MIRA INFORM REPORT

Report Date :

18.02.2012

IDENTIFICATION DETAILS

Name :	POLYSET PLASTICS PRIVATE LIMITED
Registered Office :	11-A, Mehta Industrial Estate, 1^st Floor, Crossing of J. P. Road No. 2 and J. B. Patel Road, Goregaon (East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.09.1973
Com. Reg. No.:	11-016846
Capital Investment / Paid-up Capital :	Rs.74.501 Millions
CIN No.: [Company Identification No.]	U25209MH1973PTC016846
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Buckets, Mugs Storage Bins.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1170000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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.

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

INFORMATION PARTED BY

Name :	Mr. Ram
Designation :	Accounts Manager
Contact No.:	91-22-26866233
Date :	16.02.2012

LOCATIONS

Registered/ Corporate Office :	11-A, Mehta Industrial Estate, 1^st Floor Crossing Of J. P. Road No. 2 and J. B. Patel Road, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-26866233/34
Fax No.:	91-22-26866235
E-Mail :	pravin_jain@plyset.net ramavtar_charak@polyset.net
Factory 1 :	131/143 Shreenath Industrial Estate, Off National Highway 8, Village Savroli, Talasari-401606, Thane, Maharashtra, India.
Tel. No.:	91-2521-220111/220126
Fax No.:	91-2521-220122
Factory 2 :	Plot No. 161/4, Amalia Cricket Play Ground, Somnath Road, Dabhel, Nani Daman, Daman-396210, India
Tel. No.:	91-260-2243716/2243458
Fax No.:	91-260-2241267

DIRECTORS

As on 30.09.2010

Name :

Mr. Premraj Futarmal Bafna

Designation :

Whole-time director

Address :

501/502 Kumud, 15^th Road, Khar (West), Mumbai-400052, Maharashtra, India

Date of Birth/Age :

03.08.1935

Date of Appointment :

15.09.1973

DIN No.:

00168555

Other Directorship :

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
U25209MH1973PTC016846	Polyset Plastics Private Limited	Whole-time director	3/06/2010	15/09/1973	-	Active	NO
U24110MH1974PTC017745	Okay Plastics Private Limited	Director	3/09/1974	3/09/1974	-	Active	NO
U67120MH1975PTC018337	Mehul Finance and Investments Private Limited	Director	21/05/1975	21/05/1975	-	Active	NO

Name :

Mr. Shailesh Premraj Bafna

Designation :

Managing Director

Address :

52, The Nest CHS Limited, 5^th Floor, Gulmohur Cross Road No. 4, JVPD Sheme, Vileparle (West), Mumbai-400049, Maharashtra, India

Date of Birth/Age :

14.06.1963

Date of Appointment :

25.03.1995

DIN No.:

00168805

Other Directorship :

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
U25209MH1973PTC016846	Polyset Plastics Private Limited	Managing director	1/08/2010	25/03/1995	28/10/2011	Active	NO
U67120MH1975PTC018337	Mehul Finance and Investments Private Limited	Director	6/03/1996	6/03/1996	28/10/2011	Active	NO

Name :

Mr. Bhupesh Premraj Bafna

Designation :

Director

Address :

501/502 Kumud, 15^th Road, Khar (West), Mumbai-400052, Maharashtra, India

Date of Birth/Age :

20.09.1969

Date of Appointment :

01.11.1997

DIN No.:

00168325

Other Directorship :

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
U24110MH1974PTC017745	Okay Plastics Private Limited	Director	18/11/1995	18/11/1995	-	Active	NO
U25209MH1984NPL032701	Organization of Plastics Processors of India	Director	29/07/1997	29/07/1997	-	Active	NO
U25209MH1973PTC016846	Polyset Plastics Private Limited	Managing director	7/11/2011	1/11/1997	-	Active	NO
U72200MH2000PTC125470	Shalimar Infotech Private Limited	Director	26/06/2000	26/06/2000	-	Active	NO
U67120MH1975PTC018337	Mehul Finance and Investments Private Limited	Additional director	21/10/2011	21/10/2011	-	Active	NO

Name :

Mr. Dilip Keshavlal Patel

Designation :

