MIRA INFORM REPORT

Report Date :

10.07.2013

IDENTIFICATION DETAILS

Name :	OVERSEAS POLYMERS PRIVATE LIMITED (w.e.f.20.02.2001)
Formerly Known As :	VINMAR POLYMERS PRIVATE LIMITED
Registered Office :	901, Ackruti Star, Central Road, MIDC, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.08.1995
Com. Reg. No.:	11-091368
Capital Investment / Paid-up Capital :	Rs.30.640 Millions
CIN No.: [Company Identification No.]	U25209MH1995PTC091368
TAN No.: [Tax Deduction & Collection Account No.]	MUMV04824B
PAN No.: [Permanent Account No.]	AAACV1895M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Polymers, Plastic Raw Materials, Resins, Petrochemicals and all types of Chemicals.
No. of Employees :	110 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 3500000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Vinmar Offshore Finance Limited”. It is a well established company having a satisfactory track record. There appears slight dip in profitability during the current year. However, general financial position of the company seems to be good. The company gets strong support from its group companies. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered 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.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank Facilities: BBB+
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation, it carry moderate credit risk.
Date	January, 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 (GENERAL DETAILS)

Name :	Mr. Sunil Shah
Designation :	Finance Head
Contact No.:	91-22-33051900

LOCATIONS

Registered Office/ Factory :	901, Ackruti Star, Central Road, MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	vinmarmumbai@vsnl.com mmehta@vinmar.com goberoi@vimar.com shobhakrishnan@hsbc.co.in sshah@vinmar.com apurohit@vinmar.com anaik@vinmar.com
Website :	http://www.vinmar.com
Area :	9000 Sq. ft.
Location :	Owned
Corporate Office :	Vinmar Houston, 396 W. Greens Road, Suite 300 Houston, Texas, USA. 77067.
Tel. No.:	713 775 - 1300/ 1399/ 1390
Branch Office :	7-4-42(4), 1^st Floor, Chettivanipalem, Autonagar, Gajuwaka, Visakhapatnam – 530012, Andhra Pradesh, India
Warehouse :	Behind Maya Shree Compound, Godown No 6B, Sur 194, Hissa 3, Purna, Bhiwandi, Thane, Maharashtra, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Himanshu Kantilal Sanghvi

Designation :

Director

Address :

403 and 405, Ashish, Bapubhai Vashi Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India.

Date of Birth/Age :

30.12.1966

Qualification :

B.Com

Date of Appointment :

03.08.1995

PAN No.:

AABPS7888M

DIN No.:

00362709

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	U25209MH1995PTC091368	OVERSEAS POLYMERS PRIVATE LIMITED	Director	03-08-95	03-08-95	-	Active	NO
2	U23209GJ1996PLC030151	VINMAR PETROCHEMICALS (INDIA) LIMITED	Director	05-07-96	05-07-96	-	Active	NO
3	U24110MH1997PTC111270	GRSC INFOTECH PRIVATE LIMITED C/N	Director	14-10-97	14-10-97	-	Active	NO
4	U45200MH2007PTC173543	RACHANA HOMES PRIVATE LIMITED	Director	07-09-07	07-09-07	-	Active	NO
5	U24100MH2006PTC160994	VINMAR INDIA PRIVATE LIMITED	Director	22-01-08	22-01-08	-	Active	NO
6	U55101MH1995PTC093205	RIVERDALE PROPERTIES AND RESORTS PRIVATE LIMITED	Director	14-08-08	12-08-08	-	Active	NO
7	U45400MH2009PTC197296	RACHANA PROJECTS PRIVATE LIMITED	Director	25-11-09	25-11-09	-	Active	NO
8	U45400MH2011PTC220345	GPG BUILDERS PRIVATE LIMITED	Director	24-09-12	20-09-11	-	Active	NO
9	U24233MH2012FTC227968	PLASTICHEM INDIA PRIVATE LIMITED	Director	12-03-12	12-03-12	10-05-12	Active	NO

Name :

Mr. Ranjit Purshotamdas Isher

Designation :

Director

Address :

1^st Floor, Kanwal Mansion, 23 Cuffe Parade, Sobani Road, Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

15.01.1969

Date of Appointment :

30.09.2010

DIN No.:

00881262

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	U24110MH1997PTC111270	GRSC INFOTECH PRIVATE LIMITED C/N	Director	18-10-06	18-10-06	-	Active	NO
2	U74999MH2002PTC134614	INTEGRON ADVISORY SERVICES AND DEVELOPMENT PRIVATE LIMITED	Director	30-09-08	09-04-08	15-05-13	Active	NO
3	U74900MH2009PTC190262	INTEGRON PROPERTY MANAGEMENT SERVICES PRIVATE LIMITED	Director	09-09-09	15-04-09	12-12-09	Active	NO
4	U74140MH2003PTC140843	INTEGRON PROJECT SOLUTIONS PRIVATE LIMITED	Director	25-09-09	15-04-09	12-12-09	Active	NO
5	U25209MH1995PTC091368	OVERSEAS POLYMERS PRIVATE LIMITED	Director	30-09-10	15-12-09	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sunil Shah
Designation :	Finance Head
Name :	Mr. Nilesh Gunventilal Shah
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Himanshu Kantilal Sanghvi	14500
Vaishali Himanshu Sanghvi	14500
Vinmar Offshore Finance Limited - British Westindies	2871000
APG Chemie (India) Private Limited - India	20850
APG Capital Market Limited - India	143150
Total	3064000

As on 29.09.2012

Equity Shares Break – up

Category	Percentage of Holding
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	93.70
Bodies corporate	5.35
Directors or relatives of directors	0.95
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Polymers, Plastic Raw Materials, Resins, Petrochemicals and all types of Chemicals.

