MIRA INFORM REPORT

Report Date :

01.06.2013

IDENTIFICATION DETAILS

Name :	GUJARAT COOPERATIVE MILK MARKETING FEDERATION LIMITED
Registered Office :	Amul Dairy Road, Post Box No. 10, Anand-388001, Gujarat
Country :	India
Financials (as on) :	31.03.2005
Year of Establishment :	1973
Capital Investment / Paid-up Capital :	Rs. 400.000 Millions
TAN No.: [Tax Deduction & Collection Account No.]	BRDG00866F
PAN No.: [Permanent Account No.]	AAACG7189H
Legal Form :	A Cooperative Society registered under the Cooperative Society’s Act in the year 1973.
Line of Business :	Sole marketer of the original range of Amul Products including milk powder and butter.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Aa (81)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 3450000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject is a well established and a reputed society having an excellent brand image. Trade relations are reported as trustworthy. Financial position is sound. Business is active. Payments are regular and as per commitments. Society can be considered excellent for normal business dealings at usual tread terms and conditions. It can be regarded as a promising business partner in medium to long run.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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	Long Term Rating = AAA
Rating Explanation	Highest degree of safety and lowest credit risk
Date	16.01.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1+
Rating Explanation	Very Strong degree of safety and lowest credit risk
Date	16.01.2013

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 DECLINED BY

Name :	Mr. K.R. Tomar
Designation :	General Manager in Finance
Contact No.:	91-2692-221233
Date :	31.05.2013

LOCATIONS

Registered Office :	Amul Dairy Road, Post Box No 10, Anand – 388001, Gujarat, India
Tel. No.:	91-2692-258506 / 258507/ 258508/ 258509 / 241621 and 23
Fax No.:	91-2692-240208 / 240185
E-Mail :	Corporate: gcmmf@amul.com Exports: exports@amul.com Careers: careers@amul.com
Website :	http://www.amul.com
Product Feedback:
Milk Powders:	milkpowders@amul.com
Amulya:	amulya@amul.com
Infant Milk Formula I & II:	babycare@amul.com
Butter:	butter@amul.com
Amullite:	amullite@amul.com
Ghee:	ghee@amul.com
Cheese Range:	cheese@amul.com
Indian Sweets:	mithaee@amul.com
Milk:	milk@amul.com
Chocolates:	chocolates@amul.com
Pizza:	pizza@amul.com
Mastidahi:	Mastidahi@amul.com
Shrikhand:	shrikhand@amul.com
Icecreams:	icecream@amul.com
Nutramul:	nutramul@amul.com
Paneer:	paneer@amul.com

DIRECTORS

Name :	Mr. Ramsinhbhai P. Parmar
Designation :	Director
Name :	Mr. Jethabhai P. Patel
Designation :	Director
Name :	Mr. Ajitsinh R. Thakor
Designation :	Director
Name :	Mr. Bhupendrasinh P. Solanki
Designation :	Director
Name :	Mr. Govindbhai S. Ranpariya
Designation :	Director
Name :	Mr. Sardarsinh K. Desa1
Designation :	Director
Name :	Mr. Vipulbha M. Chaudhary
Designation :	Director
Name :	Mr. Parthibhai G. Bhatol
Designation :	Director
Name :	Mr. Manubhal A. Patel
Designation :	Director
Name :	Mr. Mohanbhai R. Bharwad
Designation :	Director
Name :	Mr. Moghabhai M. Desai
Designation :	Director
Name :	Mr. Babuji U. Thakor
Designation :	Director
Name :	Mr. Babuji U. Thakor
Designation :	Director
Name :	Mr. Babuji U. Thakor
Designation :	Director

KEY EXECUTIVES

Name :	Mr. K.R. Tomar
Designation :	General Manager in Finance
Name :	Mr. Kalpesh Rana
Designation :	Junior Executive – Accounts Department
Name :	Mr. Ajay Sheth
Designation :	Deputy Manager – Accounts and Finance

BUSINESS DETAILS

Line of Business :	Sole marketer of the original range of Amul Products including milk powder and butter.
Products :	· Milk · Milk Powder · Health Beverages · Ghee · Butter · Cheese · Pizza Cheese · Ice Cream · Paneer Chocolate Traditional Indian Sweets Edible Oils. Bread Spreads Mithaee Infant Milk Sweetened condensed Milk Curd products Chocolate and Confectionery Brown Beverage

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	· State Bank of India, Anand · State Bank of Saurashtra, Anand · Bank of Baroda, · State Bank of India, Kaira District Central · Co-Operative Bank Limited

