MIRA INFORM REPORT

Report No. :	355071
Report Date :	23.12.2015

IDENTIFICATION DETAILS

Name :	JBF PETROCHEMICALS LIMITED
Formerly Known As :	JBF GLYCOL LIMITED
Registered Office :	Survey No.273, Village Athola, Silvassa – 396230, Dadra and Nagar Haveli
Tel. No.:	91-22-22885959
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	18.09.2008
Com. Reg. No.:	54-000287
Capital Investment / Paid-up Capital :	Rs.8092.749 Million
CIN No.: [Company Identification No.]	U24290DN2008PLC000287
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCJ1516H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Polyester Yarn and Chips. (Confirmed by management)
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘JBF Global Pte Limited’, Singapore, which is a subsidiary company of JBF Industries Limited. The company was set up to execute JBF Industries’ backward integration project of a 1.25mtpa petrochemical plant at Mangalore. The project entails an investment of USD664.3m and is likely to become operational by October 2015. The company is a SPV, set up by JBF Industries for establishing a Greenfield project for PTA production at Mangalore. The plant represents the backward integration initiative of JBF Industries, which is India’s second-largest manufacturer of textile grade chips and the third-largest producer of bottle grade chips and polyester yarn. JBF Industries Limited (ultimate holding entity) provided an unconditional and irrevocable guarantee towards the latter’s ECB programme. The guarantee will extend up to one year post the commercial operations date (expected to be around October 2015), by which time the company own cash flow is likely to be adequate to comfortably meet its debt obligations. The project entails a low implementation risk due to the proven technology being sourced from British Petroleum. In addition, fixed-price contracts executed with the EPC contractor would minimize the risk of cost overruns. Technip (Italy) – the EPC contractor - has a proven track record of successful implementation of numerous BP petrochemical projects. Payment terms are reported to be slow. In view of aforesaid, the company can be considered for business dealings with some cautions.

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	FITCH
Rating	Long Term Issuer Rating = A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	17.04.2015

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 DENIED BY

Name :	Mr. Pankaj Jharad
Designation :	Finance Executive
Contact No.:	91-22-22885959
Date :	18.12.2015

LOCATIONS

Registered Office :	Survey No.273, Village Athola, Silvassa – 396230, Dadra and Nagar Haveli, India
Tel. No.:	91-260-2642745/46, 2643881/62
Fax No.:	91-260-2642297
E-Mail :	sec_jbfpetro@jbfmail.com admin@jbfmail.com
Corporate Office:	8^th Floor, Express Towrs, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22885959
Fax No.:	91-22-22886363
E-Mail :	jbf@vsnl.com
Website:	www.jbfindia.com
Project Office:	No.4-214, P.B. No.001, Industrial Plot No.9, Mangalore SEZ Limited, Village Bajpe, Mangalore, Dakshina Kannada District: Bangalore – 574142, Karnataka, India

DIRECTORS

As on 31.03.2015

Name :

Mr. Alke Gopalkrishna Pai

Designation :

Whole-Time Director

Address :

12-2-178/13, Temple Ward, Carstreet, Mangalore - 575001, Karnataka, India

Date of Appointment :

06.01.2012

PAN No.:

ACEPP3086F

DIN No.:

02424297

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	U91990KA1940PLC001135	KANARA CHAMBER OF COMMERCE & INDUSTRY

Name :

Mr. Baldev Raj Gupta

Designation :

Director

Address :

Hno_ 1180, Urban Estate, Phase 1, Jalandhar - 144022, Punjab, India

Date of Birth/Age :

15.02.1940

Date of Appointment :

25.07.2011

DIN No.:

00020066

Name :

Mr. Bhagirath Chandulal Arya

Designation :

Director

Address :

B-2 Rizvi Park, 2nd Floor, Altamount Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

06.07.1949

Date of Appointment :

18.09.2008

DIN No.:

00228665

Name :

Mr. Rakesh Gothi

Designation :

Director

Address :

A-3 Lanu Villa, 79 B, Tagore Road, Santacruz (West), Mumbai - 400054, Maharashtra, India

