MIRA INFORM REPORT

Report Date :

19.07.2013

IDENTIFICATION DETAILS

Name :	CRAIGMORE PLANTATIONS INDIA PRIVATE LIMITED (w.e.f. 06.07.1994)
Formerly Known As :	CRAIGMORE PLANTATIONS (INDIA) LIMITED
Registered Office :	Craigmore Group, Kullakamby Post, Nilgiris – 643218, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.03.1978
Com. Reg. No.:	18-000794
Capital Investment / Paid-up Capital :	Rs.3.501 Millions
CIN No.: [Company Identification No.]	U01117TZ1978PTC000794
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Cultivation, Manufacturer and Production of Tea.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 160000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has incurred a loss in the current year. 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 – 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

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 :	Craigmore Group, Kullakamby Post, Nilgiris – 643218, Tamilnadu, India
Tel. No.:	91-423-2285221/ 2285235/ 2285000
Fax No.:	91-423-2285421
E-Mail :	groupoffice@craigmoreplantations.com managingdirector@craigmoreplantations.com
Website :	http://www.craigmoreplantations.com
Marketing Division Office :	2^nd Floor, Hina House, K.P.K. Menon Road, Near Perumannur Jetty, Willingdon Island, Kochi – 682003, Kerala, India
Tel. No.:	91-484-3073447
Fax No.:	91-484-3073446

DIRECTORS

(AS ON 24.09.2011)

Name :

Mr. Rohit Baboobhai Choksy

Designation :

Director

Address :

Divyalok Flat No.604, L D Ruparel Marg, Malabar Hill, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

13.02.1955

Date of Appointment :

11.06.2004

DIN No.:

00745790

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	Company/ LLP Status	Defaulting status
1	U01132TZ1943PLC000113	THE MANAR ESTATES LIMITED	Director	30/09/1996	30/09/1996	Active	NO
2	U35110MH1978PLC020643	INLAKS SHIPPING COMPANY LIMITED	Director	30/09/1996	30/09/1996	Active	NO
3	U67120MH1994PTC079986	MOVEFAST CORPORATE SERVICES PRIVATE LIMITED	Director	05/04/1999	05/04/1999	Active	NO
4	U67120MH1991PTC061809	GERAD (INDIA) PRIVATE LIMITED	Director	05/04/1999	05/04/1999	Active	NO
5	U99999MH1991PTC136062	SPLENDID CORPORATE SERVICES PRIVATE LIMITED	Director	30/05/2002	30/05/2002	Active	NO
6	U74140MH1984PTC034393	SONEVA PAVILION MANAGMENT SERVICES PRIVATE LIMITED	Director	22/03/2004	22/03/2004	Strike off	NO
7	U01117TZ1978PTC000794	CRAIGMORE PLANTATIONS INDIA PRIVATE LIMITED	Director	11/06/2004	11/06/2004	Active	NO
8	U14102KA1985PTC025353	CRAIGMORE TEXTILES PRIVATE LIMITED	Director	26/09/2008	31/01/2008	Active	NO
9	U55101MH2008PTC181746	INLAKS RESORTS PRIVATE LIMITED	Director	29/04/2008	29/04/2008	Active	NO
10	U74992MH2008PTC188538	GERAD FINANCIAL SERVICES PRIVATE LIMITED	Director	01/12/2008	01/12/2008	Active	NO

Name :

Mr. Azad Indurkumar Shivdasani

Designation :

Director

Address :

64, RUE Roths Child 1202, Geneva, Switzerland

Date of Birth/Age :

22.09.1954

Date of Appointment :

16.12.1992

DIN No.:

00994685

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	Company/ LLP Status	Defaulting status
1	U14102KA1985PTC025353	CRAIGMORE TEXTILES PRIVATE LIMITED	Director	16/12/1992	16/12/1992	Active	NO
2	U01117TZ1978PTC000794	CRAIGMORE PLANTATIONS INDIA PRIVATE LIMITED	Director	16/12/1992	16/12/1992	Active	NO
3	U99999MH1991PTC136062	SPLENDID CORPORATE SERVICES PRIVATE LIMITED	Director	02/04/2002	02/04/2002	Active	NO
4	U67120MH1994PTC079986	MOVEFAST CORPORATE SERVICES PRIVATE LIMITED	Director	02/04/2002	02/04/2002	Active	NO
5	U67120MH1991PTC061809	GERAD (INDIA) PRIVATE LIMITED	Director	30/09/2010	18/02/2010	Active	NO

Name :

Mrs. Lakshmi Indurkumar Shivdasani

Designation :

Director

Address :

1^st Floor, Flat No.1-A, Brighton Building No.2, C.S.1A/355, Nepeanse Road, 6WB, Mumbai, Maharashtra, India

Date of Birth/Age :

22.11.1923

Date of Appointment :

31.12.1985

DIN No.:

02432716

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	U01117TZ1978PTC000794	CRAIGMORE PLANTATIONS INDIA PRIVATE LIMITED	Director	31/12/1985	31/12/1985	-	Active	NO
2	U99999MH1991PTC136062	SPLENDID CORPORATE SERVICES PRIVATE LIMITED	Director	28/11/1991	28/11/1991	18/02/2010	Active	NO
3	U67120MH1994PTC079986	MOVEFAST CORPORATE SERVICES PRIVATE LIMITED	Director	02/04/2002	02/04/2002	19/02/2010	Active	NO

Name :

Mr. Umberto Nicolo Giovanni Sella Di Monteluce

Designation :

Director

Address :

12, South Audley Street, London W1K1HJ United Kingdom

Date of Birth/Age :

03.08.1942

Date of Appointment :

11.02.1987

DIN No.:

02503520

Name :

Mr. Bopana Maletira Nanjapa

Designation :

Director

Address :

Craigmore Group, Kullakamby Post Kullakamby, Nilgiris 643218, Tamilnadu, India

Date of Birth/Age :

14.03.1966

Date of Appointment :

30.09.2010

DIN No.:

03017633

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	Company/ LLP Status	Defaulting status
1	U01117TZ1978PTC000794	CRAIGMORE PLANTATIONS INDIA PRIVATE LIMITED	Director	30/09/2010	19/03/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Sundaresan Ramaswami
Designation :	Company Secretary
Address :	Craigmore Group, Kullakamby Post Kullakamby, Nilgiris 643218, Tamilnadu, India
Date of Birth/Age :	15.02.1951
Date of Appointment :	01.08.1988
PAN No.:	AHFPS4515E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 24.09.2011)

Names of Shareholders	No. of Shares
Craigmore Land and Produce Company Limited, Mauritius	25900
Splendid Corporate Services Private Limited, India	6800
The Manar Estates Limited, India	500
Inlaks Shipping Company Limited, India	1800
Movefast Corporate Services Private Limited, India	7
Total	35007

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Cultivation, Manufacturer and Production of Tea.

Products :

Products Description	Item Code No.
Tea	090240
Green Leaf	Not Available

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Actual Production
Made Tea	Qty. in Kgs.	1908679

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India

Coonoor Branch, Coonoor – 643201, Tamilnadu, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
SHORT TERM BORROWINGS
Secured Loans from Bank Cash Credit Facility	10.000	0.000
Total	10.000	0.000
NOTE: Cash Credit facility from bank is secured by hypothecation of stocks, Book Debts and Plant and Machinery as well as the equitable mortgage of tea estate together mortgage of tea estate together with tea factory building thereon owned by the company, and it carries interest at base rate plus 2%, and the same is repayable on demand.

Banking Relations :	--
Auditors :
Name :	Suresh Surana and Associates Chartered Accountants
Address :	13^th Floor, Bakhtawar, 229, Nariman Point, Mumbai – 400 021, Maharashtra India
Tel No.:	91-22-66515570
Fax No.:	91-22-22875771
Email :	emails@ss-associates.com
Website :	http://www.ss-associates.com
PAN No.:	AAQFS7647M
Holding Company :	Craigmore Land and Produce Company Limited, Mauritius
Enterprises in which Key management personnel have significant influence :	Gerad Financial Services Private Limited

CAPITAL STRUCTURE

(AS ON 31.03.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35007	Equity Shares	Rs.100/- each	Rs.3.501 Millions

NOTE:

(Of the above 25,900 equity shares are held by the holding company – Craigmore Land and Produce Company Limited, Mauritius)

Reconciliation of the equity shares outstanding at the beginning and at the end of the reporting

Particulars	31.03.2012
	Number of Shares Held	Rs. In Millions
Outstanding at the beginning of the year	35,007	3.501
Add: Issued during the year	--	--
Outstanding at the end of the year	35,007	3.501

Terms / tights attached to Equity shares

The Company has only one class of equity shares having a par value of Rs.100 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed (if any) by the Board of Directors is subject to approval of the shareholders in ensuing Annual General Meeting. During the year ended 31^st March 2012, the Company has not declared any dividend

In the event of the liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Details of shareholders holding more than 5% shares in the Company

Particulars	31.03.2012
	Number of Shares Held	% of Holding
Craigmore Land and Produce company Limited, Mauritius	25,900	73.99
Splendid Corporate Services Private Limited	6,800	19.42
Inlaks Shipping Company Limited	1,800	5.14
Total	34,500	98.55

