MIRA INFORM REPORT

Report No. :	352596
Report Date :	04.12.2015

IDENTIFICATION DETAILS

Name :	SHALIMAR NUTRIENTS PRIVATE LIMITED
Registered Office :	46C, Chowringhee Road, Everest House, 17^th Floor, Suite No. 17A, B and C, Kolkata – 700071, West Bengal
Tel. No.:	91-33-40179035
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.12.2010
Com. Reg. No.:	21-156025
Capital Investment / Paid-up Capital :	Rs.236.200 Million
CIN No.: [Company Identification No.]	U15139WB2010PTC156025
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	CALS25963A
PAN No.: [Permanent Account No.]	AAPCS1419M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufactures Soya Bean Products. (Registered Activity)
No. of Employees :	Information declined by the management

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

Maximum Credit Limit :	USD 670000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. It was incorporated in the year 2010 and it is the manufacturer of soya bean products. The company has set up a manufacturing unit near Nagpur and the commercial production has started since 1^st Match 2014. As per available financials, the company has reported profit of Rs.0.136 million during the year 2014 as compared to its previous year loss of Rs.0.502 million. Further, rating is constrained on account of company’s moderate financial risk profile marked by negative reserves level 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 bank facilities= BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	December, 2014

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 31-03-2015.

INFORMATION DENIED

Management Non Co-operative (91-33-40179035 / 40239000)

LOCATIONS

Registered Office :	46C, Chowringhee Road, Everest House, 17^th Floor, Suite No. 17A, B and C, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-40179035 / 22886439 / 40179000
Mobile No.:	91-9163393582 (Mr. Kushal)
Fax No.:	91-33-22882496
E-Mail :	sameer@shalimarcorp.in kushal@shalimarcorp.in info@shalimarcorp.in
Website :	www.shalimarcorp.in
Corporate Office :	9, A.J.C. Bose Road, Ideal Centre, 5^th Floor, Kolkata – 700017, West Bengal, India
Tel. No.:	91-33-40239000
Fax No.:	91-33-40239011
Manufacturing Plant :	Village - Sonkhumb, Taluka - Katol, 248, Nagpur – 441302, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Sameer Agarwal

Designation :

Director

Address :

53, Hara Prasad Sastri Sarani, Block - E, P.O.- New Alipore, Kolkata - 700053, West Bengal, India

Date of Birth/Age :

06.04.1974

Date of Appointment :

21.12.2010

DIN No.:

00129529

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	U01409WB1983PTC040499	CONTAI GOLDEN HATCHERIES (EASTERN) PVT.LTD.	Director	01/08/1992	01/08/1992	-	Active	NO
2	U15331WB1989PTC047543	S L INDUSTRIES P. LTD.	Director	18/12/1992	18/12/1992	29/03/2012	Active	NO
3	U05004WB1994PLC061361	SHALIMAR HATCHERIES LIMITED.	Director	06/01/1994	06/01/1994	-	Active	NO
4	U15339WB1994PLC062811	SHALIMAR PELLET FEEDS LIMITED.	Whole-time director	01/01/2012	31/03/1994	-	Active	NO
5	U40106WB1994PTC064439	DELTA PV PVT.LTD.	Director	11/08/1994	11/08/1994	04/09/2008	Active	NO
6	U01300WB1992PTC054083	SONA VETS PVT LTD	Director	13/09/1994	13/09/1994	-	Active	NO
7	U15339WB1990PTC049990	C L ENTERPRISES PVT LTD	Director	27/03/1995	27/03/1995	-	Active	NO
8	U45400WB1990PTC050024	C L DEVELOPERS PVT LTD	Director	12/05/2015	26/08/1997	-	Active	NO
9	U51909WB1995PTC070692	WESTWOOD MARKETING PVT LTD	Director	02/03/1998	02/03/1998	-	Active	NO
10	U51909WB1995PTC070744	SAKTHI CONSULTANTS PVT.LTD.	Director	02/03/1998	02/03/1998	-	Active	NO
11	U51109WB1995PTC070092	DINOVA MERCHANTS PVT. LTD.	Director	17/04/2006	17/04/2006	-	Amalgamated	NO
12	U51109WB1994PTC066435	MAINA FASHION PVT. LTD.	Director	17/04/2006	17/04/2006	-	Amalgamated	NO
13	U51109WB1995PTC069626	TYSOM AGENCIES PVT.LTD.	Director	14/07/2008	14/07/2008	25/10/2011	Active	NO
14	U15339OR1990PTC002607	UTKAL FEEDS PRIVATE LIMITED	Director	30/09/2009	03/02/2009	-	Active	NO
15	U51109WB2007PTC113723	NATRAJ DEALCOMM PRIVATE LIMITED	Director	07/04/2010	07/04/2010	-	Active	NO
16	L29307WB1990PLC048350	Websol Energy System Limited	Director	29/12/2010	01/09/2010	02/06/2012	Active	NO
17	U15139WB2010PTC156025	SHALIMAR NUTRIENTS PRIVATE LIMITED	Director	21/12/2010	21/12/2010	-	Active	NO
18	U01403WB2012PTC188016	ADYA DAIRY PRODUCTS PRIVATE LIMITED	Director	07/11/2012	07/11/2012	-	Active	NO
19	U05004WB2013PTC197295	NIPPAI SHALIMAR FEEDS PRIVATE LIMITED	Director	18/09/2013	18/09/2013	-	Active	NO
20	U01403WB2014PTC200851	Bengal Poultry Products Marketing & Bio-Security Management Private Limited	Director	11/03/2014	11/03/2014	-	Active	NO
21	U15122WB2014PTC203467	NIVRITTI FOODS PRIVATE LIMITED	Director	08/09/2014	08/09/2014	-	Active	NO
22	AAD-6086	SPD ESTATES LLP	Body corporate as Designated Partner	24/03/2015	24/03/2015	-	Active	NO

