURTHER INFORMATION

Background : Subject is a company registered under the companies act, 1956 and was incorporated on 29.10.1999. the company is primarily engaged in the business of production of rice by processing of paddy and its Rice Mill is located in the district of Mainpuri, Uttar Pradesh.

Bankers Charges Report as per Registry

Corporate identity number of the company	U15312UP1999PLC024880
Name of the company	SANTLAL INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	233 Narain Nagar, Mainpuri, Agra-205001, Uttar Pradesh, India
This form is for	Modification of charge
Charge identification number of the modified	90278008
Type of charge	Book Debts Movable Property
Particular of charge holder	Punjab National Bankl, Club Ghar, Manipuri-205001, Uttar Pradesh, India
Nature of instrument creating charge	Agreement of hypothecation dated 26/02/2011
Date of instrument Creating the charge	26.02.2011
Amount secured by the charge	Rs. 300.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - CC BASE RATE + 1.50% i.e.10.50% P.A., PACKING CREDIT BASE RATE + 0.75% i.e. 9.75%, FOBP BASE RATE PLUS 0.75% i.e. 9.75% Terms of Repayment – Repayable on Demand Margin - 25% Extent and Operation of the charge - Charge operates to secure amount financed by bank along with interest
Short particulars of the property charged	Hypothecation of entire stocks of raw material (paddy), stock in process, finished goods (rice, rice bran) and all other current assets of the borrowing firm. Copies of foreign documentary demand bills along with copies of invoice, packing list, shipping documents drawn on any buyers, which is covered by ECGC of India and buyer wise policy.
Date of instrument modifying the charge	09.12.2010
Particulars of the present modification	Enhancement of working capital limits from 168.000 millions to 300.000 millions, which includes cash credit (hyp) of Rs 135.000 millions, packing credit unit of Rs 80.000 millions and FOBP limit of Rs 85.000 millions with overall ceiling of Rs 300.000 millions.

Bankers Charges Report as per Registry

Name of the company	SANTLAL INDUSTRIES LIMITED
Presented By	Mr. Anil Agarwal
1) Date and description of instrument creating the change	16.09.2005 Deed of Hypothecation executed by company in favour of P.N.B (Main) mainpuri
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 15.000 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	All tangible, moveable assets of the borrower including in particular entire stock wherever situated or in transit, plant and machinery, other fixed assets belong to the company and Building and land of the company by deposit of title deed dated 01.11.1999, No. 6464 page no. 145-150 situated at Auden Mandal, Manipouri
4) Gist of the terms and conditions and extent and operation of the charge.	1. Agreement of Hypothecation of Stock and Book-Debts for cash Credit limit 2. Rate of Interest charge by Bank is 10.75 P.A.
5) Name and Address and description of the person entitled to the charge.	Punjab National Bank, Club Ghar, Manipuri-205001, Uttar Pradesh, India
6) Date and brief description of instrument modifying the charge	N.A
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.	N.A

Corporate identity number of the company	U15312UP1999PLC024880
Name of the company	SANTLAL INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	233 Narain Nagar, Mainpuri - 205001, Uttar Pradesh, India
This form is for	Modification of charge
Charge identification number of the modified	90278008
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	Punjab National Bankl, Club Ghar, Manipuri-205001, Uttar Pradesh, India
Nature of instrument creating charge	1. CC (hypothecation) is increase from Rs.35.000 Millions to Rs 135.000 Millions on existing immovable assets and movable assets mortgaged and hypothecated with bank vide agreement dated 25/10/2009 2. FLC ( foreign letter of credit ) Rs. 11.326 Millions sanction by the bank on same collateral already mortgaged and hypothecated with bank. Vide agreement date 3/11/200833 3. New property is mortgaged by negative lien of property vide Khasara Nos 1499 ,1500, 1529,1530,1531 Mauja Auden Padariya Mainpuri area 66894 sq/mt
Date of instrument Creating the charge	25.09.2009
Amount secured by the charge	Rs. 146.326 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest ROI 10.5% Terms of Repayment CC Limit Santion For One Year Subject To Renewal Annualy Margin 25% Extent and Operation of the charge 100% In Favour Of Punjab National Bank , Club Ghar , Mainpuri
Short particulars of the property charged	EM of resi house no 233/234 Narain Nagar , Punjabi colony , Mainpuri area 10816 in name of Shri Anand Swaroop Agarwal , 2 land hasra no 774 area .802 hectare at Agra Road Mainpuri in the name of Anil Kumar Agarwal and Sunil Kumar Agarwal 4. Em of land at Oduan Padaria Khasra No 1298 1299 1301 1302 in the name of Anil Kumar Agarwal and Sunil Kumar Agarwal. 5. Em on land khs no 564 . New Property Is Mortgaged By Negative Lien Of Property Vide Khasara Nos 1499 ,1500, 1529,1530,1531 Mauja Auden Padariya Mainpuri Area 66894 Sq/Mt
Date of instrument modifying the charge	26.12.2008
Particulars of the present modification	1. CC (hypothecation) is increase from Rs.35.000 Millions to Rs. 135.000 Millions on existing immovable assets and movable assets mortgaged and hypothecated with bank vide agreement dated 25/10/2009 2. Existing FLC ( foreign letter of credit ) Rs. 11.326 Millions sanction by the bank on same collateral is continuer 3. New property is mortgaged by negative lien of property vide khasara no a 1499 ,1500, 1529,1530,1531 Mauja Auden Padariya Mainpuri area 66894 sq/mt 4. Adoc limit Rs. 87.50 sanction by bank finished

Fixed Assets:

· Factory Land

· Factory Building

· Godown Building

· Plant And Machinery

· Cash counting Machine

· Electrical Installations

· Generator Set

· Vehicles

· Computers

· Office Equipments

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.77.58
Euro	1	Rs.67.58

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.