MIRA INFORM REPORT

Report No. :	337832
Report Date :	22.08.2015

IDENTIFICATION DETAILS

Name :	AVANTOR PERFORMANCE MATERIALS INDIA LIMITED
Formerly Known As :	RFCL LIMITED
Registered Office :	1201 to 1206, 12^th Floor, Pinnacle Business Tower, Shooting Range Road, Surajkund, Faridabad – 121009, Haryana
Tel. No.:	91-129-4267000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.01.1991
Com. Reg. No.:	05-048501
Capital Investment / Paid-up Capital :	Rs.74.963 Million
CIN No.: [Company Identification No.]	U24209HR1991PLC048501
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in Animal Health Care and Diagnostic Business.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 1700000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “AVANTOR PERFORMANCE MATERIALS HOLDINGS S.A.”. It is established company having moderate track record. Management has witnessed an acceptable revenue base, whereas has reported a low net profitability as against a previous year loss. Rating also takes into account of company’s presence in commodity business in the fine chemicals division exposes the profitability to the vagaries of demand-supply scenario in the industry backed by significant dependence on imports, thus exposing it to foreign exchange fluctuation risk, which has impacted its profitability over the past two years. However, rating limitation are partially offset by strong financial and managerial support that company receives from its parent company. In view of the aforesaid, the company can be considered for business dealings with some cautions.

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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	ICRA
Rating	Fund based facilities BB+
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	November 2014

Rating Agency Name	ICRA
Rating	Non fund based facilities A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	November 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 31-03-2013.

INFORMATION DECLINED

Management non co-operative (Tel No.:91-124-4656700)

LOCATIONS

Registered Office / Headquarters :	1201 to 1206, 12^th Floor, Pinnacle Business Tower, Shooting Range Road, Surajkund, Faridabad – 121009, Haryana, India
Tel. No. :	91-129-4267000
Fax No. :	91-129-4267299
E-Mail :	ashok.jain@avantormaterials.com info.aime@avantormaterials.com
Website :	www.avantormaterials.com
Corporate Office :	17^th Floor, Building No. 5 Tower C DLF Cyber City Phase – III, Gurgaon – 122002, Haryana, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Sushil Mehta

Designation :

Managing Director

Address :

MA-1/6-2A, Garden Estate, DLF Phase-3, Gurgaon - 122002, Haryana, India

Date of Birth/Age :

09.03.1957

Date of Appointment :

01.04.2015

DIN No. :

01010831

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	U24209HR1991PLC048501	Avantor Performance Materials India Limited	Director	01/04/2015	06/12/2005	-	Active	NO
2	U24231TN1991PTC020695	ALVED PHARMA FOODS PRIVATE LIMITED	Director	04/02/2008	04/02/2008	-	Amalgamated	NO
3	U93000MH2007PLC203686	Zoetis India Limited	Director	10/10/2008	10/10/2008	01/12/2009	Active	NO
4	U51109MH2009PTC191942	J.T. Baker Chemicals Private Limited	Director	30/09/2013	01/12/2012	-	Active	NO

Name :

Beng Hong Lim

Designation :

Additional director

Address :

13 Jalan Camar 4/25 Villa Damansara, Kota Damansara, Petaling Jaya Selangor, 47810, Malaysia

Date of Appointment :

17.10.2014

DIN No. :

02547659

Name :

Mr. Ashok Kumar Jain

Designation :

Whole-time Director

Address :

J-157, J Pocket , Sarita Vihar, New Delhi - 110076, India

Date of Birth/Age :

02.07.1966

Date of Appointment :

28.09.2012

DIN No. :

05332592

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	U51109MH2009PTC191942	J.T. Baker Chemicals Private Limited	Director	28/09/2012	10/05/2012	-	Active	NO
2	U24209HR1991PLC048501	Avantor Performance Materials India Limited	Whole-time director	28/09/2012	22/06/2012	-	Active	NO

Name :

Mr. Aparajit Bhattacharya

Designation :

Director

Address :

A-61, The Icon, DLF City Phase-V, Gurgaon, 122009, Haryana, India

Date of Appointment :

27.03.2015

DIN No.:

01783540

Name :

Mr. Devashish Ohri

Designation :

Managing Director

Address :

A-703 Laburnum Apts, Sushant Lok-1 Gurgaon, Haryana, 122001, Haryana, India

Date of Appointment :

10.12.2014

DIN No.:

03266071

Name :

Mr. Harvinder Singh

Designation :

Director

Address :

A-402, Om Satyam Apartments, Sector-4, Plot No. 13, Dwarka, New Delhi, 110075, Delhi, India

Date of Appointment :

27.03.2015

DIN No.:

06754429

KEY EXECUTIVES

Name :	ETI SURI
Designation :	Secretary
Address :	G-74,1st Floor, G. Block ,South City Ii, Sector 51, Gurgaon, 122001, Haryana, India
Date of Appointment :	20.07.2012
PAN No.:	BOWPS6989H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Avantor Performance Materials Mauritius II Limited	7496305
Avantor Performance Materials Sdn. Bhd.	1
Avantor Performance Materials Mauritius Limited	1
Avantor Performance Materials B.V.	1
Avantor Performance Materials Holding B.V.	1
Avantor Performance Materials Cayman Limited	1
Avantor Performance Materials Holdings S.A.	1
Total	7496311

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Animal Health Care and Diagnostic Business.

Products :

ITC Code No.	Products / Services
29269000	Acetonitrile
29051220	ISO-Propyl Alcohol
29157020	Magnesium Stearate
29051100	Methanol
38220090	ELISA Kit
38220090	Hematology Reagent
90278090	Hematology Analyzer
29141100	Acetone
38220090	C D 4 Easy (Immunology)
29012990	N - Hexane
25010090	Sodium Chlordie
90278090	Clinical Chemistry Analyzer

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 :

Bank Name	ICICI Bank Limited
Branch	Landmarkrace Cource Circle, Alkapuri, Vadodara – 390015, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans repayable on demand from banks	0.000	6.266
Total	0.000	6.266

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7th Floor, Building 10 - Tower B, DLF Cyber Ci ty Complex, Phase-2, Gurgaon, Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFD2095B
Memberships :	--
Collaborators :	--
Ultimate Holding company :	· Avantor Performance MaterialsHoldings S.A., Luxembourg, the ultimate Holding Company (APM Luxco) · Avantor Performance Materials Mauritius II Limited, Holding Company (APM Mauritius II)
	·
Fellow Subsidiaries (with whom the Company had transactions during the year) :	· Avantor Performance Materials, Inc., U.S.A.(APM USA) · Avantor Performance Materials SdnBhd, Malaysia (APM MAL) · Avantor Performance Materials B.V., The Netherlands (APM NHL) · Avantor Performance Materials Holdings B.V., The Netherlands( APMH NHL) · JT Baker Chemicals Private limited (JTBC) · Avantor Performance Materials Trading (Shanghai) Co. Ltd., China (APM China) · Avantor Performance Materials Taiwan Co. Ltd., Taiwan (APM Taiwan) · Avantor Performance Materials Poland SA, Poland (APM Poland)

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7496311	Equity Shares	Rs.10/- each	Rs.74.963 Millions

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	74.963	74.963	71.863
(b) Reserves & Surplus	516.953	504.840	576.050
(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)	591.916	579.803	647.913
(3) Non-Current Liabilities
(a) long-term borrowings	919.760	908.779	902.313
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	5.480	6.478	5.273
(d) long-term provisions	9.909	14.159	19.056
Total Non-current Liabilities (3)	935.149	929.416	926.642
(4) Current Liabilities
(a) Short term borrowings	0.000	6.266	101.406
(b) Trade payables	1095.953	878.799	516.800
(c) Other current liabilities	177.177	187.591	198.105
(d) Short-term provisions	5.390	5.694	7.934
Total Current Liabilities (4)	1278.520	1078.350	824.245
TOTAL	2805.585	2587.569	2398.800
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	869.978	886.397	887.878
(ii) Intangible Assets	17.314	24.686	29.734
(iii) Capital work-in-progress	12.278	12.783	13.010
(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	134.636	173.585	164.797
(e) Other Non-current assets	4.181	9.934	22.883
Total Non-Current Assets	1038.387	1107.385	1118.302
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	655.333	584.236	551.561
(c) Trade receivables	884.052	725.241	591.142
(d) Cash and cash equivalents	121.313	82.207	27.242
(e) Short-term loans and advances	96.492	80.559	105.499
(f) Other current assets	10.008	7.941	5.054
Total Current Assets	1767.198	1480.184	1280.498
TOTAL	2805.585	2587.569	2398.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operation	3016.355	2887.221	2421.261
		Other Income	31.868	11.031	42.615
		TOTAL	3048.223	2898.252	2463.876
Less	EXPENSES
		Cost of Materials Consumed	874.117	880.685	682.629
		Purchases of Stock-in-Trade	950.130	893.787	694.044
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(65.743)	(35.309)	(64.358)
		Employees benefits expense	271.836	284.824	241.235
		Exceptional Items	0.000	49.942	0.000
		Other expenses	832.951	851.972	732.265
		TOTAL	2863.291	2925.901	2285.815
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		184.932	(27.649)	178.061
Less	FINANCIAL EXPENSES		96.842	101.438	86.502
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		88.090	(129.087)	91.559
Less/ Add	DEPRECIATION/ AMORTISATION		75.976	94.022	62.448
	PROFIT/ (LOSS) BEFORE TAX		12.114	(223.109)	29.111
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		12.114	(223.109)	29.111
	Earnings / (Loss) Per Share (Rs.)			(29.92)	(4.05)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	172.854	179.499	192.756

