MIRA INFORM REPORT

Report Date :

13.05.2013

IDENTIFICATION DETAILS

Name :	SHRI DINESH MILLS LIMITED
Registered Office :	Post Box No 2501, Padra Road, Vadodara-390020, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.07.1935
Com. Reg. No.:	04-000494
Capital Investment / Paid-up Capital :	Rs. 52.775 Millions
CIN No.: [Company Identification No.]	L17110GJ1935PLC000494
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges
Line of Business :	Manufacturing of Woolen/Worsted Suiting and Machine Clothing (Felt).
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 3800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. There appears some dip in the profitability of the company during current year it is due to increase in the raw material price, depreciation and other overheads. However, general financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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	CARE
Rating	Long Term Bank Facilities (A)
Rating Explanation	Adequate degree of safety it Carry Low Credit Risk.
Date	23.10.2012

Rating Agency Name	CARE
Rating	Short Term Bank Facilities (A1)
Rating Explanation	Highest Degree of Safety it Carry Lowest Credit Risk.
Date	23.10.2012

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.

LOCATIONS

Registered Office /Factory 1:	Post Box No 2501, Padra Road, Vadodara-390020, Gujarat, India
Tel. No.:	91-265-2330060/61/62/63/64/65
Fax No.:	91-265-2336195
E-Mail :	sojitra@dineshmills.com suiting@dineshmills.com exports@dineshmills.com
Website :	www.suiting.dinesh.com
Factory 2 :	Village : Bhadkodra, Ankleshwar, District Bharuch, Gujarat, India

DIRECTORS

As on : 31.03.2012

Name :	Mr. Upendrabhai M. Patel
Designation :	Chairman
Name :	Mr. Bharatbhai U. Patel
Designation :	Chairman and Managing Director
Date of Birth/Age :	58 Years
Qualification :	B. Text, M.B.A
Experience :	39 Years
Date of Appointment :	12.05.1973
Name :	Mr. Nimishbhai U. Patel
Designation :	Managing Director
Date of Birth/Age :	46 Years
Qualification :	B.B.A, M.B.A (Finance)
Experience :	21 Years
Date of Appointment :	01.12.1990
Name :	Mr. Atulbhai G. Shroff
Designation :	Director
Name :	Mr. Jal R. Patel
Designation :	Director
Name :	Mr. H. N. Elavia
Designation :	Director
Name :	Mr. Ambubhai T. Patel
Designation :	Director
Name :	Mr. Tanujbhai M. Patel
Designation :	Director
Name :	Mr. Sudhir Mankad
Designation :	Director
Name :	Mr. Rakesh Agrawal
Designation :	Director
Name :	Mr. J. B. Sojitra
Designation :	Director

KEY EXECUTIVES

Name :	Mr. J. B. Sojitra
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 31.03.2013

Category of Shareholders	No. of Shares	Percentage of holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2,288,372	43.36
Sub Total	2,288,372	43.36
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2,288,372	43.36
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	0,010	0.00
Financial Institutions / Banks	3,760	0.07
Sub Total	3,770	0.07
(2) Non-Institutions
Bodies Corporate	113,032	2.14
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	2,044,218	38.73
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	811,251	15.37
Any Others (Specify)	16,857	0.32
Non Resident Indians	16,857	0.32
Sub Total	2,985358	56.57
Total Public shareholding (B)	2,989,128	56.64
Total (A)+(B)	5,277,500	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	5,277,500	0.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Woolen/Worsted Suiting and Machine Clothing (Felt).
Brand Names :	“DINESH”

PRODUCTION STATUS (31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Woollen Fabrics		80 Power Looms	80 Power Looms	12,421 Mtrs.
Worsted Fabrics		20 Looms	30 Looms	1,413,227 Mtrs.
Woollen Yarn		3,100 Spindles	3,100 Spindles	(C)
Felt		250 M.T	250 M.T	266 M.T
Wool Tops		1,000,000 Lbs.	1,000,000 Lbs.	(C)
Worsted Yaarn		10,908 Spindles	13,476 Spindles	(C)

Notes :

(A) Licensed and Installed Capacity on three shift per annum basis.

