MIRA INFORM REPORT

Report No. :	330563
Report Date :	03.07.2015

IDENTIFICATION DETAILS

Name :	JESONS INDUSTRIES LIMITED
Registered Office :	904, Peninsula Tower No. 1, Ganpat Rao Kadam Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra
Tel. No.:	91-22-66515253
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.10.1999
Com. Reg. No.:	11-122193
Capital Investment / Paid-up Capital :	Rs.89.352 Million
CIN No.: [Company Identification No.]	U24295MH1999PLC122193
IEC No.:	0300015704
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ06269E
PAN No.: [Permanent Account No.]	AAACJ7659P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Synthetic Adhesives, Vinyl Acetate and Acrylic Emulsions.
No. of Employees :	700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1400000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an old established company incorporated during 1999 having a satisfactory track record. The company has shown a significant growth in its profit during FY. 2014 Further, the rating also takes into consideration company sound net worth position with low borrowings and favorable gap between trade payable and trade receivable. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CARE
Rating	Long Term Bank Facilities (BB+)
Rating Explanation	Moderate risk of default.
Date	22.08.2014

RBI DEFAULTER’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTER’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY

Name :	Ms. Yogita
Designation :	Accounts Head
Contact No.:	91-22-66515253

LOCATIONS

Registered Office/ Head Office :	904, Peninsula Tower No. 1, Ganpat Rao Kadam Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
Tel. No.:	91-22-66515253 / 66515226
Fax No.:	91-22-66515252
E-Mail :	info@jesons.net sales.exports@jesons.net
Website :	http://www.jesons.net
Area:	5000 Sq. ft.
Location :	Owned
Factory 1:	Survey No. 377/1/7, Zari Causeway Road, Behind Store Quarry, Kachigam, Daman (Union Territory)
Factory 2:	Located At: Roorkee, Uttarakhand, India

DIRECTORS

As on: 30.09.2014

Name :

Mr. Dhiresh Shashikant Gosalia

Designation :

Managing Director

Address :

131 Spenta Tower, 13th Floor, 55-57 Forjet Street Gowalia Tank, Mumbai – 400 036, Maharashtra, India

Date of Birth/Age :

06.01.1962

Qualification :

B.SC ,Diploma In Textile Chemistry, Business Management

Date of Appointment :

29.09.2014

DIN No.:

00217158

PAN No.:

AAIPG5800G

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	U24295MH1987PTC043332	QUICK STIC MFG. CO PVT LTD	Director	08/12/1993	08/12/1993	-	Active	NO
2	U24295MH1999PLC122193	JESONS INDUSTRIES LIMITED	Managing director	29/09/2014	12/10/1999	-	Active	NO
3	U62110MH2004PTC146037	JESONS LOGISTICS PRIVATE LIMITED	Director	30/04/2004	30/04/2004	-	Strike off	NO
4	U25199MH2006PTC164355	JESONS ADHESIVE PRIVATE LIMITED	Director	06/09/2006	06/09/2006	-	Strike off	NO
5	U92190DL2012NPL239756	AFERA ME INDIA	Director	17/11/2012	17/11/2012	-	Active	NO

Name :

Mr. Raju Vinod Palvia

Designation :

Director

Address :

Shramdan Building, 209/11, 3rd Floor, Opposite SION Hospital, SION (East), Mumbai - 400022, Maharashtra, India

Date of Appointment :

30.09.2013

DIN No.:

06538252

Name :

Mr. Shreyas Mahendra Patel

Designation :

Director

Address :

12, Mount Unique, 62, A, Pedder Road, Mumbai – 400026, Maharashtra, India

Date of Appointment :

29.09.2014

DIN No.:

00112370

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	U72900MH2001PTC131039	CULVER HOLDINGS (INDIA) PRIVATE LIMITED	Director	28/02/2001	28/02/2001	-	Strike off	NO
2	U74210MH2006PTC161014	Ausenco Engineers Private Limited	Additional director	05/05/2006	05/05/2006	21/09/2007	Active	NO
3	U51909MH2007FTC169580	Red Bull India Private Limited	Director	03/04/2007	03/04/2007	27/09/2007	Active	NO
4	U24295MH1999PLC122193	JESONS INDUSTRIES LIMITED	Director	29/09/2014	28/08/2014	-	Active	NO

Name :

Alyza Nihar Sanghai

Designation :

Director

Address :

