MIRA INFORM REPORT

Report No. :	309573
Report Date :	25.02.2015

IDENTIFICATION DETAILS

Name :	VAYHAN COFFEE LIMITED
Registered Office :	S.No.141/142, Garlamadugu Village, Pedavegi Mandal, West Godavari District - 534450, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2014 (Profit and Loss Account)
Date of Incorporation :	22.12.2005
Com. Reg. No.:	01-048531
Capital Investment / Paid-up Capital :	Rs. 283.830 Millions
CIN No.: [Company Identification No.]	U15492TG2005PLC048531
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Instant Coffee.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 939000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Even though there is a dip in the sales turnover of the company, net profitability of the company is fair during 2014. As per available balance sheet figures of FY 2013, reserves of the company is low. However, trade relation seems to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution. Note: · Balance sheet for the year 2014 could not be made available from any source. · As claimed by Mr. Ajay (Account Manager) that the Registered Office is shifted to Factory Premises.

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	ICRA
Rating	Long term rating: “BB-”
Rating Explanation	Inadequate credit quality and high credit risk.
Date	August, 2014

Rating Agency Name	ICRA
Rating	Short term rating: “A4”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	August, 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 (GENERAL DETAILS)

Name :	Mr. Ajay Kumar
Designation :	Account Manager
Contact No.:	91-9963938444
Date :	24.02.2015

LOCATIONS

Registered Office/ Factory 1:	S.No.141/142, Garlamadugu Village, Pedavegi Mandal, West Godavari District - 534450, Andhra Pradesh, India
Tel. No.:	91-8812-259991 to 8
Mob. No.:	91-9963938444 (Mr. Ajay Kumar)
Fax No.:	Not Available
E-Mail :	kk@vayhan.in info@vayhan.in accounts@vayhan.in coffee@vayhan.in
Website :	www.vayhan.in
Corporate Office/ Factory 2:	H. No. 1-155, Sy. No. 108/A, Kompally Main Road, Hyderabad – 500014, Telangana, India
Tel. No.:	91-40-27165330 / 27165328 / 5329
Fax No.:	91-40-27141028 / 27165330

DIRECTORS

As on 16.08.2014

Name :	Rama Raju Datla
Designation :	Managing Director
Address :	Villa No 137 Palm Meadows, Kompally, Hyderabad - 500014, Telangana, India
Date of Birth/Age :	13.06.1962
Qualification :	Diploma in LCE
Date of Appointment :	22.12.2005
DIN No. :	00280156
Name :	Kanumuri Venkata Krishnam Raju
Designation :	Whole-time director
Address :	6-3-596/9, Venkata Ramana Colony, Khairatabad, Hyderabad - 500004, Andhra Pradesh, India
Date of Birth/Age :	25.07.1963
Qualification :	Chartered Accountant
Date of Appointment :	24.11.2011
DIN No. :	00280217
Name :	Mr. Gopal Kandadai
Designation :	Director
Address :	301/A, Ambience Avenue, Sri Nagar Colony, Hyderabad - 500073, Andhra Pradesh, India
Date of Birth/Age :	22.07.1944
Qualification :	CA, LLB
Date of Appointment :	30.06.2011
DIN No. :	00306607
Name :	Mr. Ramasurya Datla Parmananda Raju
Designation :	Whole-time director
Address :	138 Palm Meadows Kompally, Jeedimetla, Hyderabad - 500014, Telangana, India
Date of Birth/Age :	06.08.1957
Qualification :	B.Com
Date of Appointment :	22.12.2005
DIN No. :	00306612
Name :	Mr. Venkata Suryanarayana Raju Gadhiraju
Designation :	Director
Address :	D-37, Madhuranagar, Hyderabad - 500038, Andhra Pradesh, India
Date of Birth/Age :	04.12.1964
Qualification :	B.Com
Date of Appointment :	30.03.2012
DIN No. :	00306615
Name :	Mr. Jayaram Sharma Achanta
Designation :	Director
Address :	14-40/3a, Srinivasapuram, Ramanthapur Rr Dist, Hyderabad - 500013, Andhra Pradesh, India
Date of Birth/Age :	07.07.1949
Qualification :	Company Secretary
Date of Appointment :	29.07.2010
DIN No. :	01057102
Name :	Sundararamaraju Penumatsa
Designation :	Whole-time director
Address :	C/O A V Subba Raju, Lig 438, Kphb Colony, Ranga Reddy District, Hyderabad - 500072, Andhra Pradesh, India
Date of Birth/Age :	25.07.1973
Qualification :	B.Com
Date of Appointment :	24.11.2011
DIN No. :	01507050
Name :	Mr. Sreenivasa Rao Ravinuthala
Designation :	Director
Address :	32-126/3 , Bank Colony, Ramakrishnapuram, Secunderabad - 500056, Andhra Pradesh, India
Date of Birth/Age :	07.11.1955
Qualification :	FCWA
Date of Appointment :	29.07.2010
DIN No. :	03271625
Name :	Undavali Paparao
Designation :	Director
Address :	340 Carr Manor Court, Missouri, Ballwin, 63021, United States of America
Date of Birth/Age :	10.05.1968
Qualification :	Engineer
Date of Appointment :	18.05.2012
DIN No. :	05263236
Name :	Undavalli Ramu
Designation :	Alternate Director
Address :	D. No: 3-148, (V & M), West Godavari District, Pedavegi - 534450, Andhra Pradesh, India
Date of Birth/Age :	13.04.1972
Date of Appointment :	18.05.2012
DIN No. :	05263249

