MIRA INFORM REPORT

Report No. :	315517
Report Date :	02.04.2015

IDENTIFICATION DETAILS

Name :	PMC RUBBER CHEMICALS INDIA PRIVATE LIMITED
Formerly Known As :	PRIMEROSE CHEMICALS PRIVATE LIMITED
Registered Office :	103, G.T. Road (West), P.S. Rishra, District Hooghly– 712248, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.11.2005
Com. Reg. No.:	21-106272
Capital Investment / Paid-up Capital :	Rs.247.441 Million
CIN No.: [Company Identification No.]	U24299WB2005PTC106272
TIN No.:	Not Available
IEC No.:	0205028781
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCP7639J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Exporter of Rubber Chemicals and Alike Products.
No. of Employees :	140 (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 880000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of continuous losses incurred by the company. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow. The company can be considered for business dealings with some caution.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = B
Rating Explanation	High risk of default
Date	08.08.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	08.08.2014

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 BY

Name :	Mr. Utpal Sen
Designation :	Accounts Executive
Contact No.:	91-9674155101
Date :	01.04.2015

LOCATIONS

Registered Office/ Factory:	103, G.T. Road (West), P.S. Rishra, District Hooghly, Hooghly – 712248, West Bengal, India
Tel. No.:	91-33-26722515/ 26724734
Mobile No.:	91-9674155101 (Mr. Utpal Sen)
Fax No.:	91-33-26721552
E-Mail :	pmc_rc@pmc-rc.com sales@pmc-rc.com
Website :	http://www.pmc-rc.com
Branch Address 1:	Flat No.8, 3^rd Floor, Vijay Deluxe Apartment, 7 1^st Main Road, CIT Colony, Mysore, Chennai, Tamilnadu, India

DIRECTORS

As on 30.09.2014

Name :

Dr. Paritosh Mohan Chakrabarty

Designation :

Director

Address :

710 Yorktownlane, Moorestown, 08057, United State of America

Date of Birth/Age :

01.04.1940

Date of Appointment :

28.12.2005

DIN No.:

00819204

Name :

Mr. Christian C.H.M. Reuland

Designation :

Director

Address :

1A, Chemin Landaise 7501-ORCQ, Belgium - 712248

Date of Birth/Age :

27.10.1950

Date of Appointment :

28.12.2005

DIN No.:

01206701

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	U24299WB2005PTC106272	PMC RUBBER CHEMICALS INDIA PRIVATE LIMITED	Director	28/12/2005	28/12/2005	-	Active	NO
2	U24100WB2008PTC126547	PMC CHEMICALS INDIA PRIVATE LIMITED	Director	10/11/2010	10/11/2010	-	Under Process of Striking off	NO

Name :

Mr. Subir Kumar Sen

Designation :

Managing Director

Address :

Flat 3B, 3^rd Floor, Mohan Block, Doshisymphny 129 Velachary, Tambram Road, Chennai – 600100, Tamilnadu, India

Date of Birth/Age :

27.07.1956

Date of Appointment :

11.12.2006

PAN No.:

AKVPS6482M

DIN No.:

01166134

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	U24299WB2005PTC106272	PMC RUBBER CHEMICALS INDIA PRIVATE LIMITED	Director	11/12/2006	11/12/2006	-	Active	NO
2	U24100WB2008PTC126547	PMC CHEMICALS INDIA PRIVATE LIMITED	Director	12/06/2008	12/06/2008	-	Under Process of Striking off	NO

Name :

Mr. Rajaram R M

Designation :

Director

Address :

H2/E-123, West End Heights, DLF City, Phase-5, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

15.03.1946

Date of Appointment :

22.12.2005

DIN No.:

00161064

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	L24292WB1954PLC021516	Akzo Nobel India Limited	Director	19/07/2007	01/06/1997	01/11/2009	Active	NO
2	U73100MH1976NPL019199	ICI INDIA RESEARCH AND TECHNOLOGY CENTRE	Director	23/06/2000	23/06/2000	-	Active	NO
3	U00000DL2001PLC109548	NITREX CHEMICALS INDIA LIMITED	Director	07/02/2001	07/02/2001	01/04/2014	Active	NO
4	U24299WB2005PTC106272	PMC RUBBER CHEMICALS INDIA PRIVATE LIMITED	Director	22/12/2005	22/12/2005	-	Active	NO
5	U24220TG1985PLC023791	POLYINKS LIMITED	Director	04/08/2007	15/12/2006	03/02/2009	Amalgamated	NO
6	U74910TN2008PTC067924	PROXIMA CORPORATE SERVICES PRIVATE LIMITED	Director	25/07/2009	08/12/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Utpal Sen
Designation :	Accounts Executive

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
PMC Group France SARL, France	2022015
PMC Chemicals India Private Limited, India	1644450
Total	3666465

