MIRA INFORM REPORT

Report Date :

16.10.2013

IDENTIFICATION DETAILS

Name :	VIMAL CROP CARE PRIVATE LIMITED (w.e.f. 30.10.2007)
Formerly Known As :	VIMAL PESTICIDES PRIVATE LIMITED
Registered Office :	Plot No.98, N H No. 8, Limbadia Village, Gandhi Nagar – 382330, Ahemedabad Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.03.1993
Com. Reg. No.:	04-019059
Capital Investment / Paid-up Capital :	Rs.12.000 Millions
CIN No.: [Company Identification No.]	U24231GJ1993PTC019059
TAN No.: [Tax Deduction & Collection Account No.]	AHMV00306F
PAN No.: [Permanent Account No.]	AABCV0628F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and repacking and job work relating to pesticides, insecticides and weedicides products
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 67000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Even though sales of the company have dipped, profit has increased marginally. Reserves of the company appear to be low. Trade relation reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Prakash Rami
Designation :	Director
Contact No.:	91-9377332304
Date :	08.10.2013

LOCATIONS

Registered Office :	Plot No.98, N H No. 8, Limbadia Village, Gandhi Nagar – 382 330, Ahmedabad, Gujarat, India
Tel. No.:	91-79-22823790/ 32003221/ 32003222/ 22823790/ 22821390
Mobile No.:	91-9377332304 (Mr. Prakash Rami)
Fax No.:	91-79-22823543/22821390
E-Mail :	vpplramiad1@sancharnet.in mmrrami@vimint.com vimal@vimint.com pkrami@sancharnet.in
Website :	www.vimint.com
Location :	Owned
Correspondence Office :	Plot No. 175/6, GIDC Estate, Naroda, Ahmedabad – 382 330, Gujarat, India
Tel. No.:	91-79-22820790/ 32003224
E-Mail :	export@vimint.com
Overseas Address :	P.O. Baox 3228, Sunnybank South, Brisbane-4109, Old Australia
Tel. No.:	+61 432392406
E-Mail :	jmr_aus@vimint.com

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Mohanlal Laljibhai Rami
Designation :	Managing Director
Address :	“Santosh”, Near Vasant Vihar Flats, Shahibaug, Ahmedabad – 380 004, Gujarat, India
Date of Birth/Age :	30.05.1952
Date of Appointment :	03.03.1993
DIN No.:	01167254
Name :	Mrs. Hiraben Mohanlal Rami
Designation :	Director
Address :	“Santosh”, Near Vasant Vihar Flats, Shahibaug, Ahmedabad – 380 004, Gujarat, India
Date of Birth/Age :	10.02.1950
Date of Appointment :	03.03.1993
DIN No.:	00926155
Name :	Mr. Prakash Kumar Mohanlal Rami
Designation :	Director
Address :	“Santosh”, Near Vasant Vihar Flats, Shahibaug, Ahmedabad – 380 004, Gujarat, India
Date of Birth/Age :	28.01.1978
Date of Appointment :	30.03.2002
DIN No.:	01167306
Name :	Mr. Manish Kumar Mohanlal Rami
Designation :	Director
Address :	“Santosh”, Near Vasant Vihar Flats, Shahibaug, Ahmedabad – 380 004, Gujarat, India
Date of Birth/Age :	25.09.1981
Date of Appointment :	30.03.2002
DIN No.:	01167367

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Mohanbhai L Rami	96200
Hiraben M Rami	290000
Prakash M Rami	49100
Manishbhai M Rami	45000
Mohanbhai M Rami Jointly with Hiraben M. Rami	229700
Ketkiben P. Rami	146500
Arunaben M. Rami	147000
Jigar M. Rami	90000
Sunil M. Rami	106500
Total	1200000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and repacking and job work relating to pesticides, insecticides and weedicides products
Products :	· Agrochemical · Plant Growth Regulators · Growth Stimulants
Exports :
Products :	Finished Goods
Countries :	· Vietnam · Egypt
Imports :
Products :	Raw Materials
Countries :	Dubai
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Anil Chemical

· Brodways Chemtech Private Limited

· Chintan Industries

· Deep in Corporation

· Ezzy Bio Science Private Limited

· GSP Crop Science Private Limited

· Hariom Corporation

· Industrial Chemical Corporation

· Insecticides India Limited

· J. B. Industries

Customers :

Wholesalers and Retailers

· Advance Pesticieds

· Crystal Phosphate Limited

· Dow Chemical International Private Limited

· Indofill Chemical Company

· Insecticides India Limited

· P I Industries Limited

· Rallis India Limited

· Rohm and Hass (India) Private Limited

· Prostine Agro Limited

· Rogimbe Transitos S. L

No. of Employees :

30 (Approximately)

Bankers :

· Kalupur Commercial Co- operative Bank Limited, Kalupur Bank Bhavan, Near Income Tax Circle, Ashram Road, Ushmanpura-380014, Ahmedabad, Gujarat, India

