MIRA INFORM REPORT

Report No. :	334481
Report Date :	31.07.2015

IDENTIFICATION DETAILS

Name :	COLUMBIA PETRO CHEM PRIVATE LIMITED
Registered Office :	D-101, Triveni, 32^nd Road, Near National College, Bandra (West), Mumbai – 400050, Maharashtra
Tel. No.:	91--22-26462313 / 2915 / 3032
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.12.1987
Com. Reg. No.:	11- 045493
Capital Investment / Paid-up Capital :	Rs. 10.000 Million
CIN No.: [Company Identification No.]	U99999MH1987PTC045493
IEC No.:	0392054566
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACC4865C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Petroleum Specialty Products.
No. of Employees :	120 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 2100000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an old established company incorporated during the year 1987 having a satisfactory track record. Management of the company has not filed its financial with the government department for the year 2014. As per available financial of 2013, general financial position of the company seems to be normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. In view of long standing record and acceptable financial base, the company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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 Unit = BBB [Suspended]
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	May 16, 2014

Rating Agency Name	ICRA
Rating	Non Fund Based Unit = A3+ [Suspended]
Rating Explanation	Moderate degree of safety. It carry higher credit risk.
Date	May 16, 2014

Reason for Suspension : Inability to carry out rating in the absence of the requisite information from the company.

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 PARTED BY

Name :	Ms. Preema
Designation :	Senior Manager in credit control
Contact No.:	91-22-66002313
Date :	30.07.2015

LOCATIONS

Registered Office / Head Office :	D-101, Triveni, 32^nd Road, Near National College, Bandra (West), Mumbai – 400050, Maharashtra, India
Tel. No.:	91--22-26462313 / 2915 / 3032
Fax No.:	91--22-26460760
E-Mail :	cpcindia@vsnl.net columbiapetro@eth.net cpcpl@sify.com cpc_1006@sify.com
Website :	http://www.columbiapetro.com
Corporate Office :	P-34, India Exchange Place, Kolkata – 700001, West Bengal, India
Tel. No.:	91--33-22253807/8/9
Fax No.:	91--33-22253080
Sales Office :	Located At Bangalore Chennai Hyderabad Indore Jaipur Kolkata Delhi Baroda
Refineries Taloja :	Plot No J-14, MIDC, Taloja – 410208, District Raigad, Maharashtra, India
Tel. No.:	91-22-27410816/2735
Fax No.:	91-22-27410276
Refineries Silvassa :	Survey No. 144/1/1, Plot No.12,13 and 14, Athal Silvassa, Silvassa – 396230, Dadra Nagar Haveli, Union Territory, India
Tel. No.:	91-260-2632793/2645643
Fax No.:	91-260-2632792

DIRECTORS

AS ON 25.09.2013

Name :

Mr. Kuldeep Halwasiya

Designation :

Director

Address :

D-101, Triveni, 32^nd Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

24.10.1963

Date of Appointment :

03.12.1987

PAN No.:

AASPH8312G

DIN No.:

00284972

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	U63090WB1971PLC027993	UNIVERSAL PETRO-CHEMICALS LTD	Director	30/01/1986	30/01/1986	-	Active	NO
2	U99999MH1987PTC045493	COLUMBIA PETRO CHEM PRIVATE LIMITED	Director	03/12/1987	03/12/1987	-	Active	NO
3	U51102MH1997PTC111664	ARAL LUBRICANTS (INDIA) PRIVATE LIMITED	Nominee director	03/11/1997	03/11/1997	-	Strike off	NO
4	U92100MH2002PTC137396	COLUMBIA ENTERTAINMENT COMPANY PRIVATE LIMITED	Director	30/09/2002	30/09/2002	-	Active	NO
5	U24230MH2002PTC137409	ESSENCE HOSPITALITY & PERSONAL CARE PRODUCTS PRIVATE LIMITED	Director	01/10/2002	01/10/2002	-	Active	NO
6	U63000DN2004PTC000293	HARI OM BULK CARRIERS PRIVATE LIMITED	Director	10/06/2004	10/06/2004	-	Active	NO
7	U70101WB2005PTC104945	KJ ENCLAVE PRIVATE LIMITED	Director	25/08/2005	25/08/2005	-	Active	NO
8	U74999WB2005PTC105229	COLUMBIA BIO FUELS PRIVATE LIMITED	Director	07/09/2005	07/09/2005	05/03/2008	Active	NO
9	U45208MH2007PTC166764	BLUE ESTATE PVT LTD	Director	05/01/2007	05/01/2007	-	Active	NO
10	U74999MH2007PTC168833	COLUMBIA INFRASTRUCTURE PRIVATE LIMITED	Nominee director	16/03/2007	16/03/2007	-	Active	NO
11	U55200MH1983PTC031178	ADAR HOTELS PVT LTD	Director	30/09/2013	18/01/2010	-	Active	NO
12	U45400MH2008PTC187553	L T SPACE SOLUTIONS PRIVATE LIMITED	Director	26/05/2011	26/05/2011	-	Active	NO
13	U45200MH1974PTC017381	ATUL ESTATE DEVELOPMENT COMPANY PRIVATE LIMITED	Director	14/10/2011	14/10/2011	-	Active	NO
14	U55101DL2001PTC112158	HOTEL SNOWPEAK PRIVATE LIMITED	Director	01/03/2013	01/03/2013	-	Active	NO
15	U70102MH2013PTC244564	Revelador India Private Limited	Director	17/06/2013	17/06/2013	-	Active	NO
16	U70109MH2013PTC246852	SIM INFRA REALTY PRIVATE LIMITED	Director	12/08/2013	12/08/2013	-	Active	NO

Name :

Mr. Rajdeep Halwasiya

Designation :

Director

Address :

Niharika Flat 701, 17/1C, Alipore Road, Kolkata – 700001, West Bengal, India

Date of Birth/Age :

22.12.1968

Date of Appointment :

03.12.1987

PAN No.:

AAOPH1694M

DIN No.:

01726698

MAJOR SHAREHOLDERS

AS ON 25.09.2013

Names of Shareholders	No. of Shares
Kuldeep Madanmohan Halwasiya	80500
Pradeep Madanmohan Halwasiya	19500
Total	100000

AS ON 25.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Petroleum Specialty Products.
Products :	· Rubber to Metal Bonding Agents - Megum and Thixon · Rubber Chemicals, Pre-dispersed Chemical Masterbatches - Ekaland, Vultac and Mixland · Rubber to Metal Bonding Agent - Polyloc · Chemicals for Speciality Polymers - Ofalub and Vulcofac · Castable Polyurethanes - Adiprene and Vibrathane · Polymeric Plasticizers - Thiokol · Millable Polyurethane Rubbers - Millathane · Ready to Use Rubber Compounds - Polymix · White Oils · Transformer Oils · Liquid Paraffins
Exports :
Products :	Finished goods
Countries :	· Philippines · Argentina
Imports :
Products :	Raw Material
Countries :	Korea
Terms :
Selling :	Depend
Purchasing :	Depend

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 :

120 (Approximately)

Bankers :

• Allahabad Bank, Industrial Finance Branch, Allahabad Bank Building, 2^nd Floor, 37, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India
• Citi Bank N.A., Citi Business Citi Bank Center, 2^nd Floor, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from banks	0.000	14.338
SHORT TERM BORROWINGS
Other loans and advances, others [Hypothecation of present and Future Stock of raw materials, work -in-process, finished goods, stores and spares , book debts and plant and machinery and mortgage of immovable properties.]	109.234	343.420
Total	109.234	357.758

Banking Relations :	----
Auditors :
Name :	S.D. Sonawane and Company Chartered Accountants
Address :	4/417, Vanraicolony, Western Express Highway, Goregaon (East), Mumbai – 400065, Maharashtra India
PAN No.:	AAYFS3545G
Memberships :	--
Collaborators :	--
Associate :	Hari Om Bulk Carriers Private Limited CIN No.: U63000DN2004PTC000293 Universal Petro-Chemicals Limited CIN No.: U63090WB1971PLC027993
Others :	Adar Hotels Private Limited CIN No.: U55200MH1983PTC031178 Columbia Overseas Resources Pte. Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000	10.000
(b) Reserves & Surplus	716.769	660.789	703.600
(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)	726.769	670.789	713.600
(3) Non-Current Liabilities
(a) long-term borrowings	39.500	81.338	48.900
(b) Deferred tax liabilities (Net)	0.000	0.899	1.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.602	2.870	3.000
Total Non-current Liabilities (3)	44.102	85.107	52.900
(4) Current Liabilities
(a) Short term borrowings	109.234	343.420	462.100
(b) Trade payables	3,816.752	6,175.440	2,827.500
(c) Other current liabilities	5.763	3,785.239	6.900
(d) Short-term provisions	74.236	103.030	130.400
Total Current Liabilities (4)	4,005.985	10,407.129	3,426.900
TOTAL	4,776.856	11,163.025	4,193.400
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	201.364	217.003	172.840
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	150.050	153.516	45.700
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	92.600	416.045	249.100
(c) Deferred tax assets (net)	1.752	0.000	0.000
(d) Long-term Loan and Advances	27.866	29.127	23.800
(e) Other Non-current assets	36.090	318.858	318.800
Total Non-Current Assets	509.722	1,134.549	810.240
(2) Current assets
(a) Current investments	2.762	0.000	0.000
(b) Inventories	623.492	604.536	729.600
(c) Trade receivables	2,453.471	5,597.871	1,146.500
(d) Cash and cash equivalents	821.370	3,466.308	1,115.160
(e) Short-term loans and advances	366.039	331.978	387.300
(f) Other current assets	0.000	27.783	4.600
Total Current Assets	4,267.134	10,028.476	3,383.160
TOTAL	4,776.856	11,163.025	4,193.400

