MIRA INFORM REPORT

Report Date :

29.09.2011

IDENTIFICATION DETAILS

Name :	WALPLAST PRODUCTS PRIVATE LIMITED

Registered Office :	Rainbow Building, Plot No.13, Sector 24, Turbhe, Navi Mumbai – 400 705, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	25.06.2004

Com. Reg. No.:	11-147149

Capital Investment / Paid-up Capital :	Rs.20.000 Millions

CIN No.: [Company Identification No.]	U14106MH2004PTC147149

TAN No.: [Tax Deduction & Collection Account No.]	MUMW02543C

PAN No.: [Permanent Account No.]	AAACW5337R

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Cement Putty, Wall Putty, Tile Adhesive Water Proof Plaster, Ready Mix Plaster.

No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 376000

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.

INFORMATION PARTED BY

Name :	Mr. Nilesh Kapadia
Designation :	Accounts Department
Contact No.:	91-9820335680
Date :	28.09.2011

LOCATIONS

Registered Office/ Factory :	Rainbow Building, Plot No.13, Sector 24, Turbhe, Navi Mumbai – 400 705, Maharashtra, India
Tel. No.:	91-22-41418282/ 27841011/ 27841012/ 27841013/ 27841014
Mobile No.:	91-9820335680 (Mr. Nilesh)
Fax No.:	91-22-41418200/ 27841015
E-Mail :	kapadiadilip@yahoo.co.in walplastproducts@gmail.com nilesh.kapadia@walplast.com
Website :	http://www.walplast.com http://www.walplast.in
Location :	Owned

Factory 2 :	Vapi, Gujarat, India

Factory 3 :	Taloja, Maharashtra, India

Factory 4 :	Behror, Rajasthan, India

Factory 5 :	Durg, Chhattisgarh, India

DIRECTORS

As on 30.09.2010

Name :

Mr. Ashok Nagardas Mehta

Designation :

Managing Director

Address :

Rainbow, Plot No.42, Road No.2, Pestom Sagar, Chembur, Mumbai – 400 089, Maharashtra, India

Date of Birth/Age :

14.11.1947

Date of Appointment :

25.06.2004

DIN No.:

00113783

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	U51432MH1988PTC046897	Aristo Sales Agency Private Limited	Director	06-04-88	06-04-88	-	Active	NO
2	U51432MH2002PTC135661	Alive Ceramics Private Limited	Director	26-04-02	26-04-02	-	Active	NO
3	U51432MH2003PTC140415	Vitroline Marketing Private Limited	Director	12-05-03	12-05-03	-	Active	NO
4	U14106MH2004PTC147149	Walplast Products Private Limited	Director	25-06-04	25-06-04	-	Active	NO
5	U26960MH2010PTC209654	Miraj Drymix Private Limited	Director	01-11-10	01-11-10	-	Active	NO

Name :

Mrs. Asha Ashok Mehta

Designation :

Director

Address :

Rainbow, Plot No.42, Road No.2, Pestom Sagar, Chembur, Mumbai – 400 089, Maharashtra, India

Date of Birth/Age :

10.08.1955

Date of Appointment :

25.06.2004

DIN No.:

00113834

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	U51432MH1988PTC046897	Aristo Sales Agency Private Limited	Director	06-04-88	06-04-88	-	Active	NO
2	U51432MH2002PTC135661	Alive Ceramics Private Limited	Director	26-04-02	26-04-02	-	Active	NO
3	U51432MH2003PTC140415	Vitroline Marketing Private Limited	Director	12-05-03	12-05-03	-	Active	NO
4	U14106MH2004PTC147149	Walplast Products Private Limited	Director	25-06-04	25-06-04	-	Active	NO

Name :

Mr. Kaushal Ashok Mehta

Designation :

Director

Address :

Rainbow, Plot No.42, Road No.2, Pestom Sagar, Chembur, Mumbai – 400 089, Maharashtra, India

Date of Birth/Age :

02.07.1981

Date of Appointment :

25.06.2004

DIN No.:

