MIRA INFORM REPORT

Report No. :	354760
Report Date :	14.12.2015

IDENTIFICATION DETAILS

Name :	RAHIL (CPP) FILMS PRIVATE LIMITED (w.e.f. 04.02.2014)
Formerly Known as :	PURV IMPEX PRIVATE LIMITED
Registered Office :	Survey No. 40, ShaperMain Road, Near Decora Cement, Veraval, Rajkot – 360024, Gujarat
Tel. No.:	91-2827-254241
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	12.10.2011
Com. Reg. No.:	04-067431
Capital Investment / Paid-up Capital :	Rs.20.600 Million
CIN No.: [Company Identification No.]	U25200GJ2011PTC067431
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAGCP2414E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, exporter and Importer of CPP Films. (Confirmed by management)
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject was established in the year 2011 and it is manufacturing exporting and importing of CPP Films. As per our investigation on the subject company, our executive had word with Mr. Gaurav Mehta, Chief marketing office and he informed that operations of the subject company was started from October 2013. As per the financial record of 2015, company possess weak operational performance and it has incurred losses from its operational activities. Rating remain constrained on account of company’s limited track record of business operations marked by its weak financial profile along with negative net worth position, huge borrowing and weak debt coverage indicators. Payments are reported to be slow. In view of aforesaid, the company can be considered for business dealings on safe and secured 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	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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Gaurav Mehta
Designation :	Chief Marketing Officer
Contact No.:	91-9643205052
Date :	12.12.2015

LOCATIONS

Registered Office / Factory:	Survey No. 40, ShaperMain Road, Near Decora Cement, Veraval, Rajkot – 360024, Gujarat, India
Tel. No.:	91-2827-254241
Mobile No.:	91-9643205052 (Mr. Gaurav)
Fax No.:	Not Available
E-Mail :	gaurav@rhyeco.com info@rhyeco.com
Website :	http://www.rhyeco.com
Area :	12000 sq. ft.
Location :	Owned
Locality :	Industrial

DIRECTORS

As on 31.03.2015

Name :

Ms. Lalitbhai Karamshibhai Kagathara

Designation :

Director

Address :

Karam, Paras Society, Kalawad Road, Nirmala Conve. Road, Rajkot - 360001, Gujarat, India

Date of Birth/Age :

01.08.1957

Date of Appointment :

23.11.2013

DIN No.:

00430652

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	U15400GJ1993PTC018925	RAHIL FOAM PRIVATE LIMITED	Director	09/09/2003	09/09/2003	-	Active	NO
2	U25200GJ2005PTC046409	RAHIL AIRBUBBLES PRIVATE LIMITED	Director	12/07/2005	12/07/2005	-	Active	NO
3	U25202GJ2006PTC048958	KARAM MULTIPACK PRIVATE LIMITED	Director	30/09/2011	19/04/2011	-	Active	NO
4	U24100GJ2011PTC067372	LKK PETROCHEM PRIVATE LIMITED	Director	07/10/2011	07/10/2011	-	Strike off	NO
5	U25200GJ2011PTC067431	RAHIL (CPP) FILMS PRIVATE LIMITED	Director	23/11/2013	23/11/2013	-	Active	NO

Name :

Mr. Ravi Lalitbhai Kagathara

Designation :

Director

Address :

Karam Paras Society, Kalawad Road, Nirmala Convent Road, Rajkot - 360001, Gujarat, India

Date of Birth/Age :

13.12.1985

Date of Appointment :

19.09.2012

DIN No.:

02230845

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	U25200GJ2005PTC046409	RAHIL AIRBUBBLES PRIVATE LIMITED	Additional director	24/06/2008	24/06/2008	-	Active	NO
2	U25200GJ2011PTC067431	RAHIL (CPP) FILMS PRIVATE LIMITED	Director	19/09/2012	19/09/2012	-	Active	NO

Name :

Mr. Priteshkumar Ukabhai Sanja

Designation :

Director

Address :

301, Sunshine Apartment, Royal Park, KLD Road, Rajkot - 360001, Gujarat, India

Date of Birth/Age :

24.09.1976

Date of Appointment :

19.09.2012

DIN No.:

03613257

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	U24100GJ2011PTC067372	LKK PETROCHEM PRIVATE LIMITED	Director	07/10/2011	07/10/2011	-	Strike off	NO
2	U25200GJ2011PTC067431	RAHIL (CPP) FILMS PRIVATE LIMITED	Director	19/09/2012	19/09/2012	-	Active	NO

