MIRA INFORM REPORT

Report No. :	316646
Report Date :	11.04.2015

IDENTIFICATION DETAILS

Name :	GLENCORE GRAIN INDIA PRIVATE LIMITED
Registered Office :	“Cnergy”, Unit B, 4^th Floor, Appa Saheb Marathe Marg, Prabhadevi, Mumbai –
Tel. No.:	91-22-66515000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.08.2005
Com. Reg. No.:	11-155626
Capital Investment / Paid-up Capital :	Rs.125.000 Million
CIN No.: [Company Identification No.]	U15130MH2005PTC155626
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCG4264D
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Company is incorporated with an objective to carry on the business of sales, purchases, processing, refining, import, export of all kinds of agricultural produce, through physical and exchange traded contracts.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s weak operational risk profile and huge accumulated losses incurred by the company which has eroded net worth of the company. Business is active. Payments are reported to be slow. The company can be considered for business dealings on safe and secured 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 – 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

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED

Management Non Co-Operative (Tel No.: 91-22-66515000)

LOCATIONS

Registered Office :	“Cnergy”, Unit B, 4^th Floor, Appa Saheb Marathe Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India
Tel. No.:	91-22-66515000
Fax No.:	91-22-66515001
E-Mail :	venkat.pe@glencore.com glencore@glencoreindia.com
Website :	http://www.glencore.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Pravin Raghuvir Dongre

Designation :

Managing Director

Address :

204, Ocean View, Union Park, Khar, Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

12.01.1961

Date of Appointment :

01.07.2006

DIN No.:

00145163

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	U55101DL1991PTC044262	USHA ADVENTURE HOTELS Private Limited	Director	22/12/2004	22/12/2004	18/12/2014	Active	NO
2	U51100MH2005PTC155520	YASH COMMODITIES PRIVATE LIMITED	Director	22/08/2005	22/08/2005	-	Active	NO
3	U15130MH2005PTC155626	GLENCORE GRAIN INDIA PRIVATE LIMITED	Managing director	01/07/2006	25/08/2005	-	Active	NO
4	U51110MH2006PTC161144	AGRICORE COMMODITIES PRIVATE LIMITED	Managing director	01/08/2006	13/04/2006	-	Active	NO
5	U01403MH2008PTC177564	GREENFIELDS PALIHILL AGRO PRIVATE LIMITED	Director	08/01/2008	08/01/2008	-	Active	NO
6	U51909DL1965PTC004345	GENERAL SALES Private Limited	Director	30/09/2009	18/03/2009	09/03/2015	Active	NO
7	U74899DL1983PTC015432	USHA SHRIRAM ENTERPRISES PRIVATE LIMITED	Director	30/09/2009	20/06/2009	-	Active	NO
8	U63020DL2007PTC169975	NATIONAL WAREHOUSING CORPORATION PRIVATE LIMITED.	Nominee director	25/09/2009	25/09/2009	22/03/2011	Active	NO
9	U51200MH2008PTC182460	ETC Agro Processing (India) Private Limited	Director	20/03/2010	20/03/2010	23/02/2012	Active	NO
10	U51900MH1990PTC056990	GREENFIELD IMPEX PRIVATE LIMITED	Director	20/03/2010	20/03/2010	23/02/2012	Active	NO
11	U74120MH2011NPL217869	INDIA PULSES AND GRAINS ASSOCIATION	Director	25/05/2011	25/05/2011	-	Active	NO

Name :

Mr. Shyam Kantibhai Doshi

Designation :

Director

Address :

Savani Apartment, M.G. Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

26.03.1969

Date of Appointment :

25.08.2005

DIN No.:

00144382

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	U15130MH2005PTC155626	GLENCORE GRAIN INDIA PRIVATE LIMITED	Director	25/08/2005	25/08/2005	-	Active	NO
2	U51110MH2006PTC161144	AGRICORE COMMODITIES PRIVATE LIMITED	Director	13/04/2006	13/04/2006	-	Active	NO
3	U63020DL2007PTC169975	NATIONAL WAREHOUSING CORPORATION PRIVATE LIMITED.	Nominee director	30/10/2007	30/10/2007	22/03/2011	Active	NO
4	U74999DL2008PTC180298	NATIONAL WAREHOUSING CORPORATION (RAJASTHAN) PRIVATE LIMITED	Director	01/07/2008	01/07/2008	02/06/2011	Active	NO
5	U51200MH2008PTC182460	ETC Agro Processing (India) Private Limited	Director	20/03/2010	20/03/2010	23/02/2012	Active	NO
6	U51900MH1990PTC056990	GREENFIELD IMPEX PRIVATE LIMITED	Director	20/03/2010	20/03/2010	23/02/2012	Active	NO

