MIRA INFORM REPORT

Report Date :

15.03.2012

IDENTIFICATION DETAILS

Name :	ABAD FISHRIES PRIVATE LIMITED
Registered Office :	13/681, ABAD Buildings, Kochangadi Road, Mattancherry, P.O.Box-313, Ernakulam, Kochi-682002, Kerala
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.04.2006
Com. Reg. No.:	09-019362
Capital Investment / Paid-up Capital :	Rs. 20.600 Millions
CIN No.: [Company Identification No.]	U05001KL2006PTC019362
TAN No.: [Tax Deduction & Collection Account No.]	CHNA01846F
PAN No.: [Permanent Account No.]	AAFCA6821M
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter and Importer of Food Products Chicken, Meat, Seafood
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 640000
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
Off-credit	D

LOCATIONS

Registered Office :	13/681, ABAD Buildings, Kochangadi Road, Mattancherry, P.O.Box-313, Ernakulam, Kochi-682002, Kerala, India
Tel. No.:	91-484-2227178 / 4087000 / 101 / 102
Fax No.:	91-484-2222333
E-Mail :	info@abad.co.in accounts@abad.co.in
Website :	www.abad.co.in

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Anwar Hashim
Designation :	Managing Director
Address :	40, 1818 K2, 9C, Baypride Tower, Marine Drive, Ernakulam-682031, Kerala, India
Date of Birth/Age :	03.08.1947
Date of Appointment :	19.04.2006
DIN No.:	00897817

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	U15122KL1980PTC003267	ABAD EXIM PRIVATE LIMITED	Managing director	24-11-80	24-11-80	-	Active	NO
2	U51909KL1994PTC007699	ABAD EXPORTS PRIVATE LIMITED	Director	08-02-94	08-02-94	-	Active	NO
3	U51909KL1995PTC009801	ABAD OVERSEAS PRIVATE LIMITED	Director	15-12-95	15-12-95	-	Active	NO
4	U51101KL2001PTC015046	ABAD FOODS PRIVATE LIMITED	Director	05-11-01	05-11-01	-	Strike off	NO
5	U45201KL2003PTC016095	ABAD BUILDERS PRIVATE LIMITED	Director	21-04-03	21-04-03	15-09-11	Active	NO
6	U45201KL2004PTC016825	ABAD CONSTRUCTIONS PRIVATE LIMITED	Director	04-02-04	04-02-04	-	Active	NO
7	U15125KL2004PTC016933	CAP SEAFOODS PRIVATE LIMITED	Director	09-03-04	09-03-04	-	Active	NO
8	U91200KL1970NPL002301	SEA FOOD EXPORTERS ASSOCIATION OF INDIA	Director	28-10-04	28-10-04	-	Active	NO
9	U51229KL2005PTC017937	ABAD C-FOOD CANNING COMPANY PRIVATE LIMITED	Managing director	22-02-05	22-02-05	-	Active	NO
10	U91110KL1948NPL000469	INDIAN CHAMBER OF COMMERCE AND INDUSTRY	Director	29-09-05	29-09-05	-	Active	NO
11	U05001KL2006PTC019362	ABAD FISHERIES PRIVATE LIMITED	Managing director	19-04-06	19-04-06	-	Active	NO
12	U45202KL2007PTC020859	UDAYAMPEROOR CONSTRUCTIONS PRIVATE LIMITED	Director	29-05-07	29-05-07	-	Active	NO
13	U45202KL2007PTC020857	POOTHOTTA CONSTRUCTIONS PRIVATE LIMITED	Director	29-05-07	29-05-07	-	Active	NO
14	U45202KL2007PTC020858	ARAYANKAVU CONSTRUCTIONS PRIVATE LIMITED	Director	29-05-07	29-05-07	-	Active	NO
15	U45200KL2007PTC020940	GARDENCOURT BUILDERS PRIVATE LIMITED	Director	14-06-07	14-06-07	-	Active	NO
16	U45201KL2007PTC020939	TREASURE ISLAND CONSTRUCTIONS PRIVATE LIMITED	Director	14-06-07	14-06-07	-	Active	NO
17	U45201KL2007PTC020938	PUZHATHEERAM BUILDERS PRIVATE LIMITED	Director	14-06-07	14-06-07	-	Active	NO
18	U63040KL2007PTC020937	INNER CLUB TOURS AND TRAVELS PRIVATE LIMITED	Director	14-06-07	14-06-07	-	Active	NO
19	U51229KL1996PLC010218	KERALA SEAFOOD EXPORTERS WELFARE SOCIETY LIMITED	Director	21-07-08	21-07-08	-	Active	NO

