MIRA INFORM REPORT

Report Date :

23.02.2012

IDENTIFICATION DETAILS

Name :	SPERRY PLAST LIMITED
Registered Office :	H – 88, Kirti Nagar, New Delhi – 110015, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.04.1992
Com. Reg. No.:	55-048504
Capital Investment / Paid-up Capital :	Rs.78.960 Millions
CIN No.: [Company Identification No.]	U25209DL1992PLC048504
TAN No.: [Tax Deduction & Collection Account No.]	DELS09441F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Shoe Components.
No. of Employees :	Not Available

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 1790000
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 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.

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 :	H – 88, Kirti Nagar, New Delhi – 110015, India
Tel. No.:	91-11-25454063/ 25442310/ 25412717/ 51424370
Fax No.:	91-11-25455113/ 25117362/ 51424375
E-Mail :	dhananjaymgr@gmail.com cs@sperryplastlimited.net sperry@del2.vsnl.in marketing@sperryplastlimited.com info@sperryplaslimited.net accountsbg@sperryplastlimited.net riteshmalhotra@sperryplastlimited.net
Website :	http://www.sperryplastlimited.com http://www.sperryplastlimited.net
Factory 1 :	1121, M. I. E. Bahadurgarh – 124 507, Haryana, Uttar Pradesh, India
Tel. No.:	91-1276-367154, 367552, 367553, 368040, 368552
Factory 2 :	Unit II, Plot No. 16, Udyog Vihar, Greater Noida – 201 306, Uttar Pradesh, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Vikram Jain

Designation :

Managing Director

Address :

A – 41 and 42, Kirti Nagar, New Delhi – 110015, India

Date of Birth/Age :

03.10.1969

Qualification :

Graduate

Date of Appointment :

28.04.1992

DIN No.:

00110704

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
U25209DL1992PLC048504	Sperry Plast Limited	Managing director	1/10/2006	28/04/1992	-	Active	NO
U45201DL2004PTC131298	Sperry Infrasturcture And Developers Private Limited	Director	16/12/2004	16/12/2004	-	Active	NO
U45200DL2008PTC179845	Sperry Builders and Developers Private Limited	Director	20/06/2008	20/06/2008	-	Active	NO
U74899DL1982PTC013091	Uttar Bharat Neel Manufacturing Company Private Limited	Additional director	5/10/2009	5/10/2009	-	Active	NO
U74140DL2010PTC203183	Amazon Corporate Services Private Limited	Director	26/05/2010	26/05/2010	-	Active	NO
U74950DL1999PTC101225	Vineet Thermopack Private Limited	Director	21/06/2010	21/06/2010	-	Active	NO
U29300DL2011PTC215780	Sperry Home Appliances Private Limited	Director	14/03/2011	14/03/2011	-	Active	NO
U74996DL2006PTC149782	Sperry Techno Solutions Private Limited	Director	30/09/2011	1/06/2011	-	Active	NO

Name :

Mr. Nawal Mal Jain

Designation :

Director

Address :

A – 41 and 42, Kirti Nagar, New Delhi – 110015, India

Date of Birth/Age :

07.11.1941

Qualification :

Graduate

Date of Appointment :

28.04.1992

DIN No.:

00235990

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
U25209DL1992PLC048504	Sperry Plast Limited	Director	28/04/1992	28/04/1992	-	Active	NO
U45201DL2004PTC131298	Sperry Infrasturcture And Developers Private Limited	Director	16/12/2004	16/12/2004	-	Active	NO
U74996DL2006PTC149782	Sperry Techno Solutions Private Limited	Director	16/06/2006	16/06/2006	-	Active	NO
U70109DL2006PTC150026	Sperry Real Estates Private Limited	Director	23/06/2006	23/06/2006	-	Active	NO
U74899DL1982PTC013091	Uttar Bharat Neel Manufacturing Company Private Limited	Additional director	5/10/2009	5/10/2009	-	Active	NO

Name :

Shitul Dhirajlal Patel

Designation :

Director

Address :

303, Pushpak, 10^th Road, JVPD Scheme, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

11.11.1964

Qualification :

BE/ MBA

Date of Appointment :

01.05.2007

DIN No.:

00506534

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
U45201GJ1980PTC003715	Advance Construction Company Private Limited	Whole-time director	21/01/1989	21/01/1989	-	Active	NO
U29290MH1992PTC067306	Advance Equipment Finance Private Limited	Director	19/06/1992	19/06/1992	-	Active	NO
U26954MH1992PLC068841	Advance Precast Products Limited	Director	30/09/1992	30/09/1992	-	Active	NO
U45202MH1993PTC070885	Advance Housing Development Private Limited	Director	22/02/1993	22/02/1993	-	Active	NO
U45201DL2005PTC136501	Amrapali Green Buildcon Private Limited	Director	20/05/2005	20/05/2005	1/04/2008	Active	NO
U70101DL2005PTC141852	Era Advance Developers Private Limited	Director	18/10/2005	18/10/2005	-	Active	NO
U25209DL1992PLC048504	Sperry Plast Limited	Director	29/09/2007	1/05/2007	-	Active	NO
U45200MH2007PTC172404	Aabha Land Projects Private Limited	Director	1/01/2008	1/01/2008	-	Active	NO
U70101DL2009PTC193609	Pan Realtors Private Limited	Director	26/08/2009	26/08/2009	-	Active	NO
U45400DL2011PTC228032	Euphoria Sports City Private Limited	Director	28/11/2011	28/11/2011	-	Active	NO

Name :

Mr. Deepak Sharma

Designation :

Director

Address :

H-69, Kirti Nagar, New Delhi – 110015, India

Date of Birth/Age :

26.08.1964

Qualification :

MBA/ LLB/ Be

Date of Appointment :

07.01.2008

DIN No.:

01980029

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
U25209DL1992PLC048504	Sperry Plast Limited	Director	30/09/2008	7/01/2008	-	Active	NO
U25203DL2008PTC182666	Sperry Wictor Adhesives India Private Limited	Nominee director	1/09/2008	1/09/2008	-	Under Process of Striking off	NO
U74950DL1999PTC101225	Vineet Thermopack Private Limited	Director	30/09/2011	18/01/2011	-	Active	NO
U29300DL2011PTC215780	Sperry Home Appliances Private Limited	Director	14/03/2011	14/03/2011	-	Active	NO

Name :

Mr. Hemanshu Shah

Designation :

Director

Address :

R N 36, 4^th Floor, New Mumbadevi, CHS 48, Khadilkar Road, Girgaum, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

16.02.1973

Qualification :

Graduate

Date of Appointment :

07.04.2008

DIN No.:

02092440

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
U25209DL1992PLC048504	Sperry Plast Limited	Director	30/09/2008	7/04/2008	-	Active	NO

Name :

Mr. Himanshu Saremalji Shah

Designation :

Additional Director

Address :

F – 247, F. F., Mansarover Garden, New Delhi – 110015, India

Date of Birth/Age :

07.05.1977

Qualification :

Master Degree

Date of Appointment :

16.08.2010

DIN No.:

03132721

KEY EXECUTIVES

Name :	Mr. Dhananjay Kumar
Designation :	Secretary
Address :	A – 5, II ND Floor, Shakarpur, Main Market, New Delhi – 110092, India
Date of Birth/Age :	01.06.1983
Date of Appointment :	15.06.2010
PAN No.:	BCIPK0899N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Chander Mohan Gandhi	10
Sharda Gandhi	10
Seema Gandhi	10
Chaya Jain	10
Vikram Jain	4818938
Naina Jain	1421900
Nawal Mal Jain	423500
Damyanti Jain	821820
Speery Builders and Developers Private Limited	409800
Total	7895998

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	5.18
Directors or relatives of Directors	66.39
Other top fifty shareholders	28.43
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Exporter of Shoe Components.

Products :

ITEM CODE NO.	PRODUCT DESCRIPTION
0124	Manufacturing and Compounding of TPR, HIPS, PP, IMM and Moulding Items (Plastic and EPS)

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Actual Production
TPR Compound	Kgs	8183023
HIPS Compound	Kgs	394450
P. P. Filled	Kgs	810606
CPVC Pipe and Fittings	Kgs	1850174
Moulding	Kgs	3609748
EPS and Others	Kgs	4417590

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, IC Branch, Bahadurgarh, Haryana, India

· Standard Chartered Bank, Cyber City, Gurgaon, Haryana, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan	313.807	178.013
Others	0.302	3.537
Working Capital Loan	455.769	299.841
Bank’s Vehicle Loans	1.818	2.818
Total	771.696	484.209
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working Capital Loans	3.556	5.342
Directors Loans	0.289	0.000
Others	229.669	142.960
Total	233.514	148.302

