MIRA INFORM REPORT

Report No. :	319487
Report Date :	25.04.2015

IDENTIFICATION DETAILS

Name :	PERFO CHEM (INDIA) PRIVATE LIMITED
Formerly Known As :	NITIN FABRICATORS PRIVATE LIMITED
Registered Office :	205 A, Neelam Centre 249-B, Hind Cycle Road, Worli, Mumbai-400026, Maharashtra
Tel. No.:	91-22-24938317
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.07.1984
Com. Reg. No.:	11-033380
Capital Investment / Paid-up Capital :	Rs. 0.400 Million
CIN No.: [Company Identification No.]	U28100MH1984PTC033380
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Repacking, Relabeling, Trading, Import and Export of Chemicals and also engaged in Generation, Transmission and distribution of Energy through Wind.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects company healthy financial risk profile marked by adequate liquidity position and decent profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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 – 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 DECLINED

MANAGEMENT NON COOPERATIVE (91-22-40013009)

LOCATIONS

Registered Office/ Factory :	205 A, Neelam Centre -249B, Hind Cycle Road, Worli, Mumbai-400026, Maharashtra, India.
Tel. No.:	91-22-24938317
Fax No.:	Not Available
E-Mail :	accounts@s-amit.com
Head Office :	Plot No. W-68, Phase- II, MIDC Industrial Area, Sagaon, District- Thane-421 202, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Amit M. Mehta

Designation :

Director

Address :

92, 9^th Floor, casa Grande, Cooperative Hosing Society Limited, 22, K S Tayyabji Marg, Mumbai – 400006, Maharashtra, India

Date of Appointment :

01.01.1990

DIN No.:

00073907

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	U24110MH1986PTC040611	FINORGA (INDIA) PVT LTD	Director	12-08-86	12-08-86	-	Active	NO
2	U28100MH1984PTC033380	PERFO CHEM (INDIA) PRIVATE LIMITED	Director	01-01-90	01-01-90	-	Active	NO
3	U24110MH1993PTC072756	S.AMIT SPECIALITY CHEMICALS PRIVATE LIMITED	Director	08-07-93	08-07-93	-	Active	NO
4	U85110MH1998PLC115100	VALUE E-HEALTHCARE LIMITED	Director	26-05-98	26-05-98	-	Active	NO
5	U74994MH2000PLC129275	ETCETRA LIFESTYLE LIMITED	Director	19-10-00	19-10-00	03-04-12	Active	NO
6	L24110GJ1976PLC002905	DIAMINES AND CHEMICALS LIMITED	Director	14-03-01	14-03-01	-	Active	NO
7	U85110MH2003PTC140015	INSIGHT HEALTH SCAN PRIVATE LIMITED	Director	11-04-03	11-04-03	-	Active	NO
8	U67120MH1994PTC077673	CAPELIN INVESTMENT AND TRADING PRIVATE LIMITED	Director	20-08-04	20-08-04	-	Active	NO
9	U45201MH2006PTC163555	TOPNOTCH REALTY PRIVATE LIMITED	Director	04-08-06	04-08-06	-	Active	NO
10	U45201MH2006PTC163553	HI END PROPERTY DEVELOPERS PRIVATE LIMITED	Director	04-08-06	04-08-06	-	Converted to LLP and dissolved	NO
11	U70102MH2006PTC164129	PINAMI REALTY PRIVATE LIMITED	Director	28-08-06	28-08-06	-	Active	NO
12	U24117MH2009PTC196781	REAXA CHEMISTRY SOLUTIONS PRIVATE LIMITED	Director	30-10-09	30-10-09	-	Active	NO
13	U24100GJ2012PTC068634	DIAMINES SPECIALITY CHEMICALS PRIVATE LIMITED	Director	16-01-12	16-01-12	-	Active	NO
14	U93030MH2012PTC235282	GLOBAL-LOCAL LIFESTYLE SERVICES PRIVATE LIMITED	Director	04-09-12	04-09-12	-	Active	NO
15	AAD-6478	HI END PROPERTY DEVELOPERS LLP	Designated Partner	27-03-15	27-03-15	-	Active	NO

Name :

Mrs. Cherry Amit Mehta

Designation :

Director

Address :

92, 9^th Floor, casa Grande, Cooperative Hosing Society Limited, 22, K S Tayyabji Marg, Mumbai – 400006, Maharashtra, India

Date of Appointment :

01.11.1991

DIN No.:

00195647

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	U28100MH1984PTC033380	PERFO CHEM (INDIA) PRIVATE LIMITED	Director	01-11-91	01-11-91	-	Active	NO
2	U24110MH1986PTC040611	FINORGA (INDIA) PVT LTD	Director	01-04-95	01-04-95	-	Active	NO
3	U24110MH1993PTC072756	S.AMIT SPECIALITY CHEMICALS PRIVATE LIMITED	Director	01-04-98	01-04-98	-	Active	NO
4	U85110MH1998PLC115100	Value E-Healthcare Limited	Director	26-05-98	26-05-98	-	Active	NO
5	U74994MH2000PLC129275	ETCETRA LIFESTYLE LIMITED	Director	19-10-00	19-10-00	-	Active	NO
6	U67120MH1994PTC077673	CAPELIN INVESTMENT AND TRADING PRIVATE LIMITED	Director	20-08-04	20-08-04	-	Active	NO

Name :

Mrs. Kokila Mahendra Mehta

Designation :

Director

Address :

92, 9^th Floor, casa Grande, Cooperative Hosing Society Limited, 22, K S Tayyabji Marg, Mumbai – 400006, Maharashtra, India

Date of Appointment :

02.05.1995

DIN No.:

00195686

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	U24110MH1986PTC040611	FINORGA (INDIA) PVT LTD	Director	01-04-95	01-04-95	-	Active	NO
2	U28100MH1984PTC033380	PERFO CHEM (INDIA) PRIVATE LIMITED	Director	02-05-95	02-05-95	-	Active	NO

Name :

Mr. Manish J. Vasaiwala

Designation :

Director

Address :

Aajikrupa, 2^nd Floor, Oppoiste Hari Niwas, M. G. Road, Naupada, Thane, Maharashtra, India

Date of Appointment :

01.04.1995

DIN No.:

00195730

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Haresh A. Mehta	540	13.50
Amit M. Mehta	840	21.00
Fingora (India) Private Limited, India	790	19.75
Kokila M. Mehta	580	14.50
Mohak A. Mehta	540	13.50
Cherry A. Mehta	710	17.75
TOTAL	4000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of Repacking, Relabeling, Trading, Import and Export of Chemicals and also engaged in Generation, Transmission and distribution of Energy through Wind.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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
Maximum Limit Dealt :	Not Divulged
Experience :	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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

• The Saraswat Co-Operative Bank Limited, Worli Branch, 266 Kanchwala Building, Opposite Old Passport Office, Dr. A.B. Road, Worli, Mumbai - 400030, Maharashtra, India

• Saraswat Co-operative Bank, Rased Dadar Branch, Laxman Zull, 1^st Floor, Ranade Road, Dadar, Mumbai-400028, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
CC A/c Saraswat Co-operative Bank,	8.527	9.955
Total	8.527	9.955

Banking Relations :	--
Auditors :
Name :	Prakkash Muni and Associates Chartered Accountants
Address :	303, The Eagle's Flight, Suren Road, Off Andheri Kurla Road, Andheri(East), Mumbai – 400093, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AANFP3965G
Memberships :	--
Collaborators :	--
(Associate Companies/ Enterprises over which Key Managerial Personnel and/or their relatives exercise significant influence):	Capelin Investments and Trading Company Private Limited Value Healthcare Limited Finorga (India) Private Limited S.Amit Speciality Chemicals Private Limited. Pinami Realty Private Limited S. Amit and Company Reaxa Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000	Equity Shares	Rs.100/- each	Rs. 0.400 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.400	0.400	0.400
(b) Reserves & Surplus	233.292	216.639	198.853
(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)	233.692	217.039	199.253
(3) Non-Current Liabilities
(a) long-term borrowings	0.022	0.128	1.154
(b) Deferred tax liabilities (Net)	4.464	4.627	4.809
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	4.486	4.755	5.963
(4) Current Liabilities
(a) Short term borrowings	8.527	9.955	9.004
(b) Trade payables	18.631	17.028	10.071
(c) Other current liabilities	2.256	2.292	1.415
(d) Short-term provisions	0.260	1.005	0.030
Total Current Liabilities (4)	29.674	30.280	20.520
TOTAL	267.852	252.074	225.736
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.331	23.700	25.298
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	169.600	149.539	137.296
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.163	5.114	0.088
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	192.094	178.353	162.682
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	11.394	7.944	5.816
(c) Trade receivables	30.435	31.471	16.086
(d) Cash and cash equivalents	6.751	1.895	4.798
(e) Short-term loans and advances	27.178	32.411	36.354
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	75.758	73.721	63.054
TOTAL	267.852	252.074	225.736

