MIRA INFORM REPORT

Report No. :	309237
Report Date :	26.02.2015

IDENTIFICATION DETAILS

Name :	PANOLI INTERMEDIATES (INDIA) PRIVATE LIMITED
Registered Office :	Flat No 105, Mohta Building, First Floor, Bhikaji Cama Place, New Delhi - 110066
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.10.1998
Com. Reg. No.:	55-096701
Capital Investment / Paid-up Capital :	Rs.129.653 Million
CIN No.: [Company Identification No.]	U24117DL1998PTC096701
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELP06158F / DELP10068C
PAN No.: [Permanent Account No.]	AABCP4665N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, Exporters and Importer of Drug Intermediates, Dyes Intermediates and Industrial Chemicals.
No. of Employees :	1100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has failed to file its financial with government department for year 2014. Further as per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2013 but the documents related to the financials for the year 2011, 2012 and 2013 could not be made available from any source. As per previous record of 2012, general financial position of the company seems to be sound. Business is active. Payments are reported to be unknown. The company can be considered for business dealings on safe and secured 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

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 PARTED BY

Name :	Mr. S.N. Mundra
Designation :	Finance Head
Contact No.:	91-265-2397013
Date :	24.02.2015

LOCATIONS

Registered Office :	Flat No.105, Mohta Building, First Floor, Bhikaji Cama Place, New Delhi - 110066, India
Tel. No.:	91-11-26174227/26196368/
Fax No.:	91-11-26193708
E-Mail :	varmasamir@yahoo.com idi@panoliindia.com kcg@kcil.co.in svarma@kcil.co.in sunita-and-chadha2003@yahoo.co.in slg@kcil.co.in knmehta@kcil.co.in kcsethia@kcil.co.in jkpatel@kcil.co.in
Website :	http://www.panoliindia.com
Location :	Owned
Corporate Office :	20-21, Hari Nagar, Gotri Road, Vadodara - 390007, Gujarat, India
Tel. No.:	91-265-2397013/2396498/2396751
Fax No.:	91-265-2397245
Factory 1 :	159, 157, 122, 132, GIDC, Nandesari, Vadodara – 391340, Gujarat, India
Factory 2 :	77/1, GIDC, Jhagadia, Bharuch, Gujarat, India
Mumbai Office :	703/Dalamal Tower, Nariman Point, Mumbai – 480021, Maharashtra, India
Tel. No.:	91-22-22875274
E-Mail :	nvora@kcil.co.in
Ahmedabad office :	403-404, ATP Arcade, Near National Handloom, C.G. Road, Ahmedabad – 380006, India
Tel. No.:	91-79-26425094/26425095
Fax No.:	91-79-26425096
E-Mail :	sp@kcil.co.in

DIRECTORS

As on 30.09.2013

Name :

Mr. Shivlal Goel

Designation :

Director

Address :

Shri Ram Society, Gotri Road, Baroda, Gujarat, India

Date of Appointment :

15.06.2005

DIN No.:

01057339

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	U70109DL1989PTC036212	AAKAKSH PROPERTIES PRIVATE LIMITED	Director	01/10/1989	01/10/1989	-	Active	NO
2	U17111DL1987PLC029986	I S DYESTUFF INDUSTRIES LIMITED	Managing director	01/04/2006	01/04/2001	-	Active	NO
3	U24114DL2002PLC115757	KUTCH CHEMICAL INDUSTRIES LIMITED	Managing director	01/04/2009	10/06/2002	-	Active	NO
4	U24242DL1991PTC044555	VALLABH CHEMICALS PRIVATE LIMITED	Director	21/02/2005	21/02/2005	-	Active	NO
5	U24117DL1998PTC096701	PANOLI INTERMEDIATES (INDIA) PRIVATE LIMITED	Director	15/06/2005	15/06/2005	-	Active	NO
6	U45208GJ2006NPL048978	NANDESARI WATER AND UTILITIES LIMITED	Director	31/12/2014	01/09/2006	-	Active	NO
7	U74999GJ1997PLC032975	NANDESARI ENVIRONMENT CONTROLS LIMITED	Director	25/06/2007	25/06/2007	-	Active	NO
8	U29308GJ1971PTC001944	STANDARD ELECTRONICS INDUSTRIES GUJARAT PRIVATE LIMITED	Director	10/09/2007	10/09/2007	-	Active	NO
9	U24100DL2007PLC168208	RUCHI PETRO CHEMICALS LIMITED	Additional director	16/04/2008	16/04/2008	-	Active	NO
10	U23101DL2009PLC190146	BHARUCH PETROCHEMICALS LIMITED	Director	11/05/2009	11/05/2009	-	Active	NO
11	U24100DL2010PLC205663	SHIV CHLORO ALKALIES LIMITED	Director	12/07/2010	12/07/2010	-	Active	NO
12	U63090DL2010PTC200976	NCR LOGISTICS (INDIA) PRIVATE LIMITED	Director	30/09/2011	16/08/2010	-	Active	NO
13	U24100DL2013PTC256345	SHREE PADMA INDUSTRIES PRIVATE LIMITED	Director	08/08/2013	08/08/2013	-	Active	NO
14	U70100DL2014PTC264637	K A S INFRATECH PRIVATE LIMITED	Director	10/02/2014	10/02/2014	-	Active	NO

