MIRA INFORM REPORT

Report No. :	307764
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	RMG POLYVINYL INDIA LIMITED (w.e.f. 12.09.2003)
Formerly Known As :	PINE VIEW CONSTRUCTION AND TRADER PRIVATE LIMITED
Registered Office :	302, Elite House, 3^rd Floor, 36, Community Centre, Kailash Colony Extension, Zamrudpur, New Delhi – 110048
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.09.1998
Com. Reg. No.:	55-096206
Capital Investment / Paid-up Capital :	Rs.154.250 Millions
CIN No.: [Company Identification No.]	U74899DL1998PLC096206
IEC No.:	0598052674
TAN No.: [Tax Deduction & Collection Account No.]	DELR08012E / DELR09971D
PAN No.: [Permanent Account No.]	AAACG2886R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture and Seller of PVC films and sheets
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management of the company has failed to file its latest financial for the year 2014 with the government department. As per available financial of 2013, financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term Rating = BBB
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	25 June 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Have moderate degree of safety and carry very higher credit risk.
Date	25 June 2014

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 31-03-2014.

INFORMATION DENIED BY

Name :	Manoj Agarwal
Designation :	CFO
Contact No.:	91-120-3118802
Date :	11.02.2015

LOCATIONS

Registered Office :	302, Elite House, 26, Community Centre, Kailash Colony Extension, Zamrudpur, New Delhi – 110048, India.
Tel. No.:	91-11- 41632022
Fax No.:	91-11-66173679
E-Mail :	agoenka@premierpolly.com info@rmgpoly.com agoenka@rmgpoly.com
Website :	http://www.rmgpoly.com http://www.wonderfloor.com http://www.premierpolly.com
Area :	10000 sq. ft
Location :	Owned
Head Office :	UGSR – IV, Ansal Plaza, Sector – I, Vaishali Ghaziabad – 201010, Uttar Pradesh, India
Tel. No.:	91-120-3118801 / 02
Fax No.:	91-11-66173679
Factory :	10/1, Industrial Area, Sikandrabad, District Bulandshar - 203205, Uttar Pradesh, India
Tel. No.:	91-05735-221877 91-120-3118801
Fax No.:	91-5735-221878
E-Mail :	info@rmgpoly.com
Area :	16 Acres
Location :	Owned

DIRECTORS

As on: 16.09.2013

Name :

Mr. Arvind Goenka

Designation :

Director

Address :

No.1, Green Avenue, Sector D-3, Vasant Kunj, New Delhi-110070, India

Date of Birth/Age :

03.10.1964

Qualification :

B.Com (HONS)

Date of Appointment :

01.02.2010

DIN No. :

00061010

PAN No.:

ACTPG1708Q

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	U74899DL1983PTC016849	HARYANA WOVEN SACK PVT LTD	Director	31/10/1991	31/10/1991	19/07/2008	Active	NO
2	U25209DL1988PLC030793	KAY ESS POLYMERS LIMITED	Director	01/05/1996	01/05/1996	-	Active	NO
3	U74899DL1998PLC096206	RMG POLYVINYL INDIA LIMITED	Whole-time director	01/02/2010	10/01/2004	-	Active	NO
4	U25200MH1955NPL009601	THE PLASTICS EXPORT PROMOTION COUNCIL	Director	29/09/2011	10/01/2004	-	Active	NO
5	L25209DL1992PLC049590	PREMIER POLYFILM LIMITED	Director	26/10/2007	15/11/2006	21/07/2008	Active	NO
6	L51491WB1929PLC006467	D L MILLAR & CO LTD	Director	23/09/2008	14/10/2007	31/03/2010	Active	NO

Name :

Mrs. Indira Goenka

Designation :

Director

Address :

No.1, Green Avenue, Sector D-3, Vasant Kunj, New Delhi-110070, India

Date of Birth/Age :

08.18.1946

Qualification :

B.A.

Experience :

35 Years

Date of Appointment :

05.07.2006

DIN No. :

00061078

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	L74999DL1984PLC017713	PREMIER POLYPLAST AND PROCESSORS LIMITED	Director	03/01/1994	03/01/1994	-	Active	NO
2	U74899DL1998PLC096206	RMG POLYVINYL INDIA LIMITED	Director	05/07/2006	05/07/2006	-	Active	NO

Name :

Mr. Umesh Agarwal

Designation :

Director

Address :

B-705, Badrinath Apartment, Malad, Mumbai, Maharashtra, India

Date of Birth/Age :

13.10.1953

Qualification :

B.E.

