MIRA INFORM REPORT

Report Date :

08.02.2012

IDENTIFICATION DETAILS

Name :	SOGEFI MNR FILTRATION INDIA PRIVATE LIMITED [w.e.f. 20.04.2009]
Formerly Known As :	M N RAMA RAO FILTERS PRIVATE LIMITED
Registered Office :	No. 54 / 3 / B, Ejipura Main Road, Viveknagar Post, Bangalore - 560047, Karnataka
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	22.07.2008
Com. Reg. No.:	08-047239
Capital Investment / Paid-up Capital :	Rs.15.893 Millions
CIN No.: [Company Identification No.]	U31409KA2008PTC047239
TAN No.: [Tax Deduction & Collection Account No.]	BLRM01266G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Automotive and Industrial Filters
No. of Employees :	140 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba [52]

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

Maximum Credit Limit :	USD 1060000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealing 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office / Factory / Head Office :	No. 54 / 3 / B, Ejipura Main Road, Viveknagar Post, Bangalore - 560 047, Karnataka, INDIA
Tel. No.:	91-80-25713021 /2936/ 25716422
Fax No.:	91-80-25713874
E-Mail :	mnr@vsnl.com info@mnrfilters.com rajagopal.s@mnrfilters.com
Website :	http://www.mnrfilters.com
Area :	12,000 sq. ft. each floor – 5 [Stored building including ground floor.]
Location :	Owned

DIRECTORS

As on 08.03.2011

Name :

Mr. Pierre Marie Marcel Alloret

Designation :

Directors

Address :

23/ Rau de Neuville, Ceroy -35000, France

Date of Birth/Age :

12.10.1958

Date of Appointment :

29.09.2009

DIN :

02415319

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31409KA2008PTC047239	SOGEFI MNR FILTRATION INDIA PRIVATE LIMITED	Director	29/09/2009	27/11/2008	Active	NO
2	U33129KA2001PTC029110	EMW ENVIRONMENTAL TECHNOLOGIES PRIVATE LIMITED	Director	29/09/2009	27/11/2008	Amalgamated	NO

Name :

Mr. Abeezar Ebrahim Faizullabhoy

Designation :

Directors

Address :

41, Mereweather Road, Jaiji Mansion, Ground Floor, Mumbai – 400039, Maharashtra, India

Date of Birth/Age :

20.11.1964

Date of Appointment :

29.09.2009

DIN :

00264422

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U73100MH2004PTC144454	PPD PHARMACEUTICAL DEVELOPMENT INDIA PRIVATE LIMITED	Alternate director	10/1/2006	10/1/2006	26/09/2008	Active	NO
2	L67190MH1992PLC066856	PANORAMIC UNIVERSAL LIMITED	Director	30/09/2006	29/04/2006	-	Active	NO
3	L74100MH1993PLC075361	CAMLIN FINE SCIENCES LIMITED	Director	27/11/2006	27/11/2006	-	Active	NO
4	U74999MH1998PTC114141	MESSE FRANKFURT TRADE FAIRS INDIA PRIVATE LIMITED	Director	18/06/2007	18/06/2007	26/10/2010	Active	NO
5	U25200GJ2007PTC051312	LAMBERTI HYDROCOLLOIDS PRIVATE LIMITED	Director	12/7/2007	12/7/2007	1/7/2008	Active	NO
6	U74140MH2008PTC179656	AVANTA MANAGEMENT SERVICES (INDIA) PRIVATE LIMITED	Director	4/3/2008	4/3/2008	6/8/2009	Active	YES
7	U74999MH2008PTC179944	AVANTA BUSINESS CENTRE PRIVATE LIMITED	Director	11/3/2008	11/3/2008	6/8/2009	Active	NO
8	U67120MH2005FTC157763	LEHMAN BROTHERS SECURITIES PRIVATE LIMITED	Additional director	15/10/2008	15/10/2008	1/6/2009	Active	NO
9	U67120MH2006FTC164393	LEHMAN BROTHERS CAPITAL PRIVATE LIMITED	Additional director	15/10/2008	15/10/2008	1/6/2009	Active	NO
10	U65910MH2007PTC168237	NOMURA FIXED INCOME SECURITIES PRIVATE LIMITED	Additional director	15/10/2008	15/10/2008	22/06/2009	Active	NO
11	U33129KA2001PTC029110	EMW ENVIRONMENTAL TECHNOLOGIES PRIVATE LIMITED	Director	29/09/2009	27/11/2008	-	Amalgamated	NO
12	U31409KA2008PTC047239	SOGEFI MNR FILTRATION INDIA PRIVATE LIMITED	Director	29/09/2009	27/11/2008	-	Active	NO
13	U74920MH2009PTC196965	NSA SECURITY (INDIA) PRIVATE LIMITED	Director	9/11/2009	9/11/2009	-	Active	NO
14	U74140WB2010PTC141636	GRAVITATIONAL NETWORK ADVISORS PRIVATE LIMITED	Director	10/2/2010	10/2/2010	-	Active	NO
15	U51311MH2008PTC184986	LENZING MODI FIBERS INDIA PRIVATE LIMITED	Alternate director	1/4/2011	1/4/2011	-	Active	NO

