MIRA INFORM REPORT

Report No. :	312859
Report Date :	18.03.2015

IDENTIFICATION DETAILS

Name :	MOHAN CLOTHING COMPANY PRIVATE LIMITED
Registered Office :	2E/22, Jhandewala Extension, New Delhi – 110055
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.07.1991
Com. Reg. No.:	55-045024
Capital Investment / Paid-up Capital :	Rs. 10.912 Million
CIN No.: [Company Identification No.]	U74899DL1991PTC045024
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELM08937F
PAN No.: [Permanent Account No.]	AAACM1374L
TIN No.:	0610819329
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Readymade Garment.
No. of Employees :	500 (Approximately)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General fianacial position of the company seems to be sound and healthy. Profitabilty of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

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

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.

INFORMATION PARTED BY

Name :	Mr. Nihar Ranjan Das
Designation :	Finance Head
Contact No.:	91-124-4648800
Date :	17.03.2015

LOCATIONS

Registered Office :	2E/22, Jhandewala Extension, New Delhi – 110055, India
Tel. No.:	91-11-41543664
Fax No.:	Not Available
E-Mail :	blackberries@vsnl.com
Factory 1 :	76, Udyog Vihar, Phase-1, Gurgaon-122016, Haryana, India
Tel No.:	91-124-4648800

DIRECTORS

AS ON 30.09.2013

Name :

Rajendra Mohan

Designation :

Director

Address :

5-A, Banarsi Das Estate, New Delhi – 110054, India

Date of Appointment :

18.07.1991

DIN No.:

00054846

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	U74899DL1991PTC045024	MOHAN CLOTHING COMPANY PRIVATE LIMITED	Director	18/07/1991	18/07/1991	-	Active	NO
2	U74899DL1994PTC061541	JVR INVESTFIN PRIVATE LIMITED	Director	15/09/1994	15/09/1994	-	Active	NO
3	U18101DL1999PTC101803	N N AGENCIES PRIVATE LIMITED	Director	01/10/1999	01/10/1999	-	Active	NO
4	U74999HR1989PTC030706	KRISHNA LABELS PVT LTD	Director	23/03/2000	23/03/2000	-	Active	NO
5	U72200UP2000PTC025130	JSK INFOSERVICES PRIVATE LIMITED	Director	27/10/2000	27/10/2000	-	Active	NO
6	U74999DL2003PTC118520	K&M GARMENGUARDINI (INDIA) PRIVATE LIMITED	Director	17/01/2003	17/01/2003	-	Active	NO
7	U51909DL2004PTC128022	SWYAMBHU ENTERPRISES PRIVATE LIMITED	Director	02/08/2004	02/08/2004	-	Active	NO
8	U18101DL2006PTC149064	NOIR FASHIONS PRIVATE LIMITED.	Director	31/05/2006	31/05/2006	-	Active	NO
9	U74899DL1993PTC051614	AVM PRINT PACK PRIVATE LIMITED.	Director	29/09/2007	10/08/2006	-	Active	NO
10	U18204DL2007PTC166063	CAYMAN FASHIONS PRIVATE LIMITED	Director	20/07/2007	20/07/2007	-	Active	NO
11	U45201DL2005PTC143578	CREST REALTY SERVICES PRIVATE LIMITED	Director	30/09/2008	18/09/2007	-	Active	NO
12	U18101DL2005PTC137275	ACQARIUS TEXTILES MILLS PRIVATE LIMITED	Director	30/09/2008	15/10/2007	-	Active	NO

Name :

Nikhil Mohan

Designation :

Director

Address :

12, Lucknow Road, Banarasi Das Estate, New Delhi – 110054, India

Date of Appointment :

18.07.1991

DIN No.:

00054865

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	U74899DL1991PTC045024	MOHAN CLOTHING COMPANY PRIVATE LIMITED	Director	18/07/1991	18/07/1991	-	Active	NO
2	U74999HR1989PTC030706	KRISHNA LABELS PVT LTD	Director	12/06/2000	12/06/2000	-	Active	NO
3	U51909DL2004PTC128022	SWYAMBHU ENTERPRISES PRIVATE LIMITED	Director	02/08/2004	02/08/2004	-	Active	NO
4	U18101DL2006PTC149064	NOIR FASHIONS PRIVATE LIMITED.	Director	31/05/2006	31/05/2006	-	Active	NO
5	U18204DL2007PTC166063	CAYMAN FASHIONS PRIVATE LIMITED	Director	20/07/2007	20/07/2007	-	Active	NO
6	U45201DL2005PTC143578	CREST REALTY SERVICES PRIVATE LIMITED	Director	30/09/2008	18/09/2007	-	Active	NO

