MIRA INFORM REPORT

Report Date :

23.07.2013

Tel. No.:	91-22-32966611/2576611/25299990/25299991/2/3
Fax No.:	91-22-25241895

IDENTIFICATION DETAILS

Name :	UNICORN PETROLEUM INDUSTRIES PRIVATE LIMITED
Registered Office :	213, Swastik Chambers CST Road, Chembur, Mumbai - 400071, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.07.1992
Com. Reg. No.:	11-067785
Capital Investment / Paid-up Capital :	Rs. 8.500 Millions
CIN No.: [Company Identification No.]	U23200MH1992PTC067785
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Petroleum Products.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 130000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal 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.

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.

INFORMATION PARTED BY

Name :	Mr. Sanjay
Designation :	Director
Contact No.:	91-9821531710
Date :	17.07.2013

LOCATIONS

Registered Office :	213, Swastik Chambers CST Road, Chembur, Mumbai - 400071, Maharashtra, India
Tel. No.:	91-22-25299996 / 25299990/ 91 /92/ 93
Mobile No.:	91-9821531710 (Mr. Sanjay)
Fax No.:	91-22-25241895
E-Mail :	unipetro@bom5.vsnl.net.in sajay@unicornpetrol.co.in
Website :	www.unicornpetroleum.co.in www.unicornpetroleum.net
Location :	Owned
Factory :	10, Vaibhav Industrial Estate, Sion Trombay Road, Deonar, Mumbai-400088, Maharashtra, India
Tel. No.:	91-22-25576611 / 32966611
Fax No.:	91-22-25576611

DIRECTORS

As on: 29.09.2012

Name :

Mr. Rajesh Madanlal Rathi

Designation :

Director

Address :

Sunder Kunj, Plot No. 531, 12^th Road, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

18.03.1968

Date of Appointment :

20.07.1992

DIN No.:

00022988

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	U23200MH1992PTC067785	Unicorn Petroleum Industries Private Limited	Director	20/07/1992	20/07/1992	-	Active	NO
2	U24100MH1964PTC012931	Eastern Petroleum Private Limited	Director	09/03/1996	09/03/1996	-	Active	NO
3	U74999MH2002PTC135168	Lalit Corporate Advisory Services Private Limited	Additional director	01/09/2009	01/09/2009	-	Active	NO
4	U51909MH1950PTC007990	Jay Bharat Lubricants (India) Private Limited	Additional director	15/04/2010	15/04/2010	-	Active	NO
5	U45206MH2011PTC212957	Brinda Realty Venturers Private Limited	Director	03/02/2011	03/02/2011	-	Active	NO

Name :

Mr. Sanjay Gunvant Parekh

Designation :

Director

Address :

301, Sabari Prasad, 3rd floor, Plot # 535, 11th Road, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

11.02.1963

Date of Appointment :

20.07.1992

DIN No.:

00033234

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	U23200MH1992PTC067785	Unicorn Petroleum Industries Private Limited	Director	20/07/1992	20/07/1992	-	Active	NO
2	U72300MH2004PTC148691	Corient Business Solutions Private Limited	Director	02/05/2005	02/05/2005	15/03/2012	Active	NO

Name :

Mr. Pramod Omprakash Rathi

Designation :

Additional Director

Address :

Sunder Kunj, Plot No. 531, 12^th Road, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

19.04.1973

Date of Appointment :

01.04.2010

DIN No.:

01682597

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	U51909MH1950PTC007990	Jay Bharat Lubricants (India) Private Limited	Director	02/07/2007	02/07/2007	15/04/2010	Active	NO
2	U23200MH1992PTC067785	Unicorn Petroleum Industries Private Limited	Additional director	01/04/2010	01/04/2010	-	Active	NO

KEY EXECUTIVES

Name :	Rupal D. Jhaveri
Designation :	Company Secretary
Address :	22, Rajgir Chambers, 3^rd Floor, 12-14, Shahid Bhagat Road, Opposite Old Custom House, Mumabi- 400001, Maharashtra, India
Tel No :	91-22-43440103
Fax No :	91-22-22662667

