MIRA INFORM REPORT

Report Date :

26.12.2014

IDENTIFICATION DETAILS

Name :	LAXMI AGRO INDUSTRIAL CONSULTANTS AND EXPORTERS LIMITED
Registered Office :	Rahul Apartments, 24/24, Ansari Road, Darya Gunj, New Delhi – 110002
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.01.1977
Com. Reg. No.:	55-052018
Capital Investment / Paid-up Capital :	Rs. 2.500 Millions
CIN No.: [Company Identification No.]	U74899DL1977PLC052018
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELL02168F
PAN No.: [Permanent Account No.]	AAACL0471B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Detergent Chemicals.
No. of Employees :	51 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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 – 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

NOT AVAILABLE

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

Name :	Mr. Mukesh Sharma
Designation :	Account Manager
Contact No.:	91-11-23279022

LOCATIONS

Registered Office :	Rahul Apartments, 24/24, Ansari Road, Darya Gunj, New Delhi – 110002, India
Tel. No.:	91-11-23279022/ 23279988
Fax No.:	91-11-23267919
E-Mail :	laxmiaccounts@skgroup.org shivgupta@skgroup.org exim@skgroup.org contact@ksgroup.org skaccounts@skgroup.org
Website :	www.laxmiaccounts@skgroup.org
Area :	Owned
Factory 1 :	D-15, Industrial Area, Malwan, District Fatehpur – 212664, Uttar Pradesh.
Factory 2:	H1, Industrial Area, UPSIDC, Sikandrabad, District, Bulandshahar, Uttar Pradesh
Factory 3 :	Survey No. 153/3, Village Padana, Gandhidham, District Kutch – 370240, Gujarat, India
Factory 4 :	F-180, RIICO Industrial Area, Gulti, Udaypur, Rajasthan, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Sushil Kumar Gupta

Designation :

Managing Director

Address :

Rahul Apartments, 24/24, Ansari Road, Daryaganj, New Delhi-110002, Delhi, India

Date of Birth/Age :

21.01.1950

Experience :

B. Tech (Mechanical)

Date of Appointment :

01.04.2012

DIN No.:

00154974

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	U74899DL1984PTC017582	S.K.FLOUR MILLS PRIVATE LIMITED	Director	22/02/1984	22/02/1984	-	Active	NO
2	U74899DL1984PTC018544	S K AND COMPANY PRIVATE LIMITED	Managing director	28/06/1984	28/06/1984	-	Active	NO
3	U74899DL1977PLC052018	LAXMI AGRO INDUSTRIAL CONSULTANTS & EXPORTERS LIMITED	Managing director	01/04/2012	27/08/1993	-	Active	NO
4	U24231DL1997PTC086898	SHRI LAXMI SURFACTANTS Private Limited	Director	28/04/1997	28/04/1997	-	Active	NO

Name :

Mr. Shiv Gupta

Designation :

Whole Time Director

Address :

Rahul Apartments, 24/24, Ansari Road, Daryaganj, New Delhi-110002, Delhi, India

Date of Birth/Age :

20.03.1983

Qualification :

B. Tech (Mechanical)

Date of Appointment :

01.03.2014

DIN No.:

00509493

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	U74899DL1979PTC010005	AJS CONTAINERS PRIVATE LIMITED	Director	25/08/2006	25/08/2006	-	Active	NO
2	U74899DL1977PLC052018	LAXMI AGRO INDUSTRIAL CONSULTANTS & EXPORTERS LIMITED	Whole-time director	01/03/2014	09/12/2006	-	Active	NO
3	U24231DL1997PTC086898	SHRI LAXMI SURFACTANTS Private Limited	Director	30/09/2010	10/08/2010	-	Active	NO
4	U24116DL1998PTC095912	SHIV PETRO PRODUCTS PRIVATE LIMITED	Additional director	13/04/2013	13/04/2013	-	Active	NO

Name :

Mrs. Vidula Gupta

Designation :

Joint Managing Director

Address :

Rahul Apartments, 24/24, Ansari Road, Daryaganj, New Delhi-110002, Delhi, India

Date of Birth/Age :

07.12.1954

Qualification :

B.A.

