MIRA INFORM REPORT

Report No. :	341759
Report Date :	28.09.2015

IDENTIFICATION DETAILS

Name :	MANALI PRODUCTS PRIVATE LIMITED
Formerly Known As :	KWALITY TOBACCO PRODUCTS PRIVATE LIMITED
Registered Office :	Kwality House, R S 150/1, Opposite Mangave Petrol Pump, Kolhapur Road, District Kolhapur, Jaysingpur – 416101, Maharashtra
Tel. No.:	91-2322-228055/225259/225659/225755
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.10.1998
Com. Reg. No.:	11-012977
Capital Investment / Paid-up Capital :	Rs. 5.347 Million
CIN No.: [Company Identification No.]	U16008PN1998PTC012977
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 detergent soaps and detergent powder.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 25000
Status :	Moderate
Payment Behavior :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1998. It is the manufacturer of detergent soaps and detergent powder. For the financial year ended 2014, the company has moderate operational activity, marked by minimal profit earnings. The company has moderate financial base and stretched liquidity position along with unfavorable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are slow but correct. The company can be considered for business dealings with some caution.

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Vinod Ghodawat
Designation :	Director
Contact No.:	91-9822431555
Date :	25.09.2015

LOCATIONS

Registered Office / Administrative Office / Factory :	Kwality House, R S 150/1, Opposite Mangave Petrol Pump, Kolhapur Road, District Kolhapur, Jaysingpur – 416101, Maharashtra
Tel. No.:	91-2322-228055/225259/225659/225755
Mobile No.:	91-9822431555 (Mr. Vinod Ghodawat)
Fax No.:	Not Available
E-Mail :	Vinodghodawat@yahoo.com
Location :	Owned
Locality :	Residential

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Sanjay Danchand Ghodawat

Designation :

Director

Address :

Sushreya, 2549, Yashwant Co-Operative Housing Society, A/P Jaysingpur, Kolhapur - 416101, Maharashtra, India

Date of Birth/Age :

28.02.1964

Date of Appointment :

22.09.2000

DIN No.:

00109933

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	U29110MH1993PTC074899	GHODAWAT ENERGY PRIVATE LIMITED	Director	01/04/2007	04/11/1993	-	Active	NO
2	U74140MH1997PTC107418	STAR OXOCHEM PRIVATE LIMITED	Whole-time director	31/03/2013	21/04/1997	-	Active	NO
3	U72200PN1999PTC013214	STAR INFOSYSTEMS PRIVATE LIMITED	Director	01/01/1999	01/01/1999	-	Active	NO
4	U70200KA1994PTC016357	GHODAWAT REALTY PRIVATE LIMITED	Director	01/08/1999	01/08/1999	-	Active	NO
5	U74900MH1989PTC051168	GHODAWAT POWER PRIVATE LIMITED	Director	08/10/1999	08/10/1999	-	Active	NO
6	U74900MH1990PTC055935	GHODAWAT WIND-ENERGY PRIVATE LIMITED	Director	08/10/1999	08/10/1999	15/03/2014	Active	NO
7	U16008PN1998PTC012977	MANALI PRODUCTS PRIVATE LIMITED	Director	22/09/2000	22/09/2000	-	Active	NO
8	U16000PN2002PTC017370	GHODAWAT FOODS INTERNATIONAL PRIVATE LIMITED	Director	21/10/2002	21/10/2002	-	Active	NO
9	U65921PN2007PTC130044	SDG FINANCE AND INVESTMENT PRIVATE LIMITED	Director	25/04/2007	25/04/2007	-	Active	NO
10	U74999KA1995PTC017883	GHODAWAT ENTERPRISES PRIVATE LIMITED	Director	07/12/2007	07/12/2007	-	Active	NO
11	U17301PN2008PTC132189	FOURSTAR TEXTILES PRIVATE LIMITED	Director	06/06/2008	06/06/2008	-	Active	NO
12	U01114PN2008PTC133229	GHODAWAT INDUSTRIES (INDIA) PRIVATE LIMITED	Whole-time director	10/04/2012	15/12/2008	-	Active	NO
13	U01122PN2009PTC133605	GHODAWAT AGRO PRIVATE LIMITED	Director	05/03/2009	05/03/2009	-	Active	NO
14	U15411GJ2009PTC057271	GHODAWAT CHEMFOOD PRIVATE LIMITED	Director	16/06/2009	16/06/2009	30/11/2012	Strike off	NO
15	U29299PN2010PTC135984	SHRENIK INDUSTRIES PRIVATE LIMITED	Director	05/04/2010	05/04/2010	30/05/2012	Active	NO
16	U15500MH2011PTC224183	Excelus Star FoodBev Private Limited	Director	21/11/2011	21/11/2011	-	Active	NO
17	AAB-3578	GP CORPORATION LLP	Designated Partner	12/04/2013	12/04/2013	16/07/2014	Active	NO
18	AAB-6474	SANJAY GHODAWAT BUILDCON LLP	Designated Partner	16/07/2013	16/07/2013	-	Active	NO
19	AAB-6617	GHODAWAT MANERE REALITY LLP	Designated Partner	22/07/2013	22/07/2013	-	Active	NO
20	AAB-9653	GHODAWAT CONSUMER PRODUCTS LLP	Designated Partner	30/12/2013	30/12/2013	-	Active	NO
21	AAC-2715	GHODAWAT INFRA LLP	Designated Partner	23/04/2014	23/04/2014	-	Active	NO
22	AAC-3274	GHODAWAT EDUSERVE LLP	Designated Partner	28/05/2014	28/05/2014	-	Active	NO
23	AAC-8460	GHODAWAT RENEWABLES LLP	Designated Partner	27/10/2014	27/10/2014	-	Active	NO
24	AAE-2192	GHODAWAT ENERGY SERVICES LLP	Designated Partner	22/06/2015	22/06/2015	-	Active	NO
25	AAE-3328	RENOM ENERGY SERVICES LLP	Body corporate as Designated Partner	07/07/2015	07/07/2015	-	Active	NO
26	AAE-4544	RENOM SOFTECH LLP	Body corporate as Designated Partner	28/07/2015	28/07/2015	-	Active	NO

Name :

Mr. Satish Danchand Ghodawat

Designation :

Director

Address :

Varshman, Malbhag, A/P Jaysingpur, Kolhapur - 416101, Maharashtra, India

Date of Birth/Age :

24.12.1958

Date of Appointment :

22.09.2000

DIN No.:

00109992

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	U29110MH1993PTC074899	GHODAWAT ENERGY PRIVATE LIMITED	Director	13/04/2010	04/11/1993	-	Active	NO
2	U74140MH1997PTC107418	STAR OXOCHEM PRIVATE LIMITED	Whole-time director	31/03/2013	21/04/1997	-	Active	NO
3	U16008PN1998PTC012977	MANALI PRODUCTS PRIVATE LIMITED	Director	22/09/2000	22/09/2000	-	Active	NO
4	U01114PN2008PTC133229	GHODAWAT INDUSTRIES (INDIA) PRIVATE LIMITED	Whole-time director	10/04/2012	15/12/2008	-	Active	NO
5	U01122PN2009PTC133605	GHODAWAT AGRO PRIVATE LIMITED	Director	05/03/2009	05/03/2009	-	Active	NO
6	U29299PN2010PTC135984	SHRENIK INDUSTRIES PRIVATE LIMITED	Director	05/04/2010	05/04/2010	30/05/2012	Active	NO
7	AAB-1776	GHODAWAT DENIMS LLP	Designated Partner	22/10/2012	22/10/2012	-	Active	NO
8	AAB-9653	GHODAWAT CONSUMER PRODUCTS LLP	Designated Partner	30/12/2013	30/12/2013	-	Active	NO

Name :

Mr. Vinod Danchand Ghodawat

Designation :

Managing Director

Address :

9th Lane, Subhash Road, Jaysingpur - 416101, Maharashtra, India

Date of Birth/Age :

11.04.1956

Date of Appointment :

30.03.2011

DIN No.:

00365521

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	U74140MH1997PTC107418	STAR OXOCHEM PRIVATE LIMITED	Whole-time director	31/03/2013	05/01/1998	-	Active	NO
2	U16008PN1998PTC012977	MANALI PRODUCTS PRIVATE LIMITED	Managing director	30/03/2011	20/10/1998	-	Active	NO
3	U15122MH2012PTC232813	Placto Foods Private Limited	Director	28/08/2013	28/08/2013	12/09/2013	Active	NO
4	U15490MH2013PTC248757	PLACTO INDUSTRIES PRIVATE LIMITED	Director	01/10/2013	01/10/2013	-	Active	NO
5	AAA-9386	PRABHAVEE TECHNOLOGIES LLP	Designated Partner	26/05/2012	26/05/2012	01/06/2015	Active	NO

Name :

Mr. Ronak Vinod Ghodawat

Designation :

Managing Director

Address :

9th Lane Jaysingpur Taluka Shirol, District: Kolhapur, Kolhapur - 416101, Maharashtra, India

Date of Birth/Age :

02.04.1987

Date of Appointment :

30.03.2011

DIN No.:

00365705

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	U16008PN1998PTC012977	MANALI PRODUCTS PRIVATE LIMITED	Managing director	30/03/2011	26/09/2005	-	Active	NO
2	AAD-1028	QUALITY BUILDHOME LLP	Designated Partner	24/12/2014	24/12/2014	-	Active	NO
3	AAD-3222	KTP PRODUCTS LLP	Designated Partner	05/02/2015	05/02/2015	-	Active	NO

Name :

Mr. Sandeep Vinod Ghodawat

Designation :

Director

Address :

'Sudan', 715 Road. Near Ram Mandir, Jaysingpur, Taluka - Shirol, District- Kolhapur, Jaysingpur - 416101, Maharashtra, India

Date of Birth/Age :

20.03.1983

Date of Appointment :

26.09.2005

DIN No.:

00365749

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Vinod Danchan Ghodawat	4349
Danchand Khivraj Ghodawat	40
Ujwala Vinod Ghodawat	2000
Sanjay Danchand Ghodawat	2000
Satish Danchand Ghodawat	2000
Dilip Mangilal Bajaj	4000
Shradha Sunil Shah	111
Sunil Ramanlal Shah	1200
Manali Amit Jain	2500
Sushila Danchand Ghodawat	1250
Ronak Vinod Ghodawat	4000
Sandeep Vinod Ghodawat	4000
Rajkumar Patil	5010
Sanjay Dhanyakumar Patil	5010
Suraj Abhaykumar Patil	3000
Anil Benichtage	5000
Arvind Benichetage	5000
Pooja Ronak Ghodawat	3000
Total	53470

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of detergent soaps and detergent powder.
Products :	Detergent Soaps Detergent Powder
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Credit (30 Days / 60 Days / 90 Days)
Purchasing :	Cash and Credit (30 Days / 60 Days / 90 Days)

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 :	Not Divulged
Remark:	Not Divulged

Customers :

End Users and OEMs

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 :	Not Divulged
Remark:	Not Divulged

No. of Employees :

10 (Approximately)

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	S N Randar and Associates Chartered Accountants
Address :	Room No. 87, 2nd Floor, Maratha Mandal Building, Bunglow Road, Ichalkaranji – 416115, Maharashtra, India
Tel No:	91-230-2425699
Fax No:	91-230-2425697
Email :	randarca@gmail.com
PAN. No.:	AAZPR5930R
Memberships :	-----
Collaborators :	-----
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs.100/- each	Rs. 8.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
53470	Equity Shares	Rs.100/- each	Rs. 5.347 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	5.347	5.347	5.347
(b) Reserves & Surplus	3.467	3.431	3.425
(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)	8.814	8.778	8.772
(3) Non-Current Liabilities
(a) long-term borrowings	0.750	3.294	0.750
(b) Deferred tax liabilities (Net)	0.078	0.088	0.087
(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)	0.828	3.382	0.837
(4) Current Liabilities
(a) Short term borrowings	1.522	1.407	0.721
(b) Trade payables	1.658	2.861	1.933
(c) Other current liabilities	0.127	0.046	0.060
(d) Short-term provisions	0.000	0.000	0.002
Total Current Liabilities (4)	3.307	4.314	2.716
TOTAL	12.949	16.474	12.325
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.709	1.917	2.006
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.002	0.002	0.002
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.151	1.975	0.709
(e) Other Non-current assets	0.026	0.042	0.034
Total Non-Current Assets	2.888	3.936	2.751
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6.017	3.662	2.525
(c) Trade receivables	1.471	3.809	3.182
(d) Cash and cash equivalents	2.331	5.039	3.625
(e) Short-term loans and advances	0.242	0.028	0.242
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	10.061	12.538	9.574
TOTAL	12.949	16.474	12.325

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TURNOVER	15.000 (Approximately)	14.715	15.247
Less	EXPENSES	NA	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	NA	0.609	0.371
Less	FINANCIAL EXPENSES	NA	0.328	0.037
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	NA	0.281	0.334
Less/ Add	DEPRECIATION/ AMORTISATION	NA	0.272	0.317
	PROFIT/ (LOSS) BEFORE TAX	NA	0.009	0.017
Less	PROVISION FOR TAX	0.054	0.002	0.003
	PROVISION FOR DEFERRED TAX	NA	0.001	0.002
	PROFIT/ (LOSS) AFTER TAX	0.054	0.006	0.012
	Earnings / (Loss) Per Share (Rs.)	1.12	0.11	0.22

Particulars	31.03.2015
Sales Turnover (Approximately)	18.000

The above information has been parted by Mr. Vinod Ghodawat (Director).

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	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Turnover)	(%)	0.36	0.04	0.08
Operating Profit Margin (PBIDT/ Turnover)	(%)	NA	4.14	2.43
Return on Total Assets (PBT/Total Assets}	(%)	0.88	0.05	0.14
Return on Investment (ROI) (PBT/Networth)		0.01	0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		0.26	0.54	0.17
Current Ratio (Current Asset/Current Liability)		3.04	2.91	3.53

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	5.347	5.347	5.347
Reserves & Surplus	3.425	3.431	3.467
Net worth	8.772	8.778	8.814
long-term borrowings	0.750	3.294	0.750
Short term borrowings	0.721	1.407	1.522
Total borrowings	1.471	4.701	2.272
Debt/Equity ratio	0.168	0.536	0.258

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	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
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 four 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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

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 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. 66.09
UK Pound	1	Rs. 100.88
Euro	1	Rs. 73.95

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	TRI
Report Prepared by :	SANS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		28

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 unfavorable 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.