MIRA INFORM REPORT

Report No. :	316960
Report Date :	17.04.2015

IDENTIFICATION DETAILS

Name :	FIL INDUSTRIES LIMITED (w.e.f. 31.07.2000)
Formerly Known As :	FUNGICIDES (INDIA) LIMITED (w.e.f. 11.02.1992) FUNGICIDES (INDIA) PRIVATE LIMITED
Registered Office :	7, Sheikh Bagh, Kohinoor House, Srinagar - 190001, Jammu and Kashmir
Tel No :	91-194-2474543/24455161
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.08.1989
Com. Reg. No.:	07-001136
Capital Investment / Paid-up Capital :	Rs. 75.313 Million
CIN No.: [Company Identification No.]	U24231JK1989PLC001136
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in various business viz. Agrochemical (under Crop Protection Division) Food Processing (under as Consumer Division) a 100% EOU, C.A. Store (Controlled Atmosphere Store) for storage of fruits and vegetables under controlled atmospheric conditions and a food and beverage division primarily tetra packaging / bottling of fruit juices.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 4200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well - established company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and sound profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 BY

MANAGEMENT NON CO-OPERATIVE (91-1942474543)

LOCATIONS

Registered Office :	7, Sheikh Bagh, Kohinoor House, Srinagar - 190001, Jammu and Kashmir, India
Tel. No.:	91-194-2474543/2455161
Fax No.:	91-194-2452462
E-Mail :	filsrinagar@filindustrieslimited.com
Corporate Office :	H - 88, The South Mall, South Extension – I, New Delhi – 110049, India
Tel. No.:	91-11-24620505/0707/0808/91-11-24605600
Fax No.:	91-11-24633874/24646551
E-Mail :	damin@filindustrieslimited.com

DIRECTORS

As on : 30.09.2014

Name :

Mr. Iqbal Mohd Syed

Designation :

Chairman

Address :

7, Sheikh Bagh, Srinagar-190001, Jammu and Kashmir, India

Date of Birth/Age :

14.07.1932

Date of Appointment :

29.08.1989

DIN No.:

00094720

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	U24231JK1989PLC001136	FIL INDUSTRIES LIMITED	Director	29/08/1989	29/08/1989	-	Active	NO
2	U15531JK1998PTC001805	KOHINOOR INTERNATIONAL PRIVATE LIMITED	Director	20/09/2013	09/03/1998	-	Active	NO

Name :

Mr. Altaf Mohmad Syed

Designation :

Managing Director

Address :

7, Sheikh Bagh, Srinagar-190001, Jammu and Kashmir, India

Date of Birth/Age :

19.02.1959

Date of Appointment :

29.08.1989

DIN No.:

00092283

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	U24231JK1989PLC001136	FIL INDUSTRIES LIMITED	Managing director	29/08/1989	29/08/1989	30/01/2015	Active	NO
2	U15531JK1998PTC001805	KOHINOOR INTERNATIONAL PRIVATE LIMITED	Director	20/09/2013	09/03/1998	29/01/2015	Active	NO
3	U01212JK1978SGC000428	JAMMUANDKASHMIR HORTICULTURAL PRODUCE MKT&PROCESSING CORPORATION LIMITED	Director	03/02/2006	03/02/2006	-	Active	YES
4	U45205JK1965SGC000296	THE J & K PROJECTS CONSTRUCTION CORPORATION LIMITED	Director	04/03/2015	04/03/2015	-	Active In Progress	NO

Name :

Mr. Tariq Mohd Syed

Designation :

Director

Address :

7, Sheikh Bagh, Srinagar-190001, Jammu and Kashmir, India

Date of Birth/Age :

07.07.1970

Date of Appointment :

30.01.2015

DIN No.:

00094590

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	U24231JK1989PLC001136	FIL INDUSTRIES LIMITED	Managing director	30/01/2015	29/08/1989	-	Active	NO
2	U15531JK1998PTC001805	KOHINOOR INTERNATIONAL PRIVATE LIMITED	Director	20/09/2013	09/03/1998	-	Active	NO
3	U92132JK2008PTC002930	G K News Network Private Limited	Director	14/08/2008	14/08/2008	-	Strike off	NO
4	U63040DL2010PTC202566	VALLEY FLIERS SERVICES PRIVATE LIMITED	Director	12/05/2010	12/05/2010	-	Active	NO
5	U70200DL2012PTC244840	RFK GREENS FOOD PARK PRIVATE LIMITED	Director	14/11/2012	14/11/2012	-	Active	NO
6	U45400JK2014PTC004252	Empyrean Skyview Projects Private Limited	Nominee director	22/10/2014	22/10/2014	-	Active	NO
7	U15122JK2014PTC004253	Agrikash Industries Private Limited	Nominee director	22/10/2014	22/10/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Mallika Luthra
Designation :	Secretory
Address :	H-6/15, Malviya Nagar, New Delhi – 110017, Delhi, India
Date of Birth/Age :	15.03.1976
Date of Appointment :	21.09.2012
PAN No.:	ADSPA9032F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2014

