MIRA INFORM REPORT

Report No. :	328245
Report Date :	24.06.2015

IDENTIFICATION DETAILS

Name :	NILA SEA FOODS PRIVATE LIMITED (w.e.f. 13.03.2001)
Formerly Known As :	NILA SEA FOODS LIMITED
Registered Office :	137, Pudur Pandiapuram, Tuticorin – 628002, Tamilnadu
Tel. No.:	91-461-2345707
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.01.1992
Com. Reg. No.:	18-021950
Capital Investment / Paid-up Capital :	Rs.13.600 Million
CIN No.: [Company Identification No.]	U52599TN1992PTC021950
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MRIN00176B
PAN No.: [Permanent Account No.]	AAACN6601P
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged primarily in the business of processing and exporting marine products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 1992. It is dealing in the business of processing and exporting marine products.. It has a satisfactory track record. For the financial year ended 2014, the company has healthy operational activity. It has achieved good top lines growth along with decent profitability margin of 5.25%. Further, rating also takes into consideration Company's established track record marked by good net worth along with favourable gap between trade receivables to its payables. Trade relations are reported as fair. Business is active. Payments terms are usually correct. In view of healthy operational activity and good financial base company can be considered normal for business dealings at usual trade terms and conditions.

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 DECLINED BY

MANAGEMENT NON CO-OPERATIVE (91-461-23457070/2345387)

LOCATIONS

Registered Office :	137, Pudur Pandiapuram, Tuticorin – 628 002, Tamilnadu, India
Tel. No.:	91-461-2345707 / 2345538 / 2345806 / 2345387
Fax No.:	91-461-2345138 / 2347792
E-Mail :	ttn_nsf@sancharnet.in nsf939@gmail.com
Website :	www.nilaseafoods.com www.nilaseafoods.in

DIRECTORS

AS ON 26.09.2014

Name :

Mr. D. Chandran

Designation :

Managing Director

Address :

137 A, Pudur Pandiapuram, Tuticorin – 628 002, Tamilnadu, India

Date of Birth/Age :

12.05.1952

Date of Appointment :

03.01.1992

PAN No.:

ABQPC5981R

DIN No.:

00276344

Election Commission Identity Card No.:

HJW1678077

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	U52599TN1992PTC021950	NILA SEA FOODS PRIVATE LIMITED	Managing director	03-01-92	03-01-92	-	Active	NO
2	U29191TN1997PTC037940	NILA COLD STORAGE PRIVATE LIMITED	Managing director	10-04-97	10-04-97	-	Active	NO
3	U05001TN1988PTC015484	AMULYA SEAFOODS PRIVATE LIMITED	Managing director	01-03-01	01-03-01	-	Under Process of Striking off	NO
4	U40108TN2001PTC046525	AMULYAM ENERGY GENERATION PRIVATE LIMITED	Director	29-09-03	29-09-03	09-10-07	Amalgamated	NO
5	U13100TN2005PTC056608	NILA MINES PRIVATE LIMITED	Managing director	14-06-05	14-06-05	-	Active	NO
6	U92130TN2008PTC066434	SATHIYAM MEDIA VISION PRIVATE LIMITED	Director	29-09-12	06-01-12	-	Active	NO
7	U74900TN2009PLC071801	SATHIYAM TELEVISION LIMITED	Director	28-09-13	31-12-12	-	Active	NO

Name :

Mrs. C. Nilavathi

Designation :

Director

Address :

137 A, Pudur Pandiapuram, Tuticorin – 628 002, Tamilnadu, India

Date of Birth/Age :

18.01.1957

Date of Appointment :

03.01.1992

PAN No.:

ABJPN6222H

DIN No.:

00276466

Election Commission Identity Card No.:

HJW1678085

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	U52599TN1992PTC021950	NILA SEA FOODS PRIVATE LIMITED	Director	03-01-92	03-01-92	-	Active	NO
2	U29191TN1997PTC037940	NILA COLD STORAGE PRIVATE LIMITED	Director	10-04-97	10-04-97	-	Active	NO
3	U05001TN1988PTC015484	AMULYA SEAFOODS PRIVATE LIMITED	Director	16-02-01	16-02-01	-	Under Process of Striking off	NO
4	U40108TN2001PTC046525	AMULYAM ENERGY GENERATION PRIVATE LIMITED	Director	29-09-03	29-09-03	09-10-07	Amalgamated	NO
5	U13100TN2005PTC056608	NILA MINES PRIVATE LIMITED	Director	14-06-05	14-06-05	-	Active	NO

