MIRA INFORM REPORT

Report No. :	325473
Report Date :	03.06.2015

IDENTIFICATION DETAILS

Name :	HINDUSTAN COCA-COLA BEVERAGES PRIVATE LIMITED (w.e.f. 11.10.1999)
Formerly Known As :	HINDUSTAN COCA-COLA BOTTLING SOUTHWEST PRIVATE LIMITED
Registered Office :	B-91, Mayapuri Industrial Area, Phase- I. New Delhi – 110064
Tel. No.:	91-80-30136045
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.02.1997
Com. Reg. No.:	55-085151
Capital Investment / Paid-up Capital :	Rs.13518.287 Million
CIN No.: [Company Identification No.]	U74899DL1997PTC085151
TAN No.: [Tax Deduction & Collection Account No.]	DELH04006C
PAN No.: [Permanent Account No.]	AAACH3005H
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing and distribution of non-alcoholic beverages.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Aa (75)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 100000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “Hindustan Coca-Cola Holdings Private Limited”. It is a well-established company having fine track record. Rating takes into account of company’s strong linkage with it parent company backed by leadership position in the domestic non-alcoholic beverages market with the portfolio of its strong brands and experienced management team. Rating also takes into account of company’s healthy financial risk profile marked by adequate liquidity position and sound profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view strong brand portfolio backed by decent operational base, the company can be considered good for normal 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	FITCH
Rating	Long Term Issuer Rating = AAA
Rating Explanation	Highest degree of safety and Carry lowest credit risk.
Date	16.04.2015

Rating Agency Name	FITCH
Rating	Non-fund-based bank loans A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	16.04.2015

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. Shankar
Designation :	Office Executive
Contact No.:	91-80-30136045
Date :	01.05.2015

LOCATIONS

Registered Office :	B-91, Mayapuri Industrial Area, Phase- I. New Delhi – 110064
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	swassan@apac.ko.com sagarodia@coca-cola.com
Website :	http://www.coca-colaindia.com
Corporate Office :	3^rd Floor, Orchid Centre, DLF Golf Course Road, Sector 53, Gurgaon – 122 001, Haryana, India
Tel. No.:	91-124-6755500/ 4705600
Facsimile No.:	91-124-6755501
Zonal Offices :	Located at: Rajastan Ahmedabad New Delhi Hyderabad Chennai Bangalore Cochin Patna Bhubaneswar Mumbai Goa

DIRECTORS

As on 27.09.2014

Name :

Mr. Thirumalai Krishnakumar

Designation :

Director

Address :

Flat No. 12-A, GH-6, Orchid Garden, Suncity, Sector-54, DLF Golf Course Road, Gurgaon-122001, Haryana, India

Date of Birth/Age :

20.10.1959

Date of Appointment :

25.08.2014

DIN No.:

00079047

Name :

Mr. Shukla Wassan

Designation :

Whole-time Director

Address :

Y-141, Regency Park II, DLF Phase IV, Gurgaon-122009, Haryana, India

Date of Birth/Age :

18.12.1959

Date of Appointment :

25.08.2014

PAN No.:

AAHPW8633J

DIN No.:

02770898

Name :

Mr. Jawahar Solai Kuppuswamy

Designation :

Whole Time Director

Address :

Flat No.0602, 6^th Floor, Block No.11, Nirvana Counrty, Gurgaon-122018, Haryana, India

Date of Birth/Age :

01.05.1964

Date of Appointment :

25.08.2014

DIN No.:

05179638

Name :

Mr. Gaurav Chaturvedi

Designation :

Whole Time Director

Address :

A 313, Jayabheri Orange Country-1, Nanakramguda, Serilingampally, Rangareddy, Hyderabad – 500008, Talangana, India

Date of Birth/Age :

24.06.1970

Date of Appointment :

27.09.2014

DIN No.:

06938743

Name :

Mr. Sanjay Sharma

Designation :

Whole Time Director

Address :

1101, Tower 18, The Close South, Nirvana Country, Sector 50, South City –II, Gurgaon – 122008, Haryana, India

Date of Birth/Age :

30.11.1968

Date of Appointment :

27.09.2014

DIN No.:

06938782

Name :

Mr. Rohit Gothi

Designation :

Whole Time Director

Address :

903, B Wing Aster Tower, Film City Road, Goregaon (East), Mumbai – 400097, Maharashtra, India

Date of Birth/Age :

05.08.1968

Date of Appointment :

27.09.2014

DIN No.:

01764709

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	U24239MH2006PTC165662	WIPRO YARDLEY CONSUMER CARE PRIVATE LIMITED	Whole-time director	06/08/2007	06/08/2007	18/04/2009	Amalgamated	NO
2	U74899DL1997PTC085151	HINDUSTAN COCA-COLA BEVERAGES PRIVATE LIMITED	Whole-time director	27/09/2014	25/08/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shankar
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2014

Names of Shareholders	No. of Shares
Hindustan Coca-Cola Holdings Private Limited, India	259250280
The HCCB Employees Welfare Trust, India	20250100
The HCCB Employees Stock Options Trust, India	20250020
Jawahar Solai Kuppuswamy	01
Ravinder Narain	03
Dadachanji Behram Jamshed	04
Ponnacle Trades International Private Limited, India	250000
Total	300000408

Names of Equity Shareholders (Class B)	No. of Shares
Hindustan Coca-Cola Holdings Private Limited, India	248469047
Total	248469047

Names of 1% Redeemable Non-Cumulative, Non-Participative Preference Shareholders	No. of Shares
Hindustan Coca-Cola Holdings Private Limited, India	803359200
Total	803359200

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2014

Category	Percentage
Bodies corporate	92.62
Other top fifty shareholders	7.38
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing and distribution of non-alcoholic beverages.
Products :	Coca-Cola Diet Coke Thums Up Sprite Fanta Limca Kinley Soda Schweppes Tonic Water
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Available
Imports :	Not Available
Terms :	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 :	Not Divulged
Remark:	Not Divulged

Customers :

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 :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
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

Auditors :
Name :	S R Batliboi and Company Chartered Accountants
Address :	Golf View Corporate Towers- B, Sector-42, Sector Road, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-4644000
Fax No.:	91-124-4644050
PAN No.:	AALFS0506L
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Hindustan Coca-Cola Overseas Holdings Pte Limited, Singapore (HCCOH) Bharat Coca-Cola Overseas Holdings Pte Ltd., Singapore (BCCOH), Singapore The Coca-Cola Export Coproration, Atlanta (TCCEC), United States The Coca-Cola Company, U.S.A (TCCC), United States Coca Cola India Private Limited, India U15549PN1992FTC065522 Atlantic Industries, Ireland Sof t Dr ink International, Atlanta, United State Coca-Cola India, Inc-Headquarters, United States Refreshment Product Service India Private Limited, India
Holding Company :	Hindustan Coca Cola Holdings Private Limited U74899DL1997FTC085304
Subsidiaries Company :	Hindustan Coca-Cola Marketing Company Private Limited, India U51227DL2000PTC106974

CAPITAL STRUCTURE

As on 27.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
650000000	Equity Shares	Rs.10/- each	Rs.6500.000 Million
900000000	Preference Shares	Rs.10/- each	Rs.9000.000 Million
	Total		Rs.15500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
548469455	Equity Shares	Rs.10/- each	Rs.5484.695 Million
803359200	Preference Shares	Rs.10/- each	Rs.8033.592 Million
	Total		Rs.13518.287 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	13518.290	13518.290	13518.290
(b) Reserves & Surplus	22620.780	20665.380	17886.140
(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)	36139.070	34183.670	31404.430
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	123.170	124.370	111.760
(c) Other long term liabilities	588.990	517.160	370.850
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	712.160	641.530	482.610
(4) Current Liabilities
(a) Short term borrowings	1468.010	2383.810	829.410
(b) Trade payables	10631.520	9832.670	9417.650
(c) Other current liabilities	5372.760	5409.030	4379.800
(d) Short-term provisions	939.780	1165.780	1019.780
Total Current Liabilities (4)	18412.070	18791.290	15646.640
TOTAL	55263.300	53616.490	47533.680
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	28492.240	25546.170	22343.020
(ii) Intangible Assets	54.720	83.340	77.960
(iii) Capital work-in-progress	1692.780	2226.170	740.210
(iv) Intangible assets under development	667.650	12.830	0.000
(b) Non-current Investments	0.070	0.070	0.070
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2968.370	1863.650	1176.940
(e) Other Non-current assets	5.840	2.420	3.230
Total Non-Current Assets	33881.670	29734.650	24341.430
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	15743.010	15804.400	13314.690
(c) Trade receivables	1657.020	1823.550	1121.820
(d) Cash and cash equivalents	126.050	2102.330	5858.570
(e) Short-term loans and advances	3850.290	4132.590	2858.650
(f) Other current assets	5.260	18.970	38.520
Total Current Assets	21381.630	23881.840	23192.250
TOTAL	55263.300	53616.490	47533.680

