MIRA INFORM REPORT

Report No. :	332845
Report Date :	23.07.2015

IDENTIFICATION DETAILS

Name :	SETCO CHEMICALS (INDIA) PRIVATE LIMITED (w.e.f. 28.06.1994)
Formerly Known As :	SETCO TILES PRIVATE LIMITED
Registered Office :	Survey No.72, Plot Nos.64 to 73, Dewan and Shah Industrial Estate, Waliv Phata, Vasai (East), District Thane – 401 208, Maharashtra
Tel. No.:	91-250-3294750
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.06.1985
Com. Reg. No.:	11-036470
Capital Investment / Paid-up Capital :	Rs.20.000 million
CIN No.: [Company Identification No.]	U26933MH1985PTC036470
IEC No.:	0395003016
TAN No.: [Tax Deduction & Collection Account No.]	MUMS28661D
PAN No.: [Permanent Account No.]	AADCS1688L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Printing Inks, Resins, Paints and Adhesives.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 761000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s healthy financial risk profile marked by sound liquidity position and fair profitability levels of the company in FY 14. Overall financial condition 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 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 – 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION DECLINED

Management non-cooperative

(Tel. No.: 91-250-32947501/ 51)

LOCATIONS

Registered Office/ Factory 1 :	Survey No.72, Plot Nos.64 to 73, Dewan and Shah Industrial Estate, Waliv Phata, Vasai (East), District Thane – 401 208, Maharashtra, India
Tel. No.:	91-250-3294750/ 51/ 3094750
Fax No.:	91-250-2480806
E-Mail :	setcochemicals@gmail.com info@setcochemicals.com
Website :	http://www.setcochemicals.in
Factory 2 :	Plot No.290/1 Phase-II, G.I.D.C., District Vapi – 396 195, Gujarat, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Jayant Hariprasad Solanki

Designation :

Director

Address :

25A, Nalanda Building, 62, Peddar Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

28.04.1943

Date of Appointment :

01.04.1998

DIN No.:

00096850

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	U26933MH1985PTC036470	SETCO CHEMICALS (INDIA) PRIVATE LIMTED	Director	01/04/1998	01/04/1998	-	Active	NO
2	AAC-5567	SHIVMARK IMPEX LLP	Designated Partner	07/08/2014	07/08/2014	-	Active	NO

Name :

Mr. Yogesh Hariprasad Solanki

Designation :

Director

Address :

C/302, Ashish Building, Tirupati Apartments, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

20.02.1949

Date of Appointment :

01.05.1998

DIN No.:

00096900

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	U24100MH1998PTC113414	AQUATHANE CHEMICALS PRIVATE LIMITED	Director	05/02/1998	05/02/1998	-	Active	NO
2	U26933MH1985PTC036470	SETCO CHEMICALS (INDIA) PRIVATE LIMTED	Director	01/05/1998	01/05/1998	-	Active	NO
3	U24110MH1999PTC117834	GRISHMA CHEMICALS PRIVATE LIMITED	Director	12/01/1999	12/01/1999	-	Strike off	NO

Name :

Mrs. Sangeeta Jayant Solanki

Designation :

Director

Address :

25A, Nalanda Building, 62, Peddar Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

17.10.1945

Date of Appointment :

01.12.2000

DIN No.:

00096919

Name :

Mrs. Rekha Yogesh Solanki

Designation :

Director

Address :

C/302, Ashish Building, Tirupati Apartments, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

06.06.1952

Date of Appointment :

01.12.2000

DIN No.:

00096949

KEY EXECUTIVES

Name :	Pauravi K. Trivedi
Designation :	Practising Company Secretary
Address :	A-23, Jyoti, 5^th Floor, Barquat Ali Dargah Marg, Wadala (East), Mumbai – 400 037, Maharashtra, India
Tel. No.:	91-22-24124778
Mobile No.:	91-9869018481
E-Mail :	pauravit@yahoo.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Jayant H. Solanki HUF	7000	3.50
Jayant H. Solanki jointly with Sangeeta	30000	15.00
Tapan J. Solanki jointly with Vandana	32000	16.00
Sangeeta J. Solanki jointly with Jayant	20000	10.00
Vandana T. Solanki jointly with Tapan	11000	5.50
Yogesh H. Solanki jointly with Rekha	33000	16.50
Rekha Y. Solanki jointly with Yogesh	32000	16.00
Grishma Y. Solanki jointly with Yogesh	15500	7.75
Reshma Y. Solanki jointly with Rekha	15500	7.75
Yogesh H. Solanki HUF	4000	2.00
Total	200000	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 Printing Inks, Resins, Paints and Adhesives.
Products :	Liquid Printing Inks Synthetic Resins Laminating Adhesives Specialty Paints
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

Reference :

Nirma

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

· Parle

· Hindalco

No. of Employees :

Information declined by the Management.

Bankers :

Banker Name	Bassein Catholic Co-operative Bank Limited
Branch Address	Manickpur Branch, 1^st Floor, Lawrence Shopping Centre, Manickpur, Vasai (West), Palghar – 401 207, 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 :

Secured Loans	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Term Loans
From Bank
Bassein Catholic Co-operative Bank Limited	54.619	67.971
From Finance Company
Kotak Mahindra Prime Limited	1.162	1.920
Volkswagen Finance Private Limited	0.585	0.000
SHORT TERM BORROWINGS
From Bank-Cash Credit
Bassein Catholic Co-operative Bank Limited	117.611	120.726
Total	173.977	190.617

Banking Relations :	--
Financial Institution :	Volkswagen Finance Private Limited
Auditors :
Name :	M.M. Zaveri and Company Chartered Accountants (Mayur M. Zaveri-Proprietor)
Address :	A-5, Apsara Building, 4, Daulat Nagar, Borivali (East), Mumbai – 400 066, Maharashtra, India
Tel. No.:	91-22-28902003 / 28952242
Income-tax PAN of auditor or auditor's firm :	AAATZ1139K
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company :	Aquathane Chemicals Private Limited CIN No.: U24100MH1998PTC113414
Enterprises having significant influence :	Rang Utsav

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 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	20.000	20.000	20.000
(b) Reserves & Surplus	246.234	204.997	157.356
(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)	266.234	224.997	177.356
(3) Non-Current Liabilities
(a) Long-term borrowings	56.366	69.891	18.595
(b) Deferred tax liabilities (Net)	0.123	0.748	0.351
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	1.504	1.169	0.960
Total Non-current Liabilities (3)	57.993	71.808	19.906
(4) Current Liabilities
(a) Short term borrowings	118.821	121.936	102.530
(b) Trade payables	186.322	131.727	103.676
(c) Other current liabilities	28.991	24.806	20.366
(d) Short-term provisions	5.835	1.039	2.698
Total Current Liabilities (4)	339.969	279.508	229.270
TOTAL	664.196	576.313	426.532
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	227.071	239.370	120.513
(ii) Intangible Assets	0.040	0.053	0.071
(iii) Capital work-in-progress	7.543	3.999	4.763
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6.118	6.116	12.982
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	16.518	6.426	8.009
(e) Other Non-current assets	0.000	1.034	1.401
Total Non-Current Assets	257.290	256.998	147.739
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	104.460	98.078	92.398
(c) Trade receivables	229.345	185.131	143.810
(d) Cash and cash equivalents	41.167	9.205	28.825
(e) Short-term loans and advances	31.934	26.901	13.760
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	406.906	319.315	278.793
TOTAL	664.196	576.313	426.532

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operation	829.538	679.585	594.531
		Other Income	7.746	8.704	3.388
		TOTAL	837.284	688.289	597.919
Less	EXPENSES
		Material Consumed	564.150	480.647	429.539
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	3.270	(9.473)	(11.625)
		Employees benefits expense	52.252	42.897	37.758
		Other expenses	101.034	69.574	45.159
		TOTAL	720.706	583.645	500.831
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		116.578	104.644	97.088
Less	FINANCIAL EXPENSES		26.051	20.059	12.262
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		90.527	84.585	84.826
Less/ Add	DEPRECIATION/ AMORTISATION		20.042	15.268	13.446
	PROFIT/ (LOSS) BEFORE TAX		70.485	69.317	71.380
Less	TAX		23.398	21.676	23.214
	PROFIT/ (LOSS) AFTER TAX		47.087	47.641	48.166
	EARNINGS IN FOREIGN CURRENCY		207.449	128.835	86.847
	Earnings/ (Loss) Per Share (Rs.)		235.43	238.21	240.83

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current maturities of long-term debt	15.436	16.249	10.851
Cash generated from operations	107.920	72.102	42.679
Net cash flows from operating activities	92.480	45.659	19.883