(B) Licensed and Installed Capacity on Maximum Utilisation basis.

(C) Captive consumption only

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda

· Central Bank of India

· Indian Overseas Bank

Facilities :

(Rs in Millions)

SECURED LOAN	31.03.2012	31.03.2011
Term Loan Term loan under Technology Upgradtion Fund Scheme is secured by way of hypothecation of machineries purchased therefrom.	267.902	231.504
Cash Credit Cash credits from Banks, against hypothecation of Raw materials, Stores, Spare parts, Finished goods and Work-in-porgress	(16.721)	(7.375)
Deposits : From Directors and Shareholders	22.669	29.100
From Public	6.435	11.728
Term Loan
Loans from Bank of Baroda	0.384	0.767
Total	280.669	265.724

Note :

1. Repayable in 24 quarterly installments, commencing from April 2007,

Last installment due in March 2013 rate of Interest 15.75%.

2. The above term loan is secured by way of hypothecation of machineries

purchased therefrom.

Auditors :
Name :	Dhirubhai Shah and Company Chartered Accountants
Address :	Ahmedabad, Gujarat, India
Subsidiaries :	Dinesh Remedies Limited, India
Other Related Parties :	· Dinesh Foundation · Maganbhai B. Patel's Charity Trust

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
9500000	Equity Shares	Rs. 10/- each	Rs. 95.000 Millions
50000	Unclassified Shares	Rs. 100/- each	Rs. 5.000 Millions
	Total		Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5277500	Equity Shares	Rs. 10/- each	Rs. 52.775 Millions

1. The reconciliation of the number of shares oustanding: The Company has not issued or bought back any equity or preference shares during the year

2. The details of Shareholders holding more than 5% shares:

Name Of the Shareholders	As at 31.03.2012
	Nos. of Shares Held	% of Holding
U M Patel	531655	10.07
B U Patel	491710	9.32
N U Patel	643998	12.20

3. 30780 Equity shares alloted to Shareholders of Platewel Processes and Chemicals Limited as fully paid without payment being received in cash in terms of amalgamation scheme sanctioned by Gujarat High Court, as per order Dated 20th March, 1981

4. 4775420 Equity shares issued as Bonus Shares by way of capitalisation of Reserve and Share Premium Account

5 The Company has only one class of equity shares having a par value of Rs.10 per share. Each Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

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		52.775	52.775	52.775
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		907.564	869.755	803.967
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		960.339	922.530	856.742
LOAN FUNDS
1] Secured Loans		280.669	265.724	307.656
2] Unsecured Loans		39.114	45.547	78.117
TOTAL BORROWING		319.783	311.271	385.773
DEFERRED TAX LIABILITIES		78.310	66.240	75.642
TOTAL		1358.432	1300.041	1318.157
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		701.060	561.043	620.078
Capital work-in-progress		4.862	0.487	0.000
INVESTMENT		215.953	359.988	354.068
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	398.150	312.941	271.724
	Sundry Debtors	115.493	97.495	92.670
	Cash & Bank Balances	137.915	177.073	174.147
	Other Current Assets	10.483	12.807	10.066
	Loans & Advances	36.568	25.930	32.945
Total Current Assets		698.609	626.246	581.552
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.960	25.730	199.012
	Other Current Liabilities	180.299	174.193	4.476
	Provisions	56.793	47.800	34.053
Total Current Liabilities		262.052	247.723	237.541
Net Current Assets		436.557	378.523	344.011
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1358.432	1300.041	1318.157

