MIRA INFORM REPORT

Report Date :

07.10.2014

IDENTIFICATION DETAILS

Name :	OLIVIA IMPEX PRIVATE LIMITED
Registered Office :	Premier House Plot 38, 8^Th Floor, Central Road, 2^nd Phase, Chakala, MIDC, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.09.2001
Com. Reg. No.:	11-133428
Capital Investment / Paid-up Capital :	Rs. 12.500 Millions
CIN No.: [Company Identification No.]	U51909MH2001PTC133428
TAN No.: [Tax Deduction & Collection Account No.]	MUMO02824D, MUMO2497F
PAN No.: [Permanent Account No.]	AAACO4346A
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of entire range of Oleo Chemicals.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 450000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Management has filed the annual return, whereas has failed to file the latest financial statement of FY13, with the statutory authorities. As per available, the company possesses an above average financial profile marked by adequate networth base along with moderate liabilities and robust debt protection metrics. Management has achieved a decent turnover and operating profitability during FY12. However, trade relations are fair. Business is active. Payments terms are reported as usually correct. In view of promoter’s long standing experience, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating “BBB”
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	06.02.2014

Rating Agency Name	CRISIL
Rating	Sort Term Rating “A3+”
Rating Explanation	Moderate degree of safety and higher credit risk
Date	06.02.2014

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 31-03-2014.

INFORMATION PARTED (GENERAL DETAILS)

Name :	Ms. Aparna Kanchan
Designation :	Business Development Manager
Contact No.:	91-9987237869
Date :	01.10.2014

LOCATIONS

Registered Office / Warehouse :	Premier House Plot 38, 8^Th Floor, Central Road, 2^nd Phase, Chakala, MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No. :	91-22-66920111 / 42355000 / 56346872
Mobile No. :	91-9987237869 (Ms. Aparna Kanchan)
Fax No. :	91-22-28384558 / 42355055
E-Mail :	aparna@olivia-international.com pooonam@olivia-international.com
Website :	www.olivia-international.com
Area :	Owned [Commercial]

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Fazal Allaudin Sabuwala

Designation :

Director

Address :

301, Arjuna Tower, Mount Mary Road, Bandra W, Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

04.05.1945

Date of Appointment :

21.09.2001

PAN No :

AAEPS2748D

DIN No.:

00022993

Others 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	U51909MH2001PTC133428	OLIVIA IMPEX PRIVATE LIMITED	Director	21/09/2001	21/09/2001	-	Active	NO
2	U70102MH2007PTC176552	JUST DEVELOPERS PRIVATE LIMITED	Director	07/12/2007	07/12/2007	01/09/2012	Active	NO
3	U45203MH2008PTC177352	PREMIER GOLD INFRASTRUCTURE & PROJECTS PRIVATE LIMITED	Director	04/01/2008	04/01/2008	-	Active	NO
4	U74990MH2009PTC189811	PAN OLEO ENTERPRISE PRIVATE LIMITED	Director	22/01/2009	22/01/2009	-	Active	NO

Name :

Mr. Farid Fazal Sabuwala

Designation :

Director

Address :

301, Arjuna Tower, Mount Mary Road, Bandra W, Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

27.09.1969

PAN No :

ALRPS7134F

Date of Appointment :

21.09.2001

DIN No.:

00022966

Others 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	U51909MH2001PTC133428	OLIVIA IMPEX PRIVATE LIMITED	Director	21/09/2001	21/09/2001	-	Active	NO
2	U70102MH2007PTC176552	JUST DEVELOPERS PRIVATE LIMITED	Director	07/12/2007	07/12/2007	01/09/2012	Active	NO
3	U45203MH2008PTC177352	PREMIER GOLD INFRASTRUCTURE & PROJECTS PRIVATE LIMITED	Director	04/01/2008	04/01/2008	-	Active	NO
4	U74990MH2009PTC189811	PAN OLEO ENTERPRISE PRIVATE LIMITED	Director	22/01/2009	22/01/2009	-	Active	NO

Name :

Ms. Shehnaz Fazal Sabuwala

Designation :

Director

Address :

301, Arjuna Tower, Mount Mary Road, Bandra W, Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

20.11.1949

PAN No :

ABFPS2753Q

Date of Appointment :

01.04.2004

DIN No.:

00023004

Others 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	U51909MH2001PTC133428	OLIVIA IMPEX PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
2	U45203MH2008PTC177352	PREMIER GOLD INFRASTRUCTURE & PROJECTS PRIVATE LIMITED	Director	30/09/2010	16/11/2009	-	Active	NO

Name :

Mrs. Dimple Farid Sabuwala

Designation :

Director

Address :

301, Arjuna Tower, Mount Mary Road, Bandra W, Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

31.05.1973

PAN No :

AAVPS0881L

Date of Appointment :

01.04.2004

DIN No.:

00023016

Others 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	U51909MH2001PTC133428	OLIVIA IMPEX PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
2	U45203MH2008PTC177352	PREMIER GOLD INFRASTRUCTURE & PROJECTS PRIVATE LIMITED	Director	30/09/2010	16/11/2009	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Aparna Kanchan
Designation :	Business Development Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Fazal Allaudin Sabuwala	538750
Farid Fazal Sabuwala	624310
Shehnaz Fazal Sabuwala	86250
Dimple Farid Sabuwala	690
Total	1250000

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of entire range of Oleo Chemicals.
Products :	· Soap Noodles · Distilled Fatty Acid · Refined Glycerine USP · PFAD and PKFAD · RBD Vegetables Oils · Fatty Alcohols · Rumen Protected Fat · Linear Alkyl Benzene Sulphonic Acid
Exports :
Products :	· Soup Noodles
Countries :	· Middle East

GENERAL INFORMATION

Customers :

Manufacture

No. of Employees :

40 (Approximately)

Bankers :

· Bank of India, MID corporate Branch, Andheri (W), Maharashtra, India

· ICICI Bank Limited, Andheri, Maharashtra, India

· Standard Chartered Bank, Standard Chartered Tower, 201, B/1, Western Express Highway, Goregaon (E), Mumbai – 400063, Maharashtra, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee Terms Loans from Banks	13.394	1.739
Total	13.394	1.739

NOTE :

Term Loan by Standard Chartered Bank is Secured by EM of Flat At Arjuna Tower and Satguru Paman and Personal Guarantee of Directors.

Term Loan by HDFC is Secured by Hyphothecation of Car .

C C From ICICI, BOI and SCB are Secured by Hyphothecation of Stock & Book

Debts and Personal Guarantee of Directors.

Banking Relations :	--
Auditors :
Name :	B.R. Dalal and Company Chartered Accountant
Address :	B-203/4, Kent Enclave Building, R. M. Bhattad Marg, Haridas Nagar Borivali (West), Mumbai - 400092, Maharashtra, India
PAN No. :	AAJPD2929A
Associates/Subsidiaries :	· Premier Chemicals, India · OLEO Word FZE, Dubai

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs. 12.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12.500	12.500
(b) Reserves & Surplus	102.260	67.387
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	114.760	79.887
(3) Non-Current Liabilities
(a) long-term borrowings	284.272	157.045
(b) Deferred tax liabilities (Net)	7.751	2.032
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	292.023	159.077
(4) Current Liabilities
(a) Short term borrowings	2.164	4.317
(b) Trade payables	350.187	188.198
(c) Other current liabilities	2.011	3.969
(d) Short-term provisions	34.839	23.439
Total Current Liabilities (4)	389.201	219.923
TOTAL	795.984	458.887
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	255.329	46.915
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	20.990	31.874
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	276.319	78.789
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	5.807	38.632
(c) Trade receivables	297.323	219.226
(d) Cash and cash equivalents	167.231	80.750
(e) Short-term loans and advances	49.304	41.490
(f) Other current assets	0.000	0.000
Total Current Assets	519.665	380.098
TOTAL	795.984	458.887

