1. Summary Information

		Country	India
Company Name	MANISH VINYLS - A DIVISION OF KUMAR ASHIS PROJECTS LIMITED	Principal Name 1	Mr. Ashish Kumar Khetan
Status	Moderate	Principal Name 2	Mr. Manish Kumar Khetan
		Registration #	--
Street Address	Plot No.67, Sector-6, Faridabad - 121006, Haryana
Established Date	05.11.1982	SIC Code	--
Telephone#	91-129-2241904	Business Style 1	Manufacturer, Exporter, Importer and Trader of PVC/PU Leather Cloth
Fax #	91-129-2245269	Business Style 2	--
Homepage	--	Product Name 1	--
# of employees	--	Product Name 2	--
Paid up capital	Rs.16,412,000	Product Name 3	--
Shareholders	Om Prakash Khetan - 92700	Banking	Corporation Bank
Public Limited Corp.	--	Business Period	31 years
IPO	---	International Ins.	-
Public Enterprise	---	Rating	B (35)
Related Company
Relation Associates	Country India	Company Name	Arsh Exports
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	145,631,000	Current Liabilities	281,371,000
Inventories	166,606,000	Long-term Liabilities	162,194,000
Fixed Assets	220,212,000	Other Liabilities	10,630,000
Deferred Assets	--	Total Liabilities	454,195,000
Invest& other Assets	22,341,000	Retained Earnings	84,183,000
		Net Worth	100,595,000
Total Assets	554,790,000	Total Liab. & Equity	554,790,000
Total Assets (Previous Year)	437,252,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	802,907,000	Net Profit	13,845,000
Sales(Previous yr)	515,686,000	Net Profit(Prev.yr)	1,701,000

MIRA INFORM REPORT

Report Date :

16.03.2013

IDENTIFICATION DETAILS

Name :	KUMAR ASHIS PROJECTS LIMITED MANISH VINYLS - A DIVISION OF KUMAR ASHIS PROJECTS LIMITED
Registered Office :	Plot No.67, Sector-6, Faridabad - 121006, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.11.1982
Com. Reg. No.:	05-031341
Capital Investment / Paid-up Capital :	Rs.16.412 Millions
CIN No.: [Company Identification No.]	U74999HR1982PLC031341
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter, Importer and Trader of PVC/PU Leather Cloth
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (35)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 400000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The latest financials of the company are not made available. As per previous year’s record. It has recorded some growth in its sales turnover and profits. There appears huge external borrowings recorded by the company which acts as a threat to the liquidity position of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be unknown in absence of latest financials. The company can be considered for business dealings with some caution.

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

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	B (Long Term)
Rating Explanation	High risk of default
Date	17.10.2012

Rating Agency Name	CRISIL
Rating	A4 (Short Term loan)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	17.10.2012

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 / Factory :	Plot No.67, Sector-6, Faridabad - 121006, Haryana, India
Tel. No.:	91-129-2241904
Fax No.:	91-129-2245269 / 2289895
E-Mail :	khetan@khetan.com ankur.asco@gmail.com
Website :	www.khetan.com

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Ashish Kumar Khetan

Designation :

Whole – Time Director

Address :

House No.762, Sector 15, Faridabad – 121007, Haryana, India

Date of Appointment :

06.01.2010

DIN No.:

00042951

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	U74999HR1982PLC031341	KUMAR ASHIS PROJECTS LIMITED	Whole-time director	06-01-10	30-08-95	-	Active	NO
2	U65922WB1990PTC049804	AJC LEASING AND FINANCE COMPANY PRIVATE LIMITED	Director	10-07-05	10-07-05	-	Active	NO
3	U51109WB2006PTC107618	PASSION BARTER PRIVATE LIMITED	Director	17-08-07	17-08-07	14-09-07	Active	NO
4	U52110WB1996PTC082414	PROMPT VINTRADE PRIVATE LIMITED	Director	14-09-07	14-09-07	02-06-10	Active	NO
5	U51109WB1995PTC069267	COINSAVE DISTRIBUTORS PRIVATE LIMITED	Director	19-09-08	19-09-08	-	Active	NO
6	U51909WB2004PTC099876	COSMIC CONSUMER GOODS PRIVATE LIMITED	Additional director	06-06-11	06-06-11	12-12-11	Active	NO

Name :

Mr. Manish Kumar Khetan

Designation :

Whole – Time Director

Address :

House No.762, Sector 15, Faridabad – 121007, Haryana, India

Date of Appointment :

01.01.2010

DIN No.:

00042998

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	U74999HR1982PLC031341	KUMAR ASHIS PROJECTS LIMITED	Whole-time director	01-01-10	01-08-95	-	Active	NO
2	U51109WB1995PTC069267	COINSAVE DISTRIBUTORS PRIVATE LIMITED	Director	07-01-02	07-01-02	-	Active	NO
3	U51909WB2004PTC099876	COSMIC CONSUMER GOODS PRIVATE LIMITED	Additional director	18-05-11	25-01-07	06-06-11	Active	NO
4	U51109WB2005PTC105014	UMESH SUPPLIERS PRIVATE LIMITED	Director	19-07-07	19-07-07	20-05-08	Active	NO
5	U52110WB1996PTC082414	PROMPT VINTRADE PRIVATE LIMITED	Director	17-08-07	17-08-07	02-06-10	Active	NO
6	U65922WB1990PTC049804	AJC LEASING AND FINANCE COMPANY PRIVATE LIMITED	Director	19-09-08	19-09-08	-	Active	NO

Name :

Mr. Dilip Koyhari

Designation :

Director

Address :

B-3/6, Ashok Vihar, Phase-II, Delhi – 110052, India

Date of Appointment :

27.12.2004

DIN No.:

00873625

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	U74999HR1982PLC031341	KUMAR ASHIS PROJECTS LIMITED	Director	27-12-04	27-12-04	-	Active	NO
2	U74899DL1992PTC049050	AMER AGENTS AND TRADERS PRIVATE LIMITED	Director	15-11-05	15-11-05	-	Active	NO
3	U51109WB2006PTC107617	PROMINENT VANIJYA PRIVATE LIMITED	Director	02-04-12	02-04-12	-	Active	NO

Name :

Mr. Sumit Mohanka

Designation :

Additional Director

Address :

Ward No.7, Station Road, Supaul- 852131, Bihar, India

Date of Birth/Age :

19.07.1982

Date of Appointment :

01.09.2010

DIN No.:

03167943

KEY EXECUTIVES

Name :	Mr. Subhash
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Om Prakash Khetan	92700
Shashi Khetan	68000
Ashsh Kumar Khetan	134100
Manish Kumar Khetan	68200
Cosmic Consumer Goods Private Limited, India	249020
AJC Leasing and Finance Company Private Limited, India	130000
Coinsave Distributors Private Limited	130000
Nupur Khetan	90000
Manish Kumar Khetan	60000
Shashi Khetan	65000
On Prakash Khetan	62650
Shashank Agarwal	50000
Sweta Khetan	120000
Ashish Kumar Khetan	60000
Om Prakash Khetan Joint with Shashi Khetan	108000
Ashish Kumar Khetan Joint with Sweta Khetan	80000
Manish Kumar Khetan Joint with Nupur Khetan	20000
Rumi Agarwal	53540
Total	1641210

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	31.00
Directors or relatives of Directors	69.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter, Importer and Trader of PVC/PU Leather Cloth

Products :

Products Description	ITC Code
Cotton Coated Fabrics / PVC Leathers Cloth	5903.10
P.V.C.	3904.10
D.O.P	2917

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Installed Capacity
Cotton Coated Fabrics / PVC Leathers Cloth	90 Lacs meters per annum

Particulars	Unit	Actual Production
Cotton Coated Fabrics / PVC Leathers Cloth	Mts.	6886186
Cuts and Defective Pcs.	Kgs	1038823

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Corporation Bank, M 3 and 4, Greater Kailash-II, New Delhi – 110048, India
• ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Term Loan
Form Corporation Bank	(A)40.787	53.187
Cash Credit Account / Working Capital Loan Corporation Bank	(B)115.598	53.792
Vehicle Loan – ICICI Bank Limited Against Hypothecation of Vehicles	5.809	5.886
Total	5.809	112.865
Note: Secured against exclusive charge on the fixed assets of the company other than vehicles, both present and future and personal guarantee of two whole time director of the company. Secured against hypothecation of inventory and book debts and collaterally secured by way of charge on all fixed assets and personal guarantee of two whole time director of the company. Installments of term loan payable with in next one year Rs.12.400 Millions

Banking Relations :	--
Auditors :
Name :	Rajan Goel and Associates Chartered Accountants
Address :	167, Amritpuri B, Gar, East of Kailash, New Delhi – 110065, India
PAN.:	AALPG2611E
Associates :	Arsh Exports Amer Agents and traders Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1641210	Equity Shares	Rs.10/- each	Rs.16.412 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		16.412	16.412
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		84.183	70.472
4] (Accumulated Losses)		0.000	0.000
NETWORTH		100.595	86.884
LOAN FUNDS
1] Secured Loans		162.194	112.865
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		162.194	112.865
DEFERRED TAX LIABILITIES		10.630	5.514
TOTAL		273.419	205.263
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		220.212	214.490
Capital work-in-progress		22.341	14.108
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	166.606	108.658
	Sundry Debtors	102.235	59.924
	Cash & Bank Balances	9.512	5.733
	Other Current Assets	0.000	0.000
	Loans & Advances	33.884	34.339
Total Current Assets		312.237	208.654
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	165.040	122.046
	Other Current Liabilities	114.247	108.554
	Provisions	2.084	1.389
Total Current Liabilities		281.371	231.989
Net Current Assets		30.866	(23.335)
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		273.419	205.263

