MIRA INFORM REPORT

Report Date :

28.01.2012

IDENTIFICATION DETAILS

Name :	SALASAR LAMINATES LIMITED [w.e.f. 16.11.2011]
Formerly Known As :	SALASAR LAMINATES PRIVATE LIMITED [w.e.f. 04.08.2009] MILLENIUM LAMINATES PRIVATE LIMITED
Registered Office :	306, 3^rd, Floor, Iscon Mall, Star Bazar Building, Jodhpur Char Rasta, Ahmedabad -380015, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.01.2002
Com. Reg. No.:	04-040412
Capital Investment / Paid-up Capital :	Rs.59.636 Millions
CIN No.: [Company Identification No.]	U20212GJ2002PTC040412
TAN No.: [Tax Deduction & Collection Account No.]	AHMM04609D
PAN :	AACCM7891E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Laminated Sheets.
No. of Employees :	100 (Office + Factory + Branches) Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 573000
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

INFORMATION PARTED BY

Name :	Mr. Mukherjee
Designation :	Senior Manager
Contact No. :	91-9825222215
Date :	21.01.2012

LOCATIONS

Registered Office :	306, 3^rd, Floor, Iscon Mall, Star Bazar Building, Jodhpur Char Rasta, Ahmedabad-380015, Gujarat, India
Tel. No.:	91-79-26763691 / 32988875
Mobile No. :	91-9825222215 [Mr. Mukherjee]
Fax No.:	91-79-40028458
E-Mail :	millenniumlaminates@yahoo.co.in info@millenumlaminate.com mipllaminates@egujarat.net seturman7@yahoo.co.in
Website :	www.milleniumlaminate.com
Area :	1300 sq. ft.
Location :	Owned
Factory :	Block No. 153, of Land Survery No. 168/2 and 168/3, Village-Dhanot, Talluka-Kalol, and District Gandhinagar.
Area :	14527 sq. ft.
Location :	Owned
Branch Office :	Located at Andheri, Mumbai, Maharashtra, India

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Vishal Vijaybhai Agarval

Designation :

Director

Address :

8 Kairvila Apartment, Near Sarthi Hotel, Bodakdev, Ahmedabad, Gujarat, India

Date of Appointment :

23.12.2008

DIN :

01763739

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	U20212GJ2002PLC040412	SALASAR LAMINATES LIMITED	Director	30/09/2009	30/01/2002	Active	NO
2	U20290GJ2004PLC045171	HERITAGE BOARD LIMITED	Director	17/12/2004	17/12/2004	Active	NO
3	U20219GJ2007PTC050348	HERITAGE PLY BOARD PRIVATE LIMITED	Director	28/03/2007	28/03/2007	Active	NO
4	U20219GJ2007PTC052362	HERITAGE INDUSTRIES PRIVATE LIMITED	Director	17/12/2007	17/12/2007	Active	NO
5	L20299GJ1988PLC010807	DECO MICA LIMITED	Director	31/12/2009	8/11/2008	Active	NO
6	U20232GJ2009PTC058284	SALASAR AGROPANEL PRIVATE LIMITED	Director	8/10/2009	8/10/2009	Active	NO

Name :

Mr. Vikas Viajybhai Agarval

Designation :

Director

Address :

8 Kairvila Apartment, Near Sarthi Hotel, Bodakdev, Ahmedabad, Gujarat, India

Date of Appointment :

30.01.2002

DIN :

01763769

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	U20212GJ2002PLC040412	SALASAR LAMINATES LIMITED	Director	30/01/2002	30/01/2002	Active	NO
2	U20290GJ2004PLC045171	HERITAGE BOARD LIMITED	Director	17/12/2004	17/12/2004	Active	NO
3	U20219GJ2007PTC050348	HERITAGE PLY BOARD PRIVATE LIMITED	Director	28/03/2007	28/03/2007	Active	NO
4	U20219GJ2007PTC052362	HERITAGE INDUSTRIES PRIVATE LIMITED	Director	17/12/2007	17/12/2007	Active	NO
5	U20232GJ2009PTC058284	SALASAR AGROPANEL PRIVATE LIMITED	Director	8/10/2009	8/10/2009	Active	NO

