MIRA INFORM REPORT

Report Date :

12.09.2014

IDENTIFICATION DETAILS

Name :	RIBBEL INTERNATIONAL LIMITED (w.e.f. 13.08.1993)
Formerly Known As :	RIBBLE INTERNATIONAL LIMITED
Registered Office :	5-A/4A, 1^st Floor, Ansari Road, Darya Ganj, New Delhi – 110002
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.08.1992
Com. Reg. No.:	55-050010
Capital Investment / Paid-up Capital :	Rs. 3.010 Millions
CIN No.: [Company Identification No.]	U18109DL1992PLC050010
TAN No.: [Tax Deduction & Collection Account No.]	DELR09236D
PAN No.: [Permanent Account No.]	AAACR4715M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of wide Gamut of Disposable Surgical Products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 250000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s improved operational performance supported by fair profitability levels and sound liquidity profile of the company. Trade relations are fair. Business is active. Payments 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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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

Name :	Mr. Amit
Designation :	Accountant
Contact No.:	91-8053111016
Date :	02.09.2014

LOCATIONS

Registered/ Head Office :	5-A/4A, 1^st Floor, Ansari Road, Darya Ganj, New Delhi – 110002, India
Tel. No.:	91-11-23264399/ 23279456/ 23264398
Mobile No.:	91-9810269373/ 8053111011 (Mr. Vikram Kanodia, Director)
Fax No.:	91-11-23264398/ 23844177
E-Mail :	ribbel@giasdl01.vsnl.net.in vikram@ribbel.com sales@ribbel.com ribbel@ribbel.com ribbel@giasdl01.vsnl.net.in monishuppal@yahoo.com akaggarwalca@gmail.com
Website :	http://www.ribbel.com
Area :	2000 sq.fts.
Location :	Owned
Corporate Office/ Factory :	20^th Mile Jatheri Road, P.O. Rai, Sonepat – 131029, Haryana, India
Tel. No.:	91-130-2368060/ 2368063/ 2368080/ 3204399
Fax No.:	91-130-2368061
Area :	172223 sq.fts
Location :	Industrial – Owned
Factory 2 :	Plot No.10 and 11, Sector 6B, SIDCUL, Ranipur Industrial Area, Haridwar, Uttaranchal, India
Tel. No. :	91-1334-239334
Fax No.:	91-1334-239335
Branch Office / Warehouse:	4/ 2, Roop Nagar, New Delhi – 110007, India
Tel. No.:	91-11-24523716/ 23264399
Fax No.:	91-11-23264398/ 23844177
Area :	250 sq yard
Location :	Owned

DIRECTORS

As on 28.09.2013

Name :

Mr. Rajendra Kumar Kanodia

Designation :

Director

Address :

4/ 2, Roop Nagar, New Delhi – 110 007, India

Date of Birth/Age :

02.11.1950

Date of Appointment :

19.08.1992

DIN No.:

00372425

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	U74899DL1964PTC004257	MODERN STRAW BOARD MILLS PRIVATE LIMITED	Director	13-02-92	13-02-92	-	Active	NO
2	U18109DL1992PLC050010	RIBBEL INTERNATIONAL LIMITED	Director	19-08-92	19-08-92	-	Active	NO

Name :

Mrs. Suman Kanodia

Designation :

Director

Address :

4/2, Roop Nagar, New Delhi – 110 007, India

Date of Birth/Age :

11.09.1953

Date of Appointment :

14.08.1999

DIN No.:

00372550

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	U18109DL1992PLC050010	RIBBEL INTERNATIONAL LIMITED	Director	14-08-99	14-08-99	-	Active	NO
2	U74899DL1964PTC004257	MODERN STRAW BOARD MILLS PRIVATE LIMITED	Director	11-08-03	11-08-03	-	Active	NO
3	U74300DL2003PTC122491	KANODIA MEDICAL DEVICES PRIVATE LIMITED	Director	06-10-03	06-10-03	-	Active	NO

Name :

Mr. Vikram Kanodia

Designation :

Director

Address :

4/ 2, Roop Nagar, New Delhi – 110 007, India

Date of Birth/Age :

01.11.1979

Date of Appointment :

14.08.1999

DIN No.:

00372505

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	U18109DL1992PLC050010	RIBBEL INTERNATIONAL LIMITED	Director	14-08-99	14-08-99	-	Active	NO
2	U74899DL1964PTC004257	MODERN STRAW BOARD MILLS PRIVATE LIMITED	Director	11-08-03	11-08-03	-	Active	NO
3	U29292DL2012PTC244392	KANODIA ELECTROPLAST PRIVATE LIMITED	Director	02-11-12	02-11-12	-	Active	NO
4	U74300DL2003PTC122491	KANODIA MEDICAL DEVICES PRIVATE LIMITED	Director	08-03-14	08-03-14	-	Active	NO

