MIRA INFORM REPORT

Report No. :	354533
Report Date :	18.12.2015

IDENTIFICATION DETAILS

Name :	RESHMA FABRICS LIMITED
Registered Office :	S.No.73/P/2, Kadi-Chhatral Road, Opposite Asian Tubes Limited, Village Ankhol, Taluka Kadi - 382729, District Mehsana, Gujarat
Tel. No.:	91-2764-232344
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	04.11.1993
Com. Reg. No.:	04-020595
Capital Investment / Paid-up Capital :	Rs.20.000 Million
CIN No.: [Company Identification No.]	U17119GJ1993PLC020595
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACR9042A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Gray Cloth. (Confirmed by Management)
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 100000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1993 and it is the manufacturer of grey cloth. It is an established company having moderate track record. For the financial year ended 2015, the company has shown improvement in its revenue profile by earning net profit of Rs.1.200 million as against loss of Rs.7.900 million during the previous year. Further, rating takes into account of company’s moderate financial risk profile marked by low reserves level and modest networth base recorded in the books. However, these rating weaknesses are partially offset by company’s long track record of operations and extensive experience of the promoters in the textile industry. Trade relations are fair. Business is active. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Bank Facilities: B+
Rating Explanation	Risk-prone-credit-quality and carries very high credit risk.
Date	29.10.2015

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 DECLINED BY

Name :	Mr. Priyen Dashrathbhai Patel
Designation :	Director
Contact No.:	91-9925134331
Date :	12.12.2015

LOCATIONS

Registered Office/ Factory :	S.No.73/P/2, Kadi-Chhatral Road, Opposite Asian Tubes Limited, Village Ankhol, Taluka Kadi - 382729, District Mehsana, Gujarat, India
Tel. No.:	91-2764-232344
Mobile No :	91-9925134331 (Mr. Priyen Dashrathbhai Patel)
Fax No.:	Not Available
E-Mail :	info@globalfab.in hvdoshifca@yahoo.co.in hvdoshifca@gmail.com
Sales/ Admin Office :	24, New Cloth Market, O/S Raipur Gate, Ahmedabad - 380002, Gujarat, India
Correspondence Office :	7, New Cloth Market, O/s. Raipur Gate, Ahmedabad – 380002, Gujarat, India
Tel. No.:	91-79-22167611/ 22166493

DIRECTORS

AS ON : 31.03.2015

Name :

Mr. Naranbhai Gopaldas Patel

Designation :

Director

Address :

36, Manikamal Society, Near Surdhara Circle, Memnagar, Ahmedabad - 380054, Gujarat, India

Date of Appointment :

20.01.2015

DIN No.:

01600799

Other Directorship :

Top of Form

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	U17119GJ1993PTC019828	GLOBAL FABRICS PRIVATE LIMITED	Director	01/04/1999	01/04/1999	-	Active	NO
2	U17119GJ1993PLC020595	RESHMA FABRICS LIMITED	Director	20/01/2015	20/01/2015	-	Active	NO

Bottom of Form

Name :

Mr. Dashrathbhai Narandas Patel

Designation :

Director

Address :

36, Manikamal Society, Drive-In Road, Thaltej, Ahmedabad - 380054, Gujarat, India

Date of Appointment :

20.01.2015

DIN No.:

00340111

Other Directorship :

Top of Form

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	U17119GJ1993PTC019828	GLOBAL FABRICS PRIVATE LIMITED	Director	14/07/1993	14/07/1993	-	Active	NO
2	U17119GJ1993PLC020595	RESHMA FABRICS LIMITED	Director	20/01/2015	20/01/2015	-	Active	NO

Bottom of Form

Name :

Ms. Amitaben Dashrathbhai Patel

Designation :

Director

Address :

36, Manikamal Society, Drive-In, Thaltej, Ahmedabad - 380054, Gujarat, India

Date of Appointment :

20.01.2015

DIN No.:

07069356

Name :

Mr. Mikul Dashrathbhai Patel

Designation :

Director

Address :

36, Manikamal Society, Near Surdhara Circle, Memnagar, Ahmedabad - 380054, Gujarat, India

Date of Appointment :

20.01.2015

DIN No.:

03069116

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	U17119GJ1993PTC019828	GLOBAL FABRICS PRIVATE LIMITED	Director	30/09/2011	01/04/2010	-	Active	NO
2	U17112RJ2004PTC019712	AIRSPUN SYNTHETICS PRIVATE LIMITED	Director	07/09/2011	07/09/2011	30/03/2013	Active	NO
3	U17119GJ1993PLC020595	RESHMA FABRICS LIMITED	Director	20/01/2015	20/01/2015	-	Active	NO

