MIRA INFORM REPORT

Report Date :

08.03.2013

IDENTIFICATION DETAILS

Name :	CLASSIC STRIPES PRIVATE LIMITED (w.e.f. 26.03.2010)
Formerly Known As :	CLASSIC STRIPES LIMITED (w.e.f. 31.03.2008) CLASSIC STRIPES PRIVATE LIMITED
Registered Office :	164, Senapti Bapat Marg, Matunga (West), Mumbai – 400016, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.09.1987
Com. Reg. No.:	11-044849
Capital Investment / Paid-up Capital :	Rs.120.625 Millions
CIN No.: [Company Identification No.]	U74999MH1987PTC044849
PAN No.: [Permanent Account No.]	AAACC5076F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automotive Graphic.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 5400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of “ASTARC GROUP”. It is a well established and reputed company having a good track record. Financially company appears to be strong. Performance capability seems to be high. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	LONG TERM RATING : CRISIL A-
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation it carry low credit risk.
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.

INFORMATION DECLINED

Management Non Co-Operative

(91-22-66793500)

LOCATIONS

Registered Office :	164, Senapti Bapat Marg, Matunga (West), Mumbai – 400016, Maharashtra, India
Tel. No.:	91-22-24303826/ 24303853/ 8688/ 24328463/ 64 / 24211708/ 24365303/ 24389550/ 66793500
Fax No.:	91-22-24308688/ 24303826/ 66793600
E-Mail :	rahul.muranjan@classicstripes.com mangesh.bhosale@classicstripes.com clst@bom8.vsnl.net.in kmusale@classicstripes.com
Website :	http://www.classicstripes.com
Corporate Office :	Astarc House, 76/79 Makwana Lane, Takpada Off Andheri Kurla Road, Marol, Andheri (East), Mumbai - 400059, Maharashtra, India
Tel. No.:	91-22-66793500
Fax No.:	91-22-66793600
E-Mail :	info@classicstripes.com
Factory :	Located at: · Two Manufacturing Unit at Vasai, Thane, Maharashtra, India · One Manufacturing Unit at Haridwar, Uttaranchal, India

DIRECTORS

AS ON 18.09.2012

Name :	Mr. Kishore Manohar Musale
Designation :	Managing director
Address :	Astarc Bunglow, Survey No. 86, Sant Tukaram Marg, Juhu Tara Road, Juhu, Vile Parle (West), Mumbai - 400049, Maharashtra, India
Date of Birth/Age :	15.02.1954
Qualification :	B. Com
Date of Appointment :	30.09.1987
PAN No.:	AADPM0375K
DIN No.:	00144029
Name :	Mrs. Chhaya Kishore Musale
Designation :	Director
Address :	Astarc Bunglow, Survey No. 86, Sant Tukaram Marg, Juhu Tara Road, Juhu, Vile Parle (West), Mumbai - 400049, Maharashtra, India
Date of Birth/Age :	09.09.1955
Qualification :	B. Com
Date of Appointment :	30.09.1987
DIN No.:	00640296
Name :	Mr. Bruno Seghin
Designation :	Director
Address :	Suite 2120, Pacific Place, 88, Queens Way, Hong Kong, 200000
Date of Birth/Age :	07.05.1957
Qualification :	MBA
Date of Appointment :	05.04.2011
DIN No.:	00740866
Name :	Mr. Ashish Agrawal
Designation :	Director
Address :	601, Padma Prabhu Apartments, 1174/1175, Veer Varkar, Marg, Dadar (West), Mumbai - 400028, Maharashtra, India
Date of Birth/Age :	21.06.1977
Qualification :	MBA, MS-Computers
Date of Appointment :	05.04.2011
DIN No.:	02421421
Name :	Mr. Salil Kishore Musale
Designation :	Whole-time director
Address :	Classic Strip House, 76/79, Makwana Lane, Takpada, off Andheri Kurla Road, Marol Naka, Andheri (East), Mumbai - 400059, Maharashtra, India
Date of Birth/Age :	10.08.1983
Date of Appointment :	01.07.2012
DIN No.:	02698971
Name :	Mr. Jesal Nilesh Doshi
Designation :	Director
Address :	84, Duru Mahal, Marine Drive, F Road, Mumbai - 400002, Maharashtra, India
Date of Birth/Age :	09.01.1984
Qualification :	MBA, BE-Electronics
Date of Appointment :	05.04.2011
DIN No.:	02963307
Name :	Mr. Aditya Arora
Designation :	Nominee director
Address :	C-1-401, Purvi Apartment, Sundervan Compound, Andheri (West), Mumbai - 400053, Maharashtra, India
Date of Birth/Age :	01.09.1980
Date of Appointment :	09.07.2012
DIN No.:	03528624

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 18.09.2012

Names of Shareholders	No. of Shares
Kishore Manohar Musale	2990631
Chhaya Kishore Musale	1311301
Salil Kishore Musale	750000
Sameer Kishore Musale	750000
Ramaswamy Palghat Subramaniam	59700
CSPL Holding Private Limited, Mauritius	6100883
CSPL Holding Private Limited, Mauritius (Class A Shares)	100000
Total	12062515

AS ON 18.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	51.41
Directors or relatives of directors	48.10
Other top fifty shareholders	0.49
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automotive Graphic.

