MIRA INFORM REPORT

Report No. :	333995
Report Date :	06.08.2015

IDENTIFICATION DETAILS

Name :	ARVIND GOODHILL SUIT MANUFACTURING PRIVATE LIMITED
Registered Office :	Final Plot No.10, Arvind Limited Premises, Naroda Road, Ahmedabad – 380025, Gujarat
Tel. No.:	91-79-30138108
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.09.2012
Com. Reg. No.:	04-071968
Capital Investment / Paid-up Capital :	Rs. 2.800 Million
CIN No.: [Company Identification No.]	U17121GJ2012PTC071968
IEC No.:	0813002168
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AALCA1964H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Suits.
No. of Employees :	1200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was established in the year 2012, the business operations has been started from July 2014, the information provided by Mr. Nagesh, associate finance manager. The company has incurred some pre-operating expenses during the year. However, it has decent net worth position. Trade relations are improving. Business is active. Payments are unknown. In view of limited business track record, the company can be considered for business dealings with some cautions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Nagesh S. K
Designation :	Associate Finance Manager
Contact No.:	91-80-49461019
Date :	29.07.2015

LOCATIONS

Registered Office :	Final Plot No.10, Arvind Limited Premises, Naroda Road, Ahmedabad – 380025, Gujarat, India
Tel. No.:	91-79-30138108
Fax No.:	91-79-30138668
E-Mail :	nagesh.sk@arvindexports.com rv.bhimani@arvind.in
Website :	http://www.arvindexports.com
Factory :	Bommasandra Industrial Area, Bangalore, Karnataka, India

DIRECTORS

AS ON: 24.09.2014

Name :

Mr. Jayesh Kantilal Shah

Designation :

Director

Address :

26, Amaltas Bunglows, Vastrapur, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

25.05.1960

Date of Appointment :

23.09.2013

DIN No.:

00008349

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	U30006GJ1985PLC008289	SYNTEL TELECOM LIMITED	Director	22/11/1993	22/11/1993	01/04/2010	Active	NO
2	U70102KA1994PTC015339	FIRENZE PROPERTIESANDINVESTMENTS PRIVATE LIMITED	Director	03/08/1994	03/08/1994	-	Active	NO
3	U31100GJ1995PTC024599	ARYA OMNITALK WIRELESS SOLUTIONS PRIVATE LIMITED	Director	01/08/1996	01/08/1996	01/06/2011	Active	NO
4	L51505HP1993PLC031724	LS INDUSTRIES LIMITED	Director	27/08/1997	27/08/1997	07/05/2009	Active	NO
5	U65910GJ1981PLC004408	ASMAN INVESTMENTS LIMITED	Director	21/03/2001	21/03/2001	01/04/2010	Active	NO
6	L17119GJ1931PLC000093	ARVIND LIMITED	Whole-time director	01/10/2014	20/11/2002	-	Active	NO
7	U72200GJ1988PLC010830	e-INFOCHIPS LIMITED	Director	27/03/2015	03/12/2004	-	Active	NO
8	U67120GJ1995PLC025303	ANAGRAM SHARES REGISTRY LIMITED	Director	01/08/2007	01/08/2007	01/04/2010	Amalgamated	NO
9	U66990GJ1995PLC025267	EDELWEISS COMTRADE LIMITED	Director	01/01/2008	01/01/2008	15/12/2010	Active	NO
10	U65920MH1989PLC053909	Edel Finance Company Limited	Director	01/01/2008	01/01/2008	06/12/2010	Active	NO
11	U67120GJ1994PLC022633	Edelweiss Stock Broking Limited	Director appointed in casual vacancy	21/01/2008	21/01/2008	29/12/2010	Amalgamated	NO
12	U65910GJ1993PLC020228	EDELWEISS FINANCIAL ADVISORS LIMITED	Director	29/09/2008	19/02/2008	15/02/2011	Amalgamated	NO
13	U80212GJ2008PLC052901	ANAGRAM KNOWLEDGE ACADEMY LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
14	U29100GJ2008PLC053226	ARVIND ACCEL LIMITED	Director	20/04/2008	20/04/2008	-	Active	NO
15	U45201GJ2008PLC055771	ARVIND INFRASTRUCTURE LIMITED	Director	27/01/2009	27/01/2009	29/03/2013	Active	NO
16	U64120PN2003PTC018154	ARYA OMNITALK RADIO TRUNKING SERVICES PRIVATE LIMITED	Director	05/09/2009	05/09/2009	26/03/2012	Active	NO
17	U18101GJ2007PLC050217	ARVIND RETAIL LIMITED	Director	24/09/2010	31/10/2009	-	Amalgamated	NO
18	U64201GJ1995PLC024598	ARVIND LIFESTYLE BRANDS LIMITED	Director	24/09/2010	31/10/2009	-	Active	NO
19	U65923GJ2009PLC058506	ANAGRAM i-BROKING LIMITED	Director	06/11/2009	06/11/2009	01/04/2010	Strike off	NO
20	L17110GJ1986PLC008886	ARVIND PRODUCTS LIMITED	Director	25/09/2010	25/01/2010	-	Amalgamated	NO
21	U25119MH2010FTC200484	Bayer Sheets India Private Limited	Director	26/02/2010	26/02/2010	16/03/2013	Amalgamated	NO
22	L15140GJ1985PLC007845	ADI FINECHEM LIMITED	Director	30/08/2010	01/04/2010	-	Active	NO
23	U52609GJ2007PLC051974	ARVIND BRANDS AND RETAIL LIMITED	Director	23/09/2011	22/02/2011	-	Active	NO
24	U74140GJ2011PTC068131	AMPLUS CAPITAL ADVISORS PRIVATE LIMITED	Additional director	29/06/2015	08/12/2011	-	Active	NO
25	U37200GJ2011PTC068339	ARVIND ENVISOL PRIVATE LIMITED	Director	22/12/2011	22/12/2011	05/03/2012	Active	NO
26	U17120GJ2011PTC066160	ARVIND PD COMPOSITES PRIVATE LIMITED	Director	28/09/2012	09/04/2012	-	Active	NO
27	U17121GJ2012PTC071968	ARVIND GOODHILL SUIT MANUFACTURING PRIVATE LIMITED	Director	23/09/2013	11/03/2013	-	Active	NO
28	U72400GJ2013PLC074576	ARVIND INTERNET LIMITED	Director	23/09/2014	12/08/2013	-	Active	NO
29	U52190MH2011PTC215598	Premium Garments Wholesale Trading Private Limited	Director	24/03/2014	24/03/2014	-	Active	NO
30	U52100GJ2015PLC082095	ARVIND SPORTS LIFESTYLE LIMITED	Director	02/02/2015	02/02/2015	-	Active	NO
31	U52100GJ2015PLC082094	ARVIND FASHION BRANDS LIMITED	Director	02/02/2015	02/02/2015	-	Active	NO
32	U17120GJ2013PTC073597	ARVIND GARMENTS PARK PRIVATE LIMITED	Additional director	07/04/2015	07/04/2015	-	Active	NO

