MIRA INFORM REPORT

Report No. :	315980
Report Date :	04.04.2015

IDENTIFICATION DETAILS

Name :	KAYTEE CORPORATION PRIVATE LIMITED
Registered Office :	51, 5^th Floor, Plot - 230, Sakhar Bhavan, Ramnath Goyanka Marg, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.07.1994
Com. Reg. No.:	11-079375
Capital Investment / Paid-up Capital :	Rs.90.000 Million
CIN No.: [Company Identification No.]	U17120MH1994PTC079375
CST/VAT No.:	33342382758
PAN No.: [Permanent Account No.]	AAACK1732E
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of Knitted Garments.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. Reserves of the company seems to be low during 2014. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some cautions.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term – working capital term loan B+
Rating Explanation	Have high risk of default
Date	January, 2014

Rating Agency Name	ICRA
Rating	Short term = EPC/PCFC A4
Rating Explanation	Minimal degree of safety and carry very high credit risk.
Date	January, 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. Prakash
Designation :	Accounts Manager
Contact No.:	91-22-22837121
Date :	02.04.2015

LOCATIONS

Registered Office / Corporate Office :	51, 5th Floor, Plot - 230, Sakhar Bhavan, Ramnath Goyanka Marg, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No. :	91-22-22837121 / 23
Mobile No. :	91-9821435456 (Mr. Mahendra Parekh)
Fax No. :	91-22-22842243
E-Mail :	cbg@kayteegarmetns.com mer@kayteeind.com sharad@kaytee.co.in nfo@kaytee.co.in
Website :	http://www.kayteeind.com http://www.kaytee.co.in
Area :	3000 Sq.ft.
Location:	Owned
Factory :	K. G Palyam Road, Veerpandi Post, Tirupur-641605, Tamilnadu, India
Tel. No.:	91-421-2210910
Fax No.:	91-421-2214910
Branch :	India House, Opposite GPO, Fort, Mumbai – 400001, Maharashtra

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Premal Harkison Udani

Designation :

Managing Director

Address :

51, Sakhar Bhavan, Nariman Point, Mumbai – 400021, Maharashtra, India

Date of Birth/Age :

20.02.1960

Qualification :

B.com and M.B.A (Marketing)

Date of Appointment :

01.08.1994

PAN No. :

AAAPU1329G

DIN No. :

00075391

Name :

Mr. Vijay Premji Thacker

Designation :

Director

Address :

7/34, Shyam Niwas, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

21.06.1960

Date of Appointment :

31.01.2001

DIN No. :

00761544

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	U74140MH1999PTC119850	Crowe Horwath Advisory Services Private Limited	Director	13/05/1999	13/05/1999	-	Active	NO
2	U67190MH1999PTC120622	CROWE HORWATH CONSULTANTS PRIVATE LIMITED	Director	08/07/1999	08/07/1999	-	Active	NO
3	U67190MH1999PTC120596	YASHASWINI CONSULTANTS PRIVATE LIMITED	Director	08/07/1999	08/07/1999	31/03/2008	Active	NO
4	U17120MH1994PTC079375	KAYTEE CORPORATION PRIVATE LIMITED	Director	31/01/2001	31/01/2001	-	Active	NO
5	U17120MH2003PTC143184	KAYTEE APPARELS PRIVATE LIMITED	Director	18/11/2003	18/11/2003	05/12/2011	Active	NO
6	U99999DL1993PLC054135	ICICI PRUDENTIAL ASSET MANAGEMENT COMPANY LIMITED	Director	15/06/2007	22/01/2007	-	Active	NO
7	U74900PN2008FTC131632	NETSHAPE ENGINEERING SERVICES PRIVATE LIMITED	Director	18/03/2008	18/03/2008	05/05/2008	Active	NO
8	U55101MH2008FTC183482	FHR HOTELS & RESORTS (INDIA) PRIVATE LIMITED	Director	12/06/2008	12/06/2008	01/07/2008	Active	NO
9	U55101MH2009FTC197869	TUNE HOSPITALITY SERVICES (INDIA) PRIVATE LIMITED	Director	15/12/2009	15/12/2009	31/12/2009	Active	NO
10	U74900MH2011PTC221479	Crowe Horwath HTL Consultants Private Limited	Director	02/09/2011	02/09/2011	-	Active	NO

Name :

Mr. Sarvanan Thangeraj

Designation :

Director

Address :

No. 3 KPN Colony, 3^rd Street Extension Tirupur - 641601, Tamilnadu, India

Date of Birth/Age :

15.05.1966

Date of Appointment :

04.05.2009

PAN No. :

AALKPS1623E

DIN No. :

02703399

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	U17120MH1994PTC079375	KAYTEE CORPORATION PRIVATE LIMITED	Director	04/05/2009	04/05/2009	-	Active	NO
2	U17110MH1992PTC069245	PREMIER KNIT PROCESSORS PVT LTD	Director	29/09/2012	26/09/2012	-	Active	NO

KEY EXECUTIVE

Name :	Mr. Prakash
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	25.69
Directors or relatives of Directors	74.31
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader, Exporter and Importer of Knitted Garments.