Director

Address :

15, Neel Shobha, 4^th Floor, 52 E, M.V. Road, Andheri (East), Mumbai-400093, Maharashtra, India

Date of Birth/Age :

20.10.1947

Date of Appointment :

29.07.2005

DIN No.:

00013150

Other Directorship :

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
U24230TN1980PLC008382	Malladi Drugs and Pharmaceuticals Limited	Director	17/06/2003	17/06/2003	-	Active	NO
L17120MH1987PLC042598	Eurotex Industries and Exports Limited	Director	29/07/2003	29/07/2003	-	Active	NO
U25209MH1973PTC016846	Polyset Plastics Private Limited	Director	29/07/2005	29/07/2005	-	Active	NO
L24230AP1987PLC008016	Godavari Drugs Limited	Director	27/09/2006	27/09/2006	-	Active	NO
U40201GJ2000PLC037850	Celestial Biologicals Limited	Director	29/09/2008	7/12/2007	-	Active	NO
L74999MH1995PLC085878	Solar Industries India Limited	Director	24/09/2008	18/06/2008	-	Active	NO
U28910MH1981PLC024161	Minex Metallurgical Company Limited	Director	1/08/2008	1/08/2008	-	Active	NO
U45201MH2006PLC165973	Relcon Infraprojects Limited	Director	30/09/2010	27/08/2010	-	Active	NO
L26100MH1998PLC117437	Sezal Glass Limited	Director	12/08/2011	12/08/2011	19/01/2012	Active	NO

Name :

Mr. Pushpraj Deoraj Singhvi

Designation :

Director

Address :

B-302, Highland Park Co-Operative Housing Society Limited, Link Road, Lokhandwala, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

01.01.1944

Date of Appointment :

30.09.2009

DIN No.:

00347511

Other Directorship :

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
U74999MH2003PTC139614	Borouge (India ) Private Limited	Managing director	17/03/2003	17/03/2003	-	Active	NO
U25209MH1973PTC016846	Polyset Plastics Private Limited	Director	30/09/2009	22/07/2008	-	Active	NO
L99999MH1963PLC012642	Windsor Machines Limited	Director	22/07/2011	30/03/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ram
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Premraj F. Bafna	852100
Madanlata Premraj Bafna	79680
Madanlata P. Bafna	120000
Shailesh Premraj Bafna	195600
Madanlata Premraj Bafna	431960
Mehul Finance and Investments Private Limited, India	1851700
Bhupesh P. Bafna	231000
Anju Shailesh Bafna	80700
Okay Plastics Private Limited	571000
Shailesh Premraj Bafna	180004
Premraj F.Bafna H.U.,F.	1000
Premraj Futarmal Bafna	1289000
Shailesh Premraj Bafna	578600
Bhupesh Premraj Bafna	554900
Anju S. Bafna	71906
Priti Bhupesh Bafna	147310
Priti Bhupesh Bafna	19200
Premraj F. Bafna	40000
Bhupesh P. Bafna	154400
Saroj K. Jain	10
Anita Sanjay Pagaria	10
Total	7450080

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Bodies corporate	32.50
Directors or relatives of Directors	67.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Buckets, Mugs Storage Bins.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
Furniture of Plastics	94037000
Other Plastics Industrial Components	39269009
Other Plastics Injection Moulded Articles Other than those manufactured reserved for SSI	39262009

Terms :

Selling :

Cash/ Credit

Purchasing :

Cash/ Credit

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Installed Capacity	Actual Production
Thermo plastic products	Nos.	17,095MT	16,289,792
Crushed moulding powder	Kgs.	-	395,370

Note:

1. Installed capacity is as certified by the management and relied upon by the auditors, being a technical matter.

2. Though the installed capacity is expressed in Metric Tons (MTs), the opening and closing stocks, production and turnover are shown in pieces, as it is not practicable to show them in MTs. Further, the units of production are of varying weights/sizes, and accordingly, the total production quantity may not be strictly comparable with that of the previous year.

3. The production figures include goods manufactured at third party facilities and goods manufactured but not assembled, pending inspection.