Names of Shareholders	No. of Shares
Iqbal Mohd Syed	13580
Altaf Mohd. Syed	20960
Tariq Mohd. Syed	12477
Hafeeza Begum	8690
Tabassum Altaf	4300
Junaid Altaf	200
Owais Altaf	200
PFB Project Engineering	3906
Ruti Tarlq	4000
Kohinoor International Private Limited, India	7000
Total	75313

Equity Share Break up (Percentage of Total Equity)

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	5.19
Bodies corporate	9.29
Directors or relatives of Directors	85.52
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in various business viz. Agrochemical (under Crop Protection Division) Food Processing (under as Consumer Division) a 100% EOU, C.A. Store (Controlled Atmosphere Store) for storage of fruits and vegetables under controlled atmospheric conditions and a food and beverage division primarily tetra packaging / bottling of fruit juices.

Products :

Product Description	Item Code No. (ITC Code)
Apple Juice Concentrates and Other Drinks	2009

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
Experience :	Not Divulged
Maximum Limit Dealt :	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

No. of Employees :

Not Divulged

Bankers :

Banker Name	The Jammu and Kashmir Bank Limited
Branch Address	SSI LAL CHOWK,SRINAGAR - 190001,Jammu And Kashmir, 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

• SBI Global Factors Limited

6^th Floor, Metropolitan Building, Bandra – Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

• UCO Bank

Flagship Corporate Centre, 5, Parliament Street, New Delhi – 110001, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loans from Banks	335.128	306.971
SHORT TERM BORROWING
Term Loans from Banks	363.165	351.257
Total	698.293	658.228

Auditors :
Name :	Manzoor and Company Chartered Accountants
Address :	2^ND Floor, MIR and Co Shopping Complex, Karan Nagar, Srinagar, Jammu And Kashmir, India
Tel. No.:	91-194-2482495 / 96 / 97 / 98
Mobile No.:	91-9906628861
PAN No.:	AATPW6692D
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on : 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
220000	Equity Shares	Rs.1000/- each	Rs. 220.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75313	Equity Shares	Rs.1000/- each	Rs. 75.313 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	75.313	73.130	72.870
(b) Reserves & Surplus	1409.621	1310.537	1261.165
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	41.300	0.260
Total Shareholders’ Funds (1) + (2)	1484.934	1424.967	1334.295
(3) Non-Current Liabilities
(a) long-term borrowings	335.128	306.971	219.285
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	3.595	20.033	35.859
(d) long-term provisions	7.858	8.073	0.000
Total Non-current Liabilities (3)	346.581	335.077	255.144
(4) Current Liabilities
(a) Short term borrowings	363.165	351.257	390.309
(b) Trade payables	94.749	108.420	141.394
(c) Other current liabilities	165.504	176.532	213.737
(d) Short-term provisions	21.633	22.329	22.282
Total Current Liabilities (4)	645.051	658.538	767.722
TOTAL	2476.566	2418.582	2357.161
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1192.328	1185.383	1070.929
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	20.778
(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	38.678	38.799	22.872
(e) Other Non-current assets	105.741	111.679	111.787
Total Non-Current Assets	1336.747	1335.861	1226.366
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	415.950	335.730	281.313
(c) Trade receivables	513.221	541.045	558.937
(d) Cash and cash equivalents	38.341	36.408	29.390
(e) Short-term loans and advances	172.307	169.538	261.152
(f) Other current assets	0.000	0.000	0.003
Total Current Assets	1139.819	1082.721	1130.795
TOTAL	2476.566	2418.582	2357.161

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2156.206	1911.476	1845.873
		Other Income	NA	10.823	16.877
		TOTAL	NA	1922.299	1862.750
Less	EXPENSES
		Cost of Materials Consumed		784.998	692.563
		Purchases of Stock-in-Trade		659.334	577.490
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		(41.533)	69.496
		Employees benefits expense		83.544	82.249
		Other expenses		179.307	190.441
		Exceptional Items		0.779	0.000
		TOTAL	NA	1666.429	1612.239
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		NA	255.870	250.511
Less	FINANCIAL EXPENSES		NA	118.146	108.642
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		157.098	137.724	141.869
Less/ Add	DEPRECIATION/ AMORTISATION		80.842	72.854	70.491
	PROFIT/(LOSS) BEFORE TAX		76.256	64.870	71.378
Less	TAX		15.395	14.594	14.316
	PROFIT/(LOSS) AFTER TAX		60.861	50.276	57.062
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1018.166	968.794	913.220
Less	INCOME TAX AD JUST MENT OF THE EARLIER YEAR		0.898	0.904	1.488
	BALANCE CARRIED TO THE B/S		1078.129	1018.166	967.793
	Earnings Per Share (Rs.)		808.11	687.00	783.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.82	2.63	3.09
Operating Profit Margin (PBDIT / Sales)	(%)	7.29	13.39	13.57
Return on Total Assets (PBT/Total Assets}	(%)	3.08	2.68	3.06
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.05
Debt Equity Ratio (Total Debt /Networth)		0.47	0.46	0.46
Current Ratio (Current Asset/Current Liability)		1.77	1.64	1.47

