MIRA INFORM REPORT

Report Date :

24.09.2012

IDENTIFICATION DETAILS

Name :	UMA CONVERTER PRIVATE LIMITED
Registered Office :	A/36, 4^th Floor, Circle – B, Judges Bunglow Road, Sarkhej Bodakde Highway, Gandhinagar, Ahmedabad – 380 015, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.06.1999
Com. Reg. No.:	04-036163
Capital Investment / Paid-up Capital :	Rs.30.000 Millions
CIN No.: [Company Identification No.]	U55200GJ1999PTC036163
TAN No.: [Tax Deduction & Collection Account No.]	MUMU03834F
PAN No.: [Permanent Account No.]	AAACU4076B
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Flexible Pouches
No. of Employees :	150 (Approximately)

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 260000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established 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 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	TERM LOAN : CRISIL BB-
Rating Explanation	Moderate risk of default
Date	August, 2011

Rating Agency Name	CRISIL
Rating	Letter of credit : CRISIL A4+
Rating Explanation	Minimal degree of safety it carry very high credit risk
Date	August, 2011

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 DECLINED BY

Name :	Mr. Sumer Raj Lodha
Designation :	Director
Contact No.:	91-9824077254
Date:	22.09.202012

LOCATIONS

Registered Office / Corporate Office :	A/36, 4^th Floor, Circle – B, Judges Bunglow Road, Sarkhej Bodakde Highway, Gandhinagar, Ahmedabad – 380 015, Gujarat, India
Tel. No.:	91-79-26872584
Mobile No.:	91-9824077254 (Mr. Sumer Raj Lodha)
Fax No.:	91-79-26872585
E-Mail :	info@umaconverter.com sales@umaconverter.com ho@umaconverter.com umaconverter@gmail.com ho@umaconverter.com ucpl2002@yahoo.com ucpl2002@gipl.net
Website :	http://www.umaconverter.com
Area :	1600Sq.ft.
Location :	Owned
Factory/ Godown :	Plot No.868, 16 Satej Road, Taluka Kalol, District Gandhji Nagar, India
Tel. No.:	91-2764-286681/ 286432
Fax No.:	91-2764-286181
Area :	1 Acre
Location :	Owned
Branch Office 1 :	"JANANI", Sreenivasapuram Varkala - 695145, District Trivandrum, Kerala State, India
Tel. No.:	91-470-2608676
E-Mail :	uma_gauri@sify.com uma_gauri@dataone.com
Branch Office 2 :	3/15, New Bansi Park, Opposite N. L. High School, Nursing Lane, F. V. Road, Malad (West), Mumbai – 400064, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :	Mr. Sumer Raj Sudh Raj Lodha
Designation :	Chairman
Address :	C-3/42, Goyal Intercity, Drive – in – Road, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	22.09.1956
Qualification :	Graduate
Date of Appointment :	18.06.1999
DIN No.:	00033283

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	U55200GJ1999PTC036163	UMA CONVERTER PRIVATE LIMITED	Director	18/06/1999	18/06/1999	Active	NO
2	U25202GJ2008PTC054107	NIRMI FLEXIPACK PRIVATE LIMITED	Director	03/06/2008	03/06/2008	Active	NO

Name :	Mrs. Nirmala Sumer Raj Lodha
Designation :	Director
Address :	C-3/42, Goyal Intercity, Drive – in – Road, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	23.09.1963
Qualification :	SSC
Date of Appointment :	18.06.1999
DIN No.:	00033246

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	U55200GJ1999PTC036163	UMA CONVERTER PRIVATE LIMITED	Director	18/06/1999	18/06/1999	Active	NO
2	U25202GJ2008PTC054107	NIRMI FLEXIPACK PRIVATE LIMITED	Director	03/06/2008	03/06/2008	Active	NO

KEY EXECUTIVES

Name :	Mr. Bharatkumar P. Tank
Designation :	Company secretary
Address :	Ahmedabad – 380009, Gujarat, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Sumer Raj Lodha	849900
Nirmala Lodha	1440000
Abhishek Lodha	570000
Swati Lodha	40000
Manoj Bothra	50000
Naresh Bothra	50000
Chartered Carrier Limited, India	100
Total	3000000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	0.01
Directors or relatives of Directors	99.99
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Flexible Pouches.

Products :

ITC Code No.	Product Description
3923.90	Plastic Pouches
3920.38	Flexible Rolls
3920.32	Co - Extruded Sheet

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Actual Production
Pouches	Kg	35,666,062
Co-extruded Sheets	Kg	64,655
Flexible Rolls	Kg	2,008,862
Wastage	Kg	208,531

GENERAL INFORMATION

Customers :

• Britannia
• Pillsbury
• Vadilal
• Nezone Biscuits
• AVT-Coffee
• Real
• Everest
• Medico
• Royal Coffee
• Sushma Namkeen
• Hariom Namkeen
• Cipla
• T-Stanes
• Rasna International
• Surati
• Nilamels

No. of Employees :

150 (Approximately)

Bankers :