Experience :

25 Years

Date of Appointment :

23.07.2002

DIN :

00231799

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	U72900MH1982PLC028908	POLO QUEEN INFOTECH AND TEXTILE LIMITED	Director	12/06/1987	12/06/1987	-	Amalgamated	NO
2	L72200MH1984PLC094539	POLO QUEEN INDUSTRIAL AND FINTECH LIMITED	Whole-time director	01/04/2008	27/09/1993	-	Active	NO
3	U15500MH1996PLC100602	AAJIWAN INDUSTRIES LIMITED	Director	29/03/2000	29/03/2000	-	Active	NO
4	U70100MH1984PLC032898	ARJAY APPAREL INDUSTRIES LIMITED	Director	18/08/2001	18/08/2001	-	Active	NO
5	U18101MH1981PLC024335	SOMESHWARA INDUSTRIES AND EXPORTS LIMITED	Director	27/08/2001	27/08/2001	-	Active	NO
6	U74899DL1998PLC096206	RMG POLYVINYL INDIA LIMITED	Director	23/07/2002	23/07/2002	-	Active	NO
7	U18101DL1992PLC049502	SRI VISHVANATH ENTERPRISES LIMITED	Director	23/07/2002	23/07/2002	-	Active	NO
8	U51311MH1982PLC027820	BALAJI PRINTS LIMITED	Director	28/04/2003	28/04/2003	-	Active	NO
9	U45201MH1998PTC114282	BOW BALALESHWAR MININGS PRIVATE LIMITED	Director	14/12/2006	14/12/2006	-	Active	NO
10	U45400MH2007PTC174208	GYANESHWAR INFRASTRUCTURE PRIVATE LIMITED	Additional director	25/11/2010	25/11/2010	-	Active	NO
11	U93030MH2013PLC250646	R. J. KNITWEARS LIMITED	Director	02/12/2013	02/12/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rohit Banthia
Designation :	Secretory
Address :	4/ 157, Lalita Park, Laxmi Nagar, Delhi-110092, India
Date of Birth/Age :	16.07.1986
Date of Appointment :	15.01.2013
PAN No.:	AJCPB2266Q

MAJOR SHAREHOLDERS

As on: 16.09.2013

Names of Shareholders	No. of Shares
Manvi Goneka	780500
Nisha Goneka	3168580
Arvind Goneka	1951480
Amitabh Goneka	750480
Arvind Goneka (HUF)	100000
Puran Dass Taneja	75000
Sri Vishwanath Enterprises Limited, India	2067500
D. L. Millar and Company Limited	360000
Indira Goenka	215750
Premier Polyplast and Processors Limited, India	30000
Vijay Chand Sukhani	376250
Amitabh Goenka (HUF)	62500
Jarella Baba Leasing and Finance Private Limited, India	135000
Sunhil Leasing and Finance Private Limited, India	4876000
Manoj Kumar Gupta (HUF)	960
Sanghai Holding private Limited.	475000
Total	15425000

Equity Share Break up (Percentage of Total Equity)

As on: 16.09.2013

Category	Percentage
Bodies corporate	51.50
Directors or relatives of directors	44.52
Other top fifty shareholders	3.98
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture and Seller of PVC films and sheets

Products :

Description of product or service category	ITC Code
P V C Resins/Films/Sheets	39042210

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

PVC films and sheets

Countries :

· Middle East

· Seri Lanka

· Europe

Imports :

Products :

Raw Material

Countries :

· Belgium

· Korea

· China

· Germany

Terms :

Selling :

Cash and Advance Payment

Purchasing :

Cash and Advance Payment

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers and End User

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

300 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Chandni Chok, Delhi
Person Name (With Designation)	Mr. Aunn Verma (Chief Manager)
Contact Number	91-11-23973453/23975087
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)	Rs. 280.000 Million Fund and Non Fund
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· HDFC Bank Limited, H-39, Outer Circle, Connaught Place, New Delhi-110001, India

· State Bank of Indore, 354, Ganga Niwas, Chandni Chowk, Delhi – 110 006, India

· Centurion Bank of Punjab Limited, M-29, Outer Circle, Connaught Place, New Delhi-110001, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long term Borrowing:
Term loan from Bank	67.964	15.959
Other loans and advances	2.462	-
Total	70.426	15.959

Auditors :
Name :	M A R S and Associate Chartered Accountants
Address :	FB-20, Shivaji Enclave, New Delhi-110027, India
PAN No.:	AAVFM1242M
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates :	· Joemillars Aquatex Private Limited (U25209DL2003PTC118535) · D.L. Millar and Company Limited (L5149WB1929PLC006467) · G. B. and Company · Sunhil Leasing and Finance Company Private Limited (U74899DL1995PTC072212) · Sri Viswanath Enterprises Limited (U18101D1992PLC049502)

