MIRA INFORM REPORT

Report No. :	323987
Report Date :	23.05.2015

IDENTIFICATION DETAILS

Name :	ASHA PENN COLOR PRIVATE LIMITED
Registered Office :	Asha House, 808/C, Dr. Ambedkar Road, Dadar (East), Mumbai – 400014, Maharashtra
Tel. No.:	91-22-24140020
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.08.2006
Com. Reg. No.:	11-163800
Capital Investment / Paid-up Capital :	Rs.19.000 Million
CIN No.: [Company Identification No.]	U24222MH2006PTC163800
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMA29563C
PAN No.: [Permanent Account No.]	AAFCA9682E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of pigment dispersions and color concentrates.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 480000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is sound. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing 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

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 DENIED BY

Name :	Mr. Atish Mehta
Designation :	Manager
Contact No.:	91-9322665253

LOCATIONS

Registered Office :	Asha House, 808/C, Dr. Ambedkar Road, Dadar (East), Mumbai – 400014, Maharashtra, India
Tel. No.:	91-22-24140020
Mobile No.:	91-9322665253 (Mr. Atish)
Fax No.:	Not Available
E-Mail :	info@ashapenncolor.com
Website :	www.ashapenncolor.com
Location :	Owned
Factory :	Near Water Works, Abrama, P.B. No. 11, Valsad – 396001, Gujarat, India
Tel. No.:	91-2632-250613/ 651210
Fax No.:	91-2632-226741
E-Mail :	ashahouse@mtnl.net.in markting@ahsadisperse.com ashacel@ashacel.com

DIRECTORS

As on 10.08.2013

Name :

Mr. Champaklal Dolatram Mehta

Designation :

Director

Address :

503, Abhishek 65, S V Road, Irla Bridge, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

20.03.1937

Date of Appointment :

17.08.2006

DIN No.:

00020159

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	U24100MH1976PLC018803	ASHA NITROCHEM INDUSTRIES LIMITED	Director	28/05/1980	28/05/1980	10/04/2007	Active	NO
2	U70102MH1981PTC026909	HOUSING ORGANIZATION MANAGEMENT AND EXECUTION PVT LTD	Director	05/09/1984	05/09/1984	31/01/2015	Active	NO
3	U45200MH1981PTC024441	VAIKUNTH BUILDERS PVT LTD	Director	05/10/1984	05/10/1984	-	Active	NO
4	U70100MH1987PTC045027	SHAILEEN CONSTRUCTION PVT LTD	Director	13/10/1990	13/10/1990	-	Active	NO
5	U45200MH1987PTC045055	KAYJAY PROPERTIES PVT LTD	Director	10/10/1994	10/10/1994	-	Active	NO
6	U24110MH1997PTC110754	ASHA DISPERSIONS PRIVATE LIMITED	Director	19/09/1997	19/09/1997	-	Active	NO
7	U27200MH1988PTC046727	ASHA CELLULOSE (INDIA) PRIVATE LIMITED	Director	02/02/1999	02/02/1999	-	Active	NO
8	L65910MH1987PLC042107	ZODIAC-JRD-MKJ LIMITED	Director	06/01/2006	06/01/2006	-	Active	NO
9	U24222MH2006PTC163800	ASHA PENN COLOR PRIVATE LIMITED	Director	17/08/2006	17/08/2006	-	Active	NO
10	U24239MH2010PTC202876	ASHA TRANS PHARMA PRIVATE LIMITED	Director	08/05/2010	08/05/2010	02/09/2010	Active	NO
11	U51109GJ2011PTC066985	GOHANS EXIM PRIVATE LIMITED	Director	30/09/2013	22/10/2012	12/12/2014	Active	NO

Name :

Mr. Bidyut Baran Sen

Designation :

Managing director

Address :

503/ 504, 5^th Floor, Stellar Tower, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

25.11.1948

Date of Appointment :

01.02.2007

DIN No.:

00036771

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	U24110MH1997PTC110754	ASHA DISPERSIONS PRIVATE LIMITED	Director	19/09/1997	19/09/1997	-	Active	NO
2	U24222MH2006PTC163800	ASHA PENN COLOR PRIVATE LIMITED	Managing director	01/02/2007	17/08/2006	-	Active	NO
3	U51109GJ2011PTC066985	GOHANS EXIM PRIVATE LIMITED	Director	30/09/2013	22/10/2012	12/12/2014	Active	NO

Name :

Mr. Hirachand Vamalchand Shah

Designation :

Director

Address :

502 Paradise Apartment, 7th Road, TPS III, Santacruz (East), Mumbai – 400055, Maharashtra, India

Date of Birth/Age :

31.03.1936

Date of Appointment :

17.08.2006

DIN No.:

00479277

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	U24100MH1976PLC018803	ASHA NITROCHEM INDUSTRIES LIMITED	Director	07/02/1976	07/02/1976	10/04/2007	Active	NO
2	U27200MH1988PTC046727	ASHA CELLULOSE (INDIA) PRIVATE LIMITED	Director	25/03/1988	25/03/1988	-	Active	NO
3	U70102MH1981PTC026909	HOUSING ORGANIZATION MANAGEMENT AND EXECUTION PVT LTD	Director	25/08/1997	25/08/1997	31/08/2012	Active	NO
4	U24110MH1997PTC110754	ASHA DISPERSIONS PRIVATE LIMITED	Director	23/08/2005	23/08/2005	-	Active	NO
5	U24222MH2006PTC163800	ASHA PENN COLOR PRIVATE LIMITED	Director	17/08/2006	17/08/2006	-	Active	NO
6	U51109GJ2011PTC066985	GOHANS EXIM PRIVATE LIMITED	Director	30/09/2013	22/10/2012	12/12/2014	Active	NO

Name :

Mr. Kevin Scott Putman

Designation :

Director

Address :

5450 Long Lane, Dolyestown, Pennsylvania – 18901, United States of America

Date of Birth/Age :

03.11.1951

Date of Appointment :

01.02.2007

DIN No.:

02391254

Name :

Mr. Bharat Parekh

Designation :

Director

Address :

731 Haycock View Drive, Pekasie, Pennsylvania – 18944, United States of America

Date of Birth/Age :

27.01.1948

Date of Appointment :

01.02.2007

DIN No.:

02032633

Name :

Mr. Babulal Bhikhalal Mehta

Designation :

Director

Address :

Sheetal Near Avdhut Sty, Tithal Road, Valsad – 396001, Gujarat, India

Date of Birth/Age :

04.12.1941

Date of Appointment :

31.08.2012

DIN No.:

00036837

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	U24100MH1976PLC018803	ASHA NITROCHEM INDUSTRIES LIMITED	Director	02/04/1988	02/04/1988	10/04/2007	Active	NO
2	U27200MH1988PTC046727	ASHA CELLULOSE (INDIA) PRIVATE LIMITED	Director	01/09/1998	01/09/1998	-	Active	NO
3	U24239MH2010PTC202876	ASHA TRANS PHARMA PRIVATE LIMITED	Director	30/09/2011	01/09/2010	-	Active	NO
4	U24222MH2006PTC163800	ASHA PENN COLOR PRIVATE LIMITED	Director	31/08/2012	15/11/2011	-	Active	NO

Name :

Mr. David Bernard Hill Iii

Designation :

Director

Address :

1, Knoll Drive, Yardley, Pennsylania 19067, United States of America

Date of Birth/Age :

09.04.1956

Date of Appointment :

01.02.2007

DIN No.:

02337612

KEY EXECUTIVES

Name :	Mr. Atish Mehta
Designation :	Manager

MAJOR SHAREHOLDERS

As on 10.08.2013

Names of Shareholders	No. of Shares
Hirachand Vamalchand Shah	313500
Champklal Dolatram Mehta	42700
Bidyut Baran Sen	3400
Babulal Bikhalal Mehta	132050
Atish Praful Mehta	38000
Jinesh Babulal Mehta	53200
Bidyut Baran Sen	155250
Arijit Bidyut Sen	77425
Siddharth Bidyut Sen	77425
Pen Color Inc, Doylestown PA	950000
C D Mehta HUF	50
Shripal Kalidas Mehta	57000
Total	1900000

As on 10.08.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Directors or relatives of Directors	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of pigment dispersions and color concentrates.
Products :	Not Available
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 :

• CITI Bank, Trent House, 2^nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (E), Mumbai – 400051, Maharashtra, India
• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai – 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Bonds/Debentures
Fully convertible debentures others	26.000	26.000
SHORT TERM BORROWINGS
Loans repayable on demands – from banks	27.793	31.224
Total	53.793	57.224

