MIRA INFORM REPORT

Report Date :

02.08.2013

IDENTIFICATION DETAILS

Name :	WEAVETTE TEXSTYLES LIMITED (w.e.f. 03.08.2006)
Formerly Known As :	WEAVETTE TEXSTYLES PRIVATE LIMITED
Registered Office :	11, YAC Industrial Estate, Kondivita Lane, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.12.1994
Com. Reg. No.:	11-083596
Capital Investment / Paid-up Capital :	Rs.30.000 Millions
CIN No.: [Company Identification No.]	U17100MH1994PLC083596
TAN No.: [Tax Deduction & Collection Account No.]	MUMW01399G MUMW02205A MUMW01077G
PAN No.: [Permanent Account No.]	AAACW3161F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Woven Fabrics
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears huge accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing on a safe and secured 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 DENIED BY

Name :	Mr. Krishan Biyani
Designation :	Deputy Manager
Date :	01.08.2013

LOCATIONS

Registered Office :	11, YAC Industrial Estate, Kondivita Lane, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-28397814 / 66938319 / 32945360
Fax No.:	91-22-28212788
E-Mail :	nchoudhary68@rediffmail.com weavette@vsnl.com
Factory 1 :	K-9, MIDC, Tarapur, District Thane, Maharashtra, India
Tel. No.:	91-2525-272027 / 272667 / 395704
Fax No.:	91-2525-271633
Factory 2 :	E-61/1, MIDC, Tarapur, District Thane, Maharashtra, India
Tel. No.:	91-2525-272627 / 395571

DIRECTORS

As on: 28.09.2012

Name :

Mr. Pankaj Ved Prakash Kapoor

Designation :

Director

Address :

A-704, Florentine, Hiranandanni Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

01.12.1963

Date of Appointment :

08.12.1994

DIN No.:

00800167

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	U17100MH1994PLC083596	WEAVETTE TEXSTYLES LIMITED	Director	08/12/1994	08/12/1994	-	Active	NO
2	U65910MH1995PTC089350	PATRON LEASING AND FINANCE PRIVATE LIMITED	Director	28/07/2004	28/07/2004	-	Active	NO

Name :

Mrs. Neerja Pankaj Kapoor

Designation :

Director

Address :

A-704, Florentine, Hiranandanni Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

04.06.1971

Date of Appointment :

08.12.1994

DIN No.:

01065023

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	U17100MH1994PLC083596	WEAVETTE TEXSTYLES LIMITED	Director	08/12/1994	08/12/1994	-	Active	NO
2	U65910MH1995PTC089350	PATRON LEASING AND FINANCE PRIVATE LIMITED	Director	28/07/2004	28/07/2004	-	Active	NO

Name :

Mr. Anil Laxminarayan Biyani

Designation :

Director

Address :

305, Jeevan Vihar, Manav Mandir Road, Malbar Hill, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

13.12.1963

Date of Appointment :

28.02.2006

DIN No.:

00005834

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	U99999MH1987PLC044078	PIL INDUSTRIES LIMITED	Director	01/04/2010	01/10/1991	-	Active	NO
2	U70100MH2004PTC148033	NISHTA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	16/08/2004	16/08/2004	-	Active	NO
3	U70100MH2004PTC148031	NIYMAN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	22/04/2005	22/04/2005	30/08/2012	Active	NO
4	U70100MH2005PTC153677	ANCHOR RESIDENCY PRIVATE LIMITED	Director	20/06/2005	20/06/2005	-	Active	NO
5	U70101MH2005PTC153688	NAMAN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	20/06/2005	20/06/2005	01/09/2010	Active	NO
6	U70100MH2005PTC151972	ACUTE REALTY PRIVATE LIMITED	Director	20/06/2005	20/06/2005	18/06/2012	Active	NO
7	U70100MH2005PTC155196	BLB MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	08/08/2005	08/08/2005	15/04/2009	Active	NO
8	U70100MH2005PTC155104	UNIQUE MALLS PRIVATE LIMITED	Director	10/08/2005	10/08/2005	03/07/2012	Active	NO
9	U70100MH2005PTC155102	SRISHTI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	10/08/2005	10/08/2005	-	Active	NO
10	U74900MH1996PLC097943	FUTURE CORPORATE RESOURCES LIMITED	Director	30/09/2009	25/10/2005	-	Amalgamated	NO
11	L51900MH1981PLC025354	IDREAM FILM INFRASTRUCTURE COMPANY LIMITED	Director	22/11/2005	22/11/2005	31/03/2008	Active	NO
12	U17100MH1994PLC083596	WEAVETTE TEXSTYLES LIMITED	Director	28/02/2006	28/02/2006	-	Active	NO
13	U93000MH2002PLC135478	AHA PARKS LIMITED	Director	23/05/2006	23/05/2006	15/07/2008	Active	NO
14	U70100MH2005PTC151439	ISKRUPA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	30/06/2006	30/06/2006	29/03/2008	Active	NO
15	U28920MH2000PLC126290	STRIPES APPARELS LIMITED	Director	23/03/2007	23/03/2007	-	Amalgamated	NO
16	U18100MH2002PTC136468	BIBA APPARELS PRIVATE LIMITED	Nominee director	05/06/2007	05/06/2007	-	Active	NO
17	U52190RJ1999PTC015993	PLANET RETAIL HOLDINGS PRIVATE LIMITED	Director	28/09/2007	27/07/2007	10/06/2010	Active	NO
18	U51909MH2004PTC144105	SANKALP RETAIL VALUE STORES PRIVATE LIMITED	Director	30/09/2008	26/10/2007	01/02/2010	Active	NO
19	U17291MH2007GOI195402	GOLDMOHUR DESIGN AND APPAREL PARK LIMITED	Director	22/12/2008	22/12/2007	-	Active	NO
20	U51101MH2010PTC207147	WHITE CIRCLE MERCANTILE PRIVATE LIMITED	Director	20/08/2011	14/09/2010	-	Active	NO
21	U51101MH2010PTC207091	KAVI SALES AGENCY PRIVATE LIMITED	Director	20/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
22	U52100MH2010PTC207383	BRAHMABRATA TRADING PRIVATE LIMITED	Director	20/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
23	U45202MH2010PTC207319	GARGI DEVELOPERS PRIVATE LIMITED	Director	20/09/2011	20/09/2011	-	Active	NO
24	U55101MH2007PTC172953	FUTURE HOSPITALITY PRIVATE LIMITED	Director	29/09/2011	29/09/2011	-	Active	NO
25	U51100MH2005PLC156856	FUTURE CORPORATE RESOURCES LIMITED	Additional director	01/10/2011	01/10/2011	-	Active	NO
26	U74120MH2011PTC222266	RED BERRY INTERNATIONAL DISTRIBUTORS PRIVATE LIMITED	Director	21/02/2012	21/02/2012	18/10/2012	Active	NO
27	U72900MH2007PLC174787	NUFUTURE DIGITAL (INDIA) LIMITED	Director	29/09/2012	21/02/2012	-	Active	NO
28	L17120MH1987PLC042424	KAMADGIRI FASHION LIMITED	Director	18/09/2012	29/05/2012	-	Active	NO
29	U45200MH2007PTC168069	FESTIVE REALTY PRIVATE LIMITED	Director	21/09/2012	21/09/2012	-	Active	NO
30	AAA-6313	KAVI SALES AGENCY LLP	Designated Partner	21/09/2011	21/09/2011	-	Active	NO
31	AAA-6388	BRAHMABRATA TRADING LLP	Designated Partner	27/09/2011	27/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Krishan Biyani
Designation :	Deputy Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders	No. of Shares
PIL Industries Limited	1530000
Patron Leasing and Finance Private Limited	785000
Pankaj Kapoor	684980

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Bodies corporate	77.00
Directors or relatives of directors	23.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Woven Fabrics

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Fabrics	MTS	2200000	1494691.45
Fabrics – Job Works	MTS	--	15581.00

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Corporation Bank, Veena Chamber, 21 Dalal Street, Fort, Mumbai - 400021, Maharashtra, India HDFC Bank Limited

