MIRA INFORM REPORT

Report Date :

23.04.2014

IDENTIFICATION DETAILS

Name :	ASSOCIATED BROKERS PRIVATE LIMITED
Registered Office :	G.S. Road, Ulubari, District Kamrup Guwahati – 781007, Assam
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.05.1974
Com. Reg. No.:	02-001501
Capital Investment / Paid-up Capital :	Rs. 5.298 Millions
CIN No.: [Company Identification No.]	U51109AS1974PTC001501
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged as Tea Auctioneer/ Broker.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 85000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound. Profitability of the company is fair. Trade relations are 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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. Rupesh
Designation :	Manager
Contact No.:	91-9432214594
Date :	19.04.2014

LOCATIONS

Registered Office :	G.S. Road, Ulubari, District Kamrup Guwahati – 781007, Assam, India
Tel. No. :	91-361-2740546
Mobile No. :	91-9432214594 (Mr. Rupesh)
Fax No. :	Not Available
E-Mail :	abafna@luxmigroup.in
Website :	www.associatedbrokers.in
Kolkata Office:	17, R.N. Mukherjee Road, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22318025/ 22480545/ 4227/ 4437
Fax No. :	91-33-22311969
E-Mail :	info@associatedbrokers.in
Guwahati Office:	Kushan Plaza, 2nd Floor, Ganeshguri, G. S. Road, Dispur, Guwahati – 781006 Assam, India
Tel. No.:	91-361-2740546
Fax No. :	91-361-2611285
E-Mail :	ablmc@rediffmail.com

DIRECTORS

As on 27.09.2013

Name :

Atanoo Baroowa

Designation :

Whole-time director

Address :

20 D, Belvedore Road, 1st Floor, Alipore, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

08.11.1953

Date of Appointment :

01.06.2009

DIN No. :

00113791

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	U70109WB1977PTC030932	CARRITT SERVICES PRIVATE LIMITED	Director	16/12/1989	16/12/1989	-	Strike off	NO
2	U51909WB1947PTC015757	CARRITT MORAN AND COMPANY PRIVATE LIMITED	Director	01/04/2003	01/04/2003	25/03/2009	Under liquidation	NO
3	U29255KA1985PTC006956	NITYA FOOD PRODUCTS PRIVATE LIMITED	Director	01/04/2005	01/04/2005	-	Dormant	NO
4	U74140WB2008PTC125009	MAXIMINDIA CONSULTING ASSOCIATES PRIVATE LIMITED	Director	17/04/2008	17/04/2008	-	Active	NO
5	U51109AS1974PTC001501	ASSOCIATED BROKERS PRIVATE LIMITED	Whole-time director	01/06/2009	01/06/2009	-	Active	NO

Name :

Mr. Saheedur Rahman

Designation :

Director

Address :

158/C, Karaya Road, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

14.07.1956

Date of Appointment :

26.06.2006

PAN No. :

ACHPR4401M

DIN No. :

00270668

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	U51109AS1974PTC001501	ASSOCIATED BROKERS PRIVATE LIMITED	Director	26/06/2006	26/06/2006	Active	NO
2	U70101WB2007PTC117515	GOSSAINPUR REAL ESTATE PRIVATE LIMITED	Director	28/07/2007	28/07/2007	Active	NO

Name :

Mr. Bhabani Prasad Khaund

Designation :

Director

Address :

284/2, NSC Bose Road, Kolkata – 700047, West Bengal, India

Date of Birth/Age :

10.10.1925

Date of Appointment :

26.06.2006

Voter ID No. :

OB/23/150/528484

DIN No. :

00318503

Name :

Mr. Ranjit Chaliha

Designation :

Director

Address :

B/401, Soapnalaya Apartment, Narengi Road, Guwahati – 781024, Assam, India

Date of Birth/Age :

01.03.1937

Date of Appointment :

07.12.1974

DIN No. :

00360754

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	U51109AS1974PTC001501	ASSOCIATED BROKERS PRIVATE LIMITED	Director	07/12/1974	07/12/1974	-	Active	NO
2	U01132AS1985PTC002402	GREEN GOLD ASSAM PRIVATE LIMITED	Managing director	25/07/1985	25/07/1985	-	Active	NO
3	U85110AS1997PLC004987	ASSAM HOSPITALS LIMITED	Director	13/08/1998	13/08/1998	-	Active	NO
4	U74920AS1999PTC005665	KORANGANI TEA COMPANY PRIVATE LIMITED	Director	12/02/1999	12/02/1999	-	Active	NO
5	U40101AS2003SGC007239	ASSAM POWER GENERATION CORPORATION LIMITED	Director	25/02/2005	25/02/2005	26/10/2009	Active	NO

