MIRA INFORM REPORT

Report No. :	309911
Report Date :	28.02.2015

IDENTIFICATION DETAILS

Name :	NEWBY TEAS OVERSEAS PRIVATE LIMITED
Registered Office :	D.H. Road, Bhasa, Bishnupur, Kolkata – 743503, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.09.2003
Com. Reg. No.:	21-097049
Capital Investment / Paid-up Capital :	Rs. 119.932 Million
CIN No.: [Company Identification No.]	U15491WB2003PTC097049
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCN9217C
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Tea Blending and Packaging
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 490000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As per registrar of companies the date of balance sheet i.e. financials filed is shown as 31^st March, 2014 but the documents related to the financials for the year 2014 are not available from any sources. As per available financial of 2013, reserves of company seems to be low. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 = (BB+)
Rating Explanation	Have moderate risk of default
Date	Aug 19, 2014
Rating Agency Name	CRISIL
Rating	Short Term Bank Facilities = (A4+)
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	Aug 19, 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 :	Mrs. Sangeeta Patil
Designation :	Account Department
Contact No.:	91-33-24978997
Date :	27.02.2015

LOCATIONS

Registered Office :	D.H. Road, Bhasa, Bishnupur, Kolkata – 743503, West Bengal, India
Tel. No.:	91-33-66801111/24978997/22300889/32444462
Fax No.:	91-33-66801142/22300889
E-Mail :	sanjiv@newbyoverseas.com

DIRECTORS

As on: 29.09.2014

Name :

Mr. Chhatar Singh Jain

Designation :

Director

Address :

C 462, Defence Colony Ground Floor, New Delhi – 110024, India

Date of Birth/Age :

02.02.1949

Date of Appointment :

29.09.2010

DIN No.:

00080709

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	U51909WB1980PTC032623	EVERETT EXPORTS PVT LTD	Director	15-05-1985	15-05-1985	-	Active	NO
2	U67120WB1961PTC025013	RATAN INVESTMENT PVT LTD	Director	18-05-1987	18-05-1987	-	Active	NO
3	U22219WB1990PTC048345	PURU SEPRICON PRIVATE LIMITED	Director	08-02-1990	08-02-1990	15-01-2008	Active	NO
4	U29219DL2003PTC118385	KBA NotaSys India Private Limited	Director	09-01-2003	09-01-2003	14-03-2014	Active	NO
5	U15491WB2003PTC097049	NEWBY TEAS OVERSEAS PRIVATE LIMITED	Director	29-09-2010	29-09-2003	-	Active	NO
6	U74999DL1997PTC084706	Siegwerk India Private Limited	Director	30-09-2005	09-06-2005	31-10-2007	Active	NO
7	U21012DL1990PTC102759	SICPA INDIA Private Limited	Director	14-09-2006	14-09-2006	-	Active	NO
8	U55209DL2007PTC167789	NEWBY INDIA PRIVATE LIMITED	Managing director	21-09-2007	06-09-2007	-	Active	NO
9	U15422DL2010PTC200012	Anamika Sugar Mills Private Limited	Director	12-03-2010	12-03-2010	-	Active	NO
10	U51109DL2010PTC208852	OVD Kinegram India Private Limited	Director	28-09-2010	28-09-2010	-	Active	NO
11	U70109DL2011PTC227924	Wealth Estate Private Limited	Director	25-11-2011	25-11-2011	-	Active	NO

Name :

Mr. Moti Lal Rajgarhia

Designation :

Director

Address :

1, Morlin Park, Flat 3B, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

27.08.1938

Date of Appointment :

08.11.2006

DIN No.:

00329422

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	U15311WB1974PLC029690	CFM INFRATEX LIMITED	Director	19-08-1984	19-08-1984	21-10-2013	Active	NO
2	U51494WB1989PTC046452	NAROTTAMKA COMMERCIAL COMPANY PVT LTD	Director	25-08-1990	25-08-1990	22-12-2014	Active	NO
3	U70101WB1988PTC045001	VEDANT CREDIT FINANCE PVT LTD	Director	25-08-1990	25-08-1990	22-12-2014	Active	NO
4	U51909WB1992PTC057039	NION VYAPAAR PVT LTD	Director	25-05-1993	25-05-1993	22-12-2014	Active	NO
5	L67120WB1981PLC033505	JUDICIOUS INVESTMENTS LTD	Director	12-06-1993	12-06-1993	22-12-2014	Active	NO
6	U65993WB1993PLC057487	GINNI FINANCIAL SERVICES LIMITED	Director	05-08-1994	05-08-1994	-	Active	NO
7	U21093WB1978PTC031550	PERMAN & HYND PVT LTD	Director	20-12-2003	20-12-2003	-	Active	NO
8	U15491WB2003PTC097049	NEWBY TEAS OVERSEAS PRIVATE LIMITED	Director	08-11-2006	08-11-2006	-	Active	NO
9	U22219WB1990PTC048345	PURU SEPRICON PRIVATE LIMITED	Director	29-09-2012	01-09-2008	-	Active	NO

