MIRA INFORM REPORT

Report Date :

24.01.2013

IDENTIFICATION DETAILS

Name :	CREATIVE PORTICO (INDIA) PRIVATE LIMITED
Formerly Known As :	CREATIVE MOBUS FABRICS PRIVATE LIMITED
Registered Office :	212 Cama Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.09.1996
Com. Reg. No.:	11-102875
Capital Investment / Paid-up Capital :	Rs. 191.760 millions
CIN No.: [Company Identification No.]	U17100MH1996PTC102875
TAN No.: [Tax Deduction & Collection Account No.]	MUMC06226D
PAN No.: [Permanent Account No.]	AAACC5458P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Yarn, Textiles, Fabrics, Furnishing Fabrics and Garments.
No. of Employees :	Information Denied by Management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 2770000
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a part of the ‘Creative Group’. It is an established company having a satisfactory track record. The latest financials of the company is not made available. As per previous year’s record, the company is found to be performing well. Trade relations are reported as decent. Business is active. Payment terms are slow but correct. The company can be considered 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.

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	CARE
Rating	A3+ (Short Term Bank Facilities)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	February 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 DENIED

MANAGEMENT NON – COOPERATIVE

LOCATIONS

Registered Office :	212 Cama Industrial Estate, Sun Mill Compound, Lower Parel(West), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-24962201/ 24920046 / 30482401 / 30482400 / 24984549 / 30480972/ 40383000
Fax No.:	91-22-24931760 / 24953502 / 66623049 / 24938537
E-Mail :	manojp@creativegarments.com genival@creativegarments.com raman@cgindia.com raakesh.portico@creativegarments.com pal@creativegarment.com
Website :	www.porticoindia.com
Location :	Owned
Fulfillment Centre :	Creative Global Services Private Limited 103, First Floor, Cama Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-43413200
Fax No.:	91-22-43413201
Helpdesk :	91-22-24910031
E-Mail :	helpdesk@porticoindia.com
Corporate Office :	A-513, TTC Industrial Area, Mahape, Navi Mumbai – 400 709, Maharashtra
Tel. No.:	91-22-67164100 / 27784444
Fax No.:	91-22-67164150
E-Mail :	helpdesk@porticoindia.com
Factory 1 :	Survey No. 120, Balitha, Koliwada, Muktadand Marg, Village Balitha, Vapi – 396619, Gujarat, India
Tel. No.:	91-22-56605860
Location :	Owned
Factory 2 :	Survey No 435/1,2,4,5,6,7 437/3 , 436/3 Daman - 396210, Gujarat, India

DIRECTORS

As on 28.09.2012

Name :	Mr. Birendra Kumar Agarwal
Designation :	Director
Address :	64, Sunflower Building, 99, Cuffe Parade, Colaba , Mumbai – 400 005, Maharashtra, India
Date of Birth/Age :	30.07.1951
Date of Appointment :	23.12.1996
DIN No.:	00098767
PAN No.:	AABPA5372Q
Name :	Mr. Vijay Kumar Jamnadhar Agarwal
Designation :	Director
Address :	93/ B, Maker Tower, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India
Date of Birth/Age :	15.01.1950
Date of Appointment :	19.10.1996
DIN No.:	00108710
PAN No.:	ACLPA4184E
Name :	Mrs. Rani Vijaykumar Agarwal
Designation :	Director
Address :	93/ B, Maker Tower, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India
Date of Birth/Age :	03.04.1954
Date of Appointment :	19.10.1996
DIN No.:	00165252
PAN No.:	AAIPA7243B
Name :	Mr. Prabha N. Padukkad
Designation :	Director
Address :	403, Lotus Co-Operative Housing Society B- 1/7, Goverdhan Nagar, Mulund (W), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	09.02.1951
Date of Appointment :	30.11.1998
DIN No.:	00165661
Name :	Mr. Arunanshu Vijay Kumar Agarwal
Designation :	Director
Address :	93/ B, Maker Tower, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India
Date of Birth/Age :	15.06.1986
Date of Appointment :	02.09.2007
DIN No.:	00166400
Name :	Mr. Shivhari Jamnadhar Agarwal
Designation :	Director
Address :	93/ B, Maker Tower, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India
Date of Birth/Age :	27.07.1962
Date of Appointment :	27.04.2007
DIN No.:	00206605
PAN No.:	AABPA1008P
Name :	Mr. Surendra Bhauwala
Designation :	Director
Address :	420/13, 13^th Main, MC Layout, Vijay Nagar, Bangalore – 560 040, Karnataka, India
Date of Birth/Age :	20.01.1956
Date of Appointment :	28.04.2008
DIN No.:	01426212
Name :	Mr. Shivkumar Kishanlal Kedia
Designation :	Director
Address :	Jai Avadhpuri Co-operative Housing Society Limited, Plot No. 12/A, 2/12, S. N. 161, Bhangur Nagar, Goregaon (West), Mumbai – 400 090, Maharashtra, India
Date of Birth/Age :	02.06.1949
Date of Appointment :	01.08.2012
DIN No.:	01842336
Name :	Mr. Vishwanshu Agarwal
Designation :	Director
Address :	93/ B, Maker Tower, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India
Date of Birth/Age :	29.04.1988
Date of Appointment :	21.05.2012
DIN No.:	03313920

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Equity Shareholders	No. of Shares
Creative Garments Private Limited, India	7076000
Creative Global Stock Broking Private Limited, India	1600000
TOTAL	8676000

Names of Preference Shareholders	No. of Shares
Creative Global Stock Broking Private Limited, India	10457500
Sharmila Nadkami Jointly with Kumari Purvisha Nadkami.	32500
Sharmila Nadkami Jointly with Kumar Mangesh Nadkami.	10000
TOTAL	10500000

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Yarn, Textiles, Fabrics, Furnishing Fabrics and Garments.

Products :

ITC Code	Product Descriptions
630499	Furnishing Fabrics
630221	Made Ups of 100% Cotton

PRODUCTION STATUS (31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Fabrics Weaving	Mtrs	NA	6785000	--
Fabrics (Own production)	Mtrs	NA	--	6746887
Fabrics (On Job basis)	Mtrs	NA	--	335937
Fabrics (On Job basis)	Kgs	NA	--	148146
Made ups (Own production)	Sets	NA	--	1469149
Garments (Job Production)	Pcs	NA	--	2527

GENERAL INFORMATION

No. of Employees :

Information Denied by Management

Bankers :

State Bank of India, World Trade Centre, Post Box No. 16094, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee Term Loans	67.145	157.425
Working Capital Loans	556.996	517.620
Loans taken for fixed assets	1.302	1.971
Total	625.443	677.016

Banking Relations :	--
Auditors :
Name :	Karnavat and Company Chartered Accountants
Address :	2A, Kitab Mahal, 1^st Floor, 192, Dr. D. Naoroji Road, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-40666666 (10 lines)
Fax No.:	91-22-40666660
E-Mail :	karnavattax@gmail.com
PAN No.:	AAAFL1143L
Holding Company:	· Creative Garments Private Limited [CIN No.: 18101MH1984PTC033537]
Associates/Subsidiaries :	· Creative Textile Mills Private Limited [CIN No.: U18101MH1991PTC062720 ]
Enterprises owned or significantly influenced by any management Personnel or their relatives :	· Creative Living (India) Private Limited [CIN No.: U36900MH2003PTC142381] · Creative Impex · Creative Garments [CIN No.: U18101MH1984PTC033537] · Creative Casual India Private Limited [CIN No.: U18101MH1982PTC027515 · Creative Global Services Private Limited [CIN No.: U72200MH2004PTC143958] · Creative Lifestyles Private Limited [CIN No.: U18101MH2006PTC160058] · Sonal Apparels Private Limited [CIN No.: U17110MH2001PTC131545] · Kumar Agarwal HUF · Creative Chain Stores Private Limited [CIN No.: U51900MH1987PTC043759] · Creative Estates · Sandeep Garments · Rachana Vastra Udyog · Sandhini Apparels · Apparel Media Private Limited [CIN No.: U74999MH1987PTC044924] · Creative International Private Limited [CIN No.: U18101KA1998PTC024535] · Sonal Garments (India) Private Limited [CIN No.: U18101MH2006PTC165793] · Anika Apparels Private Limited [CIN No.: U17120MH2005PTC154309]

CAPITAL STRUCTURE

As on 28.09.2012

Authorized Capital:

No. of Shares	Type	Value	Amount
10500000	Equity Shares	Rs. 10/- each	Rs. 105.000 millions
10500000	Preference Shares	Rs. 10/- each	Rs. 105.000 millions
	TOTAL		Rs. 210.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
8676000	Equity Shares	Rs. 10/- each	Rs. 86.760 millions
10500000	Preference Shares	Rs. 10/- each	Rs. 105.000 millions
	TOTAL		Rs. 191.760 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		191.760	191.760	191.760
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		502.451	178.568	158.525
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		694.211	370.328	350.285
LOAN FUNDS
1] Secured Loans		625.443	677.016	658.581
2] Unsecured Loans		401.325	456.125	356.450
TOTAL BORROWING		1026.768	1133.141	1015.031
DEFERRED TAX LIABILITIES		32.307	33.489	4.692
TOTAL		1753.286	1536.958	1370.008
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		678.213	475.037	510.907
Capital work-in-progress		23.876	0.000	3.194
INVESTMENT		25.012	25.011	25.012
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	513.665	513.614	406.556
	Sundry Debtors	429.898	432.739	330.031
	Cash & Bank Balances	8.036	21.461	33.506
	Other Current Assets	0.000	0.000	32.296
	Loans & Advances	381.533	350.069	308.549
Total Current Assets		1333.132	1317.883	1110.938
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	147.068	197.246	181.482
	Other Current Liabilities	125.326	63.414	98.561
	Provisions	34.553	20.313	0.000
Total Current Liabilities		306.947	280.973	280.043
Net Current Assets		1026.185	1036.910	830.895
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1753.286	1536.958	1370.008