Name :

Mr. Keith David Drew

Designation :

Directors

Address :

Maendy Farm, Llantrisant Road, Grosfaen, Pontychen, CF 728NJ

Date of Birth/Age :

20.11.1955

Date of Appointment :

29.09.2009

DIN :

02447160

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31409KA2008PTC047239	SOGEFI MNR FILTRATION INDIA PRIVATE LIMITED	Director	29/09/2009	27/11/2008	Active	NO
2	U33129KA2001PTC029110	EMW ENVIRONMENTAL TECHNOLOGIES PRIVATE LIMITED	Director	29/09/2009	27/11/2008	Amalgamated	NO
3	U34100DL2009PTC188549	MARK IV AIR INTAKE INDIA PRIVATE LIMITED	Director	30/09/2011	29/07/2011	Active	NO

Name :

Mr. Narayan Rama Rao Manepally

Designation :

Director

Address :

14^th Main, Jayamahal Extension, Bangalore - 560 047, Karnataka, India

Date of Birth/Age :

18.12.1964

Qualification :

Graduate Engineer

Date of Appointment :

22.07.2008

DIN :

00464071

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U33129KA2001PTC029110	EMW ENVIRONMENTAL TECHNOLOGIES PRIVATE LIMITED	Director	9/5/2005	9/5/2005	27/11/2008	Amalgamated	NO
2	U55101GA2006PTC004387	BEER WORKS RESTAURANTS AND MICROBREWERY PRIVATE LIMITED	Director	1/2/2006	1/2/2006	-	Active	NO
3	U31909KA2006PTC039156	MNR FILTERS INDIA PRIVATE LIMITED	Director	28/04/2006	28/04/2006	-	Active	YES
4	U31409KA2008PTC047239	SOGEFI MNR FILTRATION INDIA PRIVATE LIMITED	Director	22/07/2008	22/07/2008	-	Active	NO

Name :

Mr. Narayan Ramchadran

Designation :

Directors

Address :

D51, Shobha Ivory 2, 7/1^st Johns Road, Ulsoor, Bangalore – 560047, Karnataka, India

Date of Birth/Age :

14.07.1962

Date of Appointment :

29.07.2008

DIN :

01873080

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U33112TN2005PTC056638	DYANSYS INDIA PRIVATE LIMITED	Director	17/06/2005	17/06/2005	2/5/2011	Active	NO
2	U65990MH1993FTC074460	MORGAN STANLEY INVESTMENT MANAGEMENT PRIVATE LIMITED	Director	9/6/2008	22/06/2007	-	Active	NO
3	U05005AP1995PLC021217	OCEAN SPARKLE LIMITED	Director	30/09/2008	19/01/2008	-	Active	NO
4	U72900MH2003PTC140982	MORGAN STANLEY ADVANTAGE SERVICES PRIVATE LIMITED	Director	29/09/2008	12/3/2008	22/10/2009	Active	NO
5	U31409KA2008PTC047239	SOGEFI MNR FILTRATION INDIA PRIVATE LIMITED	Director	29/07/2008	29/07/2008	-	Active	NO
6	U55101GA2006PTC004387	BEER WORKS RESTAURANTS AND MICROBREWERY PRIVATE LIMITED	Director	17/09/2008	17/09/2008	-	Active	NO
7	U22990MH1998PTC115305	MORGAN STANLEY INDIA COMPANY PRIVATE LIMITED	Director	30/09/2009	27/10/2008	18/06/2010	Active	NO
8	U24299DL2005PTC142116	GEIST RESEARCH PRIVATE LIMITED	Director	8/11/2008	8/11/2008	-	Active	NO
9	U74900AP2009PTC065761	SKS TRUST ADVISORS PRIVATE LIMITED	Additional director	15/11/2009	15/11/2009	5/3/2010	Active	NO
10	U65923KA2006PTC040028	JANALAKSHMI FINANCIAL SERVICES PRIVATE LIMITED	Director	22/06/2010	4/3/2010	-	Active	NO
11	U65191PN1943PLC007308	THE RATNAKAR BANK LIMITED	Director	25/08/2010	20/05/2010	-	Active	NO
12	U51909TN2010PTC077470	COUNSYL INDIA GENETICS PRIVATE LIMITED	Director	23/09/2010	23/09/2010	-	Active	NO
13	U85100KA2011PTC056725	INKLUDE LABS PRIVATE LIMITED	Director	20/01/2011	20/01/2011	-	Active	NO
14	U85191KA2011NPL061094	ACTION FOUNDATION FOR SOCIAL SERVICES	Director	8/11/2011	8/11/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 08.03.2011