Name :

Mr. Vijay Dindayal Agarwal

Designation :

Director

Address :

8 Kairvila Apartment, Near Sarthi Hotel, Bodakdev, Ahmedabad, Gujarat, India

Date of Appointment :

18.11.2008

DIN :

01869337

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	L20299GJ1988PLC010807	DECO MICA LIMITED	Managing director	1/1/1997	1/1/1997	Active	NO
2	U20212GJ2002PLC040412	SALASAR LAMINATES LIMITED	Director	30/09/2009	18/11/2008	Active	NO
3	U20290GJ2004PLC045171	HERITAGE BOARD LIMITED	Director	30/09/2011	18/11/2008	Active	NO

KEY EXECUTIVES

Name :	Mr. Motibhai D. Fosi
Designation :	Secretary
Address :	B-704, Vrundavan complex, Near Subhash Chowk, Memnagar, A’Bad
Date of Appointment :	01.04.2008
PAN :	AACPF8230F
Name :	Mr. Mukherjee
Designation :	Senior Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Vishal V. Agarval	1707412
Vikas V. Agarval	1763200
Santosh V. Agarwal	745714
Vanita V. Agarwal	30000
Ruchira Agarwal	30000
Vijay Agarwal HUF	20000
V. K. Finance	120000
Sristhi Growth Fund Private Limited, India	50000
Vijaykumar Dindayal Agarwal	1497286
Total	5963612

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	0.84
Directors or relatives of directors	99.16
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Laminated Sheets.
Products :	Decorative Laminates Decorative Marble Laminates Abstract Stone Laminates Compact Laminates Wooden Laminates Solid Surface Laminates Marble Laminates Metallic Laminates Pearl Stone Laminates Natural Laminates Fire Retardant Laminates Anti-Ageing Laminates Unilayer Laminates White Liner Laminates Multicolor Laminates Chemical Resistant Laminates Backer Sheets Post Forming Laminates Flooring Laminates
Exports :
Products :	Laminated Sheets
Countries :	Middle East USA
Imports :
Products :	Chemicals
Countries :	China Italy
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

PRODUCTION STATUS [As on 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Decorative Laminated Sheets	Pieces per annum	30.00 lacs Sheets	1517305

GENERAL INFORMATION

Suppliers :

v Ketul Chem Private Limited

Customers :

Wholesalers and Retailers

v Deco Mica Limited

No. of Employees :

100 (Office + Factory + Branches) Approximately

Bankers :

v UCO Bank, Ashram Road, Near Sanyas Ashram, Ahmedabad-380 009, Gujarat, India

v ICICI Bank

v HDFC Bank, HDFC House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400 013, Maharashtra, India

Facilities :

Term Loan – Rs.4.000 millions [From HDFC Bank]

SECURED LOAN	31.03.2011 (Rs. In millions)	31.03.2010 (Rs. In millions)
Rupee term loans from banks	2.822	4.000
Working capital loans from banks	33.586	39.799
Loans taken for vehicles	1.085	2.481
Total	37.493	46.280

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working capital loans from others	12.126	0.000
Total	12.126	0.000

Banking Relations :	-
Auditors :
Name :	J. T. Shah and Company Chartered Accountant
Address :	201/202, Lalita Complex 353/3, Rasala Marg, Navrangpura, Ahmedabad-380 009, Gujarat, India
Tel. No.:	91-79-26444430,26444440
PAN :	AABFJ6616J
Related Parties :	Deco Mica Limited Heritage Board Private Limited V.K.A. Finance and Investment Company V K Traders V.K. International Par Exports Multi Shaper Private Limited Tanish Industries Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs.10/- each	70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,963,612	Equity Shares	Rs.10/-each	59.636 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		59.636	59.636	59.636
2] Share Application Money		2.200	2.200	2.200
3] Reserves & Surplus		81.542	67.435	59.011
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		143.378	129.271	120.847
LOAN FUNDS
1] Secured Loans		37.493	46.280	39.194
2] Unsecured Loans		12.126	0.000	0.000
TOTAL BORROWING		49.619	46.280	39.194
DEFERRED TAX LIABILITIES		8.539	10.311	7.696
TOTAL		201.536	185.862	167.737
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		90.694	82.281	72.242
Capital work-in-progress		0.406	7.892	2.358
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	117.132	80.943	46.699
	Sundry Debtors	135.005	102.837	97.510
	Cash & Bank Balances	4.776	4.369	4.527
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	26.703	27.121	22.133
Total Current Assets		283.616	215.270	170.869
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	132.213	95.393
	Other Liabilities	32.393	19.302	73.242
	Provisions	8.610	4.941	4.563
Total Current Liabilities		173.216	119.636	77.805
Net Current Assets		110.400	95.634	93.064
MISCELLANEOUS EXPENSES		0.036	0.055	0.073
TOTAL		201.536	185.862	167.737

