MIRA INFORM REPORT

Report Date :

03.11.2014

IDENTIFICATION DETAILS

Name :	PIYANSHU CHEMICALS PRIVATE LIMITED
Registered Office :	53A, Tiljala Road, Mescab Center, 4th Floor, Kolkata – 700046, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.06.1992
Com. Reg. No.:	21-055683
Capital Investment / Paid-up Capital :	Rs. 3.800 Millions
CIN No.: [Company Identification No.]	U24231WB1992PTC055683
PAN No.: [Permanent Account No.]	AABCP5664M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Alkyd Resin, Paints, Driers and Paint Chemicals and also Processing of Chemicals.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear
Comments :	Subject is and established company having satisfactory track record. As per registrar of companies the date of Balance Sheet (i.e financial filed) is shown as 31.03.2014 but the documents related to financials are not available for any source. As per available financial record of 2013, the rating reflects company’s healthy financial risk profile marked by sound liquidity position and fair profitability levels of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	February 26, 2014

Rating Agency Name	CRISIL
Rating	Short term rating : A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	February 26, 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 31-03-2014.

INFORMATION PARTED BY

Name :	Ms. Minakshi Agarwal
Designation :	Accounts Executive
Contact No.:	91-33-22851102
Date :	01.11.2014

LOCATIONS

Registered/ Head Office :	53A, Tiljala Road, Mescab Center, 4th Floor, Kolkata – 700046, West Bengal, India
Tel. No.:	91-33-22851101-05
Fax No.:	91-33-22851105
E-Mail :	anshu_kejriwal@piyanshu.com binay_more@piyanshu.com minakshi_agarwal@piyanshu.com satyabodh_bhagat@piyanshu.com bishakha_barua@piyanshu.com
Website :	www.piyanshu.com
Location :	Owned
Locality :	Commercial
Factory 1 :	Plot No 1, Cooperative Industrial Estate, Gandhinagar, R R District, Hyderabad – 500037, Andhra Pradesh, India
Tel. No.:	91-40-23176744/ 23088050
Fax No.:	91-40-23176744
E-Mail :	padam_bhagat@piyanshu.com
Factory 2 :	Plot No. 200 and 201, Phase II, IDA, Pashamylaram, Uthloor, Medak – 502307, Andhra Pradesh, India
Tel. No.:	91-8455-226135/ 226136
E-Mail :	ramesh_g@piyanshu.com
Factory 3 :	Plot No D23, Industrial Focal Point, Derabassi, District Patiala – 140507, Punjab, India
Tel. No.:	91-1762-282843/ 283807
Fax No.:	91-1762-282808
E-Mail :	harsh_kejriwal@piyanshu.com
Factory 4 :	Plot No 684, Sector III, Pithampur Industrial Area, District Dhar (Near Indo Rama), Madhya Pradesh, India
Tel. No.:	91-7292-256210/ 500175
Fax No.:	91-7292-500175
E-Mail :	prakash_bhagat@piyanshu.com

DIRECTORS

As on 26.08.2013

Name :

Mr. Anshu Kejriwal

Designation :

Director

Address :

111, Southern Avenue, Flat No. 13B, Sarat Base Road, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

19.01.1967

Date of Appointment :

24.09.2012

PAN No.:

AFJPK6786R

DIN No.:

00461597

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	U24231WB1992PTC055683	PIYANSHU CHEMICALS PRIVATE LIMITED	Director	24-09-2012	19-03-1998	-	Active	NO
2	U24297WB2010PTC155065	PIYANSHU RESINS AND POLYMERS PRIVATE LIMITED	Director	26-11-2010	26-11-2010	19-07-2014	Active	NO

Name :

Mr. Piyush Kejriwal

Designation :

Director

Address :

R.N. 2A, 2^nd Floor, 8/2, Loudon Street, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

27.07.1965

Date of Appointment :

24.09.2012

PAN No.:

AFYPK1006M

DIN No.:

00461691

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	U24231WB1992PTC055683	PIYANSHU CHEMICALS PRIVATE LIMITED	Director	24-09-2012	01-06-1996	-	Active	NO
2	U24222WB2003PTC140971	REGENT PAINTS PRIVATE LIMITED	Director	26-08-2012	25-07-2005	-	Active	NO
3	U24297WB2010PTC155065	PIYANSHU RESINS AND POLYMERS PRIVATE LIMITED	Director	10-01-2011	10-01-2011	31-03-2014	Active	NO

Name :

Ms. Deepa Kejriwal

Designation :

Director

Address :

111, Southern Avenue, Flat No. 13B, Sarat Base Road, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

20.11.1969

Date of Appointment :

24.09.2012

PAN No.:

AERPK7253E

DIN No.:

00461675

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	U24231WB1992PTC055683	PIYANSHU CHEMICALS PRIVATE LIMITED	Director	24-09-2012	19-03-1998	Active	NO
2	U36912WB1980PTC033229	ROHITA AND DEEPA DESIGNS PRIVATE LIMITED	Director	01-08-2012	14-02-2012	Active	NO

Name :

Mr. Satyabodh Bhagat

Designation :

Director

Address :

10, N N Dutta Road, Flat K-4, Regent Park, Kolkata – 700040, West Bengal, India

Date of Birth/Age :

04.12.1974

Date of Appointment :

24.09.2012

PAN No.:

AEDPB8692N

DIN No.:

00461655

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	U24231WB1992PTC055683	PIYANSHU CHEMICALS PRIVATE LIMITED	Director	24-09-2012	15-04-1996	-	Active	NO
2	U24222WB2003PTC140971	REGENT PAINTS PRIVATE LIMITED	Director	07-01-2010	07-01-2010	-	Active	NO
3	U24297WB2010PTC155065	PIYANSHU RESINS AND POLYMERS PRIVATE LIMITED	Director	26-11-2010	26-11-2010	31-03-2014	Active	NO

KEY EXECUTIVES

Name :	Ms. Minakshi Agarwal
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.08.2013

Names of Shareholders	No. of Shares
Anshu Kejriwal	90800
Satyabodh Bhagat	34100
Ram Krishna Kejriwal (HUF)	100
Deepa Kejriwal	60
Piyush Kejriwal	72200
Ram Krishna Kejriwal	140150
Kanak Lata Kejriwal	100
Piyush Shubra Kejriwal (HUF)	10100
Anshu Ishaan Kejriwal (HUF)	4100
Hanuman Prasad Bhagat	300
Sneh Lata Bhagat	100
Seema Kejriwal	2700
Harsh Kejriwal	100
Swati Kejriwal	100
Shailja Kejriwal	1950
Padmanabh Bhagat	13000
Shubhra Kejriwal	10000
Lalit Kumar Agarwala (HUF)	10
Lalit Kumar Agarwala	10
Dolly Agarwala	10
Ishaan Kejriwal	10
Total	380000

As on 26.08.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	99.95
Other top fifty shareholders	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Alkyd Resin, Paints, Driers and Paint Chemicals and also Processing of Chemicals.

Products :

Item Code No. (ITC Code)	Product Description
39075000	Alkyd Resins
32110000	Prepared Driers

Exports :

Products :

Finished Goods

Countries :

Australia

Imports :

Products :

Raw Material

Countries :

· China

· Sweden

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Suppliers :

· HPCL Limited

· Reliance Industries Limited

Customers :

End Users

· Shalimar Paints Limited

· Bombay Paints Limited

· Akzo Nobel

· Asian Paints

· Pidilite

· Shalimar Paints

· Berger Paints

· Jenson & Nicholson

No. of Employees :

200 (Approximately)

Bankers :

Bank of India, Kolkata MID Corporate Branch, 5, B.T.M. Sarani, Kolkata - 700001, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from banks	165.366	70.649
Total	165.366	70.649

NOTE:

Principal- Hypothecation of stocks Hypothecation of Book Debts (upto 90days) 25% Margin on LC-DA-90days by TDR 10% Margin on LC-DP(I/F)- by TDR 25% Margin on BG-by TDR Collateral - 1. EQM of land and building of the company situated at Pithampur, Derabassi(punjab) and Medak (A.P.) 2. EQM of commercial property at 4^th Floor of Building name and styled "Mescab Centre" at 53A, Tiljala Road (formerly 53A,53B and 53C, Tiljala Road), PS: Karaya, Kolkata- 700 046 belonging to the Company. Total area- 3365.44 Sft.(Super built up) 3. Hypothecation of entire plants and machinery of all the units of the Company.

