MIRA INFORM REPORT

Report Date :

08.12.2011

IDENTIFICATION DETAILS

Name :	RAVI FOODS PRIVATE LIMITED
Registered Office :	7-4-112/1, Madhuban Colony Road, Kattedan, Hyderabad – 500 077, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.11.1988
Com. Reg. No.:	01-009309
Capital Investment / Paid-up Capital :	Rs.40.000 Millions
CIN No.: [Company Identification No.]	U15412AP1988PTC009309
TAN No.: [Tax Deduction & Collection Account No.]	HYDR00783G
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Biscuits, Wafers, Confectionery and Chocolates.
No. of Employees :	1000 (Approximately) (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1400000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Arvind
Designation :	Accounts Manager
Contact No.:	91-40-24362777
Date :	07.12.2011

LOCATIONS

Registered Office / Factory :	7-4-112/1, Madhuban Colony Road, Kattedan, Hyderabad-500077, Andhra Pradesh, India
Tel. No.:	91-40-24362777 / 24361030 / 1603 / 24017233 / 24017777 / 2436 1078
Mobile No.:	91-9949099039 (Mr. A. Aswani Kumar)
Fax No.:	91-40-24361529 / 24360255 / 24360227 / 24362005 / 24361528
E-Mail :	info@dukes.co.in info@dukesindia.com vivek@dukesindia.com
Website :	http://www.dukesindia.com http://www.dukesfoods.co.in http://www.treffbiscuits.com

DIRECTORS

As on 30.09.2011

Name :	Mr. Kedarnath Agarwal
Designation :	Director
Address :	Plot No. 874, Road 45, Jubilee Hills, Hyderabad – 500 034, Andhra Pradesh, India.
Date of Birth/Age :	04.03.1950
Date of Appointment :	28.11.1988
DIN No.:	01190660

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15412AP1988PTC009309	Ravi Foods Private Limited	Whole-time director	01-01-10	28-11-88	-	Active	NO
2	U85110AP2003PTC041985	Kamaladevi Hospitals Private Limited	Director	31-10-03	31-10-03	-	Active	NO

Name :	Mr. Ramesh Kumar Agarwal
Designation :	Director
Address :	Plot No.24, Sai Nagar Co-Operative Society, Road No. 13, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India.
Date of Birth/Age :	12.06.1953
Date of Appointment :	27.07.1999
DIN No.:	01270045

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15412AP1988PTC009309	Ravi Foods Private Limited	Whole-time director	01-04-09	27-07-99	-	Active	NO
2	U24134AP2002PLC039757	Abhedya Industries Limited	Director	11-10-02	11-10-02	-	Active	NO
3	U70102AP2007PLC056197	Viren Shelters Limited	Director	05-11-07	05-11-07	-	Active	NO
4	U51909WB1994PTC064404	Solex Commercial and Credit Private Limited	Director	18-01-08	18-01-08	-	Active	NO
5	U15419AP2001PLC038238	Dukes Consumer Care Limited	Director	01-04-09	01-04-09	-	Active	NO
6	U15202AP2010PTC068475	Badami Foods Private Limited	Director	19-05-10	19-05-10	-	Active	NO

Name :	Mr. Rajender Kumar Agarwal
Designation :	Whole-time director
Address :	Plot No.874/A, Road No.45, Jubilee Hills, Hydrabad – 500033, Andhra Pradesh, India
Date of Birth/Age :	16.10.1959
Date of Appointment :	01.12.2010
DIN No.:	01276803

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15499AP1998PTC030641	Disha Foods Private Limited	Director	01-10-10	08-12-98	-	Active	NO
2	U45200AP1995PTC021803	Fortune Constructions Private Limited	Director	30-01-00	30-01-00	-	Active	NO
3	U15412AP2006PLC052072	Dukes Foods Limited	Director	21-12-06	21-12-06	-	Active	NO
4	U70102AP2007PLC056197	Viren Shelters Limited	Director	05-11-07	05-11-07	-	Active	NO
5	U15412AP1988PTC009309	Ravi Foods Private Limited	Whole-time director	01-12-10	01-12-10	-	Active	NO

Name :	Mr. Ravinder Kumar Agarwal
Designation :	Managing Directors
Address :	10-5-17, Masabtank, Hyderabad – 500 028, Andhra Pradesh, India.
Date of Birth/Age :	09.04.1965
Date of Appointment :	28.11.1988
DIN No.:	01621801

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15412AP1988PTC009309	Ravi Foods Private Limited	Managing director	01-04-09	28-11-88	-	Active	NO
2	U24134AP2002PLC039757	Abhedya Industries Limited	Director	11-10-02	11-10-02	-	Active	NO
3	U72200AP2005PLC046637	Sonar Shelters Limited	Director	23-06-05	23-06-05	-	Active	NO
4	U70102AP2005PTC047114	Dakshin Shelters Private Limited	Director	11-08-05	11-08-05	-	Active	NO
5	U70102AP2005PTC047122	Radiant Developers Private Limited	Director	12-09-05	12-09-05	-	Active	NO
6	U45200AP2005PTC045924	Platinum Properties Private Limited	Director	12-09-05	12-09-05	-	Active	NO
7	U70102AP2005PTC047699	Paragon Shelters Private Limited	Director	13-05-08	10-10-05	-	Active	NO
8	U45201AP2006PTC050132	Trident Shelters Private Limited	Director	16-05-06	16-05-06	-	Active	NO
9	U45200AP2006PTC049729	Omega Shelters Private Limited	Director	04-06-06	04-06-06	-	Active	NO
10	U70102AP2006PTC051232	Global Shelters Private Limited	Director	29-09-06	29-09-06	-	Active	NO
11	U45200AP1995PTC021302	Kailash Ganga Constructions Private Limited	Director	29-09-07	10-12-06	-	Active	NO
12	U70102AP2007PLC056197	Viren Shelters Limited	Director	05-11-07	05-11-07	-	Active	NO
13	U55101AP2009PTC063757	Espirit Hotels Private Limited	Director	26-05-09	26-05-09	-	Active	NO
14	U45200AP2007PTC052557	Pyramid Shelters Private Limited	Additional director	26-08-09	26-08-09	-	Active	NO
15	U80301AP2002PTC039112	Oitc Consulting Private Limited	Managing director	11-11-11	09-11-11	-	Active	NO

Name :	Mrs. Nirmala Agarwal
Designation :	Director
Address :	10-5-17, Masabtank, Hyderabad – 500 028, Andhra Pradesh, India.
Date of Birth/Age :	31.10.1964
Date of Appointment :	27.07.1999
DIN No.:	01477558
Name :	Ms. Neha Agarwal
Designation :	Whole-time director
Address :	H No.8-2-618/N, Road No.11, Banjara Hills, Hyderabad – 500034, Andhra Pradesh
Date of Birth/Age :	10.08.1988
Date of Appointment :	01.12.2010
DIN No.:	03258633
Name :	Ms. Prerna Agarwal
Designation :	Whole-time director
Address :	H No.40, Road No.42, Runjabi Bagh, New Delhi – 110026, India
Date of Birth/Age :	02.09.1989
Date of Appointment :	01.12.2010
DIN No.:	03341777

KEY EXECUTIVES

Name :	Mr. Arvind
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Kedarnath Agarwal	373790
Omprakash Agarwal	74700
Ravinder K. Agarwal	514550
Ramesh K. Agarwal (HUF)	143450
Anand Agarwal	123500
Rajender K. Agarwal	136700
Vikas Agarwal	187500
Adarsh Agarwal	217830
Kedarnath Agarwal	150000
Pushpalata Agarwal	6500
Ravinder K. Agarwal (HUF)	124200
Urmila Agarwal	4000
Nirmala Agarwal	61480
Ramesh K. Agarwal (S/O Late Badri Lal Agarwal)	391300
Gopi Krishna Suresh Chandra – HUF	14000
Preethi Agarwal W/O Mr. Vikas Agarwal	15700
Naini Automobiles, India	14400
Greeshma Agarwal W/O Mr. Vimal Agarwal	16000
Neeta Agarwal	20000
Venkateswara Enterprises, India	14000
Sobha agarwal	70000
Vimal Agarwal	229000
Anitha Agarwal	176400
Solex Commercial and Credit Private Limited, India	501000
Cool Brain Sales Private Limited, India	210000
Paragon Shelters Private Limited, India	210000
Total	4000000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	15.00
Directors or relatives of directors	85.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and exporter of biscuits, wafers, confectionery and chocolates.
Exports :
Products :	Biscuits, Wafers, Confectionery and Chocolates
Countries :	US UK Australia Mexico Denmark
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

No. of Employees :

1000 (Approximately) (In Office + In Factory)

Bankers :

· State Bank of India, MID Corporate Group, Overseas Branch, 5-9-300, Abids, Hyderabad – 500001, Andhra Pradesh, India.

· UCO Bank

· HDFC Bank

· ICICI Bank

· State Bank of India, S.E.I.E Kattedan, Hyderabad, Andhra Pradesh, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
Term Loan
From Bank	42.757	15.593
Working Capital Loan
From Bank	259.953	300.298
Total	302.710	315.891
Unsecured Loan
From Directors	105.536	99.071
Security Deposits from Dealers	0.000	0.755
Total	105.536	99.826

Banking Relations :	--
Auditors :
Name :	U.K.Agarwal and Company Chartered Accountants
Address :	10A, Second Floor, Abids Shopping Centre, ABIDS, Hyderabad – 500001, Andhra Pradesh, India.
Tel. No.:	91-40-23202129
PAN :	ACFPA8964N
Membership :	BRC (British Retail Consortium) HACCP (Hazard Analysis Critical Control points) APEDA (Agricultural and processed Food products Export Development Authority)

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		40.000	30.000	30.000
2] Share Application Money		0.000	21.000	0.000
3] Reserves & Surplus		303.168	161.517	137.480
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		343.168	212.517	167.480
LOAN FUNDS
1] Secured Loans		302.710	315.891	325.745
2] Unsecured Loans		100.536	99.826	90.785
TOTAL BORROWING		403.246	415.717	416.530
DEFERRED TAX LIABILITIES		11.409	8.782	0.000
TOTAL		757.823	637.016	584.010
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		157.865	117.952	95.972
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		9.326	10.326	9.326
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	309.632	229.131	220.082
	Sundry Debtors	230.657	203.716	195.166
	Cash & Bank Balances	0.882	12.494	4.444
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	143.481	138.003	105.813
Total Current Assets		684.652	583.344	525.505
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	60.547	57.594	18.791
	Other Current Liabilities	0.000	0.000	4.343
	Provisions	33.473	17.012	23.659
Total Current Liabilities		94.020	74.606	46.793
Net Current Assets		590.632	508.738	478.712
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		757.823	637.016	584.010

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Gross Income	2269.729	1500.973	1469.554
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	2188.206 (Including Depreciation)	1443.355	1433.530
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			57.618	36.024
Less/ Add	DEPRECIATION/ AMORTISATION			19.624	16.143
	PROFIT BEFORE TAX		81.523	37.994	19.881
Less	TAX		26.818	13.958	9.962
	PROFIT AFTER TAX		54.705	24.036	9.919
	Earnings Per Share (Rs.)		13.68	6.62	3.31

Expected Sales (2011-12) : Rs.2000.000 Millions

The above information has been parted by Mr. Arvind.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.41	1.60	0.67
Return on Total Assets (PBT/Total Assets}	(%)	9.68	5.42	3.20
Return on Investment (ROI) (PBT/Networth)		0.24	0.18	0.12
Debt Equity Ratio (Total Liability/Networth)		1.45	2.31	2.78
Current Ratio (Current Asset/Current Liability)		7.28	7.82	11.23

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	--
8) No. of employees	yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last one years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FORM 8:

Corporate identity number of the company	U15412AP1988PTC009309
Name of the company	RAVI FOODS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	7-4-112/1, Madhuban Colony Road, Kattedan, Hyderabad-500077, Andhra Pradesh, India E-mail : vivek@dukesindia.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90123293
Type of charge	Immovable property Any interest in immovable property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	State Bank of India, MID Corporate Group, Overseas Branch, 5-9-300, Abids, Hyderabad – 500001, Andhra Pradesh, India. E-mail : sa.01921@sbi.co.in
Nature of instrument creating charge	1. Memorandum for recording extension of mortgage by deposit of title deeds covering enhanced limits and/or creation of equitable mortgage on additional properties for expanding limits and enhanced limits and additional facilities. 2. Letter of Arrangement. 3. Supplemental Agreement of Loan-cum-Hypothecation.
Date of instrument Creating the charge	30.12.2010
Amount secured by the charge	Rs.692.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Working Capital: 5.00% above Base rate (7.60%), at present 12.60% p.a. TL-1: 5.25% above Base rate (7.60%), at present 12.85% p.a. TL-2: 5.00% above Base rate (7.60%), at present 12.60% p.a. Terms of repayment Working Capital: Repayable on demand. TL-1: In 12 quarterly installments (Rs.4.550 Millions + Int for 8 quarters, Rs.5.800 Millions + Int for 3 quarters and Rs.6.200 Millions + Int for 1 quarter) each with the first installment commencing on 30.04.2011 and the last installment falling due on 31.01.2014. TL-2: In 9 quarterly installments (Rs.1.200 Millions + Int for 1 quarter and Rs.1.100 Millions + Int for 8 quarters) each with the first installment commencing on 31.01.2011 and the last installment falling due on 31.01.2013. Margin Raw materials and finished goods: 25% Receivables (cover period-90 days): 40% EPC Stocks: 10% LC and BG: 15% Extent and operation of the charge Stocks, receivables and other current assets, Entire fixed assets, EM of lease hold rights on Industrial Site and buildings at Sy No.76, Gaganpahad (1) Ext of Ac.0-33.4 guntas (2) Ext of Ac.1-26.6 guntas and EM of Industrial Site and Buildings at Sy No.274, 304 and 305, Gaganpahad (1) Ext of Ac.1-26 guntas (2) Ext of Ac.1-15 guntas as security for due repayment and discharge by the company to SBI of its enhanced credit limits of Rs.692.000 Millions together with interest and all other moneys thereon. Others Break-up of the total enhanced limits of Rs.692.000 Millions (a. Cash credit - Rs.420.000 Millions; b. Standby Limit -Rs.100.000 Millions; c. Term Loan (TL-1) - Rs.60.000 Millions; d. Term Loan(TL-2) - Rs.10.000 Millions; e. LC limit - Rs.60.000 Millions; f. BG limit - Rs.20.000 Millions; and g. Forward Contract limit - Rs.22.000 Millions)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Stocks, receivables and all other chargeable current assets of the company. Entire fixed assets (including the assets proposed to be acquired from the term loans) of the company. EM of lease hold rights on Industrial Site and buildings at Sy. No.76, Gaganpahad, Rajendranagar mandal, R.R. dist. (1) Extent of Ac.0-33.4 guntas (2) Extent of Ac.1-26.6 guntas. EM of Industrial Site and Buildings at Sy. No.274, 304 and 305 Gaganpahad, Rajendranagar mandal, R.R. district. (1) Extent of Ac.1-26 guntas (2) Extent of Ac.1-15 guntas.
Date of instrument modifying the charge	27.03.2010
Particulars of the present modification	Enhancement of the credit facilities being availed from State Bank of India upto Rs.692.000 Millions secured by Stocks, receivables and all other current assets, Entire fixed assets, EM of lease hold rights on Industrial Site and buildings at Sy. No.76, Gaganpahad, Rajendranagar mandal (1) Ext of Ac.0-33.4 guntas (2) Ext of Ac.1-26.6 guntas and EM of Industrial Site and Buildings at Sy. No.274, 304 and 305 Gaganpahad, Rajendranagar mandal (1) Ext of Ac.1-26 guntas (2) Ext of Ac.1-15 guntas.

FIXED ASSETS:

• Land
• Plant and machinery
• Furniture and fitting
• Vehicles
• Computer
• Office Equipments
• Trade Marks

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 records 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.51.45
UK Pound	1	Rs.80.38
Euro	1	Rs.69.12

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.