MIRA INFORM REPORT

Report Date :

08.11.2013

IDENTIFICATION DETAILS

Name :	GARDEN POLYMERS PRIVATE LIMITED
Registered Office :	2, Red Cross Place, Kolkata - 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.11.1986
Com. Reg. No.:	21-184599
Capital Investment / Paid-up Capital :	Rs. 18.500 Millions
CIN No.: [Company Identification No.]	U25204WB1986PTC184599
PAN No.: [Permanent Account No.]	AABCG5422A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of PET Bottles.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears drastic dip in profit of the company in 2013. However, liquidity position appears to be good. Trade relation reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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. Sushil
Designation :	Finance Manager
Contact No.:	91-9967611223
Date :	08.11.2013
Name :	Mr. B.V. Bhat
Designation :	Assistant Manager
Contact No.:	91-135-2699150
Date :	08.11.2013

LOCATIONS

Registered Office :	2, Red Cross Place, Kolkata - 700001, West Bengal, India
Tel. No. :	Not Available
Mobile No. :	91-9967611223 (Mr. Sushil)
Fax No. :	Not Available
E-Mail :	sushil@gpoly.in ngoenka@hindware.co.in
Website :	http://www.gardenpolymers.com
Factory :	No.15, Lakkammanahalli Industrial Area, Dharwad – 580004, Karnataka, India
Tel. No. :	91-836-2462621/ 5550455

DIRECTORS

As on 25.06.2012

Name :

Mr. Ram Babu Kabra

Designation :

Director

Address :

A-2, H.S.I Colony, Dist. Jhajjar, Bahadurgarh - 12450, Haryana, India

Date of Birth/Age :

09.07.
1958

Date of Appointment :

29.09.2011

DIN No. :

00021886

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	U26922DL1972PLC005937	CERAMIC SERVICES LIMITED	Director	27/07/1985	27/07/1985	Active	NO
2	L65993WB1971PLC195585	SOMA INVESTMENTS LIMITED	Director	27/06/1995	27/06/1995	Active	NO
3	U06110DL1996PTC076009	SAGA FINLEASE PRIVATE LIMITED	Director	02/02/1996	02/02/1996	Active	NO
4	U51420WB1992PTC055131	O-FURO PRIVATE LIMITED	Director	30/03/2002	30/03/2002	Strike off	NO
5	U26102WB1974PLC029712	AMAL CERAMICS LIMITED.	Director	30/09/2003	30/09/2003	Amalgamated	NO
6	U51109WB2005PTC106307	HINDWARE HOME RETAIL PRIVATE LIMITED	Director	18/09/2010	10/05/2010	Active	NO
7	U52390WB2009PTC138531	METALLITE SUPPLIERS PRIVATE LIMITED	Director	30/09/2011	09/02/2011	Active	NO
8	U25204WB1986PTC184599	GARDEN POLYMERS PRIVATE LIMITED	Director	29/09/2011	12/08/2011	Active	NO
9	U26914DL2002NPL115694	INDIAN COUNCIL OF SANITARYWARE MANUFACTURES	Director	21/08/2012	19/07/2012	Active	NO
10	U93000DL2012NPL238679	INDIAN PLUMBING SKILLS COUNCIL	Additional director	25/09/2012	25/09/2012	Active	NO

Name :

Mr. Girdhari Lal Sultania

Designation :

Director

Address :

2, Rowland Road, Kolkata - 700020, West Bengal, India

Date of Birth/Age :

16.10.1945

Date of Appointment :

29.09.2011

DIN No. :

00060931

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	L51109WB1981PLC034233	SARVOTTAM VANIJYA LIMITED	Director	26/10/1981	26/10/1981	-	Active	NO
2	L65993WB1980PLC033007	BHILWARA HOLDINGS LIMITED	Director	10/01/1983	10/01/1983	-	Active	NO
3	L51109WB1983PLC036899	SCHABLONA INDIA LIMITED	Director	08/07/1985	08/07/1985	-	Active	NO
4	L74140WB1990PLC049032	SKP SECURITIES LIMITED	Director	01/05/1991	01/05/1991	-	Active	NO
5	U55101WB1979PLC032095	SR CONTINENTAL LIMITED	Director	31/03/1994	31/03/1994	-	Active	NO
6	L15421WB1924PLC004929	THE UNITED PROVINCES SUGAR COMPANY LIMITED	Director	19/01/1995	19/01/1995	-	Active	NO
7	U65921WB1995PTC073004	RAIPUR AGROTECH PRIVATE LIMITED	Director	19/07/1995	19/07/1995	-	Active	NO
8	L40200DL1968PLC005169	SOMANY CERAMICS LIMITED	Director	22/09/1997	22/09/1997	-	Active	NO
9	L65993WB1980PLC032461	BIGOO INVESTMENTS LIMITED	Director	29/09/1997	29/09/1997	-	Amalgamated	NO
10	U51909WB1995PTC070143	TEXTOOL MERCANTILE PRIVATE LIMITED	Director	25/09/1998	25/09/1998	-	Active	NO
11	L51909WB1981PLC033353	PACO EXPORTS LIMITED	Director	30/09/1999	30/09/1999	-	Active	NO
12	U70101WB1959PTC012630	SOMANY PROPERTIES PRIVATE LIMITED	Director	15/09/2001	15/09/2001	10/11/2009	Active	NO
13	L51433WB1960PLC024539	HSIL LIMITED	Director	09/09/2006	09/09/2006	-	Active	NO
14	U51109WB2005PTC106307	HINDWARE HOME RETAIL PRIVATE LIMITED	Director	28/09/2006	28/09/2006	-	Active	NO
15	U51109WB2005PTC106306	ADARSH BARTER PRIVATE LIMITED	Director	28/09/2006	28/09/2006	-	Active	NO
16	U51909WB2004PTC100718	SCOPE VINIMOY PRIVATE LIMITED	Director	29/09/2007	03/11/2006	-	Active	NO
17	U51909DL2006PLC156990	SOMANY GLOBAL LIMITED	Director	26/12/2006	26/12/2006	-	Active	NO
18	L65910DL1984PLC018749	SPA CAPITAL SERVICES LIMITED	Director	29/09/2007	31/01/2007	15/03/2012	Active	NO
19	U27107WB2008PLC129064	HSIL ASSOCIATES LIMITED	Director	04/09/2008	04/09/2008	09/11/2009	Active	NO
20	U65999WB1994PLC064358	KIRTIVARDHAN FINVEST SERVICES LIMITED	Director	16/07/2009	07/03/2009	20/07/2012	Active	NO
21	U70109WB2009PTC139696	LAKSHYA INFRASTRUCTURES PRIVATE LIMITED	Director	25/11/2009	25/11/2009	-	Active	NO
22	U80301MH2009PLC190813	NEW AGE KNOWLEDGE SOLUTIONS LIMITED	Director	30/09/2011	22/09/2010	15/03/2012	Active	NO
23	U45400WB2011PTC158817	ANAND APARTMENT MAINTENANCE PRIVATE LIMITED	Director	11/02/2011	11/02/2011	-	Active	NO
24	U25204WB1986PTC184599	GARDEN POLYMERS PRIVATE LIMITED	Director	29/09/2011	12/08/2011	-	Active	NO

Name :

Mr. Arun Kumar Dukkipati

Designation :

Director

Address :

B-5, Agi Quarters, Borabanda, Hyderabad – 500018, Andhra Pradesh

Date of Birth/Age :

15.
06.1947

Date of Appointment :

29.09.2011

DIN No. :

03284809

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	U91110AP1964NPL001030	THE FEDERATION OF ANDHRA PRADESH CHAMBERS OF COMMERCE AND	Director	15/06/2010	15/06/2010	Active	NO
2	U26100DL1970NPL005313	ALL INDIA GLASS MFRS'. FEDERATION	Director	18/09/2010	18/09/2010	Active	NO
3	U25204WB1986PTC184599	GARDEN POLYMERS PRIVATE LIMITED	Director	29/09/2011	12/08/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Sushil
Designation :	Finance Manager
Name :	Mr. B.V. Bhat
Designation :	Assistant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.06.2012

Names of Shareholders	No. of Shares
HSIL Limited, India	18497
Ram Babu Kabra (Nominee of HSIL Limited u/s 187(c) of the Companies Act, 1956)	1
Girdhari Lai Sultania (Nominee of HSIL Limited u/s 187(c) of the Companies Act, 1956)	1
Niranjan Kumar Goenka (Nominee of HSIL Limited u/s 187(c) of the Companies Act, 1956)	1
Total	18500

As on 25.06.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	99.97
Directors or relatives of Directors	0.03
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of PET Bottles.

GENERAL INFORMATION

Customers :

· Bayer

Cipla

Pfizer

Geno

GSK

Centaur

Ranbaxy laboratories Limited

Wyeth

Glaxo

Himalaya

Cavinkare

P&G

No. of Employees :

Not Divulged

Bankers :

· The Shamrao Vitahl Co-operative Bank Limited, 7, Sarkar Corner, J. P. Road, Versova,, Andheri (West), Mumbai - 400058, Maharashtra, India

HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Working capital loans from banks	39.568	21.673
Total	39.568	21.673

Banking Relations :	--
Auditors :
Name :	Batliboi and Purohit Chartered Accountants
Address :	National Insurance Building, 204, Dadabhai Naoroji Road, Fort, Mumbai - 400001
Income-tax PAN of auditor or auditor's firm :	AAAFP0915F
Holding company :	Hsil Limited, India CIN No.:L51433WB1960PLC024539
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Kaynad Packaging Private Limited CIN No.:U28129MH1993PTC074844 Western Cans Private Limited CIN No.:U29150MH1984PTC031866

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.1000/- each	Rs. 20.000 Millions
2500	Preference Shares	Rs.1000/- each	Rs. 2.500 Millions
	Total		Rs. 22.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18500	Equity Shares	Rs.1000/- each	Rs. 18.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	18.500	18.500	18.500
(b) Reserves & Surplus	385.984	344.525	278.806
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	404.484	363.025	297.306
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	134.427
(b) Deferred tax liabilities (Net)	39.717	42.924	48.735
(c) Other long term liabilities	0.135	0.118	0.000
(d) long-term provisions	0.986	1.629	1.266
Total Non-current Liabilities (3)	40.838	44.671	184.428
(4) Current Liabilities
(a) Short term borrowings	112.068	111.673	55.702
(b) Trade payables	194.014	79.697	126.846
(c) Other current liabilities	37.798	30.477	74.265
(d) Short-term provisions	0.380	0.118	0.000
Total Current Liabilities (4)	344.260	221.965	256.813
TOTAL	789.582	629.661	738.547
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	350.393	361.346	393.931
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	2.159	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.503	0.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9.840	8.091	78.896
(e) Other Non-current assets	0.171	12.000	27.533
Total Non-Current Assets	360.404	384.099	500.860
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	78.922	80.968	35.309
(c) Trade receivables	341.797	159.275	191.447
(d) Cash and cash equivalents	0.294	0.234	1.381
(e) Short-term loans and advances	8.165	5.085	9.550
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	429.178	245.562	237.687
TOTAL	789.582	629.661	738.547

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	930.407	866.427	903.551
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		60.682	95.726	157.984
Less	TAX		19.140	29.687	51.120
	PROFIT/ (LOSS) AFTER TAX		41.542	66.039	106.864
Less/ Add	Prior Period Adjustments		0.000	(0.237)	(1.222)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		317.299	251.497	145.855
	BALANCE CARRIED TO THE B/S		358.841	317.299	251.497
	EARNINGS IN FOREIGN CURRENCY		0.402	0.523	0.356
	Earnings / (Loss) Per Share (Rs.)		2245.51	3569.68	5776.43

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	6.52	11.05	17.48
Return on Total Assets (PBT/Total Assets}	(%)	7.69	15.27	21.41
Return on Investment (ROI) (PBT/Networth)		0.15	0.26	0.53
Debt Equity Ratio (Total Debt/Networth)		0.28	0.31	0.64
Current Ratio (Current Asset/Current Liability)		1.25	1.11	0.93

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10354411	20/02/2013 *	325,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B70545389

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans and advances from related parties	72.500	90.000
Total	72.500	90.000

OPERATIONS

During the year, net sales turnover was Rs. 930.407 Millions as compared to Rs. 866.427 Millions during the previous year. Profit after tax was Rs. 41.542 Millions as compared to Rs. 66.039 Millions for the previous year. During the year Installed capacity of PET bottles was increased to 8564 MT from 8322 MT in previous year. Company is undergoing major capex plan to meet the growing industry demand.

SCHEME OF AMALGAMATION

At the meeting held on 25 September 2012, the Company's Board of Directors approved the proposal for the amalgamation of the Company with HSIL Limited, Holding Company, with effect from 1 April 2012, the appointed date. The final order of the Hon'ble High Court, Calcutta, to the said Scheme of Amalgamation is awaited.

FIXED ASSETS

· Land

Buildings

Factory Building

Plant and Equipment

Factory Equipments

Furniture and Fixtures

Vehicles

Office Equipment

Computer Equipments

Other Equipments

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.62.57
UK Pound	1	Rs.100.63
Euro	1	Rs.84.62

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.