MIRA INFORM REPORT

Report No. :	316369
Report Date :	08.04.2015

IDENTIFICATION DETAILS

Name :	SHREE RAM LIME PRODUCTS PRIVATE LIMITED (w.e.f. 21.12.2007)
Formerly Known As :	SHREE RAM LIME PRODUCTS LIMITED
Registered Office :	Khasra No. S1/2, Borunda Gottan Road, Borunda, Jodhpur – 342001, Rajasthan
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.02.1994
Com. Reg. No.:	17-008069
Capital Investment / Paid-up Capital :	Rs. 14.842 Million
CIN No.: [Company Identification No.]	U14219RJ1994PTC008069
IEC No.:	1310008671
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCS9160P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Quick Lime, Brunt Lime, Dolomite Lime, Hydrate Lime, etc.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company possesses an acceptable financial profile marked by adequate networth base along with moderate capital structure and debt protection metrics, resulting from working capital intensive operations. Management has witnesses a sufficient revenue base, as well as has reported a better improvement in its net profitability during FY 14. The ratings also take into consideration, increase in infrastructure funding to aid recovery, further slightly constrained by cast escalations due to rise in power, freight and fuel costs. Moreover, the ratings positively factor in the captive mineral reserve of the company which provides a key competitive advantage in terms of sourcing raw material at lower than market rates. However, trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of modest scale of its operations, the company can be considered for business dealings with caution.

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	Cash Credit: “BB+”
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	September, 2014

Rating Agency Name	ICRA
Rating	Bill Discounting: “A4”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	September, 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

Name :	Mr. Manish Goyal
Designation :	Finance Department
Contact No.:	91-291-2545852
Date :	07.04.2015

LOCATIONS

Registered Office/ Factory :	Khasra No. S1/2, Borunda Gottan Road, Borunda, Jodhpur – 342001, Rajasthan, India
Tel. No. :	91-291-2545852 /2547876
Fax No. :	91-2912546421
E-Mail :	pawanlakhotia@shreeram.net jodh@shreeram.net
Website :	www.shreeram.net
Location :	Owned
Corporate Office :	39-A, “Shree Kunj”, Dharam Narayam Ji Ka Hatha, Paota, Jodhpur – 342006, Rajasthan, India
Location :	Owned
Branch Office:	3A & B, Archier Court, Shankar Seth Road, Pune – 411042, Maharashtra, India
Tel. No. :	91-20-26434078/ 79/ 80/ 81/ 82/ 83
Fax No. :	91-20-26434083
E-Mail :	pune@shreeram.net
Location :	Owned

DIRECTORS

As on 11.09.2014

Name :

Mr. Suresh Kumar Sevaram Lakhotia

Designation :

Director

Address :

3-A & B, Gera Grand, Gidney Park, Salisbury Park, Pune – 411037, Maharashtra, India

Date of Birth/Age :

14.09.1956

Date of Appointment :

19.08.1995

DIN No. :

00038720

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	U14219RJ1994PTC008069	SHREE RAM LIME PRODUCTS PRIVATE LIMITED	Director	19-08-1995	19-08-1995	-	Active	NO
2	U14101RJ1995PTC011231	WHITE 'N' WHITE MINERALS PRIVATE LIMITED	Director	01-06-2002	01-06-2002	31-03-2007	Active	NO
3	U14107PN2002PTC017227	S R C CHEMICALS PRIVATE LIMITED	Managing director	30-09-2014	21-08-2002	-	Active	NO
4	U23101KA1997PTC056462	HOSPET ISPAT Private LIMITED	Managing director	01-12-2004	01-12-2004	05-06-2010	Active	NO
5	U51909WB1995PTC068071	RITONA VINIMAY PVT LTD	Director	05-03-2007	05-03-2007	-	Active	NO
6	U27102PN2007PTC130073	SHREE SHUBHAM ISPAT PRIVATE LIMITED	Director	30-04-2007	30-04-2007	-	Active	NO
7	U60230PN2007PTC130982	SHREE RAM CARGO PRIVATE LIMITED	Director	14-11-2007	14-11-2007	-	Active	NO
8	U51109WB1995PTC068458	SRIDHAR CORPORATE MANAGEMENT PVT LTD	Director	08-11-2008	08-11-2008	-	Active	NO
9	U51109WB1999PTC089693	G S SOLVENT PRIVATE LIMITED	Director	30-09-2014	25-10-2013	-	Active	NO

Name :

Meena Suresh Kumar Lakhotia

Designation :

Director

Address :

