MIRA INFORM REPORT

Report No. :	315889
Report Date :	08.04.2015

IDENTIFICATION DETAILS

Name :	SRI LALITHA ENTERPRISES INDUSTRIES PRIVATE LIMITED
Registered Office :	S No 125 to 129, Valuthimmapuram Road, E G District Peddapuram – 533437, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.12.2004
Com. Reg. No.:	01-044806
Capital Investment / Paid-up Capital :	Rs. 170.000 Million
CIN No.: [Company Identification No.]	U15311AP2004PTC044806
TIN NO.:	28880163319
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAKCS3233N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and exporters of rice and rice products and also engaged in generation power.
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 2000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is one of the leading manufacturers and exporters of rice and rice products in India. It is an established company having satisfactory track record. The management has failed to file its financial record with government department for the year 2014. The rating takes into consideration established track record of operations of the company supported by strong distribution network coupled with geographically diversified revenue stream and sound financial as well as operational base of the company. Trade relations are fair. Business is active. Payment are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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	CARE
Rating	Long term Bank Facilities BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	09.01.2015

Rating Agency Name	CARE
Rating	Short term Bank Facilities: A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	09.01.2015

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. S M Ghosh
Designation :	General Manager
Contact No.:	91-94941545969
Date :	04.04.2015

LOCATIONS

Registered Office/ Factory 1:	S No 125 to 129, Valuthimmapuram Road, E G District Peddapuram – 533437, Andhra Pradesh, India
Tel. No.:	91-884-2326661/2326662
Fax No.:	91-884-2326679
E-Mail :	Sle_pdp@yahoo.com lalitharice@gmail.com adish@srilalithaenterpises.com sales.srilalitha@gmail.com
Factory 2:	D. No. 4-1-57, Vadlamura Road, Peddapuram (East), District Godavari – 533437, Andhra Pradesh, India
Tel No.:	91-8852-241364, 242364
Fax No.:	91-8852-242323

DIRECTORS

As on 26.09.2013

Name :

Mr. Satya Prasad Mattey

Designation :

Managing Director

Address :

Pleaders Street, Peddapuram, East Godavari – 533 437, Andhra Pradesh, India

Date of Birth/Age :

18.08.1953

Date of Appointment :

08.12.2004

DIN No.:

00095825

PAN No.:

ADOPM5849G

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	U15311AP2004PTC044806	SRI LALITHA ENTERPRISES INDUSTRIES PRIVATE LIMITED	Managing director	08/12/2004	08/12/2004	-	Active	NO
2	U51909AP2013PTC087431	SRI LALITHA OVERSEAS PRIVATE LIMITED	Managing director	30/05/2013	01/05/2013	-	Active	NO

Name :

Mr. Srinivas Mattey

Designation :

Managing Director

Address :

Pleaders Street, Peddapuram, East Godavari – 533 437, Andhra Pradesh, India

Date of Birth/Age :

12.01.1963

Date of Appointment :

08.12.2004

DIN No.:

00095768

PAN No.:

ADOPM5848H

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	U15311AP2004PTC044806	SRI LALITHA ENTERPRISES INDUSTRIES PRIVATE LIMITED	Managing director	08-12-2004	08-12-2004	-	Active	NO
2	U51909AP2013PTC087431	SRI LALITHA OVERSEAS PRIVATE LIMITED	Managing director	30-05-2013	01-05-2013	-	Active	NO

Name :

Mr. Surya Kamala Mattey

Designation :

Director

Address :

Pleaders Street, Peddapuram, East Godavari – 533 437, Andhra Pradesh, India

Date of Birth/Age :

04.08.1960

Date of Appointment :

14.12.2004

DIN No.:

00093627

PAN No.:

ADOPM5852F

Name :

Mr. Vidyullatha Mattey

Designation :

Director

Address :

Pleaders Street, Peddapuram, East Godavari – 533 437, Andhra Pradesh, India

Date of Birth/Age :

04.10.1968

Date of Appointment :

14.12.2004

DIN No.:

00095776

PAN No.:

ADOPM5851G

Name :

Mr. Adishankar Mattey

Designation :

Executive Director

Address :

Pleaders Street, Peddapuram, East Godavari – 533 437, Andhra Pradesh, India

Date of Birth/Age :

30.04.1985

Date of Appointment :

02.01.2010

DIN No.:

02782943

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	U15311AP2004PTC044806	SRI LALITHA ENTERPRISES INDUSTRIES PRIVATE LIMITED	Whole-time director	25-03-2010	02-01-2010	-	Active	NO
2	U51909AP2013PTC087431	SRI LALITHA OVERSEAS PRIVATE LIMITED	Whole-time director	30-05-2013	01-05-2013	-	Active	NO

Name :

Mr. Venkata Satyananda Suryanarayana Mattey

Designation :

Director

Address :

6-17-5, Vakheelu Veedi, Peddapuram, East Godavari – 533 437, Andhra Pradesh, India

Date of Birth/Age :

21.04.1976

Date of Appointment :

30.05.2013

DIN No.:

05317890

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2013

Names of Shareholders	No. of Shares	%age holding
Mattey Satya Prasad	510000	30.00
Mattey Srinivas	510000	30.00
Mattey Surya Kamala	85000	5.00
Mattey Vidyullatha	85000	5.00
Mattey Adishankar	85000	5.00
Mattey Lakshmi Lalitha	42500	2.50
Mattey Sravanti	85000	5.00
Mattey Svk Nagamani	85000	5.00
Mattey Lalitha Ratna Kumari	85000	5.00
Mattey Aditya Krishan Peddapuram	85000	5.00
Bonda Nagmani	42500	2.50
Total	1700000	100.00

As on 31.03.2014

Names of Allottees	No. of Shares
Mattey Satya Prasad	150000
Mattey Surya Kamla	25000
Mattey Adishankar	25000
Mattey Sravanthi	25000
Mattey Lakshmi Lalitha	12500
Bonda Nagmani	12500
Mattey Srinivas	150000
Mattey Vidyullatha	25000
Mattey SVK Nagamani	25000
Mattey Lalitha Ratna Kumari	25000
Mattey Aditya Krishna	25000
Total	500000

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and exporters of rice and rice products and also engaged in generation power.

Products :

Item Code No.	Product Description
23022020	Bran
10064000	Broken and Ravva
23021010	Maize
10063090	Rice

• Agro Products
• Rice Bags
• Rice Grain
• Empire Rice
• Basmati Rice etc.

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

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

No. of Employees :

Information declined by the management

Bankers :

• State Bank of India - Commercial Branch, Main Road, Kakinada – 533001, Andhra Pradesh, India
• Oriental Bank of Commerce – Door No. 25-6-40, Ganjam Vari Veedhi, Temple Street, Kakinada – 533001, Andhra Pradesh, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Term Loan from Banks	381.695	418.368
Short-term borrowings
Rupee term loans (Secured against Hyp of Stock, Book Debts and Guaranteed by the directors of the company)	1040.436	1486.353
Total	1422.131	1904.721

Auditors :
Name :	T.S.R and Associates Chartered Accountants
Address :	Kakinada, Andhra Pradesh, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAGPT3175P
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 26.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2200000	Equity Shares	Rs.100/- each	Rs.220.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2200000	Equity Shares	Rs.100/- each	Rs.220.000 Million

As on 30.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1700000	Equity Shares	Rs.100/- each	Rs.170.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1700000	Equity Shares	Rs.100/- each	Rs.170.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	170.000	70.000	55.000
(b) Reserves & Surplus	444.593	301.397	209.268
(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)	614.593	371.397	264.268
(3) Non-Current Liabilities
(a) long-term borrowings	579.053	552.071	523.102
(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)	579.053	552.071	523.102
(4) Current Liabilities
(a) Short term borrowings	1040.436	1486.353	1151.307
(b) Trade payables	739.243	437.896	392.661
(c) Other current liabilities	52.764	13.636	55.699
(d) Short-term provisions	8.924	7.287	0.000
Total Current Liabilities (4)	1841.367	1945.172	1599.667
TOTAL	3035.013	2868.640	2387.037
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	722.249	802.595	828.667
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	79.831	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	4.017	3.900	3.631
(e) Other Non-current assets	0.046	0.085	0.124
Total Non-Current Assets	806.143	806.580	832.422
(2) Current assets
(a) Current investments	2.003	2.003	2.003
(b) Inventories	1072.712	1172.215	788.657
(c) Trade receivables	773.512	710.515	582.924
(d) Cash and cash equivalents	59.382	20.495	56.783
(e) Short-term loans and advances	321.261	156.832	124.248
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2228.870	2062.060	1554.615
TOTAL	3035.013	2868.640	2387.037