Name :

Mr. Ramesh Lavajibhai Vachhani

Designation :

Director

Address :

Shiv Bhav, Block 26D Street No 6, Shardanagar Society Kalavad Road, Rajkot - 360005, Gujarat, India

Date of Appointment :

23.11.2013

DIN No.:

05273712

Name :

Mr. Harshil Navinchandra Chapani

Designation :

Director

Address :

Royal Apartment, Block No. 42, Narmada Park, Amin Marg, Rajkot - 360005, Gujarat, India

Date of Birth/Age :

12.08.1988

Date of Appointment :

23.11.2013

DIN No.:

06724465

KEY EXECUTIVES

Name :	Mr. Gaurav Mehta
Designation :	Chief Marketing Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Shareholders	No. of Shares
Bhanumatiben R. Vachhani	30000
Gautamkumar R. Vachhani	30000
Himanshu R. Vachhani	30000
Rameshbhai L. Vachhani	40000
Chandrikaben J. Rajkotiya	60000
Jayantilal P. Rajkotiya	70000
Gunvantrai V. Bhadani	70000
Gitaben G. Bhadani	70000
Harshi; N. Chapani	200000
Jasvantiben N. Patel	90000
Navinchandra D. Patel	100000
Ravi L. Kagathara	153000
Lalitaben K. Kagathara	100000
Illaben L. Kagathara	100000
Vidhiben V. Kagathara	50000
Vishal L. Kagathara	100000
Niraj D. Kagathara	90000
Priteshkumar U. Sanja	323000
Labhuben U. Sanja	100000
Ukabhai G. Sanja	200000
Niranjana P. Sanja	50000
Arjun Rameshbhai Patel	3300
Rameshbhai C. Patel	300
Dimple Rameshbhai Patel	200
Rameshbhai C. Patel HUF	200
Total	2060000

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, exporter and Importer of CPP Films. (Confirmed by management)
Products / Services :	CPP Films Cpp film Candies packing films Cast polypropylene films Corn flakes packing films Fryums packing films Noodles packing films Snack food packing films Soap packing films Tyre tube packing films
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	Srilanka Dubai Veqeria Tanzania Sudan
Imports :
Products :	Raw Material
Countries :	Singapore Thailand Dubai Malaysia
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

Bank Name	Bank of India
Branch	Not Divulged
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
Bank Name	Corporate Bank
Branch	Nijanand Building, Dhebar Road, Rajkot – 360001, Gujarat, India
Bank Name	The Co-Operative Bank of Rajkot Limited
Branch	University Road Branch, Near Indira Circle, Rajkot – 360001, Gujarat, India

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
The Co-operative Bank Loan A/c	106.799	76.035
Short-term borrowings
Cash Credit From The Co-operative Bank	55.476	53.187
Total	162.275	129.222

Auditors :
Name :	R.K. Doshi and Company Chartered Accountants
Address :	Doshi Corporate Park, Near Utkarsi Satnam Hospital, Akshar Marg End, Rajkot – 360001, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAIFR8841C
Memberships :	Not Available
Collaborators :	Not Available
Other related parties :	Rahil Foam Private Limited Rhyno Thermopack Industries Rahil Multipack

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
3300000	Equity Shares	Rs.10/- each	Rs.33.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2060000	Equity Shares	Rs.10/- each	Rs.20.600 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.600	20.600	0.100
(b) Reserves & Surplus	-64.547	-16.606	0.000
(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)	-43.947	3.994	0.100
(3) Non-Current Liabilities
(a) long-term borrowings	165.608	144.254	50.852
(b) Deferred tax liabilities (Net)	4.010	2.869	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)	169.618	147.123	50.852
(4) Current Liabilities
(a) Short term borrowings	55.476	53.187	0.000
(b) Trade payables	17.151	9.137	1.600
(c) Other current liabilities	33.877	33.574	0.262
(d) Short-term provisions	0.468	0.000	0.013
Total Current Liabilities (4)	106.972	95.898	1.875
TOTAL	232.643	247.015	52.827
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	138.344	112.709	29.990
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.249	2.994	0.062
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	141.593	115.703	30.052
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	33.802	54.236	0.000
(c) Trade receivables	17.533	11.430	0.000
(d) Cash and cash equivalents	3.261	17.348	1.859
(e) Short-term loans and advances	36.183	47.937	18.150
(f) Other current assets	0.271	0.361	2.766
Total Current Assets	91.050	131.312	22.775
TOTAL	232.643	247.015	52.827

