MIRA INFORM REPORT

Report Date :

20.12.2013

IDENTIFICATION DETAILS

Name :	PRECISION RUBBER INDUSTRIES PRIVATE LIMITED [w.e.f.15.07.2008]
Formerly Known As :	GDN RUBBERS PRIVATE LIMITED
Registered Office :	201 A, Poonam Chambers, Dr. Annie Beasant Road, Worli, Mumbai - 400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.01.2008
Com. Reg. No.:	11-178158
Capital Investment / Paid-up Capital :	Rs. 17.089 Millions
CIN No.: [Company Identification No.]	U25190MH2008PTC178158
TAN No.: [Tax Deduction & Collection Account No.]	MUMG13086D
PAN No.: [Permanent Account No.]	AADCG0576B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Precitex brand of Aprons and Cots.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 290000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profit margin of the company appears to be low. However, the company has recovered its operational losses during the financial year 2013. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered / Corporate Office :	201 A, Poonam Chambers, Dr. Annie Beasant Road, Worli, Mumbai - 400018, Maharashtra, India
Tel. No.:	91-22-40049750/ 40049751/ 40766444
Fax No.:	91-22-66605382/ 66605383
E-Mail :	barot@precitex.com sales@precitex.com richa@precitez.com richa@precitex.com
Website :	www.precitex.com
Sales and Marketing Office:	C-45, Road No.25, Wagle Industrial Estate, Thane - 400604, Maharashtra, India
Tel. No.:	91-22-25822569/ 25830983/ 40766333
Fax No.:	91-22-25821778
E-Mail :	sales@precitex.com
Factory 1 :	Palia Chouraha, Near Reoti Range, Sanwer Road, Indore - 452003, Madhya Pradesh, India
Tel. No.:	91-731-3292923
E-Mail :	indrfact@precitex.com
Factory 2 :	A1 - 5, G.I.D.C., Umbergaon - 396171, Gujarat, India
Tel. No.:	91-260-2563468/ 2563868
Fax No.:	91-260-2562868
E-Mail :	umb@precitex.com
Zonal Office 1 :	302, Harsha House, Karampura Commercial Complex, New Delhi - 110015, India
Tel No.:	91-11-25920540/ 25920541
Fax No.:	91-11-25920540/ 25920541
Email:	delhi@precitex.com
Zonal Office 2 :	No. 62, T. Balan Nagar, Kovundampalayam, Coimbatore - 641030, Tamilnadu, India
Tel No.:	91-422-4504152/ 4347152
Fax No.:	91-422-2454152
Email:	cbe@precitex.com

DIRECTORS

AS ON 27.09.2013

Name :

Mr. Ghansham Dembla

Designation :

Director

Address :

8/A, Hormazd Villa, Carmichael Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

24.11.1934

Date of Appointment :

23.01.2008

DIN No.:

00060361

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	U25200MH1971PTC015286	PRECISION BUSINESS PARK PRIVATE LIMITED	Director	18/08/1971	18/08/1971	-	Active	NO
2	U25190MH2008PTC178158	PRECISION RUBBER INDUSTRIES PRIVATE LIMITED	Director	23/01/2008	23/01/2008	-	Active	NO
3	U17291MH2011PTC216057	PRECISION YARNS PRIVATE LIMITED	Director	11/04/2011	11/04/2011	-	Active	NO

Name :

Mr. Niraj Ishwar Thakkar

Designation :

Director

Address :

1001, 10^th Floor, Grand Bay Apartments, 17 Hill Road, Bandra (West), Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

30.11.1970

Date of Appointment :

23.01.2008

DIN No.:

00060388

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	U25200MH1971PTC015286	PRECISION BUSINESS PARK PRIVATE LIMITED	Director	01/03/2007	16/04/1996	-	Active	NO
2	U74140MH1996PTC099976	SWASTIK DISA DEVELOPERS PRIVATE LIMITED	Director	04/06/1996	04/06/1996	25/02/2009	Active	NO
3	U36100MH1996PTC100073	ESTEE HOME FURNISHING INDUSTRIES PRIVATE LIMITED	Director	07/06/1996	07/06/1996	17/01/2011	Amalgamated	NO
4	U25119GJ2000PTC038626	OM RUBBER INDUSTRIES PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	YES
5	U91100MH1951GAT008683	ALL INDIA RUBBER INNDUSTRIES ASSOCIATION	Director	29/09/2006	29/09/2006	-	Active	NO
6	U25190MH2008PTC178158	PRECISION RUBBER INDUSTRIES PRIVATE LIMITED	Director	23/01/2008	23/01/2008	-	Active	NO
7	U17291MH2011PTC216057	PRECISION YARNS PRIVATE LIMITED	Additional director	08/05/2013	08/05/2013	-	Active	NO