Banking Relations :	--
Auditors :
Name :	S. K. Bharti and Company Chartered Accountants
Address :	302, Surya Tower, 31, DDA Community Centre, Paschim Vihar, New Delhi – 110063, India
Tel. No.:	91-11-25287361/25287362
PAN.:	AACFS6942B
Subsidiaries :	· Sperry Infrastructure and Developers Private Limited · Vineet Thermopack Private Limited · Sperry Wictor Chemical India Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7895998	Equity Shares	Rs.10/- each	Rs.78.960 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		78.960	76.512	76.512
2] Share Application Money		0.000	22.030	0.000
3] Reserves & Surplus		369.302	280.028	243.445
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		448.262	378.570	319.957
LOAN FUNDS
1] Secured Loans		771.696	484.209	395.683
2] Unsecured Loans		233.514	148.302	14.179
TOTAL BORROWING		1005.210	632.511	409.862
DEFERRED TAX LIABILITIES		53.865	42.004	30.542
TOTAL		1507.337	1053.085	760.361
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		819.660	677.171	349.659
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		32.989	21.499	21.499
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	333.853	216.383	184.877
	Sundry Debtors	369.191	300.528	236.490
	Cash & Bank Balances	56.142	54.793	21.989
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	247.118	151.976	98.292
Total Current Assets		1006.304	723.680	541.648
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	221.847	185.434	149.140
	Other Current Liabilities	111.451	176.204	5.637
	Provisions	20.286	12.142	4.301
Total Current Liabilities		353.584	373.780	159.078
Net Current Assets		652.720	349.900	382.570
MISCELLANEOUS EXPENSES		1.968	4.515	6.633
TOTAL		1507.337	1053.085	760.361

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1865.787	1063.207	722.593
		Other Income	2.943	1.685	1.572
		TOTAL (A)	1868.730	1064.892	724.165
Less	EXPENSES
		Consumption Materials Changes Inventories	1400.975	796.308	(46.749)
		Raw Materials Consumed	0.000	0.000	587.540
		Manufacturing Expenses	161.585	66.876	44.210
		Employee related expenses	30.709	12.363	9.634
		Administrative, Selling and Other Expenses	57.906	44.376	45.370
		TOTAL (B)	1651.175	919.923	640.005
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		217.555	144.969	84.160
Less	FINANCIAL EXPENSES (D)		99.989	73.718	44.598
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		117.566	71.251	39.562
Less/ Add	DEPRECIATION/ AMORTISATION (F)		33.531	20.802	13.143
	PROFIT BEFORE TAX (E-F) (G)		84.035	50.449	26.419
Less	TAX (H)		0.000	12.929	6.266
	PROFIT AFTER TAX (G-H) (I)		84.035	37.520	20.153
Less	Adjustment for Previous Year			1.950	5.677
Add	Adjustment of Advance Income tax			1.879	6.181
Add	Tax Provision (Income Tax/ Wealth Tax/ FBT) for the financial year 2008-09 written back		NA	0.000	0.000
Less	Tax Provision (Income Tax/ Wealth Tax/ FBT)			0.000	0.008
Less	Gratuity Provision for current year			0.865	0.434
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	139.983	119.769
	BALANCE CARRIED TO THE B/S		NA	176.567	139.984
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	88.272	68.973
	TOTAL EARNINGS		0.000	88.272	68.973
	Earnings Per Share (Rs.)		10.64	4.90	2.63

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.49	3.52	2.78
Net Profit Margin (PBT/Sales)	(%)	4.50	4.74	3.65
Return on Total Assets (PBT/Total Assets}	(%)	4.60	3.60	2.96
Return on Investment (ROI) (PBT/Networth)		0.18	0.13	0.08
Debt Equity Ratio (Total Liability/Networth)		3.03	2.65	1.78
Current Ratio (Current Asset/Current Liability)		2.85	1.94	3.40

LOCAL AGENCY FURTHER INFORMATION

OPERATION

During the year, the Company has performed beyond the targeted results both in terms of turnover and profitability despite of the volatile prices of raw materials and recession in the international economy. The main reason behind it is that the Company has expanded its customer base and diversion its business prospect. The Company has entered in manufacturing of injection molded products and CPVC Pipes and Fittings. Company achieved instant growth through keeping its operational cost under control. Sperry Plast Limited is today one of the Largest Thermo Plastic Rubber Compounds Company in India.