Banking Relations :	--
Auditors :
Name :	Narendra S. Choudhary and Associates Chartered Accountants
Address :	26, YAC Industrial Estate, Kondivita Lane, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-66938299/ 67313174
Fax No.:	91-22-66938980
E-mail:	nchoudhary68@rediffmail.com
PAN.:	AACPC9504F
Holding Company :	PIL Industries Limited CIN No.: U99999MH1987PLC044078

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.000	30.000
(b) Reserves & Surplus	(43.054)	(42.358)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(13.054)	(12.358)
(3) Non-Current Liabilities
(a) long-term borrowings	36.871	33.866
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	36.871	33.866
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	21.746	12.703
(c) Other current liabilities	0.026	0.176
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	21.772	12.879
TOTAL	45.589	34.387
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.067	2.382
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.114	0.222
Total Non-Current Assets	2.181	2.604
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	21.172	23.427
(c) Trade receivables	21.843	7.916
(d) Cash and cash equivalents	0.393	0.196
(e) Short-term loans and advances	0.000	0.244
(f) Other current assets	0.000	0.000
Total Current Assets	43.408	31.783
TOTAL	45.589	34.387

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		30.000
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(12.169)
NETWORTH		17.831
LOAN FUNDS
1] Secured Loans		78.868
2] Unsecured Loans		11.444
TOTAL BORROWING		90.312
DEFERRED TAX LIABILITIES		0.000
TOTAL		108.143
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		59.727
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		5.286
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	67.848
	Sundry Debtors	41.883
	Cash & Bank Balances	4.240
	Other Current Assets	0.000
	Loans & Advances	2.921
Total Current Assets		116.892
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	64.544
	Other Current Liabilities	8.885
	Provisions	0.333
Total Current Liabilities		73.762
Net Current Assets		43.130
MISCELLANEOUS EXPENSES		0.000
TOTAL		108.143

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	461.094	128.367
		Other Income	0.335	1.572
		TOTAL (A)	461.429	129.939	248.339
Less	EXPENSES
		Cost of Material Consumed	0.572	82.179
		Purchases of Stock in Trade	459.334	0.000
		Changes in inventories of finished goods, work in progress and Stock-in trade	0.972	27.833
		Employee benefits expense	0.009	9.729
		Loss on sale of Fixed Assets	0.000	4.664
		Other expense	0.920	15.894
		TOTAL (B)	461.807	140.299	228.041
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.378)	(10.360)	20.298
Less	FINANCIAL EXPENSES (D)		0.003	10.999	21.453
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.381)	(21.359)	(1.155)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.315	3.544	5.013
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(0.696)	(24.903)	(6.169)
Less	TAX (H)		0.000	5.286	(2.024)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(0.696)	(30.189)	(4.145)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(42.358)	(12.169)	(8.027)
Add	ADJUSTMENT		0.000	0.000	0.003
	BALANCE CARRIED TO THE B/S		(43.054)	(42.358)	(12.169)
	Earnings Per Share (Rs.)		(0.23)	(10.06)	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.15)	(23.23)	(1.67)
Net Profit Margin (PBT/Sales)	(%)	(0.15)	(19.40)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(1.53)	(72.42)	(3.49)
Return on Investment (ROI) (PBT/Networth)		0.05	2.02	(0.35)
Debt Equity Ratio (Total Debt/Networth)		(2.59)	(2.74)	5.06
Current Ratio (Current Asset/Current Liability)		1.99	2.47	1.58

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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

OPERATIONAL REVIEW

During the financial year ended 31.03.2012, which was 17 year of operation for the company, the company has achieved turnover of Rs. 461.094 Millions.

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Loan from Holding Company
PIL Industries Limited	36.871	33.866
Total	36.871	33.866

Note: No Charges Exist for Company

Fixed Assets

• Computer
• Furniture and Fixtures
• Plant and Machineries
• Building
• Land
• Mobile Phone
• Air Conditioner
• Office Equipment
• Sample Machine
• Refrigerator
• Television Set
• Aqua Guard
• Fax Machine
• Motor Car
• Tea Machine
• Telephone System

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 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] 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.60.74
UK Pound	1	Rs.92.06
Euro	1	Rs.80.60

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		18

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.