KEY EXECUTIVES

Name :	Mr. Ajay Kumar
Designation :	Account Manager
Name :	Mr. Lokesh Kumar Agarwal
Designation :	Secretary
Address :	H. No: 2-4-1021/5, Kachiguda, Hyderabad - 500027, Andhra Pradesh, India
Date of Birth/Age :	22.05.1990
Date of Appointment :	01.04.2014
PAN No. :	AMIPA0265H
Name :	Kanumuri Venkata Krishnam Raju
Designation :	CFO
Address :	6-3-596/9, Venkata Ramana Colony, Khairatabad, Hyderabad - 500004, Andhra Pradesh, India
Date of Birth/Age :	25.07.1963
Date of Appointment :	01.04.2014
PAN No. :	ADOPK8293Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.08.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

As on 16.08.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	5.94
Directors or relatives of Directors	81.51
Other top fifty shareholders	12.55
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Instant Coffee.

Products :

Item Code No. (ITC Code)	Product Description
21011120	Instant Coffee

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Instant Coffee

Countries :

· Russia

· Vietnam

· China

· Singapore

Imports :

Products :

Raw Material

Countries :

Vietnam

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Wholesalers, Retailers and Manufacture

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

150 (Approximately)

Bankers :

Bank Name:	State Bank of India
Branch:	Mid Corporate Loan Administration Unit (MCLAU), 3/6/281/A/1, 1^st Floor, Hyderguda Main Road, SBI Old MLA Quarter's Branch Building, Hyderabad - 500029, Andhra Pradesh, India
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

· State Bank of Mysore, IFB, Hyderabad, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (Term Loans are secured by first charge on fixed assets of the company present and future and equitable mortgage of factory land and collectively secured by pari passu second charge on current assets.)	78.599
SHORT TERM BORROWINGS
Working capital loans from banks (Working Capital Loans are secured by hypothecation of all current assets and collaterally secured by second charge over company's fixed assets and personal guarantees of the promoter directors and guarantors.)	258.526
Total	337.125

Banking Relations :	--
Auditors :
Name :	GMK Associates Chartered Accountants
Address :	607, Raghava Ratna Towers, Chirag Ali Lane, Abids, Hyderabad – 500001, Telangana, India
Income-tax PAN of auditor or auditor's firm :	AACFG7582R
Memberships :	--
Collaborators :	--
Subsidiaries : (As on 31.03.2013)	Vayhan Instant Foods Private Limited CIN No.: U15122AP2012PTC078750
Associates : (As on 31.03.2013)	· Kanhan Packagings Private Limited CIN No.: U21022AP1990PTC011964 · Future Enterprises Pte Limited (upto 14/11/2011)
Company in which KMP / Relatives of KMP can exercise significant influence : (As on 31.03.2013)	· Vayhan Air Controls (Private) Limited CIN No.: U29191AP2003PTC041991 · Gosthani Hitech Cartons (Private) Limited CIN No.: U21029AP1999PTC031657 · Deccan Polypacks Private Limited CIN No.: L24134AP1984PLC005215

