MIRA INFORM REPORT

Report Date :

07.05.2012

IDENTIFICATION DETAILS

Name :	3D TECHNOPACK LIMITED (w.e.f. 30.05.2005 )
Formerly Known As :	VORA CORK INDUSTRIES PRIVATE LIMITED VORA PACKAGING LIMITED VORA PACKAGING PRIVATE LIMITED
Registered Office :	467/A, Vora Bhavan, 2^nd Floor, Opposite Maheswari Udyan, Dr. B. Ambedkar Road, King Circle, Mumbai – 400 019, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.09.1986
Com. Reg. No.:	11-040844
Capital Investment / Paid-up Capital :	Rs.323.174 Millions
CIN No.: [Company Identification No.]	U29100MH1986PLC040844
TAN No.: [Tax Deduction & Collection Account No.]	MUMV09679F
PAN No.: [Permanent Account No.]	AAACV0142R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Seamless Plastic Tubes.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 1400000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The profitability of the company appears to be under severe pressure. There appears to be huge accumulated losses recorded by the company. However trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with 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 – 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 :	467/A, Vora Bhavan, 2^nd Floor, Opposite Maheswari Udyan, Dr. B. Ambedkar Road, King Circle, Mumbai – 400 019, Maharashtra, India
Tel. No.:	91-22-65811091-3/ 24012239 / 24021499
Mobile No.:	91-9820775853 (Mr. Kumar)
Fax No.:	91-22-24035257
E-Mail :	mayur.joshi@3dpackaging.in vijay.rangle@3dpackaging.in info@3dpackaging.fr mayur.joshi@in.3dpackaging.org kumar.ashar@3dpackaging.in
Website :	http://www.3dpackaging.fr
Location :	Owned
Factory :	449/6, Masat Industrial Estate, Masat, Silvassa, UT of Dadra and Nagar Havelli – 396 230, India
Tel. No.:	91-260-2640062/ 2640191
Fax No.:	91-260-2640191

DIRECTORS

As on 30.09.2011

Name :

Mr. Bharat Bhagwandas Kewalramani

Designation :

Managing Director

Address :

252-A, Maker Tower-A, Cuff Parade, Colaba, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

26.03.1959

Date of Appointment :

27.02.2008

DIN No :

00772687

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	L25201WB1984PLC038030	Datre Corporation Limited	Director	01-01-96	01-01-96	17-09-07	Active	NO
2	U65990MH1996PTC100280	Indocean Chase Capital Advisors Private Limited	Director	14-10-97	14-10-97	-	Active	NO
3	L28992MH1998PLC113433	Piramal Glass Limited	Director	25-07-07	02-04-98	-	Active	NO
4	U51500MH2002PTC138299	Inox Boats and Machinery Private Limited	Director	18-12-02	18-12-02	-	Active	NO
5	U29100MH1986PLC040844	3D Technopack Limited	Managing director	27-02-08	27-02-08	-	Active	NO
6	U92130MH1997PTC108488	Banyan Tree Communications Private Limited	Director	29-09-09	01-06-09	-	Active	NO

Name :

Mr. Manoj Tarachand Mohanka

Designation :

Director

Address :

5, Loveloc Palace, Kolkata – 700 019, West Bengal, India

Date of Birth/Age :

05.03.1963

Date of Appointment :

31.03.2003

DIN No :

00128593

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	L74899DL1993PLC055351	Television Eighteen India Limited	Director	28-12-96	28-12-96	-	Amalgamated	NO
2	L27320WB1997PLC084819	Titagarh Wagons Limited	Director	21-12-01	21-12-01	-	Active	NO
3	U85195WB1998PTC088562	Heritage Health TPA Private Limited	Director	02-08-02	02-08-02	02-02-09	Active	NO
4	U29100MH1986PLC040844	3D Technopack Limited	Director	31-03-03	31-03-03	-	Active	NO
5	U32109WB1979PLC031942	Simoco Telecommunications (South Asia) Limited	Director	08-04-04	08-04-04	06-08-07	Active	NO
6	U75142WB1967SGC026988	West Bengal Industrial Development Corpn Limited	Director	29-12-05	29-12-05	29-06-07	Active	NO
7	L23101AS1961PLC001173	India Carbon Limited	Director	14-09-07	29-06-06	-	Active	NO
8	L65910DL1996PLC076419	Network18 Media and Investments Limited	Director	07-09-07	12-10-06	-	Active	NO
9	L74300DL2005PLC137214	TV18 Broadcast Limited	Director	07-09-07	05-07-07	-	Active	NO
10	L22219DL1955PLC211606	Infomedia 18 Limited	Director	30-09-08	21-08-08	-	Active	NO
11	U72200WB2006PTC111271	Artevea Digital India Private Limited	Director	15-05-09	15-05-09	-	Active	NO
12	U29230WB2010PTC150481	Lucchini (India) Private Limited	Director	18-06-11	02-08-10	-	Active	NO
13	L18101TN2009PLC073017	Indian Terrain Fashions Limited	Additional director	13-12-11	13-12-11	-	Active	NO

