MIRA INFORM REPORT

Report Date :

15.09.2012

IDENTIFICATION DETAILS

Name :	NOBEL HYGIENE LIMITED (w.e.f 30.11.2009)
Formerly Known As :	NOBEL HYGIENE PRIVATE LIMITED
Registered Office :	D-2 16, Sancoale, Zuari Nagar, Goa-403 726
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.11.2001
Com. Reg. No.:	11-3048
Capital Investment / Paid-up Capital :	Rs.76.880 Millions
CIN No.: [Company Identification No.]	U24239GA2001PTC003048
TAN No.: [Tax Deduction & Collection Account No.]	BLRN02038B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Baby Diapers and Adult Diapers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 684000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and a reported company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered good for normal 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 Office :	D-2 16, Sancoale, Zuari Nagar, Goa-403 726, India
Tel. No.:	91-832-2556861/2556862
Fax No.:	91-832-2556861
E-Mail :	noble@vsnl.in nobelco@sancharnet.in
Website :	http://www.nobelhygiene.com
Factory :	Swaroop Arcade, 4^th Floor, Sahar Road, Andheri, Mumbai-400099, Maharashtra, India
Tel. No.:	91-22-28201381/ 28201382
Fax No.:	91-22-28201383
E-Mail :	noble@vsnl.in sales@nobelhygiene.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Kamal Manohardas Johari

Designation :

Director

Address :

101, Sunflower Building, Thakkarpark, Aram Socrd, Vakola, Santacruz (East), Mumbai-400 055, Maharashtra, India

Date of Birth/Age :

10.10.1960

Date of Appointment :

13.11.2001

DIN No.:

00785082

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U65910MH1994PTC082644	LIBRA EQUIFIN PRIVATE LIMITED	Director	07-11-94	07-11-94	Strike off	NO
2	U51900MH1997PTC105387	SAMTAIN SALES PRIVATE LIMITED	Director	24-01-97	24-01-97	Active	NO
3	U99999MH1996PTC104056	POWERFUL IMPEX PRIVATE LIMITED	Director	23-04-98	23-04-98	Active	NO
4	U24239GA2001PLC003048	NOBEL HYGIENE LIMITED	Director	13-11-01	13-11-01	Active	NO
5	U67120MH1996PTC098349	FANCY INVESTRADE PRIVATE LIMITED	Director	23-05-02	23-05-02	Active	NO
6	U74994MH2004PTC144846	PERIWINKLE FASHIONS PRIVATE LIMITED	Director	04-03-04	04-03-04	Active	NO

Name :

Mrs. Kamini Kamal Johari

Designation :

Director

Address :

101, Sunflower Building, Thakkarpark, Aram Socrd, Vakola, Santacruz (East), Mumbai-400 055, Maharashtra, India

Date of Birth/Age :

10.02.1962

Date of Appointment :

13.11.2001

DIN No.:

01309286

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999MH1996PTC104056	POWERFUL IMPEX PRIVATE LIMITED	Director	10-03-00	10-03-00	Active	NO
2	U24239GA2001PLC003048	NOBEL HYGIENE LIMITED	Director	13-11-01	13-11-01	Active	NO
3	U67120MH1996PTC098349	FANCY INVESTRADE PRIVATE LIMITED	Director	10-12-06	10-12-06	Active	NO

Name :

Mr. Ramesh D. Tainwala

Designation :

Director

Address :

71-Kalpataru, Nutamn Laxmi Society, JVPD Scheme, Vile Parle, Mumbai-400 057, Maharashtra, India

Date of Birth/Age :

08.09.1959

Date of Appointment :

15.12.2003

DIN No.:

00234109

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L24100MH1985PLC037387	TAINWALA CHEMICALS AND PLASTICS (INDIA) LTD	Director	04-10-85	04-10-85	30-04-08	Active	NO
2	U65990MH1982PTC027073	TAINWALA TRADING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	04-03-87	04-03-87	-	Active	NO
3	L99999MH1987PLC042076	DONEAR INDUSTRIES LIMITED	Director	20-04-90	20-04-90	-	Active	NO
4	U67120MH1991PTC060867	TAINWALA HOLDINGS PRIVATE LIMITED	Director	29-03-91	29-03-91	-	Active	NO
5	U45200MH1988PTC049046	KATYAYAN CONSTRUCTION AND DEVELOPERS PRIVATE LIMITED	Director	26-12-91	26-12-91	-	Active	NO
6	U70102MH1995PTC087967	CONCEPT REALITY AND SECURITIES PRIVATE LIMITED	Director	03-05-95	03-05-95	-	Active	NO
7	U24239GA2001PLC003048	NOBEL HYGIENE LIMITED	Director	15-12-03	15-12-03	-	Active	NO
8	L24120MH1990PLC058560	BASANT AGRO TECH (INDIA) LIMITED	Director	22-12-05	22-12-05	-	Active	NO
9	U28129MH2003PTC139261	ABHISHRI PACKAGING PRIVATE LIMITED	Director	20-03-06	20-03-06	02-05-08	Active	NO
10	U01111MH2007PTC167349	KRISHNA AGRO PRIVATE LIMITED	Director	15-02-07	15-02-07	14-04-11	Active	NO
11	U74994MH2004PTC144846	PERIWINKLE FASHIONS PRIVATE LIMITED	Additional director	31-10-07	31-10-07	06-02-08	Active	NO
12	U19120MH1995PTC094287	SAMSONITE SOUTH ASIA PRIVATE LIMITED	Alternate director	25-01-11	11-09-09	-	Active	NO
13	U52190RJ1999PTC015993	PLANET RETAIL HOLDINGS PRIVATE LIMITED	Alternate director	17-02-11	17-02-11	-	Active	NO

