MIRA INFORM REPORT

Report Date :

16.01.2012

IDENTIFICATION DETAILS

Name :	PEARL BOTTLING PRIVATE LIMITED (w.e.f. 26.03.2002)
Formerly Known As :	KRISHNA MOHAN BEVERAGES AND CONSTRUCTIONS PRIVATE LIMITED
Registered Office :	802, Ansal Bhawan, 16, Kasturba Gandhi Marg, New Delhi-110001.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.05.1988
Com. Reg. No.:	55-170355
Capital Investment / Paid-up Capital :	Rs.164.972 Millions
CIN No.: [Company Identification No.]	U15541DL1988PTC170355
TAN No.: [Tax Deduction & Collection Account No.]	VPNP00520C
PAN No.: [Permanent Account No.]	AABCK2911Q
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Buyer of Beverages based in Visakhapatnam.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 480000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. However trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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 :	802, Ansal Bhawan, 16, Kasturba Gandhi Marg, New Delhi-110001, India.
Tel. No.:	91-11-46470200
Fax No.:	91-11-23327747
E-Mail :	vishal.goyal@ckjpearl.com manoj.kumar@ckjpearl.com

DIRECTORS

(AS ON 28.09.2011)

Name :

Mr. Chandrakant Jaipuria

Designation :

Director

Address :

8, Prithviraj Road, New Delhi-110011, India.

Date of Birth/Age :

13.11.1951

Date of Appointment :

11.08.1995

DIN No.:

00355262

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	U74899DL1985PTC020316	RAJPUTANA STORES(BOMBAY) PRIVATE LIMITED	Director	6/3/1985	6/3/1985	-	Active	NO
2	U74899DL1962PTC043791	JAIPURIA BEVERAGES AND FOOD INDUSTRIES PRIVATE LIMITED.	Director	26/07/1985	26/07/1985	-	Active	NO
3	U15532DL1982PLC014664	PEARL DRINKS LIMITED	Managing director	1/7/2009	8/1/1987	-	Active	NO
4	U74899DL1995PTC064090	ROHIT PROMOTORS PRIVATE LIMITED	Director	10/3/1995	10/3/1995	-	Active	NO
5	U74899DL1988PTC033705	C A PROCESS INDUSTIRES PRIVATE LIMITED	Director	10/3/1995	10/3/1995	-	Active	NO
6	U15541DL1988PTC170355	PEARL BOTTLING PRIVATE LIMITED	Director	11/8/1995	11/8/1995	-	Active	NO
7	U15549DL1996PLC079678	PEARL BEVERAGES LIMITED	Managing director	1/7/2008	14/06/1996	-	Active	NO
8	U74899DL1997NPL089939	INDIAN SOFT DRINKS MANUFACTURERS ASSOCIATION	Director	30/09/1997	30/09/1997	-	Active	NO
9	U15511DL1999PTC099599	JAI BEVERAGES PRIVATE LIMITED	Director	4/5/1999	4/5/1999	-	Active	NO
10	U74899DL1993PLC054195	SAAB TRAVEL AND TOURS LIMITED	Director	10/8/2000	10/8/2000	30/01/2009	Active	NO
11	U15134DL2002PTC114242	JAI JUICES PRIVATE LIMITED	Director	15/02/2002	15/02/2002	-	Active	NO
12	U55101DL1998PTC091666	UNIVERSAL DAIRY PRODUCTS PRIVATE LIMITED	Director	30/11/2002	30/11/2002	4/7/2008	Active	NO
13	U15311KA2005PTC056622	UB NIZAM BREWERIES PRIVATE LIMITED	Director	14/09/2005	14/09/2005	19/05/2009	Active	NO
14	U51101DL2007PTC160063	GAMMA PIZZAKRAFT (OVERSEAS) PRIVATE LIMITED	Director	5/3/2007	5/3/2007	-	Active	NO
15	U00060DL2005PTC138821	GAMMA PIZZAKRAFT PRIVATE LIMITED	Director	29/09/2009	25/02/2009	-	Active	NO
16	U31909DL2004PTC127126	RRJ INFRASTRUCTURE COMPANY PRIVATE LIMITED	Director	23/09/2009	10/8/2009	-	Active	NO

Name :

Mr. Ruchirans Jaipuria

Designation :

Director

Address :

8, Prithviraj Road, New Delhi-110011, India.

