MIRA INFORM REPORT

Report Date :

17.01.2014

IDENTIFICATION DETAILS

Name :	PLATINUM TEXTILES LIMITED (w.e.f. 31.12.2009)

Formerly Known As :	NEHA FURNISHINGS LIMITED (w.e.f. 19.10.2009) NEHA FURNISHINGS PRIVATE LIMITED

Registered Office :	97 and 99, Maker Tower 'F', Cuffe Parade, Mumbai – 400005, Maharashtra

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	11.08.1993

Com. Reg. No.:	11-073419

Capital Investment / Paid-up Capital :	Rs. 48.825 Millions

CIN No.: [Company Identification No.]	U17120MH1993PLC073419

TAN No.: [Tax Deduction & Collection Account No.]	MUMN13445F

PAN No.: [Permanent Account No.]	AABCN1537H

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturing of Yarn and Trading of Textiles Goods.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 3920000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be slow but 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, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

India

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	CARE
Rating	Long-term bank facilities: “BBB-” (Revised from BB+)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	03.01.2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-40290011)

LOCATIONS

Registered Office :	97 and 99, Maker Tower 'F', Cuffe Parade, Mumbai – 400005, Maharashtra, India
Tel. No. :	91-22-40290011
Fax No. :	91-22-40290033
E-Mail :	contact@platinumtextiles.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Chirag Vinod Kumar Pittie

Designation :

Director

Address :

61 Vikas Building, 31 Peddar Road, Mumbai ‐ 400026, Maharashtra, India

Date of Birth/Age :

18.05.1982

Qualification :

Graduate

Date of Appointment :

30.09.2011

DIN No. :

00117368

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	L17290MH1982PLC026358	SVP GLOBAL VENTURES LIMITED	Whole-time director	29/09/2012	28/06/2004	-	Active	NO
2	U52190MH2005PLC155766	A TO Z RETAIL LIMITED	Director	24/10/2005	24/10/2005	17/12/2007	Active	NO
3	U55101RJ2005PTC021371	SUNRISE HOSPITALITY PRIVATE LIMITED	Director	12/02/2007	12/02/2007	13/01/2012	Active	NO
4	U70109MH2007PLC172295	DOSANI PROPERTIES LIMITED	Director	12/07/2007	12/07/2007	01/07/2010	Active	NO
5	U45201MH2007PLC175616	SHRIVALLABH PITTIE INFRAPROJECTS LIMITED	Director	02/11/2007	02/11/2007	-	Active	NO
6	U45201MH2008PLC177616	CITRON INFRAPROJECTS LIMITED	Director	08/02/2008	08/02/2008	-	Active	NO
7	U45400MH2008PLC179294	RED MAPLE MERCANTILE LIMITED	Director	09/05/2008	09/05/2008	07/02/2012	Active	NO
8	U51101MH2007PLC170341	SHRIVALLABH PITTIE MERCANTILE LIMITED	Director	02/03/2011	02/03/2011	-	Active	NO
9	U17120MH1993PLC073419	PLATINUM TEXTILES LIMITED	Director	30/09/2011	18/07/2011	-	Active	NO
10	U64200MH2002PLC136641	SCENARIO COMMUNICATION LIMITED	Director	30/09/2011	01/08/2011	-	Active	NO
11	U52399MH2010PLC201977	HELIOS MERCANTILE LIMITED	Director	30/09/2011	15/09/2011	-	Active	NO
12	U26960MH2012PTC235199	AAKASHGANGA INDUSTRIES PRIVATE LIMITED	Director	28/09/2013	18/04/2013	-	Active	NO
13	U26960MH2012PTC235201	SHRIVALLABH PITTIE INDUSTRIES PRIVATE LIMITED	Director	28/09/2013	25/04/2013	-	Active	NO
14	U52206MH2013PTC242631	HELIOS EXPORTS PRIVATE LIMITED	Additional director	14/06/2013	14/06/2013	-	Active	NO

Name :

Mr. Dinesh Gopaldas Ashar

Designation :

Director

Address :

Room No. 9, Ground Floor, Hirkani Appartment, Near Shivaji Putla, Ichalkaranji, Kolhapur - 416115, Maharashtra, India

Date of Birth/Age :

05.08.1958

Date of Appointment :

30.09.2013

DIN No. :