Name :

Mr. C. Selwin Prabhu

Designation :

Director

Address :

137 A, Pudur Pandiapuram, Tuticorin – 628 002, Tamilnadu, India

Date of Birth/Age :

18.08.1981

Date of Appointment :

01.02.2001

PAN No.:

ARMPS1808F

DIN No.:

00276636

Election Commission Identity Card No.:

HJW1677657

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	U29191TN1997PTC037940	NILA COLD STORAGE PRIVATE LIMITED	Director	20-11-00	20-11-00	-	Active	NO
2	U52599TN1992PTC021950	NILA SEA FOODS PRIVATE LIMITED	Director	01-02-01	01-02-01	-	Active	NO
3	U05001TN1988PTC015484	AMULYA SEAFOODS PRIVATE LIMITED	Director	16-02-01	16-02-01	-	Under Process of Striking off	NO
4	U13100TN2005PTC056608	NILA MINES PRIVATE LIMITED	Director	14-06-05	14-06-05	-	Active	NO

Name :

Mr. Aminathprabu Emmanuvel

Designation :

Director

Address :

137 A, Pudur Pandiapuram, Tuticorin – 628 002, Tamilnadu, India

Date of Birth/Age :

13.02.1989

Date of Appointment :

14.03.2014

DIN No.:

02861787

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	U52599TN1992PTC021950	NILA SEA FOODS PRIVATE LIMITED	Additional director	14-03-14	14-03-14	-	Active	NO
2	U13100TN2005PTC056608	NILA MINES PRIVATE LIMITED	Additional director	14-03-14	14-03-14	-	Active	NO
3	U29191TN1997PTC037940	NILA COLD STORAGE PRIVATE LIMITED	Director	26-09-14	14-03-14	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2014

Names of Shareholders	No. of Shares	%age holding
D. Chandran	47600	35.00
C. Nilavathi	34000	25.00
C. Selwin Prabhu	27200	20.00
C. Aminath Prabu Emmanuvei	27200	20.00
Total	136000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 26.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged primarily in the business of processing and exporting marine products.

Products :

Product Description	ITC Code
Sea Food	98059000

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

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 :

Banker Name	The South Indian Bank Limited
Branch Address	Perrira Street, Tuticorin – 628001, Tamilnadu, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loans from banks	19.268	24.150
Loans repayable on demand from banks	32.425	22.433
SHORT TERM BORROWING
Working capital loans from banks	895.715	240.684
Total	947.408	287.267

Banking Relations :
Auditors :
Name :	M. Arunmugam Chartered Accountant
Address :	4B/ A8, Mani Nagar, Tuticorin – 628003, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AARPA3590L
Memberships :	--
Collaborators :	--
Associates:	Nila Sea Foods, Thoothukkudi Amulya Sea Foods, Thoothukkudi Nila Cold Storage Private Limited, Thoothukkudi Amulya Sea Foods Private Limited, Thoothukkudi Nila Mines Private Limited, Thoothukkudi [U13100TN2005PTC056608] Nila Seafoods Exports, Thoothukkudi

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
136000	Equity Shares	Rs.100/- each	Rs.13.600 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	13.600	13.600	13.600
(b) Reserves & Surplus	451.707	266.864	226.078
(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)	465.307	280.464	239.678
(3) Non-Current Liabilities
(a) long-term borrowings	51.693	46.583	0.000
(b) Deferred tax liabilities (Net)	11.131	6.427	4.153
(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)	62.824	53.010	4.153
(4) Current Liabilities
(a) Short term borrowings	895.715	240.684	289.662
(b) Trade payables	23.832	15.305	11.839
(c) Other current liabilities	15.948	14.869	0.586
(d) Short-term provisions	9.166	0.258	0.503
Total Current Liabilities (4)	944.661	271.116	302.590
TOTAL	1472.792	604.590	546.421
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	238.396	158.127	86.279
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	39.075	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	45.482	30.144	32.863
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.832	3.869	3.008
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	287.710	231.215	122.150
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	405.288	40.434	150.470
(c) Trade receivables	578.195	213.680	167.726
(d) Cash and cash equivalents	114.940	62.130	40.724
(e) Short-term loans and advances	86.659	57.131	65.351
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1185.082	373.375	424.271
TOTAL	1472.792	604.590	546.421

