MIRA INFORM REPORT

Report Date :

29.12.2012

IDENTIFICATION DETAILS

Name :	SATISFACTION PRODUCTS PRIVATE LIMITED (w.e.f. 23.10.2008)
Formerly Known As :	SATISFACTION PRODUCTS LIMITED
Registered Office :	4/1/1K, Gram Mundla Nayta, Nemawar Road, Indore – 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.05.1995
Com. Reg. No.:	10-009467
Capital Investment / Paid-up Capital :	Rs.7.500 Millions
CIN No.: [Company Identification No.]	U36101MP1995PTC009467
TAN No.: [Tax Deduction & Collection Account No.]	BPLS06427B
PAN No.: [Permanent Account No.]	AAECS5745F
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Furniture.
No. of Employees :	Not Divulged

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 87000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears slight dip in the sales turnover and profitability during the current year. The external borrowing is more than its networth. However, trade relations are reported to be fair. Business s active. Payments are reported to be slow but correct. The company can be considered for business dealing with slight 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

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.

INFORMATION PARTED BY

Name :	Mr. Vijay
Designation :	Account Executive
Contact No.:	91-731-2862536
Date :	20.12.2012

LOCATIONS

Registered Office / Factory :	4/1/1K, Gram Mundla Nayta, Nemawar Road, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2862536
Mobile No.:	91-94259013941 (Mr. Kapil Shukla)
Fax No.:	91-731-6562840
E-Mail :	splindore@yahoo.com vijay.pl26@gmail.com
Location :	Owned
Showroom :	No. 29, Sardar Patel Road, In front of My. Hospital, Indore - 452001, Madhya Pradesh, India
Tel. No.:	91-731-2704546 / 2703511
Fax No.:	91-731-4049806

DIRECTORS

As on 29.09.2012

Name :

Mr. Apoorva Baheti

Designation :

Whole-time director

Address :

22/2, Old Palasia, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

08.07.1978

Date of Appointment :

01.05.1998

DIN No.:

00031607

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	U36101MP1995PTC009467	SATISFACTION PRODUCTS PRIVATE LIMITED	Whole-time director	01-05-98	01-05-98	-	Active	NO
2	U74140MP2010PTC024605	INNOVATIVE RETAIL CONSULTING PRIVATE LIMITED	Director	22-10-10	22-10-10	-	Active	NO

Name :

Mr. Shashi Baheti

Designation :

Director

Address :

22/2, Old Palasia, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

21.12.1954

Date of Appointment :

08.02.2005

DIN No.:

00031634

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	U51101MP1987PTC004115	SATISFACTION MARKETING PRIVATE LIMITED	Director	01-01-89	01-01-89	21-04-08	Active	NO
2	U36101MP1995PTC009467	SATISFACTION PRODUCTS PRIVATE LIMITED	Director	08-02-05	08-02-05	-	Active	NO

Name :

Mrs. Pooja Baheti

Designation :

Director

Address :

22/2, Old Palasia, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

27.12.1967

Date of Appointment :

02.02.2005

DIN No.:

02441405

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	U36101MP1995PTC009467	SATISFACTION PRODUCTS Private LIMITED	Director	02-02-05	02-02-05	-	Active	NO
2	U74140MP2010PTC024605	INNOVATIVE RETAIL CONSULTING PRIVATE LIMITED	Director	27-05-11	27-05-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vijay
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Apoorva Baheti	65500
Shashi Baheti	5350
Nidhi Rathi	500
Pooja Baheti	3500
Shrawan Nanote	50
Salim Ansari	50
Raman Gurjar	50
Total	75000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	99.80
Other top fifty shareholders	0.20
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Furniture.
Products :	Domestic Steel Almirah Domestic Metal Bed/ Wooden Bed Wooden Sofa's / Cushion Sofa's Study Chair Dual Desk Auditorium Chairs Restaurant Furniture Office Chair's Office Table Office Partition Conference Table Domestic Wooden Furniture Tv Unit's Industrial Storage Solutions Cooling System
Exports :
Products :	Furniture.
Countries :	Sri Lanka
Terms :
Selling :	Cash / Advance Payment
Purchasing :	Cash / Advance Payment

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Furniture and General Fabrication Item	Nos.	6000	1544

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

Not Divulged

Bankers :

• Oriental Bank of Commerce, 12/2, Chetak Centre, R.N.T Marg, Indore - 452001, Madhya Pradesh, India