00113826

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	U51432MH1988PTC046897	Aristo Sales Agency Private Limited	Director	06-04-88	06-04-88	-	Active	NO
2	U51432MH2002PTC135661	Alive Ceramics Private Limited	Director	26-04-02	26-04-02	-	Active	NO
3	U51432MH2003PTC140415	Vitroline Marketing Private Limited	Director	12-05-03	12-05-03	-	Active	NO
4	U14106MH2004PTC147149	Walplast Products Private Limited	Director	25-06-04	25-06-04	-	Active	NO
5	U26960MH2010PTC209654	Miraj Drymix Private Limited	Director	01-11-10	01-11-10	-	Active	NO

Name :

Mr. Bhavesh Chandra Chattopadhyaya

Designation :

Director

Address :

Eros Garden, Block No.3, Plot No.80, Ground Floor, Suraj Kund Road, Faridabad - 121 009, Haryana, India

Date of Birth/Age :

16.10.1947

Date of Appointment :

01.02.2010

DIN No.:

01895497

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	U45201AS2008PTC008596	Universal Infrabuild Private Limited	Director	10-08-09	14-02-08	-	Active	NO
2	U14106MH2004PTC147149	Walplast Products Private Limited	Director	26-02-10	26-02-10	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nilesh Kapadia
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders		No. of Shares
Ashok Nagardas Mehta		44400
Asha Ashok Mehta		27100
Kaushal Ashok Mehta		31300
Ashok Nagardas Mehta (HUF)		27200
Rachana M. Parekh		12000
Alive Ceramics Private Limited, India		58000
Total		200000

As on 30.09.2010

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Cement Putty, Wall Putty, Tile Adhesive Water Proof Plaster, Ready Mix Plaster.

Products :	v Plasto Shine v Plasto Fill v Plasto Tile v Plasto Proof v Plasto Grey v Plasto Premium v Plasto Seal v Cement Putty

Exports :
Products :	v Wall Putty
Countries :	v Dubai

Imports :
Products :	v Raw Materials v Chemical
Countries :	v China v Singapore

Terms :
Selling :	Cash and Credit

Purchasing :	Cash, Credit and T/T

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Production Kgs.
Plasto Shine	9037915
Plasto Fill	29084
Plasto Tile	119460
Plasto Proof	44097
Plasto Grey	56320
Plasto Premium	83945
Plasto Seal	25834
Plasto Coarse	290560
Cement Putty	25178820
Premixed Compound	2722390

GENERAL INFORMATION

Suppliers :

v Birla White

v J.K. Cement

Customers :

Wholesalers and Retailers

No. of Employees :

250 (Approximately)

Bankers :

v The Shamrao Vithal Co-Operative Bank, Vashi Branch, Jaymangal Oil Company, Near APMC 2, Sector 19, Plot No.48 and 49 Phase 2, Vashi, Turbhe, Navi Mumbai – 400 705, Maharashtra, India

v Bank of India, Turblhe Branch, Turbhe, Vashi, Navi Mumbai – 400 705, Maharashtra, India

v HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai – 400 013, Maharashtra, India

v ICICI Bank Limited

v State Bank of India

v Kotak Mahindra Limited

v Citi Bank N.A., Trent House, 2^nd Floor, Plot No.C-60, G. Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Kotak Mahindra Limited (Car Loan)	0.067	0.175
HDFC Bank Limited (Stocks and Book Debts)	15.656	0.000
HDFC Bank Limited (Term Loan)	11.884	0.000
State Bank of India	0.496	0.000
The Shamrao Vithal Co-Operative Bank (Baroda)	0.268	0.000
The Shamrao Vithal Co-Operative Bank (Stock and book debts)	0.000	11.466
The Shamrao Vithal Co-Operative Bank (Vapi factory)	0.000	14.876
Total	28.371	26.517

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors
Asha A. Mehta	2.212	1.887
Ashok N. Mehta (HUF)	0.840	0.411
Kaushal A. Mehta	0.418	0.238
From Others
Ami K. Mehta	0.424	0.369
Bina K. Mehta	0.200	0.200
Jimit V. Mehta	0.220	0.220
Manjula A. Sidhpura	0.300	0.300
Pravina B. Mehta	0.200	0.120
Rachana M. Parekh	0.067	0.062
Radhika R. Mehta	0.150	0.150
Total	5.031	3.957


