MIRA INFORM REPORT

Report Date :

13.05.2014

IDENTIFICATION DETAILS

Name :	ECOVINAL INTERNATIONAL PRIVATE LIMITED
Registered Office :	Plot No.82-90, Kiadb Industrial Area, Sy. N.102, Kalanayanahally Village, Hutri Durga Hobli, Kunigal – 572130, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.02.1999
Com. Reg. No.:	08-024754
Capital Investment / Paid-up Capital :	Rs.35.419 Millions
CIN No.: [Company Identification No.]	U51101KA1999PTC024754
TAN No.: [Tax Deduction & Collection Account No.]	BLRE00780D
PAN No.: [Permanent Account No.]	AAACE7799K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of natural vinegar.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 600000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Based Working capital Limits=BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	March, 2014

Rating Agency Name	ICRA
Rating	Short Term Non Fund Based Limits=A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	March, 2014

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. Mustaf Khan
Designation :	Purchase Manager
Contact No.:	91-9448048078
Date :	12.05.2014

LOCATIONS

Registered Office/ Factory :	Plot No.82-90, Kiadb Industrial Area, Sy. N.102, Kalanayanahally Village, Hutri Durga Hobli, Kunigal – 572130, Karnataka, India
Tel. No.:	91-80-41109658
Mobile No.:	91-9448048078 (Mr. Mustaf Khan)
Fax No.:	91-80-41105606
E-Mail :	ecovinal@gmail.com sales@ecovinalinternational.com
Website :	www.ecovinslinternational.com
Location :	Owned
Locality :	Industrial
Branch Office :	Sarvobhogam Nagar, Arakere, Bangalore – 560076, Karnataka, India

DIRECTORS

AS ON 31.07.2013

Name :

Mr. Babulal Agrawal

Designation :

Director

Address :

No.62, 1^st Floor, III Cross, 1^st Phase, 17^th Main Aicoob Nagar, BTM Layout, 1^st Phase, Bangalore – 560068, Karnataka, India

Date of Birth/Age :

10.02.1948

Date of Appointment :

10.02.1999

DIN No.:

00718750

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	U01116KA1995PTC019259	KAVERI AGRI CARE PRIVATE LIMITED	Director	01/07/1998	01/07/1998	13/10/2009	Active	NO
2	U51101KA1999PTC024754	ECOVINAL INTERNATIONAL PRIVATE LIMITED	Director	10/02/1999	10/02/1999	-	Active	NO
3	U01409KA2006PTC041206	KAVERI DUTCH POTTING SOIL PRIVATE LIMTED	Director	14/12/2006	14/12/2006	23/11/2009	Active	NO
4	U15490KA2007PTC044116	MEDITERRANEAN FOODS PRIVATE LIMITED	Director	15/10/2007	15/10/2007	13/10/2009	Strike off	NO
5	U01403KA2012PTC067189	PIPLO ENTERPRISE PRIVATE LIMITED	Director	12/12/2012	12/12/2012	-	Active	NO

Name :

Mr. Narendra Kumar Pandey

Designation :

Director

Address :

29, 5^th B Cross 16^th Main Road, IAS Colony, BTM Layout, 2^nd Stage, Bangalore – 560076, Karnataka, India

Date of Birth/Age :

01.07.1950

Date of Appointment :

09.07.2010

DIN No.:

01207129

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	U17219TZ2001PTC009618	KOB MEDICAL TEXTILES PRIVATE LIMITED	Director	21/05/1998	21/05/1998	12/08/2008	Active	NO
2	U01116KA1995PTC019259	KAVERI AGRI CARE PRIVATE LIMITED	Alternate director	10/07/2010	12/07/1998	-	Active	NO
3	U05001KA1998PTC052086	STERLING AGRO PRODUCT PROCESSING PRIVATE LIMITED	Whole-time director	18/01/1999	18/01/1999	30/11/2009	Active	NO
4	U51101KA1999PTC024754	ECOVINAL INTERNATIONAL PRIVATE LIMITED	Alternate director	09/07/2010	10/02/1999	-	Active	NO
5	U15131KA2004PTC033393	PLANET PICKLES PRIVATE LIMITED	Director	17/02/2004	17/02/2004	30/11/2009	Active	NO
6	U05190KA2003PTC031788	REITZEL INDIA PRIVATE LIMITED	Director	30/09/2004	30/09/2004	24/07/2008	Active	NO
7	U01409KA2006PTC041206	KAVERI DUTCH POTTING SOIL PRIVATE LIMTED	Alternate director	10/07/2010	14/12/2006	-	Active	NO
8	U15490KA2007PTC044116	MEDITERRANEAN FOODS PRIVATE LIMITED	Director	18/03/2013	15/10/2007	-	Strike off	NO
9	U33112KA2006PTC040033	AIREL (INDIA) PRIVATE LIMITED	Director	29/09/2012	10/07/2010	-	Active	NO
10	U01122KA2004PTC034756	NEO FOODS PRIVATE LIMITED	Director	23/09/2011	23/09/2011	03/06/2013	Active	NO
11	U15316KA2011PTC060627	REITZEL FOOD SERVICE PRIVATE LIMITED	Director	29/09/2011	29/09/2011	-	Strike off	NO
12	U29100KA2012PTC062353	Elfferich India Private Limited	Director	02/02/2012	02/02/2012	-	Active	NO

Name :

Mr. Satya Bhama Pandey

Designation :

Director

Address :

29, 5^th B Cross, 16^th Main Road, IAS Colony, BTM Layout, 2^nd Stage, Bangalore – 560076, Karnataka, India

Date of Birth/Age :

02.01.1951

Date of Appointment :

23.07.2008

DIN No.:

01485210

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	Company/ LLP Status	Defaulting status
1	U33112KA2006PTC040033	AIREL (INDIA) PRIVATE LIMITED	Director	25/07/2006	25/07/2006	Active	NO
2	U01116KA1995PTC019259	KAVERI AGRI CARE PRIVATE LIMITED	Director	30/09/2008	23/07/2008	Active	NO
3	U51101KA1999PTC024754	ECOVINAL INTERNATIONAL PRIVATE LIMITED	Director	30/09/2008	23/07/2008	Active	NO
4	U15490KA2007PTC044116	MEDITERRANEAN FOODS PRIVATE LIMITED	Director	31/12/2008	23/07/2008	Strike off	NO
5	U01409KA2006PTC041206	KAVERI DUTCH POTTING SOIL PRIVATE LIMTED	Director	30/09/2008	23/07/2008	Active	NO
6	U15316KA2011PTC060627	REITZEL FOOD SERVICE PRIVATE LIMITED	Director	05/01/2013	05/01/2013	Strike off	NO

Name :

Mr. Felix Justa Maranon

Designation :

Director

Address :

#605, 6^th G Cross, 7^th Main, 6^th C Block, Koramangala, Bangalore – 560095, Karnataka, India

Date of Birth/Age :

31.05.1955

Date of Appointment :

10.02.1999

DIN No.:

01992740

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	U51101KA1999PTC024754	ECOVINAL INTERNATIONAL PRIVATE LIMITED	Director	10/02/1999	10/02/1999	-	Active	NO
2	U15490KA2007PTC044116	MEDITERRANEAN FOODS PRIVATE LIMITED	Director	31/12/2008	01/05/2008	20/03/2013	Strike off	NO

Name :

Mr. German Munilla Lop

Designation :

Director

Address :

Nocedillo, 12 2 0 B, Spain 26007

Date of Birth/Age :

15.04.1977

Date of Appointment :

18.05.2000

DIN No.:

02098171

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	U51101KA1999PTC024754	ECOVINAL INTERNATIONAL PRIVATE LIMITED	Director	18/05/2000	18/05/2000	-	Active	NO
2	U15490KA2007PTC044116	MEDITERRANEAN FOODS PRIVATE LIMITED	Director	31/12/2008	01/05/2008	25/10/2009	Strike off	NO

Name :

Mr. Silvia Justa Remirez

Designation :

Director

Address :

Nocedillo 12 2 0 B, 2/25/351, Logrono, Spain

Date of Birth/Age :

03.09.1977

Date of Appointment :

18.05.2000

DIN No.:

03196710

KEY EXECUTIVES

Name :	Mr. Mustaf Khan
Designation :	Purchase Manager

MAJOR SHAREHOLDERS

AS ON 31.07.2013

Names of Shareholders	No. of Shares
Felix Justa Maranon	2125000
Pratibha Agrawal	708333
Satya Bhama Pandey	708333
BL Agrawal	100
NK Pandey	100
Total	3541866

