MIRA INFORM REPORT

Report Date :

15.05.2014

IDENTIFICATION DETAILS

Name :	ARORA TEXTILES PRIVATE LIMITED (TRANSFER FROM U.P. To RAJASTHAN)
Registered Office :	E-90-91, Industrial Growth Khara, Bikaner – 334001, Rajasthan
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.04.1996
Com. Reg. No.:	17-014254
Capital Investment / Paid-up Capital :	Rs.14.626 Millions
CIN No.: [Company Identification No.]	U17124RJ1996PTC014254
TAN No.: [Tax Deduction & Collection Account No.]	JDHA02439D
PAN No.: [Permanent Account No.]	AABCA2865K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Carpet Woolen Yarn.
No. of Employees :	78 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 329000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The rating takes into consideration working capital intensive and intense industry competition. However, general position of the company seem to be decent. Trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing 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

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	BB – [Long Term]
Rating Explanation	Have moderate risk of default.
Date	07.05.2014

Rating Agency Name	CRISIL
Rating	A4+ [Short Term]
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	07.05.2014

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. Sumer Singh Bhatti
Designation :	Accounts Executive
Contact No.:	91-151-2545213
Date :	14.05.2014

LOCATIONS

Registered Office/ Factory :	E-90-91, Industrial Growth Khara, Bikaner – 334001, Rajasthan, India
Tel. No.:	Not Available
Mobile No.:	91-9351201641 (Mr. J. M. Arora) 91-9828559297 (Mr. K. K. Arora) 91-9828170600 (Mr. Shiv Arora) 91-9828121113 (Mr. Manish Arora)
Fax No.:	Not Available
E-Mail :	reena.bala@rediff.com sabirca2007@rediffmail.com csreena7@gmail.com
Website :	http://www.aroratextiles.com
Head Office:	21 D, Industrial Area, Rani Bazar, Bikaner – 334001, Rajasthan, India
Tel. No.:	91-151-2523029/ 2545213/ 2547172
Fax No.:	91-151-2204126
Branches :	Located At: · Bhadohi · Panipat

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Jethmal Arora

Designation :

Director

Address :

15 – Sadul Colony, Park Road, Bikaner – 334405, Rajasthan, India

Date of Birth/Age :

15.06.1945

Date of Appointment :

19.09.1997

DIN No.:

00337250

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17124RJ1996PTC014254	ARORA TEXTILES PRIVATE LIMITED (TRANSFER FROM U.P. TO RAJASTHAN)	Director	19-09-97	19-09-97	-	Active	NO
2	U18101RJ2004PTC019005	ARORA TEXWOOL PRIVATE LIMITED	Director	20-02-04	20-02-04	-	Active	NO
3	U17117RJ1996PTC012948	ARORA YARN PRIVATE LIMITED	Director	18-07-08	18-07-08	17-09-08	Active	NO

Name :

Mr. Shiv Prakash Arora

Designation :

Director

Address :

14 – Sadul Colony, Park Road, Bikaner – 334405, Rajasthan, India

Date of Birth/Age :

05.05.1967

Date of Appointment :

19.09.1997

DIN No.:

00908515

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	Company/ LLP Status	Defaulting status
1	U17124RJ1996PTC014254	ARORA TEXTILES PVT. LTD. (TRANSFER FROM U.P. TO RAJASTHAN)	Director	19/09/1997	19/09/1997	Active	NO
2	U14219RJ1994PTC008489	BENGAL MINERALS PRIVATE LIMITED	Director	15/02/2012	15/02/2012	Active	NO

Name :

Mr. Brahm Prakash Arora

Designation :

Director

Address :

14 – Sadul Colony, Park Road, Bikaner – 334405, Rajasthan, India

Date of Birth/Age :

07.07.1971

Date of Appointment :

19.09.1997

DIN No.:

