MIRA INFORM REPORT

Report Date :

30.10.2013

IDENTIFICATION DETAILS

Name :	SAVITA POLYMERS LIMITED
Registered Office :	66/67, Nariman Bhavan, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.03.1992
Com. Reg. No.:	11-65826
Capital Investment / Paid-up Capital :	Rs. 6.100 Millions
CIN No.: [Company Identification No.]	U74999MH1992PTC065826
TAN No.: [Tax Deduction & Collection Account No.]	MUMS16468E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Petroleum Speciality Products.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1678000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having a satisfactory track record. As per available financial of 2013, sales turnover and profit margins of the company appears to be decent. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for business dealings at usual trade terms and condition. Note: Latest financial of 2013 taken form indirect source i.e. CRISIL

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

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = A+
Rating Explanation	Adequate degree of safety and low credit risk
Date	12.08.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	12.08.2013

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Marvin
Designation :	Accounts Department
Contact No.:	91-22-66246200
Date :	28.10.2013

LOCATIONS

Registered / Corporate and Marketing Office :	66/67, Nariman Bhavan, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22883061/2/3/4/66246200
Fax No.:	91-22-22029364
E-Mail :	savitacorp@vsnl.com finance@savita.com ucr@savita.com
Website :	http://www.savita.com
Location :	Rented
Factory 1 :	A-2/1, MIDC Industrial Estate, Mahad, District Raigad – 402301, Maharashtra, India
Factory 2 :	54-A, Piparia Industrial Estate, Silvassa – 396230, Union Territory, India
Branch Office :	Located At : · Bhopal · Kolkata · New Delhi · Secunderabad

DIRECTORS

As on 29.09.2012

Name :

Mr. Gautam Nandkishore Mehra

Designation :

Director

Address :

121, Silver Arch, Neapean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

05.08.1961

Date of Appointment :

29.09.2005

DIN No.:

00296615

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	U23200MH1987PLC044075	SAVITA PETRO ADDITIVES LIMITED	Director	15/07/1987	15/07/1987	-	Active	NO
2	U65990MH1994PLC083703	SAVITA FINANCE CORPORATION LIMITED	Director	13/12/1994	13/12/1994	-	Active	NO
3	U67120MH1984PTC033281	NAVED INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	24/09/1997	24/09/1997	-	Active	NO
4	U65990MH1980PTC022329	KHATRI INVESTMENTS PRIVATE LIMITED	Director	24/09/1997	24/09/1997	-	Active	NO
5	U24100MH1968PTC014015	CHEMI-PHARMEX PRIVATE LIMITED	Director	24/09/1997	24/09/1997	-	Active	NO
6	U67120MH1980PTC022362	MANSUKHMAL INVESTMENTS PRIVATE LIMITED	Director	24/09/1997	24/09/1997	-	Active	NO
7	U51900MH1982PTC027582	BASANT LOK TRADING COMPANY PRIVATE LIMITED	Director	24/09/1997	24/09/1997	-	Active	NO
8	U65990MH1975PTC018652	KURLA INVESTMENT AND TRADING CO PRIVATE LIMITED	Director	24/09/1997	24/09/1997	-	Active	NO
9	L24100MH1961PLC012066	SAVITA OIL TECHNOLOGIES LIMITED	Managing director	01/10/2012	26/03/2005	-	Active	NO
10	U74999MH1992PLC065826	SAVITA POLYMERS LIMITED	Director	29/09/2005	29/09/2005	-	Active	NO

Name :

Mr. Chempalethu Varghese Alexander

Designation :

Director

Address :

Flat No. 16, Jasmine Pestom Sagar, Chembur, Mumbai – 400089, Maharashtra, India

Date of Birth/Age :

29.05.1935

Date of Appointment :

29.09.2007

DIN No.:

00253736

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	U65990MH1975PTC018652	KURLA INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	24/11/1975	24/11/1975	-	Active	NO
2	L24100MH1961PLC012066	SAVITA OIL TECHNOLOGIES LIMITED	Whole-time director	01/10/2013	01/10/2006	-	Active	NO
3	U74999MH1992PLC065826	SAVITA POLYMERS LIMITED	Director	29/09/2007	30/07/2007	-	Active	NO

Name :

Mr. Suhas Manohar Dixit

Designation :

