MIRA INFORM REPORT

Report Date :

19.07.2013

IDENTIFICATION DETAILS

Name :	CALPRO FOODS PRIVATE LIMITED
Registered Office :	Plot No. 17, First Floor, Road No. H – 8, DLF City Phase – I, Gurgaon – 122002, Haryana
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.01.1989
Com. Reg. No.:	05-045037
Capital Investment / Paid-up Capital :	Rs. 9.086 Millions
CIN No.: [Company Identification No.]	U74899HR1989PTC045037
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Foods Items.
No. of Employees :	Not Available

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 110000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a well established company having a moderate track record. The company has seen a significant growth in its sales turnover during 2012. However, profit margin appears to be low and external borrowing seems to be huge and increasing over years. Trade relations are fair. Business is active. Payment terms are slow but correct. In view reputed clients, the subject 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

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 Office :	Plot No. 17, First Floor, Road No. H – 8, DLF City Phase – I, Gurgaon – 122002, Haryana, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	account@calprofoods.com
Factory 1 :	18 Kanal of Village: Udakha, Tehsil: Nuhu, Dist. : Gurgaon, Haryana, India
Head Office / Factory 2 :	A-5, Sarswati House, Naraina Industrial Area, Phase – 2, New Delhi – 110028, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Arun Kumar Agarwal

Designation :

Director

Address :

6B/2, N.E.A Pusa Road, New Delhi – 110060, India

Date of Birth/Age :

15.05.1946

Date of Appointment :

04.01.1989

DIN No.:

00249672

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	U74899HR1989PTC045037	CALPRO FOODS PRIVATE LIMITED	Director	04/01/1989	04/01/1989	-	Active	NO
2	U74899HR1989PTC045038	CALPRO FOOD ESSENTIALS PRIVATE LIMITED	Director	27/07/1989	27/07/1989	-	Active	NO
3	U74899HR1980PTC045000	SARASWATI OFFSET PRINTERS PRIVATE LIMITED	Director	07/05/1993	07/05/1993	-	Active	NO
4	U74999DL1996PTC082741	TRUSTWELL TRADING COMPANY PRIVATE LIMITED	Director	17/10/1996	17/10/1996	-	Active	NO
5	U74899HR1989PTC045001	SARASWATI PACKAGING INDUSTRIES PRIVATE LIMITED	Director	02/06/1997	02/06/1997	-	Active	NO
6	U52399HR1995PTC032937	HIMACHAL PAPER COMPANY PRIVATE LIMITED	Director	05/07/1999	05/07/1999	05/04/2008	Active	NO

Name :

Mr. Ayush Agarwal

Designation :

Additional Director

Address :

6B/2, N.E.A Pusa Road, New Delhi – 110060, India

Date of Birth/Age :

04.02.1980

Date of Appointment :

22.02.2008

DIN No.:

01358588

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	U74899HR1989PTC045038	CALPRO FOOD ESSENTIALS PRIVATE LIMITED	Director	07/05/2002	07/05/2002	-	Active	NO
2	U52399HR1995PTC032937	HIMACHAL PAPER COMPANY PRIVATE LIMITED	Director	20/06/2006	20/06/2006	01/04/2008	Active	NO
3	U74899HR1989PTC045037	CALPRO FOODS PRIVATE LIMITED	Additional director	22/02/2008	22/02/2008	-	Active	NO

Name :

Mr. Saroj Agarwal

Designation :

Director

Address :

6B/2, N.E.A Pusa Road, New Delhi – 110060, India

Date of Birth/Age :

28.12.1948

Date of Appointment :

07.05.1993

DIN No.:

01358590

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	U74899HR1980PTC045000	SARASWATI OFFSET PRINTERS PRIVATE LIMITED	Director	15/11/1980	15/11/1980	-	Active	NO
2	U74899HR1989PTC045001	SARASWATI PACKAGING INDUSTRIES PRIVATE LIMITED	Director	19/04/1989	19/04/1989	-	Active	NO
3	U74899HR1989PTC045037	CALPRO FOODS PRIVATE LIMITED	Director	07/05/1993	07/05/1993	-	Active	NO

Name :

Mr. Amit Agrawal

Designation :

Director

Address :

6B/2, N.E.A Pusa Road, New Delhi – 110060, India

Date of Birth/Age :

15.05.1971

Date of Appointment :

15.11.1994

DIN No.:

01358591

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	U74899HR1980PTC045000	SARASWATI OFFSET PRINTERS PRIVATE LIMITED	Director	07/12/1993	07/12/1993	-	Active	NO
2	U74899HR1989PTC045037	CALPRO FOODS PRIVATE LIMITED	Director	15/11/1994	15/11/1994	-	Active	NO
3	U74999DL1996PTC082741	TRUSTWELL TRADING COMPANY PRIVATE LIMITED	Director	17/10/1996	17/10/1996	-	Active	NO
4	U74899HR1989PTC045038	CALPRO FOOD ESSENTIALS PRIVATE LIMITED	Director	29/09/2010	22/02/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
R.S Agrawal	62
Prem Lata Agrawal	63
Arun Kumar Agrawal	10744
Saroj Agrawal	3300
Amit Agrawal	9044
Aditi Agrawal	5188
Annu Pachisa	1412
Saraswati Offset Printer Private Limited, India	4688
Saraswati Package Industrial Private Limited, India	22000
Trust Well Trading Company Private Limited, India	37300
Rajnikant and Bros.	62
Calpro Foods Essentials Private Limited, India	1000
S.K Jain	3200
Renu Jain	2400
Reshma Oversea Limited	3200
Reshma Surana	3200
Ravindra Jain	3200
Rubi Creation Private Limited, India	8000
Ayush Agarwal	800
Total	118863

As on 30.03.2013

Names of Allotees	No. of Shares
Ayush Agarwal (Business)	3185
Arun Kumar Agarwal (Business)	9375
Saroj Agarwal (Business)	4050
Total	16610

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Foods Items.

PRODUCTION STATUS (As on 31.03.2012)

Particulars	Unit	Installed Capacity (As Certified by Management)	Actual Production
Calcium Propionate Per Annum	Kg	700000	468765

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Oriental Bank of Commerce, 104 Old Rajinder Nagar Market, New Delhi – 110060, India

· HDFC Bank Limited

· ICICI Bank Limited

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Oriental Bank of Commerce (Term Loan)( Against Plant and machinery)	1.490	2.513
Intec Capital Limited (Term Loan-) ( Against Plant and Machinery )	0.346	0.000
Reliance Home Finance Private Limited (Term Loan) ( Security Against pledge of Gu	16.326	0.000
ICICI Bank Limited ( Term Loan) ( Security Against Honda City Car)	0.000	0.142
HDFC Bank Limited ( Term Loan ) ( Security against pledge of Wagnor Car )	0.067	0.190
Short-term borrowings	0	0
Oriental Bank of Commerce (Cash Credit Facility against Stock and Debts)	16.055	10.809
Oriental Bank of Commerce (Letter of Credit and FCL)	29.758	24.741
Oriental Bank of Commerce (Term Loan)( Against Plant and machinery )	1.022	1.031
Intec Capital Limited (Term Loan-) ( Against Plant and Machinery )	1.260	0.000
Reliance Home Finance Private. Limited (Term Loan) ( Security Against pledge of Gu	0.526	0.000
Unitel Credit Private Limited (Term Loan) ( Security against pledge of Genset)	0.000	0.348
HDFC Bank Limited ( Term Loan ) ( Security against pledge of Skoda Superb )	0.000	0.756
ICICI Bank Limited ( Term Loan) ( Secutity Against Honda City Car)	0.142	0.154
HDFC Bank Limited ( Term Loan ) ( Security against pledge of Wagnor Car )	0.123	0.110
Barclayes Investment and Loans ( India) Limited	1.093	0.923
Standard Chartered Bank	0.000	1.324
Oriental Bank of Commerce (Against Bank FDR/CDR)	0.000	0.595
Total	68.208	43.636

Banking Relations :	--
Financial Institutional :	Intec Capital Limited
Auditors :
Name :	P.D. Mittal and Company Chartered Accountants
Address :	70, Daryaganj, New Delhi – 110002, India
Mobile No.:	91-9891349865
Fax No.:	91-11-55169313/23258183
PAN N Income-tax PAN of auditor or auditor's firm :	AAFPM6366G

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital : Rs.17.500 Millions

Issued, Subscribed & Paid-up Capital : Rs.12.967 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
125000	Equity Shares	Rs.100/- each	Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90863	Equity Shares	Rs.10/- each	Rs. 9.086 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.086	9.086
(b) Reserves & Surplus	19.060	9.743
(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)	28.146	18.829
(3) Non-Current Liabilities
(a) long-term borrowings	34.801	14.275
(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)	34.801	14.275
(4) Current Liabilities
(a) Short term borrowings	49.980	40.791
(b) Trade payables	8.024	6.044
(c) Other current liabilities	0.406	0.529
(d) Short-term provisions	1.083	1.014
Total Current Liabilities (4)	59.493	48.378
TOTAL	122.440	81.482
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	49.729	23.997
(ii) Intangible Assets	0.049	0.068
(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	1.732	0.305
(e) Other Non-current assets	1.270	1.270
Total Non-Current Assets	52.780	25.640
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	32.335	18.671
(c) Trade receivables	24.580	25.658
(d) Cash and cash equivalents	6.319	7.542
(e) Short-term loans and advances	6.426	3.971
(f) Other current assets	0.000	0.000
Total Current Assets	69.660	55.842
TOTAL	122.440	81.482

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.086
2] Share Application Money		0.000
3] Reserves & Surplus		8.670
4] (Accumulated Losses)		0.000
NETWORTH		17.756
LOAN FUNDS
1] Secured Loans		34.307
2] Unsecured Loans		9.787
TOTAL BORROWING		44.094
DEFERRED TAX LIABILITIES		0.000
TOTAL		61.850
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.024
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.420
	Sundry Debtors	16.716
	Cash & Bank Balances	5.404
	Other Current Assets	0.000
	Loans & Advances	8.515
Total Current Assets		46.055
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.409
	Other Current Liabilities	0.820
	Provisions	0.000
Total Current Liabilities		7.229
Net Current Assets		38.826
MISCELLANEOUS EXPENSES		0.000
TOTAL		61.850

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)	21.683	20.582	100.253
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	9.845	12.184	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.838	8.398
Less	FINANCIAL EXPENSES (D)		8.072	5.047
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.766	3.351	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.216	1.870
	PROFIT BEFORE TAX (E-F) (G)		1.550	1.481
Less	TAX (H)		0.525	0.408
	PROFIT AFTER TAX (G-H) (I)		1.025	1.073	0.962
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.584	4.511	NA
	BALANCE CARRIED TO THE B/S		6.609	5.584	NA
	Earnings Per Share (Rs.)		11.28	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.73	5.21	0.00
Return on Total Assets (PBT/Total Assets}	(%)	1.27	1.82	NA
Return on Investment (ROI) (PBT/Networth)		0.06	0.08	NA
Debt Equity Ratio (Total Debt /Networth)		3.01	2.92	2.48
Current Ratio (Current Asset/Current Liability)		1.17	1.15	6.37

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

Note: Registered office of the company has been shifted from 6B/2, N.E.A Pusa Road, New Delhi – 110060, India to the present address w.e.f 30.01.2012

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Unsecured Loan from Directors/Friends and Relatives	12.920	6.956
Barclayes Investment and Loans ( India) Limited	0.513	1.606
20000 Bonds @ Rs.100/-per Bond [Fully Convertible Bond at the rate of premium of Rs. 100/-on expiry of 7 Years. ( Interest Accrued but not paid)]	3.139	2.868
Total	16.572	11.430

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74899HR1989PTC045037
Name of the company	CALPRO FOODS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 17, First Floor, Road No. H – 8, DLF City Phase – I, Gurgaon – 122002, Haryana, India Email: accounts@calprofoods.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10136256
Type of charge	· Immovable property · Any interest in immovable property · Corporate Guarantee
Particular of charge holder	CIN: U74899HR1989PTC045037 Oriental Bank of Commerce, 104 Old Rajinder Nagar Market, New Delhi – 110060, India Email: bm0139@obc.co.in
Nature of instrument creating charge	Ltr-11 Dated 17.03.2013, and agreement to guarantee to secure cash credit limit/loan facilities dated 16.03.2013
Date of instrument Creating the charge	16.03.2013
Amount secured by the charge	Rs.20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rate of interest is 14.90% per annum over the prime lending rate of bank calculated on daily basis balance due to bank and charged on monthly rests Terms of Repayment Terms of repayment as per agreement executed on 16.03.2013 Margin Margin as per agreement executed on 16.03.2013 Extent and Operation of the charge Extent and operation of the charge as per agreement executed on 16.03.2013
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge by way of equitable mortgage of immovable property(factory, land and building) of company situated at 18 Kanal of Village: Udakha, Tehsil: Nuhu, Dist. : Gurgaon (Haryana) Plant and machinery of the company
Date of instrument modifying the charge	16.10.2012
Particulars of the present modification	Extension of charge over the property of company for Guarantee provide to bank for Total cash Credit Limit avail of Rs.20.000 Millions by Calpro Food Essential Private Limited Cash Credit enhanced from Rs. 16.000 Millions to Rs.20.000 Millions ( including sub limit of LC of Rs.40.000 Millions

FIXED ASSETS

· Land

· Gurgaon Property

· Construction Area of gurgaon

· Generator

· Building

· Plant and Machinery

· Electrical Installation & Fittings

· Air Condition

· Lab. Equipment

· Car

· Scooter and Motocycle

· Fan and Cooler

· Typewriter

· Cycle

· Fax Machine

· Mobile Phone

· Stablizer

· Computer

· Refregerator

· Furniture and Fixture

· Television

· Fire Extingusher

· Truck/ Canter

· Ovan ( Gas)

· Storage Tank

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.59.71
UK Pound	1	Rs.90.59
Euro	1	Rs.78.22

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	NO
--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.