MIRA INFORM REPORT

Report Date :

23.03.2013

IDENTIFICATION DETAILS

Name :	RAINBOW PACKAGING PRIVATE LIMITED
Registered Office :	15/B, Changodar Industrial Estate, Shrkhej-Bavla Highway, Changodar Tal-Sanand, Ahmedabad-382213, Gujarat, India
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.02.1986
Com. Reg. No.:	04-008506
Capital Investment / Paid-up Capital :	Rs. 12.236 Millions
CIN No.: [Company Identification No.]	U25200GJ1986PTC008506
TAN No.: [Tax Deduction & Collection Account No.]	AHMR00242R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Plastic Drums and Polyethylene Films.
No. of Employees :	140 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 200000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company appears to be huge. 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: B+
Rating Explanation	The CRISIL has suspended its rating due to lack of information.
Date	February, 2013.

Rating Agency Name	ICRA
Rating	A4 [Fund Based Limit-Cash Credit]
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	02.07.2012

Rating Agency Name	ICRA
Rating	A4 [Non Fund Based Limit-Bank Guarantee]
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	02.07.2012

Rating Agency Name	ICRA
Rating	BB [Fund Based Limit-Term Loan]
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	02.07.2012

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. Dhaval
Designation :	Accounts Departments
Contact No.:	91-2717-251154
Date :	21.03.2013

LOCATIONS

Registered Office/ Factory :	15/B, Changodar Industrial Estate, Shrkhej-Bavla Highway, Changodar Tal-Sanand, Ahmedabad-382213, Gujarat, India
Tel. No.:	91-2717-251154/251151 to 3
Mobile No.:	91-9426518290 [Mr. Gautam R. Makwana]
Fax No.:	91-2717-251151/2/3/251154
E-Mail :	info@rpplindia.com pcschirag@rediffmail.com ravi@ravics.com rpplindia@yahoo.com
Website :	http://www.rpplindia.com
Area :	6700 Sq. Ft
Location :	Owned

DIRECTORS

As on: 29.09.2012

Name :	Mr. Gautam R. Makwana
Designation :	Director
Address :	8, Satkar Colony, Opposite Niharika Bunglows, Ambawadi, Satellite, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	01.12.1973
Qualification :	Graduate
Date of Appointment :	19.04.2004
Din No.:	00175351
Name :	Mrs. Nividita Mukeshkumar Makwana
Designation :	Director
Address :	8, Satkar Colony, Opposite Niharika Bunglows, Near Azad Society, Satellite, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	08.05.1972
Qualification :	Engineer
Date of Appointment :	30.09.2009
Din No.:	02588383

KEY EXECUTIVES

Name :	Mr. Dhaval
Designation :	Accounts Departments

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Vidhi G Makwana	2425
Rajeshkumar R Makwana	6461
Maniben H Chauhan	500
Dollyben C Makwana	481
Pratik M Solanki	5948
Laxmiben Shamjibhai Parmar	200
Mohanbhai B Solanki	919
Kirtiben M Solanki	1900
Gautam R Makwana	31164
Jethalal D Makwana	670
Manjuben J Makwana	670
Natwarlal G Solanki	650
Shavitaben N Solanki	650
Dinaben Bhanuprasad Parmar	670
S.B. Fibre Private Limited	14275
V.J. Zala	1
Gulabben V. Zala	1
Dhaval H Parmar	1
Nividita Mukeshkumar Makwana	46426
Motiben Pethabhai	500
Sterling Enterprise Limited	1
Minaxiben Makwana	7850
Total	122363

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	11.67
Directors or relatives of Directors	88.33
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Plastic Drums and Polyethylene Films.
Products :	Multilayer Blown Polyethylene Films HDPE Barrels HDPE Films LDPE Films PP Films PVC Materials Polyester Films Polythene Films Plastic Raw Materials Plastic Granules
Exports :
Products :	Finished Goods
Countries :	Europe Africa Dubai UAE
Imports :
Products :	Raw Materials
Countries :	Middle East USA Europe
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity
Film	MT	4800
Barrel	MT	900

ACTUAL PRODUCTION:

Particulars	Unit	Actual Production
Polyethylene Film	MT	1999.957
Polyethylene Waste	MT	122.02
Barrel	MT	422.09

GENERAL INFORMATION

Suppliers :

Gujarat Pickers Industries Limited

Customers :

End Users

• Rajasthan Co-Operative Dairy Federation Limited

No. of Employees :

