MIRA INFORM REPORT

Report Date :

10.09.2012

IDENTIFICATION DETAILS

Name :	INDISON AGRO FOODS LIMITED
Registered Office :	310, Pathar Mudla Road, Palda, Indore – 452018, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.11.2003
Com. Reg. No.:	10-016196
Capital Investment / Paid-up Capital :	Rs. 38.690 millions
CIN No.: [Company Identification No.]	U01111MP2003PLC016196
TAN No.: [Tax Deduction & Collection Account No.]	BPLI00670F
PAN No.: [Permanent Account No.]	AABCI1935L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Processor, Exporter and Importer of Pulses.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 450000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The management of the company has failed to file its financial with the government department since 2010. However, Mr. Manoj, the general Manager has claimed that the company has recorded a better increase in its sales turnover during 2012. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term rating : BBB -
Rating Explanation	Moderate degree of safety and moderate risk of default.
Date	15 June 2012

Rating Agency Name	CARE
Rating	Short term rating : A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	15 June 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. Manoj Jain
Designation :	General Manager
Contact No.:	91-9926903340
Date :	06.09.2012

LOCATIONS

Registered Office :	310, Pathar Mudla Road, Palda, Indore – 452018, Madhya Pradesh, India
Tel. No.:	91-731-2862371 / 2862382 / 2862311 / 2401687 / 14
Mobile No.:	91-9926903340 (Mr. Manoj Jain)
Fax No.:	91-731-2409073
E-Mail :	Manoj@indisonagro.com
Website :	http://www.indisonagro.com
Factory :	· Jodhpur, Rajasthan · Subject have also 3 more factories in Madhya Pradesh (Full address Not Divulged )

DIRECTORS

As on 30.09.2010

Name :

Mr. Vijay Kumar Jain

Designation :

Director

Address :

310, Pathar Mudla Road, Palda, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

18.03.1970

Date of Appointment :

03.11.2003

DIN No :

00107437

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	U01111MP2003PLC016196	INDISON AGRO FOODS LIMITED	Director	03/11/2003	03/11/2003	-	Active	NO
2	U27100MP2009PLC021564	INDISON IRON AND STEEL LIMITED	Director	28/01/2009	28/01/2009	-	Active	NO
3	U45201MP2010PTC024722	INDISON INFRAESTATE PRIVATE LIMITED	Director	12/11/2010	12/11/2010	-	Active	NO
4	U15139RJ2012PTC038974	RITU BUSINESS PRIVATE LIMITED	Director	21/08/2012	21/08/2012	-	Active	NO

Name :

Mr. Devraj Jain

Designation :

Director

Address :

310, Pathar Mudla Road, Palda, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

16.09.1979

Date of Appointment :

03.11.2003

DIN No :

00107607

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	U01111MP2003PLC016196	INDISON AGRO FOODS LIMITED	Director	03/11/2003	03/11/2003	-	Active	NO
2	U27100MP2009PLC021564	INDISON IRON AND STEEL LIMITED	Director	28/01/2009	28/01/2009	-	Active	NO
3	U45201MP2010PTC024722	INDISON INFRAESTATE PRIVATE LIMITED	Director	12/11/2010	12/11/2010	-	Active	NO
4	U15139RJ2012PTC038974	RITU BUSINESS PRIVATE LIMITED	Director	21/08/2012	21/08/2012	-	Active	NO

Name :

Mr. Mahendra Kumar Jain

Designation :

Director

Address :

310, Pathar Mudla Road, Palda, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

01.07.1977

Date of Appointment :

03.11.2003

DIN No :

00107654

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	U01111MP2003PLC016196	INDISON AGRO FOODS LIMITED	Director	03/11/2003	03/11/2003	-	Active	NO
2	U27100MP2009PLC021564	INDISON IRON and STEEL LIMITED	Director	28/01/2009	28/01/2009	-	Active	NO
3	U45201MP2010PTC024722	INDISON INFRAESTATE PRIVATE LIMITED	Director	12/11/2010	12/11/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vijay Kumar Jain	1250000
Mahendra Kumar Jain	1055000
Devraj Jain	450000
Kusum Jain	155000
Sarika Jain	5000
Sangeeta Jain	5000
Bhagwati Jain	5000
Rajesh Chand Jain	300000
Tilokchand Jain	300000

List of Allottees (As on 28.03.2012)

Names of Allottees	No. of Shares
Devraj Jain	1000000
Mahendra Kumar Jain	750000
Vijay Kumar Jain	500000
Kusum Jain	1100000
Sarika Jain	900000
Sangeeta Jain	1000000
Total	5250000

