MIRA INFORM REPORT

Report Date :

17.02.2012

IDENTIFICATION DETAILS

Name :	UMASREE TEXPLAST PRIVATE LIMITED
Registered Office :	728/1, Village Motibhuyan, Taluka Kalol, Gandhinagar-382721, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.12.1994
Com. Reg. No.:	04-023882
Capital Investment / Paid-up Capital :	Rs.14.117 Millions
CIN No.: [Company Identification No.]	U99999GJ1994PTC023882
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of PP Woven Fabrics and Sacks.
No. of Employees :	200 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 370000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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. Mitesh
Designation :	Accounts Manager
Contact No.:	91-9979886840
Date :	16.02.2012

LOCATIONS

Registered Office/ Factory :	728/1, Village Motibhuyan, Taluka Kalol, Gandhinagar-382721, Gujarat, India
Tel. No.:	91-2764-281232
Mobile No.:	91-9979886840 [Mr. Mitesh]
Fax No.:	91-2764-281574
E-Mail :	works@umasree.com info@umasree.com mail@umasree.com mktg@umasree.com jobs@umasree.com
Website :	http://www.umasree.com
Location :	Owned
Corporate Office :	309, Safal Prelude, Corporate Road, Opposite Prahladnagar AUDA Garden, Off S.G. Highway, Ahmedabad-380015, Gujarat, India
Tel. No.:	91-79-29296114
Fax No.:	91-79-40030002

DIRECTORS

As on 30.07.2011

Name :

Mr. Sanjay Amarnath Jain

Designation :

Director

Address :

46-B, Keshav Path, Suraj Nagar (West), Civil Lines, Jaipur-302006, Rajasthan, India

Date of Birth/Age :

10.06.1968

Date of Appointment :

02.04.2010

Din No.:

01273163

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	U17100RJ1995PTC009255	SUPREME POLYMERS PRIVATE LIMITED	Managing director	22-09-97	22-09-97	-	Active	NO
2	U74220RJ1998PTC015014	A AND J INDUSTRIAL AND FINANCIAL CONSULTANCY PRIVATE LIMITED	Director	31-07-98	31-07-98	-	Active	NO
3	U15437RJ1999PTC015437	SIDHARTH POLYSACKS PRIVATE LIMITED	Director	13-11-99	13-11-99	-	Active	NO
4	U74992RJ2005PTC020567	SUMS EXIM PRIVATE LIMITED	Director	11-04-05	11-04-05	24-01-09	Active	NO
5	U00069RJ2006PTC022388	WHISPERING MEADOWS CLUB AND RESORTS PRIVATE LIMITED	Director	12-04-06	12-04-06	24-01-09	Active	NO
6	U55101RJ2006PTC023007	PANTHER VALLEY RESORTS PRIVATE LIMITED	Director	29-08-06	29-08-06	24-01-09	Active	NO
7	U25208RJ2009PTC028498	ALLIANCE POLYSACKS PRIVATE LIMITED	Director	18-03-09	18-03-09	-	Active	NO
8	U25209RJ2009PLC029641	STAR GLOBAL ENDURA LIMITED	Director	20-08-09	20-08-09	-	Active	NO
9	U99999GJ1994PTC023882	UMASREE TEXPLAST PRIVATE LIMITED	Director	02-04-10	02-04-10	-	Active	NO
10	U22219RJ2010PTC031561	PRINTBINDAAS PRIVATE LIMITED	Director	22-04-10	22-04-10	-	Active	NO
11	U40106RJ2008PTC027258	FALCON PROGRESSIVE VENTURES PRIVATE LIMITED	Director	30-09-10	29-06-10	-	Active	NO
12	U40106RJ2008PTC027257	FIRST CHOICE REALMART PRIVATE LIMITED	Director	29-09-10	29-06-10	-	Active	NO

Name :

Mr. Vishwanath Srinivasan

Designation :

Director

Address :

11/C, Nandigram Society, No. 1, Sindhwaimata Road, Praqtapnagar, Vadodara-390004, Gujarat, India

Date of Appointment :

10.12.2009

Din No.:

00367350

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	U24299GJ1970PTC003451	VIJAY CHEMICALS AND PLASTICS PRIVATE LIMITED	Managing director	17-06-98	17-06-98	Strike off	NO
2	U99999GJ1994PTC023882	UMASREE TEXPLAST PRIVATE LIMITED	Additional director	10-12-09	10-12-09	Active	NO