Name :

Mr. Manish Dharanendra Ladage

Designation :

Directors

Address :

Row No. 18, Vasant Vihar, Pokharan Road No. 2, Thane (West), Mumbai – 400601, Maharashtra, India

Date of Appointment :

30.10.2010

DIN No.:

00082178

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67190MH1995PTC085346	MASTERMIND FINANCIAL SERVICES PRIVATE LIMITED	Director	08-02-95	08-02-95	-	Active	NO
2	U67120MH1996PTC100686	METICULOUS FISCAL COMPANY PRIVATE LIMITED	Director	04-03-02	04-03-02	-	Active	NO
3	L30007MH1992PLC068558	MICRO TECHNOLOGIES (INDIA) LIMITED	Director	06-09-04	06-09-04	29-08-08	Active	NO
4	U74120MH2006PTC161860	RELAXWITHTAX CONSULTANTS PRIVATE LIMITED	Director	17-05-06	17-05-06	01-03-08	Active	YES
5	U51909MH2002PTC135748	BENNETT TRADING PRIVATE LIMITED	Director	16-11-06	16-11-06	-	Active	NO
6	U72200KL2006PTC020117	NANO TECHNOLOGIES INDIA PRIVATE LIMITED	Director	18-12-06	18-12-06	-	Active	YES
7	U55101MH2007PTC167686	MACHAD RESORTS PRIVATE LIMITED	Director	08-02-07	08-02-07	-	Active	YES
8	U45200MH2005PTC151147	SHAURYA-VEER CONSTRUCTIONS PRIVATE LIMITED	Director	05-06-09	05-06-09	-	Active	NO
9	L24231UP1993PLC015185	SIGRUN HOLDINGS LIMITED	Additional director	10-08-09	10-08-09	04-12-10	Active	NO
10	U24239GA2001PLC003048	NOBEL HYGIENE LIMITED	Director	30-09-10	30-10-09	-	Active	NO
11	U51420MH2008PLC187080	INFINIUM PRECIOUS RESOURCES LIMITED	Director	26-09-11	25-04-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	48.85
Directors or relatives of directors	31.72
Other top fifty shareholders	17.86
Others	1.57
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Baby Diapers and Adult Diapers.

Products :

PRODUCT DESCRIPTION	ITC NO.
Baby Diapers	4818.4010
Adult Diapers	4818.4010

Brand Names :

FRIENDS and TEDDYY

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Sate Bank of India, MIDC Andheri (East) Branch, Plot No B-1, Central Road, Andheri (East), Mumbai-400093, Maharashtra, India

· The North Kanara G.S B Co-operative Bank Limited, Samved, S.K Bole Road, Dadar, Mumbai-400028, Maharashtra, India

· Janakalyan Sahakari Bank Limited, 140, Vivek Darshan Sindhi Society, Opposite Bhakti Bhavan Chembur, Mumbai, Maharashtra, India

· HDFC Bank

· Standard Chartered Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans banks secured	140.650	23.847
Working capital loans banks secured	147.310	117.195
Loans taken for vehicles secured	1.703	0.000
Total	289.663	141.042
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Working capital loans banks unsecured	2.801	0.000
Working capital loans financial institutions unsecured	7.315	0.000
Loans directors unsecured	9.154	0.452
Other debt unsecured	1.800	1.780
Total	21.070	2.232

Banking Relations :	--
Auditors :
Name :	Manish D Ladage and Company Chartered Accountant
Address :	D-2123-25, Oberoi Garden Estate, Chandivli Farms Road, Chandivli, Mumbai-400072, Maharashtra, India
Tel. No.:	91-22-28476411/28471399
Fax No.:	91-22-28476411/28474788
E-Mail :	manish@mastermindfinance.com
PAN.:	AAKPB8971F
Related Parties :	Fancy lnvestrade Private Limited Powerful lmpex Private Limited Galaxy Trading Company

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs.90.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7688000	Equity Shares	Rs.10/- each	Rs.76.880 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		76.880	76.880	50.160
2] Share Application Money		9.000	0.000	1.100
3] Reserves & Surplus		85.165	47.129	11.095
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		171.045	124.009	62.355
LOAN FUNDS
1] Secured Loans		289.663	141.042	78.776
2] Unsecured Loans		21.070	2.232	5.589
TOTAL BORROWING		310.733	143.274	84.365
DEFERRED TAX LIABILITIES		1.166	1.166	1.033
TOTAL		482.944	268.449	147.753
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		231.025	26.444	27.002
Capital work-in-progress		33.746	109.087	20.550
INVESTMENT		6.276	1.276	1.476
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	121.131	60.623	53.061
	Sundry Debtors	130.682	65.671	44.170
	Cash & Bank Balances	6.396	4.891	5.289
	Other Current Assets	11.146	3.456	0.000
	Loans & Advances	32.307	26.355	10.688
Total Current Assets		301.662	160.996	113.208
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	71.523	24.573	8.518
	Other Current Liabilities	7.398	1.163	0.441
	Provisions	11.907	11.791	6.827
Total Current Liabilities		90.828	37.527	15.786
Net Current Assets		210.834	123.469	97.422
MISCELLANEOUS EXPENSES		1.063	8.173	1.303
TOTAL		482.944	268.449	147.753

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	451.582	298.224	220.010
		Other Income	4.835	0.351	0.356
		TOTAL (A)	456.417	298.575	220.366
Less	EXPENSES
		Consumption materials changes inventories	305.545	222.758	196.070
		Manufacturing other operating expenses	83.971	46.765
		TOTAL (B)	389.516	269.523	196.070
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		66.901	29.052	24.296
Less	FINANCIAL EXPENSES (D)		23.187	9.526	10.250
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		43.714	19.526	14.046
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.678	0.789	0.783
	PROFIT BEFORE TAX (E-F) (G)		38.036	18.737	13.263
Less	TAX (H)		0.000	4.733	3.522
	PROFIT AFTER TAX (G-H) (I)		38.036	14.004	9.741
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		25.099	11.095	17.867
Add	INCOME TAX PREVIOUS YEAR		--	--	0.027
Less	UTILIZED FOR ISSUE OF BONUS SHARES		--	--	16.540
	BALANCE CARRIED TO THE B/S		63.135	25.099	11.095
	EARNINGS IN FOREIGN CURRENCY
		Machinery (WIP)	66.796	73.586	--
		Fright	0.000	0.018	--
		Sample Material	0.000	0.023	--
		Raw Material and Finished Product	79.855	57.132	--
	TOTAL EARNINGS		146.651	130.759	--
	Earnings Per Share (Rs.)		4.95	1.94	5.84

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.33	4.69	4.42
Net Profit Margin (PBT/Sales)	(%)	8.42	6.28	6.03
Return on Total Assets (PBT/Total Assets}	(%)	7.14	9.99	9.46
Return on Investment (ROI) (PBT/Networth)		0.22	0.15	0.21
Debt Equity Ratio (Total Liability/Networth)		2.35	1.46	1.61
Current Ratio (Current Asset/Current Liability)		3.32	4.29	7.17

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FORM 8

Corporate identity number of the company	U24239GA2001PTC003048
Name of the company	NOBEL HYGIENE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D2 16, Sancoale, Zuari Nagar, Goa-403726, India Email: noble@vsnl.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10145181
Type of charge	Immovable Property
Particular of charge holder	Sate Bank of India, MIDC Andheri (East) Branch, Plot No B-1, Central Road, Andheri (East), Mumbai-400093, Maharashtra, India Email: kamalax_saraf@hotmail.com
Nature of instrument creating charge	No instrument. Memorandum for recording extension of mortgage by deposit of title deeds covering enhanced limits and/or creation of equitable mortgage on additional properties for existing limits and enhanced limits and additional facilities (sme-7)
Date of instrument Creating the charge	12.03.2010
Amount secured by the charge	Rs.368.100 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Per Sanction Terms Terms of Repayment As Per Sanction Terms Margin As Per Sanction Terms Extent and Operation of the charge As Per Sanction Terms
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of stocks of raw materials, stock in process, finished goods and book debts.
Date of instrument modifying the charge	12.03.2011
Particulars of the present modification	Now By the Present Modification Dt.12.3.2011 The Company Created an Extension of Charge by way of an Equitable Mortgage by Deposit Of Title Deeds Over the Immovable Properties to Secure the Credit Facilities of Rs.368.100 millions The Details of the Immovable Properties Situated At : Office Premises At 401 and 402 Swaroop Arcade, Andheri (East), Mumbai-400099. Plot No. U-04, Phase Iv, Verna Industrial Estate, Goa And Land and Building At D-2/16, Sancole Industrial Estate, Zuari Nagar, Goa.

CONTINGENT LIABILITY

Particulars	31.03.2011	31.03.2010
	[Rs. in Millions]
Canteen Store Department	8.200	11.700
Sales Tax	0.300	0.000
Commissioner of Custom	4.200	4.200

FIXED ASSETS

· Air Conditioner

· Aquaguard

· Computer

· Factory Equipments

· Factory Premises

· Factory Land

· Office Premises

· Handi (Machine)

· Reliance Mobile Phone

· Electrical Installation

· Website Development

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.54.73
UK Pound	1	Rs.88.61
Euro	1	Rs.71.34

INFORMATION DETAILS

Report Prepared by :

TPT

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	6
--LIQUIDITY	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.