MIRA INFORM REPORT

Report Date :

30.07.2013

IDENTIFICATION DETAILS

Name :	PROTOCHEM INDUSTRIES PRIVATE LIMITED
Registered Office :	A-737/5, TTC, MIDC Area, Mahape Village, Thane Belapur Road, Vashi, Navi Mumbai – 400710, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.03.2000
Com. Reg. No.:	11-125231
Capital Investment / Paid-up Capital :	Rs. 10.000 millions
CIN No.: [Company Identification No.]	U24200MH2000PTC125231
PAN No.: [Permanent Account No.]	AABCP9509R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Wide Range of Speciality Chemicals.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 320000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a good track record. The performance capability and financial position is good. Trade relations are decent. Business is active. Payment terms are regular and as per commitment. 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.

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	CRISIL
Rating	SE 1A
Rating Explanation	Highest performance capability and high financial strength.
Date	October, 2011

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. Harish Maheshwari
Designation :	Manager
Contact No.:	91-9324001004
Date :	26.07.2013

LOCATIONS

Registered Office / Factory:	A-737/5, TTC, MIDC Area, Mahape Village, Thane Belapur Road, Vashi, Navi Mumbai – 400710, Maharashtra, India
Tel. No. :	91-22-39213000 / 27780716 / 17 / 39175034
Mobile No. :	91-9324001004 / 9324001002 (Mr. Harish Maheshwari)
Fax No. :	91-22-27780716
E-Mail :	proto@vsnl.com omkar.mhamunkar@chembonindia.com
Location :	Owned

DIRECTORS

As on 26.09.2012

Name :

Mr. Sameer Vinod Shah

Designation :

Director

Address :

A101, Jagatvidhya, Kala Nagar, Bandra – Kurla Complex Road, Bandra (East), Mumbai – 400051, Maharashta, India

Date of Birth/Age :

16.02.1960

Date of Appointment :

26.03.2009

DIN No. :

00105721

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	U67190MH1994PTC076807	VISAN HOLDINGS AND FINANCIAL SERVICES P LTD	Director	25/02/1994	25/02/1994	-	Active	NO
2	U25202GJ1985PLC008209	FINOR PIPLAJ CHEMICALS LIMITED	Director	10/05/1994	10/05/1994	-	Active	NO
3	U24243MH1996PLC103091	HENKEL CHEMBOND SURFACE TECHNOLOGIES LIMITED	Director	12/03/2011	11/02/1997	-	Active	NO
4	L24100MH1975PLC018235	CHEMBOND CHEMICALS LIMITED	Managing director	01/08/2010	10/01/2000	-	Active	NO
5	U33200MH2000PTC127515	C C L OPTOELECTRONICS PRIVATE LIMITED	Director	30/06/2000	30/06/2000	-	Active	NO
6	U72200MH1996PTC102653	SHREE MAHALASA ELECTRONICS PRIVATE LIMITED	Director	23/10/2003	23/10/2003	-	Amalgamated	NO
7	U24117MH2006PLC166224	CHEMBOND ENZYME COMPANY LIMITED	Director	14/12/2006	14/12/2006	-	Active	NO
8	U24117MH2006PLC166227	Chembond Distribution Limited	Director	14/12/2006	14/12/2006	-	Active	NO
9	U24117MH2007PLC166639	S AND N VENTURES LIMITED	Director	02/01/2007	02/01/2007	-	Active	NO
10	U32109GJ1992PLC039667	ARRAYCOM (INDIA) LIMITED	Director	17/08/2007	27/03/2007	-	Active	NO
11	U32109MH1995PTC087279	CCL PROJECTS PRIVATE LIMITED	Director	09/08/2008	09/08/2008	-	Active	NO
12	U73100MH2008PLC188852	CHEMBOND BIOENGINEERING COMPANY LIMITED	Director	12/12/2008	12/12/2008	-	Active	NO
13	U24200MH2000PTC125231	PROTOCHEM INDUSTRIES PRIVATE LIMITED	Director	30/09/2009	26/03/2009	-	Active	NO
14	U29248MH2010PLC202124	CHEMBOND CLEAN WATER TECHNOLOGIES LIMITED	Director	17/04/2010	17/04/2010	08/05/2010	Active	NO
15	U74120MH2011PTC213548	LAUREN CCL ENGINEERS PRIVATE LIMITED	Director	15/02/2011	15/02/2011	05/06/2013	Active	NO
16	U24110MH1984PLC143564	CHEMBOND ASHLAND WATER TECHNOLOGIES LIMITED	Director	27/06/2011	01/06/2011	-	Active	NO
17	U24100MH2011PLC219324	CHEMBOND INVER COATINGS LIMITED	Director	01/07/2011	01/07/2011	-	Active	NO

Name :

Mr. Nirmal Vinod Shah

Designation :

Director

Address :

701, Phalguni Apartment, 1/11 Sarojini Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

18.11.1971

Date of Appointment :

26.03.2009

DIN No. :

