MIRA INFORM REPORT

Report Date :

28.08.2013

IDENTIFICATION DETAILS

Name :	TATVA CHINTAN PHARMA CHEM PRIVATE LIMITED
Registered Office :	Laxmi Bhavan, Lakkadpitha Road, Vadodara – 390001, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.06.1996
Com. Reg. No.:	04-029894
Capital Investment / Paid-up Capital :	Rs. 37.336 Millions
CIN No.: [Company Identification No.]	U24232GJ1996PTC029894
TAN No.: [Tax Deduction & Collection Account No.]	BRDT00509F
PAN No.: [Permanent Account No.]	AABCT0623N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Phase Transfer Catalysts and Organic Quaternary Ammonium Compounds.
No. of Employees :	180 (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 331000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. 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 condition.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : (CRISIL) BB+
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	July 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. Swapnil Modi
Designation :	Accounts Department
Contact No.:	91-2646-238991
Date :	24.08.2013

LOCATIONS

Registered Office :	Laxmi Bhavan, Lakkadpitha Road, Vadodara – 390001, Gujarat, India
Tel. No.:	91-265-2437093
Mobile No.:	91-9974249904 (Mr. Chetan Sheth), 91-9825445675 (Mr. Shekhar R Somani )
Fax No.:	91-265-2424495
E-Mail :	ajay@tatvachintan.com info@tatvachintan.com
Website :	www.tatvachintan.com
Area :	1000 Sq. ft.
Location :	Owned
Factory :	502/17, G.I.D.C Estate, Ankleshwar – 393002, Gujarat, India
Tel. No.:	91-2646-253593 / 238991
Fax No.:	91-2646-238992
E-Mail :	chintan@tatvachintan.com shekhar@tatvachintan.com info@tatvachintan.com
Area :	3000 Sq. ft.
Location :	Owned
Excise Department :	3rd Floor, C.Ex. Building, Station Road, GIDC, Ankleshwar – 393002, Gujarat, India

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Chintan Nitinkumar Shah
Designation :	Director
Address :	11-12, Sudhan Laxmi Jain Society, Subhanpura, Vadodara – 390023, Gujarat, India
Date of Birth/Age :	29.04.1973
Qualification :	B.E. (Computer Science)
Date of Appointment :	12.06.1996
DIN No.:	00183618
Name :	Mr. Shekhar Rasiklal Somani
Designation :	Director
Address :	202, 51/52, Mahavir Society, Zaveri Sadak, Navasari – 396445, Gujarat, India
Date of Birth/Age :	11.01.1974
Qualification :	(B. Pharma) Young Entrepreneurs
Date of Appointment :	12.06.1996
DIN No.:	00183665
Name :	Mr. Ajaykumar Mansukhlal Patel
Designation :	Director
Address :	9/645 Wadi Falia, Siddhmatani Sheri, Surat – 395003, Gujarat, India
Date of Birth/Age :	27.02.1972
Qualification :	B.E. (Chemical)
Date of Appointment :	12.06.1996
Voter ID No.:	CTL7468218
DIN No.:	00183745

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Chintan Shah	982700
Ajay Patel	894700
Shekhar Somani	1001180
Rasiklal Somani	99660
Dashnaben Shah	147400
Priti Patel	257400
Kajal Somani	62260
Shital Shah	92400
Raxaben Patel	92000
Ranjanben Somani	52800
Sheetal Somani	4400
Samir Somani	24200
Chintan N Shah (HUF)	22000
Pravin Candra and Company, India	100
Dharmesh Patel	100
Mansukhlal Patel	100
Dharmesh Patel (HUF)	100
Mansukhlal Patel (HUF)	100
TOTAL	3733600

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 Phase Transfer Catalysts and Organic Quaternary Ammonium Compounds.

Products :

ITC Code	Product Descriptions
292390.00	Quarternary Compounds – Bulk Drugs

Exports :

Products :

Finished Goods

Countries :

Germany

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Licensed Capacity: Not Applicable

Installed Capacity: 1500 MTPA

Particulars	Unit	Actual Production
Quaternary Compounds	MT	844.350
Glymes	MT	2.140
Bulk Drugs	MT	123.204
Specialty Chemicals	MT	1.879
Recovered Mix Solvent	mT	22.800

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

180 (Approximately)

Bankers :

Bank of Baroda, Industrial Estate Branch, GIDC, Ankleshwar - 393002, Gujarat, India