Director

Address :

4, Park Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

17.10.1958

Date of Appointment :

11.09.2009

DIN No.:

02359138

KEY EXECUTIVES

Name :	Mr. Marvin
Designation :	Accounts Department
Name :	Mr. Vinay
Designation :	Account Department

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares
Savita Oil Tech Limited, India	10000
Khatri Invest Private Limited, India	23100
Mansukhmal Inv. Private Limited, India	23100
Naved Invest Private Limited, India	100
Swaran N Mehra	480000
Gautam N Mehra	73600
Reshma G Mehra	100
Total	610000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	9.23
Directors or relatives of directors	90.77
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Petroleum Speciality Products.

Products :

Product Description	ITC Code
Cable Filling Compounds	38249090
Micro Crystalline Waxes	27129010
Petroleum Jellies	27121090
Speciality Oils	27109090

• Additives for Lubricating
• Crude and Fuel Oils including Dispersants
• Corrosion and Oxidation
• Crude Flow Improvers
• Pour Point Depressants
• Viscosity Index Improvers
• Additive Packages

· Cable Filling Compound

· Micro Crystalline Waxes

• Petroleum Jelly

Exports :

Products :

Finished Goods

Countries :

Not Divulged

Imports :

Products :

Raw Materials

Countries :

Not Divulged

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Cable Filling Compounds, Spice Filling Compounds and Optic Fibre Cable Filling Compounds	MT	27150	744
Micro Crystalline Waxes, Petroleum Jellies and Compound Waxes	MT	30900	1350
Speciality Oils	MT	20250	15982
Emulsifiable Wax	MT	900	534

NOTE:

· Installed capacity is as certified by the management of the company on which the auditors have relied.

· Production includes quantities used for captive consumption

· Licensing not applicable

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

End Users

No. of Employees :

80 (Approximately)

Bankers :

• Union Bank of India, Nariman Point, Mumbai – 400021, India

Tel. No.: 91-22-22896502

• State Bank of India, Commercial Branch, Bank Street, N.G.N. Vaidya Marg, Mumbai - 400023, Maharashtra, India

Tel. No. : 91-22-22661868/22670765

• Corporation Bank, Mumbai – 400001, Maharashtra, India
• State Bank of India, Commercial Branch, N G N Vaidya Marg, Fort, Mumbai - 400001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Cash Credit From Banks (Secured by second charge on fixed assets situated at Plot Nos. A 2/1, 2/2, MIDC, Mahad, and hypothecation of inventories and receivables and guaranteed by Savita Oil Technologies Limited, an associates company)	1.928	0.013
Total	1.928	0.013

Banking Relations :	--
Auditors :
Name :	Bansal and Associates Chartered Accountants
Address :	2, Rajendra Chambers, Nanbhai Lane, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22812628
Fax No.:	91-22-22812624
PAN No.:	AAAFB5736E
Enterprises over which Key Management Personnel of relatives of Key Management Personnel have control of significant influence :	· Basant Lok Trading Company · Kurla Investment and Trading company Private Limited · Mansukhmal Investment Private Limited · N K Mehra Trust · Chemi Pharmex Private Limited · D.C. Mehara Public Charitable Trust · Khatri Investments Private Limited · Mehra Syndicate · Savita Oil Technologies Limited · Siddharth Investments · Commercial Slovents Corporation · Gautam and Company · Madhu Trust · Naved Investment and Trading company Private Limited · Savita Petro Additives Limted

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions
3000000	Preference Shares	Rs. 10/- each	Rs. 30.000 Millions
	Total		Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
610000	Equity Shares	Rs. 10/- each	Rs. 6.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		6.100	6.100	26.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		413.492	372.674	369.914
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		419.592	378.774	396.014
LOAN FUNDS
1] Secured Loans		1.928	0.013	0.822
2] Unsecured Loans		7.183	8.432	8.367
TOTAL BORROWING		9.111	8.445	9.189
DEFERRED TAX LIABILITIES		4.509	5.652	4.421
TOTAL		433.212	392.871	409.624
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		76.790	80.123	83.717
Capital work-in-progress		6.776	1.811	1.361
INVESTMENT		232.904	149.761	117.083
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	99.962	97.081	143.690
	Sundry Debtors	90.782	96.111	146.360
	Cash & Bank Balances	26.278	9.280	30.578
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	58.842	31.980	55.641
Total Current Assets		275.864	234.452	376.269
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.943	13.557	38.280
	Other Current Liabilities	104.063	56.231	124.852
	Provisions	29.116	3.488	5.674
Total Current Liabilities		159.122	73.276	168.806
Net Current Assets		116.742	161.176	207.463
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		433.212	392.871	409.624

