MIRA INFORM REPORT

Report Date :

03.07.2014

IDENTIFICATION DETAILS

Name :	K PACK SYSTEMS PRIVATE LIMITED
Registered Office :	A / 121, Associated Society, Near Poultry Farm, Akota, Baroda – 390015, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.10.1991
Com. Reg. No.:	04-016385
Capital Investment / Paid-up Capital :	Rs. 0.300 Million
CIN No.: [Company Identification No.]	U51909GJ1991PTC016385
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is in the business of Designing, Developing and Installing Water Treatment Systems like Dissolved Air Floatation Systems, API Oil Separators, Oil Skimmers and rendering supervision of installation and commissioning services.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 140000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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 PARTED BY

Name :	Mr. Suresh
Designation :	Process Manager
Contact No.:	91-9886202940
Date :	27.06.2014

LOCATIONS

Registered Office :	A / 121, Associated Society, Near Poultry Farm, Akota, Baroda – 390015, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9886202940 (Mr. Suresh)
Fax No.:	Not Available
E-Mail :	kpack@vsnl.com kpackblr@airtelmail.in rajanrajput1980@gmail.com suri5d@kpack.in ralyani@kpack.in
Website :	http://www.kpack.info
Area :	1200 Sq. ft.
Location :	Owned
Factory :	No.3, 9^th Main, 9^th Cross, Vasath Nagar, Bangalore – 560052, Karnataka, India
Tel. No.:	91-80-40731300/ 40731301
Fax No.:	91-80-40731399/ 41148708
Area :	20000 Sq. ft.
Location :	Rented

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Vivek Vinay Shah

Designation :

Director

Address :

9, Chateau Marine, Marine Drive, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

18.09.1960

Date of Appointment :

15.05.2011

DIN No.:

00062360

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	U31501GJ1990PTC014714	SUVI TECHNOLOGIES PRIVATE LIMITED	Director	28/11/1990	28/11/1990	-	Active	NO
2	U51909GJ1990PTC014453	APEX DISTRIBUTORS PRIVATE LIMITED	Director	15/10/1991	15/10/1991	02/02/2011	Active	NO
3	U67190GJ1992PTC017184	SHREE FINLEASE PRIVATE LIMITED	Director	26/02/1992	26/02/1992	02/02/2011	Active	NO
4	U70102MH1992PLC068391	SHUGUN REALTORS LIMITED	Director	03/09/1992	03/09/1992	02/03/2011	Active	NO
5	U45201GJ1991PTC014926	SARANG REALTORS PRIVATE LIMITED	Director	30/11/1992	30/11/1992	-	Active	NO
6	U45201GJ1979PTC003375	CONSTRUCTION INDIA PRIVATE LIMITED	Director	25/09/1993	25/09/1993	02/02/2011	Active	NO
7	U65922MH1994PLC077868	NOBLE HOUSE SECURITIES AND HOLDINGS LIMITED	Director	11/11/1994	11/11/1994	-	Active	NO
8	U24117MH2001PLC131723	HEENA MARKETING LIMITED	Director	23/04/2001	23/04/2001	-	Active	NO
9	U45201GJ1994PTC021882	ZEN PROPERTIES PRIVATE LIMITED	Director	20/06/2001	20/06/2001	02/03/2011	Active	NO
10	U51900MH1994PLC078153	ZEN MARKETING LIMITED	Director	10/04/2003	10/04/2003	-	Active	NO
11	U29119GJ1989PTC012028	FLEXICAN BELLOWS AND HOSES PRIVATE LIMITED	Director	27/10/2008	27/10/2008	-	Active	NO
12	U51909GJ1991PTC016385	K PACK SYSTEMS PRIVATE LIMITED	Director	15/05/2011	15/05/2011	-	Active	NO
13	U29253MH2010PTC204952	K PACK BIO SYSTEMS PRIVATE LIMITED	Director	16/05/2011	16/05/2011	-	Active	NO
14	U90000GJ2011PTC066743	TAUW INDIA PRIVATE LIMITED	Managing director	09/03/2013	12/08/2011	-	Active	NO
15	U67120MH1926PTC001240	RAJA BAHADUR MOTIAL BOMBAY MILLS PRIVATE LIMITED	Additional director	18/12/2012	18/12/2012	-	Active In Progress	NO