Name :

Mr. Yogendra Singh Jamwal

Designation :

Whole-time director

Address :

Akshyatara Apartments, Block-IV, 3^rd Floor, 2^nd Mile, Sevoke Road Jalpaiguri – 734428, West Bengal, India

Date of Birth/Age :

14.08.1954

Date of Appointment :

20.03.2009

DIN No. :

02646520

KEY EXECUTIVES

Name :	Mr. Rupesh
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2013

Names of Shareholders	No. of Shares
Surendra Nath Das	82
Bhabani Prasad Khaund	25
Atanoo Baroowa	25
Girija Prasad Baruva	221
Ranjit Chaliha	106
Bijoy Prasad Baruva	63
Jyotish Chandra Barbara	211
Das Tea Company	25
Deba Kumar Goswami	90
Nitu Goswami	10
Saheedur Rahman	56
MD Associates (Private) Limited	52067
Total	52981

As on 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	98.27
Directors or relatives of Directors	0.40
Other top fifty shareholders	1.33
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged as Tea Auctioneer/ Broker.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Allahabad Bank, Brabourne Road Branch, 6, Lucas Lane, Kolkata - 700001, West Bengal, India

·

· ICICI Bank Limited, Kolkata, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
From Banks
Cash Credit from Allahabad Bank	0.469	28.704
Overdraft from Allahabad Bank	11.332	17.988
Total	11.801	46.692

NOTE:

Cash Credit loan taken from Allahabad Bank against hypothecation of book debts and stock of Tea for sale and carrying interest @ 14.75%

Short term loan taken from Allahabad Bank against security of won fixed deposits with the Bank and carrying interest @ 10.75%

Banking Relations :	--
Auditors :
Name :	A Bhattacharya and Company Chartered Accountants
Address :	Borthakur Mill Road, Ulubari, Guwahati – 781007, Assam, India
Tel. No. :	91-361-2458549/ 2458824/ 2521512
Income-tax PAN of auditor or auditor's firm :	ABPPB8955R

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
55,000	Equity Shares	Rs.100/- each	Rs. 5.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
52,981	Equity Shares	Rs.100/- each	Rs. 5.298 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	5.298	5.298	5.298
(b) Reserves & Surplus	16.075	8.947	6.091
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	21.373	14.245	11.389
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	37.840	81.624	76.991
(b) Trade payables	27.371	34.775	49.940
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	17.608	7.173	4.873
Total Current Liabilities (4)	82.819	123.572	131.804
TOTAL	104.192	137.817	143.193
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.191	1.304	1.699
(ii) Intangible Assets	0.126	0.253	0.379
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.030	0.030	0.031
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.180	0.080	0.080
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1.527	1.667	2.189
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	5.692	20.830	16.303
(d) Cash and cash equivalents	36.157	31.303	73.572
(e) Short-term loans and advances	60.816	84.017	51.129
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	102.665	136.150	141.004
TOTAL	104.192	137.817	143.193

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	64.259	45.085	37.164
Less	EXPENSES
		TOTAL	43.776	36.903	28.419
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		20.483	8.182	8.745
Less/ Add	DEPRECIATION/ AMORTISATION		0.456	0.564	0.625
	PROFIT/ (LOSS) BEFORE TAX		20.027	7.618	8.120
Less	TAX		6.700	2.300	1.500
	PROFIT/ (LOSS) AFTER TAX		13.327	5.318	6.620
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.010	(0.083)	(3.428)
Less	APPROPRIATIONS
		Transfer to General Reserve	2.500	0.762	0.812
		Proposed Dividend	5.298	2.119	2.119
		Corporate Tax on Dividend	0.900	0.344	0.344
	BALANCE CARRIED TO THE B/S		6.639	2.010	(0.083)
	Earnings / (Loss) Per Share (Rs.)		251.54	100.38	124.95

