MIRA INFORM REPORT

Report Date :

23.09.2013

IDENTIFICATION DETAILS

Name :	VIMAL INTERTRADE PRIVATE LIMITED
Registered Office :	C-310, Shyam Kamal Agarwal Market, Vile Parle (East), Mumbai – 400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.08.2004
Com. Reg. No.:	11-147822
Capital Investment / Paid-up Capital :	Rs.61.895 Millions
CIN No.: [Company Identification No.]	U51490MH2004PTC147822
TAN No.: [Tax Deduction & Collection Account No.]	MUMV11775B
PAN No.: [Permanent Account No.]	AABCV9050H
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is in the business of all types of chemicals, solvents, dyes, etc. Subject is mainly an importer of chemicals from overseas Principals and acts as their authorized distributors country - wide. Subject is also in the process of going into logistic business as warehouse keepers in different parts of the country. And Subject also acts as an indenting agent for various MNCs.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1200000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has seen a significant increase in the sales turnover due to increased demand in export markets during 2012. The overall position of the company appears to be good. However, the management has reported a dip in its profit margin due to depreciation in the value of Indian rupee which led to increase in the costs. The rating take into consideration the strong sourcing capabilities of the subject and good relationship with reputed manufacturing grants. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct and as per commitments. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB (Long Term Rating)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	20.07.2012

Rating Agency Name	CRISIL
Rating	A3 (Short Term Rating)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	20.07.2012

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.

LOCATIONS

Registered Office/ Head Office/ Factory :	C-310, Shyam Kamal Agarwal Market, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Tel. No.:	91-22-65093909 / 42551100 / 26127281
Fax No.:	91-22-26127382
E-Mail :	resources@vimalagencies.net info@vimalagencies.net
Website :	http://www.vimalagencies.net
Regional Offices and Warehouses :	Located at: · Chennai · Delhi · Kolkata
Business division:	Paints and Coatings coating@vimalagencies.net (Paints) bmct@vimalagencies.net (Construction) bmct@vimalagencies.net (Adhesive) plastpack@vimalagencies.net (Leather) ink@vimalagencies.net (Inks) diamond_tools@vimalagencies.net (Diamond Tools) powder_coating@vimalagencies.net (Powder Coating) Plastic and Polymers chemical@vimalagencies.net (Auxiliaries) chemical@vimalagencies.net (Water Treatment) chemical@vimalagencies.net (Electronics) chemical@vimalagencies.net (Lubricant) Specialty Chemicals lifescience@vimalagencies.net (Pharma) lifescience@vimalagencies.net (Agro) lifescience@vimalagencies.net (Personal Care Personal Care) lifescience@vimalagencies.net (Food) lifescience@vimalagencies.net (Household) lifescience@vimalagencies.net (Flavor and Fragrance)

DIRECTORS

As on: 29.09.2012

Name :

Mr. Bimal Vasant Shah

Designation :

Managing Director

Address :

602, Prangan, Malvia Road, Mumbai-400057, Maharashtra, India

Date of Birth/Age :

02.12.1963

Qualification :

B. Com

Date of Appointment :

03.08.2004

DIN No.:

01542534

PAN No.:

AAFPS1159M

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	U51490MH2004PTC147822	VIMAL INTERTRADE PRIVATE LIMITED	Managing director	03/08/2004	03/08/2004	-	Active	NO
2	U51496MH2005PTC152191	VIMAL GLOBAL TRADE PRIVATE LIMITED	Director	24/03/2005	24/03/2005	-	Active	NO

Name :

Mr. Paras Vasantrai Shah

Designation :

Director

Address :

402, Ashvmegh, Lajpatrai Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

06.08.1970

Date of Appointment :

03.08.2004

Qualification :

HSC

DIN No.:

01542622

PAN No.:

AAFPS1158L

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	U51490MH2004PTC147822	VIMAL INTERTRADE PRIVATE LIMITED	Director	03/08/2004	03/08/2004	-	Active	NO
2	U51496MH2005PTC152191	VIMAL GLOBAL TRADE PRIVATE LIMITED	Director	24/03/2005	24/03/2005	-	Active	NO

Name :

Mr. Mayur Vasantrai Shah

Designation :

Director

Address :

C-310, Shyam Kamal Agarwal Market, Vile Parle (East), Mumbai – 400 057, Maharashtra, India

Date of Birth/Age :

24.10.1968

Date of Appointment :

03.08.2004

Qualification :

B. Com

DIN No.:

01542712

PAN No.:

ANVPS1439D

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	U51490MH2004PTC147822	VIMAL INTERTRADE PRIVATE LIMITED	Director	03/08/2004	03/08/2004	-	Active	NO
2	U51496MH2005PTC152191	VIMAL GLOBAL TRADE PRIVATE LIMITED	Director	24/03/2005	24/03/2005	-	Active	NO