Name :

Mr. Avinash Kanodia

Designation :

Director

Address :

4/ 2, Roop Nagar, New Delhi – 110 007, India

Date of Birth/Age :

04.01.1982

Date of Appointment :

02.06.2000

DIN No.:

00469727

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	U18109DL1992PLC050010	RIBBEL INTERNATIONAL LIMITED	Director	02-06-00	02-06-00	-	Active	NO
2	U74300DL2003PTC122491	KANODIA MEDICAL DEVICES PRIVATE LIMITED	Director	06-10-03	06-10-03	-	Active	NO
3	U29292DL2012PTC244392	KANODIA ELECTROPLAST PRIVATE LIMITED	Director	02-11-12	02-11-12	31-03-14	Active	NO

KEY EXECUTIVES

Name :	Mr. Amit
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2013

Names of Shareholders	No. of Shares
Avinash Kanodia	6500
R.K. Kanodia and Sons (HUF)	250
Kanika Kanodia	200
Rajender Kanodia	7659
Suman Kanodia	8910
Vikram Kanodia	6400
Richa Kanodia	180
Total	30099

Equity Shares Break – up

As on 28.09.2013

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of wide Gamut of Disposable Surgical Products.

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

Information declined by the management

Bankers :

· Indian Overseas Bank, M 13, Punj House, Connaught Place, New Delhi 110001, India

· Bank of America

· Punjab National Bank

· Union Bank of India, 26/ 2, East Patel Nagar, New Delhi – 110 008, India

Facilities :

Secured Loans	31.03.2013	31.03.2012
	(Rs. In Millions)
Loans repayable on demand (From Bank)
UBI CC	0.371	27.706
Post Shipment Credit	1.990	8.425
Packaging Credit	13.945	6.575
(Secured against hypothecation of raw materials, work-in-progress, finished goods, stores and spares and book debts of the company)
Term Loans
Term Loan from UBI Bank	0.000	2.976
(Secured against Land and Building, Plant and Machinery at Haridwar) Period of Loans 5 Years Upto 30^th April 2012.
Other Loan	5.461	2.767
Total	21.767	48.449

Banking Relations :	--
Auditors :
Name :	Gopal Mittal and Associates Chartered Accountant
Address :	301 and 302, 3^rd Floor, 79 Shyam Lal Marg, Daryaganj, New Delhi – 110002, India
Tel. No.:	91-11-23282206/ 23285390
Fax No.:	91-11-23285390
PAN.:	AAAFG9401F
Memberships :	EEPC, PLEX Council, Indo-German Chamber of Commerce
Associated Companies :	· Ribbel Impex · Kanodia Medical devices Private Limited. · Modern Straw Board Mills Private Limited

CAPITAL STRUCTURE

After 28.09.2013

Authorised Capital : Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 18.059 Millions

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30099	Equity Shares	Rs.100/- each	Rs. 3.010 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	3.010	3.010	2.274
(b) Reserves & Surplus	60.829	53.619	53.600
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.736
Total Shareholders’ Funds (1) + (2)	63.838	56.629	56.610
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	4.505	8.697	7.753
(c) Other long term liabilities	0.000	0.000	0.100
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	4.505	8.697	7.853
(4) Current Liabilities
(a) Short term borrowings	30.682	63.588	70.630
(b) Trade payables	11.775	14.967	21.738
(c) Other current liabilities	2.229	13.478	2.125
(d) Short-term provisions	2.225	0.081	0.925
Total Current Liabilities (4)	46.911	92.114	95.418
TOTAL	115.254	157.440	159.881
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	43.227	94.044	89.205
(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	2.834	1.285	1.307
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	46.061	95.329	90.512
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	15.738	22.060	30.383
(c) Trade receivables	16.048	22.219	25.520
(d) Cash and cash equivalents	14.575	11.484	7.582
(e) Short-term loans and advances	22.745	4.394	4.289
(f) Other current assets	0.087	1.954	1.595
Total Current Assets	69.193	62.111	69.369
TOTAL	115.254	157.440	159.881

