MIRA INFORM REPORT

Report Date :

20.02.2014

IDENTIFICATION DETAILS

Name :	SOUNDARYA DECORATORS PRIVATE LIMITED (w.e.f 21.06.2001)
Formerly Known As :	SOUNDARYA DECORATORS LIMITED
Registered Office :	Plot No. 26, Survey No 2 and 3, Porur Village, Kolathur Post, Keezhkottaiyur, Chennai - 600048, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.09.2001
Com. Reg. No.:	18-047814
Capital Investment / Paid-up Capital :	Rs.238.675 Millions
CIN No.: [Company Identification No.]	U74994TN2001PTC047814
TAN No.: [Tax Deduction & Collection Account No.]	CHES06673C
PAN No.: [Permanent Account No.]	AAFCS8646C
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in the business of Interior Decoration and Turnkey Projects.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 240000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Company has incurred huge loss form its operation in 2013. However, trade relations are fair. Business is active. Payment terms are 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = B-
Rating Explanation	Risk prone credit quality and very high credit risk
Date	30.11.2012

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	30.11.2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DENIED

Management Non-Cooperative (Tel No.: 91-44-27479479)

LOCATIONS

Registered Office / Factory :	Plot No. 26, Survey No 2 and 3, Porur Village, Kolathur Post, Keezhkottaiyur, Chennai - 600048, Tamilnadu, India
Tel. No.:	91-44-27479469/79/89/99 / 24419477
Fax No.:	91-44-27479459
E-Mail :	sureshd@soundarya.co.in info@soundarya.co.in sspro@vsnl.net sspro2006@gmail.com
Website :	http://www.soundarya.co.in
Branch Office 1:	No. 884, 6th Cross, 6th Block, Koramangala, Bangalore – 560095, Karnataka, India
Tel. No.:	91-80-41474336
Fax No.:	91-80-41105739
Branch Office 2:	H. No. 8-2-334/34 and Mega City No. 126, Avenue 7, Road No. 3, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India
Branch Office 3:	No. 7/369, Maria Mahal, Mavelipuram Colony, Kakkanad, Kochi - 682030, Kerala, India
Branch Office 4:	Flat No.: 101, 1-7-74 to 79, Devki Chambers, Opposite HDFC Bank, S D Road, Secunderabad, Hyderabad – 500003, Andhra Pradesh, India

DIRECTORS

As on 31.08.2013

Name :

Mr. Durai Sathyamurthy

Designation :

Whole-time Director

Address :

No. 37, Subramaniam Street, Abhiramapuram, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

12.01.1969

Qualification :

DCE

Date of Appointment :

27.09.2001

DIN No.:

00355020

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	U72900MH2000PLC128621	INDIA BY DESIGN TECHNOLOGIES LIMITED	Director	11/09/2000	11/09/2000	-	Strike off	NO
2	U74994TN2001PTC047814	SOUNDARYA DECORATORS PRIVATE LIMITED	Whole-time director	27/09/2001	27/09/2001	-	Active	NO
3	U52339TN2005PTC056803	ONSPEC LIFESTYLE SOLUTIONS PRIVATE LIMITED	Director	04/07/2005	04/07/2005	-	Active	NO
4	U36102TN2006PTC059158	ADORNIS FURNITURE PRIVATE LIMITED	Director	10/03/2006	10/03/2006	-	Strike off	NO
5	U45200TN2009PTC073922	BUBBLEDECK SOUNDARYA BUILDING SYSTEMS PRIVATE LIMITED	Director	15/12/2009	15/12/2009	-	Active	NO

Name :

Mrs. Sheela Sathyamurthy

Designation :

Whole-time Director

Address :

No. 37, Subramaniam Street, Abhiramapuram, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

03.08.1976

Date of Appointment :

27.09.2001

PAN No.:

AOSPS6906F

DIN No.:

00355130

Name :

Mr. Rajaraman Balaji

Designation :

Whole-time Director

Address :

No. 82, 4^th Street, Abhiramapuram, Chennai - 600018, Tamilnadu, India

Date of Birth/Age :

14.06.1965

Qualification :

B.E.

