MIRA INFORM REPORT

Report Date :

16.07.2012

IDENTIFICATION DETAILS

Name :	POLMANN INDIA LIMITED
Formerly Known As :	GREENHORN FINANCE LIMITED
Registered Office :	184 – B, Maker Tower – E, 18^th Floor, Cuffe Parade, Mumbai – 40005, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.06.1993
Com. Reg. No.:	11-072458
Capital Investment / Paid-up Capital :	Rs.3.140 Millions
CIN No.: [Company Identification No.]	U65994MH1993PLC072458
TAN No.: [Tax Deduction & Collection Account No.]	MUMP1289E
PAN No.: [Permanent Account No.]	AAACG1409N
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturing and supplying of packed chemicals and tailor made chemicals, industrial chemicals, pharmaceutical chemicals, rubber chemicals, paint chemicals, glass chemicals and textile chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 1500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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 :	184-B, Maker Tower – E, 18^th Floor, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Tel. No.:	91-22-22814526/ 22814530/ 40504050/ 22875715/ 22154987/ 22185611
Fax No:	91-22-22814532
E-mail.:	info@polmannindia.com vlaxman@vsnl.com
Factory :	6 7 8, Thane Gala No. Ranahal Village Bhivandi, Khanderao Compaund, Maharashtra, India.
Tel. No.:	91-22-22814530

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Vijay Jagdishprasad Bhimrajka

Designation :

Director

Address :

184 Jupiter Cuffe, Parade Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

12.02.1949

Date of Appointment :

29.09.1993

DIN No.:

00339726

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51900MH1990PLC056732	BHIMRAJKA IMPEX LIMITED	Director	01/06/1990	01/06/1990	-	Active	NO
2	U65994MH1993PLC072458	POLMANN INDIA LIMITED	Director	29/09/1993	29/09/1993	-	Active	NO
3	U92140MH2004PTC148110	COURTYARD LEISURE PRIVATE LIMITED	Director	19/08/2004	19/08/2004	-	Active	NO
4	U70101MH2006PTC165255	BHIMRAJKA REALTY PRIVATE LIMITED	Director	26/10/2006	26/10/2006	-	Converted to LLP and dissolved	NO
5	U51229WB1987PTC042718	ARUNIL COMMERCE PRIVATE LIMITED	Director	16/08/2007	16/08/2007	-	Active	NO

Name :

Mr. Rohan Vinod Bhimrajka

Designation :

Director

Address :

84, Sea- Lord, Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India

Date of Birth/Age :

04.08.1985

Date of Appointment :

01.04.2007

DIN No.:

00340059

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51900MH1990PLC056732	BHIMRAJKA IMPEX LIMITED	Director	29/03/2005	29/03/2005	-	Active	NO
2	U65994MH1993PLC072458	POLMANN INDIA LIMITED	Director	01/04/2007	01/04/2007	-	Active	NO

Name :

Mr. Vinod Kumar Jagdishprasad Bhimrajka

Designation :

Director

Address :

84, Sea- Lord, Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India

Date of Birth/Age :

15.03.1953

Date of Appointment :

18.06.1993

DIN No.:

00339527

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51900MH1990PLC056732	BHIMRAJKA IMPEX LIMITED	Director	01/06/1990	01/06/1990	-	Active	NO
2	U65994MH1993PLC072458	POLMANN INDIA LIMITED	Director	18/06/1993	18/06/1993	-	Active	NO
3	U51900MH2007PLC174154	BHIMRAJKA EXIM LIMITED	Director	14/09/2007	14/09/2007	-	Converted to LLP and dissolved	NO
4	U51900MH2008PTC180440	PEER POLYMERS PRIVATE LIMITED	Director	26/03/2008	26/03/2008	-	Active	NO
5	U74900MH2008PTC183940	BHIMRAJKA MADER COATINGS PRIVATE LIMITED	Director	24/06/2008	24/06/2008	-	Active	NO
6	U25200MH2008PTC185001	HULTEC BHIMRAJKA INDUSTRIES PRIVATE LIMITED	Director	23/07/2008	23/07/2008	-	Active	NO

Name :

Mr. Vishwanath Vijaykumar Bhimrajka

Designation :

Director

Address :

14, Casablanca, Cuffee Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

30.06.1975

Date of Appointment :

29.09.1993

DIN No.:

00339856

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65994MH1993PLC072458	POLMANN INDIA LIMITED	Director	29/09/1993	29/09/1993	-	Active	NO
2	U51900MH1990PLC056732	BHIMRAJKA IMPEX LIMITED	Director	10/06/1996	10/06/1996	-	Active	NO
3	U92140MH2004PTC148110	COURTYARD LEISURE PRIVATE LIMITED	Director	19/08/2004	19/08/2004	-	Active	NO
4	U70101MH2006PTC165255	BHIMRAJKA REALTY PRIVATE LIMITED	Director	26/10/2006	26/10/2006	-	Converted to LLP and dissolved	NO
5	U51229WB1987PTC042718	ARUNIL COMMERCE PRIVATE LIMITED	Additional director	14/11/2011	14/11/2011	-	Active	NO
6	AAA-4195	BHIMRAJKA REALTY LLP	Designated Partner	22/03/2011	22/03/2011	-	Active	NO

Name :

Mr. Siddharth Ganesh Bhimrajka

Designation :

Director

Address :

43 – B, Jolly Maker – 1, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

12.05.1977

Date of Appointment :

29.09.1995

DIN No.:

00339900

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65994MH1993PLC072458	POLMANN INDIA LIMITED	Director	29/09/1995	29/09/1995	-	Active	NO
2	U51900MH2007PLC174154	BHIMRAJKA EXIM LIMITED	Director	14/09/2007	14/09/2007	-	Converted to LLP and dissolved	NO
3	U51900MH2008PTC180440	PEER POLYMERS PRIVATE LIMITED	Director	30/04/2010	30/04/2010	-	Active	NO

Name :

Mr. Amit Ganesh Bhimrajka

Designation :

Director

Address :

43 – B, Jolly Maker – 1, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

15.12.1979

Date of Appointment :

28.01.2002

DIN No.:

00340002

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65994MH1993PLC072458	POLMANN INDIA LIMITED	Director	28/01/2002	28/01/2002	-	Active	NO
2	U51900MH1990PLC056732	BHIMRAJKA IMPEX LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO
3	U51900MH2007PLC174154	BHIMRAJKA EXIM LIMITED	Director	14/09/2007	14/09/2007	-	Converted to LLP and dissolved	NO
4	U51900MH2008PTC180440	PEER POLYMERS PRIVATE LIMITED	Director	30/04/2010	30/04/2010	-	Active	NO

Name :

Mr. Dara Jehangir Bharucha

Designation :

Director

Address :

P-31, Cusrow Baug, S.B. Singh Road, Mumbai – 400 039, Maharashtra, India.

Date of Birth/Age :

12.01.1936

Date of Appointment :

01.04.2008

DIN No.:

00823456

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51900MH1990PLC056732	BHIMRAJKA IMPEX LIMITED	Director	17/04/1996	17/04/1996	-	Active	NO
2	U65994MH1993PLC072458	POLMANN INDIA LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO

Name :

Mr. Vishnu Jagdishprasad Bhimrajka

Designation :

Director

Address :

183, Jupiter, Cuffe Parade, Mumbai – 400 005, Maharashtra, India.

