MIRA INFORM REPORT

Report No. :	326046
Report Date :	10.06.2015

IDENTIFICATION DETAILS

Name :	CHEMITHON ENGINEERS PRIVATE LIMITED

Registered Office :	Shivanand ‘A’, 372-374, S.V. Road, Goregaon (West), Mumbai-400104, Maharashtra
Tel. No.:	91-22-28720331

Country :	India

Financials (as on) :	30.09.2013

Date of Incorporation :	29.12.1989

Com. Reg. No.:	11-054805

Capital Investment / Paid-up Capital :	Rs. 37.500 Million

CIN No.: [Company Identification No.]	U29290MH1989PTC054805

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Design and Engineering of Specialised Chemical Process Equipments, Manufacturers of Stainless Steel Storage Tanks, Technologies & Plants for Flue Gas Conditioning Systems & Plants for Liquid Sulfuric Acids, Technologies & Plants for Oleo chemicals.

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 290000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. Management of the company has not filed its financial with the government department for the year 2014 As per available financial of September 2013, there seems a drastic decline in the profit of the company. Borrowings of the company has also increased. However, trade relations are reported as fair. Business is active. Payments terms 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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term bank Facilities (BB+) (Suspended)
Rating Explanation	Moderate risk of default
Date	25^thMarch 2015

Rating Agency Name	CARE
Rating	Short Term bank facilities (A4)
Rating Explanation	Minimal degree of safety and carry very high credit risk
Date	25^thMarch 2015

Reason for suspended: Company not furnished the information require

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 DENIED

Management Non Co-operative (91-22-28758354)

LOCATIONS

Registered Office :	Shivanand ‘A’, 372-374, S.V. Road, Goregaon (West), Mumbai-400104, Maharashtra, India
Tel. No.:	91-22-28720331/28758354/28741188
Fax No.:	91-22-28789755/28733619
E-Mail :	info@chemithon.co.in chemithon@chemithon.co.in

DIRECTORS

As on 22.10.2013

Name :

Mr. Sanjay Nandkumar Trivedi

Designation :

Managing Director

Address :

301, Skylark-A, Lokhandwala Complex, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

09.11.1952

Date of Appointment :

22.01.1990

Din No.:

00016689

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	U29290MH1989PTC054805	CHEMITHON ENGINEERS PRIVATE LIMITED	Managing director	22/01/1990	22/01/1990	-	Active	NO
2	U24116MH1988PLC046048	SURFACTANT SPECIALITIES LIMITED	Director	16/12/1990	16/12/1990	21/01/2009	Amalgamated	NO
3	U24100MH1985PTC037704	TRIVEDI ENTERPRISES PRIVATE LIMITED	Director	30/09/1993	30/09/1993	-	Active	NO
4	U65990MH1996PTC102953	TRISON INVESTMENTS PRIVATE LIMITED	Director	30/09/1996	30/09/1996	-	Amalgamated	NO
5	U30000MH1999PTC117860	BIO-THERAPEUTIC COMPUTERS PRIVATE LIMITED	Director	14/01/1999	14/01/1999	-	Active	NO
6	U74210MH2005PTC154266	CHEMITHON TECHNICAL SERVICES PRIVATE LIMITED	Director	27/06/2005	27/06/2005	-	Active	NO
7	U51496MH2007PTC174512	STEPAN (INDIA) PRIVATE LIMITED	Director	26/09/2007	26/09/2007	29/06/2012	Active	NO
8	U24100MH2010PTC203876	BIODERM THERAPEUTICS PRIVATE LIMITED	Director	08/06/2010	08/06/2010	-	Active	NO
9	U91100MH2011NPL217250	INDIAN HOME & PERSONAL CARE INDUSTRY ASSOCIATION	Director	09/05/2011	09/05/2011	-	Active	NO
10	U24100MH2012PTC234073	Surfactant & Auxiliaries Private Limited	Director	02/08/2012	02/08/2012	-	Active	NO

Name :

Mrs. Anjani Sanjay Trivedi

Designation :

Director

Address :

301, Skylark-A, Lokhandwala Complex, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

27.08.1956

Date of Appointment :

01.10.2011

Din No.:

00016779

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	U24100MH1985PTC037704	TRIVEDI ENTERPRISES PRIVATE LIMITED	Director	09/10/1985	09/10/1985	-	Active	NO
2	U29290MH1989PTC054805	CHEMITHON ENGINEERS PRIVATE LIMITED	Whole-time director	01/10/2011	15/08/1996	-	Active	NO
3	U65990MH1996PTC102953	TRISON INVESTMENTS PRIVATE LIMITED	Director	30/09/1996	30/09/1996	-	Amalgamated	NO
4	U30000MH1999PTC117860	BIO-THERAPEUTIC COMPUTERS PRIVATE LIMITED	Director	05/09/2001	05/09/2001	-	Active	NO
5	U74210MH2005PTC154266	CHEMITHON TECHNICAL SERVICES PRIVATE LIMITED	Director	27/06/2005	27/06/2005	-	Active	NO
6	U24100MH2010PTC203876	BIODERM THERAPEUTICS PRIVATE LIMITED	Director	08/06/2010	08/06/2010	-	Active	NO
7	U24100MH2012PTC234073	Surfactant & Auxiliaries Private Limited	Director	02/08/2012	02/08/2012	-	Active	NO

Name :

Ms. Tanvi Vinit Mehta

Designation :

Whole Time Director

Address :

301-302, Marathon Next Gen Era-1, Off. G.K. Kadma Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Date of Birth/Age :

31.08.1984

Date of Appointment :

06.12.2010

Din No.:

00016825

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	U65990MH1996PTC102953	TRISON INVESTMENTS PRIVATE LIMITED	Director	02/09/2002	02/09/2002	-	Amalgamated	NO
2	U24100MH2010PTC203876	BIODERM THERAPEUTICS PRIVATE LIMITED	Director	06/12/2010	06/12/2010	11/08/2014	Active	NO
3	U30000MH1999PTC117860	BIO-THERAPEUTIC COMPUTERS PRIVATE LIMITED	Director	31/08/2011	06/12/2010	-	Active	NO
4	U24100MH1985PTC037704	TRIVEDI ENTERPRISES PRIVATE LIMITED	Director	31/08/2011	06/12/2010	-	Active	NO
5	U29290MH1989PTC054805	CHEMITHON ENGINEERS PRIVATE LIMITED	Whole-time director	06/12/2010	06/12/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.10.2013

Names of Shareholders		No. of Shares
Sanjay Nandkumar Trivedi		67
Trivedi Enterprises Private Limited, India		370017
Sanjay Nandkumar Trivedi and Anjani Sanjay Trivedi		1029916
Anjani Sanjay Trivedi and Sanjay Nandkumar Trivedi		400000
Prachi Sanjay Trivedi		100000
Tanvi Sanjay Trivedi and Anjani Sanjay Trivedi		100000
Sanjay Nandkumar Trivedi		750000
Trivesi Enterprises Private Limited		1000000
Total		3750000

As on 22.10.2013

Category	Percentage
Bodies corporate	18.50
Directors or relatives of Directors	81.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Design and Engineering of Specialised Chemical Process Equipments, Manufacturers of Stainless Steel Storage Tanks, Technologies & Plants for Flue Gas Conditioning Systems & Plants for Liquid Sulfuric Acids, Technologies & Plants for Oleo chemicals.

Products :	Stainless Steel Storage Tanks Technologies and Plants for Flue Gas Conditioning Systems Plants for Liquid Sulfuric Acids Technologies and Plants for Oleo chemicals.

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	State Bank of India
Branch Address	SME Goregaon (East) Branch, 1^st Floor, Kohinoor Industrial Estate, Western Express Highway, Mumbai-400063, 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

Oriental Bank of Commerce, Fort Branch, Jash Chambers, Ground Floor, Sir P.A Road, Fort, Mumbai-400001, Maharashtra, India

Facilities :

SECURED LOANS	30.09.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
LONG TERM BORROWINGS
Term Loan	9.673	6.538
Vehicle Loan	0.901	3.007

SHORT TERM BORROWINGS
Cash credit from bank	61.178	35.594
Total	71.752	45.139


Auditors :
Name :	MZS and Associates Chartered Accountants
Address :	The Ruby, Level 9, North West Wing, Senapati Bapat Marg, Dadar (West), Mumbai-400028, Maharashtra, India
Tel. No.:	91-22-24393600
Fax No.:	91.22.24393700
PAN No.:	AAKFM2006L

Memberships :	Not Available

Collaborators :	Not Available

Subsidiaries :	Chemithon Technical Services Private Limited

CAPITAL STRUCTURE

After 22.10.2013

Authorised Capital : Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 50.758 Million

As on 22.10.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

3250000	Equity Shares	Rs.10/- each	Rs. 32.500 Million
1750000	Preferences Shares	Rs.10/- each	Rs. 17.500 Million
	Total		Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Million
1750000	Preferences Shares	Rs.10/- each	Rs. 17.500 Million
	Total		Rs. 37.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.09.2013	31.03.2012	31.03.2011

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	37.500	27.500	20.000
(b) Reserves & Surplus	65.055	63.016	43.130
(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)	102.555	90.516	63.130

(3) Non-Current Liabilities
(a) long-term borrowings	10.574	9.545	13.295
(b) Deferred tax liabilities (Net)	1.065	0.920	-0.801
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	9.407	9.842	5.148
Total Non-current Liabilities (3)	21.046	20.307	17.642

(4) Current Liabilities
(a) Short term borrowings	61.178	35.594	0.000
(b) Trade payables	90.402	50.227	18.099
(c) Other current liabilities	87.803	77.240	101.240
(d) Short-term provisions	2.473	3.872	1.170
Total Current Liabilities (4)	241.856	166.933	120.509

TOTAL	365.457	277.756	201.281

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	93.445	84.653	57.732
(ii) Intangible Assets	0.526	0.498	0.000
(iii) Capital work-in-progress	0.154	9.774	2.476
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.100	0.100	0.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.945	3.079	4.005
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	99.170	98.104	64.313

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	130.692	79.004	50.722
(c) Trade receivables	91.618	53.532	34.736
(d) Cash and cash equivalents	14.957	13.869	23.169
(e) Short-term loans and advances	29.020	33.247	28.341
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	266.287	179.652	136.968

TOTAL	365.457	277.756	201.281

PROFIT & LOSS ACCOUNT

	PARTICULARS	30.09.2013	31.03.2012	31.03.2011

	TOTAL INCOME	468.212	354.597	142.914

Less	TOTAL EXPENSES	461.671	318.496	138.113

	PROFIT/ (LOSS) BEFORE TAX	6.541	36.101	4.801

Less	TAX	2.029	12.343	1.139

	PROFIT/ (LOSS) AFTER TAX	4.512	23.758	3.662

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	52.900	35.014	33.522

Less	APPROPRIATIONS
	General Reserve	0.000	2.000	1.000
	Proposed Dividend	2.128	3.332	1.000
	Tax on Proposed Dividend	0.345	0.541	0.170
	Total	2.473	5.873	2.170

	Balance Carried to the B/S (J+K+L-M)	54.939	52.899	35.014

	Earnings / (Loss) Per Share (Rs.)	1.20	6.34	0.98

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

30.09.2013

31.03.2012

31.03.2011

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		30.09.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	0.96	6.70	2.56

Operating Profit Margin (PBIDT/Sales)	(%)	1.40	10.18	3.36

Return on Total Assets (PBT/Total Assets}	(%)	1.79	13.48	2.42

Return on Investment (ROI) (PBT/Networth)		0.06	0.40	0.08

Debt Equity Ratio (Total Liability/Networth)		0.70	0.50	0.21

Current Ratio (Current Asset/Current Liability)		1.10	1.08	1.14

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	30.09.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	20.000	27.500	37.500
Reserves & Surplus	43.130	63.016	65.055
Share Application money pending allotment	0.000	0.000	0.000
Net worth	63.130	90.516	102.555

long-term borrowings	13.295	9.545	10.574
Short term borrowings	0.000	35.594	61.178
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	13.295	45.139	71.752
Debt/Equity ratio	0.211	0.499	0.700

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	30.09.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	142.914	354.597	468.212
		148.119	32.041

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	30.09.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	142.914	354.597	468.212
Profit	3.662	23.758	4.512
	2.56%	6.70%	0.96%

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	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	No
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

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10206566	08/04/2013 *	217,500,000.00	STATE BANK OF INDIA	SME GOREGAON EAST BRANCH, 1ST FLOOR, KOHINOOR IN DUSTRIAL ESTATE,WESTERN EXPRESS HIGHWAY, MUMBAI, MAHARASHTRA - 400063, INDIA	B73699522
2	90222548	16/10/1995	19,000,000.00	BANQUE INDOZE	RAMON HOUSE, BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400006, INDIA	-

* Date of charge modification

FIXED ASSETS

Freehold Land
Factory Building
Flat and Factory
Plant and Machinery
Furniture and Fixtures
Engineering Tools
Electrical Equipment
Computer
Air Conditioner
Vehicles
Office Premises
Office Equipment
Cellular Phone

WEB DETAILS

COMPANY OVERVIEW

Chemithon Engineers Private Limited offers sulfonation reactors, flue gas conditioning systems, and air pollution control equipment. The company provides impact jet reactors, annular falling film reactors, precision distribution systems, and Turbo Tube reactors; anhydrous and aqueous ammonia systems for dual FGC, and for the removal of nitrogen oxide air pollutants; and custom gas coolers to cool gas streams from cement kilns and clinker coolers. It designs and manufactures gaseous SO3 sulfonation pilot plants; custom process equipment for various process industries; and pollution control systems for the power generation industry. The company also provides equipment, process, and supplies to the surface finishing and printed circuit board industries; and wet electrostatic precipitators, regenerative thermal oxidizers, recuperative catalytic recuperative thermal oxidizers, and carbon biofiltration systems. In addition, it offers support services for various technologies, including turnkey installations, retrofits, enclosures, equipment start-up, maintenance, part replacements, and pre-compliance testing and consulting. The company was incorporated in 1989 and is based in Mumbai, India. Chemithon Engineers Private Limited operates as a subsidiary of Chemithon Enterprises, Inc.

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. 63.94
UK Pound	1	Rs. 98.27
Euro	1	Rs. 72.37

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	DIV

Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--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	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		32

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.

MIRA INFORM REPORT

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