MIRA INFORM REPORT

Report No. :	354690
Report Date :	14.12.2015

IDENTIFICATION DETAILS

Name :	SRI VENKATARAMA OIL INDUSTRIES PRIVATE LIMITED (w.e.f. 18.02.2015)
Formerly Known As :	SRI VENKATARAMA OIL INDUSTRIES LIMITED SRI VENKATARAMA OIL INDIA INDUSTRIES LIMITED
Registered Office :	D.No.15-7-66, Hussenpuram, Samalkot-533440, Andhra Pradesh
Tel. No.:	91- 884 2327802
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.03.1975
Com. Reg. No.:	01-001861
Capital Investment / Paid-up Capital :	Rs. 78.360 Million
CIN No.: [Company Identification No.]	U11200AP1975PTC001861
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCS1673D
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing and trading of oils and its bye products. (Registered Activity)
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 262000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1975. It has satisfactory track. As per the Registrar of Companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2015 but the documents related to the financial are not available from any sources. For the financial year ended 2014, the company has healthy operational activity marked by decent top line growth. However, it has achieved thin profitability margin. The company has efficient financial base backed by adequate networth position along with healthy cash accruals. Although it has high debt levels. Trade relations are fair. Business is active. Payments are slow but correct. In view of long business track, 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	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 DENIED BY

Name :	Mr. Nagar Babu
Designation :	Accounts Department
Contact No.:	91-884-2327803
Date :	11.12.2015

LOCATIONS

Registered Office :	D.No.15-7-66, Hussenpuram, Samalkot-533440, Andhra Pradesh, India
Tel. No.:	91- 884 2327802/2327803/2327804
Fax No.:	91-884-2327805
E-Mail :	info@svroil.com
Website :	www.svroil.com

DIRECTORS

As on 31.03.2015

Name :

Mr. Srinivas Nemani

Designation :

Managing Director

Address :

6-1-51, Jawahar Street, Suryarao Pet, Kakinada-533001, Andhra Pradesh, India

Date of Birth/Age :

23.06.1969

Date of Appointment :

01.06.2013

PAN No.:

AATPN3739N

DIN No.:

00454616

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	U11200AP1975PTC001861	SRI VENKATARAMA OIL INDUSTRIES Private Limited	Managing director	01/06/2013	01/09/1996	-	Active	NO
2	U15500AP2007PTC054613	RAMTHA ALCOBREW PRIVATE LIMITED	Director	26/06/2007	26/06/2007	-	Active	NO

Name :

Mr. Mahesh Nemani

Designation :

Whole-Time Director

Address :

18-4-18, Ayodhyarama Puram, Samalkot-533440, Andhra Pradesh, India

Date of Birth/Age :

16.01.1979

Date of Appointment :

01.06.2013

PAN No.:

AARPN3739N

DIN No.:

00746886

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	U11200AP1975PTC001861	SRI VENKATARAMA OIL INDUSTRIES Private Limited	Whole-time director	01/06/2013	30/03/2001	-	Active	NO
2	U15500AP2007PTC054613	RAMTHA ALCOBREW PRIVATE LIMITED	Director	26/06/2007	26/06/2007	-	Active	NO

Name :

Subba Rao Nemani

Designation :

Director

Address :

18-4-18, Ayodharama Puram, Samalkot-533440, Andhra Pradesh, India

Date of Birth/Age :

12.07.1948

Date of Appointment :

01.06.2013

PAN No.:

AAQPN6959D

DIN No.:

00746994

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	U11200AP1975PTC001861	SRI VENKATARAMA OIL INDUSTRIES Private Limited	Director	01/06/2013	25/09/1975	-	Active	NO
2	U05005AP1981PTC003200	GODAVARI FISH PRODUCTS PRIVATE LIMITED	Director	09/06/1982	09/06/1982	-	Active	NO
3	U15500AP2007PTC054613	RAMTHA ALCOBREW PRIVATE LIMITED	Director	26/06/2007	26/06/2007	-	Active	NO

Name :

Mr. Sree Bhaskara Nemani Venkatarayudu Chowdary

Designation :

Director

Address :

6-1-51, Jawahar Street, Surya Rao Peta, Kakinada-533001, Andhra Pradesh, India

Date of Birth/Age :

16.04.1940

Date of Appointment :

01.06.2013

PAN No.:

AAQPN6962L

DIN No.:

00436056

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	U11200AP1975PTC001861	SRI VENKATARAMA OIL INDUSTRIES Private Limited	Director	01/06/2013	15/03/1975	-	Active	NO
2	U05005AP1981PTC003200	GODAVARI FISH PRODUCTS PVT.LTD.	Director	09/06/1982	09/06/1982	-	Active	NO
3	U91110AP1918NPL000029	THE COCONADA CHAMBER OF COMMERCE	Director	30/09/2000	30/09/2000	-	Active	NO
4	U72200AP2001PTC036200	HALO E-SOLUTIONS PRIVATE LIMITED	Director	12/02/2001	12/02/2001	-	Strike off	NO
5	U15500AP2007PTC054613	RAMTHA ALCOBREW PRIVATE LIMITED	Director	26/06/2007	26/06/2007	-	Active	NO

Name :

Mr. Ramasita Nemani

Designation :

Director

Address :

6-1-51, Jawahar Street, Surya Rao Peta, Kakinada-533001, Andhra Pradesh, India

Date of Birth/Age :

15.04.1947

Date of Appointment :

30.03.2001

PAN No.:

ACIPN3039Q

DIN No.:

00454819

KEY EXECUTIVES

Name :	Mr. Nagar Babu
Designation :	Accounts Department
Name :	Mr. Manjeet Bucha
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 19.09.2014

Category	Percentage
Bodies corporate	0.26
Directors or relatives of Directors	92.86
Other top fifty shareholders	6.88
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing and trading of oils and its bye products. (Registered Activity)

Products :

Item Code No.	Product Description
99611228	Other Edible oils

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

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 :

Not Divulged

Bankers :

Bank Name	Andhra Bank
Branch	Samalkot Branch, Andhra Pradesh, 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

· The Karur Vysya Bank Limited, Post Box No.21, Erode Road, Karur- 639002, Tamilnadu, India

· The Karur Vysya Bank Limited, Samalkot Branch, D. No: 11-2-2, Opposite Peddapuramroa  D, Samalkot, East Godavari District Pradesh - 533440, Andhra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks (land, building, plant and machinery and guarantees given by directors in personal)	5.014	7.659
Short-term borrowings
Working capital loans from banks	89.496	82.910
Total	94.510	90.569

Auditors :
Name :	Narasimha Rao and Associates Chartered Accountants
Address :	6-3-609/89, Akshara, Anand Nagar, Khairatabad, Hyderabad-500004,Telangana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFN5153E
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	V.R. Enterprises

CAPITAL STRUCTURE

As on 30.09.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs.10/- each	Rs. 200.000 Million
8,000,000	Preference Shares	Rs.10/- each	Rs. 80.000 Million
	Total		Rs. 280.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,672,000	Equity Shares	Rs.10/- each	Rs. 96.720 Million
3,000,000	Preference Shares	Rs.10/- each	Rs. 30.000 Million
	Total		Rs. 126.720 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6,000,000	Equity Shares	Rs.10/- each	Rs. 60.000 Million
3,000,000	Preference Shares	Rs.10/- each	Rs. 30.000 Million
	Total		Rs. 90.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,836,000	Equity Shares	Rs.10/- each	Rs. 48.360 Million
3,000,000	Preference Shares	Rs.10/- each	Rs. 30.000 Million
	Total		Rs. 78.360 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	78.360	71.660	71.660
(b) Reserves & Surplus	13.406	7.685	3.887
(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)	91.766	79.345	75.547
(3) Non-Current Liabilities
(a) long-term borrowings	135.841	136.472	140.136
(b) Deferred tax liabilities (Net)	10.194	10.229	10.232
(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)	146.035	146.701	150.368
(4) Current Liabilities
(a) Short term borrowings	89.496	82.910	74.634
(b) Trade payables	94.115	98.722	44.486
(c) Other current liabilities	22.670	14.506	21.578
(d) Short-term provisions	7.810	4.778	4.450
Total Current Liabilities (4)	214.091	200.916	145.148
TOTAL	451.892	426.962	371.063
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	130.878	129.614	126.911
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	19.296	16.501	9.207
(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	7.529	5.515	5.800
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	157.703	151.630	141.918
(2) Current assets
(a) Current investments	0.317	0.317	0.316
(b) Inventories	203.678	217.601	166.715
(c) Trade receivables	44.523	18.934	24.856
(d) Cash and cash equivalents	26.011	19.493	26.065
(e) Short-term loans and advances	19.660	18.987	11.193
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	294.189	275.332	229.145
TOTAL	451.892	426.962	371.063

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1554.050	1161.442	1311.057
		Other Income	1.251	1.429	1.821
		TOTAL	1555.301	1162.871	1312.878
Less	EXPENSES
		Cost of Materials Consumed	1384.561	1100.380	1153.493
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	22.635	(53.908)	47.023
		Employees benefits expense	30.336	21.550	22.635
		Other expenses	73.762	57.551	50.432
		TOTAL	1511.294	1125.573	1273.583
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		44.007	37.298	39.295
Less	FINANCIAL EXPENSES		18.557	17.687	19.181
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		25.450	19.611	20.114
Less/ Add	DEPRECIATION/ AMORTISATION		11.965	11.305	10.924
	PROFIT/ (LOSS) BEFORE TAX		13.485	8.306	9.190
Less	TAX		4.937	1.938	2.932
	PROFIT/ (LOSS) AFTER TAX		8.548	6.368	6.258
	Earnings / (Loss) Per Share (Rs.)		2.05	1.59	1.47

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	34.744	30.895	55.316

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.55	0.55	0.48
Operating Profit Margin (PBIDT/Sales)	(%)	2.83	3.21	3.00
Return on Total Assets (PBT/Total Assets}	(%)	3.12	2.02	2.54
Return on Investment (ROI) (PBT/Networth)		0.15	0.10	0.12
Debt Equity Ratio (Total Debt /Networth)		2.46	2.76	2.84
Current Ratio (Current Asset/Current Liability)		1.37	1.37	1.58

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	71.660	71.660	78.360
Reserves & Surplus	3.887	7.685	13.406
Net worth	75.547	79.345	91.766
long-term borrowings	140.136	136.472	135.841
Short term borrowings	74.634	82.910	89.496
Total borrowings	214.770	219.382	225.337
Debt/Equity ratio	2.843	2.765	2.456

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	1311.057	1161.442	1554.050
		(11.412)	33.803

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	1311.057	1161.442	1554.050
Profit	6.258	6.368	8.548
	0.48%	0.55%	0.55%

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)	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	No
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	No
35]	Negative Reporting by Auditors in the Annual Report	No

SEGMENT REPORTING AND RELATED INFORMATION (As on 31.03.2014)

The Company is engaged in the business of manufacturing and trading of oils and its bye products. The property and equipment used in the company's business, depreciation, financial costs and intersegment cost of recovery expenses, are not identifiable with/allocable to individual segments, I.e., Oils and its bye products as certain assets are interchangeably used in the continuous process of production, Consequently, management believes it is not practicable to provide segment disclosure information. The breakup of the sales for the year Oils Rs.957.785 Million (Previous year Rs.809.091 Million) De-oiled Bran Rs.606.430 Million (previous year Rs.363.168 Million) Miscellaneous Rs.4.320 Million (Previous year Rs.2.377 Million). The sales of the company are within India.

PERFORMANCE (As on 31.03.2014)

The turnover of the Company has decreased to 1554.050 Million from Rs.1161.442 Million registering increase of around 34%. Expenditure has been kept under control. The company has made progress in all respects. The profit after tax is 83.85 Million as against profit of Rs. 6.367 Million during the previous year.

Operation and maintenance (O&M) has been standardized. O&M also ISO 9001: certified and systems and procedures are revised periodically to keep abreast with the changing technology.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Deferred sales tax loan	5.045	8.058
Deposits from shareholders	13.258	12.863
Loans and advances from directors	110.977	105.734
Other loans and advances	1.547	2.158
Total	130.827	128.813

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10518077	07/08/2014	263,500,000.00	THE KARUR VYSYA BANK LIMITED	POST BOX NO.21, ERODE ROAD, KARUR, Tamilnadu -  639002, INDIA	C19205053
2	10506782	09/06/2014	100,000,000.00	THE KARUR VYSYA BANK LIMITED	SAMALKOT BRANCH, D. No: 11-2-2, OPP: PEDDAPURAMROA  D, SAMALKOT, EAST GODAVARI DISRTICT, Andhra Pradesh - 533440, INDIA	C09738204

* Date of charge modification

FIXED ASSETS

· Land and Building

· Plant and Machinery

· Office Equipments

· Vehicles

· Furniture and Fixtures

· Electrical 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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.78
UK Pound	1	Rs.101.10
Euro	1	Rs.73.10

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.