Date of Birth/Age :

20.03.1949

Date of Appointment :

18.09.2008

DIN No.:

00229302

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	L99999DN1982PLC000128	JBF INDUSTRIES LIMITED	Whole-time director	01/10/2015	10/08/1983	-	Active	NO
2	U17120MH1972GAT016028	ASSOCIATION OF SYNTHETIC FIBRE INDUSTRY	Director	01/10/1999	01/10/1999	29/07/2013	Active	NO
3	U65990DN2006PTC000189	VAIDIC RESOURCES PRIVATE LIMITED	Director	28/02/2006	28/02/2006	-	Active	NO
4	U24290DN2008PLC000287	JBF PETROCHEMICALS LIMITED	Director	18/09/2008	18/09/2008	-	Active	NO
5	U17291MH2011PTC222105	PLANET SPINNING MILLS PRIVATE LIMITED	Director	17/09/2011	17/09/2011	09/05/2014	Active	NO

Name :

Mr. Brij Mohan Bansal

Designation :

Director

Address :

837, Asiad Village, New Delhi - 110049, India

Date of Birth/Age :

04.01.1951

Date of Appointment :

29.07/2014

DIN No.:

00261063

Name :

Mrs. Ujjwala Girish Apte

Designation :

Director

Address :

Rambaug, 210 Lady Jamshedji Road, Mahim, Mumbai - 400016, Maharashtra, India

Date of Birth/Age :

19.06.1956

Date of Appointment :

18.09.2008

DIN No.:

00403378

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	U24290DN2008PLC000287	JBF PETROCHEMICALS LIMITED	Director	18/09/2008	18/09/2008	-	Active	NO
2	U72900MH2006PLC159149	Tech Mahindra Business Services Limited	Director	28/07/2015	18/03/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Alke Gopalkrishna Pai
Designation :	Chief Executive Officer
Address :	12-2-178/13, Temple Ward, Carstreet, Mangalore - 575001, Karnataka, India
Date of Appointment :	29.07.2014
PAN No.:	ACEPP3086F
Name :	Mr. Chirag Dilip Shah
Designation :	Secretary
Address :	UBI-Ankur, B-30, 4th Cross Road, Liberty Garden, Malad (West), Mumbai - 400064, Maharashtra, INDIA
Date of Appointment :	09.03.2015
PAN No.:	CJAPS4810H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2014

Names of Shareholders	No. of Shares
JBF Industries Limited, India	24999940
Veena Aerya	10
Chinar Arya	10
Cheerag Arya	10
Rakesh Gothi	10
Puroshottam N. Thakore	10
Ujjwala G. Apte	10
JBF Global Pte Limited, Singapore	784274850
Total	809274850

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	96.91
Bodies corporate	3.09
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Polyester Yarn and Chips. (Confirmed by management)
Products :	Polyester Yarn and Chips
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 :

Bank Name	IDBI Bank Limited
Branch	Not Divulged
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

• Exim Bank
• Bank of Baroda
• Indian Overseas Bank

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Foreign currency term loan from banks	13535.005	4745.745
Total	13535.005	4745.745

Financial Institution:	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India
Auditors :
Name :	Shrawan Kumar and Company Chartered Accountants
Address :	503/505, J.S. Seth Road, 1^st Floor Chira Baazar, Mumbai – 400002, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ACDFS0225Q
Memberships :	--
Collaborators :	--
Ultimate Holding Company:	JBF Industries Limited, India (L99999DN1982PLC000128)
Holding Company:	JBF Global Pte Limited
Fellow Subsidies:	JBF Rak LLC JBF Bahrain S.P.C.

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000000	Equity Shares	Rs.10/- each	Rs.10000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
809274850	Equity Shares	Rs.10/- each	Rs.8092.749 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	8092.749	8092.749	4180.000
(b) Reserves & Surplus	57.941	55.787	9.657
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	3.000
Total Shareholders’ Funds (1) + (2)	8150.690	8148.536	4192.657
(3) Non-Current Liabilities
(a) long-term borrowings	13535.005	4745.745	0.000
(b) Deferred tax liabilities (Net)	0.000	0.663	0.663
(c) Other long term liabilities	0.000	5.424	0.000
(d) long-term provisions	5.439	4.963	1.394
Total Non-current Liabilities (3)	13540.444	4756.795	2.057
(4) Current Liabilities
(a) Short term borrowings	2230.234	0.000	457.638
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	3819.705	1204.024	2393.217
(d) Short-term provisions	1.725	11.478	14.797
Total Current Liabilities (4)	6051.664	1215.502	2865.652
TOTAL	27742.798	14120.833	7060.366
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1395.325	1253.217	1253.450
(ii) Intangible Assets	1.451	0.076	0.018
(iii) Capital work-in-progress	24249.649	6072.231	1942.442
(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	1098.567	4278.977	1465.840
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	26744.992	11604.501	4661.750
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	787.115	2378.438	2372.529
(e) Short-term loans and advances	210.691	137.894	26.087
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	997.806	2516.332	2398.616
TOTAL	27742.798	14120.833	7060.366

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	0.000	0.000	0.000
	Other Income	3.901	47.326	45.907
	TOTAL	3.901	47.326	45.907
Less	EXPENSES
	Other expenses	2.059	0.491	19.956
	TOTAL	2.059	0.491	19.956
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1.842	46.835	25.951
Less	FINANCIAL EXPENSES	0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1.842	46.835	25.951
Less/ Add	DEPRECIATION/ AMORTISATION	0.000	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX	1.842	46.835	25.951
Less	TAX	(0.312)	0.705	14.663
	PROFIT/ (LOSS) AFTER TAX	2.154	46.130	11.288
	Earnings / (Loss) Per Share (Rs.)	0.00	0.07	0.22

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	2542.254	(1270.959)	2343.014
Net cash flow from operating activity	2525.774	(1296.524)	2343.014

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	55.22	97.47	24.59
Operating Profit Margin (PBIDT/Sales)	(%)	47.22	98.96	56.53
Return on Total Assets (PBT/Total Assets}	(%)	0.05	0.58	0.51
Return on Investment (ROI) (PBT/Networth)		0.00	0.01	0.01
Debt Equity Ratio (Total Debt /Networth)		1.93	0.58	0.11
Current Ratio (Current Asset/Current Liability)		0.16	2.07	0.84

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	4180.000	8092.749	8092.749
Reserves & Surplus	9.657	55.787	57.941
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	3.000	0.000	0.000
Net worth	4192.657	8148.536	8150.690
long-term borrowings	0.000	4745.745	13535.005
Short term borrowings	457.638	0.000	2230.234
Total borrowings	457.638	4745.745	15765.239
Debt/Equity ratio	0.109	0.582	1.934

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)
Total Income	45.907	47.326	3.901
		3.091	(91.757)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	45.907	47.326	3.901
Profit	11.288	46.130	2.154
	24.59%	97.47%	55.22%

LOCAL AGENCY FURTHER INFORMATION

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

COMPANYS PERFORMANCE

Progress of PTA Project at Mangalore SEZ

The Company’s Purified Terephthalic Acid (PTA) project at Mangalore SEZ is being undertaken satisfactorily and the overall construction activities are in progress at advanced stage and seemingly, the project would be completed by end of the financial year 2015-16. The Company will put all possible efforts to accelerate the construction activities, by engaging additional workers and taking other appropriate measures, as may be necessary.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Loans and Advances from Related Parties	770.580	0.000
Other loans and Advances	1459.654	0.000
Total	2230.234	0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10420267	25/03/2013	22,880,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA	B73341935
2	10409895	01/09/2014 *	25,156,976,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA	C20400909
3	10356139	01/09/2014 *	25,156,976,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA	C20398889

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Office 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.66.29
UK Pound	1	Rs.98.70
Euro	1	Rs.72.33

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAR
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

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

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

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

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

RATING EXPLANATIONS

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

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.