1. Summary Information

		Country	India
Company Name	INDIAN TONERS AND DEVELOPERS LIMITED	Principal Name 1	Mr. P. K. Kanoria
Status	Satisfactory	Principal Name 2	Mr. Sushil Jain
		Registration #	20-015721
Street Address	10.5 KM, Rampur-Bareilly Road, Rampur 224 901, Uttar Pradesh
Established Date	09.01.1990	SIC Code	--
Telephone#	91-5960-228174	Business Style 1	Manufacturing
Fax #	91-5960-228175	Business Style 2	--
Homepage	www.indiantoners.com	Product Name 1	Toners
# of employees	Not Available	Product Name 2	Developers for Photocopiers
Paid up capital	80,589,000/-	Product Name 3
Shareholders	Promoter and Promoter Group – 49.44% Public Shareholding – 50.56	Banking	State Bank of India
Public Limited Corp.	Yes	Business Period	22 Years
IPO	Yes	International Ins.	-
Public Enterprise	Yes	Rating	Ba (50)
Related Company
Relation	Country	Company Name	CEO
Other Related Parties	India	Triveni Securities Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	243,962,000	Current Liabilities	44,989,000
Inventories	43,182,000	Long-term Liabilities	1,594,000
Fixed Assets	102,914,000	Other Liabilities	33,959,000
Deferred Assets	0,000	Total Liabilities	80,542,000
Invest& other Assets	106,067,000	Retained Earnings	334,994,000
		Net Worth	415,583,000
Total Assets	496,125,000	Total Liab. & Equity	496,125,000
Total Assets (Previous Year)	510,257,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	267,015,000	Net Profit	26,715,000
Sales(Previous yr)	254,183,000	Net Profit(Prev.yr)	15,052,000

MIRA INFORM REPORT

Report Date :

13.12.2012

IDENTIFICATION DETAILS

Name :	INDIAN TONERS AND DEVELOPERS LIMITED
Registered Office :	10.5 KM, Rampur-Bareilly Road, Rampur 224 901, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.01.1990
Com. Reg. No.:	20-015721
Capital Investment / Paid-up Capital :	Rs. 80.589 Millions
CIN No.: [Company Identification No.]	L74993UP1990PLC015721
TAN No.: [Tax Deduction & Collection Account No.]	LKNI05168C
Legal Form :	A Public Limited Liability Company. The Company’s shares are listed on Stock Exchange.
Line of Business :	Manufacturing of Toners for Photocopiers and also Developers of Photocopiers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1600000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB+ (Long Term Bank Facilities)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation. It carry moderate credit risk.
Date	September 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.

LOCATIONS

Registered Office / Factory:	10.5 KM, Rampur-Bareilly Road, Rampur 224 901, Uttar Pradesh, INDIA
Tel. No.:	91-5960-228174/228148
Fax. No.:	91-5960-228175
E-Mail :	itdl@giasdl01.vsnl.net.in itdl@vsnl.com plant@indiantoners.com
Website :	http://www.indiantoners.com
Corporate Office :	5-E, Gopala Tower, 25, Rajendra Place, New Delhi – 110 008, India
Tel. No.:	91-11-2575 1420 / 2574 2509 / 2574 8160 / 2576 3993
Fax No.:	91-11-2575 1422
E-Mail :	itdl@giasdl01.vsnl.net.in, itdl@vsnl.com, info@indiantoners.com
Domestic Branch Offices :	Located at : NORTH : New Delhi SOUTH : Chennai EAST : Kolkata WEST : Mumbai
International Branch Office :	Located at : Singapore UAE

DIRECTORS

AS ON 31.03.2012

Name :	Mr. Sushil Jain
Designation :	Chairman and Managing Director
Name :	Mr. P. K. Kanoria
Designation :	Director
Name :	Mr. J. S. Varshneya
Designation :	Director
Name :	Mr. Vikram Parkash
Designation :	Director
Name :	Dr. M. R. Jain
Designation :	Director
Name :	Mr. N. S. Sharma
Designation :	Director
Name :	Mr. Sanjeev Goel
Designation :	Director
Name :	Mr. K K Dhiman
Designation :	Director

KEY EXECUTIVES

Name :	Mr. S C Singhal
Designation :	Executive Director and Company Sectary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2012

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1155662	14.34
Bodies Corporate	2828924	35.1
Sub Total	3984586	49.44
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3984586	49.44
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3200	0.04
Sub Total	3200	0.04
(2) Non-Institutions
Bodies Corporate	384881	4.78
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2943162	36.52
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	621906	7.72
Any Others (Specify)	121165	1.5
Directors & their Relatives & Friends	2500	0.03
Non Resident Indians	38683	0.48
Hindu Undivided Families	76032	0.94
Clearing Members	3950	0.05
Sub Total	4071114	50.52
Total Public shareholding (B)	4074314	50.56
Total (A)+(B)	8058900	100
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0
(1) Promoter and Promoter Group	0	0
(2) Public	0	0
Sub Total	0	0
Total (A)+(B)+(C)	8058900	0

BUSINESS DETAILS

Line of Business :

Manufacturing of Toners for Photocopiers and also Developers of Photocopiers.