Products :

Item Code No. (ITC Code)	Product Description
99872300	Garments
99612310	Yarn and Fabrics

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Knitted Garments

Countries :

Germany

Imports :

Not Divulged

Terms :

Selling :

Depend

Purchasing :

Depend

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers

Reference :	Reliance
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

30 (Approximately)

Bankers :

Bank Name	Bank of India
Branch	Mumbai Overseas Branch,70-80, Mahatma Gandhi Road, Mezzaine Floor, Fort, Mumbai - 400023, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loan from bank	21.700	0.000
Rupee term loan from others	13.785	13.886
Loans taken for fixed assets [Secured against Vehicle 1. Loan from others carry an interest rate between 11% pa to 12% pa., secured against hypothecation of vehicles.]	0.414	0.094
SHORT TERM BORROWINGS
Loans repayable on demand [Loans Repayable on Demand from banks Are secured by way of first pari passu charge on the current assets of the company.]	225.917	260.819
Total	261.816	274.799

Note :

LONG TERM BORROWINGS

Rupee term loan from bank

Term Loans (secured) From Banks The Term Loan from bank is in the nature of working capital term loan carring an effective interest rate of 15.50% p.a. and is secured by EQM of immovable property at Tirupur and first pari-passu charge on stock and book debts and first pari-passu charge on all moveable and immovable properties other than vehicles and personal guarantee of the Managing Director and corporate guarantee from a group company.

Rupee term loan from others

Term Loans (secured) From Financial Institution 1. The Term Loan from financial institution carry an interest rate of 11.5% p.a. and is secured by first charge by way of mortgage of all moveable and immovable properties acquired from the loan and personal guarantee of the Managing Director. This loan is repayable in monthly installments and 1 installment are due after the balance sheet date which is reflected in note 8 other current liabilities. 2. Term Loan from financial instutution is secured against Keyman Insurance Policy at an interest rate of 10% p.a., repayable at the time of maturity of policy.

Banking Relations :	--
Auditors :
Name :	CNK and Associates LLP Chartered Accountants
Address :	Jash Chamber, 3rd Floor 7 A Sir, P M Road Fort, Mumbai – 400001, Maharashtra, India
PAN No. :	AACFC8587E
Memberships :	--
Collaborators :	--
Subsidiaries :	Kaytee Apparels Private Limited [U17120MH2003PTC143184]
Parties where control exists/ Enterprises over which Key Management Personnel exercise Significant Influence :	Premier Knit Processors Private Limited [U17110MH1992PTC069245] Green Lifestyles Developers Private Limited [U24110MH1972PTC015665] Cotyarn Corporation Keshavlal Talakchand (Bombay) LLP

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
9,000,000	Equity Shares	Rs.10/- each	Rs.90.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,000,000	Equity Shares	Rs.10/- each	Rs.90.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	90.000	90.000	60.000
(b) Reserves & Surplus	61.347	57.822	61.004
(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)	151.347	147.822	121.004
(3) Non-Current Liabilities
(a) long-term borrowings	43.147	29.892	54.611
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	43.147	29.892	54.611
(4) Current Liabilities
(a) Short term borrowings	225.917	260.819	253.978
(b) Trade payables	22.199	24.741	54.942
(c) Other current liabilities	24.417	11.676	17.725
(d) Short-term provisions	6.178	4.993	4.105
Total Current Liabilities (4)	278.711	302.229	330.750
TOTAL	473.205	479.943	506.365
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	151.035	160.641	174.882
(ii) Intangible Assets	0.124	0.154	0.256
(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	4.479	4.478	4.478
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	22.744	15.668	14.297
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	178.382	180.941	193.913
(2) Current assets
(a) Current investments	0.000	0.189	0.189
(b) Inventories	112.146	95.835	110.116
(c) Trade receivables	76.668	72.786	31.270
(d) Cash and cash equivalents	2.994	4.307	2.883
(e) Short-term loans and advances	98.782	122.506	166.994
(f) Other current assets	4.233	3.379	1.000
Total Current Assets	294.823	299.002	312.452
TOTAL	473.205	479.943	506.365

