MIRA INFORM REPORT

Report Date :

03.12.2014

IDENTIFICATION DETAILS

Name :	INDORAMA INDUSTRIES LIMITED
Registered Office :	Tower F, 3^rd Floor, DLF Park, Chandigarh – 160101
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.10.2008
Com. Reg. No.:	55-034354
Capital Investment / Paid-up Capital :	Rs.354.886 Millions
CIN No.: [Company Identification No.]	U17120CH2008PLC034354
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCI9690N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Spandex Yarn.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 730000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Indorama Enterprises Private Limited”. It is an established company having moderate track record. The rating is constrained on account of some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Pradeep
Designation :	Finance Manager
Contact No.:	91-9816217784
Date :	02.12.2014

LOCATIONS

Registered/ Head Office :	Tower F, 3^rd Floor, DLF Park, Chandigarh – 160101, India
Tel. No.:	91-172-6619400
Mobile No. :	91-8968382288 (Mr. Vasudeo) 91-9816217784 (Mr. Pradeep)
Fax No.:	91-172-5009342
E-Mail :	info@indorama.in ghanshyam@sprotec.net sanjay@indorama.co.in abhishek.sethiya@indorama.in Customer and channel partners – shalendra.vasudeva@indorama.in Raw material and consumable suppliers - olnarayana@indorama.in
Website :	http://www.indorama.com
Factory :	Village Lodha Majra Nalagarh Road, Baddi – 173205, Himachal Pradesh, India
Branch 1 :	No.65, Bhaiversingh Marg, Gole Market, New Delhi – 110001, India
Branch 2 :	Located at : Mumbai

DIRECTORS

As on 30.09.2014

Name :

Mr. Sanjeev Sitaram Parasrampuria

Designation :

Director

Address :

501, Resort View, Thakur Complex, Kandivali (East), Mumbai – 400 101, Maharashtra, India

Date of Birth/Age :

08.12.1960

Qualification :

MS USA

Date of Appointment :

01.10.2008

DIN No.:

00007092

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	U74999MH1992PTC065938	APLUS ENTERPRISES PVT LTD	Director	17/03/1992	17/03/1992	-	Active	NO
2	U74200MH2000PLC127214	INDORAMA SOFTWARE SOLUTIONS LIMITED	Whole-time director	01/04/2008	16/06/2000	-	Active	NO
3	U26940MH1996PLC102555	INDORAMA CEMENT LIMITED	Whole-time director	01/06/2006	01/04/2001	20/03/2008	Amalgamated	NO
4	U17120CH2008PLC034354	INDORAMA INDUSTRIES LIMITED	Director	01/10/2008	01/10/2008	-	Active	NO

Name :

Mr. Rajeev Kshetrapal

Designation :

Director

Address :

8A, Poorvi Marg, Vasant, Vihar, New Delhi – 110 057, India

Date of Birth/Age :

20.12.1953

Qualification :

BA, LLB

Date of Appointment :

15.09.2010

DIN No.:

00754862

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	U45201DL1996PTC191777	IRAMA ESTATES PRIVATE LIMITED	Director	29/09/2006	02/09/2006	16/08/2007	Amalgamated	NO
2	U70101DL1996PTC076530	STRATEGIC PROJECTS AND TECHNICAL SERVICES PRIVATE LIMITED	Director	29/09/2007	01/09/2007	01/07/2014	Active	NO
3	U51909DL2009PTC194269	INDORAMA INTERNATIONAL PRIVATE LIMITED	Director	14/09/2009	14/09/2009	-	Active	NO
4	U17120CH2008PLC034354	INDORAMA INDUSTRIES LIMITED	Director	15/09/2010	16/06/2010	-	Active	NO
5	U74200MH2000PLC127214	INDORAMA SOFTWARE SOLUTIONS LIMITED	Director	29/09/2010	25/06/2010	-	Active	NO
6	U74899DL1993PTC053574	WORTHY TRADING PRIVATE LIMITED	Director	25/09/2010	30/08/2010	-	Active	NO
7	U85190CH2011PTC032694	SATYAM YOG FOUNDATION PRIVATE LIMITED	Director	19/01/2011	19/01/2011	-	Active	NO

