MIRA INFORM REPORT

Report Date :

22.08.2012

IDENTIFICATION DETAILS

Name :	SANJAY CHEMICALS (INDIA) PRIVATE LIMITED

Registered Office :	Unit G-1, 5^th Floor, Kanmoor House Condominium, 281/287, Narsi Natha Street, Mumbai – 400009, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	20.10.2000

Com. Reg. No.:	11-129290

Capital Investment / Paid-up Capital :	Rs. 27.038 Millions

CIN No.: [Company Identification No.]	U51434MH2000PTC129290

TAN No.: [Tax Deduction & Collection Account No.]	MUMS27686B

PAN No.: [Permanent Account No.]	AAFCS2929E

Legal Form :	Private Limited Liability Company

Line of Business :	Trader and Importer of Chemicals

No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 1980000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Trade relations are 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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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	CARE
Rating	BB+ (Long Term)
Rating Explanation	This rating are considered to have moderate risk of default regarding timely servicing of financial obligation
Date	September 2011

Rating Agency Name	CARE
Rating	A4 (Short term)
Rating Explanation	This rating are considered to have minimal degree of safety regarding timely payment of financial obligations. Such instrument carry high credit risk and are susceptible to default
Date	September 2011

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.

LOCATIONS

Registered Office :	Unit G-1, 5^th Floor, Kanmoor House Condominium, 281/287, Narsi Natha Street, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-40361100
Mobile No.:	91-9821094067 (Mr. Dilip Parmar)
Fax No.:	Not Available
E-Mail :	dilip@sanjaychemindia.com sanjay@sanjaychemindia.com
Website :	http://www.sanjaychemindia.com
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Dilip Vijayraj Parmar

Designation :

Managing Director

Address :

Flat 507-8, 5th Floor, Matruchaya, Building 378/80 N Natha Street, Mandavi, Mumbai -400003, Maharashtra, India

Date of Birth/Age :

14.03.1964

Qualification :

B.Com

Date of Appointment :

20.10.2000

Din No.:

00867949

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	Company/ LLP Status	Defaulting status
1	U51434MH2000PTC129290	SANJAY CHEMICALS (INDIA) PRIVATE LIMITED	Managing director	20/10/2000	20/10/2000	Active	NO
2	U52321MH2005PTC158479	SCORPIO EXIM PRIVATE LIMITED	Director	15/09/2009	15/09/2009	Active	NO
3	U52100MH2010PTC201072	APRICOT EXIM PRIVATE LIMITED	Director	23/03/2010	23/03/2010	Active	NO
4	U67120MH2006PTC159576	ZANY SHARE TRADING PRIVATE LIMITED	Director	12/08/2011	12/08/2011	Active	NO

Name :

Mr. Sanjay Vijayrajji Parmar

Designation :

Director

Address :

Ooranwala Mansion, 1st Floor, Dr. Ambedkar Marg, Parel, Mumbai – 400 012, Maharashtra, India

Date of Birth/Age :

08.01.1974

Qualification :

Date of Appointment :

20.10.2000

Din No.:

00478460

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	Company/ LLP Status	Defaulting status
1	U51434MH2000PTC129290	SANJAY CHEMICALS (INDIA) PRIVATE LIMITED	Director	20/10/2000	20/10/2000	Active	NO
2	U52321MH2005PTC158479	SCORPIO EXIM PRIVATE LIMITED	Director	15/09/2009	15/09/2009	Active	NO
3	U52100MH2010PTC201072	APRICOT EXIM PRIVATE LIMITED	Director	23/03/2010	23/03/2010	Active	NO
4	U67120MH2006PTC159576	ZANY SHARE TRADING PRIVATE LIMITED	Director	12/08/2011	12/08/2011	Active	NO

Name :

Mr. Manoj Vijayraj Parmar

Designation :

Director

Address :

Ooranwala Mansion, 1st Floor, Dr. Ambedkar Marg, Parel, Mumbai – 400 012, Maharashtra, India

Date of Birth/Age :

14.03.1968

Qualification :

BSC

Date of Appointment :

20.10.2000

Din No.:

02452281

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	Company/ LLP Status	Defaulting status
1	U51434MH2000PTC129290	SANJAY CHEMICALS (INDIA) PRIVATE LIMITED	Director	20/10/2000	20/10/2000	Active	NO
2	U52321MH2005PTC158479	SCORPIO EXIM PRIVATE LIMITED	Director	15/09/2009	15/09/2009	Active	NO
3	U52100MH2010PTC201072	APRICOT EXIM PRIVATE LIMITED	Director	23/03/2010	23/03/2010	Active	NO
4	U67120MH2006PTC159576	ZANY SHARE TRADING PRIVATE LIMITED	Director	12/08/2011	12/08/2011	Active	NO

Name :

Mr. Vijayraj Multanmal Parmar

Designation :

Director

Address :

Ooranwala Mansion, 1st Floor, Dr. Ambedkar Marg, Parel, Mumbai – 400 012, Maharashtra, India

Date of Birth/Age :

13.03.1944

Qualification :

SSC

Date of Appointment :

20.10.2000

Din No.:

02452291

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	Company/ LLP Status	Defaulting status
1	U51434MH2000PTC129290	SANJAY CHEMICALS (INDIA) PRIVATE LIMITED	Director	20/10/2000	20/10/2000	Active	NO
2	U52321MH2005PTC158479	SCORPIO EXIM PRIVATE LIMITED	Director	15/09/2009	15/09/2009	Active	NO
3	U52100MH2010PTC201072	APRICOT EXIM PRIVATE LIMITED	Director	23/03/2010	23/03/2010	Active	NO
4	U67120MH2006PTC159576	ZANY SHARE TRADING PRIVATE LIMITED	Director	12/08/2011	12/08/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders (Equity Shares)		No. of Shares
Vijayraj Parmar		362525
Dilip Parmar		385025
Sanjay Parmar		342224
Manoj Parmar		327724
Avance Technologies Limited (formerly VMC Software Limited), India		150000
Hemendra Turakhia, Narendra Shah and Prakash Kothari		30
Hemdan Ashiya, Kishore Ashiya and Ranjitsingh Ashiya		30
Jugraj Tailor and Leela Mangilal Parmar		11
Parashmalji Jain, Kansingh Umardan Charan and Sohanlal Dhanaram Prajapati		30
Satish Sanghrajka, Vagaram Keshaji Prajapati and Kishanlal Ramnarayan Joshi		30
Futermal Parmar, Sampatraj Parmar and Sunil Gosain		30
Asha Parmar, Vicky Narendra Joshi and Uma Maheshwar Rao		10
Bhanumati Prabhudas Sanghrajka		1
Saroj Kiran Mehta and Kiran Mohanlalji Mehta		10
Nikhil Mehta, Varun Parmar and Yash Parmar (through father and NG Sanjay Parmar)		10
Virendra Singh and Hinglasdan S. Charan		10
Bharti Parmar		30000
Varsha Parmar		22000
Kanchan Parmar		4000
Gunwati Parmar		18000
Vijayraj Parmar HUF		14000
Dilip Parmar HUF N.A		26000
Sanjay Parmar HUF		32000
Manoj Parmar HUF		24000
Varun Parmar		4000
Scorpio Exim Private Limited, India		520000
Zany Share Trading Private Limited, India		168000
Total		2429700

Names of Shareholders (Preference Shares)		No. of Shares
Infotrek Syscom Limited – India		3000
Uma Maheshwar Rao		1500
C. Satyanarayana Karta of C. Satyanarayana HUF		10000
Ranjitsingh Ashiya HUF		1650
Ranjitsingh Ashiya		157
Avas Capital Market Limited – India		10000
Chottunsinh Rathod		700
Dilip Sonigara		400
Total		27407

AS ON 30.09.2011

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		34.49
Directors or relatives of directors		65.51
Total		100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Chemicals

Imports :
Products :	Chemicals
Countries :	· UK · USA · European Countries

Terms :
Selling :	Cash/Credit (30 to 60 Days)

Purchasing :	Cash/Credit (30 to 60 Days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers, End users

No. of Employees :

35 (Approximately)

Bankers :

