MIRA INFORM REPORT

Report Date :

12.09.2012

IDENTIFICATION DETAILS

Name :	PRANAV AGRO INDUSTRIES LIMITED
Registered Office :	Nav Maharashtra House 42/43, Shaniwar Peth, Pune-411030, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.02.2000
Com. Reg. No.:	25-014444
Capital Investment / Paid-up Capital :	Rs.57.500 Millions
CIN No.: [Company Identification No.]	U15143PN2000PLC014444
PAN No.: [Permanent Account No.]	AABCP8009Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of all Type of Edible Oil and Animal Feed.
No. of Employees :	650 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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.

LOCATIONS

Registered / Corporate Office :

Nav Maharashtra House 42/43, Shaniwar Peth, Pune-411030, Maharashtra, India

Tel. No.:

91-20-24461021/ 22/ 23

Mobile No.:

91-9372105767 (Mr. Soni Minde)

91-9371095803 (Mr. Yogesh Sheth)

Fax No.:

91-20-24493578

E-Mail :

yogesh@pranavgroup.com

yogesh@pranavgroup.org

pune@pranavgroup.org.

soniminde@pranavgroup.org.

Website :

http://www.pranavgroup.com

Area :

450 sq. ft.

Location ;

Owned

Mumbai Branch Office

104, Krishna Chambers, 1st Floor, 59, New Marinelines, Churchgate, Mumbai - 400 020, Maharashtra, India

Tel. No.:

91-22-22612748 and 22612750

Fax No.:

91-22-22612902

Email:

mumbai@pranavgroup.com

Sangali Branch Office/ Factory 1:

E/5, Part, MIDC, Kupwad Block, Sangli – 416436, Maharashtra - India

Tel. No.:

91-233-2644521/22/33

Fax No.:

91-233-2330466

Email:

sangli@pranavgroup.com

Delhi Branch Office/ Factory 2:

Khasara No 50/4/7, Pothkalan Road, Pehladpur (Banger), Delhi – 100042, India

Tel. No.:

91-11-27823548/32966725

Fax No.:

91-11-27823548

Email:

shirwal@pranavgroup.com

Hyderabad Branch Office/ Factory 3:

Survey No. 603, Plot No: 5-64/2, Pedda Amderpet (v), Hayatnagar (M), Ranga-Reddy, District Hyderabad – 501505, Andhra Pradesh, India

Tel. No.:

91-40-24201032

Email:

hyderabad@pranavgrpup.com

Bangalore Branch Office/ Factory 4:

C/o. Mysore Feed Limited, Nayandahalli, Mysore Road, Bangalore – 560039, Karnataka, India

Tel. No.:

91-80-22860731/32/33

Fax No.:

91-80-22864708

Email:

bangalore@pranavgroup.com

Solapur Branch Office/ Factory 5:

MIDC, B-12, Chinchol Block, Solapur- 416436, Maharashtra, India

Tel. No.:

91-217-2357231/ 2 / 3

Fax No.:

91-217-2357235

Email:

solapur@pranavgroup.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Yogesh Nasrudas Sheth

Designation :

Whole Time Director

Address :

C/32 Viola, 2nd Floor, S. No. 118, Warje, Pune-411052, Maharashtra, India

Date of Birth/Age :

22.12.1965

Qualification :

B.Com, LLB

Date of Appointment :

06.12.2007

DIN No.:

00580932

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	U51219PN1997PLC106486	KRISHNA VALLEY AGRO (INDIA) LIMITED	Director	6/5/2002	6/5/2002	1/8/2010	Active	NO
2	U15143PN1984PLC034512	NAV MAHARASHTRA CHAKAN OIL MILLS LIMITED	Director	26/12/2002	26/12/2002	-	Active	NO
3	U31909MH1983PTC029463	YANTRIK ENGINEERING PRIVATE LIMITED	Director	1/12/2003	1/12/2003	-	Active	NO
4	U15141TN1995PTC030331	NAV SEVEN OIL PALM PRIVATE LIMITED	Director	26/12/2004	26/12/2004	-	Active	NO
5	U15143PN2000PLC014444	PRANAV AGRO INDUSTRIES LIMITED	Whole-time director	1/4/2008	6/12/2007	-	Active	NO
6	U74140MH2011PTC212730	AMEY TAX AND FINANCE ADVISERS PRIVATE LIMITED	Director	27/01/2011	27/01/2011	-	Active	NO

Name :

Ms. Shruti Pravin Lunkad

Designation :

Whole – Time Director

Address :

Suraj Plalace, 55/56 Koregaon Park, Pune 411 001, Maharashtra, India

Date of Birth/Age :

22.08.1984

Qualification :

B.Com, MBA

Date of Appointment :

30.10.2008

DIN No.:

00475115

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	U15143PN2000PLC014444	PRANAV AGRO INDUSTRIES LIMITED	Whole-time director	1/1/2009	2/2/2000	-	Active	NO
2	U01122PN2004PTC019235	PRANAV VISHWA AGRO PRODUCTS PRIVATE LIMITED	Director	10/5/2004	10/5/2004	-	Active	NO
3	U15419PN2006PTC128534	PRANAV BITEK AGROTECH PRIVATE LIMITED	Director	30/09/2009	30/10/2008	-	Active	NO
4	U74220PN2006PTC128533	PRANAV LIFE SCIENCES & RESEARCH PRIVATE LIMITED	Director	30/09/2010	12/4/2010	-	Active	NO
5	U51219PN1997PLC106486	KRISHNA VALLEY AGRO (INDIA) LIMITED	Director	30/09/2010	1/8/2010	-	Active	NO
6	U01403MH2011PLC215738	SEALAC AGRO VENTURES LIMITED	Director	5/4/2011	5/4/2011	-	Active	NO

Name :

Mr. Valliappan Vedhakumar

Designation :

Director

Address :

45, Shivaji Housing Society Off. Senapati Bapat Road, Pune 411016, Maharashtra, India

Date of Birth/Age :

13.11.1950

Date of Appointment :

30.09.2009

DIN No.:

01825332

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	L15200AP1988PLC009111	LOTUS CHOCOLATE COMPANY LIMITED	Whole-time director	1/6/2005	1/6/2005	31/08/2007	Active	NO
2	U15143PN2000PLC014444	PRANAV AGRO INDUSTRIES LIMITED	Director	30/09/2009	1/8/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Pravin Surajmal Lunkad	100
Aruna Pravin Lunkad	4799400
Payal Pravin Lunkad	100
Mrignayana Pravin Lunkad	100
Kamal Hirala Lunkad	100
Shruti Pravin Lunkad	200100
Hiralal Surajmal Lunkad	100
Nav Maharashtra Chakan Oil Mills Limited, India	750000
Total	5750000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	13.04
Directors or relatives of Directors	86.95
Other	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Exporter of all Type of Edible Oil and Animal Feed.

Products :

Speciality Products Mytone Super Plus Liquid mytone Super Plus Powder Toxolivum Oral Liquid toxolivum Forte Powder Cordon Powder Coccidiostat Maduracox (Maduramycin Ammonium 1% Feed Supplement for Poultry) Salinox (Salinomycin Sodium 12% Feed Supplement For Poultry) Nutritional Products Navmix Ab2d3k Navmix Be Navmix Be Ds lysometh Minvit Forte Amvit Es Profact 2000 Amrut Mix For Broilers Amrut Mix For Layers Antibiotic Feed Supplement Zintrin Citracin Rehydration Product Amlyte Powder Toxin Binders Toxorb Liquid Orals Amvit Easee Amvitone Complatone Amcal Clear Orgacids Orgacids

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity
Solvent Extraction	M.T	120000
Refined Oils	M.T	45000
Animal Feeds	M.T	121000
Biomass Fuel Pellet	M.T	15000
Others	M.T	NIL
Animal Feeds	M.T	90000
Others	M.T	Nil

(Installed capacity has been certified by the Management & has been accepted by the Auditor without verification, this being a technical matter. )

GENERAL INFORMATION

No. of Employees :

650 (Approximately)

Bankers :

· Canara Bank, Prime Corporate Branch, M.G. Road Camp, Pune-411001, Maharashtra, India

· Canara Bank Lead Bank (Consortium With Uco Bank Karur Vysya Bank And Union Bank of India) Prime Corporate Branch, M. G. Road, Pune - 411001, Maharashtra, India

· UCO Bank, Churchgate Branch, Mafatlal Centre, Nariman Point, Mumbai - 400021, Maharashtra, India

· Krishna Vlley Co-operative Bank Limited, M.D.C Branch, M.I.D.C. Kudwad, sangli, Maharashtra, India

· Ichalkaranji Urban Co-Operative Bank Limited, MIDC Branch, Kudwad, India

· Sri Warana Sahakari Bank Limited, Market Yard, Sangli, Maharashtra, India

· Corporation Bank, Industrial Financial Branch, M.G. Road Camp, Pune-411001, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	1.872	1.470
Working capital loans banks secured	506.511	315.530
Total	508.383	317.000

Banking Relations :	--
Auditors :
Name :	Sanjay N Pawar and Associates Chartered Accountants
Address :	Office No. 3, Gire Chambers, 2^nd Floor, 1042, Shukrawar Peth, Hirabaug Chowk, Tilak Road, Pune-411002, Maharashtra, India
PAN.:	AAYPP3539M

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Share	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5750000	Equity Shares	Rs.10/- each	Rs.57.500 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		57.500	57.500	42.500
2] Share Application Money		5.000	5.000	12.500
3] Reserves & Surplus		283.646	239.335	123.493
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		346.146	301.835	178.493
LOAN FUNDS
1] Secured Loans		508.383	317.000	244.015
2] Unsecured Loans		0.000	0.000	100.000
TOTAL BORROWING		508.383	317.000	344.015
DEFERRED TAX LIABILITIES		1.016	0.000	0.000
TOTAL		855.545	618.835	522.508
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		125.117	123.550	128.677
Capital work-in-progress		1.919	1.919	1.667
INVESTMENT		0.130	0.130	0.135
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	629.428	422.607	352.105
	Sundry Debtors	366.128	303.300	280.985
	Cash & Bank Balances	5.929	6.614	0.017
	Other Current Assets	0.432	0.447	18.352
	Loans & Advances	110.244	71.473	72.460
Total Current Assets		1112.161	804.441	723.919
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	327.195	220.375	276.659
	Other Current Liabilities	0.884	47.875	6.915
	Provisions	55.746	43.051	48.456
Total Current Liabilities		383.825	311.301	332.039
Net Current Assets		728.336	493.140	391.880
MISCELLANEOUS EXPENSES		0.043	0.096	0.149
TOTAL		855.545	618.835	522.508

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	6272.439	4805.103	4965.279
		Other Income	4.922	6.937	3.755
		TOTAL (A)	6277.361	4812.040	4969.034
Less	EXPENSES
		Office Expenses	5945.379	4491.863
		Administrative Expenses	48.189	47.730
		Advertising Expenses	30.840	34.541	4862.886
			101.009	113.251
		TOTAL (B)	6125.417	4687.385	4862.886
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		151.994	124.655	106.148
Less	FINANCIAL EXPENSES (D)		87.973	75.380	60.506
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		63.971	49.275	45.642
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.643	8.373	8.234
	PROFIT BEFORE TAX (E-F) (G)		55.328	40.902	37.408
Less	TAX (H)		11.016	7.560	5.150
	PROFIT AFTER TAX (G-H) (I)		44.312	33.342	32.258
Less	APPROPRIATIONS
		Transfer to General Reserve	1.000	1.000	1.000
	BALANCE CARRIED TO THE B/S		43.312	32.342	31.258
	EARNINGS IN FOREIGN CURRENCY		85.479	71.651	NA
	IMPORTS
		Value of Imports on CIF Basis	497.793	817.058	NA
		Traveling and Training Expenses	0.573	0.940	NA
	TOTAL IMPORTS		498.366	817.998	NA
	Earnings Per Share (Rs.)		7.71	5.78	7.59

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.71	0.69	0.65
Net Profit Margin (PBT/Sales)	(%)	0.88	0.85	0.75
Return on Total Assets (PBT/Total Assets}	(%)	4.47	4.41	4.39
Return on Investment (ROI) (PBT/Networth)		0.16	0.14	0.21
Debt Equity Ratio (Total Liability/Networth)		2.58	2.08	3.79
Current Ratio (Current Asset/Current Liability)		2.90	2.58	2.18

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	Yes
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	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	No
17]	Major suppliers	No
18]	Major customers	No
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
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

CONTINGENT LIABILITIES

Rs. In Millions

Particular	31.03.2011	31.03.2010
Counter Guarantees given to bankers in respect of guarantees and	344.338	242.327
Letter of credit. Claims made against the company not acknowledged as debts	8.023	0.000

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U15143PN2000PLC014444
Name of the company	PRANAV AGRO INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Nav Maharashtra House 42/43, Shaniwar Peth, Pune-411030, Maharashtra, India yogesh@pranavgroup.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Others (All Types of Stocks & Machineries ,Etc)
Particular of charge holder	Canara Bank, Prime Corporate Branch, M.G. Road Camp, Pune-411001, Maharashtra, India managercb2551@canarabank.com
Nature of instrument creating charge	Common hypothecation agreement dated 4th July, 2012 creating a single charge
Date of instrument Creating the charge	04.07.2012
Amount secured by the charge	Rs.166.600 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 3.75% above ongoing branch with minimum of 14.25% p. A. Compounded at monthly rests. Terms of Repayment Repayable on demand Margin Company shall maintain 15% margin of security, thereafter as is stipulated by the bank from time to time. Extent and Operation of the charge First and exclusive charge Others The present loan facility of Rs.166.600 Millions comprises of :- 1. OCC/ODBD - Rs. 33.300 2. ILC/FLC - Rs. 133.300 --------------- Rs.166.600 [All figures in Rs. In Milions] The said loan shall be adjusted in consortium when consortium documents are executed.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all stocks, raw materials, goods in process, semi finished and finished goods, and other items of stock in trade and stores, spares, componenets, machinery, vehicles, furniture and fixtures, and all other movable goods and properties. Hypothecation of present and future book debts, outstandings, moneys, bills receivables, claims, bills, contracts, securities, investments, cash, gold, silver, jewellery, rights and assets and rights relating or in movable properties . Collateral security by way of hypothecation of plant and machinery situated at a) Plot No. E-5,E-6, E-44 To E-47 and E-48/1a At MIDC, Kupwad Sangli, b) Gat No 268 Shindewadi, Shirval, Satara, c) B-13 Chincholi MIDC Solapur, d) Sr. No. S-64/2, Pedsda Amberpe [v], Hayat Nagar [m], District. Hyderabad, e) 4 No. of Wind Mill At Venkusawade, Taluka. Patan, District. Satara.

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· 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 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] 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.55.52
UK Pound	1	Rs.88.85
Euro	1	Rs.70.85

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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		47

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.