MIRA INFORM REPORT

Report Date :

27.11.2014

IDENTIFICATION DETAILS

Name :	VIMAL AGRO PRODUCTS PRIVATE LIMITED
Registered Office :	Ten Road, GIDC, Bardoli, Surat -394601, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.10.1988
Com. Reg. No.:	04-011372
Capital Investment / Paid-up Capital :	Rs.36.000 Millions
CIN No.: [Company Identification No.]	U15131GJ1988PTC011372
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	AAACV8036E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Agro Products.
No. of Employees :	200 (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 630000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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	Have Moderate Degree of Safety and Carry Moderate Credit Risk
Date	31.10.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating :A3
Rating Explanation	Have Moderate Degree of Safety and Carry Higher Credit Risk
Date	31.10.2014

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 (GENERAL DETAILS)

Name :	Mr. Sandeep
Designation :	Director
Contact No.:	91-9825132859
Date :	14.11.2014

LOCATIONS

Registered Office / Factory :	Ten Road, GIDC, Bardoli, Surat -394601, Gujarat, India
Tel No.:	91-22-22220759
Mobile No. :	91-9825132859 (Mr. Sandeep)
Fax No.:	91-22-220759
E-Mail :	vimalagro@gmail.com
Website :	http://www.vimalagro.com
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Subhashchandra Parsotam Nemani

Designation :

Managing Director

Address :

Nemani Niwas, Near Shukla Hospital, M. G. Road, Bardoli, Surat, Gujarat, India

Date of Birth/Age :

30.09.1946

Date of Appointment :

14.10.1988

DIN No:

01509584

Name :

Mr Sandeep Subhashchandra Nemani

Designation :

Director

Address :

Nemani Niwas, Near Shukla Hospital, M. G. Road, Bardoli, Surat, Gujarat, India

Date of Birth/Age :

07.01.1972

Date of Appointment :

05.08.1994

DIN No:

01112153

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15131GJ1988PTC011372	VIMAL AGRO PRODUCTS PRIVATE LIMITED	Director	5/8/1994	5/8/1994	-	Active	NO
2	U28999GJ1996PTC030861	VINDEC TINBOX COMPANY PRIVATE LIMITED	Director	3/10/1996	3/10/1996	-	Active	NO

Name :

Mr. Piyushkumar Subhashchandra Nemani

Designation :

Director

Address :

Nemani Niwas, Near Shukla Hospital, M. G. Road, Bardoli, Surat, Gujarat, India

Date of Birth/Age :

17.11.1967

Date of Appointment :

14.10.1988

DIN No:

01113813

EXECUTIVES

Name :	Mr. Dhiren R Dave
Designation :	Company secretary
Address :	D-412 International Trade Centre, Majura Gate, Ring Road, Surat – 395002, Gujarat, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	% of Age
Mr.Subhashchandra Parsotamdas Nemani	17700	24.58
Mr.Sandeep Subhashchandra Nemani	8000	11.11
Mrs.Sushiladevi Nemani	6800	9.44
Mr.Piyush Subhashchandra Nemani	10100	14.03
Mrs.Renu P.Nemani	6200	8.61
Mrs.Shweta S. Nemani	8200	11.39
Mr.Subhash Nemani HUF	5000	6.94
Mr.Piyush Nemani HUF	5000	6.94
Mr.Sandeep Nemani HUF	5000	6.94
Total	72000	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	50.00
Other top fifty shareholders	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Agro Products.

