MIRA INFORM REPORT

Report No. :	308666
Report Date :	21.02.2015

IDENTIFICATION DETAILS

Name :	HINDUSTAN PLATINUM PRIVATE LIMITED
Registered Office :	C 122, TTC Industrial Area, Pawane, Navi Mumbai – 400703, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.10.1961
Com. Reg. No.:	11-012143
Capital Investment / Paid-up Capital :	Rs.42.740 Millions
CIN No.: [Company Identification No.]	U74999MH1961PTC012143
IEC No.:	0388166088
TAN No.: [Tax Deduction & Collection Account No.]	MUMH00234D
PAN No.: [Permanent Account No.]	AAACH1111J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Precious Metals
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having fine track record. Sales turnover of the company declined during 2014. However, the rating reflect company’s established position in the platinum group metals (PGM) business supported by decent financial base and adequate liquidity profile of the company. Trade relations are reported as fair. Business is active. Payment terms reported to be regular and as per commitment. The company can be considered good for normal 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 = A
Rating Explanation	Adequate degree of safety and low credit risk
Date	02.06.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	02.06.2014

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 PARTED BY

Name :	Mr. Ranjit
Designation :	Finance Manager
Contact No.:	91-22-27683006
Date :	17.02.2015

LOCATIONS

Registered Office/Factory :	C 122, TTC Industrial Area, Pawane, Navi Mumbai – 400703, Maharashtra, India
Tel. No.:	91-22-27683006/329
Fax No.:	91-22-27630413/27619398/99
E-Mail :	info@hp.co.in
Website :	http://www.hp.co.in

DIRECTORS

As on 29.09.2014

Name :

Mr. Shashikant Sajanlal Choksi

Designation :

Managing Director

Address :

58 – Manglika, Presidency Society, 7^th N S Road, JVPD Scheme, Vile Parle (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

27.11.1938

Qualification:

Under Graduate

Date of Appointment :

08.11.1971

DIN No.:

00526472

PAN No.:

AAAPC1871B

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	U74999MH1961PTC012143	HINDUSTAN PLATINUM PRIVATE LIMITED	Managing director	08/11/1971	08/11/1971	-	Active	NO
2	U67120MH1976PTC019207	CHOKSI INVESTMENT PRIVATE LIMITED	Director	06/09/1976	06/09/1976	-	Active	NO

Name :

Mr. Ashok Sajanlal Choksi

Designation :

Whole-time Director

Address :

221- A, Grand Paradi, Dadi Seth Hill, August Kranti Marg, Mumbai - 400036, Maharashtra, India

Date of Birth/Age :

24.05.1947

Qualification:

SSC

Date of Appointment :

17.07.1980

DIN No.:

00526715

PAN No.:

ADKPC8062F

Name :

Mr. Abhay Sajanlal Choksi

Designation :

Whole-time Director

Address :

222-A, Grand Paradi, Dadi Seth Hill, August Kranti Marg, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

10.12.1948

Qualification:

SSC

Date of Appointment :

17.07.1980

Din No.:

00526769

PAN No.:

AABPC5920A

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	U74999MH1961PTC012143	HINDUSTAN PLATINUM PRIVATE LIMITED	Whole-time director	17/07/1980	17/07/1980	-	Active	NO
2	U40108MH2003PTC142293	Pink Ginger Arts Private Limited	Director	15/09/2008	15/09/2008	-	Active	NO

Name :

Mr. Vikram Sajanlal Choksi

Designation :

Whole-time Director

Address :

20 Mangal President Society, 7^th N.S. Road, JVPD Scheme, Vile Parle (West), Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

24.04.1953

Qualification:

PH.D

Date of Appointment :

17.07.1980

Din No.:

00526890

PAN No.:

ADKPC8062F

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	U74999MH1961PTC012143	HINDUSTAN PLATINUM PRIVATE LIMITED	Whole-time director	17/07/1980	17/07/1980	-	Active	NO
2	U93000MH2003PTC142518	SOS MEDIA PRIVATE LIMITED	Director	06/10/2003	06/10/2003	-	Active	NO
3	U15134MH2012PTC232149	UMBRELLA CORPORATION PRIVATE LIMITED	Director	14/06/2012	14/06/2012	-	Active	NO
4	AAB-5744	HINDUSTAN PLATINUM WIND ENERGY LLP	Designated Partner	09/06/2013	09/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ranjit
Designation :	Finance Manager

