MIRA INFORM REPORT

Report Date :

08.10.2012

IDENTIFICATION DETAILS

Name :	B. K. AGRO PRODUCTS PRIVATE LIMITED
Formerly Known As :	M/s ANITA APARTMENTS PRIVATE LIMITED
Registered Office :	67/144, Strand Road, Cross Road No. 8, Room No. 8, 1^st Floor, Kolkata – 700006, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.08.1990
Com. Reg. No.:	21-49682
Capital Investment / Paid-up Capital :	Rs 8.517 Millions
CIN No.: [Company Identification No.]	U70101WB1990PTC049682
TAN No.: [Tax Deduction & Collection Account No.]	CALB10147E
PAN No.: [Permanent Account No.]	AADCB2526N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of de oiled rice bran, sesame cake, etc
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 240000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Even though there appears some hike in the company’s sales turnover during 2011, the profitability appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

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

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

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

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 (GENERAL DETAILS)

Name :	Mr. Arun Kumar Goenka
Designation :	Directors
Contact No.:	91-9775501674
Date :	17.09.2012

LOCATIONS

Registered Office and Factory :	67/144, Strand Road, Cross Road No. 8, Room No. 8, 1^st Floor, Kolkata – 700006
Tel. No.:	Not Available
Mobile No.:	91-9775501674 (Mr. Arun)
Fax No.:	Not Available
E-Mail :	bkoilpvtltd@gmail.com
Location :	Owned
Factory :	Village-Chakturia, Post Office Sankoa, Railway Station Kharagpur - 721301 Paschim Midnapur, West Bengal, India
Tel. No.:	91-3221-295023
Fax No.:	91-322-295607

DIRECTORS

As on: 23.09.2011

Name :

Mr. Sankar Lal Gupta

Designation :

Director

Address :

At Jamda PO, Jaargaram, Pasehim Mindnapore – 721507, Wesat Bengal, India

Date of Appointment :

21.06.2007

DIN No.:

00566707

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15142WB1999PTC089332	B K OILS PRIVATE LIMITED	Director	06-05-99	06-05-99	-	Active	NO
2	U70101WB1990PTC049682	B. K. AGRO PRODUCTS PRIVATE LIMITED	Director	21-06-07	21-06-07	-	Active	NO
3	U52110WB1991PTC051116	SHREENATH SUPPLIERS PRIVATE LIMITED	Director	14-06-12	05-11-09	-	Active	NO

Name :

Mr. Pradip Kimar Goenka

Designation :

Director

Date of Birth/Age :

26.09.1968

Date of Appointment :

01.11.2007

DIN No.:

01837998

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status
1	U70101WB1990PTC049682	B. K. AGRO PRODUCTS PRIVATE LIMITED	Director	01-11-07	01-11-07	-	Active
2	U52110WB1991PTC051116	SHREENATH SUPPLIERS PRIVATE LIMITED	Director	14-06-12	05-11-09	-	Active

Name :

Mr. Murali Lal Goenka

Designation :

Director

Address :

Ghdradhara, P.O Jhargram, Pasehim Mindnapore – 721507, Wesat Bengal, India

Date of Appointment :

21.06.2007

DIN No.:

00592935

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01111WB1997PTC083059	G.G. AGRO PRODUCTS PRIVATE LIMITED	Director	25-02-97	25-02-97	23-12-10	Active	NO
2	U51909WB2005PTC105226	G M TRACOM PRIVATE LIMITED	Director	07-09-05	07-09-05	05-08-07	Active	YES
3	U70101WB1990PTC049682	B. K. AGRO PRODUCTS PRIVATE LIMITED	Director	21-06-07	21-06-07	-	Active	NO
4	U01403WB2011PTC163653	M S AGRO PRIVATE LIMITED	Director	13-06-11	13-06-11	-	Active	NO

Name :

Mr. Arun. Kumar. Goenka

Designation :

Director

Address :

At Janda, P.O, Jhargram, Pasehim Mindnapore – 721507, Wesat Bengal, India

Date of Appointment :

21.06.2007

DIN No.:

00688113

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15142WB1999PTC089332	B K OILS PRIVATE LIMITED	Director	06/05/1999	06/05/1999	-	Active	NO
2	U51909WB2005PTC105226	G M TRACOM PRIVATE LIMITED	Director	07/09/2005	07/09/2005	31/08/2009	Active	YES
3	U55200WB2007PTC116654	OM GREEN RESORTS PRIVATE LIMITED	Director	19/06/2007	19/06/2007	-	Active	NO
4	U70101WB1990PTC049682	B. K. AGRO PRODUCTS PRIVATE LIMITED	Director	21/06/2007	21/06/2007	-	Active	NO
5	U51109WB2008PTC125968	DHANLAXMI SALES PRIVATE LIMITED	Director	03/06/2008	03/06/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 23.09.2011

Names of Shareholders	No. of Shares
Sankar Lal Gupta	47500
Murali Lal Goenka	18300
Arun. K. Goenka	38500
Pradip Kimar Goenka	132700

Equity Share Break up (Percentage of Total Equity)

As on: 23.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of de oiled rice bran, sesame cake, etc
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Rice Bran Oil	M.T	*	2957.623
De – Oiled Rice Bran Extraction	M.T	*	14318.369

* At 31.58% Capacity Utilisation.

