MIRA INFORM REPORT

Report Date :

31.07.2012

IDENTIFICATION DETAILS

Name :	J. J. Polyplast PRIVATE Limited
Formally Known As :	J. J. Polyplast Limited
Registered Office :	C-206, 2^nd Floor, Ghatkopar Industrial Estate LBS Marg, Ghatkopar (west), Mumbai – 400 084, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.10.1997
Com. Reg. No.:	11-111395
Capital Investment / Paid-up Capital :	Rs.19.320 Millions
CIN No.: [Company Identification No.]	U25200MH1997PLC111395
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ05531B
PAN No.: [Permanent Account No.]	AAACJ4050C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Dies and Mould.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba ( 47 )

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

Maximum Credit Limit :	USD 200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well – established and reputed company having satisfactory track. Trade relations are 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A4+ Short terms
Rating Explanation	This rating are considered to have minimal degree of safety regarding timely payment of financial obligations. Such instruments carry very high credit risk and one susceptible of default.
Date	22.02.2012

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.

INFORMATION DECLINED

Name :	Mr. Patil
Designation :	Export Manager
Date :	30.07.2012

LOCATIONS

Registered Office / Corporate Office:	C-206, 2^nd Floor, Ghatkopar Industrial Estate LBS Marg, Ghatkopar (west), Mumbai – 400 084, Maharashtra
Tel. No.:	91-22-25007155 (6 lines)
Fax No.:	91-22-25007166
E-Mail :	jjpl@vsnl.com info@jjpolyimpax.co.in
Websites :	www.jjpolyimpex.co.uk

DIRECTORS

As on 30.09.2011

Name :	Mr. Vijyachandran Govindan Menon
Designation :	Director
Address :	303, Building No. 09, Phase 3, Shubharambh Complex, Thane – 400610, Maharashtra
Date of Birth/Age :	27.04.1970
Date of Appointment :	02.09.2005
DIN No.:	00347937

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	U65910MH1996PTC095827	AISHWARYA PLAST EXPORTS PRIVATE LIMITED	Director	10-05-04	10-05-04	-	Active	NO
2	U25200MH1997PTC111395	J.J. POLYPLAST PRIVATE LIMITED	Director	30-06-04	30-06-04	-	Active	NO
3	U51490MH2005PTC155862	J. J. POLY IMPEX PRIVATE LIMITED	Director	02-09-05	02-09-05	-	Active	NO
4	U67190MH2008PTC179535	PARAKKOTT INVESTMENTS INDIA PRIVATE LIMITED	Director	28-02-08	28-02-08	-	Active	NO

Name :	Mr. Joseph John Parakott
Designation :	Director
Address :	1303 / 1304 C Wing Lake Florence Lake, Hone Phase 1 Off Adi Shankar Acharya , Mumbai – 400 076, Maharashtra
Date of Birth/Age :	21.03.1970
Date of Appointment :	20.10.1997
DIN No.:	01032342

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	U25200MH1997PTC111395	J.J. POLYPLAST PRIVATE LIMITED	Managing director	01-04-08	20-10-97	-	Active	NO
2	U65910MH1996PTC095827	AISHWARYA PLAST EXPORTS PRIVATE LIMITED	Director	28-06-03	28-06-03	-	Active	NO
3	U51490MH2005PTC155862	J. J. POLY IMPEX PRIVATE LIMITED	Director	02-09-05	02-09-05	-	Active	NO
4	U67190MH2008PTC179535	PARAKKOTT INVESTMENTS INDIA PRIVATE LIMITED	Director	28-02-08	28-02-08	-	Active	NO
5	U93000MH2011NPL224314	GUJARAT E.O.U ASSOCIATION	Director	23-11-11	23-11-11	-	Active	NO

