MIRA INFORM REPORT

Report Date :

23.12.2014

IDENTIFICATION DETAILS

Name :	KOTAK GINNING AND PRESSING INDUSTRIES PRIVATE LIMITED (w.e.f. 20.03.2013)
Formerly Known As :	KOTAK GINNING AND PRESSING INDUSTRIES LIMITED
Registered Office :	Navsari Building, 240 Dr. D N Road, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.11.1994
Com. Reg. No.:	11-082794
Capital Investment / Paid-up Capital :	Rs.142.500 Millions
CIN No.: [Company Identification No.]	U17120MH1994PTC082794
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACK1774N
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Exporter of textile raw material and agro products.
No. of Employees :	Information declined by the management.

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
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The rating is constrained on account of company’s moderate financial risk profile and huge accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payment 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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 DENIED

MANAGEMENT NON CO-OPERATIVE

CONTACT NO.: 91-22-66528989

LOCATIONS

Registered Office :	Navsari Building, 240 Dr. D N Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66528989 / 66528865 / 22073331
Fax No.:	91-22-24924698 / 22072267
E-Mail :	suresh.kotak@kotakco.com
Commodities Service Centre :	Nirlon House, 1st floor, Dr. Annie Besant Road, Opposite Sasmira, Worli, Maharashtra, India

DIRECTORS

AS ON 30.09.2013

Name :

Suresh Kotak Amritlal

Designation :

Director

Address :

Shakti Villa, 14 Laburnam Road, Gamdevi, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

02.10.1933

Date of Appointment :

04.01.2000

DIN No.:

00019333

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	U34300MH1968PTC013997	ALLIED AUTO ACCESSORIES PRIVATE LIMITED	Director	27/04/1968	27/04/1968	-	Active	NO
2	U91110MH1921NPL000940	COTTON ASSOCIATION OF INDIA	Director	22/07/1985	22/07/1985	13/12/2008	Active	NO
3	U24100MH1968PLC014141	KOTAK CHEMICALS LIMITED	Director	07/04/1990	07/04/1990	-	Active	NO
4	U74999MH1969PLC014218	INDIAN MERCHANTS CHAMBER	Director	29/04/1993	29/04/1993	-	Active	NO
5	U51900MH1995PLC094071	KOTAK AND COMPANY LIMITED	Director	01/11/1995	01/11/1995	-	Active	NO
6	U74110MH1995PTC094748	KOTAK TRUSTEE COMPANY PRIVATE LIMITED	Director	23/11/1995	23/11/1995	-	Active	NO
7	U51900MH1959PTC011548	ASIAN MACHINERY AND EQUIPMENT PRIVATE LIMITED	Director	04/01/2000	04/01/2000	-	Active	NO
8	U17120MH1994PTC082794	KOTAK GINNING AND PRESSING INDUSTRIES Private Limited	Director	04/01/2000	04/01/2000	-	Active	NO
9	U75144MH2001PTC131527	INSUREKOT SPORTS PRIVATE LIMITED	Director	09/04/2001	09/04/2001	01/07/2014	Active	NO
10	U65910MH1987PLC045544	KOMAF FINANCIAL SERVICES LIMITED	Director	18/12/2002	18/12/2002	15/12/2006	Active	NO
11	L15420UP1931PLC065243	BAJAJ HINDUSTHAN LIMITED	Director	27/12/2002	27/12/2002	23/09/2008	Active	NO
12	U72900MH2000PLC129228	ESUGARINDIA LIMITED	Director	28/03/2003	28/03/2003	26/12/2008	Active	NO
13	U65910MH1987PLC042230	KOTAK COMMODITY SERVICES LIMITED	Director	06/11/2003	06/11/2003	-	Active	NO
14	U91990MH2004NPL144896	INSUREKOT RESEARCH FOUNDATION	Director	08/03/2004	08/03/2004	-	Active	NO
15	U67120MH1996PTC098584	INFINA Finance Private Limited	Director	19/01/2006	19/01/2006	-	Active	NO
16	U91990MH2004GAP147894	FEDERATION OF INDIAN COMMODITY EXCHANGES	Director	01/02/2006	01/02/2006	-	Active	NO
17	U99999MH1938GAP002843	THE BOMBAY COMMODITY EXCHANGE LIMITED	Director	04/09/2006	04/09/2006	-	Active	NO
18	U99999MH1996PTC098713	CUMULUS TRADING COMPANY PRIVATE LIMITED	Director	28/09/2007	15/12/2006	-	Active	NO
19	U17121MH2010NPL199093	INDIAN TECHNICAL TEXTILE ASSOCIATION	Director	16/04/2010	16/04/2010	27/09/2012	Active	NO
20	U70102MH2007PTC176965	PUMA PROPERTIES Private Limited	Director	28/09/2013	11/06/2012	-	Active	NO