Name :

Mr. Priyen Dashrathbhai Patel

Designation :

Director

Address :

36, Manikamal Society, Near Surdhara Circle, Thaltej, Ahmedabad - 380054, Gujarat, India

Date of Appointment :

20.01.2015

DIN No.:

06819069

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	U17119GJ1993PTC019828	GLOBAL FABRICS PRIVATE LIMITED	Director	30/09/2014	26/05/2014	-	Active	NO
2	U17119GJ1993PLC020595	RESHMA FABRICS LIMITED	Director	20/01/2015	20/01/2015	-	Active	NO

Name :

Mrs. Krutika Mikul Patel

Designation :

Director

Address :

36, Manikamal Society, Near Surdhara Circle, Thaltej, Ahmedabad - 380054, Gujarat, India

Date of Appointment :

20.01.2015

DIN No.:

07069361

KEY EXECUTIVES

Name :	Mr. Hitesh Mehta
Designation :	Practicing Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Names of Shareholders	No. of Shares	%age of holding
Mikul Dashrathbhai Patel	150000	7.50
Dahiben Naranbhai Patel and Dashrathbhai Naranbhai Patel (Joint Holders)	145540	7.28
Rameshbhai Naranbhai Patel and Dashrathbhai Naranbhai Patel (HUF) (Joint Holders)	150000	7.50
Dashrathbhai Naranbhai Patel	150000	7.50
Naranbhai Gopaldes Patel and Dashrathbhai Naranbhai Patel (Joint Holders)	200000	10.00
Ramilaben Naranbhai Patel and Dashrathbhai Naranbhai Patel	100000	5.00
Amitaben Dashrathbhai Patel	150000	7.50
Minaben Narandas Patel and Dashrathbhai Narandas Patel (Joint Holders)	50000	2.50
Dashrathbhai Naranbhai Patel (HUF)	200000	10.00
Priyen Dashrathbhai Patel	150000	7.50
Naranbhai Gopaldas Patel and Dashrathbhai Naranbhai Patel (Joint Holders)	200000	10.00
Krutikaben Mikur Patel	100000	5.00
Manjulaben Naranbhai Patel	50000	2.50
Bhartiben Rameshbhai Patel and Rameshbhai Naranbhai Patel (Joint Holders)	50000	2.50
Dahiben Naranbhai Patel and Dashrathbhai Naranbhai Patel (Joint Holders)	4460	0.22
Rameshbhai Naranbhai Patel and Dashrathbhai Naranbhai Patel (Joint Holders)	150000	7.50
Total	2000000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Gray Cloth. (Confirmed by Management))

Products :

Item Code No.	Product Description
52051290	Manufacturing fabrics, textile and handloom products

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

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 :

Not Divulged

Bankers :

Bank Name	Bank Of Baroda
Branch	New Cloth Market Branch, Vijapur, Ahmedabad – 380022, Gujarat, 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

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG-TERM BORROWINGS
Term Loan
Banks
Bank of Baroda Term loan A/C No 1020600000741	56.650	62.050
Bank of Baroda Term Loan A/C No 10020600000596	0.000	4.160
HDFC Bank Car Loan Agreement No 19853017	0.000	0.233
Kotak Mahindra Prime Limited Loan No. 2	0.000	0.021
ICICI Bank Car Loan LAABD00026592982	0.000	1.147
SHORT-TERM BORROWINGS
Bank of Baroda Working Capital Loan	0.000	32.746
Total	56.650	100.357

NOTE :

LONG TERM BORROWINGS

Details of loan	Details of security charged
Bank of Baroda Term Loan For Chhatral (Ankhol) Unit	Secured by way of pari passu first charge on hypothecation of entire machineries, factory building, electrical instrumentation, furniture and fixtures, office equipments, vehicle which is financed by bank and other movable fixed assets of the company present and future

