MIRA INFORM REPORT

Report Date :

16.04.2013

IDENTIFICATION DETAILS

Name :	C A GALIAKOTWALA AND COMPANY PRIVATE LIMITED
Registered Office :	125, Nagindas Master Road, Fort, Mumbai – 400 023, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.12.1939
Com. Reg. No.:	11-003046
Capital Investment / Paid-up Capital :	Rs. 2.400 Millions
CIN No.: [Company Identification No.]	U51900MH1939PTC003046
TAN No.: [Tax Deduction & Collection Account No.]	MUMC10333B
PAN No.: [Permanent Account No.]	AAACC2925K
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter and Importer of Cotton Bales
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 640000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an old and established company having a moderate track record. The management of the company has failed to file its financials with the government department for the year 2012. As per previous year’s record, the company is found normal for business dealings. Trade relations are reported as fair. Business is active. Payment terms are unknown in absence of latest financials. The company can be considered for business dealings with some cautions.

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

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 (GENERAL DETAILS)

Name :	Mr. Dipan
Designation :	Accountant
Contact No.:	91-22-22843758
Date :	16.04.2013

LOCATIONS

Registered Office :	125, Nagindas Master Road, Fort, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-22843758
Fax No.:	91-22-22048801
E-Mail :	galiakotwala_mb@vsnl.com accounts@galiakotwala.com
Administrative Office :	66, Maker Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22843758/ 22843772
Fax No.:	91-22-22048801

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Harshad Chhotalal Sheth
Designation :	Director
Address :	7-B, Geetanjali Co-Operative Housing Society, Navroji Gamadia Cross Road, Off Peddar Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	10.03.1942
Date of Appointment :	29.08.1969
DIN No.:	00045435

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51900MH1939PTC003046	C A GALIAKOTWALA AND COMPANY PRIVATE LIMITED	Director	29-08-69	29-08-69	Active	NO
2	U24110MH1941PTC003381	ADVANCE PAINTS PRIVATE LIMITED	Managing director	24-05-73	24-05-73	Active	NO
3	U74999MH1947PLC005875	GALIAKOTWALA ESTATE LTD	Director	22-08-86	22-08-86	Dormant	NO
4	U65910MH1990PLC058983	GALIAKOTWALA INVESTMENT SERVICES LIMITED	Director	15-11-90	15-11-90	Active	NO
5	U29299MH1991PTC061083	GALIAKOTWALA ENGINEERING COMPANY PRIVATE LIMITED	Director	08-04-91	08-04-91	Active	NO
6	U51900MH1996PTC095870	GALIAKOTWALA INTERNATIONAL PRIVATE LIMITED	Director	03-01-96	03-01-96	Active	NO
7	U28992MH1997PTC107569	T AND D GALIAKOT CONTAINERS PRIVATE LIMITED	Director	25-04-97	25-04-97	Active	NO

Name :	Mr. Mahnedra Chhotalal Sheth
Designation :	Director
Address :	51, Shivtrirth No.1, 4/6 Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	22.12.1948
Date of Appointment :	07.03.1986
DIN No.:	00056975

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51900MH1939PTC003046	C A GALIAKOTWALA AND COMPANY PRIVATE LIMITED	Director	07-03-86	07-03-86	Active	NO
2	U24110MH1941PTC003381	ADVANCE PAINTS PRIVATE LIMITED	Director	07-03-86	07-03-86	Active	NO
3	U65910MH1990PLC058983	GALIAKOTWALA INVESTMENT SERVICES LIMITED	Director	15-11-90	15-11-90	Active	NO
4	U29299MH1991PTC061083	GALIAKOTWALA ENGINEERING COMPANY PRIVATE LIMITED	Managing director	08-04-91	08-04-91	Active	NO
5	L99999GJ1978PLC022924	GUJARAT ORGANICS LIMITED	Director	23-05-95	23-05-95	Active	NO
6	U28992MH1997PTC107569	T AND D GALIAKOT CONTAINERS PRIVATE LIMITED	Director	29-09-99	29-09-99	Active	NO
7	U25202MH1986PLC038626	CLEAR MIPAK PACKAGING SOLUTIONS LIMITED	Director	16-04-03	16-04-03	Active	NO
8	U32100MH2005PTC154821	SUNDEEP TECHNOLOGIES PRIVATE LIMITED	Director	15-07-05	15-07-05	Active	NO
9	U74999MH1947PLC005875	GALIAKOTWALA ESTATE LIMITED	Director	03-10-06	03-10-06	Dormant	NO

Name :	Mr. Dhiren Narendra Sheth
Designation :	Director
Address :	101, Khatau House, 15-A, J Mehta Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	03.12.1967
Date of Appointment :	01.02.1992
DIN No.:	00300136

