MIRA INFORM REPORT

Report Date :

27.09.2011

IDENTIFICATION DETAILS

Name :	SUBHALXMI SYNTEX PRIVATE LIMITED AMALGAMATED WITH SUBHALAXMI POLYESTERS LIMITED SHUBHALAKSHMI POLYESTER LIMITED
Registered Office :	401, A-Wing , Oberoi Chambers , Near Kuber, Andheri – West, Mumbai – 400053, Maharasahtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	13.09.2005
Com. Reg. No.:	11-190937
Capital Investment / Paid-up Capital :	Rs. 214.949 Millions
CIN No.: [Company Identification No.]	U17110MH2005PLC190937
TAN No.: [Tax Deduction & Collection Account No.]	MUMS3692B
PAN No.: [Permanent Account No.]	AAACS8438D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of High Quality Polyester Yarns
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 3137000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade Relation 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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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 Office :	401-A Wing, Oberoi Chambers, Near Kuber, New Link Road, Andheri – West, Mumbai – 400053, Maharasahtra, India
Tel. No.:	91-22-26744375/26744376
Fax No.:	91-22-26744377
E-Mail :	query@shubhalakshmi.com sanjay@shubhalakshmi.com cvs@shubhlakshmi.com
Website :	www.shubhalakshmi.com
Head Office :	401, Jeevandeep Complex. Ring Road, Surat – 395002, India
Tel. No.:	91-261-2354402/2354403
Fax No.:	91-261-2354401
E-Mail :	corporate@shubhalakshmi.com
Factory :	Survey No. 179/1/2, Village Silli, Silvasa – 396230, India
Tel. No.:	91-260-3253441/3253442
Fax No.:	91-260-2640136

DIRECTORS

As on 31.03.2010

Name :

Mr. Ajay Agarwal

Designation :

Director

Address :

A-302, Nandigram Apartment, Ghod Dod Road, Opp.Parle Point, Surat – 395001, India

Date of Birth/Age :

23.02.1963

Date of Appointment :

13.09.2005

DIN No.:

00088953

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	U17297GJ1987PLC009689	SHUBHALAKSHMI INDUSTRIES LIMITED	Director	01-06-87	01-06-87	-	Amalgamated	NO
2	U17119GJ1991PTC014906	SHUBHLAXMI DYETEX PVT LTD	Director	16-01-91	16-01-91	-	Active	NO
3	U17119GJ1991PLC015677	SHUBHLAXMI POLYTEX LIMITED	Director	17-05-91	17-05-91	17-03-10	Active	NO
4	U72200GJ2000PTC038298	SHUBHALAKSHMI PETRO-YARNS PRIVATE LIMITED	Director	27-01-04	27-01-04	17-09-09	Active	NO
5	U17110MH2005PLC190937	SHUBHALAKSHMI POLYESTERS LIMITED	Managing director	01-04-09	13-09-05	-	Active	NO
6	U45300GJ2006PLC047780	SURAT SUPER YARN PARK LIMITED	Additional director	14-08-06	14-08-06	01-08-11	Active	NO
7	U17120MH1972GAT016028	ASSOCIATION OF SYNTHETIC FIBRE INDUSTRY	Nominee director	25-08-06	25-08-06	-	Active	NO
8	U17120GJ2007PLC051574	SURAT SUPER FILAMENT LIMITED	Director	23-08-07	23-08-07	01-09-11	Active	NO
9	U45201GJ2001PTC039777	R.B.A PROJECTS PRIVATE LIMITED	Director	01-03-08	01-03-08	-	Active	NO
10	U40106DL2008PTC224786	SUNKON ENERGY PRIVATE LIMITED	Director	13-02-10	13-02-10	-	Active	NO
11	U40101MH2010PTC201233	INDUS SOLAR PRIVATE LIMITED	Director	24-03-10	24-03-10	-	Active	NO
12	U40104DL2010PTC201381	DAHEJ ENERGY PRIVATE LIMITED	Director	09-04-10	09-04-10	-	Active	NO
13	U40106GJ2010PTC060486	NEXGEN SOLAR PARK PRIVATE LIMITED	Director	29-04-10	29-04-10	-	Active	NO
14	U40106GJ2010PTC060507	CLEAN-TECH SOLAR PARK PRIVATE LIMITED	Director	30-04-10	30-04-10	-	Active	NO

Name :

Mr. Vikas Agarwal

Designation :

Whole Time Director

Address :

