MIRA INFORM REPORT

Report Date :

30.07.2012

IDENTIFICATION DETAILS

Name :	NEWBY TEAS OVERSEAS PRIVATE LIMITED
Registered Office :	D.H. Road, Bhasa, Bishnupur, Kolkata – 743503, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.09.2003
Com. Reg. No.:	21-097049
Capital Investment / Paid-up Capital :	Rs. 62.500 Millions
CIN No.: [Company Identification No.]	U15491WB2003PTC097049
PAN No.: [Permanent Account No.]	AABCN9217C
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Tea Blending and Packaging
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 330000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company is progressing steadily. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	D.H. Road, Bhasa, Bishnupur, Kolkata – 743503, West Bengal, India
Tel. No.:	91-33-24978997
Fax No.:	91-33-24978996
E-Mail :	sanjiv@newbyoverseas.com

DIRECTORS

AS ON 29.09.2011

Name :

Chhatar Singh Jain

Designation :

Managing Director

Address :

C 462, Defence Colony Ground Floor, New Delhi – 110024, India

Date of Birth/Age :

02.02.1949

Date of Appointment :

29.09.2010

DIN No.:

00080709

Other Directorship :

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	U51909WB1980PTC032623	EVERETT EXPORTS PRIVATE LIMITED	Director	15/05/1985	15/05/1985	-	Active	NO
2	U67120WB1961PTC025013	RATAN INVESTMENT PRIVATE LIMITED	Director	18/05/1987	18/05/1987	-	Active	NO
3	U22219WB1990PTC048345	PURU SEPRICON PRIVATE LIMITED	Director	08/02/1990	08/02/1990	15/01/2008	Active	NO
4	U29219DL2003PTC118385	KBA NOTASYS INDIA PRIVATE LIMITED	Director	09/01/2003	09/01/2003	-	Active	NO
5	U15491WB2003PTC097049	NEWBY TEAS OVERSEAS PRIVATE LIMITED	Director	29/09/2010	29/09/2003	-	Active	NO
6	U74999DL1997PTC084706	SIEGWERK INDIA PRIVATE LIMITED	Director	30/09/2005	09/06/2005	31/10/2007	Active	NO
7	U21012DL1990PTC102759	SICPA INDIA PRIVATE LIMITED	Director	14/09/2006	14/09/2006	-	Active	NO
8	U55209DL2007PTC167789	NEWBY INDIA PRIVATE LIMITED	Managing director	21/09/2007	06/09/2007	-	Active	NO
9	U15422DL2010PTC200012	ANAMIKA SUGAR MILLS PRIVATE LIMITED	Director	12/03/2010	12/03/2010	-	Active	NO
10	U51109DL2010PTC208852	OVD KINEGRAM INDIA PRIVATE LIMITED	Director	28/09/2010	28/09/2010	-	Active	NO
11	U70109DL2011PTC227924	WEALTH ESTATE PRIVATE LIMITED	Director	25/11/2011	25/11/2011	-	Active	NO

Name :

Mr. Moti Lal Rajgarhia

Designation :

Director

Address :

1, Morlin Park, Flat 3B, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

27.08.1938

Date of Appointment :

08.11.2006

DIN No.:

00329422

Other Directorship :

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	Company/ LLP Status	Defaulting status
1	L15311WB1974PLC029690	CFM DEVELOPERS LIMITED	Director	19/08/1984	19/08/1984	Active	NO
2	U51494WB1989PTC046452	NAROTTAMKA COMMERCIAL COMPANY PVT LTD	Director	25/08/1990	25/08/1990	Active	NO
3	U70101WB1988PTC045001	VEDANT CREDIT FINANCE PRIVATE LIMITED	Director	25/08/1990	25/08/1990	Active	NO
4	U51909WB1992PTC057039	NION VYAPAAR PRIVATE LIMITED	Director	25/05/1993	25/05/1993	Active	NO
5	L67120WB1981PLC033505	JUDICIOUS INVESTMENTS LIMITED	Director	12/06/1993	12/06/1993	Active	NO
6	U65993WB1993PLC057487	GINNI FINANCIAL SERVICES LIMITED	Director	05/08/1994	05/08/1994	Active	NO
7	U21093WB1978PTC031550	PERMAN AND HYND PRIVATE LIMITED	Director	20/12/2003	20/12/2003	Active	NO
8	U15491WB2003PTC097049	NEWBY TEAS OVERSEAS PRIVATE LIMITED	Director	08/11/2006	08/11/2006	Active	NO
9	U22219WB1990PTC048345	PURU SEPRICON PRIVATE LIMITED	Additional director	01/09/2008	01/09/2008	Active	NO