140 (Approximately)

Bankers :

• State Bank of India, Commercial Branch, Paramsiddhi Complex, Ellisbridge, Navrangpura, Ahmedabad-380006, Gujarat, India
• Bank of Maharashtra, Ashram Road Branch, Ashram Road, Ahmedabad-380009, Gujarat, India
• HDFC Bank, Marung Para, Ahmedabad, Gujarat, India

Tel No.: 91-79-26400726

• HDFC BANK Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loans
Bank of Maharashtra	0.421
HDFC Bank Limited (C/C)	1.356
HDFC Bank Loan	0.277
Loans repayable on demand
From Banks Bank of Maharashtra (Bank O/D)	96.571	75.267
Terms Loans Installments due within 12 months
Bank of Maharashtra	1.369
HDFC Bank Limited	0.293
Total	100.287	75.267
Terms of Repayment of above Term Loans: Above HDFC Loan is to be repaid in 36 equal installment Loan from HDFC Bank is secured by its respective vehicle and loan from bank of Maharashtra Is Secured against present and future book debts Bank of Maharashtra is further secured by directors personal guarantee Working Capital facilities fund based and non fund based are secured by: Hypothecation of present and future stocks and book debts of company Period of the cash credit facility is 12 months Bank Overdraft if Further Secured by personal gurantee of directors Mr. Gautam R Makwana and Mr. Nivedita M. Makwana with the amount of Rs. 96.471 Millions Interest rate on above short term credit facilities from bank of Maharashtra 5.50%

Banking Relations :	--
Auditors :
Name :	Surana Maloo and Company Chartered Accountants
Address :	4^th Floor, Shaival Plaza, Near Gujarat College Road, Ellisbridge, Ahmedabad-380006, Gujarat, India
Tel. No.:	91-79-26420336/7/9
Fax No.:	91-79-26424100
PAN.:	AEGPN8667P

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
122363	Equity Shares	Rs.100/- each	Rs. 12.236 Millions

b) Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of ' 10 per share. Each holder of equity shares is entitled for one vote per share.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

c) Details of shareholders of the Company

Name of Shareholder	No. of Shares held	% of Holding
Nivedita M Makwana	46426	37.94
Gautambhai R Makwana	31164	25.47
S B Fibre P Ltd	14275	11.67
Rajesh R Makwana	6461	5.28
Others	24037	19.64
Total	122363	100

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		12.236	12.236	7.436
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		44.889	39.196	29.975
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		57.125	51.432	37.411
LOAN FUNDS
1] Secured Loans		100.287	75.267	65.802
2] Unsecured Loans		45.370	42.256	24.415
TOTAL BORROWING		145.657	117.523	90.217
DEFERRED TAX LIABILITIES		9.065	8.321	5.612
TOTAL		211.847	177.276	133.240
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		59.026	62.631	44.851
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	33.811	34.918	14.965
	Sundry Debtors	121.039	97.406	78.105
	Cash & Bank Balances	14.765	9.651	0.278
	Other Current Assets	0.000	0.014	0.021
	Loans & Advances	28.110	26.071	16.982
Total Current Assets		197.725	168.060	110.351
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.497	48.408	20.320
	Other Current Liabilities	1.686	3.484	1.245
	Provisions	1.721	1.523	0.406
Total Current Liabilities		44.904	53.415	21.971
Net Current Assets		152.821	114.645	88.380
MISCELLANEOUS EXPENSES		0.000	0.000	0.009
TOTAL		211.847	177.276	133.240

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income	551.301
		Other Income	3.780
		TOTAL (A)	555.081
Less	EXPENSES
		Cost of Materials Consumed	266.005
		Purchases of stock in trade	197.121
		Changes in inventories of finished goods , work in progress and stock in trade	(3.028)
		Manufacturing Expenses	52.771
		Employee Cost	4.271
		Administrative, Selling and Distributions Expenses	5.208
		TOTAL (B)	522.348
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		32.733
Less	FINANCIAL EXPENSES (D)		18.386
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.347
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.994
	PROFIT BEFORE TAX (E-F) (G)		8.353
Less	TAX (H)		2.660
	PROFIT AFTER TAX (G-H) (I)		5.693
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		22.823
	BALANCE CARRIED TO THE B/S		28.516
	Earnings Per Share (Rs.)		46.53

