MIRA INFORM REPORT

Report Date :

05.06.2014

IDENTIFICATION DETAILS

Name :	VITTHAL CORPORATION LIMITED (w.e.f. 29.09.2010)
Formerly Known As :	VITHAL SUGARS MANUFACTURING LIMITED
Registered Office :	Vithalrao Shinde Nagar, Post- Mhaisgaon, Taluka, Madha District Solapur – 413250, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.10.1998
Com. Reg. No.:	11-012939
Capital Investment / Paid-up Capital :	Rs. 360.410 Millions
CIN No.: [Company Identification No.]	U17120PN1998PLC012939
TAN No.: [Tax Deduction & Collection Account No.]	PNEV05787F
PAN No.: [Permanent Account No.]	AACCV5742M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Sugar Extra Neutral Alcohol, Rectified Sprit, Special Denatured Sprit.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 2300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. External borrowing of the company seems to be huge which act as a threat to the liquidity position. However trade relations are reported to be 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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities B
Rating Explanation	Have high risk of default
Date	07.01.2014

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. Amol Dhawale
Designation :	Finance Manager
Contact No.:	91-9420492107
Date :	03.06.2014

LOCATIONS

Registered Office/ Factory :	Vithalrao Shinde Nagar, Post- Mhaisgaon, Taluka, Madha District Solapur – 413250, Maharashtra, India
Tel. No.:	91-2183-226455/ 226475
Mobile No.:	91-9420492107 (Mr. Amol Dhawale)
Fax No.:	91-2183-226495
E-Mail :	vitthalsugarmfg@gmail.com
Website :	http://www.vitthalcorporation.com
Location :	Owned

SOLE PROPRIETOR/PARTNERS/DIRECTORS

As on: 30.09.2013

Name :

Mr. Haridas Bhanudas Dange

Designation :

Managing Director

Address :

At and Post – Shelgaon (Wangi), Taluka- Karmala, Solapur – 413202, Maharashtra, India

Date of Birth/Age :

01.08.1948

Date of Appointment :

01.04.2008

DIN No.:

00377908

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	U17120PN1998PLC012939	VITTHAL CORPORATION LIMITED	Managing director	01-04-13	14-04-99	-	Active	NO
2	U15543PN2004PTC019038	ANMOL MINERALS PRIVATE LIMITED	Director	23-03-04	23-03-04	-	Active	NO
3	U45200PN2010PTC136306	VITTHAL BUILDCON PRIVATE LIMITED	Director	12-05-10	12-05-10	-	Active	NO
4	U15139PN2010PTC137300	DANGE AGRO PRODUCTS PRIVATE LIMITED	Director	09-09-10	09-09-10	-	Active	NO
5	U15420PN2008PTC131962	AAPLI SUGAR AND ETHENOL PRIVATE LIMITED	Director	16-08-11	16-08-11	-	Active	NO
6	U17123PN2012PTC143686	Sumida Textile Mills Private Limited	Director	25-08-12	12-06-12	-	Active	NO

Name :

Mr. Sanjay Vitthalrao Shinde

Designation :

Whole Time Director

Address :

At and Post – Nimgaon, Taluka – Madha, Solapur – 413210, Maharashtra, India

Date of Birth/Age :

31.07.1968

Date of Appointment :

01.04.2013

DIN No.:

00196861

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	U17120PN1998PLC012939	VITTHAL CORPORATION LIMITED	Whole-time director	01-04-13	01-09-00	-	Active	NO
2	U45200PN2010PTC136306	VITTHAL BUILDCON PRIVATE LIMITED	Director	12-05-10	12-05-10	-	Active	NO
3	U15420PN2008PTC131962	AAPLI SUGAR AND ETHENOL PRIVATE LIMITED	Director	16-08-11	16-08-11	-	Active	NO

Name :

Mr. Babanrao Vithalrao Shinde

Designation :

Director

Address :

At and Post – Nimgaon, Taluka – Madha, Solapur – 413210, Maharashtra, India

Date of Birth/Age :

01.09.1951

Date of Appointment :

15.06.2006

DIN No.:

02976243

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	U17120PN1998PLC012939	VITTHAL CORPORATION LIMITED	Director	15-06-06	15-06-06	-	Active	NO
2	U20292PN2011PTC141541	OM SHANTI PARTICLE BOARD PRIVATE LIMITED	Director	07-12-11	07-12-11	-	Active	NO

Name :

Mr. Chandrakant Vitthalrao Patil

Designation :

Director

Address :

37 A Chinchgaon, Taluka – Madha, Solapur – 413210, Maharashtra, India

Date of Birth/Age :

04.04.1950

Date of Appointment :

09.10.1998

DIN No.:

02470305

KEY EXECUTIVES

Name :	Mr. Amol Dhawale
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Equity Shares
Sanjay Vitthalrao Shinde	257
Babanrao Vithalrao Shinde	51
Haridas Bhanudas Dange	32
Savita Sanjay Shinde	51
Yashshri Sanjay shinde	40
Yashwant Sanjay Shinde	99
Archana Suhas Dange	10
Suhas Haridas Dange	20
Suman Haridas Dange	20
Manakshi Sunil Pachkawade	10
Sunil Ramchandra Pachkawade	10
Total	600

Prefrence Shares Details Not Available

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Sugar Extra Neutral Alcohol, Rectified Sprit, Special Denatured Sprit.

Products :

Products Description	Item Code No.
White Crystal Sugar	1701990
Mollasses	17031000
Alcohol	22072000
Power	--

· Sugar

· Extra Neutral Alcohol

· Rectified Sprit

· Special Denatured Sprit

GENERAL INFORMATION

No. of Employees :

600 (Approximately)

Bankers :

· Punjab National Bank, Anantkrupa Society, Paud Road, Kothrud, Pune – 411038, Maharashtra, India

· Union Bank of India

· Bank of India

Solapur DCC Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Rupee term loan from bank	1369.3390	689.460
SHORT TERM BORROWINGS
Working capital loans from bank	1353.172	951.660
Total	2722.511	1641.120
Note: Secured by way of hypothecation of present and future stock of sugar, Molasses and Bagasse.

Banking Relations :	---
Auditors :
Name :	V. G. Naikawadi and Company Chartered Accountants
Address :	37, Laxmi Park, Sukhshanti Apartment, Navi Peth, Pune – 411030, Maharashtra, India
PAN No.:	AAIFV7599M
Related Parities :	· Vitthalrao Shinde SSK Limited · Anmol Minerals Private Limited · Yashashree Engineering · Vitthal Distilleries Limited CIN No. U15530PN2008PLC131513 · Indian Sugars Limited · Vitthal Buildcon Private Limited CIN No. U45200PN2010PTC136306

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
600	Equity Shares	Rs.50000/- each	Rs. 30.000 Millions
37000	Preference Shares	Rs.10000/-each	Rs. 370.000 Millions
	Total		Rs. 400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
600	Equity Shares	Rs.50000/- each	Rs. 30.000 Millions
33041	Preference Shares	Rs.10000/-each	Rs. 330.410 Millions
	Total		Rs. 360.410 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	360.410	208.510	208.510
(b) Reserves & Surplus	222.712	178.639	74.370
(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)	583.122	387.149	282.880
(3) Non-Current Liabilities
(a) long-term borrowings	1929.939	868.263	792.201
(b) Deferred tax liabilities (Net)	104.226	83.272	4.031
(c) Other long term liabilities	13.031	8.474	9.786
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2047.196	960.009	806.018
(4) Current Liabilities
(a) Short term borrowings	1353.172	951.660	1297.250
(b) Trade payables	454.649	696.982	318.207
(c) Other current liabilities	153.185	137.088	159.995
(d) Short-term provisions	88.426	82.320	20.815
Total Current Liabilities (4)	2049.432	1868.050	1796.267
TOTAL	4679.750	3215.208	2885.165
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2208.125	1117.229	885.947
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	174.392	71.682	83.542
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.400	0.400	0.400
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	17.377	17.269	1.573
(e) Other Non-current assets	1.309	0.406	0.588
Total Non-Current Assets	2401.603	1206.986	972.050
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1676.094	1139.885	1439.772
(c) Trade receivables	37.330	57.616	13.180
(d) Cash and cash equivalents	219.729	388.805	228.078
(e) Short-term loans and advances	329.508	414.615	227.728
(f) Other current assets	15.486	7.301	4.357
Total Current Assets	2278.147	2008.222	1913.115
TOTAL	4679.750	3215.208	2885.165