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	405.225	309.910	264.000
		Other Income	0.000	0.000	25.645
		TOTAL (A)	405.225	309.910	289.645
Less	EXPENSES
		Consumption materials changes inventories	290.581	213.097
		Manufacturing service costs	1.204	1.213
		Employee related expenses	19.453	16.657	266.185
		Administrative selling other expenses	66.803	53.816
		Pro period items	0.000	0.009
		TOTAL (B)	378.041	284.792	266.185 [Including Finance Expenses]
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		27.184	25.118
Less	FINANCIAL EXPENSES (D)		5.562	4.353
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		21.622	20.765	23.460
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.083	4.622	3.945
	PROFIT BEFORE TAX (E-F) (G)		16.539	16.143	19.515
Less	TAX (H)		2.432	5.114	5.801
	PROFIT AFTER TAX (G-H) (I)		14.107	11.029	13.714
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		34.129	25.705	11.991
	BALANCE CARRIED TO THE B/S		48.236	34.129	25.705
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	-	67.404	122.877
	TOTAL EARNINGS		NA	67.404	122.877
	IMPORTS
		Raw Materials	-	23.908	14.338
		Capital Goods	-	0.000	0.000
	TOTAL IMPORTS		NA	23.908	14.338
	Earnings Per Share (Rs.)		2.37	1.41	2.30

Expected Sales (2011-2012) : Rs.350.000 millions

The above information has been parted by Mr. Mukherjee [Senior Manager]

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.48	3.56	4.73
Net Profit Margin (PBT/Sales)	(%)	4.08	5.21	7.39
Return on Total Assets (PBT/Total Assets}	(%)	4.42	5.42	8.03
Return on Investment (ROI) (PBT/Networth)		0.11	0.12	0.16
Debt Equity Ratio (Total Liability/Networth)		1.55	1.28	0.97
Current Ratio (Current Asset/Current Liability)		1.64	1.80	2.20

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last two years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

NOTE : The Registered Office of the company has been shifted from 34, Omkar House, C G Road, Navrangpura, Ahmedabad-380009, and Gujarat, India to the present address w.e.f. 01.12.2005

Operations

During the year, the Company’s income was Rs. 425.296 Millions against Rs. 316.949 Millions during the previous year. The profit has increased from Rs. 8.424 millions to Rs. 14.107 millions.

Plans and Prospects

On the whole, the business environment looks, encouraging, the demand for the company’s products continue to be robust in the home market as well as the overseas markets. The company has plans for debottlenecking of the existing facilities by carrying out modifications of the equipments as well as installation of additional machineries to improve the quality and control the costs of the products. Although the directors are confident of maintaining the growth in the coming years, with new entrants and almost all manufacturers enhancing their capacities, market will be fiercely competitive, thereby margins are expected to be under some pressure. Looking to further expansion the management proposes to convert the Company into Public Company by altering the provisions of Articles of Association. The special resolution set out in notice is recommended for the approval.

Contingent Liability : [As on 31.03.2011]

Contingent Liability Not Provided for :

• Letter of Credit of Rs. 15.225 millions (P.Y. Nil)

• Disputed demand of Excise Duty of Rs. 3.434 millions and equivalent penalty on the same (P.Y. Rs. 3.434 millions), which are not provided in accounts for which necessary appeals are preferred by the company.

• Disputed demand of Income Tax of Rs. 49.524 millions which are not provided in accounts for which necessary appeals are preferred by the company.