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	482.657	342.800
		Other Income	3.111	6.195
		TOTAL (A)	485.768	348.995
Less	EXPENSES
		Cost of Materials Consumed	425.359	296.193
		Manufacturing Expenses	43.021	18.969
		Employee Cost	4.406	4.317
		Administrative, Selling and Distributions Expenses	5.000	7.043
		Increase / Decrease in Stocks	(12.996)	3.595
		Prior Period Items	0.000	0.000
		TOTAL (B)	464.790	330.117
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		20.978	18.878
Less	FINANCIAL EXPENSES (D)		11.080	10.205
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.898	8.673
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.482	2.828
	PROFIT BEFORE TAX (E-F) (G)		6.416	5.845
Less	TAX (H)		2.893	2.309
	PROFIT AFTER TAX (G-H) (I)		3.523	3.536
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		18.343	14.807
Add	EXCESS OF PRIOR PERIOD PROVISION		0.957	0.000
	BALANCE CARRIED TO THE B/S		22.823	18.343
	IMPORTS		NA	70.148
	EARNINGS IN FOREIGN CURRENCY		NA	1.099
	Earnings Per Share (Rs.)		28.79	47.55

Expected Sales ( 2012-13 ) : Rs. 650.000 Millions

The above information has been parted by Mr. Dhaval

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.03	0.73	1.01
Net Profit Margin (PBT/Sales)	(%)	1.52	1.33	1.70
Return on Total Assets (PBT/Total Assets}	(%)	3.25	2.78	3.77
Return on Investment (ROI) (PBT/Networth)		0.15	0.12	0.16
Debt Equity Ratio (Total Debt /Networth)		2.55	2.28	2.41
Current Ratio (Current Asset/Current Liability)		4.40	3.15	5.02

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
SUNDRY CREDITORS
Sundry Creditors For Materials	37.585	44.616	17.052
Sundry Creditors For Expenses	3.912	3.792	3.268
TOTAL	41.497	48.408	20.320

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No
34]	External Agency Rating, if available	Yes

NOTE:

The registered office of the company has been shifted from 405, Atlanta Tower, Gulbai Tehra Road, Near Panchrati, Ahmedabad, Gujarat, India to present address

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25200GJ1986PTC008506
Name of the company	RAINBOW PACKAGING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	15/B, Changodar Industrial Estate, Shrkhej-Bavla Highway, Changodar Tal-S, Ahmedabad-382213, Gujarat, India rpplindia@yahoo.com
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	HDFC BANK Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India RBBform8@hdfcbank.com
Nature of instrument creating charge	Memorandum Recording Past Transactions of Creation of Mortgage by Deposit of Title Deeds.
Date of instrument Creating the charge	11.12.2012
Amount secured by the charge	Rs. 170.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment On demand. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as stated under item No.15 as security for the due repayment of Rs.170.000 Millions by the Company including principal amount of the Facility, interest, liquidated damages, costs, charges and expenses etc.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable Property Situated at Sub Plot No 15/B, Paiki adm-2044 Sq.mtrs, and Sub Plot No.15/B Paikki adm 3345 Sq.mtrs in the Scheme Changodar Industrial Estate, forming Part **** **** of block No 355, P4 of Mouje- Changodar, Sub Dist Sanand & Dist :- Ahmedabad.

FINANCIAL RESULTS

During the year, the company has earned a profit of Rs. 5.693 Millions as compared to profit of Rs. 3.523 Millions for the previous year

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Loans Repayable on demand from Related Parties
Gautambhai R Makwana	0.331
Niveditaben M Makwana	1.724
From Others
Bajaj Fincorp Limited	1.092
Barclays Investment and Loans	1.692
Indiabulls Financial Services Limited	1.568	42.256
Magma Fincor Limited	0.624
Reliance Consumer Finance Private Limited	1.872
Religare Finvest Limited	1.109
Other Loans and Advances	35.358
Total	45.369	42.256

Terms of Repayment of above other unsecured loans:

• Above unsecured loans are to be repaid in 36 equal installments
• From the above, interest rate on Bajaj Fincorp Limited is 18.71 % and for the other is 18%

TRADE REFERENCES

• Rajasthan Co-Operative Dairy Federation Limited
• Gujarat Pickers Industries Limited

FIXED ASSETS:

• Land
• Buildings
• Plant and Machinery
• Electric Installations
• Furniture
• Office Equipments
• Computer
• Motor Car
• Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 54.34
UK Pound	1	Rs. 82.56
Euro	1	Rs. 70.10

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.