MIRA INFORM REPORT

Report Date :

01.08.2012

IDENTIFICATION DETAILS

Name :	KAYGEE-LOPAREX INDIA PRIVATE LIMITED (w.e.f 31.03.2005)
Formerly Known As :	KAYGEE PAPERS PRIVATE LIMITED
Registered Office :	B – 28, Bhukhanvala Chambers, 6^th Floor, Veera Industrial Estate, Off Link Road, Andheri (West), Mumbai - 400053, Maharashtra
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	15.01.1997
Com. Reg. No.:	11-105130
Capital Investment / Paid-up Capital :	Rs.113.000 Millions
CIN No.: [Company Identification No.]	U21010MH1997PTC105130
TAN No.: [Tax Deduction & Collection Account No.]	MUMK06295C
PAN No.: [Permanent Account No.]	AAACK3962A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Release Liner.
No. of Employees :	140 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1500000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. General financial position of the company is good. 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. Note: Latest profit and loss a/c of the company is not available

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB+ (Long Term Loan)
Rating Explanation	This rating are considered to have moderate degree of safety regarding timely servicing of financial obligations such instruments carry moderate credit risk.
Date	26.07.2011

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Manish
Designation :	Chief Executive Officer
Contact No.:	91-22-40305903
Date :	31.07.2012

LOCATIONS

Registered Office / Factory :	B – 28, Bhukhanvala Chambers, 6^th Floor, Veera Industrial Estate, Off Link Road, Andheri (West), Mumbai - 400053, Maharashtra, India
Tel. No.:	91-22-40305903 / 26733125-27
Fax No.:	91-22-26733928
E-Mail :	manishjain@kaygeeloparex.com
Website :	www.kaygeeloparex.com
Location :	Owned
Corporate Office :	35-J, Laksmi Industrial Estate, new Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel No.:	91-22-26302852 / 53 / 54
Fax No.:	91-22-26302867
E-Mail :	info@kaygeeloparex.com
Factory:	Plot No. 29 and 30 Athai Industrial Estate, Silvassa – 396230, Union Territory of Dadra and Nagar Haveli, India

DIRECTORS

As on 14.06.2012

Name :

Mr. Premchand Gigalal Godha

Designation :

Director

Address :

1701/ 1702, Oberoi Sky Heights, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

08.01.1947

Date of Appointment :

18.07.2001

DIN No:

00012691

Voter ID Card No.

ACC2993509

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L24239MH1949PLC007837	IPCA LABORATORIES LIMITED	Managing director	31/01/2012	31/10/1975	-	Active	NO
2	U67120MH1981PTC024266	KAYGEE INVESTMENTS PRIVATE LIMITED	Director	20/04/1981	20/04/1981	-	Active	NO
3	U65990MH1939PLC145609	VASANT INVESTMENT CORPORATION LIMITED	Director	01/07/1982	01/07/1982	-	Active	NO
4	U65990MH1990PTC056242	PARANTHAPA INVESTMENTS AND TRADERS PRIVATE LIMITED	Director	18/04/1990	18/04/1990	-	Active	NO
5	U65990MH1990PTC056245	GUDAKESH INVESTMENT AND TRADERS PRIVATE LIMITED	Director	18/04/1990	18/04/1990	-	Active	NO
6	L74140MH1991PLC063709	BRESCON ADVISORS AND HOLDINGS LIMITED	Director	08/02/1992	08/02/1992	-	Active	NO
7	U21010MH1997PTC105130	KAYGEE-LOPAREX INDIA PRIVATE LIMITED	Director	18/07/2001	18/07/2001	-	Active	NO
8	U65993MH2006PTC164874	BRESCON FINANCE PRIVATE LIMITED	Director	23/09/2006	23/09/2006	01/09/2010	Active	NO
9	L65191PN1994PLC076333	INDUSIND BANK LTD.	Director	18/09/2007	31/10/2006	18/08/2011	Active	NO
10	U85100MH2007PTC170959	IPCA TRADITIONAL REMEDIES PRIVATE LIMITED	Director	21/05/2007	21/05/2007	25/05/2012	Active	NO
11	U24230GJ2011PLC065751	PRAYAS BIO LIFESCIENCE LIMITED	Director	06/06/2011	06/06/2011	-	Under Process of Striking off	NO
12	U99999MH1987PLC042097	AB CORP LIMITED	Director	28/03/2012	14/02/2012	-	Active	NO

Name :

Mr. Pauls Christianus Wilhelmus Van Pinxteren

Designation :

Director

Address :

Mijlstraat 143, 5281 RL Boxtel – 5281, Netherlands

Date of Birth/Age :

26.09.1965

Date of Appointment :

19.06.2008

DIN No:

02214056

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U21010MH1997PTC105130	KAYGEE-LOPAREX INDIA PRIVATE LIMITED	Director	19/06/2008	01/06/2008	-	Active	NO

Name :

Mr. Michele William Apperson

Designation :

Director

Address :

758, The Preserve TRL, Chapel Hill NC, 275177688, United State of America

Date of Birth/Age :

20.05.1964

Date of Appointment :

19.06.2008

DIN No:

02213919

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U21010MH1997PTC105130	KAYGEE-LOPAREX INDIA PRIVATE LIMITED	Director	19/06/2008	01/06/2008	-	Active	NO

Name :

Mr. Pranay Premchand Godha

Designation :

Director

Address :

1701/ 1702, Oberoi Sky Heights, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

24.03.1972

Date of Appointment :

15.01.1997

DIN No:

00016525

Voter ID Card No.