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51900MH1939PTC003046	C A GALIAKOTWALA AND COMPANY PRIVATE LIMITED	Director	01-02-92	01-02-92	Active	NO
2	U91110MH1921NPL000940	COTTON ASSOCIATION OF INDIA	Director	31-12-08	08-11-93	Active	NO
3	U51900MH1996PTC095870	GALIAKOTWALA INTERNATIONAL PRIVATE LIMITED	Director	24-09-96	24-09-96	Active	NO
4	U28992MH1997PTC107569	T AND D GALIAKOT CONTAINERS PRIVATE LIMITED	Director	29-09-99	29-09-99	Active	NO
5	U70100MH2003PTC142104	GALIAKOTWALA PROPERTIES PRIVATE LIMITED	Director	18-10-03	18-10-03	Active	NO

Name :	Mr. Manish Narendra Sheth
Designation :	Director
Address :	101, Khatau House, 15-A, J Mehta Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	25.05.1969
Date of Appointment :	01.08.1994
DIN No.:	00300201

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24110MH1941PTC003381	ADVANCE PAINTS PRIVATE LIMITED	Whole-time director	09-02-92	09-02-92	Active	NO
2	U51900MH1939PTC003046	C A GALIAKOTWALA AND COMPANY PRIVATE LIMITED	Director	01-08-94	01-08-94	Active	NO
3	U65910MH1990PLC058983	GALIAKOTWALA INVESTMENT SERVICES LIMITED	Director	19-08-96	19-08-96	Active	NO
4	U51900MH1996PTC095870	GALIAKOTWALA INTERNATIONAL PRIVATE LIMITED	Director	19-08-96	19-08-96	Active	NO
5	U74210MH1996PTC103804	GALIAKOTWALA TECHNOLOGIES PRIVATE LIMITED	Director	06-11-96	06-11-96	Active	NO
6	U70100MH2003PTC142104	GALIAKOTWALA PROPERTIES PRIVATE LIMITED	Director	18-10-03	18-10-03	Active	NO
7	U15140MH1969NPL014362	ALL INDIA COTTONSEED CRUSHERS ASSOCIATION	Director	21-09-06	21-09-06	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Narendra Chhotalal Sheth	3808
Harshad Chhotalal Sheth	2352
Bakulesh Sheth	1696
Mahnedra Chhotalal Sheth	2144
Bhanumati Sheth	384
Usha Sheth	1264
Rekha Sheth	928
Harsha Sheth	608
Kanan Sheth	160
Sandip Sheth	1488
Manish Sheth	1216
Dhiren Sheth	1328
Sushant Sheth	704
N. C. Sheth HUF	640
H. C. Sheth HUF	1040
B. C. Sheth HUF	1040
M. C. Sheth HUF	704
Galiakot Containers Limited, India	320
Bhanumati A Sheth	1856
C. J. Sheth HUF	320
TOTAL	24000

AS ON 30.09.2011

Equity Shares Break Up	Percentage of Holding
Bodies corporate	1.33
Directors or relatives of Directors	98.67
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Importer of Cotton Bales
Exports :
Products :	Cotton Bales
Countries :	European Countries United States of America Asian Countries
Imports :
Products :	Cotton Bales
Countries :	Pakistan China Australia West Africa Egypt
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :

20 (Approximately)

Bankers :

• Bank of India, Mumbai Overseas Branch, 70-80, M G Road, Mezzanine Floor, Fort, Mumbai-400001, Maharashtra, India
• Union Bank of India, Mumbai Samachar Marg Branch, 66/80, Fort, Mumbai-400023, Maharashtra, India
• State Bank of India
• American Express Bank
• ABN Amro Bank N. V.

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Bank overdraft	120.401	28.228
Car Loan	0.407	0.562
Bills Receivable Discounted by Bank	4.369	62.748
TOTAL	125.177	91.538
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Unsecured Loan	0.923	0.908
TOTAL	0.923	0.908

Banking Relations :	--
Auditors :
Name :	A. W. Ketkar and Company Chartered Accountants
Address :	4, Soukhya, V. N. Purav Marg, Chunabhatti, Mumbai – 400022, Maharashtra, India
PAN No.:	AAFPK2543M

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24000	Equity Shares	Rs.100/- each	Rs. 2.400 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		2.400	2.400	2.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		159.985	156.019	155.811
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		162.385	158.419	158.211
LOAN FUNDS
1] Secured Loans		125.177	91.538	67.815
2] Unsecured Loans		0.923	0.908	0.913
TOTAL BORROWING		126.100	92.446	68.728
DEFERRED TAX LIABILITIES		0.478	0.518	0.588
TOTAL		288.963	251.383	227.527
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.622	10.270	11.144
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		27.281	13.653	34.093
DEFERREX TAX ASSETS		0.037	0.003	0.087
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	408.645	182.638	98.569
	Sundry Debtors	47.573	128.638	89.021
	Cash & Bank Balances	2.849	3.997	30.247
	Other Current Assets	209.444	203.867	203.648
	Loans & Advances	0.141	0.166	0.111
Total Current Assets		668.652	519.306	421.596
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.609	27.445	70.842
	Other Current Liabilities	302.747	175.360	80.303
	Provisions	91.273	89.044	88.248
Total Current Liabilities		416.629	291.849	239.393
Net Current Assets		252.023	227.457	182.203
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		288.963	251.383	227.527

