1. Summary Information

		Country	India
Company Name	SHUBHAM CHEMICALS AND SOLVENTS LIMITED	Principal Name 1	Mr. Ajay Kapur
Status	Satisfactory	Principal Name 2	Mrs. Alka Kapur
		Registration #	55-110074
Street Address	GI-3, G.T.K. Road Industrial Area, Azadpur, Delhi – 110033, India
Established Date	19.03.2001	SIC Code	--
Telephone#	91-11-49996666	Business Style 1	Trader
Fax #	91-11-49996600	Business Style 2	--
Homepage	www.shubhamchem.com	Product Name 1	Phenol
# of employees	15 (approximately)	Product Name 2	Melamine
Paid up capital	Rs.13,200,000/-	Product Name 3	Nitro Benezene
Shareholders	Bodies corporate – 18.64% Directors or relatives of Directors – 80.98% Other top fifty shareholders -0.38%	Banking	Corporation Bank
Public Limited Corp.	No	Business Period	11 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	546,459,000	Current Liabilities	449,314,000
Inventories	52,971,000	Long-term Liabilities	95,016,000
Fixed Assets	11,664,000	Other Liabilities	0,000
Deferred Assets	669,000	Total Liabilities	544,330,000
Invest& other Assets	0,000	Retained Earnings	54,233,000
		Net Worth	67,433,000
Total Assets	611,763,000	Total Liab. & Equity	611,763,000
Total Assets (Previous Year)	456,359,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	2,446,485,000	Net Profit	5445,000
Sales(Previous yr)	1,893,703,000	Net Profit(Prev.yr)	4725,000

MIRA INFORM REPORT

Report Date :

21.08.2012

IDENTIFICATION DETAILS

Name :	SHUBHAM CHEMICALS AND SOLVENTS LIMITED
Registered Office :	GI-3, G.T.K. Road Industrial Area, Azadpur, Delhi – 110033, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.03.2001
Com. Reg. No.:	55-110074
Capital Investment / Paid-up Capital :	Rs.13.200 Millions
CIN No.: [Company Identification No.]	U24119DL2001PLC110074
TAN No.: [Tax Deduction & Collection Account No.]	DELS14882A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader of Phenol, Melamine, Nitro Benezene, Hydrogen, Peroxide, Solvents and Chemicals.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 260000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Profit margin of the company appears to be low. However, 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 condition.

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	BB- (Long Term Rating)
Rating Explanation	This rating are considered to have moderate risk of default regarding timely serving of financial obligation.
Date	09.04.2012

Rating Agency Name	CRISIL
Rating	A4+ (Short Term Rating)
Rating Explanation	This rating are considered to have minimal degree of safety regarding timely payment of financial obligation such instruments carry very high credit risk and are susceptible of default.
Date	09.04.2012

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 PARTED BY

Name :	Ms. Reetu
Designation :	Account Head
Contact No.:	91-11-23843200
Date :	20.08.2012

LOCATIONS

Registered Office :	GI-3, G.T.K. Road Industrial Area, Azadpur, Delhi – 110033, India
Tel. No.:	91-11-49996666
Fax No.:	91-11-49996600
E-Mail :	Shubham@shubcam.com shubhcam@nda.vsnl.net.in kumudmba@yahoo.co.in shubham@shubham.com
Website :	http://www.shubhamchem.com
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Ajay Amrit Lal Kapur

Designation :

Managing Director

Address :

B – 2/6, Model Town – II, Delhi – 110 009, India

Date of Birth:

02.10.1965

Date of Appointment :

19.03.2001

DIN No.:

00029955

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	U24119DL2001PLC110074	SHUBHAM CHEMICALS AND SOLVENTS LIMITED	Managing director	01/04/2012	19/03/2001	-	Active	NO
2	U18101DL2004PTC129718	SHUBHAM APPARELS PRIVATE LIMITED	Director	07/10/2004	07/10/2004	-	Active	NO
3	U74899DL2005PTC141538	ANSH IMPEX PRIVATE LIMITED	Director	06/10/2005	06/10/2005	-	Active	NO
4	U74140DL2003PTC120380	AR IT SOLUTIONS PRIVATE LIMITED	Director	08/05/2006	08/05/2006	-	Active	NO
5	U18101DL2006PTC148887	TRIO FASHIONS PRIVATE LIMITED.	Director	18/05/2006	18/05/2006	02/06/2010	Active	NO
6	U72900DL2006PTC153749	RAP SOLUTIONS PRIVATE LIMITED	Director	14/09/2006	14/09/2006	-	Active	NO
7	U72900DL2006PTC157049	SAINATH TECHNOLOGIES PRIVATE LIMITED	Director	27/12/2006	27/12/2006	-	Active	NO
8	U36912DL2007PTC166720	FUTURE LAMIBOARD PRIVATE LIMITED	Director	07/08/2007	07/08/2007	-	Active	NO
9	U50404DL2010PTC207994	SAINOOR AUTOMOBILES PRIVATE LIMITED	Director	08/09/2010	08/09/2010	-	Active	NO
10	U50300DL2010PTC211397	DIVINE AUTOTECH PRIVATE LIMITED	Director	14/12/2010	14/12/2010	-	Active	NO
11	U70109DL2010PTC200740	SAI KRIPA BUILDTECH PRIVATE LIMITED	Additional director	01/10/2011	01/10/2011	-	Active	NO

Name :

Mr. Prateek Ajay Kapur

Designation :

Director

Address :

B-2/6, Model Town, - II, Delhi – 110009, Delhi, India

Date of Birth:

09.11.1989

Date of Appointment :

30.09.2010

DIN No.:

02308367

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	U24119DL2001PLC110074	SHUBHAM CHEMICALS AND SOLVENTS LIMITED	Director	30/09/2010	08/03/2010	-	Active	NO
2	U74899DL2005PTC141538	ANSH IMPEX PRIVATE LIMITED	Director	30/03/2010	30/03/2010	-	Active	NO
3	U50404DL2010PTC207994	SAINOOR AUTOMOBILES PRIVATE LIMITED	Director	08/09/2010	08/09/2010	-	Active	NO
4	U50300DL2010PTC211397	DIVINE AUTOTECH PRIVATE LIMITED	Director	14/12/2010	14/12/2010	-	Active	NO
5	U74140DL2003PTC120380	AR IT SOLUTIONS PRIVATE LIMITED	Additional director	26/03/2012	26/03/2012	-	Active	NO
6	U72900DL2006PTC153749	RAP SOLUTIONS PRIVATE LIMITED	Additional director	26/03/2012	26/03/2012	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Reetu
Designation :	Account Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ajay Kapur	1015000
Alka Kapur	50000
Kuldeep Singh Bedi	5000
Prateek Kapur S/O Ajay Kapur	4000
Shubham Apparels Private Limited – India	96000
Atul Jalan Portfolio and Finance Private Limited – India	50000
Akshat Share Trading Company Private Limited – India	50000
Mridul Securities Private Limited – India	50000
Total	1320000

As on 23.01.2012

Names of Allottees	No. of Shares
Shree Aeran Marketing Private Limited – India	182000
Akshat Share Trading Company Private Limited – India	22500
Mridul Securities Private Limited – India	45500
Total	250000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	18.64
Directors or relatives of Directors	80.98
Other top fifty shareholders	0.38
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Phenol, Melamine, Nitro Benezene, Hydrogen, Peroxide, Solvents and Chemicals.
Product:	ITC No.	Product Description
	29071110	Phenol
Imports :
Products :	Chemicals
Countries :	· USA, · South Africa · China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Sonar Industries Limited

Customers :

End Users

· Virgo Industries Limited

No. of Employees :

15 (Approximately)

Bankers :