Auditors :
Name :	M.V. Kothari and Company Chartered Accountants
Address :	213/215, Jolly Bhavan No.1, 10 New Marine Lines, Mumbai – 400020, Maharashtra, India
PAN No.:	ADGPK4519H
Memberships :	Not Available
Collaborators :	Not Available
Related Parties :	Penn Color Inc. Asha Dispersion Private Limited Asha Celluloid

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/-each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1900000	Equity Shares	Rs.10/-each	Rs.19.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	19.000	19.000	19.000
(b) Reserves & Surplus	149.320	103.571	73.069
(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)	168.320	122.571	92.069
(3) Non-Current Liabilities
(a) long-term borrowings	51.700	53.539	54.118
(b) Deferred tax liabilities (Net)	1.375	1.335	0.033
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.946	0.000
Total Non-current Liabilities (3)	53.075	55.820	54.151
(4) Current Liabilities
(a) Short term borrowings	27.793	31.224	23.584
(b) Trade payables	88.271	93.892	82.667
(c) Other current liabilities	6.730	2.958	4.392
(d) Short-term provisions	37.261	40.317	26.873
Total Current Liabilities (4)	160.055	168.391	137.516
TOTAL	381.450	346.782	283.736
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	64.857	50.298	43.455
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	4.184	4.184	3.382
(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	2.420	2.049	1.891
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	71.461	56.531	48.728
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	98.516	90.055	85.716
(c) Trade receivables	129.349	131.736	102.833
(d) Cash and cash equivalents	21.015	24.666	15.501
(e) Short-term loans and advances	61.042	43.646	30.958
(f) Other current assets	0.067	0.148	0.000
Total Current Assets	309.989	290.251	235.008
TOTAL	381.450	346.782	283.736

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	686.990	604.773	513.942
	Other Income	(0.767)	4.185	1.439
	TOTAL	686.223	608.958	515.381
Less	EXPENSES	604.309	539.371	454.663
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	81.914	69.587	60.718
Less	FINANCIAL EXPENSES	6.174	6.152	6.169
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	75.740	63.435	54.549
Less/ Add	DEPRECIATION/ AMORTISATION	10.552	9.021	8.838
	PROFIT/ (LOSS) BEFORE TAX	65.188	54.414	45.711
Less	TAX	19.439	17.288	13.860
	PROFIT/ (LOSS) AFTER TAX	45.749	37.126	31.851
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	383.149	295.522	253.031
	TOTAL EARNINGS	383.149	295.522	253.031
	IMPORTS
	Raw Materials	271.157	232.808	206.536
	Components and Stores parts	4.823	0.000	0.000
	TOTAL IMPORTS	275.980	232.808	206.536
	Earnings / (Loss) Per Share (Rs.)	24.08	19.54	16.76

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	6.65	6.13	6.19
Operating Profit Margin (PBDIT/Sales)	(%)	11.92	11.50	11.81
Return on Total Assets (PBT/Total Assets}	(%)	17.28	15.88	16.30
Return on Investment (ROI) (PBT/Networth)		0.39	0.44	0.50
Debt Equity Ratio (Total Debts/Networth)		0.47	0.69	0.84
Current Ratio (Current Asset/Current Liability)		1.94	1.72	1.71

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	19.000	19.000	19.000
Reserves & Surplus	73.069	103.571	149.320
Net worth	92.069	122.571	168.320
long-term borrowings	54.118	53.539	51.700
Short term borrowings	23.584	31.224	27.793
Total borrowings	77.702	84.763	79.493
Debt/Equity ratio	0.844	0.692	0.472

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	513.942	604.773	686.990
		17.673	13.595

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	513.942	604.773	686.990
Profit	31.851	37.126	45.749
	6.20%	6.14%	6.66%

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	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

PERFORMANCE AND OPERATIONS REVIEW

The year 2013-14 saw increased business from packaging and auto paints customers in india and export growth to South East Asia / Middle East countries and Egypt. The sales growth in value is 13.59% over net sales of 2012-13. There has been a net profit growth of 23.23% over the previous year.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10354881	02/04/2012	60,000,000.00	CITIBANK N. A.	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, Maharashtra  - 400051, INDIA	B39383328

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans and advances from related parties
Loans Director	10.011	13.080
Loans and advances from others	12.480	11.554
Inter corporate borrowings	3.209	2.905
Total	25.700	27.539

FIXED ASSETS

• Plant and Machinery
• Furniture and Fixture
• Computer Equipments
• Building
• Motor Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.57
UK Pound	1	Rs.99.66
Euro	1	Rs.70.92

INFORMATION DETAILS

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

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		46

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.