1. Summary Information

		Country	India
Company Name	MACCAFERRI ENVIRONMENTAL SOLUTIONS PRIVATE LIMITED	Principal Name 1	Mr. VikrantJeet Roy
Status	Moderate	Principal Name 2	Mr. Luigi Penzo
		Registration #	11-131124
Street Address	D – 40, MIDC, Ranjangaon, Taluka Shirur, Pune – 441220, Maharashtra
Established Date	24.04.1998	SIC Code	--
Telephone#	91-2138-2670327	Business Style 1	Manufacturer
Fax #	91-2138-2670337	Business Style 2	Trader
Homepage	http://www.maccaferri-india.com	Product Name 1	Gabions Renomattresses Wire
# of employees	Not Available	Product Name 2	Geosynthetics and Natural Fiber Products
Paid up capital	Rs. 564,582,000/-	Product Name 3	--
Shareholders	Foreign holdings – 100%	Banking	Corporation Bank
Public Limited Corp.	No	Business Period	14 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (30)
Related Company
Relation	Country	Company Name	CEO
Associates	United Kingdom	Linear Composites Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.12.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	517,117,000	Current Liabilities	200,663,000
Inventories	214,533,000	Long-term Liabilities	274,686,000
Fixed Assets	248,884,000	Other Liabilities	5,216,000
Deferred Assets	0	Total Liabilities	480,565,000
Invest& other Assets	2,255,000	Retained Earnings	0
		Net Worth	502,224,000
Total Assets	982,789,000	Total Liab. & Equity	982,789,000
Total Assets (Previous Year)	843,590,000
P/L Statement as of	31.12.2010		(Unit: Indian Rs.)
Sales	1261,439,000	Net Profit	83,816,000
Sales(Previous yr)	1082,040,000	Net Profit(Prev.yr)	35,079,000

MIRA INFORM REPORT

Report Date :

20.09.2012

IDENTIFICATION DETAILS

Name :	MACCAFERRI ENVIRONMENTAL SOLUTIONS PRIVATE LIMITED
Registered Office :	D – 40, MIDC, Ranjangaon, Taluka Shirur, Pune – 441220, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	24.04.1998
Com. Reg. No.:	11-131124
Capital Investment / Paid-up Capital :	Rs. 564.582 Millions
CIN No.: [Company Identification No.]	U45200PN1998PTC131124
TAN No.: [Tax Deduction & Collection Account No.]	MUMM22250E/ MUMM12608B
PAN No.: [Permanent Account No.]	AABCM5896L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader and Exporter of Gabions Renomattresses Wire, Geosynthetics and Natural Fiber Products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 2000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. 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.

LOCATIONS

Registered Office/ Factory :	D – 40, MIDC, Ranjangaon, Taluka Shirur, Pune – 441220, Maharashtra, India
Tel. No.:	91-2138-2670327/ 2670332/ 22 / 27580931
Fax No.:	91-2138-2670337
E-Mail :	co.secretaries@gmail.com manjinder@maccaferri-india.com ranjvir@maccaferri-india.com
Website :	http://www.maccaferri-india.com
Corporate Office :	402, 4^th Floor, Salcon Aurum, Plot No. 4, Jasola District Center, New Delhi – 110044, Delhi, India
Tel. No.:	91-11-43798400/50
Fax No.:	91-11-46546330
Branch Offices :	Located at: Mumbai New Delhi Ahmedabad Kolkata Chennai Pune
Headquarter :	Via Kennedy 10 40069, Zola Predos (Bologna), Italy
Tel. No.:	39-0516436000
Fax No.:	39-0516436201

DIRECTORS

AS ON 30.06.2011

Name :

Mr. VikrantJeet Roy

Designation :

Managing Director

Address :

B-158, 2^nd Floor, Shivalik, New Delhi – 110017, India

Date of Appointment :

30.01.2007

DIN No.:

00637663

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	U60231DL2000PTC107593	VERA RESOURCES PRIVATE LIMITED	Director	22/01/2006	22/01/2006	31/10/2011	Active	NO
2	U45200PN1998PTC131124	MACCAFERRI ENVIRONMENTAL SOLUTIONS PRIVATE LIMITED	Managing director	30/01/2007	30/01/2007	-	Active	NO
3	U74140HR1996PLC033215	SARGON GEOSYNTHETICS LIMITED	Managing director	30/01/2007	30/01/2007	-	Amalgamated	NO
4	U74140DL2008PTC178929	VR MANAGEMENT CONSULTING PRIVATE LIMITED	Director	02/06/2008	02/06/2008	-	Active	NO
5	U26960DL2008PTC182294	VR PESTEC INDIA PRIVATE LIMITED	Director	21/08/2008	21/08/2008	27/01/2009	Active	NO
6	U01134DL2008PTC183616	ASAAVI FARMS PRODUCE PRIVATE LIMITED	Director	23/09/2008	23/09/2008	-	Active	NO
7	U93000DL2009PTC188731	ZENGA ENTERTAINMENT PRIVATE LIMITED	Director	23/03/2009	23/03/2009	-	Active	NO
8	U64200DL2009PTC188125	ONEDIGITAL ENTERTAINMENT PRIVATE LIMITED	Director	26/03/2009	26/03/2009	-	Active	NO
9	U22130DL2009PTC192737	ZENGA MEDIA PRIVATE LIMITED	Director	30/07/2009	30/07/2009	-	Active	NO
10	U72900DL2008PTC172150	ZENGA MAIL PRIVATE LIMITED	Whole-time director	30/10/2009	05/10/2009	-	Active	NO
11	U72900DL2009PTC197474	KM DIGI SERVE PRIVATE LIMITED	Director	31/12/2009	31/12/2009	-	Active	NO
12	U51909DL2007PTC167221	RAVIKANTA ENTERPRISES PRIVATE LIMITED	Director	07/12/2011	07/12/2011	-	Active	NO

Name :

Mr. Luigi Penzo

Designation :

Director

Address :

Via Puglie, 12 40056, Crespellanc, (Bologna), Italy

Date of Appointment :

20.01.2004

DIN No.:

01520008

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	Company/ LLP Status	Defaulting status
1	U45200PN1998PTC131124	MACCAFERRI ENVIRONMENTAL SOLUTIONS PRIVATE LIMITED	Director	20/01/2004	20/01/2004	Active	NO
2	U74140HR1996PLC033215	SARGON GEOSYNTHETICS LIMITED	Director	20/01/2007	20/01/2007	Amalgamated	NO

Name :

Mr. Marcho Finelli

Designation :

Director

Address :

Via Belmeloro – 5, 40100 Bologna, Italy

Date of Appointment :

04.11.1998

DIN No.:

01481866

Name :

Mr. Ashish D Gharpure

Designation :

Director

Address :

Flat No 07, 3^rd Floor, Dini Homes, Plot No 53, Sector 21, Nerul, Navi Mumbai-400706, Maharashtra, India

Date of Appointment :

01.01.2009

DIN No.:

02509781

KEY EXECUTIVES

Name :	Mr. Rajeev Jagan Bhargav
Designation :	Secretary
Address :	H. No. 846, Sector 19, Faridabad – 121002, Haryana, India
Date of Birth/Age :	19.06.1981
Date of Appointment :	30.12.2010
Name :	Mr. Rajvir Singh
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2011

Names of Shareholders	No. of Shares
Officine Maccaferri SPA – Italy	5575906
International Maccaferri Gabions Holding Company SA – Luxemburg	69915
Total	5645821

AS ON 30.06.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader and Exporter of Gabions Renomattresses Wire, Geosynthetics and Natural Fiber Products

PRODUCTION STATUS (AS ON 31.12.2010)

Particulars	Unit	Installed Capacity*	Actual Production
Double Twist	MT	6000	2476.73
Paraweb	MTR	16700000	16162360
Paralink	Sqmtr	1500000	1286461

Note:

Licensed Capacity is not applicable for all products

(*) As certified by the management and accepted by the auditors being technical in nature

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Corporation Bank – Overseas Branch, Earnest House, Nariman Point, Mumbai – 400021, Maharashtra, India

· Calyon Bank

· BNP Paribas

· ICICI Bank

· Credit Agricole Bank

Facilities :

Secured Loans	31.12.2010 (Rs. In Millions)	31.12.2009 (Rs. In Millions)
Loan from Banks
Term Loans	0.000	0.160
Cash Credit facilities	0.000	0.000
Total	0.000	0.160

Notes:

1. Cash credit facilities are secured by way of hypothecation of inventories, book debts and current assets of the company.

2. Term loans are secured by way of hypothecation of underlying motor vehicles (amount repayable within one year Rs. Nil (Previous year Rs.0.160 million)

Unsecured Loans	31.12.2010 (Rs. In Millions)	31.12.2009 (Rs. In Millions)
Short term loans
From Banks	0.000	165.000
From others	258.782	60.356
Cash Credit Facilities	7.605	0.000
Others	8.299	19.411
Total	274.686	244.767

Notes:

1. Short term loans from banks consists of working capital demand loans as follows

a) BNP Paribas

Due within one year Rs. Nil (Previous year Rs. 85.000 Millions)

b) Calyon Bank

Due within one year Rs. Nil (Previous year Rs. 80.000 Millions)

2. Short term loan from other consists of finance facility obtained from Felsinea factor SPA the associate company
3. Other loans consists of finance facility obtained in respect of machinery from Felsinea factor SPA, the associate company

Banking Relations :	--
Auditors :
Name :	S V Ghatalia and Associates Chartered Accountants
Address :	Golf View Corporate Tower B, Sector-42, Sector Road, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-4644000
Fax No.:	91-124-4644050
Income-tax PAN of auditor or auditor's firm :	AACFS6921Q
Holding Company :	· Officine Maccaferri SPA, Italy
Fellow Subsidiaries :	· Maccaferri Construction Limited, UK · Maccaferri Pty Limited, Australia · France Maccaferri SAS, France · Maccaferri New Zealand Limited, New Zealand · Maccaferri Malaysia Sdn Bhd, Malaysia · Maccaferri (Nepal) Private Limited · Maccaferri SA (Pty) Limited, South Africa · Maccaferri Inc, USA · Maccaferri Portugal, Portugal · Maccaferri Indonesia P.T Indonesia · Maccaferri Central, Europe · Maccaferri D Mexco, Russia · Maccaferri De, Peru · Maccaferri Gabions · Maccaferritianjin Fibers Company Limited
Associates :	· Felsinea Factor S.P.A., Italy · Linear Composites Limited, United Kingdom

