MIRA INFORM REPORT

Report Date :

02.04.2013

IDENTIFICATION DETAILS

Name :	OLAM AGRO INDIA LIMITED (w.e.f. 18.11.2009)
Formerly Known As :	OLAM EXPORTS (INDIA) LIMITED
Registered Office :	DLF Building No. 8, Tower A, Ground Floor, Phase II, Cyber City, Gurgaon – 122 002, Haryana
Country :	India
Financials (as on) :	31.03.2012 (Profit and Loss)
Date of Incorporation :	28.10.1994
Com. Reg. No.:	05-040113
Capital Investment / Paid-up Capital :	Rs. 137.922 (As on 31.03.2011)
CIN No.: [Company Identification No.]	U72200HR1994PTC040113
TAN No.: [Tax Deduction & Collection Account No.]	RTKO01220C
PAN No.: [Permanent Account No.]	AAACO4020D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is engaged into the processing of Raw Cashew-Nut, Coffee, Cotton, Sesame, groundnut and Paddy and in the production of Sugar and Rice. The Company also does trading of Cashew Kernels, Clean Coffee, Cotton, Rice, Sugar, Sesame, Raw Wheat, Pulses, Maize, Soyabean, Ground Nuts, Pepper, Timber, Mustard Seeds, Oil Seeds, Almonds and other products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 3800000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company appears to be low during the year 2012. And as per previous year’s record the external borrowing seems to be huge. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered fort business dealings with great 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 :	DLF Building No. 8, Tower A, Ground Floor, Phase II, Cyber City, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-4839999
Fax No.:	91-124-4839977
E-Mail :	olam@olamindia.com sanjeev.mishra@olamnet.com
Website :	http://olamonline.com
Branch Office :	Located At · Punjab · Haryana · Gujarat · Madhya Pradesh · Maharashtra · Andhra Pradesh · Karnataka · Tamil Nadu · Kerala

DIRECTORS

As on 29.09.2012

Name :

Mr. Sanjay Sacheti

Designation :

Whole Time Director

Address :

Flat No. 3, Pearl Court III, Essel Tower, Mehrauli, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

22.06.1966

Date of Appointment :

02.11.2000

DIN No.:

00271310

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	U72200HR1994PLC040113	OLAM AGRO INDIA LIMITED	Whole-time director	02-11-00	02-11-00	-	Active	NO
2	U85110HR2006PLC048628	HEMARUS INDUSTRIES LIMITED	Additional director	17-10-11	17-10-11	23-12-11	Active	NO

Name :

Mr. Ashok Krishen

Designation :

Director

Address :

I Tanjong Rhu Road, 08-03, The Waterside, Singapore 436 879

Date of Birth/Age :

09.12.1962

Date of Appointment :

22.02.2001

DIN No.:

00309956

Name :

Mr. Amit Pant

Designation :

Whole Time Director

Address :

A 304, Gopalans Avenue, 13 Cross – 16, Main Indira Nagar, 2st Bangalore – 560 038, Karnataka, India

Date of Birth/Age :

30.08.1970

Date of Appointment :

01.02.2008

DIN No.:

01927533

Name :

Mr. Sridhar Krishnan

Designation :

Director

Address :

18 Jalan Jambu Ayer, Singapore 588 778

Date of Birth/Age :

13.07.1954

Date of Appointment :

23.03.2009

DIN No.:

02608329

Name :

Mr. Narayan Barasia

Designation :

Additional Director

Address :

A- 501, Kamaroon Court, Setor - 43, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

17.12.1972

Date of Appointment :

29.09.2012

DIN No.:

02632501

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	U65993WB2006PTC111229	BARASIA FISCAL SERVICES PRIVATE LIMITED	Director	29-07-06	29-07-06	11-09-09	Active	NO
2	U72200HR1994PLC040113	OLAM AGRO INDIA LIMITED	Whole-time director	29-09-12	17-10-11	-	Active	NO

Name :

Mr. Suresh Sundararajan

Designation :

Additional director

Address :

24/ E 3rd Stree Tpostal Colony West Mambalam, Chennai – 600033, Tamilnadu, India

Date of Birth/Age :

13.10.1970

Date of Appointment :

21.09.2012

DIN No.:

06376606

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	U72200TN2007PTC064492	OLAM INFORMATION SERVICES PRIVATE LIMITED	Director	29-09-12	25-07-12	-	Active	NO
2	U72200HR1994PLC040113	OLAM AGRO INDIA LIMITED	Director	29-09-12	21-09-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Narayan Barasia
Designation :	Secretary
Address :	A- 501, Kamaroon Court, Setor - 43, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	17.12.1972
Date of Appointment :	17.10.2011
Pan No. :	AECPB4669L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Olam Investment Limited, Mauritius	9048964
Olam International Limited, Singapore	11474946
Narayan Barasia	1
Intertech International Limited, Mauritius	1
Parakeet International Limited, Mauritius	1
Sanjay Sacheti	1
Ashok Krishen	1
Total	20523915

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged into the processing of Raw Cashew-Nut, Coffee, Cotton, Sesame, groundnut and Paddy and in the production of Sugar and Rice. The Company also does trading of Cashew Kernels, Clean Coffee, Cotton, Rice, Sugar, Sesame, Raw Wheat, Pulses, Maize, Soyabean, Ground Nuts, Pepper, Timber, Mustard Seeds, Oil Seeds, Almonds and other products.

