MIRA INFORM REPORT

Report Date :

07.11.2013

IDENTIFICATION DETAILS

Name :	RAGHUNATH AGRO TECH PRIVATE LIMITED
Registered Office :	D. No. 7-2-53/5, National Highway, No.7 Road, Adilabad – 504001, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.01.2004
Com. Reg. No.:	01-042340
Capital Investment / Paid-up Capital :	Rs.52.029 Millions
CIN No.: [Company Identification No.]	U15141AP2004PTC042340
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Raw Cotton.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 372000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profit margin of the company is low. However, trade relations are reported as 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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB – [Cash Credit] Suspended
Rating Explanation	Moderate risk of default
Date	28.10.2013

Rating Agency Name	CRISIL
Rating	A4 + [Proposed Bill Discounting Facilities] Suspended
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	28.10.2013

Suspended: Reason for suspension is not available.

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 / Head Office :	D. No. 7-2-53/5, National Highway, No.7 Road, Adilabad – 504001, Andhra Pradesh, India
Tel. No.:	91-8732-230682/ 230637
Fax No.:	91-8732-230637/ 232896
E-Mail :	asawavickey@gmail.com feb061980@yahoo.co.uk raghunath_agrotech@yahoo.co.in
Website :	http://www.raghunathagro.in
Branch Office :	102, Aditya Hill top, Plot # 70. Huda Heights, Road # 12, MLA Colony, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India
Tel. No.:	91-40-23357932

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Raghunath Mittal

Designation :

Director

Address :

4-6-346, Ward-25, Bhoktapur, Adilabad- 504001, Andhra Pradesh, India

Date of Appointment :

01.01.2004

DIN No.:

01555625

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	U18100AP2000PTC035266	VINAYAKA SPINTEX PRIVATE LIMITED	Director	14/09/2000	14/09/2000	-	Active	NO
2	U17111AP2001PTC037019	SREE ASTALAXMI SPINNING MILLS PRIVATE LIMITED	Director	13/07/2001	13/07/2001	-	Active	NO
3	U15141AP2004PTC042340	RAGHUNATH AGRO TECH PRIVATE LIMITED	Director	01/01/2004	01/01/2004	-	Active	NO
4	U18101AP2004PTC043986	AYUSHMAN ECO-PRODUCTS PRIVATE LIMITED	Managing director	25/08/2004	25/08/2004	-	Active	NO
5	U45200AP2005PTC048422	GROW WELL SHELTERS INDIA PRIVATE LIMITED	Director	22/02/2006	22/02/2006	02/07/2007	Active	NO
6	U70101AP2006PTC050104	ACCORD SKYCRAPERS PRIVATE LIMITED	Director	03/05/2006	03/05/2006	-	Active	NO
7	U01119AP2006PTC051272	K.K.PROTIENS PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
8	U45209AP2007PTC055814	SPEYZ INFRA PROJECTS PRIVATE LIMITED.	Director	06/10/2007	06/10/2007	-	Active	NO
9	U45209AP2011PTC072482	RAGHUNATH MEADOWS PRIVATE LIMITED	Director	03/02/2011	03/02/2011	-	Active	NO
10	U45209AP2011PTC073148	RAGHUNATH AVENUES PRIVATE LIMITED	Director	09/03/2011	09/03/2011	-	Active	NO
11	U01403AP2011PTC073655	SWIFT AGRI TECH PRIVATE LIMITED	Director	01/04/2011	01/04/2011	-	Active	NO
12	U15143AP2012PTC083645	RAGHUNATH AGRO PRODUCTS PRIVATE LIMITED	Director	17/10/2012	17/10/2012	-	Active	NO

Name :

Mr. Rohit Kumar Goyel

Designation :

Director

Address :

5-62, Indervelly, Adilabad - 504001, Andhra Pradesh, India

Date of Appointment :

01.03.2004

DIN No.:

02095076

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	U18100AP2000PTC035266	VINAYAKA SPINTEX PRIVATE LIMITED	Director	14/09/2000	14/09/2000	-	Active	NO
2	U15141AP2004PTC042340	RAGHUNATH AGRO TECH PRIVATE LIMITED	Director	01/03/2004	01/03/2004	-	Active	NO
3	U18101AP2004PTC043986	AYUSHMAN ECO-PRODUCTS PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	NO
4	U01119AP2006PTC051272	K.K.PROTIENS PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO

Name :

Mr. Rajiv Kumar Mittal

Designation :

Director

Address :

H No 4-6-340, National Highway 7, Bhoktapur St, Adilabad - 504001, Andhra Pradesh, India

Date of Appointment :

01.01.2004

DIN No.:

02687993

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	U15141AP2004PTC042340	RAGHUNATH AGRO TECH PRIVATE LIMITED	Director	01/01/2004	01/01/2004	-	Active	NO
2	U18101AP2004PTC043986	AYUSHMAN ECO-PRODUCTS PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	NO
3	U27101AP2007PTC054296	SRI SALASAR BALAJI METALS PRIVATE LIMITED	Director	05/06/2007	05/06/2007	-	Active	NO
4	U45209AP2011PTC072482	RAGHUNATH MEADOWS PRIVATE LIMITED	Director	03/02/2011	03/02/2011	-	Active	NO
5	U45209AP2011PTC073148	RAGHUNATH AVENUES PRIVATE LIMITED	Director	09/03/2011	09/03/2011	-	Active	NO

Name :

Mr. Sanjeev Kumar Mittal

Designation :

Director

Address :

4-6-346, Ward-25, Bhoktapur, Adilabad- 504001, Andhra Pradesh, India

Date of Appointment :

31.03.2004

DIN No.:

02655037

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	U18100AP2000PTC035266	VINAYAKA SPINTEX PRIVATE LIMITED	Director	14/09/2000	14/09/2000	-	Active	NO
2	U15141AP2004PTC042340	RAGHUNATH AGRO TECH PRIVATE LIMITED	Director	31/03/2004	31/03/2004	-	Active	NO
3	U70109MH2004PTC146481	ASKA REAL ESTATE PRIVATE LIMITED	Director	21/05/2004	21/05/2004	-	Active	NO
4	U01119AP2006PTC051272	K.K.PROTIENS PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
5	U18101AP2004PTC043986	AYUSHMAN ECO-PRODUCTS PRIVATE LIMITED	Director	05/12/2006	05/12/2006	-	Active	NO

Name :

Ms. Aarti Mittal

Designation :

Director

Address :

7-2-53/5, NH 7 Road, Adilabad-504001, Andhra Pradesh, India

Date of Appointment :

01.03.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Raghunath Mittal	1200000
Aarti Devi Mittal	226250
Rajiv Kumar Mittal	887500
Sanjeev Kumar Mittal	1181250
Santosh Goyal	312500
Rohit Kumar Goyal	1067500
Sri Sai Baba Cotton Co	178125
Sunstar Realty Development Pvt Ltd	33200
Supernova Advertising Private Limited	40000
Narendernath Chaganlal	20000
Parichalesheraih Sanjay	22000
Devender Singh	2400
Shashipal Singh	2400
Koushal Mukesh Singh	2400
Koushal Dinesh Singh	2400
Datta	2400
Prakash Geer	2400
Devi	1000
T. Roopender	1600
Gurubachan Singh	1600
Roshan Kour	1600
N. Krishna	1600
N. Sumalatha	1600
P. Narender Goud	1600
Venu Gopal	1600
M. Sudhakar	1600
D. Satish Kumar	1600
M. Balraj	1600
Dhanlaxmi	1600
Pawan Kumar Loya	1600
TOTAL	5202925

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	1.40
Directors or relatives of directors	97.12
Other top fifty shareholders	1.48
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Raw Cotton.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of Hyderabad, Shivaji Chowk, Adilabad - 504001, Andhra Pradesh, India

· State Bank of Hyderabad Adilabad Main Branch, Adilabad – 504001, Andhra Pradesh, India

· People Co-operative Bank

· Andhra Bank

· Karur Vyashya Bank

· State Bank of India

· Bank of Rajasthan

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
Working Capital Loans From Banks* * Secured by way of: (a) Equitable mortgage of immovable properties of the Company ranking pari passu with the charges created in favour of SBH and also by hypothecation of stocks of raw materials, finished goods, stock-in-process, stores etc. and collateral Security of Plant and Machinery, Furniture and Fixtures and Other Fixed Assets of the Company and personal guarantee of the Directors.	97.917	158.092
TOTAL	97.917	158.092