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Turnover	3515.700	2288.700	1737.100
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	285.535	96.157	77.273
Less	FINANCIAL EXPENSES	44.497	26.202	24.050
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	241.038	69.955	53.223
Less/ Add	DEPRECIATION/ AMORTISATION	22.577	13.385	12.385
	PROFIT/ (LOSS) BEFORE TAX	218.461	56.570	40.838
Less	TAX	33.619	15.784	10.489
	PROFIT/ (LOSS) AFTER TAX	184.842	40.786	30.349
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings	NA	NA	1507.400
	Earnings / (Loss) Per Share (Rs.)	1359.00	299.90	223.16

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
Return on Total Assets (PBT/Total Assets}	(%)	15.31	10.57	7.95
Return on Investment (ROI) (PBT/Networth)		0.47	0.20	0.17
Debt Equity Ratio (Total Debt /Networth)		2.04	1.02	1.21
Current Ratio (Current Asset/Current Liability)		1.25	1.38	1.40

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	13.600	13.600	13.600
Reserves & Surplus	226.078	266.864	451.707
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	239.678	280.464	465.307
long-term borrowings	0.000	46.583	51.693
Short term borrowings	289.662	240.684	895.715
Total borrowings	289.662	287.267	947.408
Debt/Equity ratio	1.209	1.024	2.036

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)
Turnover	1737.100	2288.700	3515.700
		31.754	53.611

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover	1737.100	2288.700	3515.700
Profit	30.349	40.786	184.842
	1.75%	1.78%	5.26%

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	Yes
12	Voter Id Card No. of Proprietor / Partners	Yes
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	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	No
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

PERFORMANCE

The company has achieved a turnover of Rs. 3515.700 Million against the previous year turnover of Rs. 2288.700 Million despite persistent adverse market conditions and climatic conditions worldover. The company has earned a profit before tax and exceptional item of Rs. 118.461 Million against the previous year figure of Rs. 56.570 Million. The directors are hopeful of achieving better results in the coming years also.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10565409	24/11/2014	300,000,000.00	THE SOUTH INDIAN BANK LIMITED	PEREIRA STREET, TUTICORIN, TAMIL NADU - 628001, IN DIA	C51585495
2	90302270	28/01/2004	537,600.00	SUNDARAM FINANCE LTD.	NO. 21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002 , INDIA	-
3	90302769	22/02/2014 *	1,374,000,000.00	THE SOUTH INDIAN BANK LIMITED	PEREIRA STREET, TUTICORIN, TAMIL NADU - 628001, IN DIA	B98485246
4	90302732	04/09/1998	108,500,000.00	SOUTH INDIAN BANK LTD.	TUTICORIN, TUTICORIN, TAMIL NADU - 628001, INDIA	-
5	90302684	21/03/1997	60,360,412.00	SOUTH INDIAN BANK LTD.	TUTICORIN, TUTICORIN, TAMIL NADU - 628001, INDIA	-
6	90302673	24/08/1996	23,500,000.00	SOUTH INDIAN BANK LTD.	PEREIRA STREET, TUTICORIN, TAMIL NADU, INDIA	-
7	90301966	25/11/1995 *	43,500,000.00	SOUTH INDIAN BANK LTD.	TUTICORIN, TUTICORIN, TAMIL NADU, INDIA	-
8	90301961	12/10/1995	29,500,000.00	SOUTH INDIAN BANK LTD.	TUTICORIN, TUTICORIN, TAMIL NADU, INDIA	-
9	90301817	16/07/2004 *	4,000,000.00	SOUTH INDIAN BANK LTD.	TUTICORIN, TUTICORIN, TAMIL NADU, INDIA	-
10	90302544	23/05/1992	750,000.00	SOUTH INDIAN BANK LTD.	TUTICORIN, TUTICORIN, TAMIL NADU, INDIA	-

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments

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.63.64
UK Pound	1	Rs.100.41
Euro	1	Rs.71.63

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	TRI
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
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	5
--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		48

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.