Name :

Mr. Ernest Monsteri

Designation :

Director

Address :

Statenlaan 79, 2582 GE, The Hague, Netherlands

Date of Birth/Age :

18.08.1964

Date of Appointment :

30.06.2006

PAN No.:

NK0878666

DIN No.:

00174576

Name :

Mr. Andreas Hubmann

Designation :

Director

Address :

Frueebergstrasse 48, 6340 Bassr, Switzerland

Date of Birth/Age :

11.10.1966

Date of Appointment :

14.02.2006

DIN No.:

00174873

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	U15130MH2005PTC155626	GLENCORE GRAIN INDIA PRIVATE LIMITED	Director	14/02/2006	14/02/2006	-	Active	NO
2	U00000DL1995PTC064981	GLENCORE INDIA PRIVATE LIMITED	Director	19/06/2012	30/06/2006	-	Active	NO

Name :

Mrs. Sharmila Shyam Gaikwad

Designation :

Additional Director

Address :

2, Sai Prasad, Nanda Patkar Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

20.04.1960

Date of Appointment :

13.09.2013

DIN No.:

06448515

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	U51391DL2009PTC186397	TINNA TRADE PRIVATE LIMITED	Director	09/05/2013	25/03/2013	09/05/2013	Active	NO
2	U51110MH2006PTC161144	AGRICORE COMMODITIES PRIVATE LIMITED	Director	30/09/2013	15/07/2013	-	Active	NO
3	U15130MH2005PTC155626	GLENCORE GRAIN INDIA PRIVATE LIMITED	Director	30/09/2013	15/07/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Renaisco BV, Netherlands	15999999
Gelecore International AG, Switzerland	1
Total	16000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is incorporated with an objective to carry on the business of sales, purchases, processing, refining, import, export of all kinds of agricultural produce, through physical and exchange traded contracts.

Products :

Product Description	Item Code No. (ITC Code)
Cotton	57049010
Sunflower Oil	1512
Soyabean Oil	2304
Maize	10059000
Pulses	10089090
Wheat	10019020
Washed Cotton Seed Oil	12072100
DegummednSoyabean Oil	23040010
Crude Sunflower Oil	15121910

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

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
Experience :	Not Divulged
Maximum Limit Dealt :	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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information denied by management

Bankers :

Banker Name	Standard Chartered Bank
Branch Address	Fort, Mumbai, 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
SHORT TERM BORROWINGS
Working capital loans from	3056.558	5612.464
Total	3056.558	5612.464

Short-term loans from banks include:

• Loans from Standard Chartered Bank, HSBC Bank, Barclays Bank and ANZ Bank which are secured by corporate guarantee of Glencore International AG, the intermediate holding company.

• b. Loans from DBS Bank Limited which are secured by corporate guarantee of Glencore Xstrata plc, the Ultimate holding company to the extent of Rupee equivalent of Rs.40.000 Million

Auditors :
Name :	Deloitte Haskins and Sons Chartered Accountants
Address :	Malhotra House, 4^th Floor, Walchad Hirachand Marg, Mumbai – 400001, Maharashtra, India
PAN No.:	AADFD2337G
Memberships :	--
Collaborators :	--
Holding Company :	Glencore International AG, Switzerland
Ultimate Holding Company :	Glencore International PLC, Netherlands
Subsidiary Company :	Agricore Commodities Private Limited (ACPL) CIN No.:U51110MH2006PTC161144
Fellow Subsidiary :	Glencore India Private Limited (GIPL) CIN No.: U00000DL1995PTC064981 Glencore Grain B.V. (GGBV) Glencore Grain Pty. Limited (GGPL) Glencore Grain Singapore Pte Limited Viterra Inc. Viterra (NZ) Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
16000000	Equity Shares	Rs.10/- each	Rs.160.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16000000	Equity Shares	Rs.10/- each	Rs.160.000 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
12500000	Equity Shares	Rs.10/- each	Rs.125.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12500000	Equity Shares	Rs.10/- each	Rs.125.000 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	125.000	125.000	125.000
(b) Reserves & Surplus	(181.960)	33.545	(3.601)
(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)	(56.960)	158.545	121.399
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	9.691	0.000	0.000
(d) long-term provisions	12.124	9.652	6.681
Total Non-current Liabilities (3)	21.815	9.652	6.681
(4) Current Liabilities
(a) Short term borrowings	3,056.558	5,818.161	2,121.926
(b) Trade payables	1,233.502	4,495.100	2,739.575
(c) Other current liabilities	421.224	617.454	992.505
(d) Short-term provisions	3.163	3.264	1.924
Total Current Liabilities (4)	4,714.447	10,933.979	5,855.930
TOTAL	4,679.302	11,102.176	5,984.010
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	37.713	6.713	6.685
(ii) Intangible Assets	2.763	0.000	0.000
(iii) Capital work-in-progress	0.000	3.555	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	255.000	255.010	255.022
(c) Deferred tax assets (net)	0.000	0.000	15.302
(d) Long-term Loan and Advances	65.615	55.684	19.442
(e) Other Non-current assets	0.089	0.208	0.093
Total Non-Current Assets	361.180	321.170	296.544
(2) Current assets
(a) Current investments	0.010	0.012	0.005
(b) Inventories	1,832.385	7,675.386	4,321.733
(c) Trade receivables	1,067.109	2,011.965	551.471
(d) Cash and cash equivalents	34.097	81.302	27.809
(e) Short-term loans and advances	1,215.653	924.786	767.947
(f) Other current assets	168.868	87.555	18.501
Total Current Assets	4,318.122	10,781.006	5,687.466
TOTAL	4,679.302	11,102.176	5,984.010

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Gross Income		27,569.640	28,321.632	9,418.511
		Other Income		NA	NA	NA
		TOTAL		NA	NA	NA
Less	EXPENSES			NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			(206.583)	66.625	(124.349)
Less	DEPRECIATION/ AMORTISATION			9.784	3.177	2.891
	PROFIT/(LOSS) BEFORE TAX			(216.367)	63.448	(127.240)
Less	TAX			(0.862)	26.302	(6.185)
	PROFIT/(LOSS) AFTER TAX			(215.505)	37.146	(121.055)
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	7217.786	8067.307	2036.454
	TOTAL EARNINGS			7217.786	8067.307	2036.454
	Earnings / (Loss) Per Share (Rs.)			(13.47)	2.97	(9.68)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(4.89)	0.59	(2.23)
Return on Investment (ROI) (PBT/Networth)		3.80	0.40	(1.05)
Debt Equity Ratio (Total Debt /Networth)		(53.66)	36.70	17.48
Current Ratio (Current Asset/Current Liability)		0.92	0.99	0.97

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	125.000	125.000	125.000
Reserves & Surplus	(3.601)	33.545	(181.960)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	121.399	158.545	(56.960)
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	2121.926	5818.161	3056.558
Total borrowings	2121.926	5818.161	3056.558
Debt/Equity ratio	17.479	36.697	(53.661)

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
Gross Income	9,418.511	28,321.632	27,569.640
		200.702	(2.655)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Gross Income	9,418.511	28,321.632	27,569.640
Profit	(121.055)	37.146	(215.505)
	(1.29%)	0.13%	(0.78%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
SHORT TERM BORROWINGS
Intercorporate deposits	0.000	205.697
Total	0.000	205.697

OVERVIEW

The Company was incorporated on August 25, 2005 as a Subsidiary of Renaisco BV. The Company is incorporated with an objective to carry on the business of sales, purchases, processing, refining, import, export of all kinds of agricultural produce, through physical and exchange traded contracts. The Company along with its subsidiary engages in physical commodity trading in agricultural produce. The Company, inter-alia, engages in trading in commodity futures and forwards

COMPANY IS SUBSIDIARY:

During the financial year, the Company continued to be a wholly-owned subsidiary of Renaisco BV. Netherlands. At the end of the financial year, out of the issued, subscribed and paid-up capital of 12,500,000/- Equity Shares of Rs.10/- each, 12,499,999 Equity Shares of Rs.10/- each were held directly by Renaisco BV, Netherlands and 1 Equity Share of Rs.10/- was beneficially held by Renaisco BV through Glencore International AG, the Ultimate Holding Company.

NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.62.37
UK Pound	1	Rs.91.60
Euro	1	Rs.66.49

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		11

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.