MIRA INFORM REPORT

Report No. :	304412
Report Date :	24.01.2015

IDENTIFICATION DETAILS

Name :	HILDEN PACKAGING MACHINES PRIVATE LIMITED
Registered Office :	Plot No.101, Street No.16, M.I.D.C., Andheri (East), Mumbai – 400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.01.1983
Com. Reg. No.:	11-029123
Capital Investment / Paid-up Capital :	Rs.0.401 million
CIN No.: [Company Identification No.]	U29195MH1983PTC029123
IEC No.:	Not Available
TIN No.:	27740254554
TAN No.: [Tax Deduction & Collection Account No.]	MUMH07517G
PAN No.: [Permanent Account No.]	AAACH2895P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Bottling Plants for Soft Drinks, Breweries, Distilleries, Pharmaceuticals and other products using Bottle as a Packing material.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s healthy operational risk profile marked by adequate liquidity position and decent profitability margins of the company. 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 condition.

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

NOT AVAILABLE

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.

LOCATIONS

Registered Office/ Head Office/ Factory 1 :	Plot No.101, Street No.16, M.I.D.C., Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-28322251
Fax No.:	91-22-28381248
E-Mail :	carpnahata@gmail.com punitgoyalagrawal@yahoo.in
Factory 2 :	Plot No.46, Street No.14, M.I.D.C., Andheri (East), Mumbai – 400 093, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ratanchand Jivraj Oswal

Designation :

Managing Director

Address :

83/84, Solitaire Central Avenue, Santacruz (West), Mumbai – 400 054, Maharashtra, India

Date of Birth/Age :

07.11.1942

Date of Appointment :

09.04.1985

DIN No.:

00425184

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	U29195MH1983PTC029123	HILDEN PACKAGING MACHINES PRIVATE LIMITED	Managing director	09/04/1985	09/04/1985	-	Active	NO
2	U65990MH1983PTC041275	TULA ENGINEERING PRIVATE LIMITED	Director	09/04/1985	09/04/1985	-	Active	NO
3	U45201RJ2008PTC025900	SUNSHINE LANDCON PRIVATE LIMITED	Director	03/08/2009	15/07/2008	-	Active	NO
4	U27205MH2010PTC203497	RENOX STAINLESS STEEL INDIA PRIVATE LIMITED	Director	26/05/2010	26/05/2010	-	Active	NO
5	U74999MH2013PTC241712	OZBORNE VENTURES PRIVATE LIMITED	Director	04/04/2013	04/04/2013	-	Active	NO

Name :

Mr. Rishi Ratanchand Oswal

Designation :

Director

Address :

81/82, Solitaire Central Avenue, Santacruz (West), Mumbai – 400 054, Maharashtra, India

Date of Birth/Age :

02.07.1971

Date of Appointment :

01.01.1998

DIN No.:

00425486

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	U65990MH1983PTC041275	TULA ENGINEERING PRIVATE LIMITED	Director	01/04/1996	01/04/1996	-	Active	NO
2	U29195MH1983PTC029123	HILDEN PACKAGING MACHINES PRIVATE LIMITED	Director	01/01/1998	01/01/1998	-	Active	NO
3	U27205MH2010PTC203497	RENOX STAINLESS STEEL INDIA PRIVATE LIMITED	Director	28/10/2010	28/10/2010	-	Active	NO
4	U74999MH2013PTC241712	OZBORNE VENTURES PRIVATE LIMITED	Director	04/04/2013	04/04/2013	-	Active	NO

Name :

Mrs. Rasila Ratanchand Oswal

Designation :

Director

Address :

83/84, Solitaire Central Avenue, Santacruz (West), Mumbai – 400 054, Maharashtra, India

Date of Birth/Age :

14.01.1947

Date of Appointment :

02.05.2001

DIN No.:

00425697

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	U29195MH1983PTC029123	HILDEN PACKAGING MACHINES PRIVATE LIMITED	Director	02/05/2001	02/05/2001	-	Active	NO
2	U65990MH1983PTC041275	TULA ENGINEERING PRIVATE LIMITED	Director	02/05/2001	02/05/2001	-	Active	NO

Name :

Mrs. Madhulika Rishi Oswal

Designation :

Director

Address :

81/82, Solitaire Central Avenue, Santacruz (West), Mumbai – 400 054, Maharashtra, India

Date of Birth/Age :