List of Allottees (As on 15.03.2011)

Names of Allottees	No. of Shares
Devraj Jain	200000
Mahendra Kumar Jain	200000
Vijay Kumar Jain	700000
Total	1100000

List of Allottees (As on 20.03.2010)

Names of Allottees	No. of Shares
M/s As ha Apartments Private Limited	64000
Amritvani Exim Private Limited	54000
Veshvawy Vyapaar Private Limited	40000
Spotboy Tracom Private Limited	30000
Neoworth Vyapaar Private Limited	176000
Diwakar Marketing Private Limited	112000
Harsh rata n a Finance and Investment Private Limited	50000
Neelachal Marketing Private Limited	50000
Samkit Finance Private Limited	102000
GCD Credit Private Limited	60000
Total	738000

As on 30.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Processor, Exporter and Importer of Pulses.
Exports :
Products :	Pulses
Countries :	· Europe · Gulf
Imports :
Products :	Pulses
Countries :	· Canada · Australia · Burma
Terms :
Selling :	L/C, Cash
Purchasing :	L/C, Cash

GENERAL INFORMATION

Suppliers :

Agro International Pte Limited, Singapore

Customers :

Wholesalers and Trader

Adani Wilmar Limited Ahmedabad

No. of Employees :

50 (Approximately)

Bankers :

Allahabad Bank, New Palasia, Indore - 452001, Madhya Pradesh, India

Facilities :

Total Facilities Enjoyed Rs. 870.000 millions

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Allahbad Bank (Cash Credit Secured By Hypothecation Of All Tangible Moveable Properties Assets Including Inventores And Books Debts Both Present and Future	119.408	9.705
Allahabad Bank -Term Loan	33.749	15.590
ICICI Bank (Against Car Loan)	0.000	0.268
Tata Motor Finance Limited	0.316	0.497
HDFC Bank	0.676	0.281
Vas Bank	0.000	0.192
WHR Loan From SBI	43.696	0.000
WHR Loan From UBI	33.394	0.000
Total	231.239	26.533
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Directors and Others	16.338	12.608
Total	16.338	12.608

Banking Relations :	--
Auditors :
Name :	K.C. Sharma and Associates Chartered Accountant
Address :	203, Akanksha Appartment, 570, Sneh Nagar, Indore – 452001, Madhya Pradesh, India
PAN No :	APKPS9127F

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 millions

Issued: Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9850000	Equity Shares	Rs.10/- each	Rs.98.500 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 millions

Issued: Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 millions
738000	Equity Shares partly paid	Rs.5/- each	Rs.3.690 millions
			Rs.38.690 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		38.690	5.000	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		74.249	13.868	5.249
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		112.939	18.868	7.749
LOAN FUNDS
1] Secured Loans		231.239	26.533	6.773
2] Unsecured Loans		16.338	12.608	16.867
TOTAL BORROWING		247.577	39.141	23.640
DEFERRED TAX LIABILITIES		0.443	0.150	0.000
TOTAL		360.959	58.159	31.389
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		52.934	25.117	7.775
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.078
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	343.484	24.596	16.950
	Sundry Debtors	152.719	60.704	15.753
	Cash & Bank Balances	30.616	1.201	2.101
	Other Current Assets	0.548	0.181	0.146
	Loans & Advances	28.190	1.124	0.571
Total Current Assets		555.557	87.806	35.521
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	223.861	51.675	10.115
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	23.671	3.148	2.003
Total Current Liabilities		247.532	54.823	12.118
Net Current Assets		308.025	32.983	23.403
MISCELLANEOUS EXPENSES		0.000	0.059	0.133
TOTAL		360.959	58.159	31.389

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2668.978	638.792	248.358
		Other Income	26.847	0.490	0.320
		TOTAL (A)	2695.825	639.282	248.678
Less	EXPENSES
		Raw material	650.723	304.130	213.472
		Packing material consumed	13.664	4.006	3.109
		Oil consumed	1.490	0.900	0.860
		Soap stone powder	0.148	0.138	0.139
		Finished Goods Purchase	2009.262	279.963	12.961
		Manufacturing Expenses	31.435	7.421	2.944
		Employee Emoluments	7.011	1.219	0.863
		Administration Expenses	47.136	5.660	0.698
		Selling & Distribution Expenses	25.765	8.541	4.739
		Preliminary Expenses	0.000	0.017	0.017
		Preoperative Expenses	0.060	0.056	0.055
		Increase (Decrease) In Stock	(155.966)	10.437	(1.666)
		TOTAL (B)	2630.728	622.488	238.191
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		65.097	16.794	10.487
Less	FINANCIAL EXPENSES (D)		12.346	3.810	2.541
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		52.751	12.984	7.946
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.242	1.681	1.578
	PROFIT BEFORE TAX (E-F) (G)		48.509	11.303	6.368
Less	TAX (H)		20.969	2.455	1.619
	PROFIT AFTER TAX (G-H) (I)		27.540	8.848	4.749
Less/ Add	Deferred Tax Liability		(0.293)	(0.228)	0.081
	Profit After Deferred Tax Liability		27.247	8.620	4.830
Less/ Add	Past Year Adjustment		(0.077)	(0.001)	(0.005)
	BALANCE CARRIED TO THE B/S		27.170	8.619	4.825
	Earnings Per Share (Rs.)			NA	NA