Name :

Mr. Nirmal Kumar Sethia

Designation :

Director

Address :

21, Winnington Road, London, United Kingdom N20TP

Date of Birth/Age :

08.11.1941

Date of Appointment :

29.09.2010

DIN No.:

00840271

Other Directorship :

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	U74999DL1997PTC084706	SIEGWERK INDIA PRIVATE LIMITED	Director	29/09/2006	18/09/2006	31/10/2007	Active	NO
2	U55209DL2007PTC167789	NEWBY INDIA PRIVATE LIMITED	Additional director	12/11/2007	12/11/2007	-	Active	NO
3	U15491WB2003PTC097049	NEWBY TEAS OVERSEAS PRIVATE LIMITED	Director	29/09/2010	23/03/2009	-	Active	NO

Name :

Mr. Satish Chander Girotra

Designation :

Director

Address :

B 301, Gouri Sadan, 5 Hailey Road, New Delhi – 110001, India

Date of Birth/Age :

12.08.1941

Date of Appointment :

20.12.2004

DIN No.:

01112511

Other Directorship :

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	Company/ LLP Status	Defaulting status
1	U74210DL1996PTC083716	S GIROTRA CONSULTANTS PRIVATE LIMITED	Director	09/12/1996	09/12/1996	Active	NO
2	U22219WB1990PTC048345	PURU SEPRICON PRIVATE LIMITED	Director	30/05/1998	30/05/1998	Active	NO
3	L17115HP1980PLC005647	WINSOME TEXTILE INDUSTRIES LIMITED	Director	23/06/1998	23/06/1998	Active	NO
4	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	08/12/2001	08/12/2001	Active	NO
5	U15491WB2003PTC097049	NEWBY TEAS OVERSEAS PRIVATE LIMITED	Director	20/12/2004	20/12/2004	Active	NO
6	U29219DL2003PTC118385	KBA NOTASYS INDIA PRIVATE LIMITED	Director	04/07/2005	04/07/2005	Active	NO
7	U93000MH2009PTC191902	HAMARA FINANCIAL SERVICES PRIVATE LIMITED	Director	21/04/2009	21/04/2009	Active	NO
8	U15422DL2010PTC200012	ANAMIKA SUGAR MILLS PRIVATE LIMITED	Director	07/09/2011	21/07/2010	Active	NO
9	U51109DL2010PTC208852	OVD KINEGRAM INDIA PRIVATE LIMITED	Director	28/09/2011	03/11/2010	Active	NO

Name :

Mrs. Richa Sethia

Designation :

Additional director

Address :

21, Winnington Road, London, United Kingdom N20TP

Date of Birth/Age :

29.07.1971

Date of Appointment :

10.06.2011

DIN No.:

02350738

Other Directorship :

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	Company/ LLP Status	Defaulting status
1	U67120WB1961PTC025013	RATAN INVESTMENT PVT LTD	Director	14/10/2009	14/10/2009	Active	NO
2	U21012DL1990PTC102759	SICPA INDIA PRIVATE LIMITED	Director	29/09/2010	06/05/2010	Active	NO
3	U15491WB2003PTC097049	NEWBY TEAS OVERSEAS PRIVATE LIMITED	Director	29/09/2011	10/06/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Chhatar Singh Jain	1
Sethia London Limited, UK	3563924
Pashupati Securities Mauritius Limited, Mauritius	6431109
Total	9995034

