MIRA INFORM REPORT

Report Date :

24.12.2012

IDENTIFICATION DETAILS

Name :	BEST VALUE CHEM PRIVATE LIMITED
Registered Office :	4 Prabhu Park Society No. 2, Near Anand Balwadi Amrakunj, Extension, Baroda – 390023, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.12.1996
Com. Reg. No.:	04-31318
Capital Investment/ Paid-up Capital:	Rs. 10.500 Millions
CIN No.: [Company Identification No.]	U24110GJ1996PTC031318
TAN No.: [Tax Deduction & Collection Account No.]	BRDB00363G BRDB01191B
PAN No.: [Permanent Account No.]	AAACB9400C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Seller of Aromatic and Perfumery Chemicals.
No. of Employees:	345 (Office – 45 and Factory – 300) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 240000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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 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	BB+ : Cash and Credit
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation
Date	November, 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 :	4 Prabhu Park Society No. 2, Near Anand Balwadi Amrakunj, Extension, Baroda – 390023, Gujarat, India
Tel. No.:	91-265-2342982/ 2341259/ 2342191
Fax No.:	91-265-2341823
E-Mail :	shajuco@bestvaluechem.com
Web Site:	www.bestvaluechem.com
Area :	2000 Sq. ft.
Location :	Owned
Corporate Office :	303, 3^rd Flor, Rubillite Hub, 33, Ajitnagar Society, Near Urmi Crossing, Akota, Vadodra – 390007, India
Tel. No.:	91-265-2341259/2341427 (Voice)
Fax No.:	91-265-2341823
E-Mail :	contact@bestvaluechem.com (Sales and Marketing) purchases@bestvaluchem.com (Purchase) hr@bestvaluchem.com (Human Resources)
Web Site:	www.bestvaluchem.com
Factory 1 :	Plot No. 439/1, Effluent Channel Road, Karkhadi – 391210, Padra, Baroda
Tel. No.:	91-2662-273327/ 28/ 273606
Fax No.:	91-2662-273607
Area :	50000 Sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Mahesh Madanlal Shah

Designation :

Director

Address :

204 Purnima Apartments, T Near Anand Balwadi Amrakunj Extension, Vadodara – 390 023, Gujarat, India

Date of Birth/Age :

01.12.1969

Date of Appointment :

06.12.2007

Din No.:

00050061

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	U45201GJ2002PTC040469	MANOMAY ESTATES PRIVATE LIMITED	Director	13-02-02	13-02-02	11-10-08	Active	NO
2	U65910GJ1995PTC026401	SIDDHI VINAYAK SECURITIES PRIVATE LIMITED	Director	14-03-02	14-03-02	11-10-08	Active	NO
3	U70101MH2000PTC124173	MILLENIUM ESTATES PRIVATE LIMITED	Director	01-11-02	01-11-02	-	Active	NO
4	U25202DL2004PTC126841	AAROHI POLYMERS PRIVATE LIMITED	Director	08-06-04	08-06-04	-	Active	NO
5	U36100MH1969PTC011336	CHANDAN METAL PRODUCTS PRIVATE LIMITED	Director	28-04-06	28-04-06	-	Active	NO
6	U24110GJ1996PTC031318	BEST VALUE CHEM PRIVATE LIMITED	Director	06-12-07	06-12-07	-	Active	NO

Name :

Mr. Chazhoor Ouseph Shaju

Designation :

Whole Time Director

Address :

102, Helly Residency Flats, Urmi Society, Amrakunj Extension, Vadodara – 390023, Gujarat, India

Date of Birth/Age :

01.06.1968

Date of Appointment :

01.09.1998

Voter ID No.:

HDG9841669

Din No.:

01482035

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Equity Shares
Manda J Patel and Prittin J Patel	2000
Prittin J Patel and Manda J Patel	2500
Aromix Private limited, India	24500
Green Biz Holdings and Consultants (Mumbai) Private limited	9998
Green Biz Holdings and Consultants (Mumbai) Private limited With Jyothidra Shntilal. Patel	1
Green Biz Holdings and Consultants (Mumbai) Private limited With Jyothidra Shntilal. Patel with Nita S. Patel	1
Rajesh Patel	1750
Chazhoor Ouseph Shaju	2500
Swati Milind Gawde	1000
Dennis Varghese	500
Naren M.Patel with Ilkumari N. Patel	3500
Finhelp Investment and Consultants (Mumbai) Private Limited, India	1750
Total	50000

Names of Shareholders	No. of Preferences Shares
Multimode Enterprises Private Limited, India	10000
Total	10000

As on 30.09.2011

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	16.00
Bodies corporate	72.00
Directors or relatives of directors	5.00
Other top fifty shareholders	7.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Aromatic and Perfumery Chemicals.

Product:

ITEM CODE NUMBER	PRODUCT DESCRIPTION
29182390	Amyl Salicylate
29153990	Verdyl Acetate
29155000	Verdyl Propinate

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	Installed Capacity
Organic Chemicals	MT	5000

Installed Capacity is as certified by the management and not verified by the auditors being a technical matter

GENERAL INFORMATION

No. of Employees :

345 (Office – 45 and Factory – 300) (Approximately)

Bankers :

· Bank of Baroda, Industrial Estate, Gorwa, Vadodra – 390016, Gujarat, India

· Indian Overseas Bank Limited, Dandia Bazar Char Rasta, NR Fire Station, Baroda – 390001, Gujarat, India

· Bank of Baroda, Gorwa, Industrial Estate Branch, GIDC Gorwa, Vadodra – 390005, Gujarat, India

· Indian Overseas Bank Limited , Mumbai

· Bank of India – Kalbadevi

· Bank of India – Hill Road

· Royal Bank or Scotland –Mumabai

· HDFC Bank

Facilities :

Rs. In Millions

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
IOB Tem Loan – Against Honda City Car	0.703	0.134
IOB Tem Loan – Against Machinery	2.526	4.665
IOB Cash Credit – Against Stock and Book Debts	54.178	27.022
Total	57.407	31.821

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
From Members	24.084	14.084
From Banks	13.785	18.435
Total	37.869	32.519

Banking Relations :	--
Auditors :
Name :	Viranch Modi and Associates Chartered Accountant
Address :	7, Pushpanagar Society, Behind Narmadanagar No.1, Vasar Road, Manjalpur, Vadodara – 390011, Gujarat, India
Tel. No.:	91-265-2664247
Mobile No.:	91-9371639578
E-Mail :	virenchmodi@yahoo.com
Pan No.:	ANPPM7866E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions
10000	Preferences Shares	Rs.1000/- each	Rs.10.000 Millions
	Total		Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million
10000	Preferences Shares	Rs.1000/- each	Rs.10.000 Millions
	Total		Rs.10.500 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		10.500	10.500	10.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		51.094	18.308	0.000
4] (Accumulated Losses)		0.000	0.000	(8.321)
NETWORTH		61.594	28.808	2.179
LOAN FUNDS
1] Secured Loans		57.407	31.821	41.457
2] Unsecured Loans		37.869	32.519	29.027
TOTAL BORROWING		95.276	64.340	70.484
DEFERRED TAX LIABILITIES		5.409	0.000	0.000
OTHERS		44.400	44.400	44.400
TOTAL		206.679	137.548	117.063
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		77.315	51.742	44.647
Capital work-in-progress		4.762	3.876	1.679
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.362	1.115
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	103.212	69.395	48.993
	Sundry Debtors	111.108	72.929	74.396
	Cash & Bank Balances	0.243	0.236	5.267
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	38.500	61.476	11.767
Total Current Assets		253.063	204.036	140.423
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	109.762	107.354	67.494
	Other Current Liabilities	22.328	23.353	12.835
	Provisions	1.200	0.000	2.120
Total Current Liabilities		133.290	130.707	82.449
Net Current Assets		119.773	73.329	57.974
MISCELLANEOUS EXPENSES		4.829	8.239	11.648
TOTAL		206.679	137.548	117.063

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income			334.114
		Other Income			9.533
		TOTAL (A)	681.863	NA	343.647
Less	EXPENSES
		Raw Material and Packing Material Consumed			239.038
		Manufacturing and Direct Expenses			32.189
		Employees Cost	613.117	NA	8.467
		Administrative and Selling Expenses	(Including Financial Expenses)		30.494
		Increase / Decrease in Stocks			(14.281)
		TOTAL (B)			295.907
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				47.740
Less	FINANCIAL EXPENSES (D)				16.365
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		68.746	42.255	31.375
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.077	6.923	6.365
	PROFIT BEFORE TAX (E-F) (G)		58.669	35.332	25.010
Less	TAX (H)		25.872	8.339	1.005
	PROFIT AFTER TAX (G-H) (I)		32.797	26.993	24.005
Less	PRIOR PERIOD ADJUSTMENTS		0.011	0.363	2.320
Add	PRIOR PERIOD ADJUSTMENTS		NA	NA	0.585
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		18.308	(8.321)	(30.591)
	BALANCE CARRIED TO THE B/S		51.094	18.309	(8.321)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	493.600	303.485	246.558
	IMPORTS
		Imported Material	335.246	164.732	130.057
	Earnings Per Share (Rs.)		546.62	-	445.41

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.81	NA	6.99
Net Profit Margin (PBT/Sales)	(%)	NA	NA	7.49
Return on Total Assets (PBT/Total Assets}	(%)	17.76	13.81	13.51
Return on Investment (ROI) (PBT/Networth)		0.95	1.23	11.47
Debt Equity Ratio (Total Liability/Networth)		3.71	6.77	70.18
Current Ratio (Current Asset/Current Liability)		1.90	1.56	1.70