Name :

Mr. Surinder Goel

Designation :

Director

Address :

6. Krushna Sray, Opposite Rokad Nath Society, Gotri Road, Baroda, Gujarat, India

Date of Appointment :

15.10.1998

DIN No.:

01694416

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	U24117DL1998PTC096701	PANOLI INTERMEDIATES (INDIA) PRIVATE LIMITED	Director	15/10/1998	15/10/1998	-	Active	NO
2	U24290DL1991PTC045101	DURGESH CHEMICALS PRIVATE LIMITED	Director	18/02/2005	18/02/2005	-	Active	NO
3	U24114DL2011PLC222806	GANDHAR PETROCHEMICALS LIMITED	Additional director	15/09/2012	15/09/2012	-	Active	NO
4	U24239GJ2008PTC053060	CHEMCON PHARMA CHEM PRIVATE LIMITED	Director	03/02/2014	03/02/2014	-	Active	NO

Name :

Mr. Pirag Chand Goel

Designation :

Director

Address :

41, Aradhana Enclave, New Delhi, India

Date of Appointment :

15.10.1998

DIN No.:

02496496

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	U45201DL1991PTC046087	KRISAM PROPERTIES PRIVATE LIMITED	Director	08/05/1992	08/05/1992	-	Active	NO
2	U17111DL1987PLC029986	I S DYESTUFF INDUSTRIES LIMITED	Director	18/05/1992	18/05/1992	-	Active	NO
3	U24117DL1998PTC096701	PANOLI INTERMEDIATES (INDIA) PRIVATE LIMITED	Director	15/10/1998	15/10/1998	-	Active	NO
4	U24114DL2002PLC115757	KUTCH CHEMICAL INDUSTRIES LIMITED	Director	06/11/2003	06/11/2003	-	Active	NO
5	U74899DL1991PTC044553	BADRI CHEMICALS PRIVATE LIMITED	Director	18/02/2005	18/02/2005	-	Active	NO
6	U70109DL1989PTC036211	KARNA PROPERTIES PRIVATE LIMITED	Director	12/09/2011	12/09/2011	-	Active	NO
7	U24114DL2011PLC222806	GANDHAR PETROCHEMICALS LIMITED	Additional director	15/09/2012	15/09/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. S.N. Mundra
Designation :	Finance Head

MAJOR SHAREHOLDERS

As on 30.09.2013

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	10.94
Directors or relatives of Directors	89.06
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers, Exporters and Importer of Drug Intermediates, Dyes Intermediates and Industrial Chemicals.
Products :	Drug Intermediates Dyes Intermediates Industrial Chemicals
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	USA UK China
Imports :
Products :	Raw Material
Countries :	Saudi Arabia China USA UK Taiwan Korea
Terms :
Selling :	Cash, Cheque and Credit
Purchasing :	Cash, Cheque 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 :

1100 (Approximately)

Bankers :

• Bank of Baroda, International Business Branch, Sayaji Ganj, Baroda – 390005, Gujarat, India
• State Bank Of India, Mid Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara - 390007, Gujarat, India
• HDFC Bank Limited

Facilities :

CC + Term Loan = Rs.2340.000 Million (From Bank of Baroda)

CC + Term Loan = Rs.2340.000 Million (From State Bank of India)

SECURED LOANS	31.03.2010 Rs. In Million	31.03.2009 Rs. In Million
From State Bank of India	290.257	480.020
From HDFC Bank Limited	0.000	0.044
Total	290.257	480.064

Notes:

Against hypothecation of movable property at Plot No. 159/5 GIDC Nandesari, District Baroda and Plot No. 778/1 and 756/1A GIDC Jhagadia , District Baruch including movable plane and machinery, machinery spares and tools and accessories and other movable both present and future which are not immovable properties but are capable by passing by delivery, lying or stored in or about borrowers factory, godown, structure or elsewhere whether installed or not and whether in transit or delivery, whether lying losses or in the borrowers aforesaid premises and godown or wherever also the same may be or held by any party to the order or disposition of the borrower and either by way of substitution or addition and immovable properties of third parties and personally guaranteed by directors. Against hypothecation of vehicles and personally guaranteed by directors.

