MIRA INFORM REPORT

Report Date :

05.12.2014

IDENTIFICATION DETAILS

Name :	GAJANAN SOLVEX LIMITED
Registered Office :	Unit No. 902, 9^th Floor, Hubtown Viva, Jogeshwari (East), Mumbai – 400060, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.10.2010
Com. Reg. No.:	11-208730
Capital Investment / Paid-up Capital :	Rs. 181.615 Millions
CIN No.: [Company Identification No.]	U15147MH2010PLC208730
TAN No.: [Tax Deduction & Collection Account No.]	NSKG03615D
PAN No.: [Permanent Account No.]	AADCG9818Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Extraction of Soyabean and Cotton Seed Oil.
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 604000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of the “Gajanan Group”. It is an established company having satisfactory track record. Reserves of the company seems to be low during 2014. However, the rating takes into consideration the extensive industry experience of the group’s promoters. 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 – 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “BBB-”
Rating Explanation	Have moderate degree of safety and carry low credit risk.
Date	30.06.2014

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 DECLINED BY

Name :	Mr. Rajendra
Designation :	Finance Manager
Contact No.:	91-9673555566
Date :	03.12.2014

LOCATIONS

Registered Office :	Unit No. 902, 9^th Floor, Hubtown Viva, Jogeshwari (East), Mumbai – 400060, Maharashtra, India
Tel. No. :	Not Available
Mobile No. :	91-9673555566 (Mr. Rajendra)
Fax No. :	Not Available
E-Mail :	bsbangad@gmail.com shreegajananoil@gmail.com info@gajananoil.com nitin@gajananoil.com
Website :	www.gajananoil.com
Corporate Office :	Office No. 4, 2^nd Floor, Tapadiya Terrace, Adalat Road, Aurangabad – 431001, Maharashtra, India
Tel. No. :	91-240-2364271/ 2364272
Fax No. :	91-240-2364273
Factory :	Gut No. 18 & 21, Sujatpur, Tq. Khamgaon, District Buldhana - 444306, Maharashtra, India

DIRECTORS

As on 16.09.2014

Name :

Mr. Nitin Ramchandra Jadhav

Designation :

Managing director

Address :

Flat No. G 8, Tirupati Park, Gurusahani Nagar, N-4, CIDCO, Aurangabad - 431003, Maharashtra, India

Date of Birth/Age :

21.08.1980

Date of Appointment :

05.07.2013

DIN No. :

01059987

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	U01403MH2007PLC175584	GAJANAN INDUSTRIES LIMITED	Director	01-11-2007	01-11-2007	-	Active	NO
2	U15143MH2009PTC190181	NIRVEDH OIL AND AGRO PRODUCTS PRIVATE LIMITED	Director	09-02-2009	09-02-2009	-	Active	NO
3	U15147MH2010PLC208730	GAJANAN SOLVEX LIMITED	Managing director	05-07-2013	07-10-2010	-	Active	NO
4	U74120MH2012PTC227541	GAJANAN REFINERIES PRIVATE LIMITED	Director	01-03-2012	01-03-2012	08-03-2013	Active	NO
5	U70102MH2012PTC235015	GAJANAN TECHNOLOGIES PRIVATE LIMITED	Director	27-08-2012	27-08-2012	-	Active	NO
6	AAC-4849	GAJANAN GANGAMAI INDUSTRIES LLP	Designated Partner	21-07-2014	21-07-2014	-	Active	NO

Name :

Nisha Nitin Jadhav

Designation :

Whole-time director

Address :

Flat No A-2, Khivansara Woods, Khivansara Park (East), Aurangabad - 431001, Maharashtra, India

Date of Birth/Age :

15.12.1977

Date of Appointment :

05.07.2013

DIN No. :

01957525

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	U15147MH2010PLC208730	GAJANAN SOLVEX LIMITED	Whole-time director	05-07-2013	25-04-2011	Active	NO
2	U45400MH2013PTC247099	RAMMIRA INFRA PRIVATE LIMITED	Director	17-08-2013	17-08-2013	Active	NO
3	U01403MH2007PLC175584	GAJANAN INDUSTRIES LIMITED	Director	23-12-2013	23-12-2013	Active	NO

