MIRA INFORM REPORT

Report Date :

22.08.2013

IDENTIFICATION DETAILS

Name :	AKRY ORGANICS PRIVATE LIMITED
Registered Office :	A-318, Ahura Centre, 82 Mahakali Caves Road, Andheri (East), Mumbai - 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.04.1993
Com. Reg. No.:	11-071527
Capital Investment / Paid-up Capital :	Rs. 2.800 Millions
CIN No.: [Company Identification No.]	U24110MH1993PTC071527
TAN No.: [Tax Deduction & Collection Account No.]	MUMA20203B
PAN No.: [Permanent Account No.]	AAACA6005E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Ethylene Glycols.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1870000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears drastic dip in the profitability during 2012. However, general financial position seems to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealings at usual trade terms and conditions.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 [GENERAL DETAILS]

Name :	Mr. Pratik Kamlesh Sanghavi
Designation :	Director
Contact No.:	91-9820361615
Date :	21.08.2013

LOCATIONS

Registered Office :	A-318, Ahura Centre, 82 Mahakali Caves Road, Andheri (East), Mumbai -400093, Maharashtra, India
Tel. No.:	91-22-30863372/ 30863356
Mobile No.:	91-9820361615 (Mr. Pratik Kamlesh Sanghavi)
Fax No.:	91-22-30863350
E-Mail :	creatfinance@akry.in pratik@akry.in dilipmehta@akry.in accakry@sity.com
Website :	www.akry.in
Location :	Owned
Factory :	Plot No. 20 and 21, MIDC, Tarapur, Boisar, Palghar – 401506, Thane, Maharashtra, India
Tel. No.:	91-2525-324455
Fax No.:	91-2525-274452
Branch Office :	302 Parshva Chambers, 17/21 Issaji Street, Vadgadi, Mumbai – 400003, Maharashtra, India
Tel. No.:	91-22-32552336
Fax No.:	91-22-23447472

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Kamlesh Ramanlal Sanghavi
Designation :	Managing Director
Address :	Anupam, 10 Ansari Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	16.05.1953
Qualification :	B.Sc.
Experience :	28 Years
Date of Appointment :	08.04.1993
PAN No.:	AAFPS9315P
DIN No.:	01095263
Name :	Mrs. Daksha Kamlesh Sanghavi
Designation :	Director
Address :	Anupam, 10 Ansari Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	09.07.1958
Date of Appointment :	12.06.1993
PAN No.:	AAFPS9314P
DIN No.:	01095274
Name :	Mr. Mitul Kamlesh Sanghavi
Designation :	Whole-time Director
Address :	Anupam, 10 Ansari Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	29.11.1980
Date of Appointment :	01.04.2004
PAN No.:	AKJPS2266F
DIN No.:	01095282
Name :	Mr. Pratik Kamlesh Sanghavi
Designation :	Whole-time Director
Address :	Anupam, 10 Ansari Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	23.01.1984
Date of Appointment :	01.01.2006
PAN No.:	ARCPS5470M
DIN No.:	01095287

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Equity Shareholders	No. of Shares
Kamlesh Ramanlal Sanghavi	120000
Daksha Kamlesh Sanghavi	110000
Mitul Kamlesh Sanghavi	25000
Pratik Kamlesh Sanghavi	25000
Total	280000

Names of Preference Shareholders	No. of Shares
Kamlesh Ramanlal Sanghavi	500
Daksha Kamlesh Sanghavi	49000
Mitul Kamlesh Sanghavi	500
Total	50000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Ethylene Glycols.

Products/ Services :

ITC Code No.	Product Descriptions
29053909	Glycols

Exports :

Products :

Ethylene Glycols

Countries :

· Malaysia

· South America

· USA

· Australia

· New Zealand

· China

Imports :

Products :

Raw Material

Countries :

· Middle East

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Glycols	Kgs	NA	30000000	19776480

Note:

a. The Licensed and Installed Capacities are as certified by the Management and relied upon by the Auditors being a technical matter.

b. Actual production includes for captive consumption of 2600625 (2512985) Kgs of Finished good and excluding production of Finished and Semi Finished Goods 17220 (13020) Kgs processed by third parties.

