MIRA INFORM REPORT

Report No. :	347234
Report Date :	21.12.2015

IDENTIFICATION DETAILS

Name :	AMARTARA PRIVATE LIMITED
Registered Office :	Saki Vihar Road, Powai, Mumbai - 400072, Maharashtra
Tel. No.:	91-22-28580000 (Mr. Shankar)
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	29.06.1964
Com. Reg. No.:	11-012950
Capital Investment / Paid-up Capital :	Rs. 10.000 Million
CIN No.: [Company Identification No.]	U20290MH1964PTC012950
IEC No.:	0388120410
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCA9217F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Rigid PVC / PVDC Films used in Pharmaceutical Packaging Industries. (Confirmed by Management)
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 923700
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company incorporated in the year 1964 having satisfactory track. Profit margin of the company has declined sharply during FY 2015. However, the company possesses above average financial risk profile marked by satisfactory net worth with low borrowings recorded and favorable gap between trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payments terms are reported as slow but correct. In view of long track record and acceptable 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	CRISIL
Rating	Long Term Rating=BB-
Rating Explanation	Moderate risk of default
Date	29.04.2015

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 PARTED BY

Name :	Mr. Shankar Navkar
Designation :	Accounts Department
Contact No.:	91-22-28580000
Date :	14.12.2015

LOCATIONS

Registered Office/ Factory 1 :	Saki Vihar Road, Powai, Mumbai - 400072, Maharashtra, India
Tel. No.:	91-22-28580000
Fax No.:	91-22-28570470/ 28570379
E-Mail :	amartara@vsnl.com all.admin@amartara.com
Website :	www.amartara.com
Location :	Owned
Factory 2 :	215/3, Halol – Godhra Road, Village: Madhvas, Taluka.: Kalol, District Panchmahal-389330, Gujarat, India

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Arun Anand Sarup
Designation :	Director
Address :	Aashiana, Powai Park Drive, Saki Vihar Road, Powai, Mumbai-400072, Maharashtra, India
Date of Birth/Age :	27.01.1945
Date of Appointment :	20.06.1984
DIN No.:	00498300
Name :	Mr. Arjun Arun Sarup
Designation :	Director
Address :	Ashiana, Powai Park Drive, Off. Saki Vihar Road, Powai, Mumbai-400072, Maharashtra, India
Date of Birth/Age :	16.10.1975
Date of Appointment :	01.01.2006
DIN No.:	00498328
Name :	Ms. Geeta Arun Sarup
Designation :	Director
Address :	91-E, Bharat Bhavan, Walkeswar Road, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	20.03.1947
Date of Appointment :	10.08.2000
DIN No.:	00498359
Name :	Ms. Tara Anand Sarup
Designation :	Director
Address :	Powai House Bangalow, Saki Vihar Road, Powai, Mumbai-400072, Maharashtra, India
Date of Birth/Age :	12.11.1984
Date of Appointment :	12.11.1984
DIN No.:	00501615
Name :	Mr. Farzana Arjun Sarup
Designation :	Director
Address :	Ashiana,Powai Park Drive, Off Saki Vihar Road,Powai, Mumbai-400072, Maharashtra, India
Date of Birth/Age :	12.05.1977
Date of Appointment :	12.03.2013
DIN No.:	06525500

KEY EXECUTIVES

Name :	Mr. Shankar Navkar
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Arun Sarup	43990
Arjun Sarup	9005
Geeta Sarup	4004
Tara Sarup	3000
Farzana Sarup	10
Argenta Developers Private Limited	5
Ajay Industrial Packaging Private Limited	39980
Argenta Hotels Private Limited	5
Total	99999

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	39.99
Directors or relatives of directors	60.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Rigid PVC / PVDC Films used in Pharmaceutical Packaging Industries. (Confirmed by Management)

Products :

ITC Code No.	Product Descriptions
30039090	Other Medicaments not put up in Measures Does

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

· Malaysia

· Nepal

· Bangladesh, etc

Imports :

Products :

Raw Material

Countries :

Korea

Terms :

Selling :

Cash and Credit (30 days and 60 days)

Purchasing :

Cash and Credit (30 days and 60 days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Somaiya Carriers
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers and Retailers

Reference:	Pfizer Limited
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

Bank Name:	Bank of Baroda
	Apple Heritage, Ground Floor, 54 C, Sir Mathuradas, Vassanji Road, Chakala, Andheri (East), Mumbai– 400093, Maharashtra, India
Person Name (with Designation):	Not Divulged
Contact Number:	91-22-26879832 (Continuously Ringing)
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Indian Overseas Bank

