MIRA INFORM REPORT

Report No. :	325701
Report Date :	04.06.2015

IDENTIFICATION DETAILS

Name :	CALIBRE CHEMICALS PRIVATE LIMITED (w.e.f. 23.09.1997)
Formerly known as :	H. T. BHAVANI CHEMICALS PRIVATE LIMITED
Registered Office :	703, Dalamal House, 206, Nariman Point, Mumbai – 400 021, Maharashtra
Tel No.:	91-9820050285 (Mr. Rao)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.10.1983
Com. Reg. No.:	11-031128
Capital Investment / Paid-up Capital :	Rs.99.815 Million
CIN No.: [Company Identification No.]	U24100MH1983PTC031128
IEC No.:	0388099917
TAN No.: [Tax Deduction & Collection Account No.]	MUMC10102B
PAN No.: [Permanent Account No.]	AAACC1952G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing Chemicals such as Iodine Derivatives, Persulphates, Perchlorates, Selenium Salts etc.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 3032000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well-established company having satisfactory track record. There seems some dip in the turnover and profit of the company during the year 2014 however, general financial position of the company is good. The rating reflects the company’s comfortable business risk profile, marked by sound operating efficiencies and an established market position. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. 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	CRISIL
Rating	Long Term Rating (A-)
Rating Explanation	Adequate degree of safety and it carry low credit risk.
Date	January 05,2015

Rating Agency Name	CRISIL
Rating	Short term rating (A2+)
Rating Explanation	Strong degree of safety and low credit risk.
Date	January 05,2015

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Rao
Designation :	Finance Manager
Contact No.:	91-9820050285
Date :	02.06.2015

LOCATIONS

Registered Office/ Corporate Office :	703, Dalamal House, 206, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22823148 / 22844335 / 22871797
Mobile No.:	91-9820050285 (Mr. Rao)
Fax No.:	91-22-22832087
E-Mail :	mail@calibrechem.com arao@calibrechem.com
Website :	www.calibrechem.com
Factory :	901-907, 1002 and 1006, GIDC Sarigam, Umbergaon Taluka, District Valsad – 396155, Gujarat, India
Tel. No.:	91-260-2780116
Fax No.:	91-260-2781336
Wind Farm Factory :	Locations 5 and 6, Survey Number 384, Kurunga Village, Taluka Dwarka, District Jamnagar, Gujarat, India

DIRECTORS

As on 30.05.2014

Name :

Mr. Ranjit Hiranand Bhavnani

Designation :

Managing Director

Address :

3, Buckley Court, 5 Wodehouse Road, Mumbai - 400001, Maharashtra, India

Date of Birth :

02.11.1951

Qualification :

B. Tech, M. Tech, M.B.A.

Date of Appointment :

20.10.1983

PAN No.:

AAAHR0797R

DIN No.:

00004417

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	U29290MH1973PTC016286	IGLOO DAIRY SERVICES PRIVATE LIMITED	Managing director	01/02/1973	01/02/1973	-	Active	NO
2	U67120MH1983PTC029626	GELD INVESTMENTS PVT LTD	Managing director	24/03/1983	24/03/1983	-	Strike off	NO
3	U67120MH1983PTC029625	ARGENT INVESTMENTS PVT LTD	Managing director	24/03/1983	24/03/1983	-	Active	NO
4	U67120MH1983PTC029624	QUATTRINI INVESTMENTS PVT LTD	Managing director	24/03/1983	24/03/1983	-	Strike off	NO
5	U24100MH1983PTC031128	CALIBRE CHEMICALS PRIVATE LIMITED	Managing director	20/10/1983	20/10/1983	-	Active	NO
6	U63022MH1977PTC019948	IMPERIAL COLD STORAGE PRIVATE LIMITED	Managing director	21/12/1985	21/12/1985	-	Amalgamated	NO
7	U67120MH1998PTC114377	ING INVESTMENT MANAGEMENT (INDIA) PRIVATE LIMITED	Director	25/04/2003	25/04/2003	-	Active	NO
8	U74300MH1969PTC014391	LINTAS INDIA PRIVATE LIMITED	Director	08/12/2004	08/12/2004	29/06/2007	Active	NO

Name :

Mrs. Mala Ranjit Bhavnani

Designation :

Director

Address :

3, Buckley Court, 5 Wodehouse Road, Mumbai - 400001, Maharashtra, India

Date of Birth :

02.11.1954

Qualification :

B. Sc.

Date of Appointment :

20.10.1985

PAN No.:

AAFPB1108B

DIN No.:

00004419

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	U67120MH1983PTC029626	GELD INVESTMENTS PVT LTD	Director	24/03/1983	24/03/1983	-	Strike off	NO
2	U67120MH1983PTC029625	ARGENT INVESTMENTS PVT LTD	Director	24/03/1983	24/03/1983	-	Active	NO
3	U67120MH1983PTC029624	QUATTRINI INVESTMENTS PVT LTD	Director	24/03/1983	24/03/1983	-	Strike off	NO
4	U29290MH1973PTC016286	IGLOO DAIRY SERVICES PRIVATE LIMITED	Director	27/09/1984	27/09/1984	-	Active	NO
5	U24100MH1983PTC031128	CALIBRE CHEMICALS PRIVATE LIMITED	Director	20/10/1985	20/10/1985	-	Active	NO
6	U63022MH1977PTC019948	IMPERIAL COLD STORAGE PRIVATE LIMITED	Director	21/12/1985	21/12/1985	-	Amalgamated	NO

Name :

Mr. Dhanesh Choith Bhagia

Designation :

Executive Director

Address :

C-403, Ganga Estate, Behind Alur Park, Chembur, Mumbai - 400071, Maharashtra, India

Date of Birth :

08.12.1953

Qualification :

B. Tech

Date of Appointment :

20.03.1991

PAN No.:

AAFPB1419D

DIN No.:

00005472

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	U24100MH1983PTC031128	CALIBRE CHEMICALS PRIVATE LIMITED	Director	20/03/1991	20/03/1991	-	Active	NO
2	U29290MH1973PTC016286	IGLOO DAIRY SERVICES PRIVATE LIMITED	Director	20/03/1991	20/03/1991	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.05.2014

Names of Shareholders	No. of Shares	%age
Ranjit H. Bhavnani	578255	57.93
Mala R Bhavnani	232900	23.33
Rikhil R Bhavnani	93500	9.37
Trivik R Bhavnani	93500	9.37
Total	998155	100.00

As on 30.05.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing Chemicals such as Iodine Derivatives, Persulphates, Perchlorates, Selenium Salts etc.

Products :

Item Code	Product or Services
28012000	Iodine Pure
28012000	Iodine Prilled
28276010	Potassium Iodide
28276020	Sodium Iodode
28276000	Copper Iodide
28275120	Potassium Bromide
28299030	Calcium Iodate
28299030	Potassium Iodate
28299010	Sodium Perchlorate
28331990	Mixed Sulphate
28334000	Potassium Persulphate
28331990	Potassium Bisulphate

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Germany
• Japan
• France
• America
• Brazil
• London

Imports :

Products :

Raw Material

Countries :

• France
• Chile
• Japan
• Germany

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

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 :	--

Customers :

Wholesalers, Retailers and Manufacture

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 :	--

No. of Employees :

100 (Approximately)

Bankers :

Banker Name	Citibank N.A
Branch Address	Cirigroup Centre, 2^nd Floor, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, 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)	--

· State Bank of India, Commercial Branch, N.G.N., Vaisya Marg, Bank Street, Horniman Circle, P.B. No. 10141, Fort, Mumbai - 400023, Maharashtra, India

· ING Vysya Bank Limited, Altamount Road, Mumbai, Maharashtra, India

· Bank of Baroda , Sarigam Branch

· SBI Commercial and International Bank Limited, Maker Chamber III, Nariman Point, Mumbai – 400021, Maharashtra, India

· HDFC Bank, Nariman Point, Mumbai, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	0.000	3.500
SHORT TERM BORROWINGS
Loans repayable on demand from banks	13.284	55.803
Total	13.284	59.303

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Heritage 3^rd Floor, Near Gujarat Vidhyapith , Off Ashram Road, Ahmedabad – 380014, Gujarat, India
Tel. No. :	91-79-27582542 / 27582543
Fax No. :	91-79-27582551
PAN No. :	AABFD7919A
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Caliber Europe bvba, Belgium

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
998155	Equity Shares	Rs.100/- each	Rs.99.815 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	99.815	99.815	1.174
(b) Reserves & Surplus	961.704	918.198	805.142
(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)	1061.519	1018.013	806.316
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	3.500	9.500
(b) Deferred tax liabilities (Net)	0.000	0.798	2.539
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	8.569	7.728	2.447
Total Non-current Liabilities (3)	8.569	12.026	14.486
(4) Current Liabilities
(a) Short term borrowings	13.284	150.133	498.448
(b) Trade payables	430.565	637.825	412.420
(c) Other current liabilities	28.437	15.252	17.160
(d) Short-term provisions	82.280	83.378	43.831
Total Current Liabilities (4)	554.566	886.588	971.859
TOTAL	1624.654	1916.627	1792.661
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	123.806	121.352	132.524
(ii) Intangible Assets	1.122	0.397	0.316
(iii) Capital work-in-progress	6.331	7.344	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.059	1.059	1.059
(c) Deferred tax assets (net)	1.265	0.000	0.000
(d) Long-term Loan and Advances	34.674	36.297	32.258
(e) Other Non-current assets	0.682	1.203	0.520
Total Non-Current Assets	168.939	167.652	166.677
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	707.089	1144.733	1061.444
(c) Trade receivables	615.657	557.980	417.251
(d) Cash and cash equivalents	89.380	14.096	34.558
(e) Short-term loans and advances	32.098	30.108	112.183
(f) Other current assets	11.491	2.058	0.548
Total Current Assets	1455.715	1748.975	1625.984
TOTAL	1624.654	1916.627	1792.661

PROFIT & LOSS ACCOUNT

77	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue	2845.400	3330.500	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		219.900	496.200	684.200
Less	FINANCIAL EXPENSES		20.700	47.600	23.700
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		199.200	448.600	660.500
Less/ Add	DEPRECIATION/ AMORTISATION		17.800	19.400	18.900
	PROFIT/ (LOSS) BEFORE TAX		181.400	429.200	641.600
Less	TAX		56.100	135.800	206.300
	PROFIT/ (LOSS) AFTER TAX		125.300	293.400	435.300
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		884.600	702.300	354.800
	APPROPRIATIONS
		Transfer to General Reserve	12.500	29.400	44.200
		Dividend	69.900	69.900	37.600
		Tax on Dividend	11.900	11.900	6.100
	BALANCE CARRIED TO THE B/S		1026.800	884.600	702.300
	Earnings / (Loss) Per Share (Rs.)		125.53	293.94	--

Particulars	31.03.2015
Sales Turnover (Approximately)	2750.000

Expected Sales (2015-2016): Rs.3000.000 Million

The above information has been parted by Mr. Rao

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	4.40	8.81	NA
Operating Profit Margin (PBDIT/ Sales)	(%)	7.73	14.90	NA
Return on Total Assets (PBT/Total Assets}	(%)	11.23	22.49	35.81
Return on Investment (ROI) (PBT/Networth)		0.17	0.42	0.80
Debt Equity Ratio (Total Liability /Networth)		0.02	0.16	0.64
Current Ratio (Current Asset/Current Liability)		2.62	1.97	1.67

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Current Maturities of Long term debt	3.500	6.000	11.871
Cash generated from operations	NA	NA	NA

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.174	99.815	99.815
Reserves & Surplus	805.142	918.198	961.704
Current Maturities of Long term debt	11.871	6.000	6.000
Net worth	818.187	1024.013	1067.519
long-term borrowings	9.500	3.500	0.000
Short term borrowings	498.448	150.133	13.284
Total borrowings	507.948	153.633	13.284
Debt/Equity ratio	0.630	0.151	0.013

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Revenue	3330.500	2845.400
		(14.565)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Revenue	3330.500	2845.400
Profit	293.400	125.300
	8.81%	4.40%

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	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	No
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last two 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	No
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	No
33	Market information	No
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from related parties	0.000	94.330
Total	0.000	94.330

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10211664	07/01/2014 *	484,500,000.00	State Bank of India	Commercial Branches (Advances), N. G. N Vaidya Marg, Bank Street, Horniman Circle, P.B No. 10141, Fort, Mumbai- 400023, Maharashtra, India	B97885529
2	90242701	07/01/2014 *	435,000,000.00	Citi Bank N.A.	Trent House, 2nd Floor, G Block, Plot No. C 60, Bandra Kurla Complex, Bandra East, Mumbai- 400051, Maharashtra, India	B97886766
3	90241239	27/06/2012 *	435,000,000.00	CITIBANK N. A.	Trent House, 2nd Floor, G Block, Plot No.C 60, Bandra Kurla Complex, Bandra (East), Mumbai- 400051, Maharashtra , India	B43135565

* Date of charge modification

BACKGROUND

Subject was incorporated in 1983. Company’s core competency lies in electrochemical processing of inorganic chemicals. The manufacturing units are product specific and are housed in a substantially automated environment. It is in the business of manufacturing chemicals such as iodine derivatives, persulphates, perchlorates, selenium salts etc.

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computer Equipment’s

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 :	DIV
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		50

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.