MIRA INFORM REPORT

Report No. :	305768
Report Date :	31.01.2015

IDENTIFICATION DETAILS

Name :	KIRTIMAN AGROGENETICS LIMITED
Registered Office :	“Shiva House”, New Mondha, Near State Bank of India, Nanded – 431 602, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.02.2008
Com. Reg. No.:	11-179180
Capital Investment / Paid-up Capital :	Rs.133.230 millions
CIN No.: [Company Identification No.]	U01403MH2008PLC179180
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	NSKK02399F
PAN No.: [Permanent Account No.]	AADCK3054G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is primarily engaged in the manufacture and trading of Farm Inputs.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 470000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The rating reflects company’s moderate financial risk profile marked by low profit margin and low reserves level of the company. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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: BB (Suspended)
Rating Explanation	Moderate risk of default.
Date	29.05.2013

Reason for suspension: Non-cooperation by the company to undertake rating.

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 :	“Shiva House”, New Mondha, Near State Bank of India, Nanded – 431 602, Maharashtra, India
Tel. No. :	91-2462-285399
Fax No. :	91-2462-284729
E-Mail :	shivaagro1@gmail.com akbkirtiman@gmail.com

DIRECTORS

AS ON 25.09.2014

Name :

Mr. Girdharbhai Dahyabhai Patel

Designation :

Director

Address :

3/B, Ravi Park, Gayatri Mandir Road, Mahavirnagar, Himatnagar – 383 001, Gujarat, India

Date of Birth/Age :

31.05.1963

Qualification :

B.Com

Date of Appointment :

01.01.2012

DIN No. :

00034130

PAN No.:

AAUPP4650R

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	U01112GJ1995PTC024875	TULSI SEEDS PRIVATE LIMITED	Director	06/03/1995	06/03/1995	-	Active	NO
2	U36998GJ1997PTC032200	NARMADASAGAR AGRISEEDS PRIVATE LIMITED	Director	28/04/1997	28/04/1997	-	Active	NO
3	U26933GJ2003PLC043186	CENTURY TILES LIMITED	Director	14/11/2003	14/11/2003	31/03/2008	Active	NO
4	U26933GJ1996PLC029291	SPECIFIC CERAMICS LIMITED	Director	14/09/2009	14/09/2009	-	Active	NO
5	U01405GJ2010PTC062343	PRAMUKH COT PRESS (INDIA) PRIVATE LIMITED	Director	18/09/2010	18/09/2010	-	Active	NO
6	U01403MH2008PLC179180	KIRTIMAN AGROGENETICS LIMITED	Director	01/01/2012	01/01/2012	-	Active	NO
7	U26993GJ2013PTC076177	DAZARO ECO GREEN PRIVATE LIMITED	Director	25/07/2013	25/07/2013	-	Active	NO
8	U01110GJ1981PTC004284	NAVBHARAT SEEDS PRIVATE LIMITED	Additional director	08/12/2014	08/12/2014	-	Active	NO
9	U01122TG2003PTC042007	SAI KRISHNA SEEDS PRIVATE LIMITED	Additional director	01/01/2015	01/01/2015	-	Active	NO

Name :

Mr. Narayanlal Pannalal Kalantri

Designation :

Director

Address :

Suraj Building, Visawa Nagar, Nanded – 431 602, Maharashtra, India

Date of Birth/Age :

01.08.1945

Qualification :

DME

Date of Appointment :

17.12.2010

DIN No. :

00486333

Election Commission Identity Card No.:

MT3017 0318179

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	L24120MH1993PLC070334	SHIVA GLOBAL AGRO INDUSTRIES LIMITED	Director	25/09/1993	25/09/1993	-	Active	NO
2	U99999MH2005PTC157949	SHRINIVASA AGRO FOODS PRIVATE LIMITED	Director	23/04/2008	23/04/2008	-	Active	NO
3	U01403MH2008PLC179180	KIRTIMAN AGROGENETICS LIMITED	Director	17/12/2010	17/12/2010	-	Active	NO

Name :

Mr. Omprakash Kanhaiyalal Gilda

Designation :

Director

Address :

Lahoti Complex Ned., Vazirabad, Nanded – 431 601, Maharashtra, India

Date of Birth/Age :

02.01.1953

Qualification :

B.Com, DTL

Date of Appointment :

21.02.2008

DIN No. :

01655503

PAN No.:

ACVPG2132L

Election Commission Identity Card No.:

MT30170654324

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	L24120MH1993PLC070334	SHIVA GLOBAL AGRO INDUSTRIES LIMITED	Managing director	01/11/1994	01/11/1994	-	Active	NO
2	U01222MH2004PTC145045	SHIVA-PARVATI POULTRY FEED PRIVATE LIMITED	Director	15/03/2004	15/03/2004	11/05/2009	Active	NO
3	U01403MH2008PLC179180	KIRTIMAN AGROGENETICS LIMITED	Director	21/02/2008	21/02/2008	-	Active	NO
4	U99999MH2005PTC157949	SHRINIVASA AGRO FOODS PRIVATE LIMITED	Director	23/04/2008	23/04/2008	-	Active	NO

Name :

Mr. Madhukar Manikrao Mamde

Designation :

Director

Address :

Mauli Niwas, New Mondha, Nanded – 431 602, Maharashtra, India

Date of Birth/Age :

01.03.1960

Qualification :

B. Sc.

Date of Appointment :

25.02.2008

DIN No. :

02041122

PAN No.:

ABNPM4455B

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	U01403MH2008PLC179180	KIRTIMAN AGROGENETICS LIMITED	Director	25/02/2008	25/02/2008	-	Active	NO
2	U01407MH2008PTC188305	GREEN SUN AGROTECH PRIVATE LIMITED	Director	18/11/2008	18/11/2008	-	Active	YES

Name :

Mr. Divakar Nagappa Shetty

Designation :

Director

Address :

1-6-70, Vidya Nagar, Sneh Nagar, Nanded – 431 602, Maharashtra, India

Date of Birth/Age :

14.10.1944

Qualification :

B. Com

Date of Appointment :

15.06.2012

DIN No. :

01822463

PAN No.:

AAIPS4843F

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	L24120MH1993PLC070334	SHIVA GLOBAL AGRO INDUSTRIES LIMITED	Director	29/12/2005	29/12/2005	-	Active	NO
2	U01403MH2008PLC179180	KIRTIMAN AGROGENETICS LIMITED	Director	15/06/2012	15/06/2012	-	Active	NO
3	U01222MH2004PTC145045	SHIVA-PARVATI POULTRY FEED PRIVATE LIMITED	Director	05/11/2014	05/11/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2014

Names of Shareholders	No. of Shares
Shiva Global Agro Industries Limited, India	859300
Madhukar Manikrao Mamde	20000
Shivkumar Manikrao Mamde	7000
Manikrao Yogiraj Mamde	6000
Jaimala Eknath Mamde	7000
Arti Madhukar Mamde	5000
Preeti Eknath Mamde	5000
Rati Shivkumar Mamde	5000
Sangeeta Mamde	5000
Virgo Fiscal Private Limited, India	40000
Girdharbhai Patel	122500
Jaswantbhai Patel	25000
Kailashben Patel	39500
Narmadasagar Agri Seeds Private Limited, India	60000
Nileshbhai Patel	25000
Rameshbhai Patel	31500
Sandeep Kumar Patel	29500
Narayanlal Pannalal Kalantri HUF	20000
Laxminivas Narayanlal Kalantri	20000
Total	1332300

AS ON 25.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	72.00
Directors or relatives of Directors	28.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in the manufacture and trading of Farm Inputs.

Products :

Item Code No. (ITC Code)	12099990
Product Description	Seeds

· Crop Nutrition Products

· Water Soluble Fertilizers

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

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 :	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

No. of Employees :

Not Available

Bankers :

Banker Name	Union Bank of India
Branch Address	Shri Gurugovind Singh Road, Post Box No.38, Nanded – 431 601, 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

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (Secured by first charge on mortgage of Land and Building, Hypothecation of Plant and Machinery, other Fixed Assets and Personal guarantees of Directors. Loan from Union Bank of India is secured against the respective vehicle.)	0.755	2.095
SHORT TERM BORROWINGS
Working capital loans from banks (Working Capital loan from bank is secured by first pari-passu charge by way of hypothecation of the inventories, book debts, bills for collection present and future and second charge on the entire fixed assets of the Company by way of mortgage and hypothecation in respect of those assets which are first charged to lender. Further, the loan is guaranteed by the personal guarantee of all the directors of the Company except independent directors. The loan carries interest at the rate of 12.75% p.a.)	107.532	111.314
Total	108.287	113.409

Banking Relations :	--
Auditors :
Name :	J.P. Falor and Company Chartered Accountants
Address :	205, 2^nd Floor, Sanman Tower, Vazirabad, Nanded – 431 601, Maharashtra, India
PAN No.:	AAAPF6409Q
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Shiva Global Agro Industries Limited, India (CIN No.: L24120MH1993PLC070334)
Fellow Subsidiary Companies :	Shrinivasa Agro Foods Private Limited, India (CIN No.: U99999MH2005PTC157949) Shiva-Parvati Poultry Feed Private Limited, India (CIN No.: U01222MH2004PTC145045) Ghatprabha Fertilizers Private Limited, India (CIN No.: U24129MH2005PTC156501)
Other Related Parties :	Sai Trading Company, India Narmadasagar Agriseeds Private Limited, India (CIN No.: U36998GJ1997PTC032200) Mamde Krushi Seva Kendra, India Kalantri Engineering Works, India

