MIRA INFORM REPORT

Report Date :

12.07.2014

IDENTIFICATION DETAILS

Name :	KARAM MULTIPACK PRIVATE LIMITED
Registered Office :	Survey No. 281/1, Plot No. 7/8, National Highway, No. 8B, Shapar (Veraval), Taluka Kotda Sangani, Rajkot – 360002, Gujarat.
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.08.2006
Com. Reg. No.:	04-048958
Capital Investment / Paid-up Capital :	Rs. 20.000 Millions
CIN No.: [Company Identification No.]	U25202GJ2006PTC048958
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and exporter of non-woven fabric
No. of Employees :	60 (Approximetly)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 120000
Status :	Moderate
Payment Behaviour :	Slow but carrect
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and low reserves of the company However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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. Jay
Designation :	Director
Contact No.:	91-9537320032
Date :	10.07.2014

LOCATIONS

Registered Office / Factory address :	Survey No. 281/1, Plot No. 7/8, National Highway, No. 8B, Shapar (Veraval), Taluka Kotda Sangani, Rajkot – 360002, Gujarat, India
Tel. No.:	91-2827-253234
Mobile No.:	91-9537320032 (Mr. Jay)
Fax No.:	91-2827-253134
E-Mail :	jay@karammultipack.com vibha.vaibhav@gmail.com rajesh_joshik@yahoo.co.in
Website :	http://www.karammultipack.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Lalitbhai Karamshibhai Kagathara

Designation :

Additional Director

Address :

Plot No. 34, Karam Paras Society, Rajkot – 360005, Gujarat, India

Date of Birth/Age :

01.08.1957

Date of Appointment :

19.04.201

DIN No.:

00430652

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	U15400GJ1993PTC018925	RAHIL FOAM PRIVATE LIMITED	Director	09/09/2003	09/09/2003	-	Active	NO
2	U25200GJ2005PTC046409	RAHIL AIRBUBBLES PRIVATE LIMITED	Director	12/07/2005	12/07/2005	-	Active	NO
3	U25202GJ2006PTC048958	KARAM MULTIPACK PRIVATE LIMITED	Additional director	19/04/2011	19/04/2011	-	Active	NO
4	U24100GJ2011PTC067372	LKK PETROCHEM PRIVATE LIMITED	Director	07/10/2011	07/10/2011	-	Strike off	NO
5	U25200GJ2011PTC067431	RAHIL (CPP) FILMS PRIVATE LIMITED	Director	23/11/2013	23/11/2013	-	Active	NO

Name :

Mr. Dilipbhai Hansrajbhai Kagathra

Designation :

Director

Address :

Golden Park, Opposite Shivam, Nana Mava Road, Rajkot – 360005, Gujarat

Date of Birth/Age :

27.08.1967

Date of Appointment :

08.08.2006

DIN No.:

00588632

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	U25202GJ2006PTC048958	KARAM MULTIPACK PRIVATE LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO
2	U26993GJ2013PTC075776	SIMSTONE CERAMIC PRIVATE LIMITED	Director	26/06/2013	26/06/2013	-	Active	NO

Name :

Mr. Vishal Lalitbhai Kagathra

Designation :

Director

Address :

Karma Paras Society, Nirmala Convent Road, Rajkot – 360005, Gujarat, India

Date of Birth/Age :

27.09.1983

Date of Appointment :

28.08.2006

DIN No.:

00980720

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	U25202GJ2006PTC048958	KARAM MULTIPACK PRIVATE LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO
2	U15400GJ1993PTC018925	RAHIL FOAM PRIVATE LIMITED	Additional director	06/05/2008	06/05/2008	-	Active	NO

Name :

Mr. Himanshu Dipakbhai Patel

Designation :

Director

Address :

202 Rewa Flats Nr. Paras Hall Nirmala Convent Road, Rajkot – 360007, Gujarat, India

Date of Birth/Age :

21.12.1983

Date of Appointment :

15.10.2012

DIN No.:

06409021

Name :

Mr. Jay

Designation :

Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Dilipbhai Kagathra	246999
Vishal Kagathra	8000
Lalitaben Patel	100000
Arvindbhai Patel	10000
Gitaben Marvaniya	100000
Hansrajbhai Kagathra	160000
Himanshubhai Marvaniya	75000
Jagdishbhai Manvar	50000
Jashumatiben kagathara	57600
Khimjibhai Bhalodi	50000
Maganbhai Panara	30000
Maganbhai Bhalodi	50000
Samirbhai Godhani	39000
Naranbhai Panara	30000
Narshibhai Manvar	60000
Nimeshbhai Dangi	10000
Rameshbhai Godhani	30000
Prabhaben Kagathara	27600
Lalitkumar Kagathara	100000
Ramaben Kagathara	45800
Rameshbhai kagathra	55000
Rameshbhai Bhalodi	85000
Sandipbhai Dengi	10000
Shreedhar Preservers private limited Calcutta	200000
Tribhovanbhai Vishotiya	60000
Umra securities limited Calcutta	300000
Vinodbhai Kanani	10000
Sohil Patel	1
Total	2000000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	25.00
Directors or relatives of directors	75.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and exporter of non-woven fabric
Products :	· Non Woven Fabric · Polypropylene Spun Bonded Non Woven Fabric · Laminated Non Woven Fabric · Anti Skid Fabric · UV Treated Non Woven Fabric
Exports :
Products :	Finished good
Countries :	· USA · UAE · Egypt
Terms :
Selling :	· Cash · Advance payment · Credit
Purchasing :	· Cash · Advance payment · Credit

GENERAL INFORMATION

Suppliers :

· Atmiya Electric Corporation

· Durable Plast Industries

· Fuyang Huadong Plastic Company Limited

· Ganga Enterprise

· H. Electrics

· Indian Oil Corporation Limited – Panipat

· Khatav Trading

· Liladhar Pasoo Forwarders Private Limited

· Multi-tech Engineering Works

Customers :

Retailers

End Users

Customers

· Ashish Sales

· Bondge Textiles

· D H V Bags

· Emergency Kits India Private limited

· Emrock Polytech Limited

· Fitwell Hydraulic

· G 9 Helth care

· Grive Polybag

· Harl Om Fabric

· Hindustan Healthcare Products

· Leeco Manufacturing

· Industrial Appliances and Technologies

· Jivan Fabrics

· Kabadi Shankarsa and Company

· Kamatchi cloth Beg Works

· Keval bag

· Khusi Dispo

· Koko Maison Inc.

· Krishna Treding Company

· Laxmi Marketing

· Mahaganesh Sales Corporation

· Mediklin Healthcare Limited

· Nadiya Sut Cover

· Nilkamal Limited Hosur

· Pakale Enterprise Satara

· Pankaj Opticals

· Parinith Bags

· Patient Care

· Populer Industries

· Pramchand Jain and company

· Prince International

· Pruthvi green bag

· Radha Packing and Manufacturing

· Raj Bag

· Rajendra Pandit Palse

· Rajendra Rexin

· Regal Industries

· Roshni Traders

· Royal Marketing

· RR Trader

· Shree Shravan Ahuja

· Somnath Novatex

· Sri Sai Manufacturing Co Hosur

· Subodh Kumar jain

· Tukaram D Kesrakar

· Umang Enterprise

· Vasantha Bags

· Vijaybhai

No. of Employees :

60 (Approximetly)

Bankers :

Bank of India, Panchnath Branch, Opposite Jansatta, Sadar, Rajkot – 360001, Gujrat, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long Term Borrowings
Term Loans
From Bank From BOI-Term Loan	0.000	10.316
From HDFC – Vehicle loan	0.232	0.342
Short Term Borrowing
From Bank of Baroda (Secured against Hypothecation of stock and Book debt)	0.000	56.755
From Bank of India	78.646	0.000
Total	78.878	67.413

Banking Relations :
Auditors :
Name :	R. K. Doshi and Company Chartered Accountant
Address :	Aditya Centre, 2^nd Floor, Opposite Phulchhab Chowk, Rajkot – 360001, Gujarat, India
Tel. No.:	91-281-2448970 / 2447642
Fax No.:	91-281-2476118
E-Mail :	ca@rkdoshi.com
PAN No.:	AAIFR8841C

