MIRA INFORM REPORT

Report Date :

13.10.2014

IDENTIFICATION DETAILS

Name :	PROLIFIC PAPERS PRIVATE LIMITED
Registered Office :	5/2389, Chatta Shahji, Chawri Bazar, Delhi – 110006
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.03.2007
Com. Reg. No.:	55-160114
Capital Investment / Paid-up Capital :	Rs. 12.770 Millions
CIN No.: [Company Identification No.]	U21093DL2007PTC160114
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of high grade writing printing paper based on waste paper.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 620000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes consideration company’s sound financial risk profile and fair liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be slow but 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 = B (Suspended)
Rating Explanation	Risk prone credit quality and very high credit risk
Date	June 30, 2014

Reason for suspention : Absence of adequate information

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

Management Non-Cooperative (91-11-23278322)

LOCATIONS

Registered / Corporate Office :	5/2389, Chatta Shahji, Chawri Bazar, Delhi – 110006, India
Tel. No.:	91-11-23278322, 23284468
Fax No.:	91-11-23252759
E-Mail :	info@prolificpapers.com kochhar.swati1987@gmail.com
Website :	www.prolificpapers.com
Factory :	Village Girdhai, Aliganj Road, Kashipur – 244713, Uttarakhand, India
Tel. No.:	91-5947-260838
Fax No.:	91-5947-272022

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Atul Kumar Gupta

Designation :

Additional director

Address :

1 – C, Ramchander Lane, Civil Lane, Delhi – 110054, India

Date of Birth/Age :

23.09.1967

Date of Appointment :

29.09.2012

DIN No. :

00110855

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	U65992DL1986PTC024557	SUKH DUKH CHIT FUND PRIVATE LIMITED	Director	20/06/1986	20/06/1986	-	Strike off	NO
2	U74899DL1990PTC039090	ONESOURCE EDUCATION PRIVATE LIMITED	Director	01/02/1990	01/02/1990	-	Active	NO
3	U74899DL1993PTC053476	ORANGE EDUCATION PRIVATE LIMITED	Director	10/05/1993	10/05/1993	-	Active	NO
4	U22210DL1996PTC075058	RACHNA SAGAR PRIVATE LIMITED	Director	13/05/2003	13/05/2003	09/04/2014	Active	NO
5	U22222DL2007PTC164620	AROO PUBLICATIONS PRIVATE LIMITED	Director	11/06/2007	11/06/2007	01/04/2012	Active	NO
6	U22222DL2007PTC165123	SHARDA PRESS PRIVATE LIMITED	Director	22/06/2007	22/06/2007	21/05/2014	Active	NO
7	U80904DL2011PTC218608	ENLIVE EDUCATION PRIVATE LIMITED	Director	05/05/2011	05/05/2011	03/12/2013	Active	NO
8	U21093DL2007PTC160114	PROLIFIC PAPERS PRIVATE LIMITED	Director	29/09/2012	22/07/2011	-	Active	NO
9	U22110DL2011PTC227319	FULL MARKS PRIVATE LIMITED	Additional director	28/11/2011	28/11/2011	07/06/2014	Active	NO
10	U80900DL2011PTC228650	EDUCATION & BEYOND INDIA PRIVATE LIMITED	Director	13/12/2011	13/12/2011	-	Active	NO
11	U51909DL2002PTC114085	RAI-SON ENTERPRISES PRIVATE LIMITED	Director	30/01/2013	30/01/2013	-	Active	NO
12	U22110DL2013PTC262320	NEW SARASWATI HOUSE ( INDIA ) PRIVATE LIMITED	Director	17/12/2013	17/12/2013	26/04/2014	Active	NO
13	U22219DL2014PTC264390	NEW RACHNA-SAGAR PUBLICATIONS PRIVATE LIMITED	Director	04/02/2014	04/02/2014	11/06/2014	Active	NO

Name :

Mr. Hemant Kumar Jodhani

Designation :

Director

Address :

F – 83, Block – F, Preet Vihar, Delhi – 110092, India

Date of Birth/Age :

21.11.1959

Date of Appointment :

05.03.2007

DIN No. :