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

250 (Approximately)

Bankers :

· State Bank of India, 70/80, M G Road, Mumbai – 400023, Maharashtra, India

· The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India

· Citi Bank N.A., Bandra-Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

· The Ratnakar Bank Limited, Shahupuri, Kolhapur, Kolhapur - 416001, Maharashtra, India

· Standard Chartered Bank, 90, M G Road, Fort, Mumbai – 40001, Maharashtra, India

· Bank of India, Mumbai Mid Corporate Branch, 70/80, M.G. Road, Bank of India Building, Mezzanine Floor, Fort, Mumbai - 400001, Maharashtra, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· Commonwealth Bank of America, Level 2, Hoechst House, Nariman Point, Mumbai – 400021, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG TERM BORROWINGS
Foreign currency term loans from Banks	108.072	150.446
Rupee term loans from Banks	3.797	0.000
SHORT TERM BORROWINGS
Loans repayable on demand	531.388	275.165
Total	643.257	425.611

Banking Relations :	--
Auditors :
Name :	Garg and Company Chartered Accountants
Address :	413/415, Hind Rajasthan Building, Dada Saheb Phalke Road, Dadar (East), Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-24112575
Income-tax PAN of auditor or auditor's firm :	AABPG4441L
Subsidiary Company :	Authentic Petro Products Limited [U24100MH1990PLC058352]
Associate :	Icon Organics Private Limited
Enterprises having same Key Management Personal and /or their relatives as the reporting enterprises:	· Crest Chemicals · Akry Rasayan · Efforts Chemicals

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs. 10/- each	Rs. 7.000 Millions
50000	Preference Shares	Rs. 10/- each	Rs. 0.500 Million
	Total		Ra. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
280000	Equity Shares	Rs.10/- each	Rs. 2.800 Millions
50000	Preference Shares	Rs.10/- each	Rs. 0.500 Million
	Total		Rs. 3.300 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
28000	Equity Shares	Rs.100/- each	Rs. 2.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.800	2.800
(b) Reserves & Surplus	465.855	436.602
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	468.655	439.402
(3) Non-Current Liabilities
(a) long-term borrowings	163.987	205.541
(b) Deferred tax liabilities (Net)	6.010	7.371
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	169.997	212.912
(4) Current Liabilities
(a) Short term borrowings	554.014	295.604
(b) Trade payables	213.140	152.325
(c) Other current liabilities	126.388	133.952
(d) Short-term provisions	0.868	0.694
Total Current Liabilities (4)	894.410	582.575
TOTAL	1533.062	1234.889
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	138.515	139.397
(ii) Intangible Assets	0.431	0.199
(iii) Capital work-in-progress	319.660	212.851
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	30.122	31.667
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	11.328	35.442
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	500.056	419.556
(2) Current assets
(a) Current investments	0.762	27.102
(b) Inventories	628.486	422.703
(c) Trade receivables	256.457	214.794
(d) Cash and cash equivalents	0.710	7.708
(e) Short-term loans and advances	146.588	142.997
(f) Other current assets	0.003	0.029
Total Current Assets	1033.006	815.333
TOTAL	1533.062	1234.889

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.800
2] Share Application Money		0.000
3] Reserves & Surplus		361.871
4] (Accumulated Losses)		0.000
NETWORTH		364.671
LOAN FUNDS
1] Secured Loans		147.581
2] Unsecured Loans		67.374
TOTAL BORROWING		214.955
DEFERRED TAX LIABILITIES		5.726
TOTAL		585.352
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		152.491
Capital work-in-progress		46.831
INVESTMENT		33.617
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	134.107
	Sundry Debtors	197.107
	Cash & Bank Balances	16.316
	Other Current Assets	0.000
	Loans & Advances	97.615
Total Current Assets		445.145
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	92.533
	Other Current Liabilities	0.199
	Provisions	0.000
Total Current Liabilities		92.732
Net Current Assets		352.413
MISCELLANEOUS EXPENSES		0.000
TOTAL		585.352

