MIRA INFORM REPORT

Report No. :	338429
Report Date :	27.08.2015

IDENTIFICATION DETAILS

Name :	J P P MILLS PRIVATE LIMITED

Registered Office :	412 and 413, Padharai Village, Pallipalayam Agraharam, Erode – 638008, Tamilnadu
Tel. No.:	91-42-88278438

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	21.02.2003

Com. Reg. No.:	18-010491

Capital Investment / Paid-up Capital :	Rs.84.000 Million

IEC No.:	3203013487

CIN No.: [Company Identification No.]	U17111TZ2003PTC010491

TAN No.: [Tax Deduction & Collection Account No.]	CHEJ03371E

PAN No.: [Permanent Account No.]	AABCJ2715P

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Exporter and Importer of Viscose Filamant Yarn, Cotton Yarn etc.

No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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 incorporated during the year 2003. It has a satisfactory track record. For the financial year 2014, the company has healthy operational activity marked by increased sales turnover along with profitability margin of 1.5%. Further, the company has fine financial risk profile backed by comfortable capital structure and efficient net worth position along with favorable gap between trade payables and receivables. Trade relations are reported as fair. Business is active. Payments terms are usually correct. In view of good business scale, the company can be considered for 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Vvelusamy
Designation :	Account Head
Contact No.:	91-9629940925
Date :	25.08.2015

LOCATIONS

Registered Office/ Factory :	412 and 413, Padharai Village, Pallipalayam Agraharam, Erode – 638008, Tamilnadu, India
Tel. No.:	91-42-88278438
Mobile No.:	91-9629940925 (Mr. Vvelusamy) 91-9442250700 (Mr. Karthikeyan)
Fax No.:	91-42-88278338
E-Mail :	karthi@jppmills.com accounts@jppmills.com
Website :	http://www.jppmills.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Arunachalam Sairam

Designation :

Director

Address :

S/o. Arunachala Gounder 51, Society Colony, Pallipalayam, Namakkal – 638006, India

Date of Birth/Age :

15.06.1970

Date of Appointment :

01.10.2013

PAN No.:

ALYPS2738L

DIN No.:

00366579

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	U17111TZ1981PTC001034	P K P N SPINNING MILLS PRIVATE LIMITED	Director	30/09/1989	30/09/1989	16/05/2012	Active	NO
2	U65993TZ1991PLC003457	MULLAI FINANCE AND INVESTMENTS LIMITED	Director	01/10/1991	01/10/1991	-	Active	NO
3	U17111TZ1995PTC005717	ARUNACHALA GOUNDER TEXTILE MILLS PRIVATE LIMITED	Director	30/01/1995	30/01/1995	23/03/2012	Active	NO
4	U17111TZ2003PTC010491	J P P MILLS PRIVATE LIMITED	Director	01/10/2013	21/02/2003	-	Active	NO
5	U17111TN1989PTC018422	P.K.LAXMI MILL INDIA PRIVATE LIMITED	Director	30/09/2010	30/09/2010	16/05/2012	Active	NO
6	U40300TZ2015PTC021266	SAI BAGYAM INDUSTRIES PRIVATE LIMITED	Director	06/04/2015	06/04/2015	-	Active	NO

Name :

Mr. Pongiyagounder Loganathan

Designation :

Director

Address :

S/o. Arunachala Gounder 51, Society Colony, Pallipalayam, Namakkal – 638006, India

Date of Birth/Age :

01.06.1951

Date of Appointment :

01.10.2013

PAN No.:

AGQPL3505K

DIN No.:

00509319

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	U17111TZ1981PTC001034	P K P N SPINNING MILLS PRIVATE LIMITED	Director	30/09/1989	30/09/1989	16/05/2012	Active	NO
2	U65993TZ1991PLC003457	MULLAI FINANCE AND INVESTMENTS LIMITED	Director	01/10/1991	01/10/1991	-	Active	NO
3	U17111TZ2003PTC010491	J P P MILLS PRIVATE LIMITED	Director	01/10/2013	29/06/2012	-	Active	NO
4	U40300TZ2015PTC021266	SAI BAGYAM INDUSTRIES PRIVATE LIMITED	Director	06/04/2015	06/04/2015	-	Active	NO

