1. Summary Information

		Country	India
Company Name	RISHIROOP RUBBER (INTERNATIONAL) LIMITED	Principal Name 1	Mr. Mahendra Kumar Kapoor
Status	Moderate	Principal Name 2	Mr. Arvind Kapoor
		Registration #	04 - 017657
Street Address	Plot No – 5807 / 08, GIDC, Induatrial Estate Ankleshwarar – 393002, Gujarat
Established Date	05.11.1990	SIC Code
Telephone#	91 – 2646 – 220031	Business Style 1	Manufacturer
Fax #	91 – 2646 - 251323	Business Style 2	--
Homepage	http://www.rishiroop.com	Product Name 1	Chlorinated Rubber
# of employees	100 (Approximately)	Product Name 2	Ethylene Propylene Diene Mononer
Paid up capital	Rs. 118,597,000/-	Product Name 3	Petroleum Resins
Shareholders	Promoter and Promoter Group – 58.29% Public Shareholdings – 41.71%	Banking	Bank of Baroda
Public Limited Corp.	Yes	Business Period	24 years
IPO	Yes	International Ins.	--
Public Enterprise	Yes	Rating	B (28)
Related Company
Relation	Country	Company Name	CEO
Related Parties	India	Puneet Resins Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	80,654,000	Current Liabilities	92,792,000
Inventories	70,494,000	Long-term Liabilities	0
Fixed Assets	25,325,000	Other Liabilities	5,817,000
Deferred Assets	0	Total Liabilities	98,609,000
Invest& other Assets	163,304,000	Retained Earnings	122,571,000
		Net Worth	241,168,000
Total Assets	339,777,000	Total Liab. & Equity	339,777,000
Total Assets (Previous Year)	351,549,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	465,823,000	Net Profit	8,015,000
Sales(Previous yr)	578,717,000	Net Profit(Prev.yr)	13,896,000

MIRA INFORM REPORT

Report Date :

15.03.2014

IDENTIFICATION DETAILS

Name :	RISHIROOP RUBBER (INTERNATIONAL) LIMITED
Registered Office :	Plot No – 5807 / 08, GIDC, Induatrial Estate Ankleshwarar – 393002, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.11.1990
Com. Reg. No.:	04 - 017657
Capital Investment / Paid-up Capital :	Rs. 118.597 Millions
CIN No.: [Company Identification No.]	L25191GJ1990PLC017657
Legal Form :	Public limited liability company. Company’s shares are listed on the Stock Exchange.
Line of Business :	Manufacturer of Chlorinated Rubber Resin and Resins.
No. of Employees :	100 (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 965000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There seems accumulated losses recorded by the company. However, no external borrowings are recoreded by the company during 2013. Trade relations are reported as 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

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. Vinayak
Designation :	Accounts Executive
Contact No.:	91-22-22825200
Date :	03.03.2014

LOCATIONS

Registered Office / Factory :	Plot No – 5807 / 08, GIDC, Induatrial Estate, Ankleshwarar – 393002. Gujarat, India.
Tel. No.:	91 – 2646 – 220031 / 91 – 2646 - 251323
Fax No.:	91 – 2646 - 251323
E-Mail :	akapoor@rishiroop.com investor@rishiroop.com
Website :	http://www.rishiroop.com
Location :	Owned
Corporate Office :	65, Atlanta, Nariman Point, Mumbai – 400021, Maharashtra, India.
Tel. No.:	91-22-22825200
Fax No.:	91-22-22872796

DIRECTORS

AS ON 31.03.2013

Name :	Mr. Mahendra Kumar Kapoor
Designation :	Chairman
Name :	Mr. Arvind Kapoor
Designation :	Managing Director
Name :	Mr. Harkishenlal Ohri
Designation :	Director
Name :	Mr. Haren B. Jokhakar
Designation :	Director
Name :	Mr. Hemant D. Vakil
Designation :	Director

KEY EXECUTIVES

Name :	Mr. A R Shah
Designation :	Chief Financial Officer

Name :	Ms. A. B. Vishwakarma
Designation :	Company Secretory

Name :	Mr. Vinayak
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2013

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1312899	11.09
Bodies Corporate	5588573	47.20
Sub Total	6901472	58.29
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	6901472	58.29
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3200	0.03
Financial Institutions / Banks	400	0.00
Foreign Institutional Investors	6000	0.05
Sub Total	9600	0.08
(2) Non-Institutions
Bodies Corporate	377446	3.19
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	3101087	26.19
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1190404	10.05
Any Others (Specify)	259848	2.19
Clearing Members	13702	0.12
Non Resident Indians	221881	1.87
Directors & their Relatives & Friends	23065	0.19
Foreign Corporate Bodies	1200	0.01
Sub Total	4928785	41.63
Total Public shareholding (B)	4938385	41.71
Total (A)+(B)	11839857	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	11839857	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Chlorinated Rubber Resin and Resins.

Products :

Item Code No. (ITC Code)	Product Description
39139001	Chlorinated Rubber
40027000	Ethylene Propylene Diene Mononer
39111090	Petroleum Resins
40021990	Styrene Butadiene Rubber
40024900	Acrylonitrle Butadiene Rubber

Exports :

Products :

Finished Goods

Countries :

• Germany
• USA
• France

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

No. of Employees :	100 (Approximately)
Bankers :	Citi Bank, N.A. Axis Bank Limited Bank of Baroda ICICI Bank Limited

Banking Relations :	--
Statutory Auditors :
Name :	Jayesh Dadia and Associates Chartered Accountants
Address :	422, Arun Chambers, Tardeo, Mumbai – 400034, Maharashtra, India
International Auditors :
Name :	Laxmikant Kabra and Company Chartered Accountants
Enterprises under significant influence of key management personnel:	Puneet Resins Limited Rishiroop Polymers Private Limited Rishichem Distributors Private Limited Rishiroop Holding Private Limited Rishichem Mideast Limited Rishifoods Private Limited Devi Organics Private Limited Rishiroop Investment and Trading Company Private Limited Puneet Polymers

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs. 250.000 Millions

Issued Capital:

No. of Shares	Type	Value	Amount
11879457	Equity Shares	Rs.10/- each	Rs. 118.795 Millions

Subscribed & Fully Paid-up Capital:

No. of Shares	Type	Value	Amount
11839857	Equity Shares	Rs.10/- each	Rs. 118.399 Millions
39600	Forfeited Shares (Equity Shares)	Rs.5/- each	Rs. 0.198 Millions
	Total		Rs.118.597 Millions

NOTES

Reconciliation of number of Shares and amount outstanding at the beginning and at the end of the reporting year

	AS AT 31/03/2013
Particulars	No. of Shares	Amount in Millions
Outstanding at beginning of the year	11839857	118.399
Add : Shares issued during the year	--	--
Outstanding at the end of the year	11839857	118.399

Rights, Preferences and restrictions attached to each class of shares:

Equity Shares: The Company has one class of equity shares having a par value of Rs.10/- per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding. The equity shares rank pari passu in all respect including rights to dividend, issue of new shares and voting rights.

THE DETAILS OF SHAREHOLDERS HOLDING MORE THAN 5% SHARES

Equity Shares	AS AT 31/03/2013
Name of Shareholders	No. of Shares held	% of Holding
Rishiroop Holding Private Limited	1505567	12.72
Rishiroop Polymers Private Limited	2945741	24.88

As per of the company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	118.597
(b) Reserves & Surplus	122.571
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	241.168
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	4.096
(c) Other long term liabilities	0.000
(d) long-term provisions	0.642
Total Non-current Liabilities (3)	4.738
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	88.549
(c) Other current liabilities	1.721
(d) Short-term provisions	3.601
Total Current Liabilities (4)	93.871
TOTAL	339.777
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	25.325
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	3.076
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.146
(e) Other Non-current assets	0.000
Total Non-Current Assets	28.547
(2) Current assets
(a) Current investments	160.228
(b) Inventories	70.494
(c) Trade receivables	56.356
(d) Cash and cash equivalents	19.320
(e) Short-term loans and advances	2.322
(f) Other current assets	2.510
Total Current Assets	311.230
TOTAL	339.777

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		118.597	118.596
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		114.556	156.065
4] (Accumulated Losses)		0.000	(55.405)
NETWORTH		233.153	219.256
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		233.153	219.256
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		35.585	45.873
Capital work-in-progress		0.000	0.000
INVESTMENT		101.224	85.261
DEFERREX TAX ASSETS		4.317	30.946
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	105.005	96.283
	Sundry Debtors	67.302	64.778
	Cash & Bank Balances	22.534	15.122
	Other Current Assets	7.426	0.000
	Loans & Advances	8.156	7.438
Total Current Assets		210.423	183.621
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	114.001	123.538
	Other Current Liabilities	3.315	1.367
	Provisions	1.080	1.540
Total Current Liabilities		118.396	126.445
Net Current Assets		92.027	57.176
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		233.153	219.256