02920511

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	U17110MH1994PTC082372	HINA TRADING AND MANUFACTURING COMPANY PRIVATE LIMITED	Director	05/01/2010	05/01/2010	14/03/2012	Active	NO
2	U17100MH1988PTC046707	RAMUKA TEXTILE INDUSTRIES PRIVATE LIMITED	Director	05/01/2010	05/01/2010	14/03/2012	Active	NO
3	U52399MH2010PLC201977	HELIOS MERCANTILE LIMITED	Director	13/04/2010	13/04/2010	-	Active	NO
4	U17111TZ2008PTC014199	ASWINIKRISHNAA TEXTILE PRIVATE LIMITED	Director	23/11/2010	12/08/2010	-	Active	NO
5	U17115TZ1989PTC002509	THE OOTY MILLS PRIVATE LIMITED	Director	12/08/2010	12/08/2010	-	Active	NO
6	U17111TZ2005PTC012040	SREE VISHNUVELAN SPINNING MILLS PRIVATE LIMITED	Managing director	15/01/2011	15/01/2011	14/03/2012	Active	NO
7	U51909MH2011PTC215016	SHUBHKANCHI TRADING PRIVATE LIMITED	Director	29/09/2012	02/02/2012	-	Active	NO
8	U52322MH2012PTC226321	SVP TEXTILES VENTURES PRIVATE LIMITED	Additional director	13/02/2012	13/02/2012	-	Active	NO
9	U52206MH2013PTC242631	HELIOS EXPORTS PRIVATE LIMITED	Additional director	14/06/2013	14/06/2013	-	Active	NO
10	U17120MH1993PLC073419	PLATINUM TEXTILES LIMITED	Director	30/09/2013	30/07/2013	-	Active	NO
11	U52605MH2013PTC245152	CHEVONNE TRADERS PRIVATE LIMITED	Additional director	11/09/2013	11/09/2013	-	Active	NO

Name :

Mr. Praveen Sammul Shelly

Designation :

Director

Address :

37, Central School Scheme, Jodhpur - 342002, Rajasthan, India

Date of Birth/Age :

08.12.1947

Qualification :

Graduate

Date of Appointment :

29.09.2012

DIN No. :

01922237

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	U55101GJ2006PLC048874	NATIONAL HOTELS LIMITED	Director	01/03/2007	01/03/2007	01/03/2008	Active	NO
2	U45400MH2008PLC179294	RED MAPLE MERCANTILE LIMITED	Director	29/09/2012	07/02/2012	-	Active	NO
3	U17120MH1993PLC073419	PLATINUM TEXTILES LIMITED	Director	29/09/2012	02/03/2012	-	Active	NO
4	U26960MH2012PTC235201	SHRIVALLABH PITTIE INDUSTRIES PRIVATE LIMITED	Director	28/09/2013	25/05/2013	-	Active	NO
5	U51101MH2007PLC170341	SHRIVALLABH PITTIE MERCANTILE LIMITED	Additional director	01/10/2013	01/10/2013	-	Active	NO
6	U45201MH2007PLC175616	SHRIVALLABH PITTIE INFRAPROJECTS LIMITED	Additional director	01/10/2013	01/10/2013	-	Active	NO
7	U52399MH2010PLC201977	HELIOS MERCANTILE LIMITED	Additional director	04/10/2013	04/10/2013	-	Active	NO
8	U52206MH2013PTC242631	HELIOS EXPORTS PRIVATE LIMITED	Additional director	30/11/2013	30/11/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders		No. of Shares
Red Maple Mercantile Limited, India		10
Scenario Media Limited, India		10
Scenario Communication Limited, India		10
Chirag Pittie		10
Citron Infraprojects Limited, India		4882440
Shrivallabh Pittie Infraprojects Limited, India		10
Shrivallabh Pittie Mercantile Limited, India		10
Total		4882500

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Yarn and Trading of Textiles Goods.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Indian Overseas Bank, Merchant Chamber, Opposite S.N.D.T. Collage, New Marine Lines, Mumbai - 400020, Maharashtra, India

Union Bank of India, Kalbadevi Branch, A. M. Vidhya Foundation Building, 32, Dadi Seth Agiary Lane, Kalbadevi Road, Mumbai - 400002, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (secured by first charge on Land and Building and Plant and Machinery of Ramnad Unit of the Company and second pari passu charge on the entire current assets of the company.)	40.086	55.288
Rupee term loans from others	103.335	14.808
SHORT TERM BORROWINGS
Loans repayable on demand from banks (Working Capital Loans from Banks are secured on first pari passu basis on entire current assets of the company)	609.343	206.266
Total	752.764	276.362

Banking Relations :	--

Auditors :
Name :	Sanjay N. Shah and Company Chartered Accountants
Address :	108, 1^st Floor, Sujata Niketan, Next to Railway Station Rani Sati Road, Malad (East), Mumbai – 400097, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AVUPS1786L

