MIRA INFORM REPORT

Report Date :

12.06.2014

IDENTIFICATION DETAILS

Name :	AGL POLYFIL PRIVATE LIMITED
Registered Office :	Vill Chandrapur, P.O.& P.S. Bagnan, Howrah – 711303, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.03.2002
Com. Reg. No.:	21-094422
Capital Investment / Paid-up Capital :	Rs. 126.000 Millions
CIN No.: [Company Identification No.]	U70109WB2002PTC094422
TAN No.: [Tax Deduction & Collection Account No.]	CALA11306B
PAN No.: [Permanent Account No.]	AAACU5258M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Recycled Polyester, Staple Fibre.
No. of Employees :	Not divulged

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 620000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a well-established company having moderate track record The company possesses a moderate financial profile marked by a high gearing and modest debt protection metrics along with substantial working capital requirements. Management has reported an improvement in its liquidity profile an account of sustained revenue growth leading to improved cash accruals during FY 2013 The ratings also take into consideration the susceptibility of its profitability to raw material price changes. However, trade relations seems to be fair. Business is active. Payment terms are reported as slow. In view of promoter’s industry experience, the subject can be considered for business dealings with great 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	CRISIL
Rating	Long term ratings “B”
Rating Explanation	Risk prone credit quality carries very high credit risk.
Date	26.06.2013
Rating Agency Name	CRISIL
Rating	Short term rating “A4”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	26.06.2013

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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Prakash Saboo
Designation :	Admin department
Contact No.:	91-9674722240
Date :	26.05.2014

LOCATIONS

Registered/factory Office :	Vill Chandrapur, P.O.& P.S. Bagnan, Howrah – 711303, West Bengal, India
Tel. No.:	Not Available
Mobile No.:	91-9674722240 (Mr. Prakash Saboo)
Fax No.:	Not Available
E-Mail :	factory@aglpolyfil.com
Website :	www.aglpolyfil.com
Location :	Owned
Correspondence Office :	Draupadi Mansion, 11 Brabourne Road, 5^th floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22428792
Fax No.:	91-33-22427314
E-Mail :	kolkata@aglpolyfil.com

DIRECTORS

As on: 30.09.2013

Name :

Mr. Suresh Kumar Agarwal

Designation :

Director

Address :

1B/ 503, 325 Green Acres, Coop HSG Society, Lokhandwala Complex, Andheri (West), Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

17.07.1957

Date of Appointment :

01.08.2008

DIN No.:

00265676

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	U51909WB1990PTC050385	EAST COAST DISTRIBUTORS PRIVATE LIMITED	Director	02-09-96	02-09-96	-	Active	NO
2	U51900MH1989PLC053732	DENIS EXPORTS PRIVATE LIMITED	Director	24-05-99	24-05-99	-	Active	NO
3	U01110MH1992PTC067200	VASHI AGRO INDUSTRIES PRIVATE LIMITED	Director	12-08-00	12-08-00	-	Active	NO
4	U01110MH1992PTC068307	PRUDENTIAL AGRO INDUSTRIES PRIVATE LIMITED	Director	14-08-00	14-08-00	-	Active	NO
5	U22219MH1995PTC094241	UNA DESIGN -O-PRINT PRIVATE LIMITED	Director	02-02-01	02-02-01	-	Converted to LLP and dissolved	NO
6	U70100MH2004PTC144693	DENIS LEASING AND INFOTECH PRIVATE LIMITED	Director	24-02-04	24-02-04	-	Active	NO
7	U51909MH2003PTC139277	PRALINE LEASING AND INFOTECH PRIVATE LIMITED	Director	18-08-04	18-08-04	-	Active	NO
8	U51909GA2004PTC003643	NEENAH EXIM (GOA) PRIVATE LIMITED	Director	19-10-04	19-10-04	-	Strike off	NO
9	U51909WB1992PTC054181	BLUE HORIZON TRADING C0MPANY. PRIVATE LIMITED.	Director	26-09-05	26-09-05	-	Active	NO
10	U51200MH1992PTC066433	DINKAR AGENCIES PRIVATE LIMITED	Director	10-10-05	10-10-05	-	Active	NO
11	U51900MH1992PTC065709	GAJRAJ TRADING CO PRIVATE LIMITED	Director	01-12-05	01-12-05	-	Active	NO
12	U70100MH2002PTC157514	BISHWANATH PROPERTY PRIVATE LIMITED (TRF.)	Director	09-02-07	09-02-07	-	Active	NO
13	U51909MH2003PTC139521	VALENCIA LEASING AND INFOTECH PRIVATE LIMITED	Director	09-02-07	09-02-07	-	Active	NO
14	U65923MH1997PTC106632	BENGAL FINANCE AND INVESTMENT PRIVATE LIMITED	Director	05-04-07	05-04-07	-	Active	NO
15	U51109WB1995PTC070866	PRAXIS SUPPLIERS PRIVATE LIMITED	Director	26-09-07	26-09-07	-	Active	NO
16	U70109WB2002PTC094422	AGL POLYFIL PRIVATE LIMITED	Director	01-08-08	01-08-08	-	Active	NO
17	U51909WB1995PTC071677	TRUE TONE MARKETING PRIVATE LIMITED	Director	24-06-09	24-06-09	-	Active	NO
18	U70101WB1994PTC062107	STALLION HOMES PRIVATE LIMITED	Director	25-11-10	25-11-10	-	Active	NO
19	AAB-7028	UNA DESIGN -O-PRINT LLP	Designated Partner	13-08-13	13-08-13	-	Active	NO

Name :

Mr. Sunil Kumar Agarwal

Designation :

Director

Address :

1B/ 503, 325 Green Acres, Coop HSG Society, Lokhandwala Complex, Andheri (West), Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

26.11.1960

Date of Appointment :

01.08.2008

DIN No.:

00605768

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	U70101WB1989PTC045948	EASTERN COTTON TRADERS PRIVATE LIMITED	DIRECTOR	10-01-89	10-01-89	-	ACTIVE	NO
2	U51909WB2004PTC099650	BASANT MERCHANTS PRIVATE LIMITED	DIRECTOR	14-12-04	14-12-04	-	ACTIVE	NO
3	U70109WB2002PTC094422	AGL POLYFIL PRIVATE LIMITED	DIRECTOR	01-08-08	01-08-08	-	ACTIVE	NO

Name :

Mr. Sudershan Agarwal

Designation :

Director

Address :

18/5 Ballygung Circular Road, Kolkata – 700019, West Bengal,India

Date of Birth/Age :

18.05.1984

Date of Appointment :

05.08.2008

DIN No.:

02316633

Name :

Mr. Saurabh Agarwal

Designation :

Director

Address :

18/5 Ballygung Circular Road, Kolkata – 700019, West Bengal,India

Date of Birth/Age :

07.10.19983

Date of Appointment :

01.08.2008

DIN No.:

00610805

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	U51909WB2004PTC099650	BASANT MERCHANTS PRIVATE LIMITED	DIRECTOR	06-12-04	06-12-04	08-12-11	ACTIVE	NO
2	U70101WB1989PTC045948	EASTERN COTTON TRADERS PRIVATE LIMITED	DIRECTOR	10-12-04	10-12-04	-	ACTIVE	NO
3	U70109WB2002PTC094422	AGL POLYFIL PRIVATE LIMITED	MANAGING DIRECTOR	16-03-09	01-08-08	-	ACTIVE	NO

KEY EXECUTIVES

Name :	Mr. Prakash Saboo
Designation :	Admin department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Sarita Agarwal	3609000
Suresh Agarwal	4108000
Sunil Agarwal	119000
Saurabh Agarwal	149000
Sudarshan Agarwal	1208000
Eastern Cotton Traders Private Limited - India	870000
Sunita Agarwal	113000
True Tone Marketing Private Limited- India	2400000
Suresh Kumar Agarwal and Sons HUF- India	1000
Shikha Agarwal	18000
Kailash Prasad Sunil Kumar HUF- India	5000
Total	12600000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	25.95
Directors or relatives of Directors	74.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Recycled Polyester, Staple Fibre.

