MIRA INFORM REPORT

Report Date :

21.01.2012

IDENTIFICATION DETAILS

Name :	MULTI ORGANICS PRIVATE LIMITED
Registered Office :	503, Keshava, Bandra- Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.06.1976
Com. Reg. No.:	11-19067
Capital Investment / Paid-up Capital :	Rs.9.000 Millions
CIN No.: [Company Identification No.]	U27100MH1976PTC019067
TAN No.: [Tax Deduction & Collection Account No.]	MUMM20905D
PAN No.: [Permanent Account No.]	AAACM4507D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Advance Intermediates and Fine Chemicals to the Global Pharmaceutical, Agro Chemical and Colorant Industry.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 150000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. General Financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Name :	Mr. Mishra
Designation :	Accounts Manager
Date :	20.01.2012

LOCATIONS

Registered Office :	503, Keshava, Bandra- Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
Tel. No.:	91-22-26590172/ 0353/ 0118/ 42354070
Fax No.:	91-22-66954585
E-Mail :	abirewar@mulitiorganics.com mumbai@multiorganics.com abirewar@gmail.com
Website :	http://www.multiorganics.com
Area :	2000 sq. ft
Location :	Owned
Factory :	A1, MIDC, Ghughus Road, Chndrapur, Maharashtra, India
Tel. No.:	91-7172-287618/ 287619
Fax No.:	91-7172-287617
Email :	chandrapur@multiorganics.com
Area :	10 acre
Location :	Owned

DIRECTORS

(AS ON 14.09.2011)

Name :

Mr. Baburao Vishwanath Birewar

Designation :

Director

Address :

B- 103 Kalpatru Residency, Kamani Marg, Sion (East), Mumbai-400022, Maharashtra, India

Date of Birth/Age :

28.11.1934

Date of Appointment :

09.06.1976

DIN No.:

00023335

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	U27100MH1976PTC019067	MULTI ORGANICS PRIVATE LIMITED	Director	9/6/1976	9/6/1976	-	Active	NO
2	U24110MH1986PTC041439	ABHIDEEP CHEMICALS PRIVATE LIMITED	Director	29/10/1986	29/10/1986	-	Active	NO
3	U30007MH2004PTC145274	ECONETS PRIVATE LIMITED	Director	23/03/2004	23/03/2004	30/03/2010	Active	NO
4	U74210MH2005PTC157304	INVENTYS RESEARCH COMPANY PRIVATE LIMITED	Director	14/11/2005	14/11/2005	-	Active	NO

Name :

Mr. Deepak Birewar

Designation :

Director

Address :

93/ B Kalpatru Residency, Kamani Marg, Sion (East), Mumbai-400022, Maharashtra, India

Date of Birth/Age :

29.10.1962

Qualification :

PHD From USA

Date of Appointment :

30.09.2003

DIN No.:

00023388

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	U24110MH1986PTC041439	ABHIDEEP CHEMICALS PRIVATE LIMITED	Director	30/09/2003	30/09/2003	Active	NO
2	U27100MH1976PTC019067	MULTI ORGANICS PRIVATE LIMITED	Whole-time director	1/2/2008	30/09/2003	Active	NO
3	U30007MH2004PTC145274	ECONETS PRIVATE LIMITED	Managing director	23/03/2004	23/03/2004	Active	NO
4	U74210MH2005PTC157304	INVENTYS RESEARCH COMPANY PRIVATE LIMITED	Director	14/11/2005	14/11/2005	Active	NO

Name :

Mr. Ajit Manohar Naik

Designation :

Director

Address :

63/ B Kalpatru Residency, Kamani Marg, Sion (East), Mumbai-400022, Maharashtra, India

Date of Birth/Age :

09.06.1960

Qualification :

B. Tech, MBA

Date of Appointment :

01.04.1993

DIN No.:

00023423

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	U27100MH1976PTC019067	MULTI ORGANICS PRIVATE LIMITED	Director	1/4/1993	1/4/1993	Active	NO
2	U24110MH1986PTC041439	ABHIDEEP CHEMICALS PRIVATE LIMITED	Director	23/06/2000	23/06/2000	Active	NO

Name :

Designation :

Mr. Prakash Vithalrao Kondawar

Director

Address :

415-A-Wing, 4^th Floor, Himeshikhar Apartments, 11, Shivaji Nagar, Nagpur-440010, Maharashtra, India

Date of Birth/Age :

29.09.1943

Date of Appointment :

09.06.1976

DIN No.:

00029773

Name :

Mr. Abhijeet Baburao Birewar

Designation :

Managing Director

Address :

113-B-Kalpataru Residency, Kamani Marg, Near Sioncircle, Sion (East), Mumbai-400022, Maharashtra, India

Date of Birth/Age :

03.12.1969

Qualification :

M.S.C in Chemicals From USA and MBA

Date of Appointment :

01.08.2011

DIN No.:

00029984

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	U27100MH1976PTC019067	MULTI ORGANICS PRIVATE LIMITED	Managing director		1/8/2011	1/4/1997	-	Active	NO
2	U24110MH1986PTC041439	ABHIDEEP CHEMICALS PRIVATE LIMITED	Managing director		1/8/2011	1/4/1997	-	Active	NO
3	U72200MH1999PTC118127	MOL GLOBAL SOFTWARE ALLIANCES PRIVATE LIMITED	Director		3/2/1999	3/2/1999	-	Active	NO
4	U72300MH2000PTC129211	DIVERSIFIED EQUITY (INDIA) PRIVATE LIMITED	Director		17/10/2000	17/10/2000	-	Active	NO
5	U85199MH2002PTC135469	SEHAT INDIA HEALTHCARE SERVICES PRIVATE LIMITED	Director		9/4/2002	9/4/2002	-	Active	NO
6	U74210MH2005PTC157304	INVENTYS RESEARCH COMPANY PRIVATE LIMITED	Director		14/11/2005	14/11/2005	26/11/2007	Active	NO
7	U28939PN2007PTC130327	TASK ELECTRICALS PRIVATE LIMITED	Director		15/06/2007	15/06/2007	-	Active	NO
8	U74900MH2010PTC201093	E10SIX SOLAR INDIA PRIVATE LIMITED	Director		20/03/2010	20/03/2010	-	Active	NO

Name :

Mrs. Alka Baburao Birewar

Designation :

Director

Address :

103, Tower B, Kalpataru Residen, Sion Koliwada Road, Sion (East), Mumbai-400022, Maharashtra, India

Date of Birth/Age :

01.04.1941

Date of Appointment :

09.06.1976

DIN No.:

00030090

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	U27100MH1976PTC019067	MULTI ORGANICS PRIVATE LIMITED	Director	9/6/1976	9/6/1976	-	Active	NO
2	U24110MH1986PTC041439	ABHIDEEP CHEMICALS PRIVATE LIMITED	Managing director	29/10/1986	29/10/1986	-	Active	NO
3	U30007MH2004PTC145274	ECONETS PRIVATE LIMITED	Director	23/03/2004	23/03/2004	30/03/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Mishra
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 14.09.2011)

Names of Shareholders	No. of Shares
Baburao Vishawanath Birewar	122440
Baburao Vishawanath Birewar/ Alka Baburao Birewar	375840
Baburao Vishwanath Birewari/ Deepak Baburao Birewar	1500
Alka B Birewar	58420
Alka B Birewar / Baburao Vishawanath Birewar	55200
Alka Birewar / Abhijeet B Birewar	1500
Baburao Vishwanath Birewar (HUF)	37120
Abhijeet Baburao Birewar	29475
Deepak Baburao Birewar	24255
Rasika Abhijeet Birewar	375
Neeta Ajit Naik	6375
Ajit M Naik	3500
Abhideep Chemicals Private Limited	52160
Prakash Vithal Rao Koandawar	6400
Anuprita Prakash Kondawar	2400
Vijay Vithalrao Kondawar	8960
Vrushali Vijay Kondawar.	13440
Shyam Gangadhar Pampattiwar	26880
Ashatai Gangadhar Pampattiwar	26880
Vasudha Sharadrao Utturwar	3600
Mangala Vasantroa Mukewar	8480
Nalini Dattatray Gangshettiwar	8400
Trimbakrao Devidas Kunnawar/ Ashatai Trimbakrao Kunnawar.	22400
Vasudha Dattatraya Kancharlawar	2000
Dattatraya Janardhan Kancharlawar	2000
Total	900000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	5.80
Directors or relatives of directors	94.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Advance Intermediates and Fine Chemicals to the Global Pharmaceutical, Agro Chemical and Colorant Industry.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Beta Naphthol	M.T.	NA	5400	4255.450
Sodium Sulphite (By Products)	--	--	--	5300.865

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· Bank of Maharashtra, Kalanagar

· HDFC Bank, Khar

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Bank
Bank of Maharashtra of Cash Credit Account (Secured against Hypothecation of stock of Raw materials, Finished Goods, Material in Process, Spares and Book Debts in addition to personal guarantee of four Directors)	3.377	11.700
Total	3.377	11.700
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Sales Tax Liability Deferred Under 1973 Scheme (Payable within one year Rs.0.035 Million)	0.093	0.106
Sales Tax Liability Deferred Under 1988 Scheme (Payable within one year Rs.1.913 Millions)	11.802	13.049
Sales Tax Liability Deferred Under 1993 Scheme (Payable within one year Rs.1.762 Millions)	32.540	32.819
Total	44.435	45.974

Banking Relations :	--
Auditors :
Name :	Kanu Doshi Associates Chartered Accountant
Address :	158, Udyog Bhavan, Sonawala Road, Goregaon (East), Mumbai-400063, Maharashtra, India
PAN No.:	AAAFK1583C
Associates Companies (As on 31.03.2010) :	· Abhideep Chemicals Private Limited · Inventys Research Company Private Limited · Econets Private Limited · MOL Global Software All. Private Limited · Sehat India Healthcare Services Private Limited · Diversified Equity (India) Private Limited

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
980000	Equity Shares	Rs. 10/- each	Rs.9.800 Millions
2000	9.5% Redeemable Preference Shares	Rs. 100/- each	Rs.0.200 Million
	Total		Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
900000	Equity Shares	Rs. 10/- each	Rs.9.000 Millions

NOTE:

(Of the above 2,00,000 Equity Shares of Rs. 10/- each have been allotted as fully paid bonus shares by capitalisation of general reserve)

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		9.000	6.000	6.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		354.902	348.993	323.991
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		363.902	354.993	329.991
LOAN FUNDS
1] Secured Loans		3.377	11.700	11.899
2] Unsecured Loans		44.435	45.974	46.774
TOTAL BORROWING		47.812	57.674	58.673
DEFERRED TAX LIABILITIES		16.145	18.348	16.269
TOTAL		427.859	431.015	404.933
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		143.668	167.228	144.364
Capital work-in-progress		7.028	3.166	0.790
INVESTMENT		119.902	136.781	163.554
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	115.742	59.315	83.019
	Sundry Debtors	137.486	128.628	76.760
	Cash & Bank Balances	18.577	8.064	11.001
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	74.961	53.043	40.480
Total Current Assets		346.766	249.050	211.260
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	149.188	78.681	74.057
	Other Current Liabilities	24.441	31.367	27.010
	Provisions	15.876	15.162	13.968
Total Current Liabilities		189.505	125.210	115.035
Net Current Assets		157.261	123.840	96.225
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		427.859	431.015	404.933

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	791.317	775.852	676.432
		Other Income	18.057	10.968	24.359
		TOTAL (A)	809.374	786.820	700.791
Less	EXPENSES
		Increase/ Decrease in Inventories	(35.728)	24.091	(28.133)
		Materials Cost	538.382	459.341	450.889
		Manufactu4ring and Other Expenses	266.765	234.125	190.775
		TOTAL (B)	769.419	717.557	613.531
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		39.955	69.263	87.260
Less	FINANCIAL EXPENSES (D)		1.701	2.595	1.339
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		38.254	66.668	85.921
Less/ Add	DEPRECIATION/ AMORTISATION (F)		20.973	19.211	16.262
	PROFIT BEFORE TAX (E-F) (G)		17.281	47.457	69.659
Less	TAX (H)		10.326	15.573	22.450
	PROFIT AFTER TAX (G-H) (I)		6.955	31.884	47.209
Add	Adding Thereto:
	Surplus from Last Year		99.150	76.539	34.220
	Excess/ (Short) Provision of IT of Earlier Year		--	(5.478)	(0.013)
	Excess/ (Short) Provision of W.T. of Earlier year		--	--	0.068
Less	APPROPRIATIONS
		Transfer to General Reserve	0.700	2.391	3.541
		Proposed Dividend	0.900	1.200	1.200
		Tax on Dividend	0.146	0.204	0.204
	BALANCE CARRIED TO THE B/S		104.359	99.150	76.539
	EARNINGS IN FOREIGN CURRENCY		NA	133.519	106.709
	IMPORTS
		Raw Materials and Trading Items	NA	248.279	188.003
	TOTAL IMPORTS		NA	248.279	188.003
	Earnings Per Share (Rs.)		7.73	44.01	78.77