Banking Relations :	--
Auditors :
Name :	A.K. Tulsyan and Associates Chartered Accountants
Address :	P-8, Chowringhee Square, 4th Floor, Kolkata – 700069, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	ABIPT7263M
Associates :	· Bounce Board Consultants Private Limited CIN No.: U74140WB1996PTC097186 · Ishan Resins and Paints Limited CIN No.: U24231WB1997PLC084483 · Piyanshu Resins and Polymers Private Limited CIN No.: U24297WB2010PTC155065 · Regent Paints Private Limited · Rohita and Deepa Designs Private Limited CIN No.: U36912WB1980PTC033229

CAPITAL STRUCTURE

As on 26.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
380,000	Equity Shares	Rs. 10/- each	Rs. 3.800 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	3.800	3.800	3.800
(b) Reserves & Surplus	229.202	205.059	182.752
(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)	233.002	208.859	186.552
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	3.347	3.954	4.302
(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)	3.347	3.954	4.302
(4) Current Liabilities
(a) Short term borrowings	165.366	70.649	48.748
(b) Trade payables	147.994	104.550	98.627
(c) Other current liabilities	14.628	14.189	17.569
(d) Short-term provisions	19.690	17.879	20.810
Total Current Liabilities (4)	347.678	207.267	185.754
TOTAL	584.027	420.080	376.608
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	69.774	76.683	63.336
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	11.959	0.000	18.813
(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	81.733	76.683	82.149
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	100.749	80.648	79.218
(c) Trade receivables	341.703	216.092	170.692
(d) Cash and cash equivalents	9.601	4.366	2.822
(e) Short-term loans and advances	42.678	41.335	40.993
(f) Other current assets	7.563	0.956	0.734
Total Current Assets	502.294	343.397	294.459
TOTAL	584.027	420.080	376.608

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL (A)	1774.750	1254.020	1080.760
Less	EXPENSES
		TOTAL (B)	1712.605	1193.899	1038.876
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		62.145	60.121	(Including Financial and Depreciation Expenses)
Less	FINANCIAL EXPENSES (D)		15.594	15.723
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		46.551	44.398
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.255	10.738
	PROFIT BEFORE TAX (E-F) (G)		36.296	33.660	41.884
Less	TAX (H)		12.017	11.200	14.084
	PROFIT AFTER TAX (G-H) (I)		24.279	22.460	27.800
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		201.898	179.438	151.638
	BALANCE CARRIED TO THE B/S		226.177	201.898	179.438
	EARNINGS IN FOREIGN CURRENCY		0.022	0.000	NA
	Earnings Per Share (Rs.)		63.89	59.11	64.38

Particulars	31.03.2014
Sales Turnover (Approximately)	1940.000

Expected Sales (2014-2015): Rs. 2000.000 Millions

The above information has been parted by Ms. Minakshi Agarwal (Accounts Executive).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	6.34	8.01	11.71
Return on Investment (ROI) (PBT/Networth)		0.16	0.16	0.22
Debt Equity Ratio (Total Debt/Networth)		0.71	0.34	0.26
Current Ratio (Current Asset/Current Liability)		1.44	1.66	1.59

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	3.800	3.800	3.800
Reserves & Surplus	182.752	205.059	229.202
Net worth	186.552	208.859	233.002
long-term borrowings	0.000	0.000	0.000
Short term borrowings	48.748	70.649	165.366
Total borrowings	48.748	70.649	165.366
Debt/Equity ratio	0.261	0.338	0.710

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)
Total Income	1080.760	1254.020	1774.750
		16.031	41.525

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1080.760	1254.020	1774.750
Profit	27.800	22.460	24.279
	2.57%	1.79%	1.37%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN 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	90247722	14/08/2013 *	200,000,000.00	BANK OF INDIA	KOLKATA MID CORPORATE BRANCH, 5, B.T.M. SARANI, KOLKATA, WEST BENGAL - 700001, INDIA	B82969023

* Date of charge modification

CHANGE OF ADDRESS:

The Registered office of the company has been shifted from 8/2, Loudon Street, Kolkata – 700017, West Bengal, India to the present address w.e.f.09.05.2011.

CORPORATE INFORMATION

Subject is a private company domiciled in India and incorporated under provisions of the Companies Act, 1956. The business of the company is Manufacture of Alkyd Resin, Paints, Driers and Paint Chemicals and Processing of Chemicals.

FIXED ASSETS:

· Land

· Buildings

· Office building

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

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.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.77.19

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--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	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	--

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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.