CAPITAL STRUCTURE

AFTER 30.06.2011

Authorised Capital : Rs. 630.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 629.682 Millions

AS ON 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
6300000	Equity Shares	Rs.100/- each	Rs. 630.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5645821	Equity Shares	Rs.100/- each	Rs. 564.582 Millions

Notes:

Of the above 5645811 equity shares are held by Officine Maccaferri SPA, the Holding company and 10 equity shares are held by Maccaferri Limited UK which is also subsidiary of Officine Maccaferri SPA

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		564.582	495.442	495.442
2] Share Application Money		65.100	134.240	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(127.458)	(211.275)	(159.095)
NETWORTH		502.224	418.407	336.347
LOAN FUNDS
1] Secured Loans		0.000	0.160	7.679
2] Unsecured Loans		274.686	244.767	298.631
TOTAL BORROWING		274.686	244.927	306.310
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		776.910	663.334	642.657
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		248.884	240.322	280.330
Capital work-in-progress		2.255	5.391	5.270
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	1.169
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	214.533	131.902	127.476
	Sundry Debtors	269.772	306.317	264.699
	Cash & Bank Balances	36.870	40.036	88.123
	Other Current Assets	97.145	23.255	0.872
	Loans & Advances	113.330	96.367	112.682
Total Current Assets		731.650	597.877	593.852
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	161.502	112.135	212.303
	Other Current Liabilities	39.161	64.423	20.797
	Provisions	5.216	3.698	1.864
Total Current Liabilities		205.879	180.256	234.964
Net Current Assets		525.771	417.621	358.888
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		776.910	663.334	645.657

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Income	1261.439	1082.040
		Other Income	34.899	18.176
		TOTAL (A)	1296.338	1100.216
Less	EXPENSES
		Purchased of Traded Goods	214.868	228.238
		Raw Material Consumed	394.540	221.000
		Personnel Expenses	104.073	81.385
		Operating and other expenses	423.292	505.540
		Expenses pertains to prior period	0.814	25.933
		(Increase)/Decrease in Finished Goods	27.832	(37.750)
		TOTAL (B)	1165.419	1024.346
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		130.919	75.870
Less	FINANCIAL EXPENSES (D)		20.138	24.409
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		110.781	51.461	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		28.806	14.100
	PROFIT BEFORE TAX (E-F) (G)		81.975	37.361
Less	TAX (H)		(1.841)	2.282
	PROFIT AFTER TAX (G-H) (I)		83.816	35.079
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(211.274)	(156.094)
Add	LOSS ACCOUNTED ON MERGER OF SARGON GEOSYNTHETICS LIMITED, WRONGLY RECOGNIZED AS GOODWILL DURING EARLIER YEAR		0.000	(90.259)
	BALANCE CARRIED TO THE B/S		(127.458)	(211.274)
	EARNINGS IN FOREIGN CURRENCY
		Export at F.O.B. Value	114.454	71.973	50.155
		Design charges obtained	18.593	15.550	11.572
	TOTAL EARNINGS		133.047	87.523	61.727
	IMPORTS
		Raw Materials	415.971	137.999	183.564
		Trading Goods	60.816	102.778	84.064
		Components and spare parts	0.564	0.695	0.000
		Capital Goods	3.323	26.218	32.977
	TOTAL IMPORTS		480.674	267.690	300.605
	Earnings Per Share (Rs.)
	- Basic		15.46	7.08	NA
	- Diluted		14.37	6.38	NA

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	6.47	3.19	NA
Net Profit Margin (PBT/Sales)	(%)	6.50	3.45	NA
Return on Total Assets (PBT/Total Assets}	(%)	8.36	4.46	NA
Return on Investment (ROI) (PBT/Networth)		0.16	0.09	NA
Debt Equity Ratio (Total Liability/Networth)		0.96	1.02	1.61
Current Ratio (Current Asset/Current Liability)		3.55	3.32	2.53

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 two years	Yes
12]	Profitability for last two 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]	Date of Birth of Proprietor/Partner/Director, if available	No
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 B – 602, Great Eastern Summit, Part 1, Sector 15, CBD Belapur, Navi Mumbai – 400614, Maharashtra, India to the present address w.e.f 01.06.2007

FIXED ASSETS:

· Land

· Building leasehold

· Plant and machinery

· Computer

· Furniture and fixtures

· Vehicles

· Office equipments

· Dies and moulds

· Leasehold improvements

· Goodwill

· Software

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. 54.26
UK Pound	1	Rs. 88.15
Euro	1	Rs. 71.03

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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

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.