MIRA INFORM REPORT

Report Date :

18.09.2013

IDENTIFICATION DETAILS

Name :	ROHM AND HAAS (INDIA) PRIVATE LIMITED

Registered Office :	1^st Floor, Block B, Godrej IT Park, 02, Godrej, Business District, Pirojsha Nagar, Vikhroli (West), Mumbai – 400079, Maharashtra

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	14.03.1995

Com. Reg. No.:	11-132718

Capital Investment / Paid-up Capital :	Rs. 3259.073 Millions

CIN No.: [Company Identification No.]	U24231MH1995PTC132718

TAN No.: [Tax Deduction & Collection Account No.]	MUMR14396E

PAN No.: [Permanent Account No.]	AAACR2855F

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing, trading and marketing of organic, polymers, etc.

No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 8100000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a part of “ROHM and Hass Worldwide”. It is an established company having a moderate track record. There appear accumulated losses recorded by the company. However, the capital base of the company seems to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Zafer Ansari
Designation :	Chief Executive Officer
Contact No.:	91-9819000295

LOCATIONS

Registered Office :	1^st Floor, Block B, Godrej IT Park, 02, Godrej, Business District, Pirojsha Nagar, Vikhroli (West), Mumbai – 400079, Maharashtra, India
Tel. No.:	91-22-67328358
Mobile No.:	91-9819000295 (Mr. Zafer Ansari)
Fax No.:	91-22-67326069
E-mail:	sneroy@rehmhaas.com rkarnan@dow.com infoindia@dow.com
Website :	www.dow.com
Area:	Owned

Head Office / Factory 1 :	Unit I and II, 2^nd Floor, Building 1, Solitaire Corporate Park, Chakala, Andheri-Kurla Road, Andheri (East), Mumbai – 400 093, Maharashtra, India

Factory 2 :	Plot No. T-22/PT, MIDC Taloja Industrial Area, District Raigad - 410 208, Maharashtra, India
Tel. No.:	91-22-27412476/ 79//15555
Fax No.:	91-22-27410564/ 67315569

Factory 3 :	Also located at: · Sriperumbadur, Tamilnadu, India

DIRECTORS

As on 28.09.2012

Name :

Mr. Anilkumar Amarchand Gupta

Designation :

Director

Address :

Flat No. B 504, Plot No. 2 and 3, Sector 16A, Sanpada, Navi Mumbai - 400705, Maharashtra, India

Date of Birth/Age :

25.02.1962

Date of Appointment :

30.06.2009

PAN No.:

ABJPG0273B

DIN No.:

02188991

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	U99999MH1994NPL081983	COMMON EFFLUENT TREATMENT PLANT (THANE- BELAPUR) ASSOCIATION	Director	8/12/2003	8/12/2003	-	Active	NO
2	U24231MH1995PTC132718	ROHM AND HAAS (INDIA) PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO

Name :

Mr. Venkatesan Rajagopalan

Designation :

Director

Address :

D. No.14, Flat No.6, Simha Chalam Apartments, Appakkannu Street, Royapettah, Chennai - 600014, Tamilnadu, India

Date of Birth/Age :

27.04.1954

Date of Appointment :

30.06.2009

PAN No.:

ABSPR2999C

DIN No.:

02691467

Name :

Mr. Belur Kirshna Murthy Sethuram

Designation :

Managing Director

Address :

Flat No.602, 6^th Floor, Casablanca, New Sonoo Co-operative Housing Society, 28^th Road, Bandra (West), Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

02.04.1962

Date of Appointment :

18.10.2011

PAN No.:

BMIPS4492R

DIN No.:

03498701

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	U24231MH1995PTC132718	ROHM AND HAAS (INDIA) PRIVATE LIMITED	Managing director	18/10/2011	06/05/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Zafer Ansari
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Rohm and Haas India Investment APS, Denmark	325902323
Rohm and Haas Denmark APS, Denmark	5000
Total	325907323

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, trading and marketing of organic, polymers, etc.

Products :

Product Description	ITC Code
Primal AC 261	39069090
Othr polymers of styrene in Primary forms	39039090

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Emulsion Polymers	MT	100000	73447
Packing Adhesives	MT	10000	9258

Note:

The licensed and installed capacity are as certified by the Management and not verified by the auditor, being technical matter

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

· Standard Chartered Grindlays Bank Limited, Dr. D. N. Road, Mumbai, Maharashtra , India

Citi Bank N. A.


