MIRA INFORM REPORT

Report Date :

31.07.2013

IDENTIFICATION DETAILS

Name :	WINNER SCREEN MACHINES PRIVATE LIMITED
Formerly Known As :	DOT GRAPHTECH PRIVATE LIMITED
Registered Office :	W-372, T.T.C. Industrial Area, MIDC, Rabale, Navi Mumbai – 400 701, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.09.1991
Com. Reg. No.:	11-063259
Capital Investment / Paid-up Capital :	Rs.2.290 millions
CIN No.: [Company Identification No.]	U22200MH1991PTC063259
TAN No.: [Tax Deduction & Collection Account No.]	MUMW02488D
PAN No.: [Permanent Account No.]	AABCD2991B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Screen Printing Machines and Accessories.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 21000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears loss during 2012. The external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be 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

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 (GENERAL DETAILS)

Name :	Mrs. Rajshree Suresh Takle
Designation :	Director
Contact No.:	91-9820888542
Date :	30.07.2013

LOCATIONS

Registered Office/ Factory :	W-372, T.T.C. Industrial Area, MIDC, Rabale, Navi Mumbai – 400 701, Maharashtra, India
Tel. No.:	91-22-27693027/ 27693028/ 27693029/ 27690104/ 27699756
Mobile No.:	91-9820888542 (Mrs. Rajashree Takle)
Fax No.:	91-22-27699758
E-Mail :	marketing@winnerscreen.com sutsh@vsnl.com
Website :	http://www.winnerscreen.com
Location :	Owned

DIRECTORS

AS ON 24.09.2012

Name :

Mrs. Rajshree Suresh Takle

Designation :

Managing Director

Address :

7A/7B, Eternity Teen Hath Naka, LBS Road, Thane – 400 602, Maharashtra, India

Date of Birth/Age :

10.09.1961

Date of Appointment :

13.09.1991

DIN No.:

00363549

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	U22200MH1991PTC063259	WINNER SCREEN MACHINES PRIVATE LIMITED	Managing director	13/09/1991	13/09/1991	-	Active	NO
2	U29100MH1998PTC113926	SCREENGRAPH MACHINERY MANUFACTURING PRIVATE LIMITED	Director	10/03/1998	10/03/1998	-	Active	NO
3	U29299MH2000PTC128647	WINNER SCREEN PRIVATE LIMITED	Director	11/09/2000	11/09/2000	-	Active	NO
4	U70102MH2009PTC189320	KARNIK DEVELOPER PRIVATE LIMITED	Director	02/01/2009	02/01/2009	-	Active	NO

Name :

Mr. Suresh Vishnu Takle

Designation :

Director

Address :

7A/7B, Eternity Teen Hath Naka, LBS Road, Thane – 400 602, Maharashtra, India

Date of Birth/Age :

13.12.1952

Date of Appointment :

13.09.1991

DIN No.:

00363467

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	U22200MH1991PTC063259	WINNER SCREEN MACHINES PRIVATE LIMITED	Director	13/09/1991	13/09/1991	-	Active	NO
2	U29100MH1998PTC113926	SCREENGRAPH MACHINERY MANUFACTURING PRIVATE LIMITED	Director	10/03/1998	10/03/1998	-	Active	NO
3	U29299MH2000PTC128647	WINNER SCREEN PRIVATE LIMITED	Director	11/09/2000	11/09/2000	-	Active	NO

Name :

Mr. Sunil Vishnu Takle

Designation :

Director

Address :

H-102, Eternity Teen Hath Naka, LBS Road, Thane – 400 602, Maharashtra, India

Date of Birth/Age :

18.09.1951

Date of Appointment :

13.09.1991

DIN No.:

02429222

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2012

Names of Shareholders	No. of Shares
Suresh Vishnu Takle	107500
Rajshree Suresh Takle	121515
Total	229015

AS ON 24.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Screen Printing Machines and Accessories.
Products :	Silk Screen Printing Machine Pad (Tampon) Printing Machine Dry Offset Printing Machine
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2012]

Licensed Capacity: licensing is not in force

Installed Capacity: Not Applicable

Particulars	Unit	Actual Production
Printing Machines	Nos.	42
Accessories	Nos.	2207

GENERAL INFORMATION

Suppliers :

· Accura Metal Casting

· Amit Industries

· Dhirendra Engineering Works

· Kuldeep Engineering Works

· Manish Electrical

· Metro Steel

· Emkay Fasteners

· K.K. Electricals

· Hariom Engineering Works

· Shree Samarth Engineering Works

· Shree Enterprises

· Sneha Travels

· Viral Enterprise Private Limited

· Carborundum Universal Limited

· Cavs International

· Aishwarya Services

Customers :

End Users

· Aakansha Packaging

· Anil Chemicals and Industries Limited

· Bharat Cottage Industries

· Clear Plastics Limited – Naroli

· Coastal Plasto Containers

· Flexipack India Private Limited

· Goldstar Polymers Limited

· Multitech Plast Containers Private Limited

· S.K. Industries

· Screengraph

· Spectrum Ceramics Private Limited

· Venus Safety and Health Private Limited

· Weener Empire Plastics Limited

· Shaily Engineering Plastics Limited

· FMCG Home Hygine Private Limited

No. of Employees :

100 (Approximately)

Bankers :

• The Thane Janta Sahkari Bank Limited, Panch Pakhadi Branch, Panch Pakhadi, Thane – 400 601, Maharashtra, India
• State Bank of India, Rabale

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans – Secured Loans from Banks
From The Thane Janta Sahkari Bank Limited – Term Loan
a. HYP-M-320098 (Secured against Building Property)	0.866	1.019
b. HYP-M-320081 (Secured against Machinery)	0.548	0.588
c. AMF-32123 (Secured against TOYOTA INNOVA CAR)	0.277	0.502
d. PRLN-M-32063 (Secured against all assets of the company and an undertaking to mortgage plot and building situated at W-372, MIDC Rabale)	0.680	1.653
e. PRLN-M32074 (Secured against Property of Plot No.W-372)	1.396	1.641
f. HYP LOAN - 25/6 (Re-Paid) Machine	0.000	0.000
g. HYP LOAN - 25/6 (Re-Paid) Property	0.000	0.000
h. PRLN-M-32044 (Building Property) (Secured against all assets of the company mortgage plot and building situated at W-372, MIDC Rabale)	0.000	0.368
i. Car Loan 32/62 Coralla (Secured against hypothecation of Car)	0.000	0.245
j. Car Loan 32085 (Secured against Maruti 800)	0.000	0.043
SHORT TERM BORROWINGS
Loans Repayable on Demand:
- From The Thane Janta Sahkari Bank Limited - Panch Pakhadi Branch, Thane
a. Cash Credit A/c No.260 (Secured against hypothecation of stock and book debts of the company)	12.919	11.188
b. Packing Credit From The Thane Janta Sahkari Bank Limited (Secured against Stock and book debts) - Collateral Security by way of mortgage of factory premises at Plot No.W-372, Navi Mumbai.	2.420	1.228
Total	19.106	18.475

Banking Relations :	--
Auditors :
Name :	VMM and Associates Chartered Accountants
Address :	6/7, Rajshila Co-Operative Housing Society Limited, Veer Savarkar Marg, Thane – 400 601, Maharashtra, India
Tel. No.:	91-22-25372766
Fax No.:	91-22-25372766
E-Mail :	vmm.associates@gmail.com
PAN No.:	AFUPM6973P
Associates :	Screengraph View Point Studio Winner Screen Private Limited Screengraph Machines Manufacturing Private Limited Karnik Developers Private Limited

CAPITAL STRUCTURE

AS ON 24.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
229015	Equity Shares	Rs.10/- each	Rs.2.290 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	2.290	2.290
(b) Reserves & Surplus	3.047	3.245
(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)	5.337	5.535
(3) Non-Current Liabilities
(a) Long-term borrowings	3.871	6.463
(b) Deferred tax liabilities (Net)	0.566	0.857
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	2.058	1.868
Total Non-current Liabilities (3)	6.495	9.188
(4) Current Liabilities
(a) Short term borrowings	15.479	12.416
(b) Trade payables	5.916	11.420
(c) Other current liabilities	15.297	10.152
(d) Short-term provisions	4.737	4.766
Total Current Liabilities (4)	41.429	38.754
TOTAL	53.261	53.477
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18.004	18.846
(ii) Intangible Assets	0.241	0.332
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.906	1.906
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.430	0.430
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	20.581	21.514
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	20.985	23.959
(c) Trade receivables	3.696	2.946
(d) Cash and cash equivalents	2.741	1.021
(e) Short-term loans and advances	2.799	3.319
(f) Other current assets	2.459	0.718
Total Current Assets	32.680	31.963
TOTAL	53.261	53.477

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.290
2] Share Application Money		0.000
3] Reserves & Surplus		3.129
4] (Accumulated Losses)		0.000
NETWORTH		5.419
LOAN FUNDS
1] Secured Loans		17.537
2] Unsecured Loans		0.022
TOTAL BORROWING		17.559
DEFERRED TAX LIABILITIES		0.945
TOTAL		23.923
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.175
Capital work-in-progress		0.000
INVESTMENT		1.906
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.660
	Sundry Debtors	9.401
	Cash & Bank Balances	0.913
	Other Current Assets	0.209
	Loans & Advances	3.795
Total Current Assets		22.978
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.676
	Other Current Liabilities	3.824
	Provisions	6.636
Total Current Liabilities		20.136
Net Current Assets		2.842
MISCELLANEOUS EXPENSES		0.000
TOTAL		23.923

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	47.284	47.921	67.697
		Other Income	NA	1.068	0.411
		TOTAL	NA	48.989	68.108
Less	EXPENSES
		Office Expenses	NA	47.541	65.638
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	47.541	65.638
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1.416	1.448	2.470
Less/ Add	DEPRECIATION/ AMORTISATION		1.322	1.372	1.218
	PROFIT / (LOSS) BEFORE TAX		0.094	0.076	1.252
Less	TAX		0.292	(0.040)	0.307
	PROFIT / (LOSS) AFTER TAX		(0.198)	0.116	0.945
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on FOB Basis	4.619	1.050	NA
	TOTAL EARNINGS		4.619	1.050	NA
	IMPORTS
		Raw Materials	0.000	0.182	NA
		Components and Spare Parts	0.276	0.404	NA
	TOTAL IMPORTS		0.276	0.586	NA
	Earnings / (Loss) Per Share (Rs.)		(0.86)	0.51	4.13

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	0.24	1.39
Net Profit Margin (PBT/Sales)	(%)	0.20	0.16	1.85
Return on Total Assets (PBT/Total Assets}	(%)	0.18	0.15	2.97
Return on Investment (ROI) (PBT/Networth)		0.02	0.01	0.23
Debt Equity Ratio (Total Debt/Networth)		3.63	3.41	3.24
Current Ratio (Current Asset/Current Liability)		0.79	0.82	1.14

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

Unsecured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and Advances from Related parties
Loan from Rajshree Suresh Takle	0.082	0.082
Loan from Suresh Vishnu Takle	0.000	0.300
Loan from Sunil Vishnu Takle	0.022	0.022
SHORT TERM BORROWINGS
Loans Repayable on Demand:
From Other Parties:
a) Loan from Directors and Shareholders
- Loan from Screengraph	0.140	0.000
Total	0.244	0.404

Note:

The registered office of the company has been shifted W-372, TTC Industrial Area, MIDC, Rabale, Vashi, Navi Mumbai – 400 701, Maharashtra from to the present address.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/ Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10296828	28/06/2011	2,000,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	PANCHPAKHADI BRANCH, PANCHPAKHADI THANE, THANE, MAHARASHTRA - 400601, INDIA	B16750648
2	10297330	28/06/2011	2,000,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	PANCHPAKHADI BRANCH, PANCHPAKHADI THANE, THANE, MAHARASHTRA - 400601, INDIA	B16743171
3	10260571	28/06/2011 *	1,000,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	PANCHPAKHADI BRANCH, PANCHPAKHADI THANE, THANE, MAHARASHTRA - 400601, INDIA	B16749921
4	10119743	04/03/2009 *	1,500,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	PANCH PAKHADI BRANCH, PANCHAKHADI, THANE, MAHARASHTRA - 400601, INDIA	A58515156
5	10094113	04/03/2009 *	8,000,000.00	THE THANE JANTA SAHKARI BANK LIMITED	PANCH PAKHADI BRANCH, PANCHAKHADI, THANE, MAHARASHTRA - 400601, INDIA	A58514795
6	90231273	27/12/2005	400,000.00	THETHANE JANTA SAHAKERI BANK LTD	PANCHPAKHADI BRANCH, THANE, MAHARASHTRA, INDIA	-
7	90151250	24/12/2004	1,000,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	PANCH PAKHADI BRANCH, THANE, MAHARASHTRA - 400602, INDIA	-
8	90151159	10/02/2004	213,800.00	THE THANE JANATA SAHAKARI BANK LIMITED	PANCH PAKHADI BRANCH, THANE, MAHARASHTRA - 400602, INDIA	-
9	90151157	20/01/2004	236,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	PANCHPAKHADI BRANCH, THANE (WEST), MAHARASHTRA, INDIA	-
10	90152184	30/06/2012 *	10,000,000.00	TJSB SAHAKARI BANK LIMITED	PANCHPAKHADI BRANCH, PANCHPAKHADI THANE, THANE, MAHARASHTRA - 400601, INDIA	B44350551
11	90151595	29/09/2003	1,500,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	PANCH PAKHADI BRANCH, THANE, MAHARASHTRA - 400602, INDIA	-
12	90152182	28/06/2011 *	5,000,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	PANCHPAKHADI BRANCH, PANCHPAKADI THANE, THANE, MAHARASHTRA - 400601, INDIA	B16749368
13	90151956	17/12/2002 *	500,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	PANCH PAKHADI BRANCH, THANE (W), MAHARASHTRA, INDIA	-
14	90151836	21/02/1995	500,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	PANCHPAKHADI BRANCH, THANE, MAHARASHTRA - 400602, INDIA	-
15	90149664	23/01/1995 *	2,000,000.00	MAHARASHTRA STATE FINANCIAL CORPORATION	NEW EXCELSIOR BUILDING; 5TH FLOOR, AMRIT KESHAV N AYAK MARG; FORT, BOMBAY, MAHARASHTRA - 400001, INDIA	-

* Date of charge modification

FIXED ASSETS:

Tangible Assets

· Leasehold Land

· Factory Building

· Plant and Machinery

· Furniture and Fixtures

· Computers

· Electrical Installation

· Motor Car

· Office Equipment

· Tools and Equipment

· Moulds Basket

Intangible Assets

· Computer Software

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.59.83
UK Pound	1	Rs.91.76
Euro	1	Rs.79.33

INFORMATION DETAILS

Information Gathered by :	PLV
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	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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

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