Name :	Mr. Samkulam Adhimurthy Viswanathan
Designation :	Director
Address :	C-403, Laxminarayan Complex, Sector 12 A, Koparkhairne, Navi Mumbai – 400 709, Maharashtra
Date of Birth/Age :	30.07.1963
Date of Appointment :	14.05.2008
DIN No.:	02179426

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	U25200MH1997PTC111395	J.J. POLYPLAST PRIVATE LIMITED	Director	02-07-10	07-03-07	-	Active	NO
2	U65910MH1996PTC095827	AISHWARYA PLAST EXPORTS PRIVATE LIMITED	Director	02-06-10	14-05-08	-	Active	NO
3	U51490MH2005PTC155862	J. J. POLY IMPEX PRIVATE LIMITED	Director	02-06-10	14-05-08	-	Active	NO
4	U51900DL2011PTC215476	SANSAM POLYMERS PRIVATE LIMITED	Director	09-03-11	09-03-11	-	Active	NO

Name :	Mr. Sanjesh Jinnalal Jain
Designation :	Additional Director
Address :	6/7, Pankaj Apartments, Near LVM School, Kotnis Marg, Mahim, Mumbai – 400016, Maharashtra, India
Date of Birth/Age :	12.09.1972
Date of Appointment :	10.06.2010
DIN No.:	02436515
ID Card No.:	CMB0364919

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	U51490MH2005PTC155862	J. J. POLY IMPEX PRIVATE LIMITED	Additional director	01-04-10	01-04-10	-	Active	NO
2	U65910MH1996PTC095827	AISHWARYA PLAST EXPORTS PRIVATE LIMITED	Additional director	01-04-10	01-04-10	-	Active	NO
3	U25200MH1997PTC111395	J.J. POLYPLAST PRIVATE LIMITED	Additional director	10-06-10	10-06-10	-	Active	NO
4	U51900DL2011PTC215476	SANSAM POLYMERS PRIVATE LIMITED	Director	09-03-11	09-03-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Patil
Designation :	Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Joseph John Parakott	897310
Rosamma Parakott	35500
Vijayachandran Govindan Menon	105000
John Parakott	11000
Alekutty Parakott	10000
Nilesh Vijaykumar Kadam	30000
Margaret Nilesh Kadam	25000
Triloksingh Mehta	50500
Hemantkumar P. Jain	75690
Suneeta Hemantkumar Jain	15000
J. N. Kant Dye Chem Private Limited, India	15000
Shree Venkatesh Chem Colour, India	5000
Parakkott Investment India Private Limited, India	1225000
Total	2500000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	0.80
Directors or relatives of directors	91.35
Other top fifty shareholders	7.85
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Dies and Mould.

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· Union bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India

· The Saraswat Co-Operative Bank Limited, Ghatkopar Branch, Ghatkopar, Mumbai – 400086, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Loans from banks
Secured Against Hypothecation of Goods	27.597	63.449
Secured Against Motor Car	0.951	1.291
Total	28.548	64.740

Unsecured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Loans from Director	0.450	0.000
Other Loans	15.777	2.765
Total	16.227	2.765

Banking Relations :

---

Auditors :

Name :

Devarajan and Company

Chartered Accountants

Address :

408, Anurag Business Centre, Near Cinema, Chembur, Mumbai – 400 071, Maharashtra, India

Tel No.:

91-22-67655509

Fax No.:

91-22-67655510

E-Mail :

svs@rdevco.in

PAN No.:

AAEFR0229A

Associates Company :

· J .J. Poly Impex Private Limited

· Aishwarya Plast Exports Private Limited

· K. K. Products

Related Parties :