Date of Appointment :

27.09.2001

PAN No.:

AADPB8965C

DIN No.:

00355163

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	U72900MH2000PLC128621	INDIA BY DESIGN TECHNOLOGIES LIMITED	Director	11/09/2000	11/09/2000	-	Strike off	NO
2	U74994TN2001PTC047814	SOUNDARYA DECORATORS PRIVATE LIMITED	Whole-time director	27/09/2001	27/09/2001	-	Active	NO
3	U52339TN2005PTC056803	ONSPEC LIFESTYLE SOLUTIONS PRIVATE LIMITED	Director	04/07/2005	04/07/2005	-	Active	NO
4	U36102TN2006PTC059158	ADORNIS FURNITURE PRIVATE LIMITED	Director	10/03/2006	10/03/2006	-	Strike off	NO
5	U45200TN2009PTC073922	BUBBLEDECK SOUNDARYA BUILDING SYSTEMS PRIVATE LIMITED	Director	15/12/2009	15/12/2009	-	Active	NO

Name :

Mr. Rajaraman Shantha

Designation :

Whole-time Director

Address :

No. 82, 4^th Street, Abhiramapuram, Chennai - 600018, Tamilnadu, India

Date of Birth/Age :

30.12.1938

Date of Appointment :

27.09.2001

PAN No.:

AOPPS2989K

DIN No.:

00355709

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	U74994TN2001PTC047814	SOUNDARYA DECORATORS PRIVATE LIMITED	Whole-time director	27/09/2001	27/09/2001	-	Active	NO
2	U72300TN2000PTC045668	KOM7 TECHNOLOGIES PRIVATE LIMITED	Director	01/10/2005	01/10/2005	-	Active	NO
3	U72900TN2012FTC088746	Intech Software Solutions Private Limited	Director	03/12/2012	03/12/2012	-	Active	NO

MAJOR SHAREHOLDERS

As on 31.08.2013

Names of Shareholders	No. of Shares
Rajaraman Balaji	5662000
Durai Sathyamurthy	4975750
Rajaraman Shantha	6956200
Sheela Sathyamurthy	6271750
L. V. Venkat	900
Chitra Venkat	900
Total	23867500

Equity Share Break up (Percentage of Total Equity)

As on 31.08.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the business of Interior Decoration and Turnkey Projects.

GENERAL INFORMATION

Customers :

• Cognizant Navallur
• Digital
• HCL
• Microsoft
• NT
• OPI
• Cognizant Thoraipakkam
• Trident

No. of Employees :

Information denied by management

Bankers :

• Canara Bank, St. Mary’s Road Branch, No. 13 and 14, Sundararajan Street, Abhiramapuram, Chennai – 600018, Tamilnadu, India
• HDFC Bank Limited
• Barclays Bank

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans taken for vehicles	0.000	0.089
Short Term Borrowings
Working capital loans from banks	98.470	219.200
Total	98.470	219.289

Banking Relations :	--
Auditors :
Name :	Shubhadraa and Ajit Chartered Accountants
Address :	Flat No. 3, Rams Float, New No. 23, (Old No.9), Dr. Nair Road, T Nagar, Chennai-600017, Tamilnadu, India
PAN No:	ACCFS0301C
Associates :	Onspec Lifestyle Solutions Private Limited CIN No.: U52339TN2005PTC056803

CAPITAL STRUCTURE

As on 31.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23867500	Equity Shares	Rs.10/- each	Rs.238.675 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	238.675	32.400	32.400
(b) Reserves & Surplus	(189.204)	48.387	37.156
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	11.325	173.775	40.000
Total Shareholders’ Funds (1) + (2)	60.796	254.562	109.556
(3) Non-Current Liabilities
(a) long-term borrowings	49.539	45.415	33.793
(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	0.322	0.467	0.702
Total Non-current Liabilities (3)	49.861	45.882	34.495
(4) Current Liabilities
(a) Short term borrowings	191.647	317.857	336.932
(b) Trade payables	154.848	295.472	232.315
(c) Other current liabilities	101.437	270.176	300.488
(d) Short-term provisions	131.372	128.936	165.976
Total Current Liabilities (4)	579.304	1012.441	1035.711
TOTAL	689.961	1312.885	1179.762
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	169.941	175.086	185.423
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.092
(iv) Intangible assets under development	4.828	3.153	3.694
(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	1.539	1.655	2.076
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	176.308	179.894	191.285
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	87.741	274.396	216.664
(c) Trade receivables	137.697	463.586	439.499
(d) Cash and cash equivalents	42.783	134.629	40.537
(e) Short-term loans and advances	245.432	260.380	291.777
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	513.653	1,132.991	988.477
TOTAL	689.961	1312.885	1179.762

