MIRA INFORM REPORT

Report Date :

07.04.2014

IDENTIFICATION DETAILS

Name :	SAIYAD PAPER MILLS LIMITED (w.e.f. 11.07.1996)

Formerly Known As :	SAIYAD PAPER MILLS PRIVATE LIMITED

Registered Office :	PHT 162, Phase II, GIDC, Vapi - 396195, Gujarat.

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	13.08.1991

Com. Reg. No.:	04-016114

Capital Investment / Paid-up Capital :	Rs. 34.851 Millions

CIN No.: [Company Identification No.]	U21019GJ1991PLC016114

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Sale of M.G. Kraft Paper and also Construction and Sale of Shops.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 245000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. Profitability of the company seems to be low during 2013. Reserves of the company also seems to be low. However, trade relation are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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 – December 1, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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 DECLINED BY

Name :	Mr. Jayesh Rana
Designation :	Accounts Deparment
Contact No.:	91-260-2400222
Date :	04.04.2014

LOCATIONS

Registered Office/ Factory :	PHT 162, Phase II, GIDC, Vapi-396195, Gujarat, India.
Tel. No.:	91-260-2400222/ 2430879
Fax No.:	91-260-2426099
E-Mail :	saiyedpaper@gmail.com saiyedpaper@sancarnet.in

DIRECTORS

As on 29.09.2012

Name :

Mr. Amin Yasin Saiyed

Designation :

Director

Address :

Imran Nagar, Silvassa Road, Valsad, Vapi - 396191, Gujarat, India

Date of Birth/Age :

01.01.1941

Date of Appointment :

13.08.1991

DIN No. :

00301628

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	Company/ LLP Status	Defaulting status
1	U21019GJ1991PLC016114	SAIYAD PAPER MILLS LIMITED	Director	13/08/1991	13/08/1991	Active	NO
2	U45200GJ2006PTC048615	NOOR INDIA BUILDCON PRIVATE LIMITED	Managing director	01/10/2009	04/07/2006	Active	NO

Name :

Mr. Ayub Yasin Saiyed

Designation :

Managing director

Address :

Husin Manzil, Flat No. 5, 1^st Floor, Imran Nagar, Silvassa Road, Valsad, Vapi - 396191, Gujarat, India

Date of Birth/Age :

01.02.1956

Date of Appointment :

01.10.2011

DIN No. :

00473126

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	Company/ LLP Status	Defaulting status
1	U21019GJ1991PLC016114	SAIYAD PAPER MILLS LIMITED	Managing director	01/10/2011	13/08/1991	Active	NO

Name :

Mr. Hanif Yashin Saiyed

Designation :

Director

Address :

Saiyed Palace, Opposite T.V. Relay SP No.1, Daman, Ganga Co-Operative Society, Nani, Daman -3 96210, Daman and Diu, U.T, India.

Date of Birth/Age :

15.12.1950

Date of Appointment :

30.09.1992

DIN No. :

00473190

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	Company/ LLP Status	Defaulting status
1	U21019GJ1991PLC016114	SAIYAD PAPER MILLS LIMITED	Director	30/09/1992	30/09/1992	Active	NO
2	U25202DN1997PTC000122	SAIYED PACKAGING PRIVATE LIMITED	Director	27/01/1998	27/01/1998	Under Process of Striking off	NO

Name :

Sokatali Amin Saiyed

Designation :

Director

Address :

Plot No. 39, Anand Nagar, Near Bolebaba Ashram, Chharwada Road, Valsad, Vapi - 396191, Gujarat, India

Date of Birth/Age :

16.02.1964

Date of Appointment :

01.04.2013

DIN No. :

00301623

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	Company/ LLP Status	Defaulting status
1	U21019GJ1991PLC016114	SAIYAD PAPER MILLS LIMITED	Whole-time director	01/04/2013	30/09/1992	Active	NO
2	U25202DN1997PTC000122	SAIYED PACKAGING PRIVATE LIMITED	Director	27/01/1998	27/01/1998	Under Process of Striking off	NO
3	U45200GJ2006PTC048615	NOOR INDIA BUILDCON PRIVATE LIMITED	Whole-time director	01/10/2009	04/07/2006	Active	NO

