MIRA INFORM REPORT

Report No. :	351456
Report Date :	25.11.2015

IDENTIFICATION DETAILS

Name :	KONKAN SPECIALITY POLYPRODUCTS PRIVATE LIMITED

Registered Office :	B-129, Industrial Estate Baikampady, Mangalore-575011, Karnataka
Tel. No.:	91-824-2408129

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	07.10.1987

Com. Reg. No.:	08-008643

Capital Investment / Paid-up Capital :	Rs. 29.616 Million

CIN No.: [Company Identification No.]	U02520KA1987PTC008643

IEC No.:	0791011267

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACK8396A

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Master Batches, Additives Compounds, Wood Polymer Compounds etc.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company incorporated in year 1987, having satisfactory track. Rating takes into consideration strong financial risk profile of the company marked by adequate networth base in FY14. Further the company has reported significant increase in sales turnover, however the net profit has decreased over previous year. Further the company has taken additional borrowings in the year under consideration which may act as treat to the liquidity position. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of long track record of business operations, the company can be considered for business dealings with 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

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	Long term rating : BB- (Suspended)
Rating Explanation	Inadequate credit quality and high credit risk.
Date	June, 2014

Rating Agency Name	ICRA
Rating	Short term rating : A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	June, 2014

Reason for suspension : Absence of 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 31-03-2015.

INFORMATION DECLINED

Management non-cooperative (91-824-2409274)

LOCATIONS

Registered Office :	B-129, Industrial Estate Baikampady, Mangalore-575011, Karnataka, India
Tel. No.:	91-824-2408129
Fax No.:	Not Available
E-Mail :	info@konspec.com
Website :	http://www.konspec.com

Factory :	Plot No.37, KIADB Industrial Area, Baikampady, Mangalore 575 011, Karnataka, India
Tel. No.:	91-824-2408129, 2409274
Fax No.:	91-824-2408657

Branch Offices/ Depot :	Located At : Bangalore Vasco-Da-Gama Puducherry Chennai Thrissur Coimbatore

DIRECTORS

As on 30.09.2014

Name :

Mr. Vinod Chandrashekar Bondal

Designation :

Managing Director

Address :

No. 601, Crest Apartments, Anegundi Road, Bejai Kapikad, Mangalore-575004, Karnataka, India

Date of Birth/Age :

29.04.1967

Date of Appointment :

07.05.2008

PAN No.:

ABZPB5588Q

DIN No.:

00556091

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	U02520KA1987PTC008643	KONKAN SPECIALITY POLYPRODUCTS PRIVATE LIMITED	Managing director	07/05/2008	07/10/1987	-	Active	NO
2	U45202KA2006PTC038211	CAMELOT PROJECTS PRIVATE LIMITED	Director	12/01/2006	12/01/2006	22/05/2008	Active	NO
3	U85110KA1995PLC017314	KONSPEC INDUSTRIES LIMITED	Director	01/09/2006	01/09/2006	-	Active	NO
4	U29248KA2010PTC054310	OMKARA MACHTECH PRIVATE LIMITED	Director	01/07/2010	01/07/2010	-	Active	NO
5	U40105KA2010PTC054476	DYNAMIC TECHPOWER PRIVATE LIMITED	Director	14/07/2010	14/07/2010	-	Active	NO

Name :

Mr. Vivek Bondal

Designation :

Whole-Time Director

Address :

A-601, Crest Apartments, Anegundi Road, Bejai, Mangalore-575004, Karnataka, India

Date of Birth/Age :

31.10.1968

Date of Appointment :

07.05.2008

PAN No.:

AAPPB6504M

DIN No.:

00949035

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	U85110KA1995PLC017314	KONSPEC INDUSTRIES LIMITED	Director	01/03/1995	01/03/1995	-	Active	NO
2	U02520KA1987PTC008643	KONKAN SPECIALITY POLYPRODUCTS PRIVATE LIMITED	Whole-time director	07/05/2008	02/05/2001	-	Active	NO
3	U29248KA2010PTC054310	OMKARA MACHTECH PRIVATE LIMITED	Director	01/07/2010	01/07/2010	-	Active	NO
4	U40105KA2010PTC054476	DYNAMIC TECHPOWER PRIVATE LIMITED	Director	14/07/2010	14/07/2010	-	Active	NO

Name :

Mr. Ramachandran Venkataraman

Designation :

Additional Director

Address :

'Sarasu', No. 3076, 11th Main Road, H. A. L. 2nd Stage, Bangalore-560008, Karnataka, India

Date of Birth/Age :

28.07.1953

Date of Appointment :

15.11.2013

PAN No.:

AAAPV0228R

DIN No.:

02418150

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	U72200HR2000PTC038808	SYMBOL TECHNOLOGIES INDIA PRIVATE LIMITED	Director	30/09/2009	14/11/2008	24/06/2010	Active	NO
2	U72300MH2000PTC129161	SOUND BUZZ INDIA PRIVATE LIMITED	Director	25/01/2010	14/11/2008	24/06/2010	Under liquidation	NO
3	U72300DL2007PTC169659	SPIRE TECHNOLOGIES AND SOLUTIONS PRIVATE LIMITED	Director	08/08/2012	08/08/2012	20/05/2015	Active	NO
4	U02520KA1987PTC008643	KONKAN SPECIALITY POLYPRODUCTS PRIVATE LIMITED	Additional director	15/11/2013	15/11/2013	-	Active	NO

KEY EXECUTIVE

Name :	Dr. Keshav Prabhu
Designation :	Regional Business Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders		No. of Shares
Vinod Chandrashekar Bondal		124083
Vivek Chandrashekar Bondal		121813
Anand G. Pai		29400
Ananath G. Pai		9900
Wilfred Cutinho		500
Dharmastala Manjunatha Dharmastala		2
Mahesh Bondal		470
Madan Bondal		778
Madhumati Bondal		300
Malavika Bondal		300
Vikram Bondal		1700
T. Shanta Kumari		150
Vasanthi Bondal		100
R. R. Nayak		600
Raghuvedra Prabhu		400
Sudhir M. Pai		900
Shafakat Zaveri		90
Salim Zaveri		90
Iqbal Zaveri		90
Vasudev Pai		90
Aroona V Bondal		3000
Rishon V Bondal		204
Laxmi Vivek Bondal		300
Ananya Vivek Bondal		200
Shantanu Vivek Bondal		200
Trisha Vinod Bondal		200
Vidhya Anand Pai		300
Total		296160

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	85.64
Other top fifty shareholders	14.36
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Master Batches, Additives Compounds, Wood Polymer Compounds etc.

Products :

Item Code No.	Product Description
39011010	Polythene

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Corporation Bank
Branch	Vishwa Kamala Building, Main Road Baikampady, Mangalore - 575011, Karnataka, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks (First charge by way of hypothecation of stock of raw materials, WIP, finished goods, book debts and plant and machinery excluding machinery procured out of the fund financed by The National Mission on Bambo Application, New Delhi valued Rs 115 lakhs as on 31.03.2013 and also motgage of land and building located at plot no. 37, KIADB Industrial estate, Baikampady, Shed no. B-129 and Shed no. C-53, Industrial estate, Baikampady, Mangalore. Further guaranteed by Managing Director and Executive Director of the company.)	59.730	34.549
Loans taken for fixed assets (Hypothecation of Car and Truck)	0.570	0.616
Other loans and advances, others (It is secured by way of hypothecation of plant and machinery acquired out of such funds.)	40.250	49.250
Short-term borrowings
Working capital loans from banks (First charge by way of hypothecation of stock of raw materials, WIP, finished goods, book debts and plant and machinery excluding machinery procured out of the fund financed.)	151.237	116.836
Total	251.787	201.251

Financial institution :

SBI Factors and Commercial Services Private Limited Bangalore Branch, Sadashivanagar, Bangalore - 560080, Karnataka, India

Auditors :
Name :	B. Shivananda Pai and Company Chartered Accountants
Address :	No. 15, I Floor, Bharath Building, P. M. Rao Road, Mangalore-575001, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	ADKPP9299D

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

300,000	Equity Shares	Rs.100/- each	Rs. 30.000 Million
75,000	Preference Shares	Rs.100/- each	Rs. 7.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

296,160	Equity Shares	Rs.100/- each	Rs. 29.616 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	29.616	29.616	21.420
(b) Reserves & Surplus	65.019	52.022	34.525
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	8.250
Total Shareholders’ Funds (1) + (2)	94.635	81.638	64.195

(3) Non-Current Liabilities
(a) long-term borrowings	120.923	90.072	159.666
(b) Deferred tax liabilities (Net)	11.178	1.249	7.935
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	132.101	91.321	167.601

(4) Current Liabilities
(a) Short term borrowings	151.237	116.836	0.000
(b) Trade payables	216.283	133.163	120.231
(c) Other current liabilities	28.134	22.209	22.390
(d) Short-term provisions	9.200	8.055	2.200
Total Current Liabilities (4)	404.854	280.263	144.821

