MIRA INFORM REPORT

Report Date :

25.11.2014

IDENTIFICATION DETAILS

Name :	SHAKUN POLYMERS LIMITED
Registered Office :	501-504, ISCON Heights Atria-2, Opposite Gujarat Energy Training and Research Institute, Gotri Road, Vadodara – 390021, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.04.1995
Com. Reg. No.:	04-025304
Capital Investment / Paid-up Capital :	Rs. 34.600 Millions
CIN No.: [Company Identification No.]	U17119GJ1995PLC025304
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BRDS01178C
PAN No.: [Permanent Account No.]	AACCS5500Q
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Wire and Cable Compounds
No. of Employees :	Information declined by the management.

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. The company has seen a growth in its sales turnover as well as net profitability during 2014. Financial position of the company seems to be decent. However, 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	14.04.2014

Rating Agency Name	CRISIL
Rating	Short term rating : “A3+”
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	14.04.2014

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 DENIED BY

Management Non-Cooperative (Contact No.: 91-265-6196500)

LOCATIONS

Registered Office :	501-504, ISCON Heights Atria-2, Opposite Gujarat Energy Training and Research Institute, Gotri Road, Vadodara – 390021, Gujarat, India
Tel. No.:	91-265-6196500
Fax No.:	91-265-6196565
E-Mail :	mktg@shakunpolymers.com sales@shakunpolymers.com compounds@shakunpolymers.com (Sales) technical@shakunpolymers.com (Technical) exim@shakunpolymers.com (Exports) atmajy@bankofbaroda.com purchase@shakunpolymers.com finance@shakunpolymers.com
Website :	http://www.shakunpolymers.com
Factory 1 :	Plot No. 2-3, Silver Industrial Estate, Pataliya Road, Bhimpore, Daman – 396210, Gujarat, India
Tel. No.:	91-265-2333807
Fax No.:	91-265-2339402
Location :	Owned
Factory 2 :	Halol, Gujarat, India
Location :	Owned

DIRECTORS

AS ON 19.08.2014

Name :	Mr. Rajesh Dhanraj Bansal
Designation :	Whole Time Director
Address :	18, Gotri Co-operative Housing Society, Gotri Road, Vadodara – 390021, Gujarat, India
Date of Birth/Age :	03.03.1964
Qualification :	BCOM
Date of Appointment :	02.01.1996
PAN No.:	ABXPB2131P
DIN No.:	00002176
Name :	Mr. Rakesh Dhanraj Bansal
Designation :	Whole Time Director
Address :	4, Gotri Co-operative Housing Society, Gotri Road, Vadodara – 390021, Gujarat, India
Date of Birth/Age :	27.03.1966
Qualification :	BCOM
Date of Appointment :	02.01.1996
PAN No.:	ABXPB2129H
DIN No.:	00002179
Name :	Mr. Geetesh Dhanraj Bansal
Designation :	Whole Time Director
Address :	5, Gotri Co-operative Housing Society, Gotri Road, Vadodara – 390021, Gujarat, India
Date of Birth/Age :	27.10.1967
Qualification :	BCOM
Date of Appointment :	02.01.1996
PAN No.:	ABXPB2127K
DIN No.:	00002180

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 19.08.2014

Names of Shareholders	No. of Shares
Ritu Bansal	184000
Seema Bansal	421500
Ashima Bansal	241200
Rajesh Bansal (HUF)	150900
Rakesh Bansal (HUF)	113000
Rakesh Bansal	300700
Geetesh Bansal	186700
Rajesh Bansal	78300
Geetesh Bansal (HUF)	222500
Shakuntala Bansal	488300
Urmila Gupta	1800
Pawan Gupta	500
Raghav Singhania	5000
Yash Vardhan Sighania	5000
Bina Singhania	5000
P K Kesavan Namboothiri	500
Swati Bakshi	2000
Ashok Bansal	1000
Aarat Metha	2000
Kamalsingh R Zaveri	500
Dhanraj Bansal	100000
Rishina Bansal	102200
Ritvigya Bansal	161100
Anirudha Bansal	155300
Abhinav Bansal	155300
Hemang Bansal	148700
Tanushree Bansal	23800
Rakesh HUF/Ritu	8500
GeeteshHUF/Ashima	8500
Tanushree Bansal Educ. Trust, India	75000
Dhanraj/Shakuntala	109200
Pawan Gupta-HUF	500
Rukhmani Aggrawal	500
Mittal S Degadwala	500
Bhavin Trivedi	500
Total	3460000

Equity Share Break up (Percentage of Total Equity)