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operations	68979.970	65971.270	56102.090
	Other Income	492.090	54.200	480.130
	TOTAL (A)	69472.060	66025.470	56582.220
Less	EXPENSES
	Exceptional items	(571.450)	0.000	0.000
	Other expenses	64747.650	60371.030	50296.680
	TOTAL (B)	64176.200	60371.030	50296.680
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	5295.860	5654.440	6285.540
Less	FINANCIAL EXPENSES (D)	(276.570)	(702.830)	(723.610)
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	5572.430	6357.270	7009.150
Less/ Add	DEPRECIATION/ AMORTISATION (F)	3617.030	3578.030	3242.170
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1955.400	2779.240	3766.980
Less	TAX (H)	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1955.400	2779.240	3766.980
	Earnings / (Loss) Per Share (Rs.)	9.55	5.06	6.86

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	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)	(%)	2.83	4.21	6.71
Operating Profit Margin (PBIDT/Sales)	(%)	7.68	8.57	11.20
Return on Total Assets (PBT/Total Assets}	(%)	3.70	5.41	8.05
Return on Investment (ROI) (PBT/Networth)		0.05	0.08	0.12
Debt Equity Ratio (Total Debt /Networth)		0.04	0.07	0.03
Current Ratio (Current Asset/Current Liability)		1.16	1.27	1.48

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	13518.290	13518.290	13518.290
Reserves & Surplus	17886.140	20665.380	22620.780
Net worth	31404.430	34183.670	36139.070
long-term borrowings	0.000	0.000	0.000
Short term borrowings	829.410	2383.810	1468.010
Total borrowings	829.410	2383.810	1468.010
Debt/Equity ratio	0.026	0.070	0.041

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	56102.090	65971.270	68979.970
		17.591	4.561

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	56102.090	65971.270	68979.970
Profit	3766.980	2779.240	1955.400
	6.71%	4.21%	2.83%

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	Yes
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	No
20	Banking Details	Yes
21	Banking facility details	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

OPERATION OF THE COMPANY

During the Financial Year 2013-2014, the Company operated in a difficult macro-economic environment and the persistently high inflation continued to impact the disposable income of the people thus slowing the GDP growth to 4.9%. This slowdown in the economy coupled with a sluggish weather during Q1 and Q2 of the Financial Year impacted the Non-Alcoholic Ready to Drink (NARTD) Industry which reported a flat to low growth during 2013 {Nielsen Survey}. Despite this unfavorable macro situation, the Company continued to invest in the market by placing Cold Drink Equipment that continued to offer chilled beverage to consumers, built sales capability by automation of front end sales systems. Further the Company added bottling capacities in the area of Carbonated Soft Drinks and Packaged Water in the new Greenfield operations in Bangalore. To support its growth plans, the Company has invested Rs. 6,704.52 Million primarily towards expansion of its capacities and in sales generating assets to increase the sales. Further, the Company executed strong trade marketing calendar led by Sparkling and Juices, which helped them to deliver strong volume performance in the first half of the Financial Year. The Company standardized and strengthened execution system across categories. This helped to streamline ground operation as well as trade management.

They are happy to report that during this period, the Company improved its Net Sales to Rs. 68,979.97 Million for the year ended March 31, 2014 as against Rs. 65,971.27 Million during the previous Financial Year, and achieved a growth of 4.56%. After providing Rs. 43.03 Million towards finance charges (previous year Rs. 19.59 Million) and Rs. 3,617.03 Million towards depreciation (previous year Rs. 3,578.03 Million), the Company has reported a net profit of Rs. 1,955.40 Million for the Financial Year as against a net profit of Rs. 2,779.28 Million during the previous Financial Year. This decline in operating income can be attributed to there continued investments in building the organizational capabilities during slow down and they are confident that as market sentiments improve, the organization is ready to grow profitably and improve over previous years.

The accumulated loss in the books of the Company as at March 31, 2014 is Rs. 6,211.59 Million (previous year Rs. 8,166.99 Million). Strong execution by Company has led to gain in Market Share.

Subsidiary of the Company, M/s Hindustan Coca-Cola Marketing Company Private Limited [HCCM], has discontinued its operations from May, 2008 and is exploring various other business options.

FUTURE OUTLOOK

There future outlook looks bright and they expect to achieve there growth in line with there vision 2020 goals. The optimism is based on rising middle class, demographic shift to a large youth population and there innovation led approach of providing consumer a choice of NARTD products at arm’s length.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans repayable on demand from bank	1468.010	2383.810
Total	1468.010	2383.810

INDEX OF CHARGES : NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Land
• Building
• Plant and Equipment
• Furniture and Fixture
• Vehicles
• Office Equipment
• Motor Vehicles
• Leasehold Improvement

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.63.85
UK Pound	1	Rs.98.12
Euro	1	Rs.71.28

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	9
--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		75

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.