Name :

Nitin Mohan

Designation :

director

Address :

12, Lucknow Road, Banarsi Das Estate, New Delhi – 110054, India

Date of Appointment :

18.07.1991

DIN No.:

00054865

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	U74899DL1991PTC045024	MOHAN CLOTHING COMPANY PRIVATE LIMITED	Director	18/07/1991	18/07/1991	-	Active	NO
2	U74999HR1989PTC030706	KRISHNA LABELS PVT LTD	Director	12/06/2000	12/06/2000	-	Active	NO
3	U51909DL2004PTC128022	SWYAMBHU ENTERPRISES PRIVATE LIMITED	Director	29/11/2005	29/11/2005	-	Active	NO
4	U18101DL2006PTC149064	NOIR FASHIONS PRIVATE LIMITED.	Director	31/05/2006	31/05/2006	-	Active	NO
5	U74899DL1993PTC051614	AVM PRINT PACK PRIVATE LIMITED.	Director	29/09/2007	10/08/2006	-	Active	NO
6	U18101DL2005PTC137275	ACQARIUS TEXTILES MILLS PRIVATE LIMITED	Director	30/09/2008	15/10/2007	-	Active	NO

Name :

Nakul Mohan

Designation :

Director

Address :

5-A, Banarasi Das Estate, New Delhi – 110054, India

Date of Appointment :

18.07.1991

DIN No.:

00054868

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	U74899DL1991PTC045024	MOHAN CLOTHING COMPANY PRIVATE LIMITED	Director	18/07/1991	18/07/1991	-	Active	NO
2	U74999HR1989PTC030706	KRISHNA LABELS PVT LTD	Director	12/06/2000	12/06/2000	-	Active	NO
3	U51909DL2004PTC128022	SWYAMBHU ENTERPRISES PRIVATE LIMITED	Director	29/11/2005	29/11/2005	-	Active	NO
4	U18101DL2006PTC149064	NOIR FASHIONS PRIVATE LIMITED.	Director	31/05/2006	31/05/2006	-	Active	NO
5	U74899DL1993PTC051614	AVM PRINT PACK PRIVATE LIMITED.	Director	29/09/2007	10/08/2006	-	Active	NO
6	U18101DL2005PTC137275	ACQARIUS TEXTILES MILLS PRIVATE LIMITED	Director	30/09/2008	15/10/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nihar Ranjan Das
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Mr. Rajendra Mohan	112140
Mr. Nikhil Mohan	161820
Mr. Nitin Mohan	141820
Mr. Raghav Mohan	23000
Mrs, Indira Mohn	93700
Mrs. Anjul Mohan	52000
Rajendra Mohan HUF)	70000
Mrs Sonali Mohan	23000
Mrs. Sandhya Mohan	13000
Ms. Richa Mohan	3000
Ms. Pallavi Mohan	3000
Mr. Nakul Mohan	186820
Ms. Damini Mohan	2000
Ms. Madhulika Mohan	3000
Virendra Mohan (HUF)	70000
Nitin Mohan (HUF)	100
Nikhil Mohan (HUF)	100
Aanchal Mohan	100
Toolika Mohan	100
Madhav Mohan	1000
Vidyawati Mohan	100
Nakul Mohan (HUF)	100
Jitendra Mohan (HUF)	30000
Vasudev Rastogi (HUF)	100
Total	990000

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Readymade Garment.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Raw Material
Countries :	Bangladesh China Japan France Italy Europe
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Auto Textile Unit of Vardhman Textiles Limited
Name of the Person :	Mr. Ajay Arora (Assistant Manager Marketing)
Contact No.:	91-8894723416
Since How Long Known :	2010
Experience :	Good
Maximum Limit Dealt :	Rs. 16.500 Million (Approximately) (Monthly)
Remark :	They gave us positive response about subject company they are satisfied with their payment behavior and market goodwill.

