MIRA INFORM REPORT

Report Date :

16.12.2013

IDENTIFICATION DETAILS

Name :	RAVI DYEWARE COMPANY LIMITED
Registered Office :	121, Atlanta, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.03.1997
Com. Reg. No.:	11-106983
Capital Investment / Paid-up Capital :	Rs.130.585 millions
CIN No.: [Company Identification No.]	U24200MH1997PLC106983
TAN No.: [Tax Deduction & Collection Account No.]	MUMR10674G
PAN No.: [Permanent Account No.]	AAACR4665F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Textile Chemicals and Petroleum Dyes.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 1965000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some 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 – 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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Based Limits: A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	February, 2013

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. Nitin
Designation :	Accounts Department
Contact No.:	91-22-22851007
Date :	11.12.2013

LOCATIONS

Registered Office :	121, Atlanta, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22851007/ 22840293/ 42128000
Fax No.:	91-22-22029146
E-Mail :	admin@ravidyeware.com rdcl@ravidyeware.com
Website :	http://www.ravidyeware.com
Location :	Owned
Factory :	G-12, MIDC, Taloja, District Raigad – 410 208, Maharashtra, India

DIRECTORS

AS ON 23.09.2013

Name :

Mr. Vinod Banwarilal Singhania

Designation :

Managing Director

Address :

16^th Floor, Shreevardhan Co-operative Housing Society Limited, B.D. Road, Opposite Tata Garden, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

06.03.1957

Date of Appointment :

01.04.2012

DIN No.:

00759292

PAN No.:

AIBPS6880K

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	U24100MH1987PLC042868	SIDDHARTH COLORCHEM LIMITED	Director	12/03/1987	12/03/1987	-	Active	NO
2	U24114MH1993PTC073079	RAVI DYES AND DYESTUFFS COMPANY PRIVATE LIMITED	Director	23/07/1993	23/07/1993	-	Active	NO
3	U24239MH1994PTC080341	MOS PHARMA PRIVATE LIMITED	Director	16/08/1994	16/08/1994	-	Active	NO
4	U29299MH1993PTC074822	MERIDIAN (INDIA) PRIVATE LIMITED	Director	07/02/1995	07/02/1995	-	Active	NO
5	U24110MH1990PTC056585	C A P A (INDIA) PRIVATE LIMITED	Director	20/08/1996	20/08/1996	-	Active	NO
6	U24200MH1997PLC106983	RAVI DYEWARE COMPANY LIMITED	Managing director	01/04/2012	31/03/1997	-	Active	NO
7	U72100MH2000PTC125619	E-TRAVEL DOTCOM (INDIA) PRIVATE LIMITED	Director	06/04/2000	06/04/2000	-	Active	NO
8	U51900MH2000PTC127349	HARIT MERCANTILE PRIVATE LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
9	U45200MH1999PTC122740	KEVAT DEVELOPERS PRIVATE LIMITED	Director	04/09/2000	04/09/2000	-	Active	NO
10	U67120MH1993PTC074148	ABHAVI INVESTMENTS PRIVATE LIMITED	Director	05/08/2002	05/08/2002	-	Active	NO
11	U24110MH2007PTC168517	BIOCELL TECHNOLOGY PRIVATE LIMITED	Director	09/03/2007	09/03/2007	-	Active	NO
12	U24233MH2007PTC170041	CELLBION LIFESCIENCES PRIVATE LIMITED	Director	17/04/2007	17/04/2007	17/01/2009	Active	NO
13	U45200PN2007PTC142023	SSILVERWOODS PROPERTIES PRIVATE LIMITED	Director	09/06/2007	08/06/2007	-	Active	NO
14	AAB-0788	UNIQUE DREAMSCAPE LLP	Designated Partner	23/08/2012	23/08/2012	-	Active	NO
15	AAB-5764	UNIQUE SQUARE-FEET LLP	Designated Partner	10/06/2013	10/06/2013	-	Active	NO

Name :

Mr. Siddharth Vinod Singhania

Designation :

Director

Address :

Shreevardhan Co-operative Housing Society Limited, 16^th Floor, 95/B, Bhula Desai Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

10.11.1982

Date of Appointment :

02.05.2005

DIN No.:

01549748

PAN No.:

ARQPS5958Q

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	U24100MH1987PLC042868	SIDDHARTH COLORCHEM LIMITED	Director	13/03/2003	13/03/2003	-	Active	NO
2	U24200MH1997PLC106983	RAVI DYEWARE COMPANY LIMITED	Director	02/05/2005	02/05/2005	-	Active	NO
3	U24114MH1993PTC073079	RAVI DYES AND DYESTUFFS COMPANY PRIVATE LIMITED	Director	08/06/2005	08/06/2005	-	Active	NO
4	U65990MH1993PTC072737	PHOOL INVESTMENTS PVT LTD	Director	08/06/2005	08/06/2005	-	Active	NO
5	U24110MH1990PTC056585	C A P A (INDIA) PRIVATE LIMITED	Director	08/06/2005	08/06/2005	-	Active	NO
6	U45200PN2007PTC142023	SSILVERWOODS PROPERTIES PRIVATE LIMITED	Director	09/06/2007	08/06/2007	-	Active	NO
7	U85190MH1986PTC039697	HI TECH MEDICAL INDUSTRIES PVT LTD	Director	26/08/2007	26/08/2007	-	Active	NO
8	U72100MH2000PTC125619	E-TRAVEL DOTCOM (INDIA) PRIVATE LIMITED	Director	26/08/2007	26/08/2007	-	Active	NO
9	U51900MH2000PTC127349	HARIT MERCANTILE PRIVATE LIMITED	Director	26/08/2007	26/08/2007	-	Active	NO
10	U24110MH2007PTC168517	BIOCELL TECHNOLOGY PRIVATE LIMITED	Director	08/05/2008	08/05/2008	-	Active	NO

Name :

Mr. Harshvardhan Singhania

Designation :

Director

Address :

28, Maheshwar Niketan, Peddar Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

16.12.1987

Date of Appointment :

30.09.2006

DIN No.:

01499199

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	U24200MH1997PLC106983	RAVI DYEWARE COMPANY LIMITED	Director	30/09/2006	30/09/2006	-	Active	NO
2	U24239MH2006PTC163460	MELODY HEALTHCARE PRIVATE LIMITED	Director	30/09/2011	13/06/2011	-	Active	NO

Name :

Mr. Vikas Brijgopal Saraogi

Designation :

Director

Address :

606, Anjali Park Plot No.1, Sector-2, Sanpada, Mumbai – 400 705, Maharashtra, India

Date of Birth/Age :

24.12.1968

Date of Appointment :

04.10.2008

DIN No.:

02350315

PAN No.:

AOFPS8203Q

KEY EXECUTIVES

Name :	Mr. Nitin
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Vinod Singhania	3251000	24.90
Vinod Singhania (Karta of Vinod Singhania HUF)	1302500	9.97
Namrata Singhania	3529680	27.04
Abha Singhania	3642000	27.89
Phool Devi Singhania	200700	1.54
Anita Mody	139000	1.06
Siddharth Singhania	100000	0.76
Shivang Singhania	243000	1.86
Devang Singhania (Minor)	535600	4.10
Harshvardhan Singhania	115000	0.88
Total	13058480	100.00

AS ON 23.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Textile Chemicals and Petroleum Dyes.

Products :

Product Description	ITC Code No.
Dyes and Chemicals	32041218

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

PRODUCTION STATUS (AS ON 31.03.2011):

Particulars	Actual Production
Licensed Capacity	N.A.
Installed Capacity	12500.00 MT
Others	9069.82 MT
Production/ Inwards	9247422 kgs.

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

150 (Approximately)

Bankers :

· Union Bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg Fort, Mumbai – 400 023, Maharashtra, India (Tel. No.: 91-22-22088843)

· Punjab National Bank, ILACO House Branch, Sir P.M. Road, Fort, Mumbai – 400 001, Maharashtra, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT-TERM BORROWINGS
Working capital loans from banks (Hypothecation of stocks and receivables)	431.277	364.686
Total	431.277	364.686

Banking Relations :	--
Auditors :
Name :	Kailash Chand Jain and Company Chartered Accountants
Address :	Edena, 1^st Floor, 97, Mharshi Karve Road, Near Income Tax Office, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-22009131/ 22065373
Mobile No.:	91-22-22089978
Fax No.:	mail@kcjainco.com
PAN No.:	AFUPP1569G
Associate Company :	Siddharth Colorchem Limited, India (CIN No.: U24100MH1987PLC042868)
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Kevat Developers Private Limited, India (CIN No.: U45200MH1999PTC122740)

