MIRA INFORM REPORT

Report Date :

15.02.2012

IDENTIFICATION DETAILS

Name :	SHIVA PHARMACHEM LIMITED (w.e.f. 04.07.2011)
Formerly Known As :	SPPL INDIA LIMITED (w.e.f. 01.04.2011) SHIVA PHARMACHEM LIMITED (w.e.f. 30.06.2010) SHIVA PHARMACHEM PRIVATE LIMITED
Registered Office :	9^th Floor, ABS Towers, Old Padra Road, Vadodara – 390 007, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.03.1999
Com. Reg. No.:	04-35615
Capital Investment / Paid-up Capital :	Rs.69.502 Millions
CIN No.: [Company Identification No.]	U24231GJ1999PLC035615
TAN No.: [Tax Deduction & Collection Account No.]	BRDS01031C
PAN No.: [Permanent Account No.]	AALFS0672H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Supplier, Trader, Exporter and Importer of Multifunctional Intermediates and Speciality Chemicals
No. of Employees :	175 (Approximately) (In Office + In Factory + In Branches)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

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

INFORMATION PARTED BY

Name :	Mr. Chirag Patel
Designation :	Sales Manager
Contact No.:	91-9824443510
Date :	14.02.2012

LOCATIONS

Registered / Corporate Office :	9^th Floor, ABS Towers, Old Padra Road, Vadodara – 390 007, Gujarat, India
Tel. No.:	91-265-2321418 / 2335432
Mobile No.:	91-9824443510 (Mr. Chirag Patel)
Fax No.:	91-265-2357238
E-Mail :	info@shivapharmachem.com vagrawal@shivapharmachem.com marketing@shivapharmachem.com accounts@shivapharmachem.com inquiry@shivapharmachem.com ashah@shivapharmachem.com
Website :	http://www.shivapharmachem.com
Area :	5000 Sq. ft.
Location :	Owned
Factory :	Block No. 588, Village-Luna, Taluka-Padra-391 440, District-Vododara, Gujarat, India
Tel. No.:	91-2662-221021 / 224360
Fax No.:	91-2662-223314
Area :	42000 Sq. Meters
Location :	Owned
Sales Office :	Located at · Kandla, Gujarat, India · Nariman Point, Mumbai, Maharashtra, India
USA Office :	One Alpine Way, Livingston, NJ 07039
Tel. No.:	973-535-6135
Fax No.:	973-535-6149

DIRECTORS

As on 29.07.2011

Name :	Mr. Vishal Rakesh Agrawal
Designation :	Managing Director
Address :	61, Alkapuri Society, Alkapuri, Vododara – 390 005, Gujarat, India
Date of Birth/Age :	01.10.1974
Qualification :	B. Chemical
Date of Appointment :	18.03.1999
DIN :	00056800

Other Directorship

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	U67120MH1988PLC049858	Ankshree Investments and Trading Company Limited	Director	21-09-98	21-09-98	-	Active	NO
2	U24231GJ1999PLC035615	Shiva Pharmachem Limited	Managing director	18-03-99	18-03-99	-	Active	NO
3	U65910GJ1989PTC012889	Geetganga Investment Private Limited	Director	30-09-99	30-09-99	-	Active	NO
4	U65993GJ1986PTC008516	Tash Investment Private Limited	Director	30-09-99	30-09-99	-	Active	NO
5	L25200GJ1973PLC002436	Ineos Abs (India) Limited	Director	23-03-01	23-03-01	17-04-08	Active	NO
6	U92140MH2006PTC183067	Red Earth Art Galleries Private Limited	Director	20-03-06	20-03-06	-	Active	NO
7	U70102MH2007PTC174896	Rodin Properties Private Limited	Director	10-10-07	10-10-07	-	Active	NO
8	U51109MH2008PTC184043	Uma Retail Private Limited	Director	26-06-08	26-06-08	-	Active	NO
9	U45200MH2008PTC187521	Jaspur Properties Private Limited	Director	14-10-08	14-10-08	-	Active	NO
10	U24231GJ1989PLC013141	Sudeep Pharma Limited	Director	01-04-11	20-02-09	-	Active	NO
11	U70102MH2008PTC181148	Monet Properties Private Limited	Director	17-05-11	17-05-11	-	Active	NO
12	U72900GJ2011PTC067839	Ses Engineering Private Limited	Director	16-11-11	16-11-11	-	Active	NO

