MIRA INFORM REPORT

Report Date :

03.12.2014

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) :	31.03.2013

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

IEC No.:	Not Available

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

PAN No.: [Permanent Account No.]	AAACR2855F

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the business of manufacturing, trading and marketing of 'Speciality Materials'

No. of Employees :	Not Divulged

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 6365000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a subsidiary of Rohm and Haas India Investment ApS, Denmark it is an established company having moderate track record. As per ROC the date of balance sheet (i.e, financial filed) is shown as 31.03.2014 but the documents related to the financial for the year 2014 are not available from any sources. As per the available financial of 2013, the company has incurred some accumulated losses. However, trade relations are reported as fair. Business is active. Payments terms 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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

India

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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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. Zaferi Ansari
Designation :	Not Divulged
Contact No.:	91-9819000295 91-22-66741501
Date :	03.12.2014

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 / 66741501 / 66741700
Mobile No.:	91-9819000295 (Mr. Zafer Ansari)
Fax No.:	91-22-67326069 / 66741824
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 - 410208, Maharashtra, India
Tel. No.:	91-22-27412476 / 79 / 15555
Fax No.:	91-22-27410564 / 67315569

Manufacturing Facilities:	Sriperumbadur, Tamilnadu, India

DIRECTORS

As on 30.09.2014

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	08/12/03	08/12/03	-	Active	NO
2	U24231MH1995PTC132718	ROHM AND HAAS (INDIA) PRIVATE LIMITED	Director	30/06/09	30/06/09	-	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 :

Raghunathan Thangavel

Designation :

Additional Director

Address :

Asvin Amrisha, 4^th BLK, 3A, 77 Kalasat Hamman St,
Rampuram Chennai – 600089, Tamilnadu, India

Date of Birth/Age :

15.05.1972

Date of Appointment :

30.09.2014

DIN No.:

06939240

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	Director	30/09/14	08/08/14	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

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

Total	325907323

As on 30.09.2014

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing, trading and marketing of 'Speciality Materials'

Products :

Item Code No. (ITC Code)	Product Description
39069090	Primal AC 261
39039090	Other polymers of styrene in Primary forms

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

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

Citi Bank N. A.

Banking Relations :	--

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai - 400 018, Maharashtra, India
PAN No. :	AACFD4815A

Memberships :	--

Collaborators :	--

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 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

330000000	Equity Shares	Rs.10/- each	Rs.3300.000 Millions
55000000	Preferences 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	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3259.073	3259.073	3259.073
(b) Reserves & Surplus	(1031.190)	(1232.888)	(1018.999)
(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)	2227.883	2026.185	2240.074

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	11.947	13.521	10.405
Total Non-current Liabilities (3)	11.947	13.521	10.405

(4) Current Liabilities
(a) Short term borrowings	1329.025	2156.644	1140.000
(b) Trade payables	2671.580	2174.724	1763.186
(c) Other current liabilities	112.508	128.787	163.061
(d) Short-term provisions	25.070	10.704	14.403
Total Current Liabilities (4)	4138.183	4470.859	3080.650

TOTAL	6378.013	6510.565	5331.129

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1054.971	1193.824	1357.371
(ii) Intangible Assets	1.273	1.825	0.00
(iii) Capital work-in-progress	43.040	49.886	39.373
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	59.159	19.589	16.176
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1158.443	1265.124	1412.920

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1989.133	1697.453	1254.737
(c) Trade receivables	2360.472	2759.693	1754.350
(d) Cash and cash equivalents	84.070	5.802	167.390
(e) Short-term loans and advances	749.654	727.588	706.462
(f) Other current assets	36.241	54.905	35.270
Total Current Assets	5219.570	5245.441	3918.209

TOTAL	6378.013	6510.564	5331.129

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	8740.000	7707.500	6382.600
		Other Income	13.100	136.900	17.300
		TOTAL	8753.100	7844.400	6399.900

Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	8264.000	7718.300	5906.700

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		489.100	126.100	493.200

Less	FINANCIAL EXPENSES		203.100	152.800	38.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		286.000	(26.700)	455.200

Less/ Add	DEPRECIATION/ AMORTISATION		183.200	187.200	193.200

	PROFIT/ (LOSS) BEFORE TAX		102.800	(213.900)	262.000

Less	TAX		0.000	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX		102.800	(213.900)	262.000

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

	BALANCE CARRIED TO THE B/S		NA	NA	1019.000

	EARNINGS IN FOREIGN CURRENCY		NA	NA	1444.800

	Earnings / (Loss) Per Share (Rs.)		0.31	0.66	0.77

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	1.17	(2.73)	4.09

Operating Profit Margin (PBDIT/ Sales)	(%)	5.60	1.64	7.73

Return on Total Assets (PBT/Total Assets}	(%)	1.62	(3.31)	4.95

Return on Investment (ROI) (PBT/Networth)		0.05	(0.11)	0.12

Debt Equity Ratio (Total Debt/Networth)		0.60	1.06	0.51

Current Ratio (Current Asset/Current Liability)		1.26	1.17	1.27

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	3259.073	3259.073	3259.073
Reserves & Surplus	(1018.999)	(1232.888)	(1031.190)
Net worth	2240.074	2026.185	2227.883

long-term borrowings	0.000	0.000	0.000
Short term borrowings	1140.000	2156.644	1329.025
Total borrowings	1140.000	2156.644	1329.025
Debt/Equity ratio	0.509	1.064	0.597

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)
Sales	6382.600	7707.500	8740.000
		20.758	13.396

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	6382.600	7707.500	8740.000
Profit	262.000	(213.900)	102.800
	4.10%	(2.78%)	1.18%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--------------------
22]	Litigations that the firm / promoter involved in	--------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--------------------
26]	Buyer visit details	--------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

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

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Working capital loans from bank	79.025	506.644
Loans repayable on demand	400.000	0.000
Loans and advance from related parties	850.000	1650.000

Total	1329.025	2156.644

INDEX OF CHARGES

No Charges Exist for Company

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.

FINANCIAL PERFORMANCE:

The Company continued its excellent run in sales performance this year also. The sales at Rs. 9550.000 millions have risen by about 14% as compared to Rs. 8408.600 millions. With the growth in sales the profit before depreciation, interest and tax at 489.100 millions has taken a quantum leap of 4 times as compared to the previous year.

CONTINGENT LIABILITIES

Particular

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

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

31565648

62781290

Arrears of dividend on 10% cumulative redeemable preference shares of Rs.10/- each (upto 23^rd March, 2011) (On 3rd January, 2011, the terms of 10% cumulative redeemable preference shares had been changed from 'Redeemable' to 'Convertible at the option of the company on or before 31st March, 2011'. The option was excercised and accordingly the Company allotted equal number of equity shares of Rs.10/- each at par on 23rd March, 2011)

265742992

FIXED ASSETS

œ Land

œ Buildings

œ Factory Building

œ Plant and Equipment

œ Furniture and Fixtures

œ Vehicles

œ Motor Vehicles

œ Office Equipment

œ Computer Equipments

œ Other Equipments

œ Leasehold Improvements

œ 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 records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.92
UK Pound	1	Rs.97.39
Euro	1	Rs.77.21

INFORMATION DETAILS

Information Gathered by :	GYT

Analysis Done by :	DIV

Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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

1.17

(2.73)

5.60

1.64

1.62

(3.31)

0.05

(0.11)

0.60

1.06

1.26

1.17

Unit