Report Date :

12.08.2014

IDENTIFICATION DETAILS

Name :	YASHAM SPECIALITY INGREDIENTS PRIVATE LIMITED (w.e.f. 15.05.2013)
Formerly Known As :	YASHAM IMPORTERS AND EXPORTERS PRIVATE LIMITED
Registered Office :	401, Satyadev, Plot No. A-6, Veera Industrial Estate, Off. Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2014 (Provisional / Unaudited)
Date of Incorporation :	07.01.1997
Com. Reg. No.:	11-104919
Capital Investment / Paid-up Capital :	Rs. 11.560 Millions
CIN No.: [Company Identification No.]	U51100MH1997PTC104919
TAN No.: [Tax Deduction & Collection Account No.]	MUMY01424D
PAN No.: [Permanent Account No.]	AAACY0341B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Cosmetics, Chemicals and Pharmaceutical Products.
No. of Employees :	60 (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 258000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Rating is constrained on account of volatility in commodity prices and increase in external borrowing (Short term borrowing) as compared to previous year. Mr. Satish Mane, Accounts Manager provided provision financial statement for the year 2014. As per provisional financials of 2014 profitability of the company is low. However, trade relation are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with slight 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “BB-”
Rating Explanation	Inadequate credit quality and high credit risk.
Date	31.01.2014

Rating Agency Name	CRISIL
Rating	Short term rating : “A4+”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	31.01.2014

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

Name :	Mr. Satish Mane
Designation :	Accounts Manager
Contact No.:	91-9820104970
Date :	18.07.2014

LOCATIONS

Registered Office :	401, Satyadev, Plot No.A-6, Veera Industrial Estate, Off. Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No. :	91-22-40639900
Mobile No. :	91-9820104970 (Mr. Satish Mane)
Fax No. :	91-22-40639901
E-Mail :	yasham@yasham.in
Website :	www.yasham.in
Area :	5500 Sq.ft.
Location :	Owned
Warehouse :	Located at · Bhiwandi, Thane, Maharashtra, India
Delhi Office :	201, Vardhaman Star City Mall, LSC III, Sector-7, Dwarka, Delhi, India
Tel. No.:	91-11-25089503/ 25084172
Fax No.:	91-11-25084172

DIRECTORS

As on 30.09.2013

Name :	Mr. Vivek Dattatray Samant
Designation :	Managing director
Address :	405, Raheja Crest-1, Raheja Complex, Off Link Road, Oshiwara, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	05.02.1958
Date of Appointment :	10.05.1997
DIN No. :	00107774
Name :	Namita Vivek Samant
Designation :	Whole-time director
Address :	405, Raheja Crest-1, Raheja Complex, Off Link Road, Oshiwara, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	25.07.1962
Date of Appointment :	10.01.1997
DIN No. :	00107808

KEY EXECUTIVES

Name :	Mr. Satish Mane
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Vivek D. Samant	639167	55.29
Namita Vivek Samant	215119	18.61
Vidya D. Samant	135000	11.68
Vivek D. Samant HUF	166667	14.42
Total	1155953	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Cosmetics, Chemicals and Pharmaceutical Products.
Exports :
Products :	Chemicals
Countries :	Japan
Imports :
Products :	· Cosmetics Chemicals Pharmaceutical Products
Countries :	· France Singapore
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Suppliers :

· SEPPIC, France

Schulke and Mayr, Germany

Richo India Limited

Saffron Media Private Limited

Tamilnadu Veterinary and Animal Sciences University

Tata Power Company Limited

Tirupati Stationery and Xerox

UBM India Private Limited

Varsha Rani Tempo Service

Vichare Courier Service Private Limited

Customers :

Wholesalers

· Cipla Limited

Dr. Reddy’s

Arch Pharmalabs Limited

Sante Mernaud Pharmaceuticals Private Limited.