Names of Shareholders (Preference Shares)	No. of Shares
PMC Group France SARL, France	2107763
Total	2107763

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	55.15
Bodies corporate	44.85
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Exporter of Rubber Chemicals and Alike Products.
Products :	Rubber Chemicals and Alike Products
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	USA Srilanka Bangladesh
Imports :
Products :	Raw Materials
Countries :	China USA
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

140 (Approximately)

Bankers :

• State Bank of India, Commercial Branch, Howrah 9, G.T. Road (South), Howrah – 711 101, West Bengal, India
• Standard Chartered Bank, N.S.R. Road, Kolkata, West Bengal, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Vehicle loan from HDFC Bank Limited	0.114	0.435
SHORT TERM BORROWINGS
Working capital loans from banks	339.045	374.752
Total	339.159	375.187

Notes:

Long Term Borrowings

Terms of repayment/ conversion

The Company on 3 January 2006 had issued one Zero Coupon unsecured Debenture of the face value of Rs.59.850 Million. These debentures were redeemable at the end of 10 (ten) years at face value. These debentures were convertible at the option of the debenture holders, into equity shares of face value of Rs.10 (Rupees ten) each at a conversion price of Rs 92.87 (Rupees ninety two and eighty seven paisa). During the current year, the holder has opted for conversion into equity shares and accordingly the Company has converted the above debentures into 644,450 equity shares of Rs.10/- each and balance

Rs.53.406 Million were credited to securities premium account.

Short Term Borrowings

Details of security

I. Working capital loan from State Bank of India amounting to Rs.339.045 Million (previous year: Rs.353.513 Million) is secured by first charge of hypothecation on entire stock of inventory, receivables, bills and other chargeable current assets of the firm both present and future. Equitable mortgage over

Company land and building situated at:

a) All the piece and parcel of Rayata Swattiya land measuring 7.720 acres situated in Mouza Konnagar JL No 7, Touji No 3876, 3989 and 304 B1 Howrah, Revenue to 31/03/2014 survey No1759, being Holding No. 19/A, J.N.B) Sarani ward No. 4 under Konnagar Municipality area and Holding No 6, N S Road Ward No. 2 under Konnagar Municipality area, P. S. Uttarpara, District Hooghly, registered at ADSR office Serampore.c) Land measuring 7.72 Acres 28000 sq. ft. of asbestos shed factory area under Deed No. I-06542/07.

d) All the piece and parcel of Rayata Swattiya land measuring 30.051 acres situated in Rishra, J L No 27 Touji No. 3876, 989 and 28 B2, Revenue Survey No. 1757, being holding No. 19 S. C. Bose Lane.e) Under Ward No. 14 under Rishra Municipality area and Holding No. 103 GT Road (West) Ward No 15 under Rishra Municipality area under PS Serampore (Now Rishra) District Hooghly registered at ADSR.f) Office Serampore. Total land measuring to 31/03/2014 30.051 acre area with 8000 sq. ft. of asbestos shed factory area and 13120 sq. ft. pucca building area under deed No. I-6543/07.II.

Working capital loan from Hongkong and Shanghai Banking Corporation Limited, India amounting to Rs Nil (previous year: Rs.21.240 Million) was secured by the stand by letter of credit from Hongkong and Shanghai Banking Corporation Limited, France.

Auditors :
Name :	BSRR and Company Chartered Accountants
Address :	Godrej Waterside Unit No. 603/604, 6th Floor, Tower 1, Plot No.5, Block DP Sector V, Salt Lake , Kolkata-700091, West Bengal, India
PAN No.:	AAKFB1884H
Memberships :	--
Collaborators :	--
Holding Company :	PMC Group France, SARL
Ultimate Holding Company :	PMC Group International Inc
Fellow Subsidiary :	PMC Chemicals India Private Limited, India CIN No.: U24100WB2008PTC126547

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 Million
2250000	Preference Shares	Rs.100/- each	Rs.225.000 Million
	Total		Rs.300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3666465	Equity Shares	Rs.10/- each	Rs.36.665 Million
2107763	Preference Shares	Rs.100/- each	Rs.210.776 Million
	Total		Rs.247.441 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 (12 Months)	31.03.2013 (15 Months)	31.12.2011 (12 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	247.441	30.220	30.220
(b) Reserves & Surplus	60.429	197.960	315.924
(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)	307.870	228.180	346.144
(3) Non-Current Liabilities
(a) long-term borrowings	0.114	60.285	59.850
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	10.445	9.120	0.000
(d) long-term provisions	5.472	5.758	0.000
Total Non-current Liabilities (3)	16.031	75.163	59.850
(4) Current Liabilities
(a) Short term borrowings	356.615	390.653	307.616
(b) Trade payables	137.618	231.644	154.932
(c) Other current liabilities	53.963	69.341	106.462
(d) Short-term provisions	1.653	4.607	31.451
Total Current Liabilities (4)	549.849	696.245	600.461
TOTAL	873.750	999.588	1,006.455
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	247.163	265.384	190.413
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	26.058	64.220
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.445	5.445	0.000
(c) Deferred tax assets (net)	0.000	56.968	6.638
(d) Long-term Loan and Advances	23.055	18.128	1.854
(e) Other Non-current assets	0.000	0.000	0.572
Total Non-Current Assets	275.663	371.983	263.697
(2) Current assets
(a) Current investments	0.000	0.000	5.445
(b) Inventories	235.648	250.857	316.052
(c) Trade receivables	278.661	249.210	290.821
(d) Cash and cash equivalents	38.666	55.419	42.238
(e) Short-term loans and advances	41.231	70.858	88.202
(f) Other current assets	3.881	1.261	0.000
Total Current Assets	598.087	627.605	742.758
TOTAL	873.750	999.588	1,006.455