AS ON 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Tea Blending and Packaging

Products :

ITC Code No.	Product Description
0902	Tea

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Tea	Kgs.	N.A.	138000	8808828

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

United Bank of India, Calcutta Branch, 4 N.C. Dutta Sarani, Kolkata – 700001, West Bengal, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Rupee term loans banks secured	12.500	25.000
Working capital loans banks secured	20.047	14.532
Total	32.547	39.532
Notes: secured by way of mortgage against immovable assets and hypothecation of entire movable Fixed assets, present and future from United Bank of India. Amount payable within one year Rs. 12.500 Millions Secured by way of exclusive charge on stock in trade, recievables and other current assets including packing materials from United Bank of India
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Other external commercial borrowings unsecured	13.586	13.509
Total	13.586	13.509

Banking Relations :	--
Auditors :
Name :	Lodha and Company Chartered Accountants
Address :	14, Government Place East, Kolkata – 700069, West Bengal, India
Pan No.:	AABFL1894Q
Holding Company :	Sethia London Limited, UK
Associates :	· Newby Teas (UK) Limited · Pashupati Securities Mauritius Limited

CAPITAL STRUCTURE

AS ON 29.09.2011

Authorised Capital : Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 99.950 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Share	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6250000	Equity Share	Rs.10/- each	Rs. 62.500 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		62.500	62.500	62.500
2] Share Application Money		3.811	0.000	0.000
3] Reserves & Surplus		16.352	6.390	1.648
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		82.663	68.890	64.148
LOAN FUNDS
1] Secured Loans		32.547	39.532	54.845
2] Unsecured Loans		13.586	13.509	20.870
TOTAL BORROWING		46.133	53.041	75.715
DEFERRED TAX LIABILITIES		11.554	10.213	9.502
TOTAL		140.350	132.144	149.365
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		103.037	106.665	109.619
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	56.306	24.589	28.969
	Sundry Debtors	6.210	5.064	11.419
	Cash & Bank Balances	1.229	0.532	1.613
	Other Current Assets	1.199	2.177	0.000
	Loans & Advances	11.592	1.699	2.923
Total Current Assets		76.536	34.061	44.924
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	18.976	6.703	2.896
	Other Current Liabilities	15.920	0.416	1.716
	Provisions	4.327	1.513	0.707
Total Current Liabilities		39.223	8.632	5.319
Net Current Assets		37.313	25.429	39.605
MISCELLANEOUS EXPENSES		0.000	0.050	0.141
TOTAL		140.350	132.144	149.365

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	104.524	74.862	78.280
		Other Income	N.A.	N.A.	N.A.
		TOTAL	N.A.	N.A.	N.A.
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	N.A.	N.A.	N.A.
	PROFIT BEFORE TAX		14.118	6.436	2.835
Less	TAX		4.155	1.695	1.926
	PROFIT AFTER TAX		9.963	4.741	0.909
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.007	0.266	(0.643)
	BALANCE CARRIED TO THE B/S		14.970	5.008	0.266
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	98.794	68.056	72.117
	IMPORTS
		Raw Materials	N.A.	9.800	13.602
		Packaging Material	N.A.	5.423	8.368
	TOTAL IMPORTS		N.A.	15.223	21.970
	Earnings Per Share (Rs.)		1.59	0.76	0.15

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	13.51	8.60	3.62
Return on Total Assets (PBT/Total Assets}	(%)	7.86	4.57	1.83
Return on Investment (ROI) (PBT/Networth)		0.17	0.09	0.04
Debt Equity Ratio (Total Liability/Networth)		1.03	0.90	1.26
Current Ratio (Current Asset/Current Liability)		1.95	3.95	8.45

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No

Note: The registered address of the company has been shifted from 23A Netaji Subhash Road, Room No. 9, 2^nd Floor, Kolkata - 700001, West Bengal, India to the present address w.e.f. 10.03.2006

OPERATIONS:

In the year the Company achieved a sales turnover of Rs.104.524 Millions during the year which is 44% higher compared to the turnover recorded in the previous year.

