MIRA INFORM REPORT

Report Date :

21.08.2012

IDENTIFICATION DETAILS

Name :	GOLDSEAL - SAARGUMMI INDIA PRIVATE LIMITED
Registered Office :	Goldseal House, Village Road, Bhandup, Mumbai – 400078, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.08.1997
Com. Reg. No.:	11-110354
Capital Investment / Paid-up Capital :	Rs.31.883 Millions
CIN No.: [Company Identification No.]	U25209MH1997PTC110354
TAN No.: [Tax Deduction & Collection Account No.]	MUMG05321B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Parts and Accessories of Motor Vehicles.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 210000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears sharp dip in the profitability. However, trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealing 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 – 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

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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 DENIED BY

Name :	Mr. Samuel
Designation :	Account Manager
Contact No.:	91-22-67370303
Date :	20.08.2012

LOCATIONS

Registered Office :	Goldseal House, Village Road, Bhandup, Mumbai – 400078, Maharashtra, India
Tel. No.:	91-22-25663498/ 67370303/ 67370336
Fax No.:	91-22-67370304/ 67370303
E-Mail :	goldseal@vsnl.com sales@goldseal.in
Website :	www.goldseal.in
Area :	2000 Sq. Ft
Location :	Rented
Factory :	Daulet Abad, Daman Patalia Road, Bhimpore, Daman – 396210, India
Tel. No.:	91-260-2220043/ 2221043/ 44
Fax No.:	91-260-2221410
E-Mail :	sales@goldseal.in

DIRECTORS

As on: 14.09.2011

Name :

Mr. Cyrus Hoshang Aga

Designation :

Director

Address :

51, Sommerset House, Off. Warden Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

24.11.1955

Date of Appointment :

29.08.1997

Voter ID No.:

MT04024270034

DIN No.:

00284019

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	U29100MH1972PTC015606	GOLD SEAL ENGINEERING PRODUCTS PRIVATE LIMITED	Director	11/02/1972	11/02/1972	-	Active	NO
2	U24131MH1985PTC037842	PERMASEAL AUTO PRODUCTS PRIVATE LIMITED	Director	24/10/1985	24/10/1985	-	Active	NO
3	U01110MH1982PTC027731	HALIMARK AUTO TRIMMINGS PRIVATE LIMITED	Director	30/12/1988	30/12/1988	-	Active	NO
4	U67120MH1991PTC060206	AGA HOLDINGS AND AGENCIES PRIVATE LIMITED	Director	08/02/1991	08/02/1991	-	Active	NO
5	U67120MH1994PTC076111	VANSETI INVESTMENTS AND HOLDINGS PRIVATE LIMITED	Director	18/01/1994	18/01/1994	-	Active	NO
6	U25110MH1996PTC098147	GOLD SEAL AVON POLYMERS PRIVATE LIMITED	Director	14/03/1996	14/03/1996	-	Active	NO
7	U25209MH1997PTC110354	GOLDSEAL-SAARGUMMI INDIA PRIVATE LIMITED	Director	29/08/1997	29/08/1997	-	Active	NO

Name :

Mr. Khursheed Cyrus Aga

Designation :

Director

Address :

51, Sommerset House, Off. Warden Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

21.03.1982

Date of Appointment :

20.02.2004

DIN No.:

00283874

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	U25209MH1997PTC110354	GOLDSEAL-SAARGUMMI INDIA PRIVATE LIMITED	Director	20/02/2004	20/02/2004	-	Active	NO
2	U25110MH1996PTC098147	GOLD SEAL AVON POLYMERS PRIVATE LIMITED	Alternate director	01/12/2006	01/12/2006	-	Active	NO
3	U29100MH1972PTC015606	GOLD SEAL ENGINEERING PRODUCTS PRIVATE LIMITED	Director	29/09/2008	26/04/2008	-	Active	NO
4	U67120MH1991PTC060206	AGA HOLDINGS AND AGENCIES PRIVATE LIMITED	Additional director	02/02/2009	02/02/2009	-	Active	NO
5	U01110MH1982PTC027731	HALIMARK AUTO TRIMMINGS PRIVATE LIMITED	Additional director	02/02/2009	02/02/2009	-	Active	NO
6	U24131MH1985PTC037842	PERMASEAL AUTO PRODUCTS PRIVATE LIMITED	Additional director	02/02/2009	02/02/2009	-	Active	NO

Name :

Mr. Michael Ralph Lorig

Designation :

Director

Address :

Munchen, Guntherstr - 21, Germany, Foreign.

