MIRA INFORM REPORT

Report No. :	311469
Report Date :	09.03.2015

IDENTIFICATION DETAILS

Name :	PRAGATI CHEMICALS LIMITED
Registered Office :	Plot No. A-8, Marol Industrial Estate of MIDC, Cross Road B, Street No.5, Andheri (East), Mumbai - 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.04.1979
Com. Reg. No.:	11-031289
Capital Investment / Paid-up Capital :	Rs. 3.600 Millions
CIN No.: [Company Identification No.]	U24110MH1979PLC031289
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15230F
PAN No.: [Permanent Account No.]	AAACP4055B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Synthetic Resins.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Financial position of the company is sound. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

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 31-03-2014.

LOCATIONS

Registered Office :	Plot No. A-8, Marol Industrial Estate of MIDC, Cross Road B, Street No.5, Andheri (East), Mumbai - 400093, Maharashtra, India
Tel. No.:	91-22-28207897 / 61987000
Fax No.:	91-22-61987099
E-Mail :	mohan.patel@resplast.com info@resplast.com
Website :	http://www.resplast.com
Location :	Owned
Factory :	Plot No. 3605, GIDC Estate, Ankleshwar – 393002, Gujarat, India
Tel. No.:	91-2646-220440/ 223029
Fax No.:	91-2646-2230559

DIRECTORS

As on 29.07.2014

Name :

Mr. Bharat Bhogilal Chovatia

Designation :

Director

Address :

18, Sanjog, Pheroz Shah Street, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

19.09.1964

Date of Appointment :

30.03.1983

DIN No.:

00059326

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	Company/ LLP Status	Defaulting status
1	U67120MH1982PTC026889	RUPEN INVESTMENT AND INDUSTRIES PRIVATE LIMITED	Director	10/05/2000	10/05/2000	Active	NO
2	U67120MH1985PTC035634	URVASHI HOLDINGS PRIVATE LIMITED	Director	10/05/2000	10/05/2000	Amalgamated	NO
3	U24110MH1979PLC031289	PRAGATI CHEMICALS LIMITED	Director	04/05/2006	04/05/2006	Active	NO
4	U91110MH1996NPL099079	INDIAN RESING MANUFACTURERS ASSOCIATION	Director	01/06/2007	01/06/2007	Active	NO
5	L25209MH1961PLC012223	RESINS AND PLASTICS LIMITED	Managing director	21/06/2013	21/06/2007	Active	NO
6	U65990MH1986PLC039188	JATAYU INVESTMENTS LIMITED	Director	02/11/2007	02/11/2007	Amalgamated	NO
7	U67120MH1983PTC029562	PRAGATI MARKETING PRIVATE LIMITED	Director	29/09/2009	27/01/2009	Strike off	NO

Name :

Mr. Rupen Ashwin Choksi

Designation :

Director

Address :

11A, Jeevan Asha, 60A Peddar Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

02.08.1976

Date of Appointment :

04.05.2006

DIN No.:

00009252

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	U24110MH1979PLC031289	PRAGATI CHEMICALS LIMITED	Director	18/04/1979	18/04/1979	-	Active	NO
2	L65990MH1981PLC025770	ELCID INVESTMENTS LIMITED	Director	09/02/1982	09/02/1982	-	Active	NO
3	L24220MH1945PLC004598	ASIAN PAINTS LIMITED	Director	01/10/1995	01/10/1995	26/06/2014	Active	NO
4	L25209MH1961PLC012223	RESINS AND PLASTICS LIMITED	Director	01/10/1996	01/10/1996	02/02/2012	Active	NO

Name :

Mr. Jalaj Ashwin Dani

Designation :

Director

Address :

Home Villa, 48, Krishna Sanghi Path, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

20.10.1969

Date of Appointment :

04.09.2013

DIN No.:

00019080

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	U65990MH1980PTC023336	DANI TRADING AND INVESTMENTS Private LIMITED	Director	01/06/1993	01/06/1993	-	Amalgamated	NO
2	U65990MH1978PLC020745	COATINGS SPECIALITIES (INDIA) LIMITED	Director	01/06/1993	01/06/1993	-	Active	NO
3	U65990MH1981PTC025949	DANI HOLDING AND TRADING COMPANY PRIVATE LIMITED	Director	01/06/1993	01/06/1993	-	Amalgamated	NO
4	U73100MH1983PTC031318	S C DANI RESEARCH FOUNDATION PRIVATE LIMITED	Director	01/06/1993	01/06/1993	-	Active	NO
5	U65921DL1984PLC019402	DANI FINLEASE LIMITED	Director	25/01/1994	25/01/1994	-	Not Available for eFiling	NO
6	L99999MH1984PLC085950	DANI FINLEASE LIMITED	Director	25/01/1994	25/01/1994	-	Active	NO
7	U65990MH1981PTC025831	DANI CAPITAL AND INVESTMENTS COMPANY PRIVATE LIMITED	Director	24/08/1995	24/08/1995	-	Amalgamated	NO
8	U99999GJ1978PLC022924	GUJARAT ORGANICS LIMITED	Director	30/01/1999	30/01/1999	-	Active	NO
9	U65991MH1994PTC078880	JM FINANCIAL TRUSTEE COMPANY PRIVATE LIMITED	Director	19/09/2001	19/09/2001	-	Active	NO
10	U15136KA1996PTC021007	MTR FOODS Private LIMITED	Director	03/09/2003	03/09/2003	03/04/2007	Active	NO
11	L28992MH1991PLC168235	HITECH PLAST LIMITED	Director	12/09/2004	12/09/2004	-	Active	NO
12	U74140MH1997NPL111167	YOUNG PRESIDENTS ORGANIZATION (MUMBAI CHAPTER)	Director	01/07/2013	01/07/2006	06/12/2014	Active	NO
13	U65990MH1979PTC021049	GEETANJALI TRADING AND INVESTMENTS Private LIMITED	Director	19/09/2008	20/08/2007	-	Active	NO
14	U45400MH2007PLC175925	MAXBHUMI DEVELOPERS LIMITED	Director	22/02/2008	29/01/2008	-	Active	NO
15	U65923MH2010PTC201679	VIJAL HOLDING AND TRADING COMPANY PRIVATE LIMITED	Director	05/04/2010	05/04/2010	-	Active	NO
16	U65921MH2010PTC207201	HAISH HOLDING AND TRADING COMPANY PRIVATE LIMITED	Director	27/02/2012	05/02/2011	-	Active	NO
17	U65191MH2012PTC230704	SMITI HOLDING AND TRADING COMPANY PRIVATE LIMITED	Director	18/06/2012	18/06/2012	-	Active	NO
18	U24110MH1979PLC031289	PRAGATI CHEMICALS LIMITED	Director	04/09/2013	26/07/2012	-	Active	NO
19	U67120MH1979PTC021873	SUPRASAD INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	09/09/2013	15/03/2013	-	Amalgamated	NO
20	U51900MH2013PTC243068	HYDRA TRADING PRIVATE LIMITED	Director	07/05/2013	07/05/2013	-	Active	NO
21	U24110MH2011PTC220557	ASIAN PAINTS PPG Private Limited	Director appointed in casual vacancy	14/10/2013	14/10/2013	-	Active	NO
22	AAA-1197	PARJANYA COMMERCIALS LLP	Designated Partner	10/08/2010	10/08/2010	01/06/2014	Active	NO
23	AAB-1547	CRONUS MERCHANDISE LLP	Designated Partner	08/10/2012	08/10/2012	-	Active	NO

Name :

Mr. Amar Arvind Vakil

Designation :

Director

Address :

Geetanjali, 9 N Camadia Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

11.08.1952

Date of Appointment :

18.04.1979

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.07.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

As on 29.07.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	62.22
Directors or relatives of Directors	37.78
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Synthetic Resins.

Products :

ITC Code No.	Product or services
39073010	RESIN 5452
39091010	RESIN 5802
29420090	O C 5196
39069090	RESIN 5929

• Chemicals
• Synthetic Resins
• Epoxy Resins
• Ketonics Resins
• Amino Resins

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

--

Terms :

--

GENERAL INFORMATION

Suppliers :	Not Available
Customers :	Not Available
No. of Employees :	Not Available
Bankers :	· State Bank of India, Backbay Reclamation Branch, Raheja Chamber, Nariman Point, Mumbai - 400021, Maharashtra, India Tel. No.: 91-22-22049829 · HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Shah and Associates Chartered Accountants
Address :	Maker Bhavan2, Maker Lines, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-26734304
Fax No.:	91-22-26734305
E-Mail :	cs@parikhassociates.com parikh.associates@rediffmail.com
PAN No.:	AAMFS1965N
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 29.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
360000	Equity Shares	Rs.10/- each	Rs. 3.600 Millions

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	3.600	3.600	3.600
(b) Reserves & Surplus	102.292	95.947	91.922
(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)	105.892	99.547	95.522
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.105
(b) Deferred tax liabilities (Net)	0.492	0.703	0.807
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.513	0.567	0.363
Total Non-current Liabilities (3)	1.005	1.270	1.275
(4) Current Liabilities
(a) Short term borrowings	0.000	0.105	0.120
(b) Trade payables	18.911	17.182	13.298
(c) Other current liabilities	3.403	4.068	2.027
(d) Short-term provisions	4.730	4.306	5.752
Total Current Liabilities (4)	27.044	25.661	21.197
TOTAL	133.941	126.478	117.994
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.014	6.676	6.711
(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	0.007	0.007	0.007
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.354	1.692	1.352
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	7.375	8.375	8.070
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	21.840	29.057	20.682
(c) Trade receivables	47.228	44.139	42.410
(d) Cash and cash equivalents	52.922	43.378	44.927
(e) Short-term loans and advances	4.481	1.486	1.847
(f) Other current assets	0.095	0.043	0.058
Total Current Assets	126.566	118.103	109.924
TOTAL	133.941	126.478	117.994

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	237.185	223.741	208.610
		Other Income	3.800	2.813	2.213
		TOTAL (A)	240.985	226.554	210.823
Less	EXPENSES
		Cost of materials consumed	186.231	187.188	167.176
		Changes in inventories of finished goods and work-in-progress	5.452	-9.811	-2.591
		Employee benefit expenses	9.832	9.481	8.602
		Other expenses	24.344	27.613	24.002
		TOTAL (B)	225.859	214.471	197.189
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.126	12.083	13.634
Less	FINANCIAL EXPENSES (D)		0.001	0.064	0.079
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.125	12.019	13.555
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.744	0.925	0.730
	PROFIT BEFORE TAX (E-F) (G)		14.381	11.094	12.825
Less	TAX (H)		3.823	2.857	3.483
	PROFIT AFTER TAX (G-H) (I)		10.558	8.237	9.342
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		73.036	69.861	65.703
Less	APPROPRIATIONS
		Transfer to General Reserve	1.100	0.850	1.000
		Dividend	3.600	3.600	3.600
		Tax on Dividend	0.612	0.612	0.584
	BALANCE CARRIED TO THE B/S		78.282	73.036	69.861
	EARNINGS IN FOREIGN CURRENCY
		FOB value of export	2.907	3.243	0.943
	TOTAL EARNINGS		2.907	3.243	0.943
	IMPORTS
		Raw Materials	41.866	27.554	24.036
	TOTAL IMPORTS		41.866	27.554	24.036
	Earnings Per Share (Rs.)		29.33	22.88	25.95

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	4.45	3.68	4.48
Operating Profit Margin (PBDIT/Sales)	(%)	6.38	5.40	6.54
Return on Total Assets (PBT/Total Assets}	(%)	10.74	8.77	10.87
Return on Investment (ROI) (PBT/Networth)		0.14	0.11	0.13
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		4.68	4.60	5.19

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	3.600	3.600	3.600
Reserves & Surplus	91.922	95.947	102.292
Net worth	95.522	99.547	105.892
long-term borrowings	0.105	0.000	0.000
Short term borrowings	0.120	0.105	0.000
Total borrowings	0.225	0.105	0.000
Debt/Equity ratio	0.002	0.001	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	208.610	223.741	237.185
		7.253	6.009

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	208.610	223.741	237.185
Profit	9.342	8.237	10.558
	4.48%	3.68%	4.45%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10408253	26/05/2014 *	12,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	C09301268

* Date of charge modification

UNSECURED LOAN

Particular	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Long term borrowings
Fixed deposit from public (Fixed deposits carries interest rate @9.5% to 11.5% p.a. repayable on scheduled dates unless otherwise demanded.)	0.000	0.105
Total	0.000	0.105

CORPORATE INFORMATION

Subject is reputed manufacturer of Synthetic Resin Catering to a wide range of industries today such as Adhesive, High Performance coatings, Printing Inks, Construction and Cosmetics. Subject commenced its operations in 1979 for manufacturing Epoxy Resins, Ketonic Resins, Aminos Resins and Specialty Resins for coatings. Subjects manufacturing plant is located at GIDC, Ankleshwar in Gujarat. Subject’s strength lies in supplying consistant and quality products, product development, strong distribution network consisting of sales offices and branches across the country and also deals through a few major distributors across different regions.

FIXED ASSETS

· Land and Buildings

· Plant and Equipment’s

· Furniture and Fixture

· Office Equipment’s

· Vehicles

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.62.20
UK Pound	1	Rs.94.71
Euro	1	Rs.68.60

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MRI

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	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.