51-A, Royal Accord, IV Apnaghar Layout , Lokhandwala, Andheri – West, Mumbai – 400053, Maharasahtra, India

Date of Birth/Age :

30.08.1981

Date of Appointment :

13.09.2005

DIN No.:

00089659

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	U72200GJ2000PTC038298	SHUBHALAKSHMI PETRO-YARNS PRIVATE LIMITED	Director	03-07-00	03-07-00	07-09-09	Active	NO
2	U17110MH2005PLC190937	SHUBHALAKSHMI POLYESTERS LIMITED	Whole-time director	01-04-09	13-09-05	-	Active	NO
3	U40106GJ2010PTC060486	NEXGEN SOLAR PARK PRIVATE LIMITED	Director	29-04-10	29-04-10	-	Active	NO

Name :

Mr. Bankesh Chandra Babulal Agarwal

Designation :

Director

Address :

41-A, Royal Accord, Opposite Lokhandwala Complex, Andheri – West, Mumbai – 400090, Maharashtra , India

Date of Birth/Age :

29.10.1951

Date of Appointment :

13.09.2005

DIN No.:

00121080

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	L99999MH1987PLC044942	SHREE HARI CHEMICALS EXPORT LIMITED	Managing director	01-03-10	09-10-87	-	Active	NO
2	U65910DN1995PLC000083	SHREE HARI FINVEST LTD	Director	13-03-95	13-03-95	-	Active	NO
3	U17119GJ1991PTC014906	SHUBHLAXMI DYETEX PVT LTD	Director	01-04-99	01-04-99	-	Active	NO
4	U17110MH2005PLC190937	SHUBHALAKSHMI POLYESTERS LIMITED	Director	13-09-05	13-09-05	-	Active	NO

Name :

Mr. Ramuraman Babulal Agarwal

Designation :

Whole Time Director

Address :

51-A, Royal Accord, IV Apnaghar Layout , Lokhandwala, Andheri – West, Mumbai – 400053, Maharasahtra, India

Date of Birth/Age :

22.11.1949

Date of Appointment :

13.09.2005

DIN No.:

00203860

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	U17297GJ1987PLC009689	SHUBHALAKSHMI INDUSTRIES LIMITED	Director	01-06-87	01-06-87	-	Amalgamated	NO
2	U17119GJ1991PLC015677	SHUBHLAXMI POLYTEX LIMITED	Director	15-06-92	15-06-92	17-03-10	Active	NO
3	L99999MH1987PLC044942	SHREE HARI CHEMICALS EXPORT LIMITED	Whole-time director	01-04-07	29-10-98	-	Active	NO
4	U72900MH2000PTC127901	SHUBHALAKSHMI FARMAKEM PRIVATE LIMITED	Director	25-07-00	25-07-00	25-03-11	Active	NO
5	U17110MH2005PLC190937	SHUBHALAKSHMI POLYESTERS LIMITED	Director	30-06-11	13-09-05	-	Active	NO
6	U40109MH2010PTC199414	SAMRIDHI GLOBAL INDUSTRIES PRIVATE LIMITED	Director	28-01-10	28-01-10	25-03-11	Active	NO

Name :

Mr. Manoj Agarwal

Designation :

Director

Address :

41-A, Royal Accord, Opp Lokhandwala Complex, Andheri – West, Mumbai – 400090, Maharshtra , India

Date of Birth/Age :

16.08.1977

Date of Appointment :

13.09.2005

DIN No.:

00267951

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	U72200GJ2000PTC038298	SHUBHALAKSHMI PETRO-YARNS PRIVATE LIMITED	Director	03-07-00	03-07-00	07-09-09	Active	NO
2	U72900MH2000PTC127901	SHUBHALAKSHMI FARMAKEM PRIVATE LIMITED	Director	25-07-00	25-07-00	-	Active	NO
3	U17297GJ1987PLC009689	SHUBHALAKSHMI INDUSTRIES LIMITED	Director	01-12-00	01-12-00	-	Amalgamated	NO
4	U17110MH2005PLC190937	SHUBHALAKSHMI POLYESTERS LIMITED	Director	13-09-05	13-09-05	-	Active	NO
5	U40106GJ2010PTC060507	CLEAN-TECH SOLAR PARK PRIVATE LIMITED	Director	30-04-10	30-04-10	-	Active	NO
6	U40109MH2010PTC199414	SAMRIDHI GLOBAL INDUSTRIES PRIVATE LIMITED	Additional director	25-03-11	25-03-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Ajay kumar Agarwal	846020
Bankeshkumar Agarwal	748445
Ramu Raman Agarwal	737392
Manoj Kumar Agarwal	563000
Vikas Agarwal	526333
Shailendra Chaudhary	34333
Vikram Chaudhary	1000
Shubhlaxmi Dyetex Private Limited, Gujarat, India	16479214
Ajay Kumar Agarwal ( HUF)	55593
Babulal Agarwal ( HUF )	54028
Bankesh Chandra Agarwal ( HUF )	68334
Ramu Raman Agarwal ( HUF )	162053
Gayatri Devi Agarwal	119393
Kanta Agarwal	3000
Narangi Devi Agarwal	69000
Suman Agarwal	131975
Chanda Choudhary	12500
Ajat Agarwal HUF Company Shubhlaxmi International, India	41930
Shubhlakshmi Petro – Yarns Private Limited, India	841337
Total	21494880