• Corporation Bank, AM – 10, Shalimar Bagh, New Delhi – 110 088, India
• HDFC Bank Limited, Gujranwala Town, Delhi
• ICICI Bank
• Standard Chartered
• State Bank of India
• Centurion Bank of Punjab
• Union Bank of India
• Punjab and Sind Bank, Pahar Ganj, Delhi

Facilities :

CC and LC: Rs.300.000 Millions

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans banks secured	54.771	22.925
Loans taken for vehicles secured	4.149	3.862
Loans taken for other fixed assets secured	0.000	0.165
Total	58.920	26.952
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans directors unsecured	33.166	22.355
Loans taken for other fixed assets unsecured	2.930	5.050
Total	36.096	27.405

Banking Relations :	--
Auditors :
Name :	Suresh and Associates Chartered Accountants
Address :	3A, Bigjo’s Tower, Netaji Subhash Place, Pitampura, Delhi – 110 034, India
Tel. No.:	91-11-27356916/27356917/47047486
Fax No.:	91-11-27356918
E-mail :	Suresh_associates@rediffmail.com Suresh_associates2002@yahoo.com
PAN No.:	AASFS5716D

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1600000	Equity Shares	Rs.10/- each	Rs.16.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1570000	Equity Shares	Rs.10/- each	Rs.15.700 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1600000	Equity Shares	Rs.10/- each	Rs.16.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1320000	Equity Shares	Rs.10/- each	Rs.13.200 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		13.200	11.700	10.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		54.233	35.288	26.562
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		67.433	46.988	37.462
LOAN FUNDS
1] Secured Loans		58.920	26.952	21.449
2] Unsecured Loans		36.096	27.405	41.412
TOTAL BORROWING		95.016	54.357	62.861
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		162.449	101.345	100.323
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.664	8.575	4.350
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.669	0.579	0.376
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	52.971	19.276	52.197
	Sundry Debtors	507.877	404.302	295.629
	Cash & Bank Balances	28.446	15.174	31.675
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.136	8.453	19.539
Total Current Assets		599.430	447.205	399.040
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	389.360	342.352	289.907
	Other Current Liabilities	59.954	7.466	9.348
	Provisions	0.000	5.196	4.188
Total Current Liabilities		449.314	355.014	303.443
Net Current Assets		150.116	92.191	95.597
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		162.449	101.345	100.323

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2446.485	1893.703	1577.494
		Other Income	24.763	40.686	29.492
		TOTAL (A)	2471.248	1934.389	1606.986
Less	EXPENSES
		Cost of Goods Sold	2424.155	1880.751	1564.320
		Office and Administrative Expenses	20.458	11.275	8.251
		Selling and Distribution Expenses	0.000	17.696	3.858
		Preliminary Expenses W/off	0.000	0.000	0.017
		Employee related expenses	2.337	0.000	0.000
		TOTAL (B)	2446.950	1909.722	1576.446
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		24.298	24.667	30.540
Less	FINANCIAL EXPENSES (D)		13.327	15.558	23.879
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.971	9.109	6.661
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.839	2.224	1.368
	PROFIT BEFORE TAX (E-F) (G)		8.132	6.885	5.293
Less	TAX (I)		2.687	2.160	1.851
	PROFIT AFTER TAX (G-I) (J)		5.445	4.725	3.442
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.566	21.841	18.399
	BALANCE CARRIED TO THE B/S		32.011	26.566	21.841
	IMPORTS
		Raw Materials	334.041	383.923	180.362
	TOTAL IMPORTS		334.041	383.923	180.362
	Earnings Per Share (Rs.)		4.13	4.04	3.15

Particulars	31.03.2012
Sales Turnover (Approximately)	3000.000

Expected Sales (2012-2013): Rs.3500.000 Millions

The above information has been parted by Ms. Reetu – Account Head

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.22	0.24	0.21
Net Profit Margin (PBT/Sales)	(%)	0.33	0.36	0.33
Return on Total Assets (PBT/Total Assets}	(%)	1.36	1.51	1.31
Return on Investment (ROI) (PBT/Networth)		0.12	0.15	0.14
Debt Equity Ratio (Total Liability/Networth)		8.07	8.71	9.77
Current Ratio (Current Asset/Current Liability)		1.33	1.26	1.31

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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note:

The Registered office of the company has been shifted from 1/26, Roop Nagar, Delhi – 110007, India to the present address w.e.f 01.04.2011.

