MIRA INFORM REPORT

Report Date :

12.01.2013

IDENTIFICATION DETAILS

Name :	OSCAR CHEMICALS PRIVATE LIMITED
Registered Office :	403-404, Florence, Opposite Ashram Road Post Office, Ashram Road, Ahmedabad – 380 009, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.11.1994
Com. Reg. No.:	04-023648
Capital Investment / Paid-up Capital :	Rs.5.000 millions
CIN No.: [Company Identification No.]	U24110GJ1994PTC023648
TAN No.: [Tax Deduction & Collection Account No.]	AHMO00050B
PAN No.: [Permanent Account No.]	AAACO2267L
Legal Form :	Private Limited Liability Company
Line of Business :	Trading in Chemicals.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 89000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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

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

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.

LOCATIONS

Registered Office :	403-404, Florence, Opposite Ashram Road Post Office, Ashram Road, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-25622990/ 25621135/ 40070099
Fax No.:	91-79-25623527/ 40070096
E-Mail :	sid@oscarchemicals.com kunal@oscarchemicals.com info@oscarchemicals.com
Website :	http://www.oscarchemicals.com

DIRECTORS

As on 14.07.2012

Name :

Mr. Siddharth Sumer Kothari

Designation :

Director

Address :

B/4, Blue Heaven, Shantiniketan Society, Near S.P. Colony, Ahmedabad – 380 013, Gujarat, India

Date of Appointment :

01.04.1997

DIN No.:

00260749

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	U24110GJ1994PTC023648	OSCAR CHEMICALS PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO
2	U24100GJ2007PTC051611	OLIVE PETROCHEM PRIVATE LIMITED	Director	27/08/2007	27/08/2007	-	Active	NO
3	U45200GJ2012PTC068459	AKSHAT SERVCON PRIVATE LIMITED	Director	02/01/2012	02/01/2012	-	Active	NO

Name :

Mr. Sumer Bhurmal Kothari

Designation :

Director

Address :

B/4, Blue Heaven, Shantiniketan Society, Near S.P. Colony, Ahmedabad – 380 013, Gujarat, India

Date of Appointment :

24.11.1994

DIN No.:

00260981

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	U24110GJ1994PTC023648	OSCAR CHEMICALS PRIVATE LIMITED	Director	24/11/1994	24/11/1994	-	Active	NO
2	U45200GJ2012PTC068459	AKSHAT SERVCON PRIVATE LIMITED	Director	02/01/2012	02/01/2012	-	Active	NO

Name :

Mr. Kunal Sumer Kothari

Designation :

Director

Address :

B/4, Blue Heaven, Shantiniketan Society, Near S.P. Colony, Ahmedabad – 380 013, Gujarat, India

Date of Appointment :

15.06.2002

DIN No.:

00261093

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	U72200GJ2001PTC039246	MASUA SOFT SOLUTION PRIVATE LIMITED	Director	08/02/2001	08/02/2001	-	Active	NO
2	U24110GJ1994PTC023648	OSCAR CHEMICALS PRIVATE LIMITED	Director	15/06/2002	15/06/2002	-	Active	NO
3	U24100GJ2007PTC051611	OLIVE PETROCHEM PRIVATE LIMITED	Director	27/08/2007	27/08/2007	-	Active	NO

Name :

Mr. Ashok Bhurmal Kothari

Designation :

Director

Address :

A/4, Blue Heaven, Shantiniketan Society, Near S.P. Colony, Ahmedabad – 380 013, Gujarat, India

Date of Appointment :

24.11.1994

DIN No.:

00261196

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	U24110GJ1994PTC023648	OSCAR CHEMICALS PRIVATE LIMITED	Director	24/11/1994	24/11/1994	-	Active	NO
2	U72200GJ2001PTC039246	MASUA SOFT SOLUTION PRIVATE LIMITED	Director	08/02/2001	08/02/2001	-	Active	NO
3	U24100GJ2007PTC051611	OLIVE PETROCHEM PRIVATE LIMITED	Director	27/08/2007	27/08/2007	-	Active	NO
4	U51100GJ1995PTC028230	SHELTER ENTERPRISE CO PRIVATE LIMITED	Director	28/12/2007	28/12/2007	-	Active	NO
5	U24100GJ2009PTC057018	M. BHANDARI CHEM. PRIVATE LIMITED	Director	21/09/2010	21/09/2010	-	Active	NO
6	U45201GJ2009PTC055909	ADVANCE ORGANISORS PRIVATE LIMITED	Additional director	20/05/2011	20/05/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 14.07.2012

Names of Shareholders	No. of Shares
Sumer Bhurmal Kothari	92150
Ashok Bhurmal Kothari	94810
Virendra Bherumal Mehta	10
Virendra Bherumal Mehta Jointly Suresh S. Shah	10
Rajendra Babulal Shah Jointly Niruben P. Bhandari	100
Jyoti Sumer Kothari	125000
Heena Ashok Kothari	70000
Siddharth Sumer Kothari	33000
Kunal Sumer Kothari	34920
Ashok Kothari HUF	50000
Total	500000

As on 14.07.2012

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

BUSINESS DETAILS

Line of Business :

Trading in Chemicals.

