MIRA INFORM REPORT

Report Date :

04.10.2012

IDENTIFICATION DETAILS

Name :	GREEN GOLD TIMBERS PRIVATE LIMITED
Registered Office :	Survey No. 36/1 and 37, NH 8A, 8KM, Milestone, Post Box No.259, Padama Anjar – 370110, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.10.1998
Com. Reg. No.:	04-034826
Capital Investment / Paid-up Capital :	Rs.22.400 Millions
CIN No.: [Company Identification No.]	U20200GJ1998PTC034826
TAN No.: [Tax Deduction & Collection Account No.]	RKTG00080D
PAN No.: [Permanent Account No.]	AAACG7875Q
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Timber
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 110000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a well established company having moderate track. Profitability of the company appears to be low. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with slight caution.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term Rating = B+
Rating Explanation	Having high risk of default regarding timely servicing of financial obligation
Date	April 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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 PARTED BY

Name :	Mr. Surendra
Designation :	Accountant
Contact No.:	91-9099025721
Date :	03.10.2012

LOCATIONS

Registered Office / Factory :	Survey No. 36/1 and 37, NH 8A, 8KM, Milestone, Post Box No.259, Padama Anjar - 370110, Gujarat , India
Tel. No.:	91-2836-286485 / 286201
Mobile No.:	91-9825225721 (Mr. Surendra )
Fax No.:	91-2836-286486
E-Mail :	anuj00353@rediffmail.com hiranandani_3@dataone.in mgoel@vsnl.com greengoldtimber@gmail.com
Location :	Owned
Corporate Office :	Government Industrial Estate, Patel Nagar, Dehradun – 248 001, Uttaranchal, India
Tel. No.:	91-135-2722541
Fax No.:	91-135-2723404

DIRECTORS

AS ON 26.09.2011

Name :	Mr. Akhilesh Kirtiprasad Manglik
Designation :	Chairman cum Managing Director
Address :	Plot No. 41 and 42, Navratna Residency, Meghpar, Anjar, Gujarat , India
Date of Appointment :	15.10.1998
DIN No.:	00301110
Name :	Mr. Mudit Akhilesh Manglik
Designation :	Director
Address :	11-A, Nemi Road, Dalanwala, Dehradun – 248001, Uttarakhand, India
Date of Appointment :	15.10.1998
DIN No.:	00301050
Name :	Mr. Anuj Akhilesh Manglik
Designation :	Director
Address :	Plot No. 41 and 42, Navratna Residency, Meghpar, Anjar, Gujarat, India
Date of Appointments :	15.10.1998
DIN No.:	00301167
Name :	Ms. Rita Akhilesh Manglik
Designation :	Director
Address :	Plot No. 41 and 42, Navratna Residency, Meghpar, Anjar
Date of Birth/Age :	02.01.1949
Date of Appointment :	27.09.2007
DIN No.:	02561466

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2011

Names of Shareholders	No. of Shares
Akhilesh Manglik	658980
Mudit Manglik	164640
Anuj Manglik	619360
Rita Manglik	140
Archana Manglik	292740
Rashi Manglik	126140
Mudit Manglik (HUF)	238000
Green Gold Tree Farmers Private Limited, Dehradhun, India	140000
Total	2240000

Equity share breakup (percentage of total equity)

AS ON 26.09.2011

Category	Percentage
Bodies corporate	6.25
Directors or relatives of Directors	93.75
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Timber
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

· A N V Enterprise

· Abdul Gani Kichlu

· Ajay Timber Sales Corporation

· Amritlal Hirji Pandya

· Ashit Shipping Private Limited

· Basit Joinery Works

· Deekay lmpex

· Eureka Tools

· Felder U.K. Limited

· Gayatri Graphics

· Golden Timber Trading Company

· Green Gold Timber Traders

· Green Gold Tree Farmers Private Limited

· Isotherm Engineers

· Jyoti Joinery Mill

· Karnavati Engineering

· King Stationery and Xerox

· Landmark Veneer Private Limited

· Landmark Veneers Private Limited (Local)

