MIRA INFORM REPORT

Report Date :

29.06.2013

IDENTIFICATION DETAILS

Name :	BISLERI INTERNATIONAL PRIVATE LIMITED (w.e.f.12.07.2002)
Formerly Known As :	ACQUA MINERALS LIMITED (w.e.f.01.07.1993) ACQUA MINERALS PRIVATE LIMITED
Registered Office :	Western Express Highway, Andheri (East), Mumbai – 400099, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.03.1984
Com. Reg. No.:	11-127572
Capital Investment / Paid-up Capital :	Rs. 4.650 Millions
CIN No.: [Company Identification No.]	U15540MH1984PTC127572
TAN No.: [Tax Deduction & Collection Account No.]	MUMB15901E
PAN No.: [Permanent Account No.]	AACCA4355K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Packaged Drinking Water.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

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

Maximum Credit Limit :	USD 1476000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having a good track record. The latest financials [2012] of the company is not available. As per the of 2011, the profit margin appeared low but the financial position of the company is sound and healthy. It receives better support from its group. Trade relations are decent. Business is active. Payment terms are regular and as per commitments. The company can be considered for business dealings at usual trade terms and condition.

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 DECLINED BY

Name :	Mr. Jayesh
Designation :	Finance Executive
Contact No.:	91-22-61447000
Date :	28.06.2013

LOCATIONS

Registered Office/ Owned Unit/ Headquarter :	Western Express Highway, Andheri (East), Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-61447000/ 66953030/ 61447155/ 7156
Fax No.:	91-22-61447145
E-Mail :	rajeevnair@bisleri.co.in mumbaiorder@bisleri.co.in pinto@bisleri.co.in
Website :	http://www.bisleri.com
Owned Unit :	Located at: Ahmedabad Bangalore Chandigarh Chennai New Delhi Goa Hubli Hyderabad Jaipur Jammu Kolkata North Bengal Orissa Pune Rudrapur Sahibabad
Franchisee Unit :	Located at: Agartala Andaman & Nicobar Arunachal Pradesh Chattisgarh Guwahati Himachal Pradesh Indore Kolkata Ludhiana Mangalore Nagaon Patna Vishakapatnam

DIRECTORS

AS ON 27.09.2012

Name :

Mr. Ramesh Jayantilal Chauhan

Designation :

Managing director

Address :

47, Shanti Kunj, Hanuman Road, Vile Parle [East], Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

17.06.1940

Qualification :

B.S.I.M and BS M.E. (U.S.A)

Experience :

48 Years

Date of Appointment :

01.04.2007

DIN No.:

00080323

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	U24110MH1936PTC002484	HEMLINE FLAVOURS PRIVATE LIMITED	Director	29/06/1970	29/06/1970	-	Active	NO
2	U15540MH1983PTC029767	PARLE BISLERI PRIVATE LIMITED	Director	01/01/2007	03/07/1987	-	Active	NO
3	U15420MH1995PTC088441	PARLE HEALTH PRODUCTS PRIVATE LIMITED	Director	21/05/1996	21/05/1996	-	Amalgamated	NO
4	U15440MH1994PTC129006	PARLE (EXPORTS) PRIVATE LIMITED	Director	01/03/2004	01/03/2004	-	Active	NO
5	U51909GJ1984PTC007204	ACQUA GOA DISTRIBUTORS PRIVATE LIMITED (RAJDHANI)	Director	20/01/2005	20/01/2005	-	Active	NO
6	U51109MH1973PTC016388	BISLERI ADVERTISING PRIVATE LIMITED	Director	17/05/2005	17/05/2005	-	Active	NO
7	U15540MH1984PTC127572	BISLERI INTERNATIONAL PRIVATE LIMITED	Managing director	01/04/2007	21/02/2006	-	Active	NO
8	U73100MH1970NPL014686	M.VISVESVARAYA INDUSTRIAL RESEARCH AND DEVELOPMENT CENTRE	Director	25/09/2007	25/09/2007	26/08/2010	Active	NO

Name :

Mrs. Zainab Ramesh Chauhan

Designation :

Director

Address :

47, Shanti Kunj, Tejpal Road, Vile Parle [East], Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

09.06.1937

Qualification :

B.A.

Experience :

51 Years

Date of Appointment :

26.10.1987

DIN No.:

00088026

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	Company/ LLP Status	Defaulting status
1	U15540MH1984PTC127572	BISLERI INTERNATIONAL PRIVATE LIMITED	Director	26/10/1987	26/10/1987	Active	NO
2	U15440MH1994PTC129006	PARLE (EXPORTS) PRIVATE LIMITED	Director	01/03/2004	01/03/2004	Active	NO
3	U51909GJ1984PTC007204	ACQUA GOA DISTRIBUTORS PRIVATE LIMITED (RAJDHANI)	Director	20/01/2005	20/01/2005	Active	NO
4	U51109MH1973PTC016388	BISLERI ADVERTISING PRIVATE LIMITED	Director	17/05/2005	17/05/2005	Active	NO

Name :

