MIRA INFORM REPORT

Report Date :

14.12.2012

IDENTIFICATION DETAILS

Name :	PARLE AGRO PRIVATE LIMITED (w.e.f. 16.04.2001)
Formerly Known As :	PARLE AGRO LIMITED
Registered Office :	Western Express Highway, Andheri (East), Mumbai - 400 099, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.12.1985
Com. Reg. No.:	11-038459
Capital Investment / Paid-up Capital :	Rs.2.000 Millions
CIN No.: [Company Identification No.]	U15130MH1985PTC038459
TAN No.: [Tax Deduction & Collection Account No.]	MUMM19663A
PAN No.: [Permanent Account No.]	AAACP8416G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Distributor of flavours, ready to serve fruit beverages, packaged drinking water, PET performs caps, handles, confectionery and Snacks food items.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 11000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. The latest financials of the company are not made available. As per previous year’s, the financial position of the company is found to be healthy. Trade relations are reported as trustworthy. Business is active. Payment terms are regular and as per commitment. The company can be considered good 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 31-03-2012.

INFORMATION DECLINED

Name :	Mr. Chetan Shivling Solse
Designation :	Legal Department / Secretary
Date :	13.12.2012

LOCATIONS

Registered Office / Head Office / Corporate Office :	Western Express Highway, Andheri (East), Mumbai – 400 099, Maharashtra, India
Tel. No.:	91-22-66935025/ 32/ 66931921/ 24/ 65185761/ 67348000
Fax No.:	91-22-66935050
E-Mail :	General information: info@parleagro.com Consumer information: consumercell@parleagro.com Media related information: corpcomm@parleagro.com Career related information: careers@parleagro.com Export related information: exports@parleagro.com dinesh.shetty@parleagro.com rajendra.kothari@parleagro.com chetan.solse@parleagro.com
Website:	http://www.parleagro.com
Area :	18000 Sq. ft.
Location :	Owned
Factory :	Plot No.1-14, Old Satpati Road, Village Vanjivali, Pataganga, Raigad, Maharashtra, India

DIRECTORS

As on 28.09.2012

Name :	Mr. Prakash Jayantilal Chauhan
Designation :	Whole Time Director
Address :	Shanti Kunj, 47 Tejpal Road, Vile Parle (East), Mumbai - 400 057, Maharashtra, India
Date of Birth/Age :	16.12.1946
Qualification :	Electron Technology Programme – RCA Institute (USA) BSC. in Business Administration – Boston University USA
Date of Appointment :	26.12.1985
DIN No.:	00078739
Name :	Schauna Chauhan Bikramjeet Saluja
Designation :	Whole Time Director
Address :	2901, Winga 29^th Floor, Oberoi Sky Heights, Lokhandwala, Andheri (West), Mumbai - 400 052, Maharashtra, India
Date of Birth/Age :	02.08.1976
Qualification :	BBA International Management in Business School of Lausanne, Switzerland
Date of Appointment :	30.09.1999
DIN No.:	00078965
Name :	Ms. Alisha Chauhan Riyhad Kundanmal
Designation :	Director
Address :	1401/ 1402, Hicons Classic, CTS F/ 125, New Galita, TPS IV, 21^st Road, Khar (West), Mumbai – 400 052, Maharashtra, India
Date of Birth/Age :	14.09.1978
Qualification :	Bachelor of Commerce, Bachelor of Economics, BBA
Date of Appointment :	15.09.2010
DIN No.:	00079033
Name :	Nadia Chauhan Kurup
Designation :	Managing Director
Address :	Anand Apartment, 13^th Floor, Plot, No.424, Chitrkar Dhurandhar Marg, Khar (West), Mumbai - 400 052, Maharashtra, India.
Date of Birth/Age :	08.01.1986
Qualification :	Bachelor of Commerce
Date of Appointment :	29.09.2006
DIN No.:	00850166
Name :	Mr. Chandraprakash Dilbahadur Sood
Designation :	Director
Address :	Plot No.110, Flat No.9, Uma Kunj, Behind Pratap Society, Four Bunglows, Andheri (West), Mumbai – 400 053, Maharashtra, India
Date of Birth/Age :	16.07.1957
Date of Appointment :	15.02.2007
DIN No.:	01214816
Name :	Mr. Ashok Purshottam Bhave
Designation :	Director and Head Technical
Address :	27-C, Prem Varsha Parsiwada, Sahar Road, Andheri (East), Mumbai - 400 099, Maharashtra, India
Date of Birth/Age :	05.10.1948
Qualification :	M.E., Ministry of Transport
Date of Appointment :	22.12.2008
DIN No.:	02480658

KEY EXECUTIVES

Name :	Mr. Chetan Shivling Solse
Designation :	Legal Department / Secretary
Address :	C/403, Bhoomi Classic CHS, Opposite Inorbit Mall, Link Road, Malad (West), Mumbai – 400064, Maharashtra, India
Date of Birth/Age :	20.10.1975
Date of Appointment :	08.05.2012
Pan No. :	AVLPS1702R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Prakash Jayahntilal Chauhan	817000
Schauhna Chauhan Saluja	1000
Alisha Chauhan Kundanmal	1000
Nadia Chauhan Kurup	1000
Total	820000

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Distributor of flavours, ready to serve fruit beverages, packaged drinking water, PET performs, caps, handles, confectionery and Snacks food items.

Products :

Product Description	ITC Code
Flavour	330210
Agro Based Products	220290
PET Preforms	392390
Packaged Drinking water	220110

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Installed Capacity
Flavour Units (Non Alcoholic Beverage Base) including Hot fill Base units	30000 Nos.
Fruit Milk based Drinks **	2907.12 Lac Litres
P.E.T Performs **	14800 Tonnes
Packaged Drinking Water **	NIL Lac Liters
Caps, Closures and Handles	11 Million
Toasted Bread Snack **	930 Metric Tonnes

Note:

* As certified by the management and being a technical matter relied upon by the auditors.

** The company manufactures fruit based drinks/ PET performs/ packaged drinking water/ toasted bread snack in various sizes based on actual demand from time to time. Hence, it is not feasible for the company to give installed capacity in numbers/ cartons.

Particulars	Unit	Production Quantity
Fruit Based Drinks (32/30/27/24/12/10/8/6/5 packs per carton)	Cartons	16659832
Packaged Drinking Water (Bailley Bottles) (Bottles per carton 6/8/12/24)	Cartons	4216
PET Bottles (Empty)	Nos.	92255857
PET Preforms	Nos.	402522000
Caps	Nos.	435600
Plastic Handles	Nos.	5932000
Flavour Units (Non Alcoholic Beverage Base)	Nos.	26120
Other Flavour (Hot fill Base units)	Nos.	1383
Toasted Bread Snacks	Cartons	86814
Confectionery	Cartons	107003

GENERAL INFORMATION

No. of Employees:

Information declined by the management

Bankers :

• State Bank of India, Mumbai, Maharashtra, India
• Canara Bank, Vile Parle Branch, Mumbai, Maharashtra, India
• Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Basant Road, Worli, Mumbai – 400 018, Maharashtra, India
• The Ratnakar Bank Limited, Shahupuri, Kolhapur, Kolhapur – 416 001, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loan and Advanced From Banks
Cash Credit Facilities	343.060	66.291
Short Term Loan	700.000	300.000
Term Loan [The Term Loan installments repayable within one year Rs.108.600 millions (previous year - Rs.128.433 Millions)]	236.700	362.633
Interest accrued and due on secured loans	2.244	2.669
Total	1282.004	731.593

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loan from Directors	148.090	0.000
Total	148.090	0.000

Financial Institutions :	Tetra-Pak India Private Limited, Mayfair Tower, Ground Floor, Wakdewadi, Shivaji Nagar, Pune – 411 005, Maharashtra, India
Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	14^th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai - 400 028, Maharashtra, India
Tel. No.:	91-22-40356300
Fax No.:	91-22-40356400
PAN No.:	AABFS3421N
Related Parties :	Creativeland Asia Private Limited, India (CIN No.: U92100MH2007PTC171741) Creativeland Pictures Private Limited, India (CIN No.: U74940MH2010PTC199477) Creativeland Advertising Private Limited, India (CIN No.: U74990MH2009PTC194432)

CAPITAL STRUCTURE

After 21.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.100/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
820000	Equity Shares	Rs.100/- each	Rs.82.000 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
525000	Equity Shares	Rs.100/- each	Rs.52.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs.2.000 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		2.000	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2807.013	2712.922	700.940
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2809.013	2714.922	702.940
LOAN FUNDS
1] Secured Loans		1282.004	731.593	579.008
2] Unsecured Loans		148.090	0.000	574.495
TOTAL BORROWING		1430.094	731.593	1153.503
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4239.107	3446.515	1856.443
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1714.574	1313.366	1302.648
Capital work-in-progress		118.031	372.399	32.647
INVESTMENT		1239.540	1175.017	0.025
DEFERRED TAX ASSETS		62.716	56.672	41.302
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1492.306	832.286	848.056
	Sundry Debtors	208.832	116.698	103.478
	Cash & Bank Balances	61.696	69.926	30.479
	Other Current Assets	3.327	3.928	2.204
	Loans & Advances	423.911	443.912	283.347
Total Current Assets		2190.072	1466.750	1267.564
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	542.690	470.710	425.950
	Other Current Liabilities	462.352	394.542	288.429
	Provisions	80.784	72.437	73.364
Total Current Liabilities		1085.826	937.689	787.743
Net Current Assets		1104.246	529.061	479.821
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4239.107	3446.515	1856.443

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	6838.814	5634.069	5031.075
		Other Income		192.138	44.638
		Excess/ Short Provision	255.797	19.159	5.493
		Increase/ Decrease in inventories		(59.139)	123.532
		TOTAL	7094.611	5786.227	5204.738
Less	EXPENSES
		Raw and Packaging Materials Consumed		2772.304	2610.229
		Personnel Expenses	6567.250	573.623	458.720
		Operating and Other Expenses		1885.236	1595.977
		Other Expenditure		77.835	38.084
		TOTAL	6567.250	5308.998	4703.010
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		527.361	477.229	501.728
Less	INTEREST EXPENSES		92.265	38.586	118.165
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		435.096	438.643	383.563
Less/ Add	DEPRECIATION/ AMORTISATION		336.318	304.184	284.670
	PROFIT BEFORE TAX		98.778	134.459	98.893
Less	TAX		7.297	10.311	43.530
	PROFIT AFTER TAX AND BEFORE PRIOR PERIOD EXCEPTIONAL ITEMS		91.481	124.148	55.363
Less/ Add	Impairment losses and prior period adjustments (Net)		0.111	(1.422)	2.677
	PROFIT FOR THE YEAR		91.592	122.726	58.040
	Post merger Profit/ (Loss) of PSSPL for the year 2007-2008		0.000	0.000	(1.870)
	Post merger Profit/ (Loss) of PPPL for the period from January to March, 2009		0.000	60.797	0.000
	Balance of P and L a/c of PPPL till 31^st December, 2008 pursuant to Scheme of Arrangement		0.000	591.289	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1094.818	320.006	263.836
	BALANCE CARRIED TO THE B/S		1186.410	1094.818	320.006
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	205.279	186.681	179.082
	TOTAL EARNINGS		205.279	186.681	179.082
	IMPORTS
		Raw Materials	94.884	21.180	6.155
		Components and Spare Parts	6.733	4.538	5.643
		Capital Goods	NA	44.931	126.238
	TOTAL IMPORTS		NA	70.649	138.036
	Earnings Per Share (Rs.)		4580.00	6136.00	2902.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.29	2.12	1.12
Net Profit Margin (PBT/Sales)	(%)	1.44	2.39	1.97
Return on Total Assets (PBT/Total Assets}	(%)	2.53	4.84	3.85
Return on Investment (ROI) (PBT/Networth)		0.04	0.05	0.14
Debt Equity Ratio (Total Liability/Networth)		0.90	0.61	2.76
Current Ratio (Current Asset/Current Liability)		2.02	1.56	1.61

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Rs. In Millions

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Creditors due others	542.690	470.710	425.950
Total	542.690	470.710	425.950

Sr. No.	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	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NATURE OF OPERATIONS:

The Company manufactures and distributes flavours, ready to serve fruit beverages, packaged drinking water, PET performs, caps, handles, confectionery and Snacks food items.

OPERATIONS:

During the year 2010-11, the Company has registered sales turnover of Rs.6838.814 millions as against Rs.5634.069 millions in the previous year registering a growth of 21.38%. The Company has recorded profit before tax, prior period items and exceptional items of Rs.98.778 millions as against Rs.134.459 millions in the previous year, a decrease of 26.54% over previous year, mainly due to an increase in interest cost and high input cost during the year.

BUSINESS DEVELOPMENT:

During the year the Company launched its iconic beverages, Frooti and Appy in a new 160 ml Tetra Pak, making the Company the first company in India to introduce these SKUs in the Tetra format. The Company’s Packaged Drinking Water brand – Bailley has strategically diversified into the PET soda segment with its brand, Bailley Soda. The Company has launched soda in two SKUs – 600 ml and 300 ml. During the year Bailley was the official water sponsor at the Sunburn festival, Asia’s premier three-day electronic music festival in Goa. The co-branding was done through its bottle sleeves. Due to this association and the exposure it received at the festival, Bailley has now entered the party space. In August 2010, the Company launched Hippo Round-Round, the first ever wheat-based, round-shaped snack in five delicious Indian flavours. It is a healthier alternative and distinguishes itself from the rice-based and corn-based round snacks that are available in the market today and is well accepted in the market showing a good growth opportunity. During the year, the Company initiated the launch of Frooti and Bailley Soda in Returnable Glass Bottles (RGB’s) keeping in mind that RGB holds 50% of consumption share in beverage industry and dominates channels like Restaurants, Hotels, Pubs, Canteens, etc. The Company plans to increase its distribution with RGB and is all set to serve Frooti and Bailley Soda in glass bottles in the initial half of year 2011-12.

CONTINGENT LIABILITIES:

(Rs. in millions)

Particulars	31.03.2011
a) Disputed income-tax liability (including interest thereon)	56.873
b) Disputed sales tax liability	6.218
c) Disputed Excise duty	77.533
d) Guarantees given by the Banks	5.146

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Electrical Installation

· Research and Development Assets

· Office Equipments

· Factory Lab Equipments

· Computers

· Tools, Dies and Moulds

· Vehicles

· Furniture and Fixtures

· Air Conditioner

· Water Coolers

· Garden Equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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.54.23
UK Pound	1	Rs.87.53
Euro	1	Rs.70.94

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		62

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.