MIRA INFORM REPORT

Report Date :

24.11.2014

IDENTIFICATION DETAILS

Name :	GSP CROP SCIENCE PRIVATE LIMITED
Formerly Known As :	GUJARAT SUPERPHOSPHATE INDUSTRIES PRIVATE LIMITED
Registered Office :	404, Lalita Complex, 352/3, Rasala Road, Near Jain Temple, Navrangpura, Ahmedabad - 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.02.1985
Com. Reg. No.:	04-007641
Capital Investment / Paid-up Capital :	Rs.260.225 Millions
CIN No.: [Company Identification No.]	U24120GJ1985PTC007641
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHMG00810F
PAN No.: [Permanent Account No.]	AAACG7984Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Agro Chemicals.
No. of Employees :	650 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 3840000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating reflects sound financial risk profile marked by decent liquidity position and strong performance capacity of the company. Trade relations are reported to be fair. Business is active. Payment are reported to be regular and as per commitment. 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 – 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 slowly 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 = A-
Rating Explanation	Adequate degree of safety and low credit risk
Date	04.11.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A2+
Rating Explanation	Strong degree of safety and low credit risk
Date	04.11.2014

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 :	Mr. Atish Shah
Designation :	General Manager Finance
Contact No.:	91-9687652934
Date :	22.11.2014

LOCATIONS

Registered Office :	404, Lalita Complex, 352/3, Rasala Road, Near Jain Temple, Navrangpura, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26466580 / 26440493 / 26449936
Mobile No.:	91-9687652934 (Mr. Atish Shah)
Fax No.:	91-79-26448872 / 22901047
E-Mail :	atishshah@gspcrop.co.in saumil@gspcorp.in alkesh@gspcorp.in info@gspcorp.in bpiad1@sanchanet.in bpi@ad1.vsnl.net.in gspabhijit@gspcrop.co.in saumil_gsp@yahoo.co.in gspcrop@vsnl.net
Website :	www.gspcorp.in
Area :	2000 Sq. Fts.
Location :	Owned
Corporate Office :	1^st Floor, Amar Chambers, Relief Road, Kalupur, Ahmedabad –380002, Gujarat, India
Tel. No.:	91-79-27430299 / 27489081
Fax No.:	91-79-27435431
Location :	Owned
Factory 1 :	Plot No. 101 to 103, GVMM Industrial Estate, Odhav Road, Ahmedabad – 382415, Gujarat, India
Tel. No.:	91-79-22900927 / 22900528 / 22873927 / 22871030
Fax No.:	91-79-22902526
E-Mail :	gujaratsuper@satyam.net.in
Area :	50000 Sq. Fts.
Location :	Owned
Factory 2 :	551, Phase II, GIDC Kathwada, O/S Odhav Octroi Naka, Ahmedabad – 382430, Gujarat, India
Tel No. :	91-79-22902556 / 22900451
Fax No.:	91-79-22901047
Factory 3:	Plot No. 1/15/16, GIDC Estate Nandesari, District Baroda 391340, Gujarat, India
Tel No.:	91-265-2841517
Fax No.:	91-265-2840117

DIRECTORS

As on 30.09.2013

Name :

Mr. Bhavesh Vrajmohan Shah

Designation :

Managing Director

Address :

35 Manikamal Co-operative Society, Sal Hospital road, Near Surdhara Circle, Thaltej, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

30.09.1971

Date of Appointment :

01.03.1994

PAN No.:

AFGPS4035N

DIN No.:

00094669

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	U24120GJ1985PTC007641	GSP CROP SCIENCE PRIVATE LIMITED	Managing director	01/01/2011	01/03/1994	-	Active	NO
2	U24299GJ1971PTC001989	BHARAT PESTICIDES INDUSTRIES PRIVATE LIMITED	Director	16/04/1998	16/04/1998	-	Active	NO
3	U24120GJ2012PTC070968	SULPHUR CROP CARE PRIVATE LIMITED	Director	30/06/2012	30/06/2012	-	Active	NO

Name :

Mr. Kenal Vrajmohan Shah

Designation :

Managing director

Address :

29/11 Manikamal Society, VI-2 Surdhara Circle, Thaltej, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

31.10.1969

Date of Appointment :

01.03.1994

PAN No.:

AEJPS4664M

DIN No.:

00094439

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	U24120GJ1985PTC007641	GSP CROP SCIENCE PRIVATE LIMITED	Managing director	01/01/2011	01/03/1994	-	Active	NO
2	U24299GJ1971PTC001989	BHARAT PESTICIDES INDUSTRIES PRIVATE LIMITED	Director	16/04/1998	16/04/1998	-	Active	NO
3	U24120GJ2012PTC070968	SULPHUR CROP CARE PRIVATE LIMITED	Director	30/06/2012	30/06/2012	-	Active	NO
4	U72200GJ2014PTC078652	Cosmo IT services Private Limited	Director	10/02/2014	10/02/2014	-	Active	NO

Name :

Mr. Vrajmohan Ramanlal Shah

Designation :

Director

Address :

11 Manikamal Society, VI-2 Surdhara Circle, Thaltej, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

03.12.1941

Date of Appointment :

12.11.1985

PAN No.:

ACZPS3608R

DIN No.:

00094656

KEY EXECUTIVES

Name :	Mr. Atish Shah
Designation :	General Manager Finance

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Vrajmohan.Ramanlal Shah	341750
Vrajmohan.Ramanlal Shah (HUF)	194140
Vrajmohan.Ramanlal Shah, Joint V.C Shah ,H.V. Shah and Joint Others	50
Vilasben Vrajmohan Shah	176250
Kenal Vrajmohan Shah	586710
Kenal Vrajmohan Shah (HUF)	52190
Falguni. K. Shah	56125
Bhavesh Vrajmohan Shah	583520
Bhavesh Vrajmohan Shah (HUF)	52190
Deepa B Shah	56125
V R Shah and V V Shah	267630
Anees Mohammed	24000
Arief Mohammed	24000
Munaf Mohammed	24000
Younus Mohammed	24000
Tirth Shah	133320
Total	2596000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	96.30
Other top fifty shareholders	3.70
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Agro Chemicals.

Products :

Product Description	Item Code No. (ITC Code)
Pesticides	38089910

· Insecticides

· Fungicides

· Herbicides

· Public Health Formulations

· Seed Treatment Chemicals

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

· Latin America

· Australia

· Gulf Countries

Imports :

Products :

Raw Material

Countries :

· China

· Japan

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

H.C. Agro Chemical, China

Customers :

Gharda Chemical Limited, Mumbai, Maharashtra, India

No. of Employees :

650 (Approximately)

Bankers :

· State Bank of India, Overseas Branch, 3rd Floor, Amrit Jayanti Bhavan, Navjivan Trust Complex, P.O. Navjivan, Ahmedabad - 380014, Gujarat, India

· Axis Bank Limited, Trishul 3rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Term Loans From Bank	51.421	15.000
Vehicle Loans	13.273	5.001
SHORT TERM BORROWINGS
Working capital loans from banks	738.219	740.381
Total	802.913	760.382

Notes

Long Term Borrowings

Vehicle loans are secured by hypothecation of vehicles

Term loans from bank are secured against by following securities:

· Primary Security - first charge over entire fixed assets at all the four units and R & D laboratory and also future assets of the company.

· Collateral Security - extension of charge (over and above working capital) over current assets of the company.

· Guarantee - personal guarantee of shri vrajmohan r. shah, shri kenalbhai v. shah & shri bhaveshbhai v. shah.

· Corporate guarantee of Bharat Pesticides Private Limited and universal chemical industries.

Short Term Borrowings

· Working capital facilities are secured by hypothecation of r.m., f.g., stock in process, packing materials, book debts, outstanding monies, receivable claims etc present and future.

· Equitable mortgage of factory land and building and by personal guarantee of directors & corporate guarantee of bharat pesticides industries Private Limited & universal chemical industries. working capital facilities include cash credit limit and FCNRB demand loans

Banking Relations :	--
Auditors :
Name :	Borkar and Muzumdar Chartered Accountants
Address :	B - 408 Premium House Near Gandhigram Railway Station Ashram Road Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26580401 / 26580412
E-Mail :	gunvant_kotadia@yahoo.co.in
PAN No.:	AAAFD3194J
Memberships :	--
Collaborators :	--
Associate :	· Bharat Pesticides Industries Private Limited CIN No.: U24299GJ1971PTC001989 · GSP Uruguay Sociedad Anonima · Sulphur Crop Care Private Limited
Partnership firm in which directors are interested :	· Universal Chemical Industries · Universal Bio Care