Products :

Product Description	ITC Code
Cashew	080132
Coffee	090100
Sesame	120740
Sugar	210690
Rice	100600
Wheat Flour	110100
Cotton	52010020
Pulses (Chickpeas)	07132000
Pulses	07134000
Skimmed Milk Powder	04021010
Pepper	09041130
Peanuts / Groundnuts	12022090
Soyabean Meal	23040030
Rapessed Meal	23064900
Maize	10059000
Barley	10030090

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Sugar	MT		2,500	17,674
Molasses	MT		--	10,354

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· IDBI Bank Limited, Panampilly, P B No. 4253, Kochi – 682 036, Kerala, India

· HDFC Bank Limited, Mariam Centre, III Floor, Anna Salai, Chennai – 600 002, Tamilnadu, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	157.500	199.500
Total	157.500	199.500
Secured by way of first charge on entire fixed assets, both present and future, of the sugar mill located in Barwani district in the state of Madhya Pradesh and the Rice mill located in Karnal district in the state of Haryana. The loan is further secured by way of hypothecation of all the movable assets including machinery spares, tools and accessories in these locations.) * Amount repayable within a year Rs. 42.000 Millions (Previous year Rs. 42.000 Millions)

Banking Relations :	--
Auditors :
Name :	S R Batliboi and Company Chartered Accountants
Address :	Golf View, Corporate Tower B, Sector – 42, Sector Road, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-4644000
Fax No.:	91-124-4644050
PAN.:	AALFS0506L
Ultimate Holding Company :	Olam International Limited, Singapore
Holding Company :	Olam Investments Limited, Mauritius
Fellow Subsidiaries :	· Outspan (India) Private Limited · Olam Vietnam limited · Olam Tanzania Limited · Olam Mozambique Limited · Caraway Pte Limited · Olam Middle East LLC. · Panasia International FZCO · Olam Brasil LTDA

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
21000000	Equity Shares	Rs.10/- each	Rs.210.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20523915	Equity Shares	Rs.10/- each	Rs.205.239 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
17500000	Equity Shares	Rs.10/- each	Rs.175.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13792225	Equity Shares	Rs.10/- each	Rs.137.922 millions

Of the above, 9,048,964 (Previous Year 9,048,964) equity shares are held by Olam Investments Limited, Mauritius, the Holding Company and 4,743,256 (Previous Year 4,743,256) equity shares are held by Olam International Limited. ("OIL"), Singapore, the Ultimate Holding Company

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		137.922	137.922
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		822.704	712.311
4] (Accumulated Losses)		0.000	0.000
NETWORTH		960.626	850.233
LOAN FUNDS
1] Secured Loans		157.500	199.500
2] Unsecured Loans		9272.593	5723.951
TOTAL BORROWING		9430.093	5923.451
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		10390.719	6773.684
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		978.328	797.754
Capital work-in-progress		1.032	218.994
INVESTMENT		0.415	0.296
DEFERREX TAX ASSETS		31.479	23.154
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6403.989	7760.934
	Sundry Debtors	3280.192	308.015
	Cash & Bank Balances	147.020	128.136
	Other Current Assets	281.192	235.492
	Loans & Advances	835.139	418.643
Total Current Assets		10947.532	8851.220
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1345.929	2825.544
	Other Current Liabilities	206.912	290.515
	Provisions	15.226	1.675
Total Current Liabilities		1568.067	3117.734
Net Current Assets		9379.465	5733.486
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		10390.719	6773.685

NOTE: BALANCE SHEET FOR THE YEAR 2012 IS NOT AVAILABLE, ONLY PROFIT AND LOSS ACCOUNT IS AVAILABLE.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	31947.677	20298.702	12234.098
		Other Income	706.653	242.216	678.359
		TOTAL (A)	32654.330	20540.918	12912.457
Less	EXPENSES
		Cost of materials consumed	4861.232	4437.001
		Purchases of stock-in-trade	26615.919	11674.919
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(2890.640)	1856.237	12519.410
		Employee benefit expense	464.629	397.148
		Other expenses	2249.596	1301.417
		TOTAL (B)	31300.736	19666.722	12519.410
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1353.594	874.196	393.047
Less	FINANCIAL EXPENSES (D)		1038.015	565.318	228.665
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		315.579	308.878	164.382
Less/ Add	DEPRECIATION/ AMORTISATION (F)		129.720	131.811	131.058
	PROFIT BEFORE TAX (E-F) (G)		185.859	177.067	33.324
Less	TAX (H)		70.344	66.674	13.134
	PROFIT AFTER TAX (G-H) (I)		115.515	110.393	20.190
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		619.919	509.526	489.336
	BALANCE CARRIED TO THE B/S		735.434	619.919	509.526
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	8519.440	6238.510
	TOTAL EARNINGS		NA	8519.440	6238.510
	Earnings Per Share (Rs.)		8.09	8.00	1.46

