1. Summary Information

		Country	India
Company Name	MERCURY MANUFACTURING COMPANY LIMITED	Principal Name 1	Mr. Shankar Ramohalli Kapanipathi
Status	Satisfactory	Principal Name 2	Mr. Kyamas Ardeshir Palia
		Registration #	18-23748
Street Address	Plot No. D - 3, Madras Export Processing Zone, G.S.T. Road, Tambaram, Madras – 600 045, Tamilnadu, India.
Established Date	11.11.1992	SIC Code	-
Telephone#	91-44-22628002/ 22628593	Business Style 1	Manufacturer
Fax #	91-44-22628344	Business Style 2	-
Homepage	www.mercuryfurniture.com	Product Name 1	Filling Cabinet And Other Office Equipment
# of employees	Not Available	Product Name 2	Steel Furniture For Office Use
Paid up capital	Rs.37,500,000/-	Product Name 3	-
Shareholders	Foreign Holdings - 58.10% Bodies Corporate - 41.90%	Banking	Indian Bank Punjab National Bank
Public Limited Corp.	No	Business Period	18 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (49)

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	71,945,000	Current Liabilities	26,373,000
Inventories	55,855,000	Long-term Liabilities	15,672,000
Fixed Assets	50,180,000	Other Liabilities	8,373,000
Deferred Assets	0.000	Total Liabilities	50,418,000
Invest& other Assets	7,537,000	Retained Earnings	97,599,000
		Net Worth	135,099,000
Total Assets	185,517,000	Total Liab. & Equity	185,517,000
Total Assets (Previous Year)	168,400,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	239,638,000	Net Profit	9,038,000
Sales(Previous yr)	193,253,000	Net Profit(Prev.yr)	5,424,000

MIRA INFORM REPORT

Report Date :

21.04.2012

IDENTIFICATION DETAILS

Name :	MERCURY MANUFACTURING COMPANY LIMITED
Registered Office :	Plot No. D – 3, Madras Export Processing Zone, G.S.T Road, Tambaram, Madras – 600045, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.11.1992
Com. Reg. No.:	18-23798
Capital Investment / Paid-up Capital :	Rs.37.500 Millions
CIN No.: [Company Identification No.]	U28112TN1992PLC023798
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Quality Flat Pack Metal Furniture for Office and Industry.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 540000
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/Factory :	Plot No. D - 3, Madras Export Processing Zone, G.S.T. Road, Tambaram, Madras – 600 045, Tamilnadu, India
Tel. No.:	91-44-22628002/ 22628593/23474103
Fax No.:	91-44-22628344/23475190
E-Mail :	info@mercuryfurniture.com ibmepz@indianbank.co.in
Website :	http://www.mercuryfurniture.com
Branch 1 :	Australia : Strategic Storage Solutions Private Limited
Tel. No.:	61-(0)7-3715 6899
Fax No.:	61-(0)7-3715 6877
E-Mail :	A.Elliot@Bigpond.net.au
Branch 2 :	Europe : Steelco UK Limited
Tel. No.:	44-(0)-1536 418341
Fax No.:	44-(0)-1536 711387
E-Mail :	steelco@btclick.com
Branch 3 :	North America ,South America, Central America and Caribbean: Trumove Designs Inc.
Tele Fax No.:	1-905-338 6776
E-Mail :	jimmyu@idirect.com

DIRECTORS

As on 30.05.2011

Name :

Mr. Shankar Ramohalli Kapanipathi

Designation :

Managing Director

Address :

New No. 16, Old No. 11, First Cross Street, Indira Nagar, Chennai 600020, Tamilnadu, India

Date of Birth/Age :

07.03.1948

Date of Appointment :

01.01.2006

DIN No.:

 00135499

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	U28112TN1992PLC023798	MERCURY MANUFACTURING COMPANY LIMITED	Managing director	1/1/2012	1/1/2006	-	Active	NO

Name :

Mr. Kyamas Ardeshir Palia

Designation :

Director

Address :

Patel Wadia Building, 7-C, Wadia Street, Tardeo, Mumbai 400034, Maharashtra, India

