MIRA INFORM REPORT

Report Date :

14.01.2012

IDENTIFICATION DETAILS

Name :	NEWS PRINT TRADING AND DISTRIBUTING CORPORATION LIMITED

Registered Office :	229-231, Perin Nariman Street, 101, 1^st Floor, Fort, Mumbai – 400 021, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	08.09.1958

Com. Reg. No.:	11-11171

Capital Investment / Paid-up Capital :	Rs.1.982 Millions

CIN No.: [Company Identification No.]	U51900MH1958PLC011171

TAN No.: [Tax Deduction & Collection Account No.]	MUMT09646A MUMT10876F

PAN No.: [Permanent Account No.]	AAACT1786B

Legal Form :	A Closely held Public Limited Liability Company

Line of Business :	Importer and Exporter of Printing Papers.

No. of Employees :	21 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 60000

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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

INFORMATION DECLINED BY

Name :	Ms. Priti
Designation :	Accounts Manager
Contact No.:	91-22-22627299

LOCATIONS

Registered Office :	229-231, Perin Nariman Street, 101, 1^st Floor, Fort, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22617272, 22617878, 22617299
Fax No.:	91-22-22611207
E-Mail :	ntdc@vsnl.com contact@newsprintindia.com mgassociates@vsnl.com accounts.ntdc@gmail.com
Website :	http://www.newsprintindia.com
Area :	2500 sq. ft
Location :	Owned

Factory :	Gala No.5/6, Tantia Industrial Estate, Sitaram Mill Compound, Lower Parel, Mambai, Maharashtra, India.
Tel. No.:	91-22-23098182
Area :	1500 sq. ft.
Location :	Owned

Branch 1 :	203, Bora Bazar Street, 1^st Floor, Fort, Mumbai – 400001, Maharashtra, India.
Tel. No.:	91-22-22617299
Fax No.:	91-22-22611207
Area :	2000 sq. ft.
Location :	Owned

Branch 2 :	Ground Floor, Mapla House, 202, Bora Bazar Street, Fort, Mumbai – 400001, Maharashtra, India
Area :	1000 sq. ft.
Location :	Owned

DIRECTORS

AS ON 27.09.2011

Name :

Mr. Mulchand L. Shah

Designation :

Chairman

Address :

203, Bora Bazar Street, 1/F, Fort, Mumbai – 400 001, Maharashtra, India

Date of Birth/Age :

05.07.1944

Date of Appointment :

27.09.1990

DIN No.:

00134479

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	U70100MH1987PTC042875	KALPANA PROPERTIES PRIVATE LIMITED	Director	12/3/1987	12/3/1987	-	Active	NO
2	U63090MH1990PTC055313	SHREE TEJ IMPEX AGENCY PRIVATE LIMITED	Director	2/2/1990	2/2/1990	18/02/2010	Active	NO
3	U51900MH1958PLC011171	NEWS PRINT TRADING AND DISTRIBUTING CORPN LIMITED	Director	27/09/1990	27/09/1990	-	Active	NO
4	U21010MH1990PTC056972	SHREE TEJ ENTERPRISES PRIVATE LIMITED	Director	10/6/1992	10/6/1992	-	Active	NO
5	U70200MH1993PTC074226	SHREE GAJRAJ GRAH NIRMAN PRIVATE LIMITED	Director	29/09/1993	29/09/1993	24/09/2008	Active	NO
6	U70102MH1994PTC083721	HINDTEJ LAND DEVELOPERS PRIVATE LIMITED	Director	14/12/1994	14/12/1994	-	Active	NO
7	U45200MH1995PTC091343	PARSHAVATEJ NIRMAN PRIVATE LIMITED	Director	3/8/1995	3/8/1995	-	Active	NO
8	U45200MH1995PTC091339	MANGALTEJ NIRMAN PRIVATE LIMITED	Director	3/8/1995	3/8/1995	-	Active	NO
9	U70100MH1995PTC092129	SHREE PARSHVATEJ ENTERPRISES PRIVATE LIMITED	Director	24/08/1995	24/08/1995	-	Active	NO
10	U45200MH1995PTC091789	MATRU TEJ ENTERPRISES PRIVATE LIMITED	Director	25/08/1995	25/08/1995	-	Active	NO
11	U70101MH1984PTC033967	SHREE BUONA CASA ESTATES PRIVATE LIMITED	Director	3/11/1995	3/11/1995	-	Active	NO
12	U70200MH1995PTC094310	MIDTOWN REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	9/11/1995	9/11/1995	-	Active	NO
13	U45201MH1996PTC098351	RUSHABHTEJ HOUSING AND DEVELOPERS PRIVATE LIMITED	Director	22/03/1996	22/03/1996	-	Active	NO
14	U45200MH2003PTC143745	SHREEGAJRAJ HOUSING NIRMAN PRIVATE LIMITED	Director	12/3/2005	12/3/2005	-	Active	NO
15	U70102MH2007PTC170189	SHANTISUMANGAL ENTERPRISES PRIVATE LIMITED	Director	21/04/2007	21/04/2007	-	Active	NO

Name

Mr. Jayesh Mulchand Shah

Designation

Whole-time Director

Address

15, 3^rd Floor, Windsor Chambers, 7 Cawasji street, Fourt, Mumbai – 400001, Maharashtra, India

Date of Birth

18.05.1968

Qualification

B. Com.

Date of Appointment :

01.04.2010

DIN No.:

00228868

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	U70100MH1987PTC042875	KALPANA PROPERTIES PRIVATE LIMITED	Director	1/12/1988	1/12/1988	-	Active	NO
2	U51900MH1958PLC011171	NEWS PRINT TRADING AND DISTRIBUTING CORPN LIMITED	Whole-time director	1/4/2010	29/09/1989	-	Active	NO
3	U63090MH1990PTC055313	SHREE TEJ IMPEX AGENCY PRIVATE LIMITED	Director	12/6/1990	12/6/1990	18/02/2010	Active	NO
4	U21010MH1990PTC056972	SHREE TEJ ENTERPRISES PRIVATE LIMITED	Director	22/06/1990	22/06/1990	-	Active	NO
5	U70102MH1994PTC083721	HINDTEJ LAND DEVELOPERS PRIVATE LIMITED	Director	14/12/1994	14/12/1994	-	Active	NO
6	U45200MH1995PTC091339	MANGALTEJ NIRMAN PRIVATE LIMITED	Director	3/8/1995	3/8/1995	-	Active	NO
7	U45200MH1995PTC091789	MATRU TEJ ENTERPRISES PRIVATE LIMITED	Director	25/08/1995	25/08/1995	-	Active	NO
8	U70101MH1984PTC033967	SHREE BUONA CASA ESTATES PRIVATE LIMITED	Director	3/11/1995	3/11/1995	-	Active	NO
9	U45201MH1996PTC098351	RUSHABHTEJ HOUSING AND DEVELOPERS PRIVATE LIMITED	Director	22/03/1996	22/03/1996	-	Active	NO
10	U45200MH2003PTC143745	SHREEGAJRAJ HOUSING NIRMAN PRIVATE LIMITED	Director	30/12/2003	30/12/2003	-	Active	NO
11	U70102MH2007PTC170189	SHANTISUMANGAL ENTERPRISES PRIVATE LIMITED	Director	5/3/2009	5/3/2009	-	Active	NO

Name

Mr. Hitesh Mulchand Shah

Designation

Managing Director

Address

18, Fourth Floor, Windsor Chambers, 7 Cawasji street, Fourt, Mumbai – 400001, Maharashtra, India

Date of Birth

08.06.1970

Qualification

B. Com.

Date of Appointment

01.04.2010

DIN No.:

00154753

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	U70100MH1987PTC042875	KALPANA PROPERTIES PRIVATE LIMITED	Director	1/12/1988	1/12/1988	-	Active	NO
2	U51900MH1958PLC011171	NEWS PRINT TRADING AND DISTRIBUTING CORPN LIMITED	Managing director	1/4/2010	29/09/1989	-	Active	NO
3	U63090MH1990PTC055313	SHREE TEJ IMPEX AGENCY PRIVATE LIMITED	Director	12/6/1990	12/6/1990	18/02/2010	Active	NO
4	U21010MH1990PTC056972	SHREE TEJ ENTERPRISES PRIVATE LIMITED	Director	22/06/1990	22/06/1990	-	Active	NO
5	U70200MH1993PTC074226	SHREE GAJRAJ GRAH NIRMAN PRIVATE LIMITED	Director	12/12/1994	12/12/1994	-	Active	NO
6	U70100MH1995PTC092129	SHREE PARSHVATEJ ENTERPRISES PRIVATE LIMITED	Director	24/08/1995	24/08/1995	-	Active	NO
7	U70101MH1984PTC033967	SHREE BUONA CASA ESTATES PRIVATE LIMITED	Director	3/11/1995	3/11/1995	-	Active	NO
8	U70200MH1995PTC094310	MIDTOWN REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	9/11/1995	9/11/1995	-	Active	NO
9	U45201MH1996PTC098351	RUSHABHTEJ HOUSING AND DEVELOPERS PRIVATE LIMITED	Director	22/03/1996	22/03/1996	-	Active	NO
10	U45200MH1995PTC091343	PARSHAVATEJ NIRMAN PRIVATE LIMITED	Director	2/12/1996	2/12/1996	-	Active	NO
11	U45200MH2003PTC143745	SHREEGAJRAJ HOUSING NIRMAN PRIVATE LIMITED	Director	29/09/2007	16/02/2006	-	Active	NO
12	U70102MH2007PTC170189	SHANTISUMANGAL ENTERPRISES PRIVATE LIMITED	Director	5/3/2009	5/3/2009	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Priti
Designation :	Accounts Manager

Name :	Mr. Manish L Ghia
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 27.09.2011)

Names of Shareholders		No. of Shares

Mulchand L. Shah and Manjula M. Shah		102000
Manjula M. Shah and Mulchand L. Shah		18000
Jayesh Mulchand Shah and Mulchand L. Shah		20650
Bijal Jayesh Shah		200
Hitesh Mulchand Shah and Mulchand Lalji Shah		34000
Rajesh Mulchand Shah and Mulchand Lalji Shah		19950
Manekchand S Bengani		100
Jayantilal Manilal Shah and Yagnesh Jayantilal Shah		500
Anilkumar Babulal Shah		50
Swaldas Kishanchand Munyal and Vishindas K. Munyal and Asha V. Munyal		100
Sakina Mohammedaram Hawa		50
J.P. Patel (BOM) Private Limited		100
Kantilal Mohanlal Parikh		50
Dhiraj A. Shah and Meena D. Shah		100
Arzoo Hitesh Shah and Hitesh Mulchand Shah		100
Shantilal S. Shah		50
Abdullabhai F. Kagalwala		400
Girdharilal Damodar Private Limited		100
Indravadan M. Parikh		50
Krishnakumar L. Ganantra		50
Mukesh K. Sheth		100
Ramanand Kapoor		100
Ramesh P. Chugani and Gauri R. Chugani		50
Ramesh T. Chiklikar		50
Vinod S. Shah		50
Sheetal R. Shah		200
Mulchand Lalji Shah HUF		50
Jayesh Mulchand Shah HUF		50
Hitesh Mulchand Shah HUF		50
Rajesh Mulchand Shah HUF		50

Total		197350

(AS ON 30.09.2011)

Equity Shares Break – up

Category		Percentage

Other top fifty shareholders		100.00

Total		100.00

BUSINESS DETAILS

Line of Business :

Importer and Exporter of Printing Papers.

Products :

§ Newsprint Paper

§ Mechanical Printing Paper

§ Trading

§ SC (Glazed Newsprint Paper)

§ Light Weight Coated Paper

§ One Side Coated Label Paper (Adicar)

§ Glassine (Silco)

§ Thermal Transfer Paper

§ One Side Coated Wet Strength Paper

§ Two Side Coated Paper and Board

§ Self Adhhhesive paper

GENERAL INFORMATION

No. of Employees :

21 (Approximately)

Bankers :

· Union Bank of India,

Bombay Samachar Marg, Mumbai – 400 023, Maharashtra, India

· Bombay Mercantile Co-Operative Bank Limited,

Foreign Exchange Division, Uttam House, 4^th Floor, P.D’ Mello Road, Carnac Bunder, Mumbai – 400001, Maharashtra, India

· Bank of Baroda,

Bori Bunder Branch, Mumbai – 400 001, Maharashtra, India

· Citi Co-operative Bank Limited

· Dena Bank

· Cosmos Co-Operative Bank

· Citi Bank

Facilities :

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)

From Directors
Hitesh Shah (Directors Loan)	0.000	4.000

Total	0.000	4.000


Banking Relations :	--

Auditors :
Name :	Rajeev Shah and Company Chartered Accountants
Address :	3/4, Behramji Mansion, 1^st Floor, 18, Homji Street, Sir P. M. Road, Fort, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22665425
E-Mail :	srajeev@bom3.vsnl.net.in
Pan No. :	AAAFR0196C

Associates/Subsidiaries (As on 31.03.2010) :	· Mulchand Lalji and Company Address: 203, Bora Bazar Street, Fort, Mumbai –400001 Line of Business: Paper Merchants · Kalpana Properties Private Limited · Newsprint Trading and Sales Corporation · Shree Gajraj Property Organizers Private Limited Address: 203, Bora Bazar Street, Fort, Mumbai –400001 Line of Business: Construction

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

197350	Equity Shares	Rs.10/- each	Rs.1.974 millions
239	Equity Shares Add: Forfeited Shares	Rs.35/- each	Rs.0.008 million

	Total		Rs.1.982 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		1.982	1.982	1.982
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		13.141	10.609	9.345
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		15.123	12.591	11.327
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	4.000	7.581
TOTAL BORROWING		0.000	4.000	7.581
DEFERRED TAX LIABILITIES		0.077	0.053	0.047

TOTAL		15.200	16.644	18.955

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		5.712	2.331	2.312
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.165	0.173	0.173
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.930	2.396
	Sundry Debtors	8.062	6.661	9.777
	Cash & Bank Balances	0.227	2.461	0.845
	Other Current Assets	2.064	0.509	4.600
	Loans & Advances	4.605	4.600	1.857
Total Current Assets		14.958	15.161	19.475
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	4.235	0.667	2.112
	Other Current Liabilities	1.276	0.101	0.117
	Provisions	0.124	0.253	0.776
Total Current Liabilities		5.635	1.021	3.005
Net Current Assets		9.323	14.140	16.470

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		15.200	16.644	18.955

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	20.553	25.708	54.991
		Other Income	8.410	5.227	6.691
		TOTAL (A)	28.963	30.935	61.682

Less	EXPENSES
		Cost of Goods sold	19.764	24.617	52.364
		Operating and other expenses	4.587	2.943	4.202
		TOTAL (B)	24.351	27.560	56.566

