MIRA INFORM REPORT

Report Date :

15.01.2013

IDENTIFICATION DETAILS

Name :	MAYUR WOVENS PRIVATE LIMITED
Registered Office :	308, Sahjanand Palace, Opposite Rahul Towers, 100 ft Road , Shyamal Karnavati Road, Satellite, Ahmedabad – 380 051, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.03.2004
Com. Reg. No.:	04-43769
Capital Investment / Paid-up Capital :	Rs.7.240 Millions
CIN No.: [Company Identification No.]	U25202GJ2004PTC043769
IEC No.:	0804010617
TAN No.: [Tax Deduction & Collection Account No.]	AHMM05315C
PAN No.: [Permanent Account No.]	AADCM8411B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Trader of PP/HDPE Laminated / Un-laminated film, Woven Bags, Woven Sacks, Plastic Item, Woven Tape/Fabric/Bags, Tarpaulin, etc.
No. of Employees :	500 (In office + In factory)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 320000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The latest financials of the company are not made available. As per previous year’s record, there appear some external borrowings which appears to have increased over years. However, trade relations are reported as fair. Business is active. Payment terms are unknown in absence of latest financials. 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB+ (term loan and cash credit)
Rating Explanation	Moderate risk of default
Date	29.12.2012

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. Pramod Sharma
Designation :	Executive (Accounts)
Contact No.:	91-9099081864

LOCATIONS

Registered Office :	308, Sahjanand Palace, Opposite Rahul Towers, 100 ft Road , Shyamal Karnavati Road, Satellite, Ahmedabad – 380 051, Gujarat, India.
Tel. No.:	91-79-26931660/630
Mobile No.:	91-9898796669 (Mr. Syamsunder)
Fax No.:	91-79-26931616
E-Mail :	mayur@hdpe.net , wovens@hdpe.net, office@hdpe.net , mayur@ppwovensacks.com
Website :	http://www.ppwovensacks.com , http://www.hdpe.net
Area :	2200 sq. ft.
Location :	Owned
Head Office :	Block 1485 Village, Moti Bhoyan Kal Katraj Road, Kalol – 382721, Gujarat, India
Tel. No.:	91-2764-281421
Fax No.:	91-2764-281567
Area :	1,50,000 sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2012

Name :

Mr. Shyamsunder M. Tibrewal

Designation :

Director

Address :

1, Sanidhya Bunglows, Satellite Road, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

01.07.1952

Qualification :

B Com , LLB

Date of Appointment :

11.03.2004

DIN No.:

00500621

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17119GJ1985PTC007658	Svar Synthetics Private Limited	Director	01-12-02	01-12-02	-	Active	NO
2	U25202GJ2004PTC043769	Mayur Wovens Private Limited	Director	11-03-04	11-03-04	-	Active	NO
3	L20100GJ1991PLC016763	Alfa Ica (India) Limited	Director	31-07-08	31-07-08	-	Active	NO

Name :

Ms. Monica S. Tibrewal

Designation :

Director

Address :

1, Sanidhya Bunglows, Satellite Road, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

31.12.1974

Qualification :

B Com

Date of Appointment :

11.03.2004

DIN No.:

01593282

KEY EXECUTIVES

Name :	Mr. Pramod Sharma
Designation :	Executive (Accounts)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2012

Names of Shareholders	No. of Shares
Laxmidevi Tibrewal	67750
Shyamsunder Tibrewal	288750
Siddharth Tibrewal	67750
Monica S Tibrewal	67500
Aadit Tibrewal	7500
Shyamsunder Tibrewal - HUF	67500
S S Tibrewal Children Trust	20000
Siddharth Tibrewal HUF	67500
Mayur Extrusion Private Limited, India	45750
Anshu Clothing Private Limited and Mangalaxmi Industries private Limited, India	45000
TOTAL	745000

AS ON 30.09.2012

Equity Shares Break Up	Percentage of Holding
Bodies corporate	6.14
Directors or relatives of Directors	87.82
Other top fifty shareholders	6.04
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Trader of PP/HDPE Laminated / Un-laminated film, Woven Bags, Woven Sacks, Plastic Item, Woven Tape/Fabric/Bags, Tarpaulin, etc.

Products :

Product Description	ITC Code
HDPE Woven Fabrics and Bags	392321.00

· PP / HDPE Woven Fabrics (Laminated and Unlaminted)

· PP / HDPE Woven Fabrics (Widewidth- upto 430cms flat)

· PP / HDPE Woven Sacks and Bags (with liner and without liner)

· PP / HDPE Woven Sacks and Bags (Laminated and Unlaminted)

· PP / HDPE Tarpaulins

· Existing have to shift to last Product Variations

· PP / HDPE Jumbo Bags

· PP / HDPE/ LDPE/ LLDPE/ HMHDPE Liners

· Box Strappings, Twines

· Box Bags

· Container Liners

· Paper Laminated Fabrics and Bags

· Bale Covers

· Aluminium Coated Pp Woven Fabrics

· CPP / BOPP / Polyester Coated Pp Woven Fabric

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Installed Capacity
Packaging Products	MT	13200
Wind Energy	KW	630

