MIRA INFORM REPORT

Report Date :

08.01.2014

IDENTIFICATION DETAILS

Name :	KRISHNA ANTIOXIDANTS PRIVATE LIMITED (w.e.f. 09.08.1996)
Formerly Known As :	KRISHNA FISCALS PRIVATE LIMITED
Registered Office :	1, Oriental Apartments, Jeevan Bimanagar, Opposite LIC, Shopping Centre, Borivali (West), Mumbai – 400003, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.05.1990
Com. Reg. No.:	11-056459
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U65990MH1990PTC056459
IEC No.:	0398043001
TAN No.: [Tax Deduction & Collection Account No.]	MUMK11049D
PAN No.: [Permanent Account No.]	AAACK1793M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Speciality Chemicals and also involved in Contract Manufacturing.
No. of Employees :	140 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 800000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Management of the company has failed to file its financials for the year 2013 with the government department. There appears some continuous dip in the profitability of the company during 201. However, networth of the company is satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: Suspended Short Term Rating: Suspended
Rating Explanation	The suspension of ratings is on account of non-cooperative by company with crisil’s.
Date	17.12.2013

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 :	Ms. Mangala
Designation :	Export Executive
Contact No.:	91-22-28942213

LOCATIONS

Registered Office / Account and Administration Office :	1, Oriental Apartments, Jeevan Bimanagar, Opposite LIC, Shopping Centre, Borivali (West), Mumbai – 400 003, Maharashtra, India
Tel. No.:	91-22-28957195/ 28952367/ 28942892/ 28942213/ 28954842
Fax No.:	91-22-28910320/ 28935071
E-Mail :	saroj.vijekar@cristol.co.in dhiraj.gupta@cristol.co.in kapl@bom2.vsnl.net.in gurmukh.kripalani@cristol.co.in info@cristol.co.in mitul.gupta@cristol.co.in anil.gupta@cristol.co.in
Website :	http://www.krishnaantioxidants.com http://www.cristol.co.in
Area :	2915 Sq. ft.
Location :	Rented
Export Office :	A/12, Ground Floor, Shantikrupa CHSL, Opposite Shanti Ashram Bus Depot, Borivali (West), Mumbai – 400 103, Maharashtra, India
Area :	400 Sq. ft.
Location :	Rented
Research and Development Centre 1 :	Plot No. 42 and 43, Sector II, Gauraipada, Vasai Taluka Industrial Estate, Vasai (East), Thane – 401 208, Maharashtra, India
Area :	400 Sq. ft.
Location :	Rented
Research and Development Centre 2 :	Located at: · Dombivali, Thane, Maharashtra, India
Corporate Office 1 :	107-108, 1st Floor, Raheja Plaza, Shah Industrial Estate, Opposite Yashraj Studios, Mumbai – 400 053, Maharashtra, India
Tel. No.:	91-22-28952367 / 28954842
Fax No.:	91-22-28910320 / 28935071
E-Mail :	mitul.gupta@cristol.co.in
Area :	2100 Sq. ft.
Location :	Owned
Corporate Office 2 :	Opposite Yashraj Studios, Off Link Andheri (West), Mumbai – 400053, Maharashtra, India
Factory :	A-13, Gane Khadpoli MIDC, Chiplun, District Ratnagiri – 415 605, Maharashtra, India
Tel. No.:	91-235-237416
Area :	14399 Sq. ft.
Location :	Owned

DIRECTORS

(AS ON 30.09.2013)

Name :	Mr. Anil Hariprasad Gupta
Designation :	Whole Time Director
Address :	11, AFCO Co-Operative Housing Society, A2/2 Jeevan Bimanagar, Borivali (West), Mumbai – 400 103, Maharashtra, India
Date of Birth/Age :	23.11.1950
Date of Appointment :	08.05.1990
DIN No.:	01363167
Name :	Mr. Krishnagopal Hariprasad Gupta
Designation :	Whole Time Director
Address :	53/58, Jeevan Bima Nagar, A-6/1 Jeevan Aradhana Borivali (West), Mumbai – 400 103, Maharashtra, India
Date of Birth/Age :	04.06.1940
Date of Appointment :	08.05.1990
DIN No.:	01337454

