MIRA INFORM REPORT

Report Date :

07.01.2014

IDENTIFICATION DETAILS

Name :	MANJEET COTTON PRIVATE LIMITED
Registered Office :	318 , N-3, CIDCO, Jalna Road, Near Punjab National Bank, Aurangabad – 431003, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.11.2005
Com. Reg. No.:	10-246580
Capital Investment / Paid-up Capital :	Rs.20.586 Millions
CIN No.: [Company Identification No.]	U00171MH2005PTC246580
IEC No.:	1106004141
TAN No.: [Tax Deduction & Collection Account No.]	BPLM06684G
PAN No.: [Permanent Account No.]	AAECM5891Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Cotton and Cotton Yarn.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 2294000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management of the company has filed its latest financial with the government department but the same is not available with us. As per the previous year financial there seems some continuous dip in the profits of the company. However, general financial of the company is satisfactory. Trade relation are reported as fair. Business is active. Payment 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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term loan BB+
Rating Explanation	Moderate risk of default
Date	March 2013

Rating Agency Name	ICRA
Rating	Letter of credit A4+
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	March 2013

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.

LOCATIONS

Registered Office :	318 , N-3, CIDCO, Jalna Road, Near Punjab National Bank, Aurangabad – 431003, Maharashtra, India
Tel. No. :	91-240-2473363 / 2481763 / 2474463
Fax No. :	91-240-2473563 / 2486463
E-Mail :	allmanjeet@yahoo.com, prakashwohra@indiatimes.com, sanchitrajpal@manjeetgroup.com
Website :	http://www.manjeetgroup.com
Factory 1 :	Gut No. 196, Tehsil Sailu, Parbhani, Maharashtra, India
Tel. No.:	91-2451-223063
Fax No.:	91-2451-223063
E-Mail :	allmanjeet@yahoo.com
Factory 2 :	Gut No. 246, 247, 248, Umari Road, Bhokar, District Nanded, Maharashtra, India
Branch Office :	Located At: Dhar, Chalishgaon, Ahmedabad, Gujarat, India Majalgaon, Maharashtra, India Georai, Maharashtra, India Sonpeth, Maharashtra, India Sendhwa, Madhya Pradesh, India

DIRECTORS

AS ON 27.09.2013

Name :

Mr. Bhupendra Singh Rajpal

Designation :

Director

Address :

3, Jawahar Ganj, Sendhwa District-Barwani, Madhya Pradesh, India

Date of Birth/Age :

05.06.1959

Qualification :

B .Com

Experience :

18 Years

Date of Appointment :

21.11.2005

DIN No :

00311202

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	U72112MP1990PTC005851	SATYAM SPINNERS PRIVATE LIMITED	Director	15/01/1994	15/01/1994	Active	NO
2	U17121MH2003PTC246582	MAN COTT PRIVATE LIMITED	Director	21/07/2003	21/07/2003	Active	NO
3	U00171MH2005PTC246580	MANJEET COTTON PRIVATE LIMITED	Director	21/11/2005	21/11/2005	Active	NO
4	U45201MP2008PTC020297	RAJVANSH DEVELOPERS PRIVATE LIMITED	Director	05/02/2008	05/02/2008	Active	NO
5	U17121MH2009PTC246581	MANJEET GLOBAL PRIVATE LIMITED	Director	20/11/2009	20/11/2009	Active	NO

Name :

Mr. Rajendra Singh Rajpal

Designation :

Director

Address :

3, Jawahar Ganj, Sendhwa District-Barwani, Madhya Pradesh, India

Date of Birth/Age :

09.07.1961

Qualification :

M. Com

Experience :

16 Years

Date of Appointment :

21.11.2005

DIN No :

00311209

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	U17121MH2003PTC246582	MAN COTT PRIVATE LIMITED	Director	21/07/2003	21/07/2003	Active	NO
2	U00171MH2005PTC246580	MANJEET COTTON PRIVATE LIMITED	Director	21/11/2005	21/11/2005	Active	NO
3	U45201MP2008PTC020297	RAJVANSH DEVELOPERS PRIVATE LIMITED	Director	05/02/2008	05/02/2008	Active	NO
4	U17121MH2009PTC246581	MANJEET GLOBAL PRIVATE LIMITED	Director	20/11/2009	20/11/2009	Active	NO
5	U17300MP2010PTC023253	MANTRAM TECHNOFAB PRIVATE LIMITED	Director	19/03/2010	19/03/2010	Active	NO
6	U17110MH2002PTC136843	MAHESH COTTON PRESSING PRIVATE LIMITED	Director	17/01/2011	17/01/2011	Active	NO
7	U01405MH2001PTC134006	MAHESH AGRO PROCESSING (INDIA ) PRIVATE LIMITED	Director	17/01/2011	17/01/2011	Active	NO
8	U70101MH2011PTC246337	ARYAVANSH BUILDCON PRIVATE LIMITED	Director	08/08/2011	08/08/2011	Active	NO
9	U17121RJ2012PTC042056	MANJEET FIBERS PRIVATE LIMITED	Director	22/06/2012	22/06/2012	Active	NO
10	U40101MH2010PTC205619	GANRAJ STEELS AND POWER PRIVATE LIMITED	Director	27/09/2012	01/09/2012	Active	NO
11	AAA-8565	SIMAR PRIDE VENTURES LIMITED LIABILITY PARTNERSHIP	Designated Partner	28/03/2012	28/03/2012	Active	NO

