MIRA INFORM REPORT

Report Date :

31.05.2014

IDENTIFICATION DETAILS

Name :	ARKIS ENTERPRISE PRIVATE LIMITED
Formerly Known As :	ARKIS AGRO TRADE PRIVATE LIMITED (w.e.f. 17.06.2011) MANIK TRADING PRIVATE LIMITED
Registered Office :	114/A, Shreeyog Co-Operative Society, Jairaj Nagar, Vazira Naka, Near Ashok Nagar, LT Road, Borivali (West), Mumbai – 400091 , Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.12.1992
Com. Reg. No.:	11-069828
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U51900MH1992PTC069828
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Maize Cattle Feed and Allied Products.
No. of Employees :	3 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company seems to be low during 2013. However, 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 with some cautions.

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.2453.2 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.

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. Shivprasad Sitaram Kabra
Designation :	Director
Contact No.:	91-9601279134
Date :	30.05.2014

LOCATIONS

Registered Office :	114/A, Shreeyog Co-Operative Society, Jairaj Nagar, Vazira Naka, Near Ashok Nagar, L T Road Borivali (West), Mumbai – 400091, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9601279134 (Mr. Shivprasad Sitaram Kabra)
Fax No.:	Not Available
E-Mail :	investor-relations@anil.co.in master_drive01@gmail.com
Admin Office / Corporate Office :	101, Milestone, Building Near Drive In Cinema Thaltej, Ahmedabad – 380054, Gujarat, India
Tel No.:	91-79-65411770

DIRECTORS

As on 30.09.2013

Name :

Mr. Shalibhadra Mahendrabhai Sheth

Designation :

Director

Address :

12/B, Prernakutir, Bunglow, Vastrapur, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

24.01.1953

Date of Appointment :

30.09.2011

DIN No.:

00032372

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	U65910GJ1982PTC005325	AARON INVESTMENTS PRIVATE LIMITED	Director	28/03/1984	28/03/1984	-	Active	NO
2	U65910GJ1982PTC005345	AKIN INVESTMENTS PRIVATE LIMITED	Director	28/03/1984	28/03/1984	-	Active	NO
3	U65910GJ1981PTC004527	ARBOR INVESTMENTS PRIVATE LIMITED	Director	28/03/1984	28/03/1984	-	Active	NO
4	U65910GJ1981PTC004529	AVDHI INVESTMENTS PRIVATE LIMITED	Director	28/03/1984	28/03/1984	-	Active	NO
5	U51100GJ1998PLC034972	ANIL TECHNOPLUS LIMITED	Director	01/05/1999	01/05/1999	30/06/2011	Active	NO
6	U60910GJ1998PLC034969	ASCENT KNOWLEDGE SOLUTIONS LIMITED	Director	30/09/2005	18/10/2001	15/07/2011	Amalgamated	NO
7	U23209GJ2000PLC037132	ANIL NUTRIENTS LIMITED	Whole-time director	01/06/2006	20/08/2002	15/06/2011	Active	NO
8	U51900MH1992PTC069828	ARKIS ENTERPRISE PRIVATE LIMITED	Director	30/09/2011	16/06/2003	-	Active	NO
9	U51100GJ1994PLC021689	AGRANIL MARKETING LIMITED	Director	09/09/2003	09/09/2003	15/06/2011	Amalgamated	NO
10	U51100GJ1997PTC033228	BHARTI CONSUMER MARKETING PRIVATE LIMITED	Director	09/09/2003	09/09/2003	12/04/2007	Amalgamated	NO
11	U51109GJ2004PLC043524	ANIL TRADECOM LIMITED	Director	28/01/2004	28/01/2004	-	Active	NO
12	U13204GJ2004PLC043954	ANIL MINES AND MINERALS LIMITED	Director	13/04/2004	13/04/2004	07/11/2011	Active	NO
13	U52600GJ1983PTC006631	JALARAM COMMODITIES PRIVATE LIMITED	Director	30/11/2005	30/11/2005	16/01/2007	Active	NO
14	U74110GJ1995PLC028364	ANIL HOSPITALITY VENTURES LIMITED	Director	12/04/2007	12/04/2007	15/06/2011	Amalgamated	NO
15	U65910GJ1982PTC005334	RAHIL MARKETING PRIVATE LIMITED	Director	09/12/2008	09/12/2008	15/06/2011	Amalgamated	NO
16	U45201GJ2009PLC056491	ANIL INFRAPLUS LIMITED	Director	31/03/2009	31/03/2009	18/04/2013	Active	NO
17	U15209GJ2008PTC054858	VIGO BIOTECHDAIRY PRIVATE LIMITED	Director	30/09/2010	21/01/2010	15/06/2011	Active	NO
18	U24230GJ2010PLC059622	ANIL LIFE SCIENCES LIMITED	Director	17/02/2010	17/02/2010	30/05/2011	Active	NO
19	U52500GJ2011PTC065552	SIDDHARTH CONMART PRIVATE LIMITED	Director	22/05/2011	22/05/2011	-	Active	NO
20	U52500GJ2011PTC065549	ARIHANT AGMART PRIVATE LIMITED	Director	22/05/2011	22/05/2011	-	Active	NO
21	U52500GJ2011PTC065550	SUVIDHI CONMART PRIVATE LIMITED	Director	27/09/2012	28/11/2011	-	Active	NO
22	U52100GJ2011PTC068355	CITRINE ENTERPRISE PRIVATE LIMITED	Director	23/12/2011	23/12/2011	-	Active	NO
23	U52100GJ2011PTC068354	PAPRIKA ENTERPRISE PRIVATE LIMITED	Director	23/12/2011	23/12/2011	-	Active	NO
24	U65910GJ1993PLC019755	ASEEM FINANCIAL SERVICES LTD	Director	29/09/2012	09/01/2012	-	Active	NO
25	U28112GJ2012PTC070614	TWILIGHT ENGINEERING PRIVATE LIMITED	Director	06/06/2012	06/06/2012	-	Active	NO
26	U70101GJ2013PTC073423	NAMDEV ORGANISERS PRIVATE LIMITED	Director	22/01/2013	22/01/2013	-	Active	NO

Name :

Mr. Shivprasad Sitaram Kabra

Designation :

Director

Address :

B/9/4, Parth, Indraprasth Tower, Vastrapur, Ahmedabad – 380052, Gujarat, India

Date of Birth/Age :

13.09.1952

Date of Appointment :

30.09.2011

DIN No.:

03501502

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	U51900MH1992PTC069828	ARKIS ENTERPRISE PRIVATE LIMITED	Director	30/09/2011	10/05/2011	-	Active	NO
2	U52500GJ2011PTC065552	SIDDHARTH CONMART PRIVATE LIMITED	Director	22/05/2011	22/05/2011	-	Active	NO
3	U52500GJ2011PTC065550	SUVIDHI CONMART PRIVATE LIMITED	Director	22/05/2011	22/05/2011	28/11/2011	Active	NO
4	U52500GJ2011PTC065553	UNIQUE AGMART PRIVATE LIMITED	Director	22/05/2011	22/05/2011	-	Active	NO
5	U52600GJ1991PTC016812	NILGIRI AGMART PRIVATE LIMITED	Director	30/09/2011	30/08/2011	-	Active	NO
6	U52500GJ2011PTC065551	EVEREST AGMART PRIVATE LIMITED	Director	27/09/2012	28/11/2011	-	Active	NO
7	U52100GJ2011PTC068355	CITRINE ENTERPRISE PRIVATE LIMITED	Director	23/12/2011	23/12/2011	-	Active	NO
8	U52100GJ2011PTC068353	SCALLION ENTERPRISE PRIVATE LIMITED	Director	23/12/2011	23/12/2011	-	Active	NO
9	U28113GJ2012PTC070672	ARJAV EQUIPMENTS AND SERVICES PRIVATE LIMITED	Director	11/06/2012	11/06/2012	-	Active	NO
10	U70101GJ2013PTC073422	ADHIP INFRACON PRIVATE LIMITED	Director	22/01/2013	22/01/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Shalibhadra Mahendrabhai Sheth	1900	19.00
Minesh N. Shah	1900	19.00
Shivprasad Sitaram Kabra	1900	19.00
Alkesh Patel	4300	43.00
Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Maize Cattle Feed and Allied Products.
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