Name :

Mr. Hemant Kumar

Designation :

Director

Address :

1001 and 1101, Sai Kripa Regency Tower, Plot -96, Sector – 15, CBD, Belapur, Navi Mumbai – 400 614, Maharashtra, India

Qualification :

B.Com, Dilloma in IRPM

Date of Birth/Age :

21.07.1951

Date of Appointment :

30.09.2009

DIN No.:

01975051

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	U65921DL1997PTC086297	GARDEN PROJECTS AND DEVELOPMENT PRIVATE LIMITED	Director	31/03/1997	31/03/1997	-	Strike off	NO
2	L99999MH1995PLC092971	MCS LIMITED	Director	31/07/2002	31/07/2002	04/08/2012	Active	NO
3	U17120CH2008PLC034354	INDORAMA INDUSTRIES LIMITED	Director	30/09/2009	08/10/2008	-	Active	NO
4	U74200MH2000PLC127214	INDORAMA SOFTWARE SOLUTIONS LIMITED	Director	30/09/2009	24/04/2009	-	Active	NO

Name :

Mr. Krishan Kumar Aggarwal

Designation :

Director

Address :

3, Rhu Cross No. 8 – 15, Costa Rhu, Singapore – 437433

Date of Birth/Age :

28.02.1959

Date of Appointment :

28.09.2012

DIN No.:

05295351

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	U17120CH2008PLC034354	INDORAMA INDUSTRIES LIMITED	Director	28/09/2012	01/06/2012	-	Active	NO
2	U51909DL2009PTC194269	INDORAMA INTERNATIONAL PRIVATE LIMITED	Director	31/08/2012	01/06/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Abhishek Sethiya
Designation :	Secretary
Address :	House No. 836, Sector – 11, Panchkula – 134109, Haryana, India
Date of Birth/Age :	13.08.1982
Date of Appointment :	16.11.2011
PAN No. :	BGAPS7696M
Name :	Mr. Pradeep
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Sanjeev S. Parasruampuria	10
Anupama Sanjeev Parasruampuria	10
Yuvraj S. Parasruampuria	10
Saurabh Rateria	10
Ghanshyam Goyal	10
Rajeev Kshetrapal	19
Vishal	1
Indorama Enterprises Pte Limited, Singapore	35488615
Total	35488685

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Spandex Yarn.

Products :

PRODUCTION DESCRIPTION	ITEM CODE NO
Elastomeric	54024400

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

No. of Employees :

300 (Approximately)

Bankers :

• ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India
• The Hongkong and Shanghai Banking Corporation Limited, Birla Towers, 25, Barakhamba Road, New Delhi – 110001, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Loans Repayable on Demand	595.666	458.110
Total	595.666	458.110

Banking Relations :	---
Auditors :
Name :	S S Kothari Mehta and Company Chartered Accountant
Address :	146-149, Tribhuvan Complex, Ishwar Nagar, Mathura Road, New Delhi – 110065, India
PAN No.:	AABFS6730L
Memberships :	--
Collaborators :	--
Holding Company :	Indorama Enterprises Private Limited, Singapore

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs. 500.000 Millions

Isued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35488685	Equity Shares	Rs.10/- each	Rs. 354.886 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	354.886	239.635	222.170
(b) Reserves & Surplus	(100.186)	(169.223)	329.782
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	244.793	38.735
Total Shareholders’ Funds (1) + (2)	254.700	315.205	590.687
(3) Non-Current Liabilities
(a) long-term borrowings	3696.137	3228.005	2506.668
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1.291	1.977	1.607
(d) long-term provisions	6.453	4.019	1.829
Total Non-current Liabilities (3)	3703.881	3234.001	2510.104
(4) Current Liabilities
(a) Short term borrowings	595.666	458.110	37.710
(b) Trade payables	190.152	285.673	114.606
(c) Other current liabilities	69.938	227.253	743.741
(d) Short-term provisions	0.522	0.375	0.299
Total Current Liabilities (4)	856.278	971.411	896.356
TOTAL	4814.859	4520.617	3997.147
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3826.344	3654.116	3304.816
(ii) Intangible Assets	26.576	34.680	41.554
(iii) Capital work-in-progress	3.879	27.391	171.988
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	10.076	12.103	32.883
(e) Other Non-current assets	4.758	1.758	15.609
Total Non-Current Assets	3871.633	3730.048	3566.850
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	517.238	472.574	115.066
(c) Trade receivables	152.237	56.234	0.347
(d) Cash and cash equivalents	21.326	85.671	217.674
(e) Short-term loans and advances	252.046	175.908	89.958
(f) Other current assets	0.379	0.182	7.252
Total Current Assets	943.226	790.569	430.297
TOTAL	4814.859	4520.617	3997.147