PRODUCTION STATUS (AS ON 31.03.2012)

Manufacturing Activity (Sidfinechem)

Particulars	Unit	Actual Production
Finished Goods (Chemicals)	Kgs./Ltr	75

GENERAL INFORMATION

No. of Employees :

50 (Approximately)

Bankers :

v Punjab National Bank, Shahibag, Ahmedabad – 380 004, Gujarat, India

v The Kalupur Commercial Co-Operative Bank Limited, Madhupura Branch, 106-109, 1^st Floor, Nilkanth Plaza, Opposite Police Comm, Ahmedabad – 380 004, Gujarat, India

v Small Industries Development Bank of India, Navjivan Amritjayanti Bhavan, 1^st Floor, Navjivanpost, Ahmedabad – 380 014, Gujarat, India

v Axis Bank Limited

v HDFC Bank Limited

v Kotak Mahindra Bank

v Citi Bank N.A.

v State Bank of India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Axis Bank (Secured against Hypothecation of Car)	0.506	0.000
HDFC Bank Limited (Secured against Hypothecation of Car)	0.193	0.463
HDFC Bank Limited (Secured against Hypothecation of Car)	0.242	0.394
HDFC Bank Limited (Secured against Hypothecation of Car)	0.427	0.715
Daimler Financial Services India Private Limited (Secured against Hypothecation of Car)	2.420	0.000
SHORT-TERM BORROWINGS
Secured Loans From Banks (Secured against Hypothecation of stock and book-debts)
Punjab National Bank - CC A/c (Secured Against Stock, Book Debt and Other Moveables) (Above facility is secured by Mortgage of Flat No.B/4 Blue Heaven, Blue Moon Co-Operative Housing Society, Naranpura, Ahmedabad and Office No.403-404 , 4^th Floor, Florence, Opposite Ashram Road P.O., Ahmedabad)	52.491	37.857
Total	56.279	39.429

Banking Relations :	--
Auditors :
Name :	Dimple V. Shah and Company Chartered Accountants
Address :	206, Saumya Complex, 5, Kalpana Society, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-26421737/ 40047374
E-Mail :	dimple_ca@hotmail.com
Income-tax PAN of auditor or auditor's firm :	ADAPS7282H

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

Name of the Shareholders	No. of Shares	% of holding
Sumer Kothari	92150	18.43
Ashok Kothari	94810	18.96
Jyoti Sumer Kothari	125000	25.00
Heena Ashok Kothari	70000	14.00
Siddharth Kothari	33000	6.60
Kunal Kothari	34920	6.98
Ashok Kothari HUF	50000	10.00

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		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		17.146	17.109	17.267
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		22.146	22.109	22.267
LOAN FUNDS
1] Secured Loans		56.279	39.429	40.276
2] Unsecured Loans		13.760	18.287	13.657
TOTAL BORROWING		70.039	57.716	53.933
DEFERRED TAX LIABILITIES		0.049	0.056	0.105
TOTAL		92.234	79.881	76.305
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.128	21.225	22.078
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.612	10.482	4.467
	Sundry Debtors	72.159	71.345	59.283
	Cash & Bank Balances	1.328	0.642	0.291
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.304	11.569	11.576
Total Current Assets		90.403	94.038	75.617
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18.416	31.823	19.097
	Other Current Liabilities	2.506	1.599
	Provisions	0.375	1.960	2.293
Total Current Liabilities		21.297	35.382	21.390
Net Current Assets		69.106	58.656	54.227
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		92.234	79.881	76.305

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	427.736	364.341	322.015
		Other Income		8.023	7.992
		Increase/(Decrease) in Stock		5.692	(2.017)
		TOTAL (A)	427.736	378.056	327.990
Less	EXPENSES
		Purchases/ Raw Material Consumed	426.729	360.572	310.179
		Other Direct Expenses (Manufacturing Division)		0.102	0.191
		Payment to and Provision for Employees		2.546	4.203
		Selling, General and Administrative Expenses		6.028	5.548
		Exceptional Items		0.027	(0.015)
		TOTAL (B)	426.729 (including Interest and Depreciation)	369.275	320.106
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			8.781	7.884
Less	INTEREST (D)			5.426	3.987
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			3.355	3.897
Less/ Add	DEPRECIATION/ AMORTISATION (F)			2.730	2.717
	PROFIT BEFORE TAX (E-F) (G)		1.007	0.625	1.180
Less	TAX (H)		0.375	0.250	0.370
	PROFIT AFTER TAX (G-H) (I)		0.632	0.375	0.810
Add	Deferred Tax Assets		0.007	0.049	0.024
Less	Previous Year I. Tax		(0.022)	0.000	0.000
	PROFIT AFTER TAX FOR THE YEAR		0.617	0.424	0.834
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.578	9.735	9.509
Less	APPROPRIATIONS
		Proposed Dividend/ Dividend	0.500	0.500	0.500
		Dividend Tax Payable/ Paid	0.081	0.081	0.083
		General Reserve	0.025	0.000	0.025
	BALANCE CARRIED TO THE B/S		9.589	9.578	9.735
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	0.045	0.000
	TOTAL EARNINGS		0.000	0.045	0.000
	Earnings Per Share (Rs.)		1.23	0.75	1.62

