MIRA INFORM REPORT

Report Date :

28.07.2014

IDENTIFICATION DETAILS

Name :	DEV BHUMI COLD CHAIN LIMITED
Formerly Known As :	DEV BHUMI COLD CHAIN PRIVATE LIMITED
Registered Office :	Indraprastha Bhawan, Plot No. 17 and 18, New Subzimandi, Azadpur, Delhi – 110033
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.08.2003
Com. Reg. No.:	55-121616
Capital Investment / Paid-up Capital :	Rs.42.500 Millions
CIN No.: [Company Identification No.]	U74999DL2003PLC121616
TAN No.: [Tax Deduction & Collection Account No.]	DELD06128D / DELD07493D
PAN No.: [Permanent Account No.]	AABCD7986J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader, Exporter and Importer of Fresh Fruits.
No. of Employees :	120 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 960000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of DB group. It is an established company having a moderate track record. The rating takes into consideration modest scale of operations and fluctuations in foreign exchange rates. However, trade relations are reported to be fair. Business is active. Payments 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BB-
Rating Explanation	Have moderate risk of default
Date	18.10.2013

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 PARTED BY

Name :	Mr. Manoj Pawar
Designation :	Acocunts Executive
Contact No.:	91-11-27674876
Date :	26.07.2014

LOCATIONS

Registered / Corporate Office / Project Site :	Indraprastha Bhawan, Plot No. 17 and 18, New Subzimandi, Azadpur, Delhi – 110033, India
Tel. No.:	91-11-47125555 / 47125510 / 47125530 / 47125531/ 27674876
Fax No.:	91-11-27671700 / 27482775
E-Mail :	purusottam@devbhumiagri.com ipcoldstorage@yahoo.com accounts@devbhumiagri.com legal@devbhumiagri.com kumardhruva@devbhumiagri.com ram.tiwari@devbhumiagri.com pawan.gupta@devbhumiagri.com info@devbhumiagri.com
Website :	www.devbhumiagri.com
Strategic Distribution Centre/ Branch Office :	Apple Chowk, ViIIage Matiana, Tehsil, Theog District Shimla – 171212, Himachal Pradesh, India
Overseas Office :	Indraprastha Limited (USA), 284, Steelmanville Road, EHT, NJ – 08234, USA

DIRECTORS

As on 30.09.2013

Name :

Mr. Ashok Kumar

Designation :

Managing Director

Address :

BN – 78, Paschimi Shalimar Bagh, New Delhi – 110052, India

Date of Birth/Age :

23.12.1950

Date of Appointment :

01.05.2013

DIN No.:

02200740

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	U74899DL1995GOI068150	DELHI METRO RAIL CORPORATION LIMITED	Nominee director	20/03/2008	20/03/2008	08/03/2011	Active	NO
2	U74999DL2003PLC121616	DEV BHUMI COLD CHAIN LIMITED	Managing director	01/05/2013	01/05/2013	-	Active	NO

Name :

Mr. Sanjay Aggarwal

Designation :

Managing Director

Address :

BN – 78, Paschimi Shalimar Bagh, New Delhi – 110052, India

Date of Birth/Age :

05.04.1959

Date of Appointment :

01.06.2009

DIN No.:

00211962

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	U29191DL1952PTC000765	INDRAPRASTHA ICE AND COLD STORAGE PRIVATE LIMITED	Director	23/05/1977	23/05/1977	-	Active	NO
2	U74899DL1973PTC006971	SANJAY BHARAT EXPORTERS (INDIA) PRIVATE LIMITED	Director	23/05/1977	23/05/1977	-	Strike off	NO
3	U74999DL2003PLC121616	DEV BHUMI COLD CHAIN LIMITED	Managing director	01/06/2009	04/08/2003	-	Active	NO
4	U74140DL2008PTC177119	Dev Bhumi Farmer Alliances (India) Private Limited	Director	24/04/2008	24/04/2008	-	Strike off	NO

Name :

Mrs. Sunila Aggarwal

Designation :

Director

Address :

BN – 78, Paschimi Shalimar Bagh, New Delhi – 110052, India

Date of Birth/Age :

24.11.1961

Date of Appointment :

04.08.2003

DIN No.:

00212143

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	U74899DL1973PTC006971	SANJAY BHARAT EXPORTERS (INDIA) PRIVATE LIMITED	Director	31/12/1985	31/12/1985	-	Strike off	NO
2	U29191DL1952PTC000765	INDRAPRASTHA ICE AND COLD STORAGE PRIVATE LIMITED	Whole-time director	08/05/2009	31/12/1985	-	Active	NO
3	U74999DL2003PLC121616	DEV BHUMI COLD CHAIN LIMITED	Director	04/08/2003	04/08/2003	-	Active	NO

Name :

Mr. Ashutosh Verma

Designation :

Whole Time Director

Address :

B – 3/66, Second Floor, Sector 11, Rohini, Delhi – 110085, India

Date of Birth/Age :

18.10.1973

Date of Appointment :

02.06.2011

DIN No.:

02272269

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Sanjay Aggarwal	260997
Sanyogita Aggarwal	4313
Sunila Aggarwal	384650
Indraprastha Ice and Cold Storage Private Limited, India	10
Jagdish Prasad Aggarwal	10
Premlata Aggarwal	10
Kumar Dhruva Aggarwal	3600010
Total	4250000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Importer of Fresh Fruits.
Exports :
Products :	Finished Goods
Countries :	Hong Kong
Imports :
Products :	Fruits
Countries :	· Egypt · Turkey · USA
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Aditya Birla Retail Limited

No. of Employees :

120 (Approximately)

Bankers :

• Bank of Baroda, New Subzi Mandi, Azadpur, Delhi – 110033, India
• Bank of Baroda, Indraprastha Bhawan, Azadpur, Delhi - 110033, India
• Vijaya Bank
• UCO Bank

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Secured term loans from banks
UCO Bank Loan A/C – Term Loan – I (Secured with Matiana Property)	21.378	27.379
UCO Bank Loan A/C – Term Loan – II (Secured with Matiana Property)	10.568	11.903
Secured by personal property of directors
Deutsche Bank – LAP	68.507	0.000
ING Vysya Bank Limited (LAP)	0.000	48.672
SCB Loan A/C – (LAP)	0.000	34.990
Short Term Borrowings
Bank of Baroda OD A/c (Secured with stock and debtors)	260.815	138.775
Buyer’s credit facility	25.665	59.566
UCO Bank Loan A/C – Term Loan – I (Secured with Matiana Property)	5.923	5.923
UCO Bank Loan A/C – Term Loan – II (Secured with Matiana Property)	1.563	0.801
Indraprastha Ice and Cold Storage Private Limited	0.000	1.998
Total	394.419	330.007

Banking Relations :	--
Auditors :
Name :	P.D. Mittal and Company Chartered Accountants
Address :	Mittal Bhawan, 70, Darya Ganj, New Delhi – 110002, India
Tel. No.:	91-11-65169313
PAN.:	AAGFP0579D
Related Parties :	· Matru Bhumi Supply Chain Private Limited · Indraprastha Ice and Cold Storage Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4250000	Equity Shares	Rs.10/- each	Rs.42.500 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	42.500	42.500	42.500
(b) Reserves & Surplus	196.423	172.778	99.309
(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)	238.923	215.278	141.809
(3) Non-Current Liabilities
(a) long-term borrowings	276.998	147.950	125.995
(b) Deferred tax liabilities (Net)	0.950	0.950	0.950
(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)	277.948	148.900	126.945
(4) Current Liabilities
(a) Short term borrowings	293.966	207.063	80.087
(b) Trade payables	12.623	32.373	14.374
(c) Other current liabilities	10.408	22.133	1.758
(d) Short-term provisions	3.063	8.237	0.000
Total Current Liabilities (4)	320.060	269.806	96.219
TOTAL	836.931	633.984	364.973
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	348.003	231.622	233.565
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	23.518	87.740	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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	371.521	319.362	233.565
(2) Current assets
(a) Current investments	0.600	0.100	0.100
(b) Inventories	314.867	154.831	32.578
(c) Trade receivables	118.847	102.780	43.015
(d) Cash and cash equivalents	24.963	49.829	14.627
(e) Short-term loans and advances	5.108	6.490	40.828
(f) Other current assets	1.025	0.592	0.260
Total Current Assets	465.410	314.622	131.408
TOTAL	836.931	633.984	364.973