· ABN Amro Bank

· ICICI Bank

· Stat Bank of India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Term Loan
KCCB Loan A/c No. 01033101288	3.126	0.000
KCCB Machinery Loan A/c. 302/474	0.126	1.048
KCCB Plant and Machinery Loan A/c No. 302/491	3.721	3.836
KCCB Plant and Machinery Loan A/c No. 302/503	3.089	0.000
KCCB Machinery Loan A/c. 302/477	0.000	0.098
ABN Amro Bank	0.000	0.287
Bajaj Auto Finance Limited	0.000	0.164
Tata Moters Finance Limited	0.000	0.104
Short Term Borrowings
Loans repayable on Demand
From Banks
KCCB – BD A/c-No.01	13.390	15.922
Buyer Credit A/c.	7.320	0.000
KCCB PC A/c. No. 0037300028	9.200	11.982
KCCB – SCC A/c No.38 (Secured by hypothecation of stock and book debts and Equitable mortgage of immovable property of the company and personal guarantee of the directors of the company)	0.310	1.786
Total	40.282	35.227

Banking Relations :	--
Auditors :
Name :	SARC and Associates Chartered Accountant
Address :	308 Shail Complex, Opposite Madhusudan House, Behind Girish Cold Drink, Off C G Road, Navrangpura, Ahmedabad – 380 009, Gujarat, India
PAN No.:	ABXFS0432N
Related Parties :	· Vimco Pesticide · Prakash Pesticide Industries · Vimal Pesticide · A M Corporation · S M Corporation · Manvar Party Plot · Shree Santoshi Seva Trust

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs. 10/- each	Rs.12.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs. 10/- each	Rs.12.000 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	12.000	9.000
(b) Reserves & Surplus	4.813	3.319
(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)	16.813	12.319
(3) Non-Current Liabilities
(a) long-term borrowings	14.562	5.596
(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)	14.562	5.596
(4) Current Liabilities
(a) Short term borrowings	32.078	29.763
(b) Trade payables	34.322	41.430
(c) Other current liabilities	0.044	0.014
(d) Short-term provisions	3.035	1.963
Total Current Liabilities (4)	69.479	73.170
TOTAL	100.854	91.085
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	21.651	17.669
(ii) Intangible Assets	0.007	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.805	0.805
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.489	0.451
(e) Other Non-current assets	1.812	2.287
Total Non-Current Assets	24.764	21.212
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	33.590	19.978
(c) Trade receivables	12.027	32.741
(d) Cash and cash equivalents	4.764	4.155
(e) Short-term loans and advances	25.709	12.999
(f) Other current assets	0.000	0.000
Total Current Assets	76.090	69.873
TOTAL	100.854	91.085

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.000
2] Share Application Money		0.000
3] Reserves & Surplus		1.994
4] (Accumulated Losses)		0.000
NETWORTH		10.994
LOAN FUNDS
1] Secured Loans		24.482
2] Unsecured Loans		0.059
TOTAL BORROWING		24.541
DEFERRED TAX LIABILITIES		0.000
TOTAL		35.535
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.287
Capital work-in-progress		0.000
INVESTMENT		0.680
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.407
	Sundry Debtors	23.898
	Cash & Bank Balances	0.835
	Other Current Assets	0.000
	Loans & Advances	8.819
Total Current Assets		41.959
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	23.511
	Provisions	1.463
Total Current Liabilities		24.974
Net Current Assets		16.985
MISCELLANEOUS EXPENSES		2.583
TOTAL		35.535

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	114.227	140.700	99.046
		Other Income	NA	1.435	0.927
		TOTAL	NA	142.135	99.973
Less	EXPENSES
		Office Expenses		140.144	98.591
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	140.144	98.591
	PROFIT/(LOSS) BEFORE TAX		2.253	1.991	1.382
Less	TAX		0.759	0.666	0.444
	PROFIT/(LOSS) AFTER TAX (G-H)		1.494	1.325	0.938
	TOTAL VALUE IMPORTS		10.528	0.972	0.000
	EARNING IN FOREIGN CURRENCY		$ 525160.00.	$ 5,09,113.	NA
	Earnings Per Share (Rs.)		1.25	1.47	1.04

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.00	0.93	0.94
Net Profit Margin (PBT/Sales)	(%)	1.97	1.42	1.40
Return on Total Assets (PBT/Total Assets}	(%)	2.30	2.27	2.41
Return on Investment (ROI) (PBT/Networth)		0.13	0.16	0.13
Debt Equity Ratio (Total Debt /Networth)		2.77	2.87	2.23
Current Ratio (Current Asset/Current Liability)		1.10	0.95	1.68

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	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	No

NOTE: Registered office has been shifted from Plot No.98 N H No.8, Limbadia Village, Gandhinagar, Gujarat, India to the present address w.e.f. 07.11.2007

YEAR UNDER REVIEW:

During the year, The Company has earned milestone gross sales turnover of Rs. 114.227 Millions as compare to Rs. 142.335 Millions of previous year. Net profit of subject has also been increased from Rs. 1.324 Millions to Rs. 1.494 Millions. Considering uncertain world economy, Subject has achieved good turnover and net profit during the year. The Directors has taken all necessary steps to increase turnover of subject and increase in profit by reducing administrative expenditure and other related cost.