Development Credit Bank Limited, 601 and 602, Penisula Business Park, 6^th Floor, Tower A, Senapati Bapat Marg, Lower Parel, Mumbai -400013, Maharashtra, India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2011	31.03.2010
Working capital loans banks secured	43.817	0.638
Loans taken for vehicles secured	0.134	0.289
Other debt secured	35.526	0.000
Total	79.477	0.927

UNSECURED LOAN	31.03.2011	31.03.2010
Other debt unsecured	51.056	239.387


Banking Relations :	--

Auditors :
Name :	MGB and Company Chartered Accountants
Address :	101-A. Jolly Bhavan No. 2, Opposite Nirmala Niketan, 7 New Marine Lines, Churchgate, Mumbai – 400020, Maharashtra, India
Pan No.:	AAAFM5742R

Related Party:	· Scorpio Exim Private Limited, · Zany Share Trading Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

2,550,000	Equity Share	Rs.10/- each	Rs. 25.500 Millions
45,000	Preferences Shares	Rs.100/- each	Rs. 4.500 Millions
	Total		Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2,429,700	Equity Share	Rs.10/- each	Rs. 24.297 Millions
27,407	Preferences Shares	Rs.100/- each	Rs. 2.741 Millions
	Total		Rs. 27.038 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		27.038	17.458	17.458
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		468.812	210.580	194.289
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		495.850	228.038	211.747
LOAN FUNDS
1] Secured Loans		79.477	0.927	46.571
2] Unsecured Loans		51.056	239.387	64.213
TOTAL BORROWING		130.533	240.314	110.784
DEFERRED TAX LIABILITIES		0.441	0.446	0.048

TOTAL		626.824	468.798	322.579

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		4.834	4.285	4.480
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	375.604	323.512	226.737
	Sundry Debtors	1629.846	1337.771	667.486
	Cash & Bank Balances	188.061	98.840	138.235
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	73.017	65.348	28.718
Total Current Assets		2266.528	1825.471	1061.176
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1602.808	1334.480	487.306
	Other Current Liabilities	11.426	6.902	240.680
	Provisions	30.304	19.576	15.091
Total Current Liabilities		1644.538	1360.958	743.077
Net Current Assets		621.990	464.513	318.099

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		626.824	468.798	322.579

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	5323.321	4415.638	2713.357
		Other Income	NA	14.101	9.165
		TOTAL (A)	NA	4429.739	2722.522

Less	EXPENSES
		Cost of Goods		4293.497	2602.614
		Personal Cost		6.847	4.872
		Administrative and Other Expenses		76.719	73.262
		TOTAL (B)	NA	4377.063	2680.748

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	52.676	41.774

Less	FINANCIAL EXPENSES (D)		NA	26.564	23.378

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		44.042	26.112	18.396

Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.734	0.640	0.541

	PROFIT BEFORE TAX (E-F) (G)		43.308	25.472	17.855

Less	TAX (H)		14.996	9.182	6.410

	PROFIT AFTER TAX (G-H) (I)		28.312	16.290	11.445

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		43.822	27.532	16.087

	BALANCE CARRIED TO THE B/S		72.134	43.822	27.532

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	8.742	161.227
	TOTAL EARNINGS

	IMPORTS
		Raw Materials	NA	1019.608	625.880
	TOTAL IMPORTS

	Earnings Per Share (Rs.)		15.14	11.07	7.81

Particulars

31.03.2012

Sales Turnover (Approximately)

More than 5300.000

Expected Sales (2012-2013): Rs. more than 6000 Millions

The above information has been parted by Mr. Dilip Parmar

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	0.37	0.42

Net Profit Margin (PBT/Sales)	(%)	0.81	0.58	0.66

Return on Total Assets (PBT/Total Assets}	(%)	1.91	1.39	1.68

Return on Investment (ROI) (PBT/Networth)		0.09	0.11	0.08

Debt Equity Ratio (Total Liability/Networth)		3.58	7.02	4.03

Current Ratio (Current Asset/Current Liability)		1.38	1.34	1.43

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	Yes
17]	Major suppliers	No
18]	Major customers	No
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]	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	No
34]	External Agency Rating, if available	Yes