Name :

Mr. Diven Ghansham Dembla

Designation :

Director

Address :

8/A, Hormazd Villa, Carmichael Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

27.12.1968

Date of Appointment :

23.01.2008

DIN No.:

00060426

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	U25200MH1971PTC015286	PRECISION BUSINESS PARK PRIVATE LIMITED	Managing director	01/11/2005	16/04/1996	-	Active	NO
2	U99999MH1969NPL014319	INDIAN TEXTILE ACCESSORIES AND MACHINERY MANUFACTURERS' ASSOCIATION	Director	29/09/2006	29/09/2006	-	Active	NO
3	U25190MH2008PTC178158	PRECISION RUBBER INDUSTRIES PRIVATE LIMITED	Director	23/01/2008	23/01/2008	-	Active	NO
4	U17291MH2011PTC216057	PRECISION YARNS PRIVATE LIMITED	Additional director	08/05/2013	08/05/2013	-	Active	NO

Name :

Mrs. Rovina Ghansham Dembla

Designation :

Director

Address :

8/A, Hormazd Villa, Carmichael Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

04.08.1942

Date of Appointment :

11.09.2009

DIN No.:

00064013

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	U25200MH1971PTC015286	PRECISION BUSINESS PARK PRIVATE LIMITED	Whole-time director	01/11/2005	18/08/1971	-	Active	NO
2	U25190MH2008PTC178158	PRECISION RUBBER INDUSTRIES PRIVATE LIMITED	Director	11/09/2009	07/01/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2013

Names of Shareholders	No. of Shares
Ghansham T. Dembla Jointly With Rovina G. Dembla Bhenoy G. Dembla Diven G. Dembla	425348
Rovina G. Dembla Jointly With Ghansham T. Dembla Bhenoy G. Dembla Diven G. Dembla	408236
Diven G. Dembla Jointly with Rovina G. Dembla Ghansham T. Dembla Bhenoy G. Dembla	257716
Ghansham T. Dembla HUF	36576
Surbhi I. Thakkar Jointly With Niraj I. Thakkar Neha I. Thakkar	411756
Niraj I. Thakkar Jointly With Surbhi I. Thakkar Neha I. Thakkar	76296
Minali N. Thakkar Jointly With Niraj I. Thakkar Surbhi I. Thakkar	1272
Niraj I. Thakkar HUF	8
Ishwar Dhanjidas Thakkar HUF	91692
Total	1708900

AS ON 27.09.2013

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Precitex brand of Aprons and Cots.

Products/ Services :

ITC Code No.	Product Descriptions
401699.09	Aprons
401699.01	Cots

Brand Names :

“PRECITEX”

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Aprons	Nos.	33300000	34180440
Cots	Nos.	22200000	25591898

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Canara Bank, Worli Branch, Marthanda Building, 84, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
From Banks
Term Loan from Canara Bank, Mumbai [Against hypothecation of fixed assets and on a personal guarantee of directors]	16.001	23.934
Car Loans from
ICICI Bank	0.894	1.352
HDFC Bank	0.231	0.324
Kotak Mahindra Prime Limited [Against hypothecation of Motor Cars and on a personal guarantee of directors]	1.424	0.549
From Banks
Cash Credit from Canara Bank [Secured by hypothecation of stocks, stores and book debts and also personal guarantee of director]	126.627	131.219
Bank of India Osaka Branch – Japan (Against Letter of Undertakings for payment on due date given by Canara bank Mumbai under Buyers Credits Facility)	8.053	0.000
Canara Bank-Mumbai [Against pledge of fixed deposits receipts only]	0.000	4.149
Total	153.230	161.527

Banking Relations :	--
Auditors :
Name :	A. Puri and Company Chartered Accountants
Address :	E-614, Crystal Plaza, Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAEPP7655A