Name :

Mr. Nitin Bhagwat Bajoria

Designation :

Director

Address :

602, Ashish Apartment, 11, Farmland Layout, Ramdaspeth, Nagpur - 440010, Maharashtra, India

Date of Birth/Age :

12.10.1973

Date of Appointment :

29.09.2012

DIN No.:

01741275

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	U45204MH2007PTC173665	D.A.S. REAL ESTATE (INDIA) PRIVATE LIMITED	Director	31/08/2007	31/08/2007	30/03/2008	Active	NO
2	U45400MH2011PTC213270	BAJORIA BUILDCOM (INDIA) PRIVATE LIMITED	Director	10/02/2011	10/02/2011	-	Active	NO
3	U45200MH2011PTC215660	GLADSTONE-MAHAVEER INFRASTRUCTURE PRIVATE LIMITED	Director	01/04/2011	01/04/2011	-	Active	NO
4	U15139WB2010PTC156025	SHALIMAR NUTRIENTS PRIVATE LIMITED	Director	29/09/2012	12/03/2012	-	Active	NO
5	U74120MH2012PLC233442	DIVA FASTFOODS LIMITED	Director	17/07/2012	17/07/2012	-	Active	NO
6	U45400MH2012PTC238957	SRI TULSI BHAGWAT CONSTRUCTIONS PRIVATE LIMITED	Director	19/12/2012	19/12/2012	-	Active	NO

Name :

Mr. Shivaji Dey

Designation :

Director

Address :

HIG IIA A-7/14, Calcutta Greens - II, 1050/2, Survey Park, Kolkata - 700075, West Bengal, India

Date of Birth/Age :

18.09.1973

Date of Appointment :

29.09.2012

DIN No.:

05266327

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	Company/ LLP Status	Defaulting status
1	U15139WB2010PTC156025	SHALIMAR NUTRIENTS PRIVATE LIMITED	Director	29/09/2012	04/05/2012	Active	NO
2	U01403WB2012PTC184502	AGRIVET CONSULTANCY PRIVATE LIMITED	Director	10/08/2012	07/08/2012	Active	NO
3	U05004WB2013PTC197295	NIPPAI SHALIMAR FEEDS PRIVATE LIMITED	Director	30/09/2014	03/03/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Kushal
Designation :	Accountant

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Chiranji Lall Agarwal	5000
Sameer Agarwal	5000
Natraj Dealcomm Private Limited, India	2950000
Sakthi Consultants Private Limited, India	4500000
Sona Vets Private Limited, India	7700000
Shalimar Pellet Feeds Limited, India	4670000
C. L. Developers Private Limited, India	200000
C. L. Enterprises Private Limited, India	700000
Westwood Marketing C. L. Developers Private Limited, India	1990000
Pratik Merchants C. L. Developers Private Limited, India	3400000
Total	26120000

