MIRA INFORM REPORT

Report Date :

20.02.2013

IDENTIFICATION DETAILS

Name :	ADAM FABRIWERK PRIVATE LIMITED (w.e.f.08.09.1992)
Formerly Known As :	MARVALD FABRIWERK PRIVATE LIMITED
Registered Office :	702, Tanishka, Akruli Road, Kandivali (East), Mumbai – 400101, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.06.1982
Com. Reg. No.:	11-027517
Capital Investment / Paid-up Capital :	Rs.16.200 Millions
CIN No.: [Company Identification No.]	U24231MH1982PTC027517
TAN No.: [Tax Deduction & Collection Account No.]	MUMA21308A
PAN No.: [Permanent Account No.]	AAACA5697C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Machinery used for Pharmaceutical and Chemical Industry.
No. of Employees :	115 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 530000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered good 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

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	BBB (Cash Credit)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation. It carry moderate 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. G. K. Kudalkar
Designation :	Accountant
Contact No.:	91-9820703095
Date :	18.02.2013

LOCATIONS

Registered Office :	702, Tanishka, Akruli Road, Kandivali (East), Mumbai – 400101, Maharashtra, India
Tel. No.:	91-22-61776700
Mobile No.:	91-9820703095 (Mr. Kudalkar)
Fax No.:	91-22-61776799
E-Mail :	adamfab@vsnl.com info@adamfabriwerk.com
Website :	http://www.adamfabriwerk.com
Area :	1500 Sq. Ft.
Location :	Owned
Factory :	D 6, MIDC, Ambad, Nashik, Maharashtra, India
Tel. No.:	91-253-6601021
Area :	2000 Sq. Meter
Location :	Leased

DIRECTORS

AS ON 27.09.2012

Name :	Mr. Devidas Ramback Shirude
Designation :	Director
Address :	901/ B, Gardenia, Building No.2, Vasant Valley, Behind Dindoshi Depot, Malad (East), Mumbai – 400097, Maharashtra, India.
Date of Birth/Age :	05.06.1950
Date of Appointment :	24.06.1982
Voter ID No.:	MT09042579233
DIN No.:	00398588
Name :	Mr. Waman Madhav Wagh
Designation :	Managing Director
Address :	A- 701, Express Apartments, Yari Road, Versova, Andheri (West), Mumbai – 400061, Maharashtra, India
Date of Birth/Age :	26.09.1946
Date of Appointment :	24.06.1982
Voter ID No.:	MT08036505810
DIN No.:	00398753
Name :	Mr. Sanjay Ramback Shirude
Designation :	Director
Address :	Flat No.3, Shivthirth Park, New Pandit Colony, Sharanpur Road, Nashik – 422002, Maharashtra, India.
Date of Birth/Age :	11.01.1965
Date of Appointment :	30.04.1992
DIN No.:	00399000
Name :	Mr. Vishal Waman Wagh
Designation :	Whole Time Director
Address :	A- 701, Express Apartments, Yari Road, Versova, Andheri (West), Mumbai – 400061, Maharashtra, India
Date of Birth/Age :	19.11.1973
Date of Appointment :	01.07.2000
Voter ID No.:	MT08036505612
DIN No.:	00398886

KEY EXECUTIVES

Name :	Mr. G. K. Kudalkar
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2012

Names of Shareholders	No. of Shares
W. M. Wagh	450000
A. W. Wagh	180000
V. W. Wagh	135000
M. W. Wagh	36000
Ameeta V. Wagh	8970
D. T. Shirude	450000
M. D. Shirude	180000
S. T. Shirude	81000
Pallavi P. Kapale	45000
Priti A. Naik	45000
Parag D. Shirude	8940
B. D. Desai	30
N. B. Desai	30
A. B. Desai	30
TOTAL	1620000

AS ON 27.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	99.95
Other top fifty shareholders	0.05
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Machinery used for Pharmaceutical and Chemical Industry.
Exports :
Products :	· Finished Goods
Countries :	· Germany · Bangladesh · South Africa
Imports :
Products :	· Raw Material
Countries :	· France · Germany
Terms :
Selling :	Credit (30 Days, 60 Days, 90 Days)
Purchasing :	Credit (30 Days, 60 Days, 90 Days)

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Actual Production Qty
SS Tanks, Vessel Reactors, Receivers jacketed Vessel	175
Liquid Mfg. Plant	1
Ointment Mfg. Plant	2
Custom Built Equipments CIP/ SIP Unit	12
Spares	83

GENERAL INFORMATION

Suppliers :

· Millipore India Private Limited

Customers :

Manufacturing Company

· Cipla Limited

· Ranbaxy Laboratories Limited

No. of Employees :

115 (Approximately)

Bankers :

Bank of Baroda, Pimpalgaon Bhaula Branch, Udyog Bhavan, 1^st Floor, MIDC, Satpur, Nashik – 422007, Maharashtra, India