CAPITAL STRUCTURE

As on 16.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
29,000,000	Equity Shares	Rs.10/- each	Rs. 290.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
28,383,000	Equity Shares	Rs.10/- each	Rs. 283.830 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	283.830	283.830
(b) Reserves & Surplus	44.713	10.284
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	328.543	294.114
(3) Non-Current Liabilities
(a) long-term borrowings	135.464	241.769
(b) Deferred tax liabilities (Net)	27.510	6.146
(c) Other long term liabilities	22.710	10.751
(d) long-term provisions	0.316	0.780
Total Non-current Liabilities (3)	186.000	259.446
(4) Current Liabilities
(a) Short term borrowings	258.526	221.841
(b) Trade payables	113.104	70.585
(c) Other current liabilities	117.701	135.453
(d) Short-term provisions	10.842	15.549
Total Current Liabilities (4)	500.173	443.428
TOTAL	1014.716	996.988
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	518.417	558.493
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	15.826	14.839
(iv) Intangible assets under development	2.490	0.000
(b) Non-current Investments	0.365	0.254
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	18.985	10.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	556.083	583.586
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	321.823	266.851
(c) Trade receivables	101.730	117.601
(d) Cash and cash equivalents	10.504	10.490
(e) Short-term loans and advances	22.743	16.528
(f) Other current assets	1.833	1.932
Total Current Assets	458.633	413.402
TOTAL	1014.716	996.988

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1495.580	1517.850	994.434
		Other Income	7.530	28.330	6.427
		TOTAL (A)	1503.110	1546.180	1000.861
Less	EXPENSES
		Cost of Materials Consumed	1022.660	1095.540	660.318
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	14.380	(21.320)	(36.231)
		Employees benefits expense	30.980	24.640	19.146
		Other expenses	224.380	235.530	135.423
		TOTAL (B)	1292.400	1334.390	778.656
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		210.710	211.790	222.205
Less	FINANCIAL EXPENSES (D)		57.140	76.950	81.508
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		153.570	134.840	140.697
Less/ Add	DEPRECIATION/ AMORTISATION (F)		66.800	65.090	63.528
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		86.770	69.750	77.169
Less	TAX (H)		13.750	35.320	42.973
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		73.020	34.430	34.196
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on FOB basis	1379.900	1438.379	874.911
	TOTAL EARNINGS		1379.900	1438.379	874.911
	IMPORTS
		Raw Materials	760.670	705.463	251.201
		Spare Parts	0.000	0.000	0.648
		Capital Goods	0.000	3.207	0.000
	TOTAL IMPORTS		760.670	708.670	251.849
	Earnings / (Loss) Per Share (Rs.)		2.57	1.21	1.20

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	4.88	2.27	3.44
Operating Profit Margin (PBDIT/Sales)	(%)	14.09	13.95	22.34
Return on Total Assets (PBT/Total Assets}	(%)	NA	7.00	7.86
Return on Investment (ROI) (PBT/Networth)		NA	0.21	0.26
Debt Equity Ratio (Total Debt/Networth)		NA	1.20	1.58
Current Ratio (Current Asset/Current Liability)		NA	0.92	0.93

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

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	994.434	1517.850	1495.580
		52.635	-1.467

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	994.434	1517.850	1495.580
Profit	34.196	34.430	73.020
	3.44%	2.27%	4.88%

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	-----
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10501739	24/05/2014	45,000,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP, OVERSEAS BRANCH,2ND AND 3RD FLR, RAJALA CENTRE, PT NO.241/A, ROAD NO36,JUBILEE HILLS, HYDERABAD, TELANGANA - 500033, INDIA	C06006910
2	10205386	09/07/2009	6,000,000.00	STATE BANK OF INDIA MID CORPORATE LOAN ADMINISTRAT ION UNIT (MCLAU)	3/6/281/A/1, 1ST FLOOR, HYDERGUDA MAIN ROAD, SBI OLD MLA QUARTER'S BRANCH BUILDING, HYDERABAD, ANDHRA PRADESH - 500029, INDIA	A72235534
3	10143152	15/04/2014 *	341,000,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP, OVERSEAS BRANCH,2ND AND 3RD FLR, RAJALA CENTRE,PT NO.241/A,ROAD NO36,JUBILEE HILLS, HYDERABAD, ANDHRA PRADESH - 500033, INDIA	C03723889
4	10057927	29/03/2012 *	510,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, 241/A,RAJALA CENTRE, ROAD NO.36, JUBILEE HILLS, HYDERABAD, ANDHRA PRADESH - 500033, INDIA	B36736817

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Fully convertible debentures others	22.500
Intercorporate borrowings	4.000
Deposits from others	30.000
Loans and advances from others	0.365
Total	56.865

CORPORATE INFORMATION

Subject is registered as a 100% Export Oriented Unit (EOU) engaged in manufacture of Instant Coffee. The Company commenced commercial production in October, 2008. The Company's manufacturing unit (West Godavari district) and Corporate Office (Secunderabad) are located in Andhra Pradesh State in India.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Guarantees (For A.P. Pollution Control Board)	1.600	0.171
Guarantees (For Fire Safety with A.P Fire Services Department)	0.171	0.171

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

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.62.28
UK Pound	1	Rs.96.21
Euro	1	Rs.70.60

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUM
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		30

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.