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Rajesh M Rathi / Aruna R Rathi	125000
Taradevi M Rathi / Madanlal H Rathi	160000
Tarulata Parekh / Sanjay G Parekh	97000
Madanlal H Rathi HUF	45000
Sangita K Biyani	25
Meena K Bagri	25
Jolly S Parekh / Sanjay G Parekh	16000
Nilima Saboo	25
Aruna R Rathi / Rajesh M Rathi	50000
Pramod O Rathi / Esha P Rathi	116000
Sanjay G Parekh / Jolly S Parekh	140875
Hastimal J Rathi Estate, India	70000
Rajmal Laxminarayan Sharma	25
Parekh Dyeing and Printing, India	25
Madanlal H Rathi / Rajesh M Rathi HUF	30000
Total	850000

As on: 29.03.2013

Names of Allottees	No. of Allottees
Rajesh M Rathi / Aruna R Rathi	145000
Taradevi M Rathi / Madanlal H Rathi	280000
Aruna R Rathi / Rajesh M Rathi	70000
Rushabh S Parekh/ Sanjay G Parekh	60000
Madanlal H Rathi HUF	30000
Pramod O Rathi / Esha P Rathi	211000
Sanjay G Parekh / Jolly S Parekh	141000
Tarulatha G Parekh/ Sanjay G Parekh	97000
Jolly S Parekh / Sanjay G Parekh	16000
Total	1050000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading of Petroleum Products.
Products :	Ø Automotive Lubricants Ø Industrial Grades Ø Industrial Specially Oils Ø Synthetics Lubricants Ø Metal Cleaners Ø Marine Oils Ø Textile Oils Ø Food Grades Lubricants Ø Specialty Oils and Waxes Ø Greases Ø Metal Working Fluids
Exports :
Products :	Liquid Paraffin, White Mineral Oils
Countries :	Ø Singapore Ø Brazil Ø UAE
Imports :
Products :	Raw Material
Countries :	Ø China Ø USA Ø South Arabia Ø Korea
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	Actual Production
Petroleum Jelly	KG / LTR	1215058
Microcrystalline Wax	KG / LTR	155667
Paraffin Wax	KG / LTR	307350
Lub Oil	KG / LTR	39454
Mineral Oil	KG / LTR	2929413
Mineral Oil - Bond	KG / LTR	-
Bees Wax	KG / LTR	13650
Grease	KG / LTR	19980
Compound	KG / LTR	2200
Mineral Oil - Imported	KG / LTR	287399

GENERAL INFORMATION

Suppliers :

Sanoti India Limited

Customers :

Wholesalers and Retailers

Ø Avertis Pharma

No. of Employees :

30 (Approximately)

Bankers :

· Bank of Baroda, Chembur Branch, Mumbai, Maharashtra, India

· Bank of Baroda, Crowford Market Branch, Dada Manzil, Ground Floor, 67-69, Mohammed Ali Road, Mumbai 400003, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Short term borrowing
Cash credit Account	42.601	43.050
Total	42.601	43.050
Note: Secured against Stocks, Book Debts and Personal Guarantee of directors.

Banking Relations :	--
Auditors :
Name :	T Ramarao and Company Chartered Accountants
Address :	303, Lotus House, 33-A, New Marine Lines, Mumbai - 400020, Maharashtra, India
Tel. No.:	91-22-22084904/ 22033725
Mobile No.:	91-9820129385
E-Mail :	info@tramarao.com turagaravi@gmail.com
PAN No.:	AADPR8355E