Name :

Mr. Sanchit Bhupendra Singh Rajpal

Designation :

Director

Address :

3, Jawahar Ganj, Sendhwa District-Barwani, Madhya Pradesh, India

Date of Birth/Age :

24.01.1987

Qualification :

Post Graduate

Experience :

8 Years

Date of Appointment :

01.05.2011

DIN No :

00311190

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	U00171MH2005PTC246580	MANJEET COTTON PRIVATE LIMITED	Director	01/05/2011	21/11/2005	Active	NO
2	U74120MH2011PTC217911	MARATHWADA SHETKARI KHAJAGI BAZAR PRIVATE LIMITED	Director	25/05/2011	25/05/2011	Active	NO
3	U70101MH2011PTC246337	ARYAVANSH BUILDCON PRIVATE LIMITED	Director	08/08/2011	08/08/2011	Active	NO
4	AAA-4052	AJANTA DISHA PRIDE CONSTRUCTIONS LIMITED LIABILITY PARTNERSHIP	Designated Partner	15/07/2013	15/07/2013	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2013

Names of Shareholders	No. of Shares
Rajendra Singh Rajpal	204000
Bhupendra Singh Rajpal	204125
Sanchit Rajpal	204000
Bhupendra Singh Dharamsingh Rajpal (HUF)	204000
Rajendra Singh Dharamsingh Rajpal (HUF)	204000
Satpal Kaur Rajpal	204000
Gurmeet Kaur Rajpal	204000
Bhupendra Singh Rajendra Singh Rajpal (HUF)	174000
Surya Prakash Agal	17500
Rakhi Agal	17500
Rajendra Singh Rajpal (Partner Manjeet Fibrh)	174000
Rasdeep Singh Chawla HUF	100000
KU Parneet Rajpal	25000
Manjeet Singh Chawla HUF	20000
Manjeet Kaur Rajpal	102500
TOTAL	2058625

AS ON 27.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	98.30
Other top fifty shareholders	1.70
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Cotton and Cotton Yarn.

Products :

• Pure Cotton
• Cotton Yarn
• Cotton Seed
• Cotton Seed Cake
• Organic Raw Cotton
• Cotton Seed Oil
• Raw Cotton
• Raw Cotton Bales
• Organic Raw Cotton Bales

PRODUCT DESCRIPTION	ITC CODE
Raw Cotton	520100
Cotton Lints	140420
Cotton Seed	120720

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of India, Indore Main Branch, Punglia Bhawan, Santha Bazar, Indore – 452001, Madhya Pradesh, India
• Punjab National Bank
• IDBI Bank
• State Bnak of Indore, Indore, Madhya Pradesh, India
• Bank of India, Indore MCB Branch, 345, PU-4, Sch. No.54, A B Road, Indore-452010
• Andhra Bank, 335 Jawahar Marg, Indor – 452002, Madhya Pradesh, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loan from bank	116.436	108.904
SHORT TERM BORROWINGS
Rupee term loan from bank	870.994	839.288
TOTAL	987.430	948.192

