MIRA INFORM REPORT

Report No. :	304054
Report Date :	21.01.2015

IDENTIFICATION DETAILS

Name :	NUMERO UNO CLOTHING LIMITED
Registered Office :	568/1, PMW Complex, Railway Road, Gurgaon – 122001, Haryana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.12.2006
Com. Reg. No.:	05-037533
Capital Investment / Paid-up Capital :	Rs.93.468 Millions
CIN No.: [Company Identification No.]	U18101HR2006PLC037533
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCN4869R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Garments.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 2400000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. 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 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	01.10.2014

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 :	Ms. Sheela
Designation :	Accountant
Contact No.:	91-124-4555222
Date :	20.01.2015

LOCATIONS

Registered Office :	568/1, PMW Complex, Railway Road, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-4555222
Fax No.:	91-124-4555255
E-Mail :	sksolanki@nucl.in
Website :	www.nucl.in
Location :	Owned
Locality :	Commercial
Factory :	Dehradun, Uttarakhand, India

DIRECTORS

AS ON 26.09.2014

Name :

Mr. Narinder Singh Dhingra

Designation :

Managing Director

Address :

7, Hemkunt Colony, New Delhi – 110048, India

Date of Birth/Age :

20.01.1962

Date of Appointment :

04.04.2012

DIN No.:

00025305

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	U70109DL1971PTC005862	PMW ESTATES PRIVATE LIMITED	Director	04/12/1982	04/12/1982	-	Converted to LLP and dissolved	NO
2	U74899DL1995PLC073640	INDUS CLOTHING LIMITED	Director	08/11/1995	08/11/1995	14/05/2007	Active	NO
3	U99999DL1978PLC009148	I F C A BOTTLING CO. LTD.	Director	26/03/2001	26/03/2001	-	Active	NO
4	U18101HR2006PLC037533	NUMERO UNO CLOTHING LIMITED	Managing director	04/04/2012	14/12/2006	-	Active	NO
5	U18101HR2011PLC042527	NUMERO UNO BRANDS LIMITED	Director	24/03/2011	24/03/2011	-	Active	NO
6	AAC-5768	PMW ESTATES LLP	Designated Partner	12/08/2014	12/08/2014	-	Active	NO

Name :

Mrs. Rohini Singh Dhingra

Designation :

Director

Address :

7, Hemkunt Colony, New Delhi – 110048, India

Date of Birth/Age :

12.04.1962

Date of Appointment :

04.04.2012

DIN No.:

00025401

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	U74899DL1995PLC073640	INDUS CLOTHING LIMITED	Director	28/10/1996	28/10/1996	14/05/2007	Active	NO
2	U18101HR2006PLC037533	NUMERO UNO CLOTHING LIMITED	Whole-time director	04/04/2012	14/12/2006	-	Active	NO
3	U18101HR2011PLC042527	NUMERO UNO BRANDS LIMITED	Director	24/03/2011	24/03/2011	-	Active	NO

Name :

Mr. Arun Kumar Jain

Designation :

Director

Address :

D-1083, New Friends Colony, New Delhi – 110065, India

Date of Birth/Age :

18.08.1950

Date of Appointment :

11.06.2008

DIN No.:

00756919

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	U74899DL1981PTC011657	A T S INTERNATIONAL MARKETING PVT LTD	Director	29/04/1981	29/04/1981	10/01/2009	Active	NO
2	U74899DL1967PTC004764	JAINTEX APPARELS PRIVATE LIMITED	Director	20/01/1986	20/01/1986	10/01/2009	Active	NO
3	U93000DL1986PTC025141	AZURE GEMS WORLDWIDE PRIVATE LIMITED	Director	18/08/1986	18/08/1986	-	Active	NO
4	U74899DL1971PTC005538	ABASKAR CONSTRUCTION PVT LTD	Managing director	29/03/2013	16/08/1991	-	Active	NO
5	U74899DL1986PTC025135	SETH HOLDING PRIVATE LTD.	Director	14/08/1993	14/08/1993	06/11/2009	Strike off	NO
6	U40108DL1995PTC070638	GOLDEN SUN ENERGY PRIVATE LIMITED	Director	10/07/1995	10/07/1995	-	Active	NO
7	U74899DL1995PTC070633	JAINSONS AUTOMOBILES PRIVATE LIMITED	Director	10/07/1995	10/07/1995	-	Active	NO
8	U34103DL1996PTC076339	GOLDEN INFRADEVELOPERS PRIVATE LIMITED	Director	21/10/2009	15/02/1996	-	Active	NO
9	U18101HR2006PLC037533	NUMERO UNO CLOTHING LIMITED	Director	11/06/2008	17/12/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Man Singh
Designation :	Secretary
Address :	C-4, Main Colony Road, Near Happy Model School, Sheetla Colony, Gurgaon – 122001, Haryana, India
Date of Birth/Age :	04.04.1970
Date of Appointment :	01.03.2007
PAN No.:	APPPS3867M
Name :	Mr. Rajesh Mittal
Designation :	Chief Financial Officer
Address :	K-96, Ridgewood Estate, DLF Phase IV, Gurgaon – 122001, Haryana, India
Date of Appointment :	17.06.2014
PAN No.:	AIDPM8793R

