MIRA INFORM REPORT

Report No. :	325235
Report Date :	02.06.2015

IDENTIFICATION DETAILS

Name :	VICTORIA FOODS PRIVATE LIMITED
Registered Office :	B - 32, Lawrence Road, Industrial Area, New Delhi – 110035
Tel. No.:	91-27180610
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.08.1983
Com. Reg. No.:	55-016310
Capital Investment / Paid-up Capital :	Rs. 99.730 Million
CIN No.: [Company Identification No.]	U74899DL1983PTC016310
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACV2832Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer Of Wheat And Allied Products, Pulse Chana Pulse, Chana Pulse, Urad Pulse, Moong Pulse, Sugar, Atta, Sooji, Dalia, Maida, Missi Atta, Beran, Papad, Peckler Etc.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 400000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Reserves and profitability of the company to be low. External borrowings of the company also seems to be huge during 2014. However, trade relations are reported as fair. Business is active. Payments 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 – 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	ICRA
Rating	Working Capital Limits = BB+
Rating Explanation	Have Moderate credit quality and carry high credit risk.
Date	August, 2014

Rating Agency Name	ICRA
Rating	LC / BG = A4+
Rating Explanation	Have Minimal degree of safety and carry very high credit risk.
Date	August, 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Vinod
Designation :	Importer Executive
Contact No.:	91-11-45325500
Date :	01.06.2015

LOCATIONS

Registered Office :	B - 32, Lawrence Road, Industrial Area, New Delhi – 110035, India
Tel. No.:	91-11-45325500, 27180652, 257-2270830
Fax No.:	Not Available
E-Mail :	victoria@rajdhanigroup.com info@rajdhanigroup.com
Website:	http://www.rajdhanigroup.com
Location :	Owned
Locality :	Industrial

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Rakesh Jain

Designation :

Director

Address :

N -10, Kailash Colony, New Delhi - I 110048, India

Date of Birth/Age :

17.11.1952

Date of Appointment :

05.07.2004

DIN No.:

00166814

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	L67120DL1984PLC018946	TOWERS LEASING AND FINANCE LIMITED	Director	15-08-1987	15-08-1987	-	Active	NO
2	U99999DL1994PLC059396	ESHA SECURITIES LIMITED	Director	27-08-1994	27-08-1994	23-07-2010	Under liquidation	NO
3	U67120DL1992PTC047692	SUPER FAST HOLDINGS PRIVATE LIMITED	Additional director	25-02-2010	11-12-1995	-	Active	NO
4	U74899DL1983PTC016310	VICTORIA FOODS PRIVATE LIMITED	Director	05-07-2004	05-07-2004	-	Active	NO
5	L51909DL1985PLC019804	RAJDHANI NURSURIES LIMITED	Director	01-09-2006	01-09-2006	-	Active	NO
6	U45209DL2007PTC160017	BHAVIN AGRI-INFRA PRIVATE LIMITED	Director	02-03-2007	02-03-2007	-	Active	NO
7	U74899DL1995PTC071363	S P REFRIGERATION AND FOOD PRODUCTS PRIVATE LIMITED	Director	12-07-2007	12-07-2007	-	Active	NO
8	U74899DL1992PTC049133	SUPER QUICK HOLDINGS PRIVATE LIMITED	Additional director	06-08-2008	06-08-2008	-	Active	NO
9	U74899DL1992PLC047694	SUPER PROMPT HOLDINGS LIMITED	Additional director	06-08-2008	06-08-2008	-	Active	NO
10	U65993DL1992PLC047693	HOLDINGS LIMITED	Additional director	06-08-2008	06-08-2008	-	Active	NO
11	U74899DL1982PLC013237	MONSOON FINANCE LIMITED	Additional director	06-08-2008	06-08-2008	-	Active	NO
12	U67190DL1993PTC053078	AMAR PORTFOLIO PRIVATE LIMITED	Additional director	06-08-2008	06-08-2008	-	Active	NO
13	L74899DL1994SGC059404	GERMAN GARDENS LIMITED	Director	30-09-2008	06-08-2008	-	Active	NO
14	L65910DL1993PLC018686	RAJDHANI SECURITIES LIMITED	Additional director	01-02-2010	01-02-2010	-	Active	NO
15	U63010DL2010PTC203870	VICTORIA FOODS COLDSTORAGE PRIVATE LIMITED	Director	08-06-2010	08-06-2010	-	Strike off	NO
16	U63000HR2010PTC040779	S P REFRIGERATION AND FOODS PRODUCTS COLD STORAGE PRIVATE LIMITED	Director	28-06-2010	28-06-2010	-	Strike off	NO