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	465.823	578.717	349.211
		Other Income	5.552	7.484	9.512
		TOTAL (A)	471.375	586.201	358.723
Less	EXPENSES
		Purchase of Stock In Trade	385.397	549.173	317.210
		Manufacturing Expenses	0.000	0.000	0.284
		Employees Remuneration / Employee Benefit Expenses	4.802	4.350	1.139
		Selling and Distribution Expenses	0.000	0.000	12.577
		Other Expenses	10.935	10.100	0.000
		Changes In Inventories of Stock-In Trade	34.508
		Increase/(Decrease) in Finished Goods	0.000	(47.527)	(16.577)
		TOTAL (B)	435.642	516.096	314.633
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		35.733	70.105	44.090
Less	FINANCIAL EXPENSES (D)		2.066	9.895	1.105
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		33.667	60.210	42.985
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.260	10.288	16.672
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		23.407	49.922	26.313
Less	TAX (H)		15.392	36.026	(1.812)
	Short / Excess Provision For Tax of Earlier Years		0.000	0.000	(0.002)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		8.015	13.896	28.123
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(41.510)	(55.406)	(83.529)
	BALANCE CARRIED TO THE B/S		(33.495)	(41.510)	(55.406)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	33.967	45.174	38.981
	TOTAL EARNINGS		33.967	45.174	38.981
	IMPORTS
		Commission on Export of goods	0.051	0.000	0.000
		Trading Goods	335.195	479.939	274.322
	TOTAL IMPORTS		335.246	479.939	274.322
	Earnings Per Share (Rs.)		0.68	1.17	2.38

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.70	2.37	7.83
Net Profit Margin (PBT/Sales)	(%)	5.02	8.63	7.53
Return on Total Assets (PBT/Total Assets}	(%)	6.95	19.94	11.46
Return on Investment (ROI) (PBT/Networth)		0.10	0.21	0.12
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.32	1.78	1.45

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

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)
Sales	349.211	578.717	465.823
		65.721	(19.508)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	349.211	578.717	465.823
Profit After tax	28.123	13.896	8.015
	8.05%	2.40%	1.72%

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	No
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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)	Yes
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	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

INDUSTRY STRUCTURE

The Company is involved in the International trade of industrial raw materials to various industries. There are many small and big traders and agents in Exim trade.

OUTLOOK

The Indian economy is projected to grow at 5-6 % for the current fiscal. The deceleration in GDP growth rate has affected the industrial demand for raw materials. The situation is likely to continue for the current year. However the Company will endeavor to improve the working by adding new products for polymer industry.

FINANCIAL AND OPERATING PERFORMANCE

During the year, the Company’s turnover was decreased from Rs.578.717 Millions in the previous year to ` Rs.465.823 Millions while Profit before tax (PBT) during the year is Rs.23.407 Millions as compared to Rs.49.922 Millions last year. Total inventories have decreased to Rs. 70.494 Millions in the current year from Rs.105.005 Millions in the previous year and the Sundry Debtors stood at 12 % of Sales as at March 31, 2013. Domestic Sales were Rs.430.445 Millions in the current year as compared to Rs.531.815 Millions in the previous year, whereas Export Sales were Rs.35.378 Millions in the current year as compared to Rs. 46.902 Millions last year.

OPPORTUNITIES AND RISKS AND CONCERNS

OPPORTUNITIES

The Company is exploring opportunities to develop new customers in both global & domestic markets. The global and domestic markets are facing demand recession. Hence opportunities to grow the business would be limited.

RISKS AND CONCERNS

The current economic situation in the country is expected to continue in the short term.

The price volatility and fluctuation in exchange rates may be a cause of concern as Company imports products for domestic and exports sales.

INTERNAL CONTROL SYSTEM

The Company maintains adequate internal control systems, which provide among other things adequate support to all its operations and effectively handle the demands of the Company’s financial management system.

The Company has in place effective systems safeguarding the assets and interest of the Company and ensuring compliance with law and regulations. The Company’s internal control systems are supplemented by an extensive internal audit conducted quarterly by an external auditor to ensure adequate system of internal control.

FIXED ASSETS

• Leasehold land
• Factory Building
• Office Building
• Machinery
• Electrical Installation
• Safety Equipments
• Laboratory Equipments
• Office Equipments
• Furniture and Fixtures
• Vehicle

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 records 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. 60.99
UK Pound	1	Rs. 102.07
Euro	1	Rs. 84.53

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	SNT

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	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--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	-

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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.