Tel. No.: 91-731-2574714

Email : bm0183@obc.co.in

Branch Code : 0183

Other Branch Code :

Swift Code : ORBCINBBRIN

• ICICI Bank Limited
• HDFC Bank
• IDBI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Term Loan From Banks
(A) Oriental Bank of Commerce R.N.T. Marg, Indore	15.064	17.787
Less: Current maturities shown under Other Current Liabilities	(4.000)	(5.000)
(B) Oriental Bank of Commerce R.N.T. Marg, Indore	0.441	0.899
Less: Current maturities shown under Other Current Liabilities	(0.441)	(0.420)
(C) Oriental Bank of Commerce R.N.T. Marg, Indore	0.153	1.007
Less: Current maturities shown under Other Current Liabilities	(0.094)	(0.323)
Short Term Borrowings	0	0
(D) Oriental Bank of Commerce R.N.T. Marg, Indore Hypothecation of Entire Current Assets of the Company i.e. Stock of Raw	15.327	8.729
Total	26.450	22.679
(A) From Banks (1) Limit Rs. 21.300 Millions (2) Security - a) Exclusive hypothecation of existing and New Plant and Machinery purchased out of this loan b) Equittable Mortgage of House Property at B-30 Sector A Shalimar Township, A-B Road, Indore (3) Repayment - 25 Quarterly Installments of Rs.1.000 Millions each (4) Rate of Interest-14.25% p.a. (B) From Banks (1) Limit Rs. 2.000 Millions (2) Security - a) Exclusive hypothecation of New Plant and Machinery purchased out of this loan b) Equittable Mortgage of House Property at B-30 Sector A Shalimar Township, A-B Road, Indore (3) Repayment - Monthly Installments of Rs.0.046 Millions each (4) Rate of Interest-14.5% p.a. (C) From Banks (1) Limit Rs. 0.416 Millions (P.Y. 2.000 Millions) (2) Security - a) Exclusive hypothecation of Vehicles purchased out of this Loan (3) Repayment 60 Monthly Installments of Rs. 9,700/- each (4) Rate of Interest -14.5% p.a. (D) Loan Repayable on Demand Materials, WIP, Finished Goods, Stores and Receivables (1) Limit Rs. 15.000 Millions (Previous year Limit Rs. 10.000 Millions) (2) Rate of Interest -14.75% P.A.
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Short Term Borrowings
From Directors
Mr. Apoorva Baheti	1.834	0.061
From Related Parties
M/s Satisfaction Marketing Private Limited	0.000	0.995
M/s Satisfaction Marketing Private Limited	22.125	0.000
Total	23.959	1.056

Banking Relations :	--
Auditors :
Name :	Hitesh J. Mehta and Company Chartered Accountants
Address :	21, Maharshi Dayanand Ganj, Ganji Compound, Indore – 452007, Madhya Pradesh, India
Tel. No.:	91-731-2541341 / 2539765
Mobile No.:	91-9425075654
E-Mail :	hitesh_mehta_ca@yahoo.com
PAN.:	ACRPM6629E

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 Millions

Share Holders holding more than 5% of Total shares

Particular	No. of Shares
Mr. Apoorva Baheti	65500
Mrs. Shashi Baheti	6000

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		7.500	7.500	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		14.411	12.180	7.489
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		21.911	19.680	12.489
LOAN FUNDS
1] Secured Loans		26.450	22.679	2.649
2] Unsecured Loans		23.959	1.056	0.700
TOTAL BORROWING		50.409	23.735	3.349
DEFERRED TAX LIABILITIES		3.791	2.842	2.623
TOTAL		76.111	46.257	18.461
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		42.584	39.035	13.373
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.006	0.006	0.006
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	43.867	29.347	14.708
	Sundry Debtors	17.758	22.513	5.562
	Cash & Bank Balances	1.147	0.653	1.329
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.644	5.270	5.289
Total Current Assets		67.416	57.783	26.888
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.967	32.392	10.156
	Other Current Liabilities	20.859	17.396	9.926
	Provisions	1.069	0.779	1.724
Total Current Liabilities		33.895	50.567	21.806
Net Current Assets		33.521	7.216	5.082
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		76.111	46.257	18.461