52, Neelamber Co-Op. Hsg.Soc.Ltd., 37, Pedder Road, Mumbai, 400024, Maharashtra, India

Date of Appointment :

29.09.2014

DIN No.:

06958628

Name :

Mrs. Jyoti Himanshu Doshi

Designation :

Director

Address :

Karma Kshetra, D-2, Flat No. 145, 14^th Floor, Sion (East), Mumbai – 400037, Maharashtra, India

Date of Appointment :

29.09.2014

DIN No.:

06958724

KEY EXECUTIVES

Name :	Ms. Priyanka Kailash Khandelwal
Designation :	Secretary
Address :	402, Bhagwan Bhawan, Jb Nagar, Andheri East, Mumbai – 400059, Maharashtra, India
PAN No.:	AYEPK5544P
Date of Appointment :	05.09.2014

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Dhiresh Gosalia	733424
Madhavi D Gosalia	70100
Usha S Gosalia	64596
Hemal M Kampani	100
Kiran V Daftary	100
Rajesh D Mody	100
Raveena D Gosalia	25000
Madhusudan Mehta	100
Total	893520

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Synthetic Adhesives, Vinyl Acetate and Acrylic Emulsions.
Products :	Synthetic Adhesives Vinyl Acetate Acrylic Emulsions
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	South Arabia
Imports :
Products :	Raw Material
Countries :	Malaysia Singapore
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

GENERAL INFORMATION

Suppliers :

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

Customers :

End Users

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

No. of Employees :

700 (Approximately)

Bankers :

Banker Name	Central Bank of India
Branch Address	Main Office, Mumbai, Mumbai - 400023, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name	Barclays Bank Plc
Branch Address	601/603, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee term loans from banks	11.543	32.880
Loans Taken For Fixed Asset	0.047	2.101
Short Term Borrowing
Loans repayable on demand from banks	258.413	332.890
Total	270.003	367.871

Auditors :
Name :	R. Trivedi and Associates Chartered Accountants
Address :	119, Ground Floor, G-Block, Ranjit Studio, Dadasaheb Palke Road, Dadar, Mumbai-400014, Maharashtra, India
Tel. No.:	91-22-24140957
PAN No.:	AADPT8670Q
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries Company :	Jesons Industries Nepal Private Limited

CAPITAL STRUCTURE

As on: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs.100/- each	Rs.150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
893,520	Equity Shares	Rs.100/- each	Rs.89.352 Million

FINANCIAL DATA

[all figures are in Rupees Million].

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	89.352	89.352	89.352
(b) Reserves & Surplus	419.813	339.410	327.427
(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)	509.165	428.762	416.779
(3) Non-Current Liabilities
(a) long-term borrowings	11.590	34.981	107.152
(b) Deferred tax liabilities (Net)	8.534	6.179	5.845
(c) Other long term liabilities	2.443	2.443	2.443
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	22.567	43.603	115.440
(4) Current Liabilities
(a) Short term borrowings	487.603	684.323	385.567
(b) Trade payables	852.280	551.352	650.354
(c) Other current liabilities	76.050	81.857	37.028
(d) Short-term provisions	15.132	9.469	29.865
Total Current Liabilities (4)	1431.065	1327.001	1102.814
TOTAL	1962.797	1799.366	1635.033
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	210.558	216.731	208.980
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	12.909	2.763	19.543
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	10.533	1.803	1.803
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.415	3.428	2.550
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	239.415	224.725	232.876
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	392.770	450.874	312.160
(c) Trade receivables	909.551	601.681	640.905
(d) Cash and cash equivalents	67.584	113.924	109.565
(e) Short-term loans and advances	353.477	408.162	339.361
(f) Other current assets	0.000	0.000	0.166
Total Current Assets	1723.382	1574.641	1402.157
TOTAL	1962.797	1799.366	1635.033

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	4944.514	4406.376	4107.874
		Other Income	17.199	12.456	11.942
		TOTAL	4961.713	4418.832	4119.816
Less	EXPENSES
		Cost of materials consumed	4517.404	3690.323	3443.440
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(19.603)	(10.909)	(34.969)
		Employee benefit expense	83.909	79.114	56.680
		Other expenses	182.849	562.137	483.992
		TOTAL	4764.559	3949.143	3826.338
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		197.154	98.167	170.673
Less	FINANCIAL EXPENSES		84.942	55.289	47.195
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		112.212	42.878	123.478
Less/ Add	DEPRECIATION/ AMORTISATION		27.320	28.314	26.927
Add/	EXTRAORDINARY ITEMS		8.730	0.000	0.000
	PROFIT BEFORE TAX		93.622	14.564	96.551
Less	TAX		13.218	2.581	23.801
	PROFIT AFTER TAX		80.404	11.983	72.750
	Earnings Per Share (Rs.)		89.99	13.41	81.42