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	116.276	131.093	127.653
		Other Income	4.785	6.619	1.217
		TOTAL (A)	121.061	137.712	128.870
Less	EXPENSES
		Cost of materials consumed	56.604	58.878	71.767
		Purchases of stock in trade	5.498	18.425	0.000
		Changes in inventories of finished goods, work-in-progress and stock in trade	6.322	8.323	(1.342)
		Employee benefit expense	12.354	10.058	9.371
		Managerial remuneration	3.600	3.120	2.160
		Payment to Auditors	0.060	0.067	0.055
		Insurance expenses	0.103	0.234	0.330
		Power and fuel	8.023	8.616	7.544
		Other expenses	14.847	14.579	21.255
		TOTAL (B)	107.411	122.300	111.140
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.650	15.412	17.730
Less	FINANCIAL EXPENSES (D)		4.731	8.862	7.242
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.919	6.550	10.488
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.758	6.125	5.913
	PROFIT BEFORE TAX (E-F) (G)		5.161	0.425	4.575
Less	TAX (H)		(2.049)	1.025	2.101
	PROFIT AFTER TAX (G-H) (I)		7.210	(0.600)	2.474
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	95.199	52.157	65.237
	TOTAL EARNINGS		95.199	52.157	65.237
	IMPORTS
	TOTAL IMPORTS		21.239	17.171	NA
	Earnings Per Share (Rs.)		239.55	(19.93)	108.81

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.96	(0.44)	1.92
Net Profit Margin (PBT/Sales)	(%)	4.44	0.32	3.58
Return on Total Assets (PBT/Total Assets}	(%)	4.48	0.27	2.86
Return on Investment (ROI) (PBT/Networth)		0.08	0.01	0.08
Debt Equity Ratio (Total Debt /Networth)		0.48	1.12	1.25
Current Ratio (Current Asset/Current Liability)		1.47	0.67	0.73

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	2.274	3.010	3.010
Reserves & Surplus	53.600	53.619	60.829
Share Application money pending allotment	0.736	0.000	0.000
Net worth	56.610	56.629	63.838
long-term borrowings	0.000	0.000	0.000
Short term borrowings	70.630	63.588	30.682
Total borrowings	70.630	63.588	30.682
Debt/Equity ratio	1.248	1.123	0.481

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	127.653	131.093	116.276
		2.695	(11.303)

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	127.653	131.093	116.276
Profit	2.474	(0.600)	7.210
	1.94%	(0.46%)	6.20%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	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	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	No

NOTE:

As confirmed by Mr. Vikram (Director) they don’t have any sister concern Company and they are dealing with only Union Bank of India.

UNSECURED LOANS

Particulars	31.03.2013	31.03.2012
	(Rs. In Millions)
Loan and Advances from Related Party
From Directors and Share Holders	0.075	14.873
Other Loans and Advances
India Bulls	8.740	0.000
From Banks Through Credit Cards	0.100	0.266
Total	8.915	15.139

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10506553	08/04/2014	10,000,000.00	PUNJAB NATIONAL BANK	MALL ROAD, DELHI, DELHI - 110054, INDIA	C08744716
2	10506557	08/04/2014	20,000,000.00	PUNJAB NATIONAL BANK	MALL ROAD, DELHI, DELHI - 110054, INDIA	C08744872
3	10506556	08/04/2014	25,000,000.00	PUNJAB NATIONAL BANK	MALL ROAD, DELHI, DELHI - 110054, INDIA	C08744849
4	10506555	08/04/2014	35,000,000.00	PUNJAB NATIONAL BANK	MALL ROAD, DELHI, DELHI - 110054, INDIA	C08744765
5	10431750	10/06/2013	30,000,000.00	PUNJAB NATIONAL BANK	MALL ROAD, DELHI, DELHI - 110054, INDIA	B77377190
6	10261767	20/04/2012 *	15,000,000.00	INDIAN OVERSEAS BANK	CONNAUGHT PLACE BRANCH, M-13,PUNJ HOUSE,CONNAUGHT  PLACE, NEW DELHI, DELHI - 110001, INDIA	B38343653

* Date of charge modification

FIXED ASSETS:

· Plant and Machinery

· Office Equipment

· CC TV

· Room A.C.

· Vehicles

· Computer

· Electrical Goods

· Fax Machine

· Furniture and Fixture

· Printer

· Refrigerator

· Water Filter

· Building

· Cellular Phone

· Die and Tools

· Generator

· Fire Equipment

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 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. 60.91
UK Pound	1	Rs. 98.65
Euro	1	Rs. 78.63

INFORMATION DETAILS

Information Gathered by :	NYN
Analysis Done by :	KRN
Report Prepared by :	ASH

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	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.