Banking Relations :	--

Auditors :
Name :	Dilip Kapadia and Company Chartered Accountants
Address :	Room No.2, Baburao Chawl, Bachhani Nagar, Cross Lane, Opposite Daftary Road, Malad (East), Mumbai – 400 097, Maharashtra, India
Tel. No.:	91-22-28800195/ 28815590
Mobile No.:	91-9820432763
E-Mail :	kapadiadilip@gmail.com
Income-tax PAN of auditor or auditor's firm :	ADUPK4157H

Enterprises in which key management personnel have control :	v Aristo Sales Agency Private Limited v Alive Ceramics Private Limited v Vitroline Marketing Private Limited v Rainbow Corporation

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
225000	Equity Shares	Rs.100/- each	Rs.22.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

(Out of which 100000 equity shares are issued other than for cash consideration)

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		20.000	20.000	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		73.884	41.460	19.270
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		93.884	61.460	39.270
LOAN FUNDS
1] Secured Loans		28.371	26.517	24.465
2] Unsecured Loans		5.031	3.957	1.989
TOTAL BORROWING		33.402	30.474	26.454
DEFERRED TAX LIABILITIES		2.368	0.024	0.121

TOTAL		129.654	91.958	65.845

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		86.665	26.589	17.533
Capital work-in-progress		0.000	28.905	0.000

INVESTMENT		0.503	0.503	0.500
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	43.996	22.514	31.475
	Sundry Debtors	36.605	35.697	22.108
	Cash & Bank Balances	10.061	9.646	0.619
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	59.187	31.311	22.607
Total Current Assets		149.849	99.168	76.809
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	44.444	27.360	9.026
	Other Current Liabilities	20.286	7.625	4.041
	Provisions	42.633	28.222	15.930
Total Current Liabilities		107.363	63.207	28.997
Net Current Assets		42.486	35.961	47.812

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		129.654	91.958	65.845

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	790.565	492.756	279.937
		Other Income
		TOTAL	790.565	492.756	279.937

Less	EXPENSES
		Office Expenses	741.368	458.879	257.265
		Administrative Expenses
		Advertising Expenses
		TOTAL	741.368	458.879	257.265

	PROFIT BEFORE TAX		49.197	33.877	22.672

Less	TAX		16.756	11.687	7.838

	PROFIT AFTER TAX		32.441	22.190	14.834

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		41.460	19.270	14.436

Less	APPROPRIATIONS
		Fringe Benefit Tax	0.017	0.000	0.000
		Bonus Shares issue	0.000	0.000	10.000
	BALANCE CARRIED TO THE B/S		73.884	41.460	19.270

	Earnings Per Share (Rs.)		162.21	110.95	74.17

Particulars

31.03.2011

Sales Turnover (Approximately)

1500.000

The above information has been parted by Mr. Nilesh Kapadia (Accounts Department).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.10	4.50	5.30

Return on Total Assets (PBT/Total Assets}	(%)	20.80	26.94	24.03

Return on Investment (ROI) (PBT/Networth)		0.52	0.55	0.58

Debt Equity Ratio (Total Liability/Networth)		1.50	1.52	1.41

Current Ratio (Current Asset/Current Liability)		1.40	1.57	2.65

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors	36.242	23.054	4.143
Creditors for Expenses	8.202	4.306	4.883
	44.444	27.360	9.026

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Note:

The registered office of the company has been shifted from Plot No.D-314, TTC Industrial Area, MIDC Turbhe Vashi, Navi Mumbai – 400 705, Maharashtra to the present address w.e.f. 01.03.2007.

Bankers Charges Report as per Registry

Corporate identity number of the company	U14106MH2004PTC147149
Name of the company	WALPLAST PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Rainbow Building, Plot No.13, Sector 24, Turbhe, Navi Mumbai – 400 705, Maharashtra, India E-Mail: nilesh.kapadia@walplast.com
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	Citi Bank N.A., Trent House, 2^nd Floor, Plot No.C-60, G. Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India E-Mail: vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry.
Date of instrument Creating the charge	27.06.2011
Amount secured by the charge	Rs.30.900 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Dropline Overdraft-12.50% and Buyers Credit- LIBOR+2% Terms of Repayment: Dropline Overdraft-60 Months and Buyers Credit-180 Days. Margin: As may be stipulated by the Bank from time to time. Extent and Operation of the charge: The company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as security for repayment of Rs.30.900 millions, together with interest, liquidated damages, costs, charges and expenses and all other moneys due and payable by the Company to the Bank
Short particulars of the property charged	Equitable mortgage on Plot No. 26, Sector No.01, Shirvane Nerul, Near Juinagar, Railways Station and Opposite Mumbai Pune Highway, Nerul, Navi Mumbai-400 705.