Name :	Mr. Ahmed Usman
Designation :	Director
Address :	07B, Bay Pride Tower, Marine Drive, Ernakulam-682031, Kerala, India
Date of Birth/Age :	15.10.1928
Date of Appointment :	19.04.2006
DIN No.:	01661994

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	U15122KL1980PTC003267	ABAD EXIM PRIVATE LIMITED	Director	24-11-80	24-11-80	01-09-09	Active	NO
2	U51909KL1994PTC007699	ABAD EXPORTS PRIVATE LIMITED	Director	08-02-94	08-02-94	-	Active	NO
3	U05001KL2006PTC019362	ABAD FISHERIES PRIVATE LIMITED	Director	19-04-06	19-04-06	-	Active	NO

Name :	Mr. Imran Asif
Designation :	Director
Address :	37, 1571, A22, 6B, Silver Crest Jawahar Nagar, Kadavanthra, Kochi, Ernakulam-682020, Kerala, India
Date of Birth/Age :	06.05.1981
Date of Appointment :	19.04.2006
DIN No.:	01662081

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	U51909KL1995PTC009801	ABAD OVERSEAS PRIVATE LIMITED	Director	15-07-02	15-07-02	Active	NO
2	U05001KL2006PTC019362	ABAD FISHERIES PRIVATE LIMITED	Director	19-04-06	19-04-06	Active	NO

Name :	Mr. Zackaria Usman
Designation :	Director
Address :	37, 1571, A42, 11B, Silver Creast Jawaharnagar, Kadavanthra, Kochi, Ernakulam-682020, Kerala, India
Date of Birth/Age :	25.12.1939
Date of Appointment :	19.04.2006
DIN No.:	01662184

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	U15122KL1980PTC003267	ABAD EXIM PRIVATE LIMITED	Director	24-11-80	24-11-80	31-03-11	Active	NO
2	U51909KL1994PTC007699	ABAD EXPORTS PRIVATE LIMITED	Director	08-02-04	08-02-04	31-03-11	Active	NO
3	U05001KL2006PTC019362	ABAD FISHERIES PRIVATE LIMITED	Director	19-04-06	19-04-06	-	Active	NO

Name :	Mr. Asif Ahamed
Designation :	Director
Address :	40, 6187 D2, 3B, Marine Plaza, Opposite CMFRI, Marine Drive, Ernakulam-682018, Kerala, India
Date of Birth/Age :	01.01.1956
Date of Appointment :	19.04.2006
DIN No.:	01662260

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	U15122KL1980PTC003267	ABAD EXIM PRIVATE LIMITED	Director	24-11-80	24-11-80	Active	NO
2	U51909KL1994PTC007699	ABAD EXPORTS PRIVATE LIMITED	Director	08-02-94	08-02-94	Active	NO
3	U05001KL2006PTC019362	ABAD FISHERIES PRIVATE LIMITED	Director	19-04-06	19-04-06	Active	NO

Name :	Mr. Javeed Hashim
Designation :	Director
Address :	40, 1818, L3, Baypride Tower, Marine Drive, Ernakulam-682031, Kerala, India
Date of Birth/Age :	23.11.1952
Date of Appointment :	19.04.2006
DIN No.:	01662314

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	U15122KL1980PTC003267	ABAD EXIM PRIVATE LIMITED	Director	24-11-80	24-11-80	Active	NO
2	U51909KL1994PTC007699	ABAD EXPORTS PRIVATE LIMITED	Director	08-02-94	08-02-94	Active	NO
3	U51909KL1995PTC009801	ABAD OVERSEAS PRIVATE LIMITED	Director	15-12-95	15-12-95	Active	NO
4	U51101KL2001PTC015046	ABAD FOODS PRIVATE LIMITED	Director	05-11-01	05-11-01	Strike off	NO
5	U15125KL2004PTC016933	CAP SEAFOODS PRIVATE LIMITED	Director	09-03-04	09-03-04	Active	NO
6	U51229KL2005PTC017937	ABAD C-FOOD CANNING COMPANY PRIVATE LIMITED	Managing director	22-02-05	22-02-05	Active	NO
7	U05001KL2006PTC019362	ABAD FISHERIES PRIVATE LIMITED	Director	19-04-06	19-04-06	Active	NO

