MIRA INFORM REPORT

Report Date :

24.07.2014

IDENTIFICATION DETAILS

Name :	NILA SEA FOODS PRIVATE LIMITED (w.e.f. 13.03.2001)
Formerly Known As :	NILA SEA FOODS LIMITED
Registered Office :	137, Pudur Pandiapuram, Tuticorin – 628002, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.01.1992
Com. Reg. No.:	18-021950
Capital Investment / Paid-up Capital :	Rs.13.600 Millions
CIN No.: [Company Identification No.]	U52599TN1992PTC021950
TAN No.: [Tax Deduction & Collection Account No.]	MRIN00176B
PAN No.: [Permanent Account No.]	AAACN6601P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Marine Products.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 960000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The management has failed to file its financial record with government department for the year 2013. As per available financial record of 2012, general financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Chinna Tongam
Designation :	Finance Manager
Contact No.:	91-461-2343707
Date :	21.07.2014

LOCATIONS

Registered Office :	137, Pudur Pandiapuram, Tuticorin – 628 002, Tamilnadu, India
Tel. No.:	91-461-2345707 / 2345538 / 2345806 / 2345387
Fax No.:	91-461-2345138 / 2347792
E-Mail :	ttn_nsf@sancharnet.in nsf939@gmail.com
Website :	www.nilaseafoods.com www.nilaseafoods.in

DIRECTORS

As on 28.09.2012

Name :

Mr. D. Chandran

Designation :

Managing Director

Address :

137 A, Pudur Pandiapuram, Tuticorin – 628 002, Tamilnadu, India

Date of Birth/Age :

12.05.1952

Date of Appointment :

03.01.1992

PAN No.:

ABQPC5981R

DIN No.:

00276344

Election Commission Identity Card No.:

HJW1678077

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	U52599TN1992PTC021950	NILA SEA FOODS PRIVATE LIMITED	Managing director	03/01/1992	03/01/1992	-	Active	NO
2	U29191TN1997PTC037940	NILA COLD STORAGE PRIVATE LIMITED	Managing director	10/04/1997	10/04/1997	-	Active	NO
3	U05001TN1988PTC015484	AMULYA SEAFOODS PRIVATE LIMITED	Managing director	01/03/2001	01/03/2001	-	Active	NO
4	U40108TN2001PTC046525	AMULYAM ENERGY GENERATION PRIVATE LIMITED	Director	29/09/2003	29/09/2003	09/10/2007	Amalgamated	NO
5	U13100TN2005PTC056608	NILA MINES PRIVATE LIMITED	Managing director	14/06/2005	14/06/2005	-	Active	NO
6	U92130TN2008PTC066434	SATHIYAM MEDIA VISION PRIVATE LIMITED	Director	29/09/2012	06/01/2012	-	Active	NO
7	U74900TN2009PLC071801	SATHIYAM TELEVISION LIMITED	Director	28/09/2013	31/12/2012	-	Active	NO

Name :

Mrs. C. Nilavathi

Designation :

Director

Address :

137 A, Pudur Pandiapuram, Tuticorin – 628 002, Tamilnadu, India

Date of Birth/Age :

18.01.1957

Date of Appointment :

03.01.1992

PAN No.:

ABJPN6222H

DIN No.:

00276466

Election Commission Identity Card No.:

HJW1678085

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	U52599TN1992PTC021950	NILA SEA FOODS PRIVATE LIMITED	Director	03/01/1992	03/01/1992	-	Active	NO
2	U29191TN1997PTC037940	NILA COLD STORAGE PRIVATE LIMITED	Director	10/04/1997	10/04/1997	-	Active	NO
3	U05001TN1988PTC015484	AMULYA SEAFOODS PRIVATE LIMITED	Director	16/02/2001	16/02/2001	-	Active	NO
4	U40108TN2001PTC046525	AMULYAM ENERGY GENERATION PRIVATE LIMITED	Director	29/09/2003	29/09/2003	09/10/2007	Amalgamated	NO
5	U13100TN2005PTC056608	NILA MINES PRIVATE LIMITED	Director	14/06/2005	14/06/2005	-	Active	NO

Name :

Mr. C. Selwin Prabhu

Designation :

Director

Address :

137 A, Pudur Pandiapuram, Tuticorin – 628 002, Tamilnadu, India

Date of Birth/Age :

18.08.1981

Date of Appointment :

01.02.2001

PAN No.:

ARMPS1808F

DIN No.:

00276636

Election Commission Identity Card No.:

HJW1677657

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	U29191TN1997PTC037940	NILA COLD STORAGE PRIVATE LIMITED	Director	20/11/2000	20/11/2000	-	Active	NO
2	U52599TN1992PTC021950	NILA SEA FOODS PRIVATE LIMITED	Director	01/02/2001	01/02/2001	-	Active	NO
3	U05001TN1988PTC015484	AMULYA SEAFOODS PRIVATE LIMITED	Director	16/02/2001	16/02/2001	-	Active	NO
4	U13100TN2005PTC056608	NILA MINES PRIVATE LIMITED	Director	14/06/2005	14/06/2005	-	Active	NO

Name :

Mr. Aminathprabu Emmanuvel

Designation :

Director

Address :

137 A, Pudur Pandiapuram, Tuticorin – 628 002, Tamilnadu, India

Date of Birth/Age :

13.02.1989

Date of Appointment :

14.03.2014

DIN No.:

02861787

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	U52599TN1992PTC021950	NILA SEA FOODS PRIVATE LIMITED	Additional director	14/03/2014	14/03/2014	-	Active	NO
2	U29191TN1997PTC037940	NILA COLD STORAGE PRIVATE LIMITED	Additional director	14/03/2014	14/03/2014	-	Active	NO
3	U13100TN2005PTC056608	NILA MINES PRIVATE LIMITED	Additional director	14/03/2014	14/03/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Chinna Tongam
Designation :	Finance Manager

MAJOR SHAREHOLDERS

As on 28.09.2012

Names of Shareholders	No. of Shares	% of Holding
D. Chandran	63600	46.76
C. Nilavathi	62850	46.21
C. Selwin Prabhu	5050	3.71
C. Arun Prabhu	4500	3.31
Total	136000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Marine Products.

Products :

Product Description	ITC Code
Sea Food	98059000
Frozen Marine Products (Shrimps)	30613.01

Brand Names :

· NILA

· AMULYTA

· AMICA

· ASHA

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

The South Indian Bank Limited, Perrira Street, Tuticorin – 628001, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Loans repayable on demand from banks	289.662	423.098
Total	289.662	423.098

Banking Relations :	--
Auditors :
Name :	M. Arunmugam Chartered Accountant
Address :	4B/ A8, Mani Nagar, Tuticorin – 628003, Tamilnadu, India
PAN No.:	AARPA3590L
Associates :	Nila Mines Private Limited CIN No.: U13100TN2005PTC056608

CAPITAL STRUCTURE

As on 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
136000	Equity Shares	Rs.100/- each	Rs.13.600 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.600	13.600
(b) Reserves & Surplus	226.078	195.729
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	239.678	209.329
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	4.153	4.142
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	4.153	4.142
(4) Current Liabilities
(a) Short term borrowings	289.662	423.098
(b) Trade payables	11.839	15.994
(c) Other current liabilities	0.586	0.569
(d) Short-term provisions	0.503	2.088
Total Current Liabilities (4)	302.590	441.749
TOTAL	546.421	655.220
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	86.279	93.994
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	32.863	48.451
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.008	3.740
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	122.150	146.185
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	150.470	173.753
(c) Trade receivables	167.726	263.147
(d) Cash and cash equivalents	40.724	40.922
(e) Short-term loans and advances	65.351	31.213
(f) Other current assets	0.000	0.000
Total Current Assets	424.271	509.035
TOTAL	546.421	655.220