GENERAL INFORMATION

No. of Employees :

500 (In office + In factory)

Bankers :

• ING Vysya Bank Limited, P.B. No 4038, Chanakya Building, Near Dinesh Hall, Off Ashram Road, Ahmedabad – 380009, Gujarat, India
• Indian Overseas Bank, Stadium Road Branch, Opp. Stadium, Navrangpura, Ahmedabad – 380 009, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee Term Loans Bank	9.062	0.000
Foreign Currency Loan	168.478	108.395
Working Capital Loan	105.453	84.016
Loans taken for Vehicles	2.039	0.880
Total	285.032	193.291
Notes : All above secured loans include Interest Accrued and due, if any
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Public Deposit	0.056	0.051
Other Debts	96.878	86.478
Total	96.934	86.529
Notes : All above unsecured loans include Interest Accrued and due, if any

Banking Relations :	-
Auditors :
Name :	Kedia and Kedia Associates Chartered Accountants
Address :	205, Kaling, 2^nd Floor, Near Mount Carmel School, Behind B.J. House, Off. Ashram Road, Ahmedabad – 380 009, Gujarat, India.
Tel. No.:	91-79-26579971
E-Mail :	kediaca@sancharnet.in
PAN.:	AABFK7236R
Enterprise over which key management personnel exercise significant influence :	· Mayur Extrusion Private Limited Address: 308, Sahjanand Palace, Opposite Rahul Tower, 100 ft. Road, Shyamal-Karanavti Road, Satellite, Ahmedabad-380051, Gujarat, India Line of Business : HDPE/DP Woven Fabric/ Bags, etc. · Sonal Polysacks · Mangalalaxmi Industries Private Limited

CAPITAL STRUCTURE

As on 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed

No. of Shares	Type	Value	Amount
793000	Equity Shares	Rs.10/- each	Rs.7.930 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
745000	Equity Shares	Rs.10/- each	Rs.7.450 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed

No. of Shares	Type	Value	Amount
748000	Equity Shares	Rs.10/- each	Rs.7.480 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
724000	Equity Shares	Rs.10/- each	Rs.7.240 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		7.240	7.000	7.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		74.248	41.625	35.518
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		81.488	48.625	42.518
LOAN FUNDS
1] Secured Loans		285.032	193.291	212.680
2] Unsecured Loans		96.934	86.529	47.392
TOTAL BORROWING		381.966	279.820	260.072
DEFERRED TAX LIABILITIES		0.000	0.000	2.379
TOTAL		463.454	328.445	304.969
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		110.291	112.431	128.596
Capital work-in-progress		0.000	0.000	2.091
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		1.567	0.093	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	134.142	95.512	51.666
	Sundry Debtors	200.456	124.342	100.589
	Cash & Bank Balances	55.647	13.499	15.416
	Other Current Assets	1.966	2.154	5.420
	Loans & Advances	36.185	35.944	72.441
Total Current Assets		428.396	271.451	245.532
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	57.314	41.497
	Other Current Liabilities	14.331	8.500	69.371
	Provisions	5.155	5.533	1.879
Total Current Liabilities		76.800	55.530	71.250
Net Current Assets		351.596	215.921	174.282
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		463.454	328.445	304.969

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	Gross Turnover		1404.532	1204.301	1187.453
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		52.252	35.061	32.209
Less/ Add	DEPRECIATION/ AMORTISATION		20.928	24.789	24.907
	PROFIT BEFORE TAX		31.324	10.272	7.302
Less	TAX		10.904	4.128	2.990
	PROFIT AFTER TAX		20.420	6.144	4.312
	Prior Period Adjustments		(0.060)	(0.029)	(0.002)
	Income Tax Earlier		0.502	(0.008)	0.000
	BALANCE CARRIED TO THE B/S		20.862	6.107	4.312
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	852.948	756.967	776.179
		Other Earnings			34.753
	TOTAL EARNINGS		852.948	756.967	810.932
	IMPORTS
		Raw Materials	NA	NA	7.275
		Others	NA	NA	38.338
	TOTAL IMPORTS		NA	NA	45.613
	Earnings Per Share (Rs.)		29.09	8.72	6.16

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	5.81	2.68	1.95
Return on Investment (ROI) (PBT/Networth)		0.38	0.21	0.17
Debt Equity Ratio (Total Liability/Networth)		5.62	6.90	7.79
Current Ratio (Current Asset/Current Liability)		5.58	4.89	3.45

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	No
12]	Profitability for last three years	No
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	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

CONTINGENT LIABILITIES TO THE EXTENT NOT PROVIDED FOR –

a) Contracts to be executed on capital account (net of advances) Rs.4.311 millions (P.Y. NIL).

b) Other Money for which company is contingently liable –

i. Guarantees given by the Bank on behalf of the Company: Rs. 1.560 millions (Previous Year Rs.1.373 millions)

ii. Letter of Credit Issued by the Bank against the imports of the company Rs. NIL/= (P.Y. Rs.34.745 millions)