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	1634.334	1772.791	1362.619
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	1490.493	1686.457	1330.083
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		143.841	86.334	32.536
Less/ Add	DEPRECIATION/ AMORTISATION		50.478	49.875	49.916
	PROFIT BEFORE TAX		93.363	36.459	(17.380)
Less	TAX		21.254	16.825	23.832
	PROFIT AFTER TAX		72.109	19.634	6.452
Add	Tax Adjustments		(0.076)	0.408	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		178.567	158.525	153.479
	BALANCE CARRIED TO THE B/S		250.601	178.567	158.525
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods calculated on FOB basis	646.339	869.804	590.582
	TOTAL EARNINGS		646.339	869.804	590.582
	IMPORTS
		Raw Materials	22.134	23.699	0.230
		Stores & Spares	1.549	3.756	1.168
		Capital Goods	0.000	0.583	2.451
	TOTAL IMPORTS		23.683	28.038	3.849
	Earnings Per Share (Rs.)		8.30	2.31	0.74

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.41	1.10	0.47
Return on Total Assets (PBT/Total Assets}	(%)	4.64	2.03	(1.07)
Return on Investment (ROI) (PBT/Networth)		0.13	0.09	(0.04)
Debt Equity Ratio (Total Liability/Networth)		1.92	3.82	3.69
Current Ratio (Current Asset/Current Liability)		4.34	4.69	3.96

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Creditors due to others	147.068	197.246	181.482

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

UNSECURED LOAN:

(Rs. in Millions)

Particulars	As on 31.03.2011	As on 31.03.2010
Loans directors	106.325	161.125
Other debt	295.000	295.000
Total	401.325	456.125

CONTINGENT LIABILITY

Contingent Liability not provided for, in respect of: -

a) Counter guarantees given by the company in respect of guarantees issued by banks on behalf of the company Rs. 7.325 millions (Previous year Rs. 4.427 millions )

b) Corporate Guarantees given by the company in respect of credit facilities availed by associates concern are as follows:

Creative Textile Mills Private Limited for Term Loan availed from HDFC Bank Rs.120.000 Millions, and from Dena Bank Rs 9.500 Millions (Present outstanding in HDFC Bank is Rs 0.700 Million and Dena Bank is Rs 4.300 Millions) And further corporate guarantee has been given for Working Capital facilities availed from Bank of Maharashtra Rs. 40.000 Millions and Dena Bank Rs 40.000 Millions.

Creative Garments Private Limited for Working Capital facilities availed from State Bank Of India Rs. 198.100 Millions, Ambro Bank Rs. 40.000 Millions, Standard Chartered Bank Rs.120.000 Millions and Bank of Maharashtra Rs. 60.000 Millions and Term Loan of Rs 52.500 Millions from Standard Chartered Bank. (Present outstanding Rs 15.400 Millions)

Sonal Apparels Private Limited for Working Capital facilities availed from State Bank of India Rs. 380.600 Millions.

c) Estimated amount of contract remaining to be executed on capital s and not provided for (net of advance) Rs. 6.804 millions (Previous Year - Nil)

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17100MH1996PTC102875
Name of the company	Creative Portico (India) Private Limited
Address of the registered office or of the principal place of business in India of the company	212 Cama Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai – 400013, Maharashtra, India e-mail : manojp@creativegarments.com
This form is for	Modification of charge
Charge identification number of the modified	90214107
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Standard Chartered Bank, Crescenzo, 3A/F, Plot no. C-38 and 39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India e-mail : Avinash.Bahutule@sc.com
Nature of description of the instrument creating or modifying the charge	Supplemental to Unattested Memorandum of Hypothecation
Date of instrument Creating the charge	23.08.2012
Amount secured by the charge	Rs. 180.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest/Commission - As agreed by and with the Bank from time to time. Terms of Repayment As agreed by and with the bank from time to time Margin As applicable , if any Extent and Operation of the charge The Bank is having First charge on security given by the company Others
Short particulars of the property charged	Hypothecation by way of first charge on: a) all present and future book debts, o/s money receivables, claims and bills all present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise
Date of latest modification prior to the present modification	22.09.2011
Particulars of the present modification	The existing charge amt of Rs. 100.000 millions enhanced to Rs.180.000 millions and secured against Hypothecation by way of first charge on: a) All present and future book debts, o/s money receivables, claims and bills. b) all present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise

Fixed Assets

• Freehold Land
• Buildings
• Plant and Machinery
• Office Equipments
• Furniture and Fixtures
• Vehicles

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.53.77
UK Pound	1	Rs.85.13
Euro	1	Rs.71.56

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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
TOTAL		46

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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