MAJOR SHAREHOLDERS

As on 29.09.2014

Names of Shareholders	No. of Shares
Shashikant S. Choksi HUF	120060
Shashikant S. Choksi	243080
Shashikant S. Choksi Bharti S. Choksi	12030
Bharti S. Choksi Shashikant S. Choksi	294300
Bharti S. Choksi	19140
Ashish S. Choksi Bharti S. Choksi	108930
Ashish S. Choksi Shashikant S. Choksi	14120
Suruchi A Choksi Ashish S. Choksi	68560
Vishwas S. Choksi Shashikant S Choksi Bharti S. ChoksI	175250
Vishwas S. Choksi Bharti s choksi	13030
Ashok S. Choksi	161240
Gautam A. Choksi	413760
Tanu G. Choksi Gautam A Choksi	280060
Gautam A. Choksi HUF	213440
Abhay S. Choksi HUF	96740
Abhay S. Choksi	287360
Abhay S. Choksi Madhulika A Choksi	65880
Madhulika A. Choksi Abhay S Choksi	227100
Gaurav A. Choksi Abhay S. Choksi Madhulika A Choksi	95710
Siddharth A. Choksi Abhay S. Choksi Madhulika A Choksi	295710
Vikram S. Choksi HUF	213700
Vikram S. Choksi	174410
Vikram S. Choksi Pallavi V Choksi	39290
Pallavi V. Choksi	128680
Pallavi V. Choksi Vikram A Choksi	85020
Vardhaman V. Choksi Vikram S. Choksi Pallavi V Choksi	213700
Rushabh V Choksi	213700
Total	4274000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Precious Metals

Products :

Product Description	Item Code (ITC Code)
Chemical Catalyst and Compounds of Precious Metals	38151100
Electrical Contact Made of Silver and Silver Alloys	85381009

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Precious Metals

Countries :

• Japan
• Thailand
• Malaysia
• Hong Kong
• UK
• Switzerland

Imports :

Products :

Raw Material

Countries :

• Singapore
• New York
• London
• Germany

Terms :

Selling :

Cash and Credit (30/60/90 Days)

Purchasing :

Cash and Credit (30/60/90 Days)

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 :

End Users and OEM’s

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 :

30 (Approximately)

Bankers :

Banker Name :	Citi Bank
Branch Address :	First International Financial Centre, 9th Floor, Plot No.C-54, C-55, G-Block, BKC, Bandra (East), Mumbai-400051, Maharashtra, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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.187.500 Millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• The Hongkong and Shanghai Banking Corporation Limited, Plot No. 139-140b, Shiv Building, Sahar Road Junction, Opposite W.E. Highway, Vile Parle (East), Mumbai – 400057, Maharashtra, India
• Standard Chartered Bank, Mahatma Gandhi Road, Mumbai - 400001, Maharashtra, India
• Industrial Development Bank of India, IDBI Tower, Cuff Parade, Mumbai-400005, Maharashtra, India
• Bank of Baroda, Worli Branch, Mumbai - 400018, Maharashtra, India.
• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Rupee term loan from bank	183.076	5.570
Rupee term loan from others	0.915	1.817
Short Term Borrowings
Working capital loans from banks	1060.131	2374.586
Total	1244.122	2381.973

Auditors :
Name :	Natvarlal Vepari and Company Chartered Accountants
Address :	Oricon House, 4^th Floor, 12 K. Dubash Marg, Mumbai-400023, Maharashtra, India
Tel. No.:	91-22-66315851
Fax No.:	91-22-66315852
E-Mail :	nve@nvc.in
PAN No.:	AAAFN2322E
Subsidiaries :	Hindustan Platinum International Limited

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs. 10/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4274000	Equity Shares	Rs. 10/- each	Rs. 42.740 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	42.740	42.740	42.740
(b) Reserves & Surplus	2168.870	1741.052	1280.843
(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)	2211.610	1783.792	1323.583
(3) Non-Current Liabilities
(a) long-term borrowings	183.991	7.387	10.768
(b) Deferred tax liabilities (Net)	252.390	175.000	165.112
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.512	5.073	5.550
Total Non-current Liabilities (3)	440.893	187.460	181.430
(4) Current Liabilities
(a) Short term borrowings	1273.518	2784.347	1874.278
(b) Trade payables	934.901	718.611	1164.741
(c) Other current liabilities	413.163	318.616	276.779
(d) Short-term provisions	236.018	232.166	141.777
Total Current Liabilities (4)	2857.600	4053.740	3457.575
TOTAL	5510.103	6024.992	4962.588
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1232.993	989.240	908.254
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.534	17.444	0.842
(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	64.297	78.819	60.051
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1297.824	1085.503	969.147
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3276.473	3415.565	2884.127
(c) Trade receivables	525.929	867.074	729.284
(d) Cash and cash equivalents	150.434	104.872	65.467
(e) Short-term loans and advances	258.456	549.127	247.232
(f) Other current assets	0.987	2.851	67.331
Total Current Assets	4212.279	4939.489	3993.441
TOTAL	5510.103	6024.992	4962.588