· M.S. Joinery Works

· Mahesh Shipping Services Private Limited

· Maruti Security Service

· Mod-Tech Computer

Customers :

End Users

· Sahara India

· Crompton Greaves Limited

· Akasva Infrastructure Private Limited

· Alcobex Metals Limited- Jodhpur

· Ambica Enterprise (Ankleshwar)

· Ambica Enterprises

· Amin Timber Traders

· Amul Boards Private Limited

· Amulya Laminates

· Ankit Wood Wool Industries

· Anton Heggenstaller Vertribes Gmbh

· Anutone Acoustics Limited

· Ashapura Tractor

· Bhatt Timbers

· Bholenath Corporation

· Bholenath Timber

· Bileshwar Traders

· Century Plyboards (India) Limited

· Chandu Lal Krishan Kumar

· Classic Products Private Limited

· Classic Products Private Limited – Bhopal

· Colart Camlin Canvas Private Limited

· Competent Vidyut Towers Private Limited

· Cooling Towers Corportaion

· Diamond Timber Kheda

· Dwarkesh Timbers Bombay

No. of Employees :

300 (Approximately)

Bankers :

· Union Bank of India, Main Branch, 19-B, Rajpur Road, Dehradun – 248 021, Uttaranchal, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

· ICICI Bank Limited

Facilities :

Secured Loan	31.03.2011	31.03.2010
	(Rs. in Millions)
Union Bank C/C A/c (Secured against Hypothecation of Stock and Book Debts)	2.824	1.715
HDFC Bank Innova 1772 Loan (Secured against Hypothecation of Asset Financed)	0.000	0.249
HDFC Bank Zen Loan (Secured against Hypothecation of Asset Financed)	0.000	0.163
Kotak Mahindra Bank (Secured against Hypothecation of Asset Financed)	0.469	0.000
Total	3.293	2.127
Unsecured Loan	31.03.2011	31.03.2010
	(Rs. in Millions)
From Shareholders and Directors
A Manglik	1.680	4.134
Anuj Manglik	0.742	0.222
M Manglik	0.652	0.518
Rita Manglik	2.928	2.680
Sahu Ram Manglik	0.975	0.854
Total (A)	6.977	8.408
From Others
Ananya Manglik	0.300	0.100
Anchal Iyanglik	0.370	0.327
Ankita Kumar	0.568	0.569
Ankit Manglik – HUF	0.949	0.825
Anubhav Kumar	0.568	0.569
Gauri Manglik	0.165	0.145
Kapilesh Manglik	1.568	1.400
A.Manglik – HUF	1.847	1.647
Anubhuti Manglik	4.204	3.704
Anuj Manglik – HUF A/c	0.100	0.088
Mudit Manglik – HUF	0.433	0.381
Raghav Manglik	0.965	0.943
Sahu Ram Kishore	1.066	0.960
Total (B)	13.103	11.658
Total (A) + (B)	20.080	20.066

Banking Relations :	--
Auditors :
Name :	Hiranandani and Company Chartered Accountants
Address :	“Banke Bihari”, Plot No. 16, Ward 10-B ©, Opposite IFFCO main Gate, Gandhidham – 370 201, Gujarat, India
Tel. No.:	91-2836-234080 / 233732
Pan No.:	AACFH2667N
Other Related Parties	· Green Gold Tree Farmers Private Limited, Dehradun Line of Business: Manufacturer, Trader and Importer of Timber. · Green Gold Timber Traders · Green Gold Timber – Anantnag

CAPITAL STRUCTURE

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
2240000	Equity Shares	Rs.10/- each	Rs.22.400 millions

(Of the above shares 640000 shares are allotted as fully paid –up by way of bonus shares by capitalisation of free reserve)