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	80.58
Directors or relatives of Directors	19.36
Other top fifty shareholders	0.06
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of High Quality Polyester Yarns
Products :	Texturising Mono Fully Drawn Draw Twist Twisting Fancy Mother Yarn Air Tex

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of Baroda , Parsi Sheri Branch, Surat – 395003, Gujarat, India
• State Bank of India
• HDFC Bank Limited
• ICICI Bank Limited
• Kotak Mahindra Bank Limited

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Term Loan	785.357	500.342
Working Capital	284.963	321.927
Car Vehicle Loan	5.207	2.160
Total	1075.527	824.429
Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Loan From Director	8.136	7.445
Loan From Group Concern	1.695	12.970
Total	9.831	20.415

Banking Relations :
Auditors :
Name :	Pradeep Singhi and Associates Chartered Accountant
Address :	A/501, President Plaza, Near R.T.O, Ring Road, Nanpura, Surat – 395001, Gujarat, India
PAN.:	ADRPS1701L
Associates/Subsidiaries :	SHUBHLAXMI DYETEX PRIVATE LIMITED
CIN No. :	U17119GJ1991PTC014906

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs. 300.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21494880	Equity Shares	Rs.10/- each	Rs. 214.949 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		214.949	176.949	176.949
2] Share Application Money		0.000	100.000	0.000
3] Reserves & Surplus		569.362	335.580	277.918
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		784.311	612.529	454.867
LOAN FUNDS
1] Secured Loans		1075.527	824.429	629.554
2] Unsecured Loans		9.831	20.415	18.847
TOTAL BORROWING		1085.358	844.844	648.401
DEFERRED TAX LIABILITIES		71.872	51.053	35.094
TOTAL		1941.541	1508.426	1138.362
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1123.384	869.161	767.108
Capital work-in-progress		172.937	5.970	5.046
INVESTMENT		18.615	2.982	2.981
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	182.198	149.712	150.696
	Sundry Debtors	469.667	438.790	252.305
	Cash & Bank Balances	65.481	18.967	30.996
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	178.445	192.181	214.757
Total Current Assets		895.791	799.650	648.754
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	196.004	126.973	244.758
	Other Current Liabilities	19.408	12.737	16.970
	Provisions	54.155	30.084	24.332
Total Current Liabilities		269.567	169.794	286.060
Net Current Assets		626.224	629.856	362.694
MISCELLANEOUS EXPENSES		0.381	0.457	0.533
TOTAL		1941.541	1508.426	1138.362

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	3213.757	3243.088	2031.264
		Other Income	5.343	4.526	25.067
		TOTAL (A)	3219.100	3247.614	2056.331
Less	EXPENSES
		Increase / Decrease of Stock	(31.597)	12.443	(44.354)
		Cost Of Raw Material Consumed	2503.109	2497.379	1632.708
		Manufacturing Expenses	407.282	418.764	263.905
		Administrative Expenses	21.814	18.523	18.656
		Payment To Employees	63.894	45.551	32.146
		Selling and Distribution Expenses	19.922	20.589	23.137
		Preliminary Expenses	0.076	0.076	0.076
			2984.500
		TOTAL (B)	2984.500	3013.325	1926.274
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		234.600	234.289	130.057
Less	Interest (D)		65.370	85.689	52.405
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		169.23	148.600	77.652
Less/ Add	DEPRECIATION/ AMORTISATION (F)		52.048	47.385	32.887
	PROFIT BEFORE TAX (E-F) (G)		117.182	101.215	44.765
Less	TAX (H)		16.587	5.002	(9.641)
	PROFIT AFTER TAX (G-H) (I)		100.595	96.213	54.406
	Earnings Per Share (Rs.)		4.68	4.48	2.53