AS ON 04.06.2015

Names of Allottees	No. of Shares
Pratik Merchants Private Limited, India	1500000
Total	1500000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	99.96
Directors or relatives of Directors	0.04
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufactures Soya Bean Products. (Registered Activity)
Products :	Soya Bean Products
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	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 :

Information declined by the management

Bankers :

Banker Name :	Bank of Baroda
Branch :	Dharampeth Branch, West High Court Road, Nagpur – 440010, Maharashtra, India
Person Name :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Rupee term loans from banks	222.856	0.000
Other loans and advances	0.246	0.316
Short Term Borrowings
Working capital loans from banks	56.653	26.874
Total	279.755	27.190

Auditors :
Name :	R. K. Patodi and Company Chartered Accountants
Address :	2, Chruch Lane, Kolkata – 700001, West Bengal, India
PAN No.:	AACFR8036M
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates :	· Utkal Feeds Private Limited · Shalimar Pellet Feeds Limited
Others :	· Sona Vets Private Limited

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
27620000	Equity Shares	Rs.10/- each	Rs.276.200 Million

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
26120000	Equity Shares	Rs.10/- each	Rs.261.200 Million

AS ON 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
23620000	Equity Shares	Rs.10/- each	Rs.236.200 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	236.200	160.200	61.600
(b) Reserves & Surplus	(1.238)	(1.375)	(0.873)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	6.000	0.000
Total Shareholders’ Funds (1) + (2)	234.962	164.825	60.727
(3) Non-Current Liabilities
(a) long-term borrowings	233.354	0.316	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	134.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	367.354	0.316	0.000
(4) Current Liabilities
(a) Short term borrowings	56.653	26.874	0.000
(b) Trade payables	134.767	0.104	0.000
(c) Other current liabilities	63.773	62.557	0.044
(d) Short-term provisions	0.404	0.015	0.027
Total Current Liabilities (4)	255.597	89.550	0.071
TOTAL	857.913	254.691	60.798
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	456.635	18.488	18.182
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	99.495	202.783	0.999
(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	4.006	1.728	40.695
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	560.136	222.999	59.876
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	122.581	0.000	0.000
(c) Trade receivables	51.759	0.000	0.000
(d) Cash and cash equivalents	76.591	2.984	0.922
(e) Short-term loans and advances	46.846	28.708	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	297.777	31.692	0.922
TOTAL	857.913	254.691	60.798

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX	0.168	(0.501)	0.059
Less	TAX	0.032	0.001	0.027
	PROFIT/(LOSS) AFTER TAX	0.136	(0.502)	0.032
	Earnings Per Share (Rs.)	0.01	NA	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	37.219	0.067	0.000
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	105.310	(8.789)	0.000

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets)	(%)	0.02	(0.97)	0.10
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		1.39	0.17	0.00
Current Ratio (Current Asset/Current Liability)		1.17	0.35	12.99

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	61.600	160.200	236.200
Reserves & Surplus	(0.873)	(1.375)	(1.238)
Share Application money pending allotment	0.000	6.000	0.000
Net worth	60.727	164.825	234.962
long-term borrowings	0.000	0.316	233.354
Short term borrowings	0.000	26.874	56.653
Current Maturities of Long term debt	0.000	0.067	37.219
Total borrowings	0.000	27.257	327.226
Debt/Equity ratio	0.000	0.165	1.393

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	No
8	Designation of contact person	No
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)	No
16	No. of employees	No
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 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	No
35	Negative Reporting by Auditors in the Annual Report	No

BUSINESS ACTIVITIES:

The Company has set up a manufacturing unit near Nagpur and the commercial production has started since 1st March, 2014. The Company manufactures Soya Bean Products. The work in the initial one month of commercial production has been satisfactory and the Directors are confident of good results in time to come.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Intercorporate borrowings	10.252	0.000
Short Term Borrowings
Intercorporate borrowings	0.000	26.874
Total	10.252	26.874

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10431714	04/09/2015 *	622,900,000.00	BANK OF BARODA	DHARAMPETH BRANCH, WEST HIGH COURT ROAD,DHARAMPETH, NAGPUR, MAHARASHTRA - 440010, INDIA	C65358707

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicles

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.66.75
UK Pound	1	Rs.99.61
Euro	1	Rs.70.67

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	HNA
Report Prepared by :	NKT

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	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--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

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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.