TOTAL	631.590	453.222	376.617

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	157.721	108.116	86.013
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.473	0.000	1.074
(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	12.666	8.902	8.456
(e) Other Non-current assets	2.908	3.460	4.021
Total Non-Current Assets	173.768	120.478	99.564

(2) Current assets
(a) Current investments	0.024	0.024	0.024
(b) Inventories	171.183	122.980	93.877
(c) Trade receivables	225.191	157.548	142.915
(d) Cash and cash equivalents	26.107	33.691	18.944
(e) Short-term loans and advances	33.626	18.501	21.293
(f) Other current assets	1.691	0.000	0.000
Total Current Assets	457.822	332.744	277.053

TOTAL	631.590	453.222	376.617

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	1110.199	754.917	567.269

Less	EXPENSES
		TOTAL	1059.532	715.296	541.447

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		50.667	39.621	25.822

Less/ Add	DEPRECIATION/ AMORTISATION		19.289	14.843	11.803

	PROFIT/ (LOSS) BEFORE TAX		31.378	24.778	14.019

Less	TAX		18.381	2.147	9.300

	PROFIT/ (LOSS) AFTER TAX		12.997	22.631	4.719

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.676	11.931	7.212

Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	28.752	0.000
		Dividend and Dividend distribution Tax	0.000	5.134	0.000
	BALANCE CARRIED TO THE B/S		3.673	0.676	11.931

	Earnings / (Loss) Per Share (Rs.)		43.88	76.41	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	10.150	9.456	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	89.177	73.760	NA
Net cash flows from (used in) operating activities	77.840	69.738	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	1.17	3.00	0.83

Return on Total Assets (PBT/Total Assets}	(%)	4.97	5.47	3.73

Return on Investment (ROI) (PBT/Networth)		0.33	0.30	0.22

Debt Equity Ratio (Total Debt /Networth)		2.98	2.65	2.49

Current Ratio (Current Asset/Current Liability)		1.13	1.19	1.91

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	21.420	29.616	29.616
Reserves & Surplus	34.525	52.022	65.019
Share Application money pending allotment	8.250	0.000	0.000
Net worth	64.195	81.638	94.635

long-term borrowings	159.666	90.072	120.923
Short term borrowings	0.000	116.836	151.237
Total borrowings	159.666	206.908	272.160
Debt/Equity ratio	2.487	2.534	2.876

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)
Total Income	567.269	754.917	1110.199
		33.079	47.062

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	567.269	754.917	1110.199
Profit	4.719	22.631	12.997
	0.83%	3.00%	1.17%

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	No
8]	Designation of contact person	No
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)	No
16]	No. of employees	No
17]	Details of sister concerns	No
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	Yes
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	Yes
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

RESULTS OF OPERATIONS:

For the year ended 31st March 2014, the Company has reported a net profit before tax of Rs. 31.378 Million on the total income aggregating to Rs. 1110.199 Million. Compared with last year, total profits before tax and total income are higher by 27% and 47% respectively.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	20.373	5.657
Total	20.373	5.657

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10212257	30/01/2010	21,000,000.00	National Mission on Bamboo Applications	'A' - Wing, Vishwakarma Bhavan, Shaheed Jeet Singh Marg, New Delhi, Delhi - 110016, INDIA	A81145567
2	10155707	31/03/2009	1,125,000.00	CORPORATION BANK	VISHWA KAMALA BUILDING, MAIN ROAD BAIKAMPADY, MANGALORE, Karnataka - 575011, INDIA	A61443354
3	10140229	27/10/2008	41,300,000.00	TECHNOLOGY INFORMATION FORECASTING AND ASSESSMENT COUNCIL	DEPT OF SCIENCE & TECHNOLOGY, "A" WING VISHWAKARM A BHAVAN, SHAHEED JEET SINGH MA, NEWDELHI, Delhi - 110016, INDIA	A52933249
4	90195103	11/04/2015 *	662,000,000.00	State Bank of India	SME Branch, Kathyayini Mahamaya Complex, Near PV S Kalakunj, Kodialbail,, Mangalore, Karnataka - 575003, INDIA	C53196945
5	90193422	30/12/1988	500,000.00	STATE BANK OF INDIA	PANAMBOOR BRANCH, MANGALORE, Karnataka, INDIA	-

* Date of charge modification

FIXED ASSETS

Land
Building
Plant and machinery
Furniture and fixture
Vehicle
Computer
Office equipment

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.66.29
UK Pound	1	Rs.101.88
Euro	1	Rs.73.98

INFORMATION DETAILS

Information Gathered by :	DPA

Analysis Done by :	KIN

Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	4
--LEVERAGE	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit