MIRA INFORM REPORT

Report Date :

10.10.2011

IDENTIFICATION DETAILS

Name :	MRS. BECTORS FOODS SPECIALITIES LIMITED
Registered Office :	Theing Road, Phillaur, Jalandhar 144410, Punjab
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.09.1995
Com. Reg. No.:	033417
Capital Investment / Paid-up Capital :	Rs.9.938 millions
CIN No.: [Company Identification No.]	U74899PB1995PLC033417
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of a wide range of food products including Biscuits, Confectionaries, Sauces, Jams and Ketchups, Indian Snacks, Ready to Eat Food, Condiments, Frozen Products and Bakery Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 4716928
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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 normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

LOCATIONS

Registered Office /Factory :	Theing Road, Phillaur, Jalandhar 144410, Punjab, India
Tel. No.:	91-1826-502923 / 222826 / 223139 / 225418
Fax No.:	91-1826-502902 / 222915
E-Mail :	info@mrs.bectorfood.com biscuits@mrsbectorfoods.com

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Anoop Bector
Designation :	Director
Date of Birth/Age :	05.10.1962
Date of Appointment :	19.09.1995
DIN No.:	00108589

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	L15146PB1989PLC009676	Cremica Agro Foods Limited	Managing director	06/09/1989	06/09/1989	-	Active	NO
2	U15146PB1989PLC009675	Bector Foods Limited	Director	20/05/1992	20/05/1992	-	Active	NO
3	U74899PB1995PLC033417	Mrs.Bectors Food Specialities Limited	Managing director	01/04/2010	19/09/1995	-	Active	NO
4	U15146PB1986PLC006994	Cremica Industries Limited	Whole-time director	30/06/2001	30/06/2001	-	Active	NO
5	U52201PB1992PLC012221	Cremica Foods Limited	Director	01/04/2007	01/04/2007	-	Active	NO
6	U15412PB2009PTC033442	Bakebest Foods Private Limited	Director	25/02/2011	25/02/2011	-	Active	NO
7	U15209PB2011PLC034988	Cremica Milk Specialities Limited	Director	26/04/2011	26/04/2011	-	Active	NO

Name :	Mr. Akshay Bector
Designation :	Director
Date of Birth/Age :	29.03.1961
Date of Appointment :	18.04.2000
DIN No.:	00058877

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	U15146PB1986PLC006994	Cremica Industries Limited	Whole-time director	10/09/1986	10/09/1986	-	Active	NO
2	U52201PB1992PLC012221	Cremica Foods Limited	Director	24/04/1992	24/04/1992	-	Active	NO
3	U15146PB1989PLC009675	Bector Foods Limited	Director	07/09/1995	07/09/1995	-	Active	NO
4	U15320PB1996PLC017907	Kerry Limited	Director	22/03/1996	22/03/1996	10/01/2011	Active	NO
5	L15146PB1989PLC009676	Cremica Agro Foods Limited	Whole-time director	29/10/1999	29/10/1999	-	Active	NO
6	U23123PB1999PLC023123	Cremica Food Specialities Limited	Whole-time director	01/12/1999	01/12/1999	-	Active	NO
7	U74899PB1995PLC033417	Mrs.Bectors Food Specialities Limited	Managing director	01/04/2010	18/04/2000	-	Active	NO
8	U15312DL2010PLC207538	Shree Bankey Behari Rice Mills Limited	Director	03/09/2010	03/09/2010	-	Active	NO
9	U91900PB2011NPL034564	Young President's Organisation (Punjab Chapter)	Director	05/01/2011	05/01/2011	-	Active	NO
10	U15412PB2009PTC033442	Bakebest Foods Private Limited	Director	25/02/2011	25/02/2011	-	Active	NO
11	U15209PB2011PLC034988	Cremica Milk Specialities Limited	Director	26/04/2011	26/04/2011	-	Active	NO

Name :	Mr. Dharamvir Bector
Designation :	Director
Date of Birth/Age :	01.04.1932
Date of Appointment :	30.09.2006
DIN No.:	00108654

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	L15146PB1989PLC009676	Cremica Agro Foods Limited	Whole-time director	31/01/1990	31/01/1990	-	Active	NO
2	U15146PB1989PLC009675	Bector Foods Limited	Director	20/05/1992	20/05/1992	-	Active	NO
3	U15146PB1986PLC006994	Cremica Industries Limited	Director	06/05/1996	06/05/1996	-	Active	NO
4	U23123PB1999PLC023123	Cremica Food Specialities Limited	Whole-time director	01/12/1999	01/12/1999	-	Active	NO
5	U74899PB1995PLC033417	Mrs.Bectors Food Specialities Limited	Whole-time director	01/04/2007	30/09/2006	-	Active	NO
6	U15209PB2011PLC034988	Cremica Milk Specialities Limited	Director	26/04/2011	26/04/2011	-	Active	NO

Name :	Mr. Rajni Bector
Designation :	Director
Date of Birth/Age :	02.06.1940
Date of Appointment :	30.09.2006
DIN No.:	00108730

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	U15146PB1989PLC009675	Bector Foods Limited	Director	15/11/1994	15/11/1994	-	Active	NO
2	U15146PB1986PLC006994	Cremica Industries Limited	Director	02/07/1996	02/07/1996	-	Active	NO
3	U15205PB1997PLC020826	Cremica Frozen Foods Limited	Whole-time director	11/12/1997	11/12/1997	-	Active	NO
4	U52201PB1992PLC012221	Cremica Foods Limited	Director	01/01/1999	01/01/1999	01/04/2007	Active	NO
5	L15146PB1989PLC009676	Cremica Agro Foods Limited	Whole-time director	01/04/2006	01/04/2006	-	Active	NO
6	U74899PB1995PLC033417	Mrs.Bectors Food Specialities Limited	Whole-time director	01/04/2007	30/09/2006	-	Active	NO

Name :	Mr. Parveen Kumar Goel
Designation :	Director
Date of Birth/Age :	21.08.1963
Date of Appointment :	01.05.2008
DIN No.:	00007297

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	U74899DL1991PTC042692	Nutex Investments Private Limited	Director	16/01/2006	16/01/2006	15/09/2008	Active	NO
2	U74899DL1969PTC005100	Greatway Private Limited	Director	16/01/2006	16/01/2006	15/09/2008	Active	NO
3	U74899PB1995PLC033417	Mrs.Bectors Food Specialities Limited	Whole-time director	01/05/2008	01/05/2008	-	Active	NO
4	L15146PB1989PLC009676	Cremica Agro Foods Limited	Additional director	01/12/2008	01/12/2008	14/01/2009	Active	NO
5	U15146PB1986PLC006994	Cremica Industries Limited	Director	28/09/2010	04/11/2009	-	Active	NO

Name :	Mr. Rakesh Sony
Designation :	Director
Date of Birth/Age :	02.01.1976
Date of Appointment :	30.09.2010
DIN No.:	00363053

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	U51909WB1995PLC072876	Microsec Capital Limited	Managing director	02/04/2007	31/08/2002	07/10/2008	Active	NO
2	U67200WB2002PLC095275	Microsec Insurance Brokers Limited	Director	09/10/2002	09/10/2002	07/10/2008	Active	NO
3	U74300WB2002PLC095393	Microsec Technologies Limited	Director	18/11/2002	18/11/2002	-	Amalgamated	NO
4	U74140WB1994PLC066386	Microsec Commerze Limited	Director	28/07/2003	28/07/2003	07/10/2008	Active	NO
5	L65993WB1989PLC047002	Microsec Financial Services Limited	Director	27/09/2005	27/09/2005	07/10/2008	Active	NO
6	U51109WB1994PTC066509	Microsec Resources Private Limited	Director	24/07/2006	24/07/2006	07/10/2008	Active	NO
7	U72200WB2002PLC094642	Microsec Technologies Limited	Director	15/09/2006	15/09/2006	07/10/2008	Active	NO
8	U74210WB2006PTC111951	Sony Advisory Private Limited	Director	27/11/2006	27/11/2006	19/10/2010	Active	YES
9	U74300MH2004PLC147649	Effort Bpo Limited	Director	15/12/2008	15/12/2008	16/03/2011	Active	NO
10	U15204MH1992PTC070209	Parag Milk Foods Private Limited	Nominee director	30/09/2009	06/02/2009	-	Active	NO
11	U74140AP1999PLC032156	Power Mech Projects Limited	Director	15/09/2010	24/11/2009	-	Active	NO
12	L74899DL1992PLC050333	Minda Industries Limited	Director	24/12/2010	17/02/2010	-	Active	NO
13	U23201DL2001PLC111781	Minda Autogas Limited	Director	30/09/2010	17/02/2010	-	Amalgamated	NO
14	U34300DL2004PLC127423	Minda Acoustic Limited	Director	29/07/2010	17/02/2010	-	Amalgamated	NO
15	U74899PB1995PLC033417	Mrs.Bectors Food Specialities Limited	Director	30/09/2010	30/09/2010	-	Active	NO

Name :	Mr. Ajay Bector
Designation :	Director
Date of Birth/Age :	17.12.1958
Date of Appointment :	19.09.1995

KEY EXECUTIVES

Name :	Mr. Arvind Kumar Bajoria
Designation :	Secretary
Date of Birth/Age :	21.06.1979
Date of Appointment :	22.09.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Equity Shareholders	No. of Shares
Mr. Anoop Bector	2500
Mr. Akshay Bector	2500
Mr. Dharamvir Bector	2520
Mr. Ajay Bector	2500
Cremica Foods Limited, Ludhiana, Punjab	195000
Bector Foods Limited, Ludhiana, Punjab	149000
Cremica Industries Limited, Ludhiana, Punjab	350000
Cremica Agro foods Limited, Ludhiana, Punjab	66805
IL and FS Trust Company Limited, Bandra, Mumbai, Maharashtra	78056
India Business Excellence Fund – I, Mauritius	144962
TOTAL	993843

Names of Preference Shareholders (Transfers)	No. of Shares
Jade Dragon (Mauritius) Limited Transfer to IL and FS Trust Company Limited	126000
Jade Dragon (Mauritius) Limited Transfer to India Business Excel	234000

Note:

After Transfer, Preference Shares were converted to Equity Shares

AS ON 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		15.00
Bodies corporate		84.00
Directors or relatives of directors		1.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of a wide range of food products including Biscuits, Confectionaries, Sauces, Jams and Ketchups, Indian Snacks, Ready to Eat Food, Condiments, Frozen Products and Bakery Products.
Products :	· Biscuits · Confectioneries · Sauces, Jams and Ketchups · Indian Snacks · Ready to Eat Food · Condiments · Frozen Products · Bakery Products
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :	· McDonald's · Indian Army · Indian Airlines · Pizza Hut · Domino's · Reliance Retail Stores · Jet Airways · Indian Railways · Subhiksha · Barista Coffee Shops · Cafe Coffee Day
No. of Employees :	Not Available
Bankers :	· State Bank of India, Specialised Commercial Branch, Aphwa Hospital Complex, Miller Ganj, Ludhiana 141001, Punjab, India · Oriental Bank of Commerce, Dana Mandi, Phillaur, Jalandhar 144001, Punjab, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	S R Batliboi and Company Chartered Accountant
Address :	Golf View Corporate Tower – B, Sector 42, Sector Road, Gurgaon 122002, Haryana, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1125000	Equity Shares	Rs. 10 each	Rs.11.250 millions
375000	Preference Share	Rs. 50 each	Rs. 18.750 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
993843	Equity Shares	Rs. 10 each	Rs.9.938 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		25.708	25.708
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		1153.524	1096.182
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1179.232	1121.890
LOAN FUNDS
1] Secured Loans		987.260	928.277
2] Unsecured Loans		10.406	27.833
TOTAL BORROWING		997.666	956.110
DEFERRED TAX LIABILITIES		76.995	47.995
TOTAL		2253.893	2125.995
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1507.111	1268.125
Capital work-in-progress		126.215	308.327
INVESTMENT		4.267	3.706
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	415.218	349.843
	Sundry Debtors	326.980	297.730
	Cash & Bank Balances	122.667	100.794
	Other Current Assets	0.000	0.000
	Loans & Advances	208.527	265.171
Total Current Assets		1073.392	1013.538
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	445.577	422.363
	Provisions	11.515	45.338
Total Current Liabilities		457.092	467.701
Net Current Assets		616.300	545.837
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		2253.893	2125.995

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Sales	3598.827	3230.472
		Other Income	124.313	87.818
		TOTAL (A)	3723.140	3318.290
Less	EXPENSES
		Cost of Materials	2419.880	2080.285
		Increase/(Decrease) in Finished Goods	2.156	(10.628)
		Managerial Remuneration	19.210	17.851
		Salaries, Wages and Bonus	253.559	224.840
		Payment of Auditors	2.206	2.138
		Administrative Expenses	742.012	796.118
		TOTAL (B)	3439.023	3110.604
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		284.117	207.686
Less	FINANCIAL EXPENSES (D)		95.612	76.282
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		188.505	131.404
Less/ Add	DEPRECIATION/ AMORTISATION (F)		83.681	62.980
	PROFIT BEFORE TAX (E-F) (G)		104.824	68.424
Less	TAX (H)		45.666	31.335
	PROFIT AFTER TAX (G-H) (I)		59.158	37.089
	Earnings Per Share (Rs.)		59.52	37.33

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	1.58	1.11
Net Profit Margin (PBT/Sales)	(%)	2.91	2.12
Return on Total Assets (PBT/Total Assets}	(%)	4.06	2.99
Return on Investment (ROI) (PBT/Networth)		0.09	0.06
Debt Equity Ratio (Total Liability/Networth)		1.29	1.31
Current Ratio (Current Asset/Current Liability)		2.34	2.16

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS AND OVERALL PERFORMANCE:

The company could post a significant increase of 12% in the turnover from Rs. 3320.000 millions in the year 2008-09 to Rs. 3720.000 millions in the year 2009-10.

The company has undertaken capacity expansion in Biscuit division at Phillaur and added a new Fourth line of Biscuit Production during the last financial year. Also, the company is in talks with Kraft Foods for manufacturing high quality biscuits for them which will give a new boost to the business of the company.

The company has also been awarded Star Export House status by the officer of the Joint Director General of Foreign Trade, Ministry of Commerce and Industry, Government of India effective from 1^st April, 2009 for five years. Mrs. Rajni Bector founder of the company was awarded Best Entrepreneur Award by SIDBI. Also, Government of Punjab awarded Mrs. Rajni Bector for exemplary service rendered in the field of Learned Profession in August 2009.

FIXED ASSETS:

· Land Freehold

· Land Leasehold

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Computer

FORM 8

Corporate identity number of the company	U74899PB1995PLC033417
Name of the company	MRS. BECTORS FOODS SPECIALITIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Theing Road, Phillaur, Jalandhar 144410, Punjab, India
This form is for	Modification of charge
Type of charge	· Immovable property · Book debts · Floating charge · Others
Particular of charge holder	State Bank of India, Specialised Commercial Branch, Aphwa Hospital Complex, Miller Ganj, Ludhiana 141001, Punjab, India Email: sbi04046@sbi.co.in
Nature of instrument creating charge	1. Agreement of loan for overall limit dated 9/12/2010. 2. Agreement of hypothecation of goods and assets dated 9/12/2010. 3. Letter regarding the grant of individual limits within the overall limit Dt. 9.12.2010 4. Recitals Dt. 9.12.2010
Date of instrument Creating the charge	09.12.2010
Amount secured by the charge	Rs. 794.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Intt. on working capital limits@ 12.60 % p.a. with monthly rests. Intt. on Export Finance will be as per SBI Exporters' Gold Card Scheme Intt. on Term Loans will be as per terms of sanction letter. Terms of repayment Working Capital Limits are payable on Demand. and repayment of various Term Loans will be as per the terms of Sanction Letter ( enclosed herewith ). Margin Inventories - 25 % Debtors - 40% Bank Guarantees and EPC : 15 % New Term Loan, One Time ILC / FLC for import of machinery : 33.33 % Extent and operation of the charge The Charge operates as continuing security for the repayment of Credit Facilities of Rs. 794.000 millions alongwith all the interest and various other charges due to the Bank.
Short particulars of the property charged (Including location of the property)	First Charge on entire current assets ( existing and Future ) of the Biscuit Division of the Company including raw materials, consumable stores and spares, stocks in process, finished goods, bills etc First charge on Leasehold Factory Land and Building measuring 13920 Sq. yards situated at Plot # 13, phase I and II, Industrial Area, Tahliwal, Distt. Una ( H.P. ) First charge on entire fixed assets of the Biscuit Division of the Company including Equitable mortgage of factory Land and Building measuring 19874.25 sq. yards situated at Theing Road, Phillaur Collateral security as mortgage of Industrial cum commercial property measuring 6823 Sq. Yards situated at # B-XXXIII - 324, Village Bhora, G.T.Road, Ludhiana. ( Khasra # 16//9/1-12-11/2-13-19-20).
Particulars of the present modification	The Overall Credit Facilities of Rs 712.200 millions Have Been Enhanced To Rs 794.000 millions .

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.49.14
UK Pound	1	Rs.75.97
Euro	1	Rs.65.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.