Date of Birth/Age :

20.03.1980

Date of Appointment :

28.10.2000

DIN No.:

00355291

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	U15541DL1988PTC170355	PEARL BOTTLING PRIVATE LIMITED	Managing director	28/10/2000	28/10/2000	-	Active	NO
2	U74899DL1995PTC064090	ROHIT PROMOTORS PRIVATE LIMITED	Director	14/09/2001	14/09/2001	-	Active	NO
3	U74899DL1985PTC020316	RAJPUTANA STORES(BOMBAY) PRIVATE LIMITED	Director	29/10/2001	29/10/2001	-	Active	NO
4	U22122DL2002PTC114238	JRC PRINTERS PRIVATE LIMITED	Director	15/02/2002	15/02/2002	-	Active	NO
5	U45403AP2002PTC039235	SIMPLY SLEEK INTERIORS PRIVATE LIMITED	Director	2/7/2002	2/7/2002	-	Strike off	NO
6	U55101DL1998PTC091666	UNIVERSAL DAIRY PRODUCTS PRIVATE LIMITED	Director	30/11/2002	30/11/2002	4/7/2008	Active	NO
7	U31909DL2004PTC127126	RRJ INFRASTRUCTURE COMPANY PRIVATE LIMITED	Director	24/06/2004	24/06/2004	-	Active	NO
8	U15532DL1982PLC014664	PEARL DRINKS LIMITED	Managing director	1/10/2011	3/8/2004	-	Active	NO
9	U74899DL1988PTC033705	C A PROCESS INDUSTIRES PRIVATE LIMITED	Director	16/10/2004	16/10/2004	-	Active	NO
10	U74140AP2005PTC047105	JAIPURIA BREAKTHROUGH SOLUTIONS PRIVATE LIMITED	Director	10/8/2005	10/8/2005	-	Strike off	NO
11	U15311KA2005PTC056622	UB NIZAM BREWERIES PRIVATE LIMITED	Director	14/09/2005	14/09/2005	19/05/2009	Active	NO
12	U40101DL2005PTC139910	JAVA ENERGY PRIVATE LIMITED	Director	28/06/2006	28/06/2006	-	Active	NO
13	U40105DL2006PTC154851	PEARL ENERGY PRIVATE LIMITED	Director	18/10/2006	18/10/2006	-	Active	NO
14	U51101DL2007PTC160063	GAMMA PIZZAKRAFT (OVERSEAS) PRIVATE LIMITED	Director	5/3/2007	5/3/2007	-	Active	NO
15	U74140DL1999PLC098529	YOUNG ENTERPRENEURS ORGANISATION (DELHI CHAPTER)	Director	27/08/2007	27/08/2007	8/4/2010	Active	NO
16	U21029DL2004PTC128333	J C PACKAGING PRIVATE LIMITED	Director	18/11/2008	18/11/2008	-	Strike off	NO
17	U00060DL2005PTC138821	GAMMA PIZZAKRAFT PRIVATE LIMITED	Director	29/09/2009	25/02/2009	-	Active	NO

Name :

Mr. Kishan Tirath Lalwani

Designation :

Director

Address :

SD 205, Tower Apartments, Pitam Pura, Delhi-110034, India

Date of Birth/Age :

05.09.1947

Date of Appointment :

07.12.2006

DIN No.:

00343876

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	U74899DL1987PTC026771	GANPATIE TRADERS PRIVATE LIMITED	Director	27/02/1993	27/02/1993	-	Active	NO
2	U74899DL1962PTC043791	JAIPURIA BEVERAGES AND FOOD INDUSTRIES PRIVATE LIMITED.	Director	8/11/1996	8/11/1996	-	Active	NO
3	U15532DL1982PLC014664	PEARL DRINKS LIMITED	Director	7/3/1997	7/3/1997	-	Active	NO
4	U74140AP2005PTC047105	JAIPURIA BREAKTHROUGH SOLUTIONS PRIVATE LIMITED	Director	10/8/2005	10/8/2005	-	Strike off	NO
5	U40101DL2005PTC139910	JAVA ENERGY PRIVATE LIMITED	Director	28/06/2006	28/06/2006	-	Active	NO
6	U15541DL1988PTC170355	PEARL BOTTLING PRIVATE LIMITED	Director	7/12/2006	7/12/2006	-	Active	NO
7	U15311KA2005PTC056622	UB NIZAM BREWERIES PRIVATE LIMITED	Director	21/11/2007	1/8/2007	19/05/2009	Active	NO
8	U00060DL2005PTC138821	GAMMA PIZZAKRAFT PRIVATE LIMITED	Director	29/09/2009	25/02/2009	-	Active	NO
9	U40105DL2006PTC154851	PEARL ENERGY PRIVATE LIMITED	Director	24/09/2009	10/8/2009	-	Active	NO

Name :

Mr. Anil Kumar Sareen

Designation :

Director

Address :

135, Madhuban, Delhi-110092, India.