Date of Appointment :

01.11.2010

DIN No.:

00226521

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	U74899DL1979PTC010005	AJS CONTAINERS PRIVATE LIMITED	Director	23/11/1979	23/11/1979	-	Active	NO
2	U74899DL1977PLC052018	LAXMI AGRO INDUSTRIAL CONSULTANTS & EXPORTERS LIMITED	Managing director	01/11/2010	12/08/1986	-	Active	NO

Name :

Mrs. Gigi Gupta

Designation :

Director

Address :

Rahul Apartments, 24/24, Ansari Road, Daryaganj, New Delhi-110002, Delhi, India

Date of Birth/Age :

19.01.1929

Date of Appointment :

20.12.1990

DIN No.:

00227892

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	U74899DL1979PTC010005	AJS CONTAINERS PRIVATE LIMITED	Director	23/11/1979	23/11/1979	-	Active	NO
2	U74899DL1984PTC017582	S.K.FLOUR MILLS PRIVATE LIMITED	Director	22/02/1984	22/02/1984	-	Active	NO
3	U74899DL1984PTC018544	S K AND COMPANY PRIVATE LIMITED	Director	28/06/1984	28/06/1984	-	Active	NO
4	U74899DL1977PLC052018	LAXMI AGRO INDUSTRIAL CONSULTANTS & EXPORTERS LIMITED	Director	20/12/1990	20/12/1990	-	Active	NO

Name :

Mrs. Lila Dhar Chopra

Designation :

Director

Address :

W-10, Sector -12, Noida, Gautambuddh Nagar, Uttar Pradesh

Date of Birth/Age :

10.11.1925

Date of Appointment :

26.09.2008

DIN No.:

00160875

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	U24231DL1997PTC086898	SHRI LAXMI SURFACTANTS Private Limited	Director	28/04/1997	28/04/1997	-	Active	NO
2	U74899DL1977PLC052018	LAXMI AGRO INDUSTRIAL CONSULTANTS & EXPORTERS LIMITED	Director	26/09/2008	01/10/2007	-	Active	NO

Name :

Mr. Vijay Kumar Walia

Designation :

Director

Address :

MS-3/602, Kendriya Vihar, Sector -56, Gurgaon, Haryana, India

Date of Birth/Age :

21.10.1941

Qualification :

Graduate

Date of Appointment :

06.03.2009

DIN No.:

02140271

Name :

Mr. Lalit Kumar Sharma

Designation :

Director

Address :

216, 3^rd, Sector-D, Pocket-2, Vasant Kunj, New Delhi -110030, India

Date of Birth/Age :

15.04.1946

Qualification :

B. Sc, PGDMSM

Date of Appointment :

06.03.2009

DIN No.:

02140291

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	U74899DL1977PLC052018	LAXMI AGRO INDUSTRIAL CONSULTANTS & EXPORTERS LIMITED	Director	06/03/2009	06/03/2009	-	Active	NO
2	U24116DL1998PTC095912	SHIV PETRO PRODUCTS PRIVATE LIMITED	Director	30/09/2010	01/06/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mukesh Sharma
Designation :	Account Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Rekha Aggarwal	250
Anita Gupta	405
Vidula Gupta	3200
Radhey Shyam Aggarwal	50
Sushil Kumar Gupta	20280
Sushil Gupta (HUF)	520
Shiv Gupta	100
L.D. Chopra	50
Rakesh Sharma	75
Subodh Kumar	65
N.K. Bagla	5
Total	25000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Detergent Chemicals.

Products :

Product Description	Item Code No. (ITC Code)
Sulphonic Acid	3402

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

· Brazil

· Kenya

· Tanzania

Imports :

Products :

Raw Material

Countries :

UAE

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Indian Oil, Mumbai
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remarks :	Not Divulged

Customers :

Reference :	Hindustan Unilever Limited, Uttar Pradesh, India
Name of the Person :	Mr. Prem Shukla
Contact No.:	91-9305461012
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

51 (Approximately)

Bankers :

