MIRA INFORM REPORT

Report No. :	352139
Report Date :	28.11.2015

IDENTIFICATION DETAILS

Name :	PIYANSHU CHEMICALS PRIVATE LIMITED
Registered Office :	53A, Tiljala Road, Mescab Center, 4th Floor, Kolkata – 700046, West Bengal
Tel. No.:	91-33-22851101
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.06.1992
Com. Reg. No.:	21-055683
Capital Investment / Paid-up Capital :	Rs.3.800 Million
CIN No.: [Company Identification No.]	U24231WB1992PTC055683
IEC No.:	0288007204
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCP5664M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Resin, Paints, Drier and Paint Chemicals.
No. of Employees :	220 (Approximately)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1992. It is engaged in the business of manufacturing of Resin, Paints, Drier and Paint Chemicals. For the financial year ended 2014, the company possesses healthy operational activity marked by decent top line growth along with good profit earnings. The company has comfortable financial base, decent debt protection metrics along with favourable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are usually correct. The company can be considered 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	CRISIL
Rating	Long term bank facilities= BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	April, 2015

Rating Agency Name	CRISIL
Rating	Short term bank facilities= A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	April, 2015

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 PARTED BY

Name :	Ms. Minakshi Agarwal
Designation :	Senior Manager Taxation and Finance
Contact No.:	91-33-22851101
Date :	27.11.2015

LOCATIONS

Registered Office :	53A, Tiljala Road, Mescab Center, 4th Floor, Kolkata – 700046, West Bengal, India
Tel. No.:	91-33-22851101-05
Fax No.:	91-33-22851105
E-Mail :	anshu_kejriwal@piyanshu.com minakshi_agarwal@piyanshu.com
Website :	www.piyanshu.com
Area :	3400 sq. ft.
Location :	Owned
Locality :	Commercial
Factory 1 :	Plot No. 200 and 201, Phase II, IDA, Pashamylaram, Uthloor, Medak – 502307, Andhra Pradesh, India
Tel. No.:	91-8455-226135/ 226136
E-Mail :	ramesh_g@piyanshu.com
Factory 2 :	Plot No D23, Industrial Focal Point, Derabassi, District Patiala – 140507, Punjab, India
Tel. No.:	91-1762-282843/ 283807
Fax No.:	91-1762-282808
E-Mail :	harsh_kejriwal@piyanshu.com
Factory 3 :	Plot No 684, Sector III, Pithampur Industrial Area, District Dhar (Near Indo Rama), Madhya Pradesh, India
Tel. No.:	91-7292-256210/ 500175
Fax No.:	91-7292-500175
E-Mail :	prakash_bhagat@piyanshu.com

DIRECTORS

AS ON 29.09.2014

Name :

Mr. Anshu Kejriwal

Designation :

Director

Address :

111, Southern Avenue, Flat No. 13B, Sarat Base Road, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

19.01.1967

Date of Appointment :

24.09.2012

PAN No.:

AFJPK6786R

DIN No.:

00461597

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	U24231WB1992PTC055683	PIYANSHU CHEMICALS PVT LTD	Director	24/09/2012	19/03/1998	-	Active	NO
2	U24297WB2010PTC155065	PIYANSHU RESINS AND POLYMERS PRIVATE LIMITED	Director	26/11/2010	26/11/2010	19/07/2014	Active	NO

Name :

Mr. Piyush Kejriwal

Designation :

Director

Address :

R.N. 2A, 2^nd Floor, 8/2, Loudon Street, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

27.07.1965

Date of Appointment :

01.08.2014

PAN No.:

AFYPK1006M

DIN No.:

00461691

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	U24231WB1992PTC055683	PIYANSHU CHEMICALS PVT LTD	Director	01/08/2014	01/06/1996	-	Active	NO
2	U24222WB2003PTC140971	REGENT PAINTS PRIVATE LIMITED	Director	01/08/2014	25/07/2005	-	Active	NO
3	U24297WB2010PTC155065	PIYANSHU RESINS AND POLYMERS PRIVATE LIMITED	Director	10/01/2011	10/01/2011	31/03/2014	Active	NO

Name :

Ms. Deepa Kejriwal

Designation :

Director

Address :

111, Southern Avenue, Flat No. 13B, Sarat Base Road, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

20.11.1969

Date of Appointment :

24.09.2012

PAN No.:

AERPK7253E

DIN No.:

00461675

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	Company/ LLP Status	Defaulting status
1	U24231WB1992PTC055683	PIYANSHU CHEMICALS PVT LTD	Director	24/09/2012	19/03/1998	Active	NO
2	U36912WB1980PTC033229	ROHITA & DEEPA DESIGNS PRIVATE LIMITED	Director	01/08/2012	14/02/2012	Active	NO

Name :

Mr. Satyabodh Bhagat

Designation :

Director

Address :

10, N N Dutta Road, Flat K-4, Regent Park, Kolkata – 700040, West Bengal, India

Date of Birth/Age :

04.12.1974

Date of Appointment :

24.09.2012

PAN No.:

AEDPB8692N

DIN No.:

00461655

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	U24231WB1992PTC055683	PIYANSHU CHEMICALS PVT LTD	Director	24/09/2012	15/04/1996	-	Active	NO
2	U24222WB2003PTC140971	REGENT PAINTS PRIVATE LIMITED	Director	30/09/2014	07/01/2010	-	Active	NO
3	U24297WB2010PTC155065	PIYANSHU RESINS AND POLYMERS PRIVATE LIMITED	Director	26/11/2010	26/11/2010	31/03/2014	Active	NO

Name :

Mr. Padmanabh Bhagat

Designation :

Director

Address :

20/1, Chetla Road, Flat 14A, 'Diamond Heights', Kolkata - 700027, West Bengal, India

Date of Birth/Age :

27.09.1973

Date of Appointment :

29.09.2014

DIN No.:

00461542

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	U74140WB1996PTC097186	BOUNCE BOARD CONSULTANTS PRIVATE LIMITED	Director	02/05/2003	02/05/2003	31/03/2014	Active	NO
2	U24231TG2006PTC049035	FELIX PHARMACEUTICALS PRIVATE LIMITED	Additional director	18/03/2013	18/03/2013	21/07/2014	Active	NO
3	U24231WB1992PTC055683	PIYANSHU CHEMICALS PVT LTD	Director	29/09/2014	30/07/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Minakshi Agarwal
Designation :	Senior Manager Taxation and Finance

MAJOR SHAREHOLDERS

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Anshu Kejriwal	90800
Satyabodh Bhagat	34000
Ram Krishna Kejriwal (HUF)	100
Piyush Kejriwal	54200
Ram Krishna Kejriwal	140350
Kanak Lata Kejriwal	130
Piyush Shubra Kejriwal (HUF)	10100
Anshu Ishaan Kejriwal (HUF)	4100
Sneh Lata Bhagat	300
Seema Kejriwal	2700
Shailja Kejriwal	1950
Padmanabh Bhagat	13200
Shubhra Kejriwal	10000
Ishaan Kejriwal	70
Shrutkirti Dhelia	1430
Pasupati Commerce Private Limited, India	1780
Ishana Resins and Paints Limited, India	12490
Anju Jajodia	1450
Bijay Kumar Jajodia	850
Total	380000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2014

Category	Percentage
Bodies corporate	3.76
Directors or relatives of Directors	95.26
Other top fifty shareholders	0.98
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Resin, Paints, Drier and Paint Chemicals.

Products :

Item Code No. (ITC Code)	Product Description
39075000	Alkyd Resins
32110000	Prepared Driers

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Products :

Raw Material

Countries :

· China

· Sweden

· Germany

· Indonesia

· Malaysia

Terms :

Selling :

Cheque, Credit

Purchasing :

Cheque, Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	HPCL Limited
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

· Reliance Industries Limited

Customers :

Company Name :	Shalimar Paints Limited
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

· Bombay Paints Limited

· Akzo Nobel

· Asian Paints

· Pidilite

· Shalimar Paints

· Berger Paints

· Jenson and Nicholson

No. of Employees :

220 (Approximately)

Bankers :

Banker Name :	Bank of India
Branch :	Kolkata MID Corporate Branch, 5, B. T. M. Sarani, Kolkata – 700001, West Bengal, India
Person Name (With Designation) :	Mr. Hardeep Singh Ratan (Assistant General Manager)
Contact Number :	91-9830252501
Name of Account Holder :	Piyanshu Chemicals Private Limited
Account Number :	--
Account Since (Date/Year of Account Opening) :	1992
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Fund Base= Rs.120.000 million Non Fund Base= 80.000 million
Account Operation :	Satisfactory
Remark :	Subject having satisfactory track record in their banking transactions.

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Loans repayable on demand from banks	125.995	165.366
Total	125.995	165.366

Auditors :
Name :	A.K. Tulsyan and Associates Chartered Accountants
Address :	P-8, Chowringhee Square, 4th Floor, Kolkata – 700069, West Bengal, India
PAN No.:	ABIPT7263M
Memberships :	Not Divulged
Collaborators :	Not Divulged
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Bounce Board Consultants Private Limited · Felix Pharmaceuticals Private Limited · Ishan Resins and Paints Limited · Piyanshu Resins and Polymers Private Limited · Regent Paints Private Limited
Others :	· Anshu Ishaan Kejriwal HUF · Piyush Shubra Kejriwal HUF · Ram Krishna Kejriwal HUF

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
380000	Equity Shares	Rs.10/- each	Rs.3.800 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	3.800	3.800	3.800
(b) Reserves & Surplus	256.496	229.202	205.059
(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)	260.296	233.002	208.859
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	6.683	3.347	3.954
(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)	6.683	3.347	3.954
(4) Current Liabilities
(a) Short term borrowings	125.995	165.366	70.649
(b) Trade payables	181.043	147.994	104.550
(c) Other current liabilities	17.365	14.628	14.189
(d) Short-term provisions	33.525	19.690	17.879
Total Current Liabilities (4)	357.928	347.678	207.267
TOTAL	624.907	584.027	420.080
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	135.786	69.774	76.683
(ii) Intangible Assets	0.706	0.000	0.000
(iii) Capital work-in-progress	5.025	11.959	0.000
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	141.517	81.733	76.683
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	105.449	100.749	80.648
(c) Trade receivables	318.071	341.703	216.092
(d) Cash and cash equivalents	13.538	9.601	4.366
(e) Short-term loans and advances	44.797	42.678	41.335
(f) Other current assets	1.535	7.563	0.956
Total Current Assets	483.390	502.294	343.397
TOTAL	624.907	584.027	420.080

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL (A)	1940.352	1774.750	1254.020
Less	EXPENSES
		TOTAL (B)	1862.986	1712.605	1193.899
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		77.366	62.145	60.121
Less	FINANCIAL EXPENSES (D)		20.433	15.594	15.723
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		56.933	46.551	44.398
Less	DEPRECIATION/ AMORTISATION (F)		13.806	10.255	10.738
	PROFIT BEFORE TAX (E-F) (G)		43.127	36.296	33.660
Less	TAX (H)		15.709	12.017	11.200
	PROFIT AFTER TAX (G-H) (I)		27.418	24.279	22.460
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		226.177	201.898	179.438
	BALANCE CARRIED TO THE B/S		253.595	226.177	201.898
	EARNINGS IN FOREIGN CURRENCY		0.000	0.022	0.000
	Earnings Per Share (Rs.)		72.15	63.89	59.11

Particulars	31.03.2015
Sales Turnover (Approximately)	1800.000

Expected Sales (2015-2016): Rs.2000.000 million

The above information has been parted by Ms. Minakshi

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
Net cash flow from (used in) operations	109.641	47.942	33.917

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets)	(%)	6.96	6.34	8.01
Return on Investment (ROI) (PBT/Networth)		0.17	0.16	0.16
Debt Equity Ratio (Total Debt /Networth)		0.48	0.71	0.34
Current Ratio (Current Asset/Current Liability)		1.35	1.44	1.66

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	3.800	3.800	3.800
Reserves & Surplus	205.059	229.202	256.496
Net worth	208.859	233.002	260.296
long-term borrowings	0.000	0.000	0.000
Short term borrowings	70.649	165.366	125.995
Total borrowings	70.649	165.366	125.995
Debt/Equity ratio	0.338	0.710	0.484

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	1254.020	1774.750	1940.352
		41.525	9.331

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	1254.020	1774.750	1940.352
Profit	22.460	24.279	27.418
	1.79%	1.37%	1.41%

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	Yes
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	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
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 four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
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

COMPANY PERFORMANCE

The Company continued to perform consistently and during the year has generated profit after Tax of Rs. 27.418 million as compared to the profit of Rs. 24.280 million of the previous year. The above result could be achieved by means of judicious deployment of its fund in productive activities and concrete efforts to recover the sundry debtors and optimum utilization of available resources in the best possible manner.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90247722	14/08/2013 *	200,000,000.00	BANK OF INDIA	KOLKATA MID CORPORATE BRANCH,, 5, B.T.M. SARANI,, KOLKATA, WEST BENGAL - 700001, INDIA	B82969023

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· 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.66.75
UK Pound	1	Rs.100.68
Euro	1	Rs.70.88

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	TRI
Report Prepared by :	NKT

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	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.