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Total Revenue	134.868	140.234	68.240
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	10.228	4.158
Less	FINANCIAL EXPENSES (D)		NA	2.445	0.540
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	7.783	3.618
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	1.616	1.020
	PROFIT BEFORE TAX (E-F) (G)		NA	6.167	2.598
Less	TAX (H)		NA	1.477	1.663
	PROFIT AFTER TAX (G-H) (I)		2.231	4.690	0.935
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	7.490	6.555
	BALANCE CARRIED TO THE B/S		NA	12.180	7.490
	EARNINGS IN FOREIGN CURRENCY		0.188	NA	NA
	IMPORTS
		Capital Goods	NA	4.400	NA
	TOTAL IMPORTS		NA	4.400	NA
	Earnings Per Share (Rs.)		29.75	62.54	18.69

Expected Sales (2012-13) : Rs.150.000 Millions

The above information has been parted by Mr. Vijay

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	NA	6.37	6.45
Return on Investment (ROI) (PBT/Networth)		NA	0.31	0.21
Debt Equity Ratio (Total Liability/Networth)		3.85	3.78	2.01
Current Ratio (Current Asset/Current Liability)		1.99	1.14	1.23

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The registered office of the company has been shifted from 68/77, Polo Ground Industrial Estate, Indore – 452003, Madhya Pradesh, India to present address w.e.f. 01.05.2009

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U36101MP1995PTC009467
Name of the company	SATISFACTION PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	4/1/1K, Gram Mundla Nayta, Nemawar Road, Indore – 452001, Madhya Pradesh, India splindore@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10238497
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Oriental Bank of Commerce, 12/2, Chetak Centre, R.N.T Marg, Indore - 452001, Madhya Pradesh, India bm0183@obc.co.in
Nature of instrument creating charge	1. Memorandum of Deposit of Title Deed/s 2. Application-Cum-Authority Letter for Financial Assistance against the security of Bank Deposits, National Saving Certificates, Vikas Patra etc. and Life Insurance Policies and Government Securities Units of Unit Trust of India. 3. Common Agreement 4. Counter Guarantee Agreement 5. Supplemental Agreement to secure Credit/Loan Facilities
Date of instrument Creating the charge	13.03.2012
Amount secured by the charge	Rs.42.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 4.00% (Bank's Spread) over Base Rate (present BR of the Bank is 10.75%) which works out to 14.75% at present with monthly rests, subject to changes in BR/ spread from time to time. Terms of Repayment On Demand Margin Cash Credit (Hyp) : 25% Bank Guarantee : (1) Financial - 25% (2) Performance - 25% Extent and Operation of the charge Hypothecation Charge On The Company's Entire Stocks Comprising Raw Materials, Stock In Process, Finished Goods, Consumables, Packing Materials, Stores And Spares At Company's Factory Premises At Or At Such Other Places As May Be Approved From Time To Time, Including Goods At Part/In Transit/Under Shipment Premises Including Goods In Transit/ Shipment Book Debt Recivables And Other Current Assets Etc. Hypothecation Of Plant And Machinery And Other Fixed Assets Of The Company Both Present And Future. Others Personal Guarantee of Mr. Apoorva Baheti, Mrs. Pooja Baheti, Mrs. Shashi Baheti Directors of the Company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation Charge on Company's entire stocks comprising raw material, stock in process, finished goods consumables, packing material, stores, spares at company's factory premises or at such other places as may be approved from time to time including goods at port/in transit under shipment, Book Debts AND other Current Assets. Hypothecation of Plant and Machinery and other fixed Assets of the Company both present and future Equitable Mortgage of Unit No. B-30, Sector A, Shalimar Township, Niranjanpur, A.B. Road Indore, Plot admeasuring 1500 Sq.ft. and total built-up area 2136 Sq. Ft. Standing in the Name of Shri Apoorva Baheti and Smt Pooja Baheti
Particulars of the present modification	Overall Limits has been Enhanced /rescheduled from Rs. 35.000 Millions to Rs. 42.500 Millions i.e Cash Credit (Hypothecation) Rs 15.000 Millions, Term Loan Rs 25.000 Millions and Bank Guarantee Rs. 2.500 Millions.

FIXED ASSETS

• Plant and Machinery
• Electric Installations
• Office Equipments
• Furniture and Fixtures
• Motor Cars
• Two Wheeler
• Computers

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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.54.85
UK Pound	1	Rs.88.40
Euro	1	Rs.72.63

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	NTH

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	YES
--AFFILIATION	YES/NO	NO
--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

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