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	864.887	825.228	763.083
		Other Income	36.863	26.608	31.118
		TOTAL	901.750	851.836	794.201
Less	EXPENSES
		Cost of Material Consumed	293.942	228.647	200.131
		Purchases of Stock in Trade	0.310	0.070	0.306
		Changes in Inventories of Finished Goods	(61.919)	6.311	14.831
		Employee Benefits Expenses	226.139	199.840	84.530
		Other Expenses	249.995	204.199	294.413
		TOTAL	708.467	701.779	594.211
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		193.283	150.057	199.990
Less	FINANCIAL EXPENSES		35.549	31.356	29.367
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		157.734	181.413	170.623
Less/ Add	DEPRECIATION/ AMORTISATION		84.985	74.769	63.961
Add	EXCEPTIONAL ITEMS		0.000	3.181	0.000
	PROFIT BEFORE TAX		72.749	109.825	106.662
Less	TAX		22.675	31.769	33.093
	PROFIT AFTER TAX		50.074	78.056	73.569
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.184	20.393	25,287
Less	APPROPRIATIONS
		Transfer to General Reserve	40.000	60.000	60.000
		Proposed Dividend	10.555	10.555	15.832
		Dividend Tax	1.712	1.712	2.630
	BALANCE CARRIED TO THE B/S		23.992	26.184	20.393
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	30.994	39.739	24.575
		Others	0.243	0.461	0.000
	TOTAL EARNINGS		31.237	40.200	24.575
	IMPORTS
		Raw Materials	200.999	128.765	100.502
		Capital Goods	111.041	5.946	173.928
	TOTAL IMPORTS		312.040	134.711	274.430
	Earnings Per Share (Rs.)
	Basic		9.49	14.79	13.94
	Diluted		9.49	14.79	13.94

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	30.12.2012
Net Sales	189.600	227.200	212.700
Total Expenditure	1.576	175.500	169.100
PBIDT (Excl OI)	32.000	51.700	43.600
Other Income	4.600	5.200	2.800
Operating Profit	36.600	56.900	46.400
Interest	9.000	9.800	9.500
Exceptional Items	0.000	0.000	0.000
PBDT	27.600	47.100	36.900
Depreciation	24.000	2.430	24.200
Profit Before Tax	3.600	22.800	12.700
Tax	0.000	5.900	3.400
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	3.600	16.900	93.000
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	3.600	16.900	9.300

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.55	9.16	9.26
Net Profit Margin (PBT/Sales)	(%)	8.41	13.31	13.98
Return on Total Assets (PBT/Total Assets}	(%)	5.20	9.25	8.88
Return on Investment (ROI) (PBT/Networth)		0.08	0.12	0.12
Debt Equity Ratio (Total Debt /Networth)		0.33	0.33	0.45
Current Ratio (Current Asset/Current Liability)		2.67	2.53	2.45

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	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	Yes

UNSECURED LOAN :

Rs. in Millions

Particulars	31.03.2012	31.03.2011
Deposits
From Directors and Shareholders	30.116	39.000
From Public	8.998	6.547
Total	39.114	45.547

OVERALL REVIEW OF OPERATIONS:

They are a composite textile sector company manufacturing woolen / worsted suiting and machine clothing (felt). The Company manufactures and markets high quality products under the brand name 'Dinesh'. There are few organized sector companies and many companies are in un-organized sector and the Company has to face cut throat competition in the domestic and international markets. During the year, Sales Turnover has been increased to Rs. 864.900 Millions from Rs. 825.200 Millions but the Net Profit has been decreased to Rs. 50.100 Millions from Rs.77.800 Millions as compared to the previous year mainly due to increase in the raw material price, depreciation and other overheads. During the year, the export of suiting has been decreased to Rs. 31.000 Millions as compared to Rs. 39.700 Millions of the previous year due to negative impact of the Euro Zone crisis on the purchasing power of the Buyers in the western markets

OVERALL OUTLOOK :

Due to adverse impact of the Euro Zone crisis on the developed and developing countries, the slow down has also hit the global economy and their economy as well which is evident from the nine years low GDP growth under 7% during the year under review which could further slow down to under 6% during the year 2012 - 2013 and their Company may be able to maintain the sale turnover but the profit margin would remain under severe pressure during the current year 2012-2013. The Company assumes no responsibility in respect of forward looking statements made herein above which may substantially change based on subsequent developments, events, change in the Government policies, exchange rate etc. over the globe.

CONTINGENT LIABILITIES :

As on : 31.03.2012

(Rs in Millions)

Workers' demand - matter under appeal	7.774	3.470
Claims against the company not acknowledged as debts	0.302	0.302
Income tax Demands (including interest) - matter under appeal	18.730	21.925
Excise matter under appeal	21.458	21.408

Statement of Unaudited financial results for the Quarter and

Nine Months Ended on 31st December, 2012

(Rs In Millions)

Sr. No	Particulars	Standalone
		Unaudited	Unaudited	Unaudited
		Quarter Ended		Year to date
		31.12.2012	30.09.2012	31.12.2012
1	Income from operations
	(a) Net Sales/Income from Operations (Net of excise duty)	211.200	224.500	623.100
	(b) Other Operating Income	1.500	2.700	6.400
	Total income from operations (net) (a) + (b)	212.700	227.200	629.500
2	Expenses (a) Cost of materials consumed	68.500	68.800	209.400
	(b) Purchases of stock-in-trade	--	0.200	0.100
	(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(12.200)	(4.300)	(74.600)
	(d) Employee benefits expense	58.800	59.500	158.300
	(e) Depreciation and amortisation expense	24.200	24.300	61.100
	(f) Other expenditure	540.000	51.300	181.300
	Total expenses	193.300	199.800	548.300
3	Profit / (Loss) from operations before other income, finance costs and exceptional items(1-2)	19.400	27.400	85.200
4	Other Income	28.000	5.200	21.800
5	Profit / (Loss) from ordinary activities before finance costs and exceptional items(3 + 4)	22.200	32.600	107.000
6	Finance costs	9.500	9.800	25.400
7	Profit / (Loss) from ordinary activities after finance costs but before exceptional items(S - 6)	12.700	22.800	81.600
8	Exceptional items	NIL	NIL	NIL
9	Profit / (Loss) from ordinary activities before tax (7 + 8)	12.700	22.800	81.600
10	Tax Expense	3.400	5.900	20.700
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	9.300	16.900	60.900
12	Extraordinary Items (net of tax expense)	NIL	NIL	NIL
13	Net Profit / (Loss) for the period (11 -12)	9.300	16.900	60.900
14	Paid-up equity share capital (Nominal value Rs. 10 per share)	52.800	52.800	52.800
15	Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	--	--	--
16(i)	Earnings per share (before extraordinary items) (of Rs. 10/- each) (not annualised):
*	(a) Basic	1.76	3.20	5.65
	(b) Diluted	1.73	3.20	5.65
17.	Earnings per share (after extraordinary items)
	(of Rs. 10/- each) (not annualised):
*	(a) Basic	1.76	3.20	5.65
	(b) Diluted	1.76	3.20	5.65

Sr. No	Particulars	Quarter Ended		Year to date ended
		31.12.2012	30.09.2012	31.12.2012
A 1	PARTICULARS OF SHAREHOLDING
	Public shareholding - Number of shares
	- Numbers of Shares	2989128	2989128	2989128
	- Percentage of shareholding	56.64	56.64	56.64
2	Promoters and Promoter Group Shareholding
	a) Pledged / Encumbered - Number of shares	NIL	NIL	NIL
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	NIL	NIL	NIL
	- Percentage of shares (as a % of the total share capital of the company)	NIL	NIL	NIL
	b) Non-encumbered
	- Number of shares	2288372	2288372	2288372
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100	100	100
	- Percentage of shares (as a % of the total share capital of the company)	43.36	43.36	43.36

Particulars	Quarter ended 31.12.2012
B INVESTOR COMPLAINTS (Nos)
Pending at the beginning of the quarter	NIL
Received during the quarter	4
Disposed of during the quarter	4
Remaining unresolved at the end of the quarter	NIL

NOTE :

1. The Company has only one business segment – Textiles and no reportable geographical segment.
2. The above Unaudited Financial Results duly reviewed by the audit committee were approved by the Board of Directors at the meeting held on 12^th February 2013.
3. The statutory auditors of the company have carried out a “Limited Review” of the above financial results.
4. The performance of the quarter/nine months is not representative of the full years Performance.
5. Previous period figures have been regrouped wherever necessary.

FIXED ASSETS :

· Land

· Assets Under Lease

· Buildings

· Plant and Equipments

· Furniture and Dead Stock

· Vehicles

· Electrical Installation

· Tubewell and Waterworks

· Drainage Installation

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. 54.54
UK Pound	1	Rs. 84.19
Euro	1	Rs. 71.11

INFORMATION DETAILS

Report Prepared by :

NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.