MIRA INFORM REPORT

Report Date :

15.09.2011

IDENTIFICATION DETAILS

Name :	BEST PAPER MILLS PRIVATE LIMITED
Registered Office :	2 Ram Niwas Pranjpe ‘B’ Scheme, Road 3, Vile Parle (East), Mumbai-400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	26.09.1995
Com. Reg. No.:	11-93122
Capital Investment/ Paid-up Capital:	Rs. 97.572 Millions
CIN No.: [Company Identification No.]	U21000MH1995PTC093122
TAN No.: [Tax Deduction & Collection Account No.]	MUMB06421C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Paper
No. of Employees:	200 (Office + 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 1430000
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 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

INFORMATION PARTED BY

Name :	Mr. Manoj Rathod
Designation :	Accounts Manager
Name :	Mr. Rajiv Shetty
Designation :	Accounts Manager in Vapi
Date:	13.09.2011

LOCATIONS

Registered Office :	2 Ram Niwas Pranjpe ‘B’ Scheme, Road 3, Vile Parle (East), Mumbai-400057, Maharashtra, India
Tel. No.:	91-22-26135358
Mobile No.:	91-22-26135359
E-Mail :	bestpaperidbi@drdcs.net/ best_sumariagroup@yahoo.com
Area :	550 sq.ft
Location :	Owned
Factory 1 :	Plot No. 57, FGH/A Ghala, Phase- 1, GIDC Vapi-396195, Gujarat, India
Tel. No.:	91-260-2427265
Fax No.:	91-260-2427266
Factory 2 :	Plot No. 57/FGH/B-2, G.I.D.C, 1^st Phase, Vapi-396195, Gujarat, India
Area :	Total of both Factory 17000 Sq. Meters
Location :	Leased

DIRECTORS

As on 24.07.2010

Name :	Mr. Ramesh Kesavji Shah
Designation :	Managing Director
Address :	502, Manav Mandir, Sarvodya Nagar, Jain Road, Mulund (West), Mumbai-400080, Maharashtra, India
Date of Birth/Age :	29.01.1962
Qualification :	B.Com
Date of Appointment :	01.07.2007
DIN No:	00842933

Other Directorship:

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
U21000MH1995PTC093122	BEST PAPER MILLS PRIVATE LIMITED	Managing director	01-07-07	26-09-95	-	Active
U21010MH1987PTC042720	REMCO PAPER AND BOARD INDUSTRIES PRIVATE LIMITED	Director	01-08-06	01-08-06	29-08-08	Active
U74900MH2009PTC193052	BEST PLASTEX PRIVATE LIMITED	Director	05-06-09	05-06-09	-	Active
U74990MH2009PTC193056	SUMARIA MERCANTILE PRIVATE LIMITED	Director	05-06-09	05-06-09	-	Active
U74120MH2010PTC203454	SUMARIA AGENCIES PRIVATE LIMITED	Director	24-05-10	24-05-10	-	Active
U17120MH2011PTC219617	BEST KNITTING MILLS PRIVATE LIMITED	Director	11-07-11	11-07-11	-	Active

Name :	Mr. Ketan Keshavji Shah
Designation :	Whole-time-Director
Address :	502, Manav Mandir, Sarvodya Nagar, Jain Road, Mulund (West), Mumbai-400080, Maharashtra, India
Date of Birth/Age :	17.02.1970
Qualification :	B.Com
Date of Appointment :	01.07.2007
DIN No:	01362401

Other Directorship:

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
U21000MH1995PTC093122	BEST PAPER MILLS PRIVATE LIMITED	Whole-time director	01-07-07	26-09-95	-	Active
U21010MH1987PTC042720	REMCO PAPER AND BOARD INDUSTRIES PRIVATE LIMITED	Director	01-08-06	01-08-06	29-08-08	Active
U74900MH2009PTC193052	BEST PLASTEX PRIVATE LIMITED	Director	05-06-09	05-06-09	-	Active
U74990MH2009PTC193056	SUMARIA MERCANTILE PRIVATE LIMITED	Director	05-06-09	05-06-09	-	Active
U74120MH2010PTC203454	SUMARIA AGENCIES PRIVATE LIMITED	Director	24-05-10	24-05-10	-	Active
U17120MH2011PTC219617	BEST KNITTING MILLS PRIVATE LIMITED	Director	11-07-11	11-07-11	-	Active

Name :	Manoj Shantilal Rathod
Designation :	Director
Address :	125-B, Tulsiwadi, Matar Pakhadi Road, Mazgaon, Mumbai- 400010, Maharashtra, India
Date of Birth/Age :	17.02.1970
Date of Appointment :	22.12.2009
DIN No:	00964365