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.12	2.96	2.65
Net Profit Margin (PBT/Sales)	(%)	3.65	3.12	2.20
Return on Total Assets (PBT/Total Assets}	(%)	5.80	6.07	3.16
Return on Investment (ROI) (PBT/Networth)		0.15	0.17	0.10
Debt Equity Ratio (Total Liability/Networth)		1.72	1.65	2.05
Current Ratio (Current Asset/Current Liability)		3.32	4.71	2.26

LOCAL AGENCY FURTHER INFORMATION

NOTES:

The Registered office of the company has been shifted from 418, Jeevandeep Complex, Opp. J.K.Road, Surat – 395002, Gujarat, India To Present Address.

OPERATIONS:

For the year ended report the company earned a total income of Rs. 3247.600 Millions an increase of 579.300 Millions over the previous year of Rs. 2056.300 Millions . The net profit of the company for the year increased to Rs. 96.200 Millions as compared to Rs. 54.400 Millions in the previous year.

The Company has undertaken expansion activities by setting up an new unit for manufacturing of nylon filament yarn/ High Tenacity yarn for this necessary sanction has been received from our bankers and expansion of the project is as per Schedule.

FORM 8:

Corporate identity number of the company	U17110MH2005PLC190937
Name of the company	SHUBHALAKSHMI POLYESTERS LIMITED
Address of the registered office or of the principal place of business in India of the company	401, A-Wing , Oberoi Chambers , Near Kuber, Andheri – West, Mumbai – 400053, Maharasahtra , India Email Id : cvs@shubhalakshmi.com
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	10007280
Type of charge	Books Debts Movable Property ( not being pledge)
Particular of charge holder	Nationalized Bank Bank of Baroda, Parsi Sheri Branch, Surat – 395003, Gujarat, India Email Id- parsis@bankofbaroda.com
Nature of instrument creating charge	Joint Deed of Hypothecation dated 26.08.2010
Date of instrument Creating the charge	26.08.2010
Amount secured by the charge	Rs. 5349.800 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : Rate of Interest as per respective bank’s sanctions. Terms of Payment : Terms of payment as per respective bank’s sanctions. Margin : Margin as per respective bank’s sanctions. Extend and Operation of the charge : The charge in favour of bank of baroda ( lead Bank ) with other ( W/C Lenders) consortium bank’s is secured on the entire current assets and fixed assets of the company to secure various credit limit aggregating to Rs. 5349.800 Millions sanction by the bank of baroda , State Bank of India and Allhabad Bank to the Company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1) The whole of the borrowers stock both present and future and including but without prejudice to the generally of the forgoing word , all stock of raw material , WIP, Semi Finished goods and finished goods 2) All the present and future book debts , outstanding moneys receivable , claim bills, contract engagement and securities, which are now due and owns to the borrower 3) All the tangible movable machinery, plant, crane and boar as described and the vehicles of the borrower together with spares , tools and accessories and other movables both present and future. 4) Continues polycondensation plant - Spinning Plant - Polyester FDY Machine - Nylon FDY Machine 5) High Tenacity Yarn Main PDY Plant FDY Plant DT Machine 6) Air Tax Machine Draw Tax Machine Dense Phase Chips Conveying systems, chips dryer with crystallizer, low pressure air dryer Continues Polymer Filter 7) Twisting Machine Electrification and Electrical Installation Misc. Plant and Machinery / Utilities Furniture and Fixture and Misc. Assets 8) Preliminary and Preoperative Expenses Contingencies
Date of instrument modifying the charge	10.08.2009
Particulars of the present modification	Charge Modified : Allhabad Bank have joined the consortium and the credit facilities have been revised accordingly . The credit facilities of the company has been increased from Rs. 2270.800 Millions to Rs. 5349.800 Millions by creating hypothecation of assets more particularly described in second and third schedule to the Joint Deed of Hypothecation. Other Terms and Condition remain the same

Fixed Assets:

• Factory Land and Building
• Office Building
• Plant and Machinery
• Plant and Machinery Indigenous
• Air Conditioner
• Borewell
• Furniture and Fixtures
• Computer
• Fax Machine
• Motor Car
• Vehicle
• Two Wheeler
• Cycles
• Telephone and Mobile Equipment
• Television
• Type Writer
• Xerox Machine
• Twisting Machine
• Factory Site 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] 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.49.61
UK Pound	1	Rs.76.68
Euro	1	Rs.66.47

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	YES
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--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.