Date of Birth/Age :

24.03.1950

Date of Appointment :

13.09.1995

DIN No.:

00440200

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	U74899DL1987PTC026771	GANPATIE TRADERS PRIVATE LIMITED	Director	8/6/1994	8/6/1994	10/10/2011	Active	NO
2	U15541DL1988PTC170355	PEARL BOTTLING PRIVATE LIMITED	Director	13/09/1995	13/09/1995	10/10/2011	Active	NO
3	U29130DL2006PTC155382	PEARL TACTICAL AND COMBAT GEARS PRIVATE LIMITED	Director	10/11/2006	10/11/2006	-	Active	NO
4	U15532DL1982PLC014664	PEARL DRINKS LIMITED	Director	28/09/2007	21/09/2007	10/10/2011	Active	NO

MAJOR SHAREHOLDERS/ SHAREHOLDING PATTERN

(AS ON 28.09.2011)

Names of Equity Shareholders	No. of Shares
Pearl Drinks Limited, India	99000
Pepsico India Holdings Private Limited, Gurgaon, India.	1000
Total	100000
Name of Preferences Shareholders (Cumulative Redeemable Preference Shares)	No. of Shares
Pepsico India Holdings Private Limited, India	3634610
Rajpurana Stores (Bombay) Private Limited, Delhi, India	1000000
Total	4634610
Name of Preferences Shareholders (Compulsory convertible Preference Shares)	No. of Shares
Pepsico Drinks Limited, India	10862684
Total	10862684

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Importer and Buyer of Beverages based in Visakhapatnam.

Products :

Product Description	Item Code
Soft drinks	220/210

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Licensed Capacity	Installed Capacity	Actual Production
C/s	NA	51000	6074066
Bags (BIBs)	NA	--	2386

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Oriental Bank of Commerce,

Overseas Branch, 85-A Rishyamook Building Panchkuian Road, Delhi, India.

· Yes Bank Limited,

9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli Mumbai-400018, Maharashtra, India.

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee Term Loans Banks Secured	270.353	292.630
Working Capital Loans Bank Secured	161.504	189.162
Loans taken for vehicles secured	15.379	10.357
Interests accrued due secured loans	0.000	12.848
Total	447.236	504.997

Banking Relations :	--
Auditors :
Name :	O.P. Bagla and Company Chartered Accountant
Address :	8/12, Kalkaji Extension, New Delhi-110019, India.
Tel. No.:	91-11-26436190/26412939/26239913
Fax No.:	91-11-26239912
E-Mail :	opbco@vsnl.com
PAN No.:	AAAFO1030A
Associates/Subsidiaries :	· Pearl Drinks Limited · Pearl Beverages Limited

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital:

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 100/- each	Rs.10.000 Millions
15600000	Preferences Shares	Rs. 10/- each	Rs.156.000 Millions
	Total		Rs.166.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 100/- each	Rs.10.000 Millions
4634610	Cumulative Redeemable Preference Shares	Rs. 10/- each	Rs.46.346 Millions
10862684	Compulsory convertible Preference Shares	Rs.10/- each	Rs.108.626 Millions
	Total		Rs.164.972 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		164.972	164.972	164.972
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.354	0.354	0.354
4] (Accumulated Losses)		(45.689)	(17.251)	(19.181)
NETWORTH		119.637	148.075	146.145
LOAN FUNDS
1] Secured Loans		447.236	504.997	265.166
2] Unsecured Loans		0.000	0.000	0.514
TOTAL BORROWING		447.236	504.997	265.680
DEFERRED TAX LIABILITIES		0.000	10.153	6.095
TOTAL		566.873	663.225	417.920
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		766.418	719.582	486.924
Capital work-in-progress		1.497	14.455	6.553
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	74.493	93.362	36.067
	Sundry Debtors	47.393	57.590	61.671
	Cash & Bank Balances	14.205	31.835	15.677
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	54.571	175.882	145.511
Total Current Assets		190.662	358.669	258.926
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	197.543	217.803	108.199
	Other Current Liabilities	194.161	190.401	202.064
	Provisions	0.000	21.277	24.220
Total Current Liabilities		391.704	429.481	334.483
Net Current Assets		(201.042)	(70.812)	(75.557)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		566.873	663.225	417.920