MAJOR SHAREHOLDERS

AS ON 26.09.2014

Names of Shareholders	No. of Shares
Narinder Singh Dhingra	6766804
Manjyot Singh Rana	100
Geetu Rana	100
Rohini Dhingra	24000
Rajiv Jain	100
Iqubal Singh Arjan	500
NUCL Employees Welfare Trust	208000
AA Development Capital India Fund I LLC	2347000
Jaiwant Singh Dhingra	200
Total	9346804

Equity Share Break up (Percentage of Total Equity)

AS ON 26.09.2014

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	25.11
Bodies corporate	2.23
Directors or relatives of Directors	72.66
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Garments.
Products :	Garments
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Products :	Machineries
Countries :	Spain
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	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 :

400 (Approximately)

Bankers :

· Axis Bank Limited, Trishul 3^rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India

· The Federal Bank Limited, Federal Towers P B No 103, Alwaye, Eranakulam – 683101, Kerala, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Other loans and advances	1.885	3.746
Short Term Borrowings
Working capital loans from banks	209.895	272.167
Total	211.780	275.913

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Building No.10, 8^th Floor, Tower-B, DLF Cyber, City, Phase II, Gurgaon – 122002, India
PAN No.:	AAIFB0630K
Membership :	--
Subsidiary company :	Numero Uno Brands Limited
Enterprise having significant influence :	AA Development Capital India Fund I, LLC
Enterprises over which key managerial person or their relatives have significant influence :	· Precision Metal Works India Private Limited · W.G. Hospitality · IFCA Bottling Co. Limited · Vardhman Creations

CAPITAL STRUCTURE

AS ON 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9346804	Equity Shares	Rs.10/- each	Rs.93.468 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	93.468	93.468	93.468
(b) Reserves & Surplus	753.584	663.937	599.959
(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)	847.052	757.405	693.427
(3) Non-Current Liabilities
(a) long-term borrowings	1.885	3.746	0.946
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	30.919	22.300	19.618
(d) long-term provisions	14.989	13.826	12.869
Total Non-current Liabilities (3)	47.793	39.872	33.433
(4) Current Liabilities
(a) Short term borrowings	211.460	277.032	240.709
(b) Trade payables	126.199	99.578	88.699
(c) Other current liabilities	33.492	29.859	48.741
(d) Short-term provisions	49.772	34.116	35.647
Total Current Liabilities (4)	420.923	440.585	413.796
TOTAL	1315.768	1237.862	1140.656
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	213.355	217.576	218.890
(ii) Intangible Assets	9.365	6.313	10.923
(iii) Capital work-in-progress	4.212	4.406	2.981
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	70.499	70.499	70.499
(c) Deferred tax assets (net)	20.891	19.279	15.506
(d) Long-term Loan and Advances	37.789	31.530	42.478
(e) Other Non-current assets	2.425	2.243	2.037
Total Non-Current Assets	358.536	351.846	363.314
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	344.647	290.373	339.485
(c) Trade receivables	600.810	568.868	419.739
(d) Cash and cash equivalents	2.124	7.855	4.017
(e) Short-term loans and advances	9.651	18.920	14.011
(f) Other current assets	0.000	0.000	0.090
Total Current Assets	957.232	886.016	777.342
TOTAL	1315.768	1237.862	1140.656

