MIRA INFORM REPORT

Report Date :

05.07.2014

IDENTIFICATION DETAILS

Name :	RUBEK BALLOONS PRIVATE LIMITED
Registered Office :	38/740, P.B. No. 15, Gandhi Nagar, Ernakulam-682020, Kerala
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.04.2002
Com. Reg. No.:	09-015370
Capital Investment / Paid-up Capital :	Rs.159.000 Millions
CIN No.: [Company Identification No.]	U25194KL2002PTC015370
Legal Form :	Private Limited Liability Company
Line of Business :	Production and Marketing of Balloons.
No. of Employees :	110 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 490000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has recorded some accumulated losses. However, trade relations are reported as fair. Business is active. Payments terms 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 – 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. Yegnesw
Designation :	Account Department
Contact No.:	91-484-2655545
Date :	25.06.2014

LOCATIONS

Registered Office :	38/740, P.B. No. 15, Gandhi Nagar, Ernakulam-682020, Kerala, India
Tel. No.:	91-484-2204765 / 2205790
Fax No.:	91-484-2204827
E-Mail :	ho_rubek@rediffmail.com md@rubbermark.com mmrubek@gmail.com
Website :	http://www.rubbermark.com
Factory :	Rubber Park, Valayamchirangara, P.O. Ernakulam District, Ernakulam-683556 Kerala India
Tel No.:	91-484-2655545/46/47/2257025
Fax No.:	91-484-2656516

DIRECTORS

As on 30.09.2013

Name :

Mr. Musthafa Kottapurath Thombayil Hydrose

Designation :

Chairman

Address :

Bismillah Manzil, Thottathil, Kottappurath, Marampilly, P.O. Ernakulam-683107, Kerala, India

Date of Birth/Age :

07.12.1941

Date of Appointment :

18.09.2004

Din No.:

01575437

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	U25194KL2002PTC015370	RUBEK BALLOONS PRIVATE LIMITED	Director	18/09/2004	18/09/2004	-	Active	NO
2	U24131KL2005PTC018471	RUBBERMARK RUBBER INDUSTRIES PRIVATE LIMITED	Director	27/07/2005	27/07/2005	-	Active	NO

Name :

Mr. Ratnakumaran Sreedharan

Designation :

Managing Director

Address :

Bhavikom, VI/894, Karalathu, Kadappakkada, Kollam-691008, Kerala, India

Date of Birth/Age :

20.11.1956

Date of Appointment :

22.10.2009

Din No.:

01896737

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	U17214KL1978SGC003029	FOAM MATTINGS INDIA LIMITED	Managing director	01/03/2006	01/03/2006	28/05/2009	Active	YES
2	U24131KL2005PTC018471	RUBBERMARK RUBBER INDUSTRIES PRIVATE LIMITED	Managing director	16/07/2009	16/07/2009	-	Active	NO
3	U25194KL2002PTC015370	RUBEK BALLOONS PRIVATE LIMITED	Managing director	22/10/2009	22/10/2009	-	Active	NO

Name :

Mr. Joy Abraham

Designation :

Director

Address :

4/14, Mazhuvannoor House, Melampara P O, Bharananganam, Kottayam-686594, Kerala, India

Date of Birth/Age :

07.03.1951

Date of Appointment :

06.06.2003

Din No.:

00297888

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	U25194KL2002PTC015370	RUBEK BALLOONS PRIVATE LIMITED	Director	06/06/2003	06/06/2003	-	Active	NO
2	U25111KL1995PLC009774	PALAZHY TYRES LIMITED	Director	14/06/2012	03/09/2004	-	Active	NO
3	U24131KL2005PTC018471	RUBBERMARK RUBBER INDUSTRIES PRIVATE LIMITED	Director	08/02/2006	08/02/2006	-	Active	NO

Name :

Mr. Ajithkumar Gopalan Kannikulathil

Designation :

Director

Address :

11/13, Kannikulathil House, Vattukunnu Main Road, Mulanthuruthy P O, Ernakulam-682314, Kerala, India

Date of Birth/Age :

31.07.1961

Date of Appointment :

05.04.2010

Din No.:

01863103

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	Default ing status
1	U24231KL1971SGC002389	KERALA STATE DRUGS AND PHARMACEUTICALS LTD	Nominee director	21/02/2007	21/02/2007	-	Active	NO
2	U93090KL2000PLC013591	FALCON INFRASTRUCTURES LIMITED	Nominee director	05/04/2010	05/04/2010	27/08/2011	Active	NO
3	U25194KL2002PTC015370	RUBEK BALLOONS PRIVATE LIMITED	Nominee director	05/04/2010	05/04/2010	-	Active	NO
4	U70101KL2006PTC019965	KALLIYATH DEVELOPERS PRIVATE LIMITED	Nominee director	15/04/2010	15/04/2010	-	Active	NO
5	U55100KL2004PTC017609	BANASURA ECO RESORTS PRIVATE LIMITED	Nominee director	01/09/2010	01/09/2010	-	Active	NO
6	U51432KL1957SGC001733	KERALA CONSTRUCTION COMPONENTS LTD	Director	10/01/2011	10/01/2011	-	Strike off	NO

Name :

Scaria Pattarukudiyil Varky

Designation :

Director

Address :

Pattarukudiyil House, Adimaly P O, Idukki-685561, Kerala, India

Date of Birth/Age :

19.11.1945

Date of Appointment :

21.05.2009

Din No.:

02681345

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	U24131KL2005PTC018471	RUBBERMARK RUBBER INDUSTRIES PRIVATE LIMITED	Director	08/02/2006	08/02/2006	-	Active	NO
2	U25194KL2002PTC015370	RUBEK BALLOONS PRIVATE LIMITED	Director	21/05/2009	21/05/2009	-	Active	NO

Name :

Mr. James Jacob

Designation :

Director

Address :

Panthiruvelil, Kanjirapally P O, Kottayam-686507, Kerala, India

Date of Birth/Age :

17.06.1961

Date of Appointment :

11.07.2009

Din No.:

01889487

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	U25199KL1998PTC012089	RUBBER WOOD INDIA PRIVATE LIMITED	Nominee director	09/01/2007	09/01/2007	-	Active	NO
2	U25110TN1984PLC011066	ARASU RUBBER CORPN. LIMITED	Director	17/09/2007	17/09/2007	-	Active	NO
3	U25191KL1997PTC011952	RUBBER PARK INDIA PRIVATE LIMITED	Director	05/06/2009	05/06/2009	24/02/2010	Active	NO
4	U25199KL1991PLC006004	MEENACHIL RUBBER WOOD LIMITED	Director appointed in casual vacancy	30/06/2009	30/06/2009	16/12/2011	Active	NO
5	U25194KL2002PTC015370	RUBEK BALLOONS PRIVATE LIMITED	Director	11/07/2009	11/07/2009	-	Active	NO

Name :

Mr. Abraham Kayathinkara Kurian

Designation :

Director

Address :

Kayathumkara House, No. XVI/329, Marthoma Church Road, Pala, Kottayam-686575, Kerala, India

Date of Birth/Age :

23.05.1940

Date of Appointment :

31.07.2012

Din No.:

00280904

Name :

Lai Chee Fong

Designation :

Director

Address :

20 Jalan Puncak, Setiawangsa 7, Taman, Bukit, Kuala Lumpur-54200, Malaysia

Date of Appointment :

25.04.2002

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
The Kerala State Rubber Marketing Federation Limited, India	1499999
Strategic Products SDN BHD, Malaysia	90000
Musthafa Kottapurath Thombayil Hydrose	1
TOTAL	1590000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	5.66
Bodies corporate	94.34
Total	100.00

BUSINESS DETAILS

Line of Business :	Production and Marketing of Balloons.
Exports :
Countries :	Gulf Countries

PRODUCTION STATUS [AS ON 31.03.2011]

Licensed / Installed Capacity

4380 Laks Pieces Per Annum

ACTUAL PRODUCTION:

Toy Balloons	15467628 Pcs.
Rubber Band	2034.20 Kgs.