Products :

Product Description	Item Code No.
Toners and Developers for Photocopiers	37079001

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit (Per Ann.)	Licensed Capacity	Installed Capacity	Actual Production
Toners and Developers	MT	330	1200	708.879

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long Term Borrowings
Other Loans and Advances
- Loan term maturity of Finance Lease Obligation	1.594	3.769
Short Term Borrowings
Loans repayable on demand from Banks	0.000	0.000
Cash Credit and Working Capital Facilities	0.000	0.922
TOTAL	1.594	4.691
NOTES LONG TERM BORROWINGS Aggregating to Rs. 1.593 Million are secured by hypothecation of specific vehicle. Repayment in 60 monthly installments commencing from November 2009 SHORT TERM BORROWINGS Working capital facilities from State Bank of India are Secured against hypothecation of raw material, stock in transit, finished goods, stock in process, chemicals, spares and stores and book debts etc and second charge over all the immovable assets both present and future of the company

Banking Relations :	--
Auditors :
Name :	K. S. Gutgutia and Company Chartered Accountant
Address :	11-K, Gopala Tower, 25, Rajendra Place, New Delhi – 110 008, India
Wholly Owned Subsidiaries :	ITDL USA, Inc ITDL Imagetec Limited
Other Related Parties	Shrilon India Limited Alankar Securities Private Limited Mahavir Phototech Private Limited Triveni Securities Private Limited Jain Tube Company Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
17000000	Equity Shares	Rs.10/- each	Rs. 170.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8058900	Equity Shares	Rs.10/- each	Rs. 80.589 Millions

NOTES

1. During the current year and in the previous year, their have been no movements in the numbers equity share outstanding

2. The company has only one class of equity shares having a per value of Rs. 10 per share shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors subject to the approval of shareholders except in case of interim dividend. In the event of liquidation the equity shareholders are eligible to receive the remaining assets of the Company after disturb of all preferential amounts in proportion of the shareholdings.

Details of share held by shareholding more than 5% of the aggregate shares in the company

Name of the shareholders	As at 31^st March 2012 % of Holding
ABC Commercial Company Limited 474000 shares	5.90
Mahavir Phototech Private Limited 915561 shares @ Rs. 10 each	11.40
Alankar Securities Private Limited 807854 shares @ Rs. 10 each	10.00
Triveni Securities Private Limited 631509 shares @ Rs. 10 each	7.80

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		80.589	80.589	80.589
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		334.994	308.279	293.226
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		415.583	388.868	373.815
LOAN FUNDS
1] Secured Loans		1.594	4.691	4.663
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1.594	4.691	4.663
DEFERRED TAX LIABILITIES		21.518	22.736	25.470
TOTAL		438.695	416.295	403.948
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		102.914	109.018	121.417
Capital work-in-progress		0.333	0.871	0.000
INVESTMENT		105.734	16.960	20.027
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	43.182	56.054	44.004
	Sundry Debtors	44.083	37.012	39.891
	Cash & Bank Balances	35.044	25.413	37.175
	Other Current Assets	0.396	4.192	8.335
	Loans & Advances	164.439	260.737	281.979
Total Current Assets		287.144	383.408	411.384
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.474	34.135	25.080
	Other Current Liabilities	11.515	15.758	25.486
	Provisions	12.441	44.069	98.314
Total Current Liabilities		57.430	93.962	148.880
Net Current Assets		229.714	289.446	262.504
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		438.695	416.295	403.948

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	267.015	254.183	318.681
		Other Income	30.285	25.534	14.969
		TOTAL (A)	297.300	279.717	333.650
Less	EXPENSES
		Cost of Material Consumed	123.686	172.141	182.721
		Manufacturing and Operating Expenses	61.313	4.040	11.026
		Changes Inventories of Finished Goods and Work in Progress	0.808	0.000	0.000
		Employee Benefit Expenses	33.440	23.676	26.230
		Other Expenses	30.468	41.269	59.381
		Exceptional Items	1.724	0.000	0.000
		TOTAL (B)	251.439	241.126	279.358
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		45.861	38.591	54.292
Less	FINANCIAL EXPENSES (D)		0.391	0.911	2.555
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		45.470	37.680	51.737
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.038	14.858	18.629
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		36.432	22.822	33.108
Less	TAX (H)		9.717	7.770	10.883
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		26.715	15.052	22.225
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	293.226	271.001
	BALANCE CARRIED TO THE B/S		NA	308.278	293.226
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	267.950	241.136	203.859
	TOTAL EARNINGS		267.950	241.136	203.859
	IMPORTS
		Raw Materials	106.784	119.800	105.267
		Stores & Spares	0.236	0.221	3.945
	TOTAL IMPORTS		107.020	120.021	109.212
	Earnings Per Share (Rs.)		3.31	1.87	2.76