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

No. of Employees :

250 (Approximately)

Bankers :

· State Bank of India, Industrial Finance Branch, Snehal Chambers, Telli Gulli, Andheri (East), Mumbai – 400069, Maharashtra, India

· State Bank of India, MID Corporate Loan Administrative Unit, Shri Hari Building, RTO. Lane, Four Bunglows, Andheri (West), Mumbai – 400053, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Banks (i) Working capital facility	69.535	30.980
(ii) Vehicle Loans [Amount repayable within one year Rs.0.304 Million (Previous Year: Rs.1.048 Millions)]	0.304	1.310
From Equipment finance companies (i) Equipment Loans [Amount repayable within one year (Previous Year: Rs.0.535 Million)]	0.000	0.535
Total	69.839	32.825
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Shareholders	5.031	21.174
Inter corporate deposits [Includes interest accrued and due Rs.0.472 Million (Previous Year:Rs.0.386 Million)]	5.802	4.200
Unsecured Loans from directors [Includes interest accrued and due Rs.1.408 Millions (Previous Year: Rs.2.727 Millions)]	9.310	19.086
Sales Tax Deferral loan [Amount repayable within one year Rs.4.839 Millions (Previous Year: Rs.4.348 Millions)]	29.987	32.363
Total	50.130	76.823

Financial Institute :	Sicom Limited, Nirmal, 1^st Floor, Nariman Point, Andheri (East), Mumbai – 400021, Maharashtra, India
Banking Relations :	--
Auditors :
Name :	Malpani and Associates Chartered Accountants
Address :	307, Chartered House 297/299, Dr. Hormasji Street, Near Marine Line Church, Mumbai-400002, Maharashtra, India
PAN.:	AADPM2684D
Enterprises where control exists (Associates) :	· Mehul Finance and Investment Private Limited · Okay Plastics Private Limited · Power Mould · Anju Techno Industries

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs.90.000 Millions
300000	Redeemable Cumulative Preferences Shares	Rs.100/- each	Rs.30.000 Millions
	TOTAL		Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7450080	Equity Shares	Rs.10/- each	Rs.74.501 Millions

Of the above shares:

(a) 5,545,800 equity shares of Rs.10 each were allotted as fully paid-up bonus shares by capitalisation of general reserve)

(b) 1,450,080 equity shares of Rs.10 each were alloted as fully paid up to the shareholders of erstwhile Anju Polyproducts Private Limited, pursuant to the scheme of amalgamation for consideration other than cash.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		74.501	80.000	80.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		219.004	104.043	39.026
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		293.505	184.043	119.026
LOAN FUNDS
1] Secured Loans		69.839	32.825	77.859
2] Unsecured Loans		50.130	76.823	80.204
TOTAL BORROWING		119.969	109.648	158.063
DEFERRED TAX LIABILITIES		17.961	23.618	0.000
TOTAL		431.435	317.309	277.089
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		137.798	127.369	169.803
Capital work-in-progress		34.611	1.148	2.774
INVESTMENT		2.238	2.238	2.243
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	65.848	72.151	91.964
	Sundry Debtors	182.101	116.720	130.440
	Cash & Bank Balances	5.509	5.533	9.789
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	91.430	59.804	23.766
Total Current Assets		344.888	254.208	255.959
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.751	36.761	66.361
	Other Current Liabilities	31.817	26.626	83.836
	Provisions	22.532	4.267	3.493
Total Current Liabilities		88.100	67.654	153.690
Net Current Assets		256.788	186.554	102.269
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		431.435	317.309	277.089

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	860.082	786.480	600.924
		Moulding Charges	24.083	11.954	15.589
		Increase / (Decrease) in inventories	(1.664)	(9.983)	10.114
		Other Income	23.229	14.843	10.361
		TOTAL	90.573	803.294	636.988
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		207.876	139.302	85.614
Less	FINANCIAL EXPENSES		10.740	12.561	14.770
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		197.136	126.741	70.844
Less/ Add	DEPRECIATION/ AMORTISATION		21.181	26.081	26.763
	PROFIT BEFORE TAX		175.955	100.660	44.081
Less	TAX		46.577	35.643	4.696
	PROFIT AFTER TAX		129.378	65.017	39.385
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(28.574)	(93.591)	(132.976)
	BALANCE CARRIED TO THE B/S		100.804	(28.574)	(93.591)
	EARNINGS IN FOREIGN CURRENCY
		F.O.B value of goods	2.453	0.000	5.482
	TOTAL EARNINGS		2.453	0.000	5.482
	IMPORTS
		Raw Materials	10.952	4.113	4.179
		Stores, Spares and components	0.338	0.128	0.474
		Capital Goods	0.787	1.423	0.000
	TOTAL IMPORTS		12.077	5.664	4.653
	Earnings Per Share (Rs.)		17.20	8.64	5.20

