MIRA INFORM REPORT

Report Date :

31.10.2013

IDENTIFICATION DETAILS

Name :	SUDHAKAR PLASTIC PRIVATE LIMITED
Registered Office :	Balaram Thanda, Near Industrial Estate, Suryapet – 508214, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.04.1992
Com. Reg. No.:	01-014067
Capital Investment / Paid-up Capital :	Rs. 10.000 Millions
CIN No.: [Company Identification No.]	U25209AP1992PTC014067
TAN No.: [Tax Deduction & Collection Account No.]	HYDS07166F
PAN No.: [Permanent Account No.]	AADCS4065K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Rigid P.V.C. Pipes, HDPE, LDPE and LLDPE Pipes.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 368000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears dip in profit of the company in the year 2012. However, overall financial position of the company appears to be decent. Trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered 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

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.

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 :	Balaram Thanda, Near Industrial Estate, Suryapet – 508214, Andhra Pradesh, India
Tel. No.:	91-8684-221192/ 201572
Fax No.:	91-8684-221192
E-Mail :	popatandpopat@gmail.com mahadevm@yahoo.com sispl@yahoo.com

DIRECTORS

AS ON 28.09.2012

Name :

Meela Mahadev

Designation :

Director

Address :

H. No. 3-5-202, Tilak Nagar, Suryapet, Nalgonda – 508213, Andhra Pradesh, India

Date of Birth/Age :

18.08.1956

Date of Appointment :

03.04.1992

PAN No.:

ACQPM1104R

DIN No.:

01642831

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	U25209AP1992PTC014067	SUDHAKAR PLASTIC PRIVATE LIMITED	Managing director	03/04/1992	03/04/1992	-	Active	NO
2	U74999AP1984PTC005125	RAATHI PIPES AND PROFILES PRIVATE LIMITED	Director	18/09/1994	18/09/1994	-	Active	NO
3	U25203AP1995PLC020498	SUDHAKAR POLYMERS LIMITED	Managing director	29/05/1995	29/05/1995	02/11/2009	Active	NO
4	U45200AP2006PTC048724	SUDHAKAR INFRASTRUCTURE PRIVATE LIMITED	Director	09/01/2006	09/01/2006	-	Active	NO
5	U25119AP2010PTC066625	SUDHAKAR PVC PRODUCTS PRIVATE LIMITED	Whole-time director	11/02/2010	09/01/2010	-	Active	NO

Name :

Meela Veeramani

Designation :

Director

Address :

H. No. 3-5-202, Tilak Nagar, Suryapet, Nalgonda – 508213, Andhra Pradesh, India

Date of Birth/Age :

09.10.1962

Date of Appointment :

03.04.1992

PAN No.:

ADKPM7029C

DIN No.:

01684015

Name :

Ananthula Dayakar

Designation :

Director

Address :

H. No.1-1-189, Opposite Government Jr. College, Suryapet, Nalgonda - 508213, Andhra Pradesh, India

Date of Birth/Age :

10.07.1964

Date of Appointment :

03.04.1992

PAN No.:

ACCPA8601K

DIN No.:

02486094

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	U25209AP1992PTC014067	SUDHAKAR PLASTIC PRIVATE LIMITED	Director	03/04/1992	03/04/1992	Active	NO
2	U72200AP2000PLC034277	SUDHAKAR SOFTECH LIMITED	Director	29/09/2000	29/09/2000	Active	NO
3	U01401AP1997PTC028394	SUDHAKAR IRRIGATION SYSTEMS PRIVATE LIMITED	Director	01/06/2001	01/06/2001	Active	NO
4	U45200AP2006PTC048724	SUDHAKAR INFRASTRUCTURE PRIVATE LIMITED	Director	09/01/2006	09/01/2006	Active	NO
5	U25119AP2010PTC066625	SUDHAKAR PVC PRODUCTS PRIVATE LIMITED	Whole-time director	11/02/2010	09/01/2010	Active	NO

Name :

Ananthula Indira

Designation :

Director

Address :

H. No.1-1-189, Opposite Government Jr. College, Suryapet, Nalgonda - 508213, Andhra Pradesh, India

Date of Birth/Age :

31.12.1964

Date of Appointment :

03.04.1992

PAN No.:

ACHPA5552A

DIN No.:

01683993

Name :

Nirmala Meela

Designation :

Director

Address :

H. No. 8-3-402, Yellareddy Guda, Hyderabad – 508213, Andhra Pradesh, India

Date of Birth/Age :

04.09.1958

Date of Appointment :

15.10.2009

PAN No.:

ACQPM1100M

DIN No.:

02815655

Name :

Mani Ananthula

Designation :

Director

Address :

H. No.1-1-189, Opposite Government Jr. College, Suryapet, Nalgonda – 508213, Andhra Pradesh, India

Date of Birth/Age :

21.06.1972

Date of Appointment :

15.10.2009

PAN No.:

ADZPA0080C

DIN No.:

02821733

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
M. Mahadev	14667
M Jayadev	16566
M. Ravishankar	2000
A. Dayakar	12501
A. Sudhakar	12399
A. Krupakar	12499
M. Veera Mani	16667
A. Indira	12501
M. Nirmala	100
A. Mani	100
Total	100000

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Rigid P.V.C. Pipes, HDPE, LDPE and LLDPE Pipes.

PRODUCTION STATUS (AS ON 31.03.2011)

Licensed Capacity: Not Applicable

Installed Capacity: 9000 Tons / Annum

Actual Production: 6896 Tons / Annum

(Being a technical matter, not verified by Auditors)

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Andhra Bank, Suryapet, Nalgonda District, Suryapet - 508214, Andhra Pradesh, India

· Karur Vysya Bank Limited, 5-8-363 to 365, 1st Floor, Chirag Ali Lane, Abids, Hyderabad - 500001, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loan	14.723	25.219
Vehicle Loan	0.743	0.000
SHORT TERM BORROWINGS
Working capital loans from Bank	35.324	35.253
Total	50.790	60.472
LONG-TERM BORROWINGS Term Loans are secured by a equitable mortgage or an the company's immovable properties, both present and future and extension of equitable mortgage of land and buildings of the factory and hypothecation of machinery in favour of Andhra Pradesh State Finance Corporation. Vehicle Loans are taken from Karur Vysya Bank (KVB) which are secured by hypothecation of vehicles. Loans taken from Directors and Others are taken @ 12% interest and treated as long term as the Company is not expecting any repayments during next financial year SHORT TERM BORROWINGS Working capital Loans from Andhra Bank are repayable on demand which are secured on pari-passu basis by hypothecation of the Company's entire movable assets including stocks, all raw materials, stores and spares, finished goods and book debts, present and future, and personal guarantee of the Directors

Banking Relations :	--
Auditors :
Name :	M. Anandam and Company Chartered Accountants
Address :	7A, Surya Towers, Sardar Patel Road, Secunderabad – 500003, Andhra Pradesh, India
Tel. No.:	91-40-27812377/ 27812034
Fax No.:	91-40-27812091
Income-tax PAN of auditor or auditor's firm :	AACFM6971J
Enterprise in which key management personnel and their relatives have control:	· Sudhakar PVC Products Private Limited · Raathi Pipes and Profiles Private Limited · Sudhakar Polymers Limited · Sudhakar Irrigation Systems Private Limited · Sudhakar Infrastructure

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000
(b) Reserves & Surplus	82.076	75.390
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	92.076	85.390
(3) Non-Current Liabilities
(a) long-term borrowings	133.575	140.371
(b) Deferred tax liabilities (Net)	5.139	5.704
(c) Other long term liabilities	0.037	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	138.751	146.075
(4) Current Liabilities
(a) Short term borrowings	35.324	35.253
(b) Trade payables	13.211	18.319
(c) Other current liabilities	27.805	22.964
(d) Short-term provisions	3.118	0.062
Total Current Liabilities (4)	79.458	76.598
TOTAL	310.285	308.063
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	66.755	69.094
(ii) Intangible Assets	0.124	0.008
(iii) Capital work-in-progress	32.944	18.182
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	7.727	7.143
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	107.550	94.427
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	70.085	61.364
(c) Trade receivables	112.317	134.351
(d) Cash and cash equivalents	8.006	7.836
(e) Short-term loans and advances	12.327	10.085
(f) Other current assets	0.000	0.000
Total Current Assets	202.735	213.636
TOTAL	310.285	308.063

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.000
2] Share Application Money		0.000
3] Reserves & Surplus		50.426
4] (Accumulated Losses)		0.000
NETWORTH		60.426
LOAN FUNDS
1] Secured Loans		59.129
2] Unsecured Loans		59.188
TOTAL BORROWING		118.317
DEFERRED TAX LIABILITIES		5.109
TOTAL		183.852
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		61.057
Capital work-in-progress		0.633
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	51.102
	Sundry Debtors	91.267
	Cash & Bank Balances	11.123
	Other Current Assets	0.000
	Loans & Advances	25.599
Total Current Assets		179.091
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.666
	Other Current Liabilities	0.000
	Provisions	23.263
Total Current Liabilities		56.929
Net Current Assets		122.162
MISCELLANEOUS EXPENSES		0.000
TOTAL		183.852