08.04.1974

Date of Appointment :

01.06.2012

DIN No.:

00425859

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	U65990MH1983PTC041275	TULA ENGINEERING PRIVATE LIMITED	Director	02/05/2001	02/05/2001	-	Active	NO
2	U29195MH1983PTC029123	HILDEN PACKAGING MACHINES PRIVATE LIMITED	Director	01/06/2012	01/06/2012	-	Active	NO

Name :

Mr. George Everard Fonseca

Designation :

Director

Address :

10, Berchman House, St. Peters Colony, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

21.05.1961

Date of Appointment :

30.10.1992

DIN No.:

00431933

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Ratanchand Jivraj Oswal	1405	35.04
Rasila Ratanchand Oswal	705	17.58
George Everard Fonseca	700	17.46
Rishi Ratanchand Oswal	950	23.69
Madhulika Rishi Oswal	250	6.23
Total	4010	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Bottling Plants for Soft Drinks, Breweries, Distilleries, Pharmaceuticals and other products using Bottle as a Packing material.
Products :	Bottling Plant Machines Case Packer Rinser/filler/Capper Machine Conveying system and conveyor Hotmelt Automatic Wrap Around Labeller Filler Caper Hotmelt Labeller Cap Elevator Carbonator, etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS (AS ON 31.03.2014):

Licensed Capacity	Not specified
Installed Capacity	Not ascertainable

Particulars	Unit	Actual Production
Bottling Plant Machines	Nos.	5
Case Packer	Nos.	5
Rinser/filler/Capper Machine	Nos.	36
Conveying system and conveyor	Nos.	45
Hotmelt Automatic Wrap Around Labeller	Nos.	17
Filler Caper	Nos.	6
Hotmelt Labeller	Nos.	16
Cap Elevator	Nos.	--
Carbonator	Nos.	1
Robax Machine	Nos.	1
Shrink Tunnel	Nos.	2
Carton Erector	Nos.	1
Pen Sticker Labelling Machine	Nos.	2
Steam Tunnel	Nos.	3
Mix O Matic	Nos.	5
Jar Filling Machine	Nos.	--
Rinser	Nos.	2
Uncaser	Nos.	2
Spare Parts	Nos.	152245
	Mtrs	4026.7
Scrap	Kgs	1458
Jar Rinser	Nos.	--
Shrink Wrap Machine	Nos.	2
Aircompressor	Nos.	5
Blowing Machine	Nos.	2
Chiller Water / Air Cooled Machine	Nos.	2
Sticker Labelling Machine	Nos.	5
Sleeve Applicator	Nos.	4
Warmer Tunnel Machine	Nos.	2
Tapping Machine	Nos.	1
Injet Printer	Nos.	2

GENERAL INFORMATION

Suppliers :

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

Customers :

Reference :	Lupin Laboratories Limited
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

· Aqua Mineral Private Limited, Jaipur

· Aqua Mineral Private Limited, Delhi

· Asia Lak Food Limited, Ludhiana

· ABT Industries Limited

· Crystal Mineral Private Limited – Kolkata

· Emgee Instant Food Product

· Laxmi Indl Estate, Mumbai

· Dharampal - Satyapal, Delhi

No. of Employees :

Not Available

Bankers :

Banker Name	Central Bank of India
Branch Address	SEEPZ, Andheri (East), Mumbai, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

· Citibank, Andheri (West), Mumbai, Maharashtra, India

· State Bank of India, Andheri (East), Mumbai, Maharashtra, India

· Indian Bank, Kings Circle, Mumbai, Maharashtra, India

· Axis Bank Limited, Andheri (East), Mumbai, Maharashtra, India

· Citibank N.A., Trent House, 2^nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	R A N K and Associates Chartered Accountants
Address :	53/B, Tejpal Road, Above Parlekar Masalas, Super Market, Opposite Railway Station, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
E-Mail :	info@rankgroup.in
PAN No.:	AAEFC7598P
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4010	Equity Shares	Rs.100/- each	Rs.0.401 million