Auditors :
Name :	H.V. Doshi and Company Chartered Accountants
Address :	G. F., Chandraprabhu Corporate House - “A”, Opposite Harinagar Society, Near Navdeep Flats, Simandhar Highway, Mehsana – 384002, Gujarat, India
Tel. No.:	91-2762-254500
E-Mail :	hvdoshifca@gmail.com
PAN No:	AABFH1029B
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON : 30.09.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 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	20.000	20.000	20.000
(b) Reserves & Surplus	14.998	13.793	21.702
(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)	34.998	33.793	41.702
(3) Non-Current Liabilities
(a) long-term borrowings	56.650	130.563	26.193
(b) Deferred tax liabilities (Net)	0.000	0.000	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)	56.650	130.563	26.193
(4) Current Liabilities
(a) Short term borrowings	0.000	33.746	37.669
(b) Trade payables	1.100	6.006	16.455
(c) Other current liabilities	5.479	8.295	0.556
(d) Short-term provisions	0.328	1.763	3.082
Total Current Liabilities (4)	6.907	49.810	57.762
TOTAL	98.555	214.166	125.657
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	81.215	129.458	44.654
(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)	1.003	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	3.069	4.336	1.344
Total Non-Current Assets	85.287	133.794	45.998
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	7.351	12.242
(c) Trade receivables	5.243	69.723	65.377
(d) Cash and cash equivalents	4.278	2.899	0.157
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	3.747	0.399	1.883
Total Current Assets	13.268	80.372	79.659
TOTAL	98.555	214.166	125.657

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from operations	36.087	250.388	230.375
		Other Income	3.444	1.507	1.266
		TOTAL (A)	39.531	251.895	231.641
Less	EXPENSES
		Cost of Materials Consumed	0.256	183.900	163.408
		Purchases of Stock-in-Trade	0.000	0.192	0.997
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	7.301	(3.797)	1.741
		Employees benefits expense	2.968	17.029	14.447
		Other expenses	9.083	29.996	32.143
		Exceptional items	(7.368)	0.000	(0.112)
		TOTAL (B)	12.240	227.320	212.624
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		27.291	24.575	19.017
Less	FINANCIAL EXPENSES (D)		8.806	11.299	8.105
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.485	13.276	10.912
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.244	21.029	5.915
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		0.241	(7.753)	4.997
Less	TAX (H)		(0.964)	0.156	1.544
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1.205	(7.909)	3.453
	Earnings / (Loss) Per Share (Rs.)		0.60	(3.95)	1.65

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt
Bank of Baroda Term Loan A/C No 1020600000741	5.400	2.700	NA
Net Cash flow from (Used in) operation	76.378	5.582	NA
Net Cash Flow from Operating activities	76.340	5.427	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	3.34	(3.16)	1.50
Operating Profit Margin (PBIDT/Sales)	(%)	75.63	9.81	8.25
Return on Total Assets (PBT/Total Assets}	(%)	0.25	(3.62)	3.98
Return on Investment (ROI) (PBT/Networth)		0.01	(0.23)	0.12
Debt Equity Ratio (Total Debt /Networth)		1.62	4.86	1.53
Current Ratio (Current Asset/Current Liability)		1.92	1.61	1.38

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	20.000	20.000	20.000
Reserves & Surplus	21.702	13.793	14.998
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	41.702	33.793	34.998
long-term borrowings	26.193	130.563	56.650
Short term borrowings	37.669	33.746	0.000
Total borrowings	63.862	164.309	56.650
Debt/Equity ratio	1.531	4.862	1.619

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	230.375	250.388	36.087
		8.687	(85.588)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	230.375	250.388	36.087
Profit / (Loss)	3.453	(7.909)	1.205
	1.50%	(3.16)%	3.34%

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	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	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	Yes
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

BUSINESS PERFORMANCE :

During the year, the Company reported net income from operations of Rs.36.087 million which is lower than the last year income from operation of Rs.250.388 million. The net profit reported for the year 2014-2015 is of Rs.1.205 million against the last year’s net loss of Rs.7.909 million.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG TERM BORROWINGS
Director
Dushyant R. Patel	0.000	22.384
Nikul D. Patel	0.000	30.215
Sonaliben D. Patel	0.000	9.782
Other
Dushyant R. Patel H.U.F.	0.000	0.571
SHORT TERM BORROWINGS
Bannuram Anilkumar and Company	0.000	1.000
Total	0.000	63.952

INDEX OF CHARGES :

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10501390	12/10/2015 *	85,447,000.00	BANK OF BARODA	NEW CLOTH MARKET BRANCH, AHMEDABAD - 380001, GUJARAT, INDIA	C68759836

FIXED ASSETS

· Free Hold Land

· Office Building

· Factory Building

· Office Equipments

· Factory Equipments

· Computer Equipments

· Furniture and Fixtures

· Motor Vehicles

· Tubewell

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.66.65
UK Pound	1	Rs.99.61
Euro	1	Rs.72.33

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	HNA
Report Prepared by :	ASN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.