MIRA INFORM REPORT

Report Date :

12.10.2013

IDENTIFICATION DETAILS

Name :	INJECTOPLAST PRIVATE LIMITED
Registered Office :	D-3/A, Panki Industrial Estate, Kanpur – 208022, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.10.1996
Com. Reg. No.:	20-020772
Capital Investment / Paid-up Capital :	Rs. 32.000 Millions
CIN No.: [Company Identification No.]	U25201UP1996PTC020772
TAN No.: [Tax Deduction & Collection Account No.]	KNPI00061F
PAN No.: [Permanent Account No.]	AAACI3321D
Legal Form :	Private Limited Liability Company
Line of Business :	Supplier to Automotive Industry, Providing Solutions for Modules and Systems made out of Engineering plastics components and assembles
No. of Employees :	Not Divulged

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 1000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. General financial position of the company is good. Trade relations are reported as decent. Business is active. Payment are reported to be regular and as per commitment. The company can be considered good for 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 – 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	08.01.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating: A1
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	08.01.2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-512-3045100)

LOCATIONS

Registered Office :	D-3/A, Panki Industrial Estate, Kanpur – 208022, Uttar Pradesh, India
Tel. No.:	91-512-3045100 /
Fax No.:	91-5112-282149 / 282205 91-512-2691249
E-Mail :	injecto@lohiagroup.com
Website :	http://www.injectoplast.com
Head Office / Factory 1 :	Lohia Industrial Complex, Chaubepur, 485 / B, Amiliha, (G.T. Road), Kanpur- 209203, Uttar Pradesh, India
Tel. No.:	91-512-3045100
Fax No.:	91-5112-282149 / 282205
E-Mail :	injecto@lohiagroup.com
Branch Office 1/ Factory 2 :	F 12-16 Sipcot Industrial Park, Irrugattukottai, Sriperumbudur, Chennai – 602105, Tamil Nadu, India
Tel. No.:	91-44-47112100
Fax No.:	91-44-47100990
E-Mail :	injecto.c@lohiagroup.com
Branch Office 2/ Factory 3 :	GAT No. 235, Takve Budruk, Taluka Maval, Talegaon, Pune – 412106, Maharashtra, India
Tel. No.:	91-20-46703014
E-Mail :	Injecto.p@lohiagroup.com
Branch Office 3/ Warehouse :	Nawada Road, Village Badha, Manesar, District Gurgaon, Haryana, India
Tel. No.:	91-124-3957587
Group Offices:	Located At: · Mumbai Bangalore New Delhi Gurgaon

DIRECTORS

As on: 11.08.2012

Name :

Mr. Arun Kumar Shah

Designation :

Managing Director

Address :

Flat no. 205, Leela Palace Apartments, 7/85, Tilak Nagar, Kanpur – 208002, Uttar Pradesh, India

Date of Birth/Age :

17.04.1962

Date of Appointment :

01.10.1996

DIN No.:

00205475

Name :

Mr. Ram Prakash Shah

Designation :

Whole Time Director

Address :

Flat no. 205, Leela Palace Apartments, 7/85, Tilak Nagar, Kanpur – 208002, Uttar Pradesh, India

Date of Birth/Age :

03.01.1940

Date of Appointment :

03.10.1996

DIN No.:

00204388

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	U25201UP1996PTC020772	INJECTOPLAST PRIVATE LIMITED	Director	03/10/1996	03/10/1996	-	Active	NO
2	L65921UP1983PLC006136	SHREE HOLDINGS LIMITED	Director	21/02/1997	21/02/1997	-	Active	NO
3	L67120UP1983PLC006093	PRASHANT COMMERCIAL HOLDINGS LIMITED	Director	29/09/2007	29/09/2007	26/04/2013	Active	NO

Name :

Mr. Amit Kumar Lohia

Designation :

Director

Address :

113/91, Swaroop Nagar, Kanpur – 208002, Uttar Pradesh, India

Date of Birth/Age :

03.11.1963

Date of Appointment :

03.10.1996

DIN No.:

00205588

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	U29261UP1995PTC018782	KANUPRIYA ENTERPRISES PRIVATE LIMITED	Director	25/09/1995	25/09/1995	-	Active	NO
2	U25201UP1996PTC020772	INJECTOPLAST PRIVATE LIMITED	Director	03/10/1996	03/10/1996	-	Active	NO
3	U65191UP1996PTC020813	SHRUTI FINSEC PRIVATE LIMITED	Director	09/10/1996	09/10/1996	-	Active	NO
4	U70200UP1997PTC021941	SHRI FOUNDRIES AND ENGG. WORKS PRIVATE LIMITED	Director	13/05/1997	13/05/1997	-	Active	NO
5	U29236UP1997PTC022404	SHRI INDUSTRIES AND ENGG. WORKS PRIVATE LIMITED	Director	01/08/1997	01/08/1997	29/03/2011	Active	NO
6	U67110UP1996PTC020473	SAUMYA REAL ESTATES PRIVATE LIMITED	Director	09/08/1999	09/08/1999	-	Active	NO
7	U72200UP2000PTC025199	DIVINE WELLNESS PRIVATE LIMITED	Director	14/03/2000	14/03/2000	-	Active	NO
8	U29261UP2002PLC026468	LOHIA FILAMENT MACHINES LIMITED	Director	29/01/2002	29/01/2002	-	Active	NO
9	U51909UP2004PTC028236	TANYA HOMES PRIVATE LIMITED	Director	23/01/2004	23/01/2004	-	Active	NO
10	U51909WB1994PTC062499	PETAL VINIMAY PVT LTD	Director	24/02/2006	24/02/2006	-	Active	NO
11	U67120UP1993PLC015144	LSL EMPLOYEES HOLDINGS LIMITED	Director	08/06/2006	08/06/2006	-	Active	NO
12	U51109UP1994PTC016899	LOHIA ENTERPRISES PRIVATE LIMITED	Additional director	10/09/2007	10/09/2007	-	Active	NO
13	U19129UP2001PTC025936	L R MOULDS PRIVATE LIMITED	Director	16/09/2008	10/09/2007	-	Active	NO
14	U70102UP2013PTC056011	LOHIA GROUP HOUSING PRIVATE LIMITED	Director	05/04/2013	05/04/2013	-	Active	NO
15	U40300UP2013NPL056238	LOHIA GROUP ELECTRICITY CONSUMERS ASSOCIATION	Director	17/04/2013	17/04/2013	-	Active	NO
16	L65921UP1983PLC006136	SHREE HOLDINGS LIMITED	Director	30/09/2013	26/04/2013	-	Active	NO

Name :

Mr. Atul Seksaria

Designation :

Director

Address :

802, Sector- 15, Faridabad – 121007, Haryana, Uttar Pradesh, India

Date of Birth/Age :

27.06.1962

Date of Appointment :

12.06.2000

DIN No.:

00028099

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	U25201UP1996PTC020772	INJECTOPLAST PRIVATE LIMITED	Director	12/06/2000	12/06/2000	-	Active	NO
2	L25209UP1970PLC003320	SWADESHI POLYTEX LTD	Director	23/11/2006	23/11/2006	-	Active	NO
3	U22121DL2001PLC159705	AMAR UJALA PUBLICATIONS LIMITED	Director	25/09/2010	25/09/2010	-	Active	NO
4	U31200DL1995PLC169397	SKIPPER ELECTRICALS (INDIA) LIMITED	Additional director	11/10/2012	11/10/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 11.08.2012

Names of Shareholders	No. of Shares
Kanupriya Enterprises Private Limited, India	2400000
Abhishek Finsec Private Limited, India	799900
Arun Kumar Shah, HUF	100
Total	3200000

Equity Share Break up (Percentage of Total Equity)

As on: 11.08.2012

Category	Percentage
Bodies corporate	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Supplier to Automotive Industry, Providing Solutions for Modules and Systems made out of Engineering plastics components and assembles
Products :	· Powertrain and Engine Parts / Modules Driveline and steering Parts Grab / Assist handles and interior Trims HVAC and ECM Parts and Modules ETC Plastic Pedal and Chassis Parts

GENERAL INFORMATION

Suppliers :

· BASF AG,

Bassel Polyfins

Bayer A.G.

Chevron Philips Chemical 

DSM Engineering Plastic

E. I. Dupont

Exxonmobil

Machino Polymers Limited

Reliance Industries Limited

Solvay Chemicals

Sabic Innovative Plastics

Tecnor Apex / SPC

Customers :

· Volkswagen 

Skoda Auto

Audi Ag

SEAT

GKN Driveline (India) Limited

BEHR India Limited

Nexteer Automotive 

COMSTAR Automotive.

Delphi Automotive Systems

Sona Steering Systems Limited

Brakes India Limited

Lohia Corp Limited

AVO Carbon 

AVTEC Limited

General Motors 

Ford Motor Company

Jaguar Landrover 

Visteon Automotive Systems. 

IWIS Motors System 

Bosch India 

Munjal Showa Limited

Denso Faridabad Limited 

Rane (Madras) Limited 

Rane TRW Steering Systems 

No. of Employees :

Not Divulged

Bankers :

· State Bank of India, Overseas Branch, 15/54 B, Virendra Smriti Complex, Civil Lines, Kanpur – 208001, Uttar Pradesh, India

Canara Bank, 16/98, The Mall, Kanpur – 208001, Uttar Pradesh, India.

HDFC Bank Limited, 15/63, Civil Lines, Krishna Tower, Kanpur

Facilities :

Secured Loan	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Term Loans
From PICUP –Interest Free Sales Tax Loan	3.972	8.315
From State Bank of India	0.000	5.181
From HDFC Bank Limited	43.041	62.171
Working Capital Loan From Banks
Cash Credit (Working capital loan from bank is secured by hypothecation of whole of the current assets including stocks of raw materials, stores and spares, work in process, Finished Goods, Receivables, and all other current assets of the company, both present and future. The loan is further secured by second charge on all the Fixed Assets of the company both present and future, and its personally guaranteed by Managing Director and two more Directors of the company.)	58.092	54.686
Total	105.105	130.353
· The loan from PICUP is secured by second charge on all of the Fixed Assets of the company both present and future. The loan is further secured by personal guarantee of one director of the company The term loan from State Bank of India are secured bu first charge on the entire Fixed Assets, both present and future and second charge on all current assets. The loan from HDFC Bank is secured by first charge on the entire Fixed assets of the company both present and future and second charge on all current assets. The loans are further secured by personal guarantees of the managing directors and two more directors of the company.

Banking Relations :	--
Auditors :
Name :	Anil Pariek and Garg Chartered Accountants
Address :	33, Anand Bazar, Swaroop Nagar, Kanpur – 208002, Uttar Pradesh , India
Tel. No.:	91-512-2541272
Fax No.:	91.512-2548233
E-Mail :	apg2002@gmail.com
PAN.:	AAAFG6229R

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3200000	Equity Shares	Rs.10/- each	Rs. 32.000 Millions
80000	Preference Shares	Rs.100/- each	Rs. 8.000 Millions
	Total		Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3200000	Equity Shares	Rs.10/- each	Rs. 32.000 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		32.000	32.000	32.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		309.548	244.494	193.503
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		341.548	276.494	225.503
LOAN FUNDS
1] Secured Loans		105.105	130.353	98.254
2] Unsecured Loans		0.000	1.871	2.221
TOTAL BORROWING		105.105	132.224	100.475
DEFERRED TAX LIABILITIES		18.533	18.097	15.564
TOTAL		465.186	426.815	341.542
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		290.883	279.627	212.476
Capital work-in-progress		0.000	2.691	19.140
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	126.891	119.711	91.478
	Sundry Debtors	213.091	186.268	142.652
	Cash & Bank Balances	16.395	2.252	2.362
	Other Current Assets	0.018	0.008	0.000
	Loans & Advances	30.618	36.727	29.053
Total Current Assets		387.013	344.966	265.545
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	124.358	113.524	91.754
	Other Current Liabilities	60.186	67.509	48.105
	Provisions	28.166	19.436	15.760
Total Current Liabilities		212.710	200.469	155.619
Net Current Assets		174.303	144.497	109.926
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		465.186	426.815	341.542

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES TURNOVER		909.600	982.800	631.500
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT AFTER TAX		NA	NA	NA
	EARNINGS IN FOREIGN CURRENCY		241.721	NA	158.276

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Debt Equity Ratio (Total Debt /Networth)	0.31	0.48	0.45
Current Ratio (Current Asset/Current Liability)	1.82	1.72	1.71

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 three years	Yes
12]	Profitability for last three years	No
13]	Reasons for variation <> 20%	--------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10260542	30/12/2010	5,000,000.00	CANARA BANK	16/98, THE MALL, KANPUR, UTTAR PRADESH - 208001, I NDIA	B03260908
2	10218432	26/04/2010	120,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	A85785632
3	90279022	23/05/2011 *	167,400,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, 15/54 B, VIRENDRA SMRITI COMPLEX, CIVIL LINES, KANPUR - 208001, UTTAR PRADESH, INDIA	B15894124

* Date of charge modification

PERFORMANCE AND OUTLOOK FOR THE FUTURE

In fiscal 2011-12, the Company's gross turnover grew from Rs. 909.600 Millions to Rs. 982.800 Millions, recording a growth of 8% over the previous year.

After a strong performance in FY 2010-11, the Indian economy showed signs of slowdown in FY 2011-12, due to global uncertainties caused by European crises and also domestic reasons. The Company is part of the Indian auto component industry which derives its growth impetus from the growth in automobile industry. The Indian auto components industry has been witnessing a moderation in its revenue growth since the beginning of this fiscal following the deceleration in sales volume growth across all automobile segments. The sluggishness was partly arrested on the back of rise in export of component.

UNSECURED LOAN

Particular	31.03.2012 (Rs in Millions)	31.03.2011 (Rs in Millions)
Loan from Shareholders/ Relatives	0.000	1.871
Total	0.000	1.871

FIXED ASSETS:

· Land

· Buildings

· Plant And Machinery

· Tools And Equipments

· Electric Installations

· Moulds

· Power Saving Equipments

· Air Conditioners

· Fire Fighting Equipments

· Computers

· Furniture And Fixtures

· Office Equipments

· Vehicles

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.61.16
UK Pound	1	Rs.97.77
Euro	1	Rs.82.78

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--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	NO
--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.