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.35	0.54	0.16
Net Profit Margin (PBT/Sales)	(%)	0.58	0.87	0.27
Return on Total Assets (PBT/Total Assets}	(%)	NA	1.48	0.35
Return on Investment (ROI) (PBT/Networth)		NA	0.18	0.04
Debt Equity Ratio (Total Debt /Networth)		NA	9.82	6.97
Current Ratio (Current Asset/Current Liability)		NA	6.98	2.84

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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

ECOMOMIC SCENARIO (As on 31.03.2011)

A year after what many define as global economy's worst crisis of confidence, there seems to be growing evidence that the various strategies put in place to tide over the

economic crisis are paying off. Robust growth and steady fiscal consolidation have been the hallmark of the Indian economy in the year 2010-11 so far. The growth has been broad based with a rebound in the Agriculture sector which grew around 5.4 per cent. Manufacturing and Services sector have registered impressive gains. However food inflation, higher commodity prices and volatility in global commodity markets have been a cause of concern underscoring the need of fiscal consolidation and stronger reserves. The year was a period of challenges and turmoil for India, and yet it had its share of heartening moments.

COMPANY PERFORMANCE (As on 31.03.2011)

The current environment presents a host of challenges. Commodity and food inflation appear sticky and GDP growth may moderate in the near term. Competitive pressures will be on the rise as newer entrants seek a slice of India’s long term growth potential. Even none of the challenges are new as they have been with the Company in some form through the last year.

These challenging circumstances also created pressures on the performance of The company. Despite the very difficult trading conditions, characterized by extremely volatile financial, commodity and consumer markets The Company managed to deliver significant and strong performance through proper funding arrangements, operational and procurement efficiencies, productivity improvement, cost reduction programmes. The Gross turnover for the year reached Rs. 20504.28 which amounts to an increase of 63 % as compared to the previous year . Pre-tax profit also increased by 431 % to Rs. 177.06 Million whereas post-tax profit registered a slide of 446 % to Rs. 110.3 9 Million. Earnings per Share for the year were Rs. 8.

FUTURE PROSPECTS (As on 31.03.2011)

Indian Economic Growth Rate in 2011-2012 shall remain high but with a downside risk on an account of rising Global Crude Oil price, Global Commodity price, geo-political turbulence in Middle East and North African Countries, Japan?s Earthquake and rising default risk in Euro-Zone. Food Inflation is expected to moderate further as a result. Even Industrial sector is expected to grow led by consumer goods sector but with a downside risk. Though there are indications about rise in Global food inflation due to diversion of resources to cash crop production, but this is not likely to have an effect on Indian food prices as they are predominantly affected by Government pricing policy and domestic supply conditions rather than Global trends. But India may not be able to use imports as a measure of Food price control.

In the present market scenario, The Company is actively looking at opportunities arising from the imbalance in domestic/global supply chain management. The Company is also planning to explore growth aspects available in supply chain management in order to increase the margins. The Company plans to adopt an aggressive cost management measures to enhance cost competitiveness and cushion the impact of the economic slowdown.

CONTINGENT LIABILITIES (As on 31.03.2011)

a) Income Tax Demands under appeal for various years Rs. 27.813 Millions (Previous Year Rs. 27.779 Millions).

b) Sales Tax Demands under appeal for various years Rs. 24.899 Millions (Previous Year Rs. 25.362 Millions).

c) Claims against the Company not acknowledged as debts Rs. 1.858 Millions (Previous Year Rs.3.121 Millions).

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2011	As on 31.03.2010
Other external commercial borrowings unsecured (A)	160.552	150.415
Working capital loans banks unsecured (B)	3802.744	2539.493
Other debt unsecured (C)	5300.380	3029.526
Interest accrued due unsecured loans	8.917	4.517
Total	9272.593	5723.951
(A) ** Amount repayable within a year Rs. NIL (Previous year Rs. NIL) (B) Note: Secured by Corporate Guarantee given by Olam International Limited, Singapore. (C) Note: Packing Credit From Banks- Secured by Corporate Guarantee given by Olam International Limited, Singapore.

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery

· Office Equipment

· Vehicles

· Furniture and Fittings

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 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.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.