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	6142.746	4621.641	6142.746
	Other Income	28.369	20.626	28.369
	TOTAL (A)	6171.115	4642.267	6171.115
Less	EXPENSES
	Cost of Materials Consumed	4712.255	3871.703	4712.255
	Purchases of Stock-in-Trade	324.310	9.061	324.310
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(49.622)	(109.002)	(49.622)
	Employees benefits expense	36.846	34.670	36.846
	Other expenses	661.915	475.652	661.915
	TOTAL (B)	5685.704	4282.084	5685.704
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	485.411	360.183	485.411
Less	FINANCIAL EXPENSES (D)	244.171	192.888	244.171
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	241.240	167.295	241.240
Less/ Add	DEPRECIATION/ AMORTISATION (F)	121.610	127.131	121.610
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	119.630	40.164	119.630
Less	TAX (I)	12.500	5.000	12.500
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	107.130	35.164	107.130
	Earnings / (Loss) Per Share (Rs.)	63.01	20.68	63.01

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.74	0.76	1.74
Operating Profit Margin (PBIDT/Sales)	(%)	7.90	7.79	7.90
Return on Total Assets (PBT/Total Assets}	(%)	4.05	1.40	5.01
Return on Investment (ROI) (PBT/Networth)		0.19	0.11	0.45
Debt Equity Ratio (Total Debt /Networth)		2.64	5.49	6.34
Current Ratio (Current Asset/Current Liability)		1.21	1.06	0.97

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	55.000	70.000	170.000
Reserves & Surplus	209.268	301.397	444.593
Net worth	264.268	371.397	614.593
long-term borrowings	523.102	552.071	579.053
Short term borrowings	1151.307	1486.353	1040.436
Total borrowings	1674.409	2038.424	1619.489
Debt/Equity ratio	6.336	5.489	2.635

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6142.746	4621.641	6142.746
		(24.763)	32.913

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6142.746	4621.641	6142.746
Profit	107.130	35.164	107.130
	1.74%	0.76%	1.74%

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	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	No
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

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	197.358	133.703
Total	197.358	133.703

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10454300	18/09/2013	14,800,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	B87203410
2	10442548	18/06/2013	41,000,000.00	ORIENTAL BANK OF COMMERCE	DOOR NO.25-6-40, GANJAM VARI VEEDHI, TEMPLE STREET, KAKINADA, ANDHRA PRADESH - 533001, INDIA	B81926982
3	10427575	05/04/2013	11,430,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B75773028
4	10400358	03/12/2012	40,800,000.00	ORIENTAL BANK OF COMMERCE	DOOR NO.25-6-40, GANJAM VARI VEEDHI, TEMPLE STREET, KAKINADA, ANDHRA PRADESH - 533001, INDIA	B67042317
5	10400363	03/12/2012	198,500,000.00	ORIENTAL BANK OF COMMERCE	DOOR NO.25-6-40, GANJAM VARI VEEDHI, TEMPLE STREET, KAKINADA, ANDHRA PRADESH - 533001, INDIA	B67043356
6	10345231	22/02/2012	13,600,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	B36163194
7	10326212	08/12/2011	45,000,000.00	ORIENTAL BANK OF COMMERCE	DOOR NO.25-6-40, GANJAM VARI VEEDHI, TEMPLE STREET, KAKINADA, ANDHRA PRADESH - 533001, INDIA	B28999282
8	10136713	07/02/2015 *	3,450,000,000.00	STATE BANK OF INDIA	SME BRANCH,, MAIN ROAD,, KAKINADA, ANDHRA PRADESH  - 533001, INDIA	C45579026
9	10057873	05/07/2008 *	15,000,000.00	ORIENTAL BANK OF COMMERCE	25-6-40, GANJAMVARI VEEDHI, TEMPLE STREET, KAKINAD  A, ANDHRA PRADESH - 533001, INDIA	A42584581
10	10057867	29/12/2008 *	653,700,000.00	ORIENTAL BANK OF COMMERCE	25-6-40, GANJAMVARI VEEDHI TEMPLE STREET, KAKINADA  , ANDHRA PRADESH - 533001, INDIA	A53390472

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Factory equipment’s

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipment’s

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 :	MNJ
Analysis Done by :	KAR
Report Prepared by :	KVT

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
--PROFITABILITY	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	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		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	--

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.