01224778

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	U67120DL1993PTC056414	JODHANI SECURITIES PRIVATE LIMITED	Director	13/12/1993	13/12/1993	-	Active	NO
2	U21093DL2007PTC160114	PROLIFIC PAPERS PRIVATE LIMITED	Director	05/03/2007	05/03/2007	-	Active	NO

Name :

Mr. Abhishek Kumar Agarwal

Designation :

Director

Address :

Ashram Road, Raxaul - 045305, Bihar, India

Date of Birth/Age :

24.05.1983

Date of Appointment :

05.03.2007

DIN No. :

01234538

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	U21093DL2007PTC160114	PROLIFIC PAPERS PRIVATE LIMITED	Director	05/03/2007	05/03/2007	-	Active	NO
2	U67120UP1996PTC019648	SARDHANA SECURITIES PRIVATE LIMITED	Director	30/09/2008	05/03/2008	-	Active	NO
3	U74999UP2005PTC030656	ABC COMMODITIES IMPEX PRIVATE LIMITED	Director	30/09/2011	15/05/2010	-	Active	NO

Name :

Mr. Shyam Tal Layal

Designation :

Director

Address :

D – 32, Prithvi Raj Road, Adarsh Nagar, Delhi - 110033, India

Date of Birth/Age :

24.05.1983

Date of Appointment :

05.03.2007

DIN No. :

01235247

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	U21093DL2007PTC160114	PROLIFIC PAPERS PRIVATE LIMITED	Director	05/03/2007	05/03/2007	-	Active	NO
2	U22110DL2013PTC262320	NEW SARASWATI HOUSE ( INDIA ) PRIVATE LIMITED	Director	25/04/2014	25/04/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Hemant Kumar Jodhani	203100
Hemant Kumar Jodhani HUF	19500
Jodhani Securitirs Private Limited, India	356500
Sneha Jodhani	13500
Sunitra Jodhani	24500
Jodhani Foods Private Limited, India	27500
Mother Son Investment Private Limited, India	57750
Abhishek Kumar Agarwal	22800
Mukti Nath Agarwal	17500
Sardhana Securities Private Limited, India	232100
Vidhya Devi Agarwal	20000
Bhikam Chand Agarwal	13750
Rachna Agaewal	2100
Bhikam Chand Agarwal HUF	1750
Mukti Nath Agarwal HUF	2250
ABC ommodities Impex Private Limited, India	7000
Shyam Lal Tayal	127700
Orange Education Private Limited, India	127700
Total	1277000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	54.26
Directors or relatives of Directors	45.74
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of high grade writing printing paper based on waste paper.

PRODUCTION STATUS AS ON (31.03.2012)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Writing Printing Paper	MT	NA	36300	27495.0185

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

Punjab National Bank, E.K. Road, Meerut – 250001, Uttar Pradesh, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan From Bank
Punjab National Bank Term Loan-1 (344)	74.562	108.612
Punjab National Bank Term Loan-2 (106876)	60.311	69.000
Punjab National Bank Car Loan A/c No 1805	0.000	0.094
SHORT TERM BORROWINGS
Punjab National Bank – MRT - 2534008700115523	110.631	95.377
Punjab National Bank – KSP - 2534008700116063	8.876	0.000
Letter of Credit (FLC)	9.993	0.000
Short Term Maturity of Long Term Loans
Punjab National Bank Term Loan-1	26.000	16.000
Punjab National Bank Term Loan-2	12.000	14.566
Punjab National Bank Car Loan A/c No 1805	0.320	0.653
Total	302.693	304.302

Banking Relations :	--
Auditors :
Name :	Sanjay and Company Chartered Accountants
Address :	S – 248 Ganga Plaza, Begum Bride Road, Merrut – 250001, Uttar Pradesh, India
Fax No.:	91-121-2644818
Pan No.:	AAIFM4167G