CAPITAL STRUCTURE

After: 29.09.2012

Authorised Capital : Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1900000	Equity Shares	Rs.10/- each	Rs. 19.000 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1475000	Equity Shares	Rs.10/- each	Rs. 14.750 Millions
2500	Preference Shares	Rs.100/- each	Rs. 0.250 Million
	Total		Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
850000	Equity Shares	Rs.10/- each	Rs. 8.500 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	8.500	8.500
(b) Reserves & Surplus	25.100	19.480
(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)	33.600	27.980
(3) Non-Current Liabilities
(a) long-term borrowings	7.500	1.700
(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)	7.500	1.700
(4) Current Liabilities
(a) Short term borrowings	42.601	43.050
(b) Trade payables	29.278	28.612
(c) Other current liabilities	1.121	1.267
(d) Short-term provisions	1.227	0.707
Total Current Liabilities (4)	74.227	73.636
TOTAL	115.327	103.316
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.299	3.880
(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	0.428	0.428
(c) Deferred tax assets (net)	0.328	0.363
(d) Long-term Loan and Advances	0.117	0.114
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	4.172	4.785
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	24.033	33.781
(c) Trade receivables	75.329	58.424
(d) Cash and cash equivalents	1.470	1.608
(e) Short-term loans and advances	10.306	4.287
(f) Other current assets	0.017	0.431
Total Current Assets	111.155	98.531
TOTAL	115.327	103.316

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		8.500
2] Share Application Money		0.000
3] Reserves & Surplus		13.906
4] (Accumulated Losses)		0.000
NETWORTH		22.406
LOAN FUNDS
1] Secured Loans		25.255
2] Unsecured Loans		0.000
TOTAL BORROWING		25.255
DEFERRED TAX LIABILITIES		0.000
TOTAL		47.661
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.235
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.306
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.953
	Sundry Debtors	31.167
	Cash & Bank Balances	0.027
	Other Current Assets	0.000
	Loans & Advances	9.112
Total Current Assets		55.259
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.283
	Other Current Liabilities	1.926
	Provisions	3.930
Total Current Liabilities		12.139
Net Current Assets		43.120
MISCELLANEOUS EXPENSES		0.000
TOTAL		47.661

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	394.179	267.765	205.478
		Other Income	NA	1.738	0.242
		TOTAL	NA	269.503	205.720
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	261.493	199.220
	PROFIT BEFORE TAX		8.276	8.010	6.500
Less	TAX		2.655	2.437	2.398
	PROFIT AFTER TAX		5.621	5.573	4.102
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19.428	13.855	9.753
	BALANCE CARRIED TO THE B/S		25.049	19.428	13.855
	Earnings Per Share (Rs.)		6.61	6.56	5.64

Particulars	31.03.2013
Sales Turnover (Approximately)	472.500

Expected Sales (2013-2014): Rs. 550.000 Millions

The above information has been parted by Mr. Sanjay

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	2.07	1.99
Net Profit Margin (PBT/Sales)	(%)	2.10	3.00	3.16
Return on Total Assets (PBT/Total Assets}	(%)	7.22	7.81	10.92
Return on Investment (ROI) (PBT/Networth)		0.25	0.29	0.29
Debt Equity Ratio (Total Debt/Networth)		1.49	1.60	1.12
Current Ratio (Current Asset/Current Liability)		1.50	1.33	4.55

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Long term borrowing
Loans and advance from directors	4.200	0.450
Loans and advance from related parties	3.300	1.250
Total	7.500	1.700

FINANCIAL RESULTS

FY 2011-2012 has seen major fluctuation in prices of all commodities, interest costs, crude oil and related commodities, with a dampened growth outlook in the Indian Manufacturing sector, due to recessionary international markets and global slowdown. However, the company during the financial year has been able to register a healthy 47.21% growth rate in its Sales Turnover, mainly of Trading Volume growth of approx. 19.88%. However. due to liquidity issues in the Indian Markets and interest rates increasing substantially by more than 250 basis points, financial. marketing and administrative costs hove impacted the Company’s bottom-line considerably, due to, which they hove clocked o much lower than anticipated growth of 3.75% in its Gross Profit (PBT).