Name :

Mr. Kulin Sanjay Lalbhai

Designation :

Director

Address :

Lalbaug, Shahibaug, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

13.08.1985

Date of Appointment :

23.09.2013

DIN No.:

05206878

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	L17119GJ1931PLC000093	ARVIND LIMITED	Whole-time director	28/09/2012	26/07/2012	-	Active	NO
2	U17121GJ2012PTC071968	ARVIND GOODHILL SUIT MANUFACTURING PRIVATE LIMITED	Director	23/09/2013	11/03/2013	-	Active	NO
3	U45201GJ2008PLC055771	ARVIND INFRASTRUCTURE LIMITED	Director	16/09/2013	29/03/2013	-	Active	NO
4	U72400GJ2013PLC074576	ARVIND INTERNET LIMITED	Director	23/09/2014	12/08/2013	-	Active	NO
5	U80212GJ2008PLC052901	ANAGRAM KNOWLEDGE ACADEMY LIMITED	Additional director	12/01/2015	12/01/2015	-	Active	NO
6	U52100GJ2015PLC082095	ARVIND SPORTS LIFESTYLE LIMITED	Director	02/02/2015	02/02/2015	-	Active	NO
7	U52100GJ2015PLC082094	ARVIND FASHION BRANDS LIMITED	Director	02/02/2015	02/02/2015	-	Active	NO

Name :

Mr. Hideki Toshikata Yoshioka

Designation :

Director

Address :

96, Uemachi, Tottori Japan

Date of Birth/Age :

08.09.1956

Date of Appointment :

23.09.2013

DIN No.:

06501987

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	U17121GJ2012PTC071968	ARVIND GOODHILL SUIT MANUFACTURING PRIVATE LIMITED	Director	23/09/2013	11/03/2013	-	Active	NO

Name :

Mr. Toru Toshikata Yoshioka

Designation :

Director

Address :