Particulars	31.03.2012	31.03.2011
Sales Turnover (Approximately)	6800.000	3860.000

Expected Sales (2012-213): Rs.7750.000 millions

The above information has been parted by Mr. Manoj Jain.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.02	1.38	1.90
Net Profit Margin (PBT/Sales)	(%)	1.82	1.76	2.56
Return on Total Assets (PBT/Total Assets}	(%)	7.97	8.86	14.71
Return on Investment (ROI) (PBT/Networth)		0.43	0.60	0.82
Debt Equity Ratio (Total Liability/Networth)		4.38	4.98	4.61
Current Ratio (Current Asset/Current Liability)		2.24	1.60	2.93

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	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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
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	No

Bankers Charges Report as per Registry

Corporate identity number of the company	U01111MP2003PLC016196
Name of the company	INDISON AGRO FOODS LIMITED
Address of the registered office or of the principal place of business in India of the company	310, Pathar Mudla Road, Palda, Indore – 452018, Madhya Pradesh, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90209613
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Allahbad Bank, New Palasia, Indore - 452001, Madhya Pradesh, India alb.indore@gmail.com
Nature of instrument creating charge	General Letter of Hypothecation (ADV-32). Letter of Mortgagor Confirming deposit of Title Deeds.
Date of instrument Creating the charge	12.04.2012
Amount secured by the charge	Rs. 570.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest shall be chargeable @ of 2 % per annum over Allahabad Bank Base Rate which is at present 10.75 % per annum with monthly rests. Terms of Repayment Payable on Demand Margin 20 % on fully paid stocks and book debts (upto 90 days). -10 % (Cash/FDR) for LC Limit. Extent and Operation of the charge All tangible movable machineries, plant, machinery fixture, fittings other installations, cranes, furniture, computers and other accessories and whole of the movable goods and assets, both present and future all stocks of raw materials, work in progress, semi finished goods and finished goods such as pulses, seeds, and other stocks and Hypothecation of all present and future book debts, outstanding moneys, receivables, claims.
Short particulars of the property charged	First hypothecation charge on stocks and Book Debts and other current assets of the Company, both existing and future pertaining to Pulses Davison, Grading divison, Guar Gum divison, Export and Trading Divison First parri passu charge on Factory land, and building, machineries located at E-102, MIA, Basni, ll phase, Jodhpur (Rajasthan). Second Charge on the factory land and Building and machineries located at Kh. No. 366/2 and 366/3, Nemawar Road, Indore ad. 25375 sq. feet. (First Charge is also with Allahabad Bank for the existing T/L. Second pari-passu charge on all the land building and other fixed assets of the company's units where Allahabad Bank has first Charge in respect to the Term Loan availed by the Company.
Date of latest modification prior to the present modification	25.03.2011
Particulars of the present modification	Enhancement of Cash Credit Limit (Pulses Divison, Trading Division, Grading Division) from Rs. 189.000 millions to Rs. 220.000 millions and enhancement of Cash Credit (Gwar Gum Division) from Rs. 98.000 millions to Rs. 150.000 millions Enhancement of FLC (Pulse divison) form Rs. 150.000 millions to Rs. 200.000 millions aggregating to Rs. 570.000 millions

FIXED ASSETS:

· Factory Building

· Plant and Machinery

· Car

· Motor cycle

· Computer

· Office Furniture

· Wieghing Machin

· Air condition

· Invertor

· Mobile Phones

· CC TV Camera

· Fax Machine

· Factory Building

· Plant and machinery

TRADE REFERENCES:

· Agro International Pte Limited, Singapore

· Adani Wilmar Limited Ahmedabad

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.97
UK Pound	1	Rs.89.02
Euro	1	Rs.70.61

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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		42

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.