Parakkott Investments India Private Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs. 10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs. 10/- each	Rs.25.000 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs. 10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1931965	Equity Shares	Rs. 10/- each	Rs.19.320 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		19.320	9.320	9.320
2] Share Application Money		5.680	9.806	15.540
3] Reserves & Surplus		26.114	21.840	18.299
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		51.114	40.966	43.159
LOAN FUNDS
1] Secured Loans		28.548	64.740	54.816
2] Unsecured Loans		16.227	2.765	10.654
TOTAL BORROWING		44.775	67.505	65.470
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		95.889	108.471	108.629
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.256	3.872	4.906
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.530	0.530	27.461
DEFERREX TAX ASSETS		0.130	0.076	0.211
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	122.253	71.873	29.790
	Sundry Debtors	97.441	25.043	66.651
	Cash & Bank Balances	20.730	19.905	17.909
	Other Current Assets	20.131	12.500	20.250
	Loans & Advances	37.284	79.575	31.816
Total Current Assets		297.839	208.896	166.416
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	184.674	96.978	73.488
	Other Current Liabilities	17.778	2.775	12.876
	Provisions	3.414	5.154	4.011
Total Current Liabilities		205.866	104.907	90.375
Net Current Assets		91.973	103.989	76.041
MISCELLANEOUS EXPENSES		0.000	0.004	0.010
TOTAL		95.889	108.471	108.629

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	881.115	585.940	339.339
		Other Income	1.411	5.500	9.432
		TOTAL	882.526	591.440	348.771
Less	EXPENSES
		Cost of Goods Sold	832.866	552.899
		Payments to and Provision for Employees	7.661	6.740
		Sales and Distributions Expenses	2.874	1.874	326.738
		Establishment / other Expenses	12.361	5.653
		Preliminary Expenses Written Off	0.004	0.005
		TOTAL	855.766	567.171	326.738
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		26.760	24.269	22.033
Less	FINANCIAL EXPENSES		20.011	19.659	17.966
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		6.749	4.610	4.067
Less/ Add	DEPRECIATION/ AMORTISATION		0.578	0.896	0.881
	PROFIT BEFORE PROFIT IN PARTNERSHIP FIRM (K. K. PRODUCTS)		6.171	3.714	3.186
Add	PROFIT IN PARTNERSHIP FIRM (K. K. PRODUCTS)		0.000	1.146	0.000
	PROFIT BEFORE TAX		6.171	4.860	3.186
Less	TAX		1.962	1.319	0.952
	PROFIT AFTER TAX		4.209	3.541	2.234
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		21.840	18.299	NA
Less	APPROPRIATIONS
		Excess Provision for Income Tax	0.064	0.000	NA
	BALANCE CARRIED TO THE B/S		26.113	21.840	18.299
	IMPORTS
		Raw Materials	428.117	269.659	165.255
	TOTAL IMPORTS		428.117	269.659	165.255
	Earnings Per Share (Rs.) - Basic - Diluted		3.11 2.85	3.80 3.79	2.40 2.33

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.48	0.60	0.64
Net Profit Margin (PBT/Sales)	(%)	0.70	0.83	0.94
Return on Total Assets (PBT/Total Assets)	(%)	2.05	2.28	1.86
Return on Investment (ROI) (PBT/Networth)		0.12	0.12	0.07
Debt Equity Ratio (Total Liability/Networth)		4.90	4.21	3.61
Current Ratio (Current Asset/Current Liability)		1.45	1.99	1.84

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
- Others	184.674	96.978	73.488
Total	184.674	96.978	73.488

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	(No)
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	(Yes)
10]	Designation of contact person	(Yes)
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)

OPERATION DURING THE YEAR:

The company has achieved a top line of Rs.881.100 Millions an increase of over 50% over the previous year and after provisions for taxation managed to add Rs.4.209 Millions to its kitty as reserves. The current year net profit of Rs.4.209 Millions is an increase of over 25% when compared to the previous year figure of Rs.3.540 Millions

The company continues to be successful in consolidating the gains over previous year and hopes to improve its presence in the market still further.