Holding Company :	Citron Infraprojects Limited U45201MH2008PLC177616

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

4,882,500	Equity Shares	Rs.10/- each	Rs. 48.825 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	48.825	20.000	10.000
(b) Reserves & Surplus	931.515	340.503	121.935
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	45.000
Total Shareholders’ Funds (1) + (2)	980.340	360.503	176.935

(3) Non-Current Liabilities
(a) long-term borrowings	143.421	70.096	98.212
(b) Deferred tax liabilities (Net)	12.325	8.789	4.942
(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)	155.746	78.885	103.154

(4) Current Liabilities
(a) Short term borrowings	688.802	279.836	349.522
(b) Trade payables	102.635	138.019	136.865
(c) Other current liabilities	59.079	30.108	3.154
(d) Short-term provisions	23.720	16.412	10.854
Total Current Liabilities (4)	874.236	464.375	500.395

TOTAL	2010.322	903.763	780.484

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	178.820	163.647	141.817
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	29.144	43.105	51.616
(e) Other Non-current assets	0.176	0.000	0.000
Total Non-Current Assets	208.140	206.752	193.433

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	227.630	106.785	104.075
(c) Trade receivables	1360.850	574.885	466.566
(d) Cash and cash equivalents	18.324	7.234	9.402
(e) Short-term loans and advances	176.342	0.262	0.000
(f) Other current assets	19.036	7.845	7.008
Total Current Assets	1802.182	697.011	587.051

TOTAL	2010.322	903.763	780.484

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	5408.184	4013.499	2334.909
		Other Income	2.174	0.704	4.376
		TOTAL (A)	5410.358	4014.203	2339.285

Less	EXPENSES
		Cost of materials consumed	5184.111	3844.876	2215.835
		Employee benefit expense	21.149	25.096	29.215
		Other expenses	53.500	38.194	33.569
		TOTAL (B)	5258.760	3908.166	2278.619

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		151.598	106.037	60.666

Less	FINANCIAL EXPENSES (D)		78.018	57.303	36.950

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		73.580	48.734	23.716

Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.407	7.870	4.854

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		64.171	40.864	18.862

Less	TAX (H)		20.836	12.295	7.178

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		43.337	28.569	11.684

	Earnings / (Loss) Per Share (Rs.)		16.98	14.28	11.68

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.80	0.71	0.50

Net Profit Margin (PBT/Sales)	(%)	1.19	1.02	0.81

Return on Total Assets (PBT/Total Assets}	(%)	3.19	4.52	2.42

Return on Investment (ROI) (PBT/Networth)		0.07	0.11	0.11

Debt Equity Ratio (Total Debt/Networth)		0.85	0.97	2.53

Current Ratio (Current Asset/Current Liability)		2.06	1.50	1.17

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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10441186	11/06/2013	360,000,000.00	INDIAN OVERSEAS BANK	MERCHANT CHAMBER, OPPOSITE S.N.D.T. COLLAGE, NEW MARINE LINES, MUMBAI - 400020, MAHARASHTRA, INDIA	B81253460
2	10386270	21/09/2012	50,000,000.00	INDIAN OVERSEAS BANK	MERCHANT CHAMBER, OPPOSITE S.N.D.T. COLLAGE, NEW MARINE LINES, MUMBAI - 400020, MAHARASHTRA, INDIA	B62017025
3	10363123	26/05/2012	6,299,182.00	RELIANCE CAPITAL LTD	"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI - 400710, MAHARASHTRA, INDIA	B42683367
4	10329836	15/12/2011	240,000,000.00	INDIAN OVERSEAS BANK	MERCHANT CHAMBER, OPPOSITE S.N.D.T. COLLAGE, NEW MARINE LINES, MUMBAI - 400020, MAHARASHTRA, INDIA	B29912730
5	10329838	08/03/2013 *	1,193,600,000.00	INDIAN OVERSEAS BANK	NEW MARINE LINES BRANCH, MERCHANT CHAMBER, GROUND FLOOR, OPPOSITE SNDT COLLEGE, MUMBAI - 400020, MAHARASHTRA, INDIA	B72644776

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from others	78.432	72.573
Other loans and advances, others	1.027	0.997
Total	79.459	73.570

CHAGE OF ADDRESS

The registered office of the company has been shifted from 146, Dr. Viegas Streeet, 2^nd Floor, R.No. 20, Mumbai – 400002, Maharashtra, India to the present w.e.f. 20.12.2011.

FIXED ASSETS

v Tangible Assets

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.61.53
UK Pound	1	Rs.100.73
Euro	1	Rs.83.84

INFORMATION DETAILS

Information Gathered by :	PDT

Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.

MIRA INFORM REPORT

0.80

1.19

3.19

0.07

0.85

2.06

Unit