MIRA INFORM REPORT

Report Date :

29.11.2014

IDENTIFICATION DETAILS

Name :	SWATI MENTHOL AND ALLIED CHEMICALS LIMITED [w.e.f.28.09.2001]
Formerly Known As :	SWATI MENTHOL AND ALLIED CHEMICALS PRIVATE LIMITED
Registered Office :	Opposite Radio Station, Bareilly Road, Rampur – 244901, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.03.1990
Com. Reg. No.:	20-011773
Capital Investment / Paid-up Capital :	Rs. 102.180 Millions
CIN No.: [Company Identification No.]	U15326UP1990PLC011773
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	LKNS05351D
PAN No.: [Permanent Account No.]	AAECS0319M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Menthol and Allied Chemicals.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 2519800
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are reported as 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 willfully 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	November 26, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = A3+
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	November 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 [GENERAL DETAILS]

Name :	Ms. Ashwani Saxena
Designation :	Assistant Accountant
Contact No.:	91-595-2357042
Date :	26.11.2014

LOCATIONS

Registered/ Head Office :	Opposite Radio Station, Bareilly Road, Rampur – 244901, Uttar Pradesh, India
Tel. No.:	91-595-2357043/ 2357044/ 2357172/ 2357042
Fax No.:	91-595-2357046
E-Mail :	gauravnishantmca@yahoo.com info@swatimenthol.com sanchit.gupta@swatimenthol.com
Website :	http://www.swatimenthol.com
Location :	Rented
Locality :	Commercial
Unit I :	4.5 kms, Bareilly Road, Rampur - 244901, Uttar Pradesh, India
Unit II :	6.5 kms, Bareilly Road, Rampur - 244901, Uttar Pradesh, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Surendra Kumar Gupta

Designation :

Managing director

Address :

Near Ishwar Nursing Home, Rahe Raza, Rampur, Uttar Pradesh, India

Date of Birth/Age :

08.07.1951

Qualification :

Graduate

Date of Appointment :

27.03.1990

PAN No.:

ACBPG3453G

DIN No.:

01639980

Name :

Mr. Nitin Kumar Gupta

Designation :

Director

Address :

Opposite Central Bank, Rahe Raza, Rampur, Uttar Pradesh, India

Date of Birth/Age :

20.06.1977

Qualification :

Graduate

Date of Appointment :

30.04.1996

PAN No.:

ABZPG1885D

DIN No.:

00807771

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	U15326UP1990PLC011773	SWATI MENTHOL AND ALLIED CHEMICALS LIMITED	Director	30/04/1996	30/04/1996	Active	NO
2	U74120UP2009PTC037979	SWATI FRAGRANCES PRIVATE LIMITED	Director	12/08/2009	12/08/2009	Active	NO

Name :

Mr. Sanchit Gupta

Designation :

Director

Address :

Near Ishwar Nursing Home, Rahe Raza, Rampur, Uttar Pradesh, India

Date of Birth/Age :

05.10.1981

Qualification :

Graduate

Date of Appointment :

10.05.2000

DIN No.:

01611817

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	U15326UP1990PLC011773	SWATI MENTHOL AND ALLIED CHEMICALS LIMITED	Director	10/05/2000	10/05/2000	Active	NO
2	U74120UP2009PTC037979	SWATI FRAGRANCES PRIVATE LIMITED	Director	12/08/2009	12/08/2009	Active	NO
3	U63090UP1997PTC045775	SUMATI TRANSPORT PRIVATE LIMITED	Director	31/05/2010	31/05/2010	Active	NO

Name :

Mrs. Geeti Gupta

Designation :

Director

Address :

Opposite Central Bank, Rahe Raza, Rampur, Uttar Pradesh, India

Date of Birth/Age :

28.12.1980

Qualification :

Graduate

Date of Appointment :

01.09.2008

PAN No.:

AOAPG1114P

DIN No.:

02109039

Name :

Mrs. Sushma Rani Gupta

Designation :

Director

Address :

Near Ishwar Nursing Home, Rahe Raza, Rampur, Uttar Pradesh, India

Date of Birth/Age :

03.09.1953

Qualification :

Graduate

Date of Appointment :

27.03.1990

PAN No.:

AGTPG4121F

DIN No.:

02564325

Name :

Mrs. Sudha Gupta

Designation :

Director

Address :

Opposite Central Bank, Rahe Raza, Rampur, Uttar Pradesh, India

Date of Birth/Age :

10.07.1955

Qualification :

Graduate

Date of Appointment :

30.04.1996

PAN No.:

ABZPG1886A

DIN No.:

02645686

Name :

Mandvi Gupta

Designation :

Director

Address :

Near Ishwar Nursing Home, Rahe Raza, Rampur, Uttar Pradesh, India

Date of Birth/Age :

15.04.1986

Qualification :

Graduate

Date of Appointment :

02.09.2013

PAN No.:

ATMPG1470D

DIN No.:

03107673

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	U63090UP1997PTC045775	SUMATI TRANSPORT PRIVATE LIMITED	Director	31/05/2010	31/05/2010	Active	NO
2	U15326UP1990PLC011773	SWATI MENTHOL AND ALLIED CHEMICALS LIMITED	Director	02/09/2013	02/09/2013	Active	NO

KEY EXECUTIVES

Name :	Ms. Ashwani Saxena
Designation :	Assistant Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Surendra Kumar Gupta	3755777
Sushma Rani Gupta	2519100
Swati Gupta	273262
Nitin Gupta	354965
Sudha Gupta	669375
Sanchit Gupta	1052977
S.K. Gupta HUF	372487
Giti Gupta	26000
Swati Fragrance Private Limited	1194050
Total	10217993

Names of Allottee	No. of Shares
PMC Fincorp Limited	200000
Total	200000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Menthol and Allied Chemicals.

Products/ Services :

ITC Code No.	Product Descriptions
29061100	Menthol
38059020	Dipentine
33012400	Pippermint Oil
27150000	Pitch

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Menthol and Allied Chemicals

Countries :

· China

UK

USA

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash and Advance Payment

Purchasing :

Cash and Advance Payment

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Experience:	Not Divulged
Maximum limit dealt:	Not Divulged

Customers :

Wholesalers, Retailers and End Users

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Experience:	Not Divulged
Maximum limit dealt:	Not Divulged

No. of Employees :

150 (Approximately)

Bankers :

Bank Name:	Bank of Baroda
Branch:	IBB Branch, Basant Vihar, Civil Lines, Moradabad, Uttar Pradesh, India
Person Name (with Designation):	Mr. Ravishankar Prasad
Contact Number:	91-8477009406
Name of Account Holder:	Swati Menthol and Allied Chemicals Limited
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	15 Years
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash Credit = Rs. 152.000 Millions
Account Operation:	Satisfactory
Remarks: Subject is having satisfactory track record in Banking transaction.

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Rupee term loans from banks	15.000	51.000
Loans repayable on demand	2136.717	1651.926
Total	2151.717	1702.926

Financial Institution :	· SBI Global Factors Limited 6th Floor, Metropolitan Building, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India
Auditors :
Name :	Raj Agarwal and Company Chartered Accountants
Address :	Ashirwad, 10-C, V.I.P Colony, Civil Lines, Rampur, Uttar Pradesh, India
Income-tax PAN of auditor or auditor's firm :	ACXPA4618F
Other Related Party :	Shakun Dev Fuels
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Swati Fragrances Private Limited [U74120UP2009PTC037979]

CAPITAL STRUCTURE

AFTER 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
14,000,000	Equity Shares	Rs. 10/- each	Rs. 140.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,417,993	Equity Shares	Rs. 10/- each	Rs. 104.180 Millions