00337243

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	Company/ LLP Status	Defaulting status
1	U17124RJ1996PTC014254	ARORA TEXTILES PVT. LTD. (TRANSFER FROM U.P. TO RAJASTHAN)	Director	19/09/1997	19/09/1997	Active	NO
2	U18101RJ2004PTC019005	ARORA TEXWOOL PRIVATE LIMITED	Director	20/02/2004	20/02/2004	Active	NO
3	U14219RJ1994PTC008489	BENGAL MINERALS PRIVATE LIMITED	Director	15/02/2012	15/02/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Sumer Singh Bhatti
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Anju Devi Arora	100
Brahm Prakash Arora	334500
Jeth Mal Arora	295000
Shiv Prakash Arora	168000
Siriya Devi Arora	140600
Veena Arora	100
Jeth Mal Arora (HUF)	23500
Neeru Arora	100
Sharthak Trust Fund	100
Ayush Trust Fund	100
Brahm Prakash Arora (HUF)	25714
Shiv Prakash Arora (HUF)	25714
Abhishek Arora	25714
Monika Arora	25714
Mayank Arora	25714
Shashank Arora	25714
Shivam Arora	25716
Arora Texwool Privat Limited	291000
Foresight Fragrance Private Limited	1250
EpicC Vyapaar Private Limited	1250
Daisy Abhra Private Limited	1250
Abharani Vinimay Private Limited	1250
Vighnahar Marketting Private Limited	1250
Angad Chemicals Private Limited	1250
Ziwani Barter Private Limited	1250
Mubarak Lubricant Private Limited	1250
GiltedgeE Vincom Private Limited	1250
Vanraj Merchants Private Limited	1250
Afsons (India) Private Ltd	2000
ETL Infrastructure Finance Limited	4000
Swastik Securities and Finance Limited	2000
Abex Infocom Private Limited	2000
Akhtar Ali Ansari	7000
TOTAL	1462600

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	21.43
Directors or relatives of directors	78.57
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Carpet Woolen Yarn.

Products :

Products Description	Item Code No.
Carpet Grade Greasy White Raw Yield 70-75% Type : Dbw	51011900
Carpet Grade White Greasy Raw	51012900
Argentinian Wool Waste	51032010
Carpet Grade Wool Waste	51032090

Imports :

Products :

Raw Materials

Countries :

· New Zealand

· Pakistan

Terms :

Selling :

LC and Credit

Purchasing :

LC and Credit

GENERAL INFORMATION

Suppliers :

Surana Woolen Private Limited

Customers :

End Users

· Bhagwati Industries

No. of Employees :

78 [Approximately]

Bankers :

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India

· State Bank of Bikaner and Jaipur, Industrial Area, Bikaner - 334001, Rajasthan, India

· State Bank of Bikaner and Jaipur Industrial Area, Rani Bazar, Bikaner - 334001, Rajasthan, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
SBBJ Car Loan A/c 61137154236	0.659	1.143
SBBJ Car Loan A/c 61095952488	0.035	0.214
SBBJ Car Loan A/c 61149416868	0.317	0.464
Short Term Borrowings
SBBJ A/c 61154078513 Against LC	0.000	6.205
SBBJ Loan against LC	1.863	0.000
SBBJ CC a/c 61090476669	45.004	47.962
BOB C/C 1350500000085	8.803	29.654
SBBJ O/D A/c 61103544984	5.548	3.747
SBBJ ADHOC A/c 61097894159	5.958	5.985
Canara Bank Sanghai Branch Buyer’s credit	8.529	0.000
Indian Over Bank Hong Kong Branch Credit	6.488	0.000
SBI Tokyoi Branch Buyer’s Credit	13.673	0.000
TOTAL	96.877	95.374

Banking Relations :	--
Auditors :
Name :	Sabir and Company Chartered Accountant
Address :	F-17/18, Bothra Complex, Bikaner – 334001, Rajasthan, India
Mobile No.:	91-9414416493
Email :	sabirca2007@rediffmail.com
PAN No:	ABYPA1753D

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1462600	Equity Shares	Rs.10/- each	Rs.14.626 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	14.626	14.626	14.626
(b) Reserves & Surplus	67.639	61.380	50.711
(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)	82.265	76.006	65.337
(3) Non-Current Liabilities
(a) long-term borrowings	1.011	1.821	0.376
(b) Deferred tax liabilities (Net)	2.009	2.271	2.594
(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)	3.020	4.092	2.970
(4) Current Liabilities
(a) Short term borrowings	115.956	101.953	67.770
(b) Trade payables	28.928	40.140	35.985
(c) Other current liabilities	4.329	2.265	1.909
(d) Short-term provisions	5.340	8.007	4.325
Total Current Liabilities (4)	154.553	152.365	109.989
TOTAL	239.838	232.463	178.296
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	47.381	29.652	31.946
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	47.381	29.652	31.946
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	94.202	81.151	54.017
(c) Trade receivables	74.678	87.819	67.152
(d) Cash and cash equivalents	13.590	24.659	23.267
(e) Short-term loans and advances	9.987	9.182	1.914
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	192.457	202.811	146.350
TOTAL	239.838	232.463	178.296