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.40	(7.73)	1.20
Operating Profit Margin (PBIDT/Sales)	(%)	6.13	(0.96)	7.35
Return on Total Assets (PBT/Total Assets}	(%)	0.43	(8.67)	1.22
Return on Investment (ROI) (PBT/Networth)		0.02	(0.38)	0.04
Debt Equity Ratio (Total Debt /Networth)		1.55	1.58	1.55
Current Ratio (Current Asset/Current Liability)		1.38	1.37	1.55

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	71.863	74.963	74.963
Reserves & Surplus	576.050	504.840	516.953
Net worth	647.913	579.803	591.916
long-term borrowings	902.313	908.779	919.760
Short term borrowings	101.406	6.266	0.000
Total borrowings	1003.719	915.045	919.760
Debt/Equity ratio	1.549	1.578	1.554

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	2421.261	2887.221	3016.355
		19.245	4.473

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	2421.261	2887.221	3016.355
Profit	29.111	(223.109)	12.114
	1.20%	(7.73%)	0.40%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 1201 to 1206, 12th Floor, Pinnacle Business Tower Shooting Range Road, Surajkund Faridabad – 121001, Haryana, India to the present address w.e.f. 06.03.2013

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Fully convertible debentures others	800.000	800.000
Loans repayable on demand from others	119.760	108.779
Total	919.760	908.779

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10305446	22/01/2015 *	350,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	C45232964

CORPORATE INFORMATION

The Company was incorporated on 22 January, 1991 in the name of Ranbaxy Bio Chemicals Limited. The name of the Company was changed to Ranbaxy Fine Chemicals Limited on 26 February, 1996 and to RFCL Limited on 17 November, 2006 and further to Avantor Performance Materials India Limited on 22 March, 2013. Pursuant to a business purchase agreement entered into with Ranbaxy Laboratories Limited on 30 September 2005, the Animal Health Care and Diagnostic Business Divisions were taken over by the Company as a going concern on a slump sale basis with effect from November 30, 2005.

Pursuant to the Composite scheme of Arrangement, Amalgamation and Reconstruction under Section 391 to 394 of the Companies Act, 1956 between the Company, Vetnex Animal Health Limited (VAHL) and Alved Pharma and Foods Private Limited, the entire Vetnex Division of the Company was de-merged and was transferred to VAHL with effect from April 1, 2008.

Pursuant to the Share Purchase Agreement effective November 3, 2010 and the Amended and Restated Share Purchase Agreement dated February 24, 2011 entered between IDBI Trusteeship Services Limited, Dynamic India Fund I, Rainbow Fund Trust, GLG Emerging Markets Special Situations Fund and various individual shareholders of the Company (hereinafter collectively referred to as the Sellers) and Avantor Performance Materials Holdings S.A., Luxembourg and Avantor Performance Materials Mauritius II Limited (hereinafter collectively referred to as the Purchasers), the Sellers have sold 100% of the issued, subscribed and paid up equity share capital of the Company to the Purchasers on February 28, 2011. Accordingly, the Company became subsidiary of Avantor Performance Materials Mauritius II Limited.

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Leasehold Improvements

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.65.23
UK Pound	1	Rs.102.23
Euro	1	Rs.72.59

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAR
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		36

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.