FUTURE OUTLOOK:

Subject will grow with high support of the management’s experience, futuristic view and wide knowledge of the business activities and marketing. Company has already taken strong initiative actions for the better growth of subject and the Directors are very aggressive and ready to cope any challenges in the business.

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Hiraben M Rami	1.500	0.000
Manishbhai M Rami	1.500	0.000
Prakashbhai M Rami	1.500	0.000
Jigar M Rami	0.000	0.059
Short Term Borrowings
Other Loans and Advances (Specify nature)
Crystal Excise A/c	0.160	0.160
PI Industries – Excise A/c.	0.265	0.001
Tropical – Excise A/c	0.106	(0.088)
Paar Impex LLC	1.326	0.000
Total	6.357	0.132

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10434999	02/07/2013	5,000,000.00	THE KALUPUR COMMERCIAL CO-OPERATIVE BANK LIMITED	KALUPUR BANK BHAVAN, INCOME TAX CIRCLE,ASHRAM ROAD, AHMEDABAD – 380 014, GUJARAT, INDIA	B78818614
2	10309555	26/08/2011	5,000,000.00	THE KALUPUR COMMERCIAL CO-OPERATIVE BANK LIMITED	KALUPUR BANK BHAVAN, INCOME TAX CIRCLE,ASHRAM ROAD, AHMEDABAD – 380 014, GUJARAT, INDIA	B22287924
3	10219432	07/04/2010	5,000,000.00	THE KALUPUR COMMERCIAL CO-OPERATIVE BANK LIMITED	KALUPUR BANK BHAVAN, INCOME TAX CIRCLE,ASHRAM ROAD, AHMEDABAD – 380 014, GUJARAT, INDIA	A85063014
4	10120710	16/07/2010 *	10,000,000.00	KALUPUR COMMERCIAL CO-OPERATIVE BANK LIMITED	KALUPUR BANK BHAVAN, INCOME TAX CIRCLE,ASHRAM ROAD, AHMEDABAD – 380 014, GUJARAT, INDIA	A92686468
5	10109223	17/06/2008	2,200,000.00	KALUPUR COMMERCIAL CO-OPERATIVE BANK LIMITED	KALUPUR BANK BHAVAN, INCOME TAX CIRCLE,ASHRAM ROAD, AHMEDABAD – 380 014, GUJARAT, INDIA	A40926099
6	10057635	22/06/2007	3,000,000.00	THE KALUPUR COMMERCIAL CO-OPERATIVE BANK LIMITED	KALUPUR BANK BHAVAN, INCOME TAX CIRCLE,ASHRAM ROAD, AHMEDABAD – 380 014, GUJARAT, INDIA	A17926908
7	10057625	22/06/2007	5,000,000.00	THE KALUPUR COMMERCIAL CO-OPERATIVE BANK LIMITED	KALUPUR BANK BHAVAN, INCOME TAX CIRCLE,ASHRAM ROAD, AHMEDABAD – 380 014, GUJARAT, INDIA	A17927187
8	10057628	21/06/2007	4,500,000.00	THE KALUPUR COMMERCIAL CO-OPERATIVE BANK LIMITED	KALUPUR BANK BHAVAN, INCOME TAX CIRCLE,ASHRAM ROAD, AHMEDABAD – 380 014, GUJARAT, INDIA	A17927807
9	10004989	02/06/2006	5,000,000.00	THE KALUPUR COMMERCIAL CO-OPERATIVE BANK LIMITED	KALUPUR BANK BHAVAN, INCOME TAX CIRCLE,ASHRAM ROAD, AHMEDABAD – 380 014, GUJARAT, INDIA	A01309145
10	90099674	07/07/2003	700,000.00	THE KALUPUR COMMERCIAL CO-OP BANK LIMITED	ASHRAM ROAD, AHMEDABAD, GUJARAT, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Air conditioners and Coolers

· Water Cooler

· Attendance and Payroll Software

· Efficiency Software

· Time and Attendance ( Fingerprint)

· Car – Indigo CS

· Pallettruck

· Vehicles

· Computer

· Xerox Machine

· Dead stock

· Fire and Safety Equipment

· ISO 9001- 2000 (Goodwill)

· Electrification

· Office Equipment

· Furniture and Fixture

· Lab. Equipment – Naroda Plant

· Laboratory Equipment

· Plant and Machinery – Plot No. 31/ 32

· Plant and Machinery – Naroda

· Plant and Machinery – Limbadia

· Wire Fancing

· Work In Progress Limbadia

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.61.69
UK Pound	1	Rs.98.59
Euro	1	Rs.83.67

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.