CAPITAL STRUCTURE

As on: 16.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
17500000	Equity Shares	Rs.10/- each	Rs.175.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15425000	Equity Shares	Rs.10/- each	Rs.154.250 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	154.250	154.250	49.750
(b) Reserves & Surplus	161.357	141.617	132.201
(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)	315.607	295.867	181.951
(3) Non-Current Liabilities
(a) long-term borrowings	70.426	15.959	0.089
(b) Deferred tax liabilities (Net)	26.694	21.309	16.341
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	10.192	6.587	3.552
Total Non-current Liabilities (3)	107.312	43.855	19.982
(4) Current Liabilities
(a) Short term borrowings	115.541	129.263	176.807
(b) Trade payables	124.248	62.717	78.049
(c) Other current liabilities	40.072	41.615	34.959
(d) Short-term provisions	32.090	29.861	21.105
Total Current Liabilities (4)	311.951	263.456	310.920
TOTAL	734.870	603.178	512.853
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	316.560	231.031	191.574
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	8.730	7.737	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.607	1.607	1.607
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9.927	7.770	5.982
(e) Other Non-current assets	0.542	1.767	1.390
Total Non-Current Assets	337.366	249.912	200.553
(2) Current assets
(a) Current investments	213.623	187.343	144.251
(b) Inventories	128.676	123.176	118.087
(c) Trade receivables	29.140	14.468	28.766
(d) Cash and cash equivalents	0.000	0.000	0.000
(e) Short-term loans and advances	24.176	27.397	21.192
(f) Other current assets	1.889	0.882	0.004
Total Current Assets	397.503	353.266	312.300
TOTAL	734.870	603.178	512.853

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1187.222	1016.409	875.872
		Other Income	13.213	14.647	7.996
		TOTAL (A)	1200.435	1031.056	883.868
Less	EXPENSES
		Cost of Materials Consumed	862.504	706.992	619.646
		Purchases of Stock-in-Trade	29.113	50.754	26.778
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(22.171)	(8.924)	(20.130)
		Employees benefits expense	56.829	46.572	40.307
		Other expenses	178.893	154.583	148.374
		TOTAL (B)	1105.168	814.975	814.975
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		95.267	81.079	68.893
Less	FINANCIAL EXPENSES (D)		24.507	22.054	19.647
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		70.760	59.025	49.246
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.498	11.695	10.131
	PROFIT BEFORE TAX (E-F) (G)		56.262	47.330	39.114
Less	TAX (H)		18.595	15.427	13.599
	PROFIT AFTER TAX (G-H) (I)		37.667	31.903	25.515
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.248	54.082	50.170
Less	APPROPRIATIONS
		Bonus Shares	0.000	49.750	0.000
		Transfer to General Reserve	10.000	10.000	10.000
		Dividend	15.425	15.425	9.950
		Tax on Dividend	2.502	2.562	1.653
		Total	27.927	77.737	21.603
	BALANCE CARRIED TO THE B/S		17.988	8.248	54.082
	EARNINGS IN FOREIGN CURRENCY		269.100	238.800	NA
	Earnings Per Share (Rs.)		2.44	-	-

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	3.17	3.14	2.91
Operating Profit Margin (PBDIT/Sales)	(%)	8.02	7.98	7.87
Return on Total Assets (PBT/Total Assets}	(%)	7.77	7.97	7.65
Return on Investment (ROI) (PBT/Networth)		0.18	0.16	0.21
Debt Equity Ratio (Total Debt/Networth)		0.59	0.49	0.97
Current Ratio (Current Asset/Current Liability)		1.27	1.34	1.00

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	49.750	154.250	154.250
Reserves & Surplus	132.201	141.617	161.357
Net worth	181.951	295.867	315.607
long-term borrowings	0.089	15.959	70.426
Short term borrowings	176.807	129.263	115.541
Total borrowings	176.896	145.222	185.967
Debt/Equity ratio	0.972	0.491	0.589

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	875.872	1016.409	1187.222
		16.045	16.806

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	875.872	1016.409	1187.222
Profit	25.515	31.903	37.667
	2.91%	3.14%	3.17%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	------------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

Particulars	As on 31.03.2013	As on 31.03.2012
Short Term Borrowing:
Working capital loans from Banks	79.741	71.635
Loans and advances from related parties	1.900	24.428
Other Loans and advances	33.900	33.200
Total	115.541	129.263

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10059278	18/08/2009 *	80,000,000.00	STATE BANK OF INDORE	394, GANGA NIWAS, CHANDNI CHOWK, DELHI, Delhi - 110006, INDIA	A67898627
2	10059279	18/08/2009 *	100,000,000.00	STATE BANK OF INDORE	394, GANGA NIWAS, CHANDNI CHOWK, DELHI, DELHI -  110006, INDIA	A67899047
3	10059281	25/04/2014 *	286,800,000.00	STATE BANK OF INDIA	SME BRANCH, TOWN HALL, CHANDNI CHOWK, DELHI, DELHI - 110006, INDIA	C06472260
4	10059280	24/07/2007	20,000,000.00	STATE BANK OF INDORE	394, GANGA NIWAS, CHANDNI CHOWK, DELHI, DELHI -  110006, INDIA	A18920678

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Office and Fire Fittings equipment
• Computers
• Vehicles
• Air Conditioners

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. 62.14
UK Pound	1	Rs. 95.78
Euro	1	Rs. 71.05

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.