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1277000	Equity Shares	Rs.10/- each	Rs. 12.770 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12.770	12.770	12.770
(b) Reserves & Surplus	143.545	134.590	126.593
(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)	156.315	147.360	139.363
(3) Non-Current Liabilities
(a) long-term borrowings	137.873	179.706	221.527
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	31.500	20.000	34.050
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	169.373	199.706	255.577
(4) Current Liabilities
(a) Short term borrowings	167.820	126.596	117.517
(b) Trade payables	14.181	21.447	18.227
(c) Other current liabilities	13.601	12.863	11.317
(d) Short-term provisions	1.455	1.456	1.425
Total Current Liabilities (4)	197.057	162.362	148.486
TOTAL	522.745	509.428	543.426
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	280.806	322.833	358.920
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.003
(e) Other Non-current assets	14.432	5.953	0.000
Total Non-Current Assets	295.238	328.786	358.923
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	118.332	82.024	50.900
(c) Trade receivables	90.143	84.003	89.528
(d) Cash and cash equivalents	12.011	9.636	34.892
(e) Short-term loans and advances	0.850	0.600	0.680
(f) Other current assets	6.171	4.379	8.503
Total Current Assets	227.507	180.642	184.503
TOTAL	522.745	509.428	543.426

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	834.414	736.568	567.454
	Other Income	3.710	3.540	1.850
	TOTAL (A)	838.124	740.108	569.304
Less	EXPENSES
	Office Expenses
	Administrative Expenses
	Advertising Expenses
	TOTAL (B)	NA	NA	478.806
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)			90.498
Less	FINANCIAL EXPENSES (D)			38.411
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	NA	NA	52.087
Less/ Add	DEPRECIATION/ AMORTISATION (F)			44.399
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)			7.688
Less	TAX (I)			0.119
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	8.955	7.996	7.569
	IMPORTS
	Raw Materials Waste Papers	$179307.71
	Machinery Spare parts	$61910.10
	Earnings / (Loss) Per Share (Rs.)	7.01	6.26	5.93

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.07	1.08	1.33
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	1.35
Return on Total Assets (PBT/Total Assets}	(%)	0.00	0.00	1.41
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.06
Debt Equity Ratio (Total Debt /Networth)		1.96	2.08	2.43
Current Ratio (Current Asset/Current Liability)		1.15	1.11	1.24

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	12.770	12.770	12.770
Reserves & Surplus	126.593	134.590	143.545
Net worth	139.363	147.360	156.315
long-term borrowings	221.527	179.706	137.873
Short term borrowings	117.517	126.596	167.820
Total borrowings	339.044	306.302	305.693
Debt/Equity ratio	2.433	2.079	1.956

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	567.454	736.568	834.414
		29.802	13.284

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	567.454	736.568	834.414
Profit	7.569	7.996	8.955
	1.33%	1.09%	1.07%

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	No
10]	Designation of contact person	No
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	No
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	----------------------
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10471633	09/01/2014	2,467,000.00	Punjab National Bank	E.K.Road, Meerut, Uttar Pradesh - 250001, INDIA	B94030954
2	10402093	19/12/2012	10,000,000.00	PUNJAB NATIONAL BANK	PUNJAB NATIONAL BANK, E.K.ROAD, MEERUT, Uttar Pradesh - 250001, INDIA	B67749028
3	10245358	24/09/2010	20,000,000.00	PUNJAB NATIONAL BANK	E.K.ROAD, MEERUT, Uttar Pradesh - 250001, INDIA	A96638341
4	10209537	24/02/2010	100,000,000.00	PUNJAB NATIONAL BANK	E.K. Road, Meerut, Uttar Pradesh - 250001, INDIA	A82125303
5	10136972	28/03/2014 *	190,000,000.00	Punjab National Bank	Punjab National Bank, Meerut, Uttar Pradesh - 2500  01, INDIA	C02498665
6	10136959	11/12/2008	180,000,000.00	PUNJAB NATIONAL BANK	Mid Corporate Branch, RDC, RAJNAGAR, GHAZIABAD,  Uttar Pradesh - 201002, INDIA	A54209432
7	10111698	31/05/2008	500,000.00	Punjab National Bank	Kashipur, Kashipur, Uttarakhand - 244713, INDIA	A41525585

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
From Director	0.000	0.000
From Others (Jodhani Brother)	3.000	2.000
Total	3.000	2.000

FIXED ASSETS

· Land

· Building

· Enection Plant and Machinery

· Machinery

· Vehicles

· Computer

· Office Equipments

· Furniture and Fixture

· Cycle

· Mobile

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 convction 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. 61.16
UK Pound	1	Rs. 98.62
Euro	1	Rs. 77.67

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.