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		957.873	811.574	358.557
		Other Income		9.824	24.580	18.857
		TOTAL (A)		967.697	836.154	377.414
Less	EXPENSES
		Purchase of Stock-in-trade		1022.480	898.434	345.354
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(160.035)	(122.254)	(4.439)
		Employee Benefits Expenses		11.936	7.032	4.197
		Other Expenses		26.548	16.243	13.861
		TOTAL (B)		900.929	799.455	358.973
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			66.768	36.699	18.441
Less	FINANCIAL EXPENSES (D)			44.813	24.158	13.751
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			21.995	12.541	4.690
Less	DEPRECIATION/ AMORTISATION (F)			8.834	5.180	0.889
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			13.121	7.361	3.801
Less	TAX (H)			2.500	1.365	0.724
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			10.621	5.996	3.077
	IMPORTS
			Trading Goods	640.603	507.130	224.093
			Machines and their parts	6.927	18.744	0.000
	TOTAL IMPORTS			647.530	525.874	224.093
	Earnings Per Share (Rs.)			2.12	1.41	0.72

Particulars	31.03.2014
Sales Turnover (Approximately)	1100.000

The above information has been parted by Mr. Manoj Pawar

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.10	0.72	0.82
Net Profit Margin (PBT/Sales)	(%)	1.37	0.91	1.06
Return on Total Assets (PBT/Total Assets}	(%)	1.61	1.35	1.04
Return on Investment (ROI) (PBT/Networth)		0.05	0.03	0.03
Debt Equity Ratio (Total Debt /Networth)		2.39	1.65	1.45
Current Ratio (Current Asset/Current Liability)		1.45	1.17	1.37

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	42.500	42.500	42.500
Reserves & Surplus	99.309	172.778	196.423
Net worth	141.809	215.278	238.923
long-term borrowings	125.995	147.950	276.998
Short term borrowings	80.087	207.063	293.966
Total borrowings	206.082	355.013	570.964
Debt/Equity ratio	1.453	1.649	2.390

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	358.557	811.574	957.873
		126.344	18.027

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	358.557	811.574	957.873
Profit	3.077	5.996	10.621
	0.86%	0.74%	1.11%

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 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	Yes
17]	Major suppliers	No
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	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans from directors	146.473	20.000
Indraprastha Ice and Cold Storage Private Limited	30.072	5.006
Total	176.545	25.006

CORPORATE INFORMATION:

The company is engaged in the business as owners of the cold chain plant and also as a trader / importer of fresh fruits, since inception.

FINANCIAL PERFORMANCE

During the year 2012-13 the company has grown tremendously in respect of its turnover as well as profits. In the year 2011-12 the turnover of the company was Rs.810.000 Millions approximately which has reached Rs.960.000 Millions Crores in the year 2012-13. In respect of profits, the Net Profit of the company in financial year 2011-12 was Rs.5.900 Millions which has reached Rs.10.600 Millions in financial year 2012-13 (After Tax).

Also the company is in the business of running its specialized controlled atmospheric storages at its premises at Matiana, Shimla, and HP for the storage of fresh fruits. The company has successfully commissioned its 2nd project of 1000 MT CA Store 100 MT CS space in FY 2012-13. Also, the company has started the implementation of its 3^rd phase of similar project for 3255 MT capacity at the same location.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10311277	03/10/2011	50,000,000.00	Bank of Baroda	Indraprastha Bhawan, Azadpur, Delhi, Delhi - 110033, India	B22980726
2	10043722	01/07/2013 *	641,900,000.00	Bank of Baroda	New Subzi Mandi, Azadpur, Delhi, Delhi - 110033, India	B78752284

*Date of modification Charges

FIXED ASSETS:

· Plant and Machinery

· Furniture and Fixtures

· Vehicles (Commercial)

· Computers

· Mobile

· Office Equipment

· Land

· Building

· Car

· Computers

· Electrical Equipment

· Generator

· Bins

· Mobile

· Electrical Hoist

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.60.14
UK Pound	1	Rs.102.22
Euro	1	Rs.81.02

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	RAS
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	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		31

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.