Tel No.: - 91-253-2361747

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long Term Borrowings
Term loans from banks fully secured
From Bank of Baroda, Pimpalgaon Bahula Branch, Nashik (Maharashtra)
Term Loan – Against mortgage of office – 702 Tanishka, Kandivali (East), Mumbai-101	4.200	6.600
Term Loan II – Against mortgage of new factory building at Nashik	10.500	16.500
Short Term Borrowings
Loans payable on demand from Bank fully secured From Bank of Baroda, Pimpalgaon, Bahula Branch, Nashik (Maharashtra)
Cash Credit at Bank of Baroda, Kandivali (East) Branch, Mumbai (Hypothecation of inventory and trade receivable)	19.819	17.876
Cash credit at Bank of Baroda, Pimpalgaon Bahula Branch, Nashik (Hypothecation of inventory and trade receivable)	37.785	18.714
Term loan – Against mortgage of office – 702 Tanishka, Kandivali (East), Mumbai-101	2.400	3.105
Term Loan II – Against mortgage of new factory building at Nashik	6.000	7.772
TOTAL	80.704	70.567

Banking Relations :	--
Auditors :
Name :	Kothwade and Company Chartered Accountant
Address :	Jayanti Smruti, B-6 Aarti Co-Operative Housing Society, Amrutnagar, Ghatkopar (West), Mumbai- 400086, Maharashtra, India
PAN No.:	AABPK8500G

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
540000	Equity Shares	Rs.10/- each	Rs. 5.400 Millions
1080000	Equity Shares	Rs.10/- each	Rs. 10.800 Millions
	TOTAL		Rs. 16.200 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		16.200	5.400	5.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		117.734	99.707	72.616
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		133.934	105.107	78.016
LOAN FUNDS
1] Secured Loans		80.704	70.567	66.373
2] Unsecured Loans		10.271	17.556	14.245
TOTAL BORROWING		90.975	88.123	80.618
DEFERRED TAX LIABILITIES		0.166	0.000	0.000
TOTAL		225.075	193.230	158.634
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		92.289	95.864	96.104
Capital work-in-progress		0.000	00000	0.000
INVESTMENT		13.289	12.821	12.821
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	167.713	75.750	48.586
	Sundry Debtors	63.560	64.453	66.036
	Cash & Bank Balances	15.870	12.960	14.111
	Other Current Assets	0.985	2.222	0.000
	Loans & Advances	45.797	39.493	36.080
Total Current Assets		293.925	194.878	164.813
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	42.255	45.271	48.880
	Other Current Liabilities	80.900	20.677	33.671
	Provisions	51.273	44.385	32.818
Total Current Liabilities		174.428	110.333	115.369
Net Current Assets		119.497	84.545	49.444
MISCELLANEOUS EXPENSES		0.000	0.000	0.265
TOTAL		225.075	193.230	158.634

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	332.393	296.284	258.667
		Other Income	4.611	11.864	8.761
		Labour Charge and Other Income	0.000	0.000	2.673
		Closing Stock	0.000	0.000	35.972
		TOTAL (A)	337.004	308.148	306.073
Less	EXPENSES
		Cost of material consumed	258.990	175.737	239.968
		Employee benefit expenses	24.455	18.808
		Other expenses	40.840	35.003
		Purchase of stock in trade Changes in inventories of finished goods, work in progress and stock in trade	(90.019)	(10.868)
		TOTAL (B)	234.266	218.680	239.968
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		102.738	89.468	66.105
Less	FINANCIAL EXPENSES (D)		15.864	10.924	3.554
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		86.874	78.544	62.551
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.316	9.312	3.156
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		77.558	69.232	59.395
Less	TAX (H)		25.041	22.972	17.410
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		52.517	46.260	41.985
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	0.209
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	NA	24.000
		Dividend	NA	NA	13.500
		Tax on Dividend	NA	NA	2.294
	BALANCE CARRIED TO THE B/S		NA	NA	2.400
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	18.998	28.528	33.271
	TOTAL EARNINGS		18.998	28.528	33.271
	IMPORTS
		Raw Materials	95.206	71.340	55.029
	TOTAL IMPORTS		95.206	71.340	55.029
	Earnings Per Share (Rs.)		32	29	77.75

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	15.58	15.01	13.72
Net Profit Margin (PBT/Sales)	(%)	23.33	23.37	22.96
Return on Total Assets (PBT/Total Assets}	(%)	20.08	23.81	22.76
Return on Investment (ROI) (PBT/Networth)		0.58	0.66	0.76
Debt Equity Ratio (Total Debt /Networth)		0.68	0.84	1.03
Current Ratio (Current Asset/Current Liability)		1.69	1.77	1.43

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	Yes
18]	Major customers	Yes
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	Yes
34]	External Agency Rating, if available	Yes

UNSECURED LOAN	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Short Term Borrowings
Loans and advances from related party’s
From Shareholders	9.600	10.210
Balance in current account of directors	0.671	7.346
TOTAL	10.271	17.556