GENERAL INFORMATION

No. of Employees :

110 (Approximately)

Bankers :

State Bank of India, Perumbavoor- 683542,Kerala,India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing:
Term loans from others	14.206	15.589
Loans repayable on demand	-	1.511
Total	14.206	17.100

Banking Relations :	--
Auditors :
Name :	G Joseph and Associates Chartered Accountants
Address :	37/2038, Muttathil Lane, Kadavanthra, Cochin, Ernakulam-682020, Kerala, India
Tel No.:	91-484-2207411 / 3018294
Fax No.:	91-484-2207499
Email:	mail@gja.co.in
PAN No:	AABFG8900C
Holding Company :	The Kerala State Co-operative Rubber Marketing Federation Limited
Fellow Subsidiary :	Intermix Factory

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1800000	Equity Shares	Rs.100/- each	Rs.180.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1590000	Equity Shares	Rs.100/- each	Rs.159.000 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	159.000	159.000	6.400
(b) Reserves & Surplus	(35.098)	(58.948)	(70.323)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	29.444
Total Shareholders’ Funds (1) + (2)	123.902	100.052	(34.479)
(3) Non-Current Liabilities
(a) long-term borrowings	14.206	17.100	137.651
(b) Deferred tax liabilities (Net)	0.047	0.200	0.031
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.609	1.860	0.485
Total Non-current Liabilities (3)	16.862	19.160	138.167
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1.479	3.278	4.272
(c) Other current liabilities	7.972	5.854	8.785
(d) Short-term provisions	1.411	0.386	0.000
Total Current Liabilities (4)	10.862	9.518	13.057
TOTAL	151.626	128.730	116.745
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	64.693	70.681	73.995
(ii) Intangible Assets	6.505	0.000	0.000
(iii) Capital work-in-progress	0.000	0.013	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	7.617	6.128	5.674
(e) Other Non-current assets	11.476	10.820	0.023
Total Non-Current Assets	90.291	87.642	79.692
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	32.402	24.993	15.077
(c) Trade receivables	9.426	6.091	4.481
(d) Cash and cash equivalents	15.966	9.146	5.230
(e) Short-term loans and advances	3.228	0.555	1.240
(f) Other current assets	0.313	0.303	11.025
Total Current Assets	61.335	41.088	37.053
TOTAL	151.626	128.730	116.745

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	154.932	96.507	58.566
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	131.016	84.924	61.466
Less/ Add	DEPRECIATION/ AMORTISATION
	PROFIT BEFORE TAX		23.915	11.583	(2.900)
Less	TAX		0.066	0.208	0.000
	PROFIT AFTER TAX		23.849	11.375	(2.900)
	EARNINGS IN FOREIGN CURRENCY		7.326	4.950	0.238
	Earnings Per Share (Rs.)		14.10	-	-

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	15.39	11.79	(4.95)
Return on Total Assets (PBT/Total Assets}	(%)	15.77	9.00	(2.48)
Return on Investment (ROI) (PBT/Networth)		0.19	0.12	0.08
Debt Equity Ratio (Total Debt /Networth)		0.11	0.17	(3.99)
Current Ratio (Current Asset/Current Liability)		5.65	4.32	2.84

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	6.400	159.000	159.000
Reserves & Surplus	(70.323)	(58.948)	(35.098)
Share Application money pending allotment	29.444	0.000	0.000
Net worth	(34.479)	100.052	123.902
long-term borrowings	137.651	17.100	14.206
Short term borrowings	0.000	0.000	0.000
Total borrowings	137.651	17.100	14.206
Debt/Equity ratio	(3.992)	0.171	0.115

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	58.566	96.507	154.932
		64.783	60.540

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	58.566	96.507	154.932
Profit	(2.900)	11.375	23.849
	(4.95%)	11.79%	15.39%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	(Yes)
2]	Locality of the firm	(Yes )
3]	Constitutions of the firm	(Yes)
4]	Premises details	( No)
5]	Type of Business	(Yes)
6]	Line of Business	(Yes)
7]	Promoter's background	(Yes)
8]	No. of employees	(Yes)
9]	Name of person contacted	(Yes)
10]	Designation of contact person	(Yes)
11]	Turnover of firm for last three years	(Yes)
12]	Profitability for last three years	(Yes)
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	( No)
15]	Capital in the business	(Yes)
16]	Details of sister concerns	(Yes)
17]	Major suppliers	(No)
18]	Major customers	(No)
19]	Payments terms	(No)
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	(No)
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	90019707	17/03/2004	26,000,000.00	KERALA STATE INDUSTRIAL DEVELOPMENT CORPORATION LI MITED	II- FLOOR; CHOICE TOWERS, MANORMA JUNCTION, COCHI N, Kerala - 682016, INDIA	-

* Date of charge modification

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.59.97
UK Pound	1	Rs.102.90
Euro	1	Rs.82.02

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	DIV
Report Prepared by :	JGT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.