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	84.218	61.059	82.664
	Other Operating Income : Wind mill etc.	13.181	9.551	9.340
	Other Income : Investments related	14.771	15.897	12.158
	TOTAL	112.170	86.507	104.162
Less	EXPENSES	90.965	64.572	84.779
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	21.205	21.935	19.383
Less	FINANCIAL EXPENSES	1.426	1.465	1.478
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	19.779	20.470	17.905
Less/ Add	DEPRECIATION/ AMORTISATION	1.360	1.606	1.794
	PROFIT/ (LOSS) BEFORE TAX	18.419	18.864	16.111
Less	TAX	(0.106)	0.174	5.658
	PROFIT/ (LOSS) AFTER TAX	18.525	18.690	10.453
	IMPORTS
	Import Of Goods (CIF)	37.514	37.606	NA
	TOTAL IMPORTS	37.514	37.606	NA
	Earnings / (Loss) Per Share (Rs.)	4664.00	4679.00	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	22.00	30.61	12.65
Operating Profit Margin (PBIDT/Sales)	(%)	25.18	35.92	23.45
Return on Total Assets (PBT/Total Assets}	(%)	18.75	18.40	18.22
Return on Investment (ROI) (PBT/Networth)		0.08	0.09	0.08
Debt Equity Ratio (Total Debt /Networth)		0.04	0.05	0.05
Current Ratio (Current Asset/Current Liability)		2.55	2.43	3.07

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.400	0.400	0.400
Reserves & Surplus	198.853	216.639	233.292
Net worth	199.253	217.039	233.692
long-term borrowings	1.154	0.128	0.022
Short term borrowings	9.004	9.955	8.527
Total borrowings	10.158	10.083	8.549
Debt/Equity ratio	0.051	0.046	0.037

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	82.664	61.059	84.218
		(26.136)	37.929

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	82.664	61.059	84.218
Profit	10.453	18.690	18.525
	12.65%	30.61%	22.00%

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	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS REVIEW

a) Sales in domestic market have gone up by 68% as compared to last year.

b) During the year, income from windmill operations has marginally gone up.

c) There has been decrease in investment related income which has resulted in lower profits.

CORPORATE INFORMATION:

Subject) is a Private Limited. Company domiciled in India and incorporated under the provision of the Companies Act 1956. The company is engaged in the business of Repacking, Relabeling, Trading, Import and Export of Chemicals. The company is also engaged in Generation, Transmission and distribution of Energy through Wind.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Vehicle Loans Car Loan (Swift Dzire)* *Repayment Terms : Repayment in 60 monthly installments commencing from July 14, 2010.	0.022	0.128
Total	0.022	0.128

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10232626	15/07/2010	490,000.00	THE SARASWAT CO-OPERATIVE BANK LTD.	RASEC DADAR BRANCH, LAXMAN ZULL, 1ST FLOOR,, RANA DE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028, IND IA	A90404930
2	10197338	22/12/2009	10,000,000.00	THE SARASWAT CO-OPERATIVE BANK LTD	WORLI BRANCH, 266 KANCHWALA BUILDING,, OPP. OLD P ASSPORT OFFICE, DR. A.B. ROAD, WORLI,, MUMBAI, MAH ARASHTRA - 400030, INDIA	A76675651
3	10196200	25/11/2009	10,000,000.00	THE SARASWAT CO-OPERATIVE BANK LTD	WORLI BRANCH, 266, KANCHWALA BUILDING,, OPP. OLD POST OFFICE ROAD, DR. A.B. ROAD, WORLI,, MUMBAI, M AHARASHTRA - 400030, INDIA	A76675529
4	10013149	25/07/2006	38,000,000.00	THE SARASWAT CO-OP. BANK LIMITED	KANCHWALA BUILDING, OPP. PASSPORT OFFICE, DR. A. B. ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDI A	A03140654

FIXED ASSETS

• Land
• Office Premises
• Office Premises at Hyderabad
• Air conditioner
• Fax Machine
• Office Equipment
• Computer
• Furniture
• Motor Car
• Wind Mill
• Telephone Equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.40
UK Pound	1	Rs.95.42
Euro	1	Rs.68.49

INFORMATION DETAILS

Information Gathered by :	REK
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.