Name :

Mr. Sunil Mulidhar Ranasaria

Designation :

Director

Address :

12, Sujan Bunglow, Near Shryas Foundation, Ambawadi, Ahmedabad-380015, Gujarat, India

Date of Appointment :

28.10.2004

Din No.:

00472602

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	U25202GJ2002PTC040957	RANASARIA POLY PACK PRIVATE LIMITED	Director	10-07-02	10-07-02	-	Active	NO
2	U99999GJ1994PTC023882	UMASREE TEXPLAST PRIVATE LIMITED	Director	28-10-04	28-10-04	-	Active	NO
3	L21098GJ1983PLC006041	ARMS PAPER LIMITED	Director	09-01-07	09-01-07	08-10-08	Active	NO
4	U74900AP2007PTC055438	S.S.V. FAB INDUSTRIES PRIVATE LIMITED	Director	06-09-07	06-09-07	-	Active	NO
5	U24299AP1999PTC032930	S.V.SACKS PRIVATE LIMITED	Director	01-03-08	01-03-08	05-01-11	Active	NO
6	U25209MH2009PTC196576	VARUN SACKS PRIVATE LIMITED	Director	21-10-09	21-10-09	26-07-11	Active	NO
7	U25209MH2008PTC177431	AURA POLYPLASTICS PRIVATE LIMITED	Director	20-04-11	20-04-11	-	Active	NO

Name :

Mr. Anup Mahendra Gopalka

Designation :

Director

Address :

8, Tejal Apartments, Gulabi Tedra, Ahmedabad-380015, Gujarat, India

Date of Appointment :

20.10.2003

Din No.:

01114195

Name :

Mr. Mahendra Kumar Gopalka

Designation :

Director

Address :

8, Tejal Apartments, Gulabi Tedra, Ahmedabad-380015, Gujarat, India

Date of Appointment :

20.10.2003

Din No.:

01589127

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	U99999GJ1994PTC023882	UMASREE TEXPLAST PRIVATE LIMITED	Director	20-10-03	20-10-03	Active	NO
2	U25202GJ2004PTC043946	UMG EXPORT PRIVATE LIMITED	Director	12-04-04	12-04-04	Active	NO

Name :

Mr. Ajay Kumar Jagnani

Designation :

Director

Address :

Shankar and Company, 301, Sudama Place, Kankarbagh-800020, Patna, India

Date of Appointment :

11.07.2005

Din No.:

02029560

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	U99999GJ1994PTC023882	UMASREE TEXPLAST PRIVATE LIMITED	Director	11-07-05	11-07-05	Active	NO
2	U67190BR1996PTC007159	SHANKAR TREXIM PRIVATE LIMITED	Director	08-02-08	08-02-08	Active	NO
3	U51109WB2005PTC106345	DEVJYOTI VYAPAAR PVT LTD	Director	19-04-10	19-04-10	Active	NO

Name :

Mrs. Varsha Anup Gopalka

Designation :

Director

Address :

8, Tejal Apartments, Gulabi Tedra, Ahmedabad-380015, Gujarat, India

Date of Appointment :

15.07.2009

Din No.:

02662210

KEY EXECUTIVES

Name :	Mr. Mitesh
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.07.2011

Names of Shareholders	No. of Shares
Anup Mahendra Gopalka	162800
Mahendra Kumar Gopalka	198700
Sunil Mulidhar Ranasaria	62000
Devjyoti Vyapaar Private Limited, India	215000
Bansidhar Mahendra Kumar HUF	50900
Uma Gopalka	156200
Varsha Anup Gopalka	156500
Mahendra Kumar Gopalka HUF	33900
Punit Gopalka	95000
Vishakha Gopalka	32500
Anupriya Gopalka	7500
Manekchand Duggar	500
Anil Kumar Gopalka	20
Sharda Devi Gopalka	20
Swiss Polyplast, India	205000
R.K.Bhojnagarwalla	76000
Total	1452540

LIST OF NON VOTING SHARES HELD AT THE DATE OF AGM DATED 30.07.2011

Names of Shareholders	No. of Shares
Archer Financial Services Private Limited, India	3000
Astha Stock Broking Private Limited, India	5000
Green Star Financial Services Private Limited, India	2000
Jasmine Conclave Private Limited, India	11200
Sparking Star Infradev Private Limited, India	4000
Starlight Debcon Private Limited , India	7000
Veemotech Exim Private Limited, India	3000
Total	35200

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of PP Woven Fabrics and Sacks.
Exports :
Products :	Fabric
Countries :	· Africa · Europe · US
Imports :
Products :	Raw Materials
Countries :	· Gulf Countries · Singapore · Thailand · USA
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity
PP/HDFE Type, PP/HDPE Woven Fabrics, PP/HDPE Woven Sacks	MT	5400

NOTE: Installed capacity is taken as certified by the management and being a technical matter accepted by the auditor as correct.