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	NA	916.940
		Other Income	NA	NA	0.000
		TOTAL	NA	NA	916.940
Less	EXPENSES
		TOTAL	NA	NA	690.726
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		62.820	140.844	226.214
Less/ Add	DEPRECIATION/ AMORTISATION		18.929	21.468	23.725
	PROFIT BEFORE TAX		43.891	119.376	202.489
Less	TAX		14.639	44.645	63.740
	PROFIT AFTER TAX		29.252	74.731	138.749
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		432.528	357.797	219.048
	BALANCE CARRIED TO THE B/S		461.780	432.528	357.797
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	139.763	170.420	127.800
		Freight recovered on Sales	4.083	7.238	0.000
	TOTAL EARNINGS		143.846	177.658	127.800
	IMPORTS
		Raw Materials	413.096	382.520	85.679
		Trading Goods	0.000	24.874	16.380
		Consumables	0.000	1.807	0.000
	TOTAL IMPORTS		413.096	409.201	102.059
	Earnings Per Share (Rs.)		1044.71	2669.00	4955.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	15.13
Net Profit Margin (PBT/Sales)	(%)	NA	NA	22.08
Return on Total Assets (PBT/Total Assets}	(%)	3.71	12.05	33.88
Return on Investment (ROI) (PBT/Networth)		0.09	0.27	0.56
Debt Equity Ratio (Total Debt/Networth)		1.53	1.14	0.59
Current Ratio (Current Asset/Current Liability)		1.15`	1.40	4.80

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Current maturities of long term debt	64.111	60.453	NA

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	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	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	No

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG TERM BORROWINGS
Deferred sales tax loan	49.767	51.590
Loans and advances from related parties	2.351	3.505
SHORT TERM BORROWINGS
Loans repayable on demand	22.626	20.439
Total	74.744	75.534

Note:

The Registered office of the company has been shifted from 302, Parshva Chambers, 17/21, Issaji Street, Vadgadi, Mumbai - 400003, Maharashtra, India to the present address w.e.f.07.04.2010

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24110MH1993PTC071527
Name of the company	AKRY ORGANICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-318, Ahura Centre, 82 Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India Email: dilipmehta@akry.in
This form is for	Modification of charge
Charge identification number of the modified	10439955
Type of charge	Immovable property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India CIN No.:L65920MH1994PLC080618 Email: askhat.tandon@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum of Equitable Mortgage by deposit of title deeds.
Date of instrument Creating the charge	29.07.2013
Amount secured by the charge	Rs. 140.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As prescribed by Bank from time to time Terms of Repayment Repayable in 4 years including 9 months moratorium period as per sanction letter or as prescribed by the bank from time to time Margin As prescribed by Bank from time to time Extent and Operation of the charge First exclusive charge by way of equitable mortgage on immovable fixed assets of the company both present and future more particularly for repayment of faculty of Rs. 140.000 Millions granted/ to be granted to the Company together with interest, costs, charges and other dues any time hereafter may become due and owing to the bank in respect of and under the credit available.
Short particulars of the property charged	All that piece or parcel of land known as Plot No. N-36, admeasuring 4000 sq. mts. Or thereabouts together with the structure constructed admeasuring 434.88 Sq. mts (built up area) or to be constructed thereon in the Tarapur Industrial Area within the Village Limits of Kumbhavali and outside the limits of Municipali Council, in rural area, Taluka and Registration, Sub-District Palghar, District and Registration District Thane.
Particulars of the present modification	By this modification TL of Rs. 140.000 Millions is now also secured by equitable mortgage created by deposit of title deeds in respect of Land known as Plot No. N-36 admg. 4000 sq. mtrs with structure constructed admg. 438.88 dq. Mtrs (Built up area) or to be constructed thereon situated in Tarapur Industrial Area, village Kumbhvali Taluka Palghar, District Thane.

CONTINGENT LIABILITIES NOT PROVIDED IN RESPECT OF: - (AS ON 31.03.2012)

a) Bank Guarantee and Letter of Credit issued by banks outstanding Rs.27.980 Millions

b) Income Tax Demand due to pending rectification by A.O. as per direction given by appellant authority Rs.2.310 Millions

c) Custom duty which may arise if obligation of export is not fulfilled against import of Raw Material and Consumable goods Nil

d) The Company has taken key man Insurance policy for an annual premium of Rs.1.525 Millions to be paid up to 2020-2021.

FIXED ASSETS:

· Leasehold Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicle

· Electrical Installation

· Office Equipments

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. 63.46
UK Pound	1	Rs. 99.42
Euro	1	Rs. 85.12

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		46

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.