Bankers Charges Report as per Registry

Corporate identity number of the company	U20212GJ2002PTC040412
Name of the company	SALASAR LAMINATES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	306,3^rd, Floor, Iscon Mall, Star Bazar Building, Jodhpur Char Rasta, Ahmedabad, Gujarat-380015. India
This form is for	Modification of Charge
Charge identification number of the modified	10107454
Type of charge	Immovable Property
Particular of charge holder	HDFC Bank limited, HDFC Bank House, Sena Pati Bapat Marg, Lower Parel (West), Mumbai-400 013, Maharashtra, India CIN : L65920MH1994PLC080618 Email : RBBform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum Recording past transaction of Creation of Mortgage by Deposit of title Deeds.
Date of instrument Creating the charge	27.01.2011
Amount secured by the charge	Rs.110.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Interest at the rate as may be communicated by Bank from time to time. Terms of Repayment - on demand Margin - As may be stipulated by the Bank from time to time. Extent and Operation of the charge - The Company accorded and gave oral consent to bank to continue to hold and retain the title deed (by way of constructive delivery) in respect of its immovable properties. As security for repayment of Rs.110.500 millions, together with principal, interest, liquidated damages, costs, charges and expenses.
Short particulars of the property charged	Immovable property of Plot No.1, 2 and 3 situated on land of Block No.153 situate, lying and being at Mouje : Ghanot Taluka Kalol in the Regn District Gandhinagar and Sub Kalo
Particulars of the present modification	The equitable mortgage/charge shall now stand increased from Rs.70.500 millions to Rs.110.500 millions in favour the Bank.

Corporate identity number of the company	U20212GJ2002PTC040412
Name of the company	SALASAR LAMINATES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	306,3^rd, Floor, Iscon Mall, Star Bazar Building, Jodhpur Char Rasta, Ahmedabad, Gujarat-380015. India
This form is for	Modification of Charge
Charge identification number of the modified	10107454
Type of charge	Immovable Property
Particular of charge holder	HDFC Bank limited, HDFC Bank House, Sena Pati Bapat Marg, Lower Parel (West), Mumbai-400 013, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Memorandum Recording past transaction of Creation of Mortgage by Deposit of title Deeds.
Date of instrument Creating the charge	06.02.2010
Amount secured by the charge	Rs.70.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by Bank from time to time. Terms of Repayment Working Capital facility shall payable on demand and term loan facility shall repayable in suitable installments. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Company accorded and gave oral conset to bank to continue to hold and retain the title deed (by way of constructive delivery) in respect of its immovable properties as mentioned under item No. 15 below. As security for repayment of Rs.70.500 millions by the company. together with principal, interest, liquidated damages, costs, charges and expenses. Others
Short particulars of the property charged	Immovable properties bearing Plot No.1 dam about Sq. mts. And Private Plot No.2 dam about Sq. mts and Private Plot No.3.
Date of latest modification prior to the present modification	02.07.2009
Particulars of the present modification	The Equitable Mortgage/ charge now stands increased from Rs.66.500 millions to Rs.70.500 Millions (Comprising :EPC/PCFC of Rs.40.000 Millions, CC( Sub- Limit of EPC/ PCFC sub Limit of Rs.25.000 millions), CC (Sub Limit of LC of Rs.5.000 Millions), FBP/FBD (Under LC/ Non LC) Sub Limit of FPC/ PCFC of Rs.40.000 Millions), LC (Inland/ Foreign) of Rs.20.000 Millions, BG (Sub limit of ILC/ FLC of Rs.0.500 Millions), Term Loan- 1 of Rs.5.000 Millions, PSR Limit of Rs.1.500 Millions, Term Loan 2 of Rs.4.000 Millions) in favour the Bank.

Trade References :

• Deco Mica Limited
• Ketul Chem Private Limited

FIXED ASSETS

• Factory Land
• Factory Building
• Plant and Machinery
• Office Equipment
• Motor Car
• Furniture and Fixture
• Computer
• Cooling Tower

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.49.64
UK Pound	1	Rs.77.79
Euro	1	Rs.65.04

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.