MIRA INFORM REPORT

Report Date :

29.10.2012

IDENTIFICATION DETAILS

Name :	SAKAL PAPERS PRIVATE LIMITED (w.e.f. 16.06.2011)
Formerly Known As :	SAKAL PAPERS LIMITED
Registered Office :	595, Budhwar Peth, Pune – 411002, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.02.1948
Com. Reg. No.:	11-006177
Capital Investment / Paid-up Capital :	Rs. 8.718 Millions
CIN No.: [Company Identification No.]	U22121PN1948PLC006177
TAN No.: [Tax Deduction & Collection Account No.]	NGPS03468D
PAN No.: [Permanent Account No.]	AACCS7605Q
Legal Form :	Private Limited Liability Company
Line of Business :	Printing and Publishing of News Papers and Multimedia Activities.
No. of Employees :	22000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (58)

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 5400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a Sakal Group Company. It is a well established and a reputed publisher of Sakal Newspapers. Latest financial ie. 2011-12 of the company are missing from the government department. From the financial of 2010-11 it has been seen that there appears a dip in the profitability of the company. However, financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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.

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	CARE
Rating	Long Term Bank Facilities = A-
Rating Explanation	Adequate degree of safety. It carry low credit risk
Date	05.09.2012

Rating Agency Name	CARE
Rating	Short Term Facilities = A1
Rating Explanation	Very strong degree of safety. It carry lowest credit risk
Date	05.09.2012

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 PARTED BY

Name :	Mr. Mandar Vidwans
Designation :	Accounts Manager
Contact No.:	91-22-66843000
Date :	27.10.2012

LOCATIONS

Registered Office/ Editorial Sales/ Sakaal Social Foundation / Head Office :	595, Budhwar Peth, Pune – 411 002, Maharashtra, India
Tel. No.:	91-20-24455500 / 24455501 / 24455588 / 24455500 / 24405500
Mobile No.:	91-9890652842 (Mr. Pradip M. Namjoshi)
Fax No.:	91-20-24450583
E-Mail :	sakal@giaspnol.vsnl.net.in corporate@esakal.com sakal@giaspn01.vsnl.net.in mandar.videans@esakal.com
Website :	http://www.esakal.com http://www.sakaal.in
Administration Office :	154, Jerbai Wadia Road, Behind Tata Hospital, Parel, Mumbai – 400012, Maharashtra, India.
Tel. No.:	91-22-24158104 / 24160986
Fax No.:	91-22-24186984
Factory :	Located At : · Pune · Kolhapur · Mumbai  · Nashik · Nagpur · Aurangabad · Thane · Satara · Solapur · Delhi · Goa

DIRECTORS

As on 18.08.2012

Name :	Mr. Pratap Govind Pawar
Designation :	Chairman cum Managing Director
Address :	S No. 73, Behind Shroff Suryash Building, Baner, Pune- 411045, Maharashtra, India.
Date of Birth/Age :	15.10.1944
Qualification :	Graduate
Date of Appointment :	24.05.2008
DIN No.:	00018985
Name :	Mr. Abhijit Pratap Pawar
Designation :	Managing Director
Address :	S No. 73, Behind Shroff Suryash Building, Baner, Pune- 411045, Maharashtra, India.
Date of Birth/Age :	17.02.1972
Qualification :	Graduate
Date of Appointment :	30.12.1996
DIN No.:	00018998
Name :	Mrs. Mrunalini Abhijit Pawar
Designation :	Whole Time Director
Address :	S No. 73, Behind Shroff Suryash Building, Baner, Pune- 411045, Maharashtra, India.
Date of Birth/Age :	22.10.1976
Date of Appointment :	24.05.2008
DIN No.:	00025225
Name :	Mr. Shrikrishna Narhar Inamdar
Designation :	Director
Address :	2A, Ameya Apartment, Near Kirti College 1193 B Kashi Dhuru Marg, Mumbai – 400028, Maharashtra, India
Date of Birth/Age :	06.05.1945
Date of Appointment :	22.06.2005
DIN No.:	00025180
Name :	Mr. Raghunath Anant Mashelkar
Designation :	Director
Address :	Raghunath, D/ 4, Varsha Path, Aundh, Pune – 411 045, Maharashtra, India
Date of Birth/Age :	01.01.1943
Date of Appointment :	13.08.2008
DIN No.:	00074119
Name :	Mr. Bhalchandra Vasudeo Tambe
Designation :	Director
Address :	Atmastulan Village, Near MIDC, Karla – 410405, Maharashtra, India
Date of Birth/Age :	28.06.1940
Date of Appointment :	13.08.2008
DIN No.:	01121122
Name :	Mrs. Supriya Sadanand Sule
Designation :	Director
Address :	House No. 2, First Floor, Silver Oak Estate, Bhulabai Desai Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	30.06.1969
Date of Appointment :	30.12.1996
DIN No.:	00622228
Name :	Ms. Lila Claude Parulekar
Designation :	Whole Time Director
Address :	4-A Queens Garden, Pune – 411001, Maharashtra, India
Date of Birth/Age :	31.01.1936
Date of Appointment :	06.09.1977
DIN No.:	02368528