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	5.68	7.01	8.10
Operating Profit Margin (PBIDT/Sales)	(%)	14.05	15.40	16.33
Return on Total Assets (PBT/Total Assets}	(%)	10.83	12.24	17.46
Return on Investment (ROI) (PBT/Networth)		0.26	0.31	0.40
Debt Equity Ratio (Total Debt /Networth)		0.72	0.92	0.74
Current Ratio (Current Asset/Current Liability)		1.20	1.14	1.22

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	20.000	20.000	20.000
Reserves & Surplus	157.356	204.997	246.234
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	177.356	224.997	266.234
Long-term borrowings	18.595	69.891	56.366
Short term borrowings	102.530	121.936	118.821
Current maturities of long-term debts	10.851	16.249	15.436
Total borrowings	131.976	208.076	190.623
Debt/Equity ratio	0.744	0.925	0.716

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)
Revenue from operation	594.531	679.585	829.538
		14.306	22.065

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operation	594.531	679.585	829.538
Profit	48.166	47.641	47.087
	8.10%	7.01%	5.68%

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	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
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	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

Note:

The registered office of the company has been shifted from Plot No.241/I, Shangrilla Industrial Estate, Chinchpada, Vasai (East), District Thane – 401 208, Maharashtra to the present address w.e.f. 15.01.2005.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Repayable on demand
From Directors	0.935	0.935
From Shareholders	0.275	0.275
Total	1.210	1.210

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10370517	25/07/2012	105,000,000.00	THE BASSEIN CATHOLIC CO-OPERATIVE BANK LIMITED	MANICKPUR BRANCH, 1^ST FLOOR, LAWRENCE SHOPPING, CENTER, MANICKPUR , VASAI (WEST), THANE – 401 202, MAHARASHTRA, INDIA	B45662319
2	10256904	13/11/2010	3,000,000.00	BASSEIN CATHOLIC CO-OPERATIVE BANK LIMITED	MANICKPUR BRANCH, LAWRENCE SHOPPING CENTRE, 1^ST FLOOR, MANICKPUR VASAI (WEST), THANE – 401 207, MAHARASHTRA, INDIA	A99918708
3	10155743	21/04/2009	15,000,000.00	THE BASSEIN CATHOLIC CO-OPERATIVE BANK LIMITED	MANIKPUR BRANCH, VASAI WEST, THANE - 401 207, MAHARASHTRA, INDIA	A61123725
4	10198209	06/03/2012 *	86,000,000.00	THE BASSEIN CATHOLIC CO-OPERATIVE BANK LIMITED	MANICKPUR BRANCH, 1ST FLOOR, LAWRENCE SHOPPING CENTER, VASAI (WEST), VASAI - 401207, MAHARASHTRA, INDIA	B35686633
5	10119593	20/08/2008	4,500,000.00	BASSIEN CATHOLIC CO-OPERATIVE BANK LIMITED	MANICKPUR BRANCH, VASAI, THANE – 401 202, MAHARASHTRA, INDIA	A44195543
6	90155320	22/01/2015 *	90,000,000.00	BASSEIN CATHOLIC CO-OPERATIVE BANK LIMITED	MANICKPUR BRANCH, 1ST FLOOR, LAWRENCE SHOPPING CENTER, MANICKPUR, VASAI (WEST), PALGHAR - 401207, MAHARASHTRA, INDIA	C44152353
7	90157809	22/01/2015 *	90,000,000.00	BASSEIN CATHOLIC CO-OPERATIVE BANK LIMITED	MANICKPUR BRANCH, 1ST FLOOR, LAWRENCE SHOPPING CENTER, MANICKPUR, VASAI (WEST), PALGHAR - 401207, MAHARASHTRA, INDIA	C44095859
8	90155743	28/11/1989	168,000.00	CANARA BANK	RAOPURA BRANCH, BARODA, MAHARASHTRA, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Guarantees provided against pledge NSCs	0.031	0.031
Claim against company not acknowledged of debts	12.611	6.450
Letters of credit issued by Bank	24.825	23.772
Total	37.467	30.253

FIXED ASSETS:

Tangible Assets

· Land

· Building

· Plant and Machinery

· Electrical Fittings

· Furniture and Fixtures

· Office Equipments

· Computer

· Vehicles

Intangible Assets

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.53
UK Pound	1	Rs.99.19
Euro	1	Rs.69.60

INFORMATION DETAILS

Information Gathered by :	SPR
Analysis Done by :	KIN
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	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	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		46

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.