MIRA INFORM REPORT

Report No. :	336963
Report Date :	18.08.2015

IDENTIFICATION DETAILS

Name :	PANOPLY PACKAGINGS PRIVATE LIMITED
Registered Office :	Old No.61, New No.55, Mc Nichols Road, Off Nowroji Road, Buckingham Garden, Chetpet, Chennai – 600 031, Tamilnadu
Tel. No.:	91-44-27107300
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.05.2006
Com. Reg. No.:	18-060020
Capital Investment / Paid-up Capital :	Rs.43.000 million
CIN No.: [Company Identification No.]	U74950TN2006PTC060020
IEC No.:	0408022566
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECP7941A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Corrugated Boards and Boxes.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 60000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. For the financial year ended 2014, company possesses sound operational performance and it has achieved decent profit from its operations during a year under a review. Due to profit, company has able to wipeout some of its accumulated losses during FY 2014. However, rating remain constrained on account of company’s moderate financial risk profile marked by negative reserves and leverage balance sheet profile of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution.

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: BB-
Rating Explanation	Inadequate credit quality and high credit risk.
Date	04.05.2015

Rating Agency Name	CRISIL
Rating	Short-Term Rating: A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	04.05.2015

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Mahaveer Chand Jain
Designation :	Director
Contact No.:	91-9840214033
Date :	17.08.2015

LOCATIONS

Registered Office :	Old No.61, New No.55, Mc Nichols Road, Off Nowroji Road, Buckingham Garden, Chetpet, Chennai – 600 031, Tamilnadu, India
Tel. No.:	Not Available
Mobile No.:	91-9840214033 (Mr. Mahaveer Chand Jain)
Fax No.:	Not Available
E-Mail :	panoplypackagings@gmail.com
Website :	http://panoplypack.com
Location :	Owned
Locality :	Commercial
Factory :	Survey No.205 and 206, Aarneri Village, On Sriperumbudur Oragadam Road, Pondur B.O., Sriperumbudur, (Near Little Flower HS School), Kancheepuram District – 602 105, Tamilnadu, India
Tel. No.:	91-44-27107300/ 301/ 302

DIRECTORS

AS ON 29.09.2014

Name :

Mr. Rajendra Bafna

Designation :

Director

Address :

Old No.61, New No.55, Mc Nichols Road, Off Nowroji Road, Buckingham Garden, Chetpet, Chennai – 600 031, Tamilnadu, India

Date of Birth/Age :

22.06.1963

Date of Appointment :

30.05.2006

DIN No.:

00180146

PAN No.:

AAFPB9410J

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	U21011TN1994PTC029687	BAFNA PACKAGINGS PRIVATE LIMITED	Director	28/12/1994	28/12/1994	-	Amalgamated	NO
2	U74950TN2006PTC060020	PANOPLY PACKAGINGS PRIVATE LIMITED	Director	30/05/2006	30/05/2006	-	Active	NO

Name :

Mr. Vardhaman Bafna

Designation :

Director

Address :

Old No.61, New No.55, Mc Nichols Road, Off Nowroji Road, Buckingham Garden, Chetpet, Chennai – 600 031, Tamilnadu, India

Date of Birth/Age :

23.09.1967

Date of Appointment :

30.05.2006

DIN No.:

00180219

PAN No.:

ABXPV6683J

Name :

Mr. Mahaveer Chand Jain

Designation :

Director

Address :

Old No.61, New No.55, Mc Nichols Road, Off Nowroji Road, Buckingham Garden, Chetpet, Chennai – 600 031, Tamilnadu, India

Date of Birth/Age :

16.04.1964

Date of Appointment :

30.05.2006

DIN No.:

00180292

PAN No.:

AEZPJ8149J

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	U21011TN1994PTC029687	BAFNA PACKAGINGS PRIVATE LIMITED	Director	28/12/1994	28/12/1994	-	Amalgamated	NO
2	U74950TN2006PTC060020	PANOPLY PACKAGINGS PRIVATE LIMITED	Director	30/05/2006	30/05/2006	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Rajendra Bafna	700000
Mahaveer Chand Jain	450000
Vardhaman Bafna	1500000
Vimala Bai	500000
Anita Bafna	160000
M. Rajkumari	160000
Priti Bafna	50000
Saritha Bafna	250000
MC Jain HUF	100000
Rajendar Bafna HUF	150000
Payal Jain	50000
Vardhaman Bafna HUF	100000
Jaswant Bafna HUF	100000
Jaswant Bafna	30000
Total	4300000

AS ON 06.05.2015.

Names of Allottees	No. of Shares
Rajendra t. Bafna	260000
Mahaveer Chand Jain	120000
Vimala Bai	100000
Jaswant Bafna	40000
Saritha Bafna	40000
Anitha Bafna	40000
Rajkumari Bafna	140000
Vardhaman Bafna	120000
Sunitha Bafna	40000
C. Sonraj Bhansali	40000
S. Lunibai	40000
S. Leeladhar	40000
S. Suresh Bhansali	40000
S. Ramesh Bhansali	40000
S. Rajendra Bhansali	40000
S. Mahendra Bhansali	40000
Komal Bhansali	40000
Lalitha Bhansali	40000
V.S. Bhansali	40000
P. Asha Jain	40000
Bhawarlal Bothra	40000
Kasturi Bai	40000
Subashchand Bothra	40000
Pushpabai Bothra	40000
Nihalchand	40000
Mangalchand Bothra	40000
Goutham Bhansali	20000
Total	1600000

AS ON 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Corrugated Boards and Boxes.
Products :	Corrugated Boards and Boxes
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Raw Materials
Countries :	Thailand USA Sweden
Terms :
Selling :	Cash 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 :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

Retailers and End Users

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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

Banker Name	State Bank of Mysore
Branch Address	RASMECCC Branch, II Floor, No.231, N.S.C. Bose Road, Chennai – 600 001, Tamilnadu, 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)
LONG-TERM BORROWINGS:
Term Loan from TIIC - Stage 1 (Secured against movable and immovable assets of company and Personal guarantee of Directors)	60.800	72.000
Term Loan from TIIC - Stage 2 (Secured against movable and immovable assets of company and Personal guarantee of Directors)	8.120	10.100
Vehicle Loan (Hypothecation against Car)	0.736	0.859
SHORT-TERM BORROWINGS:
Working Capital Loans - Cash Credit in State Bank of Mysore (Secured by first charge on inventories, book debts and specific movables and second charge on fixed assets.)	40.317	43.379
Vehicle Loan (Hypothecation against Car)	0.119	0.106
Total	110.092	126.444

Auditors :
Name :	Rajani and Company Chartered Accountants
Address :	No.261, (New No.140), Thambu Chetty Street, Chennai – 600 001, Tamilnadu, India
Tel. No.:	91-44-25267559/ 43517491
E-Mail :	rajanico@yahoo.com
Income-tax PAN of auditor or auditor's firm :	AAAFR0622B
Memberships :	Not Available
Collaborators :	Not Available
Other Related Parties :	Bafna Packagings (Private) Limited

CAPITAL STRUCTURE

AFTER 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5900000	Equity Shares	Rs.10/- each	Rs.59.000 million

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4300000	Equity Shares	Rs.10/- each	Rs.43.000 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	43.000	43.000	43.000
(b) Reserves & Surplus	(21.842)	(31.841)	(35.004)
(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)	21.158	11.159	7.996
(3) Non-Current Liabilities
(a) Long-term borrowings	110.712	121.217	112.336
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	110.712	121.217	112.336
(4) Current Liabilities
(a) Short term borrowings	40.436	43.485	34.456
(b) Trade payables	26.194	18.618	17.353
(c) Other current liabilities	1.952	1.380	47.010
(d) Short-term provisions	0.699	0.545	0.332
Total Current Liabilities (4)	69.281	64.028	99.151
TOTAL	201.151	196.404	219.483
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	101.986	109.360	108.236
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	10.443	6.563	0.598
(d) Long-term Loan and Advances	0.372	0.507	0.297
(e) Other Non-current assets	1.465	2.930	4.395
Total Non-Current Assets	114.266	119.360	113.526
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	25.241	26.567	19.576
(c) Trade receivables	53.953	43.207	32.586
(d) Cash and cash equivalents	0.509	0.653	0.668
(e) Short-term loans and advances	4.319	4.712	50.187
(f) Other current assets	2.863	1.905	2.940
Total Current Assets	86.885	77.044	105.957
TOTAL	201.151	196.404	219.483