Name :

Vinay Narottamdas Kotak

Designation :

Director

Address :

Seksaria House, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

20.05.1958

Date of Appointment :

10.11.1994

DIN No.:

00019439

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	U17120MH1994PTC082794	KOTAK GINNING AND PRESSING INDUSTRIES Private Limited	Director	10/11/1994	10/11/1994	-	Active	NO
2	U51900MH1995PLC094071	KOTAK AND COMPANY LIMITED	Director	01/11/1995	01/11/1995	-	Active	NO
3	U51900MH1959PTC011548	ASIAN MACHINERY AND EQUIPMENT PRIVATE LIMITED	Director	04/01/2000	04/01/2000	-	Active	NO
4	U91110MH1921NPL000940	COTTON ASSOCIATION OF INDIA	Director	31/12/2008	31/12/2008	-	Active	NO
5	U65910MH1987PLC042230	KOTAK COMMODITY SERVICES LIMITED	Whole-time director	01/04/2014	01/07/2011	-	Active	NO

Name :

Bhupendra Shantilal Thakkar

Designation :

Director

Address :

B-4, Mayur Pankh, Netaji Subhash Road, Mulund, Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

26.07.1961

Date of Appointment :

14.11.2003

DIN No.:

00439475

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	U64201GJ1995PTC027143	S B COTTONS PVT LTD	Whole-time director	17/08/1995	17/08/1995	-	Active	NO
2	U51101GJ1997PTC032743	SHAKTI DERIVATIVE AND TRADES PRIVATE LIMITED	Director	30/07/1997	30/07/1997	30/03/2013	Active	NO
3	U17120MH1994PTC082794	KOTAK GINNING AND PRESSING INDUSTRIES Private Limited	Director	14/11/2003	14/11/2003	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders [Equity Share]	No. of Shares
Kotak and Company Limited, India	3999994
Suresh Kumar A Kotak	1
Sudhir A Kotak	1
Vinay N Kotak	1
Pallavi U. Kotak	1
Indira S. Kotak	1
Bhupendra Shantilal Thakkar	1
Total	4000000

Names of Shareholders [Preference Share]	No. of Shares
Kotak and Company Limited, India	275000
Asian Machinery and Equipment Private Limited	750000
Total	1025000

AS ON 26.05.2014

Names of Allottee	No. of Shares
Kotak and Company Limited, India	500000
Total	500000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Bodies corporate	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Exporter of textile raw material and agro products.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Loans and advances from related parties	18.240	20.999
Total	18.240	20.999

Banking Relations :
Financial Institution :	Housing Development Finance Corporation Limited, Ramon House 169, Backbay Reclamation, H T Parekh Marg, Mumbai - 400020, Maharashtra, India
Auditors :
Name :	V C Shah and Company Chartered Accountants
Address :	22 Rajgir Chambers, III Floor 12-14, Shahid Bhagat Singh Road, Opposite Old Custom House, Mumbai – 400023, Maharashtra, India
PAN No.:	AADFV8088N
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	Kotak and Company Limited [U51900MH1995PLC094071]
Subsidiary company :	KGP International FZE
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Kotak Commodity Services Limited [U65910MH1987PLC042230] Infina Finance Private Limited [U67120MH1996PTC098584]

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4,500,000	Equity Shares	Rs.10/- each	Rs.45.000 Millions
1,050,000	Preference Shares	Rs.100/- each	Rs.105.000 Millions
	Total		Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,500,000	Equity Shares	Rs.10/- each	Rs.45.000 Millions
1,050,000	Preference Shares	Rs.100/- each	Rs.105.000 Millions
	Total		Rs. 150.000 Millions