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
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	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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24110GJ1996PTC031318
Name of the company	BEST VALUE CHEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	4 Prabhu Park Society No. 2, Near Anand Balwadi Amrakunj, Extension, Baroda – 390 023, Gujarat, India shajuco@bestvaluechem.com
This form is for	Creation of charge
Type of charge	Immovable property Any interest in immovable property
Particular of charge holder	Bank of Baroda, Industrial Estate, Gorwa, Vadodra – 390016, Gujarat, India indbar@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Deed Of Mortgage - Dated 19/12/2011 Mortgage all respective rights, title and Interest on a properties given in schedules for securing the repayment of credit facilities aggregating Rs. 166.000 Millions in favour of Bank Of Baroda, Vadodara.
Date of instrument Creating the charge	19.12.2011
Amount secured by the charge	Rs.166.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest cash credit - 4 % above base rate i.e. 14.75%, PC - 1.25% above base rate i.e. 12.00% Margin CC- 25% for stock and 30% for book debts LC- 20% cash margin PC-10% Fob value export order BG-15% For all performance BG 25% For advance/ mobilization payment 100% For disputed excise duty, sales tax and INCOME tax dues Derivative trac. - forward contracts (DT) - 5% on value of forward contract Extent and operation of the charge CC and LC Rs. 120.000 Millions - pre-sale and post-sale working capital requirement and purchase of raw materials etc. PC/PCFC/FBP/FCBP/FBD/FCBD Rs 37.500 Millions - as agreed BG Rs. 1.000 Millions - Bidding the tenders, advance money, performance of contract etc. DT Rs. .7.500 Millions - for hedging trade related risk
Short particulars of the property charged	i) Freehold industrial at plot - 439/1 village karkhadi, Taluka Padra, Vadodara admeasuring - area- 9235 sq.mtrs. together with the factory building and structures thereon, owned by the Company ii) Freehold industrial plot at - 437(Old R.S. No. 412/1) and 438 (Old R. S. No 412/2) village karkhadi, Tal. Padra, Vadodara, adm. area-5678 sq.mtrs. with superstructures owned by Multimode Ent. Private Limited iii) Freehold industrial plot at - 439/2 (OLD REVENUE SURVEY NO 412/1 and 412/2) village karkhadi, Taluka Padra, Vadodara, adm. area-5986 sq.mtrs. with superstructures owned by Multimode Ent. Private Limited

CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF:

(Rs. In Millions)

Particular	31.03.2011	31.03.2010
Bank Guarantee given to Custom Authorities	0.400	0.400
Sales Tax Liability on non – receipt of C- From debtors
Year 2007-2008	0.138	0.138
Year 2008-2009	0.590	0.590
Year 2009-2010	0.370	0.000
Year 2010-2011	5.898	0.000
L C Liability on account of Import Purchase	31.070	39.388

Fixed assets:

v Land and Land Development

v Factory Building

v Furniture and Fixture

v Office Equipments

v Air conditioners

v Computer

v Electrical Installation

v Plant and Machinery

v Borewell

v Misc. Fixed Assets

v Laboratory Equipments

v Effluent Treatment Plant

v Motor Bike

v Cycle

v Mobile

v Boiler

v Cooling Tower

v Factory Equipments

v Safety Equipment

v Tools and Equipments

v Mobile Phones

AS PER WEB SITE DETAILS

PROFILE

Subject is a manufacturer of fragrance and flavour ingredients in INDIA. Its commitment to customer satisfaction, by delivering quality products and services has helped it to become one of the leading manufacturers in INDIA. Responding creatively and competitively with their products in anticipation with their customers’ aspirations is their unique aspect.

BVCPL is a privately held company with a turnover of US $17 million (Rs.750.000 Millions). Incorporated in the state of Gujarat, Vadodara in 1996, Best Value Chem (P) Limited is engaged in manufacturing of Aroma Chemicals. Increased volumes and widened product range called for bigger and Sophisticated production facility and therefore in 2000, a new plant was commissioned at Karakhadi – 50 Kms from Vadodara, Gujarat. BVCPL’s increasing business leaded to another operational plant at Moxi – 30 Kms from Vadodara, a higher capacity plant to take care of the international clients. Today export Market covers around 80% of total BVCPL’s sales.

Vadodara, as a location offers immense potential for necessary resources like easy availability of feed material and qualified human resources. Furthermore, its access to the central effluent discharge facilities offered by local industries was an additional factor for selecting the location.

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. 55.09
UK Pound	1	Rs. 89.54
Euro	1	Rs. 72.77

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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		46

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.