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.15	0.10	0.25
Net Profit Margin (PBT/Sales)	(%)	NA	0.17	0.37
Return on Total Assets (PBT/Total Assets}	(%)	0.89	0.54	1.21
Return on Investment (ROI) (PBT/Networth)		0.05	0.03	0.05
Debt Equity Ratio (Total Liability/Networth)		4.12	4.21	3.38
Current Ratio (Current Asset/Current Liability)		4.24	2.66	3.54

LOCAL AGENCY FURTHER INFORMATION

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	No
10) Designation of contact person	No
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	No
20) Export / Import details (if applicable)	No
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	No
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	No

Note:

The registered address of the company G/15, New Madhupura Market, Shahibaug, Ahmedabad, Gujarat, India has been shifted to the present address w.e.f. 19.06.2006.

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Loans From Directors
Ashok B. Kothari	0.039	0.022
Kunal S. Kothari	1.616	3.056
Siddharth S. Kothari	0.928	1.163
Sumer B. Kothari	2.968	4.354
Ashok Kothari (HUF)	0.004	0.141
Heena Ashok Kothari	0.058	0.955
Jyoti S. Kothari	1.746	1.837
Kunal Construction	1.355	0.665
Oswal Chemicals (Sarafi A/c)	2.150	1.150
Siddharth S. Kothari (HUF)	0.553	0.441
Sumer B. Kothari (HUF)	0.128	2.085
Sidfinechem (Mfg. Division)
Arti S. Kothari	0.000	0.050
Siddharth S. Kothari	0.565	0.565
Sumer B. Kothari	1.650	1.773
Ashok Kothati (HUF)	0.000	0.030
Total	13.760	18.287

FUTURE OUTLOOK:

The Company hopes revival of Market Condition and hopefully have greater business in Trading and Manufacturing Divisions.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24110GJ1994PTC023648
Name of the company	OSCAR CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	403-404, Florence, Opposite Ashram Road Post Office, Ashram Road, Ahmedabad – 380 009, Gujarat, India E-Mail: info@oscarchemicals.com
This form is for	Creation of charge
Type of charge	Book Debts Others (Stock)
Particular of charge holder	The Kalupur Commercial Co-Operative Bank Limited, Madhupura Branch, 106-109, 1^st Floor, Nilkanth Plaza, Opposite Police Comm, Ahmedabad – 380 004, Gujarat, India E-Mail: mauli@kalupurbank.com
Nature of instrument creating charge	Deed of Hypothecation dated 08.09.2012
Date of instrument Creating the charge	08.09.2012
Amount secured by the charge	Rs.50.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 13 %, subject to Bank Norms and as per Sanction. Terms of repayment: Cash Credit, L/C discount, Bank Guarantee, all on Demand. Margin: 30% on Stock, 40% on Book Debt Extent and operation of the charge: The bank has first and exclusive charge on stock and book debts of the company till repayment of credit facilities extended by bank to the company. Others: As a security for the repayment of Hypothecation of Stock cum Book Debt of Rs.50.000 millions {Sub Limit of Book Debt Rs.40.000 millions, Foreign Inland LC (DPDA 90 days) Rs.10.000 millions)}.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Whole of Borrower's Stocks i.e. raw, WIP, finished goods, equipments, tools, stores, spares consumer articles, accessories now or hereafter from time to time in Godown or elsewhere, in transit or delivery. All borrower's present and future Book debts, o/s money, receivable, claims, bills, contracts, engagements, securities, investments, rights and assets, bills of exchange or instruments held solely or jointly

FIXED ASSETS:

v Air Condition (Florence)

v Vehicles

v Computer

v Counter M/C

v Electric Installation

v Electronic Fan

v Electronic Weighting Scale

v Florence New Office

v Forbes Vacume Cleaner

v Fridge Godrej 170 ltr

v Furniture(Florence)

v Laser Printer

v Mobile Instruments

v Panasonic System

v Passion Pro

v Printer HP (3055)

v RO System

v Telephone (Florence)

v Building

v Electrification

v Site Development

v Computer

v Furniture Fixtures

v Laboratory Equipments

v Miscellaneous Plant and Machinery

v Land

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.54
UK Pound	1	Rs.88.05
Euro	1	Rs.72.29

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.