MIRA INFORM REPORT

Report Date :

27.12.2013

IDENTIFICATION DETAILS

Name :	HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED
Registered Office :	Lighthall B - Wing, Saki Vihar Road, Andheri (East), Mumbai – 400 072, Maharashtra
Country :	India
Financials (as on) :	30.09.2012
Date of Incorporation :	27.02.2001
Com. Reg. No.:	11-131020
Capital Investment / Paid-up Capital :	Rs. 868.540 Millions
CIN No.: [Company Identification No.]	U24117MH2001PTC131020
TAN No.: [Tax Deduction & Collection Account No.]	MUMH05154C
PAN No.: [Permanent Account No.]	AAACH9149J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Importer and Exporter of Specialty Chemicals and other Chemical Products.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 14000000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “Huntsman Investments (Netherlands) BV”. It is an established company having satisfactory track record. The company has incurred a loss from its operations during 2012. However, the overall financial and liquidity position appears to be strong and sound. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitment. In view of strength derived from the parent company, the subject can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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

Uptick in agriculture and construction spread some cheer as the economy grew a higher-than-expected 4.8 % in the three months through September. Manufacturing rose an annual rate per cent during the quarter and mining fell by 0.4 %, government data showed while farm output rose 46%.

India has emerged as the most attractive investment destination, thanks to a relaxation in foreign direct investment norms, says a report. India is followed by Brazil and China in the ranking part of EY’s Capital Confidence Barometer report based on a survey across 70 nations. The US, France and Japan have emerged as the top three investors likely to invest in India.

India has been ranked 83^rd globally in terms of talent competitiveness of its human capital.  Switzerland, Singapore, Denmark, Sweden and Luxembourg are the top five in the list of 103 nations compiled by INSEAD business school.

Tax rates for companies in India are among the highest in the world and the number of payments is also more than the global average putting the country at low, 158^th rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the time taken for tax payments is relatively less in India which is rated ahead of China and Japan.

1 billion smartphone shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost computing in emerging markets. By 2017, total smartphone shipments are expected to approach 1.7 billion units, resulting in a compound annual growth rate of 18.4 % between 2013 and 2017, according to research from IDC.

20 % vacancy rate of office space in Mumbai and Delhi in the third quarter, the highest in Asia after Chengdu, in China. According to Cushman and Wakefield, six Indian cities are among the 10 office markets with the worst vacancies.

Foreign banks will not have to pay stamp duty and capital gains tax, if they convert their branch operations into a wholly owned subsidiary, according to the Reserve Bank of India.

The Reserve Bank of India is planning to launch CPI – indexed bonds aimed to protecting the savings of retail investors from the impact the price rise by December end.

Central Bureau of Investigation has booked State Bank of India, Deputy Managing Director Shyamal Acharya and others in a graft case related to distribution of a loan of over Rs 4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the residence of Acharya.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based limits: “A –“
Rating Explanation	Adequate degree of safety and low credit risk.
Date	August 2012.

Rating Agency Name	ICRA
Rating	Short term limits: “A1”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	August 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 :	Ms. Aparna
Designation :	Accounts Department
Contact No.:	91-22-40506565
Date :	23.12.2013

LOCATIONS

Registered Office :	Lighthall B - Wing, Saki Vihar Road, Andheri (East), Mumbai – 400 072, Maharashtra, India
Tel. No.:	91-22-40506565/ 40506556
Fax No.:	91-22-40506300
E-Mail :	arun.kumar@huntsman.com peter_huntssman@huntsman.com kurt_girod@huntsman.com pratik_shah@huntsman.com suresh_bagul@huntsman.com sunil_kukreja@huntsmen.com
Website :	http://www.huntsman.com
Location :	Owned
Polyurethanes Office :	Casa Modia, D28/7, TTC, MIDC Industrial Area, Turbhe, District - Thane, Navi Mumbai – 400 705. Maharashtra, India
Tel. No.:	91-22-66678800 to 66678899
Fax No.:	91-22-66678804/ 8805
Huntsman Textile Effects:	S-113, 1^st Floor, Salcon Aurum Jasola, District Centre, Plot No. 4, New Delhi – 110025, India
Factory 1:	Plot No.1/1, TTC Industrial Area, Thane, Belapur Road, Koparkhairane, Navi Mumbai – 400 709, Maharashtra, India
Tel. No.:	91-22-27780000/ 83
Fax No.:	91-22-27780084/ 5/ 8
Area :	5000 sq. ft
Location :	Owned
Factory 2:	Located at: Pune
Warehouse:	The Correnthum, Cs-2110, Plot No. A-41, Sector-62, Noida-201307