2/10 Veer Nariman Road Fort, Mumbai – 400023, Maharashtra, India

· ICICI Bank Limited

Bandra Kurla Complex, ICICI Bank Tower, Bandra (East) Mumbai-400050, Maharashtra, India

· Bank of Baroda

Shimpoli Branch Borivali W, Bombay - 400092, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Term Loan from Bank of Baroda for Expansion Project – Vadodara for civil works, New Machinery and Equipments	15.357	25.496
Loans from Other Banks for Vehicles	4.099	3.963
SHORT TERM BORROWINGS
Loans and advances from Banks	53.065	56.204
Bank of Baroda – Buyers Credit	72.889	74.090
State Bank of Hyderabad O D	0.000	4.025
Bank of Baroda – ILC Discounting Clan Limits	5.259	2.075
Total	150.669	165.853

Banking Relations :	--
Auditors :
Name :	Pramod H. Shah and Company Chartered Accountants
Address :	113, Doctors House, Bora Bazar, Fort, Mumbai - 400001, Maharashtra, India
Tel. No.:	91-22-22695403
E-Mail :	phsca_pramod@yahoo.co.in
Income-tax PAN of auditor or auditor's firm :	ABCPS5658F
Memberships :	--
Collaborators :	--
Associates :	· ICMA Enterprises · ICM Private Limited · ATL Properties LLP · ATL Resort and Hotels LLP · Shreem Properties

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 100/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99,999	Equity Shares	Rs. 100/- each	Rs. 10.000 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	10.000	10.000	10.000
(b) Reserves & Surplus	313.315	309.358	295.018
(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)	323.315	319.358	305.018
(3) Non-Current Liabilities
(a) Long-term borrowings	47.869	54.569	60.664
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	2.407	2.752
(d) long-term provisions	4.496	3.278	2.651
Total Non-current Liabilities (3)	52.365	60.254	66.067
(4) Current Liabilities
(a) Short term borrowings	131.675	140.263	103.186
(b) Trade payables	106.341	115.559	87.892
(c) Other current liabilities	38.969	43.560	33.021
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	276.985	299.382	224.099
TOTAL	652.665	678.994	595.184
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	130.849	156.562	169.958
(ii) Intangible Assets	8.645	8.645	8.645
(iii) Capital work-in-progress	3.853	3.853	15.204
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	190.683	204.222	153.940
(c) Deferred tax assets (net)	19.797	21.428	28.040
(d) Long-term Loan and Advances	6.904	7.354	7.007
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	360.731	402.064	382.794
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	75.462	53.025	40.629
(c) Trade receivables	161.320	174.009	106.358
(d) Cash and cash equivalents	31.494	31.648	42.476
(e) Short-term loans and advances	22.186	17.373	20.213
(f) Other current assets	1.472	0.875	2.714
Total Current Assets	291.934	276.930	212.390
TOTAL	652.665	678.994	595.184

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	771.366	563.161	384.417
		Other Income	23.858	16.002	NA
		TOTAL (A)	795.224	579.163	NA
Less	EXPENSES
		Cost of Materials Consumed	584.662	451.519
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.532	(1.338)
		Employees benefits expense	31.055	25.616
		Other expenses	116.689	95.343
		TOTAL (B)	732.938	571.140	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		62.286	8.023	(Including Financial and Depreciation Expenses)
Less	FINANCIAL EXPENSES (D)		22.926	25.062
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		39.360	(17.039)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		33.735	22.175
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		5.625	(39.214)	(42.321)
Less	TAX (H)		(1.775)	(6.612)	(16.753)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		7.400	(32.602)	(25.568)
	EARNINGS IN FOREIGN CURRENCY
		FOB value of item Manufactured	173.820	160.934	122.324
	TOTAL EARNINGS		173.820	160.934	122.324
	IMPORTS
		Raw Materials	412.032	371.115	263.541
	TOTAL IMPORTS		412.032	371.115	263.541
	Earnings/ (Loss) Per Share (Rs.)		39.57	143.40	(255.68)

Expected Sales (2015-2016): Rs. 1000.000 Million

The above information has been parted by Mr. Shankar Navkar (Accounts Department)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt
Current maturity of long term loans for machinery for Mumbai/ Vadodara Manufacturing Division	10.008	10.008	10.008
Current maturity of Long Term Loans	1.751	1.221	1.315
Total	11.759	11.229	11.323
Cash Generated from Operations	38.451	(26.574)	NA
Net Cash from/ (used in) Operating Activities	38.307	(26.577)	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.96	(5.79)	(6.65)
Operating Profit Margin (PBDIT/Sales)	(%)	8.07	1.42	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.28	(8.72)	(10.63)
Return on Investment (ROI) (PBT/Networth)		0.02	(0.12)	(0.14)
Debt Equity Ratio (Total Debt/Networth)		0.59	0.65	0.57
Current Ratio (Current Asset/Current Liability)		1.05	0.93	0.95

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	10.000	10.000	10.000
Reserves & Surplus	295.018	309.358	313.315
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	305.018	319.358	323.315
Long-term borrowings	60.664	54.569	47.869
Short term borrowings	103.186	140.263	131.675
CURRENT MATURITIES OF LONG-TERM DEBTS	11.323	11.229	11.759
Total borrowings	175.173	206.061	191.303
Debt/Equity ratio	0.574	0.645	0.592

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	384.417	563.161	771.366
		46.497	36.971

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	384.417	563.161	771.366
Profit/ (Loss)	(25.568)	(32.602)	7.400
	(6.65%)	(5.79%)	0.96%

LOCAL AGENCY FURTHER INFORMATION

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

LITIGATION DETAILS

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

PRESENTATION DATE :- 09/12/2014

Lodging No: CPL/945/2014 Filing Date: 09/12/2014 Reg No:- CP/236/2015 Reg. Date:- 17/03/2015

Petitioner: BALJEE HOTELS AND REAL ESTATES PRIVATE LIMITED Respondent: AMARTARA

PRIVATE LIMITED (U20290MH1964PTC012950)

Petn. Adv : V DESPANDE AND CO (I2662) Resp. Adv.:- DESAI DESAI CARRIMJEE AND MULLA (I1965)

District: OUTSIDE MAHARASHTRA

Bench: SINGLE

Status: Pre-Admission Category: COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT

Next 22/12/2015 Stage: COMPANY PETITIONS FOR ADMISSION

Date:

CORAM : HON’BLE SHRI JUSTICE K.R. SRIRAM

Last Date: 21/09/2015 Stage: FOR ADMISSION [ORGINAL SIDE MATTERS]

Last Coram: HON’BLE SHRI JUSTICE S.C. GUPTA

Act: Companies Act and Rules 1956 Under Section : 433 (E) 434 439

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10293269	11/12/2014 *	254,806,000.00	BANK OF BARODA	SAKINAKA BRANCH, UNIT NO. 4 & 5, TOWN CENTRE, AND HERI-KURLA ROAD, SAKINAKA, ANDHERI (EAST), MUMBAI- 400072, MAHARASHTRA, INDIA	C41082439
2	10187261	12/08/2015 *	254,806,000.00	BANK OF BARODA	SAKINAKA BRANCH, UNIT NO. 4 & 5, TOWN CENTRE, AND HERI-KURLA ROAD, SAKINAKA, ANDHERI (EAST), MUMBAI- 400072, MAHARASHTRA, INDIA	C62870977
3	10018895	29/08/2006	280,000,000.00	INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED	ITC CENTRE, 3RD FLOOR760, ANNA SALAI,, CHENNAI - 600 002, CHENNAI - 600 002, TAMIL NADU - 600002, I NDIA	A04481974
4	90218475	28/10/2013 *	254,806,000.00	BANK OF BARODA	SAKI NAKA BRANCH,, ANDHERI-KURLA ROAD, SAKINAKA, ANDHERI (EAST), MUMBAI- 400072, MAHARASHTRA, INDI A	B90826447
5	90216317	02/07/2002	100,000,000.00	H D F C LTD	RAMON HOUSE H T PAREKH MARG, 169 BACKBAY RECLAMAT ION, BOMBAY- 400020, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
From Directors	27.520	24.217
From Companies Under the Same Management	0.893	0.893
SHORT TERM BORROWINGS
Temporary Overdraft balance with State Bank of Hyderabad	0.437	0.844
Deposits	0.025	3.025
Total	28.875	28.979

REVIEW OF OPERATIONS:

During the financial year, the Company has earned total income of INR. 795.244 Million against last year’s total Income of INR. 563.161 Million.

Further during the year the company has earned Profit after tax of INR 3.957 Million against last year’s Profit of INR. 14.340 Million

CORPORATE INFORMATION:

Subject is synonymous with packaging materials. Customers across the country and the world have acknowledged the uncompromising quality and customer orientation of the brand. Over the past 5 decades ATL has pioneered a wide range of Product for various applications in the packaging industry. It is today one of pharmaceuticals leading converter and supplier of high barrier packaging films for the pharmaceuticals industry.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer 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 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. 66.42
UK Pound	1	Rs. 99.17
Euro	1	Rs. 72.14

INFORMATION DETAILS

Information Gathered by :	DIV
Analysis Done by :	KMN
Report Prepared by :	IND

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
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.