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 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	20.000	20.000	20.000
(b) Reserves & Surplus	12.211	7.597	1.464
(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)	32.211	27.597	21.464
(3) Non-Current Liabilities
(a) long-term borrowings	25.266	23.370	34.430
(b) Deferred tax liabilities (Net)	1.484	1.453	1.378
(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)	26.750	24.823	35.808
(4) Current Liabilities
(a) Short term borrowings	80.361	61.170	58.320
(b) Trade payables	16.288	10.565	6.603
(c) Other current liabilities	9.943	12.331	15.016
(d) Short-term provisions	2.765	2.769	3.369
Total Current Liabilities (4)	109.357	86.835	83.308
TOTAL	168.318	139.255	140.580
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	37.087	40.773	41.194
(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	3.825	2.931	2.529
(e) Other Non-current assets	0.000	0.049	0.100
Total Non-Current Assets	40.912	43.753	43.823
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	45.862	24.743	32.854
(c) Trade receivables	54.232	41.477	34.521
(d) Cash and cash equivalents	4.218	0.374	0.198
(e) Short-term loans and advances	22.511	28.666	28.969
(f) Other current assets	0.583	0.242	0.215
Total Current Assets	127.406	95.502	96.757
TOTAL	168.318	139.255	140.580

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income
	Other Income
	TOTAL	463.739	439.321	329.447
Less	EXPENSES
	TOTAL	440.807	0.000	307.596
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	22.932	26.697	21.851
Less	FINANCIAL EXPENSES	10.776	12.525	12.458
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	12.156	14.172	9.393
Less/ Add	DEPRECIATION/ AMORTISATION	5.266	5.870	8.676
	PROFIT/ (LOSS) BEFORE TAX	6.890	8.302	0.717
Less	TAX	2.277	2.170	(4.438)
	PROFIT/ (LOSS) AFTER TAX	4.613	6.132	5.155
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	7.598	1.465	-3.691
	Balance Carried to the B/S	12.211	7.597	1.464
	Earnings / (Loss) Per Share (Rs.)	2.30	3.06	2.58

Particulars	31.03.2014
Sales Turnover	480.000

The above information has been parted by Mr Jay (Director)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.99	1.40	1.56
Return on Total Assets PBT/Total Assets}	(%)	4.09	5.96	0.51
Return on Investment (ROI) (PBT/Networth)		0.21	0.30	0.03
Debt Equity Ratio (Total Debt /Networth)		3.28	3.06	4.32
Current Ratio (Current Asset/Current Liability)		1.17	1.10	1.16

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	20.000	20.000	20.000
Reserves & Surplus	1.464	7.597	12.211
Net worth	21.464	27.597	32.211
long-term borrowings	34.430	23.370	25.266
Short term borrowings	58.320	61.170	80.361
Total borrowings	92.750	84.540	105.627
Debt/Equity ratio	4.321	3.063	3.279

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	329.447	439.321	463.739
		33.351	5.558

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	329.447	439.321	463.739
Profit	5.155	6.132	4.613
	1.56%	1.40%	0.99%

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 Four 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 CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10414299	10/12/2013 *	80,000,000.00	BANK OF INDIA	PANCHNATH BRANCH, OPP. JANSATTA, SADAR, RAJKOT, G  ujarat - 360001, INDIA	B93884419

UNSECURED LOANS:

Particular	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long Term Borrowing
Loans and Advances from related Parties
From Directors and Relative	0.188	0.655
From Shareholders	24.846	12.057
Short Term Borrowing
Advances from Customers	1.715	4.415
Total	26.749	17.127

FIXED ASSETS

· Land

· Car (Swift New)

· Car (Fista)

· Borwell

· Computer

· DG Set

· Factory Building

· Fire Extiguisher

· Furniture and Fixtures

· Electrification

· Air Condition

· Plant Equipment

· Office Equipment

· Weight scale

Capital Work in progress:

· Factory 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 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. 60.18
UK Pound	1	Rs. 103.14
Euro	1	Rs. 81.87

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.