Expected Sales (2014-2015) : Rs. 59.800 Million

The above information has been parted by Ms. Yogita

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	21.859	34.875	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.63	0.27	1.77
Operating Profit Margin (PBDIT/ Sales)	(%)	3.99	2.23	4.15
Return on Total Assets (PBT/Total Assets}	(%)	4.83	0.81	5.98
Return on Investment (ROI) (PBT/Networth)		0.18	0.03	0.23
Debt Equity Ratio (Total Debt /Networth)		1.02	1.76	1.18
Current Ratio (Current Asset/Current Liability)		1.20	1.19	1.27

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	89.352	89.352	89.352
Reserves & Surplus	327.427	339.410	419.813
Share Application money pending allotment	0.000	0.000	0.000
Net worth	416.779	428.762	509.165
long-term borrowings	107.152	34.981	11.590
Short term borrowings	385.567	684.323	487.603
Current Maturities of Long Term Debt	0.000	34.875	21.859
Total borrowings	492.719	754.179	521.052
Debt/Equity ratio	1.182	1.759	1.023

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4107.874	4406.376	4944.514
		7.267	12.213

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4107.874	4406.376	4944.514
Profit	72.750	11.983	80.404
	1.77%	0.27%	1.63%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

REVIEW OF OPERATIONS:

The Company has registered a record performance over previous year, despite challenging macro-economic conditions, high inflation, depreciation in Indian Currency against major currencies and negative business sentiments prevailing throughout the year and across the industry. Thanks to the sustained drive and team efforts of the entire organization, performance remained high on agenda. This resulted into unprecedented record sales growth throughout the year. The performance in terms of net working capital was affected by higher inventory and the profitability is impacted by inflation led cost push in most of the operating areas.

Spite of challenging conditions, the Company, based on its intrinsic strength, has broadly maintained its performance in terms of sales and profit growth over previous year.

The Company registered sales of Rs.4944.500 Million as compared to Rs.4020.700 Million, growth of 22.98%. Out of the total sales revenue of the Company for the year 16.86% is contributed by exports versus 14 64% in the previous year.

The Company remains focused to improve its core business and look for higher market share in the business segments in which it operates.

FUTURE OUTLOOK

The Financial Year 2013-14 saw the Indian economy struggling with slow growth. Increased pressure from inflation added to the overall gloominess in a year saw the rupee falling to its lifetime low level against the US dollar and the current account deficit soaring to its historic high. GDP growth rate during the year slipped to less than 5%. Indian manufacturing sector is facing challenging times and largely concerned with increasing cost pressures, declining domestic demand, foreign exchange volatility and political uncertainty.

In spite of gloomy scenarios, industries are cautiously optimistic about the future growth prospects and working towards new products, innovative services, application developments, facilities expansion and most importantly, understanding the customer preferences and demands and fostering long term profitable relationship with customers.

India is one of the fastest growing economies in the world. This will create the huge demand of Jesons Products. Due to large scale construction activity in India, this means increased demand for paint emulsions manufactured by Jesons.

The Company also plans to set up a new manufacturing facility at South India for addressing the additional capacity requirements. The selection criteria would be based proximity to the Port for import of Raw Materials and nearness to the Customers for Just-In-Time supplies.

The Company has recently participated in National & International Exhibitions viz. Paint India, 2014 (6th March to 8th March, 2014), Dubai Coating Show (10th March to 12th March, 2014) and American Coating Show (8th April to 12th April, 2014). The Company is very optimistic to trigger the USA and Europe market in the years to come.

UNSECURED LOAN

(Rs. In Million)

Particular	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Loans and advances from related parties	0.000	0.164
Other Loans and Advances	229.190	351.268
Total	229.190	351.432

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10187219	06/04/2012 *	1,759,600,000.00	CENTRAL BANK OF INDIA	M. G. ROAD, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B40439036

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment

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. 63.57
UK Pound	1	Rs. 99.20
Euro	1	Rs. 70.35

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
RBI	YES/NO	NO
EPF	YES/NO	NO
TOTAL		45

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.