Corporate identity number of the company	U14106MH2004PTC147149
Name of the company	WALPLAST PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Rainbow Building, Plot No.13, Sector 24, Near Shikara Hotel, Opposite Sanpada Railway Station, Turbhegaon, Vashi, Navi Mumbai – 400705, Maharashtra
This form is for	Creation of Charge
Type of charge	Book debts Movable Property Floating Charges
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai-400013, Maharashtra, India
Nature of instrument creating charge	Letter of Hypothecation
Date of instrument Creating the charge	05.03.2010
Amount secured by the charge	Rs. 64.805 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank form time to time Terms of Repayment Working capital facility shall payable on Demand and Term Loan facility shall repayable in suitable installments Margin Company shall at all times during the continuance of this security maintain the said debts of a sufficient amount of provide the margin of security as may from time to time advised by the bank Extent and Operation of the charge Hypothecation by way of First charge on Company’s stocks, book debts etc. to secure as continuing security for the repayment of Rs. 64.805 Millions, together with interest, costs, charges, expense and other moneys due and payable by the company to the bank
Short particulars of the property charged	All the stock in trade both present and future consisting of raw materials, finished goods All the book-debts, outstanding monies receivables, claims and bills which are now due and owing or which may at any time hereafter during the continuance

This form is for

Creation of charge

Corporate identity number of the company

U14106MH2004PTC147149

Name of the company

WALPLAST PRODUCTS PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

Rainbow Building, Plot No.13, Sector 24, Near Shikara Hotel, Opposite Sanpada, Mumbai – 400705, Maharashtra, India

Type of charge

Immovable Property

Particular of charge holder

Name :	Shamrao Vithal Co- Operative Bank
Address :	Vashi Branch, Jaymangle Oil Company, Near APMC 2, Sector 19, Plot No.48 and 49 Phase 2, Vashi, Turbhe, Navi Mumbai – 400705, Maharashtra, India
Email :	ranjansubudhi@gmail.com

Nature of description of the instrument creating or modifying the charge

Recording letter evidencing deposit of title deeds for creative of equitable mortgage

Date of instrument Creating the charge

14.08.2008

Amount secured by the charge

Rs.89.700 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

CC- at PLR – 13.50% p.a.

TL- at PLR -0.50- 13.00 PA

Terms of Repayment

On Demand

Margin

CC- 25%

TL- 25%

L/C- 15%

Extent and Operation of the charge

All that piece and parcel of N.A. land admeasuring 11674 sq meter and building and structure standing thereon and known as plot no a (a types of building plot) of block no. 918/ P/ 3 and old revenue survey no. 879, 880, 885/ 1, 885/ 2, situated at village Kakadkopar, Taluka Kaparada, District. Valsad

Short particulars of the property charged

TRADE REFERENCES:

v Asian Paint

FIXED ASSETS

v Land (Baroda)

v Land (Durg)

v Land (Vapi)

v Computer

v Computer Software

v Factory Building

v Electronic Installation

v Furniture and Fixtures

v Office Equipments

v Plant and Machinery

v Vehicle

v Trademark

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.48.91
UK Pound	1	Rs.76.53
Euro	1	Rs.66.43

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	YES
--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.

MIRA INFORM REPORT

43.996

22.514

31.475

36.605

35.697

22.108

10.061

9.646

0.619

0.000

0.000

0.000

59.187

22.607

149.849

44.444

20.286

42.633

28.222

15.930

107.363

63.207

28.997

42.486

35.961

47.812

4.10

4.50

5.30

20.80

26.94

24.03

0.52

0.55

0.58

1.50

1.52

1.41

1.40

1.57

2.65

Unit