AS ON 19.08.2014

Category	Percentage
Directors or relatives of Directors	99.31
Other top fifty shareholders	0.69
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Wire and Cable Compounds

Products :

Item Code No. (ITC Code)	Product Description
39019090	Speciality Plastic Compounds
85444999	Wire and Cables

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

Bank of Baroda, Atmajyoti Ashram Road Branch, Indraprastha Building, Ellora Park, Opposite Vegetable Market, Vadodara – 390007, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Loans taken for Fixed Assets (Mortgage of Factory Land and Building, Hypothecation of Plant and Machinery, Fixture and Fixture, Office Equipment's and other Movable fixed assets)	33.350	15.762
Short Term Borrowings
Working Capital Loans from Banks (Hypothecation of entire raw materials, stock-in-process, stores and spares, packing materials, finished goods and Book-debts of the Company, both present and future)	161.196	219.176
Total	194.546	234.938

Auditors :
Name :	Shah Mehta and Bakshi Chartered Accountants
Address :	2^nd Floor, Prasanna House, Associated Society, Near Akota Stadium, Vadodara – 390020, Gujarat, India
Tel. No.:	91-265-2331060/2337727/2355435
Mobile No.:	91-265-2343227
E-Mail :	office@smb.ca.com
PAN No.:	AABFJ1738M
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	DYM Techcom Private Limited
Other related party :	Tanushree Bansal Education Trust Universal Cables Limited CIN No.: L31300MP1945PLC001114

CAPITAL STRUCTURE

AS ON 19.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs. 10/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3460000	Equity Shares	Rs. 10/- each	Rs.34.600 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	34.600	34.600	34.600
(b) Reserves & Surplus	356.561	283.714	235.604
(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)	391.161	318.314	270.204
(3) Non-Current Liabilities
(a) long-term borrowings	33.350	15.762	16.357
(b) Deferred tax liabilities (Net)	21.339	17.672	15.497
(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)	54.689	33.434	31.854
(4) Current Liabilities
(a) Short term borrowings	264.996	248.076	129.559
(b) Trade payables	78.967	44.108	35.750
(c) Other current liabilities	13.926	29.219	21.271
(d) Short-term provisions	32.256	29.177	22.205
Total Current Liabilities (4)	390.145	350.580	208.785
TOTAL	835.995	702.328	510.843
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	325.828	222.713	204.243
(ii) Intangible Assets	2.699	3.273	3.911
(iii) Capital work-in-progress	14.709	87.943	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.800	0.800	0.800
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	16.252	15.470	12.230
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	360.288	330.199	221.184
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	223.017	187.068	158.492
(c) Trade receivables	192.828	139.670	113.292
(d) Cash and cash equivalents	32.084	16.662	5.208
(e) Short-term loans and advances	16.775	21.779	3.755
(f) Other current assets	11.003	6.950	8.912
Total Current Assets	475.707	372.129	289.659
TOTAL	835.995	702.328	510.843

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	1489.113	1220.296	1072.071
		Other Income	32.197	28.941	23.147
		TOTAL (A)	1521.310	1249.237	1095.218
Less	EXPENSES
		Cost of materials consumed	1063.547	910.833	739.058
		Purchases of stock-in-trade	0.000	0.000	8.474
		Employee benefit expense	31.816	26.835	22.673
		Other expenses	212.469	181.864	209.021
		Prior period items	0.029	0.045	0.003
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	7.318	(15.350)	5.042
		TOTAL (B)	1315.179	1104.227	984.271
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		206.131	145.010	110.947
Less	FINANCIAL EXPENSES (D)		33.111	27.096	21.391
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		173.020	117.914	89.556
Less/ Add	DEPRECIATION/ AMORTISATION (F)		30.678	22.575	18.826
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		142.342	95.339	70.730
Less	TAX (H)		49.255	31.037	24.520
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		93.087	64.302	46.210
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		237.773	196.093	166.568
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	6.430	4.621
		Dividend	NA	13.840	10.380
		Tax on distributed profits	NA	2.352	1.684
	BALANCE CARRIED TO THE B/S		NA	237.773	196.093
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	827.159	0.000	452.871
		Commission Earnings	0.000	0.061	8.714
	TOTAL EARNINGS		827.159	0.061	461.585
	Earnings / (Loss) Per Share (Rs.)		26.90	18.58	13.36

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	6.25	5.26	4.31
Operating Profit Margin (PBDIT/Sales)	(%)	13.84	11.88	10.34
Return on Total Assets (PBT/Total Assets}	(%)	17.35	15.54	13.87
Return on Investment (ROI) (PBT/Networth)		0.36	0.30	0.26
Debt Equity Ratio (Total Liability/Networth)		0.76	0.83	0.54
Current Ratio (Current Asset/Current Liability)		1.22	1.06	1.39