Names of Shareholders	No. of Shares
Filtrauto SA France, France	953609
Usha Rama Rao	32685
M.N.RamaRao	127685
M.R.Narayan	475369
Total	1589348

As on 23.11.2011

Names of Allottees	No. of Shares Allotted
Filtrauto SA France, France	2850
Usha Rama Rao	0
M.N.RamaRao	1850
M.R.Narayan	50
Total	4750

As on 08.03.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	60.00
Directors or relatives of directors	40.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Automotive and Industrial Filters

PRODUCTION STATUS [As on 31.12.2010]

Particulars	Unit	Qty
Licensed Capacity	Nos.	*
Actual Production	Nos.	37115768

*The company is exempt from the licensing provisions of the industries [development and regulation] Act, 1951

GENERAL INFORMATION

No. of Employees :

140 [Approximately]

Bankers :

• State Bank of Hyderabad, Austin Town Branch, 26, Akshaya Complex Victoria Road, Bangalore – 560 047, Karnataka, India
• Canara Bank, Vannarpet, Viveknagar Post, Bangalore - 560 047, Karnataka, India
• Axis Bank, M G Road, Bangalore, Karnataka, India
• HSBC Bank, M G Road, Bangalore, Karnataka, India

Facilities :

Secured Loans :	31.12.2010 Rs. in Millions	31.12.2009 Rs. in Millions
From Banks Term Loan Cash Credit	29.940 3.275	10.441 3.056
Total	33.215	13.497

Notes : Secured by way of hypothecation of inventories, receivables and equitable mortgage of factory land and building and pledge of machinery at factory, existing and proposed.

Banking Relations :	-
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Anchorage II, 100/2, Richmond Road, Bangalore- 560 025, Karnataka, India
PAN :	AACFD3771D
Memberships :	Centre For Development of Telematics, Government of India
Holding Company:	Filtrauto Sa France
Ultimate Holding Company:	Sogefi S.p.A. Italy
Fellow Subsidiaries :	EMW Environmental Technologies Private Limited Sogefi Filtration Limited, England

CAPITAL STRUCTURE

As on 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1,600,000	Equity Shares	Rs.10/- Each	Rs.16.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,589,348	Equity Shares	Rs.10/- Each	Rs.15.893 millions

After 08.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1,650,000	Equity Shares	Rs.10/- Each	Rs.16.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,594,098	Equity Shares	Rs.10/- Each	Rs.15.941 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010 [12 months]	31.12.2009 [9 months]	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		15.893	15.893	15.893
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		250.901	166.050	128.292
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		266.794	181.943	144.185
LOAN FUNDS
1] Secured Loans		33.215	13.497	14.231
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		33.215	13.497	14.231
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		300.009	195.440	158.416
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		110.896	64.486	58.930
Capital work-in-progress		58.400	21.530	7.037
INVESTMENT		0.000	2.000	1.112
DEFERREX TAX ASSETS		4.015	2.575	2.077
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	81.024	48.636	35.778
	Sundry Debtors	126.698	82.548	59.222
	Cash & Bank Balances	39.262	26.188	19.630
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	33.878	10.627	11.670
Total Current Assets		280.862	167.999	126.300
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	113.219	55.241
	Current Liabilities	27.323	3.105	29.435
	Provisions	13.622	4.804	7.605
Total Current Liabilities		154.164	63.150	37.040
Net Current Assets		126.698	104.849	89.260
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		300.009	195.440	158.416