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
14,000,000	Equity Shares	Rs. 10/- each	Rs. 140.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,217,993	Equity Shares	Rs. 10/- each	Rs. 102.180 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	102.180	102.180	102.180
(b) Reserves & Surplus	779.769	655.690	409.022
(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)	881.949	757.870	511.202
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	28.310
(b) Deferred tax liabilities (Net)	42.981	25.955	20.489
(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)	42.981	25.955	48.799
(4) Current Liabilities
(a) Short term borrowings	2153.446	1722.871	1335.014
(b) Trade payables	254.219	220.499	83.597
(c) Other current liabilities	38.051	21.322	4.256
(d) Short-term provisions	23.109	28.596	14.097
Total Current Liabilities (4)	2468.825	1993.288	1436.964
TOTAL	3393.755	2777.113	1996.965
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	583.640	306.922	243.757
(ii) Intangible Assets	0.029	0.032	0.000
(iii) Capital work-in-progress	116.965	84.141	0.000
(iv) Intangible assets under development	1.898	0.540	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	43.104	45.359	5.163
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	745.636	436.994	248.920
(2) Current assets
(a) Current investments	0.561	0.536	50.814
(b) Inventories	1547.246	1539.677	951.433
(c) Trade receivables	795.680	593.200	639.777
(d) Cash and cash equivalents	96.084	66.171	9.379
(e) Short-term loans and advances	4.130	14.990	0.050
(f) Other current assets	204.418	125.545	96.592
Total Current Assets	2648.119	2340.119	1748.045
TOTAL	3393.755	2777.113	1996.965

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	3952.376	4015.402	2472.538
		Other Income	6.256	38.719	89.274
		TOTAL (A)	3958.632	4054.121	2561.812
Less	EXPENSES
		Cost of Materials Consumed	3169.386	3339.788	1849.095
		Purchases of Stock-in-Trade	76.605	134.065	164.530
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(11.078)	(198.606)	(43.478)
		Employees benefits expense	28.958	26.545	21.208
		Other expenses	257.291	217.068	233.225
		TOTAL (B)	3521.162	3518.860	2224.580
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		437.470	535.261	337.232
Less	FINANCIAL EXPENSES (D)		224.674	151.735	110.778
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		212.796	383.526	226.454
Less/ Add	DEPRECIATION/ AMORTISATION (F)		20.851	14.839	10.017
	PROFIT BEFORE TAX (E-F) (G)		191.945	368.687	216.437
Less	TAX (H)		67.866	122.020	70.742
	PROFIT AFTER TAX (G-H) (I)		124.079	246.667	145.695
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3129.383	2352.932	1545.438
	Earnings Per Share (Rs.)		12.14	24.14	14.26

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.14	6.14	5.89
Operating Profit Margin (PBDIT/Sales)	(%)	11.07	13.33	13.64
Return on Total Assets (PBT/Total Assets}	(%)	5.86	13.69	10.84
Return on Investment (ROI) (PBT/Networth)		0.22	0.49	0.42
Debt Equity Ratio (Total Debt/Networth)		2.44	2.27	2.67
Current Ratio (Current Asset/Current Liability)		1.07	1.17	1.22

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	102.180	102.180	102.180
Reserves & Surplus	409.022	655.690	779.769
Net worth	511.202	757.870	881.949
Long-term borrowings	28.310	0.000	0.000
Short term borrowings	1335.014	1722.871	2153.446
Total borrowings	1363.324	1722.871	2153.446
Debt/Equity ratio	2.667	2.273	2.442

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	2472.538	4015.402	3952.376
		62.400	-1.570

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	2472.538	4015.402	3952.376
Profit	145.695	246.667	124.079
	5.89%	6.14%	3.14%

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	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	Yes
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	10517953	25/07/2014	30,000,000.00	BANK OF BARODA	IBB BASANT VIHAR, CIVIL LINES, MORADABAD, UTTAR PRADESH - 244001, INDIA	C19129592
2	90275833	18/06/2014 *	2,595,000,000.00	BANK OF BARODA	IBB BASANT VIHAR, CIVIL LINES, MORADABAD, UTTAR PRADESH - 244001, INDIA	C07427297
3	90281310	09/01/2004 *	109,915.00	STATE BANK OF INDIA	IBB BRANCH; MORADABAD, UTTAR PRADESH, INDIA	-
4	90275424	23/06/2001 *	6,000,000.00	STATE BANK OF INDIA	IBB BRANCH, MORADABAD, UTTAR PRADESH, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from related parties	1.050	7.951
Other loans and advances	0.679	11.994
Total	1.729	19.945

FIXED ASSETS:

· Land

Buildings

Factory building

Plant and equipment

Factory equipments

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Other 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. 61.97
UK Pound	1	Rs. 97.37
Euro	1	Rs. 77.16

INFORMATION DETAILS

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

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	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.