MIRA INFORM REPORT

Report Date :

10.04.2013

IDENTIFICATION DETAILS

Name :	BENZO CHEM INDUSTRIES PRIVATE LIMITED

Registered Office :	Madhu Kunj, Off Sayani Road, Shankar Ghanekar Marg, Prabhadevi, Mumbai – 400025, Maharashtra

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	01.12.1986

Com. Reg. No.:	11-041751

Capital Investment / Paid-up Capital :	Rs. 70.000 Millions

CIN No.: [Company Identification No.]	U24100MH1986PTC041751

TAN No.: [Tax Deduction & Collection Account No.]	MUMB11878G

PAN No.: [Permanent Account No.]	AAACB3369G

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Pharmaceutical Bulk Drug Intermediates.

No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 2930000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a part of RK Mohatta Group. It is a well established company having a good track record. The financial position seems to be strong. Performance capability appears to be high. Liquidity position is good. Trade relations are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES :

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

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	Long term rating : (CRISIL) A-
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation it carry low credit risk.
Date	November 2012

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 PARTED BY

Name :	Mr. Pawan
Designation :	Exim Manager
Contact No.:	91-22-43555888
Date :	05.04.2013

LOCATIONS

Registered Office :	Madhu Kunj, Off Sayani Road, Shankar Ghanekar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India
Tel. No.:	91-22-24320921 / 22 / 23 / 43555888
Fax No.:	91-22-24320924
E-Mail :	pawan@benzochem.co.in msaboo898@yahoo.co.in gcpl@bom3.vsnl.net.in gcpl@bom3.vsnl.net.in vlaxman@vsnl.com
Website :	http://www.bcipl.com
Area :	3500 Sq. ft
Location :	Owned

Factory 1 :	E-13 / 14, MIDC Area, Jalgaon- 425003, Maharashtra, India
Tel. No.:	91-257-2210241
Fax No.:	91-257-2210441
Area :	8100 Sq. ft
Location :	Owned

Factory 2 :	B-26/27, MIDC Area, Dasarkhed, Malkapur - 443101, Buldhana, Maharashtra, India
Tel. No.:	91-7267-252365
Fax No.:	91-7267-252341
Area :	24000 Sq. ft
Location :	Owned

Factory 3 :	Gitanjali Chemicals Private Limited F-35, MIDC Area, Jalgaon-425003, Maharashtra, India
Tel. No.:	91-257-2210041/2272841

Factory 4 :	W-24, MIDC, Chemical Zone, Ambernath [West] - 421501, India
Tel. No.:	91-251-2604616 / 2607228

Factory 5 :	B-24/25, MIDC, Dasharkhed, District Budhana, Malkapur – 443101, Maharashtra, India

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Surendra Kumar Mohatta
Designation :	Managing director
Address :	31, Lotus Court, 14, J Tata Road, Churchgate, Mumbai-400020, Maharashtra, India
Date of Birth/Age :	01.09.1955
Date of Appointment :	01.12.1986
PAN No.:	AAOPM7620E
DIN No.:	00388893

Name :	Mr. Gaurav Surendra Kumar Mohatta
Designation :	Whole-time director
Address :	31, Lotus Court, 14, J Tata Road, Churchgate, Mumbai-400020, Maharashtra, India
Date of Birth/Age :	03.07.1981
Date of Appointment :	01.11.2004
PAN No.:	AGQPM0992H
DIN No.:	00604061

Name :	Mr. Vimladevi Mohatta
Designation :	Director
Address :	31/32, Lotus Court, J. Tata Road, Churchgate, Mumbai – 400020, Maharashtra, India
Date of Appointment :	10.11.1987
PAN No.:	AAHPM4463C
DIN No.:	01637277

Name :	Mr. Sunil Shantilal Nawal
Designation :	Director
Address :	301, Lotus Highland Residency, Near Shruti Park Dokalinaka Thane – 400607, Maharashtra, India
Date of Appointment :	01.02.2012
DIN No.:	05209816

KEY EXECUTIVES

Name :	Mr. Pawan
Designation :	Exim Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Equity Shareholders		No. of Shares
Ravi Kumar Mohatta HUF		298500
Surendra Kumar Mohatta		515000
Madhu Mohatta and Surendra Kumar Mohatta		196500
Vimladevi Mohatta		547000
Surendra Kumar Mohatta HUF		540000
Satyawatidevi Mohatta		18000
Gaurav Chemicals (India) Private Limited (Formerly known as Gaurav Rubber Works Private Limited, India)		585000
Gaurav Mohatta		570000
Gitanjali Chemicals Private Limited, India		316500
Surendra Kumar Mohatta		540000
Ravi Kumar Mohatta		298500
Madhu Mohatta		398500
Surendra Kumar Mohatta		479500
Gaurav Mohatta HUF		298500
Ishita Mohatta		398500

Total		6000000

Names of Preference Shareholders		No. of Shares
Gitanjali Chemicals Private Limited, India		500000
Surendra Kumar Mohatta & Ravi Kumar Mohatta		500000

Total		1000000

AS ON 29.09.2012

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		15.03
Directors or relatives of directors		49.03
Other top fifty shareholders		35.94
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Bulk Drug Intermediates.