KEY EXECUTIVES

Name :	Mr. Mandar Vidwans
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.08.2012

Names of Shareholders	No. of Shares
Pratap Govind Pawar	200
Yashad Hospital Private Limited, India	10904
APP Media Private Limited, India	23996
Pratap Govind Pawar Joint with APP Media Private Limited, India	200
Panhala Investment Private Limited, India	20000
Temblai Investment Private Limited, India	15104
Chandrashekhar Hari Joshi	42
Abhijit Pratap Pawar	16735
Total	87181

As on 18.08.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	80.30
Directors or relatives of Directors	19.65
Other top fifty shareholders	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :	Printing and Publishing of News Papers and Multimedia Activities.
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Licensed Capacity
Electricity	0.92 MW

Particulars	Installed Capacity
Wind Turbine Generator	230 KW/Unit

Particulars	Actual Production
News Paper – Numbers of Copies Generated	5833.90 Lacs
Wind Mills Electricity - Units Generated	17.67 kwh

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

2200 (Approximately)

Bankers :

· Bank of Maharashtra, Corporate Finance Branch, ‘Yashomangal’, 1183/1, F.C. Road, Pune - 411005, Maharashtra, India

· Cosmos Co-operative Bank Limited, 269/270, Shaniwar Peth, Pune-411 007, Maharashtra, India

· IDBI Bank

· State Bank of India

Facilities :

Cash Credit Rs.500.000 Millions and TL Rs.163.400 Millions

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans others secured	764.926	623.825
Working capital loans others secured	188.226	109.233
Total	953.152	733.058
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Public deposits unsecured	0.000	6.494
Fixed deposits unsecured	0.000	18.744
Total	0.000	25.238

Banking Relations :	--
Auditors :
Name :	G. M. Oka and Company Chartered Accountants
Address :	32, Swapna Nagri, Karve Road, Pune – 411004, Maharashtra, India
Tel. No.:	91-20-30287900/30287500
Fax No.:	91-20-25440143
E-Mail :	gmoka@vsnl.com
PAN.:	AABFG1894M
Enterprises over which any person described in (1) above and other directors and their relatives are able to exercise significant influence :	· ASK Chemicals Foundry Solution India Private Limited · United Metachem Private Limited · Ojas Engineering Private Limited · Magneco Metachem Private Limited · Modular Finance and Consultancy Private Limited · Panhala Investments Private Limited · Temblai Investments Private Limited · Gomantak Private Limited · Gomantak Foods Private Limited · Wikas Electrical and Ceramic Products Private Limited · P. Holdings Private Limited · Stamford Warehousing and Developers Private Limited · D.S.L. Ventures Private Limited · Octon India Private Limited · Abhijit Pawar Media Limited · Obelix Consultancy and Trading Private Limited · Yashad Hospitals Private Limited · Namratta Film Enterprises Private Limited · Supriya Holdings Private Limited · Lap Finance and Consultancy Private Limited · P.P. Holdings Limited · Neo Television Limited

