MIRA INFORM REPORT

Report No. :	356024
Report Date :	28.12.2015

IDENTIFICATION DETAILS

Name :	JESONS INDUSTRIES LIMITED
Registered Office :	904, Peninsula Tower No. 1, Ganpat Rao Kadam Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra
Tel. No.:	91-22-66515253
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	12.10.1999
Com. Reg. No.:	11-122193
Capital Investment / Paid-up Capital :	Rs.89.352 Million
CIN No.: [Company Identification No.]	U24295MH1999PLC122193
IEC No.:	0300015704
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ06269E
PAN No.: [Permanent Account No.]	AAACJ7659P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Synthetic Adhesives, Vinyl Acetate and Acrylic Emulsions. (Registered Activity)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1700000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1999 having satisfactory track. Available financial indicates sound financial risk profile marked by healthy net worth base along comfortable liquidity position and favorable gap between trade payables and trade receivables. Further, the rating also takes into consideration company’s strong operating efficiency and long track record of business operation. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct and as per commitment. 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	CARE
Rating	Long Term Bank Facilities : BBB-
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	September 8, 2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities : A3
Rating Explanation	Moderate degree of safety and carry higher credit risk.
Date	September 8, 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.

LOCATIONS

Registered Office/ Head Office :	904, Peninsula Tower No. 1, Ganpat Rao Kadam Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
Tel. No.:	91-22-66515253 / 66515226
Fax No.:	91-22-66515252
E-Mail :	info@jesons.net sales.exports@jesons.net rajeshd@jesons.net
Website :	http://www.jesons.net
Factory 1:	Survey No. 377/1/7, Zari Causeway Road, Behind Store Quarry, Kachigam, Daman (Union Territory), India
Factory 2:	Located At: Roorkee, Uttarakhand, India

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Dhiresh Shashikant Gosalia

Designation :

Managing Director

Address :

131 Spenta Tower, 13th Floor, 55-57, Forjet Street, Gowalia Tank, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

06.01.1962

Qualification :

B.SC ,Diploma In Textile Chemistry, Business Management

Date of Appointment :

29.09.2014

DIN No.:

00217158

PAN No.:

AAIPG5800G

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	U24295MH1987PTC043332	QUICK STIC MANUFACTURING COMPANY PRIVATE LIMITED	Director	08/12/1993	08/12/1993	-	Active	NO
2	U24295MH1999PLC122193	JESONS INDUSTRIES LIMITED	Managing director	29/09/2014	12/10/1999	-	Active	NO
3	U62110MH2004PTC146037	JESONS LOGISTICS PRIVATE LIMITED	Director	30/04/2004	30/04/2004	-	Strike off	NO
4	U25199MH2006PTC164355	JESONS ADHESIVE PRIVATE LIMITED	Director	06/09/2006	06/09/2006	-	Strike off	NO
5	U93000DL2012NPL239756	AIPL FOUNDATION	Director	17/11/2012	17/11/2012	31/03/2013	Active	NO

Name :

Mr. Raju Vinod Palvia

Designation :

Director

Address :

Shramdan Building, 209/11, 3rd Floor, Opposite Sion Hospital, Sion (East), Mumbai - 400022, Maharashtra, India

Date of Appointment :

30.09.2013

DIN No.:

06538252

Name :

Mr. Shreyas Mahendra Patel

Designation :

Director

Address :

12, Mount Unique, 62, A, Pedder Road, Mumbai – 400026, Maharashtra, India

Date of Appointment :

29.09.2014

DIN No.:

00112370

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	U72900MH2001PTC131039	CULVER HOLDINGS (INDIA) PRIVATE LIMITED	Director	28/02/2001	28/02/2001	-	Strike off	NO
2	U74210MH2006PTC161014	Ausenco Engineers Private Limited	Additional director	05/05/2006	05/05/2006	21/09/2007	Active	NO
3	U51909MH2007FTC169580	Red Bull India Private Limited	Director	03/04/2007	03/04/2007	27/09/2007	Active	NO
4	U24295MH1999PLC122193	JESONS INDUSTRIES LIMITED	Director	29/09/2014	28/08/2014	-	Active	NO

Name :

Alyza Nihar Sanghai

Designation :

Director

Address :

52, Neelamber Co-Operative Hosuing Society Limited, 37, Pedder Road, Mumbai, 400024, Maharashtra, India

Date of Appointment :

29.09.2014

DIN No.:

06958628

Name :

Mrs. Jyoti Himanshu Doshi

Designation :

Director

Address :

Karma Kshetra, D-2, Flat No. 145, 14^th Floor, Sion (East), Mumbai – 400037, Maharashtra, India

Date of Appointment :

29.09.2014

DIN No.:

06958724

KEY EXECUTIVES

Name :	Mr. Kushal Vasantbhai Gala
Designation :	Secretary
Address :	4/B, Nalanda Niketan, Datta Mandir Road, Malad East, Mumbai, 400097, Maharashtra, India
PAN No.:	AKBPG9948G
Date of Appointment :	01.09.2015

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Dhiresh Gosalia	733424
Madhavi D Gosalia	70100
Usha S Gosalia	64596
Hemal M Kampani	100
Kiran V Daftary	100
Rajesh D Mody	100
Raveena D Gosalia	25000
Madhusudan Mehta	100
Total	893520

AS ON 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Synthetic Adhesives, Vinyl Acetate and Acrylic Emulsions. (Registered Activity)
Products :	Synthetic Adhesives Vinyl Acetate Acrylic Emulsions
Brand Names :	Not Available
Agencies Held :	Not Divulged
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 :

Banker Name	Central Bank of India
Branch Address	Main Office, Mumbai, Mumbai - 400023, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

• DBS Bank Limited, DLF Capital Point, Ground Floor, And First Floor, Baba Kharak Singh Marg, Connaught Place, New Delhi – 110001, India+
• Punjab National Bank, Shivaji Prak Branch, Gopi Tank Road, Behind Citi 
  lite Cinema, Mahim, Mumbai, Maharashtra - 400016, INDIA
• Barclays Bank Plc, 601/603, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
Long Term Borrowing
Rupee term loans from banks	5.649	11.543
Loans and advances from directors	27.500	0.000
Loans Taken For Fixed Asset	0.000	0.047
Short Term Borrowing
Loans repayable on demand from banks	0.871	258.413
Other Loans and Advances	420.337	183.365
Total	454.357	453.368

Auditors :
Name :	R. Trivedi and Associates Chartered Accountants
Address :	119, Ground Floor, G-Block, Ranjit Studio, Dadasaheb Palke Road, Dadar, (East), Mumbai - 400014, Maharashtra, India
Tel. No.:	91-22-24140957
PAN No.:	AADPT8670Q
Memberships :	--
Collaborators :	--
Subsidiaries Company :	Jesons Industries Nepal Private Limited

CAPITAL STRUCTURE

AS ON: 31.03.2015

Authorised Capital:

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.100/- each	Rs.150.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
893520	Equity Shares	Rs.100/- each	Rs.89.352 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	89.352	89.352	89.352
(b) Reserves & Surplus	512.046	419.813	339.410
(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)	601.398	509.165	428.762
(3) Non-Current Liabilities
(a) long-term borrowings	33.149	11.590	34.981
(b) Deferred tax liabilities (Net)	8.301	8.534	6.179
(c) Other long term liabilities	0.000	2.443	2.443
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	41.450	22.567	43.603
(4) Current Liabilities
(a) Short term borrowings	421.208	441.778	684.323
(b) Trade payables	853.506	852.280	551.352
(c) Other current liabilities	46.656	73.306	81.857
(d) Short-term provisions	17.419	15.132	9.469
Total Current Liabilities (4)	1338.789	1382.496	1327.001
TOTAL	1981.637	1914.228	1799.366
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	204.441	210.558	216.731
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	50.588	12.909	2.763
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	10.533	1.803
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.258	2.940	3.428
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	259.287	236.940	224.725
(2) Current assets
(a) Current investments	10.534	0.000	0.000
(b) Inventories	419.962	392.769	450.874
(c) Trade receivables	875.956	863.727	601.681
(d) Cash and cash equivalents	65.683	67.497	113.924
(e) Short-term loans and advances	350.215	353.295	408.162
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1722.350	1677.288	1574.641
TOTAL	1981.637	1914.228	1799.366

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	5350.862	4979.482	4020.708
	Other Income	20.381	18.216	12.388
	TOTAL	5371.243	4997.698	4033.096
Less	EXPENSES
	Cost of Materials Consumed	4812.685	4475.082	3690.323
	Extraordinary Items	0.000	(8.730)	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	40.143	(19.603)	(10.910)
	Employees benefits expense	73.014	66.374	87.814
	Other expenses	229.424	263.039	153.517
	TOTAL	5155.266	4776.162	3920.744
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	215.977	221.536	112.352
Less	FINANCIAL EXPENSES	68.979	100.595	69.308
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	146.998	120.941	43.044
Less/ Add	DEPRECIATION/ AMORTISATION	29.926	27.320	28.48
	PROFIT/ (LOSS) BEFORE TAX	117.072	93.621	14.564
Less	TAX	21.651	13.218	2.582
	PROFIT/ (LOSS) AFTER TAX	95.421	80.403	11.982
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	411.189	330.786	318.804
	Balance Carried to the B/S	506.610	411.189	330.786
	Earnings / (Loss) Per Share (Rs.)	106.479	89.99	13.41

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	6.047	21.859	34.875
Net cash flows from (used in) operations	153.890	293.250	NA
Net cash flows from (used in) operating activities	140.657	282.985	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.78	1.61	0.30
Operating Profit Margin (PBIDT/Sales)	(%)	4.04	4.45	2.79
Return on Total Assets (PBT/Total Assets}	(%)	6.06	4.95	0.81
Return on Investment (ROI) (PBT/Networth)		0.19	0.18	0.03
Debt Equity Ratio (Total Debt /Networth)		0.77	0.93	1.76
Current Ratio (Current Asset/Current Liability)		1.29	1.21	1.19

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	89.352	89.352	89.352
Reserves & Surplus	339.410	419.813	512.046
Net worth	428.762	509.165	601.398
long-term borrowings	34.981	11.590	33.149
Short term borrowings	684.323	441.778	421.208
Current Maturities of Long term debt	34.875	21.859	6.047
Total borrowings	754.179	475.227	460.404
Debt/Equity ratio	1.759	0.933	0.766

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	4020.708	4979.482	5350.862
		23.846	7.458

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	4020.708	4979.482	5350.862
Profit	11.982	80.403	95.421
	0.30%	1.61%	1.78%

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	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	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

REVIEW OF OPERATIONS:

The Company has registered a record performance over previous year, despite negative business sentiments, high inflation, and depreciation of Indian currency against USD throughout the financial year. Thanks to the sustained drive by marketing and team efforts of the entire organization, Company has achieved the record sales growth throughout the financial year. The Company registered sales of Rs. 5885.200 Million as compared to Rs. 5446.400 Million, thus achieved a sales growth of 8.06%. Out the total sales revenue of the Company 15% is contributed by exports. The Company remains focused to improve its core business and look for higher market share in the business segments in which it operates.

FUTURE OUTLOOK:

India’s macro-economic scenario remained gloomy during the financial year. The interest rates remained high resulting in subdued demand and investments, delayed decision making due to uncertain political and economic conditions further stalled major infrastructure and power projects. With the National Elections having resulted in resounding majority to a single political party, general sentiments has since been improved substantially and there is considerable hope that the new Government will create an environment conducive to business and industry. Initial steps taken by the Government have been positive, however in will take some time before projects put on hold in the past are cleared and start contributing to the economy.

India expected to “turn the corner” on the back of structural reforms, its economy outlook looks to be positive. India’s economic growth was below 5% in the last two financial years. The Reserve Bank of India forecast the economy to grow at 5.5% in 2014-15 and at 6.3% in 2015-16. ‘Global Economic Prospects’ released by the World Bank projects India to clock 7% rise in GDP in FY 2016-17.

The outlook is expected to improve once the new Government rakes concreate measures to resolve the cores issues. The Government’s “Make in India” campaign, foster innovation, enhance skill development, protect intellectual property, build best-in-class manufacturing infrastructure, curtailment of the discretionary powers of labor inspectors and implementation of a single-window compliance process on labor related issues and implementation of the Goods & Service Tax (GST) is expected to accelerate growth in the manufacturing sector and generate new opportunities. Both trade and fiscal deficit for India is under a course correction. India is also entering a substantial period of low inflation, which will inverse the interest rate trends of last four years.

Directors are pleased to inform that the Company has acquired an Industrial Plot at SIPCOT, Gummidipoondi for setting up of new Manufacturing facility at South India for addressing the additional capacity requirements. The tie up of funds has already been addressed and the commercial production is expected to start by the end of calendar year 2015.

The Company has continuously participated in the various National as well as International Exhibitions and are optimistic to trigger the newer markets and regions with in the years to come.

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015
Service Tax Credit on Commission	1.381

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10606276	30/10/2015	1,300,000.00	Punjab National Bank	Shivaji Prak Branch, Gopi Tank Road, Behind Citi  lite Cinema, Mahim, Mumbai, Maharashtra - 400016,  INDIA	C72273683
2	10605500	19/10/2015	165,000,000.00	DBS Bank Limited	DLF Capitol Point, Ground Floor & First Floor, B  aba Kharak Singh Marg, Connaught Place, New Delhi - 110001, INDIA	C71852610
3	10575166	15/06/2015	165,000,000.00	DBS Bank Limited	DLF Capitol Point, Ground Floor & First Floor, B  aba Kharak Singh Marg, Connaught Place, Delhi - 110001, INDIA	C56562515
4	10187219	25/08/2015 *	1,905,000,000.00	CENTRAL BANK OF INDIA	M. G. Road, Fort, Mumbai - 400023, Maharashtra, INDIA	C63208052

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• 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 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.66.20
UK Pound	1	Rs.98.30
Euro	1	Rs.72.41

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	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.