Date of Birth/Age :

22.11.1945

Date of Appointment :

11.11.1992

DIN No.:

00281971

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	U28112TN1992PLC023798	MERCURY MANUFACTURING COMPANY LIMITED	Director	11/11/1992	11/11/1992	-	Active	NO
2	L72200MH1994PLC077342	GEOMETRIC LIMITED	Director	26/03/1994	26/03/1994	-	Active	NO
3	U28990MH1996PLC104088	GODREJ EFACEC AUTOMATION AND ROBOTICS LIMITED	Director	22/11/1996	22/11/1996	-	Active	NO
4	U32100MH1997PLC106135	GODREJ INFOTECH LIMITED	Director	1/1/1999	1/1/1999	-	Active	NO
5	U28993MH1932PLC001828	GODREJ AND BOYCE MANUFACTURING COMPANY LIMITED	Whole-time director	1/4/2011	1/10/2003	-	Active	NO
6	U65991MH2006PTC160076	AROHAN TRUSTEE COMPANY PRIVATE LIMITED	Director	28/03/2006	28/03/2006	-	Active	NO

Name :

Mr. Phiroze Dinshaw Lam

Designation :

Director

Address :

21/23, Mistry Park, 77, Bhulabhai Desai Road, Mumbai 400036, Maharashtra, India

Date of Birth/Age :

06.03.1945

Date of Appointment :

01.04.1997

DIN No.:

00066218

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	U28990MH1996PLC104088	GODREJ EFACEC AUTOMATION AND ROBOTICS LIMITED	Director	22/11/1996	22/11/1996	-	Active	NO
2	U28112TN1992PLC023798	MERCURY MANUFACTURING COMPANY LIMITED	Director	1/4/1997	1/4/1997	-	Active	NO
3	U28993MH1932PLC001828	GODREJ AND BOYCE MANUFACTURING COMPANY LIMITED	Whole-time director	1/4/2011	1/10/2003	-	Active	NO

Name :

Mr. Vispi Ratansha Dhala

Designation :

Director

Address :

06/07, Lavkush Apartments, Anand Park, Aundh, Pune 411007, Maharashtra, India

Date of Birth/Age :

08.09.1945

Date of Appointment :

19.04.1994

DIN No.:

 00066348

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	U28112TN1992PLC023798	MERCURY MANUFACTURING COMPANY LIMITED	Director	19/04/1994	19/04/1994	-	Active	NO
2	U99999PN1992PLC129236	CARTINI INDIA LIMITED	Director	31/03/2003	31/03/2003	-	Active	NO

Name :

Mr. Percy Eruch Fouzdar

Designation :

Director

Address :

B-13, Godrej Baug, Off Napean Sea Road, Mumbai 400026, Maharashtra, India

Date of Birth/Age :

17.06.1956

Date of Appointment :

25.11.1994

DIN No.:

00066123

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	U28112TN1992PLC023798	MERCURY MANUFACTURING COMPANY LIMITED	Director	25/11/1994	25/11/1994	-	Active	NO
2	U36990MH1991PLC061431	GODREJ CONSUMERBIZ LIMITED	Director	27/09/1996	27/09/1996	-	Amalgamated	NO
3	U32100MH1997PLC106135	GODREJ INFOTECH LIMITED	Director	1/1/1999	1/1/1999	-	Active	NO
4	U65923MH1983PTC030532	GODREJ HOLDINGS PRIVATE LIMITED	Director	27/09/2010	25/05/2010	-	Active	NO
5	U73100MH2011NPL220003	RAPTOR RESEARCH AND CONSERVATION FOUNDATION	Director	21/07/2011	21/07/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.05.2011

Names of Shareholders	No. of Shares
Steel Seal Equipment Limited,	1867500
Godrej (M) SDN. BHD.	311250
Godrej and Boyce Manufacturing Company Limited,	1571247
Palia Ardeshir Kyamas	1
Fouzdar Erach Percy	1
Shankar K. Ramohalli	1
Total	3750000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	58.10
Bodies corporate	41.90
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Quality Flat Pack Metal Furniture for Office and Industry.

