MIRA INFORM REPORT

Report No. :	327896
Report Date :	18.06.2015

IDENTIFICATION DETAILS

Name :	BOHRA RUBBER PRIVATE LIMITED
Registered Office :	925, S.N. Marg, New Delhi – 110 006
Tel. No.:	91-129-4062692
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.06.2002
Com. Reg. No.:	55-115695
Capital Investment / Paid-up Capital :	Rs.38.500 million
CIN No.: [Company Identification No.]	U25191DL2002PTC115695
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELB05920F
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of high-end extruded rubber products, moulded rubber products and specialty assembled components.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2002 and engaged in the business of manufacturing of rubber components. It is an established company having moderate track. Reserves of the company seems to be low during 2014. However, trade relations are fair. Business is active. Payment terms are 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Manoj Arora
Designation :	Finance Manager
Contact No.:	91-9873575105
Date :	17.06.2015

LOCATIONS

Registered Office :	925, S.N. Marg, New Delhi – 110 006, India
Tel. No.:	Not Available
Mobile No.:	91-9873575105 (Mr. Manoj Arora)
Fax No.:	Not Available
E-Mail :	admin@bohra.com skchoudharyca@gmail.com accounts@bohra.com
Website :	http://www.bohra.com
Corporate Office :	Main Bazar, Ballabgarh – 121 004, Haryana, India
Tel. No.:	91-129-4062692/ 93
Fax No.:	91-129-4062695
Plant (Correspondence and mailing address) :	24/4, Milestone, Delhi-Mathura Highway, Sector-59, Faridabad – 121 004, Haryana, India
Tel. No.:	91-129-4181500
Fax No.:	91-129-4155133
E-Mail :	sales@bohra.com

DIRECTORS

AS ON 30.09.2014

Name :

Mrs. Asha Ravinder Kumar Bohra

Designation :

Director

Address :

Bohra Bhawan, Main Bazar, Ballabgarh, Faridabad – 121 004, Haryana, India

Date of Birth/Age :

07.07.1955

Date of Appointment :

06.06.2002

DIN No.:

00059863

Name :

Mr. Amit Mahendra Kumar Bohra

Designation :

Director

Address :

Bohra Bhawan, Main Bazar, Ballabgarh, Faridabad – 121 004, Haryana, India

Date of Birth/Age :

25.12.1975

Date of Appointment :

20.11.2002

DIN No.:

00058801

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	U25191DL2002PTC115695	BOHRA RUBBER PRIVATE LIMITED	Director	20/11/2002	20/11/2002	-	Active	NO
2	U50100HR2011PTC044331	BOHRA CARS PRIVATE LIMITED	Director	16/11/2011	16/11/2011	-	Active	NO

Name :

Mr. Shailendra Kumar Mahendra Bohra

Designation :

Director

Address :

Bohra Bhawan, Main Bazar, Ballabgarh, Faridabad – 121 004, Haryana, India

Date of Birth/Age :

19.05.1973

Date of Appointment :

06.06.2002

DIN No.:

00059453

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	U25191DL2002PTC115695	BOHRA RUBBER PRIVATE LIMITED	Director	06/06/2002	06/06/2002	-	Active	NO
2	U74899DL2006PTC145720	BOHRA POLYFOAMS PRIVATE LIMITED	Director	01/02/2006	01/02/2006	21/04/2011	Active	NO
3	U50100HR2011PTC044331	BOHRA CARS PRIVATE LIMITED	Director	16/11/2011	16/11/2011	-	Active	NO

Name :

Mr. Ravinder Kumar Ram RichPal Bohra

Designation :

Director

Address :

Bohra Bhawan, Main Bazar, Ballabgarh, Faridabad – 121 004, Haryana, India

Date of Birth/Age :

22.05.1956

Date of Appointment :

06.06.2002

DIN No.:

00059795

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	U25191DL2002PTC115695	BOHRA RUBBER PRIVATE LIMITED	Director	06/06/2002	06/06/2002	-	Active	NO
2	U74899DL2006PTC145720	BOHRA POLYFOAMS PRIVATE LIMITED	Director	01/02/2006	01/02/2006	21/04/2011	Active	NO

Name :

Mr. Mahendra Kumar Jai Chand Bohra

Designation :

Director

Address :

Bohra Bhawan, Main Bazar, Ballabgarh, Faridabad – 121 004, Haryana, India

Date of Birth/Age :

22.11.1952

Date of Appointment :

01.10.2012

DIN No.:

00059824

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	U25191DL2002PTC115695	BOHRA RUBBER PRIVATE LIMITED	Director	01/10/2012	06/06/2002	-	Active	NO
2	U74899DL2006PTC145720	BOHRA POLYFOAMS PRIVATE LIMITED	Director	01/02/2006	01/02/2006	-	Active	NO
3	U50100HR2011PTC044331	BOHRA CARS PRIVATE LIMITED	Additional director	20/01/2015	20/01/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj Arora
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Mahendra Kumar Bohra	408500
Ravinder Kumar Bohra	652000
Shailendra Bohra	582000
Asha Bohra	208491
Ravinder Kumar and Sons HUF	157001
Mahendra Kumar and Sons HUF	172501
Shailendra Sharma	25001
Sumit Bohra	344001
Seth Ram Chand and Sons, India	1
Jai Chand Ram Richpal HUF	33001
Shailendra Kumar Bohra HUF	48001
Anupam Bohra	175001
Amit Bohra	693001
Manju Bohra	65000
Aruna Sharma	30000
Amit Bohra HUF	29000
Megha Bohra	142500
Deeksha Bohra	75000
Garima Bohra	10000
Total	3850000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of high-end extruded rubber products, moulded rubber products and specialty assembled components.
Products :	Extruded Components Moulded Components Specialty Assembled Components
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Brazil
Imports :
Products :	Machinery
Countries :	Italy China
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Bajaj Rubber Company Private Limited, Delhi

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

Wholesalers and Retailers

Reference :

Lumax Industries Limited, Gurgaon

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

· Ashok Leyland Nissan

· Atul Auto

· Delphi

· Escorts

· Fiem

· Hi-Lex

· JCB

· JCBL

· Lumax

· Metaflex

· Tata

· Visteon

· Motherson Sumi

· Swaraj Mazda

No. of Employees :

300 (Approximately)

Bankers :

Banker Name	Kotak Mahindra Bank Limited
Branch Address	NIT, Faridabad, Haryana, 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

· ING Vysya Bank Limited, 5 E-1, NIT, Ground Floor, Railway Road, Faridabad – 121 001, Haryana, India

· Vijaya Bank, 143, Mohna Road, Faridabad – 121 004, Haryana, India

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India

· State Bank of India

Facilities :

Secured Loans	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Vijaya Bank Term Loan	7.215	10.560
Vijaya Bank Term Loan	1.044	2.863
Vijaya Bank Term Loan	7.573	9.638
Vijaya Bank Term Loan	25.465	9.907
ICICI Bank (Eicher)	0.643	0.000
ICICI Bank (Tata Ace)	0.000	0.099
Vijaya Bank CCH	0.000	14.313
Total	41.940	47.380

Banking Relations :	--
Auditors :
Name :	U.K. Goenka and Company Chartered Accountants
Address :	170/2, Bhudatt Colony, Ballabhgarh, Faridabad – 121 004, Haryana, India
Mobile No.:	91-9811747805
PAN N Income-tax PAN of auditor or auditor's firm :	AAIPC6909N
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries (As confirmed by the management) :	Bohra Cars Private Limited
Other Related Parties :	Mahendra Kumar and Sons HUF Amit Bohra HUF Ravinder Kumar Bohra HUF Shailendra Kumar Bohra HUF

