MIRA INFORM REPORT

Report Date :

15.05.2014

IDENTIFICATION DETAILS

Name :	ROHM AND HAAS (INDIA) PRIVATE LIMITED
Registered Office :	1^st Floor, Block B, Godrej IT Park, 02, Godrej, Business District, Pirojsha Nagar, Vikhroli (West), Mumbai – 400079, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.03.1995
Com. Reg. No.:	11-132718
Capital Investment / Paid-up Capital :	Rs.3259.073 Millions
CIN No.: [Company Identification No.]	U24231MH1995PTC132718
TAN No.: [Tax Deduction & Collection Account No.]	MUMR14396E
PAN No.: [Permanent Account No.]	AAACR2855F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing, trading and marketing of 'Speciality Materials'
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 8911000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of “ROHM and Hass Worldwide”. It is an established company having a moderate track record. The company has recorded accumulated losses from its operation. However, the capital base of the company seems to be strong. 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 – 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 DENIED BY

Name :	Mr. Sanjay
Contact No.:	91-22-39685594
Date :	10.05.2014

LOCATIONS

Registered Office :	1^st Floor, Block B, Godrej IT Park, 02, Godrej, Business District, Pirojsha Nagar, Vikhroli (West), Mumbai – 400079, Maharashtra, India
Tel. No.:	91-22-67328358
Mobile No.:	91-9819000295 (Mr. Zafer Ansari)
Fax No.:	91-22-67326069
E-mail:	sneroy@rehmhaas.com rkarnan@dow.com infoindia@dow.com
Website :	www.dow.com
Area:	Owned
Head Office / Factory 1 :	Unit I and II, 2^nd Floor, Building 1, Solitaire Corporate Park, Chakala, Andheri -Kurla Road, Andheri (East), Mumbai – 400 093, Maharashtra, India
Factory 2 :	Plot No. T-22/PT, MIDC Taloja Industrial Area, District Raigad - 410 208, Maharashtra, India
Tel. No.:	91-22-27412476/ 79//15555
Fax No.:	91-22-27410564/ 67315569
Manufacturing Facilities:	Sriperumbadur, Tamilnadu, India

DIRECTORS

As on 27.09.2013

Name :

Mr. Anilkumar Amarchand Gupta

Designation :

Director

Address :

Flat No. B 504, Plot No. 2 and 3, Sector 16A, Sanpada, Navi Mumbai - 400705, Maharashtra, India

Date of Birth/Age :

25.02.1962

Date of Appointment :

30.06.2009

PAN No.:

ABJPG0273B

DIN No.:

02188991

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1994NPL081983	COMMON EFFLUENT TREATMENT PLANT (THANE- BELAPUR) ASSOCIATION	Director	08/12/2003	08/12/2003	-	Active	NO
2	U24231MH1995PTC132718	ROHM AND HAAS (INDIA) PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO

Name :

Mr. Venkatesan Rajagopalan

Designation :

Director

Address :

D. No.14, Flat No.6, Simha Chalam Apartments, Appakkannu Street, Royapettah, Chennai - 600014, Tamilnadu, India

Date of Birth/Age :

27.04.1954

Date of Appointment :

30.06.2009

PAN No.:

ABSPR2999C

DIN No.:

02691467

Name :

Mr. Belur Kirshna Murthy Sethuram

Designation :

Managing Director

Address :

Flat No.602, 6^th Floor, Casablanca, New Sonoo Co-operative Housing Society, 28^th Road, Bandra (West), Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

02.04.1962

Date of Appointment :

18.10.2011

PAN No.:

BMIPS4492R

DIN No.:

03498701

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2013

Names of Shareholders	No. of Shares
Rohm and Haas India Investment APS, Denmark	325902323
Rohm and Haas Denmark APS, Denmark	5000
Total	325907323

As on 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

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

Products :

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

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	· Standard Chartered Grindlays Bank Limited, Dr. D. N. Road, Mumbai, Maharashtra , India · Citi Bank N. A.

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai - 400 018, Maharashtra, India
PAN No. :	AACFD4815A
Ultimate Holding Company:	The Dow Chemical Company, USA
Holding Company:	Rohm and Haas India Investment ApS, Denmark
Fellow Subsidiary:	· ACIMA Chemical Industries Limited, Switzerland · Beijing Eastern Rohm and Haas Company Limited (BERHC), China · Dow Agrosciences India Private Limited, India CIN: U01110MH1994PTC083566 · Dow Agrosciences LLC, United States · Dow Chemical (China) Company Limited, China · Dow Chemical International Private Limited, India CIN: U24239MH1998PTC113551 · Dow Chemical Korea Limited, Korea · Dow Chemical Pacific Limited, Hong Kong · Dow Chemical Pacific(Singapore) Pte Limited, Singapore · Dow Chemical Taiwan Limited, Taiwan · Dow Chemical Thailand Limited, Thailand · Dow Europe GmbH, Switzerland · Dow France S.A.S. France · Hampshire Chemical Corp, United State · PT. Rohm and Haas Indonesia · Rohm and Haas Japan KK · Rohm and Haas (China) Holding Company Limited, China · Rohm and Haas (Scotland) Limited, United Kingdom · Rohm and Haas (UK) Limited · Rohm and Haas Australia Pty Limited, Australia · Rohm and Haas B.V. Netherlands · Rohm and Haas Chemical (Thailand) Limited · Rohm and Haas Chemicals LLC, USA, United States · Rohm and Haas China Inc. China · Rohm and Haas China Research and Development Centre, China · Rohm and Haas Company ER, United States · Rohm and Haas Company, USA, United States · Rohm and Haas Electronic Materials Singapore Pte. Limited, Singapore · Rohm and Haas Electronic Materials, LLC, United States · Rohm and Haas Europe Services ApS, Deutsche, Denmark · Rohm and Haas Europe Trading ApS - Nederland Branch · Rohm and Haas Europe Trading ApS - Succursale France · Rohm and Haas Europe Trading ApS-Belgium Branch · Rohm and Haas Europe Trading ApS-Deutsche · Rohm and Haas Europe Trading ApS-Sede Secondaria Italiana · Rohm and Haas European Trading ApS, Copenhagen, Denmark · Rohm and Haas Foshan Specialty Materials Company Limited, China · Rohm and Haas France S.A.S. France · Rohm and Haas International Trading (Shanghai) Company Limited · Rohm and Haas Italia S.r.l · Rohm and Haas Kimyasal Urunler Uretim Dagitim ve Ticaret A.S. · Rohm and Haas Korea Company Limited · Rohm and Haas Mexico, S. de R.L,.de C.V. · Rohm and Haas New Zealand Limited · Rohm and Haas Philipines Inc. · Rohm and Haas Quimica Ltda. · Rohm and Haas Shanghai Chemical Industry Company Limited · Rohm and Haas Singapore (Pte.) Limited · Rohm and Haas South Africa (PTY) Limited · Rohm and Haas Taiwan, Inc. · Rohm and Haas Texas Incorporated · Rohm and Haas Trading ApS UK Branch · Rohm and Haas Vietnam Company Limited · UCAR Emulsion Systems FZE · Union Carbide Corporation
	·

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
330000000	Equity Shares	Rs.10/- each	Rs.3300.000 Millions
55000000	Preferences Shares	Rs.10/- each	Rs.550.000 Millions
	Total		Rs.3850.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
325907323	Equity Shares	Rs.10/- each	Rs.3259.073 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3259.073	3259.073	3259.073
(b) Reserves & Surplus	(1031.190)	(1232.888)	(1018.999)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2227.883	2026.185	2240.074
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	11.947	13.521	10.405
Total Non-current Liabilities (3)	11.947	13.521	10.405
(4) Current Liabilities
(a) Short term borrowings	1329.025	2156.644	1140.000
(b) Trade payables	2671.580	1905.208	1763.186
(c) Other current liabilities	112.508	160.092	163.061
(d) Short-term provisions	25.070	10.704	14.403
Total Current Liabilities (4)	4138.183	4232.648	3080.650
TOTAL	6378.013	6272.354	5331.129
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1054.971	1193.824	1357.371
(ii) Intangible Assets	1.273	1.825	0.000
(iii) Capital work-in-progress	43.040	49.886	39.373
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	59.159	36.320	16.176
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1158.443	1281.855	1412.920
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1989.133	1697.453	1254.737
(c) Trade receivables	2360.472	2490.177	1754.350
(d) Cash and cash equivalents	84.070	37.107	167.390
(e) Short-term loans and advances	749.654	710.857	706.462
(f) Other current assets	36.241	54.905	35.270
Total Current Assets	5219.570	4990.499	3918.209
TOTAL	6378.013	6272.354	5331.129

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	8740.000	7707.500	6382.600
		Other Income	13.100	136.900	17.300
		TOTAL	8753.100	7844.400	6399.900
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	8264.000	7718.300	5906.700
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		489.100	126.100	493.200
Less	FINANCIAL EXPENSES		203.100	152.800	38.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		286.000	(26.700)	455.200
Less/ Add	DEPRECIATION/ AMORTISATION		183.200	187.200	193.200
	PROFIT/ (LOSS) BEFORE TAX		102.800	(213.900)	262.000
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		102.800	(213.900)	262.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	1019.000	(1281.000)
	BALANCE CARRIED TO THE B/S		NA	NA	1019.000
	EARNINGS IN FOREIGN CURRENCY		NA	NA	1444.800
	Earnings / (Loss) Per Share (Rs.)			0.66	0.77

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.17	(2.73)	4.09
Net Profit Margin (PBT/Sales)	(%)	1.18	(2.77)	4.10
Return on Total Assets (PBT/Total Assets}	(%)	1.62	(3.43)	4.95
Return on Investment (ROI) (PBT/Networth)		0.05	(0.10)	0.12
Debt Equity Ratio (Total Debt/Networth)		0.60	1.06	0.51
Current Ratio (Current Asset/Current Liability)		1.26	1.18	1.27

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	3259.073	3259.073	3259.073
Reserves & Surplus	(1018.999)	(1232.888)	(1031.190)
Net worth	2240.074	2026.185	2227.883
long-term borrowings	0.000	0.000	0.000
Short term borrowings	1140.000	2156.644	1329.025
Total borrowings	1140.000	2156.644	1329.025
Debt/Equity ratio	0.509	1.064	0.597

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	6382.600	7707.500	8740.000
		20.758	13.396

NET PROFIT MARGIN

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

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
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	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered office of the company has been shifted from Corporate Park, Unit No. 1, V. N. Purav Marg, Chembur - 400093, Mumbai, Maharashtra, India to the present address w.e.f. 02.05.2012

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Working capital loans from bank	79.025	506.644
Loans repayable on demand	400.000	0.000
Loans and advance from related parties	850.000	1650.000
Total	1329.025	2156.644

INDEX OF CHARGES

No Charges Exist for Company

COMPANY BACKGROUND

The Company was incorporated on14th March, 1995 as a private limited company. The Company is engaged in the business of manufacturing, trading and marketing of 'Speciality Materials' and has two manufacturing facilities at Taloja, Maharashtra and Sriperumbadur, Tamil Nadu.

FINANCIAL PERFORMANCE:

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

CONTINGENT LIABILITIES

Particular	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Sales tax demands disputed in appeals (These mainly relates to short credit allowed for tax paid, non-submission of 'C' forms, differential tax rates and incorrect disallowance of set-off on purchase of raw materials.) The Company is confident of successfully contesting the appeals and does not expect the liability to crystallise	31565648	62781290
Arrears of dividend on 10% cumulative redeemable preference shares of Rs.10/- each (upto 23^rd March, 2011) (On 3rd January, 2011, the terms of 10% cumulative redeemable preference shares had been changed from 'Redeemable' to 'Convertible at the option of the company on or before 31st March, 2011'. The option was excercised and accordingly the Company allotted equal number of equity shares of Rs.10/- each at par on 23rd March, 2011)	265742992	265742992

FIXED ASSETS

· Land

· Buildings

· Factory building

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer Equipments

· Other Equipments

· Leasehold improvements

· Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.88
UK Pound	1	Rs.100.98
Euro	1	Rs.82.40

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.