CAPITAL STRUCTURE

AS ON 23.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13058480	Equity Shares	Rs.10/- each	Rs.130.585 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	130.585	130.585	130.585
(b) Reserves & Surplus	360.782	343.041	335.058
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	491.367	473.626	465.643
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	1.084	1.084
(b) Deferred tax liabilities (Net)	0.000	0.000	0.277
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	1.084	1.361
(4) Current Liabilities
(a) Short term borrowings	431.277	364.686	324.985
(b) Trade payables	236.022	219.365	244.702
(c) Other current liabilities	89.226	79.413	67.743
(d) Short-term provisions	3.182	2.712	12.278
Total Current Liabilities (4)	759.707	666.176	649.708
TOTAL	1251.074	1140.886	1116.712
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	180.162	109.066	128.967
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	4.917	18.837	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	13.532	13.532	13.532
(c) Deferred tax assets (net)	6.281	4.073	0.000
(d) Long-term Loan and Advances	32.977	33.018	32.406
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	237.869	178.526	174.905
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	332.030	362.897	346.201
(c) Trade receivables	329.014	246.239	281.639
(d) Cash and cash equivalents	35.329	30.437	43.194
(e) Short-term loans and advances	316.832	322.787	270.773
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1013.205	962.360	941.807
TOTAL	1251.074	1140.886	1116.712

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	2060.649	1594.226	1512.033
		Other Income	4.540	5.397	4.348
		TOTAL (A)	2065.189	1599.623	1516.381
Less	EXPENSES
		Cost of materials consumed	1284.892	1099.603	1126.754
		Purchases of stock-in-trade	235.974	140.390	31.055
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	47.250	(36.477)	(56.262)
		Employee benefit expense	67.436	52.658	44.486
		Other expenses	357.058	292.271	290.501
		TOTAL (B)	1992.610	1548.445	1436.534
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		72.579	51.178	79.847
Less	FINANCIAL EXPENSES (D)		13.103	9.535	10.912
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		59.476	41.643	68.935
Less/ Add	DEPRECIATION/ AMORTISATION (F)		32.065	29.609	28.855
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		27.411	12.034	40.080
Less	TAX (H)		9.671	4.051	13.175
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		17.740	7.983	26.905
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on FOB basis	NA	879.193	887.598
	TOTAL EARNINGS		NA	879.193	887.598
	IMPORTS
		Raw Material	NA	258.359	339.055
		Export Promotion Travelling	NA	4.809	8.904
	TOTAL IMPORTS		NA	263.168	347.959
	Earnings / (Loss) Per Share (Rs.)		1.36	0.61	2.06

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.86	0.50	1.77
Net Profit Margin (PBT/Sales)	(%)	1.33	0.75	2.65
Return on Total Assets (PBT/Total Assets}	(%)	2.24	1.09	3.63
Return on Investment (ROI) (PBT/Networth)		0.06	0.03	0.09
Debt Equity Ratio (Total Debt/Networth)		0.88	0.77	0.70
Current Ratio (Current Asset/Current Liability)		1.33	1.44	1.45

LOCAL AGENCY FURTHER INFORMATION

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	No
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	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10434106	28/05/2013	200,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B78409638
2	10358253	31/05/2012	10,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B40653818
3	80015963	12/01/2012 *	420,000,000.00	PUNJAB NATIONAL BANK	ILACO HOUSE BRANCH, SIR P.M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B31267545
4	80046518	28/05/2013 *	150,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B78408986
5	90156747	29/11/2004 *	255,000,000.00	OBC BANK	OVERSES BRANCH, DALAMAL TOWERS; NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-
6	90158803	10/05/1997	70,000,000.00	OBC BANK	OVERSES BRANCH, CALAMAL TOWERS; NARIMAN POINT, MUMBAI, MAHARASHTRA - 400005, INDIA	-

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Deposits from others	0.000	1.084
Total	0.000	1.084

FIXED ASSETS:

· Land

· Office Building

· Factory Building

· Plant and Equipment

· Furniture and Fixtures

· Motor Vehicles

· Office Equipment

· Computer Equipments

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.62.13
UK Pound	1	Rs.101.53
Euro	1	Rs.85.41

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.