Products :

Product Description	Item Code (ITC Code)
Organic Chemicals	2908
Organic Chemicals	2926

· Bulk Drugs / API’S

· Phenol Derivatives

· Benzaldhyde Derivatives Aldehyde Derivatives

· Benzyl Alcohol Derivatives

· Speciality Products

· Biocides

· Benzyl Chloride Derivatives

· Benzyl Cyanide Derivatives

· Phenyl Acetic Acid Derivatives

Exports :

Products :

Pharmaceutical Intermediates

Countries :

Ø Germany

Ø France

Ø Britain

Ø Japan

Ø Spain

Ø Italy

Imports :

Products :

Raw Material

Countries :

Ø China

Ø Netherland

Ø Japan

Terms :

Selling :

Cash and Credit (30 – 60 days)

Purchasing :

Cash and Credit (30 – 60 days)

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

350 (Approximately)

Bankers :

Canara Bank, Shishu Mandir Building, 12 G. S. Lane, Parel, Mumbai – 400012, Maharashtra, India (Tel No.: 91-22-24135962)

Facilities :

L/C – Rs. 80.000 Millions / Guarantee – Rs. 80.000 Millions [Canara Bank]

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loans from banks	157.047	188.193
Rupee term loans from banks	69.605	75.530
Total	226.652	263.723
Note: Working capital facilities from Canara Bank are secured by hypothecation of stocks of raw material, Stock in-process, finished goods and book -debts and further secured by extension of equitable mortgage of Land and building, Plant and Machinery located at Jalgaon, Malkapur, Malkapur EOU unit and Ambernath unit of the company and gauranteed by directors of the company and Corporate Guarantee of Gaurav Chemicals (India) Private Limited.


Banking Relations :	--

Auditors :
Name :	M. Saboo and Company Chartered Accountants
Address :	D-9/002, Yogi Nagar, Eksar Road, Borivali (West), Mumbai – 400091, Maharashtra, India
Tel. No.:	91-22-28980943/ 28983624
Fax No.:	91-22-28983624
Income-tax PAN of auditor or auditor's firm :	AKMPS8826N

Enterprises which are owned, or have significant influence of or are partners with Key Management personnel and their relatives :	Ø Ajanta Traders Ø Gaurav Chemicals (India) Private Limited [U25190MH1987PTC042850] Ø Gitanjali Chemicals Private Limited [U24110MH1980PTC022341] Ø Raj Rajeshwari Builders

Other Related Party :	Ø Anisha Maheshwari Benficiary Trust

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

9,000,000	Equity Shares	Rs. 10/- each	Rs. 90.000 Millions
1,000,000	Preference Shares	Rs. 10/- each	Rs. 10.000 Millions
	Total		Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

6,000,000	Equity Shares	Rs. 10/- each	Rs. 60.000 Millions
1,000,000	Preference Shares	Rs. 10/- each	Rs. 10.000 Millions
	Total		Rs. 70.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		70.000	70.000	35.000
2] Share Application Money		17.400	0.000	35.000
3] Reserves & Surplus		645.360	464.839	305.600
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		732.760	534.839	375.600
LOAN FUNDS
1] Secured Loans		226.652	263.723	157.223
2] Unsecured Loans		71.697	23.686	109.468
TOTAL BORROWING		298.349	287.409	266.691
DEFERRED TAX LIABILITIES		28.396	30.571	22.686

TOTAL		1059.505	852.819	664.977

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		471.155	464.048	381.970
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		3.760	4.565	18.850
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	199.722	143.819	131.027
	Sundry Debtors	476.957	296.863	160.875
	Cash & Bank Balances	11.287	6.043	20.746
	Other Current Assets	0.203	0.270	0.000
	Loans & Advances	230.591	156.367	112.910
Total Current Assets		918.760	603.362	425.558
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	126.265	103.390	73.948
	Other Current Liabilities	39.080	19.906	0.000
	Provisions	168.825	95.860	87.791
Total Current Liabilities		334.170	219.156	161.739
Net Current Assets		584.590	384.206	263.819

MISCELLANEOUS EXPENSES		0.000	0.000	0.338

TOTAL		1059.505	852.819	664.977

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1781.346	1062.065	1047.272
		Other Income	N.A.	N.A.	1.274
		TOTAL	N.A.	N.A.	1048.546

Less	EXPENSES
		Cost of Materials			495.029
		Manufacturing Expenses			132.768
		Employees Remuneration			40.243
		Increase/(Decrease) in Finished Goods			(7.589)
		Preliminary Expenses W/off			0.084
		Other Expenditure			106.193
		TOTAL	N.A.	N.A.	766.728