ACTUAL PRODUCTION:

Particular	Unit	Actual Production
PP/HDPE Tape	MT	2689.97
PP/HDPE Woven Fabrics	MT	3353.19
PP/HDPE Woven Sacks	PCS.	19158414
Polyethylene Liner	MT	181.32
PP Narrow Fabrics	MT	180.74
Tarpoline	PCS.	394.00
Granules (Reprocess)	MT	40.95
PP/HDPE Waste	MT	170.38

GENERAL INFORMATION

Suppliers :

· Reliance Industries

Customers :

Wholesalers and Retailers

· Tata Chemicals

No. of Employees :

200 [Approximately]

Bankers :

· Central Bank of India, Gulabi Tekra Branch, Sears Tower, Panchvati, Ambawadi, Ahmedabad-380006, Gujarat, India

· State Bank of India, Mid Corporate, Commercial Branch, 3^rd Floor, Param Siddhi Complex, Near Mahakant Building, Ahmedabad-380006, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Term Loan From Banks
Term Loan 1 with Central Bank of India [Secured against hypothecation of plant and machinery]	0.000	3.750
Term Loan 2 with Central Bank of India	0.000	0.766
Term Loan 3 with Central Bank of India	8.226	8.924
Long Term Liabilities From Banks and Finance Institutions
Cash Credit Limit From Central Bank of India	37.186	32.998
ODBD A/C with Central Bank of India	28.792	18.036
State Bank of Hyderabad Car Loan	0.664	0.889
Sundaram Finance Limited Eicher Loan	0.374	0.547
Central Bank of India Car Loan	0.016	0.298
Central Bank of India PC A/C	1.157	0.000
Central Bank of India Adhok A/C	0.000	0.000
HSBC Buyer Credit Limit A/C	11.079	0.000
Kotak Mahindra Prime Limited	0.845	0.000
Total	88.339	66.208
Unsecured Loan
From Companies	0.200	6.600
From Shareholders, Directors and Their Relatives	9.045	7.620
Total	9.245	14.220

Banking Relations :	--
Auditors :
Name :	Jitendra Jain Chartered Accountants
Address :	303, Hari Krishna Complex, Behind City Gold Cinema, Off, Asram Road, Ahmedabad-380009, Gujarat, India
Tel No.:	91-79-26582272
Fax No.:	91-79-26583476
Email:	jainjitendra@rediffmail.com
Pan No.:	AAKPJ5067C

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1750000	Equity Shares	Rs.10/- each	Rs.17.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1376540	Equity Shares	Rs.10/- each	Rs.13.765 Millions
35200	Special Equity Shares	Rs.10/- each	Rs.0.352 Million
	Total		Rs.14.117 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		14.117	13.765	11.715
2] Share Application Money		1.000	0.000	0.000
3] Reserves & Surplus		79.872	56.029	33.150
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		94.989	69.794	44.865
LOAN FUNDS
1] Secured Loans		88.339	66.208	58.247
2] Unsecured Loans		9.245	14.220	27.446
TOTAL BORROWING		97.584	80.428	85.693
DEFERRED TAX LIABILITIES		6.906	6.121	4.822
TOTAL		199.479	156.343	135.380
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		78.262	64.384	57.998
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	63.378	42.381	36.250
	Sundry Debtors	44.029	54.679	47.264
	Cash & Bank Balances	14.284	0.543	0.835
	Other Current Assets	24.986	5.752	14.800
	Loans & Advances	1.877	1.956	1.123
Total Current Assets		148.554	105.311	100.272
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	21.007	6.802	16.595
	Other Current Liabilities	4.650	5.295	5.368
	Provisions	1.680	1.255	0.927
Total Current Liabilities		27.337	13.352	22.890
Net Current Assets		121.217	91.959	77.382
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		199.479	156.343	135.380