Corporation Bank, Industrial Finance Branch, Opposite V S Hospital, Ahmedabad – 380006, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
1. Corporation Bank ( Cash Credit )	89.454	21.313
2. Corporation Bank ( Cash Credit Forex) (Cash Credit Limit secured by way of Hypothecation of Stock and Book Debts and first charge on fixed assets along with personal guarantee of Directors)	0.000	45.646
3. Corporation Bank - Term Loan Forex	0.00	4.890
4. Corporation Bank - Term Loan 90004	28.218	36.210
5. Corporation Bank - Term Loan 60013	1.846	3.714
6. Corporation Bank - Term Loan 01110011 (Secured by way of Equitable Mortgage of land and building and hypothecator of P and M and other imovable assets and personal guarantee of Directors)	10.686	0.000
Total	130.204	111.773
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
1. From Directors	24.992	40.825
2. From Corpomte Bodies	41.774	22.982
3. From Shareholders	8.541	7.468
4. Securttyd Eposits	6.590	6.469
5. Vehicle Loans	0.654	0.362
Total	82.551	78.106

Banking Relations :	--
Auditors :
Name :	Rajendra R. Jain and Company Chartered Accountants
Address :	Sudarshan, E–123, Kalpatru Shopping Centre, Residency Road, Jodhpur – 342003, Rajasthan, India
PAN.:	AAOPJ6227C

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 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		30.000	16.800	16.600
2] Share Application Money		0.000	0.000	1.000
3] Reserves & Surplus		35.216	30.304	27.582
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		65.216	47.104	45.182
LOAN FUNDS
1] Secured Loans		130.204	111.773	65.094
2] Unsecured Loans		82.551	78.106	64.231
TOTAL BORROWING		212.755	189.879	129.325
DEFERRED TAX LIABILITIES		10.593	11.181	10.328
TOTAL		288.564	248.164	184.835
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		132.255	136.208	86.867
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	82.712	70.218	60.887
	Sundry Debtors	89.872	72.877	50.360
	Cash & Bank Balances	5.952	5.066	2.954
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	25.553	14.844	20.772
Total Current Assets		204.089	163.005	134.973
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	42.302	47.184	31.491
	Other Current Liabilities	4.533	3.083	5.664
	Provisions	0.945	0.781	0.000
Total Current Liabilities		47.780	51.048	37.155
Net Current Assets		156.309	111.957	97.818
MISCELLANEOUS EXPENSES		0.000	0.000	0.150
TOTAL		288.564	248.164	184.835

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	454.642	331.709	NA
		Other Income	4.080	1.669	NA
		Excise Duty On Finished Goods	0.636	0.373	NA
		Mat Credit	1.583	0.000	NA
		TOTAL (A)	460.941	333.751	NA
Less	EXPENSES
		Raw material Consumed	343.172	228.748	NA
		Trading Purchases	0.000	16.090	NA
		Manufacturing Expenses	42.763	37.193	NA
		Administrative Expenses	12.141	10.354	NA
		Selling& Distribution Expenses	8.200	5.946	NA
		Preliminary Expenses Written Off	0.000	0.002	NA
		(Decrease) / Increase In Stock	(5.016)	0.423
		TOTAL (B)	401.260	298.756	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		59.681	34.995	NA
					NA
Less	FINANCIAL EXPENSES (D)		34.368	17.423	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		25.313	17.572	13.978
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.177	13.967	5.192
	PROFIT BEFORE TAX (E-F) (G)		6.136	3.605	8.786
Less	TAX (I)		1.245	1.410	1.372
	PROFIT AFTER TAX (G-I) (J)		4.911	1.922	7.866
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		221.104	20.182	12.316
	BALANCE CARRIED TO THE B/S		27.015	22.104	20.182
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	4.693	2.736	2.771
	TOTAL EARNINGS		4.693	2.736	2.771
	IMPORTS
		Raw Materials	29.061	68.364	4.079
	TOTAL IMPORTS		29.061	68.364	4.079
	Earnings Per Share (Rs.)		1.64	1.14	4.47

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.05	0.58	NA
Net Profit Margin (PBT/Sales)	(%)	1.35	1.09	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.82	1.20	3.96
Return on Investment (ROI) (PBT/Networth)		0.09	0.08	0.19
Debt Equity Ratio (Total Liability/Networth)		3.99	5.35	3.68
Current Ratio (Current Asset/Current Liability)		4.27	3.19	3.63

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	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	--
17]	Major suppliers	No
18]	Major customers	No
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	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	Yes

PERFORMANCE

The year has been good for their Company with Sales Revenues during the year increasing by 39%to Rs.500.000 Millions and profit increasing substantially by 155% to Rs.4.912 Millions. This improved performance is a combination of strategic planning by management successful penetration of indigenous market, increased export volumes and a continuous focus on cost management during the year.

The Directors take this opportunity to assure that all efforts shall continue to be made to sustain sales growth and margin while consolidating retained earnings. The Company took a number of measures notably in the area of improving quality of production, increasing in production capacity, engagement of proper and quality staff, direct control of management and utilization of instated capacity of machineries etc .These measure however, resulted in improvement of the profitability of the Company.

