MIRA INFORM REPORT

Report No. :	329515
Report Date :	29.06.2015

IDENTIFICATION DETAILS

Name :	MULTIBASE INDIA LIMITED
Registered Office :	74/5-6, Daman Industrial Estate Kadaiya Village, Nani Daman – 396210, Union Territory
Tel. No.:	91-2638-56627
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.12.1991
Com. Reg. No.:	56-002959
Capital Investment / Paid-up Capital :	Rs.126.200 Million
CIN No.: [Company Identification No.]	L01122DD1991PLC002959
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in manufacturing and selling of Polypropylene Compound, Thermoplastic Elastomer, Silicon Master Batch and Thermoplastic Master Batch.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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 :	Exist
Comments :	Subject is a subsidiary of Multibase S.A France. It is an old and established company incorporated during the year 1991 having a good track record. Available financial indicates company sound financial risk profile marked by decent networth position with zero debt and favorable gap between trade payable and trade receivable. Further the rating also takes into consideration, company good profitability. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. 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.

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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Dharmesh Painter
Designation :	Chief Financial Officer
Contact No.:	91-260-6614400
Date :	26.06.2015

LOCATIONS

Registered Office / Plant :	74/5-6, Daman Industrial Estate Kadaiya Village, Nani Daman – 396210, Union Territory, India
Tel. No.:	91-260-6614400
Fax No.:	91-260-2221518
E-Mail :	Sanjay.goel@dowcorning.com
Website :	www.multibase.com
Principal Sales Office :	5th Floor, Scorpio House, Opp. Galleria Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-66946860
Fax No.:	91-22-66946848
E-Mail :	multibase@multibaseindia.com

DIRECTORS

As on 31.03.2014

Name :	Mr. Deepak Dhanak
Designation :	Managing Director
Name :	Mr. Peter Cartwright
Designation :	Director
Name :	Mr. Harish Narendra Motiwalla
Designation :	Director
Name :	Mr. Ashok Chhabra
Designation :	Director
Name :	Mr. Krishna Joshi
Designation :	Director

KEY EXECUTIVES

Name :	Ms. Amee B. Joshi
Designation :	Company Secretary
Name :	Mr. Dharmesh Painter
Designation :	Chief Financial Officer

SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	9464994	75.00
Sub Total	9464994	75.00
Total shareholding of Promoter and Promoter Group (A)	9464994	75.00
(B) Public Shareholding
(1) Institutions
Foreign Institutional Investors	26855	0.21
Sub Total	26855	0.21
(2) Non-Institutions
Bodies Corporate	205224	1.63
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	1767164	14.00
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	789193	6.25
Any Others (Specify)	366570	2.90
Clearing Members	48456	0.38
Office Bearer	2600	0.02
Non Resident Indians	301714	2.39
Directors and their Relatives and Friends	13800	0.11
Sub Total	3128151	24.79
Total Public shareholding (B)	3155006	25.00
Total (A)+(B)	12620000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	12620000	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total
1	Multibase S A	9464994	75.00
	Total	9464994	75.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Dipak Kanayalal Shah	127000	1.01
	Total	127000	1.01

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing and selling of Polypropylene Compound, Thermoplastic Elastomer, Silicon Master Batch and Thermoplastic Master Batch.
Products :	Polypropylene Compound Thermoplastic Elastomer Silicon Master Batch Thermoplastic Master Batch
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	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
Experience :	Not Divulged
Maximum Limit Dealt :	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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Citi Bank
Branch Address	Not Divulged
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

• HDFC Bank Limited
• State Bank of India

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Vadodara, Gujarat, India
Memberships :	Not Available
Collaborators :	Not Available
Holding Company (As on 31.03.2014) :	Multibase S.A, France
Subsidiary of Ultimate holding Company (As on 31.03.2014) :	DC China Holding Company Limited DC Multibase ZJG Company Limited Dow Corning (Barry HQ) Limited Dow Corning (Hongkong HQ) Asia Dow Corning Co. – Korea Dow Corning India Private Limited Dow Corning Singapore Pte Limited Dow Corning Thailand Limited Multibase Inc. Copley
Ultimate Holding Company (As on 31.03.2014) :	Dow Corning Corporation

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs.10/- each	Rs.130.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
12620000	Equity Shares	Rs.10/- each	Rs.126.200 Million

Note:

1. The Company has one class of equity shares having a par value of Rs. 10 each. Each shareholder is eligible for one vote per share held. If any, dividend proposed by Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

2. Out of the above equity shares 9464994 shares i.e. 75% (Previous year 9,464,994 shares i.e. 75%) are held by M/s. Multibase S.A, France, the Holding Company (of which Dow Corning Corporation, USA is the ultimate Holding Company).

3. Except for above, no other shareholder holds more than 5% of the equity shares of the Company.

As on 31.03.2015

Authorised Capital: Not Available

Issued, Subscribed & Paid-up Capital: Rs.126.200 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	126.200	126.200	126.200
(b) Reserves & Surplus	285.434	214.167	163.378
(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)	411.634	340.367	289.578
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	1.685	2.346	2.093
(c) Other long term liabilities	3.820	2.797	2.872
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	5.505	5.143	4.965
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	40.002	55.633	62.767
(c) Other current liabilities	7.753	5.778	5.967
(d) Short-term provisions	3.064	0.131	0.119
Total Current Liabilities (4)	50.819	61.542	68.853
TOTAL	467.958	407.052	363.396
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	52.721	49.556	45.088
(ii) Intangible Assets	0.000	0.043	0.165
(iii) Capital work-in-progress	0.000	0.754	0.209
(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	9.894	0.000	0.315
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	62.615	50.353	45.777
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	93.505	111.424	103.359
(c) Trade receivables	100.703	106.142	93.716
(d) Cash and cash equivalents	177.626	106.692	83.336
(e) Short-term loans and advances	33.509	32.441	37.208
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	405.343	356.699	317.619
TOTAL	467.958	407.052	363.396

PROFIT & LOSS ACCOUNT

	PARTICULARS	Q	31.03.2014	31.03.2013
	SALES
	Income	616.468	545.640	451.464
	Other Income	12.310	8.185	8.230
	TOTAL	628.778	553.825	459.694
Less	EXPENSES
	Cost of Materials Consumed	377.602	342.993	276.213
	Purchases of Stock-in-Trade	40.554	40.171	35.008
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(10.198)	3.897	(12.127)
	Employees benefits expense	30.901	27.969	29.749
	Other expenses	72.885	58.160	59.592
	TOTAL	511.744	473.190	388.435
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	117.034	80.635	71.259
Less	FINANCIAL EXPENSES	0.598	0.715	0.945
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	116.436	79.920	70.314
Less/ Add	DEPRECIATION/ AMORTISATION	7.071	4.722	4.927
	PROFIT/ (LOSS) BEFORE TAX	109.365	75.198	65.387
Less	TAX	37.149	24.410	20.490
	PROFIT/ (LOSS) AFTER TAX	72.216	50.788	44.897
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	202.466	151.678	106.781
	Balance Carried to the B/S	274.682	202.466	151.678
	EARNINGS IN FOREIGN CURRENCY
	Exports at F.O.B. value	NA	39.723	52.793
	Income from Shared services operations	NA	5.966	5.036
	TOTAL EARNINGS	NA	45.689	57.829
	IMPORTS
	Raw Materials	NA	212.293	184.090
	Components and Stores parts	NA	5.343	0.000
	Capital Goods	NA	0.064	0.000
	TOTAL IMPORTS	NA	217.700	184.090
	Earnings / (Loss) Per Share (Rs.)	5.72	4.02	3.56

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	11.71	9.31	9.94
Operating Profit Margin (PBDIT / Sales)	(%)	18.98	14.78	15.78
Return on Total Assets (PBT/Total Assets}	(%)	23.37	18.51	18.00
Return on Investment (ROI) (PBT/Networth)		0.27	0.22	0.23
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		7.98	5.80	4.61

STOCK PRICES

Face Value	Rs.10.00/- each
Market Value	Rs.227.00/- each

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	126.200	126.200	126.200
Reserves & Surplus	163.378	214.167	285.434
Net worth	289.578	340.367	411.634
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	451.464	545.640	616.468
		20.860	12.981

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	451.464	545.640	616.468
Profit	44.897	50.788	72.216
	9.94%	9.31%	11.71%

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	No
10	Date of Birth of Proprietor / Partners / Directors	No
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	No
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	No
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

LITIGATION DETAILS

HIGH COURT OF GUJARAT

TAX APPEAL No. 1960 of 2008

Status : PENDING		( Converted from : ST/4125/2008 )	CCIN No : 001092200801960
Last Listing Date:		11/01/2010
Coram	HONOURABLE MR.JUSTICE K.A.PUJ HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

S.NO.	Name of the Petitioner	Advocate On Record
1	DIRECTOR OF INCOME TAX	MRS MAUNA M BHATT for: Appellant(s)  1

S.NO.	Name of the Respondant	Advocate On Record
1	MULTIBASE INDIA LTD	MRS SWATI SOPARKAR for :Opponent(s)  1

Presented On	: 22/12/2008	Registered On	: 22/12/2008
Bench Category	: DIVISION BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 198 times
Stage Name	: FOR FINAL HEARING - TAX MATTERS

Classification	DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act	INCOME-TAX ACT, 1961
Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	15/08/2008	VAKALATNAMA	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)  1	-	MRS MAUNA M BHATT:1
2	15/08/2008	VAKALATNAMA	MRS SWATI SOPARKAR ADVOCATE for RESPONDENT(s)  1	-	MRS SWATI SOPARKAR:1
3	22/12/2008	CERTIFIED COPY	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)  1	6	MRS MAUNA M BHATT:1
4	22/12/2008	MEMO OF APPEAL/PETITION/SUIT	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)  1	20	MRS MAUNA M BHATT:1
5	10/03/2010	VAKALATNAMA	MRS SWATI SOPARKAR ADVOCATE for RESPONDENT(s)  1	5	MRS SWATI SOPARKAR:1
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	11/01/2010	9	-	FOR FINAL HEARING - TAX MATTERS	RULE/ADMIT	HONOURABLE MR.JUSTICE K.A.PUJ HONOURABLE MR.JUSTICE RAJESH H.SHUKLA
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred
1	TAX APPEAL/1960/2008	HONOURABLE MR.JUSTICE K.A.PUJ HONOURABLE MR.JUSTICE RAJESH H.SHUKLA	11/01/2010	N	ORDER	-	Y
Certified Copy

S. No.	ApplicantName	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MRS MAUNA M BHATT	ORDINARY	12/01/2010	O/871/2010	11/01/2010	15/01/2010	19/01/2010	Delivered	ORDER

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

OPERATIONS (As on 31.03.2014)

During the year, the Company reported gross revenue from operations of Rs.604.819 Million as against Rs.497.678 Million during the FY 2012-13. The Company reported Profit before Tax of Rs.75.198 Million and Profit after Tax of Rs.50.789 Million as against Rs.65.387 Million and Rs.44.897 Million respectively for the previous Financial Year.

BACKGROUND AND INDUSTRY OUTLOOK (As on 31.03.2014)

Year started with the backdrop of the markets recovering from the slow-down. The Company increased its presence in the Automotive (safety and non-safety products) and Silicon based thermoplastics segment. The Company prioritized its focus on Silicon-enhanced products and identified new opportunities in engineering polymer markets. Thermoplastic Elastomers sales in India continued to grow at a steady rate by converting some of the non TPE applications to TPE. The company managed to hold the margins in an increasingly competitive market and during the global economy slowdown through a mix of innovative products, selective price increase and qualifying alternate raw materials.

FIXED ASSETS

• Land and site development
• Factory building
• Office building
• Leasehold improvements
• Plant and machinery
• Laboratory equipment
• Office Equipments
• Air conditioner
• Furniture and fixture
• Computers

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.60
UK Pound	1	Rs.92.95
Euro	1	Rs.68.14

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	DIV
Report Prepared by :	PNM

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	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.