Name :	Sunita and Chadha Chartered Accountant
Address :	Flat No. 77, Bhagat Singh Market, New Delhi – 110001, India
Tel. No.:	91-11-23348045
Mobile No.:	9711499108
Fax No.:	91-11-23346370
E-Mail :	sunita_and_chadha@yahoo.co.in sac_ca1982@yahoo.com sunitaandchadha@gmail.com
PAN No.:	AABFS6939F
Memberships :	--
Collaborators :	--
Related Parties :	IS Dyestuff Industries Limited Kutch Chemicals Industries Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2100000	Equity Shares	Rs.100/- each	Rs.210.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1438730	Equity Shares	Rs.100/- each	Rs.143.873 Million

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2100000	Equity Shares	Rs.100/- each	Rs.210.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.100/- each	Rs.150.000 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1296530	Equity Shares	Rs.100/- each	Rs.129.653 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		129.653	129.653	121.673
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		295.303	234.050	154.471
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		424.956	363.703	276.144
LOAN FUNDS
1] Secured Loans		290.257	480.064	373.494
2] Unsecured Loans		104.381	84.206	61.421
TOTAL BORROWING		394.638	564.270	434.915
DEFERRED LIABILITIES		22.060	40.396	29.842
DEFERRED TAX LIABILITIES		59.477	55.781	35.602
TOTAL		901.131	1024.150	776.503
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		728.441	661.766	522.898
Capital work-in-progress		22.151	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	259.865	214.710	232.547
	Goods in Transit	49.973	2.982	0.828
	Sundry Debtors	720.692	492.996	405.477
	Cash & Bank Balances	43.413	11.520	12.464
	Other Current Assets	29.338	25.124	12.757
	Loans & Advances	154.460	92.066	62.003
Total Current Assets		1257.741	839.398	726.076
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1059.981	458.535	401.605
	Other Current Liabilities	49.575	30.871	66.849
	Provisions	7.500	3.800	5.722
Total Current Liabilities		1117.056	493.206	474.176
Net Current Assets		140.685	346.192	251.900
MISCELLANEOUS EXPENSES		9.854	16.192	1.705
TOTAL		901.131	1024.150	776.503

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Turnover	2984.563	2332.071	2042.162
		Other Income	3.755	4.347	2.020
		TOTAL (A)	2988.318	2336.418	2044.182
Less	EXPENSES
		Cost of Goods Sold	(45.155)	17.837	(81.842|)
		Manufacturing Expenses	2685.530	1984.714	1912.184
		Office and Administrative Expenses	110.727	126.883	61.920
		TOTAL (B)	2751.102	2129.434	1892.262
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		237.216	206.984	151.920
Less	FINANCIAL EXPENSES (D)		64.046	64.265	45.874
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		173.170	142.719	106.046
Less/ Add	DEPRECIATION/ AMORTISATION (F)		86.973	61.478	44.216
	PROFIT BEFORE TAX (E-F) (G)		86.197	81.241	61.829
Less	TAX (H)		24.945	33.582	23.756
	PROFIT AFTER TAX (G-H) (I)		61.252	47.659	38.073
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	391.369	395.248	79.492
	TOTAL EARNINGS		391.369	395.248	79.492
	IMPORTS
		Raw Materials	646.134	455.444	544.353
		Capital Goods	2.519	3.273	3.366
	TOTAL IMPORTS		648.653	458.717	547.719
	Earnings Per Share (Rs.)		47.24	36.76	29.37

Particulars	31.03.2014	31.03.2013
Sales Turnover (Approximately)	13000.000	9500.000

The above information has been parted by Mr. S. N. Mundra

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	2.05	2.04	(2.14)
Operating Profit Margin (PBDIT/Sales)	(%)	7.95	8.88	3.43
Return on Total Assets (PBT/Total Assets}	(%)	4.34	5.41	4.95
Return on Investment (ROI) (PBT/Networth)		0.20	0.22	0.22
Debt Equity Ratio (Total Debt /Networth)		0.93	1.55	1.57
Current Ratio (Current Asset/Current Liability)		1.13	1.70	1.53

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2008	31.03.2009	31.03.2010
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	121.673	129.653	129.653
Reserves & Surplus	154.471	234.050	295.303
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	276.144	363.703	424.956
Secured Loans	373.494	480.064	290.257
Unsecured Loans	61.421	84.206	104.381
Total borrowings	434.915	564.270	394.638
Debt/Equity ratio	1.575	1.551	0.929

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2008	31.03.2009	31.03.2010
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	2,042.162	2,332.071	2,984.563
		14.196	27.979

NET PROFIT MARGIN

Net Profit Margin	31.03.2008	31.03.2009	31.03.2010
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	2,042.162	2,332.071	2,984.563
Profit	(43.768)	47.659	61.252
	(2.14%)	2.04%	2.05%

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 five 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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

UNSECURED LOANS:

Particulars	31.03.2010 Rs. In Million	31.03.2009 Rs. In Million
Other Loans and Advances	104.381	84.206
Total	104.381	84.206

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10002815	23/03/2013 *	1,066,400,000.00	State Bank Of India	Mid Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara, Gujarat -  390007, India	B74970468

*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 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.62.05
UK Pound	1	Rs.96.03
Euro	1	Rs.70.43

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		18

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.