Date of Birth/Age :

25.02.1968

Date of Appointment :

03.12.2009

DIN No.:

02845664

Name :

Mr. Dieter Hermann Raschke

Designation :

Director

Address :

Olmuhlweg 15 B, Konigstein - 61462, Germany, Foreign

Date of Birth/Age :

06.08.1953

Date of Appointment :

29.05.2006

DIN No.:

01860255

Name :

Mr. Urvaksh Cyrus Aga

Designation :

Alternate Director

Address :

51, Sommerset House, Off. Warden Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

21.03.1980

Date of Appointment :

29.03.2007

DIN No.:

00283926

KEY EXECUTIVES

Name :	Mr. Samuel
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 14.09.2011

Names of Shareholders	No. of Shares
Cyrus Houshang Aga	9847
Pilloo Cyrus Aga	10
Cyrus Houshang Aga Pilloo Cyrus Aga Urvaksh Cyrus Aga	124990
Pilloo Cyrus Aga Cyrus Houshang Aga Khursheed Cyrus Aga	113873
Urvaksh Cyrus Aga Cyrus Houshang Aga Pilloo Cyrus Aga	44064
Khursheed Cyrus Aga Cyrus Houshang Aga Pilloo Cyrus Aga	22032
Darius Cyrus Aga Cyrus Houshang Aga Pilloo Cyrus Aga	44064
Cyrus Houshang Aga Pilloo Cyrus Aga	544724
Pilloo Cyrus Aga Cyrus Houshang Aga	144831
Pilloo Cyrus Aga Cyrus Houshang Aga Urvaksh Cyrus Aga	124511
Pilloo Cyrus Aga Cyrus Houshang Aga Darius Cyrus Aga	21185
Cyrus Houshang Aga Urvaksh Cyrus Aga Pilloo Cyrus Aga	188295
Cyrus Houshang Aga Khursheed Cyrus Aga Pilloo Cyrus Aga	188295
Cyrus Houshang Aga Darius Cyrus Aga Pilloo Cyrus Aga	188295
Jal Edil Katrak Maharukh Edil Katrak	48725
Edil Jal Katrak	10591
Maharukh Edil Katrak Edil Jal Katrak	12710
SaarGummi Technologies S.a.r.l., Luxembourg, Germany	1357316
Total	3188358

Equity Share Break up (Percentage of Total Equity)

As on: 14.09.2011

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	42.57
Directors or relatives of directors	57.43
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Parts and Accessories of Motor Vehicles.

Products :

Products Descriptions	Item Code No.
Parts and Accessories of Motor Vehicles (Channels)	87082900

• Sun Roof Seal
• Trunk Seal
• Rocker Seal

PRODUCTION STATUS (As on: 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity
Extrusion	Mtrs	16200000	16200000

Particulars	Unit	Actual Production
Windshield	Mtrs	7730024
Flock Channel	Mtrs	889072
Bi Component	Mtrs	6844623

GENERAL INFORMATION

Customers :

• Bajaj Auto
• Eicher Motors Limited
• Force Motors Limited
• General Motors Limited
• Larsen and Turbo Limited
• Mahindra and Mahindra Limited – Automotive division
• Man Force Trucks Private Limited
• Samsonite Industries Limited
• Swaraj Mazda Limited
• TATA Motors
• V.I.P
• Visteon

No. of Employees :

Not Available

Bankers :