Name :

Mrs. Dipika Roy

Designation :

Director

Address :

252, Maker Tower A, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

14.01.1961

Date of Appointment :

31.03.2003

DIN No :

00323761

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	U92130MH1997PTC108488	Banyan Tree Communications Private Limited	Director	29-11-99	29-11-99	Active	NO
2	U51500MH2002PTC138299	Inox Boats and Machinery Private Limited	Director	18-12-02	18-12-02	Active	NO
3	U29100MH1986PLC040844	3D Technopack Limited	Director	31-03-03	31-03-03	Active	NO
4	U74900MH2009PTC195665	Banyan Mobile Private Limited	Director	10-09-09	10-09-09	Active	NO

Name :

Mr. Ram Prakash Kewalramani

Designation :

Whole Time Director

Address :

3^rd Floor, Sitaram Prakesh High School, Opposite Vadala Station, Mumbai – 400 031, Maharashtra, India

Date of Birth/Age :

18.01.1982

Date of Appointment :

01.04.2005

DIN No :

00575917

Name :

Mr. Cyrus Adi Bagwadia

Designation :

Director

Address :

A – 10, Rustom Baug, Byculla, Mumbai – 400 027, Maharashtra, India

Date of Birth/Age :

24.01.1947

Date of Appointment :

10.11.2008

DIN No :

01565989

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	L28939PN1987PLC043953	Bilcare Limited	Director	28-07-04	28-07-04	30-09-09	Active	NO
2	U29100MH1986PLC040844	3D Technopack Limited	Director	10-11-08	10-11-08	-	Active	NO
3	U24300MH1989PLC052085	Indian Oxides and Chemicals Limited	Director	11-09-09	11-12-08	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Siddharth Sinha	255000
Virtual Machine Limited, Island	18643246
Bharat Kewalramani (Nominee on behalf of Virtual Machine Limited)	1
Pankaj Vora (Nominee on behalf of Virtual Machine Limited)	1
Ram Prakash Kewalramani (Nominee on behalf of Virtual Machine Limited)	1
Dipika Roy (Nominee on behalf of Virtual Machine Limited)	1
Manoj Mohanka (Nominee on behalf of Virtual Machine Limited)	1
Payal Mohanka	476207
Rakesh Jhunjhunwala	13334521
Eliza Hancock	245788
Mrunal Mohanka	237843
Alok Chandra Mishra	242267
Adil and Makduda Zainulbhai	132135
Anuradha Tondon	52854
Sunil Pophale	150137
Adil Siraj Zainulbhai	708262
Azeem Adil Zainulabhai	10570
Manish Gupta	123333
Utpal Sheth	132135
MBCV Holdings Limited, Mauritius	783573
F.A. Hancock	148202
Abhigram Shares and Securities Private Limited, India	18002
Rajendra Tibrewala	116519
Max Burger, Zurich, CH	23705
Sandeep Singhal	23788
Manile Limited, Island	860823
Total	36718915

As on 30.09.2011

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]	57.08
Bodies corporate	0.05
Directors or relatives of directors	1.95
Others	40.92
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Seamless Plastic Tubes.

Products :

Product Description	Item Code No.
Seamless Plastic Tubes and Caps	3923

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Installed Capacity @ In ‘000	Production In ‘000
Seamless Plastic Tubes	80000	63159

@ As certified by a Director and relied upon by the Auditors, this being a technical matter.

