MIRA INFORM REPORT

Report Date :

30.07.2013

IDENTIFICATION DETAILS

Name :	G T P GRANITES LIMITED
Registered Office :	No. 4/36, Bharathi Street, Swarnapurai, Salem-636004, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.05.1990
Com. Reg. No.:	18-002722
Capital Investment / Paid-up Capital :	Rs.38.164 Millions
CIN No.: [Company Identification No.]	U14102TZ1990PLC002722
IEC No.:	3292000441
TAN No.: [Tax Deduction & Collection Account No.]	CHEG05934F
PAN No.: [Permanent Account No.]	AAACG7711K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers, Quarry Owners and Exporters of Cut and Polished Granite, Slabs and Monuments.
No. of Employees :	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payment terms are usually correct. The company can be considered for business dealings at usual 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A2 (Short Term Rating)
Rating Explanation	Strong degree of safety and low credit risk.
Date	09.11.2012

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. Thangevelu
Designation :	Accounts Department
Contact No.:	91-427-2448490
Date :	26.07.2013

LOCATIONS

Registered / Corporate Office / Headquarter :	No. 4/36, Bharathi Street, Swarnapurai, Salem-636004, Tamilnadu, India
Tel. No.:	91-427-2448490 / 2447645 / 2346392 / 6
Fax No.:	91-427-2448744 / 2341531 / 2346304
E-Mail :	info@gtpgranites.com gtpgl@sancharnet.in gtpglho@gmail.com
Website	http://www.gtpgranites.com
Location :	Owned
Factory 1 :	Unit 1, 151/1, Jagir Ammapalayam, Mamangam, Salem-636302, Tamilnadu, India
Tel. No.:	91-427-2341932/2340722/2340663
Fax No.:	91-427-2341531/2341099
E-Mail :	info@gtpgranites.com
Factory 2 :	Unit 2, 63/1C, Venkatachalapathy, Chetichavadi, Omalur, Salem-636012, Tamilnadu, India
Tel. No.:	91-427-2448733/445943
Fax No.:	91-427-2430256
E-Mail :	siva@gtpgranites.com

DIRECTORS

As on: 29.09.2012

Name :

Mr. Sengoda Gounder Muthurajan

Designation :

Managing Director

Address :

134, Manickavasagam Street, Balaji Nagar, Fairlands, Salem – 636016, Tamilnadu, India

Date of Birth/Age :

03.08.1947

Date of Appointment :

02.09.2011

DIN No.:

00047437

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	U85110TZ1971PTC000631	SRI GOKULAM HOSPITALS PRIVATE LIMITED	Director	26/04/1988	26/04/1988	-	Active	NO
2	U65921TZ1991PLC003149	G T P FINANCE LIMITED	Director	25/02/1991	25/02/1991	-	Active	NO
3	U27310TZ1991PTC003384	GTP EXPORTS PRIVATE LIMITED	Director	07/08/1991	07/08/1991	-	Active	NO
4	U14101TZ1991PTC003523	GTP CERAMICS PRIVATE LIMITED	Director	27/11/1991	27/11/1991	-	Active	NO
5	U14102TZ1990PLC002722	G T P GRANITES LIMITED	Managing director	02/09/2011	02/09/1996	-	Active	NO
6	U72200TN2007PLC065759	GTP Infotech Solutions Limited	Director	17/12/2007	17/12/2007	-	Active	NO
7	U40108TZ2012PTC018594	ASHOK WIND FARM PRIVATE LIMITED	Director	31/07/2012	31/07/2012	-	Active	NO
8	U40108TZ2012PTC018635	SMA WIND ENERGY PRIVATE LIMITED	Director	13/08/2012	13/08/2012	-	Active	NO
9	U40108TZ2012PTC018649	GTP WIND ENERGY PRIVATE LIMITED	Director	16/08/2012	16/08/2012	-	Active	NO

Name :

Kumaraswamy Kamalakannan

Designation :

Whole Time Director

Address :

1/367, Thirumalai Street, P and T Colony, Alagapuram, Salem – 636016, Tamilnadu, India

Date of Birth/Age :

30.07.1963

Date of Appointment :

01.10.2012

DIN No.:

01824768

Name :

Mr. Jebamani Jaya Singh

Designation :

Whole Time Director

Address :

16, Indira Nagar, Judge Road, Salem – 636 008, Tamilnadu, India

Date of Birth/Age :

11.12.1942

Date of Appointment :

01.10.2012

DIN No.:

00047498

Name :

Mr. Siva Subramnian

Designation :

Whole Time Director

Address :

3, Greenlands, Nagarmalai Road, Salem – 636016, Tamilnadu, India

Date of Birth/Age :

17.10.1956

Date of Appointment :

01.10.2012

DIN No.:

01824835

KEY EXECUTIVES

Name :	Mr. Thangevelu
Designation :	Accounts Department

MAJOR SHAREHOLDERS

As on: 29.09.2012

Names of Shareholders	No. of Shares
S. Muthurajan	3265948
K. Muthusamy	11
K. Kamalakannan	1011
S. Manickam	1000
M. Baby Saroja	93500
Arora Trading Limited, Jersey	452978
M. Ashokraj	1000
M. Ramya	1000
TOTAL	3816448

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	11.87
Directors or relatives of Directors	88.13
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers, Quarry Owners and Exporters of Cut and Polished Granite, Slabs and Monuments.
Exports :
Products :	Finished Goods
Countries :	UK Germany Japan Canada Hong Kong Ireland New Zealand UAE China
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

1500 (Approximately)

Bankers :

• The Lakshmi Vilas Bank Limited, 62-63, Bazaar Street, Salem – 636 001, Tamilnadu, India

Tel No.: 91-427-2267202

• State Bank of India, Siruthozhil Branch, 68, Cherry Road, Salem – 636 007 , Tamilnadu, India
• Punjab National Bank, 774, Oppanakkra Street, Coimbatore – 641 001, Tamilnadu, India
• The Karnataka Bank Limited, Divya Towers, Fort Main Road, Salem - 636001, Tamilnadu, India
• Punjab National Bank, 774 Oppanakkara Street, Coimbatore - 641001, Tamilnadu, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Term loans From Banks
Lakshmi Vilas Bank Limited *	0.000	5.402
Karnataka Bank Limited **	11.275	14.591
From Others
Bajaj Finance Limited #	0.133	0.473
Tata Capital Limited ##	4.523	4.413
SHORT TERM BORROWINGS
from Lakshmi Vilas Bank Limited *
Packing Credit Loan	46.700	47.935
Post Shipment credit	46.915	46.156
from Karnataka Bank Limited **
Packing Credit Loan	15.090	12.895
Post Shipment credit	0.000	4.143
Total	124.636	136.008
NOTES : LONG-TERM BORROWINGS *Secured by Equitable Mortgage of Factory Land, Buildings and hypothecation of plant and machinery, and other moveable assets and personally guaranteed by the directors. Carries interest rate of 13.15% p.a. Repayable in 36 monthly instalments. **Secured by Factory Land, Buildings and hypothecation of plant and machinery, and other moveable assets and personally guaranteed by the directors. Carries interest rate of 13.75% p.a. Repayable in 66 monthly instalments. # Secured by hypothecation of relevant asset. Carries interest rate of around 8.84% p.a. Repayable in 35 and 21 monthly instalments from the date of loan. 31 March 2012 ## Secured by hypothecation of relevant asset. Carries interest rate of around 8.84% p.a. Repayable in 47 and 35 monthly instalments from the date of loan. SHORT-TERM BORROWINGS * Secured by hypothecation of stocks, book debts, other moveable assets, plant and machinery, and equitable mortgage of factory land and building and personally guaranteed by the directors. Carries interest rate of 11.35 % p.a. ** Secured by hypothecation of stocks, book debts, other moveable assets, plant and machinery, and equitable mortgage of factory land and building and personally guaranteed by the directors. Carries interest rate of 11.75 % p.a.

Banking Relations :	--
Financial Institution :	Tata Capital Limited, One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai-400001, Maharashtra, India Bajaj Finance Limited, Akurdi Pune, Pune-411035, Maharashtra, India
Auditors :
Name :	Bala and Sakthi Chartered Accountants
Address :	7AA, Ramakrishna Road, Sundaram Nursing Home Building, Salem – 636 004, Tamil Nadu, India
Tel. No.:	91-427-210676/212718
PAN No.:	AACFB2800R
Subsidiary company :	GTP Finance Limited CIN No.: U65921TZ1991PLC003149
Associate company :	GTP Infotech Solutions Limited
Joint Venture :	Stonart International Inc, Canada
Enterprises owned by Key Managerial Personnel / Relative of Key Managerial Personnel :	Ashok Granites Limited GTP Exports Private Limited GTP Ceramics Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3816448	Equity Shares	Rs.10/- each	Rs.38.164 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	38.164	38.164
(b) Reserves & Surplus	348.791	343.349
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.482	0.482
Total Shareholders’ Funds (1) + (2)	387.437	381.995
(3) Non-Current Liabilities
(a) long-term borrowings	15.931	24.878
(b) Deferred tax liabilities (Net)	21.269	21.868
(c) Other long term liabilities	2.624	10.422
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	39.824	57.168
(4) Current Liabilities
(a) Short term borrowings	108.705	111.130
(b) Trade payables	11.337	26.593
(c) Other current liabilities	22.204	18.280
(d) Short-term provisions	0.937	0.332
Total Current Liabilities (4)	143.183	156.335
TOTAL	570.444	595.498
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	170.119	173.374
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.034	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	16.675	16.675
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	43.710	62.893
(e) Other Non-current assets	0.000	0.000
(f)Trade Receivables	48.708	49.224
Total Non-Current Assets	279.246	302.166
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	115.781	114.788
(c) Trade receivables	125.313	137.676
(d) Cash and cash equivalents	2.538	7.678
(e) Short-term loans and advances	47.566	33.190
(f) Other current assets	0.000	0.000
Total Current Assets	291.198	293.332
TOTAL	570.444	595.498

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		38.164
2] Share Application Money		0.482
3] Reserves & Surplus		335.671
4] (Accumulated Losses)		0.000
NETWORTH		374.317
LOAN FUNDS
1] Secured Loans		95.422
2] Unsecured Loans		0.000
TOTAL BORROWING		95.422
DEFERRED TAX LIABILITIES		24.554
TOTAL		494.293
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		154.190
Capital work-in-progress		3.687
INVESTMENT		16.675
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	119.266
	Sundry Debtors	170.875
	Cash & Bank Balances	7.076
	Other Current Assets	0.000
	Loans & Advances	75.495
Total Current Assets		372.712
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	46.244
	Other Current Liabilities	5.088
	Provisions	1.639
Total Current Liabilities		52.971
Net Current Assets		319.741
MISCELLANEOUS EXPENSES		0.000
TOTAL		494.293

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	426.724	411.092	426.314
		Income from Wind Power Generation	0.000	0.000	24.376
		Other Income	0.573	4.761	0.358
		TOTAL (A)	427.297	415.853	451.048
Less	EXPENSES
		Cost of raw material and components consumed	173.784	176.350	418.334
		Purchase of stock in trade	37.332	30.742
		(Increase)/ decrease in inventories of finished goods, work in progress and traded goods	(6.218)	(4.802)
		Employee benefits expense	41.781	38.156
		Other expenses	142.971	141.829
		TOTAL (B)	389.650	382.275	418.334
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		37.647	33.578	32.714
Less	FINANCIAL EXPENSES (D)		18.797	14.235	9.197
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.850	19.343	23.517
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.674	13.726	13.451
	PROFIT BEFORE TAX (E-F) (G)		6.176	5.617	10.066
Less	TAX (H)		0.735	(2.061)	0.329
	PROFIT AFTER TAX (G-H) (I)		5.441	7.678	9.737
	Prior Period Items:
	Income Tax for Earlier Years		0.000	0.000	0.001
	PROFIT AFTER ADJUSTMENT OF PRIOR PERIOD ITEMS		5.441	7.678	9.736
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		242.539	234.861	225.125
	BALANCE CARRIED TO THE B/S		247.981	242.539	234.861
	EARNINGS IN FOREIGN CURRENCY
		Exports on FOB basis	380.734	367.221	400.426
		Insurance and freight	6.495	8.564	0.000
	TOTAL EARNINGS		387.229	375.785	400.426
	IMPORTS
		Polishing materials and consumable spares	6.146	8.106	9.080
		Material for Segments Manufacturing	4.424	4.560	2.699
		Machinery Spares	0.279	0.970	0.491
		Rough Granite Blocks	26.385	8.750	0.000
		Plant & Machinery	0.000	4.840	11.590
	TOTAL IMPORTS		37.234	27.226	23.860
	Earnings Per Share (Rs.)		1.43	2.01	2.55

Particulars	31.03.2013
Sales Turnover (Approximately)	400.000
	(Due to less Exports)

The above information has been parted by Mr. Thangevelu.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.27	1.85	2.16
Net Profit Margin (PBT/Sales)	(%)	1.45	1.37	2.36
Return on Total Assets (PBT/Total Assets}	(%)	1.12	0.97	1.91
Return on Investment (ROI) (PBT/Networth)		0.02	0.01	0.03
Debt Equity Ratio (Total Debt /Networth)		0.32	0.36	0.25
Current Ratio (Current Asset/Current Liability)		2.37	2.19	7.04

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	Yes
14]	Estimation for coming financial year	Yes
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)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

OPERATIONS:

The Net profit for the year stood at Rs. 5.441 Millions after providing for interest, depreciation and tax.

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10291415	21/05/2011	5,580,000.00	TATA CAPITAL LIMITED	ONE FORBES, DR V B GANDHI MARG, FORT, MUMBAI, Maharashtra - 00001, INDIA	B14719165
2	10274391	07/02/2011	525,000.00	BAJAJ FINANCE LIMITED	AKURDI PUNE-, PUNE, Maharashtra - 411035, INDIA	B08440547
3	10263551	30/11/2010	5,580,000.00	TATA CAPITAL LIMITED	ONE FORBES, DR V B GANDHI MARG, FORT, MUMBAI, Maharashtra - 400001, INDIA	B00486076
4	10249718	23/10/2010	1,697,094.00	TATA CAPITAL LIMITED	ONE FORBES, DR V B GANDHI MARG, FORT, MUMBAI, Maharashtra - 400001, INDIA	A98482748
5	10245033	29/09/2010	15,000,000.00	THE KARNATAKA BANK LIMITED	DIVYA TOWERS, FORT MAIN ROAD, SALEM, Tamil Nadu - 636001, INDIA	A96979927
6	10245037	29/09/2010	15,000,000.00	THE KARNATAKA BANK LIMITED	DIVYA TOWERS, FORT MAIN ROAD, SALEM, Tamil Nadu - 636001, INDIA	A96980172
7	10245038	29/09/2010	18,000,000.00	THE KARNATAKA BANK LIMITED	DIVYA TOWERS, FORT MAIN ROAD, SALEM, Tamil Nadu - 636001, INDIA	A96980404
8	10226972	04/06/2010	10,000,000.00	THE LAKSHMI VILAS BANK LIMITED	62-63, BAZAAR STREET, SALEM, Tamil Nadu - 636001, INDIA	A88307632
9	10201256	22/01/2010	19,500,000.00	THE LAKSHMI VILAS BANK LIMITED	62-63, BAZAAR STREET, SALEM, Tamil Nadu - 636001, INDIA	A78720265
10	10162027	23/05/2009	10,000,000.00	THE LAKSHMI VILAS BANK LIMITED	62-63, BAZAAR STREET, SALEM, Tamil Nadu - 636001, INDIA	A63836563

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Electrical Installations
• Furniture and Fixture
• Vehicles
• Office Equipment
• Computer
• Miscellaneous Assets
• Wind Electric Generators

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.59.30
UK Pound	1	Rs.91.18
Euro	1	Rs.78.71

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.