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1703.844	2872.329	1505.159
		Other Income	19.332	8.463	3.381
		TOTAL (A)	1723.176	2880.792	1508.540
Less	EXPENSES
		Cost of Materials Consumed	1574.510	1815.618	1506.005
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(485.809)	343.193	441.341
		Employees benefits expense	76.205	58.465	38.090
		Exceptional Items	0.000	0.000	(44.125)
		Other expenses	164.924	155.189	109.045
		TOTAL (B)	1329.830	2372.465	2050.356
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		393.346	508.327	(541.816)
Less	FINANCIAL EXPENSES (D)		249.853	205.731	195.593
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		143.493	302.596	(737.409)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		60.371	55.413	43.780
	PROFIT BEFORE TAX (E-F) (G)		83.122	247.183	(781.189)
Less	TAX (H)		39.050	132.429	(22.475)
	PROFIT AFTER TAX (G-H) (I)		44.072	114.754	(758.714)
	Earnings Per Share (Rs.)		77.981	185.53	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.56	3.98	(50.29)
Net Profit Margin (PBT/Sales)	(%)	4.88	8.61	(51.90)
Return on Total Assets (PBT/Total Assets}	(%)	1.85	7.86	(27.89)
Return on Investment (ROI) (PBT/Networth)		0.14	0.64	(2.76)
Debt Equity Ratio (Total Debt /Networth)		5.63	4.70	7.39
Current Ratio (Current Asset/Current Liability)		1.11	1.08	1.07

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	208.510	208.510	360.410
Reserves & Surplus	74.370	178.639	222.712
Net worth	282.880	387.149	583.122
long-term borrowings	792.201	868.263	1929.939
Short term borrowings	1297.250	951.660	1353.172
Total borrowings	2089.451	1819.923	3283.111
Debt/Equity ratio	7.386	4.701	5.630

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	1505.159	2872.329	1703.844
		90.832	(40.681)

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	1505.159	2872.329	1703.844
Profit	(758.714)	114.754	44.072
	(50.41)%	4.00%	2.59%

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

NOTE: The Registered Office of the company has been shifted from Gangama Nagar, Pimpalner, Tal Majha, Solapur, Maharashtra, India, to the present address w.e.f. 31.05.2008.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10392181	24/11/2012	500,000,000.00	UNION BANK OF INDIA	KUMBHAR VES SHOPPING CENTRE, P.B.NO.127, SOLAPUR,  MAHARASHTRA - 413002, INDIA	B64223530
2	10389459	05/11/2012	200,000,000.00		KUMBHAR VES SHOPPING CENTRE, P.B.NO. 127, SOLAPUR  , MAHARASHTRA - 413002, INDIA	B63138564
3	10378558	11/09/2012	200,000,000.00	PUNJAB NATIONAL BANK	11/12 NAVA SWARAJ CHS LIMITED. IDEAL COLONY, PAUD ROAD, NEAR GEETAI MALL, KOTHRUD, PUNE, MAHARASHTRA -  411038, INDIA	B58922394
4	10378557	11/09/2012	800,000,000.00	PUNJAB NATIONAL BANK	11/12 NAVA SWARAJ CHS LIMITED. IDEAL COLONY, PAUD ROAD, NEAR GEETAI MALL, KOTHRUD, PUNE, MAHARASHTRA -  411038, INDIA	B58921925
5	10214495	26/02/2010	251,600,000.00	SOLAPUR DISTRICT CENTRAL COPERATIVE BANK LIMITED	207/08/09, GOLDFINCH, PETH,, SOLAPUR, SOLAPUR, MAHARASHTRA - 413007, INDIA	A83637298

* Date of charge modification

UNSECURED LOAN (Rs. In Millions)

	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Rupee term loan from bank	560.600	178.803
Total	560.600	178.803

FIXED ASSETS:

· Land and Site Development

· Factory Building

· Plant and Machinery

· Furniture and Fixture

· Computers

· Vehicles

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.59.33
UK Pound	1	Rs.99.18
Euro	1	Rs.80.76

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.