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		1353.581	1312.812	1111.577
		Other Income		8.051	12.517	12.545
		TOTAL (A)		1361.632	1325.329	1124.122
Less	EXPENSES
		Cost of Materials Consumed		354.340	311.064	312.476
		Purchase of Stock-in-trade		305.587	336.625	189.492
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(46.011)	15.755	(37.842)
		Employee Benefits Expenses		141.149	138.391	146.388
		Other Expenses		357.578	310.114	320.459
		TOTAL (B)		1112.643	1111.949	930.973
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			248.989	213.380	193.149
Less	FINANCIAL EXPENSES (D)			40.953	43.219	37.814
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			208.036	170.161	155.335
Less	DEPRECIATION/ AMORTISATION (F)			36.241	42.284	43.188
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			171.795	127.877	112.147
Less	TAX (H)			60.277	42.173	41.707
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			111.518	85.704	70.440
	IMPORTS
			Traded Goods - Garments	0.000	24.882	7.385
			Traded Goods - Shoes	15.429	142.637	11.230
			Samples	1.136	0.668	1.096
			Accessories	0.000	0.000	9.766
			Capital goods	0.000	7.777	4.872
	TOTAL IMPORTS			16.565	175.964	34.349
	Earnings Per Share (Rs.)			11.93	9.17	7.54

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	8.24	6.53	6.34
Operating Profit Margin (PBDIT/Sales)	(%)	18.39	16.25	17.38
Return on Total Assets (PBT/Total Assets}	(%)	14.08	11.18	10.66
Return on Investment (ROI) (PBT/Networth)		0.20	0.17	0.16
Debt Equity Ratio (Total Debt /Networth)		0.25	0.37	0.35
Current Ratio (Current Asset/Current Liability)		2.27	2.01	1.88

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	93.468	93.468	93.468
Reserves & Surplus	599.959	663.937	753.584
Net worth	693.427	757.405	847.052
long-term borrowings	0.946	3.746	1.885
Short term borrowings	240.709	277.032	211.460
Total borrowings	241.655	280.778	213.345
Debt/Equity ratio	0.348	0.371	0.252

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	1111.577	1312.812	1353.581
		18.104	3.105

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	1111.577	1312.812	1353.581
Profit	70.440	85.704	111.518
	6.34%	6.53%	8.24%

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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NATURE OF BUSINESS AND PERFORMANCE / OPERATIONS

Subject is engaged in the manufacturing of made to wear apparels for men, women and children of all ages. Subject is continuously putting in efforts to improve capacity utilization, cost effectiveness, productivity and initiatives to add value to its customers. Subject efforts in this direction have lead to better operational and financial performance. During the period under review, your company has planned expansion by opening various stores and outlets so as to make best use of the emerging market for the garment sector.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Short Term Borrowings
Loans and advances from related parties	1.565	4.865
Total	1.565	4.865

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10530228	27/10/2014	1,347,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C32960155
2	10530229	27/10/2014	1,347,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C32961617
3	10519017	29/08/2014	30,000,000.00	THE FEDERAL BANK LTD	483/16, CHANDAN PALACE, JAIL ROAD, CIVIL LINES, GURGAON, HARYANA - 122001, INDIA	C19889625
4	10490974	29/04/2014	30,000,000.00	THE FEDERAL BANK LTD	483/16, CHANDAN PALACE, JAIL ROAD, CIVIL LINES, GURGAON, HARYANA - 122001, INDIA	C03985579
5	10431631	17/05/2013	538,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B77320364
6	10391580	26/11/2012	5,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B63977805
7	10337662	10/10/2012 *	150,000,000.00	THE JAMMU AND KASHMIR BANK LIMITED	A-17, RING ROAD, LAJPAT NAGAR - IV, NEW DELHI, DELHI - 110024, INDIA	B60525995
8	10323965	11/06/2013 *	150,000,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B77326049
9	10068055	29/04/2014 *	150,000,000.00	THE FEDERAL BANK LTD.	483/16, CHANDAN PALACE, JAIL ROAD, CIVIL LINES, GURGAON, HARYANA - 122001, INDIA	C03986981

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· Software

· 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.61.85
UK Pound	1	Rs.93.27
Euro	1	Rs.71.57

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.