KEY EXECUTIVES

Name :	Mr. Dhiraj Krishna Gupta
Designation :	Manager
Address :	53/58, Jeevan Bima Nagar, A-6/1 Jeevan Aradhana Borivali (West), Mumbai – 400 103, Maharashtra, India
Date of Appointment :	01.04.2006
PAN No.:	AEMPG9544F
Name :	Mr. Mitul Krishnagopal Gupta
Designation :	Manager
Address :	53/58, Jeevan Bima Nagar, A-6/1 Jeevan Aradhana Borivali (West), Mumbai – 400 103, Maharashtra, India
Date of Birth/Age :	21.11.1970
Date of Appointment :	01.04.2008
PAN No.:	AADPG2772L
Name :	Mrs. Swati Anil Gupta
Designation :	Manager
Address :	11, Afco Co-operative Housing Society Limited, A 2/2, Jeevan Bima Nagar, Borivali (West), Mumbai – 400103, Maharashtra, India
Date of Birth/Age :	15.04.1982
Date of Appointment :	01.04.2008
PAN No.:	AGFPG5412P
Name :	Ms. Mangala
Designation :	Export Executive
Name :	Mr. Ramesh Wani
Designation :	Head – Administration
Name :	Mr. Dhiraj Gupta
Designation :	Head – Purchase and Material
Name :	Mr. Wilfred Fernandes
Designation :	Head – Human Resource Development
Name :	Mr. Frederick Pinto
Designation :	Head – Finance
Name :	Mr. Mohan Rao
Designation :	Head – Information Technology
Name :	Mr. Samir Gupta
Designation :	Head – Marketing / Sales
Name :	Mr. T. Rahman
Designation :	Head – Manufacturing / Works

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2013)

Names of Shareholders	No. of Shares
Anil Hariprasad Gupta	87000
Krishna Hariprasad Gupta	95000
Mitul Krishna Gupta	5000
Veena Anil Gupta	13000
Total	200000

(AS ON 30.09.2013)

Equity Shares Break – up

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Speciality Chemicals and also involved in Contract Manufacturing.

Products :

Products Description	Item Code No.
Antioxidants (Rubber)	38123001
Organic Surface Active Agents	34029019
Lubrication Oil Additives	38111900

· Cosmetic Ingredient

· Oil Refinery Additives

· Paint Chemicals

· Plastic Additives

· Textile Chemicals

· Crop Protection Chemicals

· Oilfield Chemicals

· Pharmaceutical Intermediates

· Rubber Chemicals

· Biofuels

· Lubricants

· Water Treatment

· Drilling Additive

· Production Chemicals

· Fuel Additives

Brand Names :

CRISTOL

PRODUCTION STATUS

Particulars	Unit	Capacity Utilization (%)	Installed Capacity	Actual Production
Pour Point Depressants Lubrication Oil	Metric Tons	40.95	3600.00	1474.31
Phosphite/Esters	Metric Tons	62.75	3780.00	2371.79
ET/Deoiler	Metric Tons	10.71	288.00	30.85

GENERAL INFORMATION

Suppliers :

· C. J. Shah and Company

· Reliance Industries Limited

· China Man – Made Fiber Corporation

· S.I. Group India Limited

· Chem Edge International Private Limited

Customers :

Manufacturers, Buying Agents, Government Bodies and End Users

· Scomi Oil Tools Sdn bhd

· Polimeri Europa SPA

· Lamberti S.P.A

· Energy Chemicals Company

No. of Employees :

140 (Approximately)

Bankers :

· Bank of Baroda

Mount Poinsur Branch, I.C. Colony, Church Compound, Borivali (West), Mumbai – 400 103, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Kotak Mahindra Prim Ltd Ford NOTE: The Car Loan is against the hypothecation of Car. Last Installment was paid on Jun 11	0.000	0.062
Loans Repayable on Demand
From Banks
Bank of Baroda Cash Credit (Hypothecation of Stock)	39.292	71.164
Bank of Baroda Cash Credit (Chiplun)	3.138	1.325
Bank of Baroda Buyers' Credit	28.635	2.993
Bank of Baroda Packing Credit	44.550	98.720
Total	115.615	174.264
NOTE: 1. Cash Credit facilities including Packing Credit are secured by Hypothecation of current assets namely stocks, book debts and D. P. Note signed by the Company and the 'General Undertaking of the Company etc. 2. Loans under Buyers Credit are secured by an exclusive charge on the assets and Equipments procured under the facility. 3, The Rupee Short Term Loans are secured by mortgage and second charge of immovable properties of the Company, both present and future. They are further secured by second charge on all movables and movable machinery, machinery spares and accessories both present and future 4. The above loans facilities are secured by personal guarantee of two directors of the Company.

Banking Relations :	--
Auditors :
Name :	U. B. Shah and Company Chartered Accountants
Address :	1^st Floor, 13 Diamond Building, Pathak Wadi, Lohar Chawl, Mumbai-400002, Maharashtra, India
PAN No.:	AADPS8007Q
Associates/Subsidiaries :	· Akrur Chemicals Private Limited · Globe Industries · Mahendra Kumar · Swastik General Traders · Core Chemicals Private Limited

CAPITAL STRUCTURE

(AS ON 30.09.2013)

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 millions

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		191.134	181.900	172.577
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		201.134	191.900	175.077
LOAN FUNDS
1] Secured Loans		115.615	174.264	89.225
2] Unsecured Loans		26.959	30.297	38.505
TOTAL BORROWING		142.574	204.561	127.730
DEFERRED TAX LIABILITIES		5.157	5.037	8.074
TOTAL		348.865	401.498	310.881
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		123.494	101.845	99.647
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.320	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	134.019	230.673	121.028
	Sundry Debtors	172.432	114.895	174.018
	Cash & Bank Balances	12.030	46.650	2.753
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	103.117	87.937	133.181
Total Current Assets		421.598	480.155	430.980
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	150.111	148.775	146.954
	Other Current Liabilities	15.214	13.309
	Provisions	32.222	18.418	72.792
Total Current Liabilities		197.547	180.502	219.746
Net Current Assets		224.051	299.653	211.234
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		348.865	401.498	310.881

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1179.598	1013.466	1068.608
		Other Income	12.014	91.923	58.757
		Export Incentive/ Advance License	74.598	0.000	0.000
		TOTAL	1266.210	1105.389	1127.365
Less	EXPENSES
		Cost of Materials Consumed	890.455	865.061	731.179
		Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	50.549	(62.110)	17.898
		Employee Benefits Expense	60.335	0.000	0.000
		Other Expenses	197.424	0.000	0.000
		Manufacturing Expenses	0.000	91.229	78.999
		Staff Cost	0.000	35.246	36.488
		Administrative Expenses	0.000	34.200	34.666
		Selling and Distribution Expenses	0.000	71.223	58.582
		TOTAL	1198.763	1034.849	947.812
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		67.447	70.540	179.553
Less	FINANCIAL EXPENSES		17.135	16.923	15.338
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		50.312	53.617	164.215
Less/ Add	DEPRECIATION/ AMORTISATION		17.365	18.382	17.090
Less	Exceptional Items		0.138	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX		32.809	35.235	147.125
Less	TAX		11.900	9.995	59.481
	PROFIT/(LOSS) AFTER TAX		20.909	25.240	87.644
Less	APPROPRIATIONS
		Interim Dividend		10.000	7.500
		Corporate Dividend Tax		1.661	1.275
		Under Provision of Earlier Year Tax		0.000	0.833
	BALANCE CARRIED TO THE B/S		NA	13.579	78.036
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	707.181	640.344	566.625
	TOTAL EXPORTS		707.181	640.344	566.625
	Earnings/(Loss) Per Share (Rs.)		209.09	222.03	902.36

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.65	2.28	7.77
Net Profit Margin (PBT/Sales)	(%)	2.78	3.47	13.76
Return on Total Assets (PBT/Total Assets}	(%)	6.02	6.05	27.72
Return on Investment (ROI) (PBT/Networth)		0.16	0.18	0.84
Debt Equity Ratio (Total Debt/Networth)		0.70	1.06	0.72
Current Ratio (Current Asset/Current Liability)		2.13	2.66	1.96

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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No
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

UNSECURED LOAN:

Particulars	AS ON 31.03.2012	AS ON 31.03.2011
	(Rs. in Millions)
Sales Tax Deferment Loan - Unsecured Payable in 6 equal annual installments from 2012 to 2019
Deferred Sales Tax (From 1.5.2005 To 1.6.2014)	0.010	0.010
Deferred Sales Tax Payable BST : 2011-12	0.000	0.423
Deferred Sales Tax Payable CST : 2011-12	0.000	0.663
Deferred Sales Tax Payable BST : 2012-13	0.563	0.563
Deferred Sales Tax Payable CST : 2012-13	0.660	0.660
Deferred Sales Tax Payable BST : 2013-14	0.683	0.683
Deferred Sales Tax Payable CST : 2013-14	0.584	0.584
Deferred Sales Tax Payable BST : 2014-15	0.624	0.624
Deferred Sales Tax Payable CST : 2014-15	0.388	0.388
Deferred Sales Tax Payable BST : 2015-16	0.473	0.473
Deferred Sales Tax Payable CST : 2015-16	0.366	0.366
Deferred Sales Tax Payable BST : 2016-17	0.298	0.298
Deferred Sales Tax Payable CST : 2016-17	0.256	0.256
Deferred Sales Tax Payable BST : 2017-18	0.158	0.158
Deferred Sales Tax Payable CST : 2017-18	0.127	0.127
Deferred Sales Tax Payable EST : 2018-19	0.012	0.012
From Directors and Relatives of Directors and Others
From Directors	8.090	9.234
From Shareholder	2.000	11.134
From Relatives of Directors	6.266	3.474
From Others	5.400	9.400
Total	26.959	30.297

CONTINGENT LIABILITY

Contingent Liability not provided for, in respect of: -

PARTICULARS	31.03.2012 (Rs. in millions)
Estimated amount of contracts remaining to be executed on Capital account	0.119
For Bank Guarantee	17.264
For Letter of Credit	55.061
Claims representing legal demand filed against the Company for loss of Container not acknowledged as debts US $ 26000 equivalent to INR 50.71(45.14)	1.318

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Freehold Land – Chiplun

· Freehold Land – Gujarat

· Leasehold Land

· Factory Buildings

· Factory Plant Shed

· Office Premises

· Flat at Vasai

· Mathura Cottage

· Computers

· Laboratory Equipments

· Books & Periodicals

· Office Equipments

· Plants Machinery

· Furniture

· Vehicles

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.62.38
UK Pound	1	Rs.102.24
Euro	1	Rs.84.97

INFORMATION DETAILS

Report Prepared by :

NIT

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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.