Compass Production Company Limited

Shin‐Etsu Chemical Company Limited

Well Chemical Limited

Sinochem Ningbo Limited

Henan Jindan Lactic Acid Technology Company Limited

Prima Global

No. of Employees :

60 (Approximately)

Bankers :

· Corproation Bank, Mumbai-Versova Branch,Sheroo Villa, Jayprakash Road, Andheri (West), Mumbai - 400053, Maharashtra, India

ICICI Bank Limited, 349, Business Point, Near Sai Services, Western Express Highway, Andheri (East), Mumbai - 400049, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term loans - From Banks:
(i) Corporation Bank - against Fixed Deposits for purchase of car (51 EMIs of Rs. 0.015 Million each are due to be paid as on date. Expected completion date - June 2017)	0.775
(ii) ICICI Bank Limited - Palghar Plot Home Loan – Secured against Palghar Plot (55 EMIs of Rs. 0.063 Million each are due to be paid as on date. Expected completion date - October 2017)	2.210
(iii) ICICI Bank Limited - Office Loan -Secured against Mortage of office 401 at Satyadev Plaza (24 EMIs of Rs. 0.351 Million each are due to be paid as on date. Expected completion date - March 2015)	3.677
(iv) Axis Bank Limited - Secured against Hypothecation of Motor Car (31 EMIs of Rs. 0.019 Million each are due to be paid as on date. Expected completion date - October 2015)	0.353
From Others:
(i) From Kotak Mahindra Prime Limited - Secured against Hypothecation of Motor car (24 EMIs of Rs. 0.038 Million each are due to be paid as on date. Expected completion date - March 2015)	0.428
SHORT TERM BORROWINGS
Secured borrowings from banks:
Corporation Bank-Cash Credit facility (Secured against hypothecation of stock and book debts)	26.285
Buyers credit against letter of credit through Corporation Bank, Versoa Branch
Allahbad Bank - Hongkong Branch	10.387
Bank of India - Hongkong Branch	8.156
Canara Bank - Shanghai Branch	1.829
Forex fluctuations	(0.463)
Total	53.637

Banking Relations :	--
Auditors :
Name :	Ashok Taparia Chartered Accountant
Address :	18/1 Om Heera Panna, Oshiwara Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No. :	91-22-40107675
Mobile No. :	91-9820568304
Fax No. :	91-22-40166978
E-Mail :	ashok.taparia2010@yahoo.com
Income-tax PAN of auditor or auditor's firm :	ACDPT3367Q

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,200,000	Equity Shares	Rs.10/- each	Rs. 12.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,155,953	Equity Shares	Rs.10/- each	Rs. 11.560 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 (Provisional/ Unaudited)	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	11.560	5.250	5.250
(b) Reserves & Surplus	79.027	76.618	34.116
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	6.310	0.000
Total Shareholders’ Funds (1) + (2)	90.587	88.178	39.366
(3) Non-Current Liabilities
(a) long-term borrowings	5.097	7.443	7.785
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	13.505	9.945
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	5.097	20.948	17.730
(4) Current Liabilities
(a) Short term borrowings	62.433	54.194	5.468
(b) Trade payables	20.499	32.502	0.830
(c) Other current liabilities	17.260	5.975	4.245
(d) Short-term provisions	0.822	1.430	3.061
Total Current Liabilities (4)	101.014	94.101	13.604
TOTAL	196.698	203.227	70.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	45.547	45.212	45.204
(ii) Intangible Assets	1.022	0.387	0.205
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	1.152	1.151	0.092
(d) Long-term Loan and Advances	20.662	24.452	5.069
(e) Other Non-current assets	0.000	0.887	0.818
Total Non-Current Assets	68.383	72.089	51.388
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	53.724	69.073	0.000
(c) Trade receivables	64.611	56.178	4.997
(d) Cash and cash equivalents	6.066	2.586	10.881
(e) Short-term loans and advances	3.848	2.451	2.910
(f) Other current assets	0.066	0.850	0.524
Total Current Assets	128.315	131.138	19.312
TOTAL	196.698	203.227	70.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014 (Provisional/ Unaudited)	31.03.2013	31.03.2012
	SALES
		Income	277.238	263.474	25.365
		Other Income	2.380	5.662	4.316
		TOTAL	279.618	269.136	29.681
Less	EXPENSES
		Purchases	158.005	191.244
		Changes in Inventories	15.349	(16.733)
		Employees benefits expense	41.275	35.116
		Other expenses	48.720	38.666
		TOTAL	263.349	248.293	20.978
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		16.269	20.843	8.703
Less	FINANCIAL EXPENSES		7.603	6.985	2.327
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		8.666	13.858	6.376
Less/ Add	DEPRECIATION/ AMORTISATION		5.858	5.882	5.036
	PROFIT/ (LOSS) BEFORE TAX		2.808	7.976	1.340
Less	TAX		0.650	3.535	0.645
	PROFIT/ (LOSS) AFTER TAX		2.158	4.441	0.695
	EARNINGS IN FOREIGN CURRENCY
		YIEPL(Other Income, Indicating the Nature thereof)		16.790	25.366
		YBSPL (Export of Goods)		1.070	0.000
		YCPL (Export of Goods)		10.262	0.000
	TOTAL EARNINGS		NA	28.122	25.366
	IMPORTS
		YBSPL (Trading Goods)	NA	140.802	0.000
	TOTAL IMPORTS		NA	140.802	S0.000
	Earnings / (Loss) Per Share (Rs.)		1.87	3.84	13.00