Name :

Mr. Sairam Karthikeyan

Designation :

Director

Address :

S/o. Arunachala Gounder 51, Society Colony, Pallipalayam, Namakkal – 638006, India

Date of Birth/Age :

05.06.1970

Date of Appointment :

01.10.2013

DIN No.:

00355814

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	U17111TZ1995PTC005717	ARUNACHALA GOUNDER TEXTILE MILLS PRIVATE LIMITED	Director	30/01/1995	30/01/1995	23/03/2012	Active	NO
2	U17111TZ2003PTC010491	J P P MILLS PRIVATE LIMITED	Director	01/10/2013	21/02/2003	-	Active	NO
3	U17111TZ1974PTC000691	PALLIPALAYAM SPINNERS PRIVATE LIMITED	Director	29/09/2004	29/09/2004	-	Active	NO
4	U17111TN1989PTC018422	P.K.LAXMI MILL INDIA PRIVATE LIMITED	Director	30/09/2010	30/09/2010	16/05/2012	Active	NO
5	U40300TZ2015PTC021266	SAI BAGYAM INDUSTRIES PRIVATE LIMITED	Managing director	06/04/2015	06/04/2015	-	Active	NO

Name :

Mr. Sengodagounder Palaniappan Chandrasekaran

Designation :

Director

Address :

S/o. Arunachala Gounder 51, Society Colony, Pallipalayam, Namakkal – 638006, India

Date of Birth/Age :

05.12.1960

Date of Appointment :

29.09.2012

DIN No.:

02562241

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	U45201TZ2003PTC010616	SRI VAMINEE CONSTRUCTIONS PRIVATE LIMITED	Director	14/06/2003	14/06/2003	-	Strike off	NO
2	U17111TN1989PTC018422	P.K.LAXMI MILL INDIA PRIVATE LIMITED	Director	30/09/2010	30/09/2010	16/05/2012	Active	NO
3	U17111TZ2003PTC010491	J P P MILLS PRIVATE LIMITED	Director	01/10/2013	29/06/2012	-	Active	NO
4	U40300TZ2015PTC021266	SAI BAGYAM INDUSTRIES PRIVATE LIMITED	Director	06/04/2015	06/04/2015	-	Active	NO
5	U17100TZ2015PTC021412	GMP WEAVING MILLS PRIVATE LIMITED	Director	22/05/2015	22/05/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vvelusamy
Designation :	Account Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Sairam Karthikeyan	299444	35.65
Arunachalam Sairam	186888	22.25
K Anudeepa	59710	7.11
Pongiyagounder Loganathan	125982	15.00
Sengodagounder Palaniappan Chandrasekaran	167976	20.00
Total	840000	100.00

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, Exporter and Importer of Viscose Filamant Yarn, Cotton Yarn etc.

Products :

Item Code No.	Product Description
55103010	Viscose Yarn
52071000	Cotton Yarn
62101000	Fabrics

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

European countries
African Countries
Asian Countries

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Credit

Purchasing :

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 :

End Users and OEMs

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 :

500 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Commercial Branch, C D Building, 78/79, Park Road, Erode - 638003, Tamil Nadu, 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)	Rs.105.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Bank Name	The Lakshmi Vilas Bank Limited
Branch	14k, Sankari Main Road, Pallipalayam, Namakkal - 638006, Tamil Nadu, 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)	Rs.20.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

The Indusind Bank Limited, 652-656; Avinashi Road, Coimbatore – 641037, Tamil Nadu, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loan from Bank	151.007	120.993

Short-term borrowings
Working Capital loans from banks	117.012	250.283

Total	268.019	371.276


Banking Relations :	--

Auditors :
Name :	T N Ramadoss and Company Chartered Accountants
Address :	5 4, Townrailway Station Road, Salem – 636001, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFT9046R

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

900000	Equity Shares	Rs.100/- each	Rs.90.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

840000	Equity Shares	Rs.100/- each	Rs.84.000 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	84.000	59.990	59.990
(b) Reserves & Surplus	230.877	226.837	115.580
(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)	314.877	286.827	175.570

(3) Non-Current Liabilities
(a) long-term borrowings	151.007	126.989	265.608
(b) Deferred tax liabilities (Net)	75.479	68.924	41.758
(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)	226.486	195.913	307.366