CAPITAL STRUCTURE

As on 18.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.2/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
87181	Equity Shares	Rs.2/- each	Rs.0.174 Million

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
87181	Equity Shares	Rs.100/- each	Rs. 8.718 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		8.718	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1356.461	1294.980	1101.423
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1365.179	1297.480	1103.923
LOAN FUNDS
1] Secured Loans		953.152	733.058	1026.808
2] Unsecured Loans		0.000	25.238	20.166
TOTAL BORROWING		953.152	758.296	1046.974
DEFERRED TAX LIABILITIES		33.266	27.278	30.168
TOTAL		2351.597	2083.054	2181.065
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1697.418	1454.935	1570.560
Capital work-in-progress		36.209	27.677	40.146
INVESTMENT		26.274	26.274	26.274
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	294.756	207.490	216.111
	Sundry Debtors	702.904	643.060	527.287
	Cash & Bank Balances	270.903	286.400	275.898
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	208.044	156.130	212.431
Total Current Assets		1476.607	1293.080	1231.727
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	880.768	708.689	674.586
	Other Current Liabilities	4.143	7.298	12.954
	Provisions	0.000	2.925	0.102
Total Current Liabilities		884.911	718.912	687.642
Net Current Assets		591.696	574.168	544.085
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2351.597	2083.054	2181.065

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Circulation Income	842.217	828.758	720.258
		Advertisement Income	3121.796	2380.335	2249.707
		Other Operating Income	201.534	186.712	165.878
		Other Income	57.784	64.760	236.293
		TOTAL (A)	4223.331	3460.565	3372.136
Less	EXPENSES
		Material Consumption	2138.638	1406.443	1484.608
		Payment to and for employees	569.250	569.996	634.092
		Other Operating Expenses	1153.798	835.057	836.775
		TOTAL (B)	3861.686	2811.496	2955.475
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		361.645	649.069	416.661
Less	FINANCIAL EXPENSES (D)		100.562	97.221	114.972
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		261.083	551.848	301.689
Less/ Add	DEPRECIATION/ AMORTISATION (F)		184.188	207.428	211.612
	PROFIT BEFORE TAX (E-F) (G)		76.895	344.420	90.077
Less	TAX (H)		24.488	123.749	64.539
	PROFIT AFTER TAX (G-H) (I)		52.407	220.671	25.538
Add/ Less	Earlier Year Adjustments		9.074	(23.189)	(3.118)
Less	APPROPRIATIONS
		Provision for Dividend	0.000	2.500	0.000
		Provision for Tax on Dividend	0.000	0.425	0.000
		Transfer to General Reserve	0.000	21.700	0.000
	BALANCE CARRIED TO THE B/S		61.481	172.857	22.420
	IMPORTS
	Newsprint		557.360	307.067	NA
	Spare parts, blankets etc.		0.219	1.009	NA
	Capital Goods		5.449	0.643	NA
	TOTAL IMPORTS		563.028	308.719	NA
	Earnings Per Share (Rs.)		601.13	0.09	0.01

Particulars	31.03.2012
Sales Turnover (Approximately)	4570.000

Expected Sales (2012-13) : Rs.4750.000 Millions

The above information has been parted by Mr. Mandar Vidwans

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.24	6.38	0.76
Net Profit Margin (PBT/Sales)	(%)	1.94	10.73	3.03
Return on Total Assets (PBT/Total Assets}	(%)	2.42	12.53	3.21
Return on Investment (ROI) (PBT/Networth)		0.06	0.27	0.08
Debt Equity Ratio (Total Liability/Networth)		1.37	1.14	1.57
Current Ratio (Current Asset/Current Liability)		1.67	1.80	1.79

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Rs. In Millions

Particular	31.03.2011	31.03.2010	31.03.2009
Creditors due others	880.768	708.689	674.586
Total	880.768	708.689	674.586

