MIRA INFORM REPORT

Report Date :

26.12.2012

IDENTIFICATION DETAILS

Name :	SHRIGOPAL RAMESHKUMAR SALES PRIVATE LIMITED
Registered Office :	Sarvoday Cloth Market, Gandhibagh, Nagpur – 440002, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.10.1996
Com. Reg. No.:	11-103127
Capital Investment / Paid-up Capital :	Rs. 18.500 Millions
CIN No.: [Company Identification No.]	U51900MH1996PTC103127
PAN No.: [Permanent Account No.]	AABCS9226J
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Cotton Bales.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 459000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a part of the Shrigopal Rameshkumar Group. It is an established company having a moderate track record. The latest financial are not made available with the government departments. As per previous year’s record, there appears slight dip in sales and profitability. However, general financial position of the company seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for business dealings with some caution.

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	ICRA
Rating	Long term Fund based : (ICRA) BB
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	January 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 :	Sarvoday Cloth Market, Gandhibagh, Nagpur – 440002, Maharashtra, India
Tel. No.:	91-712-2760007
Fax No.:	Not Available
E-Mail :	sggandhi_co@yahoo.co.in

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Ramesh Bhagirath Rander

Designation :

Managing director

Address :

Sarvoday Cloth Market, Gandhibagh, Nagpur – 440002, Maharashtra, India

Date of Birth/Age :

17.12.1961

Date of Appointment :

07.10.1996

DIN No.:

00290726

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	U17100MH1991PLC060542	SRI BHAGIRATH TEXTILES LIMITED	Managing director	27/02/1991	27/02/1991	-	Active	NO
2	U51900MH1996PTC103127	SHRIGOPAL RAMESHKUMAR SALES PRIVATE LIMITED	Managing director	07/10/1996	07/10/1996	-	Active	NO
3	U65999MH1997PTC106249	SRI BHAGIRATH COTTON COMPANY PRIVATE LIMITED	Director	28/02/1997	28/02/1997	-	Active	NO
4	U14102TZ1988PTC002162	SRI MAHESHWARY GRANITES PRIVATE LIMITED	Director	31/03/2001	31/03/2001	-	Active	NO
5	U45200MH2004PTC146408	ANJANEYA CONSTRUCTION PRIVATE LIMITED	Director	25/07/2005	25/07/2005	10/02/2009	Active	NO
6	U45203MH2003PTC140181	ANUKAVI CONSTRUCTIONS PRIVATE LIMITED	Director	16/10/2006	16/10/2006	-	Active	NO
7	U85110MH2005PLC150811	GANGA CARE HOSPITAL LIMITED	Additional director	17/01/2007	17/01/2007	22/10/2008	Active	NO
8	U45203MH2007PTC172575	MULTIURBAN INFRA SERVICES PRIVATE LIMITED	Director	24/07/2007	24/07/2007	06/02/2009	Active	NO
9	U45208TZ2006PTC012464	THE GREAT INDIAN LINEN AND TEXTILE INFRASTRUCTURE COMPANY PRIVATE LIMITED	Nominee director	29/09/2007	29/09/2007	15/12/2009	Active	NO
10	U15100MH1951PTC010577	MADHYA PRADESH MERCHANTS CHAMBER OF COMMERCE PRIVATE LIMITED	Managing director	15/07/2008	03/07/2008	-	Active	NO

Name :

Mr. Praveen Madhusudan Rander

Designation :

Director

Address :

Sarvoday Cloth Market, Gandhibagh, Nagpur – 440002, Maharashtra, India

Date of Birth/Age :

29.05.1983

Date of Appointment :

26.11.2007

DIN No.:

00577879

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	U45200MH2006PTC161413	NIRMITIGAURAV INFRASTRUCTURE PRIVATE LIMITED	Director	27/04/2006	27/04/2006	14/01/2009	Active	NO
2	U17100MH1991PLC060542	SRI BHAGIRATH TEXTILES LIMITED	Director	06/11/2007	06/11/2007	-	Active	NO
3	U17121GJ2007PTC051184	ALLIANCE TEXTILES PRIVATE LIMITED	Director	10/11/2007	10/11/2007	-	Active	NO
4	U51900MH1996PTC103127	SHRIGOPAL RAMESHKUMAR SALES PRIVATE LIMITED	Director	26/11/2007	26/11/2007	-	Active	NO
5	U15100MH1951PTC010577	MADHYA PRADESH MERCHANTS CHAMBER OF COMMERCE PRIVATE LIMITED	Director	03/07/2008	03/07/2008	-	Active	NO
6	U45200MH2012PTC238967	GINGER INFRASTRUCTURE PRIVATE LIMITED	Director	19/12/2012	19/12/2012	-	Active	NO

Name :

Mr. Madhusudan Bhagirath Rander

Designation :

Director

Address :

111/112, Shastri Nagar, Chittorgarh, Rajasthan, India

Date of Birth/Age :

12.09.1958

Date of Appointment :

07.10.1996

DIN No.:

00571513

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	U14101RJ1984PTC002981	MAHESHWARI MARBLES PRIVATE LIMITED	Director	06/04/1992	06/04/1992	-	Active	NO
2	U17100MH1991PLC060542	SRI BHAGIRATH TEXTILES LIMITED	Director	01/07/1995	01/07/1995	-	Active	NO
3	U51900MH1996PTC103127	SHRIGOPAL RAMESHKUMAR SALES PRIVATE LIMITED	Director	07/10/1996	07/10/1996	-	Active	NO
4	U14101RJ2002PTC017755	MAHESHWARI MARMO PRIVATE LIMITED	Director	05/08/2002	05/08/2002	-	Active	NO
5	U70101RJ2010PTC032478	HARMONY ARCADES PRIVATE LIMITED	Director	29/07/2010	29/07/2010	-	Active	NO

Name :

Mr. Rohit Ramesh Rander

Designation :

Director

Address :

Sarvoday Cloth Market, Gandhibagh, Nagpur – 440002, Maharashtra, India

Date of Birth/Age :

15.01.1989

Date of Appointment :

01.09.2010

DIN No.:

02187354

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	U15100MH1951PTC010577	MADHYA PRADESH MERCHANTS CHAMBER OF COMMERCE PRIVATE LIMITED	Director	03/07/2008	03/07/2008	-	Active	NO
2	U45203MH2007PTC172575	MULTIURBAN INFRA SERVICES PRIVATE LIMITED	Director	06/02/2009	06/02/2009	10/02/2009	Active	NO
3	U17121GJ2007PTC051184	ALLIANCE TEXTILES PRIVATE LIMITED	Director	16/09/2009	16/09/2009	-	Active	NO
4	U74120MH2009PTC193894	DEYAAN VENTURES PRIVATE LIMITED	Director	01/05/2010	01/05/2010	-	Active	NO
5	U51900MH1996PTC103127	SHRIGOPAL RAMESHKUMAR SALES PRIVATE LIMITED	Director	01/09/2010	01/09/2010	-	Active	NO
6	U45203MH2003PTC140181	ANUKAVI CONSTRUCTIONS PRIVATE LIMITED	Director	15/07/2011	15/07/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Ramesh Bhagirath Rander	164000
Madhusudan Bhagirath Rander	106500
Shrigopal Bhagirath Rander	52000
Praveen Madhusudan Rander	65000
Anurag Shrigopal Rander	80000
Saroj Ramesh Rander	180000
Anirudha Ramesh Rander	175000
Navin Madhusudan Rander	85000
Rohit Ramesh Rander	175000
Bharti A. Rander	20000
Ushadevi M. Rander	100000
Bhagirath R. Rander HUF	45000
Madhusudan B. Rander HUF	35000
Omprakash Babulal Agarwal	100
Shyam Rambilas Lahoti	100
Chetan Chhaganlal Sawla	100
Rajesh G. Kedia	100
Chhaganlal G. Sawla	100
Ramesh Bhagirath Rander HUF	170000
Jugal Kishor Bajaj	100
Shivbhagwan Saboo	100
Nanda Pramod Saboo	100
Sobha Mantri	100
Pooja Praveen Rander	146400
Indumati Pramod Agarwal	100
Chandraprakash Beharilal Sarda	100
Anjaneya Construction Private Limited, India	250000
Total	1850000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	14.00
Directors or relatives of directors	86.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Cotton Bales.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of India, Nagpur Corporate Banking Branch, S V Patel Marg, Kingsway, Nagpur – 440001, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	17.000	0.000
Working capital loans banks secured	1816.292	683.390
Total	1833.292	683.390
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Working capital loans others unsecured	33.924	30.623
Total	33.924	30.623

Banking Relations :	--
Auditors :
Name :	C.L. Nathani and Company Chartered Accountants
Address :	2nd Floor, Sadoday Complex, Near Darodkar Chowk, C.A. Road, Nagpur – 440002, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAQPN4444B
Associates :	Sri Bhagirath Textiles Limited

CAPITAL STRUCTURE

AFTER 29.09.2012

Authorised Capital : Rs. 40.000 Millions

No. of Shares	Type	Value	Amount
4,000,000	Equity Shares	Rs. 10/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 18.500 Millions