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue from operations	9,600.600	12,456.600	6,095.690
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES
	TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	88.500	(18.500)	296.300
Less/ Add	DEPRECIATION/ AMORTISATION	31.200	28.000	25.300
	PROFIT/ (LOSS) BEFORE TAX	57.300	(46.500)	271.000
Less	TAX	5.900	(0.100)	64.400
	PROFIT/ (LOSS) AFTER TAX	51.400	(46.400)	206.600
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	583.300	626.100	452.500
Add	Excess/(Short) provisions for Income Tax written back	5.100	4.500	-0.700
Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	0.000	20.600
	Proposed/Interim Dividend & Dist. Tax	0.900	0.900	11.700
	Total	0.900	0.900	32.300
	Balance Carried to the B/S	638.900	583.300	626.100
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	9,336.451	7,875.808	NA
	TOTAL EARNINGS	9,336.451	7,875.808	NA
	Earnings / (Loss) Per Share (Rs.)	514.00	(464.00)	2066.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	62.464	(42.003)	141.500

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	0.60	(0.37)	4.45
Return on Total Assets (PBT/Total Assets)	(%)	1.26	(0.44)	6.95
Return on Investment (ROI) (PBT/Networth)		0.08	(0.07)	0.380
Debt Equity Ratio (Total Debt /Networth)		0.21	0.63	0.72
Current Ratio (Current Asset/Current Liability)		1.07	0.96	0.99

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	10.000	10.000	10.000
Reserves & Surplus	703.600	660.789	716.769
Net worth	713.600	670.789	726.769
long-term borrowings	48.900	81.338	39.500
Short term borrowings	462.100	343.420	109.234
Total borrowings	511.000	424.758	148.734
Debt/Equity ratio	0.716	0.633	0.205

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	6,095.690	12,456.600	9,600.600
		104.351	(22.928)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	6,095.690	12,456.600	9,600.600
Profit/(Loss) After Tax	206.600	(46.400)	51.400
	3.39%	(0.37%)	0.54%

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	Yes
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)	Yes
16]	No. of employees	Yes
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	No
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	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS

During the year Company has achieved total Turnover of Rs. 9600.600 Million as against Rs. 12456.600 Million for previous year. The reduction in turnover is due to discontinue of the merchant trade during the current year.

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
LONG TERM BORROWINGS
Loans and advances from related parties	39.500	67.000
Total	39.500	67.000

CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Contingent liabilities: Bank guarantee of Rs. 4.472 Million.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10435749	28/07/2014 *	4,750,000,000.00	ALLBANK FINANCE LIMITED	Allahabad Bank Building, 2nd floor , 37,, Mumbai  samchar Marg,Fort, Mumbai, Maharashtra - 400023, I  NDIA	C38720892
2	10435728	23/07/2014 *	4,750,000,000.00	ALLBANK FINANCE LIMITED	Allahabad Bank Building, 2nd floor , 37,, Mumbai  samchar Marg,Fort, Mumbai, Maharashtra - 400023, I  NDIA	C38703203
3	10273174	22/02/2012 *	4,265,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, ALLAHABAD BANK BUILDING  , SECOND FLOOR, 37 MUMBAI SAMACHAR MARG, FORT, MU  MBAI, Maharashtra - 400023, INDIA	B38275665
4	10225896	03/06/2010	200,000,000.00	Axis Bank Limited	CREDIT MANAGEMENT CENTRE, 4/10, OPG HOUSE, ASAF A  LI ROAD,, NEW DELHI, Delhi - 110002, INDIA	A88088158
5	10204294	12/01/2010	100,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, Allahabad Bank Building  , Second Floor, 37, Mumbai Samachar Marg, Fort, M  umbai, Maharashtra - 400023, INDIA	A80128960
6	80010923	19/03/2009 *	1,850,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, Allahabad Bank Building  , Second Floor, 37, Mumbai Samachar Marg, Fort, M  umbai, Maharashtra - 400023, INDIA	A61892949
7	80010925	21/02/2012 *	3,450,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, ALLAHABAD BANK BUILDING  , SECOND FLOOR, 37 MUMBAI SAMACHAR MARG, FORT, MU  MBAI, Maharashtra - 400023, INDIA	B38276085

* Date of charge modification

FIXED ASSETS

• Lease Hold Land
• Free Hold Land
• Factory Roads, Shed and Building
• Office Flats
• Equipment / Plant
• Plant and Machinery
• Office Furniture
• Vehicles
• Computer

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.64.01
UK Pound	1	Rs.99.83
Euro	1	Rs.70.07

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	DIV
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		43

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.