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	576.074	547.754	495.950
		Other Income	4.928	4.115	3.579
		TOTAL (A)	581.002	551.869	499.529
Less	EXPENSES
		Cost of material consumed	414.134	392.599
		Purchase of stock in trade	30.021	37.907
		Changes in inventories	2.934	(19.743)
		Employee benefit Expenses	29.091	22.005
		Other Expenses	60.131	54.177
		TOTAL (B)	536.311	486.945	449.416
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		44.691	64.924	50.113
Less	FINANCIAL EXPENSES (D)		20.801	17.513	10.121
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.890	47.411	39.992
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.713	9.782	8.979
	PROFIT BEFORE TAX (E-F) (G)		14.177	37.629	31.013
Less	TAX (H)		4.585	12.665	11.806
	PROFIT AFTER TAX (G-H) (I)		9.592	24.964	19.207
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		40.680	15.716	10.170
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	2.000
		Dividend	0.000	0.000	10.000
		Tax on Dividend	0.000	0.000	1.661
	BALANCE CARRIED TO THE B/S		50.272	40.680	15.716
	IMPORTS
		Raw Materials	19.033	12.702	39.907
	Earnings Per Share (Rs.)		95.92	249.64	192.07

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.65	4.52	3.85
Net Profit Margin (PBT/Sales)	(%)	2.45	6.87	6.25
Return on Total Assets (PBT/Total Assets}	(%)	5.11	12.98	12.91
Return on Investment (ROI) (PBT/Networth)		0.15	0.44	0.51
Debt Equity Ratio (Total Debt/Networth)		1.83	2.06	1.96
Current Ratio (Current Asset/Current Liability)		2.55	2.79	3.15

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	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	Yes
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	10347049	12/03/2012	1,400,000.00	KARUR VYSYA BANK LIMITED	5-8-363 TO 365, 1ST FLOOR, CHIRAG ALI LANE, ABIDS, HYDERABAD - 500001, ANDHRA PRADESH, INDIA	B36795599
2	10218466	31/03/2010 *	30,000,000.00	ANDHRA PRADESH STATE FINANCIAL COPORATION	5-9-194, CHIRAG ALI LANE, ABIDS, HYDERABAD - 500001, ANDHRA PRADESH, INDIA	A85887701
3	10069525	17/09/2007	18,700,000.00	ANDHRA PRADESH STATE FINANCIAL CORPORATION	5-9-194, CHIRAG ALI LANE, ABIDS, HYDERABAD - 500001, ANDHRA PRADESH, INDIA	A23980493
4	80016030	04/07/2012 *	157,500,000.00	ANDHRA BANK	SURYAPET, NALGONDA DISTRICT, SURYAPET - 508214, ANDHRA PRADESH, INDIA	B45038643
5	90124375	30/04/2004 *	17,500,000.00	ANDHRA BANK	SURYAPET, NALGONDA DISTRICT, SURYAPET - 508214, ANDHRA PRADESH, INDIA	-
6	90124186	11/09/2000	2,800,000.00	ANDHRA PRADESH STATE FINANCIAL CORPON.	HYDERABAD, HYDERABAD, ANDHRA PRADESH, INDIA	-
7	90123674	21/04/1993 *	15,000,000.00	ANDHRA PRADESH INDUSTRIAL DEVE. CORPN. LIMITED	PARISHRAMA BHAVAN, 5-9-58/B; FATEH MAIDAN ROAD, HYDERABAD - 500029, ANDHRA PRADESH, INDIA	-
8	90123668	02/04/1993	6,000,000.00	ANDHRA PRADESH STATE FINANCIAL CORPN.	5-9-194, CHIRAG ALI LANE HYDERABAD - 500001, ANDHRA PRADESH, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Loan from Director	75.318	62.582
Loan from Others	42.791	52.570
Total	118.109	115.152

CONTINGENT LIABILITIES:

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Income tax	0.406	4.639
Total	0.406	4.639

FIXED ASSETS:

· Land

· Factory Buildings

· Non Factory Buildings

· Plant and Machinery

· Furniture and Fixture

· Heavy Vehicles

· Light Vehicles

· Office Equipments

· Computers

· Generator

· Moulds

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. 61.49
UK Pound	1	Rs. 98.71
Euro	1	Rs. 84.49

INFORMATION DETAILS

Report Prepared by :

BVA

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	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.