Mr. Kadeer Khan

Designation :

Director

Address :

C-62D, Gangotri Enclave, Alaknanda, New Delhi – 110019, India

Date of Birth/Age :

14.04.1958

Qualification :

B.A

Date of Appointment :

01.06.2004

DIN No.:

00088117

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	Company/ LLP Status	Defaulting status
1	U51109MH1973PTC016388	BISLERI ADVERTISING PRIVATE LIMITED	Director	01/03/2004	01/03/2004	Active	NO
2	U15540MH1983PTC029767	PARLE BISLERI PRIVATE LIMITED	Director	17/04/2004	17/04/2004	Active	NO
3	U15540MH1984PTC127572	BISLERI INTERNATIONAL PRIVATE LIMITED	Director	01/06/2004	01/06/2004	Active	NO
4	U15440MH1994PTC129006	PARLE (EXPORTS) PRIVATE LIMITED	Director	21/04/2005	21/04/2005	Active	NO

Name :

Mr. Rajender Kumar Garg

Designation :

Director

Address :

8/186, Sector 3, Rajender Nagar, Sahibabad, Ghaziabad – 201010, Uttar Pradesh, India

Date of Birth/Age :

01.05.1961

Qualification :

M. Com. LL.B

Experience :

30 Years

Date of Appointment :

16.11.2004

DIN No.:

00097383

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	Company/ LLP Status	Defaulting status
1	U51109MH1973PTC016388	BISLERI ADVERTISING PRIVATE LIMITED	Director	01/03/2004	01/03/2004	Active	NO
2	U15540MH1984PTC127572	BISLERI INTERNATIONAL PRIVATE LIMITED	Director	16/11/2004	16/11/2004	Active	NO
3	U55101MH1989PTC052844	PARLE FRUITS AND FOODS PRIVATE LIMITED	Director	29/03/2005	29/03/2005	Active	NO

Name :

Ms. Anjana Amitabh Ghosh

Designation :

Director

Address :

B304, Poseidon Near Raj Classic, Off Yari Road, Andheri [West], Mumbai – 400061, Maharashtra, India

Date of Birth/Age :

28.08.1965

Qualification :

BSC. MMS

Experience :

26 Years

Date of Appointment :

29.09.2007

DIN No.:

01585901

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	Company/ LLP Status	Defaulting status
1	U15540MH1984PTC127572	BISLERI INTERNATIONAL PRIVATE LIMITED	Director	29/09/2007	07/06/2007	Active	NO
2	U15540MH1983PTC029767	PARLE BISLERI PRIVATE LIMITED	Director	29/09/2007	07/06/2007	Active	NO

Name :

Mr. Santosh Anandarai Sinai Borker

Designation :

Director

Address :

M14 M18 Housing Board Colony, Vidhayanagar, Margao – 403601, Goa, India

Date of Birth/Age :

03.03.1952

Qualification :

BSC.

Experience :

39 Years

Date of Appointment :

30.09.2008

DIN No.:

02195989

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	Company/ LLP Status	Defaulting status
1	U15540MH1984PTC127572	BISLERI INTERNATIONAL PRIVATE LIMITED	Director	30/09/2008	29/05/2008	Active	NO
2	U15440MH1994PTC129006	PARLE (EXPORTS) PRIVATE LIMITED	Director	30/09/2008	29/05/2008	Active	NO

Name :

Ms. Jayanti Ramesh Chauhan

Designation :

Director

Address :

1/15, Shanti Niketan, New Delhi – 110021, India

Date of Birth/Age :

20.08.1984

Qualification :

Diploma in Fashion Design

Date of Appointment :

30.09.2009

DIN No.:

02607625

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	Company/ LLP Status	Defaulting status
1	U15540MH1984PTC127572	BISLERI INTERNATIONAL PRIVATE LIMITED	Director	30/09/2009	09/04/2009	Active	NO
2	U15540MH1983PTC029767	PARLE BISLERI PRIVATE LIMITED	Director	30/09/2009	09/04/2009	Active	NO
3	U51109MH1973PTC016388	BISLERI ADVERTISING PRIVATE LIMITED	Director	25/08/2010	24/07/2010	Active	NO
4	U51909GJ1984PTC007204	ACQUA GOA DISTRIBUTORS PRIVATE LIMITED (RAJDHANI)	Director	18/08/2010	24/07/2010	Active	NO

Name :

Mr. Parag Jitendra Bengali

Designation :

Director

Address :

15, Hemant Bank of Baroda Employees CHSL, Justice MC Chagla Marg, Vile Parle, Mumbai – 400099, Maharashtra, India

Date of Birth/Age :

07.05.1971

Qualification :

B.Com, A.C.A, I.C.W.A

Date of Appointment :

30.09.2011

DIN No.:

03423747

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	Company/ LLP Status	Defaulting status
1	U15540MH1984PTC127572	BISLERI INTERNATIONAL PRIVATE LIMITED	Director	30/09/2011	28/01/2011	Active	NO
2	U15540MH1983PTC029767	PARLE BISLERI PRIVATE LIMITED	Director	19/09/2011	28/01/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Jayesh
Designation :	Finance Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2012

Names of Shareholders	No. of Shares
Jayanti Ramesh Chauhan	15500
Ramesh Jayantilal Chauhan	24800
Zainab Ramesh Chauhan	6200
Total	46500

AS ON 27.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Packaged Drinking Water.