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		13.600
2] Share Application Money		0.000
3] Reserves & Surplus		151.010
4] (Accumulated Losses)		0.000
NETWORTH		164.610
LOAN FUNDS
1] Secured Loans		269.049
2] Unsecured Loans		0.000
TOTAL BORROWING		269.049
DEFERRED TAX LIABILITIES		3.007
TOTAL		436.666
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		80.514
Capital work-in-progress		0.000
INVESTMENT		49.335
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.396
	Sundry Debtors	252.181
	Cash & Bank Balances	68.398
	Other Current Assets	0.000
	Loans & Advances	16.821
Total Current Assets		349.796
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	31.099
	Other Current Liabilities	1.711
	Provisions	10.169
Total Current Liabilities		42.979
Net Current Assets		306.817
MISCELLANEOUS EXPENSES		0.000
TOTAL		436.666

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		1737.100	1496.200	1000.600
		Other Income		NA	NA	137.437
		TOTAL (A)		NA	NA	1138.037
Less	EXPENSES
		TOTAL (B)		NA	NA	1080.777
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			77.273	88.096	57.260
Less	FINANCIAL EXPENSES (D)			24.050	20.861	12.745
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			53.223	67.235	44.515
Less	DEPRECIATION/ AMORTISATION (F)			12.385	12.413	11.847
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			40.838	54.822	32.668
Less	TAX (H)			10.488	10.104	9.875
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			30.350	44.718	22.793
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	1507.400	1332.800	1000.600
	TOTAL EARNINGS			1507.400	1332.800	1000.600
	Earnings Per Share (Rs.)			223.16	328.81	167.59

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	2.00
Net Profit Margin (PBT/Sales)	(%)	2.35	3.66	3.26
Return on Total Assets (PBT/Total Assets}	(%)	7.95	9.04	7.59
Return on Investment (ROI) (PBT/Networth)		0.17	0.26	0.20
Debt Equity Ratio (Total Debt /Networth)		1.21	2.02	1.63
Current Ratio (Current Asset/Current Liability)		1.40	1.15	8.14

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2010	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	13.600	13.600	13.600
Reserves & Surplus	151.010	195.729	226.078
Net worth	164.610	209.329	239.678
long-term borrowings	269.049	423.098	289.662
Short term borrowings	0.000	0.000	0.000
Total borrowings	269.049	423.098	289.662
Debt/Equity ratio	1.634	2.021	1.209

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1,000.600	1,496.200	1,737.100
		49.530	16.101

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1,000.600	1,496.200	1,737.100
Profit	22.793	44.718	30.350
	2.28%	2.99%	1.75%

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	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)	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PERFORMANCE

The company has achieved a turnover of Rs.1737.100 Millings against the previous year turnover of Rs.1496.200 Millions despite persistent adverse market conditions and climatic conditions world over. The company has earned a profit before tax Rs.40.838 Millions against the previous year figure of Rs.54.822 Millions. The directors are hopeful of achieving better result in the coming years.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90302270	28/01/2004	537,600.00	Sundaram Finance Limited	No. 21 Patullos Road, Chennai, Tamil Nadu - 600002, India	-
2	90302769	22/02/2014 *	1,374,000,000.00	The South Indian Bank Limited	Pereira Street, Tuticorin, Tamil Nadu - 628001, India	B98485246
3	90302732	04/09/1998	108,500,000.00	The South Indian Bank Limited	Tuticorin, Tuticorin, Tamil Nadu - 628001, India	-
4	90302684	21/03/1997	60,360,412.00	The South Indian Bank Limited	Tuticorin, Tuticorin, Tamil Nadu - 628001, India	-
5	90302673	24/08/1996	23,500,000.00	The South Indian Bank Limited	Pereira Street, Tuticorin, Tamil Nadu - 628001, India	-
6	90301966	25/11/1995 *	43,500,000.00	The South Indian Bank Limited	Tuticorin, Tuticorin, Tamil Nadu - 628001, India	-
7	90301961	12/10/1995	29,500,000.00	The South Indian Bank Limited	Tuticorin, Tuticorin, Tamil Nadu - 628001, India	-
8	90301817	16/07/2004 *	4,000,000.00	The South Indian Bank Limited	Tuticorin, Tuticorin, Tamil Nadu - 628001, India	-
9	90302544	23/05/1992	750,000.00	The South Indian Bank Limited	Tuticorin, Tuticorin, Tamil Nadu - 628001, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.102.68
Euro	1	Rs.81.03

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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		45

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.