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	142.84	8.09	6.18
Net Profit Margin (PBT/Sales)	(%)	20.45	12.79	7.34
Return on Total Assets (PBT/Total Assets}	(%)	36.45	26.38	10.35
Return on Investment (ROI) (PBT/Networth)		0.60	0.55	0.37
Debt Equity Ratio (Total Liability/Networth)		0.71	0.96	2.62
Current Ratio (Current Asset/Current Liability)		3.91	3.76	1.66

LOCAL AGENCY FURTHER INFORMATION

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 three years	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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	--

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
Due to Small, Micro and Medium Enterprises	0.000	0.000	0.099
Others	33.751	36.761	66.262
Total	33.751	36.761	66.361

OPERATIONS

During the year, the Company has achieved turnover of Rs.884.164 Millions as compared to R.798.434 Millions for the previous year.

Profit for the year is Rs.129.378 Millions as compare to Rs.65.017 for the previous year.

FORM 8

Corporate identity number of the company	U25209MH1973PTC016846
Name of the company	POLYSET PLASTICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	11-A, Mehta Industrial Estate, 1^st Floor Crossing Of J. P. Road No. 2 and J. B. Patel Road, Goregaon (East), Mumbai – 400063, Maharashtra, India Email Id : PRAVIN_JAIN@POLYSET.NET
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90163334
Type of charge	Immovable property
Particular of charge holder	State Bank of India, MID Corporate Loan Administrative Unit, Shri Hari Building, RTO. Lane, Four Bunglows, Andheri (West), Mumbai – 400053, Maharashtra, India Email Id : kamalax_saraf@hotmail.co
Nature of instrument creating charge	No Instrument. Memorandum of deposit for creation of charge for term loan/overall limit
Date of instrument Creating the charge	05.03.2010
Amount secured by the charge	Rs.110.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction terms Terms of repayment As per sanction terms Margin As per sanction terms Extent and operation of the charge As per sanction terms
Short particulars of the property or asset(s) charged (including complete address and location of the property)	A first charge by way of hypothecation of the borrowers entire goods, movables and other assets present and future including documents of title to goods and other assets, such as book-debts, outstanding moneys, receivables, including receivables by way of cash assistance and/or cash incentives under the cash incentive scheme or any other scheme, claims, including claims by way of refund of customs/excise duties under the duty drawback credit scheme, or any other scheme bills, invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights uncalled capital and all machinery present and future of such form satisfactory to the bank
Date of instrument modifying the charge	05.03.2010
Particulars of the present modification	NOW by the present modification dated 5.3.2010 the company created an extension of charge by way of an equitable mortgage by deposit of title deeds over the immovable properties (Daman Property and Talasari Properties) by fixing the mortgage at Rs.110.000 Millions

Contingent Liabilities and Capital Commitments (As on 31.03.2010):

(i) Unexpired Bank guarantees Rs.0.934 Million

(ii) Claims against the Company not acknowledged as debts Rs.4.125 Millions

(iii) Sales tax, Customs, Excise and other matters Rs.5.375 Millions

(iv) Claims of employees at Halol Unit- Amount not ascertainable

(v) Contingent Liabilities as may arise due to delayed/non compliance of certain fiscal statutes- Amount unascertainable

(vi) Estimated amount of contracts remaining to be executed on capital accounts (net of advances) and not provided for Rs.38.000 Millions

FIXED ASSETS

· Leasehold Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Computers

· Office Equipments

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.49.21
UK Pound	1	Rs.77.75
Euro	1	Rs.64.58

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	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.