PERFORMANCE

The Company’s Turnover during the year has increased to Rs.5324.558 Millions as compared to previous years Rs. 4416.198 Millions. The Net Profit after tax during the year has also increased to Rs. 28.312 Millions as compared to previous years Rs. 16.290 Millions

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51434MH2000PTC129290
Name of the company	SANJAY CHEMICALS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	507, Matru Chhaya Building, 378/380, Narsi Natha Street, Mumbai – 400 009, Maharashtra, India kamlesh@sanjaychemindia.com
This form is for	Modification of charge
Charge identification number of the modified	10211615
Type of charge	Book Debts Movable Property
Particular of charge holder	Development Credit Bank Limited, 601 and 602, Penisula Business Park, 6^th Floor, Tower A, Senapati Bapat Marg, Lower Parel, Mumbai -400013, Maharashtra, India Email: vijaykurankar@dcbbank.com
Nature of description of the instrument creating or modifying the charge	Second Supplemental Joint Deed of Hypothecation dt. 15.06.2012 Facilities sanctioned by Rs. in Millions DCB Rs. 255.000 OBC Rs 408.800 ICICI Bank Rs. 470.000 UBI Rs 300.000 Citi Bank Rs 170.000 Total Rs.1603.800
Date of instrument Creating the charge	15.06.2012
Amount secured by the charge	Rs.1603.800 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest As per Details of Charge Holders Term of Payment: As per Details of Charge Holders Margin As per Details of Charge Holders Extent and operation of the charge The Charge is operative and modified for Rs.1603.800 Millions. By consent of all the Parties, viz., Development Credit Bank Limited and ICICI Bank Limited and Oriental Bank of Commerce and Union Bank of India and Citibank N.A. , Development Credit Bank Limited is designated and recognized as the Lead Bank under Consortium called as ."Development Credit Bank Limited Consortium" Others: N.A
Short particulars of the property charged	FIRST PARI-PASSU CHARGE ON: The whole of the Current Assets of the Borrower namely, Stocks of Raw Materials, Stocks in Process, Semi-Finished and Finished Goods, Stores & Spares not relating to Plant and Machinery (Consumable Stores and Spares), Bills Receivable and Book Debts and all other movables, both present and future whether now lying loose or in cases or which are now ying loose or in cases or which are now lying or stored in or about or shall hereinafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about of the Borrowers factories, premises ands godowns situate at Mumbai and / or any where in India or wherever else the same may be or be held by any party to the order of disposition of the borrower or in the course of transit or on high seas or on order, or delivery , howsoever & where so ever in the possession of the Borrower and either by way of substitution or addition.
Date of last modification prior to the present modification	10.02.2011
Particulars of the present modification	By this present modification, the total charge gets enhanced to Rs.1603.800 Millions as detailed below:- Rs. in Millions DCB Rs. 255.000 OBC Rs 408.800 ICICI Bank Rs. 470.000 UBI Rs 300.000 Citi Bank Rs 170.000 Total Rs.1603.800

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Rs.in Millions

Particular	31.03.2011
Unexpired Letters’ of Credit	287.862
Inland Bills LC	28.933
Bank Guarantees	2.020
Bond For Custom Duty	5.512
Disputed Direct Tax	2.147
Disputed Indirect Tax*	24.697

* Out of the above Rs. 2.100 Millions has been paid under protest which is included in

FIXED ASSETS

· Land and Building

· Office premises

· Office equipments

· Air conditioners

· Furniture and fixtures

· Vehicles

· Computers

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. 55.54
UK Pound	1	Rs. 87.39
Euro	1	Rs. 68.72

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
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	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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

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.

MIRA INFORM REPORT

375.604

323.512

226.737

1629.846

1337.771

667.486

188.061

98.840

138.235

0.000

0.000

0.000

73.017

65.348

28.718

2266.528

1602.808

1334.480

487.306

11.426

6.902

240.680

30.304

19.576

15.091

1644.538

621.990

NA

0.37

0.42

0.81

0.58

0.66

1.91

1.39

1.68

0.09

0.11

0.08

3.58

7.02

4.03

1.38

1.34

1.43

Unit