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1858.756	628.275	0.715
		Other Income	10.412	9.937	0.394
		TOTAL	1869.168	638.212	1.109
Less	EXPENSES
		Cost of Materials Consumed	1204.705	598.323	10.960
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(10.484)	(179.030)	(11.191)
		Employees benefits expense	123.238	112.513	2.886
		Other expenses	562.749	408.516	13.824
		TOTAL	1880.208	940.322	16.479
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(11.040)	(302.110)	(15.370)
Less	FINANCIAL EXPENSES		35.422	78.859	1.644
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(46.462)	(380.969)	(17.014)
Less/ Add	DEPRECIATION/ AMORTISATION		215.505	194.885	2.831
	PROFIT/ (LOSS) BEFORE TAX		(261.967)	(575.854)	(19.845)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(261.967)	(575.854)	(19.845)
	EARNINGS IN FOREIGN CURRENCY		512.796	61.441	0.000
	IMPORTS
		Raw Materials	1167.60	571.594	101.332
		Stores & Spares	4.243	30.040	0.362
		Capital Goods	12.098	40.914	1836.122
		Packaging Materials	28.270	26.133	0.000
	TOTAL IMPORTS		1212.211	668.681	1937.816
	Earnings Per Share (Rs.)		(7.38)	(16.23)	(0.56)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(14.09)	(91.66)	(2775.52)
Operating Profit Margin (PBDIT / Sales)	(%)	(0.59)	(48.09)	(2149.65)
Return on Total Assets (PBT/Total Assets}	(%)	(5.45)	(12.82)	(0.52)
Return on Investment (ROI) (PBT/Networth)		(1.03)	(1.83)	(0.03)
Debt Equity Ratio (Total Debt /Networth)		16.85	11.69	4.31
Current Ratio (Current Asset/Current Liability)		1.10	0.81	0.48

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	222.170	239.635	354.886
Reserves & Surplus	329.782	(169.223)	(100.186)
Share Application money pending allotment	38.735	244.793	0.000
Net worth	590.687	315.205	254.700
long-term borrowings	2506.668	3228.005	3696.137
Short term borrowings	37.710	458.110	595.666
Total borrowings	2544.378	3686.115	4291.803
Debt/Equity ratio	4.307	11.694	16.850

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.715	628.275	1858.756
		87,770.629	195.851

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.715	628.275	1858.756
Profit	(19.845)	(575.854)	(261.967)
	(2775.52)%	(91.66)%	(14.09)%

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	Yes
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	No
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: register address of the company has been shifted from 401,Vikrant Tower, Rajendra Place, New Delhi – 110008, Delhi, India to the present address w.e.f. 14.02.2013

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Other External Commercial Borrowing	3696.137	3228.005
Total	3696.137	3228.005

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10348756	05/10/2012 *	672,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	Birla Towers, 25,Barakhamba Road, New Delhi, Delhi - 110001, INDIA	B60432747
2	10332504	23/01/2012	1,380,000,000.00	ICICI BANK LIMITED	Land Mark Race Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B30799548

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and Equipment
• Emission Reduction Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computer Equipments
• Leasehold Improvements

Intangible Assets

• Computer Software
• Know-how

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.92
UK Pound	1	Rs. 97.39
Euro	1	Rs. 77.21

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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		29

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.