The operations of the Company during the year resulted in a profit before tax of Rs.14.118 Millions as compared to profit before tax of Rs. 6.436 Millions in the previous year.

FORM 8

Corporate identity number of the company	U15491WB2003PTC097049
Name of the company	NEWBY TEAS OVERSEAS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D.H. Road, Bhasa, Bishnupur - 743503, West Bengal, India
This form is for	Modification of charge
Charge identification number of the modified	90254434
Type of charge	Immovable Property Book Debts Movable Property Floating Others (Plant and Machinery etc.)
Particular of charge holder	United Bank of India, Calcutta Branch, 4, N.C. Dutta Sarani, Kolkata – 700001, West Bengal, India Email ID: bm.calcutta@unitedbank.co.in
Nature of description of the instrument creating or modifying the charge	(1) Deed of hypothecation of goods. (2) Deed of hypothecation of debts & movable assets. (3) Deed of hypothecation of movable plant & machinery. (4) Letter confirming extension of equitable mortgage by deposit of title deeds.
Date of instrument Creating the charge	07.06.2011
Amount secured by the charge	Rs. 99.400 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest @ 5% P.A. above UBI base rate i.e. 15% P.A. with monthly rests subject to change by the banks/ RBI from time to time. Terms of Repayment Term loan (existing) : as per existing repayment schedule. Term loan (fresh) : repayable in 16 quarterly instalments of Rs. 3.500 Millions each and 2 quarterly instalment of Rs. 3.200 Millions each. Working capital: repayable on demand. Margin Packing Credit : 10% Bank Guarantee : 10% Term Loan (New) : 20% Extent and Operation of the charge Exclusive first charge in favour of United Bank of India, Calcutta Branch, Kolkata-700001 Others The hypothecated assets shall be insured against loss or damage under bank clause
Short particulars of the property charged	Hypothecation of entire stocks of tea, packing materials etc and other materials whether raw or in process of manufacture which now or shall hereafter from time to time during this security be brought into store dor be in or about the borrower's premises, godowns, factory situated at mouza. Bhasa, p.s. Bishnupur, dist. 24 parganas( s), west bengal or wherever else. Hypothecation of all present and future book debts, outstanding moneys, receivables, claims etc. of the borrower. Hypothecation of entire plant and machinery, equipments, appliances, tools etc. Installed or to be installed at the borrower's premises, factory situated at mouza. Bhasa, p.s. Bishnupur, dist. 24 parganas (s), W.B. Equitable mortgage all that piece and parcel of land containing an area of 3.105 acres under tauzi No.14,J.L.No.20,khatian no. 525,435,413,378,409,414,408 and 301/1 situated at bhasa, P.S. Bishnupur S.R.O. Bishnupur, W.B. Together with all buildings, structures, sheds, fixture and fittings thereon and therein and all rights and appurtenances thereto both present and future.
Date of latest modification prior to the present modification	18.01.2006
Particulars of the present modification	By this modification the overall credit facilities has been enhanced from Rs. 85.900 Millions to Rs. 99.400 Millions comprising of : PC and FBP : Rs. 23.500 Millions Term Loan I : Rs. 12.500 Millions Term Loan II : Rs. 62.400 Millions Bank Guarantee : Rs. 1.000 Millions FLC (Within) : (16.000 Millions). All other terms, conditions and property charged and mortgaged as security remain unaltered.

FIXED ASSETS:

Tangible assets

s

· Land

· Building

· Plant and Machinery

· Electric and Water Installation

· Furniture and Fixtures

· Computer

Intangible assets

· Software

· Electrical Installation

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. 55.41
UK Pound	1	Rs. 86.93
Euro	1	Rs. 68.10

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		32

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.