MIRA INFORM REPORT

Report No. :	336116
Report Date :	11.08.2015

IDENTIFICATION DETAILS

Name :	SAFEX CHEMICALS INDIA LIMITED
Formerly Known As :	SAFEX CHEMICALS (INDIA) PRIVATE LIMITED
Registered Office :	Unit No.807-808, Eighth Floor, Jacksons Crown Heights, Plot No.3B1, Twin District Centre, Sector-10, Rohini, New Delhi -110085, Delhi
Tel. No.:	91-11-47785100
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.01.1991
Com. Reg. No.:	55-042652
Capital Investment / Paid-up Capital :	Rs. 22.731 Million
CIN No.: [Company Identification No.]	U72411DL1991PLC042652
IEC No.:	0598023828
TAN No.: [Tax Deduction & Collection Account No.]	DELS21384G
PAN No.: [Permanent Account No.]	AAACS0143F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Importer of Agro Chemicals Products.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 900000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Rating takes into consideration sound financial risk profile of the company marked by healthy networth base and fair profitability in FY 14. Overall financial condition of the company appears to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings with 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 – 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

Rating Agency Name	CRISIL
Rating	Long term rating (BBB+)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	31.01.2015

Rating Agency Name	CRISIL
Rating	Short term rating A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	31.01.2015

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 PARTED BY

Name :	Mr. Mahendra Pal
Designation :	Senior Manager Works
Contact No.:	91-1992-250155
Date :	10.08.2015

LOCATIONS

Registered Office :	Unit No.807-808, Eighth Floor, Jacksons Crown Heights, Plot No.3B1, Twin District Centre, Sector-10, Rohini, New Delhi -110085, Delhi, India
Tel. No.:	91-11-47785100
Fax No.:	91-11-27932898
E-Mail :	info@safexchemicals.com
Website :	www.safexchemicals.com
Factory 1 :	A-2, M.I.E., Delhi-Rohtak Road, Bahadurgarh-124507, Haryana, India
Tel. No.:	91-1276-267255, 268457/58
Fax No.:	91-1276-267219
Factory 2 :	Plot No. 22, IID Center, Battal Ballian, Udhampur, Jammu and Kashmir, India
Tel. No.:	91-1992-250155
Fax No.:	91-1992-250091
Marketing Office :	Located at : Chandigarh
Sales office :	24 sales offices located at India

DIRECTORS

As on 30.09.2014

Name :

Mr. Surinder Kumar Chaudhary

Designation :

Whole-Time Director

Address :

6068, Modern Complex, Manimajra, Chandigarh-160101, Chandigarh, India

Date of Birth/Age :

18.08.1959

Date of Appointment :

01.04.2014

PAN No.:

ADFPC7323L

DIN No.:

00263756

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	U72411DL1991PLC042652	SAFEX CHEMICALS INDIA LIMITED	Whole-time director	01/04/2014	08/01/1991	-	Active	NO
2	U24100CH2011PLC032835	INDO SWISS CHEMICALS LIMITED	Director	14/05/2015	14/05/2015	-	Active	NO

Name :

Mr. Rajesh Kumar

Designation :

Whole-Time Director

Address :

Kothi No.271, Sector-9, Panchkula-134109, Haryana, India

Date of Birth/Age :

16.07.1964

Date of Appointment :

25.11.2003

DIN No.:

00335396

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	U72411DL1991PLC042652	SAFEX CHEMICALS INDIA LIMITED	Whole-time director	01/03/2012	25/11/2003	-	Active	NO
2	U01400DL2014PLC270247	HIM BIO AGRO LIMITED	Director	12/08/2014	12/08/2014	-	Active	NO

Name :

Mr. Rakesh Bhargava

Designation :

Director

Address :

92-C,GH-10,Sunder Apartments, Paschim Vihar, New Delhi-110087, Delhi, India

Date of Appointment :

31.03.2015

DIN No.:

02098291

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	U72300DL2008PTC176066	NANO INDIA TECHNOPARK PRIVATE LIMITED	Director	28/03/2008	28/03/2008	12/12/2013	Strike off	NO
2	U74999DL2004PTC124009	NIRVANA AGROTECH PRIVATE LIMITED	Director	30/09/2011	21/03/2011	14/06/2013	Active	NO
3	U18101DL2006PTC146565	RAUNIKA FASHIONS PRIVATE LIMITED	Additional director	10/06/2011	10/06/2011	12/03/2012	Active	NO
4	U72411DL1991PLC042652	SAFEX CHEMICALS INDIA LIMITED	Director	31/03/2015	31/03/2015	-	Active	NO

Name :

Mr. Neeraj Kumar Jindal

Designation :

Whole-Time Director

Address :

38-Tf, Block BC (West), Shalimar Bagh, Delhi-110088, Delhi, India

Date of Birth/Age :

11.12.1985

Date of Appointment :

01.04.2014

DIN No.:

03473376

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	U24100CH2011PLC032835	INDO SWISS CHEMICALS LIMITED	Director	25/03/2011	25/03/2011	10/02/2012	Active	NO
2	U24100DL2013PLC252186	SMITH N SMITH CHEMICALS LIMITED	Director	17/05/2013	17/05/2013	-	Active	NO
3	U72411DL1991PLC042652	SAFEX CHEMICALS INDIA LIMITED	Whole-time director	01/04/2014	30/09/2013	-	Active	NO

Name :

Mr. Prem Chand

Designation :

Director

Address :

46 Aradhana, Sector 13, R. K. Puram, New Delhi-110066, Delhi, India

Date of Appointment :

31.03.2015

DIN No.:

05204760

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	U72200DL2012FTC236359	CODENOMICON SOFTWARE INDIA PRIVATE LIMITED	Director	23/05/2012	23/05/2012	-	Active	NO
2	U74999HR2012PTC046131	Shivalok Defence Technologies Systems Private Limited	Director	04/06/2012	04/06/2012	-	Active	NO
3	U45204KA2013PTC071400	PARAKRAM INDUS PRIVATE LIMITED	Director	10/10/2013	10/10/2013	-	Active	NO
4	U74210TG1989PTC009666	ENERTECH ENGINEERING PVT LTD.	Director	30/09/2014	01/09/2014	-	Active	NO
5	U72411DL1991PLC042652	SAFEX CHEMICALS INDIA LIMITED	Director	31/03/2015	31/03/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mahendra Pal
Designation :	Senior Manager Works

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Neeraj Kumar Jindal	275000
Veena Jindal	797080
Shanti devi	250000
Piyush Jindal	106900
Rajesh Jindal	84000
Sridhar Kumar Chaudhary	666000
Kiran Jindal	51200
Rachna Chaudhary	40400
K.L. Jindal	2500
Total	2273080

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Agro Chemicals Products.

Products :

Item Code No.	Product Description
31039000	Fertilisers and Chemicals

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Products :

Raw Material

Countries :

China

USA

Terms :

Selling :

Cash / Credit / L/C

Purchasing :

Cash / Credit / L/C

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Meghmani Organic Limited, Punkab
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 :	Hind and Pesticides, Punjab
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 :

100 (Approximately)

Bankers :

Bank Name	HDFC Bank Limited
Branch	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai-400013, 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

Oriental Bank of Commerce, Kirti Nagar Branch, New Delhi-110015, Delhi, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	25.633	11.330
Rupee term loans from others	13.867	1.859
Short-term borrowings
Rupee term loans from banks	14.755	7.744
Rupee term loans from others	2.216	1.322
Working capital loans from banks	249.442	141.643
Total	305.913	163.898

Banking Relations :	--
Auditors :
Name :	V K Garg and Associates Chartered Accountants
Address :	M-12-13-14, Gupta Tower Commercial Complex Near Akash Cinema, Azadpur, New Delhi-110033, Delhi, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAJFV6988K
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Smith N Smith Chemicals Limited, India · Him Bio Agro, India

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs. 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,273,080	Equity Shares	Rs.10/- each	Rs. 22.731 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	22.731	22.731	22.731
(b) Reserves & Surplus	283.042	197.050	127.738
(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)	305.773	219.781	150.469
(3) Non-Current Liabilities
(a) long-term borrowings	87.845	50.187	38.811
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	9.060	4.480	3.065
(d) long-term provisions	4.580	3.203	2.743
Total Non-current Liabilities (3)	101.485	57.870	44.619
(4) Current Liabilities
(a) Short term borrowings	269.429	175.544	108.910
(b) Trade payables	293.553	179.719	122.295
(c) Other current liabilities	46.038	36.474	28.547
(d) Short-term provisions	24.329	19.137	17.423
Total Current Liabilities (4)	633.349	410.874	277.175
TOTAL	1040.607	688.525	472.263
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	105.152	53.814	39.629
(ii) Intangible Assets	0.990	0.537	0.333
(iii) Capital work-in-progress	0.000	8.388	1.857
(iv) Intangible assets under development	8.995	3.911	0.000
(b) Non-current Investments	0.100	0.100	0.011
(c) Deferred tax assets (net)	0.344	1.775	1.442
(d) Long-term Loan and Advances	4.842	5.101	3.806
(e) Other Non-current assets	0.107	0.130	0.154
Total Non-Current Assets	120.530	73.756	47.232
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	384.836	279.677	179.028
(c) Trade receivables	492.722	300.313	209.497
(d) Cash and cash equivalents	22.952	13.041	22.598
(e) Short-term loans and advances	18.444	21.037	13.140
(f) Other current assets	1.123	0.701	0.768
Total Current Assets	920.077	614.769	425.031
TOTAL	1040.607	688.525	472.263

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1730.813	1100.921	772.628
		Other Income	2.191	1.092	0.632
		TOTAL (A)	1733.004	1102.013	773.260
Less	EXPENSES
		Cost of Materials Consumed	1153.336	694.809	478.419
		Purchases of Stock-in-Trade	232.932	185.908	97.808
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(54.831)	(66.360)	(32.150)
		Employees benefits expense	86.705	51.720	40.759
		Other expenses	143.005	110.631	84.986
		Exceptional items	0.219	0.070	0.006
		TOTAL (B)	1561.366	976.778	669.828
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		171.638	125.235	103.432
Less	FINANCIAL EXPENSES (D)		35.740	20.271	13.866
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		135.898	104.964	89.566
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.797	8.071	4.863
	PROFIT BEFORE TAX (E-F) (G)		120.101	96.893	84.703
Less	TAX (H)		34.109	27.581	23.773
	PROFIT AFTER TAX (G-H) (I)		85.992	69.312	60.930
	Earnings Per Share (Rs.)		37.83	30.49	2.68

Particulars	31.03.2015
Sales Turnover (Approximately)	2500.000

Expected Sales 2015-2016 : Rs. 3250.000 Million

The above information has been parted by Mr. Mahendra Pal (Senior Manager Works)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	1.547	66.629	56.236

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.97	6.30	7.89
Operating Profit Margin (PBIDT/Sales)	(%)	9.92	11.38	13.39
Return on Total Assets (PBT/Total Assets}	(%)	11.65	14.37	18.06
Return on Investment (ROI) (PBT/Networth)		0.39	0.44	0.56
Debt Equity Ratio (Total Debt /Networth)		1.17	1.03	0.98
Current Ratio (Current Asset/Current Liability)		1.45	1.50	1.53

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	22.731	22.731	22.731
Reserves & Surplus	127.738	197.050	283.042
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	150.469	219.781	305.773
long-term borrowings	38.811	50.187	87.845
Short term borrowings	108.910	175.544	269.429
Total borrowings	147.721	225.731	357.274
Debt/Equity ratio	0.982	1.027	1.168

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	772.628	1100.921	1730.813
		42.490	57.215

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	772.628	1100.921	1730.813
Profit	60.930	69.312	85.992
	7.89%	6.30%	4.97%

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	Yes
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	Yes
19]	Major customers	Yes
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	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	Yes
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	Yes
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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from others	30.650	29.115
Loans and advances from related parties	17.696	7.883
Short-term borrowings
Rupee term loans from banks	0.000	12.274
Rupee term loans from others	3.015	12.561
Total	51.361	61.833

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10543616	19/01/2015 *	20,000,000.00	YES BANK LIMITED	Nehru Centre, 9th Floor, Discovery of India, Dr.  A.B. Road, Worli, Mumbai, Maharashtra - 400018, INDIA	C41258419
2	10534856	19/01/2015 *	30,000,000.00	YES BANK LIMITED	Nehru Centre, 9th Floor, Discovery of India, Dr.  A.B. Road, Worli, Mumbai, Maharashtra - 400018, INDIA	C40720286
3	10466637	16/07/2015 *	700,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C60049533
4	10305863	12/11/2012 *	13,900,000.00	Standard Chartered Bank	H-2, CONNAUGHT PLACE, NEW DELHI, Delhi - 110001, INDIA	B63240220
5	90046466	21/02/1997 *	1,000,000.00	STATE BANK OF PATIALA	K.G.M, NEW DELHI, Delhi, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and machinery
• Furniture and fixture
• Vehicle
• Computer
• Office equipment

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 records 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.63.76
UK Pound	1	Rs.98.76
Euro	1	Rs.69.88

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KIN
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.