Name :

Mr. Nirmal Kumar Sethia

Designation :

Director

Address :

21, Winnington Road, London, United Kingdom N20TP

Date of Birth/Age :

08.11.1941

Date of Appointment :

29.09.2010

DIN No.:

00840271

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	U74999DL1997PTC084706	Siegwerk India Private Limited	Director	29-09-2006	18-09-2006	31-10-2007	Active	NO
2	U55209DL2007PTC167789	NEWBY INDIA PRIVATE LIMITED	Additional director	12-11-2007	12-11-2007	-	Active	NO
3	U15491WB2003PTC097049	NEWBY TEAS OVERSEAS PRIVATE LIMITED	Director	29-09-2010	23-03-2009	-	Active	NO

Name :

Mr. Satish Chander Girotra

Designation :

Director

Address :

B 301, Gouri Sadan, 5 Hailey Road, New Delhi – 110001, India

Date of Birth/Age :

12.08.1941

Date of Appointment :

20.12.2004

DIN No.:

01112511

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	U74210DL1996PTC083716	S GIROTRA CONSULTANTS PRIVATE LIMITED	Director	09-12-1996	09-12-1996	-	Active	NO
2	U22219WB1990PTC048345	PURU SEPRICON PRIVATE LIMITED	Director	30-05-1998	30-05-1998	-	Active	NO
3	L17115HP1980PLC005647	WINSOME TEXTILE INDUSTRIES LIMITED	Director	29-09-2014	23-06-1998	-	Active	NO
4	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	08-12-2001	08-12-2001	-	Active	NO
5	U15491WB2003PTC097049	NEWBY TEAS OVERSEAS PRIVATE LIMITED	Director	20-12-2004	20-12-2004	-	Active	NO
6	U29219DL2003PTC118385	KBA NotaSys India Private Limited	Director	04-07-2005	04-07-2005	14-03-2014	Active	NO
7	U93000MH2009PTC191902	HAMARA FINANCIAL SERVICES PRIVATE LIMITED	Director	21-04-2009	21-04-2009	-	Active	NO
8	U15422DL2010PTC200012	Anamika Sugar Mills Private Limited	Director	07-09-2011	21-07-2010	-	Active	NO
9	U51109DL2010PTC208852	OVD Kinegram India Private Limited	Director	28-09-2011	03-11-2010	-	Active	NO
10	U91990DL1901PLC001746	DELHI GOLF CLUB LIMITED	Director	28-09-2012	28-09-2012	-	Active	NO
11	U34101HR1985PLC032462	MM AUTO INDUSTRIES LIMITED	Additional director	14-01-2015	14-01-2015	-	Active	NO

Name :

Mrs. Richa Sethia

Designation :

Additional director

Address :

21, Winnington Road, London, United Kingdom N20TP

Date of Birth/Age :

29.07.1971

Date of Appointment :

10.06.2011

DIN No.:

02350738

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	U67120WB1961PTC025013	RATAN INVESTMENT PVT LTD	Director	14-10-2009	14-10-2009	-	Active	NO
2	U21012DL1990PTC102759	SICPA INDIA Private Limited	Director	29-09-2010	06-05-2010	-	Active	NO
3	U15491WB2003PTC097049	NEWBY TEAS OVERSEAS PRIVATE LIMITED	Director	29-09-2011	10-06-2011	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Sangeeta Patil
Designation :	Account Department
Name :	Mr. Pratick Saha
Designation :	Secretary
Address :	Shiv Mandir Road, Near Naya Dhramshala, Asansol, Burdwan-713301, West Bengal, India
Date of Birth/Age :	16.04.1989
Date of Appointment :	22.08.2012
PAN No.:	DLVPS7892K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2014

Names of Shareholders	No. of Shares
Chhatar Singh Jain	1
Sethia London Limited, UK	3563924
Pashupati Securities Mauritius Limited, Mauritius	8429259
Total	11993184

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Tea Blending and Packaging

Products :

Item Code No.	Product Description
09024090	Tea

Brand Names :

Newby

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

Not Divulged

Bankers :

United Bank of India, Calcutta Branch, 4, N. C. Dutta Sarani, Kolkata- 700001, 
West Bengal, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	36.333	3.623
Short-term borrowings
Working capital loans from banks (Working capital loan is secured by way of exclusive charge on stock in trade, receivables and other current Assets including packing materials.)	30.692	22.944
Total	67.025	26.567

Auditors :
Name :	Lodha and Company Chartered Accountants
Address :	14, Government Place East, Kolkata – 700069, West Bengal, India
Pan No.:	AABFL1894Q
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Newby Teas Uk Limited, US
Holding Company:	Pashupati Securities Mauritius Limited, Mauritius

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
12,500,000	Equity Shares	Rs.10/- each	Rs.125.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11,993,184	Equity Shares	Rs.10/- each	Rs. 119.932 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	119.932	99.950	62.500
(b) Reserves & Surplus	50.448	28.086	16.352
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	3.812
Total Shareholders’ Funds (1) + (2)	170.380	128.036	82.664
(3) Non-Current Liabilities
(a) Long-term borrowings	36.333	3.623	12.500
(b) Deferred tax liabilities (Net)	13.727	12.808	11.555
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.683	0.243	0.198
Total Non-current Liabilities (3)	50.743	16.674	24.253
(4) Current Liabilities
(a) Short term borrowings	37.292	29.925	33.632
(b) Trade payables	5.463	5.221	15.485
(c) Other current liabilities	23.021	31.692	18.857
(d) Short-term provisions	2.193	0.961	4.682
Total Current Liabilities (4)	67.969	67.799	72.656
TOTAL	289.092	212.509	179.573
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	124.786	114.886	103.037
(ii) Intangible Assets	0.082	0.091	0.000
(iii) Capital work-in-progress	50.260	5.489	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	7.552	4.049	4.312
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	182.680	124.515	107.349
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	80.450	74.561	56.306
(c) Trade receivables	11.363	9.427	6.210
(d) Cash and cash equivalents	11.125	0.655	1.229
(e) Short-term loans and advances	1.455	3.242	7.928
(f) Other current assets	2.019	0.109	0.551
Total Current Assets	106.412	87.994	72.224
TOTAL	289.092	212.509	179.573

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	149.811	126.612	104.524
		Other Income	N.A.	N.A.	N.A.
		TOTAL	N.A.	N.A.	N.A.
Less	EXPENSES		N.A.	N.A.	N.A.
	PROFIT BEFORE TAX		29.105	16.234	14.118
Less	TAX		6.743	4.501	4.155
	PROFIT AFTER TAX		22.362	11.733	9.963
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.704	14.970	5.007
	BALANCE CARRIED TO THE B/S		49.066	26.703	14.970
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	133.373	118.365	98.794
	IMPORTS
		Raw Materials	28.760	32.056	N.A.
		Packaging Material	7.305	10.019	N.A.
		Capital Goods	0.014	0.099	N.A.
	TOTAL IMPORTS		36.079	42.174	N.A.
	Earnings Per Share (Rs.)		1.86	1.17	1.59

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	14.93	9.27	9.53
Return on Total Assets (PBT/Total Assets}	(%)	12.19	7.84	7.86
Return on Investment (ROI) (PBT/Networth)		0.17	0.13	0.17
Debt Equity Ratio (Total Debt /Networth)		0.43	0.26	0.56
Current Ratio (Current Asset/Current Liability)		1.57	1.30	0.99

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	62.500	99.950	119.932
Reserves & Surplus	16.352	28.086	50.448
Share Application money pending allotment	3.812	0.000	0.000
Net worth	82.664	128.036	170.380
long-term borrowings	12.500	3.623	36.333
Short term borrowings	33.632	29.925	37.292
Total borrowings	46.132	33.548	73.625
Debt/Equity ratio	0.558	0.262	0.432

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	104.524	126.612	149.811
		21.132	18.323

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	104.524	126.612	149.811
Profit	9.963	11.733	22.362
	9.53%	9.27%	14.93%

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	No
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	No
20]	Export / Import details (if applicable)	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

PERFORMANCE:

In the year the Company achieved a sales turnover of Rs.149.811 Million during the year which is 18.32% higher compared to the turnover recorded in the previous year. The operations of the Company during the year resulted in a profit before tax of Rs.29.105 Million as compared to profit before tax of Rs. 16.234 Million in the previous year.

UNSECURED LOAN

Unsecured Loan	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Short-term borrowings
Rupee term loans from others	6.600	6.981
Total	6.600	6.981

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90254434	21/09/2013 *	133,850,000.00	UNITED BANK OF INDIA	Calcutta Branch, 4, N. C. Dutta Sarani, Kolkata, West Bengal - 700001, India	B87592754

* Date of charge modification

FIXED ASSETS:

• Land
• Building
• Office building
• Factory building
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Office equipment
• Computer equipments
• 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.61.79
UK Pound	1	Rs.95.42
Euro	1	Rs.69.29

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RSM
Report Prepared by :	MTN

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	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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		27

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.