MIRA INFORM REPORT

Report Date :

20.08.2014

IDENTIFICATION DETAILS

Name :	FIRMENICH AROMATICS (INDIA) PRIVATE LIMITED
Registered Office :	Arena Space, 9^th Floor, New Shyam Nagar Road, Off. Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai – 400060, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.01.1997
Com. Reg. No.:	11-105255
Capital Investment / Paid-up Capital :	Rs. 45.000 Millions
CIN No.: [Company Identification No.]	U74130MH1997PTC105255
PAN No.: [Permanent Account No.]	AAACF1621M
Legal Form :	Private Limited Liability Company
Line of Business :	The company is develops and supplies fragrances and flavors.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 2100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track. The rating takes into consideration company’s improved operational performance supported by fair profitability achieved by the company from its operation activities during financial year 2013. Trade relations are fair. Business is active. Payment terms are reported to be usually 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 – 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.

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Suman Sinha
Designation :	Finance Department
Contact No.:	91-22-66196000
Date :	29.07.2014

LOCATIONS

Registered Office :	Arena Space, 9^th Floor, New Shyam Nagar Road, Off. Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India
Tel. No.:	91-22-66196000
Fax No.:	91-22-66196010
E-Mail :	suman.sinha@firmenich.com sudhir.rao@firmenich.com
Website :	www.firmenich.com

DIRECTORS

AS ON 25.09.2013

Name :

Ashit Madhusudan Patel

Designation :

Managing director

Address :

2901, Odyssey – II, Hiranandani Gardens, Powai, Mumbai – 400076 Maharashtra, India,

Date of Birth/Age :

11.03.1951

Date of Appointment :

22.10.2013

Qualification :

Formal Education in Chemistry /Management from U.S.A.

Experience :

31 years

PAN No.:

AAAPP7483Q

DIN No. :

00149694

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	U24231GJ1986PTC008686	SPECIALITY FLAVOURS AND FRAGRANCES PVT LTD	Director	19/05/1986	19/05/1986	-	Active	NO
2	U74140MH1990PTC057456	M C DAVAR CORPORATE SERVICES PRIVATE LIMITED	Director	27/07/1990	27/07/1990	-	Active	NO
3	U51100GJ1996PTC029983	MAGNIFICENT MARKETING PRIVATE LIMITED	Director	20/06/1996	20/06/1996	-	Active	NO
4	U74130MH1997PTC105255	FIRMENICH AROMATICS (INDIA) PRIVATE LIMITED	Director	22/10/2013	20/01/1997	-	Active	NO
5	U51900MH1999PTC118975	REAL MERCANTILE SERVICES (MUMBAI) PRIVATE LIMITED	Director	18/03/1999	18/03/1999	-	Active	NO
6	U29329GJ1989PTC012761	M C DAVAR HOLDINGS PRIVATE LIMITED	Director	15/01/2000	15/01/2000	-	Active	NO
7	U24119MH2007FTC170590	FIRMENICH AROMATICS PRODUCTION (INDIA) PRIVATE LIMITED	Director	04/05/2007	04/05/2007	22/03/2010	Active	NO
8	U74999MH2008PTC180509	COFFOR CONSTRUCTION TECHNOLOGY PRIVATE LIMITED	Director	27/03/2008	27/03/2008	-	Active	NO
9	U45201GJ2002PTC040469	MANOMAY ESTATES PRIVATE LIMITED	Director	11/10/2008	11/10/2008	-	Active	NO
10	U65910GJ1995PTC026401	SIDDHI VINAYAK SECURITIES PRIVATE LIMITED	Director	11/10/2008	11/10/2008	-	Active	NO
11	U70100MH2002PTC135929	MAYROSE ESTATES PRIVATE LIMITED	Director	02/02/2009	02/02/2009	-	Active	NO
12	U45202MH2002PTC135921	DEVBHUMI ESTATES (MUMBAI) PRIVATE LIMITED	Director	02/02/2009	02/02/2009	-	Active	NO
13	U45102MH2001PTC133799	DHAWAL GIRI ESTATES PRIVATE LIMITED	Director	03/02/2009	03/02/2009	-	Active	NO
14	U45201GJ1983PTC005946	WESTCOAST CONTRACTORS PVT LTD	Additional director	11/08/2009	11/08/2009	-	Active	NO
15	U65910GJ1982PTC005527	MOTRIK INVESTMENTS PVT LTD	Director	01/04/2010	01/04/2010	-	Active	NO
16	U70102MH2007PTC175228	AUROSAGAR ESTATES PRIVATE LIMITED	Additional director	01/01/2014	01/01/2014	-	Active	NO
17	AAA-4334	A & H NIRMAN ESTATES & CONSTRUCTIONS LLP	Designated Partner	01/04/2011	01/04/2011	-	Active	NO