Name :

Mrs. Pratima Vinay Chipalkatti

Designation :

Director

Address :

9, Chateau Marine, Marine Drive, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

01.02.1938

Date of Appointment :

09.10.1991

DIN No.:

01215815

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	U51909GJ1991PTC016385	K PACK SYSTEMS PRIVATE LIMITED	Director	09/10/1991	09/10/1991	Active	NO
2	U29253MH2010PTC204952	K PACK BIO SYSTEMS PRIVATE LIMITED	Director	28/06/2010	28/06/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Suresh
Designation :	Process Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Pratima Vinay Chipalkatti	15300	51.00
Rutwik Vivek Shah	14700	49.00
Total	30000	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is in the business of Designing, Developing and Installing Water Treatment Systems like Dissolved Air Floatation Systems, API Oil Separators, Oil Skimmers and rendering supervision of installation and commissioning services.
Exports :
Products :	Finished Goods
Countries :	· Middle East · Australia · Asian Countries
Imports :
Products :	Raw Materials
Countries :	· USA · Australia
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Suppliers :

M.S. Plates

Customers :

End Users and Others

· Hindustan Dorr Oliver Limited

· V A Tech Wabag Limited

No. of Employees :

40 (Approximately)

Bankers :

· Corporation Bank Limited

11, Nandi, 8^th Main, Vasanth Nagar, Bangalore – 560052, Karnataka, India

· The Ratnakar Bank Limited

7, Rahimtoola House Homji Street, Fort, Mumbai – 400001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loan from Corporation Bank (Secured by hypothecation of Cars)	1.034	1.471
SHORT TERM BORROWINGS
Cash Credit from Bank (Secured by hypothecation of stock-in-trade and Debtors of the Company)	4.545	8.177
Corporation Bank Factory Account (Secured by hypothecation of stock-in-trade and Debtors of the Company)	0.809	0.000
Total	6.388	9.648

Banking Relations :	--
Auditors :
Name :	Sanjay K Thanawala and Company Chartered Accountants
Address :	Office No. 2 Dhairya Co-Operative Society, S.V. Road, Naupada, Thane – 400602, Maharashtra, India
Tel. No.:	91-22-25398144
Income-tax PAN of auditor or auditor's firm :	AAHPT3244N

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30,000	Equity Shares	Rs. 10/- each	Rs. 0.300 Million

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	0.300	0.300	0.300
(b) Reserves & Surplus	35.002	33.985	25.752
(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)	35.302	34.285	26.052
(3) Non-Current Liabilities
(a) long-term borrowings	1.034	1.471	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1.034	1.471	0.000
(4) Current Liabilities
(a) Short term borrowings	5.604	8.177	3.443
(b) Trade payables	7.375	16.523	6.952
(c) Other current liabilities	13.147	7.466	3.802
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	26.126	32.166	14.197
TOTAL	62.462	67.922	40.249
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.716	5.658	5.253
(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	0.340	0.777	0.000
(c) Deferred tax assets (net)	0.252	0.238	0.189
(d) Long-term Loan and Advances	3.530	2.043	6.224
(e) Other Non-current assets	3.916	3.819	2.188
Total Non-Current Assets	17.754	12.535	13.854
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.326	0.759	2.928
(c) Trade receivables	13.918	41.680	13.011
(d) Cash and cash equivalents	20.901	2.101	0.589
(e) Short-term loans and advances	6.563	10.760	9.867
(f) Other current assets	0.000	0.087	0.000
Total Current Assets	44.708	55.387	26.395
TOTAL	62.462	67.922	40.249