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	599.137	520.986	498.036
	Other Income	4.015	5.941	3.000
	TOTAL (A)	603.152	526.927	501.036
Less	EXPENSES
	Cost of Materials Consumed	421.807	402.953	430.764
	Purchases of Stock-in-Trade	85.547	115.690	24.379
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	39.687	(48.832)	0.000
	Employees benefits expense	12.537	13.067	13.667
	Other expenses	16.355	15.192	12.971
	TOTAL (B)	575.933	498.070	481.781
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	27.219	28.857	19.255
Less	FINANCIAL EXPENSES (D)	13.869	8.350	8.717
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	13.350	20.507	10.538
Less/ Add	DEPRECIATION/ AMORTISATION (F)	4.465	4.597	4.688
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	8.885	15.910	5.850
Less	TAX (H)	2.627	5.241	1.674
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	6.258	10.669	4.176
	Earnings / (Loss) Per Share (Rs.)	4.28	7.29	2.86

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.04	2.02	0.83
Net Profit Margin (PBT/Sales)	(%)	1.48	3.05	1.17
Return on Total Assets (PBT/Total Assets}	(%)	3.70	6.84	3.28
Return on Investment (ROI) (PBT/Networth)		0.11	0.21	0.09
Debt Equity Ratio (Total Debt/Networth)		1.42	1.37	1.04
Current Ratio (Current Asset/Current Liability)		1.25	1.33	1.33

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	14.626	14.626	14.626
Reserves & Surplus	50.711	61.380	67.639
Net worth	65.337	76.006	82.265
long-term borrowings	0.376	1.821	1.011
Short term borrowings	67.770	101.953	115.956
Total borrowings	68.146	103.774	116.967
Debt/Equity ratio	1.043	1.365	1.422

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	498.036	520.986	599.137
		4.608	15.001

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	498.036	520.986	599.137
Profit	4.176	10.669	6.258
	0.84%	2.05%	1.04%

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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10423140	27/04/2013 *	33,500,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B74299389
2	10335503	17/01/2012	484,000.00	STATE BANK OF BIKANER AND JAIPUR	INDUSTRIAL AREA, BIKANER - 334001, RAJASTHAN, INDIA	B32105579
3	10301722	23/07/2011	1,430,000.00	STATE BANK OF BIKANER AND JAIPUR	INDUSTRIAL AREA, RANI BAZAR, BIKANER -  334001, RAJASTHAN, INDIA	B18632273
4	10231668	21/06/2010	6,000,000.00	STATE BANK OF BIKANER & JAIPUR	RANI BAZAR INDUSTRIAL AREA, BIKANER - 334001, RAJASTHAN, INDIA	A91189480
5	10228487	26/05/2010	500,000.00	STATE BANK OF BIKANER AND JAIPUR	R.A.S.E.C.C (CREDIT CELL), BINANI BUILDING, ALAKH  SAGAR ROAD, BIKANER - 334001, RAJASTHAN, INDIA	A89465108
6	10207943	25/04/2013 *	84,000,000.00	STATE BANK OF BIKANER & JAIPUR	INDUSTRIAL AREA, BIKANER - 334001, RAJASTHAN, INDIA	B75066282
7	10208171	12/03/2010	2,000,000.00	STATE BANK OF BIKANER & JAIPUR	INDUSTRIAL AREA, BIKANER - 334001, RAJASTHAN, INDIA	A81969933

* Date of charge modification

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
From Relatives and Directors	20.090	8.400
TOTAL	20.090	8.400

FIXED ASSETS:

· Air Conditioner

· Building

· Building at Rani Bazar

· Computer

· Cooler

· Cycle

· Electrification

· Fan

· Fax and Pager

· Furniture and Fixture

· Heater

· Inventor

· Lab Equipment

· Land (RIICO) E-90-91

· Land (RIICO) E-303

· Land (Rani Bazar)

· Mobile

· Motor Car

· Motor Cycle

· Plant and Machinery

· Plant and Machinery (Wind)

· Refrigerator

· Tata Truck

· Television

· Water Cooler

· Water Filter

· Weighting Scale

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.59.88
UK Pound	1	Rs.100.98
Euro	1	Rs.82.40

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.