MIRA INFORM REPORT

Report No. :	356609
Report Date :	29.12.2015

IDENTIFICATION DETAILS

Name :	SRI MANMAYA TEXTILES PRIVATE LIMITED
Registered Office :	51, Kalaigner Nagar, Vandiyuran Kovil Street, Karungalpalayam, Erode-638003, Tamilnadu
Tel. No.:	91-424-2258120/121/123
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	08.01.1997
Com. Reg. No.:	18-007658
Capital Investment / Paid-up Capital :	Rs. 53.423 Million
CIN No.: [Company Identification No.]	U17111TZ1997PTC007658
IEC No.:	3209018065
TIN No.:	33793064663
CST No.:	995000
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCS3659F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of all kinds of Handloom, Power Loom and Mill Made Fabrics and also engaged in to Generation of Power through Wind Turbine. (Confirmed by management)
No. of Employees :	42 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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 was incorporated in the year 1997 and it is the manufacturer of all kinds of handloom, power loom and mill made fabrics. It is an established company having satisfactory track record. For the financial year ended 2015, the company possesses above average operational performance with fair profit margin of 1.48% recorded during the year under review. Further, rating takes into account of company’s acceptable financial risk profile supported by its sufficient networth base, comfortable liquidity position and average debt coverage indicators. The rating further derives strength from its established track record of operations, extensive experience of the promoters in the textile industry and its established relationships with suppliers and customers. However, these rating strengths are partially offset by modest scale and working capital intensive nature of operations. Trade relations are fair. Business is active. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings 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 bank facilities : BB
Rating Explanation	Inadequate-credit-quality and high credit risk.
Date	04.02.2015

Rating Agency Name	CRISIL
Rating	Short term bank facilities : A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	04.02.2015

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. Prashant Kumar
Designation :	Accounts Officer
Contact No.:	91-424-2258120
Date :	23.12.2015

LOCATIONS

Registered Office / Factory:	51, Kalaigner Nagar, Vandiyuran Kovil Street, Karungalpalayam, Erode-638003, Tamilnadu, India
Tel. No.:	91-424-2258120/121/123
Mobile No.:	91-9366607143 (Mr. Mukesh)
Fax No.:	91-424-2258125
E-Mail :	snsingh36@gmail.com accountsmanmaya@gmail.com srimanmaya@gmail.com
Location :	Commercial
Administration Office :	D-29/30, Akhllmedu 3rd Street Salt Golony, Erode - 638001, Tamilnadu, India.
Mumbai office :	7, Cama Industrial Estate, Sun Mill Compound, Lower Parel (West), Mumbai-400013, Maharashtra, India

DIRECTORS

As on 31.03.2015

Name :

Mr. Madan Mohan Chandak

Designation :

Managing Director

Address :

Old No.135 New No.9, Thirunagar Colony, Erode-638003, Tamilnadu, India

Date of Birth/Age :

21.12.1954

Date of Appointment :

13.03.2007

PAN No.:

AHVPM3762F

DIN No.:

01108921

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	U17111TZ1993PTC004335	SRI ONKAR TEXTILES PRIVATE LIMITED	Whole-time director	15/04/1993	15/04/1993	-	Active	NO
2	U70101MH1980PTC023014	SWEETY ESTATE PRIVATE LIMITED	Director	17/08/1998	17/08/1998	-	Active	NO
3	U51900MH1995PTC094786	SWEETY EXPORTS PRIVATE LIMITED	Director	07/09/1998	07/09/1998	-	Active	NO
4	U17111TZ1997PTC007658	SRI MANMAYA TEXTILES PRIVATE LIMITED	Managing director	13/03/2007	13/03/2007	-	Active	NO
5	U17120GJ2012PTC069177	MAYA SYNTHETICS PRIVATE LIMITED	Director	25/02/2012	25/02/2012	-	Active	NO

Name :

Mrs. Sunderdevi Chandak

Designation :

Director

Address :

No.9, Thirunagar Colony, Erode-638003, Tamilnadu, India

Date of Birth/Age :

01.11.1958

Date of Appointment :

02.09.2003

PAN No.:

ABXPC4418Q

DIN No.:

01108900

Name :

Mr. Mukesh Kumar Chandak

Designation :

Director

Address :

Old No.135, New No.9, Thirunagar Colony, Erode-638003, Tamilnadu, India

Date of Birth/Age :

18.03.1981

Date of Appointment :

02.09.2003

PAN No.:

ABYPC5550C

DIN No.:

01108900

KEY EXECUTIVES

Name :	Mr. Prashant Kumar
Designation :	Accounts Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	5.34
Directors or relatives of Directors	94.66
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of all kinds of Handloom, Power Loom and Mill Made Fabrics and also engaged in to Generation of Power through Wind Turbine. (Confirmed by management)
Products :	Handloom Fabrics Power Loom Fabrics Mill Made Fabrics
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, Cheque, Credit (30 Days)
Purchasing :	Cash, Cheque, Credit (30 Days)

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 :

42 (Approximately)

Bankers :

Bank Name	Union Bank of India
Branch	381, Sathy Road, Erode-638003, Tamilnadu, 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)	Cash Credit Rs.19.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Bank Name	IndusInd Bank Limited
Branch	Erode-638011, Tamilnadu, 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)	Letter of Credit Rs. 35.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term Loan repayable after one year	4.333	11.880
Short-term borrowings
Loans Repayable on Demand
Working Capital loan	23.472	20.105
Term loan repayable within one year	7.547	8.618
Total	35.352	40.603

Auditors :
Name :	Krishna R. Moondra and Associates Chartered Accountants
Address :	JBF House 1st Floor, Old P.O. Lane, Kalbadevi Road, Mumbai - 400 002, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFK6205E
Memberships :	--
Collaborators :	--
Enterprise over which key management personnel exercise significant influence :	Balgopal Apparels (P) Limited Balgopal Textiles Private Limited Sharpline Mercantile Company (P) Limited Maya Synthetics Private Limited Sri Onkar Textiles Private Limited Metro Process House M. M. Textiles Maya international Maya Fashions Maya Textiles

CAPITAL STRUCTURE

As on 30.09.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
6,000,000	Equity Shares	Rs.10/- each	Rs. 60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,342,290	Equity Shares	Rs.10/- each	Rs. 53.423 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	53.423	53.423	53.422
(b) Reserves & Surplus	64.484	57.569	49.918
(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)	117.907	110.992	103.340
(3) Non-Current Liabilities
(a) long-term borrowings	4.333	11.880	20.499
(b) Deferred tax liabilities (Net)	6.476	7.423	9.692
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.394	2.388	2.043
Total Non-current Liabilities (3)	14.203	21.691	32.234
(4) Current Liabilities
(a) Short term borrowings	123.787	137.711	117.366
(b) Trade payables	59.107	61.892	54.989
(c) Other current liabilities	1.477	1.741	1.660
(d) Short-term provisions	0.561	2.325	1.345
Total Current Liabilities (4)	184.932	203.669	175.360
TOTAL	317.042	336.352	310.934
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	25.767	27.800	37.124
(ii) Intangible Assets	2.313	3.201	4.012
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.502	0.501	0.449
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	28.582	31.502	41.585
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	100.915	120.406	92.260
(c) Trade receivables	157.596	162.493	152.796
(d) Cash and cash equivalents	24.918	17.490	15.719
(e) Short-term loans and advances	2.417	3.565	7.140
(f) Other current assets	2.614	0.896	1.434
Total Current Assets	288.460	304.850	269.349
TOTAL	317.042	336.352	310.934

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	468.052	581.408
		Other Income	1.501	1.398
		TOTAL (A)	469.553	582.806	480.926
Less	EXPENSES
		Purchases of Stock-in-Trade	389.950	544.701
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	19.392	(28.100)
		Employees benefits expense	11.773	9.726
		Other expenses	17.465	16.525
		TOTAL (B)	438.580	542.852	443.128
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		30.973	39.954	37.798
Less	FINANCIAL EXPENSES (D)		15.927	16.538	14.429
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.046	23.416	23.369
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.000	10.483	13.819
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		11.046	12.933	9.550
Less	TAX (H)		4.087	5.283	2.657
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		6.959	7.650	6.893
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.673	7.523	5.272
Add	Income Tax of Earlier Year		(0.044)	0.000	0.358
Less	APPROPRIATIONS
		Transfer to General Reserve	7.500	7.500	5.000
	BALANCE CARRIED TO THE B/S		7.088	7.673	7.523
	EARNINGS IN FOREIGN CURRENCY		0.006	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)		1.30	1.43	1.29

Expected Sales (2015-2016) : Rs.500.000 Million

The above information has been parted by Mr. Prashant Kumar (Accounts Officer)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flow from operating activities	44.448	5.529	10.839

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.49	1.32	NA
Operating Profit Margin (PBIDT/Sales)	(%)	6.62	6.87	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.48	3.85	3.07
Return on Investment (ROI) (PBT/Networth)		0.09	0.12	0.09
Debt Equity Ratio (Total Debt /Networth)		1.09	1.35	1.33
Current Ratio (Current Asset/Current Liability)		1.56	1.50	1.54

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	53.422	53.423	53.423
Reserves & Surplus	49.918	57.569	64.484
Net worth	103.340	110.992	117.907
long-term borrowings	20.499	11.880	4.333
Short term borrowings	117.366	137.711	123.787
Total borrowings	137.865	149.591	128.120
Debt/Equity ratio	1.334	1.348	1.087

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	480.926	582.806	469.553
		21.184	(19.432)

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	480.926	582.806	469.553
Profit/ (Loss)	6.893	7.650	6.959
	1.43%	1.31%	1.48%

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	Yes
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	Yes
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	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS

PRODUCTION AND PROFITABILITY:

The Company is engaged in trading of textile goods and generation of power through wind turbine. The Company is marketing its products directly to exporters and other domestic customers, who in terms uses the material for manufacture of read5rmade garments and ultimately exports the material in overseas market.

During 20l4-15, The Company had to face several challenges in terms of higher input costs and pressure on

selling prices of almost all the products procured by the Company which are reflected in the results given in the Annual Report. The expected demand push did not happen and un-seasonal monsoon in many parts of the country has placed adverse pressure on consumer demand in general. With the new Government committed to the revival of business sentiments in the country, the outlook of the Company may remain stable. However, the announcement by the Indian Meteorological Department that the monsoon is likely to be below normal is, to some extent, a worrying factor for the current year.

During the financial year 2014-15, the Company has on a standalone basis, clocked a total income of Rs.469.552 Million as compared to 582.806 Million for the previous year ended 31st March, 2014, a decrease of 19.43% on a, year-on-year basis. Profit before Interest and depreciation has gone down to Rs.30.973 Million from Rs.39.954 Million a decrease of.22.484%. Profit after tax was at 6.959 Million for the financial year ended 31st March, 2015 as compared to Rs.7.650 Million for the previous year, a decrease by 9.03%

Sales/ Revenue:-

The textile market is showing encouraging results. The services offered by the Company are well accepted in local textile market. The Company has achieved a sales turnover of Rs. 468.052 Million during the current year as compared to Rs. 581.407 Million in the previous year representing decrease of sales turnover by 19,5%.

Marketing and Environment:

The Company is making all efforts to improve its market presence in local market as one of the quality supplier of textile fabrics in and around Erode. The local textile market has well accepted the product of the Company.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Loans Repayable on Demand
From Other Parties	9.304	18.455
From Related Parties	83.464	90.533
Total	92.768	108.988

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10494052	08/04/2014	11,460,000.00	UNION BANK OF INDIA	381, Sathy Road, Erode, Erode, Tamilnadu - 638003, INDIA	C04432068
2	10288790	19/10/2011 *	26,000,000.00	Union Bank of India	Main Branch, 381 Sathy Road, Erode, Tamilnadu - 638003, INDIA	B25662792
3	10157474	19/04/2010 *	25,710,000.00	Union Bank of India	Main Branch, 381, Sathy Road, Erode, Tamilnadu - 638003, INDIA	A84019900
4	90001447	12/05/2015 *	19,000,000.00	UNION BANK OF INDIA	381, Sathy Road, Erode, Erode, Tamilnadu - 638003, INDIA	C54572300

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Freehold Land

· Leasehold Land

· Plant and Machinery

· Office Equipment

· Computer

· Furniture

· Vehicles

Intangible Assets

· Goodwill

· Computer Software

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.66.20
UK Pound	1	Rs.98.29
Euro	1	Rs.72.41

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	HNA
Report Prepared by :	JYTK

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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		45

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

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