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	U24246WB1989PTC047838	ROHIT PLASTOPACK PVT. LTD.	Director	20-08-03	20-08-03	-	Dormant	NO
2	U24246MH1989PTC160499	ROHIT PLASTOPACK PRIVATE LIMITED	Director	20-08-03	20-08-03	-	Active	NO
3	U21000MH1995PTC093122	BEST PAPER MILLS PRIVATE LIMITED	Director	24-07-10	22-12-09	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj Rathod
Designation :	Accounts Manager
Name :	Mr. Rajiv Shetty
Designation :	Accounts Manager in Vapi

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.07.2010

Names of Shareholders	No. of Shares
Ramesh Shah	170100
Ketan Shah	1309600
Jigna K Shah	25000
Keshav Bharmal Shah HUF	20000
Keshav Bharmal Shah	45500
Ketan Keshavji Shah HUF	17500
Pushpaben Keshavji Shah	30000
Ramesh Keshavji Shah (HUF)	1192400
Sumaria Family Trust	1400000
Bimal Kantilal Haria	600
Sheetal Haria	50000
Rohit Plasto Pack Pvt Ltd	3053730
Kantilal Lakamshi Haria (HUF)	600
Manish Kantilal Haria	600
Pravinchandra Hirji Shah	600
Total	7316230
Names of Preferences Shareholders	No. of Shares
Sheetal Haria	2441000
Total	2441000

Equity Share Breakup

As on 30.09.2010

Category	Percentage
Bodies corporate	61.40
Directors or relatives of Directors	38.60
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Paper

Products :

Product Description	ITC Code
Kraft Paper	48.04

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
M.G. Kraft Paper	MT	108000	--	83725.776

GENERAL INFORMATION

Customers :

• Dealer
• Distributor

No. of Employees :

200 (Office + Factory )

Bankers :

• Bank of Maharashtra, Andheri (West) Mumbai – 400058, Maharashtra, India.
• Axis Bank
• State bank of India

Mid Corporate Group, Commercial Branch, 3^rd Floor, Paramisiddhi Complex, Ellisbridge, Ahmedabad, Gujarat – 380009, India.

Facilities :

Secured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
From State Bank of India – Ahmedabad (Term Loan)	0.000	13.731
From State Bank of India – Ahmedabad (Term Loan – III)	18.371	7.238
From State Bank of India – Ahmedabad (Term Loan – Wind Mill)	33.521	41.921
From Bank of Maharashtra – Mumbai (Term Loan) Secured by hypothecation of all movable and immovable assets and equitable mortgage of factory land and building of the company present and future guarantee of some of the directors.	0.000	17.200
From HDFC Bank Car Loan	1.857	2.447
From Bank of Maharashtra (Working Capital)	81.086	57.251
From State Bank of India - Vapi (Working Capital)	25.611	12.067
From State Bank of India – Ahmedabad (Working Capital)	136.997	99.403
From State Bank of India - Mumbai (Working Capital) Secured against hypothecation of book debts, all stock of raw materials, etc and second charge on fixed assets and personal guarantee of some of the directors	10.454	9.916
From UTI Bank Limited- Vapi	0.000	0.000
Total	307.897	261.174
Unsecured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
From Directors	13.134	13.500
From Shareholders	16.100	16.100
From Friends	27.138	22.838
From Others	72.065	75.999
Total
	128.437	128.437

Banking Relations :	--
Auditors :
Name :	Sunderji Gosar and Company Chartered Accountant
Address :	301, Hind Rajasthan Building, 95, Dadasaheb Phalke Raod, Near Dadar Railway Station, Mumbai-400014, Maharashtra, India
Pan No.:	AANFS5593F
Associates/Subsidiaries :	Rohit Plastopack Private Limited Address: 2 Ram Niwas Pranje ‘B’ Scheme, Road 3, Vile Parle (East), Mumbai-400057, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs. 10/- each	Rs.100.000 Millions
2500000	Preferences Shares	Rs. 10 /- each	Rs. 25.000 Millions
	Total		Rs.125.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7316230	Equity Shares	Rs. 10/- each	Rs.73.162 Millions
2441000	Preferences Shares	Rs. 10 /- each	Rs.24.410 Millions
	Total		Rs.97.572 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		97.572	97.572	97.572
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		260.053	224.761	189.877
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		357.625	322.333	287.449
LOAN FUNDS
1] Secured Loans		307.897	261.174	208.474
2] Unsecured Loans		128.437	128.437	128.453
TOTAL BORROWING		436.334	389.611	336.927
DEFERRED TAX LIABILITIES		40.073	35.738	28.967
TOTAL		834.032	747.682	653.343
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		335.725	343.641	307.751
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		35.266	10.084	10.483
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	186.177	160.878	177.985
	Sundry Debtors	355.878	259.046	279.253
	Cash & Bank Balances	24.825	24.505	22.144
	Other Current Assets	16.417	12.169	12.128
	Loans & Advances	124.236	95.142	71.795
Total Current Assets		707.533	551.740	563.305
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	198.694	128.843	209.973
	Provisions	45.798	28.940	18.223
Total Current Liabilities		244.492	157.783	228.196
Net Current Assets		463.041	393.957	335.109
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		834.032	747.682	653.343

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1914.529	1730.497	1605.967
		Other Income	21.135	21.378	27.945
		TOTAL (A)	1935.664	1751.875	1633.912
Less	EXPENSES
		Material Consumed	1292.906	1171.633	1043.757
		Excise Duty and Cess	74.785	110.272	161.440
		Sales Tax	67.033	61.419	54.312
		Manufacturing Expenses	173.667	141.702	131.607
		Personnel Expenses	24.410	17.475	17.303
		Administrative Expenses	66.510	39.277	38.496
		Selling and Distribution Expenses	94.612	64.625	59.088
		Increased / Decreased in Stocks	(3.596)	2.224	(0.796)
		Other Expenses	89.109	89.094	0.000
		Total	1879.436	1697.721	1505.207
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		145.335	143.243	128.705
Less	FINANCIAL EXPENSES (D)		37.789	45.962	36.939
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		107.546	97.281	91.766
Less/ Add	DEPRECIATION/ AMORTISATION (F)		51.318	43.127	46.207
	PROFIT BEFORE TAX (E-F) (G)		56.228	54.154	45.559
Less	TAX (H)		20.936	19.271	15.304
	PROFIT AFTER TAX (G-H) (I)		35.292	34.883	30.255
	IMPORTS
		Raw Materials	323.025	299.094	298.893
		Stores & Spares	2.223	1.915	0.791
		Others	0.203	0.208	0.726
	TOTAL IMPORTS		325.451	301.217	300.410
	Earnings Per Share (Rs.)		4.82	4.77	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.82	1.99	1.85
Net Profit Margin (PBT/Sales)	(%)	2.93	3.12	2.83
Return on Total Assets (PBT/Total Assets}	(%)	5.38	6.04	5.23
Return on Investment (ROI) (PBT/Networth)		0.15	0.16	0.15
Debt Equity Ratio (Total Liability/Networth)		1.90	1.69	1.96
Current Ratio (Current Asset/Current Liability)		2.89	3.49	2.46

LOCAL AGENCY FURTHER INFORMATION

Note:

The Registered office of the company has been shifted from Haria Centre E/8, Subhash Road, Vile Parle (East), Mumbai – 400057, India to present address w.e.f of 01.06.2006

Trade References:

• G.P. Harmony Associates – USA
• V.G. Recycling and Resources – Holland

Performance Review:

The working result for the year has shown marked all around improvement. The sales of the company have increased to Rs. 0.019 Millions compared to Rs. 0.017 Millions in the previous year, showing the growth of 10.64%.The production of the Kraft paper during the year under report was 0.095 MTs. Compared to 0.083 Mts in the previous year, Showing the growth of 14.31%. The Net Profit of Rs. Millions compared to Rs. 30.256 Millions. This has been achieved inspite to stiff competition form well-established players in the industry.

Future prospects of the company:

The company expects to perform much better in the current year. The book order position of the Company is very comfortable. Keeping in view the current scenario the Company should do very well in the current year.

Fixed Assets:

• Land
• Boiler
• Factory Building
• Office Building
• Plant and Machinery
• ETP
• Furniture and Fixtures
• Vehicles
• Office Equipments
• Computer
• Stem Turbine
• ESP System
• Wind Mill
• Wind Mill- Land Dev

Form 8:

Corporate identity number of the company	U21000MH1995PTC093122
Name of the company	BEST PAPER MILLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2 Ram Niwas Pranjpe ‘B’ Scheme, Road 3, Vile Parle (East), Mumbai-400057, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number	10098458
Type of charge	Immovable Property Any interest in immovable property Others
Particular of charge holder	State bank of India Mid Corporate Group, Commercial Branch, 3^rd Floor, Paramisiddhi Complex, Ellisbridge, Ahmedabad, Gujarat – 380009, India. Email: rm1.cbahm@sbi.co.in
Nature of instrument creating charge	Supplemental Memorandum of Deposits of Title Deeds in favour of SBI Consortium, SBI acting for itself and as agent of IDBI Bank, Surat Specialised Corporate Branch, Essen House, 2^nd Floor, Ghod Dod Road, Kotak House,Surat 395001
Date of instrument Creating the charge	29.03.2011
Amount secured by the charge	Rs. 814.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: This being a collateral charge, the liability in respect of the financial assistance shall include interest at such rate as is prescribed by the banks as per respective sanction letters. Terms of repayment: WC limit aggregating to Rs. 641.500 Millions.are repayable on demand whereas Term Loan as under. (1) SBI (I) TL-I (Rs. 42.000 Millions), (II) (Rs. 23.000 Millions.) to be repaid in 20 quarterly installments of Rs. 03.300 Millions each (expect the last of Rs. 02.300 Millions ) commencing from June 2009 , (III) TL –III (RS 3.000 Millions) in 10 quartely installments of Rs. 03.000 Millions each commencing from June 2011. (2) IDBI Bank , fresh TL Rs. 78.000 Millions in 20 quartely installments after 6 Months Moratorium from date of disbursement. (3) Margin: (A) For WC limits shall b (1) SBI (a) RM, SIP & FG @25% b) Receivable @50% ( cover 90Days), (c) LC 10% (2) IDBI @ 25% on inventory & 50% on book debts. (B) For TLs way of promoters contribution shall be (1) SBI @35.96% in case of TL –I&II and @33.33% in case of TL –III Whereas. (2) In case of IDBI Bank TL @30.00%. Extent and operation of the charge: The charge created on the assets described in Sr No 15 herein shall be extension of First charge of EM on pari passu bases to secure (i) various WC facilities of Rs. 641.500 Millions (SBI s 426.5 Millions & IDBI Bank Rs. 215.000 Millions) and (ii) TLs of Rs. 173.000 Millions ( SBI Rs,. 95.000 Millions and IDBI Bank Rs 78.000 Millions) Others: The charge created on the assets described in Sr No 15 herein shall rank as continuing collateral Security (i) various WC facilities of Rs 641.500 Millions and (ii) (ii) TLs of Rs 173.000 Millions together with all interest, costs, charge and other monies thereon payable by the Borrower to the respective Banks.
Short particulars of the property charged	Immovable Property: (1) LH Plot No 57/FGH /A adm 8527.85 Sq M, (2) LH Plot No 57/FGH / B – 2 adm 6917 Sq M, (3) FH agri land of S No 773/7 adm 506 Sq M. ( 4) FH agri land of S No (I)772/7 adm 202 Sq M, (ii) 772/6 adm 506 Sq M, (iii) 772/5 adm 101 Sq M, (IV)772/4 adm 405 Sq M, (V) 772/1 adm 1113 Sq M, (vi) 761/7 adm 506 Sq M (viiii) 761/8 adm 506 total 3339 Sq M ( consolidated S No 761/5) (5) FH agri land of S Nos (i) 761/10 adm 607 Sq M, (ii) 762/1 adm 1113 Sq M, (III)773/2 adm 1619 Sq M, (IV)772/3 adm 202 SqM, (v) 773/1 adm 2732 Sq M, (vi) 762/2P adm 708 Sq M (vii) 763/34 P adm202 S M , (viii) 763/28 adm 607 Sq M , (ix) 763/34 Padm 202 Sq M, (x) 761/13 adm 1163 Sq M, (xi) 761/14 adm 1113 Sq M , N (xii) 772 adm 4047 Sq m , (xiv) 772/8 adm 1619 Sq M, (xv) 761/5 adm 708 Sq M , (xvi) 761/11 adm 405 Sq M, (xvii) 761/12 adm 405 Sq M, (xviii) 761/13 P adm 1163 Sq m All Properties of Sr Nos (1) &(2) at vapi Notified Industrial Areas and (3) & (5) situated at Vapi, Taluka Vapi, Dist Valsad.
Particulars of the present modification	Charge of EM dated 01.03.2008 for Rs. 445.900 Millions on the assets described in Sr No 15 herein created in favour of SBI and BOM and (2) Modified on 03.08.2009 upto Rs 515.9000 Millions by Jt DOH and Extension of EM in favour of SBI and BOM is now further modified by way of Extension of EM to secure due repayment of aggregate financial assistance of Rs. 814.500 Millions (Rs 521.5000 Millions of SBI and Rs. 293.000 Millions of IDBI Bank

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.47.84
UK Pound	1	Rs.75.40
Euro	1	Rs.65.67

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	NO
--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.