Name :

Ramesh Raichand Shah

Designation :

Director

Address :

301, Ruchita Towers, 161 Juhu Versova Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

20.10.1951

Date of Appointment :

16.01.2012

PAN No. :

AAEPS3517J

DIN No. :

00151321

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	U24231GJ1986PTC008686	SPECIALITY FLAVOURS AND FRAGRANCES PVT LTD	Director	27/09/1990	27/09/1990	-	Active	NO
2	U65910GJ1982PTC005527	MOTRIK INVESTMENTS PVT LTD	Director	27/09/1991	27/09/1991	-	Active	NO
3	U74140MH1990PTC057456	M C DAVAR CORPORATE SERVICES PRIVATE LIMITED	Director	18/08/1992	18/08/1992	-	Active	NO
4	U51100GJ1996PTC029983	MAGNIFICENT MARKETING PRIVATE LIMITED	Director	20/06/1996	20/06/1996	-	Active	NO
5	U36998GJ1996PTC029357	CITADEL LOCKS 7 SECURITIES SYSTEMS PRIVATE LIMITED	Director	28/02/1997	28/02/1997	-	Active	NO
6	U74130MH1997PTC105255	FIRMENICH AROMATICS (INDIA) PRIVATE LIMITED	Director	16/01/2012	08/08/1997	-	Active	NO
7	U29329GJ1989PTC012761	M C DAVAR HOLDINGS PRIVATE LIMITED	Director	15/01/2000	15/01/2000	-	Active	NO
8	U70101MH1994PTC083767	HARA ESTATES AND CAPITAL PRIVATE LIMITED	Director	28/09/2013	26/11/2010	-	Active	NO
9	U74999MH2014PTC254621	SYNERGY ALLIANCES PRIVATE LIMITED	Director	19/03/2014	19/03/2014	-	Active	NO

Name :

Patrick Roger Firmenich

Designation :

Director

Address :

384, Route DE Laussane, 1294, Genthod, Switzerland

Date of Birth/Age :

21.09.1962

Date of Appointment :

01.04.2003

DIN No. :

00671360

Name :

David Carlton Shipman

Designation :

Director

Address :

10, Colgate Circle, Princeton Junction, New Jersey – 08550, USA

Date of Birth/Age :

03.08.1960

Date of Appointment :

01.12.2003

DIN No. :

00671424

Name :

Eric Nicolas

Designation :

Director

Address :

18 Avenue Talamon Chaville - 92370

Date of Birth/Age :

08.05.1960

Date of Appointment :

27.09.2011

DIN No. :

03393757

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	U74130MH1997PTC105255	FIRMENICH AROMATICS (INDIA) PRIVATE LIMITED	Director	27/09/2011	25/03/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Suman Sinha
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2013

Names of Shareholders	No. of Shares
ASHIT MADHUSUDAN PATEL	13500
M C Davar Holdings Private Limited, India	103500
FIRMENICH Trading Corporation, Switzerland	333000
Total	450000

AS ON 25.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	74.00
Bodies corporate	23.00
Directors or relatives of Directors	3.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is develops and supplies fragrances and flavors.

GENERAL INFORMATION

No. of Employees :	Information declined by the management.
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Kpmg House, Lodha Execlus, 1^st Floor, Apollo Mills Ground, N M Joshi Marg, Mahalakshmi, Mumbai - 400 011, Maharashtra, India
Tel. No.:	AAIFB4734C