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		371.370	249.747	281.818

Less	FINANCIAL EXPENSES		38.628	32.933	35.151

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		332.742	216.814	246.667

Less/ Add	DEPRECIATION/ AMORTISATION		35.214	33.612	23.914

Less	EXTRAORDINARY ITEMS		0.000	0.202	0.000

	PROFIT BEFORE TAX		297.528	183.000	222.753

Less	TAX		98.528	14.987	39.000

	PROFIT AFTER TAX		199.000	168.013	183.753

Less	PROVISION FOR DEFERRED TAX		0.000	0.000	9.619

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		328.039	188.800	42.212

Less	APPROPRIATIONS
		Transfer to General Reserve	20.000	20.000	20.000
		Proposed Dividend (Equity Shares) Subject to Tax	15.900	7.000	6.000
		Proposed Dividend (Preference Shares) Subject to Tax	0.000	0.525	0.450
		Dividend Tax	2.580	1.249	1.096
	BALANCE CARRIED TO THE B/S		488.559	328.039	188.800

	EARNINGS IN FOREIGN CURRENCY
		Export of goods on FOB basis	1112.840	658.270	709.205

	VALUE OF IMPORTS ON CIF BASIS		N.A.	N.A.	334.413

	Earnings Per Share (Rs.)		28.43	26.80	61.25

Expected Sales (2012-2013): Rs. 1780.000 Millions (Due to Expansion of Business)

The above information has been parted by Mr. Pawan (Exim Manager)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	N.A.	N.A.	17.52

Net Profit Margin (PBT/Sales)	(%)	16.70	17.23	21.27

Return on Total Assets (PBT/Total Assets}	(%)	21.41	17.14	27.58

Return on Investment (ROI) (PBT/Networth)		0.41	0.34	0.59

Debt Equity Ratio (Total Debt/Networth)		0.41	0.54	0.71

Current Ratio (Current Asset/Current Liability)		2.75	2.75	2.63

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars

31.03.2012

31.03.2011

31.03.2010

Sundry Creditors

(Rs. In Millions)

Creditors due small micro enterprises

126.265

103.390

73.948

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%	Yes
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Deposits from others	1.237	1.653
Loans and advances from related parties	60.067	10.690
Other loans and advances	10.393	11.343
Total	71.697	23.686

PERFORMANCE

During the year, the sales turnover of the company has increased to Rs. 1781.346 Millions as compared to Rs. 1062.065 Millions in the previous year, registering a growth of 67.72% over the previous year. The production at the company's new EOU has now stabilized after certain hurdles. The company has tied up with various overseas customers and new markets for the export of its products. The company has also been in continuous research for the development of new products. All these efforts are expected to give growth in the coming years. The production at the Jalgaon unit and the Malkapur unit was satisfactory during the year. The Profit after tax during the year was at Rs. 199.000 Millions as compared to Rs. 168.013 Millions in the previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24100MH1986PTC041751
Name of the company	BENZO CHEM INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Madhu Kunj, Off Sayani Road, Shankar Ghanekar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India Email: gcpl@bom3.vsnl.net.in
This form is for	Modification of charge
Charge identification number of the modified	10135540
Type of charge	Immovable property
Particular of charge holder	Canara Bank, Shishu Mandir Building, 12 G. S. Lane, Parel, Mumbai – 400012, Maharashtra, India Email: vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	Letter Ref: 442CR/398/2012, Dated 10.12.2012, issued from Canara Bank.
Date of instrument Creating the charge	10.12.2012
Amount secured by the charge	Rs. 385.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest as may be stipulated by Bank from time to time. Terms of Repayment Working Capital facility shall be repayable On Demand Term Loan shall be repayable in suitable instalments. Margin As may be stipulated by Bank from time to time. Extent and Operation of the charge The credit limit reduced from Rs.440.000 Millions to Rs.385.000 Millions the charge created on Immovable properties of the company situated at Jalgaon, Buldhana and Thane, shall continue to secure the said reduced limit of Rs.385.000 Millions.
Short particulars of the property charged	Plot No.E-14, admeasuring 4050 square meters, Mehrun, Jalgaon including all buildings thereon and all machinery therein. Plot No.B-24 & B-25, admg 12000 sq. mtrs, Dasarkhed, Malkapur, Buldhana including all buildings thereon and all machinery therein. Plot No.26 & 27, admg 24800 square meters, Dasarkhed, Malkapur, Buldhana including all buildings thereon and all machinery therein. Plot No.E13, admg 4050 sq.mtrs, Mehrun, Jalgaon including all buildings thereon and all machinery therein. Shed No.W-24, admg. 592 sq. mtr. Village Kansai, Ulhasnagar, Thane including all buildings thereon and all machinery therein.
Date of Modification	04.03.2010
Particulars of the present modification	The credit limit reduced from Rs.440.000 Millions to Rs.385.000 Millions the charge created on Immovable properties of the company situated at Jalgaon, Buldhana and Thane, shall continue to secure the said reduced limit of Rs.385.000 Millions.

CONTINGENT LIABILITIES

Bank Guarantee – Rs. 8.400 Millions

FIXED ASSETS:

Ø Advance for Office

Ø Leasehold Land

Ø Factory Building

Ø Plant and Machinery

Ø Miscellaneous Machinery

Ø Electrical Installation

Ø Furniture and Fixtures

Ø Office Equipment

Ø Vehicles

Ø Computer

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. 54.46
UK Pound	1	Rs. 83.13
Euro	1	Rs. 70.99

INFORMATION DETAILS

Information Gathered by :	JML

Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.