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010 [12 months]	31.12.2009 [9 months]	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	548.059	270.585	163.577
Less	EXPENSES (B)		405.673	206.938	148.970
	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		142.386	63.647	14.607
Less	FINANCIAL EXPENSES (D)		3.850	1.820	2.773
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		138.536	61.827	11.834
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.456	4.307	7.511
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		127.080	57.520	4.323
Less	TAX (H)		42.230	19.761	2.128
	PROFIT / [LOSS] AFTER TAX (G-H) (I)		84.850	37.759	2.195
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		39.953	2.195	0.000
	BALANCE CARRIED TO THE B/S		124.804	39.953	2.195
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	0.463	0.130	0.937
	TOTAL EARNINGS		0.463	0.130	0.937
	IMPORTS
		Raw Materials and packing material	150.144	90.597	62.717
	TOTAL IMPORTS		150.144	90.597	62.717
	Earnings/[Loss] Per Share (Rs.)		53.39	23.76	--

KEY RATIOS

PARTICULARS		31.12.2010 [12 months]	31.12.2009 [9 months]	31.03.2009
PAT / Total Income	(%)	15.48	13.95	1.34
Return on Total Assets (PBT/Total Assets}	(%)	32.44	24.74	2.33
Return on Investment (ROI) (PBT/Networth)		0.48	0.32	0.03
Debt Equity Ratio (Total Liability/Networth)		0.70	0.42	0.35
Current Ratio (Current Asset/Current Liability)		1.82	2.66	3.41

LOCAL AGENCY FURTHER INFORMATION

Note: Registered office of the company has been shifted from 18, Victoria Road, Vivek Nagar, Bangalore- 560047, Karnataka India to the present address w.e.f. 03.06.2009.

Background

Subject (formerly M.N. Ramarao Filters Private Limited) ("the Company") was incorporated on 22 July 2008 as a private limited company under the provisions of Chapter IX of the Companies Act, 1956 ("the Act") on conversion of a partnership firm, M N Ramarao and Company. The registered office of the Company is situated in Bangalore, India.

The Company is engaged in the business of manufacturing different types of filters for clean rooms, pollution control, automotive and industrial applications including bio technology and software products, commercial and residential air filters and filtration products and systems.

Contingent Liabilities :

Rs. in millions

PARTICULARS	31.12.2010	31.12.2009
Estimated amount of contracts remaining to be executed on capital account [not provided for], net of advances	4.351	15.501
Corporate guarantee in form of land and building offered as pledge for loan obtained by others	0.000	6.479
Sales tax	3.774	0.000

Bankers Charges Report as per Registry

Corporate identity number of the company	U31409KA2008PTC047239
Name of the company	SOGEFI MNR FILTRATION INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 54 / 3 / B, Ejipura Main Road, Viveknagar Post, Bangalore - 560 047, Karnataka, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Immovable Property
Particular of charge holder	State Bank of Hyderabad, Austin Town Branch, 26 Akshaya Complex Victoria Road, Bangalore, 560 047, Karnataka, India Email : austintown@sbhyd.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of Loan cum hypothecation; Confirmation for creation of mortgage by deposit of title deeds.
Date of instrument Creating the charge	31.12.2009
Amount secured by the charge	Rs.45.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Interest at the rate of 11.75% for Working Capital Facility of Rs.10.000 millions and 12.25% for Term Loan of Rs.35.000 millions for Machineries for a initial period of 1 year. Terms of Repayment - Repayment on demand in case of Working Capital and 60 equal monthly installment in case of Term Loan beginning from Jan 2010. Margin - Cash Credit and Term Loan 25% Margin Extent and Operation of the charge - The charge shall operate maximum up-to the extent of Rs.45.000 millions plus interest, commission and other charges thereon. Others - The above Rs.45.000 millions comprises Cash Credit Rs.10.000 millions and Term Loan Rs.35.000 millions
Short particulars of the property charged	i) Hypothecation of Raw Materials, Semi Finished Goods, Finished Goods, Receivables, Machineries as primary security in case of Cash Credit Facility ii) Hypothecation of all new machineries as primary security in case of Term Loan; iii) Hypothecation of immovable property situated at 54/B I Cross, Ejipura Main Road, Bangalore 47 as collateral security both incase of CC and Term Loan

Fixed Assets:

v Building

v Plant and Machinery

v Leasehold Improvements

v Office Equipments

v Dies and Tools

v Furniture and Fixture

v Vehicles

v 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 records 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.48.91
UK Pound	1	Rs.77.30
Euro	1	Rs.64.11

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.