MIRA INFORM REPORT

Report No. :	353945
Report Date :	15.12.2015

IDENTIFICATION DETAILS

Name :	NATURAL REMEDIES PRIVATE LIMITED
Registered Office :	Plot No.5B, Veerasandra Industrial Area, 19th K M Stone, Hosur Road, Electronic City Post, Bangalore – 560100, Karnataka
Tel. No.:	91-80-40209999
Country :	India
Financials (as on) :	31.03.2015 [Partial Details]
Date of Incorporation :	01.04.1998
Com. Reg. No.:	08-023573
Capital Investment / Paid-up Capital :	Rs.40.133 Million
CIN No.: [Company Identification No.]	U24232KA1998PTC023573
IEC No.:	0792009592
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACN6990M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, Exporters and Suppliers of Standardized Herbal Extracts, Phytochemicals And Herbal Veterinary Healthcare Products, Phytocompounds [From Indirect Sources]
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1998 having fine track. The company has achieved decent sales turnover marked by satisfactory profitability margin for the FY 2015. Operational performance has improved as compared to last year. The company possesses sound networth base marked by low borrowings. Trade relations are fair. Business is active. Payments are usually correct. 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 :	Ms. Padma
Designation :	Office Executive
Contact No.:	91-80-40209999
Date :	09.12.2015

LOCATIONS

Registered Office :	Plot No.5B, Veerasandra Industrial Area, 19th K M Stone, Hosur Road, Electronic City Post, Bangalore – 560100, Karnataka, India
Tel. No.:	91-80-40209999
Fax No.:	91-80-40209817
E-Mail :	finance@naturalremedy.com research@naturalremedy.com sbpsales@naturalremedy.com info@naturalremedy.com sales@naturalremedy.com exportahp@naturalremedy.com
Website :	http://www.naturalremedy.com

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Anurag Agarwal

Designation :

Managing Director

Address :

No 16, Smilee Greens Layout, Huskur Road, Bangalore - 560099, Karnataka, India

Date of Birth/Age :

19.07.1963

Date of Appointment :

06.03.2010

DIN No.:

00305901

PAN No.:

AAJPA6188Q

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	U24299KA1975PTC016573	HERBS (INDIA) PRIVATE LIMITED	Director	06/05/1985	06/05/1985	-	Active	NO
2	U24222KA1990PTC010765	ARTEK FURNISHERS AND INTERIORS PRIVATE LIMITED	Director	07/04/1995	07/04/1995	30/05/2014	Active	NO
3	U24231KA1996PTC019804	BIONAT PRIVATE LIMITED	Director	09/02/1996	09/02/1996	-	Strike off	NO
4	U24232KA1998PTC023573	NATURAL REMEDIES PRIVATE LIMITED	Managing director	06/03/2010	01/04/1998	-	Active	NO
5	U24305KA2006PTC040551	INNOVET REMEDIES (INDIA) PRIVATE LIMITED	Director	19/09/2006	19/09/2006	-	Active	NO
6	U28933KA1989PTC010304	SPOT ELECTROTECH SYSTEMS PRIVATE LIMITED	Director	08/12/2010	08/12/2010	-	Active	NO

Name :

Dr. Amit Agarwal

Designation :

Director

Address :

No 30, Smilee Greens Layout, Huskur Road, Bangalore - 560099, Karnataka, India

Date of Birth/Age :

24.01.1969

Date of Appointment :

01.01.2000

DIN No.:

00305953

PAN No.:

AALPA1458R

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	U24299KA1975PTC016573	HERBS (INDIA) PRIVATE LIMITED	Director	27/12/1995	27/12/1995	-	Active	NO
2	U24232KA1998PTC023573	NATURAL REMEDIES PRIVATE LIMITED	Director	01/01/2000	01/01/2000	-	Active	NO
3	U24305KA2006PTC040551	INNOVET REMEDIES (INDIA) PRIVATE LIMITED	Director	19/09/2006	19/09/2006	-	Active	NO
4	U28933KA1989PTC010304	SPOT ELECTROTECH SYSTEMS PRIVATE LIMITED	Director	08/12/2010	08/12/2010	-	Active	NO

Name :

Mr. Ravinder Kumar Agarwal

Designation :

Director

Address :

No 30, Smilee Greens Layout, Huskur Road, Bangalore - 560099, Karnataka, India

Date of Birth/Age :

29.08.1937

Date of Appointment :

31.05.2007

DIN No.:

01295596

PAN No.:

AAJPA6191K

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	U24299KA1975PTC016573	HERBS (INDIA) PRIVATE LIMITED	Director	29/01/1975	29/01/1975	-	Active	NO
2	U24233KA1992PTC013133	INDIAN HERBS CONCENTRATES PRIVATE LIMITED	Managing director	06/05/1992	06/05/1992	-	Active	NO
3	U24222KA1990PTC010765	ARTEK FURNISHERS AND INTERIORS PRIVATE LIMITED	Director	07/04/1995	07/04/1995	30/05/2014	Active	NO
4	U24231KA1996PTC019804	BIONAT PRIVATE LIMITED	Managing director	09/02/1996	09/02/1996	-	Strike off	NO
5	U24305KA2006PTC040551	INNOVET REMEDIES (INDIA) PRIVATE LIMITED	Director	19/09/2006	19/09/2006	-	Active	NO
6	U24232KA1998PTC023573	NATURAL REMEDIES PRIVATE LIMITED	Whole-time director	25/03/2015	31/05/2007	-	Active	NO
7	U91110WB1957NPL023474	SHELLAC AND FOREST PRODUCTS EXPORT PROMOTION COUNCIL	Director	02/06/2009	02/06/2009	28/09/2012	Active	NO

KEY EXECUTIVES

Name :	Ms. Padma
Designation :	Office Executive

MAJOR SHAREHOLDERS

AS ON 15.09.2014

Names of Shareholders	No. of Shares
Ravinder Kumar Agarwal	1657780
Anurag Agarwal	1224669
Abha Agarwal	161333
Savitha Agarwal	107997
Amit Agarwal	342889
Rabinder Kumar Agarwal (HUF)	185335
Ayush Agarwal	166666
Mayank Agarwal	166668
Neetu Agarwal	01
Divya Sahu Sangal	01
Satish Chandra	01
Sujala Parekh	01
Sunil Parekh	01
Jyotsna Agarwal	01
Divyanshu Goyal	01
Dinesh Goyal	01
Smrita Goyal	01
Total	4013346

Equity Share Break up (Percentage of Total Equity)

AS ON 15.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers, Exporters and Suppliers of Standardized Herbal Extracts, Phytochemicals And Herbal Veterinary Healthcare Products, Phytocompounds [From Indirect Sources]
Products :	Standardized Herbal Extracts Phytochemicals Herbal Veterinary Healthcare Products Phytocompounds
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 :	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 :

Information declined by the management

Bankers :

• State Bank of India, SSI Branch; Bangalore South, Kanakkpura Road, Bangalore, Karnataka, India

Banker Name	Export Import Bank of India
Branch Address	Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, 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

Auditors :
Name :	Girish Kambadaraya Chartered Accountant
Address :	36, 2nd Main, Meenakshinagar, Near Krishna Kalyana Mantapa, Basaveshwaranagar, Bangalore – 560079, Karnataka, India
E-Mail :	cmagirish999@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AEKPK4089D
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 15.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4013348	Equity Shares	Rs.10/- each	Rs.40.133 Million

FINANCIAL DATA

[all figures are in Rupees Million]

VALUE ADDITION AND DISTRIBUTION OF EARINGS

Particulars	31.03.2015 (Partial Details)	31.03.2014 (Partial Details)
Gross revenue from operations of company	1790.821	1676.573
Excise and other duties of company	34.345	35.363
Net revenue from operations of company for value addition	1756.476	1641.210
Export incentives of company	12.331	8.636
Adjustments in work-in-progress and finished stocks of company	11.905	(69.714)
Cost of materials consumed of company	765.422	664.823
Cost of process materials or chemicals of company	11.020	13.104
Cost of stores and spares consumed of company	1.408	1.932
Cost of utilities of company	30.599	28.936
Cost of other bought out inputs of company	460.590	92.656
Total cost of bought out inputs of company	1269.039	801.451
Value added of company	511.672	778.680
Other incomes of company	511.672	778.680
Extraordinary income	0.000	0.000
Earnings available for distribution	526.327	792.173
To employees as salaries, wages, retirement benefits and others	261.808	236.836
To shareholders as dividend	0.000	0.000
Funds retained by company	144.120	128.840
To government as taxes	27.971	38.302
Extraordinary expenses	0.000	0.000
Other distribution of earnings	92.428	388.195
Total distribution of earnings	526.327	792.173

FINANCIAL POSITION AND RATIO ANALYSIS

Particulars	31.03.2015 (Partial Details)	31.03.2014 (Partial Details)
Share capital	40.133	40.133
Reserves and surplus	608.936	476.603
Long-term borrowings	14.821	19.630
Gross fixed assets	532.077	479.380
Net fixed assets	291.139	333.302
Current assets	938.446	843.084
Current liabilities	193.164	309.589
Net current assets	745.282	533.494
Capital employed	951.608	918.322
Net worth	649.068	516.737
Value added of company	511.672	516.737
Net revenue from operations of company	1756.476	1641.210
Profit before tax	172.090	167.142