Products :

Product	ITC Code
Polyester Staple Fibre	55032000

Exports :

Products :

Finished Goods

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

Not Divulged

Bankers :

State Bank of India, SME Branch, Salt Lake, Plot No, X-1, 8/1, Block – EP, Sector-V, Salt Lake Electronics Complex, Kolkata – 700091, West Bengal, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Rupee term loan from Bank	72.435	12.624
Foreign currency term loans from bank	36.128	0.000
Rupee term loan from others	29.330	44.392
Foreign currency term loans from others	1.795	98.279
SHORT TERM BORROWINGS
Working capital loans from Banks	142.477	88.361
Loans repayable from demand from Bank	0.000	49.646
Total	282.165	293.302

Banking Relations :	---
Auditors :
Name :	J. JAIN and Associates Chartered Accountants
Address :	Alphanso Estate, 5, Mangoe Lane, 3rd Floor, Suite No.-302, Kolkata-700001, India
PAN No.:	ACQPJ4799K
Related Parties:	Basant Merchants Private Limited Eastern Cotton Traders Private Limited Suresh Kumar Agarwal and Sons Huf Kailash Prasad Sunil Kumar Huf

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs.10/- each	Rs. 130.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12600000	Equity Shares	Rs.10/- each	Rs. 126.000 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	126.000	125.690	120.000
(b) Reserves & Surplus	30.924	25.179	0.145
(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)	156.924	150.869	120.145
(3) Non-Current Liabilities
(a) long-term borrowings	247.339	240.184	174.294
(b) Deferred tax liabilities (Net)	3.879	1.697	0.045
(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)	251.218	241.881	174.339
(4) Current Liabilities
(a) Short term borrowings	161.977	148.008	217.289
(b) Trade payables	41.180	34.196	9.965
(c) Other current liabilities	82.867	67.233	43.038
(d) Short-term provisions	0.013	0.777	0.025
Total Current Liabilities (4)	286.037	250.214	270.317
TOTAL	694.179	642.964	564.801
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	355.383	376.744	377.460
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	61.519	3.203	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	2.013	0.942	1.073
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	418.915	380.889	378.533
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	157.443	181.555	85.483
(c) Trade receivables	38.694	42.401	29.627
(d) Cash and cash equivalents	65.439	28.537	56.068
(e) Short-term loans and advances	12.690	8.184	14.634
(f) Other current assets	0.998	1.398	0.456
Total Current Assets	275.264	262.075	186.268
TOTAL	694.179	642.964	564.801

Particulars	31.03.2013	31.03.2012	31.03.2011
Sales Turnover (Approximately)	940.000	NA	NA
Profit	4.505	2.274	0.162

The above information has been parted by Mr. Prakash Saboo (Admin Department)

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	2.61	2.57	3.26
Current Ratio (Current Asset/Current Liability)	0.96	1.05	0.69

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	120.000	125.690	126.000
Reserves & Surplus	0.145	25.179	30.924
Net worth	120.145	150.869	156.924
long-term borrowings	174.294	240.184	247.339
Short term borrowings	217.289	148.008	161.977
Total borrowings	391.583	388.192	409.316
Debt/Equity ratio	3.259	2.573	2.608

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one year	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	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

Note:

The registered office of the company has been shifted from Alphanso Estate, 5, Surendra Mohan Ghosh Sarani, Mangole Lane, 3^rd Floor, Room No. 306, Kolkata – 700004, West Bengal, India to present address w.e.f. 01.04.2009

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10209203	19/03/2010 *	372,200,000.00	STATE BANK OF INDIA (LEAD BANK)	SME BRANCH, SALT LAKE, PLOT NO. X-1, 8/1, BLOCK-  EP, SECTOR-V, SALT LAKE ELECTRONICS COMPLEX, KOLKATA, WEST BENGAL - 700091, INDIA	A82687518
2	10184746	07/10/2009	122,790,000.00	UNITED BANK OF INDIA	INSTITUTE OF ENGINEERING & MANAGEMENT BUILDING, Y  12 & 24, BLOCK -EP, SECTOR -V, SALTLAKE, KOLKATA,  WEST BENGAL - 700091, INDIA	A72505399
3	10179416	19/09/2009 *	249,710,000.00	STATE BANK OF INDIA	SME BRANCH, SALT LAKE, PLOT NO. X-1, 8/1, BLOCK-  EP, SECTOR-V, SALT LAKE ELECTRONICS COMPLEX, KOLKATA, WEST BENGAL - 700091, INDIA	A72523988

* Date of charge modification

UNSECURED LOAN (Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Loans and Advances from related parities	107.651	84.890
SHORT TERM BORROWINGS
Loans and Advances from related parities	19.500	10.000
Total	127.151	94.890

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments

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.59.26
UK Pound	1	Rs.99.62
Euro	1	Rs.80.59

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	SUB
Report Prepared by :	SBN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--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		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.