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	NA	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		7.015	3.529	4.749
Less/ Add	DEPRECIATION/ AMORTISATION		0.894	1.107	1.105
	PROFIT BEFORE TAX		6.121	2.422	3.644
Less	TAX		1.810	1.795	1.775
	PROFIT AFTER TAX		4.311	0.627	1.869
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.738	0.530	0.047
	Provision for deferred tax excess provision for income tax		0.074	0.000	0.018
Less	APPROPRIATIONS
		Proposed Dividend	0.360	0.360	1.200
		Dividend Tax	0.058	0.059	0.204
		Transfer to General Reserve	0.629	0.000	0.000
	BALANCE CARRIED TO THE B/S		4.076	0.738	0.530
	EARNINGS IN FOREIGN CURRENCY
		Sale of Cotton	689.179	189.188	NA
		Import Commission Received	19.345	22.910	NA
	TOTAL EARNINGS		708.524	212.098	NA
	Earnings Per Share (Rs.)		179.63	77.88	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	0.90	0.46	0.84
Return on Investment (ROI) (PBT/Networth)		0.04	0.02	0.02
Debt Equity Ratio (Total Liability/Networth)		3.35	2.43	1.95
Current Ratio (Current Asset/Current Liability)		1.60	1.78	1.76

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	NA
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No

FORM 8

Corporate identity number of the company	U51900MH1939PTC003046
Name of the company	C A GALIAKOTWALA AND COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	125, Nagindas Master Road, Fort, Mumbai – 400023, Maharashtra, India accounts@galiakotwala.com
This form is for	Modification of charge
Charge identification number of the modified	10288347
Type of charge	Book Debts Movable Property
Particular of charge holder	Union Bank of India Mumbai Samachar Marg Branch, 66//80, Mumbai Samachar Marg, Fort, Mumbai – 400023, Maharashtra, India msmcredit@unionbankofindia.com
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Deed
Date of instrument Creating the charge	27.04.2011
Amount secured by the charge	Rs.451.700 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest as stated in the Composite Hypothecation Deed Terms of Repayment On Demand Margin Nature of Facility Margin Import LC (DP/DA) ................... 10%+15% Letter of Guarantee ................... 20% Cash Credit (HYP.) .................... 25% (MILL GIN Stores) Packing Credit ........................... 5% W/W Cash Credit (Stock / .......... 25% Book Debts) Extent and Operation of the charge To secure an aggregate amount of Rs.451.700 Millions granted by the bank as under :- Import LC (DP/DA) : Rs.60.000 Millions Letter of Guarantee : Rs.20.000 Millions Cash Credit (Hypothecation) (Mill Gin Stores) : Rs.1.200 Millions DBP / UDBP : Rs. 10.000 Millions CP / WAE : Rs. 0.500 Millions Packing Credit : Rs. 280.000 Millions w/w Cash Credit (Stock / Book Debts) : (Rs.50.000 Millions) FDBP / FUDBP (Under L/C Sight and/or 90 Days DA) : Rs.80.000 Millions w/w FDBP / FUDBP (Under Conf. Contract) : (Rs.50.000 Millions)
Short particulars of the property charged	The borrower hypothecates by way of first charge in favour of the bank :- 1) the whole of the borrower's movable goods and assets both present and future including all stocks of raw materials, work in progress, semi finished and finished goods such as cotton, cotton waste, cotton fabrics, almonds, etc. packing materials, consumable stores and spares etc. situate at Bhatinda, Hissar, Ganganagar, Ahmedabad, Rajkot, Akda, Aurangabad, Parbhani, Indore, Adilabad, Guntur, Hubli, Madurai, Mumbai or in the Godowns of the borrower or in course of transit or wherever else the same may be 2) All the present and future book debts, outstanding, monies receivable, claims, bills, contracts, engagements and securities which are due and owing to the borrower in the course of its business by any person, firm, company or body corporate or by the Government of India or any state government or Indian Railways or any government department or office or any municipal or local or (public or semi government body or authority whatsoever including those relating to the assets leased out and/or given on hire purchase.
Particulars of the present modification	The Total Limit has enhanced from Rs.316.700 Millions to Rs.451.700 Millions.

FIXED ASSETS

• Land and Building
• Office Premises and Godown
• Office Equipment and Machinery
• Furniture
• Vehicles
• Computers

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. 54.63
UK Pound	1	Rs. 83.70
Euro	1	Rs. 71.41

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.