Date of Birth/Age :

07.04.1964

Date of Appointment :

04.04.2006

DIN No.:

00339428

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51900MH1990PLC056732	BHIMRAJKA IMPEX LIMITED	Director	17/10/1990	17/10/1990	-	Active	NO
2	U51229WB1987PTC042718	ARUNIL COMMERCE PRIVATE LIMITED	Director	29/10/2004	29/10/2004	30/11/2007	Active	NO
3	U65994MH1993PLC072458	POLMANN INDIA LIMITED	Director	04/04/2006	04/04/2006	-	Active	NO
4	U51900MH2007PLC174154	BHIMRAJKA EXIM LIMITED	Director	14/09/2007	14/09/2007	-	Converted to LLP and dissolved	NO
5	U51900MH2008PTC180440	PEER POLYMERS PRIVATE LIMITED	Director	26/03/2008	26/03/2008	-	Active	NO
6	U74900MH2008PTC183940	BHIMRAJKA MADER COATINGS PRIVATE LIMITED	Director	24/06/2008	24/06/2008	-	Active	NO
7	U25200MH2008PTC185001	HULTEC BHIMRAJKA INDUSTRIES PRIVATE LIMITED	Director	23/07/2008	23/07/2008	-	Active	NO

Name :

Mr. Rajiv Anoop Bhimrajka

Designation :

Director

Address :

184, Jupiter, Cuffe Parade, Mumbai – 400 005, Maharashtra, India.

Date of Birth/Age :

02.03.1986

Date of Appointment :

01.04.2006

DIN No.:

01739611

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51900MH1990PLC056732	BHIMRAJKA IMPEX LIMITED	Director	29/03/2005	29/03/2005	-	Active	NO
2	U65994MH1993PLC072458	POLMANN INDIA LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Rajkumari G. Bhimrajka	20000
Siddharth G. Bhimrajka	15000
Neha S. Bhimrajka	20500
Amit G. Bhimrajka	15000
Priyanka A. Bhimrajka	8000
Vinod Kumar J. Bhimrajka	20000
Asha Devi V Bhimrajka	36000
Rohan V. Bhimrajka	17500
Vinod Kumar J. Bhimrajka	5000
Sangeeta A. Bhimrajka	36000
Rajiv A. Bhimrajka	20000
Tanay A Bhimrajka	17500
Anoop Kumar J. Bhimrajka HUF	5000
Vishnu Kumar J. Bhimrajka	20000
Anjali V. Bhimrajka	36000
Vishnu Kumar J. Bhimrajka HUF	22500
Total	314000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and supplying of packed chemicals and tailor made chemicals, industrial chemicals, pharmaceutical chemicals, rubber chemicals, paint chemicals, glass chemicals and textile chemicals.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Central Bank of India, Chandermukhi Building, Nariman Point, Mumbai-400021, Maharashtra, India

v Citi Bank, DLF Square, Jacaranda Marg, M. Block, DLF City, Phase II, Gurgaon – 122002, Haryana, India.

Facilities :

(Rs. In Millions)

Secured Loans	As on 31.03.2011	As on 31.03.2010
Loans Taken for Vehicles Secured	5.943	9.817
Total	5.943	9.817
Unsecured Loans	As on 31.03.2011	As on 31.03.2010
Working Capital Loans Banks Unsecured	4.939	0.000
Loans Managers Unsecured	5.300	0.000
Total	10.239	0.000

Banking Relations :	--
Auditors :
Name :	Mr. Vinodray Kasturchand Mehta Chartered Accountant
Address :	B-22, Shanker Vijay, Rajwadi, Ghatkopar (East), Mumbai-400077, Maharashtra, India
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Saraswati Chemicals

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
314000	Equity Shares	Rs.10/- each	Rs.3.140 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		3.140	3.140	3.140
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		370.709	267.404	186.179
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		373.849	270.544	189.319
LOAN FUNDS
1] Secured Loans		5.943	9.817	3.093
2] Unsecured Loans		10.239	0.000	10.401
TOTAL BORROWING		16.182	9.817	13.494
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		390.031	280.361	202.813
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		64.948	31.029	7.598
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.948	14.690	1.256
DEFERREX TAX ASSETS		0.282	0.628	0.645
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	197.469	126.648	69.798
	Sundry Debtors	303.387	217.380	148.632
	Cash & Bank Balances	0.366	8.093	13.161
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	81.604	91.956	61.965
Total Current Assets		582.826	444.077	293.556
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	223.444	169.454	93.999
	Other Current Liabilities	28.507	28.282	0.000
	Provisions	10.068	12.396	6.335
Total Current Liabilities		262.019	210.132	100.334
Net Current Assets		320.807	233.945	193.222
MISCELLANEOUS EXPENSES		0.046	0.069	0.092
TOTAL		390.031	280.361	202.813

