MIRA INFORM REPORT

Report No. :	311419
Report Date :	12.03.2015

IDENTIFICATION DETAILS

Name :	TECH SUTRA INDUSTRIES LIMITED
Formerly Known As :	SUNLINE EXPORTS LIMITED
Registered Office :	6^th Floor, ‘A’ Block, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.07.2003
Com. Reg. No.:	11-141188
Capital Investment / Paid-up Capital :	Rs. 68.964 Million
CIN No.: [Company Identification No.]	U13200MH2003PLC141188
TIN No.:	27150375789
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAHCS7662Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Textile Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Recently commenced its commercial operations
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2003, whereas recently commenced its commercial operations. Management has reported an acceptable revenue base as well as net profitability in its first year of operations FYE 14. Trade relations are improving. Business is active. Payment terms are reported as slow but correct. In view of nascence, 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 – 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

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 31-03-2014.

LOCATIONS

Registered Office :	6^th Floor, ‘A’ Block, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-66619000
Fax No.:	91-22-66619090
E-Mail :	cs@samruddha.net skdhingra@samruddha.net
Website :	http://www.samrudda.net
Location :	Owned
Factory:	At Post Khede, Mukkam Sutrepada, Sakri Road, Taluka and District – Dhule - 424302, Maharashtra, India
Location :	Owned

DIRECTORS

As on 20.08.2014

Name :

Mr. Amit Anil Jagtap

Designation :

Diretor

Address :

C-60, Abhimabshree Society, Baner Road, Chatushrungi, Pune – 411008, Maharashtra, India

Date of Birth/Age :

03.02.1977

Date of Appointment :

30.09.2008

DIN No.:

00357982

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	U72200PN2003PTC018409	SKYi LANDS & INFRASTRUCTURE INDIA PRIVATE LIMITED.	Director	01/10/2003	01/10/2003	-	Active	NO
2	U17120MH2005PTC152913	HRISHIKESH TEXFAB PRIVATE LIMITED	Director	29/04/2005	29/04/2005	01/12/2010	Active	NO
3	U29299PN2005PTC020802	ECO CLEAN LAUNDRY PRIVATE LIMITED	Director	30/05/2005	30/05/2005	-	Active	NO
4	U45203MP2001PTC014779	SUMANGAL DWELLING AND PROJECTS PRIVATE LIMITED	Director	11/01/2007	11/01/2007	-	Active	NO
5	U13200MH2003PLC141188	TECH SUTRE INDUSTRIES LIMITED	Director	30/09/2008	15/03/2008	-	Active	NO
6	U64200MH2000PLC126737	SAMRUDDHA INTERNATIONAL LIMITED	Director	16/05/2008	16/05/2008	-	Active	NO
7	U51900MH1997PLC112284	SAMRUDDHA RESOURCES LIMITED	Director	30/09/2010	07/01/2010	-	Active	NO
8	U45203PN2008PTC131621	ENERRGIA INFRASTRUCTURE PRIVATE LIMITED	Additional director	20/01/2015	28/01/2014	-	Active	NO

Name :

Mr. Vinay Rohidas Patil

Designation :

Managing Director

Address :

302, Purna Sir, Pochkhanwala Road, Worli, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

22.02.1972

Date of Appointment :

03.09.2013

DIN No.:

00522674

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ DesignatedPartner	Date ofappointmentat current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51900MH1997PLC112284	SAMRUDDHA RESOURCES LIMITED	Managing director	11/12/2012	05/12/1997	-	Active	NO
2	U64200MH2000PLC126737	SAMRUDDHA INTERNATIONAL LIMITED	Director	01/08/2013	24/05/2000	-	Active	NO
3	U93000MH2003PTC139822	Teeshee Holdings Private Limited	Director	05/11/2009	01/04/2003	-	Active	NO
4	U67120MH2003PTC141738	L R P SECURITIES SERVICES PRIVATE LIMITED	Director	13/08/2003	13/08/2003	25/01/2013	Active	NO
5	U17120MH2005PTC150448	SARVESHWARI TEX-FAB PRIVATE LIMITED	Director	05/01/2005	05/01/2005	10/08/2012	Active	NO
6	U13200MH2003PLC141188	TECH SUTRE INDUSTRIES LIMITED	Managing director	03/09/2013	05/01/2005	-	Active	NO
7	U45309MH2006PTC158618	DHULE TEXTILE PARK PRIVATE LIMITED	Director	30/09/2014	04/01/2006	-	Active	NO
8	U93000MH1996PLC099873	Terre' Holdings Limited	Director	20/04/2006	20/04/2006	-	Active	NO
9	U45203MP2001PTC014779	SUMANGAL DWELLING AND PROJECTS PRIVATE LIMITED	Director	02/02/2007	02/02/2007	-	Active	NO
10	U45200MH2007PTC169506	RVK INFRASTRUCTERS PRIVATE LIMITED	Director	31/03/2007	31/03/2007	-	Active	NO
11	U17120MH2005PTC153081	PADMA TEX FAB PRIVATE LIMITED	Director	29/06/2007	29/06/2007	10/08/2012	Active	NO
12	U17120MH2005PTC150447	RUCHI COTTONS PRIVATE LIMITED	Director	29/06/2007	29/06/2007	10/08/2012	Active	NO
13	U72200PN2003PTC018409	SKYi LANDS & INFRASTRUCTURE INDIA PRIVATE LIMITED.	Additional director	21/09/2007	21/09/2007	-	Active	NO
14	U24100MH2003PTC141309	Samruddha Phosphates Private Limited	Director	01/08/2008	01/08/2008	-	Active	NO
15	U70102MH2008PTC187097	SAMKIT ESTATES PRIVATE LIMITED	Director	26/09/2008	26/09/2008	01/12/2010	Active	NO
16	U74900MH2010PTC200955	Sanrise Holdings Private Limited	Director	17/03/2010	17/03/2010	20/03/2012	Active	NO
17	U51909WB2009PTC139662	TYCOON AGENCY PRIVATE LIMITED	Director	25/08/2011	22/03/2011	-	Active	NO
18	U93000WB2009PTC139663	TRIBHUWAN ESTATE HOLDINGS PRIVATE LIMITED	Director	30/09/2011	22/03/2011	-	Active	NO
19	U51909MH2003PTC141116	KALAHASTI DEVELOPMENTS AND FARMING PRIVATE LIMITED	Director	25/07/2011	25/07/2011	20/03/2012	Active	NO
20	U70102MH2011PTC224907	Tvish Realty Private Limited	Director	14/12/2011	14/12/2011	-	Active	NO
21	U13209MH2008PTC181753	Tapas Mining Private Limited	Additional director	25/10/2012	25/10/2012	-	Active	NO
22	U67120MH1995PLC087714	MOUNT SECURITIES LIMITED	Director	23/09/2013	20/03/2013	-	Active	NO
23	U45400MH2013PTC241354	Tara Spaces Private Limited	Director	26/03/2013	26/03/2013	-	Active	NO
24	U45200MH2008PTC178514	PEGAUS PROPERTIES PRIVATE LIMITED	Director	23/09/2013	19/04/2013	-	Active	NO
25	U45200MH2014PTC253974	Tara Dwellings Private Limited	Director	07/03/2014	07/03/2014	-	Active	NO
26	AAB-5288	MIDCITY TARA OSHIWARA REALTY LLP	Body corporate as Designated Partner	16/05/2013	16/05/2013	-	Active	NO
27	AAB-5853	TARA AND JANAKI DEVELOPERS LLP	Designated Partner	15/06/2013	15/06/2013	-	Active	NO
28	AAB-8136	TARA AND JANAKI MAHIM REALTY LLP	Designated Partner	12/10/2013	12/10/2013	-	Active	NO

KEY EXECUTIVES

Name :	Neelesh Gupta and company
Designation :	Company Secretaries
Address :	Indore, Madhya Pradesh, India

MAJOR SHAREHOLDERS

As on 20.08.2014

Names of Shareholders	No. of Shares
Vinay Rohidas Patil	74550
Kunal Rohidas Patil	49700
Lata Rohidas Patil	50
Ruchi Vinay Patil	100
Smita C. Patil	50
Samruddha international Limited, India	3404500
Amit Jagtap	50
Sandesh Vanijya Private Limited, India	56000
Arywart Vincom Private Limited, India	21500
Manoj Thakur	71500
Samruddha Resources Limited, India	3330000
Total	7008000

As on 20.08.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	97.20
Directors or relatives of Directors	1.78
Other top fifty shareholders	1.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Textile Products.

Products :

Product Description	Item Code No. (ITC Code)
Cotton Yarn	5205
Grey Fabric	5208

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

· Goving Raja

· Aishwarya Textile

Reference :	Vardhaman Industries
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 :

· Birla Century

· Bombay Dyeing

· GHCL Limited

Reference :	Creative Textile
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 :

Not Available

Bankers :

· State Bank of India, SME Branch, Shivsagar Estate, Worli (South), Dr. A. B. Road, Mumbai - 400018, Maharashtra, India

· Axis Bank Limited, Credit Mangement Center, Unit-6, Corporate Park, Sion Traombay Road, Chembur, Mumbai - 400071, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loan from banks	114.204	140.441
SHORT TERM BORROWING
Working capital loans from banks	75.040	15.558
Total	189.244	155.999

Auditors :
Name :	M. B. Agrawal and Company Chartered Accountants
Address :	204, Mhatre Pen Building, Senapati Bapat Marg, Dadar West, Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-66568218
Fax No.:	91-22-24383312
PAN No.:	AABFM5230D
Website :	www.mbaconsultants.in
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Samruddha Resources Limited CIN No.: U51900MH1997PLC112284

CAPITAL STRUCTURE

As on 20.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
68,84,000	Equity Shares	Rs.10/- each	Rs.68.840 Million
1,24,000	Equity Shares (Not Fully Paid)		Rs. 0.124 Million
	Total		Rs. 68.964 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	68.964	2.114	2.114
(b) Reserves & Surplus	281.707	9.728	13.917
(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)	350.671	11.842	16.031
(3) Non-Current Liabilities
(a) long-term borrowings	182.201	384.447	219.269
(b) Deferred tax liabilities (Net)	1.586	0.000	0.000
(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)	183.787	384.447	219.269
(4) Current Liabilities
(a) Short term borrowings	75.040	15.558	0.000
(b) Trade payables	98.196	4.196	5.877
(c) Other current liabilities	80.830	26.350	8.781
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	254.066	46.104	14.658
TOTAL	788.524	442.393	249.958
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	268.102	267.177	6.843
(ii) Intangible Assets	0.449	0.080	0.083
(iii) Capital work-in-progress	31.738	8.285	141.241
(iv) Intangible assets under development	0.103	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	1.772	0.000
(d) Long-term Loan and Advances	37.566	14.491	60.824
(e) Other Non-current assets	0.000	0.000	31.085
Total Non-Current Assets	337.958	291.805	240.076
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	124.572	16.848	0.000
(c) Trade receivables	84.811	0.000	0.000
(d) Cash and cash equivalents	5.885	5.210	1.890
(e) Short-term loans and advances	235.298	128.530	7.992
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	450.566	150.588	9.882
TOTAL	788.524	442.393	249.958

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	473.764	0.000	0.000
	Other Income	2.811	1.008	0.000
	TOTAL (A)	476.575	1.008	0.000
Less	EXPENSES
	Cost of Materials Consumed	403.884	6.200	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(86.064)	(6.790)	0.000
	Employees benefits expense	19.303	1.290	4.052
	Other expenses	77.961	1.607	3.831
	Exceptional Item before tax	0.000	0.054	0.000
	TOTAL (B)	415.084	2.361	7.883
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	61.491	(1.353)	(7.883)
Less	FINANCIAL EXPENSES (D)	31.856	1.999	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	29.635	(3.352)	(7.883)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	19.653	2.609	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	9.982	-5.961	(7.883)
Less	TAX (I)	5.403	(1.772)	0.000
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	4.579	(4.189)	(7.883)
	Earnings / (Loss) Per Share (Rs.)	7.09	(15.27)	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.97	0.00	0.00
Operating Profit Margin (PBDIT / Sales)	(%)	12.98	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	1.32	(1.38)	(7.25)
Return on Investment (ROI) (PBT/Networth)		0.03	(0.50)	(0.49)
Debt Equity Ratio (Total Debt /Networth)		0.73	33.78	13.68
Current Ratio (Current Asset/Current Liability)		1.77	3.27	0.67

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	2.114	2.114	68.964
Reserves & Surplus	13.917	9.728	281.707
Net worth	16.031	11.842	350.671
long-term borrowings	219.269	384.447	182.201
Short term borrowings	0.000	15.558	75.040
Total borrowings	219.269	400.005	257.241
Debt/Equity ratio	13.678	33.779	0.734

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 one year	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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Intercorporate deposits	67.997	244.006
Total	67.997	244.006

PERFORMANCE REVIEW:

The construction of sheds and installation of machinery was accomplished last week of March previous year. Though, the actual commercial production had started in the month of April itself, but in the first quarter the company was operated on a bit slow pace and successfully operated with optimum capacity during the later months of year under review. So, as against the zero revenue from the textiles business in the previous year, the company has recorded turnover of Rs. 473.800 Million and earned profit before tax of Rs. 10.000 Million.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10347818	26/03/2012 *	240,000,000.00	STATE BANK OF INDIA	SME BRANCH, SHIVSAGAR ESTATE,, WORLI (SOUTH), DR.  A. B. ROAD,, MUMBAI, Maharashtra - 400018, INDIA	B37219409

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Land

· Building

· Plant and Machinery

· Computers

· Electrical Installation

· Furniture and Fittings

· Office Equipments

· Vehicle

· Air Conditioner

Intangible Assets

· Trade Mark

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.62.75
UK Pound	1	Rs.94.60
Euro	1	Rs.67.10

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		30

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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