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	20.74	11.80	17.81
Return on Total Assets (PBT/Total Assets}	(%)	19.23	5.53	5.67
Return on Investment (ROI) (PBT/Networth)		0.94	0.53	0.71
Debt Equity Ratio (Total Debt/Networth)		1.77	5.73	6.76
Current Ratio (Current Asset/Current Liability)		1.24	1.10	1.07

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	5.298	5.298	5.298
Reserves & Surplus	6.091	8.947	16.075
Net worth	11.389	14.245	21.373
long-term borrowings	0.000	0.000	0.000
Short term borrowings	76.991	81.624	37.840
Total borrowings	76.991	81.624	37.840
Debt/Equity ratio	6.760	5.730	1.770

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)
Total Income	37.164	45.085	64.259
		21.314	42.529

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	37.164	45.085	64.259
Profit	6.620	5.318	13.327
	17.81%	11.80%	20.74%

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	No
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	Yes
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	10183964	04/11/2010 *	75,000,000.00	ALLAHABAD BANK	BRABOURNE ROAD BRANCH, 6, LUCAS LANE, KOLKATA - 700001, WEST BENGAL, INDIA	A99553042

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Short term loan from a director	0.802	1.382
Short term loan from bodies corporate	25.237	33.550
Total	26.039	34.932

COMPANY INFORMATION

Subject is a private limited company established in the year 1974. The company is engaged as Tea Auctioneer/ Broker under license from Tea Board, India

OPERATIONS :

In the financial year ended 31st March, 2012 the Company had reported a total revenue of Rs. 45.085 Millions. In the year the Company enhanced its business and the total revenue of the Company was Rs.64.259 Millions. Therefore, in terms of revenue, the Company had a 42.53% growth compared to the previous year. In the financial year 31st March, 20 12 the Company sold 21 +40 million kgs. of tea and in the year the Company handled 25.1 5 million kgs. of tea. The profit before tax in the year was Rs. 20.027 Millions as compared to Rs. 7.618 Millions in the previous financial year.

The Tea News Bulletin published by the Company since 2009 has become a popular periodical and is well appreciated amongst the Tea Industry for its informative content. A wide array of assorted aspects of the industry, ranging from statistics to field and manufacturing practices, is covered by this publication. The publication finds favour both at the estate level as well as the head offices of various tea companies. The Company has started a new endeavour in contributing to the environment. Their carbon footprint though small, they nevertheless are committed to sustainability and are making a difference in their own small way by efficiently using precious resources like energy and water. Internal workshops are held periodically on this important issue of maintaining the ecological balance.

An almost 18% increase in the volume of business handled in the mod when compared with the previous year is an affirmation of the efficient services rendered to its clients by the Company. This has been possible with increased client interface and putting into place mechanisms for Strategic Alliances with major blenders. Their estate services for the factories on improvement in quality further cemented business relationships augmenting tea volumes for sale. The Company's revenues were further augmented by a buoyant market with attractive price Ievels. This helped the Company record a very robust turnover and a growth in revenue of 42.53%. The tea tasting sessions held by the Company in different tea growing districts of Assam, Tripura and Dooars were well attended by the tea hternity and suggestions put forward by their team of experienced professionals to improve quality were well appreciated. The Company decided expand business opportunities by starting operations at Siliguri from Apri1, 2013. With this the Company will be operating in all the three main auction centres of North India.

PROSPECTS:

With the commissioning of the Siliguri operations, the Company, hopes to gamer more business and increase its volumes. The current season has seen price levels under pressure due to a global surplus but with efforts being made to increase saleable tea volumes the directors are hopeful of negating any decline in revenues.

Their advisory service to the estates on manufacture and marketing has been successful in keeping the clients satisfied in terms of quality improvement and the team's aggressive strategy in marketing the clients' produce in a beneficial manner will go a long way in increasing business volumes for sale. The Company is committed to growth by meeting the full range of client needs and ensuring constant advisory feedback on manufacture and marketing that will help the Company remain ahead of competition.

FIXED ASSETS

Tangible Assets

· Furniture and Fittings

· Electrical Fittings

· Office Equipment’s

· Cycle

· Motor Car

· Air Conditioner

· Computer

Intangible Assets

· Website/ Software System

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.60.71
UK Pound	1	Rs.102.04
Euro	1	Rs.83.77

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	MRI

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	4
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.