MIRA INFORM REPORT

Report Date :

14.04.2012

IDENTIFICATION DETAILS

Name :	ASP SEALING PRODUCTS LIMITED (w.e.f. August 1996)
Formerly Known As :	ANAND SAIAG LIMITED (w.e.f. November 1994) ANAND SAIAG PRIVATE LIMITED
Registered Office :	Anbros House, 25/31, East Patel Nagar, New Delhi – 110008
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.05.1989
Com. Reg. No.:	55-036079
Capital Investment / Paid-up Capital :	Rs.89.086 Millions
CIN No.: [Company Identification No.]	U74899DL1989PLC036079
TAN No.: [Tax Deduction & Collection Account No.]	DELA12657B
PAN No.: [Permanent Account No.]	AAACA0381M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in the manufacturing of automotive EPDM / PVC profiles and industrial hoses.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 720000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financial position of the company is improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 / Marketing and Corporate Office :	Anbros House, 25/31 East Patel Nagar, New Delhi – 110 008, India
Tel. No.:	91-11-25729126 / 25817671 / 25787357 / 25765030 / 32903431
Fax No.:	91-11-25787357
E-Mail :	asp@aspseals.com mkt@aspseals.com exp@aspseals.com aumadvisors@gmail.com nsassociates_cs@yahoo.co.in cs@aspseals.com aumadvisors@gmail.com
Website :	http://www.aspseals.com
Factory :	A-7, U.P.S.I.D.C., Industrial Area, Gajraula – 244223, Uttar Pradesh, India
Tel. No.:	91-5924-252363/64/ 253002
Fax No.:	91-5924-252362
Branch Office :	B3-702, Swapna Nagri, Opp. Magai Stadium, Udyam Nagar, Pimpri, Pune – 411018, Maharashtra – India
Tel. No.:	91-20-27502225
Regional Offices :	East Zone Suite No. 502 B, 5th Floor, Kamalaya Centre, 156A, Lenin Sarani, Kolkata – 700173, West Bengal, India Tel. : 91-33-22155409 E-mail :  aspkolkata@vsnl.net West Zone 1, Vithal Sadan Extension, Congress House, PV Road, Mumbai – 400004, Maharashtra, India Tel : 91-22-23870452 E-mail : aspwest@mtnl.net South Zone 91-B, Hardevi Chambers, Pantheon Road,  Egmore, Chennai – 600008, Tamil Nadu, India Tel : 91-44-28228954 E-mail : aspsouth@airtelmail.in

DIRECTORS

As on 30.09.2011

Name :

Mr. Rishipal Singh Anand

Designation :

Whole-time Director

Address :

H 5/2, Model Town 2, New Delhi – 110 009, India

Date of Birth/Age :

06.03.1982

Date of Appointment :

10.03.2007

DIN No.:

01411628

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	U25111DL1998PTC097559	ASP OVERSEAS PRIVATE LIMITED	Director	18/12/1998	18/12/1998	-	Active	NO
2	U74899DL1988PTC033681	RP SYNTACT EQUIPMENTS PRIVATE LIMITED	Director	21/03/2001	21/03/2001	1/12/2009	Active	NO
3	U65923DL1998PTC093291	RISHIPAL INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	28/03/2002	28/03/2002	-	Active	NO
4	U25199DL2005PTC139537	ASP THERMOPLASTIC EXTRUSION PRIVATE LIMITED	Director	10/8/2005	10/8/2005	-	Active	NO
5	U92330DL2005PTC139600	ASP BUILTECH PRIVATE LIMITED	Director	11/8/2005	11/8/2005	-	Active	NO
6	U74899DL1989PLC036079	ASP SEALING PRODUCTS LIMITED	Whole-time director	1/10/2007	10/3/2007	-	Active	NO
7	U29253DL2007PTC162924	ASP NANOCEPTS TECHNOLOGIES PRIVATE LIMITED	Director	4/5/2007	4/5/2007	-	Active	NO
8	U25190DL2007PTC165456	ASP RUBBER PRIVATE LIMITED	Director	3/7/2007	3/7/2007	-	Active	NO
9	U74120DL2008PTC185759	ASP KAUFIL INDIA PRIVATE LIMITED	Director	12/12/2008	12/12/2008	-	Active	NO

Name :

Mrs. Jatinder Kaur Anand

Designation :