CONTINGENT LIABILITY:

(Rs. In Millions)

Particulars	31.03.2011
Bank Guarantee	0.278
Surety Under Excise Bond*	6.000
Bank Guarantee for K. K. Products	28.600
Note : *The Company has stood surety on behalf of its associate concern by executing Surety Bond under Form B17 in favour of the Deputy Commissioner, Excise and Customes, Vadodara.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company

U25200MH1997PLC111395

Name of the company

J. J. POLYPLAST LIMITED

Address of the registered office or of the principal place of business in India of the company

C-206, 2^nd Floor, Ghatkopar Industrial Estate LBS Marg, Ghatkopar (west), Mumbai – 400 084

E-Mail : jjpl@vsnl.com

This form is for

Modification of Charge

Charge identification (ID) number of the charge to be modified

80032274

Type of charge

· Book Debts

· Movable property (not being pledge)

Particular of charge holder

Union bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India

E-Mail : msmcredit@unionbankofindia.com

Nature of instrument creating charge

Supplementary deed to SD-20 hypothecation deed

Date of instrument Creating the charge

03.10.2011

Amount secured by the charge

Rs. 280.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

Cash Credit (Hypothecation) : Interest at base rate+4.25%

W/W W.A.E. : Interest at base rate+4.25%

Import / Inland L/C : Interest as usual

W/W buyers' credit : Interest as usual

Terms of Repayment:

On demand

Margin:

As per sanction terms.

Extent and Operation of the charge:

To secure an aggregate limit of Rs.280.000 Millions granted by the bank as under :

(Rs. In Millions)

NATURE OF FACILITY	LIMIT
Cash Credit (Hypothecation) Stock / Book Debts W/W	125.000
W.A.E.	5.000
Import / Inland LC (DP / 180 Days DA) W/W	280.000
Buyers' Credit (Letter of Comfort)	280.000

Others

(Cash Credit Limit of Rs.125.000 Millions is within which Import / Inland Letter of Credit Limit of Rs.280.000 Millions)

Short particulars of the property charged (Including location of the property)

Hypothecation by way of first charge in favour of the bank :-

(1) All tangible movable machineries, plant, machinery fixtures, fittings, other installations, cranes, furniture, computers, other accessories, vehicles together with spares, tools, accessories and all other articles lying on the premises at Ghatkopar, Bhiwandi or in the godowns of the borrower or in the custody of any person who are mercantile agents of the borrower or in the course of transit which may hereinafter be brought, stored or be lying in or upon the said premises of the borrower.

(2) The whole of the borrower's movable goods and assets, both present and future and including but without prejudice to generality of the foregoing words, all stocks of raw materials, semi finished goods and finished goods such as stock in trade, packing materials, consumable stores and spares etc. Whatsoever and wheresoever situate and / or in transit whether now belonging to or that may at any time during the continuance of this security belong to the borrower or that may be held by any party anywhere to the order and disposition of the borrower.

(3) All the present and future book debts, outstanding, monies receivable, claims, bills, contracts, engagements and securities which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the borrower in the course of its business by any person, firm, company or body corporate or by the government of India or any state government or Indian railways or any government department or office or any municipal or local or public or semi-government body or authority whatsoever including those relating to the assets leased out and/or given on hire purchase

Basis.

Date of instrument modifying the charge

18.12.2010

Particular of present modification

The aggregate limit has enhanced from Rs.180.000 Millions to Rs.280.000 Millions and the charge created on the hypothecated property and book debts shall be further extended and shall also be a continuing security to the bank to secure the further aggregate limit of Rs.280.000 Millions together with interest, additional interest, penal interest, commission, premia on prepayment, costs, charges, expenses and all other monies payable by the borrower to the bank.

Fixed Assets:

· Computers

· Office Equipments

· Furniture and Fixtures

· Vehicles

· Office Premises

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.55.44
UK Pound	1	Rs.87.12
Euro	1	Rs.68.15

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	no
--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	yes
--LISTED	YES/NO	no
--OTHER MERIT FACTORS	YES/NO	yes
TOTAL		47

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.