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	3.501	3.501
(b) Reserves & Surplus	35.270	41.025
(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)	38.771	44.526
(3) Non-Current Liabilities
(a) Long-term borrowings	0.147	0.147
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	24.951	30.024
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	25.098	30.171
(4) Current Liabilities
(a) Short term borrowings	10.000	0.000
(b) Trade payables	12.939	9.718
(c) Other current liabilities	17.219	17.238
(d) Short-term provisions	7.096	2.897
Total Current Liabilities (4)	47.254	29.853
TOTAL	111.123	104.550
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	36.910	38.592
(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	0.004	0.004
(c) Deferred tax assets (net)	0.034	0.153
(d) Long-term Loan and Advances	9.354	7.244
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	46.302	45.993
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	18.908	23.529
(c) Trade receivables	5.068	9.658
(d) Cash and cash equivalents	0.751	4.825
(e) Short-term loans and advances	28.663	20.545
(f) Other current assets	11.431	0.000
Total Current Assets	64.821	58.557
TOTAL	111.123	104.550

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.501
2] Share Application Money		0.000
3] Reserves & Surplus		40.834
4] (Accumulated Losses)		0.000
NETWORTH		44.335
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		6.901
TOTAL BORROWING		6.901
DEFERRED TAX LIABILITIES		0.055
TOTAL		51.291
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		40.914
Capital work-in-progress		0.660
INVESTMENT		0.044
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.427
	Sundry Debtors	3.519
	Cash & Bank Balances	21.250
	Other Current Assets	2.471
	Loans & Advances	21.317
Total Current Assets		67.984
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	28.927
	Other Current Liabilities	26.563
	Provisions	2.821
Total Current Liabilities		58.311
Net Current Assets		9.673
MISCELLANEOUS EXPENSES		0.000
TOTAL		51.291

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	165.555	159.053	189.624
		Other Income	NA	3.502	2.432
		TOTAL (A)	NA	162.555	192.056
Less	EXPENSES
		Increase/Decrease in Stock	NA	(2.291)	(9.612)
		Cost of Materials	NA	26.218	41.318
		Employees Remuneration and Benefits	NA	90.761	87.316
		Administrative and Other Expenses	NA	41.514	37.745
		TOTAL (B)	NA	156.202	156.767
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	6.353	35.289
Less	INTEREST (D)		NA	0.245	0.537
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	6.108	34.752
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	5.225	5.698
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(5.942)	0.883	29.054
Less	TAX (H)		NA	0.323	0.374
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		NA	0.560	28.680
	Prior Period Expenses		NA	(0.331)	--
	Prior year tax adjustment		NA	(0.039)	--
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		39.062	38.872	10.192
	BALANCE CARRIED TO THE B/S		NA	39.062	38.872
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	21.754	3.614	19.263
	TOTAL EARNINGS		21.754	3.614	19.263
	Earnings/ (Loss) Per Share (Rs.)		NA	16.01	819.26

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	0.34	14.93
Net Profit Margin (PBT/Sales)	(%)	(3.59)	0.56	15.32
Return on Total Assets (PBT/Total Assets}	(%)	(5.35)	0.85	26.68
Return on Investment (ROI) (PBT/Networth)		(0.15)	0.02	0.66
Debt Equity Ratio (Total Debt/Networth)		0.26	0.00	0.16
Current Ratio (Current Asset/Current Liability)		1.37	1.96	1.17

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	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	Yes
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG TERM BORROWINGS
From Soil Conservation Department of Tamilnadu Government (Interest Free and there is no fixed terms of Repayment	0.147	0.146
Total	0.147	0.146

OPERATION OF THE COMPANY

The turnover of the company was Rs.165.555 Millions as against Rs.159.053 Millions.

FINANCIAL RESULTS

The company has incurred loss of Rs.5.942 Millions as against the profit of Rs.0.883 Millions earned during the last year.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
Disputed Income Tax Liability	0.455	0.455
Claims against the company not acknowledged as debts	0.667	0.667

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U01117TZ1978PTC000794
Name of the company	CRAIGMORE PLANTATIONS INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Craigmore Groupkullakamby Post, Nilgiris – 643218, Tamilnadu, India groupoffice@craigmoreplantations.com
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	Union Bank of India Melur Branch, Kullakamby Post, Kullakamby – 643218, Tamilnadu, India cbsmelur@unionbankofindia.com
Nature of description of the instrument creating or modifying the charge	Sanction Letter dated: 14th September, 2012 Hypothecation Agreement for Agricultural Advances
Date of instrument Creating the charge	20.09.2012
Amount secured by the charge	Rs.30.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest BASE Rate + 5.25% Terms of Repayment Repayable within 6 months from each availment Margin No Margin Extent and Operation of the charge 100% of Tea Estate Land of 2210 Acres with factory buildings, plant and machinery, book debts, stocks of FG, RM, WIP and standing crops
Short particulars of the property charged	Tea Estate Land of 2210 acres with factory buildings, plant and machinery, book debts, stocks of FG, RM, WIP and standing crops

FIXED ASSETS:

· Freehold Land and Development

· Building

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Computers

· Office Equipments

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.59.71
UK Pound	1	Rs.90.59
Euro	1	Rs.78.22

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.