• ICICI Bank Limited, 9A, Phelps Building, Connaught Palace, New Delhi – 110001, India
• The Hongkong and Shanghai Banking Corporation Limited, 25, Barakhama Road, New Delhi - 110001, India
• ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Lalit Gupta and Associates Chartered Accountants
Address :	412, Arunachal Building, 19, Barakhamba Road , Connaight Place, New Delhi - 110001, India
Tel. No.:	91-11-23717400/237188900
PAN No.:	AAAFL5833E
Memberships :	--
Collaborators :	--
Associate Firm/ Company (As on 31.03.2012) :	· Laxmi Transport Company · AJS Containers Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 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	2.500	2.500	2.500
(b) Reserves & Surplus	347.552	193.970	170.355
(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)	350.052	196.470	172.855
(3) Non-Current Liabilities
(a) long-term borrowings	158.220	127.441	2.463
(b) Deferred tax liabilities (Net)	0.378	0.382	0.641
(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)	158.598	127.823	3.104
(4) Current Liabilities
(a) Short term borrowings	34.745	54.607	103.092
(b) Trade payables	68.144	156.514	22.628
(c) Other current liabilities	13.970	14.345	9.950
(d) Short-term provisions	32.525	11.844	12.679
Total Current Liabilities (4)	149.384	237.310	148.349
TOTAL	658.034	561.603	324.308
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	33.035	33.965	38.442
(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	0.007	0.007	0.007
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.088	1.099	14.452
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	34.130	35.071	52.901
(2) Current assets
(a) Current investments	231.373	1.211	0.000
(b) Inventories	87.145	64.261	87.061
(c) Trade receivables	192.236	269.198	89.009
(d) Cash and cash equivalents	64.668	95.794	37.388
(e) Short-term loans and advances	37.960	95.051	56.149
(f) Other current assets	10.522	1.017	1.800
Total Current Assets	623.904	526.532	271.407
TOTAL	658.034	561.603	324.308

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		3,739.591	2,149.978	1,504.296
		Other Income		26.375	7.911	1.872
		TOTAL (A)		3,765.966	2,157.889	1,506.168
Less	EXPENSES
		Cost of Materials Consumed		3,395.790	1,955.316	1,428.001
		Purchase of Stock-in-trade		204.906	106.374	0.000
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(21.859)	(1.889)	(7.481)
		Employee Benefits Expenses		14.973	12.498	7.012
		Other Expenses		47.549	27.278	27.977
		TOTAL (B)		3,641.359	2,099.577	1,455.509
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			124.607	58.312	50.659
Less	FINANCIAL EXPENSES (D)			25.911	17.333	5.622
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			98.696	40.979	45.037
Less	DEPRECIATION/ AMORTISATION (F)			5.030	5.781	4.658
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			93.666	35.198	40.379
Less	TAX (H)			32.522	11.583	13.109
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			61.144	23.615	27.270
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			193.880	170.273	143.003
	BALANCE CARRIED TO THE B/S			255.024	193.888	170.273
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	NA	NA	50.805
	TOTAL EARNINGS			NA	NA	50.805
	IMPORTS
			Raw Materials	NA	NA	17.315
	TOTAL IMPORTS			NA	NA	17.315
	Earnings / (Loss) Per Share (Rs.)			2445.74	944.58	1090.78

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.64	1.10	1.81
Operating Profit Margin (PBIDT/Sales)	(%)	3.33	2.71	3.37
Return on Total Assets (PBT/Total Assets}	(%)	14.23	6.27	12.45
Return on Investment (ROI) (PBT/Networth)		0.27	0.18	0.23
Debt Equity Ratio (Total Debt /Networth)		0.55	0.93	0.61
Current Ratio (Current Asset/Current Liability)		4.18	2.22	1.83

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	2.500	2.500	2.500
Reserves & Surplus	170.355	193.970	347.552
Share Application money pending allotment	0.000	0.000	0.000
Net worth	172.855	196.470	350.052
Long Term borrowings	2.463	127.441	158.220
Short Term borrowings	103.092	54.607	34.745
Total borrowings	105.555	182.048	192.965
Debt/Equity ratio	0.611	0.927	0.551

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	1,504.296	2,149.978	3,739.591
		42.923	73.936

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	1,504.296	2,149.978	3,739.591
Profit	27.270	23.615	61.144
	1.81%	1.10%	1.64%

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	Yes
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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10438951	23/07/2013	110,000,000.00	The Hongkong And Shanghai Banking Corporation Limited	25, Barakhama Road, New Delhi, Delhi - 110001, India	B80425143
2	10376250	25/07/2012	32,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B58001793
3	10373890	25/07/2012	168,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B56998362
4	10279900	28/02/2011	210,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B10490555
5	10120897	22/07/2008	9,900,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai, Maharashtra - 400013, India	A45195054

*Date of modification Charges

FIXED ASSETS:

· Land

· Buildings

· Plant and 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.63.46
UK Pound	1	Rs.98.51
Euro	1	Rs.77.30

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.