Banking Relations :	--
Auditors :
Name :	MKA Associates Chartered Accountant
Address :	Dwaraka Nagar, Adilabad – 504001, Andhra Pradesh, India
PAN No:	AAHFM2660F
Associates :	· Kaushik Apparels Private Limited · Sri Astalaxmi Spinning Mills Private Limited · K.K. Proteins Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.100/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5202925	Equity Shares	Rs.10/- each	Rs.52.029 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	52.029	20.213
(b) Reserves & Surplus	41.125	30.473
(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)	93.154	50.686
(3) Non-Current Liabilities
(a) long-term borrowings	93.317	102.773
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	93.317	102.773
(4) Current Liabilities
(a) Short term borrowings	97.917	158.092
(b) Trade payables	127.631	205.971
(c) Other current liabilities	5.882	5.785
(d) Short-term provisions	0.017	0.000
Total Current Liabilities (4)	231.447	369.848
TOTAL	417.918	523.307
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.941	7.627
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.633
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.299	0.299
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.912	1.387
(e) Other Non-current assets	0.013	0.026
Total Non-Current Assets	15.165	9.972
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	74.994	213.512
(c) Trade receivables	292.242	286.252
(d) Cash and cash equivalents	2.153	2.915
(e) Short-term loans and advances	30.745	10.609
(f) Other current assets	2.619	0.047
Total Current Assets	402.753	513.335
TOTAL	417.918	523.307

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		20.213
2] Share Application Money		0.000
3] Reserves & Surplus		26.998
4] (Accumulated Losses)		0.000
NETWORTH		47.211
LOAN FUNDS
1] Secured Loans		113.724
2] Unsecured Loans		33.208
TOTAL BORROWING		146.932
DEFERRED TAX LIABILITIES		0.000
TOTAL		194.143
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.517
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	116.121
	Sundry Debtors	135.228
	Cash & Bank Balances	4.284
	Other Current Assets	0.000
	Loans & Advances	5.663
Total Current Assets		261.296
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	68.006
	Other Current Liabilities
	Provisions	7.723
Total Current Liabilities		75.729
Net Current Assets		185.567
MISCELLANEOUS EXPENSES		0.059
TOTAL		194.143

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3556.957	2792.949	1662.389
		Other Income	6.289	0.314	18.312
		TOTAL (A)	3563.246	2793.263	1680.701
Less	EXPENSES
		Purchase of Stock in Trade	3287.320	2789.415
		Employee Benefits Expenses	1.894	3.371
		Other Expenses	115.869	78.228	1660.229
		Changes in Inventories of Finished Goods, WIP and Stock in Trade	136.841	(95.652)
		TOTAL (B)	3541.924	2775.362	1660.229
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		21.322	17.901	20.472
Less	FINANCIAL EXPENSES (D)		11.690	10.500	6.480
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.632	7.401	13.992
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.537	1.151	1.236
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		8.095	6.250	12.756
Less	TAX (H)		3.076	2.775	4.464
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		5.019	3.475	8.292
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	18175.111	NA	NA
	Earnings / (Loss) Per Share (Rs.)		0.96	1.72	4.10

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.14	0.12	0.49
Net Profit Margin (PBT/Sales)	(%)	0.23	0.22	0.77
Return on Total Assets (PBT/Total Assets}	(%)	1.94	1.20	4.73
Return on Investment (ROI) (PBT/Networth)		0.09	0.12	0.27
Debt Equity Ratio (Total Debt/Networth)		2.05	5.14	3.11
Current Ratio (Current Asset/Current Liability)		1.74	1.39	3.45

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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10390939	26/06/2013 *	110,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B81378796
2	10197033	11/12/2009	25,000,000.00	STATE BANK OF HYDERABAD	SHIVAJI CHOWK, ADILABAD - 504001, ANDHRA PRADESH, INDIA	A77413045
3	90259041	10/04/2012 *	450,000,000.00	STATE BANK OF HYDERABAD	SHIVAJI CHOWK, ADILABAD - 504001, ANDHRA PRADESH, INDIA	B39481536
4	90262570	24/11/2003 *	10,000,000.00	STATE BANK OF INDIA	MAIN BRANCH, ABIDABAD, ANDHRA PRADESH, INDIA	-
* Date of charge modification

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
From Related Parties	34.021	63.482
From Others	59.296	39.291
TOTAL	93.317	102.773

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electrical Installation

· Computer

· Air Conditioner

· Lorry

· Water Cooler

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.61.92
UK Pound	1	Rs.99.60
Euro	1	Rs.83.64

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.