MIRA INFORM REPORT

Report Date :

25.06.2014

IDENTIFICATION DETAILS

Name :	BAFNA HEALTH CARE PRIVATE LIMITED
Registered Office :	Unit No.712, 7^th Floor, World Trade Centre No.1, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.08.2007
Com. Reg. No.:	11-173326
Capital Investment / Paid-up Capital :	Rs.9.410 Millions
CIN No.: [Company Identification No.]	U85190MH2007PTC173326
TAN No.: [Tax Deduction & Collection Account No.]	MUMB18375A
PAN No.: [Permanent Account No.]	AADCB2121P
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Medical Equipments and Fabrication of Ambulance
No. of Employees :	50 (Approximately)

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 110000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Overall financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Ms. Manisha
Designation :	Marketing Coordinator
Contact No.:	91-129-41807000
Date :	21.06.2014

LOCATIONS

Registered Office :	Unit No.712, 7^th Floor, World Trade Centre No.1, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India
Tel. No.:	91-22-27632261/ 62/ 63
Mobile No.:	91-9810014179 (Mr. Manu Jain)
Fax No.:	91-22-27636990/ 27636050
E-Mail :	rahul@bafnamotors.in agarwalkala@gmail.com info@bafnahealthcareindustries.com bafnaho@yahoo.com mjain@bafnahealthcare.com finance@bafnahealthcare.com
Website :	http://www.ambulance.ind.in
Plant (Factory):	Plot No.5, Sector-6, Main Mathura Road, Faridabad – 121006, Haryana, India
Tel. No.:	91-129-4180700/ 2/ 3
Fax No.:	91-129-4180701
Delhi Office :	N-114, Panchasheel Park, New Delhi – 110017, India
Tel. No.:	91-11-41752645/ 41436747
Fax No.:	91-11-41752644
E-Mail :	anil_nagpal@bafnahealcare.in

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Sumati Prasad Mishrilal Bafna

Designation :

Director

Address :

22, Gobind Mahal, 86-B, Marine Drive, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

26.10.1961

Date of Appointment :

21.08.2007

DIN No.:

00162546

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	U50100MH1973PTC016956	BAFNA MOTORS PRIVATE LIMITED	Director	12/08/1984	12/08/1984	-	Active	NO
2	U74999MH1994PLC079512	ISUTA ELECTRONICS (INDIA) LIMITED	Director	08/07/1994	08/07/1994	-	Active	NO
3	U34100MH1996PTC097465	BAFNA MOTORS (RATNAGIRI) PRIVATE LIMITED	Director	19/02/1996	19/02/1996	-	Active	NO
4	U65920MH1986PLC040617	SEWA FINANCE LIMITED	Director	12/08/1996	12/08/1996	19/10/2012	Active	NO
5	U63090MH1998PTC116336	ABCN LOGISTICS PRIVATE LIMITED	Director	24/08/1998	24/08/1998	30/05/2012	Active	NO
6	U63090MH1998PTC116335	KISHOR TRANSPORT SERVICES PRIVATE LIMITED	Director	24/08/1998	24/08/1998	-	Active	NO
7	U34300MH2001PTC133866	BAFNA MOTORS (MUMBAI) PRIVATE LIMITED	Director	05/11/2001	05/11/2001	-	Active	NO
8	U34300MH2002PTC136662	RUSHABH MOTORS PRIVATE LIMITED	Director	20/10/2003	20/10/2003	-	Active	NO
9	L65191TN1979PLC007874	SHRIRAM TRANSPORT FINANCE COMPANY LIMITED	Director	09/09/2005	09/09/2005	-	Active	NO
10	U70100MH2006PTC159983	URJAYANT ESTATE PRIVATE LIMITED	Director	23/02/2006	23/02/2006	-	Active	NO
11	U24200MH1997PTC110465	BNB CONTAINERS PRIVATE LIMITED	Director	20/07/2006	20/07/2006	-	Active	NO
12	U34201PN2006PTC021794	TRANSPORT SOLUTIONS INDIA PRIVATE LIMITED	Director	18/07/2007	18/07/2007	14/05/2013	Active	NO
13	U85190MH2007PTC173326	BAFNA HEALTH CARE PRIVATE LIMITED	Director	21/08/2007	21/08/2007	-	Active	NO
14	U67190MH2005PTC152977	ABCIN SERVICES PRIVATE LIMITED	Director	01/07/2008	01/07/2008	-	Active	NO
15	U62200MH2008PTC184637	BAFNA AVIATION PRIVATE LIMITED	Director	14/07/2008	14/07/2008	-	Active	NO
16	U60231KA2010PTC052698	TOYOTA LOGISTICS KISHOR INDIA PRIVATE LIMITED	Director	25/02/2010	25/02/2010	-	Active	NO
17	U50400MH2010PTC201547	BAFNA MOTORCYCLES PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
18	U34100MH2005PTC151827	PANCHAVATI AUTOMOBILE PRIVATE LIMITED	Director	16/08/2010	16/08/2010	-	Active	NO

Name :

Mr. Kamal Kishore Gandhi

Designation :

Director

Address :

701, Pluto, B Wing, Gaurav Galaxy, Phase II, Near Surya Shopping Centre, Mir Road (East), Thane – 401107, Maharashtra, India

Date of Birth/Age :

23.08.1969

Date of Appointment :

21.08.2007

DIN No.:

00960732

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	U34300MH2001PTC133866	BAFNA MOTORS (MUMBAI) PRIVATE LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
2	U63090MH1998PTC116335	KISHOR TRANSPORT SERVICES PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
3	U34100MH2005PTC151827	PANCHAVATI AUTOMOBILE PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
4	U67190MH2005PTC152977	ABCIN SERVICES PRIVATE LIMITED	Director	26/10/2006	26/10/2006	-	Active	NO
5	U85190MH2007PTC173326	BAFNA HEALTH CARE PRIVATE LIMITED	Director	21/08/2007	21/08/2007	-	Active	NO
6	U60231KA2010PTC052698	TOYOTA LOGISTICS KISHOR INDIA PRIVATE LIMITED	Alternate director	14/07/2010	14/07/2010	27/12/2010	Active	NO
7	U63090MH1998PTC116336	ABCN LOGISTICS PRIVATE LIMITED	Director	28/09/2013	02/07/2013	-	Active	NO

Name :

Mr. Manu Jain

Designation :

Director

Address :

4498, Gali Raja Patnamal, Pahari Dhiraj, Sadar Bazar, Delhi – 110006, India

Date of Birth/Age :

10.06.1970

Date of Appointment :

01.04.2008

DIN No.:

01637223

Name :

Mr. Sunil Sumatilal Mutha

Designation :

Director

Address :

1087, Shukrwar Peth, Kuldeep Bunglow, Pune – 411002, Maharashtra, India

Date of Birth/Age :

29.05.1959

Date of Appointment :

01.04.2008

DIN No.:

01643589

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	U51311PN2001PTC016441	TULIPS AMBBIENCE PRIVATE LIMITED	Director	29/09/2008	14/01/2008	25/07/2012	Active	NO
2	U85190MH2007PTC173326	BAFNA HEALTH CARE PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Names of Shareholders	No. of Shares	Percentage
Sumati Prasad Mishrilal Bafna	4950	0.53
Kamal Kishore Gandhi	100	0.01
Sunil Sumatilal Mutha	404950	43.03
Bafna Motors (Mumbai) Private Limited, India	400000	42.51
Manu Jain	130000	13.82
Jagat P. Shah	1000	0.11
Total	941000	100.00

AS ON 28.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	42.51
Directors or relatives of directors	57.38
Others	0.11
Total	100.00

KEY EXECUTIVES

Name :	Mr. Manoj Tavar
Designation :	Finance Manager
Name :	Ms. Manisha
Designation :	Marketing Coordinator

BUSINESS DETAILS

Line of Business :	Trader of Medical Equipments and Fabrication of Ambulance
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :	50 (Approximately)
Bankers :	· State Bank of India Commercial Branch, Shyamkamal Trade Centre, Agarwal Market, Vile Parle (East), Mumbai - 400057, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Lalit and Surendra Chartered Accountants
Address :	104, Bharat House, Bombay Samachar Marg, Mumbai – 400002, Maharashtra, India
PAN No.:	AAAFL0612P

CAPITAL STRUCTURE

(AS ON 31.03.2013)

Authorised Capital:

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs.10.000 Millions
	Total

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
941,000	Equity Shares	Rs.10/- each	Rs.9.410 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	9.410	9.400	9.400
(b) Reserves & Surplus	17.916	7.039	1.039
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	1.300	1.300	1.300
Total Shareholders’ Funds (1) + (2)	28.626	17.739	11.739
(3) Non-Current Liabilities
(a) long-term borrowings	17.787	7.964	3.206
(b) Deferred tax liabilities (Net)	0.000	0.700	0.700
(c) Other long term liabilities	1.851	1.052	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	19.638	9.716	3.906
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	97.938	63.621	67.159
(c) Other current liabilities	51.833	23.465	34.190
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	149.771	87.086	101.349
TOTAL	198.034	114.541	116.994
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.378	5.384	6.221
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.338	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	2.100
Total Non-Current Assets	5.716	5.384	8.321
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	28.140	25.092	11.645
(c) Trade receivables	136.739	70.849	68.222
(d) Cash and cash equivalents	19.492	7.240	13.592
(e) Short-term loans and advances	7.255	5.733	14.993
(f) Other current assets	0.691	0.243	0.221
Total Current Assets	192.317	109.157	108.673
TOTAL	198.034	114.541	116.994

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	202.744	111.676	58.161
Less	EXPENSES
		TOTAL	188.922	102.415	69.895
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		13.822	9.261	(11.734)
Less/ Add	DEPRECIATION/ AMORTISATION		0.983	1.161	1.342
	PROFIT/ (LOSS) BEFORE TAX		12.839	8.100	(13.076)
Less	TAX		1.962	2.100	0.085
	PROFIT/ (LOSS) AFTER TAX		10.877	6.000	(13.161)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.039	1.039	14.200
	BALANCE CARRIED TO THE B/S		17.916	7.039	1.039
	Earnings/ (Loss) Per Share (Rs.)		11.56	6.38	(14.00)

Particulars	31.03.2014
Sales Turnover (Approximately)	420.000

The above information has been parted by Ms. Manisha.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.36	5.37	(22.63)
Return on Total Assets (PBT/Total Assets}	(%)	6.49	7.07	(11.18)
Return on Investment (ROI) (PBT/Networth)		0.45	0.46	(1.11)
Debt Equity Ratio (Total Debt/Networth)		0.62	0.45	0.27
Current Ratio (Current Asset/Current Liability)		1.28	1.25	1.07

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	9.400	9.400	9.410
Reserves & Surplus	1.039	7.039	17.916
Share Application money pending allotment	1.300	1.300	1.300
Net worth	11.739	17.739	28.626
long-term borrowings	3.206	7.964	17.787
Short term borrowings	0.000	0.000	0.000
Total borrowings	3.206	7.964	17.787
Debt/Equity ratio	0.273	0.449	0.621

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	58.161	111.676	202.744
		92.012	81.547

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	58.161	111.676	202.744
Profit	(13.161)	6.000	10.877
	(22.63%)	5.37%	5.36%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
From Directors & Shareholders	17.787	7.787
From Others	0.000	0.177
Total	17.787	7.964

Note:

The registered office of the company has been shifted from D-105, TTC Industrial Area, MIDC, Near London Pilsner, Nerul, Navi Mumbai – 400706, Maharashtra, India to the present address w.e.f. 09.11.2010

REVIEW OF OPERATION

During the year, the Company has earned profit of Rs.10.877 Millions. The net profit for the year has been Rs.10.877 Millions as against Rs.6.000 Millions during the previous financial year. The Directors are continuously looking for avenues for future growth of the Company.

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Computers

· Electrical Fittings

· Furniture’s and Fixture

· Plant and Machinery

· Vehicles

· Office Equipment

· Land and Building

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records 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.60.19
UK Pound	1	Rs.102.56
Euro	1	Rs.81.91

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.