Name :

Bhavrao Ramkrushna Gore

Designation :

Whole-time director

Address :

N-9 K-6/4, Pawan Nagar, CIDCO, Aurangabad - 431005, Maharashtra, India

Date of Birth/Age :

30.05.1980

Date of Appointment :

05.07.2013

DIN No. :

02436377

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	U15143MH2009PTC190181	NIRVEDH OIL AND AGRO PRODUCTS PRIVATE LIMITED	Director	09-02-2009	09-02-2009	Active	NO
2	U15147MH2010PLC208730	GAJANAN SOLVEX LIMITED	Whole-time director	05-07-2013	07-10-2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajendra
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Nitin Ramchandra Jadhav	4617273	27.75
Bhavrao Ramkrushna Gore	464545	2.79
Haridad Gangaram Gore	5000	0.03
Balaji Shriram Chaudhari	2705000	16.26
Amol Ramchandra Jadhav	2262273	13.60
Nisha Nitin Jadhav	3002273	18.05
Ramchandra Jadhav	2590000	15.57
Sapna Amol Jadhav	990000	5.95
Total	16636364	100.00

As on 16.09.2014

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 :

Extraction of Soyabean and Cotton Seed Oil.

Products :

Item Code No. (ITC Code)	Product Description
23061090	Cotton De Oil Cake
15122910	Cotton Oil
23040020	Soyabean Doc am Soyabean wash oil

Exports :

--

Imports :

--

Terms :

Selling :

--

Purchasing :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

No. of Employees :

Not Divulged

Bankers :

Bank Name:	NOT DIVULGED
Branch:
Name of the Person (with Designation):
Contact Number:
Name of Account Holder:
Account Number:
Account Since (Date/ Year of A/c Opening):
Average Balance Maintained (Optional):
Credit Facilities Enjoyed (CC/OD/Term Loan):
Account Operation:
Remarks:

State Bank of India, SME Branch, Waluj, Aurangabad - 431136, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	272.958	317.457
SHORT TERM BORROWINGS
Rupee term loans from banks (Primary security Hypothecation over Stocks, Books Debts etc)	539.436	189.070
Total	812.394	506.527

NOTE

Secured by factory land and building, hypothecation of plant and machinery and all other movable assets and personal guarantee by directors and corporate guarantee of Shree Gajanan Oil and Agro Products India Private Limited and third party guarantee by Amol Jadhav, Balaji Chaudhari and equitable mortgage of various plots at khamgaon and house at parbhani car loan secured against hypothecation of cars.

Banking Relations :	--
Auditors :
Name :	S M Bangad and Company Chartered Accountants
Address :	1^st Floor, Tapadiya Terrace, Adalat Road, Aurangabad, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAMFS9561J
Associates :	· Nirvedh Oil and Agro Products Private Limited CIN No.: U15143MH2009PTC190181 · Gajanan Industries Limited (Formerly known as Shri Gajanan Oils and Agro Products Private Limited) CIN No.: U01403MH2007PTC175584 · Gajanan Traders · Narendra Oil Industries

CAPITAL STRUCTURE

As on 16.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
21,000,000	Equity Shares	Rs.10/- each	Rs. 210.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16,636,364	Equity Shares	Rs.10/- each	Rs. 166.364 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
21,000,000	Equity Shares	Rs.10/- each	Rs. 210.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18,161,481	Equity Shares	Rs.10/- each	Rs. 181.615 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	181.615	50.000	50.000
(b) Reserves & Surplus	19.809	(14.234)	0.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	10.001	0.002	0.000
Total Shareholders’ Funds (1) + (2)	211.425	35.768	50.000
(3) Non-Current Liabilities
(a) long-term borrowings	407.008	506.906	259.317
(b) Deferred tax liabilities (Net)	12.092	18.154	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)	419.100	525.060	259.317
(4) Current Liabilities
(a) Short term borrowings	539.437	189.070	0.000
(b) Trade payables	60.177	78.315	0.000
(c) Other current liabilities	60.012	46.901	5.568
(d) Short-term provisions	5.438	4.888	0.052
Total Current Liabilities (4)	665.064	319.174	5.620
TOTAL	1295.589	880.002	314.937
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	468.005	531.527	0.000
(ii) Intangible Assets	0.117	0.233	0.000
(iii) Capital work-in-progress	0.928	0.219	260.244
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.260	4.170	0.000
(e) Other Non-current assets	0.000	0.000	0.481
Total Non-Current Assets	478.310	536.149	260.725
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	667.329	214.653	0.000
(c) Trade receivables	53.110	94.887	0.000
(d) Cash and cash equivalents	67.725	2.338	7.485
(e) Short-term loans and advances	9.818	17.344	45.652
(f) Other current assets	19.297	14.631	1.075
Total Current Assets	817.279	343.853	54.212
TOTAL	1295.589	880.002	314.937