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from Operations	180.484	30.271
	Other Income	0.601	0.363
	TOTAL (A)	181.085	30.634	NA
Less	EXPENSES
	Cost of Materials Consumed	159.832	36.429
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.151	(14.093)	NA
	Employees benefits expense	2.228	0.747
	Other expenses	16.584	10.926
	TOTAL (B)	178.795	34.009
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	2.290	(3.375)	NA
Less	FINANCIAL EXPENSES (D)	28.825	4.991
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(26.535)	(8.366)	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)	20.265	5.371
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(46.800)	(13.737)	NA
Less	TAX (H)	1.141	2.869
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(47.941)	(16.606)	0.000
	CIF VALUE OF IMPORTS	56.639	92.402	NA
	TOTAL IMPORTS	56.639	92.402	NA
	Earnings / (Loss) Per Share (Rs.)	(23.27)	(8.06)	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	36.995	(55.172)	NA
Net cash flow from operating activity	36.995	(55.172)	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(26.56)	(54.86)	NA
Operating Profit Margin (PBIDT/Sales)	(%)	1.27	(11.15)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(20.12)	(5.56)	NA
Return on Investment (ROI) (PBT/Networth)		1.06	(3.44)	NA
Debt Equity Ratio (Total Debt /Networth)		(5.03)	49.43	508.52
Current Ratio (Current Asset/Current Liability)		0.85	1.37	12.15

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	20.600	20.600
Reserves & Surplus	0.000	(16.606)	(64.547)
Net worth	0.100	3.994	(43.947)
long-term borrowings	50.852	144.254	165.608
Short term borrowings	0.000	53.187	55.476
Total borrowings	50.852	197.441	221.084
Debt/Equity ratio	508.520	49.434	(5.031)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	30.271	180.484
		496.227

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	30.271	180.484
Profit	(16.606)	(47.941)
	(54.86%)	(26.56%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	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

NOTE: Registered office of the company has been shifted from B 406, Imperial Heights Opposite Big Bazar, 150 Feet Ring Road, Rajkot – 360001, Gujarat, India to the present address w.e.f.

RESULT OF OPERATION AND THE STATE OF AFFAIRS OF THE COMPANY

Company has earned total Income of Rs. 181.085 Million in comparison to previous year of Rs. 30.634 Million i.e. increased by 491.11 %. Company has incurred Loss of Rs. 47.940 Million as against Rs. 16.606 Million. Therefore, your directors are trying to hard work for the achievement of the profit and hopeful for better financial results in coming years.

PREAMBLES:

The company is engaged mainly in the business of manufacturing Trading of Plastic Films.

UNSECURED LOAN

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
From Shareholders	14.900	34.819
From Directors and Relatives	43.909	33.400
Total	58.809	68.219

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10488767	07/08/2015 *	235,000,000.00	THE CO-OPERATIVE BANK OF RAJKOT LTD.	UNIVERSITY ROAD BRANCH,, NEAR INDIRA CIRCLE., RAJKOT, Gujarat - 360001, INDIA	C61721411
2	10476918	15/01/2014	80,000,000.00	THE CO-OPERATIVE BANK OF RAJKOT LTD	UNIVERSITY ROAD BRANCH, NEAR INDIRA CIRCLE, RAJKOT, Gujarat - 360001, INDIA	B96087010
3	10470940	17/04/2015 *	85,000,000.00	THE CO-OPERATIVE BANK OF RAJKOT LTD	UNIVERSITY ROAD BRANCH, NEAR INDIRA CIRCLE, RAJKOT, Gujarat - 360001, INDIA	C55615199
4	10470938	20/12/2013	50,000,000.00	THE CO-OPERATIVE BANK OF RAJKOT LTD	UNIVERSITY ROAD BRANCH, NEAR INDIRA CIRCLE, RAJKOT, Gujarat - 360001, INDIA	B93794287

FIXED ASSETS

• Factory Land
• Factory Construction
• Electric Fitting Exp.
• Computer
• Plant and Machinery
• Printer
• Air conditioner
• Vehicle

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.66.78
UK Pound	1	Rs.101.10
Euro	1	Rs.73.10

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--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		11

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

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