FORM 8

Corporate identity number of the company	U25209DL1992PLC048504
Name of the company	SPERRY PLAST LIMITED
Address of the registered office or of the principal place of business in India of the company	H-88, Kirti Nagar, New Delhi – 110015, India Email Id : dhananjaymgr@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90043507
Type of charge	Immovable property Stock
Particular of charge holder	State Bank of India, Industrial Complex Branch, Bahadurgarh – 124507, Haryana, India Email Id : info@gskassociates.com
Nature of instrument creating charge	1. FORM C.1-A (Supplementary Agreement of Loan for Increase in the Overall Limit) 2. FORM C.2-A (Supplementary Agreement of Hypothecation of Goods and Assets for Increase in the Overall Limit) 3. FORM C.5 (Letter Regarding the Grant of Individual Limit Within the Overall Limit)
Date of instrument Creating the charge	09.11.2011
Amount secured by the charge	Rs.1343.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit=15% , TL II, III and IV=14.40% , TL V=14.90% , TL VI=15.40% , TL VII=14.90% , TL VIII=15.50% Terms of repayment 1. Working Capital=Repayable On Demand. 2. TL I-VII=As per Existing Payment Schedules. 3.TL VIII=Repayable in 24 quarterly installment commencing from 30th June 2012.First 12 quarterly installment of Rs.1670.000 Millions each, next 12 quarterly installment of Rs.500.000 Millions each. Last installment will be payable on 31st March 2018. Interest will be recoverable as and when due Margin Stocks-RM/SIP/FG=25% Receivables-Domestic=30% LC(in shape of TDR/STDR)=10% BG=10% TL-VIII=30% Extent and operation of the charge Personal Guarantee of Promoter Directors as detailed below: 1.Vikram Jain 2.Nawal Mal Jain Third Party guarantee as detailed below: 1.Nayana Jain 2.Vikram Jain(HUF) 3.Damyanti Jain
Short particulars of the property or asset(s) charged (including complete address and location of the property)	A) Primary Security: 1.WC=Hypothecation on the company’s entire inventory, receivables and all other current assets. 2.TL(Existing and Proposed): First hypothecation charge on entire fixed assets of the company having WDV of Rs.819.700 Millions as on 31.3.11 including equitable mortgage of following properties*,but excluding the property charged to Kotak Mahindra Bank (WDV Rs.120.700 Millionsas on 31.03.2011 *i) Equitable mortgage of factory land and building measuring 9719.12 sq.m. Situated at plot No.16, Udyog Vihar, Greater Noida having realisable value of Rs.101.200 Millions as on 30.10.10. ii) Registered Mortgage :Registered Mortgage to be completed as soon as possible of land and building thereon, measuring 3.6acres at lane 5 EPIP, Bari Brahamana, Jammu in the name of company having realisable value of Rs.58.890 Millions as on 29.09.10 (The property is on a 99-years lease to the co. from J and K State Industrial Development Corporation Limited at EPIP, Bari Brahmana, Jammu iii)Equitable mortgage of L and B thereon measuring 3.0acres at D-29,D-30 and D-31,No.5 Irungattukotai, Chennai in the name of co having forced sale value of Rs.68.000 Millions as on 1.10.10 Collateral Security :i)Equitable mortgage of double storeyed residential property measuring 598 sq, yards bearing part of plot No.A-42,Kriti Nagar,New Delhi in the name of Shri Vikram Jain,Smt Naina Jain,Shri Nawal Mal Jain and Smt Damyanti Jain. ii) Equitable mortgage of property measuring 100sq.yards situated at H-88 Kriti Nagar,New Delhi-15 in the name of M/s B. M. Plastic Industry and M/s National Polymers under the propritorship of Sh.Nawal Mal Jain. iii)Equitable mortgage of factory L and B, alongwith EM of leasehold rights held by the company, measuring 533sq.yards situated at MIE Bahadurgarh bearing property, No.615 in the name of Vikram Jain (HUF), No.681 (meas.757 sq. yards) in the name of Nayana Jain. iv) equitable mortgage of land meas.2450.85sq.yards situated at 1121 MIE Bahadurgarh owned by company
Whether any of the property or interest therein under reference is not registered in the name of the company If yes, in whose name it is registered	Vikram Jain Naina Jain Nawal Jain Damyanti Jain B M Plastic Industry National Polymers Vikram Jain (HUF) Nayana Jain
Date of instrument modifying the charge	10.01.2011
Particulars of the present modification	Particulars Existing Modified (Rs. in Millions) (Rs. in Millions) Fund Based 8.243 9.930 Non Fund Based 3.704 3.500 ----------- ---------- Total 11.947 13.430 ======= =======

FIXED ASSETS

· Land and Buildings

· Plant and Machineries

· Computers

· Vehicles and Cars

· Electricity Fittings Appliance

· Furniture and Fixtures

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.49.24
UK Pound	1	Rs.76.74
Euro	1	Rs.65.16

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	6
--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		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.