Tel. No.: 91-2646-222202

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Bank of Baroda, Ankelshwar
Term Loan III	0.000	0.895
Term Loan IV	2.903	4.821
Term Loan V	10.082	14.151
Term Loan VI	9.794	0.000
Term Loan VII	6.263	0.000
(Secured against equitable mortgage of immovable properties and hypothecation of other fixed assets of the company and personal guarantee of directors)
Bank of Baroda, Ankelshwar
Motor Car Loan - I	0.186	0.247
Motor Car Loan - II	0.186	0.247
Motor Car Loan – III (Secured against hypothecation of Motor Car Purchased and personal guarantee of directors)	0.186	0.247
From Financial Institutions
Kotak Mahindra Prime Limited, Mumbai
Motor Car Loan	2.516	0.000
Motor Car Loan	2.515	0.000
Motor Car Loan (Secured against hypothecation of Motor Cars purchased and personal guarantee of directors)	2.562	0.000
Working Capital Finance from Banks Bank of Baroda, Ankelshwar Cash Credit Account [Secured against hypothecation of stock-in-trader and Sundry Debtors and personal guarantee of directors]	58.917	48.989
Export Packing Credit	0.000	3.828
Local Bill Purchase	0.000	0.754
Export Packing Credit	0.000	12.405
Packing Credit Foreign Currency	15.808	0.000
Foreign Currency Bill Purchase	14.958	0.000
Foreign Bill Crystallization Account [Secured against hypothecation of specific orders, letter of credit, bill discounted and personal guarantee of directors]	0.335	0.000
Total	127.211	86.584

Banking Relations :	--
Auditors :
Name :	Pathak Anjaria and Company Chartered Accountants
Address :	2nd Floor, Leela Sadan, Opposite Lakadi Pool, Dandia Bazar, Vadodara – 390001, Gujarat, India
Tel. No.:	91-265-6538755
Mobile No.:	91-9824016006/ 9825042970
Fax No.:	91-265-2420455
E-Mail :	pathakanjariaco@yahoo.com
Income-tax PAN of auditor or auditor's firm :	AACFP0709R

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4,000,000	Equity Shares	Rs. 10/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,733,600	Equity Shares	Rs. 10/- each	Rs. 37.336 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	37.336	34.051
(b) Reserves & Surplus	45.403	27.199
(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)	82.739	61.250
(3) Non-Current Liabilities
(a) long-term borrowings	68.916	35.237
(b) Deferred tax liabilities (Net)	9.611	7.468
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	78.527	42.705
(4) Current Liabilities
(a) Short term borrowings	101.623	73.040
(b) Trade payables	72.366	44.735
(c) Other current liabilities	2.777	5.595
(d) Short-term provisions	0.122	0.114
Total Current Liabilities (4)	176.888	123.484
TOTAL	338.154	227.439
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	107.483	88.182
(ii) Intangible Assets	1.581	1.320
(iii) Capital work-in-progress	0.064	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	27.962	0.606
Total Non-Current Assets	137.090	90.108
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	67.689	65.270
(c) Trade receivables	86.429	44.205
(d) Cash and cash equivalents	12.295	6.239
(e) Short-term loans and advances	34.651	21.617
(f) Other current assets	0.000	0.000
Total Current Assets	201.064	137.331
TOTAL	338.154	227.439

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		32.319
2] Share Application Money		0.000
3] Reserves & Surplus		15.706
4] (Accumulated Losses)		0.000
NETWORTH		48.025
LOAN FUNDS
1] Secured Loans		107.726
2] Unsecured Loans		13.735
TOTAL BORROWING		121.461
DEFERRED TAX LIABILITIES		5.893
TOTAL		175.379
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		88.202
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	58.784
	Sundry Debtors	55.048
	Cash & Bank Balances	12.517
	Other Current Assets	0.000
	Loans & Advances	22.226
Total Current Assets		148.575
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	57.006
	Other Current Liabilities	2.751
	Provisions	1.865
Total Current Liabilities		61.622
Net Current Assets		86.953
MISCELLANEOUS EXPENSES		0.224
TOTAL		175.379

