MIRA INFORM REPORT

Report No. :	339241
Report Date :	03.09.2015

IDENTIFICATION DETAILS

Name :	SUD CHEMIE INDIA PRIVATE LIMITED
Formerly Known As :	UNITED CATALYSTS INDIA LIMITED (w.e.f. 28.06.1978) CATALYSTS AND CHEMICALS INDIA (WEST ASIA) PRIVATE LIMITED
Registered Office :	Edayar Industrial Development Area, Binanipuram P O Aluva, Taluka-Kochi, District-Ernakulum – 683502, Kerala
Tel. No.:	91-484-6646000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.02.1969
Com. Reg. No.:	09-002217
Capital Investment / Paid-up Capital :	Rs.9.623 Million
CIN No.: [Company Identification No.]	U24299KL1969PTC002217
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Catalysts and Catalytic Converters.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (67)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 13000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. The company has decent sales turnover along with profitability margin of 22.90%. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. In view of strong financial risk profile, the company can be considered good for normal 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 Rating=AA
Rating Explanation	High degree of safety. It Carry very low credit risk
Date	01.09.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating=A1+
Rating Explanation	Very strong degree of safety. It carry lowest credit risk
Date	01.09.2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Gupta
Designation :	Company Secretary
Contact No.:	91-484-6646000

LOCATIONS

Registered Office :	Edayar Industrial Development Area, Binanipuram P O Aluva, Taluka-Kochi, District-Ernakulum – 683502, Kerala, India
Tel. No.:	91-484-6646000 (30 Lines)
Fax No.:	91-484-6646099
E-Mail :	ucil@giasmd01.vsnl.net.in cv.john@sud-chemie-india.com cochin@sud-chemie-india.com
Website :	http://www.sud-chemie-india.com
Factory :	A-1/2/3, Nandesari Industrial Area, Nandesari, Vadodara – 391340, Gujarat, India
Tel. No.:	91-265-2840325 / 366 / 548
Fax No.:	91-265-2840622
E-Mail :	baroda@sued-chemie-india.com
Branch Office :	401/402, Office Block, DLF Place, New Delhi – 110001, India
Tel. No.:	91-11-46460100
Marketing and Technical Services :	Located at: Delhi Bombay

DIRECTORS

AS ON 19.09.2014

Name :

Mr. Iskander A Lalljee

Designation :

Managing Director

Address :

Flat No – 1611 – A, Beverly Park H Dlf Complex, City Phase Gurgoan – 122001, Haryana, India

Date of Birth/Age :

27.07.1962

Date of Appointment :

10.07.2006

DIN No.:

00334845

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231DL2000PTC108513	LIFECARE INNOVATIONS PRIVATE LIMITED	Director	13/11/2000	-	Active	NO
2	U45201DL2004PTC130267	RED RESPECT ESTATES PRIVATE LIMITED	Director	29/10/2004	-	Active	NO
3	U24299KL1969PTC002217	SUD CHEMIE INDIA PRIVATE LIMITED	Managing director	10/07/2006	-	Active	NO
4	U15400DL2013PTC251697	AMAN BAGH ORGANICS PRIVATE LIMITED	Director	07/05/2013	-	Active	NO
5	U55101RJ2014PTC045883	Wilderness and Wellness Resorts and Camps Private Limited	Director	08/07/2014	-	Active	NO
6	U55101RJ2014PTC045885	Chambal wildlife and River Holidays Private Limited	Director	08/07/2014	-	Active	NO

Name :

Ms. Arshia Lalljee

Designation :

Managing Director

Address :

24 Enclave Aradhana, Ground Floor, RK Puram, New Delhi, India

Date of Birth/Age :

05.02.1960

Date of Appointment :

10.07.2006

DIN No.:

00334804

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	U24231DL2000PTC108513	LIFECARE INNOVATIONS PRIVATE LIMITED	Director	13/11/2000	13/11/2000	Active	NO
2	U45201DL2004PTC130267	RED RESPECT ESTATES PRIVATE LIMITED	Director	29/10/2004	29/10/2004	Active	NO
3	U24299KL1969PTC002217	SUD CHEMIE INDIA PRIVATE LIMITED	Managing director	10/07/2006	10/07/2006	Active	NO

Name :

Mr. Stefan christof johannes heuse

Designation :

Chairman

Address :

Allschwilerweg 25, Binningen – 4102, Germany

Date of Birth/Age :

21.02.1962

Date of Appointment :