Products :

ITC Code	Product Descriptions
3919	Printed Self Adhesives and Labels
9405	Glowsigns (Glow Boxes)
4901	Trade and Advertising Material (Freshners, Auto Accessories, Window Films, Door Visor)
3307	Storage and Display Unit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Printed Self Adhesive PVC Stripes	(Nos)	Not Applicable	Not Applicable	98,888,817
Storage Display Unit	(Nos)	Not Applicable	Not Applicable	74,713

GENERAL INFORMATION

Customers :

· Hero Motocorp

· Bajaj Auto

· Suzuki

· Yamaha Motors

· Tata Motors

· Mahindra and Mahindra

· Maruti Suzuki

· Hyundai Motors

· General Motors

· Toyota

· John Deere

· Swaraj

· Sonalika

· Godrej

· Pricol

· Tech Mahindra

· Escorts

No. of Employees :

Information declined by the management

Bankers :

· Citibank N.A., Plot No. 61, Citigroup Centre, Bandra Kurla Complex, Bandra (West), Mumbai – 400051, Maharashtra, India

· Axis Bank Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai - 400025, Maharashtra, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loans	31.03.2012	31.03.2011
LONG TERM
Term Loans from Banks	436.160	554.026
Working capital loans from banks	0.000	37.500
SHORT TERM
Term Loans from Banks	29.950	182.134
Total	466.110	773.660

Banking Relations :	--
Auditors :
Name :	S R Batliboi and Company Chartered Accountants
Address :	22 Camac Street, Block C 3rd Floor, Kolkata – 700016, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	ABSFS4151F
Subsidiaries :	· Classic Stripes INC, USA · Classic Stripes INC, USA
Related Parties :	· Astarc Power Private Limited U11100MH2007PTC176853 · Sabre Helmets Private Limited U36993MH2009PTC195096 · Classic Installation & Logistics Private Limited U93030MH2011PTC223529 · Classic Retail Imaging Solutions Private Limited U36998MH2010PTC211398 · Classic Retail Imaging Solutions Private Limited U36998MH2010PTC211398 · Pro-Tech Sports And Safety Products Private Limited U36930MH1994PTC082020 · Durabuild Technologies Private Limited U28933MH2004PTC148152 · Real Stone House Properties Private Limited U45200MH1992PTC066612 · Musale Enterprises Private Limited U67120MH1995PTC095102 · Perfect Mining Company Private Limited U28999MH1985PTC036783 · Sabre Helmets Private Limited U36993MH2009PTC195096 · Durabuild Technologies Private Limited U28933MH2004PTC148152 · Selection Agro Private Limited U01403MH2007PTC176200

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
14900000	Equity Shares	Rs. 10/- each	Rs. 149.000 Millions
100000	Class A Equity Shares	Rs. 10/- each	Rs. 1.000 Million
	Total		Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11962515	Equity Shares	Rs. 10/- each	Rs. 119.625 Millions
100000	Class A Equity Shares	Rs. 10/- each	Rs. 1.000 Million
	Total		Rs. 120.625 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		120.625	120.625	119.625
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1235.905	646.052	569.382
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1356.530	766.677	689.007
LOAN FUNDS
1] Secured Loans		466.110	773.660	1581.434
2] Unsecured Loans		160.592	160.592	424.780
TOTAL BORROWING		626.702	934.252	2006.214
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1983.232	1700.929	2695.221
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1125.004	1242.614	1036.717
Capital work-in-progress		0.000	43.668	91.950
INVESTMENT		1.440	1.435	552.935
DEFERRED TAX ASSETS		77.628	53.506	6.826
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	390.204	441.793	239.004
	Sundry Debtors	635.230	461.581	505.997
	Cash & Bank Balances	101.116	113.023	28.536
	Other Current Assets	1.448	128.593	0.000
	Loans & Advances	232.427	187.591	977.470
Total Current Assets		1360.425	1332.581	1751.007
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	286.417	535.321	394.960
	Other Current Liabilities	276.060	329.951	19.541
	Provisions	18.788	107.603	329.713
Total Current Liabilities		581.265	972.875	744.214
Net Current Assets		779.160	359.706	1006.793
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1983.232	1700.929	2695.221

