1. Summary Information

		Country	India
Company Name	CHIRAI SALT (INDIA) PRIVATE LIMITED	Principal Name 1	Mr. Jawerilal Ghewarchand Nahata
Status	Satisfactory	Principal Name 2	Mr. Parasml Ghewarchand Nahata
		Registration #
Street Address	303, Kaling Complex, Near Mount Carmel School, Ashram Road, Ahmedabad-380009, Gujarat
Established Date	22.12.1989	SIC Code	--
Telephone#	Not Available	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	Exporter
Homepage	http://www.chiraisalt.com	Product Name 1	Triple Refined Iodized Salt
# of employees	Not Available	Product Name 2	High Purity Industrial Salt
Paid up capital	Rs.6,000,000/-	Product Name 3	--
Shareholders	Bodies corporate 0.04%, Directors or relatives of directors 99.96%	Banking	Oriental Bank of Commerce
Public Limited Corp.	No	Business Period	23 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (44)
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	85,520,000	Current Liabilities	56,053,000
Inventories	50,300,000	Long-term Liabilities	142,032,000
Fixed Assets	108,977,000	Other Liabilities	612,000
Deferred Assets	234,000	Total Liabilities	198,697,000
Invest& other Assets	349,000	Retained Earnings	40,683,000
		Net Worth	46,683,000
Total Assets	245,380,000	Total Liab. & Equity	245,380,000
Total Assets (Previous Year)	193,992,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales/ Total Income	480,867,000	Net Profit	919,000
Sales/ Total Income (Previous yr)	254,858,000	Net Profit (Prev. yr)	512,000

MIRA INFORM REPORT

Report Date :

24.08.2012

IDENTIFICATION DETAILS

Name :	CHIRAI SALT (INDIA) PRIVATE LIMITED
Registered Office :	303, Kaling Complex, Near Mount Carmel School, Ashram Road, Ahmedabad-380009, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.12.1989
Com. Reg. No.:	04-013144
Capital Investment / Paid-up Capital :	Rs.6.000 Millions
CIN No.: [Company Identification No.]	U24231GJ1989PTC013144
TAN No.: [Tax Deduction & Collection Account No.]	AHMC00125G
PAN No.: [Permanent Account No.]	AAACC6397F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Triple Refined Iodized Salt and High Purity Industrial Salt.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 180000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part Chirai Group of Companies. It is an old established company having satisfactory track record. 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 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

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 :	303, Kaling Complex, Near Mount Carmel School, Ashram Road, Ahmedabad-380009, Gujarat, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	chiraisalt@sancharnet.in
Website :	http://www.chiraisalt.com
Factory :	Plot No. D/2, Sector 12, Heavy Industrial Area, Gandhidham, Kutch-370201, Gujarat, India
Tel. No.:	91-2836-252709/252695/253572
Fax No.:	91-2836-253128

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Jawerilal Ghewarchand Nahata

Designation :

Director

Address :

B. B. 2/5, 46, Jawahar Chowk, Gandhidham-370201, Gujarat, India

Date of Birth/Age :

01.04.1956

Date of Appointment :

11.10.1993

Din No.:

00290555

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	U25209GJ1987PTC009481	ADINATH POLYFILLS PRIVATE LIMITED	Director	09/10/1987	09/10/1987	-	Active	NO
2	U45201GJ1991PTC016144	GROWTH FIELD PRIVATE LIMITED	Director	21/08/1991	21/08/1991	-	Active	NO
3	U24231GJ1989PTC013144	CHIRAI SALT (INDIA) PRIVATE LIMITED	Director	11/10/1993	11/10/1993	-	Active	NO
4	U74999GJ1995PTC025084	WESTERN INDIA SEA BRINES PRIVATE LIMITED	Managing director	21/03/1995	21/03/1995	-	Active	NO
5	U63010GJ2004PTC045203	RISHI CONTAINER FREIGHT STATION PRIVATE LIMITED	Director	02/09/2006	02/09/2006	-	Active	NO
6	U63010GJ2007PTC050948	ADINATH CARGO CARE PRIVATE LIMITED	Director	24/05/2007	24/05/2007	-	Active	NO
7	L52100GJ1994PLC023147	VAX HOUSING FINANCE CORPORATION LIMITED	Director	30/09/2008	25/01/2008	04/05/2009	Active	NO

