MIRA INFORM REPORT

Report Date :

07.06.2014

IDENTIFICATION DETAILS

Name :	TOYO INK INDIA PRIVATE LIMITED
Registered Office :	82, Functional Industrial Estate, Patparganj Industrial Area, Delhi – 110 092
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	03.08.2006
Com. Reg. No.:	55-151575
Capital Investment / Paid-up Capital :	Rs.946.300 millions
CIN No.: [Company Identification No.]	U22219DL2006PTC151575
TAN No.: [Tax Deduction & Collection Account No.]	DELM13911C
PAN No.: [Permanent Account No.]	AACCT5137A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Seller of printing ink and specialty chemical products.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 3441000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2013 but the documents related to the financial for the year 2012 and 13 are not made available from any source. As per previous financial record of 2011, the company has incurred huge accumulated losses and profitability of the company is under pressure. However, trade relations are fair. Business is active. Payment terms are unknown. The company can be considered for business dealing with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 DECLINED

Management non-cooperative

(Tel. No.: 91-11-42058093)

LOCATIONS

Registered Office/ Delhi Depot :	82, Functional Industrial Estate, Patparganj Industrial Area, Delhi – 110 092, India
Tel. No.:	91-11-42058093/ 42147181
Fax No.:	91-11-42147740
E-Mail :	rahul@toyoinkindia.com info@toyoinkindia.co.in
Website :	http://www.toyoinkindia.com
Head Office/ Corporate Office/ Delhi Plant :	Plot No.17, Ecotech-III, Udyog Kendra, District Greater Noida – 201 306, Gautam Budh Nagar, Uttar Pradesh, India
Tel. No.:	91-120-2935002/ 004/ 005
Fax No.:	91-120-2397100
Gujarat Plant :	Plot No.2/23, Dahej D-II, Village: Jolwa, District: Bharuch – 392 130, Gujarat, India
Mumbai Depot :	Building No.8, Shah Industrial Plaza, S. No./H. No.57/1, Village Sativali, Taluka Vasai, District Thane – 401 208, Maharashtra, India
Manufacturing Network :	Located at: · Kerala · Goa · Orissa · Chattishgarh · Jharkhand · Madhya Pradesh · Bihar · Assam · Meghalaya · Arunachal Pradesh · Nagaland · Manipur · Mizoram · Himachal Pradesh · Haryana · Uttaranchal · Uttar Pradesh · Rajasthan
Sales Representatives :	Located at: · Punjab · West Bengal · Gujarat · Maharashtra · Andhra Pradesh · Karnataka · Tamilnadu

DIRECTORS

AS ON 29.06.2013

Name :

Mr. Bodi Singh Kampani

Designation :

Managing Director

Address :

B-601, Shangrila Apartment, 7 Bunglows, Andheri (West), Mumbai – 400 058, Maharashtra

Date of Birth/Age :

28.03.1952

Date of Appointment :

29.10.2007

DIN No.:

00046415

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	L24223WB1947PLC015202	DIC INDIA LIMITED	Whole-time director	30-10-2001	30-10-2001	02-04-2007	Active	NO
2	U91110MH1953NPL009087	ALL INDIA PRINTING INK MANUFACTURERS ASSOCIATION LIMITED	Director	16-09-2005	16-09-2005	-	Active	NO
3	U22219DL2006PTC151575	TOYO INK INDIA PRIVATE LIMITED	Managing director	29-10-2007	01-06-2007	-	Active	NO
4	U74900DL2007PTC168260	TOYO INK BUSINESSNETWORK INDIA PRIVATE LIMITED	Director	15-10-2008	11-10-2007	-	Active	NO
5	U24233GJ2013PTC075468	HEUBACH TOYO COLOUR PRIVATE LIMITED	Additional director	21-08-2013	21-08-2013	-	Active	NO

Name :

Shingo Nishikaze

Designation :

Whole-time Director

Address :

2-3-13, Kyobashi Chuo-Ward Tokyo, Japan 1048377

Date of Birth/Age :

13.06.1961

Date of Appointment :

12.03.2012

DIN No.:

05239862

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	U74900DL2007PTC168260	TOYO INK BUSINESSNETWORK INDIA PRIVATE LIMITED	Additional director	12-03-2012	12-03-2012	-	Active	NO
2	U22219DL2006PTC151575	TOYO INK INDIA PRIVATE LIMITED	Whole-time director	12-03-2012	12-03-2012	-	Active	NO
3	U24233GJ2013PTC075468	HEUBACH TOYO COLOUR PRIVATE LIMITED	Director	05-06-2013	05-06-2013	-	Active	NO

Name :

Takashi Imaizumi

Designation :

Director

Address :

22-92, Vmegaoka, Aobaku Yokohama, Japan 2270052

Date of Birth/Age :

24.08.1966

Date of Appointment :

25.06.2012

DIN No.:

05239877

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	U22219DL2006PTC151575	TOYO INK INDIA PRIVATE LIMITED	Director	25-06-2012	08-05-2012	-	Active	NO
2	U74900DL2007PTC168260	TOYO INK BUSINESSNETWORK INDIA PRIVATE LIMITED	Additional director	25-05-2012	25-05-2012	-	Active	NO

Name :

Hiroyuki Kawashima

Designation :

Additional Director

Address :

4-9-2, Nangai Higashimurayama City, Tokyo

Date of Birth/Age :

22.06.1958

Date of Appointment :

01.07.2013

DIN No.:

06715618

KEY EXECUTIVES

Name :	Mr. Rahul Prasad
Designation :	Secretary
Address :	Flat No.115, United India Apartment, Mayur Vihar, Phase I (Extension), Delhi – 110 091, India
Date of Birth/Age :	13.07.1975
Date of Appointment :	07.02.2012
PAN No.:	ALXPP2706L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.06.2013

Names of Shareholders	No. of Shares
Toyo Ink SC Holdings Company Limited, Japan	153920000
Toyo Ink Pan Pacific Pte Limited, Singapore	10000
Total	153930000

AS ON 25.10.2013

Names of Allottee	No. of Shares
Toyo Ink SC Holdings Company Limited, Japan	65100000
Total	65100000

AS ON 29.06.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of printing ink and specialty chemical products.

Products :

ITC Code	Product Descriptions
506064271	Commercial Printing Ink

PRODUCTION STATUS (AS ON 31.12.2011):

Particulars	Unit	Licensed Capacity	Installed Capacity*	Actual Production
Printing ink	Kgs	N.A.	4,815,000	1,908,156

*Installed capacity is as certified by the management and has not been verified by the auditors, it being a technical matter.

GENERAL INFORMATION

No. of Employees :

Information declined by the Management.

Bankers :

Not Available

Facilities :

Secured Loans	31.12.2011 (Rs. in Millions)	31.12.2010 (Rs. in Millions)
Loans taken for vehicles	1.187	1.965
Total	1.187	1.965

Banking Relations :	--
Auditors :
Name :	BSR and Associates Chartered Accountants
Address :	Building No.10, 8th Floor, Tower-B, DLF Cyber City, Phase-II, Gurgaon – 122 002, Haryana, India
Income-tax PAN of auditor or auditor's firm :	AADFB6889R
Holding Company :	Toyo Ink SC Holdings Company Limited, Japan (formerly known as Toyo Ink Mfg. Company Limited, Japan)
Subsidiary Company :	Toyo Ink Businessnetwork India Private Limited (formerly known as Technova Toyo Ink Private Limited) (CIN No.: U74900DL2007PTC168260)
Fellow Subsidiary :	Toyo Chem Ink Pte. Limited Toyo Ink Company Limited Toyo Chem SDN BHD Toyo Ink (Thailand) Company Limited Toyo Ink Coating (Thailand) Company Limited Toyo Ink Europe (Paris) S.A.S. Toyo Ink Asia Limited Toyo Ink Europe S.A. Toyo Chem Speciality Chemical Limited Toyo Morton Limited Toyo Ink (Middle East) Ftz PT. Toyo Ink Indonesia

CAPITAL STRUCTURE

AFTER 29.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
226000000	Equity Shares	Rs.10/- each	Rs.2260.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
219030000	Equity Shares	Rs.10/- each	Rs.2190.300 millions

AS ON 29.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
160000000	Equity Shares	Rs.10/- each	Rs.1600.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
153930000	Equity Shares	Rs.10/- each	Rs.1539.300 millions

AS ON 31.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
95000000	Equity Shares	Rs.10/- each	Rs.950.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
94630000	Equity Shares	Rs.10/- each	Rs.946.300 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		946.300	671.300	671.300
2] Share Application Money		270.000	275.000	0.000
3] Reserves & Surplus		45.700	45.700	45.700
4] (Accumulated Losses)		(401.724)	(244.485)	(164.201)
NETWORTH		860.276	747.515	552.799
LOAN FUNDS
1] Secured Loans		1.187	1.965	15.133
2] Unsecured Loans		0.000	0.000	26.748
TOTAL BORROWING		1.187	1.965	41.881
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		861.463	749.480	594.680
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		445.106	455.066	464.777
Capital work-in-progress		98.922	26.854	0.270
INVESTMENT		9.455	22.688	7.650
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	173.250	68.992	42.149
	Sundry Debtors	188.226	92.228	73.397
	Cash & Bank Balances	86.016	36.472	34.963
	Other Current Assets	0.623	0.183	2.580
	Loans & Advances	35.074	96.864	25.135
Total Current Assets		483.189	294.739	178.224
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	168.898	45.767	49.349
	Other Current Liabilities	5.867	3.741	5.536
	Provisions	0.444	0.359	1.356
Total Current Liabilities		175.209	49.867	56.241
Net Current Assets		307.980	244.872	121.983
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		861.463	749.480	594.680

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010
	SALES
		Income	576.242	248.343
		Other Income	NA	NA
		TOTAL	NA	NA
Less	EXPENSES
		TOTAL	NA	NA
	NET PROFIT/ (LOSS)		(157.239)	(80.284)
	IMPORTS
		Raw Materials	50.518	15.287
		Capital Goods	7.589	0.000
		Stores & Spares	0.000	0.116
	TOTAL IMPORTS		58.107	15.403

	PARTICULARS		31.12.2009
	SALES
		Income	115.296
		Other Income	4.827
		TOTAL (A)	120.123
Less	EXPENSES
		Cost of goods sold	81.926
		Excise duty on closing stock	0.076
		Personnel Expenses	37.761
		Operating Expenses	37.090
		Prior Period Expense	0.928
		TOTAL (B)	157.781
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(37.658)
Less	FINANCIAL EXPENSES (D)		1.730
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(39.388)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		30.395
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(69.783)
Less	TAX (H)		0.208
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(69.991)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(94.209)
	BALANCE CARRIED TO THE B/S		(164.200)
	IMPORTS
		Raw Materials	8.853
		Capital Goods	3.900
		Stores & Spares	0.000
	TOTAL IMPORTS		12.753
	Earnings/ (Loss) Per Share (Rs.)		(1.09)

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	NA	NA	(58.27)
Net Profit Margin (PBT/Sales)	(%)	NA	NA	(60.53)
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	(10.85)
Return on Investment (ROI) (PBT/Networth)		NA	NA	(0.13)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.08
Current Ratio (Current Asset/Current Liability)		2.76	5.91	3.17

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2009	31.12.2010	31.12.2011
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	671.300	671.300	946.300
Reserves & Surplus	(164.201)	(244.485)	(401.724)
Share Application money pending allotment	45.700	45.700	45.700
Net worth	552.799	747.515	860.276
Secured Loans	15.133	1.965	1.187
Unsecured Loans	26.748	0.000	0.000
Total borrowings	41.881	1.965	1.187
Debt/Equity ratio	0.076	0.003	0.001

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2010	31.12.2011
	(INR in Mlns)	(INR in Mlns)
Sales	248.343	576.242
		132.035

NET PROFIT MARGIN

Net Profit Margin	31.12.2010	31.12.2011
	(INR in Mlns)	(INR in Mlns)
Sales	248.343	576.242
Profit	(80.284)	(157.239)
	(32.33%)	(27.29%)

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	No
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	No
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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

Notes:

· The registered office of the company has been shifted from A-288, Okhla Industrial Area, Phase – I, New Delhi – 110 020 to the present w.e.f. 16.12.2013.

· No Charges Exist for Company.

FINANCIAL HIGHLIGHTS:

During the year, the company has increased its sales to a considerable extent as compared to previous year figure. However, the net loss for the period has also increased from Rs.80.284 millions to 157.239 millions.

The responses in the market of its offset printing ink products are very good. The Company is coming up with a new factory for Gravure Inks at the existing premises at Greater Noida factory. In addition to that, the Company has already introduced in the market the liquid inks and can coating inks. Presently, these inks are imported from other sister concerns from south Asian countries and are being sold.

The company has very ambitious business plans not only for India but worldwide. The mother company Toyo Ink SC Holdings Company Limited (Previously known as (Toyo Ink Mfg Company Limited) is looking forward to transferring its global products profile to the Company. Some new products had already been introduced in the market to lure new customers. The possibilities for new export markets have also been explored. It is observed by the directors that there is huge potential in the export market. The directors of the company are hopeful that at the end of the next financial year the company will be in a much better financial position in terms of sales and loss.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Office Equipments

· Computers

· Vehicles

· Furniture and fixtures

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.59.20
UK Pound	1	Rs.99.52
Euro	1	Rs.80.83

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		26

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.