Banking Relations :	--
Auditors :
Name :	S. R. Batliboi and Company Chartered Accountants

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2005	31.03.2004	31.03.2003
SHAREHOLDERS FUNDS
1] Share Capital		400.000	400.000	400.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		462.520	438.100	416.800
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		862.520	838.100	816.800
LOAN FUNDS
1] Secured Loans		78.891	73.800	168.000
2] Unsecured Loans		0.000	675.500	0.000
TOTAL BORROWING		78.891	749.300	168.000
DEFERRED TAX LIABILITIES		41.397	0.000	0.000
TOTAL		982.808	1587.400	984.800
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1286.197	1116.700	1015.300
Capital work-in-progress		0.000	0.000	21.200
INVESTMENT		7.291	3.300	3.300
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2270.092	1268.500	2001.800
	Sundry Debtors	265.781	195.000	322.100
	Cash & Bank Balances	803.758	672.100	729.800
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	113.681	658.100	173.700
Total Current Assets		3453.312	2793.700	3227.400
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	3639.083	2030.000	3203.300
	Provisions	124.909	296.300	79.100
Total Current Liabilities		3763.992	2326.300	3282.400
Net Current Assets		(310.680)	467.400	(55.000)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		982.808	1587.400	984.800

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2005	31.03.2004	31.03.2003
SALES
	Income	29209.972	27667.700	23807.100
	Other Income
	TOTAL	29209.972	27667.700	23807.100
EXPENSES
	Office Expenses
	Administrative Expenses	29200.182	27310.500	23486.400
	Advertising Expenses
	TOTAL	29200.182	27310.500	23486.400
PROFIT BEFORE TAX		76.120	164.500	93.000
TAX		0.000	51.100	25.000
PROFIT AFTER TAX		76.120	113.400	68.000

KEY RATIOS

PARTICULARS		31.03.2005	31.03.2004	31.03.2003
PAT / Total Income	(%)	0.26	0.41	0.29
Return on Total Assets (PBT/Total Assets}	(%)	1.61	4.21	2.19
Return on Investment (ROI) (PBT/Networth)		0.09	0.20	0.11
Debt Equity Ratio (Total Debt /Networth)		0.09	0.89	0.21
Current Ratio (Current Asset/Current Liability)		0.92	1.20	0.98

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	No
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	No
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	Yes
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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	Yes

DETAILS OF LITIGATIONS

HIGH COURT OF GUJARAT

CIVIL APPLICATION (STAMP NUMBER) No. 3355 of 2003

In SPECIAL CIVIL APPLICATION/ 8734/ 2000 ( DISPOSED ) On : 27/04/2006

Status : PENDING CCIN No : 001006200303355

Last Listing Date:-

Coram

S.NO.	Name of the Petitioner	Advocate On Record
1	DEPARTMENT OF TELECOMMUNICATIONS	-

S.NO.	Name of the Respondant	Advocate On Record
1	GUJARAT COOPERATIVE MILK MARKETING FEDERATION LIMITED	-

Presented On	: 10/04/2003	Registered On	: 10/04/2003
Bench Category	: SINGLE BENCH	District	: KHEDA
Case Originated From	: THROUGH ADVOCATE	Listed	: 0 times
StageName	: ADMISSION – CA
Act	CIVIL PROCEDURE CODE, 1908

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	10/04/2003	APPLICATION	MR MAULIN R RAVAL ADVOCATE for PETITIONER(s)  1 , 1	1	-

SALES

During the year, the Federation's sales registered a growth of 1.4 per cent to reach Rs. 29225.300 Millions (Rs. 29.22 billion) including consignment sales of Rs. 15.300 Millions (Rs. 0.02 billion). This lower than expected overall growth was owing firstly to low procurement of milk during the first half of the year, and secondly to unfavourable commodity market prices when procurement normalized. Commodities—to achieve power in the market. Thus, the dairy line in consumer packs grew by 11.8 per cent during the year. Sales of Amul Milk in pouches increased by 36 per cent in value terms. A notable development in the area of liquid milk in pouches has been the successful launch of Amul Milk in the Kolkata market during December 2004- UHT Milk has grown in value terms by 23 per cent. Amul Ice cream achieved a sales value growth of 10 per cent, and has strengthened its position as the undisputed market leader. Despite intense competition, sales value of Amul Butter grew by 4-5 per cent. The sales of the Amul Cheese range increased by 21 per cent. Products like Flavoured Milk, Amul Fresh Cream, Paneer, Mithaimate, Softy Mix and fresh curd demonstrated their potential to become dominant brands in the coming few years. They have launched a promising new product called Amul Masti Spiced Buttermilk during the year.

POUCH MILK

Amul pouch milk has become the largest contributor to their turnover with annual sales of about Rs. 6260.000 Millions (Rs. 6.26 billion) during 2004-2005 as against Rs. 4620.000 Millions (Rs. 4.62 billion) during the previous year implying a growth of about 36 per cent. During last year they had surveyed major markets for exploring possibility of opening new markets. Taking into consideration their strong brand equity, experience of milk marketing and their association with milk in the consumer's mind, they are planning to open several new markets and will focus on distribution expansion in the existing metro markets.

AS PER WEBSITE

PROFILE

· It all began when milk became a symbol of protest

· Founded in 1946 to stop the exploitation by middlemen

· Inspired by the freedom movement

The seeds of this unusual saga were sown more than 65 years back in Anand, a small town in the state of Gujarat in western India. The exploitative trade practices followed by the local trade cartel triggered off the cooperative movement. Angered by unfair and manipulative practices followed by the trade, the farmers of the district approached the great Indian patriot Sardar Vallabhbhai Patel for a solution. He advised them to get rid of middlemen and form their own co-operative, which would have procurement, processing and marketing under their control.

In 1946, the farmers of this area went on a milk strike refusing to be cowed down by the cartel. Under the inspiration of Sardar Patel, and the guidance of leaders like Morarji Desai and Tribhuvandas Patel, they formed their own cooperative in 1946.

This co-operative, the Kaira District Co-operative Milk Producers Union Limited began with just two village dairy co-operative societies and 247 litres of milk and is today better known as Amul Dairy. Amul grew from strength to strength thanks to the inspired leadership of Tribhuvandas Patel, the founder Chairman and the committed professionalism of Dr Verghese Kurien,who was entrusted the task of running the dairy from 1950.

The then Prime Minister of India, Lal Bahadur Shastri decided that the same approach should become the basis of a National Dairy Development policy. He understood that the success of Amul could be attributed to four important factors. The farmers owned the dairy, their elected representatives managed the village societies and the district union,  they employed professionals to operate the dairy and manage its business. Most importantly, the co-operatives were sensitive to the needs of farmers and responsive to their demands.

At his instance in 1965 the National Dairy Development Board was set up with the basic objective of replicating the Amul model. Dr. Kurien was chosen to head the institution as its Chairman and asked to replicate this model throughout the country

ORGANISATION

Subject, is India's largest food product marketing organisation with annual turnover (2011-12) US$ 2.5 billion. Its daily milk procurement is approx 13 million lit (peak period) per day from 16,117 village milk cooperative societies, 17 member unions covering 24 districts, and 3.18 million milk producer members.

It is the Apex organisation of the Dairy Cooperatives of Gujarat, popularly known as 'AMUL', which aims to provide remunerative returns to the farmers and also serve the interest of consumers by providing quality products which are good value for money. Its success has not only been emulated in India but serves as a model for rest of the World. It is exclusive marketing organisation of 'Amul' and 'Sagar' branded products. It operates through 47 Sales Offices and has a dealer network of 5000 dealers and 10 lakh retailers, one of the largest such networks in India. Its product range comprises milk, milk powder, health beverages, ghee, butter, cheese, Pizza cheese, Ice-cream, Paneer, chocolates, and traditional Indian sweets, etc

Subject is India's largest exporter of Dairy Products. It has been accorded a "Trading House" status. Many of our products are available in USA, Gulf Countries, Singapore, The Philippines, Japan, China and Australia. Subject has received the APEDA Award from Government of India for Excellence in Dairy Product Exports for the last 13 years. For the year 2009-10, SUBJECT has been awarded "Golden Trophy' for its outstanding export performance and contribution in dairy products sector by APEDA.

For its consistent adherence to quality, customer focus and dependability, Subject has received numerous awards and accolades over the years. It received the Rajiv Gandhi National Quality Award in1999 in Best of All Category. In 2002 SUBJECT bagged India's Most Respected Company Award instituted by Business World. In 2003, it was awarded the The IMC Ramkrishna Bajaj National Quality Award - 2003 for adopting noteworthy quality management practices for logistics and procurement. SUBJECT is the first and only Indian organisation to win topmost International Dairy Federation Marketing Award for probiotic ice cream launch in 2007.

The Amul brand is not only a product, but also a movement. It is in one way, the representation of the economic freedom of farmers. It has given farmers the courage to dream. To hope. To live.

Subject - An Overview

Year of Establishment	1973
Members	17 District Cooperative Milk Producers' Unions (16 Members and 1 Nominal Members)
No. of Producer Members	3.18 Million
No. of Village Societies	16,117
Total Milk handling capacity per day	13.67 Million litres per day
Milk Collection (Total - 2011-12)	3.88 billion litres
Milk collection (Daily Average 2011-12)	10.6 million litres (peak 13 million)
Milk Drying Capacity	647 Mts. per day
Cattlefeed manufacturing Capacity	3690 Mts. per day
Sales Turnover -(2011-12)	Rs. 116680.000 Millions (US $2.5 Billion)

Our Member Unions

1. Kaira District Cooperative Milk Producers' Union Limited, Anand

2. Mehsana District Cooperative Milk Producers' Union Limited, Mehsana

3. Sabarkantha District Cooperative Milk Producers' Union Limited, Himatnagar

4. Banaskantha District Cooperative Milk Producers' Union Limited, Palanpur

5. Surat District Cooperative Milk Producers' Union Limited, Surat

6. Baroda District Cooperative Milk Producers' Union Limited, Vadodara

7. Panchmahal District Cooperative Milk Producers' Union Limited, Godhra

8. Valsad District Cooperative Milk Producers' Union Limited, Valsad

9. Bharuch District Cooperative Milk Producers' Union Limited, Bharuch

10. Ahmedabad District Cooperative Milk Producers' Union Limited, Ahmedabad

11. Rajkot District Cooperative Milk Producers' Union Limited, Rajkot

12. Gandhinagar District Cooperative Milk Producers' Union Limited, Gandhinagar

13. Surendranagar District Cooperative Milk Producers' Union Limited, Surendranagar

14. Amreli District Cooperative Milk Producers Union Limited, Amreli

15. Bhavnagar District Cooperative Milk Producers Union Limited, Bhavnagar

16. Kutch District Cooperative Milk Producers' Union Limited, Anjar

Sales Turnover	Rs (million)	US $ (in million)
1994-95	11140.000	355
1995-96	13790.000	400
1996-97	15540.000	450
1997-98	18840.000	455
1998-99	22192.000	493
1999-00	22185.000	493
2000-01	22588.000	500
2001-02	23365.000	500
2002-03	27457.000	575
2003-04	28941.000	616
2004-05	29225.000	672
2005-06	37736.000	850
2006-07	42778.000	1050
2007-08	52554.000	1325
2008-09	67113.000	1504
2009-10	80053.000	1700
2010-11	97742.000	2172
2011-12	116680.000	2500

The Product Range

Breadspreads	Amul Butter, Amul Lite, Delicious Table Margarine
Cheese Range	Amul Pasteurized Processed Cheddar Cheese, Amul Processed Cheese Spread, Amul Pizza (Mozarella) Cheese,Amul Emmental Cheese, Amul Gouda Cheese, Amul Malai Paneer (cottage cheese), Utterly Delicious Pizza
Fresh Milk	Amul Gold Full Cream Milk 6% fat, Amul Shakti Standardised Milk 4.5% Fat, Amul Taaza Toned Milk 3% fat,Amul Slim and Trim, Amul Cow Milk
UHT Milk Range	Amul Gold 4.5% fat Milk, Amul Shakti 3% fat Milk, Amul Taaza 1.5% fat Milk, Amul Lite Slim-n-Trim Milk, Amul Fresh Cream
Milk Powders	Amul Full Cream Milk Powder, Amulya Dairy Whitener, Sagar Skimmed Milk Powder, Amulspray Infant Milk Food, Sagar Tea and Coffee Whitener
Milk Drink	Amul Kool Flavoured Milk, Amul Kool Cafe, Amul Kool Koko,Amul Kool Millk Shaake, Amul Kool Chocolate Milk,Nutramul Energy Drink
Health Drink	Stamina Instant Energy Drink
Brown Beverage	Nutramul Malted Milk Food
Curd Products	Amul Masti Dahi (fresh curd), Amul Masti Spiced Butter Milk,Amul Lassee, Amul Flaavyo Yoghurt
Pure Ghee	Amul Pure Ghee, Sagar Pure Ghee
Sweetened Condensed Milk	Amul Mithaimate
Mithaee Range (Ethnic Sweets)	Amul Shrikhand, Amul Mithaee Gulabjamuns, Amul Basundi,Avsar Ladoos
Ice-cream	Sundae Range, probiotic,,sugarfree and probiotic
Chocolate and Confectionery	Amul Milk Chocolate, Amul Fruit and Nut Chocolate, Amul Chocozoo, Amul Bindass, Amul Fundoo

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.56.50
UK Pound	1	Rs.86.01
Euro	1	Rs.73.68

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	YES
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		81

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.