MIRA INFORM REPORT

Report Date :

04.06.2013

IDENTIFICATION DETAILS

Name :	AMAR BIO ORGANICS (INDIA) PRIVATE LIMITED
Registered Office :	“Gowra Grand”, 501, 5^th Floor, 1-8-384 and 385, Behind Gowra Plaza, S.P. Road, Begumpet, Hyderabad 500016, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.03.2008
Com. Reg. No.:	01-058131
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U24232AP2008PTC058131
TAN No.: [Tax Deduction & Collection Account No.]	HYDA10014E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Flavours which are used in Pharma and Food Industries.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 54000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears slight dip in the profitability. However, general financial seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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	SE 3A
Rating Explanation	Financial strength is high and performance capability is moderate
Date	August 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	“Gowra Grand”, 501, 5^th Floor, 1-8-384 and 385, Behind Gowra Plaza, S.P. Road, Begumpet, Hyderabad 500016, Andhra Pradesh, India
Tel. No.:	91-40-27846275/ 27843086/ 3091/ 9010/ 6750/ 27722689/ 27817207
Fax No.:	91-40-27816817
E-Mail :	srinivas@gowra.net gowra@gowra.net info@amarorganics.com
Website :	www.amarorganics.com
Factory :	Plot No. 209, D. No. 5-5-35/102, Survey No. 390, Kukatpally Industrial Estate, Prasanti Nagar, Hyderabad-500072, Andhra Pradesh, India

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Srinivas Gowra

Designation :

Director

Address :

Plot No. 175, Motilal Nehru Nagar, Begumpet, Hyderabad-500016, Andhra Pradesh, India

Date of Birth/Age :

25.12.1944

Date of Appointment :

13.03.2008

Din No.:

00286986

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	L65910AP1993PLC015349	GOWRA LEASING AND FINANCE LIMITED	Managing director	01/08/2011	26/03/1993	Active	NO
2	U23201AP1995PTC019620	GOWRA PETROCHEM PRIVATE LIMITED	Managing director	01/05/2009	01/05/1995	Active	NO
3	U65921AP1998NPL029996	ANDHRA PRADESH HIRE PURCHASE ASSOCIATION	Director	20/08/1998	20/08/1998	Active	NO
4	U72200AP2004PTC042685	GOWRA ENGINEERING TECHNOLOGIES PRIVATE LIMITED	Director	20/02/2004	20/02/2004	Active	NO
5	U70102AP2006PTC048898	GOWRA VENTURES PRIVATE LIMITED	Director	25/01/2006	25/01/2006	Active	NO
6	U72200AP2007PTC053536	ANTARA COMPUTER TECHNOLOGIES PRIVATE LIMITED	Director	11/04/2007	11/04/2007	Active	NO
7	U72200AP2007PTC056243	GOWRA TECHNOLOGIES PRIVATE LIMITED	Director	07/11/2007	07/11/2007	Amalgamated	NO
8	U24232AP2008PTC058131	AMAR BIO ORGANICS (INDIA) PRIVATE LIMITED	Director	12/03/2008	12/03/2008	Active	NO
9	U50200AP2009PTC063691	SREE GURUKRUPA MOTORS PRIVATE LIMITED	Director	15/05/2009	15/05/2009	Active	NO
10	L24231AP1995PLC019106	SOURCE NATURAL FOODS AND HERBAL SUPPLEMENTS LIMITED	Director	27/09/2010	25/06/2010	Active	NO
11	U45209AP2011PTC075168	GOWRA INFRAPROJECTS PRIVATE LIMITED	Director	24/06/2011	24/06/2011	Active	NO
12	U45209AP2011PTC075184	GOWRA INFRADEVELOPERS PRIVATE LIMITED	Director	27/06/2011	27/06/2011	Active	NO
13	U01403AP2012PTC079004	SUMERU SEEDS PRIVATE LIMITED	Director	08/02/2012	08/02/2012	Active	NO
14	U29299AP2012PTC081470	GOWRA AEROSPACE TECHNOLOGIES PRIVATE LIMITED	Director	14/06/2012	14/06/2012	Active	NO
15	U72200AP2012PTC083017	ESUPPORT TECHSOL PRIVATE LIMITED	Director	12/09/2012	12/09/2012	Active	NO
16	U45209AP2011PTC075222	GOWRA HALLMARK TOWNSHIPS PRIVATE LIMITED	Additional director	01/10/2012	01/10/2012	Active	NO

Name :

Mr. Lakshmi Prasad Gowra

Designation :

Director

Address :

“Gnanakshi”, H. No. 1, Sindhi Colony, Prenderghast Road, Secunderabad, Hyderabad-500003, Andhra Pradesh, India

Date of Birth/Age :

05.06.1953

Date of Appointment :

12.03.2008

Din No.:

00268271

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	L65910AP1993PLC015349	GOWRA LEASING AND FINANCE LIMITED	Whole-time director	01/08/2011	09/02/1993	Active	NO
2	U23201AP1995PTC019620	GOWRA PETROCHEM PRIVATE LIMITED	Whole-time director	01/05/2009	07/03/1995	Active	NO
3	U72200AP2004PTC042685	GOWRA ENGINEERING TECHNOLOGIES PRIVATE LIMITED	Director	15/03/2004	15/03/2004	Active	NO
4	U72200AP2007PTC053536	ANTARA COMPUTER TECHNOLOGIES PRIVATE LIMITED	Director	11/04/2007	11/04/2007	Active	NO
5	U72200AP2007PTC056243	GOWRA TECHNOLOGIES PRIVATE LIMITED	Director	07/11/2007	07/11/2007	Amalgamated	NO
6	U24232AP2008PTC058131	AMAR BIO ORGANICS (INDIA) PRIVATE LIMITED	Director	12/03/2008	12/03/2008	Active	NO
7	U01403AP2012PTC079004	SUMERU SEEDS PRIVATE LIMITED	Director	08/02/2012	08/02/2012	Active	NO
8	U29299AP2012PTC081470	GOWRA AEROSPACE TECHNOLOGIES PRIVATE LIMITED	Director	14/06/2012	14/06/2012	Active	NO

Name :

Mr. Subbaraj Gowra

Designation :

Director

Address :

175, Motilal Nehru Nagar, Begumpet, Hyderabad-500026, Andhra Pradesh, India

Date of Birth/Age :

24.05.1969

Date of Appointment :

12.03.2008

Din No.:

00287820

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	U23201AP1995PTC019620	GOWRA PETROCHEM PRIVATE LIMITED	Whole-time director	01/05/2009	07/03/1995	Active	NO
2	U24232AP2008PTC058131	AMAR BIO ORGANICS (INDIA) PRIVATE LIMITED	Director	12/03/2008	12/03/2008	Active	NO

Name :

Mr. Arvind Lakshminarayana Gowra

Designation :

Director

Address :

Plot No. 503, Sri Harsha Enclave, Krishnapuri Colony, West Marredpally, Secunderabad-500026, Andhra Pradesh, India

Date of Birth/Age :

09.11.1978

Date of Appointment :

12.03.2008

Din No.:

01355098

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	U70102AP2006PTC048898	GOWRA VENTURES PRIVATE LIMITED	Director	25/01/2006	25/01/2006	Active	NO
2	U24232AP2008PTC058131	AMAR BIO ORGANICS (INDIA) PRIVATE LIMITED	Director	12/03/2008	12/03/2008	Active	NO
3	U72200AP2012PTC083017	ESUPPORT TECHSOL PRIVATE LIMITED	Director	12/09/2012	12/09/2012	Active	NO

Name :

Mr. Lakshminarayana Gowra

Designation :

Director

Address :

Plot No. 4, SBH Colony, Near AOC Gate, West Marredpally, Secunderabad-500026, Andhra Pradesh, India

Date of Birth/Age :

24.02.1947

Date of Appointment :

25.06.2012

Din No.:

00287021

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	L65910AP1993PLC015349	GOWRA LEASING AND FINANCE LIMITED	Director	09/02/1993	09/02/1993	Active	NO
2	U23201AP1995PTC019620	GOWRA PETROCHEM PRIVATE LIMITED	Whole-time director	01/05/2009	01/05/1995	Active	NO
3	U45209AP2011PTC075168	GOWRA INFRAPROJECTS PRIVATE LIMITED	Director	24/06/2011	24/06/2011	Active	NO
4	U45209AP2011PTC075184	GOWRA INFRADEVELOPERS PRIVATE LIMITED	Director	27/06/2011	27/06/2011	Active	NO
5	U01403AP2012PTC079004	SUMERU SEEDS PRIVATE LIMITED	Additional director	15/05/2012	15/05/2012	Active	NO
6	U29299AP2012PTC081470	GOWRA AEROSPACE TECHNOLOGIES PRIVATE LIMITED	Director	14/06/2012	14/06/2012	Active	NO
7	U24232AP2008PTC058131	AMAR BIO ORGANICS (INDIA) PRIVATE LIMITED	Director	28/09/2012	25/06/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Srinivas Gowra	50000
Lakshmi Prasad Gowra	25000
Subbaraj Gowra	25000
Arvind Lakshminarayana Gowra	100000
Lakshminarayana Gowra	12500
Subbaram L. Gowra	12500
Aditya S. Gowra	25000
Nagarjun Gowra	25000
Ramesh Babu S. Gowra	62500
Nirmala R. Gowra	62500
Anil Kumar Gowra	37500
Nanda Gowra	62500
TOTAL	500000

AS ON 07.01.2013

Names of Allottees	No. of Shares
Srinivas Gowra	45000
Subbaraj Gowra	22500
Arvind Lakshminarayana Gowra	90000
Lakshminarayana Gowra	11250
Subbaram L. Gowra	11250
Aditya S. Gowra	22500
Nagarjun Gowra	22500
Ramesh Babu S. Gowra	56250
Nirmala R. Gowra	56250
Anil Kumar Gowra	56250
Nanda Gowra	56250
TOTAL	450000

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Flavours which are used in Pharma and Food Industries.
Products :	Flavours: Food and Beverages Alcoholic Beverages Chocolates and Ice Creams Dairy Confectionery Fragrances: Soap Shampoo Talcum Powder Nature Extract: Allium Sativum Bacopa Monnieri Boswellia Serrata Camellia Sinensis Capsicum Annuum Curcuma Longa

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of Maharashtra, Sultan Bazar Branch, Hyderabad-500001, Andhra Pradesh, India
• State Bank of India, PB Branch, Gowra Plaza, S.P. Road, Secunderabad-500003, Andhra Pradesh, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Bank of Maharashtra
Cash Credit Account [Secured by hypothecation of stocks and debtors and personal guarantee of directors and immovable property of directors]	1.527	0.880
Kotak Mahindra Prime Limited – Vehicles Loan [Secured by hypothecation of Ventro Camdica]	0.825	0.000
TOTAL	2.352	0.880

Banking Relations :	--
Auditors :
Name :	Anant Rao and Mallik Chartered Accountants
Address :	B-409/410, Kushal Rowers, Khairathabad, Hyderabad-500004, Andhra Pradesh, India
Tel No.:	91-40-23320286
Fax No.:	91-40-66360666
Email:	armcas@gmail.com
PAN No:	AADFA0055G
Associates :	Amar Organics Vaishnavi Corporation Gowra Leasing and Finance Limited Gowra Petrochem Private Limited Gowra Bits and Bytes

CAPITAL STRUCTURE

AS ON 28.09.2012

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
950000	Equity Shares	Rs.10/- each	Rs.9.500 Millions

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
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.000	0.100	0.100
2] Share Application Money		0.000	0.000	0.288
3] Reserves & Surplus		8.722	11.438	6.835
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		13.722	11.538	7.223
LOAN FUNDS
1] Secured Loans		2.352	0.880	2.695
2] Unsecured Loans		6.175	0.613	0.057
TOTAL BORROWING		8.527	1.493	2.752
DEFERRED TAX LIABILITIES		0.031	0.079	0.097
TOTAL		22.280	13.110	10.072
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.750	3.830	2.615
Capital work-in-progress		0.437	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.010	4.616	1.768
	Sundry Debtors	4.456	3.829	5.157
	Cash & Bank Balances	0.052	1.697	0.108
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.939	2.752	3.837
Total Current Assets		12.457	12.894	10.870
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.401	1.185	0.143
	Other Current Liabilities	0.018	0.288	0.447
	Provisions	0.945	2.141	2.858
Total Current Liabilities		2.364	3.614	3.448
Net Current Assets		10.093	9.280	7.422
MISCELLANEOUS EXPENSES		0.000	0.000	0.035
TOTAL		22.280	13.110	10.072

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA		NA
		Other Income	NA		NA
		TOTAL (A)	NA	28.665	NA
Less	EXPENSES
		Office Expenses	NA	20.968	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	20.968	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.060	7.697	9.788
Less	FINANCIAL EXPENSES (D)		0.589	0.180	0.069
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.471	7.517	9.719
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.885	0.790	0.462
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		2.586	6.727	9.257
Less	TAX (H)		0.802	2.124	2.932
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1.784	4.603	6.325
	BALANCE CARRIED TO THE B/S		1.784	4.603	6.325
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.856	1.100	NA
	Earnings / (Loss) Per Share (Rs.)		3.57	46.03	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	16.05	NA
Return on Total Assets (PBT/Total Assets}	(%)	10.68	40.22	68.65
Return on Investment (ROI) (PBT/Networth)		0.19	0.58	1.28
Debt Equity Ratio (Total Debt/Networth)		0.62	0.13	0.38
Current Ratio (Current Asset/Current Liability)		5.27	3.57	3.15

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for one year	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

OPERATIONS:

The company is engaged in manufacture of Flavours which are used in Pharma and Food Industries. During the current financial year, the company is expecting to achieve higher turnover and profits.

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Unsecured Loan	6.175	0.613
TOTAL	6.175	0.613

FIXED ASSETS:

• Plant and Machinery
• Sewing Machine
• Vessel
• Air Conditioner
• Cycle
• Weighing Scale
• Lab Equipments
• Mobile Phones
• Computer Printer
• Furniture and Fixtures
• Storage Racks
• Bar Stool
• Water Storage Tank
• CC TV (Camera) Peripherals

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.56.57
UK Pound	1	Rs.86.15
Euro	1	Rs.73.64

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.