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4,000,000	Equity Shares	Rs.10/- each	Rs.40.000 Millions
1,050,000	Preference Shares	Rs.100/- each	Rs.105.000 Millions
	Total		Rs. 145.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,000,000	Equity Shares	Rs.10/- each	Rs.40.000 Millions
1,025,000	Preference Shares	Rs.100/- each	Rs.102.500 Millions
	Total		Rs. 142.500 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	142.500	142.500	142.500
(b) Reserves & Surplus	(92.373)	(93.481)	(93.873)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	2.700	1.400	0.000
Total Shareholders’ Funds (1) + (2)	52.827	50.419	48.627
(3) Non-Current Liabilities
(a) long-term borrowings	28.240	30.999	33.707
(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)	28.240	30.999	33.707
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	3.501	3.181	2.575
(d) Short-term provisions	0.000	0.000	0.025
Total Current Liabilities (4)	3.501	3.181	2.600
TOTAL	84.568	84.599	84.934
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(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	83.909	83.909	83.909
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	83.909	83.909	83.909
(2) Current assets
(a) Current investments	0.000	0.000	1.025
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.317	0.480	0.000
(e) Short-term loans and advances	0.342	0.210	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	0.659	0.690	1.025
TOTAL	84.568	84.599	84.934

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	3.735	3.078	7.684
	Other Income
	TOTAL	3.735	3.078	7.684
Less	EXPENSES
	TOTAL	2.369	2.598	4.948
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1.366	0.480	2.736
Less/ Add	DEPRECIATION/ AMORTISATION	0.000	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX	1.366	0.480	2.736
Less	TAX	0.258	0.088	0.525
	PROFIT/ (LOSS) AFTER TAX	1.108	0.392	2.211
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(93.481)	(93.873)	(96.084)
	Balance Carried to the B/S	(92.373)	(93.481)	(93.873)
	Earnings / (Loss) Per Share (Rs.)	0.22	0.08	---

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT/ Sales	(%)	29.67	12.74	28.77
PBIDT / Sales	(%)	36.57	15.59	35.61
Return on Total Assets (PBT/Total Assets}	(%)	207.28	69.57	266.93
Return on Investment (ROI) (PBT/Networth)		0.03	0.01	0.06
Debt Equity Ratio (Total Debt /Networth)		0.53	0.61	0.69
Current Ratio (Current Asset/Current Liability)		0.19	0.22	0.39

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	142.500	142.500	142.500
Reserves & Surplus	(93.873)	(93.481)	(92.373)
Share Application money pending allotment	0.000	1.400	2.700
Net worth	48.627	50.419	52.827
long-term borrowings	33.707	30.999	28.240
Short term borrowings	0.000	0.000	0.000
Total borrowings	33.707	30.999	28.240
Debt/Equity ratio	0.693	0.615	0.535

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	7.684	3.078	3.735
		(59.943)	21.345

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	7.684	3.078	3.735
Profit	2.211	0.392	1.108
	28.77%	12.74%	29.67%

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	No
10]	Designation of contact person	No
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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Loans and advances from related parties	10.000	10.000
Total	10.000	10.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10096781	27/03/2008	50,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MA  RG, MUMBAI, MAHARASHTRA - 400020, INDIA	A35666528
2	10041687	29/01/2007	40,000,000.00	BANK OF BARODA	MUMBAI MAIN OFFICE POST BOX NO 347, 10/12 MUMBAI  SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400001,  INDIA	A12483624
3	80033160	26/12/2005	30,000,000.00	CENTURION BANK OF PUNJAB LIMITED	25/26 III MAKER CHAMBERS, 2ND FLOOR NARIMAN POINT  , MUMBAI, MAHARASHTRA - 400021, INDIA	-
4	80023121	17/03/2005	30,000,000.00	STATE BANK OF INDORE	214, D N ROAD, FORT, MUMBAI, MAHARASHTRA - 400001  , INDIA	-
5	90243778	31/12/2007 *	160,000,000.00	STATE BANK OF INDORE	EMPIRE HOUSE, 214, D. N. ROAD, FORT, MUMBAI, MAHA  RASHTRA - 400001, INDIA	A29954559
6	90240399	26/12/2000 *	5,000,000.00	BANK OF MADURA LTD.	240; D. N. ROAD, FORT, MUMBAI, MAHARASHTRA - 4000  01, INDIA	-
7	90243347	28/11/1997 *	5,000,000.00	BANK OF MADURA LTD.	240; D. N. ROAD, FORT, MUMBAI, MAHARASHTRA - 4000  01, INDIA	-
8	90242122	30/08/1999 *	12,500,000.00	BANK OF MADURA LTD.	240; D. N. ROAD, FORT, MUMBAI, MAHARASHTRA - 4000  01, INDIA	-

* Date of charge modification

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 records 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.63.18
UK Pound	1	Rs.98.51
Euro	1	Rs.77.42

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--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	NO
--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.