00083853

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	U67190MH1994PTC076807	VISAN HOLDINGS AND FINANCIAL SERVICES P LTD	Director	25/02/1994	25/02/1994	-	Active	NO
2	U25202GJ1985PLC008209	FINOR PIPLAJ CHEMICALS LIMITED	Director	06/07/2007	10/05/1994	-	Active	NO
3	L24100MH1975PLC018235	CHEMBOND CHEMICALS LIMITED	Managing director	28/07/2012	10/01/2000	-	Active	NO
4	U24110MH1984PLC143564	CHEMBOND ASHLAND WATER TECHNOLOGIES LIMITED	Managing director	26/04/2001	26/04/2001	-	Active	NO
5	U72200MH1996PTC102653	SHREE MAHALASA ELECTRONICS PRIVATE LIMITED	Director	23/10/2003	23/10/2003	-	Amalgamated	NO
6	U24117MH2006PLC166224	CHEMBOND ENZYME COMPANY LIMITED	Director	14/12/2006	14/12/2006	-	Active	NO
7	U24117MH2006PLC166227	CHEMBOND DISTRIBUTION LIMITED	Director	14/12/2006	14/12/2006	-	Active	NO
8	U24117MH2007PLC166639	S AND N VENTURES LIMITED	Director	02/01/2007	02/01/2007	-	Active	NO
9	U73100MH2008PLC188852	CHEMBOND BIOENGINEERING COMPANY LIMITED	Director	12/12/2008	12/12/2008	-	Active	NO
10	U24200MH2000PTC125231	PROTOCHEM INDUSTRIES PRIVATE LIMITED	Director	30/09/2009	26/03/2009	-	Active	NO
11	U29248MH2010PLC202124	CHEMBOND CLEAN WATER TECHNOLOGIES LIMITED	Director	17/04/2010	17/04/2010	-	Active	NO
12	U24243MH1996PLC103091	HENKEL CHEMBOND SURFACE TECHNOLOGIES LIMITED	Director	14/09/2011	12/03/2011	-	Active	NO
13	U24100MH2011PLC219324	CHEMBOND INVER COATINGS LIMITED	Director	01/07/2011	01/07/2011	-	Active	NO
14	U24230GJ2012PTC068624	NJP HEALTHCARE PRIVATE LIMITED	Director	16/01/2012	16/01/2012	-	Active	NO
15	U51397MH1991PTC060657	PROTOCHEM INVESTMENT PRIVATE LIMITED	Director	28/09/2012	28/09/2012	-	Active	NO

Name :

Mr. Mahendra Kalyanji Ghelani

Designation :

Director

Address :

101/A, Paradise Appartment, 10^th Floor, 44, L, Jagmohandas Marg, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

30.01.1945

Date of Appointment :

30.09.2010

PAN No. :

AABPG8441Q

DIN No. :

01108297

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	U67120MH1984PTC033797	VARIETY INVESTMENTS PVT LTD	Director	24/08/1984	24/08/1984	-	Active	NO
2	L24100MH1970PLC014842	LIME CHEMICALS LIMITED	Director	11/07/1986	11/07/1986	-	Active	NO
3	L24100MH1975PLC018235	CHEMBOND CHEMICALS LIMITED	Director	14/09/1994	14/09/1994	-	Active	NO
4	U24200MH2000PTC125231	PROTOCHEM INDUSTRIES PRIVATE LIMITED	Director	03/09/2010	15/06/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Harish Maheshwari
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2012

Names of Shareholders	No. of Shares
Sameer V. Shah	1
Nirmal V. Shah	1
Chembond Chemicals Limited, India	999998
Total	1000000

As on 26.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Wide Range of Speciality Chemicals.

Products :

Item Code No. (ITC Code)	Product Description
34029011	Alkaline Cleaners

· Metal Treatment Chemicals (Alkaline Cleaners)

· Metal Treatment Chemicals (De-greasing)

· Metal Treatment Chemicals (Zinc, Iron Phosphate)

· Metal Treatment Chemicals (Metal Working Fluids)

· Metal Treatment Chemicals (Chromating)

· Metal Treatment Chemicals (Surface Condition)

· Paint Booth Additives

· Paint Strippers

· Metal Working Fluids

· Rust Preventives

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

GENERAL INFORMATION

Customers :

Others (Manufacturing Company)

No. of Employees :

60 (Approximately)

Bankers :

Bank of India, Gandhi Market Branch, Matunga, Mumbai, Maharashtra, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short term borrowings
Working capital loans from banks	8.704	4.139
Total	8.704	4.139