CAPITAL STRUCTURE

AS ON 25.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
450,000	Equity Shares	Rs.100/- each	Rs. 45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
450,000	Equity Shares	Rs.100/- each	Rs. 45.000 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	45.000	45.000	45.000
(b) Reserves & Surplus	462.170	473.681	548.843
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	507.170	518.681	593.843
(3) Non-Current Liabilities
(a) long-term borrowings	244.260	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1.597	0.000	10.998
(d) long-term provisions	39.667	43.747	60.525
Total Non-current Liabilities (3)	285.524	43.747	71.523
(4) Current Liabilities
(a) Short term borrowings	662.703	721.404	265.376
(b) Trade payables	826.960	652.908	516.574
(c) Other current liabilities	291.810	283.446	229.125
(d) Short-term provisions	177.994	100.095	25.203
Total Current Liabilities (4)	1,959.467	1,757.853	1,036.278
TOTAL	2,752.161	2,320.281	1,701.644
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	99.702	62.309	47.799
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	263.012	5.445	17.364
(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)	60.347	59.101	24.576
(d) Long-term Loan and Advances	207.586	164.273	86.181
(e) Other Non-current assets	1.447	1.867	0.567
Total Non-Current Assets	632.094	292.995	176.487
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	690.754	773.934	581.703
(c) Trade receivables	1147.493	1038.789	782.972
(d) Cash and cash equivalents	36.569	12.798	22.526
(e) Short-term loans and advances	237.385	196.731	130.824
(f) Other current assets	7.866	5.034	7.132
Total Current Assets	2120.067	2027.286	1,525.157
TOTAL	2,752.161	2,320.281	1,701.644

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue from operations	4,522.331	3,744.115	3,000.245
	Other Income
	TOTAL	4,522.331	3,744.115	3,000.245
Less	EXPENSES
	TOTAL	4,361.173	3,853.658	2,787.639
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	161.158	(109.543)	212.606
Less/ Add	DEPRECIATION/ AMORTISATION	24.021	(26.006)	18.387
	PROFIT/ (LOSS) BEFORE TAX	137.137	(83.537)	194.219
Less	TAX	52.856	(34.525)	71.623
	PROFIT/ (LOSS) AFTER TAX	84.281	(49.012)	122.596
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	167.859	NA	NA
	TOTAL EARNINGS	167.859	NA	NA
	Earnings / (Loss) Per Share (Rs.)	187.29	(108.92)	272.44

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.86	(1.31)	4.09
Return on Total Assets (PBT/Total Assets)	(%)	5.65	(3.70)	11.70
Return on Investment (ROI) (PBT/Networth)		0.27	(0.16)	0.33
Debt Equity Ratio (Total Debt /Networth)		1.79	1.39	0.45
Current Ratio (Current Asset/Current Liability)		0.50	0.56	1.47

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	45.000	45.000	45.000
Reserves & Surplus	548.843	473.681	462.170
Net worth	593.843	518.681	507.170
long-term borrowings	0.000	0.000	244.260
Short term borrowings	265.376	721.404	662.703
Total borrowings	265.376	721.404	906.963
Debt/Equity ratio	0.447	1.391	1.788

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	3,000.245	3,744.115	4,522.331
		24.794	20.785

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	3,000.245	3,744.115	4,522.331
Profit/(Loss) After Tax	122.596	(49.012)	84.281
	4.09%	(1.31%)	1.86%

LOCAL AGENCY FURTHER INFORMATION

PURCHASE DETAILS ARE NOT AVAILABLE

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	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	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	Yes
23]	Banking Details	No
24]	Banking facility details	No
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

LITIGATION DETAILS

LITIGATION DETAILS
Bench:- Bombay
Lodging No:-	ITXAL/320/2013	Failing Date:-	20.02.2013			Reg. No.:-	ITXA/2483/24.12.2013	Reg. Date:-	24.06.2014
Petitioner:-	COMMSSIONER OF INCOME TAX-4		Respondent:-			FIRMENICH AROMATICS (INDIA) PRIVATE LIMITED
Petn.Adv:-	SURESH KUMAR (0)			Resp.Adv.:		0 (0)
District:-	MUMBAI
Bench:-	DIVISION			Category:		TAX APPEALS
Status:-	Pre-Admission		Stage:-			FOR DIRECTION
Last Date:-	23.10.2013
Last Coram:-	ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST
Act:-	Income Tax Act, 1961				Under Section :-	260A

Note :

The registered office of the company Novell House, Road No. 13, MIDC, Marol, Andheri (East), Mumbai – 400093, Maharashtra, India to the present address w.e.f. 11.02.2013.

VIEW INDEX OF CHARGES : NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Other external Commercial borrowings	244.260	0.000
SHORT TERM BORROWINGS
Loans repayable on demand from banks	662.703	721.404
Total	906.963	721.404

FIXED ASSETS

· Land

· Building

· Residential building

· Office building

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Ships vessels

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.60.73
UK Pound	1	Rs.101.48
Euro	1	Rs.81.04

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	KAR
Report Prepared by :	SNT

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	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.