Whole-time Director

Address :

H 5/2, Model Town 2, New Delhi – 110 009, India

Date of Birth/Age :

01.11.1961

Date of Appointment :

10.03.2007

DIN No.:

01411543

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	U65923DL1998PTC093284	JAGRATAN FINVEST PRIVATE LIMITED	Director	17/04/1998	17/04/1998	-	Active	NO
2	U25111DL1998PTC097559	ASP OVERSEAS PRIVATE LIMITED	Director	18/12/1998	18/12/1998	-	Active	NO
3	U74899DL1988PTC033681	RP SYNTACT EQUIPMENTS PRIVATE LIMITED	Director	21/03/2001	21/03/2001	1/12/2009	Active	NO
4	U74899DL1989PLC036079	ASP SEALING PRODUCTS LIMITED	Whole-time director	1/10/2007	10/3/2007	-	Active	NO

Name :

Mr. Gurdeep Anand Singh

Designation :

Managing Director

Address :

H 5/2, Model Town 2, New Delhi – 110 009, India

Date of Birth/Age :

23.10.1958

Date of Appointment :

01.09.1989

DIN No.:

01517340

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	U74899DL1989PLC036079	ASP SEALING PRODUCTS LIMITED	Managing director	1/10/2007	1/9/1989	-	Active	NO
2	U65923DL1998PTC093291	RISHIPAL INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	15/02/2007	15/02/2007	-	Active	NO

Name :

Mr. Suresh Kumar Dhingra

Designation :

Director

Address :

A-12, Laxmi Kunj Appartment, Rohini, New Delhi – 110085, India

Date of Appointment :

25.04.2011

DIN No.:

03513272

KEY EXECUTIVES

Name :	Mr. Manish Kumar
Designation :	Company Secretary
Address :	A/523, Sector – 9, Ghaziabad - 201009, Uttar Pradesh, India
Date of Appointment :	02.02.2011
PAN No:	BCXPM2232G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Gurdeep Singh Anand	858530
Rishipal Singh Anand	922500
Jatinder Kaur Anand	792909
Gurdeep Singh Anand (HUF)	1805033
Jagratan Finvest (Private) Limited, India	1289500
Rishipal Investment and Finance (Private) Limited, India	970000
Bhupinder Holdings (Private) Limited, India	122373
Gurcharan Singh Anand	241053
Jagrattan Singh Anand	922500
Kaufil Sealing Tech Company, Spain	178171
ASP Technoplastic Explosion Private Limited, India	73500
ASP overseas Private Limited, India	417500
ASP Rubber Private Limited, India	315000
Total	8908569

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	50.85
Directors or relatives of Directors	49.15
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in the manufacturing of automotive EPDM / PVC profiles and industrial hoses.
Products :	Pvc Profile With Metal Strip Pvc Profile With Epdm Tubing Rubber Profile With /Without Metal Strip Sponge/ Solid Rubber Profile Flock Profile Hose Products

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
PVC Profiles with Metal Inserts	Meters	800.00	27.66
PVC Profiles with EPDM Tubing	Meters	344.60	7.47
Rubber Profiles with Metal Inserts	Meters	2335.00	65.30
Sponge/ Solid Rubber Profiles	Meters	891.00	51.41
Flock Rubber Profiles	Meters	594.00	28.79
Industrial Rubber Hoses	Meters	0.40	7.30
Bara Unit	Lacs Meters	37.46	--

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Specilised Commercial Branch, Civil Lines, Moradabad – 244 001, Uttar Pradesh, India

· HDFC Bank Limited

· ICICI Bank Limited

· Jammu and Kashmir Bank Limited

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	98.715	68.838
Rupee term loans financial institutions secured	4.725	9.651
Rupee term loans others secured	4.835	5.042
Deferred sales tax loan secured	(A) 46.185	(B) 36.199
Total	154.460	119.730
(A) 1. Trade Tax Defferment From Pradeshiya Industrial and Investment Corporation of Uttar Pradesh Limited. Rs.46.185 Millions (B) 1. Trade Tax Defferment From Pradeshiya Industrial and Investment Corporation of Uttar Pradesh Limited. Rs.36.199 Millions
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks unsecured	(A) 1.701	(B) 3.506
Rupee term loans financial institutions unsecured	(C) 6.992	(D) 9.254
Rupee term loans others unsecured	(E) 1.355	(F) 4.507
Loans directors unsecured	27.368	27.529
Total	37.416	44.796
(A) HDFC Bank Limited. Rs.0.568 Millions Jammu and Kashmir Bank Limied. Rs.1.132 Millions (B) HDFC Bank Limited. Rs.2.104 Millions Jammu and Kashmir Bank Limited Rs.1.402 Millions (C) Life Insurance Corporation of India Rs.4.809 Cholamandlam DBS 0.00 Tata Capital Limited Rs.1.799 Millions India Bulls Financial Services Rs.0.384 Millions (D) Life Insurance Corporation of India Rs.4.809 Millions Cholamandlam DBS Rs.0.195 Millions Tata Capital Limited Rs.2.500 Millions India Bulls Financial Services Rs.1.750 Millions (E) Bajaj Auto Finance Limited Rs.0.621 Millions Magma Fincorp Limited Rs.0.734 Millions (F) Bajaj Auto Finance Limited Rs.2.265 Millions Magma Fincorp Limited Rs.2.242 Millions

Banking Relations :	--
Financial Institution :	The Pradeshiya Industrial and Investment Corporation of UP Limited, Gomti Nagar, Lucknow – 226 010, Uttar Pradesh, India
Auditors :
Name :	Harvinder Arora and Associates Chartered Accountant
Address:	E-63, First Floor, Guru Nanak Pura, Jail Road, New Delhi-110018, India
Tel. No.:	91-11-65162993 / 41004195
Mobile No.:	91-9811244581
Email :	hs@harvinderca.com
PAN No. :	ADPPA0892A
Related Party ;	Asp Nanocepts Technologies Private Limited Asp Overseas Private Limited Asp Builtech Private Limited Asp Rubber Private Limited Bhupinder Holdings Private Limited Rishipal Investments And Finance Private Limited Asp Thermoplastic Extrusion Private Limited Jagratan Finvest Private Limited Asp Kaufil India Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8908569	Equity Shares	Rs.10/- each	Rs.89.086 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		89.086	88.911	80.351
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		92.913	59.367	26.865
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		181.999	148.278	107.216
LOAN FUNDS
1] Secured Loans		154.460	119.730	110.574
2] Unsecured Loans		37.416	44.796	34.715
TOTAL BORROWING		191.876	164.526	145.289
DEFERRED TAX LIABILITIES		10.868	0.000	0.000
TOTAL		384.743	312.804	252.506
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		192.494	177.707	128.174
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	80.562	54.561	43.945
	Sundry Debtors	184.874	157.934	126.700
	Cash & Bank Balances	17.520	16.745	14.293
	Other Current Assets	36.141	33.426	25.749
	Loans & Advances	8.379	4.629	4.187
Total Current Assets		327.476	267.295	214.874
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	80.863	103.712	94.970
	Other Current Liabilities	54.419	31.608
	Provisions	8.252	6.175	3.770
Total Current Liabilities		143.534	141.495	98.740
Net Current Assets		183.942	125.800	116.134
MISCELLANEOUS EXPENSES		8.307	9.297	8.198
TOTAL		384.743	312.804	252.506

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	650.539	558.529	480.179
		Other Income	1.244	6.137	3.947
		TOTAL (A)	651.783	564.666	484.126
Less	EXPENSES
		Consumption materials changes inventories	377.840	350.704
		Manufacturing service costs	85.780	65.960	428.323
		Employee related expenses	41.952	38.146
		Administrative selling other expenses	52.174	40.788
		TOTAL (B)	557.746	495.598	428.323
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		94.037	69.068	55.803
Less	FINANCIAL EXPENSES (D)		22.747	18.410	13.892
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		71.290	50.658	41.931
Less/ Add	DEPRECIATION/ AMORTISATION (F)		25.166	16.765	15.762
	PROFIT BEFORE TAX (E-F) (G)		46.134	33.893	26.149
Less	TAX (H)		12.387	28.799	1.000
	PROFIT AFTER TAX (G-H) (I)		33.737	32.692	25.149
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	57.529	57.243
	TOTAL EARNINGS			57.529	57.243
	IMPORTS
		Raw Materials	NA	74.230	59.531
		Stores & Spares	NA	0.000	0.000
		Plant and Machinery	NA	24.477	16.504
	TOTAL IMPORTS		NA	98.707	76.035
	Earnings Per Share (Rs.)		0.38	3.67	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.18	5.79	5.19
Net Profit Margin (PBT/Sales)	(%)	7.09	6.07	5.45
Return on Total Assets (PBT/Total Assets}	(%)	8.87	7.61	7.62
Return on Investment (ROI) (PBT/Networth)		0.25	0.23	0.24
Debt Equity Ratio (Total Liability/Networth)		1.84	2.06	2.28
Current Ratio (Current Asset/Current Liability)		2.28	1.89	2.18

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) Constitutions 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 two 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 (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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

PERFORMANCE OF THE COMPANY

Summary of the financial results is as under:- (Rupees in Millions) Particulars Current Year 2011 Previous Year 2010 Sales Rs.650.538 Rs.558.528 Other Income Rs.1.244 Rs.6.137 Cost of Sales Rs.463.619 416.664 Depreciation Rs.25.166 16.764 Profit Before Tax Rs.46.124 33.893 Profit/Loss after Taxation Rs.33.736 32.692

OPERATING RESULTS AND PROFITS

The Indian economy bounced back quickly and strongly growing at 8.72% in 2010-11. The automotive sector in India started the year steadily, gathered momentum in different segments in the second half of the year and ended the year with a record growth and performance. The Company’s turnover, in this background in commercial vehicles was Rs.650.538 Millions, a growth of 16.47% over the previous year. The volume growth coupled with other actions on pricing and cost reduction enabled the Company to achieve significant improvement in its profitability. The Profit Before Tax of Rs.46.124 Millions and Profit After Tax of Rs.33.736 Millions also grew over the previous year by 36.08% and 3.19 % respectively.

CURRENT SCENARIO AND FUTURE PLANS:

· INDUSTRY OUTLOOK

Riding on the back of economic growth, easy availability of finance, fiscal stimulus measures and launch of new models, the domestic auto industry recorded a growth of 26% in 2010-11. The vehicle industry expects the growth in automobile sector to continue, fuelled by rising disposable incomes, Global automakers are expected to continue their investment into India, growing auto manufacturing first and later auto engineering and R & D Services. The outlook for the auto ancillary industry appears healthy. The demand from the export markets however remains weak because of the conditions prevailing in the target markets.

· FUTURE PROJECT OF THE COMPANY:-

Looking at our outstanding performance, vehicle manufacturers have shown keen interest in our company and have allotted us new projects which will boost our sale in the coming years: Being the single source of supplier for the new projects we have to meet customer expectations in term of giving them quality product and timely supplies.

· FUTURE PLAN OF ACTION

* Work closely with customers to understand the requirements in terms of features and reliability for a complete product solution.

* Nurture and Promote indigenous technology.

* Focus on new technology products.

* Reduce time to market the product.

* Achieve price competitiveness with desired profit margin through target pricing.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

Rs. In Millions

Particular	31.03.2011	31.03.2010
Outstanding Letter of Credit	47.320	37.174
Other Claim not Acknowledged as debts	0.143	0.143
Right of recompose (State Bank of India)	0.000	11.700

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74899DL1989PLC036079
Name of the company	ASP SEALING PRODUCTS LIMITED
Address of the registered office or of the principal place of business in India of the company	Anbros House, 25/31 East Patel Nagar, New Delhi – 110 008, India
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	10096410
Type of charge	Immovable Property Movable Property
Particular of charge holder	The Pradeshiya Industrial and Investment Corporation of UP Limited, Gomti Nagar, Lucknow – 226 010, Uttar Pradesh, India
Nature of instrument creating charge	As per document Attached
Date of instrument Creating the charge	01.03.2012
Amount secured by the charge	Rs.47.632 Millions
Date of instrument modifying the charge	18.02.2011
Particulars of the present modification	Authorization against this charge has been given to (State Bank of India), Commercial Branch, Civil Lines, Moradabad

Fixed Assets

· Building

· Plant and Machinery

· Furniture and Fixtures

· Tools and Dies

· Office Equipments (Others)

· Office Equipments (Computer)

· Fire Freighting Equipment

· Electrical Fittings

· Air Conditioners

· Vehicle

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.51.42
UK Pound	1	Rs.81.93
Euro	1	Rs.67.67

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		42

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.