CAPITAL STRUCTURE

AS ON 25.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1350000	Equity Shares	Rs.100/- each	Rs.135.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1332300	Equity Shares	Rs.100/- each	Rs.133.230 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	133.230	133.230	133.230
(b) Reserves & Surplus	31.185	29.296	27.103
(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)	164.415	162.526	160.333
(3) Non-Current Liabilities
(a) Long-term borrowings	0.755	2.095	9.734
(b) Deferred tax liabilities (Net)	4.314	3.830	3.637
(c) Other long term liabilities	9.715	9.562	8.301
(d) Long-term provisions	0.000	0.000	0.267
Total Non-current Liabilities (3)	14.784	15.487	21.939
(4) Current Liabilities
(a) Short term borrowings	107.532	111.314	116.830
(b) Trade payables	24.306	33.311	29.454
(c) Other current liabilities	64.331	59.345	48.497
(d) Short-term provisions	0.327	0.000	2.850
Total Current Liabilities (4)	196.496	203.970	197.631
TOTAL	375.695	381.983	379.903
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	55.712	56.153	60.311
(ii) Intangible Assets	0.000	0.001	0.091
(iii) Capital work-in-progress	0.000	0.596	0.000
(iv) Intangible assets under development or work-in-progress	75.068	75.012	74.545
(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	3.336	4.354	5.907
(e) Other Non-current assets	22.124	43.853	7.449
Total Non-Current Assets	156.240	179.969	148.303
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	84.518	116.481	110.469
(c) Trade receivables	70.217	78.067	112.216
(d) Cash and cash equivalents	22.785	3.774	3.565
(e) Short-term loans and advances	41.120	2.399	3.944
(f) Other current assets	0.815	1.293	1.406
Total Current Assets	219.455	202.014	231.600
TOTAL	375.695	381.983	379.903

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	236.273	276.913	345.047
		Other Income	1.754	11.024	0.203
		TOTAL	238.027	287.937	345.250
Less	EXPENSES
		Cost of materials consumed	101.689	113.374	85.123
		Purchases of stock-in-trade	19.575	15.801	74.622
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	13.633	7.102	44.795
		Employee benefit expense	11.603	16.303	19.473
		Other expenses	68.043	107.547	93.014
		Prior period items	0.530	0.738	(0.175)
		TOTAL	215.073	260.865	316.852
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		22.954	27.072	28.398
Less	FINANCIAL EXPENSES		17.078	19.902	21.641
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		5.876	7.170	6.757
Less/ Add	DEPRECIATION/ AMORTISATION		2.903	3.559	3.763
	PROFIT/ (LOSS) BEFORE TAX		2.973	3.611	2.994
Less	TAX		1.084	1.418	1.118
	PROFIT/ (LOSS) AFTER TAX		1.889	2.193	1.876
	Earnings / (Loss) Per Share (Rs.)		1.42	1.65	2.16

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.80	0.79	0.54
Operating Profit Margin (PBDIT/ Sales)	(%)	9.72	9.78	8.23
Return on Total Assets (PBT/Total Assets}	(%)	0.99	1.18	0.98
Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.02
Debt Equity Ratio (Total Debt/Networth)		0.66	0.70	0.79
Current Ratio (Current Asset/Current Liability)		1.12	0.99	1.17

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	133.230	133.230	133.230
Reserves & Surplus	27.103	29.296	31.185
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	160.333	162.526	164.415
Long Term borrowings	9.734	2.095	0.755
Short Term borrowings	116.830	111.314	107.532
Total borrowings	126.564	113.409	108.287
Debt/Equity ratio	0.789	0.698	0.659

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	345.047	276.913	236.273
		(19.746)	(14.676)

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	345.047	276.913	236.273
Profit	1.876	2.193	1.889
	0.54%	0.79%	0.80%

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	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	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	Yes
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	10162710	05/05/2010 *	144,000,000.00	UNION BANK OF INDIA	SHRI GURUGOVIND SINGH ROAD, POST BOX NO.38, NANDED, MAHARASHTRA - 431601, INDIA	A84517317

* Date of charge modification

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Livestock

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 records 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.61.76
UK Pound	1	Rs.93.13
Euro	1	Rs.70.03

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	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		28

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.