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2818.265	846.228	0.000
		Other Income	0.002	0.005	0.000
		TOTAL (A)	2818.267	846.233	0.000
Less	EXPENSES
		Cost of Materials Consumed	2689.221	280.159	0.000
		Purchases of Stock-in-Trade	306.519	556.646	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(492.345)	(93.997)	0.000
		Employees benefits expense	7.630	2.918	0.000
		Other expenses	122.439	47.436	0.000
		TOTAL (B)	2633.464	793.162	0.000
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		184.803	53.071	0.000
Less	FINANCIAL EXPENSES (D)		90.740	23.231	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		94.063	29.840	0.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		70.663	25.857	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		23.400	3.983	0.000
Less	TAX (H)		(5.482)	18.217	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		28.882	(14.234)	0.000
	EARNINGS IN FOREIGN CURRENCY		0.000	20.678	NA
	Earnings / (Loss) Per Share (Rs.)		2.45	(2.85)	0.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.02	-1.68	0.00
Operating Profit Margin (PBDIT/Sales)	(%)	6.56	6.27	0.00
Return on Total Assets (PBT/Total Assets}	(%)	1.81	0.45	0.00
Return on Investment (ROI) (PBT/Networth)		0.11	0.11	0.00
Debt Equity Ratio (Total Debt/Networth)		4.48	19.46	5.19
Current Ratio (Current Asset/Current Liability)		1.23	1.08	9.65

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	50.000	50.000	181.615
Reserves & Surplus	0.000	(14.234)	19.809
Share Application money pending allotment	0.000	0.002	10.001
Net worth	50.000	35.768	211.425
long-term borrowings	259.317	506.906	407.008
Short term borrowings	0.000	189.070	539.437
Total borrowings	259.317	695.976	946.445
Debt/Equity ratio	5.186	19.458	4.477

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	0.000	846.228	2818.265
			233.038

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	0.000	846.228	2818.265
Profit	0.000	(14.234)	28.882
		(1.68%)	1.02%

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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10468244	09/12/2013	550,000,000.00	STATE BANK OF INDIA	SME BRANCH, WALUJ, AURANGABAD, MAHARASHTRA - 431136, INDIA	B92742741
2	10320106	09/12/2013 *	350,000,000.00	STATE BANK OF INDIA	SME BRANCH, WALUJ, AURANGABAD, AURANGABAD, MAHARASHTRA - 431136, INDIA	B93205151

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Intercorporate deposits	131.628	149.820
Deposits from others	0.000	10.168
Loans and advances from others	2.423	29.461
Total	134.051	189.449

GENERAL INFORMATION ABOUT COMPANY

Subject established for extraction of Soyabean and Cotton Seed Oil having a capacity of 500 Metric Tons Per Day (TPD). A Processing and Solvent Extraction Plant makes it possible to produce high quality raw materials to be later transformed into products such as Cottonseed Oil (Wash), De-Oiled Cake (DOC), Lint, Hulls, Soyabean Oil, Soyabean DOC (De Oiled Cake), etc at it’s factory located at Khamgoan (MH), India.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Other Pollution Reduction Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

Computer equipments

Other equipments

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.61.88
UK Pound	1	Rs.97.02
Euro	1	Rs.76.13

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
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	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	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.