FINANCIAL RESULTS / REVIEW OF OPERATIONS

During the year the Company earned a total income amounting Rs.2471.247 Millions (including other income of Rs.24.763 Millions to as against Rs.1934.389 Millions (including other income of Rs.40.686 Millions in the previous year. The Company earned a profit (after tax) of Rs.5.445 Millions as against a profit (after tax) of Rs.4.725 Millions in the previous year. The Company is hopeful to perform better in the future.

CONTINGENT LIABILITIES NOT PROVIDED FOR

Particulars	31.03.2011
Letters of Credit Outstanding	87.299
Guarantee to Sales Tax Authorities	0.150
Bank Guarantee given to the Suppliers of materials	37.000
Demand Raised by ITAT for A.Y.2007-2008	0.294

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24119DL2001PLC110074
Name of the company	SHUBHAM CHEMICALS AND SOLVENTS LIMITED
Address of the registered office or of the principal place of business in India of the company	GI-3, G.T.K. Road Industrial Area, Azadpur, Delhi – 110033, India Email: shubham@shubcam.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90039617
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Corporation Bank, AM – 10, Shalimar Bagh, New Delhi – 110 088, India Email: mallyashenoyca@rediffmail.com
Nature of instrument creating charge	Common deed of hypothecation of movables, assets, debts.
Date of instrument Creating the charge	16.03.2011
Amount secured by the charge	Rs.350.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest shall be charged @14.50% p. a. being 5.10% over and above the bank's Base Rate which is 9.40% p. a. with compounded monthly rests. Terms of Repayment Cash Credit limit- Running account repayable on demand subject to annual renewal. Bank Guarantee and Inland /Import Letter of credit- BE Under LC - AS per Norms. Margin Cash Credit limit- 25% Bank Guarantee and Inland /Import Letter of credit & BE Under LC- 10% ( Cash Margin) Extent and Operation of the charge The hypothecated assets is to secure following credit limits sanctioned by corporation bank to the company.1.Cash Credit limit of Rs.60.000 Millions 2. Bank Guarantee limit of Rs.90.000 Millions 3. Inland /Import LC limit of Rs150.000 Millions. 4. BE Under LC limit of Rs.50.000 Millions. Aggregate limit of Rs.350.000 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Exclusive charge by way of hypothecation of stocks in trade and book-debts /current asset of the company. Hypothecation of plant and machinery and other fixed assets (excluding vehicles)
Particulars of the present modification	Extent of operation of the charge on current assets and fixed assets of the company stands enhance from Rs.200.000 Millions to Rs.350.000 Millions. Other terms and conditions remains the same.

FIXED ASSETS:

• Air Conditioner
• Business Card Reader
• C.C. T.V.
• Vehicles
• Computer Software
• Computers
• Electrical Equipments
• Electric Fittings
• EPABX
• Equipments
• Fans and Coolers
• Fax Machine
• Fire Extinguisher
• Furniture and Fixtures
• Generator
• Inverter
• Mobile Phone
• Music Systems
• Office Flat
• Office Renovation
• Pager
• Photography Machine
• Scale (Weighting)
• Shredding Machine
• Storage Tank
• Television
• Tempo-Swapaj Mazada
• UPS
• Water Dispensor

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.55.70
UK Pound	1	Rs.87.54
Euro	1	Rs.68.85

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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

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

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

RATING EXPLANATIONS

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

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.