100-9, Uemachi, Tottori Japan

Date of Birth/Age :

31.05.1958

Date of Appointment :

23.09.2013

DIN No.:

06501989

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	U17121GJ2012PTC071968	ARVIND GOODHILL SUIT MANUFACTURING PRIVATE LIMITED	Director	23/09/2013	11/03/2013	-	Active	NO

Name :

Mr. Ashishkumar Harimohan Srivastava

Designation :

Director

Address :

B21, Aspen Sherwood Basvanagar, M N Road, Vibhutipura, Bangalore – 560037, Karnataka, India

Date of Birth/Age :

12.06.1969

Date of Appointment :

23.09.2013

DIN No.:

06527942

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	U17121GJ2012PTC071968	ARVIND GOODHILL SUIT MANUFACTURING PRIVATE LIMITED	Director	23/09/2013	29/03/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nagesh S. K
Designation :	Associate Finance Manager
Name :	Nirali Pinakinbhai patel
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 24.09.2014

Names of Shareholders	No. of Shares
Arvind Limited, India	346799
Ramnik V. Bhimani	1
Goodhill Corporation, Japan	197200
F-one Limited, Japan	136000
Total	680000

Equity Share Break up (Percentage of Total Equity)

AS ON: 24.09.2014

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	49.00
Bodies corporate	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Suits.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Fabrics
Countries :	China
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash and Credit

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 :

1200 (Approximately)

Bankers :

Banker Name	HDFC Bank
Branch Address	Ahmedabad, Gujarat, 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
· Canara Bank, Prime Corporate Branch, Near Shyamal Cross Road, Vejalpur, Ahmedabad – 380015, Gujarat, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee Term Loan from banks	250.000	0.000
Total	250.000	0.000

Auditors :
Name :	Sorab S. Engineer and Company Chartered Accountants
Address :	Ismail Building, 381, Dr. D. Naroji Road, Fort, Mumbai – 400001, Maharashtra, India
PAN No.:	AAAFS5191E
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	· Arvind Limited, India CIN No.: L17119GJ1931PLC000093
Associates Company :	· Goodhill Company Limited, Japan · F-one Co limited, Japan
Fellow Subsidiary company:	· Arvind Internet limited, India · Arvind Lifestyle Brands Limited

CAPITAL STRUCTURE

AS ON: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
280000	Equity Shares	Rs.10/- each	Rs. 2.800 Million

After: 24.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
680000	Equity Shares	Rs.10/- each	Rs. 6.800 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.800	0.200
(b) Reserves & Surplus	125.400	(0.669)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	62.778	23.594
Total Shareholders’ Funds (1) + (2)	190.978	23.125
(3) Non-Current Liabilities
(a) long-term borrowings	250.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.293	0.000
Total Non-current Liabilities (3)	250.293	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	16.592	0.314
(c) Other current liabilities	5.587	0.000
(d) Short-term provisions	0.010	0.000
Total Current Liabilities (4)	22.189	0.314
TOTAL	463.460	23.439
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	381.171	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	53.801	16.210
(e) Other Non-current assets	13.513	0.000
Total Non-Current Assets	448.485	16.210
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	2.157	0.000
(d) Cash and cash equivalents	1.566	7.229
(e) Short-term loans and advances	5.720	0.000
(f) Other current assets	5.532	0.000
Total Current Assets	14.975	7.229
TOTAL	463.460	23.439

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013
Net Loss	(1.331)	(0.669)
Earnings Per Share (Rs.)	(4.75)	(3.35)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA
Cash generated from operations	NA	NA
Net Cash Flow from (used in) Operations	(6.690)	(0.355)

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	1.31	0.00	1.31
Current Ratio (Current Asset/Current Liability)	0.67	23.02	0.67

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	0.200	2.800
Reserves & Surplus	(0.669)	125.400
Share Application money pending allotment	23.594	62.778
Net worth	23.125	190.978
long-term borrowings	0.000	250.000
Short term borrowings	0.000	0.000
Total borrowings	0.000	250.000
Debt/Equity ratio	0.000	1.309

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	No
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10449020	06/05/2015 *	330,000,000.00	Canara Bank	PRIME CORPORATE BRANCH 104, JYOTI COMMERCIAL COMPLEX,  NEAR SHYAMAL CROSS ROAD, AHMEDABAD, GUJARAT - 380015, INDIA	C55556765

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. 63.82
UK Pound	1	Rs. 99.15
Euro	1	Rs. 69.31

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	TRI
Report Prepared by :	THR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		27

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.