MIRA INFORM REPORT

Report Date :

10.04.2012

IDENTIFICATION DETAILS

Name :	HI TECHCHEMICALS PRIVATE LIMITED
Registered Office :	“White House”, 119, Park Street, 4^th Floor, ‘D’, Kolkata-700016, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.01.1986
Com. Reg. No.:	21-124546
Capital Investment / Paid-up Capital :	Rs. 37.665 Millions
CIN No.: [Company Identification No.]	U00300WB1986PTC124546
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Foundery Chemicals, Refractories Items
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 2000000
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)
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 :	“White House”, 119, Park Street, 4^th Floor, Block ‘D’, Kolkata-700016, West Bengal, India
Tel. No.:	91-33-22265233
Fax No.:	91-33-22265972
E-Mail :	rkagarwal@satyam.net.in
Website :	www.hitechchemicals.net
Administrative Office :	Meghdeep House, 1^st Floor, ‘Q’ Road, Bistupur, Jamshedpur-831001, Jharkhand, India
Tel. No.:	91-657-2756035 / 2756037
Fax No.:	91-657-2756048 / 2320412
E-Mail :	info@hitechchemicals.net hitech@hitechchemicals.net
Unit I :	C-38 and 47, 4^th Phase, Industrial Area, Gambaria, Jamshedpur-832108, Jharkhand, India
Tel. No.:	91-657-2201938 / 2200991 / 2200733
Fax No.:	91-657-2261633
Unit II :	A-14, Phase-VI, Industrial Area, Gamharia, Jamshedpur-832108, Jharkhand, India
Tel. No.:	91-657-2200367 / 2200590 / 3094789
Fax No.:	91-657-2201723
Unit III :	M-20, Phase-VI, Industrial Area, Gamharia, Jamshedpur-832108, Jharkhand, India

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Gopal Krishna Mazumder
Designation :	Director
Address :	E-33, zinnia, Ashiana Gardens, Sonari, Jamshedpur-831011, Jharkhand, India
Date of Birth/Age :	07.01.1944
Date of Appointment :	15.02.1986
DIN No.:	01053788
Name :	Ms. Prabha Agarwal
Designation :	Director
Address :	4, Shanti Kunj, Northern Town, CH. Area, Bistupur, Jamshedpur-831001, Jharkhand, India
Date of Birth/Age :	16.09.1968
Date of Appointment :	25.01.2005
DIN No.:	00171346

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	U27100WB2002PLC094612	NILACHAL IRON AND POWER LIMITED	Director	06-05-02	06-05-02	26-10-07	Active	NO
2	U34300WB1995PTC071257	JAYSHREE MOTORS PRIVATE LIMITED	Director	19-09-03	19-09-03	-	Active	NO
3	U67120WB1994PTC065537	KILBURN MANAGEMENT SERVICES PRIVATE LIMITED	Director	15-04-04	15-04-04	-	Active	NO
4	U00300WB1986PTC124546	HI TECHCHEMICALS PRIVATE LIMITED	Director	25-01-05	25-01-05	-	Active	NO
5	U51109WB1995PTC075232	DHARMJYOTI VINIMAY PRIVATE LIMITED	Director	08-04-05	08-04-05	-	Amalgamated	NO
6	U70109WB1991PTC053021	SWARNIM EXIM ENCLAVE PRIVATE LIMITED	Director	25-03-06	25-03-06	-	Amalgamated	NO
7	U51909WB1991PTC053098	JAG-MAG COMMERCIAL AND CREDIT COMPANY PRIVATE LIMITED	Director	25-03-06	25-03-06	-	Amalgamated	NO
8	U27310WB2006PLC110450	HI-TECH HERITAGE LIMITED	Director	05-07-06	05-07-06	-	Active	NO
9	U27100WB2008PLC121597	HI - TECH IRON AND POWER LIMITED.	Director	10-01-08	10-01-08	-	Active	NO
10	U51109WB2006PTC109851	STANDARD VINIMAY PRIVATE LIMITED	Director	11-04-08	11-04-08	-	Amalgamated	NO
11	U51109WB2007PTC114619	POLLEN DEALCOM PRIVATE LIMITED	Director	11-04-08	11-04-08	-	Amalgamated	NO
12	U15540WB2008PLC127336	HI-TECH NATURAL WATER LIMITED	Director	09-07-08	09-07-08	-	Amalgamated	NO
13	U51109WB2005PTC105130	SUNRISE TIE-UP PRIVATE LIMITED	Director	01-12-08	01-12-08	-	Amalgamated	NO
14	U52190WB1995PTC068790	BAVISCON DEALERS PRIVATE LIMITED	Director	30-01-09	30-01-09	-	Amalgamated	NO
15	U51311WB1995PTC069567	BENKO TRADERS PRIVATE LIMITED	Additional director	27-12-10	27-12-10	-	Active	NO

