MIRA INFORM REPORT

Report Date :

18.09.2013

IDENTIFICATION DETAILS

Name :	CLIMAX SYNTHETICS PRIVATE LIMITED
Registered Office :	18 B, Brabourne Road, 2^nd Floor, Hare St, Kolkata-700001, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.02.1974
Com. Reg. No.:	21-029250
Capital Investment / Paid-up Capital :	Rs.23.220 Millions
CIN No.: [Company Identification No.]	U28113WB1974PTC029250
IEC No.:	0288016726
TAN No.: [Tax Deduction & Collection Account No.]	CALC00592E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of HDPE Pipes and Fittings, LDPE Films / Sheets, etc.
No. of Employees :	24 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 980000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an establishment company having moderate track record. Latest Financials of 2012 are not available with us. As per the previous year record. There appears some dip in the sales turnover of the company, but the profitability has improved. However, external borrowings appear to be increasing over years. Trade relations are reported as fair. Business is active. Payments are reported to be Unknown. 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

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = B+
Rating Explanation	High risk of default
Date	12.06.2012

Rating Agency Name	CRISIL
Rating	Short term rating = A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	12.06.2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	18 B, Brabourne Road, 2^nd Floor, Kolkata - 700 001, West Bengal, India
Tel. No.:	91-33-22343076 / 2642836
Mobile No.:	91-9909922070 (Mr. Prakash Patel)
Fax No.:	91-33-22343076
E-Mail :	info@climaxindia.com mksinghee@yahoo.co.uk manojsinghee@gmail.com
Website :	http://www.climaxindia.com
Area :	1000 sq ft
Location :	Owned
Head Office :	11, Pollock Street, Kolkatta - 700 011, West Bengal, India
Area :	800 sq ft (approximately)
Location :	Owned
Corporate Office / Factory :	A/1-835 and 836, GIDC, Makarpura, Vadodara-390 010, Gujarat, India
Tel. No.:	91-265-2642169/ 2642572/ 2642836
Fax No.:	91-265-2643362
E-Mail :	info@climaxindia.com
Area :	6000 sq metres
Location :	Owned
Warehouse :	Ginni Cooperative Society, Opposite Vernama High School, National Highway No. 8, Village Vernama, District Vadodara, Gujarat, India
Area :	1500 sq fts
Location :	Rented

DIRECTORS

As on 02.08.2011

Name :

Mr. Khemraj Mundhra

Designation :

Director

Address :

Shri Kunj, Survey No. 13/2, Behind Limbu Wadi, Gotri Sudhrat Road, Baroda – 391 101, Gujarat, India

Date of Birth/Age :

27.05.1940

Qualification :

SSC

Date of Appointment :

21.01.1981

DIN No.:

00395994

Voter ID No. :

KJR4797312

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	U28113WB1974PTC029250	CLIMAX SYNTHETICS PRIVATE LIMITED	Director	21/01/1981	21/01/1981	-	Active	NO
2	U24231GJ1984PTC006892	CLIMAX WATERPROOFING PRODUCTS PRIVATE LIMITED	Director	19/04/1984	19/04/1984	-	Active	NO
3	U27205WB1996PTC081040	GLAMOUR JEWELS PRIVATE LIMITED	Director	23/08/1996	23/08/1996	-	Active	NO
4	U74300WB1954PLC021822	INDIA PUBLICITY COMPANY LIMITED	Director	5/11/2002	5/11/2002	-	Active	NO

Name :

Mr. Pramod Mundhra

Designation :

Director

Address :

Shri Kunj, Survey No. 13/2, Behind Limbu Wadi, Gotri Sudhrat Road, Baroda – 391 101, Gujarat, India

Date of Birth/Age :

09.07.1974

Qualification :

B.Com

Date of Appointment :

14.03.1994

DIN No.:

00395980

Voter ID No. :

KJR4797320

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	U28113WB1974PTC029250	CLIMAX SYNTHETICS PRIVATE LIMITED	Director	14/03/1994	14/03/1994	-	Active	NO
2	U24231GJ1984PTC006892	CLIMAX WATERPROOFING PRODUCTS PRIVATE LIMITED	Director	1/9/1994	1/9/1994	-	Active	NO
3	U51109WB1994PTC064342	CLIMAX VYAPAAR PRIVATE LIMITED	Director	23/10/1998	23/10/1998	-	Active	NO
4	U51109WB1993PTC060993	CLIMAX FINCAP PRIVATE LIMITED	Director	23/10/1998	23/10/1998	-	Active	NO

Name :

Mr. Pankaj Mundhra

Designation :

Director

Address :

Shri Kunj, Survey No. 13/2, Behind Limbu Wadi, Gotri Sudhrat Road, Baroda – 391 101, Gujarat, India

Date of Birth/Age :

24.04.1970

Qualification :

B.Com

Date of Appointment :

11.02.1993

DIN No.:

00395988

Voter ID No. :

KJR4797627

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	U28113WB1974PTC029250	CLIMAX SYNTHETICS PRIVATE LIMITED	Director	11/02/1993	11/02/1993	-	Active	NO
2	U24231GJ1984PTC006892	CLIMAX WATERPROOFING PRODUCTS PRIVATE LIMITED	Director	1/9/1994	1/9/1994	-	Active	NO
3	U25199WB1996PTC081041	SRISTHI INDUSTRIES PRIVATE LIMITED	Director	23/08/1996	23/08/1996	27/06/2009	Active	NO
4	U51109WB1993PTC060993	CLIMAX FINCAP PRIVATE LIMITED	Director	23/10/1998	23/10/1998	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Prakash Patel
Designation :	Senior Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 02.08.2011

Names of Shareholders	No. of Shares
Sushila Devi Mundhra	82000
Khemraj Mundhra	114000
Pramod Mundhra	127400
Pankaj Mundhra	163500
Khemraj Mundhra and Sons (HUF)	21000
Divya Lakhotia	50100
Ira Ladda	56000
Shruti Mundhra	50000
Nupur Mundhra	56000
Climax Vyapaar (Private) Limited, India	231000
Sristhi Industries (Private) Limited, India	387000
Climax Fincap (Private) Limited, India	261000
Glamour Jewels (Private) Limited, India	331000
Climax Waterproofing Products Private Limited, India	341000
Aarya Mundhra	31000
Santosh Maheshwari	0
Pankaj Mundhra (HUF)	10000
Pramod Mundhra (HUF)	10000
Total	2322000

As on 02.08.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	66.80
Directors or relatives of Directors	33.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of HDPE Pipes and Fittings, LDPE Films / Sheets, etc.

Products :

Product Description	Item Code
Polyethylene pipes and tubes	3917.21
Plastic films	39.20
Polyethylene cap cover	392590.00

• Plastic
• PVC
• Synthetics
• Polyethylene
• Polystyrene
• Nylon
• Bakelite
• Cellulose
• Acetale
• High Impact Polystyrene
• Polyvinyl
• Chloride
• Compound
• U. F. Uterate
• Urea
• Polyprelene
• Polyethylene Fabrics
• Plasticizers
• Polymers
• Resin and Articles
• Polyethylene Granules
• Processing Charges for Films and Covers
• Polyethylene Lay Flat Tubing and Products

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Actual Production
Polyethylene (LD) Lay Flat Tubing and Products	M.T.	2981954
Polyethylene (HD) Lay Flat Tubing and Products	Sq Mtr.	405349
Polyethylene Pipes	Mtrs.	1295
Pipe-ends Pipe-bends	Nos.	912

GENERAL INFORMATION

No. of Employees :

24 (Approximately)

Bankers :

· Bank of Baroda, Makarpura Industrial Estate Branch, GIDC Makarpura, Vadodara – 390 010 , Gujarat, India

· Union Bank of India, Ezra Street Branch, Kolkata, West Bengal, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
(including interest accrued and due) From Bank-
Working Capital Loan (Cash Credit and Overdraft) The above facilities are secured by hypothecation of all including packing materials and stores, book debts, all plant and machinery, present and future, and additionally secured by Equitable Mortgage by deposit of title deeds in respect of leasehold factory land and sheds constructed thereon owned by the company and also by Climax Waterproofing Products Private Limited, and pledge of some of the investments in shares held by the company. The above facilities are further guaranteed by all the Directors.	115.383	105.502
Total	115.383	105.502

Banking Relations :	--
Auditors :
Name :	K L Singhee and Company Chartered Accountants
Address :	15, India Exchange Place, First Floor, Kolkata – 700001, West Bengal, India
PAN.:	AACFK6449H
Sister Concern:	Climax Fincap Private Limited Climax Vyapar, Makarpura, Vadodara, Gujarat

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs.90.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2322000	Equity Shares	Rs.10/- each	Rs.23.220 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		23.220	20.700	20.700
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		223.673	33.815	27.235
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		246.893	54.515	47.935
LOAN FUNDS
1] Secured Loans		115.383	105.502	80.358
2] Unsecured Loans		78.499	81.996	83.935
TOTAL BORROWING		193.882	187.498	164.293
DEFERRED TAX LIABILITIES		0.124	0.000	0.000
TOTAL		440.899	242.013	212.228
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		180.912	20.316	17.019
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		35.612	36.212	20.982
DEFERREX TAX ASSETS		0.000	0.004	0.369
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	117.928	63.622	65.743
	Sundry Debtors	87.853	94.013	92.082
	Cash & Bank Balances	38.728	42.501	24.216
	Other Current Assets	1.144	0.905	4.457
	Loans & Advances	47.595	51.272	73.028
Total Current Assets		293.248	252.313	259.526
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	62.975	54.530	76.478
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	5.898	12.302	9.190
Total Current Liabilities		68.873	66.832	85.668
Net Current Assets		224.375	185.481	173.858
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		440.899	242.013	212.228

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	470.885	533.364	572.966
		Other Income		5.897	34.559
		TOTAL (A)	470.885	539.261	607.525
Less	EXPENSES
		Cost of Materials		204.653	263.840
		Manufacturing Expenses		74.132	97.103
		Trading Goods Purchases		230.235	200.705
		Increase/(Decrease) in Finished Goods		(1.593)	16.069
		TOTAL (B)	456.360	507.427	577.717
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		Inducing Financial Expenses	31.834	29.808
Less	FINANCIAL EXPENSES (D)			20.015	16.640
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.525	11.819	13.168
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.854	1.623	1.219
	PROFIT BEFORE TAX (E-F) (G)		12.671	10.196	11.949
Less	TAX (H)		3.928	3.616	5.182
	PROFIT AFTER TAX (G-H) (I)		8.743	6.580	6.767
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		33.815	27.235	20.493
Less	INCOME TAX AND FBT FOR EARLIER YEAR		0.000	0.000	0.027
	BALANCE CARRIED TO THE B/S		42.558	33.815	27.233
	IMPORTS
		Raw Materials	115.254	78.819	54.288
		Capital Goods	0.000	0.000	0.937
		Trading Goods	5.056	26.475	0.000
	TOTAL IMPORTS		120.310	105.294	54.725
	Earnings Per Share (Rs.)		4.07	31.79	61.38

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.86	1.22	1.11
Net Profit Margin (PBT/Sales)	(%)	NA	1.91	2.08
Return on Total Assets (PBT/Total Assets}	(%)	2.67	3.73	4.32
Return on Investment (ROI) (PBT/Networth)		0.05	0.18	0.25
Debt Equity Ratio (Total Debt /Networth)		0.79	3.44	3.43
Current Ratio (Current Asset/Current Liability)		4.26	3.77	3.02

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	Yes
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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

PERFORMANCE OF COMPANY

During the year company achieved Gross Income of Rs.470.885 Millions against Rs.539.262 Millions during the previous year profit after Tax Rs. 8.743 Millions Previous year Rs. 6.581 Millions

REVIEW OF OPERATION

The performance of the Company during the year was satisfactory with regard to gross income however the profit was not as per the expectation due to the rising input costs. The company is expected to do better in the coming year.

CONTINGENT AND OTHER LIABILITIES NOT PROVIDED FOR IN RESPECT OF – (As on 31.03.2011)

(a) Guarantees given by Bank, counter guaranteed by the company and Letters of Credit outstanding as at the year end aggregate to Rs 42.249 Millions (Previous year Rs 36.969 Millions) against which Fixed Deposit Receipts of Rs 11.612 Millions (Previous year Rs.22.925 Millions) are held by the Banker as margin.

(b) Service Tax demand of Rs 1.237 Millions (Previous year Rs 0.170 Millions) contested by the company.

(c) Demands raised by Sales Tax Department, Datia, MP amounting to Rs.0.857 Million (Previous year Rs Nil) contested by the company.

(d) Claims against the company not acknowledged as debts Rs.0.351 (plus interest thereon) (Previous year same position).

UNSECURED LOAN

Rs. Millions

Particular	As on 31.03.2011	As on 31.03.2010
From Directors	4.387	3.515
From Bodies Corporate	67.865	67.583
From Shareholders	6.247	10.898
Total	78.499	81.996

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80032334	27/04/2005	2,400,000.00	BANK OFBARODA	GIDC MAKARPURA INDUSTRIAL ESTATE BRANCH, BARODA, GUJARAT - 390001, INDIA	-
2	80032333	15/09/2010 *	180,500,000.00	BANK OF BARODA	INDUSTRIAL ESTATE BRANCH, GIDC MAKARPURA, VADO  DARA, GUJARAT - 390010, INDIA	A94627478
3	80032331	14/09/2010 *	180,500,000.00	BANK OF BARODA	INDUSTRIAL ESTATE BRANCH, GIDC MAKARPURA, VADO  DARA, GUJARAT - 390010, INDIA	A94627924

* Date of charge modification

FIXED ASSETS:

• Leasehold Land
• Building
• Plant and Machinery
• Electrical Installation
• Furniture, Fixtures and Office Equipments
• Water Supply Installation
• Vehicles
• Refrigerators and Air Conditioners
• Laboratory Equipments
• Weighing Scale
• Telecom Equipments
• Computers

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] 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.63.38
UK Pound	1	Rs.100.86
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		31

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.