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.100/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2602250	Equity Shares	Rs.100/- each	Rs.260.225 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	260.225	250.000	250.000
(b) Reserves & Surplus	1,083.019	575.733	251.457
(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)	1,343.244	825.733	501.457
(3) Non-Current Liabilities
(a) long-term borrowings	92.697	89.628	175.270
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	14.955	9.279	0.610
(d) long-term provisions	4.054	0.963	1.853
Total Non-current Liabilities (3)	111.706	99.870	177.733
(4) Current Liabilities
(a) Short term borrowings	738.219	740.381	619.002
(b) Trade payables	1,231.558	958.812	624.210
(c) Other current liabilities	325.286	325.700	205.192
(d) Short-term provisions	146.006	144.377	32.048
Total Current Liabilities (4)	2,441.069	2,169.270	1,480.452
TOTAL	3,896.019	3,094.873	2,159.642
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	560.212	420.641	409.949
(ii) Intangible Assets	16.192	15.557	0.113
(iii) Capital work-in-progress	52.392	104.283	0.000
(iv) Intangible assets under development	0.000	0.000	6.120
(b) Non-current Investments	0.046	0.046	0.046
(c) Deferred tax assets (net)	3.208	7.709	3.159
(d) Long-term Loan and Advances	21.631	18.584	15.522
(e) Other Non-current assets	35.461	6.047	3.587
Total Non-Current Assets	689.142	572.867	438.496
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1,644.629	1,296.240	879.601
(c) Trade receivables	1,249.947	933.942	678.320
(d) Cash and cash equivalents	156.727	213.290	104.880
(e) Short-term loans and advances	155.574	78.534	58.345
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	3,206.877	2,522.006	1,721.146
TOTAL	3,896.019	3,094.873	2,159.642

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		7083.000	4752.100	3500.400
		Other Income		NA	NA	NA
		TOTAL		NA	NA	NA
	EXPENSES			NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			838.990	579.222	188.580
Less	DEPRECIATION/ AMORTISATION			98.744	84.411	89.279
	PROFIT/(LOSS) BEFORE TAX			740.246	494.811	99.301
Less	TAX			256.586	170.535	30.776
Less	PRIOR PERIOD ADJUSTMENT			4.282	0.000	0.000
	PROFIT/(LOSS) AFTER TAX			479.378	324.276	68.525
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			4.521	0.245	6.720
Less	APPROPRIATIONS
			Transfer to General Reserve	460.000	320.000	75.000
			Dividend	13.011	0.000	0.000
			Tax on Dividend	2.111	0.000	0.000
	BALANCE CARRIED TO THE B/S			8.777	4.521	0.245
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	793.000	582.900	590.100
	TOTAL EARNINGS			793.000	582.900	590.100
	Earnings / (Loss) Per Share (Rs.)			184.83	129.71	27.41

Expected Sales (2014-2015): Rs.7500.000 Millions

The above information has been parted by

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	6.77	6.82	1.96
Return on Total Assets (PBT/Total Assets}	(%)	19.28	16.59	4.62
Return on Investment (ROI) (PBT/Networth)		0.55	0.60	0.20
Debt Equity Ratio (Total Debt /Networth)		0.62	1.01	1.58
Current Ratio (Current Asset/Current Liability)		1.31	1.16	1.16

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	250.000	250.000	260.225
Reserves & Surplus	251.457	575.733	1083.019
Share Application money pending allotment	0.000	0.000	0.000
Net worth	501.457	825.733	1343.244
Long Term borrowings	175.270	89.628	92.697
Short Term borrowings	619.002	740.381	738.219
Total borrowings	794.272	830.009	830.916
Debt/Equity ratio	1.584	1.005	0.619

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	3,500.400	4,752.100	7,083.000
		35.759	49.050

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	3,500.400	4,752.100	7,083.000
Profit	68.525	324.276	479.378
	1.96%	6.82%	6.77%

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 three 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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
From Directors	28.003	36.004
From Shareholders	0.000	33.623
Total	28.003	69.627

PERFORMANCE AND OPERATIONS:

The Company has registered sales turnover during the year to the tune of Rs.7083.000 Millions as compared to Rs.4752.100 Millions in the previous year. The Profit After Tax has increased from Rs.324.300 Millions to Rs.479.400 Millions.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10409775	13/02/2014 *	2,067,900,000.00	PNB Investment Services Ltd-Sec Trustee Of SBI Consortium Of SBI & Ab	C/O Punjab National Bank, Circle Office, Nr. M.J. Library, Ellisbridge, Ahmedabad, Gujarat - 380009, India	B97837298
2	90096988	15/02/2014 *	2,397,900,000.00	PNB Investment Services Ltd-Sec Trustee Of SBI Consortium Of SBI & Ab	C/O Punjab National Bank, Circle Office, Nr. M.J. Library, Ellisbridge, Ahmedabad, Gujarat - 380009, India	B97836431
3	90102475	23/02/2013 *	330,000,000.00	State Bank Of India	Overseas Branch 3rd Floor Amrit Jayanti Bhavan, Navjivan Trust Complex P.O. Navjivan, Ahmedabad, Gujarat - 380014, India	B70450184

*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.61.85
UK Pound	1	Rs.97.01
Euro	1	Rs.77.62

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	SUM
Report Prepared by :	VNT

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		50

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.