Equity Share Break up (Percentage of Total Equity)

AS ON 31.07.2013

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of natural vinegar.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

· Axis Bank, Credit Management Centre, No.41, 1^st Floor, Seshadri road, Anandrao Circle, Bangalore – 560009, Karnataka, India

· State Bank of India, Peenya Industrial Estate Branch, Bangalore – 560058, Karnataka, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term loans from Banks	19.034	19.667
Short Term Borrowings
Cash Credit	42.935	45.259
Export Packing Credit	21.457	12.262
Foreign Bill Discounting	2.202	0.000
Total	85.628	77.188

Banking Relations :	--
Auditors :
Name :	Phillipos and Company Chartered Accountants
Address :	47, M-Floor, Wheeler Road, Cox town, Bangalore – 560005, Karnataka, India
Tel. No.:	91-80-25467223 / 25467224 / 41251474
E-Mail :	phillipos@vsnl.net
Website :	www.phillipos.com
PAN No.:	AADFP7673D

CAPITAL STRUCTURE

AS ON 31.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3541866	Equity Shares	Rs.10/- each	Rs.35.419 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	35.419	35.419	35.419
(b) Reserves & Surplus	113.956	78.449	47.666
(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)	149.375	113.868	83.085
(3) Non-Current Liabilities
(a) long-term borrowings	19.034	19.667	22.521
(b) Deferred tax liabilities (Net)	20.503	18.530	15.180
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.288	1.347	0.966
Total Non-current Liabilities (3)	42.825	39.544	38.667
(4) Current Liabilities
(a) Short term borrowings	66.594	57.521	43.701
(b) Trade payables	7.860	9.196	4.753
(c) Other current liabilities	17.660	21.002	25.004
(d) Short-term provisions	25.194	15.676	6.545
Total Current Liabilities (4)	117.308	103.395	80.003
TOTAL	309.508	256.807	201.755
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	190.897	171.411	109.608
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	33.390
(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	1.370	1.135	1.067
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	192.267	172.546	144.065
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	52.633	44.640	23.173
(c) Trade receivables	54.971	34.977	27.948
(d) Cash and cash equivalents	3.760	2.425	2.774
(e) Short-term loans and advances	4.213	1.218	0.975
(f) Other current assets	1.664	1.001	2.820
Total Current Assets	117.241	84.261	57.690
TOTAL	309.508	256.807	201.755

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	358.219	267.427	152.105
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
Less	DEPRECIATION/ AMORTISATION		12.145	10.832	6.958
	PROFIT/(LOSS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT/(LOSS) AFTER TAX		38.388	25.783	8.952
	EARNINGS IN FOREIGN CURRENCY		0.085	0.015	0.098
	IMPORTS		0.001	0.018	0.017
	Earnings Per Share (Rs.)		10.84	NA	NA

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	0.57	0.68	0.80
Current Ratio (Current Asset/Current Liability)	1.00	0.81	0.72

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	35.419	35.419	35.419
Reserves & Surplus	47.666	78.449	113.956
Net worth	83.085	113.868	149.375
long-term borrowings	22.521	19.667	19.034
Short term borrowings	43.701	57.521	66.594
Total borrowings	66.222	77.188	85.628
Debt/Equity ratio	0.797	0.678	0.573

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	152.105	267.427	358.219
		75.817	33.950

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	152.105	267.427	358.219
Profit	8.952	25.783	38.388
	5.89%	9.64%	10.72%

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	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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE: Registered office address of the company has been shifted from Plot No.11, 12 and 13 Jalaram Industrial Estate, Arekere Gate, Bannerghatta Main Road, Bangalore – 560076, Karnataka, India w.e.f.30.11.2011

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10290791	07/11/2013 *	147,000,000.00	STATE BANK OF INDIA	SME BRANCH, B-96, 2ND CROSS, 1ST STAGE, PEENYA INDUSTRIAL ESTATE, PEENYA, BANGALORE, KARNATAKA - 560058, INDIA	B90089400

* Date of charge modification

FIXED ASSETS:

· Land – freehold

· Plant and machinery

· Computer and peripherals

· Vehicles

· Air conditioners

· Furniture and fixture

· Crate

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] 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.59.73
UK Pound	1	Rs.100.82
Euro	1	Rs.82.22

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	KRN
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.