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	40.133	40.133
(b) Reserves & Surplus	460.453	382.247
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)		437.210
(3) Deferred government grants	13.070	14.830
(4) Non-Current Liabilities
(a) long-term borrowings	50.864	24.443
(b) Deferred tax liabilities (Net)	28.623	29.471
(c) Other long term liabilities	50.659	41.247
(d) long-term provisions	5.600	4.558
Total Non-current Liabilities (4)	135.746	99.719
(5) Current Liabilities
(a) Short term borrowings	387.508	346.401
(b) Trade payables	131.031	85.897
(c) Other current liabilities	48.961	38.140
(d) Short-term provisions	18.842	11.991
Total Current Liabilities (5)	586.342	482.429
TOTAL	1235.744	1019.358
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	333.431	325.938
(ii) Intangible Assets	8.360	4.765
(iii) Capital work-in-progress	0.000	4.199
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	41.311	41.310
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	10.026	12.561
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	393.128	388.773
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	525.054	404.844
(c) Trade receivables	266.284	188.734
(d) Cash and cash equivalents	20.206	6.343
(e) Short-term loans and advances	31.072	30.664
(f) Other current assets	0.000	0.000
Total Current Assets	842.616	630.585
TOTAL	1235.744	1019.358

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012
	TOTAL INCOME	1431.758	1262.503
Less	TOTAL EXPENSES	1249.807	1077.141
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	181.951	185.362
Less	FINANCIAL EXPENSES	55.213	43.150
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	126.738	142.212
Less	DEPRECIATION/ AMORTISATION	29.999	26.880
	PROFIT/ (LOSS) BEFORE TAX	96.739	115.332
Less	TAX	18.533	25.571
	PROFIT/ (LOSS) AFTER TAX	78.206	89.761
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	339.176	258.392
Less	APPROPRIATIONS
	Transfer to General Reserve	7.821	8.977
	Total (M)	7.821	8.977
	Balance Carried to the B/S	409.561	339.176
	Earnings / (Loss) Per Share (Rs.)	19.49	22.37

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012
Current Maturities of Long term debt	14.578	14.139
Cash generated from operations	NA	NA
Net cash flows from (used in) operations	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	5.46	7.11
Operating Profit Margin (PBIDT/ Total Income)	(%)	12.71	14.68
Return on Total Assets (PBT/Total Assets}	(%)	8.10	11.84
Return on Investment (ROI) (PBT/Networth)		0.19	0.27
Debt Equity Ratio (Total Debt /Networth)		0.90	0.91
Current Ratio (Current Asset/Current Liability)		1.44	1.31

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Share Capital	40.133	40.133
Reserves & Surplus	382.247	460.453
Net worth	422.380	500.586
Long-term borrowings	24.443	50.864
Short term borrowings	346.401	387.508
Current maturities of long-term debts	14.139	14.578
Total borrowings	384.983	452.950
Debt/Equity ratio	0.911	0.905

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Total Income	1262.503	1431.758
		13.406

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Total Income	1262.503	1431.758
Profit	89.761	78.206
	7.11%	5.46%

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	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 two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two 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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10591867	26/08/2015	2,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	NO. 7, MAHATMA GANDHI ROAD, BANGALORE, KARNATAKA -  560001, INDIA	C64650765
2	10557921	05/08/2015 *	220,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	NO. 7, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA	C61072898
3	10558002	26/12/2014	600,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL  (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	C48125280
4	10555536	21/10/2014	758,000.00	AXIS BANK LIMITED	NO.8, SONA TOWERS, 32 E CROSS, 4TH BLOCK JAYANAGAR, BANGALORE, KARNATAKA - 560041, INDIA	C46807293
5	10522231	10/02/2015 *	329,500,000.00	AXIS BANK LIMITED	CORPORTE BANKING BRANCH, EXPRESS BUILDING, 2ND FL  OOR, NO.1, QUEEN'S ROAD, BANGALORE, KARNATAKA - 560001, INDIA	C45584489
6	10555537	30/07/2014	978,000.00	AXIS BANK LIMITED	NO.8, SONA TOWERS, 32 E CROSS, 4TH BLOCK JAYANAGAR, BANGALORE, KARNATAKA - 560041, INDIA	C46810941
7	10448195	01/08/2013	3,700,000.00	DEUTSCHE BANK AG	RAHEJA TOWERS, 26-27, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA	B84638477

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

Intangible assets

• Computer software

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 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.66.99
UK Pound	1	Rs.101.78
Euro	1	Rs.73.47

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	AMR
Report Prepared by :	GEET

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.