Products :

ITC Code No.	Product Description
081290	Mango Pulp
071190	Canned Vegetables
200190	Mango Pickles
190190.09	Papad

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finished Good

Countries :

• UK
• USA
• Japan

Imports :

Products :

Raw Material

Countries :

• China
• Thailand

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

State Bank of India, Mid Corporate Branch, Trade House, Opposite Mandarwaja Fire Station, Ring Road, Surat - 395002, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan (E.O.U. Division)	7.598	16.863
Term Loan (Power Division)	0.000	0.000
Vehicle Loans From Banks And Financial Institutions (E.O.U. Division)	0.130	1.579
SHORT TERM BORROWING
Working Capital Secured Loans
Indian Rupee Loans From Banks	120.737	100.637
Current Portion of Term and Vehicle Loans From Long Term Borrowing	19.573	26.669
Total	148.038	145.748
LONG TERM BORROWING a. Term Loan are Secured by Hypothecation of Respective Plant and Machinery and Entire Fixed Assets of The Company at its Site Including Wind Tublne Generator at Kumbharla Village, Kutch. They are Collaterally Secured by Way of Change over Factory Land and Building at Plot No 408 And 413, Ten Road Bardoli, Current Assets of the Company and Lien Over FDRS Of Rs. 2.60 Millions. They are Also Secured by Personal Guarantee of the Directors of the Company. b. Hire Purchase Vehicle Loans Availed For The Purchase Of Vehicles Is Secured By Hypothecation Of Respective Vehicle. SHORT TERM BORROWING The Credit Facilities Availed from State Bank of India is secured by Hypothecation all the Current Assets of the Company. They are Collaterally Secured by Way of Charges over Plant and Machinery and Wind Mill of The Company. They are Also Secured by Personal Guarantee of the Directors of the Company. The Rate of Interest Payable on Various Facilities it as Follows.

Auditors :
Name :	SNK and company Chartered Accountants
Address :	SNK HOUSE, 31-A, Adarsh Society Opposite Seventh Day High School, Athwalines, Surat - 395001, Gujarat, India
Tel No.:	91-261-2656273-4, 6544791-2, 3299540
Fax No.:	91-261-2656868
Email Id.:	snk@snkca.com snk@youbroadband.in
Website:	www.snkca.com
PAN No.:	AAJFS8455L
Memberships :	Not Divulged
Collaborators :	Not Divulged
Jointly Controlled Entity	v Vivek Agro Products v Vivek Traders v Beyond Legacy Health Care

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs.500/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72000	Equity Share	Rs.500/- each	Rs.36.000 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	36.000	36.000	36.000
(b) Reserves & Surplus	184.191	169.615	156.891
(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)	220.191	205.615	192.891
(3) Non-Current Liabilities
(a) long-term borrowings	27.128	35.070	62.701
(b) Deferred tax liabilities (Net)	35.942	35.529	35.016
(c) Other long term liabilities	0.000	0.000	0.042
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	63.070	70.600	97.759
(4) Current Liabilities
(a) Short term borrowings	140.310	127.306	148.056
(b) Trade payables	19.471	17.694	29.785
(c) Other current liabilities	1.836	0.919	3.199
(d) Short-term provisions	9.633	7.171	5.072
Total Current Liabilities (4)	171.250	153.090	186.112
TOTAL	454.511	429.305	476.762
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	188.996	192.325	196.881
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	20.578	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	43.888	51.649	53.717
(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	3.350	5.508	7.897
Total Non-Current Assets	256.812	249.482	258.495
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	81.130	80.747	125.189
(c) Trade receivables	93.478	71.899	71.441
(d) Cash and cash equivalents	6.861	6.630	2.434
(e) Short-term loans and advances	0.347	0.379	1.396
(f) Other current assets	15.883	20.168	17.807
Total Current Assets	197.699	179.823	218.267
TOTAL	454.511	429.305	476.762

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	552.595	521.976	410.584
		Other Income	(5.753)	0.420	0.094
		TOTAL	546.842	522.396	410.678
	EXPENSES
		TOTAL	527.815	500.242	391.664
	PROFIT BEFORE TAX		19.027	22.154	19.015
Less	TAX		8.077	9.100	9.400
	PROFIT AFTER TAX		10.949	13.054	9.615
	Earnings Per Share (Rs.)		152.06	181.30	133.54

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.98	2.50	2.34
Operating Profit Margin (PBITD/Sales)	(%)	3.44	4.24	4.63
Return on Total Assets (PBT/Total Assets}	(%)	4.88	5.87	4.49
Return on Investment (ROI) (PBT/Networth)		0.09	0.11	0.10
Debt Equity Ratio (Total Debt /Networth)		0.76	0.79	1.09
Current Ratio (Current Asset/Current Liability)		1.15	1.17	1.17

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	36.000	36.000	36.000
Reserves & Surplus	156.891	169.615	184.191
Net worth	192.891	205.615	220.191
long-term borrowings	62.701	35.070	27.128
Short term borrowings	148.056	127.306	140.310
Total borrowings	210.757	162.376	167.438
Debt/Equity ratio	1.093	0.790	0.760

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	410.585	521.976	552.595
		27.130	5.866

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	410.585	521.976	552.595
Profit	9.615	13.054	10.949
	2.34%	2.50%	1.98%

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 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	Yes
20]	Export / Import details (if applicable)	Yes
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. 1407 of 2009 To TAX APPEAL No. 1408 of 2009

---

Status : PENDING

( Converted from : ST/2405/2009 )

CCIN No : 001092200901407

Last Listing Date:

05/03/2012

Coram

· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA

Not Before :

· HONOURABLE MR.JUSTICE AKIL KURESHI

---

S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX-II	MR SUDHIR M MEHTA for: Appellant(s) 1

---

S.NO.	Name of the Respondant	Advocate On Record
1	VIMAL AGRO PRODUCTS PRIVATE LIMITED	RULE UNSERVED for :Opponent(s) 1

---

Presented On	: 13/07/2009	Registered On	: 13/07/2009
Bench Category	: DIVISION BENCH	District	: SURAT
Case Originated From	: THROUGH ADVOCATE	Listed	: 123 times
StageName	: FOR REGULAR ADMISSION (SPL.)

Act	· INCOME-TAX ACT, 1961

---

Office Details

---

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	15/08/2009	VAKALATNAMA	MR SUDHIR M MEHTA ADVOCATE for PETITIONER(s) 1	-	MR SUDHIR M MEHTA:1
2	15/08/2009	DOCUMENT	RULE UNSERVED for RESPONDENT(s) 1	-	RULE UNSERVED:1
3	15/09/2012	APPEARANCE NOTE	MR SUDHIR M MEHTA ADVOCATE for PETITIONER(s) 1	-	MR SUDHIR M MEHTA:1
Linked Matters

S. No.	CaseDetail	Status Name	Disposal Date	Action/Coram
1	TAX APPEAL/1408/2009	PENDING	-	- · HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	01/03/2011	11	-	BOARD NO. I-A	NEXT DATE	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
2	27/02/2012	1	-	BOARD NO. I-A	NEXT DATE	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
3	05/03/2012	1	9	FOR REGULAR ADMISSION (SPL.)	RULE/ADMIT	· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgment/Order
1	TAX APPEAL/1407/2009	· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA	05/03/2012	N	ORDER
2	TAX APPEAL/1407/2009	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI	01/03/2011	N	ORDER
Certified Copy

S. No.	ApplicantName	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MRS MAUNA M BHATT	ORDINARY	06/03/2012	O/7526/2012	05/03/2012	07/03/2012	09/03/2012	Delivered	ORDER

(Rs. In Millions)

Unsecured Loan	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From Directors and Shareholders	19.400	16.627
Total	19.400	16.627

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90101004	15/02/2011 *	420,000,000.00	STATE BANK OF INDIA	Mid Corporate Branch, Trade House, Opp. Mandarwaja Fire Station, Ring Road, Surat, Gujarat - 395002  , INDIA	B07404197

* Date of charge modification

FIXED ASSETS

• Land Development
• Building
• Plant and Machinery
• Furniture and fixtures
• Vehicles
• Office Equipment
• Computer and 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 records 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.61.67
UK Pound	1	Rs.96.93
Euro	1	Rs.77.35

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RSM
Report Prepared by :	ANU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		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.