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012
	1^st Quarter	2^nd Quarter
Net Sales	65.660	62.490
Total Expenditure	56.270	57.010
PBIDT (Excl OI)	9.390	5.480
Other Income	8.080	5.620
Operating Profit	17.470	11.100
Interest	0.410	0.280
Exceptional Items	(1.770)	0.000
PBDT	15.290	10.820
Depreciation	2.290	2.240
Profit Before Tax	13.000	8.580
Tax	2.920	1.750
Provisions and contingencies	0.000	0.000
Profit After Tax	10.090	6.830
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	10.090	6.830

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	8.99	5.38	6.66
Net Profit Margin (PBT/Sales)	(%)	13.64	8.98	10.39
Return on Total Assets (PBT/Total Assets}	(%)	9.34	4.63	6.21
Return on Investment (ROI) (PBT/Networth)		0.09	0.06	0.09
Debt Equity Ratio (Total Liability/Networth)		0.19	0.31	0.48
Current Ratio (Current Asset/Current Liability)		5.00	4.08	2.76

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	No
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	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)	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	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

OPERATIONS:
 
During the year, the Company concentrated mainly on exports. Therefore out of the total turnover of Rs. 267.000 Millions, more than 99% sales amounting to Rs. 264.500 Millions were from exports. Exports were 7% higher during the year as against Rs. 247.900 Millions in the previous year.
 
The consolidated financial results during the year including that of its Subsidiary Companies were better i.e. sales Rs. 620.400 Millions, profit before tax Rs. 96.700 Millions and profit after tax Rs. 78.500 Millions.
 
 
FUTURE OUTLOOK AND PLANS:
 
The Company foresees a good scope for the exports of its products. However, fluctuation in foreign currency and tough competition in the international market will continue to be a challenge for the Company.
 
During the year, the Company was awarded the status of an Export House. It has strengthened the image of the company and made the Company eligible for various benefits available to Export Houses.
 
Efforts are going on to develop more and more products of Colour Toner and the Company is quite hopeful to achieve the desired results.
 
ITDL Imagetec Limited a subsidiary of the Company in Sitarganj (Uttrakhand) for the manufacture of Toners and Developers with a manufacturing capacity of 1200 MT. is doing very well and giving satisfactory results which are attached with the Annual Report.
 
The company is always conscious for customers` satisfaction and strengthening its established brand image. Therefore, it is always the aim of the company to offer quality products at reasonable prices, develop more effective logistics, and expand the distribution channels so that customers` needs are catered by providing faster service through better presence and greater market penetration.
 

MANAGEMENT DISCUSSION AND ANALYSIS
 
INDUSTRY AND OUTLOOK:
 
The Company manufactures Compatible Toners and Developers for Photocopiers, Laser Printers and Digital Multi-function printers. The Industry is continuously being affected by the clandestine import of Toners.
 
The long term aim of the Company is to strengthen its established brand image by offering customers quality products at reasonable prices. The aim of the Quality Policy of the Company is to provide satisfaction to its customers. To achieve this, the Company is committed to develop, produce and market products that cater continuously to the need and expectations of customers and giving the Company competitive advantage. The Pilot Plant installed by the Company is giving good results as the Company has developed several new products at competitive prices which helps in facing competition and boosting export.
 
The newly formed subsidiary, ITDL Imagetec Limited which set up a new project of 1200 MT capacity in Sitarganj (Utranchal) for the manufacturer of Toners and Developers is showing good results.

FINANCIAL PERFORMANCE:
 
The sales (net of Excise Duty) for the year were Rs. 267.000 Millions. The Company earned a profit before tax of Rs. 36.400 Millions. This does not include the sales and profit of the subsidiary Companies. However, the consolidated sales and profit before tax (including sales and profit of the subsidiary Companies) for the year are Rs. 620.400 Millions and Rs. 96.700 Millions respectively. The nearly debt free status of both the holding and subsidiary Companies and improved liquidity resulted in significantly lowering the interest cost.
 
The Company has been able to increase its exports both quantity wise and value wise by 3% and 7% respectively during the year ending 31st March, 2012 as compared to previous year.
 

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Office Equipments
• Electric Installation

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. 54.27
UK Pound	1	Rs. 87.42
Euro	1	Rs. 70.54

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

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

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

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

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

RATING EXPLANATIONS

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

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

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