FUTUROE OUTLOOK:

The Company is planning aggressive growth strategies for domestic sales and are Confident that emphasis and consistent. Efforts on Quality and Service will help the Company to achieve the desired goals. We aim to improve the quality of their products on a continuous basis white achieving sustained profit growth. Looking to the positive movements in all kinds of industries, the company has drawn up an aggressive expansion plan for the future.

CONTINGENT LIABILITIES

All liabilities are being provided for in accounts except those which are of contingent in nature and are generally disclosed in notes on accounts. Contingent losses are charged to profit and Loss account if subsequent event confirm impairing of an asset or raising of a liability.

All liabilities are being provided for in accounts except those which are of contingent in nature and are generally disclosed in notes on accounts. Contingent losses are charged to profit and loss account if subsequent event impairing of an asset or raising of a liability.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company

U55200GJ1999PTC036163

Name of the company

UMA CONVERTER PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

A/36, 4^th Floor, Circle – B, Judges Bunglow Road, Sarkhej Bodakde Highway, Gandhinagar, Ahmedabad – 380 015, Gujarat, India

ho@umaconverter.com

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

80012178

Type of charge

• Immovable Property
• Book debts
• Movable property (not being pledge)

Particular of charge holder

Corporation Bank, Industrial Finance Branch, Opposite V S Hospital, Ahmedabad – 380006, Gujarat, India

cb489@corpbank.co.in

Nature of instrument creating charge

1.Supplementary common deed of hypothecation of movable / Assets / Debts Dated 09.10.2011 and

2. Memorandum of Agreements for extension of equitable mortage dated 09.02.2011

Date of instrument Creating the charge

09.02.2011

Amount secured by the charge

Rs.206.400 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest

1. CASH CREDIT 13.65% P.A. Being 4.75% above based Rate Which Is 8.90%, 2. Term Loan iii, iv And V 14.40% P.A. Being 5.50% Above Based Rate Which Is 8.90% P.A., 3. Letter of Credit as per bank Rule

Terms of repayment

1. Cash credit-not exceeding 360 Days 2. Term Loan III not to exceed 66 Month in 20 Quarterly installment of Rs.0.366 million each with in IRH of 6 Month 4. Term Loan IV (Fresh) not to exceed 66 Month including initial moratorium period of 6 months from the date of first disbarment, repayment made in 60 monthly installment 5. Term Loan V (Fresh) tenor of 36 month and then after paid in 10 Quarterly installments 6. letter of credit Not Applicable

Margin

On cash credit Stock 30% and book debt 30% 2. Term Loan III 25% on plant Machinery and 40% on Civil Work 3. Term Loan IV (Fresh) 25% on Machinery 4. Term Loan V (Fresh) 25% and 5. letter of credit 20% on cash margin

Extent and operation of the charge

Charged / mortgaged to the bank to secure overall limit of Rs.206.400 millions funded by the Corporation Bank.

(Amount In Millions)

	particulars	Existing	Present
1.	cash credit	90.000	90.000
2.	Term Loan II	6.000	0.00
3.	Term Loan III	3.800	2.300
4.	Term Loan IV(Fresh)	38.100	31.100
5.	Term Loan V (Fresh)	0.000	33.000
6.	letter of credit	25.000	50.000

Others

As per Bank Agreement and Sanction Letter attached herewith

Short particulars of the property or asset(s) charged (including complete address and location of the property)

First and exclusive charge on Plot No. 761 situated at Block No. 868 Village-Santej in Kalol Taluka dist. Gandhinagar in the State of Gujarat.

First and exclusive charge on Plot No. 764/2 situated at Block No. 871 Village-Santej in Kalol Taluka dist. Gandhinagar in the State of Gujarat

All undivided proportionate share in the piece of land bearing Hissa No.1/4,1/5 and 1/6 forming part of survey No. 241/1 Paiki and 242 and F.P. No. 125,127,128 and 129 of TPS No. 1/B of Mojue bodakdev

of city Taluka in Registration district of Ahmedabad - together with superstructure being office No. A/36 on lllrd Floor Circle B within Volga Cooperative Housing Society Ltd., Bodakdev, Ahmedabad-15,

first charge by way of hypothecation of entire present and future stock, Raw Materials, WIP, Finished Goods, Consumable spares, Dies, used in Packing Material

Present and Future Receivable / Book Moveable properties of the company

Both present and future moveable properties of the company.

Date of instrument modifying the charge

09.10.2010

Particulars of the present modification

By virtue the modification. Bank has modified total credit facilities form 164.000 Millions to 206.400 Millions.

FIXED ASSETS:

• Land and Sit Development
• Factory Building
• Furniture and Fixtures
• Office Equipments
• Computer and Printing
• Motor and Vehicles
• Electric Installation
• Factory and Auxiliary Equipments
• Building under Construction

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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.53.91
UK Pound	1	Rs.87.60
Euro	1	Rs.70.01

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

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