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income From Operations	819.228	567.003	643.298
		Other Income	26.675	13.831	21.382
		TOTAL (A)	845.903	580.834	664.680
Less	EXPENSES
		Materials	650.239	476.064	546.656
		Personnel Expenses	30.107	23.760	22.519
		Others Expenses	91.655	67.160	77.560
		TOTAL (B)	772.001	566.984	646.735
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		73.902	13.850	17.945
Less	FINANCIAL EXPENSES (D)		0.026	0.061	0.035
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		73.876	13.789	17.910
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.073	6.083	6.279
	PROFIT BEFORE TAX (E-F) (G)		67.803	7.706	11.631
Less	TAX (H)		19.872	1.875	(0.790)
	PROFIT AFTER TAX (G-H) (I)		47.931	5.831	12.421
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		49.376	56.516	50.753
Less	APPROPRIATIONS
		Dividend on Preferences Shares	0.000	1.100	2.200
		Proposed Dividend on Equity Shares	6.100	1.525	1.525
		Corporate Tax on Proposed Dividend	1.013	0.446	0.633
		Capital Redemption Reserves	0.000	9.000	1.000
		Transfer to General Reserves	5.000	0.900	1.300
	BALANCE CARRIED TO THE B/S		85.194	49.376	56.516
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	548.763	356.088	449.053
		Freight and Insurances	22.155	13.756	25.788
	TOTAL EARNINGS		570.918	369.844	474.841
	IMPORTS
		Raw Materials (Including Traded Goods)	460.621	315.215	352.965
	TOTAL IMPORTS		460.621	315.215	352.965
	Earnings Per Share (Rs.)		78.58	7.45	16.14

PARTICULARS	31.03.2013	31.03.2012
OPERATING INCOME	1.610 Billions	1.270 Billions
PROFIT AFTER TAX	37.200	28.100

Note: Financial of 2013 and 2012 taken form indirect source i.e. CRISIL

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.67	1.00	1.87
Net Profit Margin (PBT/Sales)	(%)	8.28	1.36	1.81
Return on Total Assets (PBT/Total Assets}	(%)	19.23	2.45	2.53
Return on Investment (ROI) (PBT/Networth)		0.16	0.02	0.03
Debt Equity Ratio (Total Debt /Networth)		0.02	0.22	0.45
Current Ratio (Current Asset/Current Liability)		1.73	3.20	2.23

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	Yes
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	No
19]	Payments terms	Yes
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	No
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

UNSECURED LOANS:

Particulars	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Sales tax Deferment Loan under Sales Tax Incentive Scheme of the Government of Maharashtra
Sales Tax Incentive Scheme - 1998	5.500	6.749
Sales Tax Incentive Scheme – 1993	0.972	0.972
Sales Tax Incentive Scheme – 1993 [Repayable within a year Rs.2.381 Millions (Previous year Rs.1.249 Millions)]	0.711	0.711
Total	7.183	8.432

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Letter of Credit	0.000	2.864
Guarantees/Bonds	2.734	3.942
Disputed Demands Raised by
Central Excise Departments	2.218	2.218
Sales Tax Departments	10.499	10.499
Total	15.451	19.523

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10154918	12/04/2012 *	480,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, N.G.N VAIDYA MARG, FORT, MUMBAI, Maharashtra - 400001, INDIA	B37023413
2	80064789	03/05/2013 *	633,400,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, N.G.N. VAIDYA MARG, FORT, MUMBAI, Maharashtra - 400001, INDIA	B75768739

* Date of modification charge

FIXED ASSETS:

• Freehold Land
• Leasehold Land
• Buildings
• Plant and Machinery
• Office Equipments
• Furniture and Fixtures
• 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 records 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. 61.50
UK Pound	1	Rs. 99.49
Euro	1	Rs. 84.88

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--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		47

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.