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3601.910	3202.230	2126.940
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Material Consumed
		(Decrease)/ Increase in Stock
		Purchases Traded Goods
		Employee Cost
		Operating and Other Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)
Less	FINANCIAL EXPENSES (D)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)
Less/ Add	DEPRECIATION/ AMORTISATION (F)
	PROFIT BEFORE TAX (E-F) (G)		654.800	162.200	215.907
Less	TAX (H)		64.950	85.500	37.677
	PROFIT AFTER TAX (G-H) (I)		589.850	76.700	178.230
Less	PRIOR PERIOD ADJUSTMENT		0.000	0.030	0.565
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		490.780	434.110	266.447
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	20.000	10.000
	BALANCE CARRIED TO THE B/S		1080.630	490.780	434.112
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods ( F.O.B Value)	58.460	64.472	37.821
	TOTAL EARNING		58.460	64.472	37.821
	IMPORTS
		Raw Materials	NA	826.311	645.238
		Traded Goods	NA	86.456	16.173
		Capital Goods	NA	119.684	35.314
	TOTAL IMPORTS		NA	1032.451	696.725
	Earnings Per Share (Rs.)		48.90	NA	14.88

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	18.18	5.07	10.15
Return on Total Assets (PBT/Total Assets}	(%)	26.35	6.30	7.74
Return on Investment (ROI) (PBT/Networth)		0.48	0.21	0.31
Debt Equity Ratio (Total Debt/Networth)		0.46	1.22	2.91
Current Ratio (Current Asset/Current Liability)		2.34	1.37	2.35

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITOR DETAILS

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	286.417	535.321	394.960

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 last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

DETAILS OF UNSECURED LOANS

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Deferred sales tax loan unsecured	160.592	160.592
Total	160.592	160.592

OPERATIONS

The net sales turnover of the Company has increased from Rs.3202.230 Millions to Rs.3601.910 Millions recording an increase of 12.48% over the previous year. Net Profit before Tax is Rs.654.800 Millions for the current year as compared to Rs. 162.200 Millions for previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74999MH1987PTC044849
Name of the company	CLASSIC STRIPES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	164, Senapti Bapat Marg, Matunga (West), Mumbai – 400016, Maharashtra, India Email: rahul.muranjan@classicstripes.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others (Movable Plant and Machinery, Stock of Raw Materials, SIP, Finished Goods etc.)
Particular of charge holder	Axis Bank Limited, Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India E-mail Id : suyashri@vsnl.com
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Deed (Current Assets, Movables, Plant and Machinery) Dated 16.01.2013
Date of instrument Creating the charge	16.01.2013
Amount secured by the charge	Rs.610.200 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Sanction Letter No. AXISB/CO/MC/RGK/O-698/12-13 dated 28.12.2012 and any modifications, amendments thereto or as stipulated by bank from time to time. Terms of Repayment As per Sanction Letter No. AXISB/CO/MC/RGK/O-698/12-13 dated 28.12.2012 and any modifications, amendments thereto or as stipulated by bank from time to time. Margin As per Sanction Letter No. AXISB/CO/MC/RGK/O-698/12-13 dated 28.12.2012 and any modifications, amendments thereto or as stipulated by bank from time to time. Extent and Operation of the charge Bank granted credit facilities agg. to Rs.610.200 Millions (TL Rs.410.200 Millions, WC Rs.200.000 Millions). WC limits secured by 1st pari passu charge on Stock of Goods such as Vinyl base and Appl. films and chemicals for ink, decals, Other C. Assets etc., O/s monies, BDs, etc. and 2nd pari passu charge on Mov. P and M, F and F etc. lying at Co's godowns at Vasai, Haridwar or elsewhere or in transit; and TL secured by 1st pari passu charge on Movable P and M, F and F etc. & 2nd pari passu charge on Stocks, BDs etc Others Various limits granted by the Bank, are as under: Term Loan- Rs.410.200 Millions. Working Capital Limits- Rs.200.000 Millions, viz. CC- Rs.100.000 Millions, WCDL (sub limit of CC)- (Rs.80.000 Millions), EPC/PCFC (sub limit of CC)-(Rs.25.000 Millions), FBP /FBD/PSCFC (sub limit of CC)- (Rs.25.000 Millions), LC- Rs.100.000 Millions, Standby LC/LOU for Buyers Credit(sub limit of LC)- (Rs.100.000 Millions), BG (sub limit of LC)- (Rs.20.000 Millions), LER (sub limit of LC)- (Rs.20.000 Millions)
Short particulars of the property charged	1st pari passu charge for TL and 2nd pari passu charge for WC limits on Mov. P and M, F and F, Computers etc. lying at Co's godowns at Vasai, Haridwar or elsewhere or in transit, 1st pari passu charge for WC and 2nd pari passu charge for TL on Stock of Goods such as Vinyl base and Appl. films and chemicals for ink, decals, Other CA etc, lying at Co's premises, 1st pari passu charge for WC limits and 2nd pari passu charge for TL on O/s monies, Book Debts, receivables, etc. due and owing to co. in course of its business,

FIXED ASSETS:

· Land – Freehold

· Factory Building

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Air conditioner

· Electrical Installation

· Office Equipment

· Computer

· Motor Car

· Motor Cycle

· Cycle

· 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.54.74
UK Pound	1	Rs.82.14
Euro	1	Rs.71.13

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.