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1097.562	1036.569	713.752
		Other Income	NA	NA	9.199
		TOTAL	NA	NA	722.951
Less	EXPENSES
		TOTAL	NA	NA	658.923
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		5.336	83.710	64.028
Less/ Add	DEPRECIATION/ AMORTISATION		60.006	55.961	33.655
	PROFIT BEFORE TAX		(54.670)	27.749	30.373
Less	TAX		(9.672)	9.258	10.688
	PROFIT AFTER TAX		(44.998)	18.491	19.685
	IMPORTS
		Raw Materials	0.925	56.357	2.058
		Capital Goods	0.499	6.746	0.000
		Stores & Spares	0.264	0.000	0.035
	TOTAL IMPORTS		1.688	63.103	2.093
	Earnings Per Share (Rs.)		(449.98)	184.91	196.85

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	2.72
Net Profit Margin (PBT/Sales)	(%)	(4.98)	2.68	4.25
Return on Total Assets (PBT/Total Assets}	(%)	(5.71)	2.57	4.07
Return on Investment (ROI) (PBT/Networth)		(0.46)	0.19	0.21
Debt Equity Ratio (Total Liability/Networth)		7.01	6.31	4.11
Current Ratio (Current Asset/Current Liability)		0.49	0.84	0.77

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL HIGHLIGHTS

Inspite of the cut throat competition and market scenario, the Company has achieved Sales Volume of Rs. 1097.562 Millions as compared to previous year Sales Volume of Rs.1036.569 Millions. However, the Company has incurred loss of Rs. 44.998 Millions as against PAT of Rs.18.491 Millions in the previous year, which is mainly due to increase in operational costs. The Directors are hoping to achieve a better sales volume and PAT next year.

SHARE CAPITAL

During the year, the Company has redeemed 1,08,62,684 numbers of Cumulative Redeemable Preference Shares of Rs.10/- each at par as per the terms of the said Cumulative Redeemable Preference Shares. The Company has also reclassified its share capital to issue 10,862,684 numbers of Compulsory Convertible Preference Shares to enable the Company to redeem the Cumulative Redeemable Preference Shares.

Further, M/s. Pearl Drinks Limited has purchased 99,000 numbers of equity shares of Rs. 100/- each from the shareholders/promoters of the Company and has become 99% holding company of your Company.

CONTINGENT LIABILITIES NOT PROVIDED

Particular	31.03.2011 (Rs. In Million)	31.03.2010 (Rs. In Million)	31.03.2009 (Rs. In Million)
Counter guarantees issued in respect of guarantees issued by
Bankers	0.600	0.600	0.600
Others	71.000	0.000	17.600

Bankers Charges Report as per Registry

Corporate identity number of the company	U15541DL1988PTC170355
Name of the company	PEARL BOTTLING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	802, Ansal Bhawan, 16, Kasturba Gandhi Marg, New Delhi-110001, India. Vishal.goyal@ckjpearl.com
This form is for	Modification of charge
Charge identification number of the modified	10191183
Type of charge	Immovable Property Book Debts Movable Property (not being pledge) Floating Charge Others : All Current and Fixed Assets
Particular of charge holder	Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli Mumbai-400018, Maharashtra, India. shareholders@yesbank.in
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry dated 04.02.2010
Date of instrument Creating the charge	04.02.2010
Amount secured by the charge	Rs.240.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Term Loan:- 1st 2 years: 11% p.a. 3rd Year onwards: Yes Bank PLR minus 3.50% p.a. Terms of Repayment Principal to be repaid in 16 equal quarterly installments after a moratorium period of 18 months. Interest to be repaid on monthly rest basis. Extent and Operation of the charge First Pari passu charge on current assets and Second Pari Passu charge on movable fixed assets (excluding those specifically charged to Pepsico India Holding Limited) (both Present and future). First Pari Passu Charge on the immovable Properties located at location as per attachment.
Short particulars of the property charged	I) First Pari Passu charge on Current Assets including stocks of raw material, semi-finished and finished goods, stores and spares and Bills receivables and book debts (both present and future). II) Second Pari Passu charge on movable Fixed Assets including plant and machinery located at 4-7,Durganagar, Madhurawada, Vishakapatnam (excluding those specifically charged to Pepsico India Holding Limited) III) First Pari Passu charge on immovable property located at locations as per attachment.
Particulars of the present modification	Modification is pursuant to addition of following security is addition to existing securities:- First Pari Passu charge on immovable property located at locations.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Vehicles

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.51.43
UK Pound	1	Rs.79.10
Euro	1	Rs.66.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		26

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.