(4) Current Liabilities
(a) Short term borrowings	142.898	265.376	328.306
(b) Trade payables	78.974	98.092	86.098
(c) Other current liabilities	147.786	125.755	99.009
(d) Short-term provisions	2.136	2.200	1.300
Total Current Liabilities (4)	371.794	491.423	514.713

TOTAL	913.157	974.163	997.649

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	511.530	536.207	578.512
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	4.025	4.025	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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	39.757	77.491	104.411
(e) Other Non-current assets	19.923	25.118	54.985
Total Non-Current Assets	575.235	642.841	737.908

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	154.215	174.704	123.610
(c) Trade receivables	107.556	80.051	78.220
(d) Cash and cash equivalents	12.889	19.877	18.439
(e) Short-term loans and advances	31.255	37.483	27.791
(f) Other current assets	32.007	19.207	11.681
Total Current Assets	337.922	331.322	259.741

TOTAL	913.157	974.163	997.649

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012

	TOTAL INCOME	1191.305	964.636	930.561

Less	EXPENSES	NA	NA	NA

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	168.085	170.008	120.168

Less	FINANCIAL EXPENSES	71.358	82.220	86.430

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	96.727	87.788	33.738

Less	DEPRECIATION/ AMORTISATION	59.307	57.171	55.084

	PROFIT/ (LOSS) BEFORE TAX	37.420	30.617	(21.346)

Less	TAX	19.381	27.437	(10.728)

	PROFIT/ (LOSS) AFTER TAX	18.039	3.180	(10.618)

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	582.874	336.914	539.504
	TOTAL EARNINGS	582.874	336.914	539.504

	IMPORTS
	Raw Materials	63.950	46.950	7.630
	TOTAL IMPORTS	63.950	46.950	7.630

	Earnings / (Loss) Per Share (Rs.)	21.48	3.79	(12.64)

Particulars

31.03.2015

Sales Turnover

1300.000

Increase in business activity

The above information has been parted Mr. Vvelusamy (Account Head)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	52.408	73.126	78.873
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	212.141	310.506	183.734

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.51	0.33	(1.14)

Operating Profit Margin (PBIDT/Sales)	(%)	14.11	17.62	12.91

Return on Total Assets (PBT/Total Assets}	(%)	4.12	3.16	(2.14)

Return on Investment (ROI) (PBT/Networth)		0.12	0.11	(0.12)

Debt Equity Ratio (Total Debt /Networth)		1.10	1.62	3.83

Current Ratio (Current Asset/Current Liability)		0.91	0.67	0.50

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	59.990	59.990	84.000
Reserves & Surplus	115.580	226.837	230.877
Net worth	175.570	286.827	314.877
long-term borrowings	265.608	126.989	151.007
Short term borrowings	328.306	265.376	142.898
Current Maturities of Long-Term Debts	78.873	73.126	52.408
Total borrowings	672.787	465.491	346.313
Debt/Equity ratio	3.832	1.623	1.100

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	930.561	964.636	1191.305
		3.662	23.498

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	930.561	964.636	1191.305
Profit	(10.618)	3.180	18.039
	(1.14%)	0.33%	1.51%

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	No
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	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

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and Advances from related parties	0.000	5.996

Short-term borrowings
Other loans and Advances	25.886	15.093

Total	25.886	21.089

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10415905	01/08/2014 *	41,500,000.00	THE LAKSHMI VILAS BANK LIMITED	14K SANKARI MAIN ROAD, PALLIPALAYAM, NAMAKKAL, Tamil Nadu - 638006, INDIA	C18372607
2	90001535	23/12/2013 *	579,400,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, CD BUILDING, 78/79, PARK ROAD, ERODE, Tamil Nadu - 638003, INDIA	B93213650

FIXED ASSETS

Land
Buildings
Factory building
Plant and equipment
Factory equipments
Furniture and fixtures
Vehicles
Motor vehicles
Office equipment
Computer equipments
Other 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.66.06
UK Pound	1	Rs.102.34
Euro	1	Rs.74.96

INFORMATION DETAILS

Information Gathered by :	SUP

Analysis Done by :	TRI

Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	--
--MARGINS	-5~5
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit