MIRA INFORM REPORT

Report No. :	356295
Report Date :	28.12.2015

IDENTIFICATION DETAILS

Name :	SSP ENTERPRISES PRIVATE LIMITED

Formerly Known As :	OPENSOFT ENTERPRISES PRIVATE LIMITED

Registered Office :	308, Bafna Arcade, 7/1, Dr. R.S. Bhandari Marg, Indore – 452001, Madhya Pradesh
Tel No.:	91-731-3917076/77

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	12.04.1999

Com. Reg. No.:	10-013451

Capital Investment / Paid-up Capital :	Rs.7.188 Million

CIN No.: [Company Identification No.]	U30007MP1999PTC013451

IEC No.:	1105004767

TAN No.: [Tax Deduction & Collection Account No.]	BPLS08223F

PAN No.: [Permanent Account No.]	AAJCS2648N

Legal Form :	Private Limited Liability Company

Line of Business :	Trader and Importer of Polymer. [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 but correct

Litigation :	Clear

Comments :	Subject is an established company incorporated in the year 1999. It has satisfactory track. As per Registrar of Companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2015 but documents related to same for the financial year ending 2015 is not available from many sources. The company reported decent increase in its sales turnover along with thin profit margin in FY15. However, the debt level was found huge and increasing during the year under consideration. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings with 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

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 : B+
Rating Explanation	Risk prone credit quality and carries very high credit risk.
Date	February 09, 2015

Rating Agency Name	CARE
Rating	Short term Bank Facilities : A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	February 09, 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. Anoop Singh Yadav
Designation :	Managing Director
Contact No.:	91-9826030234
Date :	24.12.2015

Name :	Mr. Divesh Goyal
Designation :	Manager
Contact No.:	91-9329594449
Date :	24.12.2015

LOCATIONS

Registered Office :	308, Bafna Arcade, 7/1, Dr. R.S. Bhandari Marg, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-3917076/77
Mobile No.:	91-9826030234 (Mr. Anoop Singh Yadav) 91-9329594449 (Mr. Divesh Goyal)
Fax No.:	91-731-3917075
E-Mail :	sspenter@gmail.com

Branch Office :	Located At : Daman Halol Indore

DIRECTORS

AS ON 30.09.2014

Name :

Anoop Singh Yadav

Designation :

Managing Director

Address :

308, Bafna Arcade, 7/1, Bhandari Marg, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

23.07.1964

Date of Appointment :

30.09.2009

DIN No.:

00815066

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	U24132KA2001PTC061131	MIDCON POLYMERS PRIVATE LIMITED	Director	25/07/2001	25/07/2001	28/05/2010	Active	NO
2	U30007MP1999PTC013451	SSP ENTERPRISES PRIVATE LIMITED	Managing director	30/09/2009	15/12/2005	-	Active	NO
3	U51102KA2005PTC035897	SHYAM AGENCY PRIVATE LIMITED	Director	30/03/2009	30/03/2009	12/12/2009	Active	NO
4	U45203WB2007PTC113424	GENNEXT ABASAN PRIVATE LIMITED	Director	02/09/2010	02/09/2010	-	Active	NO
5	U45202MP2011PTC027073	SAVYASACHI REALBUILD PRIVATE LIMITED	Director	06/01/2012	06/01/2012	-	Active	NO
6	U45200MP2012PTC027786	COLOURS INFRABUILD PRIVATE LIMITED	Director	22/02/2012	22/02/2012	-	Active	NO
7	U70101MP2012PTC028066	STAR DEVBUILD PRIVATE LIMITED	Director	23/03/2012	23/03/2012	01/11/2014	Active	NO
8	U70101MP2012PTC028078	ABA REALBUILD PRIVATE LIMITED	Director	26/03/2012	26/03/2012	07/11/2014	Active	NO
9	U45400MP2014PTC032650	SAVYASACHI BUILDHOME PRIVATE LIMITED	Additional director	30/10/2014	30/10/2014	-	Active	NO
10	U45200MP2014PTC033369	ZENNEXT DEVBUILD PRIVATE LIMITED	Director	31/10/2014	31/10/2014	-	Active	NO
11	U45200MP2014PTC033372	RAX INFRAWAY PRIVATE LIMITED	Director	31/10/2014	31/10/2014	-	Active	NO
12	AAE-3410	STERLING POLYTECH LLP	Designated Partner	07/07/2015	07/07/2015	-	Active	NO

Name :

Shashi Yadav

Designation :

Director

Address :