Products :

Item Code No.	Products Description
99611715	Mono Propylene Glycol (MPG)
99611715	Poly Vinyl Chloride (PVC)
99611715	Polyether Polyol

Imports :

Products :

Raw Materials

Countries :

• Japan
• USA
• UK
• Singapore
• China
• Saudi
• Arabia

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

110 (Approximately)

Bankers :

· Corporation Bank, Amboli Branch, Andheri (West), Mumbai, Maharashtra, India

· Corporation Bank, Bangalore Branch Office, Karnataka, India

Tel. No.:91-824-2426416

· Corporation Bank, Mumbai Oversea Branch, 1^st Floor, Earnest House, Nariman Point, Mumbai – 400 021, Maharashtra, India

· The Hong Kong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India.

· HSBC Bank, Fort, Mumbai, Maharashtra, India

· Axis Bank Limited, Fort Branch, Sir P.M. Road, Fort, Mumbai – 400001, Maharashtra, India

· Axis Bank Limited, Corporate Banking Branch, Axis House, Ground Floor, Wadia International Center, P.B. Marg, Worli, Mumbai - 400025, Maharashtra, India

· Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Facilities :

Secured Loans	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Long term borrowings
Loans Taken for Vehicles (Hypothecation of the respective Vehicle purchased)	0.732	1.468
Short term borrowings
Working Capital Loans from Banks (Hypothecation of revolving Stocks and other, movable assets and also present and future book debts)	66.168	297.150
Other Loan and advances (Hypothecation of revolving Stocks and other, movable assets and also present and future book debts)	1012.797	784.717
Total	1079.697	1083.335

Banking Relations :	--
Auditors :
Name :	S. S. Kothari and Company Chartered Accountants
Address:	37, Hamam Street, 2^nd Floor, Fort, Mumbai – 400 001, Maharashtra, India.
Tel No.:	91-22-22650264 / 22653555 / 22666219
Fax No.:	91-22-22654370
Email :	mail@vparekh.com
PAN No.:	AABPP0713G
Holding Company :	· Vinmar Offshore Finance Limited, British Westindies
Associates:	· GRSC Infotech Private Limited · Vinmar Petrochemicals (India) Limited · Indian Petrovin Limited · Vinmar International Limited · Vinmar Overseas Limited · Vinmar India Private Limited · Vinmar Chemicals and Polymers B.V. · Vinmar International FZE

CAPITAL STRUCTURE

(AS ON 29.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- Each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3064000	Equity Shares	Rs.10/- Each	Rs.30.640 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.640	30.640
(b) Reserves & Surplus	840.277	644.032
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	870.917	674.672
(3) Non-Current Liabilities
(a) long-term borrowings	0.732	1.468
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.732	1.468
(4) Current Liabilities
(a) Short term borrowings	1078.965	1081.867
(b) Trade payables	1930.273	1408.639
(c) Other current liabilities	55.716	45.290
(d) Short-term provisions	68.200	68.403
Total Current Liabilities (4)	3133.154	2604.199
TOTAL	4004.803	3280.339
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	26.475	23.094
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.001	0.001
(c) Deferred tax assets (net)	7.258	7.157
(d) Long-term Loan and Advances	9.624	8.641
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	43.358	38.893
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2094.349	1679.300
(c) Trade receivables	1761.495	1420.119
(d) Cash and cash equivalents	9.496	40.316
(e) Short-term loans and advances	96.105	101.711
(f) Other current assets	0.000	0.000
Total Current Assets	3961.445	3241.446
TOTAL	4004.803	3280.339

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		30.640
2] Share Application Money		0.000
3] Reserves & Surplus		563.143
4] (Accumulated Losses)		0.000
NETWORTH		593.783
LOAN FUNDS
1] Secured Loans		440.045
2] Unsecured Loans		0.000
TOTAL BORROWING		440.045
DEFERRED TAX LIABILITIES		0.000
TOTAL		1033.828
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.339
Capital work-in-progress		0.000
INVESTMENT		0.001
DEFERREX TAX ASSETS		4.629
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1010.863
	Sundry Debtors	1187.514
	Cash & Bank Balances	3.605
	Other Current Assets	0.000
	Loans & Advances	35.426
Total Current Assets		2237.408
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1192.559
	Other Current Liabilities	27.770
	Provisions	6.219
Total Current Liabilities		1226.548
Net Current Assets		1010.860
MISCELLANEOUS EXPENSES		0.000
TOTAL		1033.828