PERFORMANCE

The Company has revamped its manufacturing operations and has been able 1o obtain the CGMP/ GLP accreditation from LOCAL FDA, which has helped the company to add several blue chip customers, as its clientele. Due to space constraints at their Deonar Factory, the company has been able to achieve a nominal volume growth of approx. 16.21% only in its manufactured products. Continuously volatile Bose Oil and Wax prices, in international markets, coupled with rising Interest, finance and administrative costs, double digit inflation, major USD/ INR exchange rate fluctuations and general economy slowdown, with unclear government policies continue to be a major source of concern to the Company. Severe competition from Sales Tax free zones and the government's non-implementation of the uniform GSI and related policies has further aggravated the Company’s situation, in maintaining its healthy growth trend, as seen in previous years. The Company’s management and its dedicated team shall strive to better its performance in the next fiscal and shall put in their full fledged efforts to boost the Company’s turnover and bottom-line in future.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U23200MH1992PTC067785
Name of the company	UNICORN PETROLEUM INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	213, Swastik Chambers CST Road, Chembur, Mumbai - 400071, Maharashtra, India Email-id - unipetro@bom5.vsnl.net.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90352271
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Others (Vehicles)
Particular of charge holder	Bank of Baroda, Crowford Market Branch, Dada Manzil, Ground Floor, 67-69, Mohammed Ali Road, Mumbai 400003, Maharashtra, India Email-id - crawfo@bankofbaroda.com
Nature of instrument creating charge	1. Supplemental Composite Agreement of Hypothecation of Goods, Book-Debts, Moveable Machinery and Vehicles. 2. Supplemental Memorandum of Entry Recording Extension of Mortgage By Deposit of Title Deeds In Respect of Advances Secured by Equitable Mortgage of Immovable Properties.
Date of instrument Creating the charge	14.09.2012
Amount secured by the charge	Rs. 105.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As may be specified by the Bank from time to time. Terms of Repayment As may be specified by the Bank from time to time. Margin As may be specified by the Bank from time to time. Extent and Operation of the charge The charge is created to secure the due repayment, discharge and redemption by the Company to the Bank for its CC (Hypn. of Stocks and Book Debts) facility of Rs.60.000 millions, Bank Guarantee facility of Rs.5.000 millions and Letter of Credit of Rs.40.000 millions aggregating to Rs.105.000 millions sanctioned and granted to the Co. together with interest, compound interest and or addl. interest in case of default, penal interest, liquidated damages, commitment charges, premium on prepayment or on redemption, g'tee commission, etc.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the Goods, Book-debts and Movable machinery, vehicles, as described in Supplemental Composite Agreement of Hypothecation. Gala No.10, Vaibhav Industrial Estate, Plot No.5-35, Sion Trombay Road, Deonar, Mumbai-88, more particularly described in Second Schedule to the Mortgage Deed belonging to Mrs. Taradevi Rathi Gala No.1B, Vaibhav Indl. Premises Co-operative Society limited, Sion Trombay Road, Deonar, Mumbai-88, more particularly described in Second Schedule to the Mortgage Deed belonging to the Company. Unit No.11, Ground Floor, Vaibhav Industrial Premises Co-operative Society limited, Sion Trombay Road, Deonar, Mumbai-88, more particularly described in Fourth Schedule to the Mortgage Deed belonging to the Company.
Date of instrument modifying the charge	28.09.2010
Particulars of the present modification	The charge is now modified as the charge on movable and Immovable properties is increased up to Rs.105.000 millions to cover Cash Credit (Hypn. of Stocks and Book Debts) facility of Rs.60.000 millions (increased from Rs.50.000 millions) and Bank Guarantee facility of Rs.5.000 millions (increased from Rs.0.500 million) and Letter of Credit facility of Rs.40.000 millions (increased from Rs.10.000 millions)

FIXED ASSETS:

· Factory shed

· Premises

· Machinery

· Furniture

· Typewriter

· Air Conditioner

· Laboratory Equipments

· Office Equipments

· Motor Car

· Computer

· Goodwill

· Lab Furniture

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. 59.41
UK Pound	1	Rs. 90.43
Euro	1	Rs. 78.11

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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	-

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