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sale of Products	363.303	287.722	167.336
		Other Income	0.928	2.247	3.729
		TOTAL	364.231	289.969	171.065
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX		9.999	3.163	(11.877)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(31.841)	(35.004)	(23.107)
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	0.020
	BALANCE CARRIED TO THE B/S		(21.842)	(31.841)	(35.004)
	Earnings/ (Loss) Per Share (Rs.)		2.33	0.74	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current maturities of long-term borrowings	0.000	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.75	1.10	(7.10)
Debt Equity Ratio (Total Debt /Networth)		7.14	14.76	18.36
Current Ratio (Current Asset/Current Liability)		1.25	1.20	1.07

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	43.000	43.000	43.000
Reserves & Surplus	(35.004)	(31.841)	(21.842)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	7.996	11.159	21.158
long-term borrowings	112.336	121.217	110.712
Short term borrowings	34.456	43.485	40.436
Current Maturities of Long term debt	0.000	0.000	0.000
Total borrowings	146.792	164.702	151.148
Debt/Equity ratio	18.358	14.760	7.144

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
Sale of Products	167.336	287.722	363.303
		71.943	26.269

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sale of Products	167.336	287.722	363.303
Profit	(11.877)	3.163	9.999
	(7.10%)	1.10%	2.75%

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	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	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
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

AMALGAMATION OF MIS. BAFNA PACKAGINGS PRIVATE LIMITED (TRANSFEROR COMPANY) WITH PANOPLY PACKAGINGS PRIVATE LIMITED (TRANSFERREE COMPANY):

The Board of Directors of the company had passed a resolution at its meeting held on 19.10.2013 and decided to have BAFNA PACKAGINGS PRIVATE LIMITED (Transferor Company Registered in the State of Tamilnadu) amalgamated with their Company i.e. PANOPLY PACKAGINGS PRIVATE LIMITED (Transferee Company Registered in the State of Tamilnadu), under Ss.391 to 394 of the Companies Act, 1956, subject to the approval of the Hon'ble High Court of Judicature at Madras, Tamilnadu or such other authority as notified. A Scheme of Amalgamation was drawn up and was approved at the said meeting. Similarly the Board of Directors of the Transferor Company passed a resolution and approved the Scheme of Amalgamation. Subject to any change as may be made by the Hon'ble High Court in the Scheme, the Scheme of Amalgamation will be with effect from 01.04.13 (Appointed Date) and the effective date will be the date of filing of the Orders of the Hon'ble High Court with the Registrar of Companies (Effective Date). During the period from the Appointed Date and the Effective Date, the Transferor Company would carry on the business of the Transferor Company on account of and in trust for the Transferee Company.

UNSECURED LOAN

Particulars	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG-TERM BORROWINGS:
Directors	3.082	3.003
Shareholders	17.788	18.982
Others	20.186	16.273
Total	41.056	38.258

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10225990	12/11/2014 *	83,000,000.00	STATE BANK OF MYSORE	RASMECCC BRANCH, II FLOOR, NO.231, N.S.C. BOSE ROAD, CHENNAI, TAMILNADU - 600001, INDIA	C33764648
2	10170240	22/07/2009	90,000,000.00	THE TAMILNADU INDUSTRIAL INVESTMENT CORPORATION LIMITED	CHENNAI AND KANCHEEPURAM BRANCH, 692, ANNA SALAI, NANDANAM, CHENNAI, TAMILNADU - 600035, INDIA	A66686395
3	10168421	22/07/2009	90,000,000.00	THE TAMILNADU INDUSTRIAL INVESTMENT CORPORATION LIMITED	CHENNAI AND KANCHEEPURAM BRANCH, 692, ANNA SALAI, NANDANAM, CHENNAI, TAMILNADU - 600035, INDIA	A66687211

* Date of charge modification

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Letter of Guarantees against
EPCG	6.973	10.804

FIXED ASSETS:

· Factory Buildings

· Plant and Machinery

· Electrical Fittings

· Office Equipments

· Motor Cycle

· Motor Car

· Furniture and Fixture

· Computer

· Land

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.65.22
UK Pound	1	Rs.102.23
Euro	1	Rs.72.39

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		32

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.