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	86.649	132.418	64.544
		Other Income	1.990	0.488	0.455
		TOTAL (A)	88.639	132.906	64.999
Less	EXPENSES
		Cost of Materials Consumed	7.105	0.000	0.000
		Purchases of Stock-in-Trade	40.328	60.308	32.237
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.567)	2.168	(2.755)
		Employees benefits expense	16.825	16.493	5.358
		Other expenses	16.798	38.747	23.916
		TOTAL (B)	80.489	117.716	58.756
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.150	15.190	6.243
Less	FINANCIAL EXPENSES (D)		2.415	1.260	0.783
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.735	13.930	5.460
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.847	1.247	1.262
	PROFIT BEFORE TAX (E-F) (G)		3.888	12.683	4.198
Less	TAX (H)		2.870	4.451	1.689
	PROFIT AFTER TAX (G-H) (I)		1.018	8.232	2.509
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on FOB basis	7.879	21.890	10.612
		Supervision of Erection Charges	0.022	0.000	0.000
		Freight received	0.410	0.000	0.000
	TOTAL EARNINGS		8.311	21.890	10.612
	IMPORTS
		Traded goods	7.006	0.249	0.088
	Earnings Per Share (Rs.)		33.92	274.41	83.63

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.15	6.19	3.86
Net Profit Margin (PBT/Sales)	(%)	4.49	9.58	6.50
Return on Total Assets (PBT/Total Assets}	(%)	6.28	18.96	10.48
Return on Investment (ROI) (PBT/Networth)		0.11	0.37	0.16
Debt Equity Ratio (Total Debt/Networth)		0.19	0.28	0.13
Current Ratio (Current Asset/Current Liability)		1.71	1.72	1.86

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	0.300	0.300	0.300
Reserves & Surplus	25.752	33.985	35.002
Net worth	26.052	34.285	35.302
long-term borrowings	0.000	1.471	1.034
Short term borrowings	3.443	8.177	5.604
Total borrowings	3.443	9.648	6.638
Debt/Equity ratio	0.132	0.281	0.188

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	64.544	132.418	86.649
		105.159	(34.564)

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	64.544	132.418	86.649
Profit	2.509	8.232	1.018
	3.89%	6.22%	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	Yes
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	No
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 CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10352637	13/03/2012	1,470,976.00	CORPORATION BANK	VASANTHNAGAR BRANCH, 8TH MAIN, VASANTHNAGAR, BANGALORE, KARNATAKA - 560052, INDIA	B38570990
2	10293580	30/12/2013 *	50,000,000.00	CORPORATION BANK	VASANTHNAGAR BRANCH, 8TH MAIN, VASANTHNAGAR, BANGALORE, KARNATAKA - 560052, INDIA	B94354230
3	10006086	20/03/2006	2,500,000.00	THE RATNAKAR BANK LIMITED	7 RAHIMTOOLA HOUSE HOMJI STREET, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A00284653

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans from related parties	0.250	0.000
Total	0.250	0.000

THE COMPANY AND NATURE OF ITS OPERATIONS

Subject is carrying on the business of Designing, Developing and Installing Water Treatment Systems known as Dissolved Air Floatation Systems, API Oil Separators, Oil Skimmers and rendering supervision of installation and commissioning services. During the year, the Company has started its own manufacturing activities at Bangalore.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
(a) Central Sales Tax Liability for 'C' Forms not received	5.667	0.574
(b) Disputed Income Tax demand - matter in appeal	4.837	4.837
Total	10.504	5.411

NOTE: Contingent Liability for CST payable for C-Forms not received is shown above for the period ended 31-3-2012 as the for the year ended 31-3-2013 are not updated.

FIXED ASSETS:

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office equipment

· Building

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 59.97
UK Pound	1	Rs. 102.90
Euro	1	Rs. 82.02

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.