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	34.600	34.600	34.600
Reserves & Surplus	235.604	283.714	356.561
Net worth	270.204	318.314	391.161
long-term borrowings	16.357	15.762	33.350
Short term borrowings	129.559	248.076	264.996
Total borrowings	145.916	263.838	298.346
Debt/Equity ratio	0.540	0.829	0.763

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)
Revenue from operations	1072.071	1220.296	1489.113
		13.826	22.029

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	1072.071	1220.296	1489.113
Profit After Tax	46.210	64.302	93.087
	4.31%	5.27%	6.25%

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	Yes
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	Yes
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

LITIGATION:

HIGH COURT OF GUJARAT

TAX APPEAL No. 327 of 2007

Status : PENDING

( Converted from : ST/161/2007 )

CCIN No : 001092200700327

Next Listing Date : 24.11.2014
Coram : HONOURABLE MR.JUSTICE KS JHAVERI HONOURABLE MR.JUSTICE K.J.THAKER
S.NO.	Name of the Petitioner		Advocate On Record
1	THE JCIT (ASSTT), CIRCLE-5 AHMEDABAD		MR KM PARIKH for: Appellant(s)  1
S.NO.	Name of the Respondant		Advocate On Record
1	M/S. SHAKUN POLYMERS LTD.		MRS SWATI SOPARKAR for :Opponent(s)  1
Presented On		: 10/01/2007	Registered On	: 10/01/2007
Bench Category		: DIVISION BENCH	District	: VADODARA
Case Originated From		: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 221 times
StageName		: WARNED LIST - TAX APPEAL
Classification		DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act		INCOME-TAX ACT, 1961

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	15/08/2007	VAKALATNAMA	MR KM PARIKH ADVOCATE for PETITIONER(s)  1	-	MR KM PARIKH:1
2	30/01/2008	VAKALATNAMA	MRS SWATI SOPARKAR ADVOCATE for RESPONDENT(s)  1	5	MRS SWATI SOPARKAR:1
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	02/03/2007	1	-	FOR FINAL HEARING - TAX MATTERS	RULE/ADMIT	HONOURABLE MR.JUSTICE MOHIT S. SHAH HONOURABLE MR.JUSTICE D.H.WAGHELA
2	24/11/2014	51	-	WARNED LIST - TAX APPEAL		HONOURABLE MR.JUSTICE KS JHAVERI HONOURABLE MR.JUSTICE K.J.THAKER
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred
1	TAX APPEAL/327/2007	HONOURABLE THE CHIEF JUSTICE Y.R.MEENA HONOURABLE MR.JUSTICE J.C.UPADHYAYA	11/12/2007	N	ORDER	-	Y
Certified Copy

S. No.	Applicant Name	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MR KM PARIKH	ORDINARY	23/01/2008	O/2044/2008	11/12/2007	04/02/2008	05/02/2008	Delivered	ORDER

INDEX OF CHARGES

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10017708	30/01/2013 *	363,900,000.00	BANK OF BARODA	ATMAJYOTI ASHRAM ROAD BRANCH,INDRAPRASTHA BUILDING, OPP. VEGETABLE MARKET, ELLORA PARK, VADODARA, GUJARAT - 390007, INDIA	B68071810
2	90101121	22/02/2013 *	363,900,000.00	BANK OF BARODA	ATMAJYOTI ASHRAM ROAD BRANCH,INDRAPRASTHA BUILDING, OPP. VEGETABLE MARKET, ELLORA PARK, VADODARA, GUJARAT - 390007, INDIA	B69404739
3	90100720	10/07/2000	67,000,000.00	BANK OF BARODA	ATMAJYOTI ASHRAM ROAD BRANCH,INDRAPRASTHA BUILDING, OPP. VEGETABLE MARKET, ELLORA PARK, VADODARA, GUJARAT - 390007, INDIA	-

* Date of charge modification

UNSECURED LOANS

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Short Term Borrowings
Intercorporate Borrowings	4.000	3.500
Deposits from Shareholders	27.200	3.500
Loans and Advances from Related Parties	21.000	15.500
Other Loans and Advances	51.600	6.400
Total	103.800	28.900

FIXED ASSETS

· Land

· Buildings

· Residential Building

· Factory Building

· Plant and Equipment

· Factory Equipments

· Other plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Computer Software

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. 62.10
UK Pound	1	Rs. 97.31
Euro	1	Rs. 77.91

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION6	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	--

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.