Banking Relations :	--
Auditors :
Name :	Prakash Wohra and Company Chartered Accountants
Address :	210, Royal Gold, 2^nd Floor, 4-A, Yeshwant Niwas Road, Opposite City Centre, Indore-452001, Madhya Pradesh, India
Tel. No.:	91-731-2533955 / 4225525
PAN No:	AACFP7838F
Other Related Parties :	· Sukhmani Cotton Industries · Man Cott Private Limited [U17121MP2003PTC015962] · Manjeet Ginning Factory · B.R. Cott · D.V. Exports · Manjeet Cotex · Mahesh Agro Processing (India) Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2058625	Equity Shares	Rs.10/- each	Rs.20.586 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.586	17.461
(b) Reserves & Surplus	552.784	439.925
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.250	0.250
Total Shareholders’ Funds (1) + (2)	573.620	457.636
(3) Non-Current Liabilities
(a) long-term borrowings	315.662	229.785
(b) Deferred tax liabilities (Net)	52.523	57.192
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	368.185	286.977
(4) Current Liabilities
(a) Short term borrowings	870.994	839.288
(b) Trade payables	205.785	269.660
(c) Other current liabilities	58.890	385.848
(d) Short-term provisions	84.091	56.186
Total Current Liabilities (4)	1219.760	1550.982
TOTAL	2161.565	2295.595
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	295.708	269.938
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	17.520	17.520
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	143.093	11.980
(e) Other Non-current assets	48.965	2.953
Total Non-Current Assets	505.286	302.391
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	626.720	471.804
(c) Trade receivables	624.341	1236.663
(d) Cash and cash equivalents	89.475	79.992
(e) Short-term loans and advances	315.743	204.745
(f) Other current assets	0.000	0.000
Total Current Assets	1656.279	1993.204
TOTAL	2161.565	2295.595

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		17.461
2] Share Application Money		0.250
3] Reserves & Surplus		366.313
4] (Accumulated Losses)		0.000
NETWORTH		384.024
LOAN FUNDS
1] Secured Loans		909.270
2] Unsecured Loans		128.733
TOTAL BORROWING		1038.003
DEFERRED TAX LIABILITIES		56.728
TOTAL		1478.755
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		295.338
Capital work-in-progress		0.000
INVESTMENT		17.520
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	383.963
	Sundry Debtors	1080.681
	Cash & Bank Balances	206.530
	Other Current Assets	0.000
	Loans & Advances	831.343
Total Current Assets		2502.517
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	193.530
	Other Current Liabilities	1068.554
	Provisions	74.536
Total Current Liabilities		1336.620
Net Current Assets		1165.897
MISCELLANEOUS EXPENSES		0.000
TOTAL		1478.755

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	TURNOVER		8322.100	7227.800	35444.300
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		9138.900	11449.800	22368.700
Less	TAX		3974.500	4088.600	7958.000
	PROFIT/ (LOSS) AFTER TAX		5164.400	7361.200	14410.700
	Earnings / (Loss) Per Share (Rs.)		2508.66	3575.78	7000.15

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	426.25	502.61	799.49
Return on Investment (ROI) (PBT/Networth)		15.93	25.02	58.25
Debt Equity Ratio (Total Debt/Networth)		2.07	2.34	2.70
Current Ratio (Current Asset/Current Liability)		1.36	1.28	1.87

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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10466957	16/12/2013	288,000,000.00	BANK OF INDIA	INDORE MID CORPORATE BRANCH, INDORE - 452001, MADHYA PRADESH, INDIA	B92278019
2	10416971	15/03/2013	45,000,000.00	ANDHRA BANK	335,JAWAHAR MARG, INDORE - 452002, MADHYA PRADESH, INDIA	B72335169
3	10346658	15/03/2012	36,000,000.00	BANK OF INDIA	GROUND FLOOR, AIREN HEIGHTS, PLOT NO 14, PU-3,, S CHEME 54, A.B. ROAD, VIJAY NAGAR INDORE, INDORE - 452001, MADHYA PRADESH, INDIA	B36692812
4	10204590	08/08/2012 *	1,700,000,000.00	BANK OF INDIA	GROUND FLOOR, AIREN HEIGHTS, PLOT NO 14, PU-3,, S CHEME 54, A.B. ROAD, VIJAY NAGAR INDORE, INDORE - 452001, MADHYA PRADESH, INDIA	B58968637
5	10178713	08/05/2013 *	50,000,000.00	BANK OF INDIA	INDORE MAIN BRANCH, PUNGLIA BHAWAN. SANTHA BAZAR, INDORE - 452001, MADHYA PRADESH, INDIA	B75111419
6	10065735	25/03/2013 *	76,500,000.00	BANK OF INDIA	INDORE MAIN BRANCH, PUNGLIA BHAWAN. SANTHA BAZAR, INDORE - 452001, MADHYA PRADESH, INDIA	B75492363
* Date of charge modification

NOTE:

The registered office of the company has been shifted from Agra Bombay Road, Sendhwa District-Barwani, Barwani – 452001, Madhya Pradesh, India to the present address w.e.f. 16.07.2013.

OPERATIONS:

The Company has achieved a turnover of Rs. 8322.100 Millions during the year as against Rs.7227.800 Millions in last year. Despite market recession and downward trend in market value of finished product, this turnover is evident of constant growth.

UNSECURED LOANS

PARTICULAR	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loan from other	199.226	120.881
TOTAL	199.226	120.881

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Computer Equipment’s

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.62.33
UK Pound	1	Rs.101.99
Euro	1	Rs.84.62

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		35

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.