GENERAL INFORMATION

No. of Employees :

3 (Approximately)

Bankers :

• The Kalupur Commercial Co-Operative Bank Limited, Kalupur Bank Bhavan, Near Income Tax Circle , Ashram Road, Ahmedabad - 380006, Gujarat, India
• ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Working Capital Loan from The Kalupur Commercial Co-Operative Bank Limited (Working Capital Loan is secured by hypothecation charge over all stock and book debts.)	0.001	0.962
Total	0.001	0.962

Banking Relations :	--
Auditors :
Name :	N.H. Gandhi and Associates Chartered Accountants
Address :	C-92, Sharnam Tower-1, Opposite Lotus School, Jodhpur Gam Cross Road, Satellite, Ahmedabad – 380015, Gujarat, India
PAN No.:	AJTPG4004E
Associate Concern :	Scallion Enterprise Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

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	0.100	0.100	0.100
(b) Reserves & Surplus	1.726	1.286	(1.018)
(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)	1.826	1.386	(0.918)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	59.334	1.762	0.800
(b) Trade payables	533.456	617.350	290.083
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	0.034	0.070	0.000
Total Current Liabilities (4)	592.824	619.182	290.883
TOTAL	594.650	620.568	289.965
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.001	0.002	0.004
(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	14.888	14.946	9.308
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.041	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	14.930	14.948	9.312
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	26.399	95.677	10.327
(c) Trade receivables	210.684	152.450	32.769
(d) Cash and cash equivalents	1.712	1.557	0.383
(e) Short-term loans and advances	340.925	355.936	237.174
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	579.720	605.620	280.653
TOTAL	594.650	620.568	289.965

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	868.609	471.314	207.412
		Other Income	0.301	0.535	0.090
		TOTAL	868.910	471.849	207.502
Less	EXPENSES		868.471	471.324	207.384
	PROFIT/(LOSS) BEFORE TAX		0.439	0.525	0.118
Less	TAX		0.000	0.070	0.025
	PROFIT/(LOSS) AFTER TAX		0.439	0.455	0.093
	Earnings Per Share (Rs.)		43.99	45.50	93.00

Particulars	31.03.2014
Sales Turnover (Approximately)	960.000

The above information has been parted by Mr. Shivprasad Sitaram Kabra

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.05	0.10	0.04
Net Profit Margin (PBT/Sales)	(%)	0.05	0.11	0.06
Return on Total Assets (PBT/Total Assets}	(%)	0.08	0.09	0.04
Return on Investment (ROI) (PBT/Networth)		0.24	0.38	(0.13)
Debt Equity Ratio (Total Debt /Networth)		32.49	1.27	(0.87)
Current Ratio (Current Asset/Current Liability)		0.98	0.98	0.96

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	0.100	0.100	0.100
Reserves & Surplus	(1.018)	1.286	1.726
Net worth	(0.918)	1.386	1.826
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.800	1.762	59.334
Total borrowings	0.800	1.762	59.334
Debt/Equity ratio	(0.871)	1.271	32.494

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	207.412	471.314	868.609
		127.236	84.295

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	207.412	471.314	868.609
Profit	0.093	0.455	0.439
	0.04%	0.10%	0.05%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	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	Yes
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	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	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans and Advances from related parties	59.333	0.800
Total	59.333	0.800

OPERATION:

Performance of the company during the year of operation remained satisfactory. The company registered Sales and Other Income of Rs.868.910 Millions. After provision for taxation the company's Net profit has been registered at Rs.0.439 Million. The directors are optimistic for achieving better results next year.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10322685	23/11/2011	1,000,000.00	The Kalupur Commercial Co Operative Bank Limited	Kalupur Bank Bhavan, Near Income Tax Circle, Ashram Road, Ahmedabad, Gujarat - 380006, India	B27689686

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.59.03
UK Pound	1	Rs.98.91
Euro	1	Rs.80.34

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	VNT

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	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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