MIRA INFORM REPORT

Report No. :	354673
Report Date :	15.12.2015

IDENTIFICATION DETAILS

Name :	SETHIA OILS LIMITED
Registered Office :	143, Cotton Street, Kolkata – 700007, West Bengal
Tel. No.:	91-33-22685738
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.03.1986
Com. Reg. No.:	21-040396
Capital Investment / Paid-up Capital :	Rs. 26.250 Million
CIN No.: [Company Identification No.]	U15316WB1986PLC040396
IEC No.:	0291011918
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCS7771E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject engaged in the business of manufacturing of edible rice bran oil. (Registered Activity)
No. of Employees :	Not available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 670000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1986 having satisfactory track record. As per 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 for the year 2015 are not available from any sources. As per available financial of 2014, turnover and profit of the company has declined however, net worth base of the company is sound. General financial position of the company is decent. Trade relations are reported as fair. Business is active. Payments terms are reported as usually correct and as per commitment. In view of long track and sound financial base, the company can be considered normal 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.

LOCATIONS

Registered Office :	143, Cotton Street, Kolkata – 700007, West Bengal, India
Tel. No.:	91-33-22685738/ 2268 5738/4777
Fax No.:	91-33-22300248
E-Mail :	sethiaoils@vsnl.com
Website :	www.sethiaoils.com
Factory 1:	Pemra, Jotram, Burdwan -713 101, West Bengal, India
Tel. No.:	91-342-2541434 / 2541435
Fax No.:	91-342-2541274
E-Mail :	sethiaoils@sethiaoils.com
Factory 2:	India Exchange Place, Kolkata-700001, West Bengal, India
Tel. No.:	91-342-22301001/ 22305055/ 22314391/ 22314392
Fax No.:	91-342-22300248

DIRECTORS

As on: 31.03.2015

Name :

Mr. Ashok Sethia

Designation :

Whole-time director

Address :

5, Janki Shah Road, Kolkata – 700022, West Bengal, India

Date of Birth/Age :

10.05.1957

PAN:

AMAPS3957Q

Date of Appointment :

09.10.1986

DIN No.:

00082365

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	U15316WB1986PLC040396	SETHIA OILS LIMITED	Whole-time director	01/04/2013	09/10/1986	-	Active	NO
2	U70101WB1995PTC073393	ROSEBUD HOLDING PVT LIMITED PRIVATE LIMITED	Director	07/08/1995	07/08/1995	-	Active	NO
3	U15421WB2006PLC108870	SETHIA AGRO PRODUCTS LIMITED	Director	05/04/2006	05/04/2006	-	Active	NO
4	U91110MH1971NPL015233	THE SOLVENT EXTRACTORS ASSOCIATION OF INDIA	Director	22/09/2006	22/09/2006	-	Active	NO
5	U15143WB2006PLC108159	SETHIA AGROTECH LIMITED	Director	28/06/2010	10/11/2009	-	Active	NO
6	U51909WB2010PTC142873	SETHIA VINIMAY PRIVATE LIMITED	Director	04/03/2010	04/03/2010	-	Active	NO
7	U17232WB2004PLC100729	KAMAKSHI JUTE INDUSTRIES LIMITED	Director	15/11/2010	15/11/2010	27/02/2014	Active	NO

Name :

Mr. Alok Sethia

Designation :

Managing director

Address :

5, Janki Shah Road, Kolkata – 700022, West Bengal, India

Date of Birth/Age :

01.01.1959

PAN

AMGPS 9788R

Date of Appointment :

09.10.1986

DIN No.:

00082393

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	U15316WB1986PLC040396	SETHIA OILS LIMITED	Managing director	01/04/2013	09/10/1986	-	Active	NO
2	U70101WB1995PTC073393	ROSEBUD HOLDING PRIVATE LIMITED	Director	07/08/1995	07/08/1995	-	Active	NO
3	U24247WB1992PLC053986	SETHIA OIL INDUSTRIES LIMITED	Director	04/12/1995	04/12/1995	-	Active	NO
4	U15421WB2006PLC108870	SETHIA AGRO PRODUCTS LIMITED	Director	05/04/2006	05/04/2006	09/11/2009	Active	NO
5	U91110MH1971NPL015233	THE SOLVENT EXTRACTORS ASSOCIATION OF INDIA	Director	24/09/2010	24/09/2010	23/09/2011	Active	NO

Name :

Mr. Vijay Kumar Dujari

Designation :

Director

Address :

18/2, Ballygunge Circular Road, Kolkata, 700019, West Bengal, India

Date of Birth/Age :

23.06.1959

Date of Appointment :

25.06.2015

DIN No.:

00392700

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	U70200WB1996PTC079875	ELEGANT PROFIN PRIVATE LIMITED	Director	31/05/1996	31/05/1996	16/11/2011	Active	NO
2	U26931WB1985PTC039121	DUJARI DISTRIBUTORS PRIVATE LIMITED	Director	28/01/1999	28/01/1999	-	Active	NO
3	U14101WB1993PTC060142	NIK DEVELOPERS PRIVATE LIMITED	Director	04/05/2004	04/05/2004	-	Active	NO
4	U15316WB1986PLC040396	SETHIA OILS LIMITED	Director	08/09/2015	07/04/2008	-	Active	NO

Name :

Mrs. Kamal Kumar Sethia

Designation :

Director

Address :

38, Baranashi Ghosh Street, Kolkata, 700007, West Bengal, India

Date of Appointment :

25.06.2015

DIN No.:

01117542

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	U65192WB1995PTC076113	GOODVALUE SECURITIES PRIVATE LIMITED	Director	18/01/1996	18/01/1996	15/10/2013	Active	NO
2	U15316WB1986PLC040396	SETHIA OILS LIMITED	Director	08/09/2015	25/06/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Gopinath Khandelwal
Designation :	Secretary
Address :	5, Madan Chatterjee Lane, Kolkata – 700007, West Bengal, India
Date of Birth/Age :	25.12.1954
Date of Appointment :	01.12.1988
PAN No. :	AFSPK4190E
Name :	Mr. Milan Bhatia
Designation :	Practicing Company Secretary
Address :	11 R.N. Mukherjee Road, Nilhat House, Kolkata - 700001, West Bengal, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2015

Names of Shareholders	No. of Shares
Rishabh Sethia	100000
Sethia Ashok	143750
Sethia Alok	87500
Sethia Madhulika	100000
Sethia Manju	262500
Sethia Namrata	63750
Sethia Nita	68750
Ashnit Sethia	25000
Sethia Santosh	43750
Sethia Kanchan	218750
Sethia Singh Vijay	125000
Sethia Dilip	100000
Sethia Madhuri	75000
Sethia Pradip	175000
Sethia Devi Pukhraj	48750
Sethia Sanjeev	106250
Sethia Kumar Sushil	8750
Sethia Deepak	62500
Sethia Kumar Vinay	50000
Sethia Sumit	155000
Bridhi chand Sethia and Sons	75000
Vijay Singh Sethia and Sons (HUF)	75000
Sethia Anant	17500
Sethia Akash	18750
Sethia Nikhil	45000
Vinay Kumar Sethia and Sons (HUF)	118750
Sethia Yugesh	17500
Deepak Sethia and Sons (HUF)	37500
Alok Sethia (HUF)	75000
Sushil Kumar Sethia and Sons (HUF)	50000
Sethia Vikas	50000
Sethia Nitisha	25000
Total	2625000

Equity Share Break up (Percentage of Total Equity)

As on: 06.09.2014

Category	Percentage
Directors or relatives of Directors	20.00
Other top fifty shareholders	80.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject engaged in the business of manufacturing of edible rice bran oil. (Registered Activity)

Products :

Item Code No.	Product Description
15150011	Rice Bran Oil

Brand Names :

Fortune

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

• State Bank of India, Burdwan Main Branch, Burdwan – 713101, West Bengal, India
• Allahabad Bank, 2, N.S. Road, Kolkata-713101, West Bengal, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Rupee term loans from banks	57.898	71.857
Total	57.898	71.857

Secured borrowings are secured against first charge on all current assets and second charge on all fixed assets both present and future of the company and guaranteed by a director of the company.

Auditors :
Name :	D.K. Chajer and Company Chartered Accountant
Address :	5, Old Court House Street, Kolkata – 700001, West Bengal, India
PAN.:	AABFD5743N
Email:	dkchhajer@gmail.com
Cost Auditors
Name	Sobanlal Ialan and Associates
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	Sethia Oils Industries Limited

CAPITAL STRUCTURE

As on: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2625000	Equity Shares	Rs.10/- each	Rs. 26.250 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	26.250	26.250	26.250
(b) Reserves & Surplus	207.265	194.391	188.137
(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)	233.515	220.641	214.387
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	2.453
(b) Deferred tax liabilities (Net)	11.586	12.990	14.208
(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)	11.586	12.990	16.661
(4) Current Liabilities
(a) Short term borrowings	57.898	71.857	49.887
(b) Trade payables	3.258	7.163	4.318
(c) Other current liabilities	6.477	0.456	1.050
(d) Short-term provisions	56.297	71.732	110.001
Total Current Liabilities (4)	123.930	151.208	165.256
TOTAL	369.031	384.839	396.304
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	63.352	67.660	72.143
(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	0.072	0.257	0.583
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	63.424	67.917	72.726
(2) Current assets
(a) Current investments	25.281	93.810	111.333
(b) Inventories	102.387	136.550	80.045
(c) Trade receivables	14.622	29.074	56.972
(d) Cash and cash equivalents	46.605	18.140	3.752
(e) Short-term loans and advances	116.712	39.348	71.476
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	305.607	316.922	323.578
TOTAL	369.031	384.839	396.304