NOTE: Installed Capacity is as certified by the Management

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

50 (Approximately)

Bankers :

United Bank of India, Raghunathpur, Jhargram – 721507, West Bengal, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Term Loan	63.645	57.728
United Bank of India ( Jhargram Branch)
(Hypothecation of Plant and Machinery, Other Ancillary Assets, Equitable Montage of Factory of Land and Building and Personal Guarantee of Directors and relatives)
Overdraft Account	49.623	24.429
United Bank of India ( Jhargram Branch)
(Secured by hypothecation of stock of raw materials, Semi – Finished Goods, Finished Goods, Book Debts, Term Deposit, Personal Guarantee of Directors and relatives)
Total	113.268	82.157
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Members	0.000	12.909
Total	0.000	12.909

Banking Relations :	--
Auditors :
Name :	Manish Dokania and Company Chartered Accountants
Address :	12, Mangoe Lane, 1^st Floor, Kolkata – 700001, West Bengal, India
PAN No.:	ADQPD1642N

CAPITAL STRUCTURE

As on: 23.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100,0000	Equity Shares	Rs.10/- each	Rs 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
851725	Equity Shares	Rs.10/- each	Rs 8.517 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		8.517	8.418	5.258
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		53.616	52.265	26.454
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		62.133	60.683	31.712
LOAN FUNDS
1] Secured Loans		113.268	82.157	31.785
2] Unsecured Loans		0.000	12.909	0.000
TOTAL BORROWING		113.268	95.066	31.785
DEFERRED TAX LIABILITIES		2.987	2.051	0.015
TOTAL		178.388	157.800	63.512
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		86.463	67.911	71.364
Capital work-in-progress		1.591	11.982	1.604
INVESTMENT		0.200	0.200	0.200
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.345	50.706	19.227
	Sundry Debtors	36.794	11.704	0.410
	Cash & Bank Balances	39.859	16.490	4.032
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.587	8.186	4.272
Total Current Assets		114.585	87.086	27.941
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.199	8.609	4.859
	Other Current Liabilities	0.000	0.770	32.738
	Provisions	0.252	0.000	0.000
Total Current Liabilities		24.451	9.379	37.597
Net Current Assets		90.134	77.707	(9.656)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		178.388	157.800	63.512

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	306.845	175.346
		Other Income	3.459	0.244	0.725
		TOTAL (A)	310.304	175.590	0.725
Less	EXPENSES
		Direct Expenses	6.813	5.583	0.052
		Purchases	1.274	4.493	19.227
		Manufacturing Expenses	235.825	167.854	0.000
		Administrative Expenses	2.921	2.814	0.239
		Selling Expenses	22.578	9.145	0.000
		Increase/Decrease in Stock of Finished Goods	22.374	(28.048)	(19.227)
		TOTAL (B)	291.785	161.841	0.291
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.519	13.749	0.434
Less	FINANCIAL EXPENSES (D)		9.923	5.515	0.309
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.596	8.234	0.125
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.953	7.843	0.000
	PROFIT BEFORE TAX (E-F) (G)		1.643	0.391	0.125
Less	TAX (H)		1.188	2.101	0.068
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.455	(1.710)	0.057
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1.446)	0.282	0.225
Less	Income Tax (A.Y. 08-09)		0.000	0.005	0.000
Less	Wealth Tax (A.Y. 08-09)		0.000	0.013	0.000
	BALANCE CARRIED TO THE B/S		(0.991)	(1.446)	0.282
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	27.425	25.017	0.000
	TOTAL EARNINGS		27.425	25.017	0.000
	IMPORTS
		Capital Goods	3.171	0.000	0.000
	TOTAL IMPORTS		3.171	0.000	0.000
	Earnings Per Share (Rs.)		0.53	(2.03)	0.11

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.15	(0.97)	7.86
Return on Total Assets (PBT/Total Assets}	(%)	0.81	0.23	0.12
Return on Investment (ROI) (PBT/Networth)		0.03	0.01	0.01
Debt Equity Ratio (Total Liability/Networth)		2.22	1.72	2.18
Current Ratio (Current Asset/Current Liability)		4.68	9.28	0.74