Name :	Mr. Rakesh Shivbhagwan Agrawal
Designation :	Director
Address :	61, Alkapuri Society, Alkapuri, Vododara – 390 005, Gujarat, India
Date of Birth/Age :	08.06.1947
Qualification :	B. Chemical
Date of Appointment :	29.09.2001
DIN :	00057955

Other Directorship

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	L25200GJ1973PLC002436	Ineos ABS (India) Limited	Managing director	01-01-12	07-12-73	-	Active	NO
2	U65910GJ1989PTC012889	Geetganga Investment Private Limited	Director	18-10-89	18-10-89	-	Active	NO
3	L22219MH1991PLC059800	Control Print Limited	Director	23-09-11	26-03-97	-	Active	NO
4	U67120MH1988PLC049858	Ankshree Investments And Trading Company Limited	Director	21-09-98	21-09-98	-	Active	NO
5	U80301GJ2000NPL039019	Tapovan Education Institute	Director	06-12-00	06-12-00	19-06-07	Active	NO
6	U24231GJ1999PLC035615	Shiva Pharmachem Limited	Director	29-09-01	29-09-01	-	Active	NO
7	U45200MH2008PTC187521	Jaspur Properties Private Limited	Director	14-10-08	14-10-08	-	Active	NO
8	L17110GJ1935PLC000494	Shri Dinesh Mills Limited	Director	15-09-11	10-02-11	-	Active	NO
9	U70102MH2008PTC181148	Monet Properties Private Limited	Director	17-05-11	17-05-11	-	Active	NO

Name :	Mr. Rahul Rakesh Agrawal
Designation :	Director
Address :	174, 17^th Floor, NCPA Apartment, Nariman Point, Mumbai – 400 021, Maharashtra, India
Date of Birth/Age :	04.03.1978
Qualification :	B. Chemical
Date of Appointment :	18.03.1999
DIN :	01226996

Other Directorship

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	U67120MH1988PLC049858	Ankshree Investments And Trading Company Limited	Director	21-09-98	21-09-98	Active	NO
2	U24231GJ1999PLC035615	Shiva Pharmachem Limited	Managing director	18-03-99	18-03-99	Active	NO
3	U65993GJ1986PTC008516	Tash Investment Private Limited	Director	30-09-99	30-09-99	Active	NO
4	U65910GJ1989PTC012889	Geetganga Investment Private Limited	Director	30-09-99	30-09-99	Active	NO
5	U92140MH2006PTC183067	Red Earth Art Galleries Private Limited	Director	20-03-06	20-03-06	Active	NO
6	U70102MH2007PTC174896	Rodin Properties Private Limited	Managing director	10-10-07	10-10-07	Active	NO
7	U70102MH2008PTC181148	Monet Properties Private Limited	Director	15-04-08	15-04-08	Active	NO
8	U51109MH2008PTC184043	Uma Retail Private Limited	Director	26-06-08	26-06-08	Active	NO
9	U45200MH2008PTC187521	Jaspur Properties Private Limited	Director	14-10-08	14-10-08	Active	NO
10	U72900GJ2011PTC067839	Ses Engineering Private Limited	Director	16-11-11	16-11-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Chirag Patel
Designation :	Sales Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.07.2011

Names of Shareholders	No. of Shares
Rakesh S Agrawal	270000
Vishal R Agrawal	270000
Rahul R Agrawal	270000
Uma R Agrawal	270000
Tash Investment Private Limited, India	5870000
Madhavi V Agrawal	100
Ruchika R Agrawal	100
Total	6950200

As on 29.07.2011

Equity Share Break Up Category	Percentage
Bodies corporate	84.46
Directors or relatives of directors	15.54
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Supplier, Trader, Exporter and Importer of Multifunctional Intermediates and Speciality Chemicals

Products :

Products Description	ITC Code No.
Pivaloyl Chloride	29159090
2-Ethyl Hexanyl Chloride	29159090

Exports :

Products :

· Multifunctional Intermediates

· Speciality Chemicals

Countries :

· Japan

· Mexico

Imports :

Products :

Raw Materials

Countries :

· Singapore

· China

· Europe

· America

Terms :

Selling :

L/C, Credit (60 days) and D.A.

Purchasing :

L/C and Credit (60 Days)

GENERAL INFORMATION

Customers :

Manufacturers

No. of Employees :

175 (Approximately) (In Office + In Factory + In Branches)

Bankers :

· IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

· Industrial Development Bank of India Limited

· ICICI Bank

· IDBI Bank, Old Padra Road Branch, Vododara, Gujarat, India

· Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakali Six Roads, Ahmedabad – 380 006, Gujarat, India

Facilities :

Working Capital : Rs.600.000 Millions (From IDBI Bank)

Secured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Rupee term loans banks secured	0.000	9.082
Working capital loans banks secured	17.853	0.906
Loans taken for vehicles secured	1.452	3.389
Total	19.305	13.377
Unsecured Loan	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Deposits related parties unsecured	26.600	80.000
Total	26.600	80.000

Banking Relations :	--
Auditors :
Name :	Talati and Talati Chartered Accountants
Address :	501, Race Course Towers, Race Course Circle, Vododara – 390007, Gujarat, India
Tel. No.:	91-265-3058025-29
Fax No.:	91-265-3058027
PAN :	AAAFT4520A
Holding Company :	Tash Investment Private Limited
Related Parties :	· Geetganga Investment Private Limited · Ankshree Investments and Trading Company Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6950200	Equity Shares	Rs.10/- each	Rs.69.502 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		69.502	69.502	69.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		327.485	192.724	59.127
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		396.987	262.226	128.627
LOAN FUNDS
1] Secured Loans		19.305	13.377	62.936
2] Unsecured Loans		26.600	80.000	117.225
TOTAL BORROWING		45.905	93.377	180.161
DEFERRED TAX LIABILITIES		0.922	2.241	0.000
TOTAL		443.814	357.844	308.788
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		383.807	220.080	146.751
Capital work-in-progress		1.935	7.956	3.457
INVESTMENT		25.792	0.980	0.980
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	125.982	47.913	41.949
	Sundry Debtors	492.376	234.526	150.663
	Cash & Bank Balances	14.370	15.641	0.370
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	208.797	133.771	59.613
Total Current Assets		841.525	431.851	252.595
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	652.493	201.934	51.681
	Other Current Liabilities	1.966	4.713	14.729
	Provisions	154.786	96.376	28.585
Total Current Liabilities		809.245	303.023	94.995
Net Current Assets		32.280	128.828	157.600
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		443.814	357.844	308.788

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operative revenue, net	2197.023	1078.851	812.584
		Other Income	20.758	7.125	17.196
		TOTAL (A)	2217.781	1085.976	829.780
Less	EXPENSES
		Consumption material changes inventories	825.465	557.520	643.277
		Manufacturing service costs	92.967	63.350
		Employee related expenses	69.509	44.412
		Administrative selling other expenses	110.567	62.235
		Research development expenditure	0.838	0.483
		Restructuring charges	6.054	0.000
		TOTAL (B)	1105.400	728.000	643.277
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1112.381	357.976	186.503
Less	INTEREST FINANCIAL CHARGES (D)		21.248	19.394	42.541
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1091.133	338.582	143.962
Less/ Add	DEPRECIATION/ AMORTISATION (F)		29.284	22.806	18.848
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		1061.849	315.776	125.114
Less	TAX (H)		82.600	66.824	23.670
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		979.249	248.952	101.444
	EARNINGS IN FOREIGN CURRENCY		1049.751	707.901	471.272
	IMPORTS		1396.969	541.945	NA
	Earnings Per Share (Rs.)		140.90	35.82	14.60

Expected Sales (2011-2012) : Rs.3200.000 Millions

The above information has been parted by Mr. Chirag Patel.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	44.15	22.92	12.23
Net Profit Margin (PBT/Sales)	(%)	48.33	29.27	15.40
Return on Total Assets (PBT/Total Assets}	(%)	86.66	48.44	31.33
Return on Investment (ROI) (PBT/Networth)		2.67	1.20	0.97
Debt Equity Ratio (Total Liability/Networth)		2.15	1.51	2.14
Current Ratio (Current Asset/Current Liability)		1.04	1.43	2.66

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Creditors due others	652.493	201.934	51.681
Total	652.493	201.934	51.681

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	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last one years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
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	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FORM 8

Corporate identity number of the company	U24231GJ1999PLC035615
Name of the company	SHIVA PHARMACHEM LIMITED
Address of the registered office or of the principal place of business in India of the company	9^th Floor, ABS Towers, Old Padra Road, Vadodara – 390 007, Gujarat, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India E-Mail : vijay.katdare@idbi.co.in
Nature of instrument creating charge	Supplemental memorandum of entry in respect of deposit of title deeds
Date of instrument Creating the charge	12.12.2011
Amount secured by the charge	Rs.1000.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per agreement Terms of repayment As per agreement Margin As per agreement Extent and operation of the charge The credit facilities sanctioned by the IDBI Bank and SCB to the Company on first pari passu charge basis together with interest, additional interest, further interest by way of liquidated damages, interest tax, commitment charges, premia on pre payment or on redemption, commissions, costs, charge and expenses and other money payable under their respective Loan Agreement and terms and conditions as amended from time to time.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	· Immovable property being land situated in block no. 588, R.S. No. 488, Mouje village Luna, Taluka and registration sud district Padra and district Baroda with area admeasuring 0-48-76 sq.mtrs. · Immovable property being land situated in block no. 589, R.S. No. 486, Mouje village Luna, Taluka and registration sud district Padra and district Baroda with area admeasuring 0-46-57 sq.mtrs. · Immovable property being land situated in block no. 590/B, R.S. No. 483, Mouje village Luna, Taluka and registration sud district Padra and district Baroda with area admeasuring 0-31-28 sq.mtrs. · Immovable property being land situated in block no. 592/B, R.S. No. 482, Mouje village Luna, Taluka and registration sud district Padra and district Baroda with area admeasuring 0-11-21 sq.mtrs. · Immovable property being land situated in block no. 593, R.S. No. 484, Mouje village Luna, Taluka and registration sud district Padra and district Baroda with area admeasuring 5351 sq.mtrs. · Immovable property being land situated in block no. 594, R.S. No. 485, Mouje village Luna, Taluka and registration sud district Padra and district Baroda with area admeasuring 0-85-62 sq.mtrs. · Immovable property being land situated in block no. 595, R.S. No., Mouje 487,489, village Luna, Taluka and registration sud district Padra and district Baroda with area admeasuring 1-26-05 sq.mtrs.
Particulars of the present modification	Over and above existing charge for Rs.600.000 millions in favour of IDBI Bank, the charge properties (immoveable properties) shall extend as a security in favour of Standard Chartered Bank for their facilities of Rs.400.000 millions on first pari-passu basis.

FIXED ASSETS

· Land

· Factory Building

· Office Building

· Plant and Machinery

· Furniture

· D G Set

· Dead Stock

· Air conditions

· Computers

· Softwares

· Vehicles

· R and D Equipment

· Office Equipments

· Pollution Control Measures

· ISO Tanks

WEB DETAILS

THE COMPANY

They are one of the manufacturer and a global supplier of multifunctional intermediates and speciality chemicals and are based near Vadodara, Gujarat, India. Today, they claim to be the manufacturer of Acid Chlorides in India and also have the credibility of being one of the few manufacturers of these products across the globe that conform to international standards. Having started with a vision to establish global presence in the field of bulk drug intermediates, they have grown at a steady pace and have witnessed a growth of 70% year on year ever since their inception in 1999. In a short span of time they have been able to supply their products to customers based in India as well as in more than 40 countries.

Their clientele includes various globally renowned multinational companies belonging to different industries like Agro Chemicals, Pharmaceutical, Peroxide, Fragrance and Perfumery. The Organization's R and D is working diligently towards developing processes to be able to introduce more intermediates for pharmaceutical and chemical industries.

Further to their vision of the pharmaceutical intermediate business domain globally, they are in process of finalizing strategic tie ups with global players which would involve technology transfer as well as outsourcing opportunities. The organization has introduced the concept of Value Engineering in order to optimize the process parameters and to be able to manufacture products that conform to international quality standards with prime emphasis on cost reduction.

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.49.33
UK Pound	1	Rs.77.41
Euro	1	Rs.64.84

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.