MIRA INFORM REPORT

Report Date :

24.11.2012

IDENTIFICATION DETAILS

Name :	RAGHUNATH AGRO TECH PRIVATE LIMITED
Registered Office :	D. No. 7-2-53/5, National Highway, No.7 Road, Adilabad – 504001, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.01.2004
Com. Reg. No.:	01-042340
Capital Investment / Paid-up Capital :	Rs.20.213 Millions
CIN No.: [Company Identification No.]	U15141AP2004PTC042340
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Raw Cotton.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 180000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The financials of 2011 are not made available. As per the of 2010, the subject was found to have moderate track records. Business is active. Payments terms are unknown. The company can be considered for business dealings with great caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Based Bank Facilities : B+ (Suspended)
Rating Explanation	High risk of default.
Date	01.06.2012

Reason of Suspension: Absence of the requisite information from the company.

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.

LOCATIONS

Registered Office :	D. No. 7-2-53/5, National Highway, No.7 Road, Adilabad – 504001, Andhra Pradesh, India
Tel. No.:	91-8732-230682/ 230637
Fax No.:	91-8732-230637/ 232896
E-Mail :	asawavickey@gmail.com feb061980@yahoo.co.uk raghunath_agrotech@yahoo.co.in
Website :	http://www.raghunathagro.in
Branch Office :	102, Aditya Hill top, Plot # 70. Huda Heights, Road # 12, MLA Colony, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India
Tel. No.:	91-40-23357932

DIRECTORS

As on: 30.09.2011

Name :

Mr. Raghunath Mittal

Designation :

Director

Address :

4-6-346, Ward-25, Bhoktapur, Adilabad- 504001, Andhra Pradesh, India

Date of Appointment :

01.01.2004

DIN No.:

01555625

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U18100AP2000PTC035266	VINAYAKA SPINTEX PRIVATE LIMITED	Director	14/09/2000	14/09/2000	-	Active	NO
2	U17111AP2001PTC037019	SREE ASTALAXMI SPINNING MILLS PRIVATE LIMITED	Director	13/07/2001	13/07/2001	-	Active	NO
3	U15141AP2004PTC042340	RAGHUNATH AGRO TECH PRIVATE LIMITED	Director	01/01/2004	01/01/2004	-	Active	NO
4	U18101AP2004PTC043986	AYUSHMAN ECO-PRODUCTS PRIVATE LIMITED	Managing director	25/08/2004	25/08/2004	-	Active	NO
5	U45200AP2005PTC048422	GROW WELL SHELTERS INDIA PRIVATE LIMITED	Director	22/02/2006	22/02/2006	02/07/2007	Active	NO
6	U70101AP2006PTC050104	ACCORD SKYCRAPERS PRIVATE LIMITED	Director	03/05/2006	03/05/2006	-	Active	NO
7	U01119AP2006PTC051272	K.K.PROTIENS PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
8	U45209AP2007PTC055814	SPEYZ INFRA PROJECTS PRIVATE LIMITED.	Director	06/10/2007	06/10/2007	-	Active	NO
9	U45209AP2011PTC072482	RAGHUNATH MEADOWS PRIVATE LIMITED	Director	03/02/2011	03/02/2011	-	Active	NO
10	U45209AP2011PTC073148	RAGHUNATH AVENUES PRIVATE LIMITED	Director	09/03/2011	09/03/2011	-	Active	NO
11	U01403AP2011PTC073655	SWIFT AGRI TECH PRIVATE LIMITED	Director	01/04/2011	01/04/2011	-	Active	NO
12	U15143AP2012PTC083645	RAGHUNATH AGRO PRODUCTS PRIVATE LIMITED	Director	17/10/2012	17/10/2012	-	Active	NO

Name :

Mr. Rohit Kumar Goyel

Designation :

Director

Address :

5-62, Indervelly, Adilabad - 504001, Andhra Pradesh, India

Date of Appointment :

01.03.2004

DIN No.:

02095076

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U18100AP2000PTC035266	VINAYAKA SPINTEX PRIVATE LIMITED	Director	14/09/2000	14/09/2000	-	Active	NO
2	U15141AP2004PTC042340	RAGHUNATH AGRO TECH PRIVATE LIMITED	Director	01/03/2004	01/03/2004	-	Active	NO
3	U18101AP2004PTC043986	AYUSHMAN ECO-PRODUCTS PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	NO
4	U01119AP2006PTC051272	K.K.PROTIENS PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO

Name :

Mr. Rajiv Kumar Mittal

Designation :

Director

Address :

H No 4-6-340, National Highway 7, Bhoktapur St, Adilabad - 504001, Andhra Pradesh, India

Date of Appointment :

01.01.2004

DIN No.:

02687993

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15141AP2004PTC042340	RAGHUNATH AGRO TECH PRIVATE LIMITED	Director	01/01/2004	01/01/2004	-	Active	NO
2	U18101AP2004PTC043986	AYUSHMAN ECO-PRODUCTS PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	NO
3	U27101AP2007PTC054296	SRI SALASAR BALAJI METALS PRIVATE LIMITED	Director	05/06/2007	05/06/2007	-	Active	NO
4	U45209AP2011PTC072482	RAGHUNATH MEADOWS PRIVATE LIMITED	Director	03/02/2011	03/02/2011	-	Active	NO
5	U45209AP2011PTC073148	RAGHUNATH AVENUES PRIVATE LIMITED	Director	09/03/2011	09/03/2011	-	Active	NO

Name :

Mr. Sanjeev Kumar Mittal

Designation :

Director

Address :

4-6-346, Ward-25, Bhoktapur, Adilabad- 504001, Andhra Pradesh, India

Date of Appointment :

31.03.2004

DIN No.:

02655037

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U18100AP2000PTC035266	VINAYAKA SPINTEX PRIVATE LIMITED	Director	14/09/2000	14/09/2000	-	Active	NO
2	U15141AP2004PTC042340	RAGHUNATH AGRO TECH PRIVATE LIMITED	Director	31/03/2004	31/03/2004	-	Active	NO
3	U70109MH2004PTC146481	ASKA REAL ESTATE PRIVATE LIMITED	Director	21/05/2004	21/05/2004	-	Active	NO
4	U01119AP2006PTC051272	K.K.PROTIENS PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
5	U18101AP2004PTC043986	AYUSHMAN ECO-PRODUCTS PRIVATE LIMITED	Director	05/12/2006	05/12/2006	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Raghunath Mittal	480000
Aarti Devi Mittal	90500
Rajiv Kumar Mittal	355000
Sanjeev Kumar Mittal	472500
Santosh Goyal	125000
Rohitkumar Goyel	427000
Sri Sai Baba Cotton Company, India	71250
Total	2021250

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of directors	96.47
Other top fifty shareholders	3.53
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Raw Cotton.

GENERAL INFORMATION

Suppliers :

· Agarwal Commission Agent

· Gupta Traders

· Lalani Traders

· N. K. Brothers, Mumbai

· Jublee Textile Mills, Burhanpur

· K G F Cottons (Private) Limited

· Mittal Ginning Factory

· Sri Vijay Laxmi Traders

· Raghunath and Company, Adilabad

· Rajesh Enterprises, Indore

· Om Krishi Seva Kendra

· Manisha Trading Company

Customers :

· Allantic Projects Limited, Kolkata

· Amrutha Tex, Rajapalayam

· Karishma Textiles (Private) Limited, Rajapalayam

· Alok Industries Limited (SPG Division)

· Alok Denim India Private Limited, Silvassa

· Calcutta Overseas, Kolkata

· Gill and Company (Private) Limited, Mumbai

· K K P Spinning Mills Limited, Mumbai

· Nahar Industrial Enterprises Limited, Bhiwandi

· National Insurance Company, Nizamabad

· Ruchi World Wide Limited, Mumbai

· Shyam Cotton Trading Company

· The Cotton Corporation of India (C. Seed A/c)

· Rohini Textiles Industries (Private) Limited

· Ajanta Agro Industries, Mehkar

· Paras Trading Company, Madurai

· The New India Assurance Company Limited

No. of Employees :

Not Available

Bankers :

· State Bank of Hyderabad, Shivaji Chowk, Adilabad - 504001, Andhra Pradesh, India

· State Bank of Hyderabad Adilabad Main Branch, Adilabad – 504001, Andhra Pradesh, India

· People Co-operative Bank

· Andhra Bank

· Karur Vyashya Bank

· State Bank of India

· Bank of Rajasthan

Facilities :

(Rs. In Millions)

Secured Loans	31.03.2010	31.03.2009
State Bank of Hyderabad CC A/c	88.724	18.662
State Bank of Hyderabad (Adhoc Limit)	25.000	0.000
Total	113.724	18.662
Unsecured Loans	31.03.2010	31.03.2009
Deepali Mittal	1.400	1.295
Jyoti Goyal	0.832	0.769
Narender Cot-Fibre Industries, Buthanpur	25.734	0.000
Aarthi Devi Mittal	1.200	0.000
Shekhar Garg, Bhatinda	1.387	1.283
Bimal Garg, Bhatinda	1.416	1.311
Santosh Kumari, Bhatinda	0.578	0.578
Astalakshmi Spinning Mills (Private) Limited	0.000	5.000
Rahul Developers Private Limited, Burhanpur	0.000	21.429
Janak Kumar Garg, Bhatinda	0.661	0.474
Total	33.208	32.139

Banking Relations :	--
Auditors :
Name :	MKA Associates Chartered Accountant
Address :	Dwaraka Nagar, Adilabad – 504001, Andhra Pradesh, India
PAN No.:	AAHFM2660F
Associates :	· Raghunath and Company · Sri Sai Baba Cotton Company · Mittal Commission Agent · Sree Asralaxmi Spining Mills Private Limited · Mittal Gining Factory · K K Protiens Private Limited · K K Oil Refinery

CAPITAL STRUCTURE

As on: 30.09.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2021250	Equity Share	Rs.10/- each	Rs.20.213 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		20.213	19.500	19.500
2] Share Application Money		0.000	14.250	14.250
3] Reserves & Surplus		26.998	5.168	3.151
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		47.211	38.918	36.901
LOAN FUNDS
1] Secured Loans		113.724	18.662	45.830
2] Unsecured Loans		33.208	32.139	69.257
TOTAL BORROWING		146.932	50.801	115.087
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		194.143	89.719	151.988
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.517	8.845	6.746
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	116.121	35.135	62.070
	Sundry Debtors	135.228	34.375	115.746
	Cash & Bank Balances	4.284	3.283	5.380
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.663	18.288	25.454
Total Current Assets		261.296	91.081	208.650
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	68.006	8.112	58.677
	Other Current Liabilities
	Provisions	7.723	2.187	4.801
Total Current Liabilities		75.729	10.299	63.478
Net Current Assets		185.567	80.782	145.172
MISCELLANEOUS EXPENSES		0.059	0.092	0.070
TOTAL		194.143	89.719	151.988

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	1662.389	705.102	1333.211
		Trading Sales – Stores	0.000	1.608	0.000
		Other Income	18.312	6.474	6.730
		TOTAL (A)	1680.701	713.184	1339.941
Less	EXPENSES
		Cost Sold Goods	1592.995	664.912	1268.376
		Manufacturing and Administrative Expenses	67.201	39.046	65.042
		Preliminary Expenses Written Off	0.033	0.043	0.067
		TOTAL (B)	1660.229	704.001	1333.485
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		20.472	9.183	6.456
Less	FINANCIAL EXPENSES (D)		6.480	4.939	3.349
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.992	4.244	3.107
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.236	1.288	0.712
	PROFIT BEFORE TAX (E-F) (G)		12.756	2.956	2.395
Less	TAX (H)		4.464	0.939	0.782
	PROFIT AFTER TAX (G-H) (I)		8.292	2.017	1.613
	Earnings Per Share (Rs.)		4.10	NA	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.49	0.28	0.12
Net Profit Margin (PBT/Sales)	(%)	0.77	0.42	0.18
Return on Total Assets (PBT/Total Assets}	(%)	4.73	2.96	1.11
Return on Investment (ROI) (PBT/Networth)		0.27	0.08	0.06
Debt Equity Ratio (Total Liability/Networth)		4.71	1.57	4.84
Current Ratio (Current Asset/Current Liability)		3.45	8.84	3.29

LOCAL AGENCY FURTHER INFORMATION

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	No
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	No
10]	Designation of contact person	No
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	Yes
18]	Major customers	Yes
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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	Yes

OPERATIONAL REVIEW

The company achieved turnover of Rs.1662.389 Millions. The net profit After Tax of Rs.8.292 Millions is satisfactory. The future outlook o the company is bright in view of goo monsoon and bumper crop is expected.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U15141AP2004PTC042340
Name of the company	RAGHUNATH AGRO TECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D. No. 7-2-53/5, National Highway, No.7 Road, Adilabad – 504001, Andhra Pradesh, India E-mail: asawavickey@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90259041
Type of charge	· Immovable property · Any interest in immovable property · Others (current asset)
Particular of charge holder	State Bank of Hyderabad, Shivaji Chowk, Adilabad - 504001, Andhra Pradesh, India E-mail: adilabadmain@sbhyd.co.in
Nature of instrument creating charge	Agreement of Loan cum Hypothecation
Date of instrument Creating the charge	10.04.2012
Amount secured by the charge	Rs.450.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 15% Terms of Repayment repayable on demand Margin Raw Material : Indigenous 25% , Imported 25 % Semi-Finished Goods : 25% Finished Goods : 25% Components/ Consumables/ Spares : 25% Domestic Receivables : ( Cover 90 Days) : 50 % Extent and Operation of the charge The charge operate for duly repayment of loan amount together interest in time
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Primary : hypothecation of stocks, receivables and all other chargeable current asset of the company collateral security list enclosed
Particulars of the present modification	Limit have been increase to Rs.450.000 Millions by way of additional CC limit and bill discounting.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electrical Installation

· Computer

· Air Conditioner

· Lorry

· Water Cooler

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.55.34
UK Pound	1	Rs.88.30
Euro	1	Rs.71.37

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.