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		12.500
2] Share Application Money		0.000
3] Reserves & Surplus		55.428
4] (Accumulated Losses)		0.000
NETWORTH		67.928
LOAN FUNDS
1] Secured Loans		41.631
2] Unsecured Loans		154.189
TOTAL BORROWING		195.820
DEFERRED TAX LIABILITIES		1.782
TOTAL		265.530
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		50.219
Capital work-in-progress		0.000
INVESTMENT		32.506
DEFERRED TAX ASSETS		0.194
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	104.132
	Cash & Bank Balances	160.948
	Other Current Assets	2.316
	Loans & Advances	43.066
Total Current Assets		310.462
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	90.903
	Other Current Liabilities	9.759
	Provisions	27.189
Total Current Liabilities		127.851
Net Current Assets		182.611
MISCELLANEOUS EXPENSES		0.000
TOTAL		265.530

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
	Revenue from operations		2157.262	1471.484	1013.552
	Other Income		NA	NA	NA
	TOTAL		NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		52.292	17.709	21.090
Less	TAX		17.419	5.750	8.314
	PROFIT/ (LOSS) AFTER TAX		34.873	11.959	12.776
	Earnings / (Loss) Per Share (Rs.)		27.90	9.57	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	6.75	4.15	7.94
Return on Investment (ROI) (PBT/Networth)		0.46	0.22	0.31
Debt Equity Ratio (Total Debt/Networth)		2.50	2.02	2.88
Current Ratio (Current Asset/Current Liability)		1.34	1.73	2.43

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	12.500	12.500
Reserves & Surplus	67.387	102.260
Net worth	79.887	114.760
long-term borrowings	157.045	284.272
Short term borrowings	4.317	2.164
Total borrowings	161.362	286.436
Debt/Equity ratio	2.020	2.496

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1013.552	1471.484	2157.262
		45.181	46.605

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1013.552	1471.484	2157.262
Profit/(Loss) After Tax	12.776	11.959	34.873
	1.26%	0.81%	1.62%

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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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 LOANS

PARTICULAR	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and Advance from Related Parties	270.878	155.306
Others Loans and Advance	2.164	4.317
Total	273.042	159.623

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10310143	28/09/2011	18,000,000.00	STANDARD CHARTERED BANK	STANDARD CHARTERED TOWER, 201, B/1, WESTERN EXPRE  SS HIGHWAY, GOREGAON(E), MUMBAI, MAHARASHTRA - 400  063, INDIA	B22529713
2	10310161	19/09/2011	100,000,000.00	STANDARD CHARTERED BANK	STANDARD CHARTERED TOWER, 201, B/1, WESTERN EXPRE  SS HIGHWAY, GOREGAON(E), MUMBAI, MAHARASHTRA - 400  063, INDIA	B22534440
3	10252072	29/10/2010	340,000,000.00	STANDARD CHARTERED BANK	SME CREDIT, 23-25, M G ROAD,, FORT, MUMBAI, MAHAR  ASHTRA - 400001, INDIA	A98873508
4	10124685	26/03/2014 *	270,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ  ARAT - 390015, INDIA	C03870292
5	10109033	14/12/2007	41,100,000.00	GE MONEY HOUSING FINANCE (A PUBLIC COMPANY WITH UN  LIMITED LIABILITY)	401-402 4TH FLOORAGGARWAL MILLENIUM TOWER, E1-2-3  SUBHASH PLACE PITAMPURA, DELHI, DELHI - 110034, I  NDIA	A28194934
6	90150993	03/01/2007 *	165,000,000.00	BANK OF INDIA	ANDHERI (WEST) BRANCH , MDI BUILDING ,, S V ROAD  , ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400058, IN  DIA	-

* Date of charge modification

OPERATING RESULTS

During the year the Company has achieved a turnover of Rs. 2157.262 Millions as against Rs. 1471.484 Millions for the previous year and earned profit before tax of Rs. 52.292 Millions as against profit of Rs. 17.709 Millions for the previous year. Their Margin has increased considerably on account of improved markets and increased in the turnover. The Directors expects to continue the same trend in the current year.

FIXED ASSETS

· Building

· Plant and Machinery

· Computer Equipment

· Furniture and Fixtures

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No records 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] 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.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	SUB
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	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		46

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

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