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	72.870	73.130	75.313
Reserves & Surplus	1261.165	1310.537	1409.621
	0.000	41.300	0.260
Net worth	1334.035	1421.967	1485.194
long-term borrowings	219.285	306.971	335.128
Short term borrowings	390.309	351.257	363.165
Total borrowings	609.594	658.228	698.293
Debt/Equity ratio	0.457	0.463	0.470

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	1845.873	1911.476	2156.206
		3.554	12.803

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	1845.873	1911.476	2156.206
Profit	57.062	50.276	60.861
	3.09%	2.63%	2.82%

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----------
22]	Litigations that the firm / promoter involved in	-----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----------
26]	Buyer visit details	-----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PERFORMANCE REVIEW

This year the company has seen an increase in turnover from Rs 1967.600 Million in the previous year 2012-13 to Rs 2156.200 Million in the current year 2013-14. The Net Profit for the year also showed an increase from Rs. 502 Lakhs in the previous year 2012 – 13 to Rs. 608 Lakhs in the current year 2013 – 14.

This year, despite varied challenging agro climatic conditions and with changing interest rates and dollar fluctuations, the company has been able to show positive growth with increase in profitability. All the divisions of the company other than the Engineering Division showed positive growth with increase in profit. The company has also initiated steps for expansion of the operations of the Crop Protection Division in the state of Jammu & Kashmir, Himachal Pradesh, Maharashtra and Karnataka. We hope that the current year shall show considerable growth. For synergy in operations the company has, in the financial year 2013-14 clubbed the operations of its Consumer Division with the Food and Beverage Division. The scope of Apple Juice concentrate business in the domestic market is rapidly increasing. The Company is exploring the possibility of the introduction of cloudy apple juice concentrate and de-ionized apple juice concentrate. There are preliminary talks with machinery suppliers as well as with prospective buyers for the end product and we should be sharing positive news soon.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10554422	07/11/2014	300,000.00	The Jammu and Kashmir Bank Limited	SSI, Lal Chowk, Srinagar, Jammu and Kashmir - 190001, INDIA	C46320362
2	10555366	20/10/2014	15,000,000.00	The Jammu and Kashmir Bank Limited	SSI, Lal Chowk, Srinagar, Jammu and Kashmir - 190001, INDIA	C46849410
3	10556712	20/10/2014	60,000,000.00	The Jammu and Kashmir Bank Limited	SSI, Lal Chowk, Srinagar, Jammu and Kashmir - 190001, INDIA	C47580485
4	10524396	07/06/2014	45,000,000.00	The Jammu and Kashmir Bank Limited	G-40, Connaught Place, New Delhi, Delhi - 110001,  INDIA	C26933002
5	10456820	23/09/2013	100,000,000.00	The Jammu and Kashmir Bank Limited	SSI LAL CHOWK, SRINAGAR, Jammu and Kashmir - 190001, INDIA	B88217575
6	10433694	10/05/2013	97,200,000.00	SBI GLOBAL FACTORS LIMITED	6TH FLOOR, METROPOLITAN BUILDING, BANDRA-KURLA, C  OMPLEX, BANDRA(EAST), MUMBAI, Maharashtra - 400051, INDIA	B78238383
7	10418904	18/03/2013	300,000,000.00	The Jammu and Kashmir Bank Limited	G-40 Connaught Place, New Delhi, Delhi - 110001, INDIA	B72937717
8	10387172	19/11/2012	20,000,000.00	UCO BANK	FLAGSHIP CORPORATE CENTRE, 5, PARLIAMENT STREET, NEW DELHI, Delhi - 110001, INDIA	B62261243
9	10387299	19/11/2012	90,000,000.00	UCO BANK	FLAGSHIP CORPORATE CENTRE, 5, PARLIAMENT STREET,  NEW DELHI, Delhi - 110001, INDIA	B62281167
10	10337588	16/01/2012	220,000,000.00	JAMMU AND KASHMIR BANK LIMITED	G-40, CONNAUGHT PLACE, NEW DELHI, Delhi - 110001,  INDIA	B32970634

* Date of charge modification

FIXED ASSETS

• Land
• Land(Leasehold)
• Office Building
• Factory Building
• Plant and Machinery
• Vehicles
• Furniture and Fixture
• Office Equipments

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.62.36
UK Pound	1	Rs.91.60
Euro	1	Rs.66.48

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		62

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.