KEY RATIOS

PARTICULARS		31.03.2014 (Provisional/ Unaudited)	31.03.2013	31.03.2012
PAT / Total Income	(%)	0.77	1.65	2.34
Net Profit Margin (PBT/Sales)	(%)	1.01	3.03	5.28
Return on Total Assets (PBT/Total Assets}	(%)	1.44	3.95	1.90
Return on Investment (ROI) (PBT/Networth)		0.03	0.09	0.03
Debt Equity Ratio (Total Debt/Networth)		0.75	0.70	0.34
Current Ratio (Current Asset/Current Liability)		1.27	1.39	1.42

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	5.250	5.250	11.560
Reserves & Surplus	34.116	76.618	79.027
Share Application money pending allotment	0.000	6.310	0.000
Net worth	39.366	88.178	90.587
long-term borrowings	7.785	7.443	5.097
Short term borrowings	5.468	54.194	62.433
Total borrowings	13.253	61.637	67.530
Debt/Equity ratio	0.337	0.699	0.745

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	25.365	263.474	277.238
		938.731	5.224

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	25.365	263.474	277.238
Profit	0.695	4.441	2.158
	2.74%	1.69%	0.78%

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10360381	05/06/2012	5,000,000.00	ICICI HOME FINANCE COMPANY LIMITED	ICICI BANK TOWERS, BANDRA-KURLA, COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA	B41533167
2	10089795	07/02/2008	2,500,000.00	CORPORATION BANK	VERSOVA BRANCH, ANDHERI (WEST), MUMBAI, MAHARAS  HTRA - 400053, INDIA	A33154162
3	10089796	31/01/2008	2,000,000.00	CORPORATION BANK	VERSOVA BRANCH, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400053, INDIA	A33152513
4	10063860	26/08/2013 *	90,000,000.00	CORPROATION BANK	MUMBAI-VERSOVA BRANCH,SHEROO VILLA, JAYPRAKASH ROAD, ANDHERI-WEST, MUMBAI, MAHARASHTRA - 400053, INDIA	B87456380
5	10196903	26/02/2007	25,000,000.00	ICICI BANK LIMITED	349, BUSINESS POINT, NEAR SAI SERVICES,, WESTERN  EXPRESS HIGHWAY, ANDHERI EAST, MUMBAI, MAHARASHTRA - 400049, INDIA	A67681163
6	90141272	18/12/2008 *	38,000,000.00	CORPORATION BANK	VERSOVA BRANCH, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400053, INDIA	A54863642

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
From other than banks
Yasham Chemphar Private Limited	0.000
Vivek D. Samant	8.000
Total	8.000

CHANGE OF ADDRESS

The registered office of the company has been shifted from R. No. 1A, Nityanand Sadanbhardwadi, J P Road, Andheri (West), Mumbai – 400058, Maharashtra, India to the present address w.e.f. 01.01.2008.

CORPORATE INFORMATION

Subject was incorporated on 07th January, 1997 having registered office at 401, Satyadev, Veera Industrial Estate, Off Veera Desai Road, Andheri (West), Mumbai, Maharashtra and carries on the business of indenting agent.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)
YBSPL(Bank Guarantees given to Custom authorities against differencial custom duty)	0.697

FIXED ASSETS

Tangible Assets

· Land and Building

Computers

Plant and Equipment

Furniture and Fixtures

Vehicles

Electrical Fittings

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 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.60.33
UK Pound	1	Rs.103.18
Euro	1	Rs.81.58

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUM
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--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

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