Name :	Mr. Sheraz Anwar
Designation :	Director
Address :	40, 1818 K2, 9D, Baypride Tower, Marine Drive, Ernakulam-682031, Kerala, India
Date of Birth/Age :	08.09.1975
Date of Appointment :	19.04.2006
DIN No.:	01662332

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	U51909KL1994PTC007699	ABAD EXPORTS PRIVATE LIMITED	Director	08-02-94	08-02-94	Active	NO
2	U51909KL1995PTC009801	ABAD OVERSEAS PRIVATE LIMITED	Director	15-12-95	15-12-95	Active	NO
3	U15122KL1980PTC003267	ABAD EXIM PRIVATE LIMITED	Director	29-11-97	29-11-97	Active	NO
4	U15125KL2004PTC016933	CAP SEAFOODS PRIVATE LIMITED	Director	10-03-04	10-03-04	Active	NO
5	U05001KL2006PTC019362	ABAD FISHERIES PRIVATE LIMITED	Director	19-04-06	19-04-06	Active	NO

Name :	Mr. Faraz Javeed
Designation :	Director
Address :	40, 1818 G4, 6C, Baypride Tower, Marine Drive, Ernakulam-682031, Kerala, India
Date of Birth/Age :	17.07.1978
Date of Appointment :	19.04.2006
DIN No.:	01662356

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	U51909KL1994PTC007699	ABAD EXPORTS PRIVATE LIMITED	Director	15-05-00	15-05-00	Active	NO
2	U51909KL1995PTC009801	ABAD OVERSEAS PRIVATE LIMITED	Director	15-07-02	15-07-02	Active	NO
3	U05001KL2006PTC019362	ABAD FISHERIES PRIVATE LIMITED	Director	19-04-06	19-04-06	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Mohammed Hashim Usman	160
Ahmed Usman	160
Zackeria Usman	160
Anwar Hashim	160
Arif Hashim	160
Riaz Ahmedn	160
Javeed Hashim	160
Asif Ahmed	140
Nasser Zackeria	140
Nazim Zackeria	140
Najeeb Zackeria	140
Sheraz Anwar	140
Faraz Javeed	80
Imran Asif	80
Jibran Asif	20
Faiz Riaz	20
Mohammed Usamn Nasser	20
Bilal Javeed	20
Total	2060

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Exporter and Importer of Food Products Chicken, Meat, Seafood

Products :

ITC CODE	PRODUCTS
0306	Crustaceans
0307	Molluscus
0302	Fish Products

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Frozen Marine Products	Kgs Per Day	113300	6691920

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Union Bank of India, Overseas Branch, Ernakulam, Union Bank Bhawan, M. G. Road, Cochin-682035, Kerala, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Union Bank of India, Ernakulam Packing Credit / FBP	95.786	59.447
[Secured against hypothecation of all tangible moveable machineries and plant and plant, stock of raw materials, finished goods and present and future book debts]
Total	95.786	59.447
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	93.703	84.926
Total	93.703	84.926

Banking Relations :	--
Auditors :
Name :	Kaimal and Company Chartered Accountant
Address :	8/1365, T D East Road, Cochin-682002, Kerala, India
Pan No.:	AEMPS1222A

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000	Equity Shares	Rs.10000/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2060	Equity Shares	Rs.10000/- each	Rs. 20.600 Millions

Note:

Out of the above 2000 shares were allotted as fully paid up to the partners of the firm without payment being received in cash, on conversion of the firm into Company as on 18.04.2006

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		20.600	20.000	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		139.463	115.430	68.285
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		160.063	135.430	88.285
LOAN FUNDS
1] Secured Loans		95.786	59.447	109.789
2] Unsecured Loans		93.703	84.926	89.393
TOTAL BORROWING		189.489	144.373	199.182
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		349.552	279.803	287.467
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		94.856	85.061	82.121
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.118	0.118	0.119
DEFERREX TAX ASSETS		1.638	1.173	0.813
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	89.085	52.695	49.822
	Sundry Debtors	124.975	97.606	91.358
	Cash & Bank Balances	3.987	47.937	36.160
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	100.227	55.713	59.608
Total Current Assets		318.274	253.951	236.948
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.268	13.352	10.455
	Other Current Liabilities	46.277	41.251	18.381
	Provisions	3.789	5.939	3.782
Total Current Liabilities		65.334	60.542	32.618
Net Current Assets		252.940	193.409	204.330
MISCELLANEOUS EXPENSES		0.000	0.042	0.084
TOTAL		349.552	279.803	287.467