GENERAL INFORMATION

Customers :

International:

· Oriflamme

· Super Drug

· VIP Holland

· Acteams

· BCM

· Home Institute

· Jarden De France

· V G Emballege

· La Parle

· Benefit Hellas S.A Greece

· The Unilever Group

Local :

· Hindustan Unilever Limited

· L’oreal Limited

· Sara Lee Limited

· Marico Limited

· ITC Limited

· Sami Labs Limited

· E.Merck

· Win Medicare

· Cipla Limited

· Wockhardt Limited

· Sami lbs Limited

· Pidilite Industries Limited

· Esdee Paints Limited

· Asain Paints

No. of Employees :

Not Available

Bankers :

• The Saraswat Co-operative Bank Limited, Matunga (East) Branch, Pioneer High School Building, Telang Road, Matunga (East) (CR), Mumbai - 400 019, Maharashtra, India
• HDFC Bank Limited
• ING Vysya Bank Limited

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee Term Loans Banks Secured	96.872	0.000
Working Capital Loans Banks Secured	59.970	69.984
Loans Taken For Vehicles Secured	8.205	4.978
Loans Taken For Other Fixed Assets Secured	(A) 137.362	(B) 51.514
Total	302.409	126.476

Notes:

(A) Secured Against Specific Assets Supplied

(B) Secured against specific assets supplied

Banking Relations :	--
Name :	Contractor, Nayak and Kishnadwala Chartered Accountant
Address :	1-B, 1^st Floor, Pushpam, K.D. Road, Vile Parle (West), Mumbai – 400 056, Maharashtra, India
Tel. No.:	91-22-26286909/ 26284083/ 65159339
Fax No.:	91-22-26286747
PAN No.:	AACFC8587E
Holding Company :	Virtual Machine Limited, Island
Fellow Subsidiaries :	3D Packaging F.Z.E. Saif Zone Sharjah (Wholly owned subsidiary of the company)

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
38000000	Equity Shares	Rs.10/- each	Rs.380.000 Millions

Issued & Subscribed Capital :

No. of Shares	Type	Value	Amount
36718915	Equity Shares	Rs.10/- each	Rs.367.189 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
36718915	Equity Shares	Rs.10/- each	Rs.367.042 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
38000000	Equity Shares	Rs.10/- each	Rs.380.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32332099	Equity Shares	Rs.10/- each	Rs.323.321 Millions
	Less: Calls in Arrears		Rs.0.147 Million
	Total		Rs.323.174 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		323.174	273.685	256.490
2] Share Application Money		40.000	68.000	4.043
3] Reserves & Surplus		344.930	301.230	286.420
4] (Accumulated Losses)		(354.262)	(290.463)	(258.158)
NETWORTH		353.842	352.452	288.795
LOAN FUNDS
1] Secured Loans		302.409	126.476	9.488
2] Unsecured Loans		0.000	0.000	2.366
TOTAL BORROWING		302.409	126.476	11.854
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		656.251	478.928	300.649
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		425.442	283.709	215.821
Capital work-in-progress		128.962	55.950	10.072
INVESTMENT		0.026	0.025	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	64.108	41.775	35.506
	Sundry Debtors	91.152	92.259	60.006
	Cash & Bank Balances	7.596	54.820	7.519
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	27.954	12.848	15.061
Total Current Assets		190.810	201.702	118.092
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	67.269	43.148	28.635
	Other Current Liabilities	11.434	8.604	6.744
	Provisions	10.286	10.706	7.957
Total Current Liabilities		88.989	62.458	43.336
Net Current Assets		101.821	139.244	74.756
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		656.251	478.928	300.649