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		TOTAL	NA	NA	6282.323
Less	EXPENSES
		TOTAL	NA	NA	5975.487
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		296.697	344.187	306.836
Less/ Add	DEPRECIATION/ AMORTISATION		3.622	2.904	2.210
	PROFIT BEFORE TAX		293.075	341.283	304.626
Less	TAX		96.830	117.479	104.968
	PROFIT AFTER TAX		196.245	223.804	199.658
	EARNINGS IN FOREIGN CURRENCY		36.888	20.855	10.416
	IMPORTS
		Raw Materials	9621.293	7423.649	NA
	TOTAL IMPORTS		9621.293	7423.649	NA
	Earnings Per Share (Rs.)		64.05	73.04	65.16

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	3.18
Return on Total Assets (PBT/Total Assets}	(%)	7.33	10.43	13.50
Return on Investment (ROI) (PBT/Networth)		0.34	0.51	0.51
Debt Equity Ratio (Total Debt/Networth)		1.24	1.61	0.74
Current Ratio (Current Asset/Current Liability)		1.26	1.24	1.82

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 one years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

PURCHASE DETAILS: Not Available

FINANCIAL RESULTS

The company has earned a net profit of Rs.196.245 Millions after providing provisions for Depreciation of Rs.3.622 Millions provision for Income Tax of Rs.96.931 Millions after adjusting Deferred Tax of Rs.0.101 Million.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25209MH1995PTC091368
Name of the company	OVERSEAS POLYMER PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Vinmar House, A-41, MIDC, Road No. 2, Andheri (East), Mumbai - 400093, Maharashtra, India E-mail:SShah@vinmar.com
This form is for	Modification of charge
Charge identification number of the modified	10102008
Type of charge	· Book Debts · Movable Property (Not Being Pledge) · Others: Stock and Other Current Assets, etc.
Particular of charge holder	Axis Bank Limited Corporate Banking Branch, Axis House, Ground Floor, Wadia International Center, P.B. Marg, Worli, Mumbai – 400025, Maharashtra, India CIN No.: L65110GJ1993PLC020769 E-mail:suyashri@vsnl.com
Nature of instrument creating charge	Supplemental Deed of Hypothecation dated 21.09.2012
Date of instrument Creating the charge	21.09.2012
Amount secured by the charge	Rs.1450.000 millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest – As per Sanction Letter No. AXISB/ CO /MC/ RD/ O348/ 12-13 dated 06.08.2012 or as stipulated by Bank from time to time. Terms of repayment – As per Sanction Letter No. AXISB/ CO/ MC/ RD/ O348/ 12-13 dated 06.08.2012 or as stipulated by Bank from time to time. Margin – As per Sanction Letter No. AXISB/ CO/ MC/ RD/ O348/ 12-13 dated 06.08.2012 or as stipulated by Bank from time to time. Extent and operation of the charge – Bank enhanced credit facilities from Rs.1200.000 Millions to Rs.1450.000 Millions Various limits secured are specified in SDH viz. CC-Rs.400.000 Millions, LC (S/L of CC ) -Rs.300.000 Millions, SBLC/LOU for BC (S/L of CC )-Rs.300.000 Millions, LC-Rs.1050.000 Millions, BG (S/L of LC)-Rs.20.000 Millions and SBLC/LOU for BC (S/L of LC) -Rs.1050.000 Millions. Security by hypothecation by way of 1^st pari passu charge on RM, SIP, FG, book debts, receivables, other Current Assets etc., given earlier shall continue to secure enhanced limits of Rs.1450.000 Millions.
Particulars of the property charged	1st pari passu charge by way of hypothecation of all Present and Future stock including RM, SIP, finished goods, packing materials, consumable stores and spares wheresoever’s situated or in transit. 1st pari passu charge by way of hypothecation of all Present and Future Book debts, Outstanding monies, Receivables, Claims, Bills etc owing to the company. during the course of its business
Date of last modification prior to the present modification	20.12.2011
Particulars of the present modification	Bank enhanced credit facilities from Rs.1200.000 Millions to Rs.1450.000 Millions Various limits secured are specified viz. CC-Rs.400.000 Millions, LC (S/L of CC ) -Rs.300.000 Millions, SBLC/LOU for BC (S/L of CC )-Rs.300.000 Millions, LC-Rs.1050.000 Millions, BG (S/L of LC)-Rs.20.000 Millions and SBLC/LOU for BC (S/L of LC) -Rs.1050.000 Millions. Security by hypothecation by way of 1^st pari passu charge on RM, SIP, FG, book debts, receivables, other Current Assets etc., given earlier shall continue to secure enhanced limits of Rs.1450.000 Millions.

FIXED ASSETS:

· Building

· Furniture and Fixture

· Vehicles

· Motor Vehicle

· Computers

· 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.60.07
UK Pound	1	Rs.89.91
Euro	1	Rs.77.43

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.