403, Rukmani Plaza, 14, Old Palasia, Indore - 452001, Madhya Pradesh, India

Date of Birth/Age :

24.01.1964

Date of Appointment :

15.12.2005

DIN No.:

00815165

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	U30007MP1999PTC013451	SSP ENTERPRISES PRIVATE LIMITED	Director	15/12/2005	15/12/2005	-	Active	NO
2	U45203WB2007PTC113424	GENNEXT ABASAN PRIVATE LIMITED	Director	02/09/2010	02/09/2010	-	Active	NO
3	U70101MP2012PTC028066	STAR DEVBUILD PRIVATE LIMITED	Director	23/03/2012	23/03/2012	01/11/2014	Active	NO
4	AAE-3410	STERLING POLYTECH LLP	Designated Partner	07/07/2015	07/07/2015	-	Active	NO

Name :

Rajnish Agrawal

Designation :

Director

Address :

308, Bafna Arcade, 7/1, Bhandari Marg, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

19.03.1971

Date of Appointment :

06.06.2005

DIN No.:

02046856

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	U24132KA2001PTC061131	MIDCON POLYMERS PRIVATE LIMITED	Director	27/07/2001	27/07/2001	28/05/2010	Active	NO
2	U30007MP1999PTC013451	SSP ENTERPRISES PRIVATE LIMITED	Director	06/06/2005	06/06/2005	-	Active	NO
3	U51495MP2009PTC021894	P.M. POLYMERS PRIVATE LIMITED	Director	11/05/2009	11/05/2009	10/05/2010	Active	NO
4	U32109WB1981PTC033846	TIME KEEPERS PVT LTD	Director	12/08/2011	12/08/2011	20/09/2013	Active	NO
5	U92312WB1981PTC034331	TIME AND SOUND PVT LTD	Director	12/08/2011	12/08/2011	-	Dormant under section 455	NO
6	U45202MP2011PTC027073	SAVYASACHI REALBUILD PRIVATE LIMITED	Director	06/01/2012	06/01/2012	-	Active	NO
7	U45200MP2012PTC027786	COLOURS INFRABUILD PRIVATE LIMITED	Director	22/02/2012	22/02/2012	-	Active	NO
8	U45400MP2014PTC032650	SAVYASACHI BUILDHOME PRIVATE LIMITED	Additional director	30/10/2014	30/10/2014	-	Active	NO
9	U45200MP2014PTC033369	ZENNEXT DEVBUILD PRIVATE LIMITED	Director	31/10/2014	31/10/2014	-	Active	NO
10	U45200MP2014PTC033372	RAX INFRAWAY PRIVATE LIMITED	Director	31/10/2014	31/10/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Divesh Goyal
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Anoop Singh Yadav	160010	22.26
Shashi Yadav	120010	16.70
Rajnish Agrawal	120010	16.70
Gennext Abasan Private Limited, India	175000	24.35
P.M. Polymers Private Limited, India	118750	16.52
Wellman Commerce Private Limited, India	25000	3.48
Total	7,18,780	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	44.35
Directors or relatives of Directors	55.65
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Polymer. [Confirmed by management]

Products :	Poly vinyl chloride (PVC) resins Polypropylene (PP) granules High-density polyethylene (HDPE) granules Low-density polyethylene (LDPE) granules Linearlow density polyethylene (LLDPE) granules Ethylene-vinyl acetate (EVA) granules, etc

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :
Product :	Polymer
Country :	Middle East

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	Bank of India
Branch	Palasia Branch, 575/1, M.G. Road, Indore - 452001, Madhya Pradesh, 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	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from Bank
HDFC Bank Limited	1.910	0.000
HDFC Car Loan	0.000	0.163
From Others
Tata Capital Limited	1.228	0.000
Bajaj Finance Limited	0.000	0.408
Religare Finvest Limited	2.241	0.000
Other long term borrowings	4.766	7.026
Short-term borrowings
From Banks
Bank of India	13.218	19.786
HSBC Limited	0.000	5.766
HDFC Bank Car Loan	0.163	0.256
Letter of Credit payable (BOI)	51.270	45.044
Buyers Credit payable (BOI)	6.085	0.000
From others	0.000	0.000
Total	80.881	78.449

Financial Institution :	3i Infotech Trusteeship Services Limited, 3rd to 6th floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai - 400703, Maharashtra, India

Auditors :
Name :	Sampat Chaplot and Company Chartered Accountants
Address :	E-47, Anurag Nagar, Behind Press Complex, (Near Malviya Nagar) A. B. Road, Indore – 452011, Madhya Pradesh, India
Tel. No.:	91-731-2578912
E-Mail :	slchaplot07@dataone.in
PAN No.:	ABKPL5761H
Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1,000,000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

718,780	Equity Shares	Rs.10/- each	Rs.7.188 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.188	7.188	7.188
(b) Reserves & Surplus	28.394	26.439	24.681
(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)	35.582	33.627	31.869

(3) Non-Current Liabilities
(a) long-term borrowings	22.945	11.296	9.997
(b) Deferred tax liabilities (Net)	0.061	0.012	0.000
(c) Other long term liabilities	5.835	8.011	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	28.841	19.319	9.997

(4) Current Liabilities
(a) Short term borrowings	70.736	70.852	40.060
(b) Trade payables	53.116	32.779	40.112
(c) Other current liabilities	16.891	9.493	22.422
(d) Short-term provisions	2.065	1.435	1.125
Total Current Liabilities (4)	142.808	114.559	103.719

TOTAL	207.231	167.505	145.585

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.908	6.437	7.093
(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	0.162	0.162	0.129
(c) Deferred tax assets (net)	0.000	0.000	0.036
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.605	0.105	0.105
Total Non-Current Assets	6.675	6.704	7.363

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	18.006	28.625	44.162
(c) Trade receivables	137.311	102.932	61.141
(d) Cash and cash equivalents	17.416	15.560	18.527
(e) Short-term loans and advances	27.823	13.684	14.392
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	200.556	160.801	138.222

TOTAL	207.231	167.505	145.585

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	730.721	692.806	577.706
	Other Income	1.526	0.482	0.765
	TOTAL	732.247	693.288	578.471

Less	EXPENSES
	Purchases of Stock-in-Trade	661.270	629.164	556.386
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	10.620	15.536	(25.298)
	Employees benefits expense	4.468	5.020	5.085
	Extraordinary items	0.000	0.000	0.057
	Other expenses	42.258	29.956	36.861
	TOTAL	718.616	679.676	573.091

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	13.631	13.612	5.380

Less	FINANCIAL EXPENSES	10.206	10.362	2.832

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3.425	3.250	2.548

Less/ Add	DEPRECIATION/ AMORTISATION	0.596	0.707	0.431

	PROFIT/ (LOSS) BEFORE TAX	2.829	2.543	2.117

Less	TAX	0.874	0.785	0.766

	PROFIT/ (LOSS) AFTER TAX	1.955	1.758	1.351

	Earnings / (Loss) Per Share (Rs.)
	Basic	2.72	2.45	1.88
	Diluted	2.72	2.46	1.88

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt
From Bank	0.888	1.248	1.578
From others	2.834	1.974	4.246
Total	3.722	3.222	5.824
Cash generated from operations	NA	NA	NA
Cash flow from operations	NA	NA	NA
Net cash flow from / (used in) operating activities	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.27	0.25	0.23

Operating Profit Margin (PBIDT/Sales)	(%)	1.87	1.96	0.93

Return on Total Assets (PBT/Total Assets}	(%)	1.37	1.52	1.46

Return on Investment (ROI) (PBT/Networth)		0.08	0.08	0.07

Debt Equity Ratio (Total Debt /Networth)		2.74	2.54	1.75

Current Ratio (Current Asset/Current Liability)		1.40	1.40	1.33

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	7.188	7.188	7.188
Reserves & Surplus	24.681	26.439	28.394
Share Application money pending allotment	0.000	0.000	0.000
Net worth	31.869	33.627	35.582

long-term borrowings	9.997	11.296	22.945
Short term borrowings	40.060	70.852	70.736
Current Maturities of Long Term Debt	5.824	3.222	3.722
Total borrowings	55.881	85.370	97.403
Debt/Equity ratio	1.753	2.539	2.737

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	577.706	692.806	730.721
		19.924	5.473

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	577.706	692.806	730.721
Profit	1.351	1.758	1.955
	0.23%	0.25%	0.27%

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)	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	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and Advances from related parties	12.800	3.700

Total	12.800	3.700

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10303167	22/05/2014 *	130,000,000.00	BANK OF INDIA	PALASIA BRANCH, 575/1, M.G. ROAD, INDORE, MADHYA PRADESH - 452001, INDIA	C08095754

* Date of charge modification

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.98.29
Euro	1	Rs.72.41

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	KIN

Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	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	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		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	--

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MIRA INFORM REPORT

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