Banking Relations :

Auditors :
Name :	Deloitte Haskins and Sels Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai - 400 018, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD4815A

Ultimate Holding Company:	The Dow Chemical Company, USA

Holding Company:	Rohm and Haas India Investment ApS, Denmark

Fellow Subsidiary:	ACIMA Chemical Industries Limited, Switzerland Beijing Eastern Rohm and Haas Company Limited (BERHC), China Dow Agrosciences India Private Limited, India CIN: U01110MH1994PTC083566 Dow Agrosciences LLC, United States Dow Chemical (China) Company Limited, China Dow Chemical International Private Limited, India CIN: U24239MH1998PTC113551 Dow Chemical Korea Limited, Korea Dow Chemical Pacific Limited, Hong Kong Dow Chemical Pacific(Singapore) Pte Limited, Singapore Dow Chemical Taiwan Limited, Taiwan Dow Chemical Thailand Limited, Thailand Dow Europe GmbH, Switzerland Dow France S.A.S. France Hampshire Chemical Corp, United State PT. Rohm and Haas Indonesia Rohm and Haas Japan KK Rohm and Haas (China) Holding Company Limited, China Rohm and Haas (Scotland) Limited, United Kingdom Rohm and Haas (UK) Limited Rohm and Haas Australia Pty Limited, Australia Rohm and Haas B.V. Netherlands Rohm and Haas Chemical (Thailand) Limited Rohm and Haas Chemicals LLC, USA, United States Rohm and Haas China Inc. China Rohm and Haas China Research and Development Centre, China Rohm and Haas Company ER, United States Rohm and Haas Company, USA, United States Rohm and Haas Electronic Materials Singapore Pte. Limited, Singapore Rohm and Haas Electronic Materials, LLC, United States Rohm and Haas Europe Services ApS, Deutsche, Denmark Rohm and Haas Europe Trading ApS - Nederland Branch Rohm and Haas Europe Trading ApS - Succursale France Rohm and Haas Europe Trading ApS-Belgium Branch Rohm and Haas Europe Trading ApS-Deutsche Rohm and Haas Europe Trading ApS-Sede Secondaria Italiana Rohm and Haas European Trading ApS, Copenhagen, Denmark Rohm and Haas Foshan Specialty Materials Company Limited, China Rohm and Haas France S.A.S. France Rohm and Haas International Trading (Shanghai) Company Limited Rohm and Haas Italia S.r.l Rohm and Haas Kimyasal Urunler Uretim Dagitim ve Ticaret A.S. Rohm and Haas Korea Company Limited Rohm and Haas Mexico, S. de R.L,.de C.V. Rohm and Haas New Zealand Limited Rohm and Haas Philipines Inc. Rohm and Haas Quimica Ltda. Rohm and Haas Shanghai Chemical Industry Company Limited Rohm and Haas Singapore (Pte.) Limited Rohm and Haas South Africa (PTY) Limited Rohm and Haas Taiwan, Inc. Rohm and Haas Texas Incorporated Rohm and Haas Trading ApS UK Branch Rohm and Haas Vietnam Company Limited UCAR Emulsion Systems FZE Union Carbide Corporation

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

330000000	Equity Shares	Rs.10/- each	Rs.3300.000 Millions
55000000	10% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.550.000 Millions
	Total		Rs.3850.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

325907323	Equity Shares	Rs.10/- each	Rs.3259.073 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	3259.073	3259.073
(b) Reserves & Surplus	(1232.888)	(1018.999)
(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)	2026.185	2240.074

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	13.521	10.405
Total Non-current Liabilities (3)	13.521	10.405

(4) Current Liabilities
(a) Short term borrowings	2156.644	1140.000
(b) Trade payables	2174.724	1763.186
(c) Other current liabilities	128.787	163.061
(d) Short-term provisions	10.704	14.403
Total Current Liabilities (4)	4470.859	3080.650

TOTAL	6510.565	5331.129

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1193.824	1357.371
(ii) Intangible Assets	1.825	0.00
(iii) Capital work-in-progress	49.886	39.373
(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	19.589	16.176
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1265.124	1412.920

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1697.453	1254.737
(c) Trade receivables	2759.693	1754.350
(d) Cash and cash equivalents	5.802	167.390
(e) Short-term loans and advances	727.588	706.462
(f) Other current assets	54.905	35.270
Total Current Assets	5245.441	3918.209

TOTAL	6510.565	5331.129

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3259.073
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(1281.021)
NETWORTH		1978.052
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		101.331
TOTAL BORROWING		101.331
DEFERRED TAX LIABILITIES		0.000

TOTAL		2079.383

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1407.027
Capital work-in-progress		127.077

INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	839.534
	Sundry Debtors	1356.133
	Cash & Bank Balances	373.524
	Other Current Assets	0.000
	Loans & Advances	659.629
Total Current Assets		3228.820
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2585.703
	Other Current Liabilities	80.042
	Provisions	17.796
Total Current Liabilities		2683.541
Net Current Assets		545.279

MISCELLANEOUS EXPENSES		0.000

TOTAL		2079.383

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Sales	7707.500	6382.600	4973.300
		Other Income	136.900	17.300	236.700
		TOTAL (A)	7844.400	6399.900	5210.000

Less	EXPENSES
		Office Expenses	7718.300	5906.700	5048.200
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	7718.300	5906.700	5048.200

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		126.100	493.200	161.800

Less	FINANCIAL EXPENSES (D)		152.800	38.000	10.800

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(26.700)	455.200	151.000

Less/ Add	DEPRECIATION/ AMORTISATION (F)		187.200	193.200	180.100

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(213.900)	262.000	(29.100)

Less	TAX (H)		0.000	0.000	0.000

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(213.900)	262.000	(29.100)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1019.000	(1281.000)	(1251.900)

	BALANCE CARRIED TO THE B/S		NA	1019.000	(1281.000)

	EARNINGS IN FOREIGN CURRENCY
		FOB value of goods exported			1227.116
		Service income	NA	1444.800	48.063
		Commission			117.145
	TOTAL EARNINGS		NA	1444.800	1392.324

	IMPORTS
		Raw Materials	NA	NA	2282.404
		Trading Products	NA	NA	415.283
		Capital Goods	NA	NA	43.720
		Spares	NA	NA	1.920
	TOTAL IMPORTS		NA	NA	2743.327

	Earnings / (Loss) Per Share (Rs.)		0.66	0.77	(0.64)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(2.73)	4.09	(0.56)

Net Profit Margin (PBT/Sales)	(%)	(2.76)	4.10	(0.59)

Return on Total Assets (PBT/Total Assets}	(%)	(3.31)	4.95	(0.63)

Return on Investment (ROI) (PBT/Networth)		(0.11)	0.12	(0.01)

Debt Equity Ratio (Total Debt /Networth)		1.06	0.51	0.05

Current Ratio (Current Asset/Current Liability)		1.17	1.27	1.20

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	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

NOTE

No Charges Exist for Company

The registered office of the company has been shifted from Corporate Park, Unit No. 1, V. N. Purav Marg, Chembur - 400093, Mumbai, Maharashtra, India to the present address w.e.f. 02.05.2012

FINANCIAL PERFORMANCE:

The Company continued its excellence in sales performance this year also. It has made tremendous progress as compared to the previous year. The sales at Rs. 8330.000 Millions have risen by about 20% as compared to Rs. 6910.000 Millions. However, the profit before depreciation, interest and tax at 187.200 Millions has remained rather stagnant in comparison with the previous year.

COMPANY BACKGROUND

The Company was incorporated on14th March, 1995 as a private limited company. The Company is engaged in the business of manufacturing, trading and marketing of 'Speciality Materials' and has two manufacturing facilities at Taloja, Maharashtra and Sriperumbadur, Tamil Nadu.

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short-term borrowings
Working capital loans from banks	506.644	0.000
Loans and advances from related parties	1650.000	1140.000
Total	2156.644	1140.000

CONTINGENT LIABILITIES IN RESPECT OF:

Rs. In Millions

Particular

31.03.2012

31.03.2011

Sales tax demands disputed in appeals (These mainly relates to short credit allowed for tax paid, non-submission of 'C' forms, differential tax rates and incorrect disallowance of set-off on purchase of raw materials.) The Company is confident of successfully contesting the appeals and does not expect the liability to crystallise

62.781

31.216

Arrears of dividend on 10% cumulative redeemable preference shares of Rs.10/-each (upto 23rd March, 2011) (During the previous year, on 3rd January, 2011, the terms of 10% cumulative redeemable preference shares have been changed from 'Redeemable' to 'Convertible at the option of the company on or before 31^st March, 2011'. The option has been excercised and accordingly the Company

allotted equal number of equity shares of Rs.10/- each at par on 23rd March, 2011)

265.743

FIXED ASSETS

Tangible assets

Land
Buildings
Factory building
Plant and equipment
Furniture and fixtures
Vehicles
Motor vehicles
Office equipment
Computer equipments
Other equipments
Leasehold improvements

Intangible assets

Computer software

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

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		32

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.

MIRA INFORM REPORT

(2.73)

(2.76)

(3.31)

(0.11)

1.06

1.17

Unit