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.86	4.05	6.74
Net Profit Margin (PBT/Sales)	(%)	2.18	6.12	10.30
Return on Total Assets (PBT/Total Assets}	(%)	3.52	11.40	19.59
Return on Investment (ROI) (PBT/Networth)		0.05	0.13	0.21
Debt Equity Ratio (Total Liability/Networth)		0.65	0.52	0.53
Current Ratio (Current Asset/Current Liability)		1.83	1.99	1.84

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors
For Goods and Expenses	149.188	78.681	74.057
Total	149.188	78.681	74.057

OPERATIONS:

During the year the company has earned a profit of Rs.17.281 Millions including other income, as compared to the Profit during the previous year of Rs.47.457 Millions. The Gross Turnover was higher, primarily due to the increase in volume of Sales because of increased production. The total sales during the year has increased to Rs.791.317 Millions as compared to Rs.775.852 Millions during the previous year, resulting an increase of 1.99% in comparison to the previous year inspite of the overall recessionary trends in the global chemical industry.

During the year the company followed on its consistent approach to reduce costs via Continuous Process Improvement and Energy Conservation.

Raw material prices continued to remain firm during the year, thereby affecting margins. The management lays emphasis on long term relationships with suppliers of critical raw materials.

PROJECT AND FUTURE PLANS:

The company intends to continue its efforts in maintaining a leadership position in the Beta Naphthol and allied intermediates business. They intend to continue to cut costs and offer the products at globally competitive pricing. Efforts at promoting export of Beta Naphthol and other products met with good success during the year.

The company is using the R and D facility to continuously look for new products mix, improve existing processes, reduce effluents generation, amongst others as per International standards.

The company is making lot of efforts to introduce new specialty chemicals which are less susceptible to the commodity cycles and to reduce its dependence on the older products. Few new specialty chemicals for high-tech industries such as electronic chemicals, semiconductors, advanced photo-imaging and new-generation pharma, are being developed by the company's R and D.

Modernization of Naphthalene Refining Section was completed during the year resulting in substantial improvement in operational efficiency. Packing and storage of finished goods is also undergoing mechanisation.

The company is also exploring newer growth areas such as contract manufacturing / manufacturing outsourcing by engaging global chemical companies for manufacturing contracts.

The company is actively pursuing the development of 5-6 new products under this category.

CONTINGENT LIABILITIES

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Disputed demand in Appeal towards Excise duty	NA	0.000	0.567
Disputed demand in Appeal towards Income Tax A.Y. 2005-06	NA	0.000	1.042
Guarantees given to Banks	NA	0.570	0.530
Letter of Credit issued by bank on our behalf	NA	3.660	0.773

FORM 8:

Bankers Charges Report as per Registry

Name of the company

Multi Organics Private Limited

Presented By

Jointly by the Company and Bank of Maharashtra

1) Date and description of instrument creating the change

Hypothecation of goods and book debts to secure cash credit facility dated 12^th June 1989

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 3.500 Millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Hypothecation of receivable / book debts outstanding not more than 90 days.

4) Gist of the terms and conditions and extent and operation of the charge.

I] Interest / Commission as per RBI / H. O. Rules

II] Securities to cover principal amount together with interest, Cost, Charges, Expenses etc.

5) Name and Address and description of the person entitled to the charge.

Bank of Maharashtra

Kala Nagar, Bandra [Eats], Mumbai – 400051

6) Date and brief description of instrument modifying the charge

Composite deed of hypothecation for AKL

Facilities dated 17^th November, 2005.

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

First Modification - on 16.08.1989 Charges enhanced from Rs. 3.500 Millions to Rs. 5.000 Millions

Second Modification - On 13.01.1998 Charge enhanced from Rs. 5.000 Millions to Rs. 12.000 Millions

By Present Modification – Charge enhanced from Rs. 12.000 Millions to Rs. 12.500 Millions

Details as under :

Book Debts	Rs. 12.500 Millions
[Sub Limit]	Rs. 5.000 Millions

FIXED ASSETS:

· Leasehold Land

· Factory Building

· Residential Flats

· Factory Building – R and D

· Plant and Machinery

· Water Pollution

· Vehicles

· Office Equipments

· Computers/ Software

· Furniture and Fixtures

· Office Premises

· Quarters

· Jeep/ Van Shed

· Administrative Building

· Air- Conditioners

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.50.67
UK Pound	1	Rs.77.72
Euro	1	Rs.64.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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

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