DIRECTORS

As on: 10.07.2013

Name :

Mr. Nicholas Andrew Webster

Designation :

Director

Address :

3040, Huldenberg, Hollestratt (Loo) 9, Huldenbera-9, GB

Date of Birth/Age :

31.08.1957

Date of Appointment :

29.09.2008

DIN No.:

01963565

Name :

Mr. Stephen James Stilliard

Designation :

Director

Address :

10 Prinsep Link, #12-18, Singapore 187948

Date of Birth/Age :

18.03.1952

Date of Appointment :

10.07.2013

DIN No.:

03475786

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	U24100GJ2010PTC062014	Huntsman Performance Products (India) Private Limited	Director	26/09/2011	29/03/2011	-	Active	NO
2	U24117MH2001PTC131020	Huntsman International (India) Private Limited	Director	10/07/2013	30/01/2013	-	Active	NO

Name :

Ms. Vinita Sangappa Korti

Designation :

Director

Address :

701, C Wing, Palash Tower, Veera Desai Road, Near Country Club, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

03.12.1982

Date of Appointment :

10.07.2013

DIN No.:

06519967

KEY EXECUTIVES

Name :	Ms. Pranali Namdeo Dhumal
Designation :	Secretary
Address :	B/2, 601, Raunak Park CHS Limited, Kokani Pada Pokhran Road No.2, Thane – 400 602, Maharashtra, Indai
Date of Birth/Age :	29.08.1987
Date of Appointment :	08.07.2013
PAN No.:	AQJPD2700R
E-Mail :	pranali_n_dhumal@huntsman.com
Name :	Ajay Kanwar
Designation :	Commercial Director (SAME)
Date of Birth/Age :	42 Years
Qualification:	B. Sc. & B. Tech
Experience:	20 Years
Name :	Alok Biyani
Designation :	Performance Director, Global Marketing/Planning and Finance Director, Asia-Pacific
Date of Birth/Age :	45 Years
Qualification:	B.Com, C.A.
Experience:	17 Years
Name :	Kurt Girod
Designation :	Director Projects
Date of Birth/Age :	65 years
Qualification:	Master Degree - Textile Chemistry, Dyeing & Finishing, Diploma – Textile Laboratory
Experience:	40 Years
Name :	G Anand
Designation :	Country General Manager
Date of Birth/Age :	42 years
Qualification:	PGDM
Experience:	18 Years
Name :	Umesh Sharma
Designation :	Director Planning
Date of Birth/Age :	48 years
Qualification:	PGDM
Experience:	21 Years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 10.07.2013

Names of Shareholders	No. of Shares
Huntsman Investments Netherlands BV, Netherlands	86844274
Huntsman Netherlands BV, Netherlands	10000
Total	86854274

Equity Share Break up (Percentage of Total Equity)

As on: 10.07.2013

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, Importer and Exporter of Specialty Chemicals and other Chemical Products.
Products :	· Polyoi · Isocyan Ate · Chemicals
Exports :
Products :	Finished goods
Imports :
Products :	Raw Materials
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Polyol and Performance Chemicals	MT	21,936	15,134.88*
Dyes and Chemicals	MT	N.A	6034.04**

(*Note: excludes 163.04 MT quantity of polyol reprocessed.)

(** represents goods manufactured on job work basis by other parties)

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

1000 (Approximately)

Bankers :

IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

Tel. No.: 91-22-66553355

Facilities :

(Rs. In Millions)

Secured Loan	01.04.2011 to 30.09.2012 (18 months)	As on 31.03.2011
Short term borrowings
Working capital loans banks	168.180	486.040
Total	168.180	486.040

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Shiv Sagar Estate, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679025
PAN No.:	AACFD4815A
Holding Company:	· Huntsman Investments (Netherlands) BV
Ultimate Holding Company:	· Huntsman Corporation (US)
Subsidiary Company :	· Baroda Textile Effects Private Limited CIN No.: U24100GJ2007PTC051201 · Huntsman Performance Products (India) Private Limited
Associate Company :	· Swathi Organics and Specialities Private Limited CIN No.: U24294TN1994PTC027261
Fellow Subsidiaries :	· Huntsman Polyurethanes Australia Pty. Limited · Huntsman (Germany) GmbH · Huntsman Holland BV · Huntsman Chemical Trading (Shanghai) Limited · Huntsman (Singapore) Pte Limited · Huntsman (Holdings) UK Unlimited · Huntsman (Europe) BVBA. · Huntsman (Taiwan) Limited · Huntsman (Thailand) Limited · Huntsman International Polyurethanes USA · Huntsman International (Hong Kong) Limited · Huntsman International LLC. · Huntsman Corporation Australia Pty · Pt. Huntsman Indonesia , Indonesia · Huntsman Quimica Brazil Limited, Brazil · Huntsman Textile Effects France, France · Huntsman Advance Materials HK Limited, Hong Kong · Huntsman Japan KK , Japan · Huntsman International Mexico, Mexico · Huntsman Tekstil Urunleri Kimya, Turkey · Huntsman Advance Materials (Switzerland) GmbH, Basle · Huntsman Effects Textiles (Chile) LTDA, Chile · Huntsman Colombia Ltda, Colombia · Huntsman Textile Effects (Panama) · Huntsman Advance Materials KK, Japan · Huntsman Textile Effects (Qingdao) Company Limited, China · Huntsman Advance Materials India Private Limited · Huntsman Italy SRL · Petro Araldite Private Limited · Huntsman Surface Sciences UK Limited, UK · Huntsman Textile Effects (Landhi Karachi)

CAPITAL STRUCTURE

As on: 10.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
167000000	Equity Shares	Rs.10/- each	Rs. 1670.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
86854274	Equity Shares	Rs.10/- each	Rs. 868.540 Millions

After:

Authorised Capital : Rs. 1670.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 1190.740 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	01.04.2011 to 30.09.2012 (18 months)	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	868.540	756.850
(b) Reserves & Surplus	2864.340	2400.570
(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)	3732.880	3157.420
(3) Non-Current Liabilities
(a) long-term borrowings	1470.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	44.100	0.000
(d) long-term provisions	43.180	21.540
Total Non-current Liabilities (3)	1557.280	21.540
(4) Current Liabilities
(a) Short term borrowings	368.180	686.040
(b) Trade payables	2810.710	1448.740
(c) Other current liabilities	188.410	129.870
(d) Short-term provisions	14.760	2.560
Total Current Liabilities (4)	3382.060	2267.210
TOTAL	8672.220	5446.170
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	349.220	147.770
(ii) Intangible Assets	0.630	39.340
(iii) Capital work-in-progress	357.430	163.320
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1149.500	542.480
(c) Deferred tax assets (net)	97.650	63.270
(d) Long-term Loan and Advances	460.100	211.190
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2414.530	1167.370
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1821.330	1291.350
(c) Trade receivables	2317.900	1812.500
(d) Cash and cash equivalents	147.760	110.180
(e) Short-term loans and advances	1872.670	1037.150
(f) Other current assets	98.030	27.620
Total Current Assets	6257.690	4278.800
TOTAL	8672.220	5446.170

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		652.287
2] Share Application Money		0.000
3] Reserves & Surplus		1887.887
4] (Accumulated Losses)		0.000
NETWORTH		2540.174
LOAN FUNDS
1] Secured Loans		41.098
2] Unsecured Loans		200.000
TOTAL BORROWING		241.098
DEFERRED TAX LIABILITIES		0.000
TOTAL		2781.272
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		372.588
Capital work-in-progress		0.750
INVESTMENT		542.500
DEFERRED TAX ASSETS		40.245
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	871.394
	Sundry Debtors	1300.288
	Cash & Bank Balances	111.142
	Other Current Assets	0.006
	Loans & Advances	510.062
Total Current Assets		2792.892
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	890.192
	Other Current Liabilities	44.490
	Provisions	33.021
Total Current Liabilities		967.703
Net Current Assets		1825.189
MISCELLANEOUS EXPENSES		0.000
TOTAL		2781.272

PROFIT & LOSS ACCOUNT

	PARTICULARS		01.04.2011 to 30.09.2012 (18 months)	31.03.2011	31.03.2010
	SALES
		Gross Income	14754.370	7570.400	5922.850
		Other Income	NA		154.290
		TOTAL (A)	NA	7570.400 (Including Increase/ Decrease in Stock)	6077.140
Less	EXPENSES
		Purchase of Traded Goods		6861.360	3286.163
		Manufacturing Expenses			1928.305
		Increase/(Decrease) in Finished Goods			(39.485)
		TOTAL (B)	NA	6861.360 (Including Financial Expenses)	5174.983
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial		902.157
			Expenses and
Less	FINANCIAL EXPENSES (D)		Depreciation)		52.880
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			709.040	849.277
Less/ Add	DEPRECIATION/ AMORTISATION (F)			200.980	239.320
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(65.940)	508.060	609.957
Less	TAX (H)		(34.380)	210.880	235.678
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(31.560)	297.180	374.279
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1419.710	1122.520	748.240
	BALANCE CARRIED TO THE B/S		1388.150	1419.710	1122.519
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	NA	685.860	606.516
		Commission on indent Sales	NA	50.987	21.530
		Other Earnings	NA	41.933	47.927
	TOTAL EARNINGS		NA	778.780	675.973
	IMPORTS
		Raw Materials and Finished Goods	NA	3805.313	2637.053
		Capital Goods	NA	7.138	6.542
	TOTAL IMPORTS		NA	3812.451	2643.595
	Earnings Per Share (Rs.)		(0.36)	4.30	5.76

KEY RATIOS

PARTICULARS		01.04.2011 to 30.09.2012 (18 months)	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.21)	3.93	6.15
Net Profit Margin (PBT/Sales)	(%)	NA	NA	10.29
Return on Total Assets (PBT/Total Assets}	(%)	(0.93)	10.86	11.82
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.16	0.24
Debt Equity Ratio (Total Debt/Networth)		0.49	0.21	0.09
Current Ratio (Current Asset/Current Liability)		1.86	1.89	2.88

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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note:

The registered office of the company has been shifted from Plot No.1/1, TTC Industrial Area, Thane, Belapur Road, Koparkhairane, Navi Mumbai – 400 709, Maharashtra to the present address w.ef. 19.03.2012.

UNSECURED LOAN

(Rs. In Millions)

Particulars	01.04.2011 to 30.09.2012 (18 months)	As on 31.03.2011
Long term borrowings
Debentures	1470.000	0.000
Short term borrowings
Loans repayable on demand	200.000	200.000
Total	1670.000	200.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10165456	24/01/2013 *	800,000,000.00	IDBI Bank Limited	IDBI Tower, WTC Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India	B68707850

* Date of charge modification

FIXED ASSETS:

· Building

· Lease Hold Building

· Plant and Machinery

· Improvement

· Furniture, Fixture and Equipment

· Computer

· Vehicle

· Goodwill

· Distribution Network

· Computer Software

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. 61.97
UK Pound	1	Rs. 101.49
Euro	1	Rs. 84.79

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		53

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.