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.612	3.375	5.116

Less	FINANCIAL EXPENSES (D)		0.538	1.197	2.438

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.074	2.178	2.678

Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.394	0.243	0.277

	PROFIT BEFORE TAX (E-F) (G)		3.680	1.935	2.401

Less	TAX (H)		1.148	0.671	0.784

	PROFIT AFTER TAX (G-H) (I)		2.532	1.264	1.617

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.413	9.149	7.532

	BALANCE CARRIED TO THE B/S		12.945	10.413	9.149

	EARNINGS IN FOREIGN CURRENCY
		Commission Received	5.627	2.647	5.973
	TOTAL EARNINGS		5.627	2.647	5.973

	Earnings Per Share (Rs.)		12.83	6.40	8.19

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.74	4.09	2.62

Net Profit Margin (PBT/Sales)	(%)	17.90	7.53	4.37

Return on Total Assets (PBT/Total Assets}	(%)	17.80	11.06	11.02

Return on Investment (ROI) (PBT/Networth)		0.24	0.15	0.21

Debt Equity Ratio (Total Liability/Networth)		0.37	0.40	0.93

Current Ratio (Current Asset/Current Liability)		2.65	14.85	6.48

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

The company has earned total income of Rs.28.963 millions as compared to Rs.30.935 millions in the previous year. After providing for depreciation, interest and tax, the net profit of the company stood at Rs.2.532 millions as against Rs.1.264 millions in the previous year. The surplus carried to balance sheet, including brought forward balance from the previous years, during the year was Rs.10.413 millions.

FORM 8:

Name of the company	Newsprint Trading and Distributing Corporation Limited
Presented By	Mr. A G A K Solanki, Chief Officer
1) Date and description of instrument creating the change	Deed of hypothecation of goods dated 4^th November, 1993 and copy of resolution passed.
2) Amount secured by the charge/amount owing on the securities of charge	Rs.4.600 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Again stock of Newsprint paper and Newsglaze paper
4) Gist of the terms and conditions and extent and operation of the charge.	Import letter of credit limit of Rs. 4.600 Millions and 60/90 D/A basis with 25 % Margin for which the security details in Column No. 3 is hypothecated to the bank.
5) Name and Address and description of the person entitled to the charge.	Bombay Mercantile Co-Operative Bank Limited, Foreign Exchange Department, P.D’ Mello Road, Carnac Bunder, Mumbai – 400 001, Maharashtra, India
6) Date and brief description of instrument modifying the charge	-
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	-

FIXED ASSETS

· Office Equipment

· Tempo

· Motor Car

· Motor Bike

· Fax Machine

· Air Conditioner

· Computer

· Cellular Phone

· Furniture and Fixture

· Printer and Scanner

· Gala Non 25

WEB DETAILS

PROFILE

Subject was incorporated in 1958 and is the oldest and the first agent registered with Registrar of Newspapers in India.

They mainly deals in Newsprint paper, SC Paper and Light Weight Coated paper and their client list includes all the leading Newspapers and Magazines in India.

They are indentors for Glassine Base Paper, Silicon coated bleached kraft and Self Adhesive paper.

They also import and indent all other kinds of paper namely, Woodfree Coated and Uncoated, Ivory Board, All kinds of Kraft paper, Digital Paper, Inject Paper, Tissue paper etc.

Subjects buy paper from all over the world from different producers, and they sell paper to end users in India. They keep stocks in Mumbai and also at principal North Sea and Baltic Sea ports

This enables them to fulfill most orders from their stocks within 24 hours.

The company has earned an impeccable and enviable reputation over it's fair and professional dealings over it's long years of dependable business in the industry. A company looked up to and respected for their commitment to their customers.

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.51.83
UK Pound	1	Rs.79.42
Euro	1	Rs.65.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.

MIRA INFORM REPORT

0.000

0.930

8.062

6.661

0.227

2.461

2.064

0.509

4.605

4.600

14.958

15.161

4.235

0.667

1.276

0.101

0.124

0.253

5.635

1.021

3.005

9.323

14.140

8.74

2.62

17.90

7.53

4.37

17.80

11.06

11.02

0.24

0.15

0.21

0.37

0.40

0.93

2.65

14.85

6.48

Unit