KEY EXECUTIVES

Name :	Mr. Jayesh Rana
Designation :	Accounts Deparment

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Amin Yasin Saiyed	396805
Ayub Yasin Saiyed	165900
Sokatali Amin Saiyed	379285
Mohmedali Amin Saiyed	365705
Liyakat Amin Saiyed	247705
Mehboob Amin Saiyed	15000
Sehnaz Shaukatali Saiyed	14500
Kulsoom Mohmedali Saiyed	15000
Noorbanu Amin Saiyed	224000
Rafiq Yasin Saiyed	332567
Salim Yasin Saiyed	332466
Hazra Rafiq Saiyed	21000
Noorjaha Ayub Saiyed	21000
Yasin Hussain Saiyed	30000
Safia Yasin Saiyed	30500
Hamida Salim Saiyed	20000
Khaliq Rafiq Saiyed	20000
Sajid Salim Saiyed	20000
Ramzan Auob Saiyed	30000
Firdos Ayub Saiyed	20000
Hanif Yasin Saiyed	216720
Mohmad Sharif Hanif Saiyed	81720
Usman Ahmed Qureshi	20000
Aklema Hanif Saiyed	20000
Abid Hanif Saiyed	76720
Zahid Hanif Saiyed	145940
Jamal Sarif	20000
Yunus Sarif	15900
Ayub Yasin Saiyed Rafiq Yasin Saiyed	176667
Salim Yasin Saiyed Hanif Yasin Saiyed	10000
Total	3485100

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Sale of M.G. Kraft Paper and also Construction and Sale of Shops.

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	**Installed Capacity	Actual Production
M. G. Kraft Paper	M. Ton	30000	--
M. G. Kraft Paper	Qty. (Kgs)	--	108072

**Being technical Matter, Not verified by auditors.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Bank of Baroda, Vapi Industrial Estate, SSI Branch, C/M-14, G.I.D.C, P.B.No.13, Nr. Char Rasta,, Vapi - 396195, Gujarat, INDIA

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans From BOB, Industrial Finance Branch, Vapi	7.790	10.260
Vehicle Loans Tata Capital Limited	0.000	0.411
SHORT TERM BORROWINGS
Working Capital – From Banks From Bank of Baroda, Industrial Finance Branch	59.826	45.074
Total	67.616	55.745

NOTE:

LONG TERM BORROWINGS

Secured against hypothecation of entire Raw Materials, Stock in Process, Stores and Spares, Packing Materials, Finished Goods and of Book Debts etc. as well as Plant and Machineries, Equipments, Furniture and Fixtures and Other Movable Fixed Assets of the Company and also having charge on fixed assets of the company situated at Plot No. 162, GIDC Estate, Vapi.

Term Loan further by extension by way of Equitable Mortgage of Land and Building situated at Plot No. 162, IInd Phase, GIDC Industrial Estate, Vapi – 396195.

Entire Term Loans secured by personal guarantees of the directors of the company

Term Loans to be repaid in 60 Monthly Instalments of Rs. 0.190 Million commenced from October – 2012.

SHORT TERM BORROWINGS

Working Capital further secured by way of Equitable Mortgage of Land and Building situated at Plot No. 162, IInd Phase, GIDC Industrial Estate, Vapi – 396195.

Outstanding balances of working capital secured by personal guarantees of the directors of the company.

Working Capital loans repayable on demand.

Banking Relations :	--

Auditors :
Name :	S N Shah and Associates Chartered Accountants
Address :	403, "Hemkoot", Opposite B.M. Institute, Near Nehru Bridge, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No. :	91-79-66624949
Mobile No. :	91-9825048898
Income-tax PAN of auditor or auditor's firm :	ABFFS8804G

Entities in which managerial personnel/ relative of key managerial personnel have significant influence:	· Saiyed Packaging Private Limited · Noor India Buildcon Private Limited · Super India Construction Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

3,500,000	Equity Shares	Rs.10/- each	Rs. 35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3,485,100	Equity Shares	Rs.10/- each	Rs. 34.851 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	34.851	34.851	30.000
(b) Reserves & Surplus	26.400	25.998	20.944
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	4.500
Total Shareholders’ Funds (1) + (2)	61.251	60.849	55.444

(3) Non-Current Liabilities
(a) long-term borrowings	9.230	13.479	1.047
(b) Deferred tax liabilities (Net)	5.252	4.749	4.550
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	14.482	18.228	5.597

(4) Current Liabilities
(a) Short term borrowings	79.326	59.760	56.517
(b) Trade payables	23.435	33.681	21.860
(c) Other current liabilities	9.517	6.899	4.353
(d) Short-term provisions	0.286	1.644	4.506
Total Current Liabilities (4)	112.564	101.984	87.236

TOTAL	188.297	181.061	148.277

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	54.964	44.194	40.342
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	12.139	14.877	5.831
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.244	1.244	1.244
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.311	4.142	3.932
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	73.658	64.457	51.349

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	76.892	57.657	47.828
(c) Trade receivables	24.016	33.473	30.085
(d) Cash and cash equivalents	5.296	14.307	3.932
(e) Short-term loans and advances	7.886	9.821	14.190
(f) Other current assets	0.549	1.346	0.893
Total Current Assets	114.639	116.604	96.928

TOTAL	188.297	181.061	148.277

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	370.611	372.661	381.562
		Other Income	2.165	2.026	0.817
		TOTAL (A)	372.776	374.687	382.379

Less	EXPENSES
		Cost of Materials Consumed	256.756	257.072	256.738
		Changes in inventories of finished goods, work-in-progress and Unsold Area at Sahara Market	(4.161)	1.237	(3.661)
		Manufacturing Expenses	76.274	71.439	81.126
		Administrative, Selling and Other Expenses	9.816	11.008	12.889
		Employees benefits expense	16.796	14.857	13.259
		TOTAL (B)	355.481	355.613	360.351

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.295	19.074	22.028

Less	FINANCIAL EXPENSES (D)		10.558	7.089	4.695

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.737	11.985	17.333

Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.236	4.681	4.245

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1.501	7.304	13.088

Less	TAX (H)		0.704	1.843	4.403

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.797	5.461	8.685

	Earnings / (Loss) Per Share (Rs.)		0.23	1.66	2.89

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.21	1.46	2.27

Net Profit Margin (PBT/Sales)	(%)	0.41	1.96	3.43

Return on Total Assets (PBT/Total Assets}	(%)	0.86	4.43	9.27

Return on Investment (ROI) (PBT/Networth)		0.02	0.12	0.24

Debt Equity Ratio (Total Debt/Networth)		1.45	1.20	1.04

Current Ratio (Current Asset/Current Liability)		1.02	1.14	1.11

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	30.000	34.851	34.851
Reserves & Surplus	20.944	25.998	26.400
Share Application money pending allotment	4.500	0.00	0.000
Net worth	55.444	60.849	61.251

long-term borrowings	1.047	13.479	9.230
Short term borrowings	56.517	59.760	79.326
Total borrowings	57.564	73.239	88.556
Debt/Equity ratio	1.038	1.204	1.446

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	381.562	372.661	370.611
		(2.333)	(0.550)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	381.562	372.661	370.611
Profit	8.685	5.461	0.797
	2.28%	1.47%	0.22%

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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10041325	28/03/2012 *	71,400,000.00	BANK OF BARODA	VAPI IND. ESTATE, SSI BRANCH, C/M-14, G.I.D.C, P.B.NO.13, NR. CHAR RASTA, VAPI - 396195, GUJARAT, INDIA	B37093705

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Business Loan – Religare Finvest Limited	1.440	2.808

SHORT TERM BORROWINGS
From Others Trade Deposits	19.500	14.686
Total	20.940	17.494

OPERATIONS

The turnover for the year is Rs. 370.135 Millions as against Rs. 366.341 Millions of the preceding year, which is lower, the profit has also fall down mainly due to increase in Employee Benefits and Financial cost, while there being no corresponding increase in turn over. The company has implemented cost reduction program.

FIXED ASSETS

· Leasehold Land

· Factory Building

· Factory Premises, Internal Road

· Office Building

· Residential Premises

· Plant and Machineries

· Furniture and Fixtures

· Vehicles

· Office Equipment’s

· Lab Equipment’s

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.60.32
UK Pound	1	Rs.100.04
Euro	1	Rs.82.65

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	RAS

Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.