Customers :

Reference :	Shyam Garment
Name of the Person :	Mr. Pankaj Ms. Rekha
Contact No.:	91-11-29819734
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

500 (Approximately)

Bankers :

• ICICI Bank Limited, Sector 14, Gurgaon-122001, Haryana, India
• Citibank N.A, Jeevan Bharti Building, New Delhi, India
• Karnataka Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loan from banks	2.415	1.750
Total	2.415	1.750

Auditors :
Name :	Walker Chandiok and Company LLP Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Krishna Labels Private Limited Sri Ram And Son Sri Ram Son Agencies Swyambhu Enterprises (P) Limited Pall Mall N N Agencies ECRU Fashions AVM Print Pack Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs. 10/- each	Rs. 12.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1091200	Equity Shares	Rs. 10/- each	Rs. 10.912 Million

AS ON 31.03.2014

Particulars	No. of Shares
Mr. Rajendra Mohan	123763
Mr. Nikhil Mohan	178593
Mr. Nitin Mohan	156520
Mrs. Indira Mohan	103070
Mrs. Anjul Mohan	57200
Rajendra Mohan (HUF)	77000
Mr. Nakul Mohan	206184
Virendra Mohan (HUF)	77000

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs. 10/- each	Rs. 12.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
990000	Equity Shares	Rs. 10/- each	Rs. 9.900 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	10.912	9.900	9.900
(b) Reserves & Surplus	1501.234	1198.218	754.696
(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)	1512.146	1208.118	764.596
(3) Non-Current Liabilities
(a) long-term borrowings	2.415	1.750	0.000
(b) Deferred tax liabilities (Net)	0.000	9.231	14.642
(c) Other long term liabilities	584.113	404.273	295.285
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	586.528	415.254	309.927
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	603.765	483.638	316.174
(c) Other current liabilities	114.652	82.937	40.528
(d) Short-term provisions	49.328	14.967	56.263
Total Current Liabilities (4)	767.745	581.542	412.965
TOTAL	2866.419	2204.914	1487.488
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	587.321	371.528	233.253
(ii) Intangible Assets	11.642	7.600	7.417
(iii) Capital work-in-progress	1.835	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)	28.996	0.000	0.000
(d) Long-term Loan and Advances	387.883	301.765	183.944
(e) Other Non-current assets	25.486	19.629	4.687
Total Non-Current Assets	1043.163	700.522	429.301
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1290.605	500.000	452.785
(c) Trade receivables	431.968	335.087	296.092
(d) Cash and cash equivalents	54.909	661.951	242.853
(e) Short-term loans and advances	45.774	7.354	66.457
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1823.256	1504.392	1058.187
TOTAL	2866.419	2204.914	1487.488

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	3710.213	2902.426	1903.750
		Other Income	50.553	26.802	3.226
		TOTAL (A)	3760.766	2929.228	1906.976
Less	EXPENSES
		Cost of Materials Consumed	2468.649	1775.722	1456.487
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(69.900)	38.324	(149.140)
		Employees benefits expense	111.303	92.256	73.458
		Other expenses	573.844	480.730	254.604
		TOTAL (B)	3083.896	2387.032	1635.409
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		676.870	542.196	271.567
Less	FINANCIAL EXPENSES (D)		237.761	228.383	161.655
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		439.109	313.813	109.912
Less/ Add	DEPRECIATION/ AMORTISATION (F)		103.897	101.018	77.672
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		335.212	212.795	32.240
Less	TAX (H)		83.902	51.379	47.991
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		251.310	161.416	(15.751)
	Earnings / (Loss) Per Share (Rs.)		253.85	163.05	(15.91)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	6.77	5.56	0.83
Operating Profit Margin (PBDIT/ Sales)	(%)	18.24	18.68	14.26
Return on Total Assets (PBT/Total Assets}	(%)	16.40	30.03	32.80
Return on Investment (ROI) (PBT/Networth)		0.31	0.55	0.64
Debt Equity Ratio (Total Debts/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.37	2.59	2.56

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	9.900	9.900	10.912
Reserves & Surplus	754.696	1198.218	1501.234
Net worth	764.596	1208.118	1512.146
long-term borrowings	0.000	1.750	2.415
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	1.750	2.415
Debt/Equity ratio	0.000	0.001	0.002

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)
Total Income	1903.750	2902.426	3710.213
		52.458	27.831

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	1903.750	2902.426	3710.213
Profit	(15.751)	161.416	251.310
	(0.83%)	5.56%	6.77%

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	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	10526307	27/09/2014	100,000,000.00	Karnataka Bank Ltd.	SECTOR - 14, GURGAON, Haryana - 122001, INDIA	C29972916
2	10294114	07/08/2014 *	300,000,000.00	Citi Bank N.A.	Jeevan Bharti Building, 4th Floor,, 124 Connaught  Circus, Connaught Place,, New Delhi, Delhi - 110001, INDIA	C17894452
3	10237126	16/08/2014 *	270,000,000.00	Karnataka Bank Ltd.	SECTOR-14, GURGAON, Haryana - 122001, INDIA	C23906985

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipments
• Furniture and Fixture
• Vehicles
• Officce 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. 62.69
UK Pound	1	Rs. 92.99
Euro	1	Rs. 66.37

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	JYO

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.