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	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	No
12]	Profitability for last three years	No
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	No
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
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	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
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	No

Note:

The registered office of the company has been shifted from 67/44, Strand Road, Cross Road No. 8, Room No. 12, 1^st Floor, Kolkata – 700006, West Bengal, India to present address w.e.f. 22.01.2010

BUSINESS AND PERFORMANCE

A manufacturing unit in the form of one 150 TPD “Solvent Extraction Plant”. The performance of the unit in respect of capacity utilisation is increased over last year. As reported in earlier year they have successfully installed one 24 MT (72 TPD) Rice Mill Plant and started production. In this year also there showing a Net Loss in Profit and Loss Account it is again mainly due to high depreciation absorbed in this year they have a good cash profit for the year. The Government of India imposed customs duty on exporting ‘De-Oiled Bran’ but with good quality product reputation they gained goodwill in South East Asian countries and continuing to export the item.

FUTURE PROSPECTS

The market demanded of the products ‘Rice Bran’ and ‘De-Oiled Rice Bran’ is growing as earlier year. They are working to increase their export activities. The year ahead seems to be very good, as the outlook of agriculture is very positive. So there will be no problem of procuring raw material as last year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U70101WB1990PTC049682
Name of the company	B. K. AGRO PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	67/44, Strand Road. Cross Road No.8. Room No. 8 1st Floor, Kolkata – 700006, West Bengal, India
This form is for	Modification of charge
Type of charge	Immovable property Book debt Movable property (not being pledge) Floating charge
Particular of charge holder	Raghunathpur, Jhargram - 721507 , West Bengal, India
Nature of instrument creating charge	Equitable mortgage of factory Land and Building and that of Smt. Anita Goenka (wife of one director) and G.M. Tracom Private Limited. Hypothecation of debt and movable assets, stock of raw materials and finished goods present and future Personal guarantee of all Directors.
Date of instrument Creating the charge	02.03.2011
Amount secured by the charge	Rs. 125.098 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest For solvent extraction unit: BR +3.75%, presently 13.20% p.a. payable on monthly basis. For rice mill unit: BR +1.25% presently 10.70%p.a. payable on monthly basis. Terms of repayment For Term Loan I 2010-11 Rs. 2.500 Millions quarterly installments (No. of installments 2) 2011-16 Rs. 2.500 Milions quarterly installments (No. of installments 20) For Term Loan II 2011-17 Rs. 0.660 Millions quarterly installments (No. of installments 24) Margin For Term Loan I Fresh term loan or Rice Mill unit : 28.26% Margin for cash credit or rice rill unit: 25% against stock raw material, WIP. Finished goods, consumables. For CC 35% against book Debts For B/G 50% cash margin in the form of term deposit Extent and operation of the charge The property mortgage and hypothecated is under charge till the repayment of term loan. For cash credit hypothecation on stock of raw material and finished goods and receivable its present and future For B/G extension of charge on entire current and fised assets of company present and future
Short particulars of the property or asset(s) charged (including complete address and location of the property)	· Primary : Hypothecation of Raw materials, WIP, Finished Goods, Consumables Stores & Spares and Debtors o the company's existing solvent extraction unit and the proposed rice mill unit. · Extend of Equitable Mortgage of land and building of the company existing solvent extraction unit at plot no. 266, 268, 273-279. 282 and 887 at. 719, mouja chaktoria · Hypothecation of company existing plant & machinery and other fised assets. · Additional Security: Extent: of Equitable Mortgage o Land & Building of G.M. Tracom Private Limited valued Rs. 7.575 Millions · Extend of equitable mortgage of land & building of Smt. Anita Gownka valued Rs. 3.630 Millions · Counter guarantee o the company · personal Guarantee of all the directors
Particulars of the present modification	Overall Limit : Rs. 125.098 Millions Sub-Limit A. (i) Term Loan I : Rs. 47.200 Millions (ii) Term Loan II : Rs. 15.840 Millions B. (i) Cash Credit I : Rs. 40.000 Millions (ii) Cash Credit II Rs. 20.058 Miilions C. Bank Guarantee : Rs. 2.000 Millions

FIXED ASSEST

• Land
• Building
• Factory Buildings
• Plant and Machinery
• Car
• Computer
• Cycle
• Fax Machine
• Hero Honda Motor Cycle
• Honda Motor Cycle
• Mixture Machine
• Tractor
• Trolly

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

ss

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.51.62
UK Pound	1	Rs.83.57
Euro	1	Rs.67.17

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		33

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.