MIRA INFORM REPORT

Report Date :

15.03.2014

IDENTIFICATION DETAILS

Name :	PERFECT EMULSIFIERS PRIVATE LIMITED
Registered Office :	6, Jain House, 41/43, Police Court Lane, D. N. Road, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.02.2010
Com. Reg. No.:	11-199954
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U15400MH2010PTC199954
PAN No.: [Permanent Account No.]	AAFCP5254M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Soya Liquid Lecithin
No. of Employees :	30 (Approximately)

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 100000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Subject is primarily constrained due to its limited track record. The rating also take into consideration the variation in raw material and price fluctuation risk. However, trade relations are reported to be fair. Business is active. Payments 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National  Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled  Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities BB- (Suspended)
Rating Explanation	Moderate risk of default and high credit risk.
Date	05.03.2014

Reason: No furnished the information required by CARE

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Rajkishore Maniyar Balkishan
Designation :	Director
Contact No.:	91-9322593083
Date :	13.03.2014

LOCATIONS

Registered Office :	6, Jain House, 41/43, Police Court Lane, D. N. Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22656133
	91-9322593083 (Mr. Rajkishore Maniyar Balkishan)
Fax No.:	Not Available
E-Mail :	rajmaniyar@rediffmail.com
Area :	1000 Sq. ft.
Location :	Owned
Factory :	K-56, Five Star Industrial Area, Batibori, MIDC, Nagpur, Maharashtra, India
Area :	1000 Sq. ft.
Location :	Owned

DIRECTORS

As on: 30.09.2011

Name :

Mr. Rajkishore Maniyar Balkishan

Designation :

Director

Address :

801/802, Shiv Tapi Apartment, H. G. Road, Gamdevi, Mumbai - 400007, Maharashtra, India

Date of Birth/Age :

15.05.1968

Date of Appointment :

16.03.2012

PAN No.:

AACPM9799E

DIN No.:

01687800

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	U25200MH1988PTC046568	SHAM PLASTIC INDUSTRIES PRIVATE LIMITED	Director	03/10/1991	03/10/1991	-	Active	NO
2	U25209MH1995PLC089998	BALAJI WONDERPACK LIMITED	Director	30/04/1996	30/04/1996	-	Active	NO
3	U17100MH1985PTC038046	AMBICA SPINNERS PRIVATE LIMITED	Director	25/03/2002	25/03/2002	-	Active	NO
4	U51900MH1994PTC078291	ABHIRUP EXPORTS PRIVATE LIMITED	Director	25/03/2002	25/03/2002	-	Active	NO
5	U51900MH1992PTC067149	PANAMA MERCANTILE PRIVATE LIMITED	Director	30/08/2004	30/08/2004	-	Active	NO
6	U31909MH2006PTC162898	PEARSON TECHNOLOGIES PRIVATE LIMITED	Director	28/06/2006	28/06/2006	-	Active	NO
7	U31401MH2008PTC178165	PERFECT NANO SOLAR PRIVATE LIMITED	Director	24/01/2008	24/01/2008	10/11/2010	Active	NO
8	U74999MH2008PTC187614	PERFECT BIO-NUTRACEUTICALS PRIVATE LIMITED	Director	17/10/2008	17/10/2008	-	Strike off	NO
9	U15400MH2009PTC194401	PERFECT VITAMINS PRIVATE LIMITED	Director	26/02/2010	28/07/2009	-	Active	NO
10	U45208MH2010PTC198476	PERFECT MEGA FOOD PARK PRIVATE LIMITED	Director	05/01/2010	05/01/2010	-	Active	NO
11	U15400MH2010PTC199954	PERFECT EMULSIFIERS PRIVATE LIMITED	Director	16/03/2012	11/02/2010	-	Active	NO
12	U15122MH2011PTC213748	PERFECT INDUSTRIES PRIVATE LIMITED	Director	18/02/2011	18/02/2011	-	Active	NO
13	U15490MH2011PTC220607	PERFECT SOYA PROTEIN CONCENTRATES PRIVATE LIMITED	Director	05/08/2011	05/08/2011	-	Active	NO
14	U24100MH2013PTC241833	INDO-SING OLEO CHEMICALS PRIVATE LIMITED	Director	09/04/2013	09/04/2013	-	Active	NO

Name :

Mr. Brijkishor Maniyar

Designation :

Director

Address :

119, Vardhaman Nagar, Nagpur - 440008, Maharashtra, India

Date of Birth/Age :

19.05.1966

Date of Appointment :

11.02.2010

PAN No.:

AIEPM7908B

DIN No.:

00227454

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	U25200MH1988PTC046568	SHAM PLASTIC INDUSTRIES PRIVATE LIMITED	Director	24/12/1996	24/12/1996	-	Active	NO
2	U25209MH1995PLC089998	BALAJI WONDERPACK LIMITED	Director	01/10/2001	01/10/2001	-	Active	NO
3	U51900MH1992PTC067149	PANAMA MERCANTILE PRIVATE LIMITED	Director	30/05/2002	30/05/2002	-	Active	NO
4	U31909MH2006PTC162898	PEARSON TECHNOLOGIES PRIVATE LIMITED	Director	28/06/2006	28/06/2006	25/02/2008	Active	NO
5	U74999MH2008PTC187614	PERFECT BIO-NUTRACEUTICALS PRIVATE LIMITED	Director	17/10/2008	17/10/2008	-	Strike off	NO
6	U65999MH2009PTC189298	HARIPACK SECURITISATION COMPANY OF INDIA PRIVATE LIMITED	Director	02/01/2009	02/01/2009	01/07/2013	Active	NO
7	U15400MH2009PTC194401	PERFECT VITAMINS PRIVATE LIMITED	Director	01/02/2011	28/07/2009	-	Active	NO
8	U45208MH2010PTC198476	PERFECT MEGA FOOD PARK PRIVATE LIMITED	Director	05/01/2010	05/01/2010	08/04/2010	Active	NO
9	U15400MH2010PTC199954	PERFECT EMULSIFIERS PRIVATE LIMITED	Director	11/02/2010	11/02/2010	-	Active	NO
10	U15122MH2011PTC213748	PERFECT INDUSTRIES PRIVATE LIMITED	Director	18/02/2011	18/02/2011	-	Active	NO
11	U15490MH2011PTC220607	PERFECT SOYA PROTEIN CONCENTRATES PRIVATE LIMITED	Director	05/08/2011	05/08/2011	10/05/2012	Active	NO
12	U24100MH2013PTC241833	INDO-SING OLEO CHEMICALS PRIVATE LIMITED	Director	09/04/2013	09/04/2013	-	Active	NO

Name :

Mr. Harish Ramprasad Sarda

Designation :

Director

Address :

Housing Society No. II, F. No. 204 Bhagwati, Queta Colony, Nagpur – 440008, Maharashtra, India

Date of Birth/Age :

07.06.1965

Date of Appointment :

21.06.2010

DIN No.:

02892956

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	U27101MH2010PTC200268	SKC ALLOYS PRIVATE LIMITED	Director	19/02/2010	19/02/2010	-	Active	NO
2	U15400MH2010PTC199954	PERFECT EMULSIFIERS PRIVATE LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vikas
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Brijkishore Maniyar	5000
Rajkishore Maniyar	5000
Total	10000

As on: 25.02.2012

Names of Allottee	No. of Shares
Harish Ramprasad Sarda	500000
Total	500000

As on: 08.02.2012

Names of Allottees	No. of Shares
Chandrakanta Ramvilas Maniyar	57000
Sandeep Ramvilas Maniyar	57000
Sapna Sandeep Maniyar	57000
Sunita Kamalkishore Maniyar	319000
Total	490000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Soya Liquid Lecithin
Exports :
Products :	Finished Goods
Countries :	Rotterdam Italy Germany
Terms :
Selling :	Cash / Credit / CAD
Purchasing :	Cash / Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

30 (Approximately)

Bankers :

Punjab National Bank, Nandanwan, Nagpur - 440009, Maharashtra, India

Tel. No.: 91-712-6464755

Facilities :

Fund and Non Fund Rs.90.000 Millions (From Punjab National Bank)

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Rupee term loans from banks	NA	59.582
Total	NA	59.582

Banking Relations :	--
Auditors :
Name :	Praveen Kumar Mittal and Company Chartered Accountants
Address :	36, Karim Layout, Gopal Nagar, Nagpur – 440022, Maharashtra, India
Tel. No.:	91-712-2227256
PAN No.:	ABHPM5417B
Related Parties :	Perfect Vitamins Private Limited Perfect Industries Private Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	40.096	40.096	0.100
(b) Reserves & Surplus	(13.779)	0.359	0.000
(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)	26.317	40.455	0.100
(3) Non-Current Liabilities
(a) long-term borrowings	148.970	87.363	108.136
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	148.970	87.363	108.136
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	141.517	116.616	18.164
(c) Other current liabilities	19.174	7.184	1.386
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	160.691	123.800	19.550
TOTAL	335.978	251.618	127.786
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	67.279	75.767	84.003
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.234
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.619	0.619	0.774
Total Non-Current Assets	67.898	76.386	85.011
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	37.354	26.537	14.569
(c) Trade receivables	151.927	103.284	3.002
(d) Cash and cash equivalents	0.705	2.805	3.901
(e) Short-term loans and advances	76.918	42.489	21.202
(f) Other current assets	1.176	0.117	0.101
Total Current Assets	268.080	175.232	42.775
TOTAL	335.978	251.618	127.786

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	158.313	117.262	3.047
		Other Income	0.007	0.022	0.003
		TOTAL (A)	158.320	117.284	3.050
Less	EXPENSES
		Cost of Materials Consumed	160.114	105.824	13.400
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(10.634)	(12.572)	(13.571)
		Employees benefits expense	0.117	0.446	1.284
		Other expenses	3.916	6.684	1.710
		TOTAL (B)	153.513	100.382	2.823
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.807	16.902	0.227
Less	FINANCIAL EXPENSES (D)		10.530	8.118	0.562
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(5.7230	8.784	(0.335)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.415	8.425	0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(14.138)	0.359	(0.335)
Less	TAX (H)		0.000	0.000	(0.335)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(14.138)	0.359	0.000
	Earnings / (Loss) Per Share (Rs.)		(14.14)	0.36	0.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(8.93)	0.31	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(8.93)	0.31	(10.99)
Return on Investment (ROI) (PBT/Networth)		(4.21)	0.14	(0.26)
Debt Equity Ratio (Total Debt/Networth)		(0.54)	0.01	(3.35)
Current Ratio (Current Asset/Current Liability)		5.66	2.16	1081.36

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	0.100	40.096	40.096
Reserves & Surplus	0.000	0.359	(13.779)
Net worth	0.100	40.455	26.317
long-term borrowings	108.136	87.363	148.970
Short term borrowings	0.000	0.000	0.000
Total borrowings	108.136	87.363	148.970
Debt/Equity ratio	1,081.360	2.160	5.661

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	3.047	117.262	158.313
		3748.441	35.008

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	3.047	117.262	158.313
Profit	0.000	0.359	(14.138)
	0.00%	0.31%	-8.93%

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

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Loans and advances from directors	4.901	7.920
Loans and advances from others	22.880	36.672
Total	27.781	44.592

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10259700	17/04/2012 *	78,000,000.00	PUNJAB NATIONAL BANK	NANDANWAN, NAGPUR, MAHARASHTRA - 440009, INDIA	B38556692

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Factory Equipments
• Office Equipment

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.61.52
UK Pound	1	Rs.102.22
Euro	1	Rs.85.23

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	YES
--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.