Products/ Services :

ITC Code No.	Product Descriptions
22011010	Packaged Drinking Water

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loans taken for vehicles secured	16.858	25.582
Loans taken for other fixed assets secured	57.963	7.180
Total	74.821	32.762

Banking Relations :	--
Financial Institution :	Tata Capital Limited, One Forbes, Dr V B Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	Haribhakti and Company Chartered Accountants
Address :	42, Free Press House, 215, Nariman Point, Mumbai – 400021, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFH2010F
Party where directors of the reporting enterprise has significant influence :	Bisleri Advertising Private Limited Parle Bisleri Private Limited
Associates :	Parle Exports Private Limited [U15440MH1994PTC129006] Acqua Goa Distributors Private Limited
Subsidiaries :	Hemline Flavours Private Limited (Formerly known as Bisleri India Private Limited) [U24110MH1936PTC002484]

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46,500	Equity Shares	Rs. 100/- each	Rs. 4.650 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		4.650	4.650	4.650
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		364.388	334.623	301.141
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		369.038	339.273	305.791
LOAN FUNDS
1] Secured Loans		74.821	32.762	16.900
2] Unsecured Loans		79.515	68.815	70.815
TOTAL BORROWING		154.336	101.577	87.715
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		523.374	440.850	393.506
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		582.600	459.960	474.725
Capital work-in-progress		5.547	8.041	1.812
INVESTMENT		45.545	36.652	31.254
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	63.160	49.151	45.062
	Sundry Debtors	144.749	148.492	130.237
	Cash & Bank Balances	76.124	104.779	34.541
	Other Current Assets	0.237	0.171	0.000
	Loans & Advances	163.676	176.242	142.711
Total Current Assets		447.946	478.835	352.551
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	234.404	229.489
	Other Current Liabilities	369.942	347.717	499.495
	Provisions	36.967	29.873	16.922
Total Current Liabilities		641.313	607.079	516.417
Net Current Assets		(193.367)	(128.244)	(163.866)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
Other Assets		83.049	64.441	49.581
TOTAL		523.374	440.850	393.506

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)		2617.400	2619.500
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)		2366.800	2397.300
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			250.600	222.200
Less	FINANCIAL EXPENSES (D)			10.000	4.300
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			240.600	217.900
Less/ Add	DEPRECIATION/ AMORTISATION (F)			225.700	192.600
	PROFIT BEFORE TAX (E-F) (G)			14.900	25.300
Less	TAX (H)			3.700	6.700
	PROFIT AFTER TAX (G-H) (I)			11.200	18.600
	Earnings Per Share (Rs.)			239.94	400.46

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.43	0.71	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.45	2.69	NA
Return on Investment (ROI) (PBT/Networth)		0.04	0.07	NA
Debt Equity Ratio (Total Debt/Networth)		0.42	0.30	0.29
Current Ratio (Current Asset/Current Liability)		0.70	0.79	0.68

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	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

UNSECURED LOANS

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans others unsecured	79.515	68.815
Total	79.515	68.815

Note:

The registered office of the company has been shifted from E 17, Capital Commercial Centre, 3^rd Floor, Ashram Road, Ahmedabad – 380009, Gujarat, India to the present w.e.f.31.05.2000

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U15540MH1984PTC127572
Name of the company	BISLERI INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Western Express Highway, Andheri (East), Mumbai – 400099, Maharashtra, India Email: rajeevnair@bisleri.co.in
This form is for	Creation of charge
Type of charge	Others [Movable fixed assets/ Machineries]
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India Email: john.fernandes@kotak.com CIN No.: L65110MH1985PLC038137
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation.
Date of instrument Creating the charge	23.05.2013
Amount secured by the charge	Rs. 120.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest TL XI/XII/XIII/XIV/XV - 11.50% p.a. Floating over the tenure of the facility. Terms of Repayment TL XI/XII/XIV - 36 Months. TL XIII/XV - 24 Months. Margin TL - 15%. Extent and Operation of the charge First & exclusive charge by way of Hypothecation on all Movable fixed assets/Machineries of the Borrower financed by KMBL, to secure the facilities granted by the Bank to the Borrower.
Short particulars of the property charged	Charge on all Movable fixed assets/Machineries of the Borrower financed by KMBL, more particularly described in Schedule II to the Deed of Hypothecation.

FIXED ASSETS:

Land

Building

Factory building

Office building

Plant and Machinery

Office equipments

Factory equipments

Computer equipments

Other equipments

Furniture and Fixtures

Vehicles

Computer software

Patents trademarks design

Licenses

Commercial contractual rights

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 records 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. 59.70
UK Pound	1	Rs. 91.14
Euro	1	Rs. 77.98

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		55

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.