01.04.2013

DIN No.:

06539504

Name :

Mr. Deepak rasiklal parikh

Designation :

Director

Address :

Grand Hyatt, Mumbai Off Western Express Highway, Santacruz – 400055, Mumbai, India

Date of Birth/Age :

25.07.1961

Date of Appointment :

01.04.2013

DIN No.:

06504537

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	L24110MH1956PLC010806	CLARIANT CHEMICALS (INDIA) LIMITED	Managing director	01/03/2013	01/02/2013	Active	NO
2	U24299KL1969PTC002217	SUD CHEMIE INDIA PRIVATE LIMITED	Director appointed in casual vacancy	01/04/2013	01/04/2013	Active	NO
3	U51109MH2007PTC256121	Clariant India Private Limited	Director	30/04/2013	30/04/2013	Active	NO
4	U00303MH2002PTC250930	ITALTINTO INDIA PRIVATE LIMITED	Director	30/04/2013	30/04/2013	Active	NO

Name :

Ms. Hamida A Lalljee

Designation :

Whole Time Director

Address :

188 A Jorbagh, Ground Floor, New Delhi – 110003, India

Date of Birth/Age :

02.01.1929

Date of Appointment :

14.10.2005

DIN No.:

00334903

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	U24231DL2000PTC108513	LIFECARE INNOVATIONS PRIVATE LIMITED	Director	16/12/2000	16/12/2000	Active	NO
2	U24299KL1969PTC002217	SUD CHEMIE INDIA PRIVATE LIMITED	Whole-time director	14/10/2005	14/10/2005	Active	NO

Name :

Mr. Karl Holger Dierssen

Designation :

Director appointed in casual vacancy

Date of Appointment :

20.11.2013

DIN No.:

06739356

KEY EXECUTIVES

Name :	Ms. Gupta
Designation :	Company Secretary

MAJOR SHAREHOLDERS

AS ON 19.09.2014

Names of Shareholders	No. of Shares	%age
Clariant Produkte (Deutschland) Gmbh	481140	50.00
Hamida Lalljee, Arshia Lalljee, Iskander Lalljee	276960	28.78
Hamida A Lalljee	69720	7.25
Arshia A Lalljee	54990	5.71
Iskander A Lalljee	54830	5.70
Rookiya H Lalljee	8320	0.86
Zahid A H Lalljee	16320	1.70
Total	962280	100.00

AS ON 19.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
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
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Catalysts and Catalytic Converters.
Products :	Catalysts and Catalytic Converters
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	Germany Iran
Imports :	Not Divulged
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

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 :

150 (Approximately)

Bankers :

Banker Name	Canara Bank
Branch Address	Wesley Church Hall, S. B. Road Colaba, Bombay – 400039, Maharashtra, 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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Working capitals loans from Banks	74.797	60.383
Total	74.797	60.383

Auditors :
Name :	M/s. Varma and Varma Chartered Accountant
Address :	Sriniketan, Nettepadam Road, P.B. No.2350, Kochi - 682016, Kerala, India
PAN No.:	ABDPG5871F
Memberships :	Not Available
Collaborators :	Not Available
Joint Venture :	· Sud – Chemie A G · Hoosienbhoy A. Lalljee Sons and Company · Clariant Haujin Catalysts · Clariant India Private India Limited · P.T. Kujang Sud – Chemie · Shangai Sud – Chemie Catalysts · Clariant Ukraine LLC · Clariant Produkte · Clariant International AG · Clariant Corporation

CAPITAL STRUCTURE

AS ON 19.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
962280	Equity Shares	Rs.10/- each	Rs. 9.623 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	9.623	9.623	9.623
(b) Reserves & Surplus	4487.345	3766.165	3215.187
(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)	4496.968	3775.788	3224.810
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	1.913
(b) Deferred tax liabilities (Net)	85.119	83.459	67.469
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	26.375	25.736	20.477
Total Non-current Liabilities (3)	111.494	109.195	89.859
(4) Current Liabilities
(a) Short term borrowings	75.597	61.183	137.839
(b) Trade payables	269.377	264.925	233.811
(c) Other current liabilities	284.146	674.984	392.769
(d) Short-term provisions	790.147	433.728	282.731
Total Current Liabilities (4)	1419.267	1434.820	1047.150
TOTAL	6027.729	5319.803	4361.819
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	755.021	728.513	700.509
(ii) Intangible Assets	2.513	0.927	0.838
(iii) Capital work-in-progress	45.542	45.817	28.384
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.104	0.104	0.104
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	61.111	35.189	34.189
(e) Other Non-current assets	35.492	134.457	72.743
Total Non-Current Assets	899.783	945.007	836.767
(2) Current assets
(a) Current investments	2754.616	2006.159	1342.771
(b) Inventories	983.821	889.761	883.038
(c) Trade receivables	844.860	832.245	758.315
(d) Cash and cash equivalents	236.885	337.079	250.379
(e) Short-term loans and advances	178.284	187.817	219.394
(f) Other current assets	129.480	121.735	71.155
Total Current Assets	5127.946	4374.796	3525.052
TOTAL	6027.729	5319.803	4361.819