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Revenue From Operations	386.446	349.871	340.880
		Other Income	7.898	0.910	0.731
		TOTAL (A)	394.344	350.781	341.611
Less	EXPENSES
		Cost of Material Consumed	360.644	305.699
		Employees Benefits Expenses	7.622	5.012
		Other Expenses	25.375	16.948	322.194
		Changes in Inventories of FG, WIP, and Stock in Trade	(23.734)	3.795
		Exceptional Items	0.012	0.012
		TOTAL (B)	369.919	331.466	322.194
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		24.425	19.315	19.417
Less	FINANCIAL EXPENSES (D)		10.746	8.722	9.400
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.679	10.593	10.017
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.619	3.610	3.103
	PROFIT BEFORE TAX (E-F) (G)		9.060	6.983	6.914
Less	TAX (H)		2.465	2.555	1.441
	PROFIT AFTER TAX (G-H) (I)		6.595	4.428	5.473
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	15.308	9.835
	BALANCE CARRIED TO THE B/S		NA	19.736	15.308
	Earnings Per Share (Rs.)		4.67	3.22	--

Expected Sales (2011-12) : Rs.400.000 Millions.

The above information has been parted by Mr. Mitesh.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.67	1.26	1.60
Net Profit Margin (PBT/Sales)	(%)	2.34	2.00	2.03
Return on Total Assets (PBT/Total Assets}	(%)	3.99	4.12	4.37
Return on Investment (ROI) (PBT/Networth)		0.10	0.10	0.15
Debt Equity Ratio (Total Liability/Networth)		1.32	1.34	2.42
Current Ratio (Current Asset/Current Liability)		5.43	7.89	4.38

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	11.662	4.719	11.646
Creditors for Raw Materials	9.338	1.722	4.730
Creditors for Services	0.007	0.361	0.219
Total	21.007	6.802	16.595

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 year	Yes
12) Profitability for last three years	No
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	Yes
18) Major customers	Yes
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	No
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	--

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U99999GJ1994PTC023882
Name of the company	UMASREE TEXPLAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	728/1, Village Motibhuyan, Taluka Kalol, Gandhinagar-382721, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Mid Corporate, Commercial Branch, 3^rd Floor, Param Siddhi Complex, Near Mahakant Building, Ahmedabad-380006, Gujarat, India
Email	rm1.cbahm@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum relating to deposit of title deeds for creation of charge for term loan/overall limit
Date of instrument Creating the charge	10.08.2011
Amount secured by the charge	Rs.290.200 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Working capital : 4.25% above base rate with monthly rests. Term loan (existing) : 4.25% above base rate Term loan (new) : 3.90% above base rate Terms of Repayment Working capital : on demand Term loan (existing): repayment in total sixteen quarterly installment eight quarterly installments of Rs. 0.500 millions and eight quarterly installments of Rs. 0.525 millions. Term loan (new): repayment in total 24 quarterly installment four quarterly installments of Rs.2.625 millions, four quarterly installments of Rs.4.375 millions and sixteen quarterly installments of Rs.7.000 millions. Margin Raw material : 25 % Sip/finished goods : 25 % Receivables : 50 % LC and BG : 15% EPC/PCFC : 10% Term loan (new) : 28.28% (overall) Extent and Operation of the charge Exclusive charge created in favour of bank.
Short particulars of the property charged	Immovable property being N.A. land for Ind. use ADME. about 8326 Sq. Mts. with present and future const. Situated and lying at Block No.728 paikee of Moje Bhoyan Moti of Tal. Kalol, Dist. Gandhinagar. Immovable Property being Flat no. 8, ADME. 170 sq. Yards, Tejal Flat, Gulbai Tekra, Ahmedabad-380 006 Mouje Kocharab, Taluka: City in the Regi. Sub-dist. of Ahmedabad-4 (Paldi) and Dist. Ahmedabad.

TRADE REFERENCES:

· Reliance Industries

· Tata Chemicals

FIXED ASSETS:

· Land and Site Developments

· Factory Building

· Plant and Machinery

· Electrification

· Office Equipments

· Vehicles

· Computer

· Furniture and Fixtures

· Cycle

· Car

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.49.25
UK Pound	1	Rs.77.45
Euro	1	Rs.64.89

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	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.