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		574.100	1031.900	655.645
		Other Income		92.100	3.600	15.031
		TOTAL (A)		666.200	1035.500	670.676
Less	EXPENSES
		Direct Operating Costs including Cost of Material consumed		537.600	807.800	701.734
		Other Administrative and Selling Expenses		144.600	156.500	105.883
				0.000	0.000	8.018
		Prior Period Expenses		175.200	0.000	0.000
		TOTAL (B)		857.400	964.300	815.635
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			(191.200)	71.200	(144.959)
Less	FINANCIAL EXPENSES (D)			37.000	50.200	55.712
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(228.200)	21.000	(200.671)
Less	DEPRECIATION/ AMORTISATION (F)			9.500	9.700	9.273
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(237.700)	11.300	(209.944)
Less	TAX (H)			0.150	0.100	(16.940)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(237.550)	11.200	(193.004)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			NA	NA	205.301
	BALANCE CARRIED TO THE B/S			NA	NA	12.297
	IMPORTS
			Raw Materials	2.665	44.211	12.417
	TOTAL IMPORTS			2.665	44.211	12.417
	Earnings Per Share (Rs.)			(8.21)	3.47	(59.57)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(35.66)	1.08	(28.78)
Net Profit Margin (PBT/Sales)	(%)	(41.40)	1.10	(32.02)
Return on Total Assets (PBT/Total Assets}	(%)	(34.69)	0.86	(17.85)
Return on Investment (ROI) (PBT/Networth)		(3.91)	0.04	(1.92)
Debt Equity Ratio (Total Debt /Networth)		3.97	1.43	3.38
Current Ratio (Current Asset/Current Liability)		0.89	1.12	0.95

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	32.400	32.400	238.675
Reserves & Surplus	37.156	48.387	(189.204)
Net worth	69.556	80.787	49.471
long-term borrowings	33.793	45.415	49.539
Short term borrowings	336.932	317.857	191.647
Total borrowings	370.725	363.272	241.186
Debt/Equity ratio	5.330	4.497	4.875

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	655.645	1031.900	574.100
		57.387	(44.365)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	655.645	1031.900	574.100
Profit	(193.004)	11.200	(237.550)
	(29.44%)	1.09%	(41.38%)

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	0.000	0.175
Term loans from others	17.832	19.824
Loans and advances from related parties	31.707	25.326
Short Term Borrowings
Loans repayable on demand from banks	93.177	98.657
Total	142.716	143.982

FUTURE OUTLOOK

Project orders valued at approx. Rs.1800.000 Millions have been bagged, for execution during financial year 2013-14.

Besides the above, the Company has expanded into the Project Vertical which has yielded already, Rs.100.00 Millions orders. With this order booking, it is expected that your Company will vastly improve its performance both with respect to top and Bottom-line.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10167530	12/08/2013 *	100,000,000.00	BARCLAYS BANK PLC	20/21,, Kamaraj Salai, Kanchipuram, Tamilnadu - 631501, India	B83034074
2	80023341	16/08/2013 *	375,000,000.00	CANARA BANK	St Mary's Road Branch, No. 13 and 14, Sundararajan Street, Abhiramapuram, Chennai, Tamil Nadu - 600018, India	B84381912
3	90296616	21/08/2004	14,092,939.00	CANARA BANK	St. Marys Road, Chennai, Tamil Nadu - 600018, India	-
4	90296612	06/08/2004	14,092,939.00	CANARA BANK	St. Marys Road, Chennai, Tamil Nadu - 600018, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Computer

· Vehicles

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 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.62.12
UK Pound	1	Rs.103.93
Euro	1	Rs.85.17

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	3
--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		28

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.