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1227.867	940.215	654.296
		Other Income	3.078	6.739	2.443
		TOTAL (A)	1230.945	946.954	656.739
Less	EXPENSES
		Consumption Materials Changes Inventories	959.853	752.674
		Manufacturing Services Cost	18.885	9.167
		Contract Cost	0.000	0.000	586.475
		Employee Related Expenses	36.921	27.027
		Administrative, Selling and Other Expenses	49.154	29.337
		TOTAL (B)	1064.813	818.205	586.475
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		166.132	128.749	70.264
Less	FINANCIAL EXPENSES (D)		3.809	1.973	1.192
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		162.323	126.776	69.072
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.172	3.035	1.890
	PROFIT BEFORE TAX (E-F) (G)		155.151	123.741	67.182
Less	TAX (H)		51.846	42.516	15.763
	PROFIT AFTER TAX (G-H) (I)		103.305	81.225	51.419
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		135.644	54.419	1.589
	EXCESS PROVISION FOR INCOME TAXATION		0.000	0.000	1.411
	BALANCE CARRIED TO THE B/S		238.949	135.644	54.419
	Earnings Per Share (Rs.)		328.99	258.68	163.75

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.39	8.57	7.83
Net Profit Margin (PBT/Sales)	(%)	12.64	13.16	10.27
Return on Total Assets (PBT/Total Assets}	(%)	23.95	26.04	22.31
Return on Investment (ROI) (PBT/Networth)		0.42	0.46	0.35
Debt Equity Ratio (Total Liability/Networth)		0.74	0.81	0.60
Current Ratio (Current Asset/Current Liability)		2.24	2.11	2.92

LOCAL AGENCY FURTHER INFORMATION

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

PERFORMANCE

The Company has earned profit of Rs.103.305 Millions during the current financial year as against the profit of Rs. 81.225 Millions during the previous year. The Company is hopeful for better performance in the financial year 2011-12.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10137017
Corporate identity number of the company	U65994MH1993PLC072458
Name of the company	POLMANN INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	184-B, Maker Tower – E, 18^th Floor, Cuffe Parade, Mumbai-400005, Maharashtra, India
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	Citi Bank, DLF Square, Jacaranda Marg, M. Block, DLF City, Phase II, Gurgaon-122002, Haryana, India.
Email	vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	Modification to Deed of Hypothecation.
Date of instrument Creating the charge	22.07.2010
Amount secured by the charge	Rs.164.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest to be charged at such rate/s as may be determined by the 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 Borrower hypothecates to and charges in favour of the Bank by way of first exclusive charge on all the Company's Current Assets, both present and future as specified in Item No. 15 as security for repayment of Rs.164.000 Millions , together with interest, costs, charges, expenses and other monies payable thereunder.
Short particulars of the property charged	Hypothecation by way of first exclusive charge on Current assets (including stocks and Book Debts) of the Company both present and future.
Particulars of the present modification	The charge shall now stand increased from Rs.120.000 Millions to Rs.164.000 Millions in favour of the Bank.

FIXED ASSETS

· Office Equipment

· Scooter

· Motor Car

· Computer

· Shrirampur Ind. Area

· Warehouse (Building)

· Warehouse (Land)

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.55.66
UK Pound	1	Rs.85.89
Euro	1	Rs.67.88

INFORMATION DETAILS

Report Prepared by :

VRN

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.