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	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	Yes

SUMMARY OF FINANCIAL PERFORMANCE:

The Income from circulation increased to Rs. 842.217 Millions as compared to Rs. 828.758 Millions of the previous year. Advertising income saw a healthy increase to Rs. 3121.796 Millions in 2010-11 as compared to Rs. 2380.335 Millions in 2009-10. On the expenses side, despite the fact that the Company implemented effective cost control initiatives, the price of newsprint has taken its toll. This year, the cost of newsprint has overshadowed all the cost saving initiatives of the Company. The overall material costs totaled to Rs. 2138.638 Millions in 2010-11 as compared to Rs. 1406.443 Millions in 2009-10 registering increase of 52%. The operating expenses also rose to Rs. 1153.798 Millions as compared to Rs. 835.057 Millions in the previous year, the large contributor of this being the advertisement air time purchased. Thus the total expenditure in 2010-11 was Rs. 4140.000 Millions as compared to Rs. 3120.000 Millions in the previous year. The Profit before tax, but after considering interest cost and depreciation stands at Rs. 76.895 Millions in 2010-11 as compared to Rs. 344.420 Millions in the previous year. After making provision for tax, the profit after tax is Rs. 52.407 Millions in 2010-11 as compared to Rs. 220.671 Millions in 2009-10. In view of sharp fall in profits, the Board has not recommended any dividend this year.

CONTINGENT LIABILITIES (As on 31.03.2011)

a. Letter of Credit issued outstanding as on the Balance Sheet date Rs. 64.300 Millions (Previous year Rs. 90.200 Millions)

b. Claims against company include defamation cases filed and are pending and not acknowledged as debts as on the Balance Sheet date Rs.2750.000 Millions (Previous Year Rs. 217.900 Millions)

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U22121PN1948PTC006177
Name of the company	SAKAL PAPERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	595, Budhwar Peth, Pune – 411 002, Maharashtra, India corporate@esakal.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90084694
Type of charge	· Immovable property · Any interest in immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Bank of Maharashtra Corporate Finance Branch, ‘Yashomangal’, 1183/1, F.C. Road, Pune-411005, Maharashtra, India bom941@mahabank.co.in
Nature of instrument creating charge	Supplemental memorandum of record of modifications of joint equitable mortgage.
Date of instrument Creating the charge	28.06.2012
Amount secured by the charge	Rs. 2329.061 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Unaltered. Terms of Repayment Unaltered. Margin Unaltered. Extent and Operation of the charge First pari passu charge on term loans and second pari passu charge on working capital limits. Total limits- BOM- Rs. 966.607 millions - (WCL-Rs.575.000 millions + TL O/S. Balance- 391.607 millions); IDBI Bank- Rs. 804.976 millions -(WCL- Rs.20.000 millions + TL O/S. BALANCE-Rs. 784.976 millions); Cosmos Bank- Rs.322.478 millions (WCL-Rs.180.000 millions + TL O/S. Balance- Rs.142.478 millions); SBI-Rs. 235.000 millions (WCL); TOTAL- Rs. 2329.061 millions
Short particulars of the property charged	Additional mortgage charge on land at Plot No. L-14, Taloja Industrial Area, Village Pale Khurd, Sub District Panvel, District Raigad together with buildings/structures thereon and all fixed plants and machineries thereon. Existing mortgage and hypothecation- unaltered.
Particulars of the present modification	An additional mortgage charge on property at Plot No. L-14, Taloja Industrial Area, Village Pale Khurd, Sub District Panvel, District Raigad is provided to cater limits of Rs. 2329.061 millions

FIXED ASSETS: 

• Land
• Leasehold Land
• Buildings
• Plant and Machinery
• Furniture and Fixtures
• Motors Cars and Vehicles
• Office Equipments
• Intangible Assets

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 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 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.53.63
UK Pound	1	Rs.86.18
Euro	1	Rs.69.75

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		58

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.