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,708,900	Equity Shares	Rs. 10/- each	Rs. 17.089 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	17.089	17.089	17.089
(b) Reserves & Surplus	56.125	49.753	102.659
(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)	73.214	66.842	119.748
(3) Non-Current Liabilities
(a) long-term borrowings	18.550	26.159	13.585
(b) Deferred tax liabilities (Net)	4.971	5.157	5.588
(c) Other long term liabilities	15.820	12.895	12.895
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	39.341	44.211	32.068
(4) Current Liabilities
(a) Short term borrowings	220.680	232.218	222.646
(b) Trade payables	46.686	40.766	34.036
(c) Other current liabilities	32.056	34.952	38.535
(d) Short-term provisions	0.000	0.000	1.986
Total Current Liabilities (4)	299.422	307.936	297.203
TOTAL	411.977	418.989	449.019
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	87.130	87.725	71.305
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	4.774	3.877
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.010	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	87.140	92.509	75.192
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	150.988	173.423	193.837
(c) Trade receivables	110.012	89.310	104.261
(d) Cash and cash equivalents	31.018	32.577	34.573
(e) Short-term loans and advances	31.512	29.759	41.098
(f) Other current assets	1.307	1.411	0.058
Total Current Assets	324.837	326.480	373.827
TOTAL	411.977	418.989	449.019

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	623.534	504.594
		Other Income	4.103	4.406
		TOTAL (A)	627.637	509.000	565.100
Less	EXPENSES
		Cost of Materials Consumed	256.366	221.750
		Trading Purchases	0.000	0.516
		Increase/ (Decrease) in inventories	17.745	14.573
		Employee Benefit Expenses	116.698	106.607
		Other Expenses	190.993	164.891
		TOTAL (B)	581.802	508.337	547.200 (Including Financial Expenses and Depreciation)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		45.835	0.633
Less	FINANCIAL EXPENSES (D)		25.739	37.373
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.096	(36.710)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.626	12.449
	PROFIT BEFORE TAX (E-F) (G)		6.470	(49.159)	17.900
Less	TAX (H)		0.284	4.178	5.505
	PROFIT AFTER TAX (G-H) (I)		6.186	(53.337)	12.395
Add	PROVISION FOR DEFERRED TAX ASSETS (LIABILITY) FOR CURRENT YEAR		0.187	0.430	0.654
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(41.913)	10.994	1.171
Less	APPROPRIATIONS
		Proposed Dividend	0.000	0.000	1.789
		Corporate Tax on Proposed Dividend	0.000	0.000	0.277
		Transfer to General Reserve	0.000	0.000	1.240
	BALANCE CARRIED TO THE B/S		(35.540)	(41.913)	10.994
	EARNINGS IN FOREIGN CURRENCY
		For Value of Sales	203.355	167.038	164.673
		Reimbursement of Freight and Insurance	7.206	6.293	5.935
	TOTAL EARNINGS		210.561	173.331	170.608
	IMPORTS
		Raw Materials	115.032	100.631	68.485
		Plant and Machinery	0.000	0.000	0.228
		Stores and Spares	0.272	0.276	0.193
		Plant and Machinery [Capital work in progress]	0.000	3.801	0.000
	TOTAL IMPORTS		115.304	104.708	68.906
	Earnings Per Share (Rs.)		3.62	(31.21)	7.25

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.99	(9.66)	2.19
Net Profit Margin (PBT/Sales)	(%)	1.04	(9.74)	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	1.57	(11.87)	4.02
Return on Investment (ROI) (PBT/Networth)		0.09	(0.74)	0.15
Debt Equity Ratio (Total Debt/Networth)		3.27	3.87	1.97
Current Ratio (Current Asset/Current Liability)		1.08	1.06	1.26

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10191477	27/09/2013 *	246,500,000.00	CANARA BANK	WORLI BRANCH,MARTHANDA BUILDING, 84, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B89719348
2	10185606	27/09/2013 *	257,500,000.00	CANARA BANK	WORLI BRANCH,MARTHANDA BUILDING, 84, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B89716799

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
From Shareholders, Directors and their relatives	71.000	81.850
Inter Corporate	15.000	15.000
Total	86.000	96.850

FIXED ASSETS:

· Freehold land

Factory Buildings

Office / Other Premises

Plant and Machinery

Office Equipments

Furniture and Fixture

Computer Systems

Vehicles

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. 62.38
UK Pound	1	Rs. 102.15
Euro	1	Rs. 85.29

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.