Name :	Mr. Raj Kumar Agarwal
Designation :	Director
Address :	4, Shanti Kunj, Northern Town, CH. Area, Bistupur, Jamshedpur-831001, Jharkhand, India
Date of Birth/Age :	02.11.1962
Date of Appointment :	03.04.1987
DIN No.:	00171483

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	U00300WB1986PTC124546	HI TECHCHEMICALS PRIVATE LIMITED	Director	03-04-87	03-04-87	-	Active	NO
2	U67120WB1994PTC065537	KILBURN MANAGEMENT SERVICES PRIVATE LIMITED	Director	27-01-01	27-01-01	-	Active	NO
3	U51109WB1995PTC068485	SUBAHU TRACON PRIVATE LIMITED	Director	10-05-01	10-05-01	-	Amalgamated	NO
4	U27100WB2002PLC094612	NILACHAL IRON AND POWER LIMITED	Managing director	01-01-07	06-05-02	26-10-07	Active	NO
5	U34300WB1995PTC071257	JAYSHREE MOTORS PRIVATE LIMITED	Director	19-09-03	19-09-03	-	Active	NO
6	U51109WB1995PTC075232	DHARMJYOTI VINIMAY PRIVATE LIMITED	Director	08-04-05	08-04-05	-	Amalgamated	NO
7	U70109WB1991PTC053021	SWARNIM EXIM ENCLAVE PRIVATE LIMITED	Director	24-02-06	24-02-06	-	Amalgamated	NO
8	U51909WB1991PTC053098	JAG-MAG COMMERCIAL AND CREDIT COMPANY PRIVATE LIMITED	Director	24-02-06	24-02-06	-	Amalgamated	NO
9	U27310WB2006PLC110450	HI-TECH HERITAGE LIMITED	Whole-time director	01-04-10	05-07-06	-	Active	NO
10	U52190WB1995PTC068790	BAVISCON DEALERS PRIVATE LIMITED	Director	30-09-09	15-09-07	-	Amalgamated	NO
11	U27100WB2008PLC121597	HI - TECH IRON AND POWER LIMITED.	Director	10-01-08	10-01-08	-	Active	NO
12	U51109WB2006PTC109851	STANDARD VINIMAY PRIVATE LIMITED	Director	11-04-08	11-04-08	-	Amalgamated	NO
13	U51109WB2007PTC114619	POLLEN DEALCOM PRIVATE LIMITED	Director	11-04-08	11-04-08	-	Amalgamated	NO
14	U15540WB2008PLC127336	HI-TECH NATURAL WATER LIMITED	Director	09-07-08	09-07-08	-	Amalgamated	NO
15	U51109WB2005PTC105130	SUNRISE TIE-UP PRIVATE LIMITED	Director	01-12-08	01-12-08	-	Amalgamated	NO
16	U51311WB1995PTC069567	BENKO TRADERS PRIVATE LIMITED	Additional director	17-12-09	17-12-09	-	Active	NO
17	U51109WB2005PTC105721	PRACHI AGENCIES PRIVATE LIMITED	Additional director	01-03-11	01-03-11	-	Amalgamated	NO

Name :	Mr. Ranjit Kumar Bagchi
Designation :	Director
Address :	B-115, Begonia, Ashisana Gardens, Sonari, Jamshedpur-831011, Jharkhand, India
Date of Birth/Age :	01.11.1944
Date of Appointment :	15.02.1986
DIN No.:	01053839

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Ranjit Kumar Bagchi	3500
Gopal Krishna Mazumder	3100
Raj Kumar Agarwal	3711025
Prabha Agarwal	544500
Swarnim Exim and Enclave Private Limited, India	1347000
Jagmag Commercial and Credit Company Private Limited, India	223500
Baviscon Dealers Private Limited, India	942600
Rahul Agarwal	150200
Raj Kumar Agarwal (HUF)	386500
Total	7311925

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Bodies corporate	34.37
Directors or relatives of Directors	65.63
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Foundery Chemicals, Refractories Items

Products :

ITC CODE	PRODUCTS
382490	Foundery Chemicals
690190	Refractories Items

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Actual Production
Licensed Capacity (Unit III)	Mt P.A	6000	--
Production
Foundery Chemicals	MT PCS	-- --	14237.97 80870
Refractories Items	PCS KG SET UNIT / HEAT	--	69315 82447.87 609.27 114.54

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Commercial Branch, Pratap Tower, Bistupur, Jamshedpur-831001, Jharkhand, India

· Axis Bank Limited

· ICICI Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
With State Bank of India, Commercial Branch, Jamshedpur
In Cash Credit A/C (Stocks)	22.057	33.039
In Cash Credit (Book Debts)	0.944	40.433
In Term Loan	121.406	0.000
With Axis Bank Limited, Jamshedpur
In Cash Credit A/C	106.298	86.185
In Term Loan	184.639	80.680
Car Loan A/C	2.106	0.000
ICICI Bank Car Loan	0.000	0.074
Total	437.450	240.411
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Others
Interest free Loan from AIADA	0.111	0.111
Total	0.111	0.111

Banking Relations :	--
Auditors :
Name :	S. K. Naredi and Company Chartered Accountant
Address :	Virdi Niwas, M Road, Bistupur, Jamshedpur-831001, Jharkhand, India
Tel. No.:	91-657-2320691 / 2321275
Fax No.:	91-657-2320593
E-Mail :	sknjsr@rediffmail.com
Pan No.:	AAFFS1613J
Enterprise over which key management personnel and their relatives exercise control of Substantial influence :	· Jay Shree Motors Private Limited · Kilburn Management Services Private Limited · Hitech Natural Water Limited · Sunrise Tieup Private Limited · New Gargi Foundary Chemicals · Baviscon Dealers Private Limited · Hitech Heritage Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs. 90.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37665250	Equity Shares	Rs.10/- each	Rs. 37.665 Millions
Add	Share Suspense A/c		Rs. 35.454 Millions
Add	Shares to be dealloted		Rs. (15.705) Millions
	Total		Rs. 57.414 Millions

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs. 90.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7311925	Equity Shares	Rs.10/- each	Rs. 73.119 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		37.665	37.665	37.665
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		471.671	269.768	254.391
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		509.336	307.433	292.056
LOAN FUNDS
1] Secured Loans		437.450	240.411	102.784
2] Unsecured Loans		0.111	0.111	0.111
TOTAL BORROWING		437.561	240.522	102.895
DEFERRED TAX LIABILITIES		14.856	6.743	4.909
OTHERS		19.749	0.000	0.000
TOTAL		981.502	554.698	399.860
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		641.487	53.373	40.886
Capital work-in-progress		1.694	100.907	67.891
INVESTMENT		94.653	9.614	95.218
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	46.119	140.789	90.663
	Sundry Debtors	171.436	163.170	132.104
	Cash & Bank Balances	12.430	6.196	5.461
	Other Current Assets	50.808	3.613	1.905
	Loans & Advances	132.421	115.053	5.517
Total Current Assets		413.214	428.821	235.650
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.621	24.459	21.633
	Other Current Liabilities	106.147	8.154	13.986
	Provisions	3.778	5.404	4.166
Total Current Liabilities		169.546	38.017	39.785
Net Current Assets		243.668	390.804	195.865
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		981.502	554.698	399.860

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	793.116	2125.291	513.153
		Other Income	10.072	9.602	1.007
		TOTAL (A)	803.188	2134.893	514.160
Less	EXPENSES
		Consumption of Raw Materials	415.772	260.137	293.572
		Cost of Sales	153.829	1618.141	0.000
		Manufacturing Overheads	103.505	89.192	108.098
		Selling and Administrative Expenses	73.698	59.027	43.047
		Increase In Stock	7.627	56.777	38.397
		TOTAL (B)	754.431	2083.274	483.114
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		48.757	51.619	31.046
Less	FINANCIAL EXPENSES (D)		13.501	16.088	5.939
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		35.256	35.531	25.107
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.243	3.229	2.564
	PROFIT BEFORE TAX (E-F) (G)		28.013	32.302	22.543
Less	TAX (H)		12.934	9.990	11.430
	PROFIT AFTER TAX (G-H) (I)		15.079	22.312	11.113
Add	Mat Credit		4.681	0.000	0.000
Less	Income Tax of Earlier Year		0.316	0.487	0.216
Add	Excess Depreciation of Earlier Year		0.000	0.000	11.796
Add	Accumulated profit and loss from Amalgamating Company		1.558	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		115.367	101.081	83.875
Less	APPROPRIATIONS
		Provision for Interim and Final Dividend	2.196	5.530	4.225
		Dividend Tax on Interim and Final Dividend	0.611	0.918	0.718
		Interest on dividend tax of Earlier year	0.018	0.000	0.000
		Dividend of Mergerd Company of Earlier year	(2.235)	0.000	0.000
		Transfer to General Reserve	0.693	1.091	0.544
	BALANCE CARRIED TO THE B/S		135.086	115.367	101.081
	EXPORT VALUE		0.000	0.532	0.000
	IMPORTS
		Raw Materials	1.680	3.558	7.010
		Capital Goods	2.310	0.890	0.890
		Others	36.562	0.000	0.000
	TOTAL IMPORTS		40.552	4.448	7.900
	Earnings Per Share (Rs.)		5.45	6.18	4.04

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.88	1.05	2.16
Net Profit Margin (PBT/Sales)	(%)	3.53	1.52	4.39
Return on Total Assets (PBT/Total Assets}	(%)	2.66	6.70	8.15
Return on Investment (ROI) (PBT/Networth)		0.05	0.11	0.08
Debt Equity Ratio (Total Liability/Networth)		1.22	0.93	0.51
Current Ratio (Current Asset/Current Liability)		2.44	11.28	5.92

LOCAL AGENCY FURTHER INFORMATION

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

FORM 8

Corporate identity number of the company	U00300WB1986PTC124546
Name of the company	HI TECHCHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	“White House”, 119, Park Street, 4^th Floor, Block ‘D’, Kolkata-700016, West Bengal, India
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	State Bank of India, Commercial Branch, Pratap Tower, Bistupur, Jamshedpur-831001, Jharkhand, India
Nature of instrument creating charge	1. Bank Letter Dated 19.06.2011 2. Board Resolution 3. Sanction Letter
Date of instrument Creating the charge	19.06.2011
Amount secured by the charge	Rs. 665.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per existing rate. Terms of repayment As per existing Repayment Schedule. Margin As per existing schedule. Extent and operation of the charge Pari-passu First charge with Axis Bank on Fixed Assets of Unit- III of the Company for their term loan of Rs. 200.000 Millions.
Short particulars of the property charged (Including location of the property)	Pari-passu First charge with Axis Bank on Fixed Assets of Unit- III of the Company for their term loan of Rs. 200.000 Millions.
Charge identification number of the charge to be modified	90263883
Date of instrument modifying the charge	16.11.2010
Particulars of the present modification	In this Modification of charge by replacing the words Pari-Passu First charge on fixed assets with the Axis bank for their term loan of Rs.200.000 Millions with Pari-passu First charge with Axis Bank on Fixed Assets of Unit- III of the company for their term loan of Rs.200.000 Millions.

FIXED ASSETS

· Land

· Building

· Laboratory Equipment

· Plant and Machinery

· Furniture and Fixtures

· Electrical Installation

· Air conditioner

· Computer

· Office Equipments

· Tools and Implements

· Generator Set

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 51.28
UK Pound	1	Rs. 81.38
Euro	1	Rs. 67.01

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

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