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	509.546	311.282	194.646
		Other Income	7.508	9.481	3.841
		TOTAL (A)	517.054	320.763	198.487
Less	EXPENSES
		Consumption Materials Changes Inventories	317.377	192.439
		Manufacturing Service Costs	57.921	42.754
		Employee Related Expenses	70.829	46.708
		Administrative Selling Other Expenses	26.199	20.256
		TOTAL (B)	472.326	302.157	205.786
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		44.728	18.606	(7.299)
Less	FINANCIAL EXPENSES (D)		30.769	(0.233)	2.829
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.959	18.839	(10.128)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		77.758	51.144	40.564
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(63.799)	(32.305)	(50.692)
Less	TAX (H)		0.000	0.000	0.550
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(63.799)	(32.305)	(51.242)
	EXCESS / SHORT PROVISION FOR TAX		0.00	0.000	0.024
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(290.463)	(258.158)	(206.940)
	BALANCE CARRIED TO THE B/S		(354.262)	(290.463)	(258.158)
	F.O.B. VALUE EXPORT		58.001	44.262	45.265
	IMPORTS
		Raw Materials	NA	31.965	23.405
		Capital Goods	NA	74.449	57.156
		Consumable Store & Spares	NA	4.093	2.387
	TOTAL IMPORTS		NA	110.507	82.948
	Earnings / (Loss) Per Share (Rs.)		(2.07)	(1.23)	(2.17)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(12.34)	(10.07)	(25.82)
Net Profit Margin (PBT/Sales)	(%)	(12.52)	(10.39)	(26.04)
Return on Total Assets (PBT/Total Assets}	(%)	(10.35)	(6.65)	(15.11)
Return on Investment (ROI) (PBT/Networth)		(0.18)	(0.09)	(0.18)
Debt Equity Ratio (Total Liability/Networth)		1.11	0.54	0.19
Current Ratio (Current Asset/Current Liability)		2.14	3.23	2.76

LOCAL AGENCY FURTHER INFORMATION

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	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	Yes
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

OPERATIONS:

The Company has performed satisfactory during the year. In a highly competitive business environment, the Company achieved higher turnover of Rs. 553.394 Millions in respect of 332.452 Millions from previous year. The management is in the process of minimizing the losses and expenditure of the company.

SHARE CAPITAL:

a) Authorised Share Capital

The Authorized Share Capital of the Company was increased during the year from Rs. 330.000 Millions- to Rs. 380.000 Millions in the EGM held on 07th February 2011.

b) Paid up capital

The Paid up Capital of the Company was increased by way of preferential allotment twice during the year. It was increased from Rs. 273.831 Millions to Rs.323.321 Millions during the year.

Contingent Liability in respect of:

Particulars	31.03.2011 (Rs. in millions)
a) Estimated amount of contracts to be Executed in capital account and provided Advance paid there against	102.104
b) Guarantee issued on behalf of company	86.533
c) Claims not acknowledged as debts	2.625
d) Customs Duty Payable on import of machinery pending fulfillment of export obligation	132.782

FORM 8

Corporate identity number of the company	U29100MH1986PLC040844
Name of the company	3D TECHNOPACK LIMITED
Address of the registered office or of the principal place of business in India of the company	467/A, Vora Bhavan, 2^nd Floor, Opposite Maheswari Udyan, Dr. B. Ambedkar Road, King Circle, Mumbai – 400 019, Maharashtra, India E-Mail: vijay.rangle@3dpackaging.in
This form is for	Creation of charge
Type of charge	Movable Property (not being pledge)
Particular of charge holder	The Saraswat Co-operative Bank Limited, Matunga (East) Branch, Pioneer High School Building, Telang Road, Matunga (East) (CR), Mumbai - 400 019, Maharashtra, India E-Mail: njbhatia@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation of Movable Property
Date of instrument Creating the charge	16.12.2011
Amount secured by the charge	Rs.35.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: PLR+ 1% p.a. i.e.15.5% or at such rate as may be determined by the bank from time to time Terms of Repayment: 60 months Margin: 30% Extent and Operation of the charge: This is term loan II facility
Short particulars of the property charged	Hypothecation of all the plant and machinery, tangible movable property (both present and future)belonging to the borrower and lying and being at the borrowers place of business at 467A, Vora Bhuvan, R.No34, 2^nd Floor, Matunga, Mumbai 19 or Survey No.449/6, 449/5, 449/5/2 ,449/3, 554/4 Masat Industrial Estate Masat Village Amli 272/2/1 Athal Village Union Territory of Dadra and Nagar Haveli Silvassa Survey No.66/1 Danudyog Shakari Sangh or wherever else the same maybe.

FIXED ASSETS:

• Freehold Land
• Buildings
• Leasehold Improvement
• Air Conditioning System
• Plant and Machinery
• Moulds, Tools and Dies
• Generator Set
• Electric Installations
• Equipment
• Computers
• Furniture
• Vehicle

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.53.72
UK Pound	1	Rs.86.98
Euro	1	Rs.70.65

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.