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	802.907	515.686
		Other Income	0.885	5.190
		TOTAL (A)	803.792	520.876
Less	EXPENSES
		Raw Material Consumed	637.639	447.150
		Purchases for sale	56.195	14.290
		Decrease / (Increase) in stocks	(19.645)	(15.898)
		Stores, spares and packing materials consumed	8.088	5.843
		Excise duty on stocks	2.791	0.203
		Payments to and provisions for employees	14.035	9.645
		Other expense	59.371	40.310
		TOTAL (B)	758.474	501.543
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		45.318	19.333
Less	FINANCIAL EXPENSES (D)		13.384	8.960
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		31.934	10.373
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.111	7.195
	PROFIT BEFORE TAX (E-F) (G)		19.823	3.178
Less	TAX (H)		5.978	1.477
	PROFIT AFTER TAX (G-H) (I)		13.845	1.701
Less/ Add	Income Tax, Fringe Benefit Tax, Wealth Tax For Earlier Years		(0.133)	(0.055)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		34.086	32.440
	BALANCE CARRIED TO THE B/S		47.798	34.086
	Earnings Per Share (Rs.)		8.44	1.04

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	1.72	0.33
Net Profit Margin (PBT/Sales)	(%)	2.47	0.62
Return on Total Assets (PBT/Total Assets}	(%)	3.72	0.75
Return on Investment (ROI) (PBT/Networth)		0.20	0.04
Debt Equity Ratio (Total Liability/Networth)		4.41	3.97
Current Ratio (Current Asset/Current Liability)		1.11	0.90

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 last two years	Yes
12]	Profitability for last two 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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONS

During the year, turnover of the company increased and stood at Rs.802.907 Millions as against Rs.515.686 Millions in 2009-10. The net profit before tax increases form Rs.3.178 Millions in 2009-10 to Rs.19.823 Millions in 2010-11. The quality of the product improved and as a result the average sales realization per meter increased. The overheads increased during the year but strict control was exercised to contain over all increase in costs. All these factors contributed to increase in net profits.

However, the cash profit (Before writing off depreciation) increased form Rs.10.373 Millions in 2009-10 to Rs.31.934 Millions in 2010-11. The depreciation increased due to commissioning of one production line of the new project in September’ 2010.

Special emphasis is continued to be laid on export and control cost of production and overheads.

Barring unforeseen circumstances, with the production capacity increase and exportation of revival of economy. Results are expected to be better in next financial year.

FINANCE

During the period, the working capital facilities and term loan limits were revised and working capital facilities both fund based and non fund based were revised to Rs.427.500 Millions

The company has not taken or accepted any deposits form public and there is no unclaimed or unpaid deposits.

AMALGAMATION

The process of amalgamation with another company namely Manish Vinyls Private Limited is under progress and approval of high court is awaited. Upon amalgamation, all the assets and liabilities of this company will belong to new amalgamated company w.e.f. 01.4.2008 and shareholders of this company will be issued one share of the amalgamated company or every one share held.

CONTINGENT LIABILITIES

Rs. In Millions

Particular	31.03.2011	31.03.2010
Letter of credits issues by bank	82.510	106.235
Local Area development ax interest liability (pending appeal)	1.444	1.444
Excise demands	11.864	11.864

Bankers Charges Report as per Registry

Corporate identity number of the company	U74999HR1982PLC031341
Name of the company	KUMAR ASHIS PROJECTS LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No 67 Sector 6 faridabad, Haryana, India
This form is for	Modification of charge
Type of charge	Immovable Property Floating Charge
Particular of charge holder	CORPORATION BANK
Nature of instrument creating charge	Common Deed of Hypothecation of Movables/Assets/Debts Letters of Continuity for Property Securing the Multiple Credit Facilities of Rs.583.400 Millions granted by the Corporation Bank to the Borrower.
Date of instrument Creating the charge	15/02/2012
Amount secured by the charge	Rs. 583.400 Millions
Short particulars of the property charged	EMG/ first charge on factory Land and Building situated at Plot No. 67, Sector 6, Faridabad represented by its Director Mr. Manish Kumar Khetan

FIXED ASSETS

· Freehold Land

· Building

· Plant and Machinery

· Rolls and Dies

· R and D Equipments

· Generator

· Electric Installations

· Furniture and Fixtures

· Motor Vehicles

· Refrigerator and Air Conditioner

· Computer

· Office Equipments

· Cycle

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.54.16
UK Pound	1	Rs.81.74
Euro	1	Rs.70.50

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
TOTAL		35

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.