Name :

Mr. Parasml Ghewarchand Nahata

Designation :

Director

Address :

Plot No. 39, Sector No. 4, Gandhidham-370201, Gujarat, India

Date of Birth/Age :

10.02.1958

Date of Appointment :

27.11.1990

Din No.:

00410119

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	U25209GJ1987PTC009481	ADINATH POLYFILLS PRIVATE LIMITED	Director	10/03/1987	10/03/1987	Active	NO
2	U24231GJ1989PTC013144	CHIRAI SALT (INDIA) PRIVATE LIMITED	Director	27/11/1990	27/11/1990	Active	NO
3	U74999GJ1995PTC025084	WESTERN INDIA SEA BRINES PRIVATE LIMITED	Director	22/01/1996	22/01/1996	Active	NO
4	U45201GJ1991PTC016144	GROWTH FIELD PRIVATE LIMITED	Director	11/12/2006	11/12/2006	Active	NO
5	U63010GJ2007PTC050948	ADINATH CARGO CARE PRIVATE LIMITED	Director	24/05/2007	24/05/2007	Active	NO

Name :

Mr. Madanlal Ghewarchand Nahata

Designation :

Director

Address :

Plot No. 128, Sector No. 4, Gandhidham-370201, Gujarat, India

Date of Birth/Age :

01.04.1964

Date of Appointment :

30.04.1993

Din No.:

00410052

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	U25209GJ1987PTC009481	ADINATH POLYFILLS PRIVATE LIMITED	Director	10/03/1987	10/03/1987	Active	NO
2	U24231GJ1989PTC013144	CHIRAI SALT (INDIA) PRIVATE LIMITED	Director	30/04/1993	30/04/1993	Active	NO
3	U31300GJ2010PTC059467	ATLAS CABLES AND ACCESSORIES PRIVATE LIMITED	Director	03/08/2010	03/08/2010	Active	NO

Name :

Mr. Suresh Ghewarchand Nahata

Designation :

Director

Address :

Plot No. 128, Sector No. 4, Gandhidham-370201, Gujarat, India

Date of Birth/Age :

27.05.1967

Date of Appointment :

22.12.1989

Din No.:

00290537

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	U24231GJ1989PTC013144	CHIRAI SALT (INDIA) PRIVATE LIMITED	Director	22/12/1989	22/12/1989	Active	NO
2	U45201GJ1991PTC016144	GROWTH FIELD PRIVATE LIMITED	Director	06/01/2000	06/01/2000	Active	NO
3	U63010GJ2004PTC045203	RISHI CONTAINER FREIGHT STATION PRIVATE LIMITED	Director	02/09/2006	02/09/2006	Active	NO
4	U25209GJ1987PTC009481	ADINATH POLYFILLS PRIVATE LIMITED	Director	11/12/2006	11/12/2006	Active	NO
5	L65990MH1980PLC022319	SHELL INFOTECH LIMITED	Director	30/09/2008	21/01/2008	Active	NO
6	U45202GJ2008PTC052957	HARSHIL INFRASTRUCTURE PRIVATE LIMITED	Director	03/10/2008	03/10/2008	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Preferences Shares	No. of Shares
Nahata Sureshkumar Ghewarchand	750	4650
Nahata Sunderdevi Ghewarchand	--	4410
Nahata Jyotikadevi Jawerilal	--	3700
Nahata Sushiladevi Parasmal	--	1600
Nahata Jawerilal jointly with Jyotikadevi Nahata	--	2650
Nahata Parasmal jointly with Sushiladevi Nahata	--	2600
Nahata Jawerilal Ghewarchand	750	3700
Nahata Madanlal Ghewarchand	--	5300
Nahata Ghewarchand jointly with Sunderdevi Nahata	--	1100
Nahata Madanlal jointly with Manjudevi Nahata	--	4000
Nahata Parasmal Ghewarchand	750	4650
Nahata Rahul Jawerilal	--	660
Nahata Ghewarchand Bastiram	750	5650
Nahata Ghewarchand Bastiram jointly with Jawerilal Ghewarchand Nahata	--	300
Nahata Sandeep Parasmal	--	2200
Nahata Manjudevi Madanlal	--	550
Greenpark Shelters Private Limited, India	--	10
Ratandevi S. Nahata	--	4120
Sureshkumar Nahata jointly with Ratandevi S. Nahata	--	1900
Jainam Nahata Through Father and Natural Guardian Sureshkumar Nahata	--	550
Harsh Jawerilal Nahata	--	500
Nikita Sandeep Nahata	--	100
Siddharth Mandanlal Nahata	--	600
Rishabh Nahata Through Father and Natural Guardian Madanlal Nahata	--	1500
Total	3000	57000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	0.04
Directors or relatives of directors	99.96
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Triple Refined Iodized Salt and High Purity Industrial Salt.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Refined Freeflow Salt	5010000

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Refined and Freeflow Iodized Salt	MT	150000	99841

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Oriental Bank of Commerce, DBZ-33 34-South, Gandhidham-370201, Gujarat, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

· Small Industries Development Bank of India

· Punjab National Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Cash Credit From Oriental Bank of Commerce [Secured by way of hypothecation of stock-in trade and book debts]	33.517	28.342
Term Loan From Oriental bank of Commerce [Secured by way of hypothecation of plant and machinery]	9.019	14.415
Term Loan From HDFC Bank [Secured by way of hypothecation of car]	0.278	0.452
Term Loan from HDFC Bank [Secured by way of hypothecation of Excavator]	0.000	0.795
Term Loan From HDFC Bank [Secured by way of hypothecation of Truck/Dumpers]	1.611	2.505
Term Loan From Sundaram Finance Limited [Secured by way of hypothecation of vehicles]	0.340	0.579
Term Loan From Punjab National Bank [Secured by way of hypothecation of car]	0.717	0.000
Term Loan From Small Industries Development Bank of India [Secured by way of hypothecation of specific fixed assets]	4.169	0.000
Term Loan From Small Industries Development Bank of India [Secured by way of hypothecation of wind mill]	41.277	0.000
Export Packing Credit From Punjab National Bank [Secured by way of hypothecation of export stock-in trade]	15.000	0.000
Total	105.928	47.088
Unsecured Loan
From Shareholders	29.531	23.480
Form Directors	6.573	9.805
Total	36.104	33.285

Banking Relations :	--
Auditors :
Name :	Bhanwar Jain and Company Chartered Accountants
Address :	Ashram Road, Ahmedabad-380009, Gujarat, India
Tel No.:	91-79-26583107
Mobile No.:	91-9998804450
E-Mail :	bmjain2001@yahoo.co.in
Pan No.:	AACFB8898F