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	6300.000	5123.000	4720.000
		Other Operating Revenue	212.000	175.000	99.000
		Other Income	172.000	207.000	157.000
		TOTAL	6684.000	5505.000	4976.000
Less	EXPENSES
		TOTAL	4572.000	3727.000	3482.000
	PROFIT BEFORE TAX		2112.000	1778.000	1494.000
Less	TAX		669.000	527.000	468.000
	PROFIT AFTER TAX		1443.000	1251.000	1026.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1348.000	1047.000	506.000
Less	APPROPRIATIONS
		Transfer to General Reserve	361.000	250.000	205.000
		Interim Dividend	0.000	240.000	0.000
		Dividend	616.000	360.000	240.000
		Tax on Dividend	105.000	100.000	39.000
	BALANCE CARRIED TO THE B/S		1709.000	1348.000	1048.000
	Earnings Per Share (Rs.)		1499.56	1300.04	1066.22

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	1.913	1.450
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	1698.383	1819.245	1258.063

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	22.90	24.42	21.74
Return on Total Assets (PBT/Total Assets)	(%)	35.31	33.71	34.48
Return on Investment (ROI) (PBT/Networth)		0.47	0.47	0.46
Debt Equity Ratio (Total Debt /Networth)		0.02	0.02	0.04
Current Ratio (Current Asset/Current Liability)		3.61	3.05	3.37

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	9.623	9.623	9.623
Reserves & Surplus	3215.187	3766.165	4487.345
Net worth	3224.810	3775.788	4496.968
long-term borrowings	1.913	0.000	0.000
Short term borrowings	137.839	61.183	75.597
Current Maturities of Long term debt	1.450	1.913	0.000
Total borrowings	141.202	63.096	75.597
Debt/Equity ratio	0.044	0.017	0.017

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	4720.000	5123.000	6300.000
		8.538	22.975

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	4720.000	5123.000	6300.000
Profit	1026.000	1251.000	1443.000
	21.74%	24.42%	22.90%

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	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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans and advances from related parties	0.800	0.800
Total	0.800	0.800

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10175836	16/12/2009 *	200,000,000.00	HDFC Bank Limited	Hdfc Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, Mumbai, Maharashtra - 400013, India	A78581956
2	90020302	15/10/2010 *	600,000,000.00	State Bank of India	Overseas Branch,Kochi, Indira Gandhi Road , Willington Island, Kochi, Kerala - 682003, India	B06980130
3	90019676	27/10/2014 *	730,000,000.00	State Bank of Travancore	SME Branch, Kalamassery, Pathadipalam, Edappally, Ernakulam, Kerala - 683104, India	C33732462
4	90018833	28/09/2002	8,400,000.00	Federal Bank Limited	Broadway, Ernakulam, Kerala, India	-
5	90017300	29/03/1999 *	36,950,000.00	Federal Bank Limited	Broadway, Ernakulam, Kerala, India	-
6	90016938	25/01/2013 *	90,000,000.00	Federal Bank Limited	Catholic Centre,, Broadway, Ernaulam, Kerala - 682031, India	B70982749
7	90016929	01/09/1997	10,800,000.00	Federal Bank Limited	Broadway, Ernakulam, Kerala, India	-
8	90016139	11/03/1994	5,000,000.00	Canara Bank	Colaba, Bombay, Maharashtra - 400039, India	-
9	90015976	15/07/1992	1,500,000.00	Canara Bank	Colaba, Bombay, Maharashtra - 400039, India	-

*Date of modification Charges

FIXED ASSETS

· Land (Freehold)

· Land (Leasehold)

· Roads and Buildings

· Plant and Machinery

· Vehicles

· Furniture and Fixtures

· 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.66.23
UK Pound	1	Rs.101.22
Euro	1	Rs.74.33

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		67

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.