The Zoroastrian Co-Operative Bank Limited, Thane Branch, Nargis, Ground Floor, Eduljee Road, Charai, Thane - 400601, Maharashtra, India

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Short Term Overdraft as per books of accounts	8.040	1.195
Other- Long Term*	89.365	76.597
Total	97.405	77.792

Note:

* Includes

a) loan taken from companies in which directors are interested Rs. 43.165 Millions (Previous Year Rs.41.415 Millions) Maximum loan outstanding during the year Rs.48.915 (Previous Year Rs.51.149 Millions)

b) loan from Directors Rs.40.764 Millions (Previous Year Rs.31.510 Millions); Maximum outstanding during the year is Rs.40.764 Millions (Previous Year Rs.37.854 Millions)

c) Loan From Directors relative Rs. 5.436 Millions (Previous Year Rs. 3.672 Millions) Maximum outstanding during the year is Rs.5.436 Millions (Previous Year Rs. 6.842 Millions)

Banking Relations :	--
Auditors :
Name :	Deloittr Haskin and Sells Chartered Accountant
Address :	Heritage, 3^rd Floor, Near Gujarat Vidyapith, Off. Ashram Road, Ahmedabad – 380014, Gujarat, India
Tel. No.:	91-79-27582542/ 27582543
Fax No.:	91-79-27582551
PAN.:	AABFD7919A
Enterprises over which persons described in 1 and 2 above are able to exercise significant influence and with which the Company transaction during the year :	· Goldseal Engineering Products Private Limited · Permaseal Auto Products Private Limited · Goldseal Avon Polymers Private Limited · Aqa Holdings and Agencies Private Limited · Vanseti Investments and Holdings · SG Technologies and Groups

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3200000	Equity Shares	Rs.10/- each	Rs.32.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3188358	Equity Shares	Rs.10/- each	Rs.31.883 Millions

Note:

(Out of these 1538838 equity shares were issued for consideration other than cash to shareholders of Gold Seal Engineering Products Private Limited for acquisition of Permaseal Division)

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		31.883	31.883	31.883
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		22.059	24.795	21.046
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		53.942	56.678	52.929
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		97.405	77.792	71.028
TOTAL BORROWING		97.405	77.792	71.028
DEFERRED TAX LIABILITIES		9.136	8.866	8.812
TOTAL		160.483	143.336	132.769
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		78.113	71.999	64.127
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	14.345	22.635	15.140
	Sundry Debtors	98.738	72.698	63.679
	Cash & Bank Balances	2.751	1.818	0.960
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	34.323	20.523	16.322
Total Current Assets		150.157	117.674	96.101
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	64.045	40.083	19.326
	Other Current Liabilities	1.129	0.931	0.854
	Provisions	2.613	5.323	7.279
Total Current Liabilities		67.787	46.337	27.459
Net Current Assets		82.370	71.337	68.642
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		160.483	143.336	132.769

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	442.947	343.043
		Other Income	1.129	1.843
		TOTAL (A)	444.076	344.886	276.221
Less	EXPENSES
		Raw Materials and Packing Materials Consumed	303.354	229.171
		Increase) / Decrease in Stocks	3.089	(1.043)
		Manufacturing Expenses	36.793	24.546
		Employees Remuneration	29.204	15.008
		Administrative and Other Expenses	30.431	26.106
		Selling Expenses	11.159	11.435
		TOTAL (B)	414.030	305.223	254.805 (Including Financial Expenses)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		30.046	39.663
Less	FINANCIAL EXPENSES (D)		8.688	8.561
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		21.358	31.102	21.416
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.534	6.409	5.875
	PROFIT BEFORE TAX (E-F) (G)		13.824	24.693	15.541
Less	TAX (H)		5.370	9.753	5.641
	PROFIT AFTER TAX (G-H) (I)		8.454	14.940	9.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		14.977	12.808	12.870
Less	APPROPRIATIONS
		Interim Dividend	9.565	7.652	8.952
		Tax on Dividend	1.625	1.301	0.000
		Proposed Dividend	0.000	1.913	0.000
		Tax on Proposed Dividend	0.000	0.325	0.000
		Transferred to General Reserve	0.850	1.580	1.010
	BALANCE CARRIED TO THE B/S		11.391	14.977	12.808
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	13.386	20.891	38.783
	TOTAL EARNINGS		13.386	20.891	38.783
	IMPORTS
		Raw Materials	11.634	9.532	1.263
		Stores & Spares	0.159	7.226	0.355
	TOTAL IMPORTS		11.793	16.758	1.618
	Earnings Per Share (Rs.)		2.65	4.69	3.11

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.90	4.33	3.58
Net Profit Margin (PBT/Sales)	(%)	3.12	7.20	NA
Return on Total Assets (PBT/Total Assets}	(%)	6.06	13.02	9.70
Return on Investment (ROI) (PBT/Networth)		0.26	0.44	0.29
Debt Equity Ratio (Total Liability/Networth)		3.06	2.19	1.86
Current Ratio (Current Asset/Current Liability)		2.22	2.54	3.50

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	Yes
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	Yes
10]	Designation of contact person	Yes
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 (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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

PROGRESS OF THE COMPANY:

During the year, the Company reported Sales of Rs. 442.947 Millions in comparison to Rs.343.043 Millions of previous year and the Profit during the year of Rs.13.824 Millions in comparison to Rs.24.694 Millions of previous year.

The Board is making .extra efforts to enhance sales in the current year whilst minimizing the operating cost, to enhance profitability.

Contingent Liability not provided for in respect of:

1. Claims against the company not acknowledge as debts:

a. Excise duty/ Service Tax Matters Rs. Nil (Previous Year 1.738 Millions)

2. Guarantee given to Electricity board is Rs. 1.000 Million (Previous Year Rs. 1.000 Million)

b. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil (Previous Year Rs. Nil)

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U25209MH1997PTC110354
Name of the company	GOLDSEAL-SAARGUMMI INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Goldseal House, Village Road, Bhandup, Mumbai – 400078, Maharashtra, India E-mail: sales@goldseal.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10295202
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	The Zoroastrian Co-Operative Bank Limited, Thane Branch, Nargis, Ground Floor, Eduljee Road, Charai, Thane - 400601, Maharashtra, India E-mail: sshinde@zcbl.in
Nature of instrument creating charge	Letter of the Zoroastrian Co-Operative Bank Limited
Date of instrument Creating the charge	13.09.2011
Amount secured by the charge	Rs.32.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate of 2.5% points below MLR subject to minimum of 11.50% per annum and / or at such other rate as may be prescribed by the bank from time to time. Terms of Repayment On demand Margin Margin: 25% against stocks and 30% against Book Debts. Extent and Operation of the charge To secure the cash credit limit of Rs.32.500 Millions granted by the bank to the company. Others NIL
Short particulars of the property or asset(s) charged (including complete address and location of the property)	(1) Hypothecation by way of first charge on the stocks of raw materials, semi finished and finished goods, stores and spares as also all the items of plant and machinery both present and future belonging to the borrowing company and stored and/or lying in their premises at Mumbai and/or daman or wherever else they may be or in the process of transit or with their agents or agencies including all other movable items owned by the company. (2) Hypothecation by way of first charge on all book debts, receivables, contracts, outstandings and monies due and owing to the company or which may hereafter become due and owing to it.
Particulars of the present modification	Inadvertently while registering the original charge for Rs.32.500 millions it was marked as immovable property on page 1 serial 6(a) type of charge of form 8. However to set right the record the modification is being registered to reflect the charge on the company's stocks and book debts.

Fixed Assets:

• Building
• Plant and Machinery
• Computers
• Furniture and Fittings
• Office Equipment
• Motor Car
• Dies and Moulds
• Electrical Installment
• Data Processing Equipment

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 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.55.70
UK Pound	1	Rs.87.55
Euro	1	Rs.68.85

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.