Banking Relations :	--
Auditors :
Name :	S.H.Bathiya and Associates Chartered Accountants
Address :	1103, Bhoomi Arkade, Ashok Chakravati Road, Ashok Nagar, Kandivali (East), Mumbai - 400101, Maharashtra, India
PAN No. :	AAOFS5053K
Holding company :	Chembond Chemicals Limited, India CIN No.: L24100MH1975PLC018235
Fellow Subsidiary :	· Chembond Ashland Water Technologies Limited, India CIN No.: U24110MH1984PLC143564 · H2O Innovation India Limited, India CIN No.: U29248MH2010PLC202124
Joint venture of Parent Company :	Henkel Chembond Surfae Technologies Limited, India CIN No.: U24243MH1996PLC103091
Companies on which the KMP's have significant influence :	· Chembond Distribution Limited, India CIN No.: U24117MH2006PLC166227 · Finor Piplaj Chemicals Limited, India CIN No.: U25202GJ1985PLC008209 · CCL Optoelectronics Private Limited · S and N Ventures Limited · Visan Holdings and financial Services Private Limited · Chembond Enzymes Company Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 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	10.000	10.000
(b) Reserves & Surplus	71.021	67.824
(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)	81.021	77.824
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	1.362	1.522
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1.362	1.522
(4) Current Liabilities
(a) Short term borrowings	8.704	4.139
(b) Trade payables	18.978	30.969
(c) Other current liabilities	2.707	1.646
(d) Short-term provisions	0.258	1.124
Total Current Liabilities (4)	30.647	37.878
TOTAL	113.030	117.224
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.026	7.762
(ii) Intangible Assets	0.006	0.000
(iii) Capital work-in-progress	1.056	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.734	0.880
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	9.822	8.642
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	16.957	14.713
(c) Trade receivables	28.301	40.336
(d) Cash and cash equivalents	41.921	45.470
(e) Short-term loans and advances	16.029	8.063
(f) Other current assets	0.000	0.000
Total Current Assets	103.208	108.582
TOTAL	113.030	117.224

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.000
2] Share Application Money		0.000
3] Reserves & Surplus		64.918
4] (Accumulated Losses)		0.000
NETWORTH		74.918
LOAN FUNDS
1] Secured Loans		8.610
2] Unsecured Loans		0.000
TOTAL BORROWING		8.610
DEFERRED TAX LIABILITIES		1.583
TOTAL		85.111
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.742
Capital work-in-progress		0.095
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.921
	Sundry Debtors	33.753
	Cash & Bank Balances	72.242
	Other Current Assets	0.000
	Loans & Advances	10.466
Total Current Assets		126.382
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	23.372
	Other Current Liabilities	21.628
	Provisions	5.108
Total Current Liabilities		50.108
Net Current Assets		76.274
MISCELLANEOUS EXPENSES		0.000
TOTAL		85.111

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	128.247	134.742	157.058
Less	EXPENSES
		TOTAL	123.654	130.490	139.366
	PROFIT BEFORE TAX		4.593	4.252	17.692
Less	TAX		1.396	1.346	6.891
	PROFIT AFTER TAX		3.197	2.906	10.801
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		67.824	64.918	55.708
	BALANCE CARRIED TO THE B/S		71.021	67.824	65.255
	IMPORTS
		Raw Materials	NA	5.311	3.086
	TOTAL IMPORTS		NA	5.311	3.086
	Earnings / (Loss) Per Share (Rs.)		3.20	2.91	9.55

Particulars	31.03.2013
Sales Turnover (Approximately)	125.000

The above information has been parted by Mr. Harish Maheshwari (Manager)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.49	2.16	6.88
Return on Total Assets (PBT/Total Assets}	(%)	4.10	3.63	13.09
Return on Investment (ROI) (PBT/Networth)		0.06	0.05	23.62
Debt Equity Ratio (Total Debt/Networth)		0.11	0.05	0.11
Current Ratio (Current Asset/Current Liability)		3.37	2.87	2.52

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90350856	05/05/2005	800,000.00	BANK OF INDIA	GANDHI MARKET BRANCH, MATUNGA, MUMBAI, MAHARASHTRA, INDIA	-
2	90348761	22/06/2005 *	8,950,000.00	BANK OF INDIA	GANDHI MARKET BRANCH, MATUNGA, MUMBAI, MAHARASHTRA, INDIA	-
3	90350149	05/05/2005 *	5,500,000.00	BANK OF INDIA	GANDHI MARKET BRANCH, MATUNGA, MUMBAI, MAHARASHTRA, INDIA	-

* Date of charge modification

NOTE

The registered office of the company has been shifted from 27, Unique Industrial Estate, Dr. Rajendra Prasad Road, Mulund (West), Mumbai - 400080, Maharashtra, India to the present address w.e.f. 11.07.2008

PERFORMANCE

During the year ended 31^st March, 2012 the Company has recorded in its revenue (including other income) to Rs. 128.247 Millions (previous year Rs. 134.742 Millions). The Company has recorded profit before tax (PBT) of Rs. 4.593 Millions (previous year Rs. 4.252 Millions) and profit after tax (PAT) of Rs. 3.197 Millions (previous year Rs.2.906 Millions).

FIXED ASSETS

v Tangible Assets

· Land

· Buildings

· Factory Building

· Plant and Equipment

· Factory Equipments

· Other plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office equipment

· Computer equipments

· Intangible

v Intangible Assets

· Computer software

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.59.30
UK Pound	1	Rs.91.18
Euro	1	Rs.78.71

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	MRI

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	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--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		53

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

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.