Name :

Mr. Udit Jain

Designation :

Director

Address :

N -10, Kailash Colony, New Delhi - I 110048, India

Date of Birth/Age :

23.08.1980

Date of Appointment :

27.05.2003

DIN No.:

00166794

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	U74899DL1983PTC016310	VICTORIA FOODS PRIVATE LIMITED	Director	27-05-2003	27-05-2003	-	Active	NO
2	U45209DL2007PTC160017	BHAVIN AGRI-INFRA PRIVATE LIMITED	Director	02-03-2007	02-03-2007	-	Active	NO
3	U74899DL1995PTC071363	S P REFRIGERATION AND FOOD PRODUCTS PRIVATE LIMITED	Director	12-07-2007	12-07-2007	-	Active	NO
4	U63010DL2010PTC203870	VICTORIA FOODS COLDSTORAGE PRIVATE LIMITED	Director	08-06-2010	08-06-2010	-	Strike off	NO
5	U63000HR2010PTC040779	S P REFRIGERATION AND FOODS PRODUCTS COLD STORAGE PRIVATE LIMITED	Director	28-06-2010	28-06-2010	-	Strike off	NO

Name :

Ms. Vidhi Jain

Designation :

Director

Address :

N -10, Kailash Colony, New Delhi - I 110048, India

Date of Birth/Age :

20.04.1984

Date of Appointment :

30.09.2010

DIN No.:

01638671

Name :

Ms. Archana Jain

Designation :

Director

Address :

N -10, Kailash Colony, New Delhi - I 110048, India

Date of Birth/Age :

15.08.1959

Date of Appointment :

29.09.1990

DIN No.:

00166932

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	L67120DL1984PLC018946	TOWERS LEASING AND FINANCE LIMITED	Director	04-08-1990	04-08-1990	31-03-2014	Active	NO
2	U74899DL1983PTC016310	VICTORIA FOODS PRIVATE LIMITED	Director	29-09-1990	29-09-1990	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nitin Sharma
Designation :	Secretary
Address :	Village Khanpur Jubti, Loni, Ghaziabad – 201103, Uttar Pradesh, India
Date of Birth/Age :	14.01.1990
Date of Appointment :	01.08.2014
Name :	Mr. Vinod
Designation :	Importer Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Rakesh Jain	490360	49.17
Archna Jain	296929	29.77
Udit Jain	102514	10.28
Vidhi Jain	61429	6.16
R.K Jain& Sons (HUF)	46071	4.62
Total	997303	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer Of Wheat And Allied Products, Pulse Chana Pulse, Chana Pulse, Urad Pulse, Moong Pulse, Sugar, Atta, Sooji, Dalia, Maida, Missi Atta, Beran, Papad, Peckler Etc.
Products :	· Amla Murabba · Cucumber Pickles · Vegetable Pickles · Pickles · Apple Murabba · Lime Pickles etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Countries :	Australia
Imports :
Countries :	Canada
Terms :
Selling :	Cash and Cheque (90 Days)
Purchasing :	Cash, Cheque and Credit (90 Days)

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 :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers, Retailers and End Users

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 :	Not Divulged
Remark:	Not Divulged

No. of Employees :

40 (Approximately)

Bankers :

Punjab National Bank - Lawrance Road Branch, Delhi - 110035, India

Banker Name	State Bank Of Mysore
Branch Address	4101-4157, Naya bazar, Delhi - 110006, 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	159.976	120.500
SHORT TERM BORROWING
Rupee term loans from banks	374.263	345.465
Total	534.239	465.965

Auditors :
Name :	J.B and Associates Chartered Accountant
Address :	23 / 26, East Patel, Nagar, New Delhi, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAPA4461B
Memberships :	Not Available
Collaborators :	Not Available
Associates :	· Bhavin Agri Infra Private Limited , India · Rajdhani Nursuries Limited, India (L51909DL1985PLC019804) · S P Refrigeration And Food Products Private Limited, India (U74899DL1995PTC071363) · Super-Fast Holdings Private Limited, India (U67120DL1992PTC047692) · Victoria Foods Coldstorage Private Limited, India (U63010DL2010PTC203870) · Towers Leasing And Finance Limited, India (L67120DL1984PLC018946) · Rajdhani Flour Mills Limited, India (U74899DL1993PLC055316)