Name :

Mr. Hiren Vasantrai Shah

Designation :

Director

Address :

602, Prangan, Malvia Road, Mumbai-400057, Maharashtra, India

Date of Birth/Age :

09.05.1973

Qualification :

B. Com

Date of Appointment :

03.08.2004

DIN No.:

01542673

PAN No.:

AAFPS1157F

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	U51490MH2004PTC147822	VIMAL INTERTRADE PRIVATE LIMITED	Director	03/08/2004	03/08/2004	-	Active	NO
2	U51496MH2005PTC152191	VIMAL GLOBAL TRADE PRIVATE LIMITED	Director	24/03/2005	24/03/2005	-	Active	NO

MAJOR SHAREHOLDERS

As on: 29.09.2012

Names of Shareholders	No. of Shares
Bimal V Shah	334400
Paras V Shah	93350
Hiren V Shah	93350
Mayur V Shah	93350
Vasantrai R Shah	270
Dhirajben R Shah	2250
Vasantrai R Shah (HUF)	1980
Total	618950

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 :

Subject is in the business of all types of chemicals, solvents, dyes, etc. Subject is mainly an importer of chemicals from overseas Principals and acts as their authorized distributors country - wide. Subject is also in the process of going into logistic business as warehouse keepers in different parts of the country. And Subject also acts as an indenting agent for various MNCs.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Nitin Niwas, 47, M. G. Road, Vile Parle (East), Mumbai-400057, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Other loans and advances	0.770	0.973
SHORT TERM BORROWINGS
Loans repayable on demand from banks	158.671	190.103
Other loans and advances	0.203	0.185
Total	159.644	191.261

Banking Relations :	--
Auditors :
Name :	Rajiv N. Shah and Associates Chartered Accountants
Address :	A-1, Shreenath Darshan Building, Near M. K. High School, Factory Lane, Borivali (West), Mumbai-400092, Maharashtra, India
PAN No.:	AAFPS1156E
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Vimal Investment

CAPITAL STRUCTURE

After 29.09.2012

Authorised Capital : Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.67.895 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
618950	Equity Shares	Rs.100/- each	Rs.61.895 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	61.895	61.895
(b) Reserves & Surplus	241.630	210.132
(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)	303.525	272.027
(3) Non-Current Liabilities
(a) long-term borrowings	20.529	14.772
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.945	0.347
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	21.474	15.119
(4) Current Liabilities
(a) Short term borrowings	158.874	190.288
(b) Trade payables	338.679	252.957
(c) Other current liabilities	7.927	43.917
(d) Short-term provisions	0.000	1.722
Total Current Liabilities (4)	505.480	488.884
TOTAL	830.479	776.030
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.682	11.616
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	14.131	0.223
(b) Non-current Investments	0.263	0.000
(c) Deferred tax assets (net)	0.363	0.000
(d) Long-term Loan and Advances	32.774	80.010
(e) Other Non-current assets	0.417	0.537
Total Non-Current Assets	59.630	92.386
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	234.012	183.822
(c) Trade receivables	438.765	448.734
(d) Cash and cash equivalents	69.272	26.281
(e) Short-term loans and advances	28.800	24.614
(f) Other current assets	0.000	0.193
Total Current Assets	770.849	683.644
TOTAL	830.479	776.030

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		49.395
2] Share Application Money		0.000
3] Reserves & Surplus		127.022
4] (Accumulated Losses)		0.000
NETWORTH		176.417
LOAN FUNDS
1] Secured Loans		182.555
2] Unsecured Loans		1.575
TOTAL BORROWING		184.130
DEFERRED TAX LIABILITIES		0.631
TOTAL		361.178
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.783
Capital work-in-progress		0.000
INVESTMENT		0.061
DEFERREX TAX ASSETS		0.773
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	165.723
	Sundry Debtors	311.441
	Cash & Bank Balances	3.794
	Other Current Assets	0.000
	Loans & Advances	68.448
Total Current Assets		549.406
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	166.036
	Other Current Liabilities	4.834
	Provisions	27.273
Total Current Liabilities		198.143
Net Current Assets		351.263
MISCELLANEOUS EXPENSES		0.298
TOTAL		361.178

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3656.319	2209.221	1539.910
		Other Income	7.684	0.965	0.266
		TOTAL (A)	3664.003	2210.186	1540.176
Less	EXPENSES
		Office Expenses	3576.131	2105.124	1460.726
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	3576.131	2105.124	1460.726
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		87.872	105.062	79.450
Less	FINANCIAL EXPENSES (D)		38.230	32.799	32.377
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		49.642	72.263	47.073
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.734	2.026	1.694
	PROFIT BEFORE TAX (E-F) (G)		46.908	70.237	45.379
Less	TAX (H)		15.430	23.050	15.475
	PROFIT AFTER TAX (G-H) (I)		31.478	47.187	29.904
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		120.090	76.480	47.911
	APPROPRIATIONS
		Transfer to General Reserve	4.000	2.000	0.000
		Dividend	0.000	1.482	0.000
		Tax on Dividend	0.000	0.240	0.000
		Prior Period Adjustments	0.020	0.145	1.335
	BALANCE CARRIED TO THE B/S		147.588	120.090	76.480
	EARNINGS IN FOREIGN CURRENCY
		From exports of Goods	0.000	2.900	11.951
	TOTAL EARNINGS		0.000	2.900	11.951
	IMPORTS
		Trading Goods	NA	NA	859.800
	TOTAL IMPORTS		NA	NA	859.800
	618950
	Earnings Per Share (Rs.)		50.86	76.24	60.54

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.86	2.13	1.94
Net Profit Margin (PBT/Sales)	(%)	1.28	3.18	2.95
Return on Total Assets (PBT/Total Assets}	(%)	5.75	9.05	8.13
Return on Investment (ROI) (PBT/Networth)		0.15	0.26	0.26
Debt Equity Ratio (Total Debt /Networth)		0.59	0.75	1.04
Current Ratio (Current Asset/Current Liability)		1.52	1.40	2.77

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last 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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN:

(Rs. in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Loans and advances from related parties	19.759	13.799
Total	19.759	13.799

YEAR IN RETROSPECT:

While the company is com mitted to sustain growth in the downstream trading, the foray into the upstream logistic sector is considered very vital and crucial to the fast growth potentials of the company. The downstream trading sector calls for continued thrust on a three pronged approach adding more segments and variety and range of products, reaching new geographical bounds and strengthening cost structures. Taking this goal in view and taking into account the vast potential market in Asian countries. The Company has acquired land on long term lease in the state of Gujarat near Mahuva which is easily accessible from leading ports for setting up ultra- modern ware housing facility admeasuring approx. 25000 sq. feet. and work there on is already started. This is expected to go a long way in the company shaping its presence in the logistic business. The efforts for proper site hunt elsewhere are in full swing in the state of Gujarat and Maharashtra. The financial resources are being mobilized in the form of ploughing back of profits and fresh funding coming in from the promoters a part from long term borrowings from banks and financial institutions world over.

Their initiatives translated into as tout performance during the year wherein the company has achieved fair margins on the strength of enhanced operations. The Company posted an excel lent gross operating income of Rs .366 4.000 Millions, up against gross revenue of Rs. 2210.100 Millions in F.Y. 2010-11. Profit before Tax achieved by the company is Rs. 46.900 Millions in F.Y. 2011-12 against Rs. 70.200 Millions in F.Y. 2010-11 despite t he fact that the company suffered heavily on account of huge foreign exchange fluctuations.

FUTURE STRATEGY:

The Company is committed to work with a sense of purpose, with an inspiring vision and with a strategy of transformation. Therefore, the Company will not only face the contemporary challenges, but will also pledge its unflinching allegiance to a future that has multidimensional multipliers for growth. And to achieve all that is visualized by the Company, we have shifted the focus of the existing strategy of capitalizing in the domestic market and sourcing products / material only from US or European based MNCs to exploring export potential in far-east Asian countries and sourcing of low cost products / materials from Asia Pacific. The Company has been putting in rigorous efforts for achieving the desired goals.

FUTURE GROWTH

The Directors have been putting in best efforts for expanding the customer base, the product segment base, the infrastructural setup which includes setting up a full-fledged office in Singapore.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10382042	28/09/2012	40,000,000.00	BANK OF BARODA	NITIN NIWAS, 47, M.G. ROAD, VILE PARLE (EAST), MUMBAI, Maharashtra - 400057, INDIA	B60276888
2	10119636	23/07/2008	30,000,000.00	BANK OF BARODA	VILE PARLE (EAST) BRANCH, NITIN NIWAS, 47, M. G. ROAD, VILE PARLE (EAST), MUMBAI, Maharashtra - 400057, INDIA	A44545911
3	10114813	30/04/2008	20,000,000.00	BANK OF BARODA	VILE PARLE (EAST) BRANCH, NITIN NIWAS, 47, M. G. ROAD, VILE PARLE (EAST), MUMBAI, Maharashtra - 400057, INDIA	A40794430
4	90354117	17/08/2012 *	787,300,000.00	BANK OF BARODA	NITIN NIWAS, 47, M.G. ROAD, VILE PARLE (EAST), MUMBAI, Maharashtra - 400057, INDIA	B56546740

* Date of charge modification

FIXED ASSETS:

· Computer Systems

· Office Equipments

· Furniture and Fixture

· Vehicle

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 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.62.24
UK Pound	1	Rs.99.90
Euro	1	Rs.84.23

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.