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4900000	Equity Shares	Rs.10/- each	Rs.49.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3850000	Equity Shares	Rs.10/- each	Rs.38.500 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	38.500	29.000	19.000
(b) Reserves & Surplus	13.941	10.056	7.987
(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)	52.441	39.056	26.987
(3) Non-Current Liabilities
(a) Long-term borrowings	51.514	55.488	33.679
(b) Deferred tax liabilities (Net)	0.422	1.313	0.430
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	51.936	56.801	34.109
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	73.743	70.115	49.894
(c) Other current liabilities	20.162	0.000	0.000
(d) Short-term provisions	6.195	9.294	8.322
Total Current Liabilities (4)	100.100	79.409	58.216
TOTAL	204.477	175.266	119.312
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	96.210	71.014	49.965
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	96.210	71.014	49.965
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	35.706	28.638	15.598
(c) Trade receivables	60.553	65.612	49.300
(d) Cash and cash equivalents	5.309	1.686	0.879
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	6.699	8.316	3.570
Total Current Assets	108.267	104.252	69.347
TOTAL	204.477	175.266	119.312

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	253.687	236.735	NA
		Other Income	2.205	0.330	NA
		TOTAL	255.892	237.065	NA
Less	EXPENSES
		Cost of materials	185.199	177.573	NA
		Employee benefit expense	31.371	23.637	NA
		Other expenses	14.880	17.676	NA
		TOTAL	231.450	218.886	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		24.442	18.179	NA
Less	FINANCIAL EXPENSES		10.223	6.573	NA
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		14.219	11.606	NA
Less/ Add	DEPRECIATION/ AMORTISATION		10.404	7.805	NA
	PROFIT/ (LOSS) BEFORE TAX		3.815	3.801	4.362
Less	TAX		(0.069)	1.732	1.022
	PROFIT/ (LOSS) AFTER TAX		3.884	2.069	3.340
	Earnings/ (Loss) Per Share (Rs.)		1.01	0.71	1.76

Particulars	31.03.2015
Sales Turnover (Approximately)	240.000

Expected Sales (2015-2016): Rs.300.000 million

The above information has been parted by Mr. Manoj Arora (Finance Manager).

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)	(%)	1.53	0.87	NA
Operating Profit Margin (PBIDT/Sales)	(%)	9.63	7.68	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.87	2.17	3.66
Return on Investment (ROI) (PBT/Networth)		0.07	0.10	0.16
Debt Equity Ratio (Total Debt /Networth)		0.98	1.42	1.25
Current Ratio (Current Asset/Current Liability)		1.08	1.31	1.19

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	19.000	29.000	38.500
Reserves & Surplus	7.987	10.056	13.941
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	26.987	39.056	52.441
Long-term borrowings	33.679	55.488	51.514
Short term borrowings	0.000	0.000	0.000
Total borrowings	33.679	55.488	51.514
Debt/Equity ratio	1.248	1.421	0.982

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Revenue from operations	236.735	253.687
		7.161

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Revenue from operations	236.735	253.687
Profit	2.069	3.884
	0.87%	1.53%

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	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
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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans from directors	8.950	7.503
Loans from others	0.454	0.454
Loans from relatives	0.170	0.151
Total	9.574	8.108

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10497137	14/05/2014	81,000,000.00	ING VYSYA BANK LIMITED	5 E-1, NIT,GROUND FLOOR, RAILWAY ROAD, FARIADBAD, HARYANA, Haryana - 121001, INDIA	C05355417
2	10370501	07/08/2012	15,000,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B45658887
3	10374364	07/08/2012	90,000,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B57213530
4	10354045	11/05/2012 *	27,000,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B39551189

* Date of charge modification

FIXED ASSETS

· Plant and Machinery

· Tools and Die

· Scooter

· Office Equipment

· Motor Car

· Building

· Computer

· Mobile Phone

· Tempo

· Water Cooler

· Weighing Machine

· New Building

· D.G. Set

· Electric Fitting

· Furniture

· Rack and Tables

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.64.11
UK Pound	1	Rs.100.32
Euro	1	Rs.72.17

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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		29

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

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