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
999000	Equity Shares	Rs.100/- each	Rs.99.900 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
997303	Equity Shares	Rs.100/- each	Rs.99.730 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	99.730	69.811	59.811
(b) Reserves & Surplus	28.342	41.909	34.252
(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)	128.072	111.720	94.063
(3) Non-Current Liabilities
(a) long-term borrowings	215.893	171.390	106.408
(b) Deferred tax liabilities (Net)	4.312	0.000	0.000
(c) Other long term liabilities	2.418	3.017	2.767
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	222.623	174.407	109.175
(4) Current Liabilities
(a) Short term borrowings	423.004	373.189	271.750
(b) Trade payables	146.968	53.266	90.843
(c) Other current liabilities	78.824	25.135	22.685
(d) Short-term provisions	6.000	4.500	4.751
Total Current Liabilities (4)	654.796	456.090	390.029
TOTAL	1005.491	742.217	593.267
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	302.296	186.733	93.224
(ii) Intangible Assets	0.000	0.000	0.130
(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	10.505	10.505	10.505
(c) Deferred tax assets (net)	0.000	0.214	0.510
(d) Long-term Loan and Advances	4.835	3.390	2.540
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	317.636	200.842	106.909
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	269.172	190.903	139.938
(c) Trade receivables	312.782	232.791	195.977
(d) Cash and cash equivalents	34.367	24.483	29.841
(e) Short-term loans and advances	71.430	91.848	120.602
(f) Other current assets	0.104	1.350	0.000
Total Current Assets	687.855	541.375	486.358
TOTAL	1005.491	742.217	593.267

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL	4343.929	3411.455	3055.232
Less	EXPENSES	4288.918	3391.691	3033.819
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION	55.011	19.764	24.413
	DEPRECIATION/ AMORTISATION	25.582	7.731	8.141
Less	Exceptional Items	(0.144)	(0.197)	0.002
Less	Extraordinary Items	0.000	(0.387)	0.117
	PROFIT/ (LOSS) BEFORE TAX	29.573	12.617	13.153
Less	TAX	13.222	4.960	4.860
	PROFIT/ (LOSS) AFTER TAX	16.351	7.657	8.293
	Earnings / (Loss) Per Share (Rs.)	16.39	7.67	8.95

s

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	42.465	3.681	3.609
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.38	0.22	0.27
Return on Total Assets (PBT/Total Assets}	(%)	2.97	1.72	2.26
Return on Investment (ROI) (PBT/Networth)		0.23	0.11	0.14
Debt Equity Ratio (Total Debt /Networth)		5.32	4.91	4.06
Current Ratio (Current Asset/Current Liability)		1.05	1.19	1.25

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	59.811	69.811	99.730
Reserves & Surplus	34.252	41.909	28.342
Net worth	94.063	111.720	128.072
long-term borrowings	106.408	171.390	215.893
Short term borrowings	271.750	373.189	423.004
Current maturities of long-term debts	3.609	3.681	42.465
Total borrowings	381.767	548.260	681.362
Debt/Equity ratio	4.059	4.907	5.320

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	3055.232	3411.455	4343.929
		11.659	27.334

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	3055.232	3411.455	4343.929
Profit	8.293	7.657	16.351
	0.27%	0.22%	0.38%

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	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	No
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

OPERATION AND PROSPECT:

During the year performance of the company is satisfactory.

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Other loans and advances, others	8.840	6.150
Foreign currency term loans from banks	47.076	44.740
SHORT TERM BORROWING
Other loans and advances	21.220	0.000
Loans and advances from related parties	27.521	27.723
Total	104.657	78.613

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10544107	20/12/2014 *	470,000,000.00	ING VYSYA BANK LIMITED	KOHAT ENCLAVE, 8, G.P, KAPIL VIHAR,, MAIN ROAD, PITAM PURA, NEW DELHI, DELHI - 110034, INDIA	C43177716
2	10518979	05/01/2013	200,000,000.00	STATE BANK OF MYSORE	4101-4157, NAYA BAZAR, DELHI, DELHI - 110006, INDIA	B75634402
3	10268275	25/04/2014 *	200,000,000.00	STATE BANK OF MYSORE	4101-4157, NAYA BAZAR, DELHI, DELHI - 110006, INDIA	C04191029
4	10136389	25/04/2014 *	200,000,000.00	STATE BANK OF MYSORE	4101-4157, NAYA BAZAR, DELHI, DELHI - 110006, INDIA	C04190948
5	90058507	25/04/2014 *	420,000,000.00	STATE BANK OF MYSORE	4101-4157, NAYA BAZAR, DELHI, DELHI - 110006, INDIA	C04190864

* Date of charge modification

FIXED ASSETS

Tangible 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 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.63.61
UK Pound	1	Rs.97.27
Euro	1	Rs.69.63

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	RAS
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--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	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		27

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.