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	TURNOVER		979.700	796.600	800.500
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		58.440	91.019	82.775
Less	FINANCIAL EXPENSES		8.582	8.033	12.716
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		49.858	82.986	70.059
Less/ Add	DEPRECIATION/ AMORTISATION		12.290	11.437	10.127
	PROFIT BEFORE TAX		37.568	71.549	59.932
Less	TAX		13.535	24.404	22.609
	PROFIT AFTER TAX		24.033	47.145	37.323
	EARNINGS IN FOREIGN CURRENCY
		Marine Products	924.169	721.232	715.276
	TOTAL EARNINGS		924.169	721.232	715.276
	IMPORTS
		Raw Materials / Packing Materials / Consumables	14.176	6.000	8.139
		Plant and Machinery	9.116	2.377	0.959
	TOTAL IMPORTS		23.292	8.377	9.098
	Earnings Per Share (Rs.)		11666.50	23572.50	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	3.83	9.30	7.49
Return on Total Assets (PBT/Total Assets}	(%)	9.06	21.03	18.74
Return on Investment (ROI) (PBT/Networth)		0.23	0.53	0.68
Debt Equity Ratio (Total Liability/Networth)		3.17	1.51	2.63
Current Ratio (Current Asset/Current Liability)		4.87	4.19	7.26

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF OPERATION

During the year turnover of the company increased to 979.700 Millions as against 796.600 Millions in previous year.

PRODUCTS

The Company continues it’s export of marine products to the countries: European Union, USA, Canada, Gulf Countries, Australia, New Zealand, South Africa and also gets the full support of foreign buyers.

FORM 8

Corporate identity number of the company	U05001KL2006PTC019362
Name of the company	ABAD FISHERIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	13/681, ABAD Builders, Kochangadi, Mattancherry P.O., Ernakulam-682002, Kerala, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Union Bank of India, Overseas Branch, Ernakulam, Union Bank Bhawan, M. G. Road, Cochin-682035, Kerala, India
Nature of instrument creating charge	1. Composite Hypothecation Deed Dated 28.07.2007 2. Hypothecation (Goods) Agreement (Sd-03) 28.07.2007
Date of instrument Creating the charge	28.07.2007
Amount secured by the charge	Rs. 210.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Packing Credit of Rs.40.000 Millions : 9.25% FDBP/FUDBP Rs.150.000 Millions : LC Bills : 9.25% and Non LC Bills: 9.50% IMPORT LC/LG : Not applicable. Terms of repayment Repayable on demand Margin Packing Credit : 25% Import LC: 10% and LG: 15% Extent and operation of the charge The charge operates as security for the Packing Credit of Rs.40.000 Millions FDBP/FUDBP of Rs.150.000 Millions and Import LC/LG of Rs. 20.000 Millions, aggregating to Rs. 210.000 Millions sanctioned to the company.
Short particulars of the property charged (Including location of the property)	1) All tangible movable machineries, plant, machinery fixtures, fittings, other installations, cranes, furniture, computers and other accessories, vehicles together with spares, tools and accessories and all other articles. 2) The whole of the Borrower's movable goods and assets, both present and future and including all stocks of raw materials, work-in-progress, semi finished goods and frozen Fish, Prawns, Shrimps, etc. 3) All present and future book-debts, out standings as per Sch. II.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Electrical Fittings

· Furniture and Fixtures

· Motor Vehicles

· Motor Cycle

· Computer

· Cycle

WEBSITE DETAILS

PROFILE

Being one of the oldest Seafood export houses established in 1931, Abad Fisheries was found by Usman Hashim, gave them the opportunity to sense the changing market from canned Shrimp to frozen Seafood in the 60's or moving from contemporary block freezing technique to IQF product in the early '80's, to the construction of fully panellised and air conditioned factories within house pre-processing facilities in the early 90's, they were the 1st to move towards newer technology but keeping the old values of quality and trust.

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. 49.90
UK Pound	1	Rs. 78.14
Euro	1	Rs. 65.08

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	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	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		46

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.