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income			280.790
		Other Income			2.007
		TOTAL (A)	480.008	277.737	282.797
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	427.759	248.913	255.927
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		52.249	28.824	26.870
Less	FINANCIAL EXPENSES (D)		18.856	11.185	10.309
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		33.393	17.639	16.561
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.491	5.036	3.848
	PROFIT BEFORE TAX (E-F) (G)		26.902	12.603	12.713
Less	TAX (H)		9.371	4.324	3.867
	PROFIT AFTER TAX (G-H) (I)		17.531	8.279	8.846
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		25.888	15.706	9.395
Add	PRIOR PERIOD ADJUSTMENTS		0.674	0.036	(0.669)
Less	APPROPRIATIONS
		Dividend	0.000	(1.616)	1.616
		Income Tax on Dividend	0.000	(0.250)	0.250
		Bonus Shares	0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		44.093	25.887	15.706
	EARNINGS IN FOREIGN CURRENCY
		Export of Good Calculated at FOB Basis	281.603	89.245	70.643
	IMPORTS
		Raw Materials	85.051	58.687	53.325
	Earnings Per Share (Rs.)		4.70	2.43	2.74

Particulars	31.03.2013
Sales Turnover (Approximately)	510.000

The above information has been parted by Mr. Swapnil Modi.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.65	2.98	3.13
Net Profit Margin (PBT/Sales)	(%)	N.A.	N.A.	4.53
Return on Total Assets (PBT/Total Assets}	(%)	7.96	5.54	5.37
Return on Investment (ROI) (PBT/Networth)		0.33	0.21	0.26
Debt Equity Ratio (Total Debt/Networth)		2.06	1.77	2.53
Current Ratio (Current Asset/Current Liability)		1.14	1.11	2.41

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	No
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	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	Yes

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Directors	9.659	4.527
From Related Shareholders	15.695	11.190
From Others Shareholders	5.296	5.976
Inter-Company Deposits	12.678	0.000
Total	43.328	21.693

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24232GJ1996PTC029894
Name of the company	TATVA CHINTAN PHARMA CHEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Laxmi Bhavan, Lakkadpitha Road, Vadodara – 390001, Gujarat, India Email: info@tatvachintan.com
This form is for	Modification of charge
Charge identification number of the modified	90108123
Type of charge	Immovable property
Particular of charge holder	Bank of Baroda, Industrial Estate Branch, GIDC, Ankleshwar - 393002, Gujarat, India Email: indank@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Instrument relating to Deposit of Title Deeds
Date of instrument Creating the charge	18.01.2013
Amount secured by the charge	Rs.242.691 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Term Loan IV, V, VI and VII - 4.25% above Base Rate i.e. 14.75% p.a. Cash Credit - 4.25% above Base Rate i.e. 14.75% p.a. Terms of Repayment Term Loan IV, V, VI and VII - Repayable in 60 monthly installments, Cash Credit - Repayable on Demand. Margin TL IV and V - 25.00%, TL VI - 33.33%, TL VII - 35.90%, CC - 25.00% on all types of Stock and 40.00% on Book Debts, FOB value of export order - 10.00%, CIF value of export order - 25.00%, Foreign Bills - 10.00%. Extent and Operation of the charge First charge on immovable assets of the Company.
Short particulars of the property charged	All piece and parcel of Non Agriculture Land and building and structures bearing Plot No.502/8 bearing Revenue survey No. 271/p within the village limit of Piraman Tal. Ankleshwar District Bharuch. All piece and parcel of Non Agriculture Land and building and structures bearing Plot No.502/17 bearing Revenue survey No. 271/p within the village limit of Piraman Tal. Ankleshwar District Bharuch. All piece and parcel of Non Agriculture Land and building and structures bearing Plot No.502/18 bearing Revenue survey No. 271/p within the village limit of Piraman Tal. Ankleshwar District Bharuch.
Date of Modification	07.03.2012
Particulars of the present modification	The existing charge of Rs. 156.331 Millions has been enhanced to Rs. 242.691 Millions to cover additional finance facilities of Rs. 86.360 Millions. The break up of Rs. 242.691 Millions is Term Loan IV of Rs. 1.758 Millions, Term Loan V of Rs. 7.605 Millions, Term Loan VI of Rs. 8.497 Millions, Term Loan VII of Rs. 8.831 Millions, Cash Credit of Rs. 135.000 Millions, Inland/Foreign Letter of Credit (DA/DP) of Rs. 80.000 Millions and Bank Guarantee of Rs. 1.000 Million.

Fixed Assets

· Leasehold Land

· Factory Building

· Labour Quarters

· Administration Building

· Plant and Machinery

· Gas Cylinders

· Electrical Installations

· Effluent Treat Plant

· Two Wheelers

· Furniture and Fixtures

· Computer

· R and D Equipment

· Motor Car

· Office Equipments

· R and D Building

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. 55.61
UK Pound	1	Rs. 83.98
Euro	1	Rs. 71.94

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	RAJ

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	NO
--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.