No. of Shares	Type	Value	Amount
1,850,000	Equity Shares	Rs. 10/- each	Rs. 18.500 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,850,000	Equity Shares	Rs. 10/- each	Rs. 18.500 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		18.500	18.500	18.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		96.296	69.111	31.886
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		114.796	87.611	50.386
LOAN FUNDS
1] Secured Loans		1833.292	683.390	205.223
2] Unsecured Loans		33.924	30.623	113.063
TOTAL BORROWING		1867.216	714.013	318.286
DEFERRED TAX LIABILITIES		2.018	0.382	0.000
TOTAL		1984.030	802.006	368.672
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		57.355	3.051	3.269
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		5.000	5.000	5.000
DEFERRED TAX ASSETS		0.000	0.000	0.049
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1360.633	453.062	41.430
	Sundry Debtors	623.333	263.105	375.940
	Cash & Bank Balances	15.073	6.266	3.565
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	355.409	260.677	252.713
Total Current Assets		2354.448	983.110	673.648
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	423.173	181.530	313.244
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	9.600	7.625	0.050
Total Current Liabilities		432.773	189.155	313.294
Net Current Assets		1921.675	793.955	360.354
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1984.030	802.006	368.672

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	3461.993	4427.712	1042.009
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	3423.572	4382.421	1069.130
	PROFIT/ (LOSS) BEFORE TAX		38.421	45.291	(27.121)
Less	TAX		11.236	8.068	0.141
	PROFIT/ (LOSS) AFTER TAX		27.185	37.223	(27.262)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		55.111	17.886	45.097
Add	EARLIER YEAR EXCESS TAX PROVISION		0.000	0.003	0.052
Less	EARLIER YEAR SHORT FRINDGE TAX PROVISION		0.000	0.001	0.001
	BALANCE CARRIED TO THE B/S		82.296	55.111	17.886
	EARNINGS IN FOREIGN CURRENCY
		Cotton Bales Sales	37.122	138.902	62.229
		Export Foreign Exchange Variations	0.291	0.000	2.368
		Export Forex Gains	1.880	0.000	0.000
		Export Claim	0.000	0.713	0.000
	TOTAL EARNINGS		39.293	139.615	64.597
	Earnings/ (Loss) Per Share (Rs.)		14.70	20.12	(14.74)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.79	0.85	(2.62)
Return on Total Assets (PBT/Total Assets}	(%)	1.59	4.59	(4.01)
Return on Investment (ROI) (PBT/Networth)		0.33	0.52	(0.54)
Debt Equity Ratio (Total Liability/Networth)		20.04	10.31	12.53
Current Ratio (Current Asset/Current Liability)		5.44	5.20	2.15

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	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)	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	No
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51900MH1996PTC103127
Name of the company	SHRIGOPAL RAMESHKUMAR SALES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Sarvoday Cloth Market, Gandhibagh, Nagpur – 440002, Maharashtra, India Email: sggandhi_co@yahoo.co.in
This form is for	Modification of charge
Charge identification number of the modified	90243655
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Bank of India, Nagpur Corporate Banking Branch, S V Patel Marg, Kingsway, Nagpur – 440001, Maharashtra, India Email: mca21@in.com
Nature of description of the instrument creating or modifying the charge	Supplemental deed of hypothecation.
Date of instrument Creating the charge	18.05.2012
Amount secured by the charge	Rs. 1340.800 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest WCTL: 4% over base rate, present effective rate being 14.75%. STDL: 1% over base rate, present effective rate being 11.75%. Term loan and cash credit:3% over base rate, present effective rate being 13.75%. Terms of Repayment WCTL: Repayable in 12 quarterly installments of Rs.460.000 Millions each, commencing from April 2010. STDL IV: Repayable within 6 months from the date of disbursement of each tranche or at the time of release of cotton bales even in part amount, whichever is earlier. TL: 77 monthly installments of Rs. 04490.000 Millions and last installment i.e. 78th installment of Rs. 54270.000 Millions starting from October 2011. Margin As per agreement. Extent and Operation of the charge The charge operates as a security on the assets of the company.
Short particulars of the property charged	1. First charge on stock/book debts and other current assets. 2. Pledge of goods through warehouse receipts of central government and state government warehouse/Buldhana Urban Credit Co-Operative Society.
Particulars of the present modification	By present modification cash credit limit was increased from Rs. 2.750 Millions to 4.000 Millions, new SBLC of Rs. 250.000 Millions was sanctioned and WCTL of Rs. 41.200 Millions was reduce to Rs. 18.000 Millions. Thus total credit facilities stand at Rs. 1340.800 Millions. The bifufication is as under: Trading division:(in Millions) WCTL: Rs 18.000, CC: Rs 400.000, STDL IV: Rs 500.000, BG regular: Rs 5.000, BG one time: Rs 80.000, SBLC: Rs 250.000. Manufacturing division:(in Millions) Term loan: Rs 37.800, Cash Credit: Rs 50.000 Grand total:1340.800 Millions

FIXED ASSETS:

Ø Computer

Ø Motor Car

Ø Xerox Machine

Ø Jeep

Ø Air Conditioner

Ø Generator

Ø Furniture

Ø Office Equipment

Ø 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 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. 89.10
Euro	1	Rs. 72.62

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		36

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

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