FORM 8

Corporate identity number of the company	U25202GJ2004PTC043769
Name of the company	MAYUR WOVENS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	308, Sahjanand Palace, Opposite Rahul Towers, 100 ft, Shyamal Karnavati Road, Satellite, Ahmedabad – 380 051, Gujarat, India E Mail: mayur@hdpe.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10309711
Type of charge	Immovable Property
Particular of charge holder	ING Vysya Bank Limited, P.B. No 4038, Chanakya Building, Near Dinesh Hall, Off Ashram Road, Ahmedabad – 380009, Gujarat, India Email: cms@companiesinn.com
Nature of instrument creating charge	Mortgage by deposit of title deeds.
Date of instrument Creating the charge	11.11.2011
Amount secured by the charge	Rs. 365.574 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Mentioned in Annexure Terms of Repayment: ODSIT/BD : On Demand PSL/EBRD: Usance period up to 90days. PCFC/EPC (Sub limit to PSL/EBRD): Usance period up to 90days. TL I: As per sanction terms. TL II: As per sanction terms. LC: Usance period up to 90days. FLC/ILC/BC (Sub limit to LC): Usance period up to 180 days. BG : 12 months Margin: ODSIT/BD: 25% on stocks and book debts. PSL/EBRD : Nil PCFC/EPC(Sub limit to PSL/EBRD) : 25% on stocks TL I : 25% TL II : 25% LC: 15% cash margin with due noting of lien. FLC/ILC/BC (Sub limit to LC): 15% cash margin with due noting of lien. BG: 15% cash margin with due noting of lien. Extent and Operation of charge: First charge on the immovable property of the company. Others: ODSIT/BD : Rs.80.000 millions PSL/EBRD : Rs.120.000 millions PCFC/EPC(Sub limit to PSL/EBRD) : Rs.(120.000) millions TL I : Rs.15.574 millions TL II : Rs.35.000 millions LC : Rs.100.000 millions FLC/ILC/BC (Sub limit to LC) : Rs.(100.000) millions BG : Rs.15.000 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The immovable property bearing Industrial land admeasuring 14388 sq mtrs of Block No.1485 and Industrial land admeasuring 10108 sq mtrs of Block No.1491 of Mouje Moti Bhoyan, Sub District Kalol and Dt.Gandhinagar,Ahmedabad.
Particulars of the present modification	There is no change in the total limit of Rs.3655.574 millions The limit has been additionally secured by the immovable property of the company. All other terms and conditions are remaining same.

FIXED ASSETS:

· Land

· Buildings

· Plant and Machinery

· Wind Mill

· Furniture and Fittings

· Office Equipment

· Electrical Installations

· Computers

· Vehicle

WEBSITE DETAILS:

PROFILE

Materials have always had a decisive influence on the development of humanity. It is not for nothing that the three major prehistoric periods are known by the names of the materials by which they were characterized: Stone Age, Bronze Age and Iron Age.

Although materials no longer serve to identify the periods in which we live, their significance for technical progress remains unchanged. Indeed, now more than ever it is raw materials which are responsible for growth in many areas of industry, and which pave the way for new technologies capable of bringing real improvements to the quality of life.

Fundamental research in the field of consumer behavior in recent years has resulted in the improved understanding of the interrelationship, which exists between the Buying decisions of customers and Product packaging.

On the basis of the results of the research it has now become mandatory to model and tailor existing products in such a way so that they offer a combination of characteristics which make the product appealing, attractive, trustworthy and at the same time be also cost effective.

As one of India’s manufacturers of Packaging materials, they have made it the business – against the backdrop of ever more exacting market requirements – to offer a broad range of technically feasible and cost effective packaging products.

Now, equipped with the most modern machinery, they can offer bulk packaging products incorporating wide range of different characteristics and designs to suit virtually any material and application.

The Mayur Group:

Since 1974 till 1985 group and its directors the Tibrewal’s were involved in manufacturing / trading of Textile Dyes and Chemicals. Looking to the increasing demand of Plastic Packing Materials, the group diversified its manufacturing area in Plastic Packing Materials. Over the years, the Group has involved into vibrant organization of 3 manufacturing companies and a Separate Trading Division catering to the ever-changing needs of its customers.

The group is headed by Mr. Shyam Tibrewal as the Promoter Director and Mr. Siddharth Tibrewal, Executive Director.

The Group was set up in 1975 by Mr. Shyam Tibrewal and since has evolved into a vibrant organization having a Turnover of Rs. 1000.000 millions.

The Group besides being active in the Business World is also a keen participant of the changes taking place in the Global World and is contributing by being an active member of the relevant industrial associations and trade promotion councils.

Mr. Shyam Tibrewal is the immediate past President of Plastindia Foundation Apex Body of all Indian Plastic Associations. He has also been the President of Gujarat State Plastic Manufacturers Association and executive committee member of Plex Council, Mumbai for many years and governing council member of CIPET (Central Institute of Plastic Engineers) and ICPE (Indian centre for Plastic).

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.54.63
UK Pound	1	Rs.88.17
Euro	1	Rs.73.12

INFORMATION DETAILS

Report Prepared by :

SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		34

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.