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
Income	664.758	495.708	486.806
Other Income
TOTAL	664.758	495.708	486.806
EXPENSES
TOTAL	658.039	485.097	516.437
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	6.719	10.611	(29.631)
DEPRECIATION/ AMORTISATION	7.986	9.491	10.746
PROFIT/ (LOSS) BEFORE TAX	7.420	1.120	(40.377)
TAX	0.000	0.000	0.000
PROFIT/ (LOSS) AFTER TAX	7.420	1.120	(40.377)
BALANCE CARRIED TO THE B/S	7.420	1.120	(40.377)
Earnings / (Loss) Per Share (Rs.)	0.82	0.12	(4.49)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	1.58	0.24	(8.05)
Return on Investment (ROI) (PBT/Networth)		0.05	0.01	(0.33)
Debt Equity Ratio (Total Debt /Networth)		1.78	1.97	2.55
Current Ratio (Current Asset/Current Liability)		1.06	0.99	0.94

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	60.000	90.000	90.000
Reserves & Surplus	61.004	57.822	61.347
Share Application money pending allotment	0.000	0.000	0.000
Net worth	121.004	147.822	151.347
long-term borrowings	54.611	29.892	43.147
Short term borrowings	253.978	260.819	225.917
Total borrowings	308.589	290.711	269.064
Debt/Equity ratio	2.550	1.967	1.778

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	486.806	495.708	664.758
		1.829	34.103

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	486.806	495.708	664.758
Profit/Loss	(40.377)	1.120	7.420
	(8.29%)	0.23%	1.12%

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	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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

Lodging No: SSL/3113/2009 Filing Date: 07.10.2009 Reg. No.: SS/2802/2009 Reg. Date: 06.11.2009

Petitioner: SBI GLOBAL FACTORS LIMITED Respondent: KAYTEE CORPORATION PRIVATE

LIMITED

Petn. Adv : PRADEK. ASHAR AND COMPANY (0)

District: MUMBAI

Bench: SINGLE

Status: Pre-Admission Category: MONETARY SUITS

Last Date: -- Stage: FORPLAINTS FOR REJECTION U/R

986 OF THE H.C. (O.S.0 RULES 1980

Last Coram: REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Intercorporate borrowing	0.000	3.700
Loans and advances from related parties	7.248	12.213
Total	7.248	15.913

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10503441	22/05/2014	20,000,000.00	BANK OF INDIA	MUMBAI OVERSEAS BRANCH,MEZZANINE FLOOR,, 70/80 M  G ROAD, FORT,, MUMBAI, MAHARASHTRA - 400001, INDIA	C06856470
2	10457930	10/10/2013	20,000,000.00	BANK OF INDIA	MUMBAI OVERSEAS BRANCH,70-80, MAHATMA GANDHI ROAD,  , MEZZAINE FLOOR, FORT,, MUMBAI, MAHARASHTRA - 40  0023, INDIA	B88674924
3	10278521	03/03/2011	35,000,000.00	PUNJAB NATIONAL BANK	PNB HOUSE,SIR P.M.ROAD, FORT, MUMBAI, MAHARASHTRA  - 400001, INDIA	B10018166
4	10175206	30/07/2009	5,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	11-13 ATLANTA, NARIMAN POINT,, 209-V K SHAH MARG.  , MUMBAI, MAHARASHTRA - 400021, INDIA	A69441186
5	10114386	09/06/2008	24,000,000.00	BANK OF INDIA	MUMBAI CORPORATE BANKING BR. 70/80 M G ROAD ,, 1S  T FLOOR , FORT, MUMBAI, MAHARASHTRA - 400001, INDI  A	A42052217
6	80067095	03/10/2005	45,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	"SIDBU TOWERS" 15 ASHOK MARG,, LUCKNOW, LUCKNOW,  UTTAR PRADESH - 226001, INDIA	-
7	80037665	07/03/2014 *	252,000,000.00	BANK OF INDIA	MUMBAI OVERSEAS BRANCH, MEZZANINE FLOOR,, 70/80 M  G ROAD, FORT,, MUMBAI, MAHARASHTRA - 400001, INDI  A	C05199286
8	80004121	19/05/2006 *	2,000,000.00	BANK OF INDIA	TAMTALAO BRANCH , MULGAON , VASAI (WEST) ,, DIST  €“ THANE, VASAI, MAHARASHTRA - 410201, INDIA	-
9	80037666	07/03/2014 *	252,000,000.00	BANK OF INDIA	MUMBAI OVERSEAS BRANCH, MEZZANINE FLOOR,, 70/80 M  G ROAD, FORT,, MUMBAI, MAHARASHTRA - 400001, INDI  A	C05199732
10	90158499	05/11/2004	18,000,000.00	UTI BANK LTD.	NARIMAN POINT BRANCH; ATLANTA, GROUND FLOOR; NARI  MAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-

* Date of charge modification

NOTE :

The registered office of the company has been shifted from India House, Opposite GPO, Fort, Mumbai – 400001, Maharashtra, India to the present address.

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Leasehold improvements

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis done by :	RAS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.