3-A & B, Gera Grand, Gidney Park, Salisbury Park, Pune – 411037, Maharashtra, India

Date of Birth/Age :

13.10.1959

Date of Appointment :

01.03.1994

DIN No. :

00056135

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	U14219RJ1994PTC008069	SHREE RAM LIME PRODUCTS PRIVATE LIMITED	Director	01-03-1994	01-03-1994	-	Active	NO
2	U23101KA1997PTC056462	HOSPET ISPAT PRIVATE LIMITED	Director	20-11-1997	20-11-1997	03-08-2007	Active	NO
3	U14107PN2002PTC017227	S R C CHEMICALS PRIVATE LIMITED	Whole-time director	15-01-2015	21-08-2002	-	Active	NO
4	U27102PN2007PTC130073	SHREE SHUBHAM ISPAT PRIVATE LIMITED	Director	30-04-2007	30-04-2007	-	Active	NO
5	U60230PN2007PTC130982	SHREE RAM CARGO PRIVATE LIMITED	Director	14-11-2007	14-11-2007	-	Active	NO
6	U60221RJ2008PTC026178	SV CARRIERS PRIVATE LIMITED	Director	18-03-2008	18-03-2008	-	Active	NO

Name :

Prabal Kumar Lakhotia

Designation :

Director

Address :

96, Shree Prem Kunj, Shanti Nagar, Near Nirman Nagar, Ajmer Road, Jaipur – 302019, Rajasthan, India

Date of Birth/Age :

10.11.1974

Date of Appointment :

01.04.2008

DIN No. :

02444765

KEY EXECUTIVES

Name :	Mr. Manish Goyal
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 11.09.2014

Names of Shareholders	No. of Shares
Om Prakash Lakhotia	120240
Sarla Lakhotia	18780
Savitri Lakhotia	37500
Sunil Kumar Lakhotia	4000
Meena Lakhotia	191250
Monika Lakhotia	1500
Prabal Lakhotia	61000
Neha Lakhotia	18695
Pawan Lakhotia	97927
Maruti Lakhotia	11700
Durga Dutt	7000
Om Prakash Karwa	19625
Omprakash Lakhotia HUF	11907
S.K. Lakhotia	266150
Sridhar Corporate Management Private Limited, India	64250
Pratibha Lakhotia	7000
Mahesh Kumar Sharma	3920
Ram Ratan Bajaj	9671
Sandeep Agarwal	7000
Sakshi Lakhotia	57325
Hemkamal Vyapar Private Limited, India	125207
Sewa Ram Lakhotia	5540
Gunmala vinimay Private Limited, India	106250
Ratan Lakhotia	45000
Bimla Lakhotia	27500
Sewa Ram Lakhotia (HUF)	2770
Suresh Kumar Lakhotia (HUF)	14500
Ritona Vinimay Private Limited, India	108500
Rasalika Trading and Investment Company Private Limited, India	19500
Monica Lakhotia	6000
Sarita Jain	7000
Total	1484207

As on 11.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	28.55
Directors or relatives of Directors	69.60
Others	1.85
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Quick Lime, Brunt Lime, Dolomite Lime, Hydrate Lime, etc.

Products :

Item Code No. (ITC Code)	Product Description
2001 & 8011	Hydrated Lime, Quick Lime and Dolomite Lime

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

--

Terms :

Selling :

--

Purchasing :

Credit (30 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

Bank Name:	UCO Bank
Branch:	Paota B Road Branch, Jodhpur - 342006, Rajasthan, India
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Term Loan – From Banks	43.992	65.893
SHORT TERM BORROWINGS
Working Capital Loans from Banks	41.448	28.808
Total	85.440	94.701

NOTE

LONG TERM BORROWINGS

The secured term loan is secured by way of mortgage and hypothecation charges over the land and building, plant and machinery, other movable and immovable fixed assets of the existing and expansion projects of the company.

SHORT TERM BORROWINGS

Working capital loans are secured by hypothecation of fixed and floating assets of the company.

Banking Relations :	--
Auditors :
Name :	Mahaveer Chand Jain and Company Chartered Accountants
Address :	M-1, Olympic Complex, Near to Railway Station, Jodhpur – 342001, Rajasthan, India
Income-tax PAN of auditor or auditor's firm :	AALPJ8583C
Memberships :	--
Collaborators :	--
Associates :	· Shree Ram Cargo Private Limited · Shubham Minerals and Chemicals · Shubham Logistics (Unit of Shree Ram Cargo Private Limited) · SRC Chemicals Private Limited · Ritona Vinimay Private Limited · Sridhar Corporate Management Private Limited

CAPITAL STRUCTURE

As on 11.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs.10/- each	Rs. 15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,484,207	Equity Shares	Rs.10/- each	Rs. 14.842 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	14.842	14.842	14.842
(b) Reserves & Surplus	141.264	125.810	124.524
(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)	156.106	140.652	139.366
(3) Non-Current Liabilities
(a) Long-term borrowings	179.444	182.951	137.781
(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)	179.444	182.951	137.781
(4) Current Liabilities
(a) Short term borrowings	41.448	28.808	51.074
(b) Trade payables	57.296	80.590	58.765
(c) Other current liabilities	4.212	10.437	4.004
(d) Short-term provisions	0.225	0.522	0.175
Total Current Liabilities (4)	103.181	120.357	114.018
TOTAL	438.731	443.960	391.165
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	143.613	138.160	35.116
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	57.341
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.158	6.488	6.488
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.867	0.690	0.918
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	144.638	145.338	99.863
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	48.506	51.899	56.259
(c) Trade receivables	207.874	197.422	190.563
(d) Cash and cash equivalents	10.971	23.980	20.552
(e) Short-term loans and advances	26.742	25.321	23.928
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	294.093	298.622	291.302
TOTAL	438.731	443.960	391.165

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	658.322	640.526	612.107
		Other Income	21.937	6.161	5.863
		TOTAL (A)	680.259	646.687	617.970
Less	EXPENSES
		Cost of Materials Consumed	298.868	267.993
		Purchases of Stock-in-Trade	211.306	235.407
		Changes in inventories of Stock-in-Trade	1.289	1.273
		Employees benefits expense	24.126	17.559
		Other expenses	80.569	84.528
		TOTAL (B)	616.158	606.760	596.964 (Including Financial Expenses)
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		64.101	39.927
Less	FINANCIAL EXPENSES (D)		36.129	30.223
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.972	9.704	21.006
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.869	8.072	2.481
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		19.103	1.632	18.525
Less	TAX (H)		3.648	0.279	5.686
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		15.455	1.353	12.839
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		71.797	70.511	57.672
Less	INCOME TAX PAID FOR EARLIER YEAR		--	(0.067)	--
	BALANCE CARRIED TO THE B/S		87.252	71.797	70.511
	Earnings / (Loss) Per Share (Rs.)		10.41	0.91	8.82

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.35	0.21	2.10
Operating Profit Margin (PBDIT/Sales)	(%)	9.74	6.23	NA
Return on Total Assets (PBT/Total Assets}	(%)	4.36	0.37	5.66
Return on Investment (ROI) (PBT/Networth)		0.12	0.01	0.13
Debt Equity Ratio (Total Debt/Networth)		1.42	1.51	1.36
Current Ratio (Current Asset/Current Liability)		2.85	2.48	2.55

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	14.842	14.842	14.842
Reserves & Surplus	124.524	125.810	141.264
Net worth	139.366	140.652	156.106
Long-term borrowings	137.781	182.951	179.444
Short term borrowings	51.074	28.808	41.448
Total borrowings	188.855	211.759	220.892
Debt/Equity ratio	1.355	1.506	1.415

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	612.107	640.526	658.322
		4.643	2.778

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	612.107	640.526	658.322
Profit	12.839	1.353	15.455
	2.10%	0.21%	2.35%

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)	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	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10304257	29/07/2013 *	87,500,000.00	UCO BANK	PAOTA 'B' ROAD BRANCH, JODHPUR, RAJASTHAN - 342001, INDIA	B82568734
2	80011011	14/08/2006 *	5,000,000.00	UCO BANK	PAOTA, PAOTA, JODHPUR, RAJASTHAN - 342006, INDIA	-
3	90067146	29/03/2007 *	27,500,000.00	UCO BANK LIMITED	PAOTA, PAOTA, JODHPUR, RAJASTHAN - 342006, INDIA	-
4	90070697	29/07/2013 *	85,000,000.00	UCO BANK	PAOTA 'B' ROAD BRANCH, JODHPUR, RAJASTHAN - 342001, INDIA	B82677048

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Inter Corporate Deposits	38.072	32.211
Loans from shareholders and relatives	97.38	84.847
Total	135.452	117.058

FIXED ASSETS

· Factory Building

· Factory Shed and Building

· Plant and Machinery

· Kiln and Ramp

· Office Equipment’s

· Computers and Printers

· Furniture’s and Fixtures

· Vehicles

· Tractor and Trolly

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.62.33
UK Pound	1	Rs.92.83
Euro	1	Rs.68.08

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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		44

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.