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		22.400	16.000	16.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.480	8.229	3.647
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		27.880	24.229	19.647
LOAN FUNDS
1] Secured Loans		3.293	2.127	3.379
2] Unsecured Loans		20.080	20.066	16.675
TOTAL BORROWING		23.373	22.193	20.054
DEFERRED TAX LIABILITIES		0.000	0.000	0.419
TOTAL		51.253	46.422	40.120
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.664	13.212	12.285
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		(0.601)	(0.391)	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	122.428	30.063	24.439
	Sundry Debtors	104.308	62.028	65.606
	Cash & Bank Balances	1.763	1.767	2.901
	Deposits	1.548	0.803	0.808
	Loans & Advances and Other Current Assets	4.548	4.233	14.860
Total Current Assets		234.595	98.894	108.614
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	93.126	12.390	28.127
	Other Current Liability	6.430	2.373	0.704
	Provisions			2.236
	Dehradun Branch A/C	104.938	50.579	49.777
Total Current Liabilities		204.494	65.342	80.844
Net Current Assets		30.101	33.552	27.770
MISCELLANEOUS EXPENSES		0.089	0.049	0.065
TOTAL		51.253	46.422	40.120

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010		31.03.2009
	SALES
		Income	628.323	398.652		357.245
		Other Income	2.388	3.726		0.469
		TOTAL (A)	630.711	402.378		357.714
Less	EXPENSES
		Purchases	601.695	342.765		270.658
		Direct Expenses	96.646	48.276		37.387
		Employees Remuneration and Benefits	1.629	1.758		1.728
		Directors Remuneration	3.640	1.920		1.800
		Loss on Branch Office – Dehradun Branch	1.297	0.772		0.699
		Share Issue Expenses Written off	0.030	0.017		0.000
		Administration Selling and Other Expenses	4.447	4.310		6.277
		Increase/(Decrease) in Finished Goods	(92.364)	(5.624)		30.696
		TOTAL (B)	617.020	394.194		349.245
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.691	8.184		8.469
Less	FINANCIAL EXPENSES (D)		5.753	5.516		6.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.938	2.668		2.469
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.592	1.870		1.929
	PROFIT BEFORE TAX (E-F) (G)		5.346	0.798		0.540
Less	TAX (H)		1.695	0.303		0.296
	PROFIT AFTER TAX (G-H) (I)		3.651	0.495		0.244
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.425	2.930		2.686
	BALANCE CARRIED TO THE B/S		7.076	3.425		2.930
	Import Value		267.073	173.778		NA
	Earnings Per Share (Rs.)		1.82	0.31		0.15
Particulars					31.03.2012
Sales Turnover (Approximately)					755.400

Expected Sales (2012-2013) : Rs.750.000 Millions

The above information has been parted by Mr. Surendra

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.58	0.12	0.07
Net Profit Margin (PBT/Sales)	(%)	0.85	0.20	0.15
Return on Total Assets (PBT/Total Assets}	(%)	2.09	0.71	0.45
Return on Investment (ROI) (PBT/Networth)		0.19	0.03	0.03
Debt Equity Ratio (Total Liability/Networth)		8.17	3.61	5.14
Current Ratio (Current Asset/Current Liability)		1.15	1.51	1.34

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Rs. in Millions

Particular	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	93.126	12.390	28.127
Total	93.126	12.390	28.127

Particular	31.03.2011	31.03.2010	31.03.2009
A N V Enterprise	0.012	0.000	0.000
Abdul Gani Kichlu	0.000	1.357	0.000
Ajay Timber Sales Corporation	2.203	0.000	0.028
Amritlal Hirji Pandya	0.000	0.000	0.000
Ashit Shipping Private Limited.	0.059	0.786	0.120
Basit Joinery Works	0.107	0.000	0.000
Deekay lmpex	0.000	2.379	0.107
Eureka Tools	0.0058	0.000	0.002
Felder U.K. Limited	0.000	0.000	0.031
Gayatri Graphics	0.006	0.000	0.125
Golden Timber Trading Company	0.000	0.809	0.000
Green Gold Timber Traders	1.548	0.000	0.005
Green Gold Tree Farmers Private Limited	4.038	2.866	0.000
Isotherm Engineers	0.000	0.009	0.000
Jyoti Joinery Mill	0.043	0.043	0.000
Karnavati Engineering	0.000	0.020	0.000
King Stationery and Xerox	0.001	0.001	0.000
Landmark Veneer Private Limited	4.996	0.000	0.000
Landmark Veneers Private Limited (Local)	12.515	0.000	0.000
M.S. Joinery Works	1.155	0.106	0.000

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE

The Registered Company of the company has been shifted from “Survey No.187 N H No. 8- Amthi Rohar Gandhidham, Kutch – 370 201, Gujarat, India” to present address w.e.f. 11.06.2009

PERFORMANCE

The companies working results for the year ended 31st March 2011 have been satisfactory. The total turnover stood at Rs.634.818 Millions during the year and the company has made a net profit of Rs5.345 Millions (before tax). The Directors recommend that after making a provision for current and deferred tax, the balance may be carried forward. In the current year, company has some good contracts on hand and Directors hope to show better results but for unforeseen circumstances.

TRADE REFERENCE:

· Sahara India

· Crompton Greaves Limited

CONTINGENT LIABILITY (As on 31.03.2011)

Claims against the company not acknowledged as debt –

Mature of Dues	Rs. In Millions	Period to which the Demand relates	Forum where Dispute is pending
Income Tax – TDS	0.127	A.Y. 2006-07	CIT(Appeals) - Ill Rqjkot
Income Tax – TDS	7.620	A.Y. 2006-07	CIT(Appeals) - Ill Rqjkot
Income Tax – TDS	0.964	A.Y. 2007-08	CIT(Appeals) - Ill Rqjkot
Income Tax – TDS	6.088	A.Y. 2007-08	CIT(Appeals) - Ill Rqjkot
Income Tax – TDS	0.297	A.Y. 2008-09	CIT(Appeals) - Ill Rqjkot

Letters of Credit issued by Banks on behalf of the company – Rs. 13.866 Millions

FORM 8

Corporate identity number of the company	U20200GJ1998PTC034826
Name of the company	GREEN GOLD TIMBERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No. 36/1 and 37, NH 8A, 8KM, Milestone, Post Box No.259, Padama Anjar - 370 110, Gujarat, India E-mail Id : mgoel@vsnl.com
This form is for	Modification of charge
Type of charge	· Book Debts · Movable Property · Immovable Property
Particular of charge holder	Union Bank of India, Main Branch, 19-B, Rajpur Road, Dehradun – 248 021, Uttaranchal, India cbsdehradunmain@unionbankoofindia.com
Nature of instrument creating charge	Composite Hypothecation Deed
Date of instrument Creating the charge	23.08.2011
Amount secured by the charge	Rs.157.366 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge The Company's properties as mentioned in the Hypothecation agreement are hypothecated to secure credit facilities aggregating to Rs.15,7.336 Millions
Short particulars of the property charged	Hypothecation of all stocks of Timber, fully paid and duly insured. 36-37 Padana Gandhidham and B-5 Industrial Area, Dehradun. Lien over deposits of margin money of DALC and LG Union Bank of india 19-B Rajpur Road, Dehradun. Charge over all fixed and current assets of the company 36-37 Padana Gandhidham & B-5 Industrial Area, Dehradun. EM over the collateral property
Date of instrument modifying the charge	05.01.2011
Particulars of the present modification	The total amount of charge secured against hypothecation of stock, book debts and movables as per details mentioned above has now been enhanced from Rs. 137.366 Millions to Rs. 15,7.366 Millions. Break up of enhanced credit facilities is as under: Cash Credit Hypothecation 30.000 Millions Import Letter of Credit 100.000 Millions Letter of Guarantee 0.366 Million Term Loan 000 Millions Ad Hoc CCH 20.000 Millions

FIXED ASSETS

• Building
• Plant and Machinery

• Furniture and Fixture
• Computers
• Vehicles

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 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.52.33
UK Pound	1	Rs.84.30
Euro	1	Rs.67.45

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.