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	0.401	0.401	0.401
(b) Reserves & Surplus	327.966	252.016	209.942
(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)	328.367	252.417	210.343
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.050	0.335	0.475
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	2.146	2.441	3.437
Total Non-current Liabilities (3)	2.196	2.776	3.912
(4) Current Liabilities
(a) Short term borrowings	2.420	3.238	3.988
(b) Trade payables	81.541	117.759	48.573
(c) Other current liabilities	122.553	207.093	66.455
(d) Short-term provisions	8.367	2.143	1.864
Total Current Liabilities (4)	214.881	330.233	120.880
TOTAL	545.444	585.426	335.135
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.269	26.074	27.735
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	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	10.967	10.743	6.102
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	33.236	36.817	33.837
(2) Current assets
(a) Current investments	250.394	176.310	150.488
(b) Inventories	127.098	174.951	96.000
(c) Trade receivables	79.701	71.649	16.491
(d) Cash and cash equivalents	22.240	35.087	22.838
(e) Short-term loans and advances	32.775	90.612	15.481
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	512.208	548.609	301.298
TOTAL	545.444	585.426	335.135

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	702.423	459.650	403.374
		Other Income	35.593	19.228	17.968
		TOTAL	738.016	478.878	421.342
Less	EXPENSES
		Cost of materials consumed	333.699	265.687	209.766
		Changes in Inventory of Finished Goods, Work-In-Progress	47.803	(78.876)	(8.476)
		Employee benefits expense	42.896	38.048	29.286
		Other expenses	202.892	186.981	137.345
		Exceptional items - Prior Year Items	0.007	(0.498)	0.026
		TOTAL	627.297	411.342	367.947
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		110.719	67.536	53.395
Less	FINANCIAL EXPENSES		0.959	1.299	0.570
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		109.760	66.237	52.825
Less/ Add	DEPRECIATION/ AMORTISATION		4.721	5.363	3.034
	PROFIT/ (LOSS) BEFORE TAX		105.039	60.874	49.791
Less	TAX		27.225	18.800	14.624
	PROFIT/ (LOSS) AFTER TAX		77.814	42.074	35.167
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		226.000	188.136	158.353
Less	APPROPRIATIONS
		Transfer to General Reserve	7.790	4.210	3.520
		Dividend	1.604	0.000	1.604
		Tax on Dividend	0.260	0.000	0.260
	BALANCE CARRIED TO THE B/S		294.160	226.000	188.136
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. value of Export Sales	173.208	225.845	98.524
	TOTAL EARNINGS		173.208	225.845	98.524
	Earnings / (Loss) Per Share (Rs.)		19405.04	10492.36	8769.82

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	11.08	9.15	8.72
Operating Profit Margin (PBDIT/ Sales)	(%)	15.76	14.69	13.24
Return on Total Assets (PBT/Total Assets}	(%)	19.26	10.40	14.86
Return on Investment (ROI) (PBT/Networth)		0.32	0.24	0.24
Debt Equity Ratio (Total Debt/Networth)		0.01	0.01	0.02
Current Ratio (Current Asset/Current Liability)		2.38	1.66	2.49

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	0.401	0.401	0.401
Reserves & Surplus	209.942	252.016	327.966
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	210.343	252.417	328.367
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	3.988	3.238	2.420
Total borrowings	3.988	3.238	2.420
Debt/Equity ratio	0.019	0.013	0.007

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	403.374	459.650	702.423
		13.951	52.817

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	403.374	459.650	702.423
Profit	35.167	42.074	77.814
	8.72%	9.15%	11.08%

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	No
10]	Designation of contact person	No
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	No
17]	Major suppliers	No
18]	Major customers	Yes
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	No
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	No

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Loan from Related Parties (of the above, Rs. Nil is guaranteed by Directors and / or others)	2.420	3.238
Total	2.420	3.238

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10362793	29/05/2012	20,000,000.00	CITIBANK N. A.	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA  - 400051, INDIA	B42531582
2	10362794	29/05/2012	20,000,000.00	CITIBANK N. A.	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA  - 400051, INDIA	B42531889
3	90221048	29/07/1983	491,000.00	INDIAN BANK	KINDS CIRCLE BRANCH, KING'S CIRCLE, BOMBAY, MAHARASHTRA - 400022, INDIA	-
4	90225497	29/07/1983	500,000.00	INDIAN BANK	KINDS CIRCLE BRANCH, KING'S CIRCLE, BOMBAY, MAHARASHTRA - 400022, INDIA	-

FIXED ASSETS:

· Leasehold Land

· Building

· Plant and Machinery

· Computer

· Motor Car

· Furniture & Fixture

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.61.50
UK Pound	1	Rs.92.16
Euro	1	Rs.69.62

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
-- PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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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.