Products :

Product Description	Item Code No. (ITC Code)
Filling Cabinet and Other Office Equipment	830400.00
Steel Furniture for office use	940310.01

PRODUCTION STATUS (31.03.2011)

Particulars	Licensed Capacity	Actual Production
Steel Furniture and Office Equipment (Units)	54.246	43.961

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Punjab National Bank, Maker Tower E Ground Floor, Cuffe Parade, Mumbai – 400005, Maharashtra, India

· Indian Bank, MEPZ – SEZ, Tambaram, Chennai – 600 045, Tamilnadu, India

(Rs. In Millions)

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
Pre-Shipment Export Packing Credit	15.672	16.585
Total	15.672	16.585

Banking Relations :	-
Auditors :
Name :	Kalyaniwalla and Mistry Chartered Accountants
Address :	Kalptaru Heritage, 127, Mahatma Gandhi Road, Mumbai – 400 001, Maharashtra, India
PAN.:	AAAFK7554R

CAPITAL STRUCTURE

As on 30.05.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
14000000	Equity Shares	Rs.10/- each	Rs.140.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3750000	Equity Shares	Rs.10/- each	Rs. 37.500 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		37.500	37.500	37.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		97.599	90.740	87.510
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		135.099	128.240	125.010
LOAN FUNDS
1] Secured Loans		15.672	16..585	9.020
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		15.672	16.585	9.020
DEFERRED TAX LIABILITIES		5.656	6.070	6.178
TOTAL		156.427	150.895	140.208
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		50.180	55.516	45.098
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		7.537	6.203	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	55.855	36.342	45.676
	Sundry Debtors	43.765	49.307	53.247
	Cash & Bank Balances	17.808	9.557	3.325
	Loans & Advances	10.372	11.475	10.516
Total Current Assets		127.800	106.681	112.764
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18.105	6.858	4.623
	Other Current Liabilities	8.268	7.937	8.120
	Provisions	2.717	2.710	4.911
Total Current Liabilities		29.090	17.505	17.654
Net Current Assets		98.710	89.176	95.110
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		156.427	150.895	140.208

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	239.638	193.253	256.221
		Other Income	5.456	2.956	5.749
		TOTAL (A)	245.094	196.209	261.970
Less	EXPENSES
		Raw Material Consumed	142.744	108.650	150.252
		Operating and Other Expenses	82.973	70.965	76.150
		Net Loss on Sale/Disposal of Fixed Assets	0.000	0.000	0.039
		Increase in Stocks of Finished Goods and Work in Process	(2.511)	1.266	1.050
		TOTAL (B)	223.206	180.881	225.391
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		21.888	15.328	36.579
Less	FINANCIAL EXPENSES (D)		1.727	1.002	4.082
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.161	14.326	32.497
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.866	6.011	5.541
	PROFIT BEFORE TAX (E-F) (G)		13.295	8.315	26.956
Less	TAX (I)		4.257	2.891	92.360
	PROFIT AFTER TAX (G-I) (J)		9.038	5.424	17.720
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		53.240	51.010	39.677
Less	APPROPRIATIONS
		Proposed Final Dividend	1.875	1.875	3.750
		Corporate Dividend Tax	0.304	0.319	0.637
		Transfer to General Reserve	1.000	1.000	2.000
	BALANCE CARRIED TO THE B/S		59.099	53.240	51.010
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on FOB basis	221.549	181.865	239.561
		Ocean Freight and Insurance	5.870	4.201	9.524
		Pre and Post Shipment Services	0.554	0.230	0.882
	TOTAL EARNINGS		227.973	186.296	249.967
	IMPORTS
		Raw Materials	70.038	45.186	91.430
		Stores & Spares	3.039	2.359	0.626
		Capital Goods	0.375	11.215	0.199
	TOTAL IMPORTS		73.452	58.760	92.255
	Earnings Per Share (Rs.)		2.41	1.45	4.73

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.68	2.76	6.76
Net Profit Margin (PBT/Sales)	(%)	5.54	4.30	10.28
Return on Total Assets (PBT/Total Assets}	(%)	10.40	7.79	23.90
Return on Investment (ROI) (PBT/Networth)		0.09	0.06	0.21
Debt Equity Ratio (Total Liability/Networth)		0.21	0.13	0.14
Current Ratio (Current Asset/Current Liability)		4.39	6.09	6.38

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 three years	No
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	No
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

BUSINESS OPERATIONS:

During the year, all other markets except for Australia and Canada continued to be depressed throughout the year. However the promotional schemes had appositive effect, resulting in higher revenues. The price of CR coil, and all input material rose sharply, which was partly offset by favorable foreign exchange rates.

Industrial relation sharply worsened during first half of the financial year, but steadily improved during second half of the year.

Productivity improvement methods have been prototyped and are ready for implementation in the financial year.

CONTINGENT LIABILITIES:

Particular	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
Disputed Property Taxes	0.869	2.829
Settlement of Wages	0.740	0.740
Customs duties exempted on import of material to be consumed/accounted	13.282	7.692
Total	14.891	11.261

Corporate identity number of the company

U28112TN1992PLC023798

Name of the company

MERCURY MANUFACTURING COMPANY LIMITED

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

Plot No. D – 3, Madras Export Processing Zone, G.S.T Road, Tambaram, Madras – 600045, Tamilnadu, India

Charge identification (ID) number of the charge to be modified

90290482

Type of charge

Book debts

Movable property (not being pledge)

Floating charge

Particular of charge holder

Indian Bank, MEPZ – SEZ, Tambaram, Chennai – 600 045, Tamilnadu, India

Nature of instrument creating charge

Agreement of hypothecation of movables for value Rs.47.500 Millions

Demand promissory note for value for Rs. 47.500 Millions

Agreement of hypothecation of goods received under LC for Rs. 20.000 Millions

Agreement for Bills purchased for value Rs. 47.500 Millions

Agreement for Packing Credit (Preshipment) Advance for value Rs. 30.000 Millions

Demand promissory note for value for Rs. 30.000 Millions

Agreement irrevocable Letter of Credit

Demand Promissory note for value Rs. 20.000 Millions

Date of instrument Creating the charge

18.04.2009

Amount secured by the charge

Rs.67.500 Millions

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

Rate of Interest

Libor+3.5% on FCFBP and PCFC limits

INR Credit BPLR -2.5%

Commission on import LC as per guidelines

Terms of Repayment

Working Capital limit to be availed as running facility

Margin

10%

Extent and Operation of the charge

The Foreign bills purchase (FCFBP) to be availed on documentary bills accompanied by BL on DA/DP 180 days and

PCFC to be availed as sub limit and subject to availability of the drawing power against the stock.

Others

The credit limit are sanctioned as export pre and post shipment finance in US dollars and securitised by charge on

Current assets and plant and machinery, covering all the facilities.

Short particulars of the property or asset(s) charged (including complete address and location of the property)

1st Charge on current assets viz.entire inventory of raw materials,work in progress and finished goods in the

Company's factory at D3, MEPZ-SEZ, Tambaram, Chennai-45 and goods in transit under LC book debts in the form

of documentary bills with BL covering export shipment to overseas customers.by way of hypothecation.

1st Charge on Plant and machinery including Dies , Tools , Painting System, Factory Eqiupments, Forklifts and

Electrical Installations in the Company's factory.

Date of instrument modifying the charge

28.08.2008

Particulars of the present modification

Credit Limit

[Rs. In Millions]

Facility	Existing Credit Limit	Revised Credit Limit
FCFBD/FBN/FPDA/DP 180 days	55.000	47.500
PCFC interchangeable sub limit	35.000	30.000
Import LC [DP/DA 180 days]	20.000	20.000
Import LC for machinery [DA 90 days]	22.000	0.000

FIXED ASSETS:

• Buildings
• Plant and Machinery
• Computers
• Office Equipment
• Furniture and Fixtures
• Vehicles

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.51.62
UK Pound	1	Rs.81.93
Euro	1	Rs.67.65

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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