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014 (12 Months)	31.03.2013 (15 Months)	31.12.2011 (12 Months)
	SALES
		Income		936.315	1,411.387	1,177.991
		Other Income		23.111	106.520	15.772
		TOTAL		959.426	1,517.907	1,193.763
Less	EXPENSES			1,090.432	1,659.604	1,168.842
	PROFIT/(LOSS) BEFORE TAX			(131.006)	(141.697)	24.921
Less	TAX			55.754	(46.281)	7.678
	PROFIT/(LOSS) AFTER TAX			(186.790)	(95.416)	17.243
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			(60.013)	35.403	18.160
	BALANCE CARRIED TO THE B/S			(246.773)	(60.013)	35.403
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	63.088	85.416	41.539
	TOTAL EARNINGS			63.088	85.416	41.539
	IMPORTS
			Raw Materials	549.624	750.539	616.779
	TOTAL IMPORTS			549.624	750.539	616.779
	Earnings / (Loss) Per Share (Rs.)			(61.58)	(31.57)	5.71

KEY RATIOS

PARTICULARS		31.03.2014 (12 Months)	31.03.2013 (15 Months)	31.12.2011 (12 Months)
Net Profit Margin (PAT/Sales)	(%)	(19.95)	(6.76)	1.46
Return on Total Assets (PBT/Total Assets}	(%)	(15.09)	(15.55)	2.66
Return on Investment (ROI) (PBT/Networth)		(0.43)	(0.62)	0.07
Debt Equity Ratio (Total Debt /Networth)		1.16	1.98	1.06
Current Ratio (Current Asset/Current Liability)		1.09	0.90	1.24

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2011 (12 Months)	31.03.2013 (15 Months)	31.03.2014 (12 Months)
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	30.220	30.220	247.441
Reserves & Surplus	315.924	197.960	60.429
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	346.144	228.180	307.870
Long Term borrowings	59.850	60.285	0.114
Short Term borrowings	307.616	390.653	356.615
Total borrowings	367.466	450.938	356.729
Debt/Equity ratio	1.062	1.976	1.159

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011 (12 Months)	31.03.2013 (15 Months)	31.03.2014 (12 Months)
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	1,177.991	1,411.387	936.315
		19.813	(33.660)

NET PROFIT MARGIN

Net Profit Margin	31.12.2011 (12 Months)	31.03.2013 (15 Months)	31.03.2014 (12 Months)
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	1,177.991	1,411.387	936.315
Profit	17.243	(95.416)	(186.760)
	1.46%	(6.76%)	(19.95%)

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	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 LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Zero Coupon Debenture
PMC Chemicals India Private Limited - a fellow subsidiary	0.000	59.850
SHORT TERM BORROWINGS
Rupee loans From Others
PMC Group France SARL – Holding Company (Interest free loan repayable on demand)	17.570	15.901
Total	17.570	75.751

COMPANY OVERVIEW

The Company was incorporated on 23 November 2005 as Primerose Chemicals Private Limited. In pursuance of a business transfer agreement dated 14 November 2005, the rubber chemicals business of erstwhile ICI India Limited (ICI) was transferred as a going concern basis to PMCRC with effect from 28 December 2005. As of 28 December 2005 PMC Group France SARL (PMC France) held 51% shares in PMCRC and remaining 49% shares were held by ICI India Limited. On 3 July 2008, PMC France acquired remaining shares of PMCRC from ICI through its subsidiary PMC Chemicals India Private Limited (PMCC).

PERFORMANCE REVIEW

During the period, cost and expenses increased but the same are not comparable with the previous year of fifteen months period. The Company posted loss of Rs.186.760 Million after adjustment of deferred tax charge.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10167713	22/03/2012 *	460,000,000.00	State Bank Of India	Sme Branch, Howrah, 9, G. T. Road (South), Howrah, West Bengal - 711101, India	B36941904

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	--
--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.