ACC2993533

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28129MH1985PTC035974	NIPRA PACKAGING PRIVATE LIMITED	Director	26/02/1996	26/02/1996	31/08/2009	Active	NO
2	U21010MH1997PTC105130	KAYGEE-LOPAREX INDIA PRIVATE LIMITED	Director	01/08/2007	15/01/1997	-	Active	NO
3	U24211MH1988PTC045776	EXON LABORATORIES PRIVATE LIMITED	Director	07/10/1997	07/10/1997	26/09/2008	Active	NO
4	U24100MH1980PTC022105	MEXIN MEDICAMENTS PRIVATE LIMITED	Director	26/03/1999	26/03/1999	18/12/2008	Active	NO
5	L24239MH1949PLC007837	IPCA LABORATORIES LIMITED	Director	30/07/2009	11/11/2008	-	Active	NO
6	U65990MH1990PTC056242	PARANTHAPA INVESTMENTS & TRADERS PRIVATE LIMITED	Additional director	16/04/2012	16/04/2012	-	Active	NO
7	U67120MH1981PTC024266	KAYGEE INVESTMENTS PRIVATE LIMITED	Additional director	16/04/2012	16/04/2012	-	Active	NO
8	U65990MH1990PTC056245	GUDAKESH INVESTMENT AND TRADERS PRIVATE LIMITED	Additional director	16/04/2012	16/04/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manish Jain
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 14.06.2012

Names of Shareholders (Equity Shares)	No. of Shares
Pranay Godha	63270
Prashant Godha	1510
Gudakesh Investments and Traders Private Limited, India	3250
Paranthapa Investments and Traders Private Limited, India	1250
Kaygee Investments Private Limited, India	213000
Prem Chand Godha	7720
Loparex Holding B V, Netherland	540000
Pranay Godha Jointly Neetu Godha	250000
Total	1080000

Names of Shareholders (Preference Shares)	No. of Shares
Pranay Godha	25000
Loparex Holding B V, Netherland	25000
total	50000

Equity Share Break up (Percentage of Total Equity)

As on 14.06.2012

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	50.00
Bodies corporate	20.10
Directors or relatives of Directors	29.90
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Release Liner.

Products :

Product Description	ITC Code No
Release Paper	48109900
Release Film	39209999

Exports :

Products :

Release Liner

Countries :

· Egypt

· UAE

· Turkey

Imports :

Products :

Raw Material

Countries :

· Europe

· Sweden

· Italy

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS AS ON 31.12.2010

Installed Capacity: 360 M.T per shift per annum (AMLI)

3000 M.T per shift per annum (ATHAL)

Particulars	Unit	Actual Production
S. C. / U. C. Paper	Kgs.	5454071.60
Film	Kgs.	436207.30

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· End Users

No. of Employees :

140 (Approximately)

Bankers :

• Canara Bank, 67, Dhiraj Building, M G Road, Kandivli (West), Mumbai, Maharashtra, India Shifted to Canara Bank, Vile Parle (East), Mumbai - 400057, Maharashtra, India
• CITI Bank, India
• DHDFC Bank, India
• Kotak Mahindra Bank, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.12.2011	As on 31.12.2010
Rupee term loans banks secured	47.250	68.250
Working capital loans banks secured	189.892	164.439
Total	237.142	232.689
Unsecured Loan	As on 31.12.2011	As on 31.12.2010
Working capital loans banks unsecured	30.000	50.000
Total	30.000	50.000

Banking Relations :	--
Auditors :
Name :	Jain and Kothari Chartered Accountants
Address :	43, Onlooker Building, Sir P. M. Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22663342
Fax No.:	91-22-22660267
E-Mail.:	jainbl@hotmail.com
PAN No :	AACFJ6082B

CAPITAL STRUCTURE

After 14.06.2012

Authorised Capital : Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.108.000 Millions

As on 14.06.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1100000	Equity Shares	Rs. 100/- each	Rs. 110.000 Millions
100000	Preference Shares	Rs. 100/- each	Rs. 10.000 Millions
	Total		Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1080000	Equity Shares	Rs. 100/- each	Rs. 108.000 Millions
50000	Preference Shares	Rs. 100/- each	Rs. 5.000 Millions
	Total		Rs. 113.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		113.000	118.000	118.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		269.405	190.541	141.046
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		382.405	308.541	259.046
LOAN FUNDS
1] Secured Loans		237.142	232.689	160.790
2] Unsecured Loans		30.000	50.000	0.000
TOTAL BORROWING		267.142	282.689	160.790
DEFERRED TAX LIABILITIES		22.315	22.412	20.558
TOTAL		671.862	613.642	440.394
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		238.205	247.603	248.821
Capital work-in-progress and Capital Advances		11.299	4.295	14.140
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	225.507	172.830	84.271
	Sundry Debtors	197.928	154.018	104.652
	Cash & Bank Balances	4.693	5.476	2.264
	Other Current Assets	93.194	0.000	0.000
	Loans & Advances	29.568	117.060	89.393
Total Current Assets		550.890	449.384	280.580
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	85.955	53.889	70.270
	Other Current Liabilities	10.477	8.049	0.000
	Provisions	32.100	25.702	32.877
Total Current Liabilities		128.532	87.640	103.147
Net Current Assets		422.358	361.744	177.433
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		671.862	613.642	440.394

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009
	SALES
		Income	806.702	513.889
		Other Income	11.534	10.704
		TOTAL (A)	818.236	524.593
Less	EXPENSES
		Material consumed and inventory adjustment	527.037	323.830
		Manufacturing and other costs	124.075	76.714
		Personnel cost	45.971	34.894
		TOTAL (B)	697.083	435.438
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		121.153	89.155
Less	INTEREST AND FINANCIAL EXPENSES (D)		25.860	14.071
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		95.293	75.084
Less/ Add	DEPRECIATION/ AMORTISATION (F)		25.780	18.030
	PROFIT BEFORE TAX (E-F) (G)		69.513	57.054
Less	TAX (H)		19.317	19.274
	PROFIT AFTER TAX (G-H) (I)		50.196	37.779
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		131.046	93.968
Less	APPROPRIATIONS
		Preference share dividend	0.600	0.600
		Tax on Dividend	0.101	0.101
	BALANCE CARRIED TO THE B/S		180.541	131.046
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	426.961	210.702
		Commission Earnings	1.642	0.232
	TOTAL EARNINGS		428.603	210.934
	IMPORTS
		Raw Materials - Imported	406.606	230.864
		Raw Materials - Highseas	20.360	16.012
		Consumables (Purchase)	1.951	0.640
		Coating Machine	0.769	1.598
		Testing Machine	0.000	0.000
		Tools and Equipment	0.000	0.000
		Repairs – Machine	0.027	0.138
		Sliting Machine	0.000	24.325
	TOTAL IMPORTS		429.713	273.577
	Earnings Per Share (Rs.)		45.83	40.66

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	NA	6.13	7.20
Net Profit Margin (PBT/Sales)	(%)	NA	8.61	11.10
Return on Total Assets (PBT/Total Assets}	(%)	NA	9.91	10.78
Return on Investment (ROI) (PBT/Networth)		NA	0.22	0.22
Debt Equity Ratio (Total Liability/Networth)		1.03	1.20	1.02
Current Ratio (Current Asset/Current Liability)		1.20	5.12	2.72

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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 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	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes

Note:

The Registered Office of the company has been shifted from 35-J, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, Mumbai, India to present address w.e.f 14.07.2010

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U21010MH1997PTC105130
Name of the company	KAYGEE-LOPAREX INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B – 28, Bhukhanvala Chambers, 6^th Floor, Veera Industrial Estate, Off Link Road, Andheri (West), Mumbai - 400053, Maharashtra, India Email: manishjain@kaygeeloparex.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90158813
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Canara Bank, 67, Dhiraj Building, M G Road, Kandivli (West), Mumbai, Maharashtra, India Shifted to Canara Bank, Vile Parle (East), Mumbai - 400057, Maharashtra, India Email: vlaxman@vsnl.com
Nature of instrument creating charge	Common Hypothecation Agreement.
Date of instrument Creating the charge	17.06.2011
Amount secured by the charge	Rs.259.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest: BR + 3%. Terms of Repayment On Demand Margin As may be stipulated by Bank from time to time. Extent and Operation of the charge The following credit facilities, together with interest, costs, charges, expenses and other monies due and payable there under shall be secured against the property specified under item no. 15
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Prime Security: Hypothecation of entire stock and Book Debts arising out of genune trade transaction. Collateral Security: Hypothecation of Plant and Machinery valued Rs.42.600 Millions (WDV ABS 31.12.2008) Hypothecation of Plant and Machinery at Plot No.31, Athal Industries Estate, Athal, Silvassa.
Date of instrument modifying the charge	27.10.2010
Particulars of the present modification	The Bank having at the request of the Company has increased the credit facility/ies from Rs.211.500 Millions to Rs.259.000 Millions.

Fixed assets

· Plant and Machinery

· Office and Other Equipments

· Furniture and Fixtures

· Computer

· Vehicles

· Land

· Building/Premises

· Residential Flat

· Intangible asset

· Cycle

· Truck

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.55.80
UK Pound	1	Rs.87.66
Euro	1	Rs.68.45

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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		50

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.