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	7917.533	10883.869	8039.249
		Other Income	38.843	24.044	19.236
		TOTAL	7956.376	10907.913	8058.485
Less	EXPENSES
		TOTAL	6903.530	9836.599	7383.021
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1052.846	1071.314	675.464
Less/ Add	DEPRECIATION/ AMORTISATION		113.155	93.543	90.111
	PROFIT BEFORE TAX		939.691	977.771	585.353
Less	TAX		319.358	325.048	187.462
	PROFIT AFTER TAX		620.333	652.723	397.891
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		810.367	440.158	191.614
Less	APPROPRIATIONS
		Transfer to General Reserve	100.000	90.000	50.000
		Dividend	164.549	164.549	85.480
		Tax on Dividend	27.965	27.965	13.867
	BALANCE CARRIED TO THE B/S		1138.186	810.367	440.158
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings		2790.204	3974.610	2762.527
	Earnings Per Share (Rs.)		145.14	152.72	93.10

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	7.83	6.00	4.95
Return on Total Assets (PBT/Total Assets}	(%)	17.06	16.28	11.80
Return on Investment (ROI) (PBT/Networth)		0.42	0.55	0.44
Debt Equity Ratio (Total Debt /Networth)		0.66	1.57	1.42
Current Ratio (Current Asset/Current Liability)		1.47	1.22	1.15

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	42.740	42.740	42.740
Reserves & Surplus	1280.843	1741.052	2168.870
Net worth	1323.583	1783.792	2211.610
long-term borrowings	10.768	7.387	183.991
Short term borrowings	1874.278	2784.347	1273.518
Total borrowings	1885.046	2791.734	1457.509
Debt/Equity ratio	1.424	1.565	0.659

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	8039.249	10883.869	7917.533
		35.384	(27.254)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	8039.249	10883.869	7917.533
Profit	397.891	652.723	620.333
	4.95%	6.00%	7.83%

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	No
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	No
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	Yes
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	Yes
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

LITIGATION DETAILS
Bench:- Bombay
Lodging No. :	ITXAL/1497/2011	Failing Date:-	24/11/2011	Reg No.:-	ITXA/2637/20111	Reg Date :	22/12/2011
Petitioner:-	COMMISSIONER OF INCOME TAX 2		Respondent:-	HINDUSTAN PLATINUM PRIVATE LIMITED
Petn.Adv:-	SURESH KUMAR (0)		Resp. Adv.:	0 (0)
District:-	MUMBAI
Bench:-	DIVISION		Category:-	TAX APPEALS
Status:-	Admitted (Unready)		Stage:-	FOR ADMISSION
Last Date:-	16/04/2014
Last Coram:-	HON’BLE SHRI JUSTICE S.C. DHARMADHIKARI HON’BLE SHRI JUSTICE G.S. KULKARNI
Act. :	Income Tax Act,1961			Under Section :- 260A

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Short Term Borrowings
Loans and advances from directors	213.387	120.900
Working capital loans from banks	0.000	288.861
Total	213.387	409.761

Operational Performance:

Sales and Job-work charges of the Company for the current year have decreased to Rs.8343.603 Millions from Rs. 11276.846 Millions of last year. The Operating profit before tax for the current year shows a decrease from 977.771 Millions to Rs. 939.691 Millions, a marginal decrease of Rs.38.080 Millions over the previous year.

The Directors informed that the decrease in profitability, is mainly attributed to the decrease in net-sales due to weak market conditions. However, the improved profit to sales ratio is mainly due increase in production efficiency. The performance of the Company for the current year is expected to be good. The Company expects to increase net-sales and job-work charges, consequently improving the profitability, provided the same is not affected by unforeseen contingencies.

INDEX OF CHARGE:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10477738	31/12/2013	187,500,000.00	CITIBANK N. A.	FIRST INTERNATIONAL FINANCIAL CENTRE, 9TH FLOOR,,  PLOT NO.C-54, C-55, G-BLOCK, BKC, BANDRA (E), MUM  BAI, Maharashtra - 400051, INDIA	B96429592
2	10188774	25/03/2014 *	6,000,000,000.00	The Hong Kong and Shanghai Banking Corporation Limited	PLOT NO. 139-140B, SHIV BLDG, SAHAR ROAD JUNCTION,  OPP. W.E. HIGHWAY, VILE PARLE (EAST), Mumbai, Maharashtra - 400057, INDIA	C04577821

FIXED ASSETS:

• Leasehold Land
• Buildings
• Plant and Machinery
• Wind Turbine Converter
• Computer
• Dies
• Furniture and Fixtures
• Vehicles

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. 62.25
UK Pound	1	Rs. 96.00
Euro	1	Rs. 70.72

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		60

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.