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	887.074	1276.168	1089.377
		Other Income	4.135	4.681	10.880
		TOTAL (A)	891.209	1280.849	1100.257
Less	EXPENSES
		Cost of material consumed	555.988	861.052	787.759
		Purchase of stock-in-trade	108.419	204.036	29.126
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	52.739	(35.544)	0.004
		Employee benefit	20.694	22.738	20.512
		Other expenses	117.095	165.983	187.908
		TOTAL (B)	854.935	1218.265	1025.309
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		36.274	62.584	74.948
Less	FINANCIAL EXPENSES (D)		2.245	1.004	1.275
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		34.029	61.580	73.673
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.284	7.109	6.992
	PROFIT BEFORE TAX (E-F) (G)		26.745	54.471	66.681
Less	TAX (H)		7.729	17.506	21.574
	PROFIT AFTER TAX (G-H) (I)		19.016	36.965	45.107
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		154.941	152.387	142.363
Less	APPROPRIATIONS
		Transfer to General Reserve	1.500	3.700	4.575
		Dividend	5.250	26.250	26.250
		Tax on Dividend	0.892	4.461	4.258
	BALANCE CARRIED TO THE B/S		166.315	154.941	152.387
	EARNINGS IN FOREIGN CURRENCY		130.863	191.708	233.808
	Earnings Per Share (Rs.)		7.24	14.08	25.40

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
Net cash flows from (used in) operations	8.309	56.586	54.331
Net cash flows from (used in) operating activities	8.675	53.651	37.947

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.14	2.90	4.14
Operating Profit Margin (PBIDT/Sales)	(%)	4.09	4.90	6.88
Return on Total Assets (PBT/Total Assets}	(%)	7.25	14.15	16.83
Return on Investment (ROI) (PBT/Networth)		0.11	0.25	0.31
Debt Equity Ratio (Total Debt /Networth)		0.25	0.33	0.24
Current Ratio (Current Asset/Current Liability)		2.47	2.10	1.96

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	26.250	26.250	26.250
Reserves & Surplus	188.137	194.391	207.265
Net worth	214.387	220.641	233.515
long-term borrowings	2.453	0.000	0.000
Short term borrowings	49.887	71.857	57.898
Total borrowings	52.340	71.857	57.898
Debt/Equity ratio	0.244	0.326	0.248

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	1089.377	1276.168	887.074
		17.147	(30.489)

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	1089.377	1276.168	887.074
Profit	45.107	36.965	19.016
	4.14%	2.90%	2.14%

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	No
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	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

OPERATION

During the Company faced serious labor trouble since April, 2013 which continued till November, 2013. Although a tripartite agreement was signed on 24.09.2013 with labor unions, but one union continued with their illegal agitation and disruption of work which compelled the management to declare lock out at the factory on 24.10.2013. The matter was resolved with the intervention of Deputy Labor Commissioner and the lock out was lifted on 28.11.2013. The performance of the Company was badly affected on all fronts due to the labor trouble. The processing of Rice Bran was lower at 27111 MT. as against 36158 MT. in the previous year. Similarly production of Refined Rice Bran oil was also down at 6683 MT. as against 10659 MT. during the last year. The sales during the year slipped to Rs. 887.200 Million as compared to Rs. 1267.500 Million last year. Profit before tax also recorded a sharp decline from Rs. 54.471 Million last year to Rs. 26.746 Million this year due to reason stated above. The Export of Deoileci Rice Bran was Rs. 130.900 Million as compared to Rs. 191.800 Million last year.

FUTURE OUT LOOK

The Company has entered into an Agreement with Adani Wilmar Limited to pack "Fortune' brand Rice Bran oil. The off take is picking up gradually. The Company has also started supplying Rice Bran oil to Dabur Limited and Kuber group and trying to get more buyers. The exports have also resumed after the visit of Mr. Ashok Sethia to Vietnam in June and the lost market will be recovered. An International Association for Rice Bran oil has been formed to promote the oil globally and the Company is also actively taking part in the promotion and hope to export oil once the Government of India resolves the ban on exports of bulk oil. Mr. Ashok Sethia is one of Board members of the Association.

GENERAL INFORMATION

The Compan is an unlisted public limited company domiciled in India and incorporated under the provisions of Companies Act, 1956. It is engaged in the business of manufacturing of edible rice bran oil. The company has manufacturing plants in India and sells primarily in India and is engaged in export also.

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80028539	01/10/2013 *	49,000,000.00	STATE BANK OF INDIA	SME BRANCH, BURDWAN, COURT COMPOUND, BURDWAN - 713101, West Bengal, INDIA	B88216593

* Date of charge modification

FIXED ASSETS :

• Freehold Land
• Building – Factory
• Building – Others
• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Office Equipments
• Computers
• Pollution Control Equipment

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

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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		50

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.