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors
Sundry Creditors for Goods	0.082	0.152	45.793
Sundry Creditors for Expenses	0.000	0.000	2.072
Sundry Creditors for Others	40.918	42.868	1.015
Sundry Creditors for micro, small and medium enterprises	1.255	2.251	0.000
TOTAL	42.255	45.271	48.880

NOTE

The Registered office of the company has been shifted from 103, Rajguru Apartments, New Nagardas Road, Andheri East, Mumbai- 400069, and Maharashtra, India to the present address w.e.f. 08.02.02010

OPERATIONS AND PERFORMANCE

SALES

During the year the Company’s order booking is to the tune of Rs. 569.100 Millions as against the previous year of Rs. 364.300 Millions. The net sales including other income is Rs. 337.000 Millions as against the previous year of Rs. 308.100 Millions. The Company performed satisfactory compared to previous year.

PRODUCTION

During the year under consideration the production is Rs. 422.400 Millions as against the previous year’s production of Rs. 307.200 Millions which is increased by 37.50% compared to previous year.

PROFITABILITY

During the year the net pre-tax profit is Rs. 77.558 Millions as against the previous year of Rs. 69.232 Millions (Includes advance received from customer written off due to cancellation of order to the tune of Rs. 7.700 Millions) which is higher by around 12.03%. During the year 2012-13 the company has estimated to increase the turnover by 20% considering the market conditions and response received to company’s products.

FORM 8

Corporate identity number of the company	U24231MH1982PTC027517
Name of the company	Adam Fabriwerk Private Limited
Address of the registered office or of the principal place of business in India of the company	702, Tanishka, Akurli Road, Kandivali (East), Mumbai – 400101, Maharashtra, India info@adamfabriwerk.com
This form is for	Modification of charge
Charge identification number of the charge to be modified	10110655
Type of charge	· Immovable property · Others
Particular of charge holder	Bank of Baroda Pimpalgaon Bhaula Branch, Satpur, Nashik- 422007, Maharashtra, India cpc.sme.nashik@bankofbaroda.co.in
Nature of instrument creating charge	Supplemental Memorandum of entry
Date of instrument Creating the charge	25.07.2012
Amount secured by the charge	Rs. 209.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 3.25%*Over Base Rate/ present base rate being @ 10.50% effective rate of interest is 10.50+3.25=13.75 p. a. with monthly rests, subject to change the base rate. Terms of repayment Repayable on Demand As per banks norms from time to time Margin 25% Extent and operation of the charge Loan amount together with interest, compounded interest, additional interest in case of default, liquidated damages, commitment charges, premia on redemption, cost, charges, expenses and other monies payable by the company. Other Charge is secured by borrower by way of Deposit of Title Deeds of Immovable Properties Together with buildings and structures thereon fixed plants and machinery, fixtures and fittings, constructed, erected or installed thereon
Short particulars of the property charged (Including location of the property)	List of documents of title, evidences, deeds and writings deposited with the bank Factory Land and Building situated at Plot NO.D-6, in the Addl. Nashik industrial area NMIDC, Amabd, Nashik , admeasurements in aggregate 3500 square meters Factory Land Gut No.81, Area 0 H. 0.42 R additional Nashik industrial Area, Ambad Nashik, admeasurements in aggregate 3500 square meters. Factory Land Gut No.81, Area 0 H. 0.40 R additional Nashik industrial Area, Ambad Nashik, admeasurements in aggregate 4000 square meters. Office Premises 702,214.60 sq.mt. i. e. all 257.52 sq.mt. built up on 7th Floor and 2 Parking spaces No. 27/ 28 admeasuring 6.5 sq.mt."Tanishka", CTS no.148/C,village Akurili, Akurli Rd, Kandivali,M-101, Office Premises 701, 145.81 sq.mt. i. e. all 174.97 sq.mt. built up on 7th Floor and 2 Parking spaces No. 24 admeasuring 6.5 sq.mt."Tanishka", CTS no.148/C, village Akurili, Akurli Rd, Kandivali,M-400101, Consent letter of MIDC and TRI Partite agreement dated 25/07/2012
Date of instrument modifying the charge	25.11.2011
Particulars of the present modification	The Charge shall now stand increased from Rs.159.400 Millions to Rs.209.400 Millions as under: 1) Cash credit : Rs.60.000 Millions 2) Term loan -I : Rs.21.000 Millions 3) Term Loan -II: Rs.8.400 Millions 4) Bank Guarantee: Rs.50.000 Millions 5) Letter of Credit : Rs. 20.000 Millions 6) Short Term Demand Loan: Rs. 50.000 Millions

TRADE REFERENCES

· Cipla Limited

· Ranbaxy Laboratories Limited

· Millipore India Private Limited

FIXED ASSETS

· Leasehold Land

· Factory building

· Factory Office Building

· Plant and machinery

· Electric Installations

· Furniture and fixture

· Vehicles

· Computer and Peripherals

· Air Conditioner

· Office Equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 54.28
UK Pound	1	Rs. 84.09
Euro	1	Rs. 72.44

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.