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
57000	Equity Shares	Rs.100/- each	Rs.5.700 Millions
3000	Preferences Shares	Rs.100/- each	Rs.0.300 Million
	Total		Rs.6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
57000	Equity Shares	Rs.100/- each	Rs.5.700 Millions
3000	Preferences Shares	Rs.100/- each	Rs.0.300 Million
	Total		Rs.6.000 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		6.000	5.000	4.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		40.683	30.864	23.256
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		46.683	35.864	27.456
LOAN FUNDS
1] Secured Loans		105.928	47.088	45.710
2] Unsecured Loans		36.104	33.285	22.050
TOTAL BORROWING		142.032	80.373	67.760
DEFERRED TAX LIABILITIES		0.000	0.000	0.159
TOTAL		188.715	116.237	95.375
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		108.977	53.093	58.537
Capital work-in-progress		0.000	49.140	0.000
INVESTMENT		0.335	0.135	0.135
DEFERREX TAX ASSETS		0.234	0.887	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	50.300	28.243	17.775
	Sundry Debtors	73.787	54.275	52.604
	Cash & Bank Balances	1.098	0.853	2.231
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.635	7.338	4.311
Total Current Assets		135.820	90.709	76.921
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	53.917	73.793	33.474
	Other Current Liabilities	2.136	2.392	4.201
	Provisions	0.612	1.570	2.585
Total Current Liabilities		56.665	77.755	40.260
Net Current Assets		79.155	12.954	36.661
MISCELLANEOUS EXPENSES		0.014	0.028	0.042
TOTAL		188.715	116.237	95.375

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	480.867	254.858	256.601
Less	EXPENSES
		Office Expenses
		Administrative Expenses	462.387	241.896	241.275
		Advertising Expenses
		TOTAL	462.387	241.896	241.275
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		18.480	12.962	15.326
Less/ Add	DEPRECIATION/ AMORTISATION		16.576	12.116	12.434
	PROFIT / (LOSS) BEFORE TAX		1.904	0.846	2.892
Less	TAX		0.985	0.334	1.193
	PROFIT / (LOSS) AFTER TAX		0.919	0.512	1.699
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	108.736	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)		16.12	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.19	0.20	0.66
Return on Total Assets (PBT/Total Assets}	(%)	0.78	0.59	2.13
Return on Investment (ROI) (PBT/Networth)		0.04	0.02	0.11
Debt Equity Ratio (Total Liability/Networth)		4.25	4.41	3.93
Current Ratio (Current Asset/Current Liability)		2.40	1.17	1.91

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
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]	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	No

OPERATION AND REVIEW:

During the year, the company has shown satisfactory performance as profitability of the company has increased as compared to the last year. The directors expect better prospects in coming year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U24231GJ1989PTC013144
Name of the company	CHIRAI SALT (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	303, Kaling Complex, Near Mount Carmel School, Ashram Road, Ahmedabad-380009, Gujarat, India
Type of charge	Movable Property (not being pledge)
Particular of charge holder	· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India Email: cpu-retailassetoperations.rocefiling@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Agreement for Loan and Guarantee. (Contracts No.: 3419804)
Date of instrument Creating the charge	24.03.2012
Amount secured by the charge	Rs.2.230 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @ 11.03 % p.a. Terms of Repayment The Loan is repayable in 35 EMIs of Rs.0.075 Million starting from 20th April, 2012 ending on 20th February, 2015. Margin As may be stipulated by bank from time to time. Extent and Operation of the charge The Company hypothecates to and charges in favour of the Bank by way of first and exclusive charge of the Vehicle/ equipment as security for the repayment/payment by the company of the loan granted or to be granted to the company by the Bank together with all fees, interest, costs and expenses incurred/to be incurred by the Bank and all other monies payable or to become payable by the company to the Bank. Others The Bank shall be absolutely entitled and have full power and authority to sell, assign or transfer in any manner, in whole or in part, and in such manner and on such terms as the Bank may decide, including reserving a right to the Bank to retain its power to proceed against the company on behalf of the purchaser, assignee or transferee, any or all outstanding dues of the company, to any third party of the Bank's choice without reference to or without written intimation to the company.
Short particulars of the property charged	Hypothecation of Equipments namely : TELCO EX 70 (Year Of Manufacture: 2012)

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electric Installation

· Furniture, Fixtures and Office Equipments

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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.55.38
UK Pound	1	Rs.87.80
Euro	1	Rs.69.47

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.