Summary Information

		Country	India
Company Name	KARAN LETEX LIMITED	Principal Name 1	Mr. Deep Kumar Garg
Status	Satisfactory	Principal Name 2	Mr. Bharat Garg
		Registration #	20-015337
Street Address	59-B, Dadanagar,Kanpur – 208022, Uttar Pradesh, India
Established Date	28.04.1993	SIC Code	--
Telephone#	Not Available	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	Exporter
Homepage	http://karanindia.net	Product Name 1	Equestrian Apparels
# of employees	Not Available	Product Name 2	-
Paid up capital	Rs.6,696,000/-	Product Name 3	--
Shareholders	Bodies corporate – 58.91% Directors or relatives of directors – 41.09%	Banking	State Bank of India
Public Limited Corp.	NO	Business Period	21 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	112,642,000	Current Liabilities	110,661,000
Inventories	80,607,000	Long-term Liabilities	58,807,000
Fixed Assets	49,371,000	Other Liabilities	7,002,000
Deferred Assets	0,000	Total Liabilities	176,470,000
Invest& other Assets	2,072,000	Retained Earnings	61,527,000
		Net Worth	68,223,000
Total Assets	244,693,000	Total Liab. & Equity	244,693,000
Total Assets (Previous Year)	249,672,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	650,120,000	Net Profit	11,650,000
Sales(Previous yr)	621,533,000	Net Profit(Prev.yr)	8,673,000

MIRA INFORM REPORT

Report Date :

29.05.2014

IDENTIFICATION DETAILS

Name :	KARAN LETEX LIMITED
Formerly Known As :	KARAN LATEX PRIVATE LIMITED
Registered Office :	59-B, Dadanagar,Kanpur – 208022, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.04.1993
Com. Reg. No.:	20-015337
Capital Investment / Paid-up Capital :	Rs.6.696 Millions
CIN No.: [Company Identification No.]	U18101UP1993PLC015337
TAN No.: [Tax Deduction & Collection Account No.]	KNPK00246B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Equestrian Apparels.
No. of Employees :	Information declined by management.

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 270000
Status :	Satisfactory
Payment Behaviour :	Slow but correct.
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered normal 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

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

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

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

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

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

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

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

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

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facility BB
Rating Explanation	Have moderate risk of default
Date	25.03.2014
Rating Agency Name	CARE
Rating	Short Term Bank Facility A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	25.03.2014

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 DENIDE BY

Name :	Bharat Garg
Designation :	Director
Contact No.:	91-9838006969
Date :	20.05.2014

LOCATIONS

Registered Office :	59-B, Dadanagar,Kanpur – 208022, Uttar Pradesh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	lawadvisor7@gmail.com
Website :	http://karanindia.net

DIRECTORS

As on: 30.09.2013

Name :

Mr. Deep Kumar Garg

Designation :

Whole Time Director

Address :

7/187-B, Swaroop Nagar, Kanpur – 208002, Uttar Pradesh, India

Date of Birth/Age :

01.06.1958

Qualification :

B. Tech (Chem. Engg)

Date of Appointment :

01.01.2014

DIN No.:

00843372

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	U18101UP1993PLC015337	KARAN LETEX LIMITED	Whole-time director	01/01/2014	28/04/1993	-	Active	NO
2	U65993UP1995PTC017417	KARAN HOLDINGS PRIVATE LIMITED	Director	13/01/1995	13/01/1995	-	Active	NO
3	U74120UP2012PTC049727	GROWTEX CORPORATION PRIVATE LIMITED	Director	04/04/2012	04/04/2012	-	Active	NO

Name :

Mr. Bharat Garg

Designation :

Whole Time Director

Address :

15/79, Civil Lines, Kanpur – 208001, Uttar Pradesh, India

Date of Birth/Age :

04.09.1972

Qualification :

B.Com

Date of Appointment :

01.04.2014

DIN No.:

00792192

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	U18101UP1993PLC015337	KARAN LETEX LIMITED	Whole-time director	01/01/2014	28/04/1993	-	Active	NO
2	U35921UP1986PTC007673	IMPACT MEDIA PRIVATE LIMITED	Director	01/07/2004	01/07/2004	01/11/2012	Active	NO
3	U45201UP2005PTC029984	DIVINITI HOMES PRIVATE LIMITED	Director	13/05/2005	13/05/2005	02/12/2013	Active	NO
4	U70102UP2009PTC036893	APEX INTERIOR SOLUTIONS PRIVATE LIMITED	Director	27/02/2009	27/02/2009	01/11/2012	Active	NO
5	U74120UP2012PTC049727	GROWTEX CORPORATION PRIVATE LIMITED	Director	04/04/2012	04/04/2012	-	Active	NO
6	U45400UP2012PTC049943	ANADI CORPORATION PRIVATE LIMITED	Director	18/04/2012	18/04/2012	-	Active	NO
7	U45400UP2012PTC049941	PRAKRITI CORPORATION PRIVATE LIMITED	Director	18/04/2012	18/04/2012	-	Active	NO

Name :

Mr. Karan Garg

Designation :

Whole Time Director

Address :

7/187-B, Swaroop Nagar, Kanpur – 208002, Uttar Pradesh, India

Date of Birth/Age :

17.01.1984

Date of Appointment :

01.11.2011

DIN No.:

02630106

MAJOR SHAREHOLDERS

As on: 30.09.2013

Names of Shareholders	No. of Shares
Deep Kumar Garg	54850
Kusum Rani Garg	32500
Sandhya Garg	12170
Karan Garg	12180
Deep Kumar Sadhya HUF	4000
Karan Holdings Private Limited, India	144300
Vipra Packs (India) Private Limited, India	74800
Bharat Garg	153620
Neetu Garg	2000
Saloni Garg	4000
Geetika Garg	2500
Unistar Multimedia Private Limited, India	20000
Impact Media Private Limited, India	114680
Kay Aar Fastners Limited, India	10000
M.B. Wire Products Private Limited, India	8000
Apex Interior Solutions Private Limited, India	20000
Total	669600

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	58.91
Directors or relatives of Directors	41.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Equestrian Apparels.

GENERAL INFORMATION

No. of Employees :	Information declined by management.
Bankers :	State Bank of India, Overseas Branch, 15/54 – B, Virendra Smriti Compound, Civil Courts Road, Civil Lines, Kanpur – 208001, Uttar Pradesh, India

Banking Relations :	---
Auditors :
Name :	Prakash and Santosh Chartered Accountants
Address :	Rolland Complex, Flat No-8, Westcott Building, 37/17 the Mall, Kanpur – 208 001, Uttar Pradesh, India
Tel. No.:	91-512-3012035 / 2303565
Fax No:	91-512-3012035
PAN.:	AABFP0422C
Email:	prakashsantoshca@gmail.com

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
669600	Equity Shares	Rs.10/- each	Rs.6.696 Millions

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	6.696
(b) Reserves & Surplus	61.527
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	68.223
(3) Non-Current Liabilities
(a) long-term borrowings	0.760
(b) Deferred tax liabilities (Net)	0.373
(c) Other long term liabilities	0.000
(d) long-term provisions	0.524
Total Non-current Liabilities (3)	1.657
(4) Current Liabilities
(a) Short term borrowings	58.047
(b) Trade payables	101.386
(c) Other current liabilities	9.274
(d) Short-term provisions	6.105
Total Current Liabilities (4)	174.813
TOTAL	244.693
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	48.830
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.541
(iv) Intangible assets under development	0.000
(b) Non-current Investments	2.072
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	10.345
(e) Other Non-current assets	0.000
Total Non-Current Assets	61.788
(2) Current assets
(a) Current investments	0.000
(b) Inventories	80.607
(c) Trade receivables	73.375
(d) Cash and cash equivalents	8.816
(e) Short-term loans and advances	19.131
(f) Other current assets	0.975
Total Current Assets	182.904
TOTAL	244.692

SOURCES OF FUNDS			31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital			6.696	5.916
2] Share Application Money			0.000	7.800
3] Reserves & Surplus			49.855	34.174
4] (Accumulated Losses)			0.000	0.000
NETWORTH			56.551	47.890
LOAN FUNDS
1] Secured Loans				45.151
2] Unsecured Loans				0.000
TOTAL BORROWING			55.654	45.151
DEFERRED TAX LIABILITIES			0.467	0.541
TOTAL			112.672	93.582
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]			44.437	24.751
Capital work-in-progress			0.442	0.000
INVESTMENT			1.960	1.856
DEFERREX TAX ASSETS			0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories		97.948	82.105
	Sundry Debtors		68.382	67.491
	Cash & Bank Balances		14.767	18.169
	Other Current Assets		1.073	0.000
	Loans & Advances		20.663	17.875
Total Current Assets			202.833	185.640
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		113.898	107.119
	Other Current Liabilities		18.702	9.371
	Provisions		4.400	2.175
Total Current Liabilities			137.000	118.665
Net Current Assets			65.833	66.975
MISCELLANEOUS EXPENSES			0.000	0.000
TOTAL			112.672	93.582

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	650.120	621.533	497.554
		Other Income	1.019	2.390	0.889
		Export Incentive	--	16.732	16.334
		Interest	--	--	0.208
		Income from Mutual Funds	--	--	0.075
		Profit on Sales of Assets	--	--	0.000
		Profit on Foreword Currency	--	--	0.315
		TOTAL (A)	651.139	640.655	515.375
Less	EXPENSES
		Cost of Goods Sold	--	--	412.613
		Cost of materials consumed	517.518	525.866	--
		Changes in inventories of finished goods, work-in-progress and stock in trade	4.430	0.287	--
		Employee benefit expense	41.773	29.970	--
		Payment to Auditors	--	0.084	--
		Insurance expenses	--	4.471	--
		Inward Freight and Charges	--	--	14.826
		Packing and Stores Consumed	--	--	9.128
		Director Remuneration	--	--	5.700
		Selling and Other Expenses	--	--	23.415
		Other Expenses	57.876	58.760	35.431
		TOTAL (B)	621.597	619.438	501.113
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		29.542	21.217	14.262
Less	FINANCIAL EXPENSES (D)		7.613	3.579	2.690
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		21.929	17.638	11.572
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.270	4.638	3.679
	PROFIT BEFORE TAX (E-F) (G)		17.659	13.000	7.893
Less	TAX (H)		6.009	4.326	2.491
	PROFIT AFTER TAX (G-H) (I)		11.650	8.674	5.402
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		24.702	16.028	10.626
	BALANCE CARRIED TO THE B/S		36.352	24.702	16.028
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	1.097	1.193
	TOTAL EARNINGS		0.000	1.097	1.193
	IMPORTS
		Capital Goods	0.000	111.424	105.259
	TOTAL IMPORTS		0.000	111.424	105.259
	Earnings Per Share (Rs.)		17.40	12.95	9.13

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.79	1.35	1.05
Net Profit Margin (PBT/Sales)	(%)	2.72	2.09	1.59
Return on Total Assets (PBT/Total Assets}	(%)	7.29	3.83	3.75
Return on Investment (ROI) (PBT/Networth)		0.26	0.23	0.16
Debt Equity Ratio (Total Debt /Networth)		0.86	0.98	0.94
Current Ratio (Current Asset/Current Liability)		1.05	1.48	1.56

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
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	497.554	621.533	650.120
		24.918	1.857

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	497.554	621.533	650.120
Profit	5.402	8.673	11.650
	1.09%	1.40%	1.79%

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

PERFORMANCE

This was the Twentieth financial year of the company after incorporation. The turnover of the company is Rs.613.625 Millions as compared to last year Rs. 621.532 Millions during the period the company has gain a net profit of Rs.11.650 Millions as compared to last year Rs. 8.674 Millions. The directors expect that the performance of the company in the current financial year will be quite satisfactory. The directors will continue in their endeavor to improve the working of the Company.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10078885	09/04/2013 *	88,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, 15/54-B,, VIRENDRA SMRITI COMPLE  X, CIVIL LINES,, KANPUR, UTTAR PRADESH - 208001, INDIA	B74612011
2	90270415	20/01/2005 *	7,700,000.00	STATE BANK OF INDIA	OVEREAS BRANCH, KANPUR, UTTAR PRADESH, INDIA	-
3	90272090	29/05/1998	7,700,000.00	STATE BANK OF INDIA	OVEREAS BRANCH, KANPUR, UTTAR PRADESH, INDIA	-

FIXED ASSETS

· Air Conditioner

· Land

· Computer

· Cycle

· Electric Equipment

· Fax machine

· Fire Equipment

· Furniture and Fixture

· Generator

· Machinery

· Motor Car

· Office Equipments

· Telecommunication Equipment

· Tube Well

· Electric Fittings

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.59.07
UK Pound	1	Rs.99.20
Euro	1	Rs.80.53

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	KAR
Report Prepared by :	YOG

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	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		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	--

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

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