MIRA INFORM REPORT

Report No. :	320605
Report Date :	07.05.2015

IDENTIFICATION DETAILS

Name :	FORSTAR FROZEN FOODS PRIVATE LIMITED FORSTAR INSTAFOODS (A DIVISION OF FORSTAR FROZEN FOODS PRIVATE LIMITED)
Registered Office :	505A, Galleria, Hinranandani Gardens, A.S. Marg, Powai, Mumbai – 400076, Maharashtra
Tel. No.:	91-22-27410807
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.07.1992
Com. Reg. No.:	11-067511
Capital Investment / Paid-up Capital :	Rs. 100.000 Million
CIN No.: [Company Identification No.]	U05000MH1992PTC067511
IEC No.:	0392068460
TAN No.: [Tax Deduction & Collection Account No.]	MUMF01338B
PAN No.: [Permanent Account No.]	AAACF3557C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Fish and Fish Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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 having satisfactory track record. General financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = BB+
Rating Explanation	Moderate risk of default
Date	July 28, 2014

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 :	505A, Galleria, Hinranandani Gardens, A.S. Marg, Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-27410807/ 66923819
Fax No.:	91-22-27410999
E-Mail :	sgn@forstarfoods.com forstar@vsnl.com info@forstarfoods.com jiju@forstarfoods.com moni@forstarfoods.com feedback@forstarfoods.com instafoods@forstarfoods.com
Website :	http://www.forstarfoods.com
Administrative Office/ Factory :	M-53, MIDC Industrial Area, Taloja, Navi Mumbai – 410208, Maharashtra, India
Tel. No.:	91-22-27401073/ 27410807
Fax No.:	91-22-27410999

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Sankaran Gangadharan Kumarkurup Nair

Designation :

Managing director

Address :

22, Eden Bunglows, A.S. Marg, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

01.01.1944

Date of Appointment :

09.11.1992

PAN No.:

ABRPN7956J

DIN No.:

00050295

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	U05000MH1992PTC067511	FORSTAR FROZEN FOODS PRIVATE LIMITED.	Managing director	09-11-1992	09-11-1992	Active	NO
2	U51220MH1996PTC098530	OCEANCATCH MARKETING PRIVATE LIMITED	Managing director	28-03-1996	28-03-1996	Active	NO
3	U45203MH2008PTC178580	FORSTAR REALTORS PRIVATE LIMITED	Director	07-02-2008	07-02-2008	Active	NO
4	U63040MH2008PTC180985	SHORELINE LIFESTYLES PRIVATE LIMITED	Director	10-04-2008	09-04-2008	Active	NO

Name :

Mr. Jiju Maniyil Parameswaran

Designation :

Director

Address :

1502, Solitaire, A.S. Marg, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

26.03.1966

Date of Appointment :

16.11.2002

PAN No.:

AGIPP7304C

DIN No.:

00358256

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	U05000MH1992PTC067511	FORSTAR FROZEN FOODS PRIVATE LIMITED.	Director	16-11-2002	16-11-2002	Active	NO
2	U45203MH2008PTC178580	FORSTAR REALTORS PRIVATE LIMITED	Director	07-02-2008	07-02-2008	Active	NO
3	U63040MH2008PTC180985	SHORELINE LIFESTYLES PRIVATE LIMITED	Director	10-04-2008	09-04-2008	Active	NO
4	U74990MH2012PTC226722	PROSUS ENGINEERS & TECHNOLOGIES PRIVATE LIMITED	Managing director	11-02-2012	11-02-2012	Active	NO

Name :

Mr. Moni Maniyil Parameswaran Pillai

Designation :

Director

Address :

2102, Solitaire, A.S. Marg, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

16.10.1973

Date of Appointment :

06.01.2003

PAN No.:

AGIPP7292D

DIN No.:

00049839

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	U05000MH1992PTC067511	FORSTAR FROZEN FOODS PRIVATE LIMITED.	Director	06-01-2003	06-01-2003	Active	NO
2	U45203MH2008PTC178580	FORSTAR REALTORS PRIVATE LIMITED	Director	07-02-2008	07-02-2008	Active	NO
3	U63040MH2008PTC180985	SHORELINE LIFESTYLES PRIVATE LIMITED	Director	09-04-2008	09-04-2008	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Sankaran Gangadharan Kumarkurup Nair	730760	73.08
Satyabhama G. Nair	126676	12.67
Binu J. Pillai	35200	3.52
Bindu Pillai	35200	3.52
Gangadharan S. Nair (HUF)	14564	1.46
Jiju Pillai	28800	2.88
Moni Pillai	28800	2.88
Total	1000000	100.00

AS ON 30.09.2014

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Fish and Fish Products.

Products/ Services :

ITC Code No.	Product Descriptions
03031900	Marine Products

Brand Names :

--

Agencies Held :

--

Exports :

Products :

--

Countries :

--

Imports :

Products :

--

Countries :

--

Terms :

Selling :

--

Purchasing :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

Customers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

No. of Employees :

Not Available

Bankers :

Bank Name:	Not Available
Branch:	Not Available
Person Name (with Designation):	Not Available
Contact Number:	Not Available
Name of Account Holder:	Not Available
Account Number:	Not Available
Account Since (Date/ Year of A/c Opening):	Not Available
Average Balance Maintained (Optional):	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Not Available
Remarks:	Not Available

· Bank of India

Mumbai Overseas Branch, Bank of India Building, Mezzanine Floor, 70/80, M. G. Road, Fort, Mumbai - 400023, Maharashtra, India

· Union Bank of India - Lead Bank of UBI Consortium

Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India

· Federal Bank

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	105.088	133.000
Term loans from others	3.710	0.000
SHORT TERM BORROWINGS
Loans repayable on demand	812.051	326.721
Total	920.849	459.721

Banking Relations :	--
Auditors :
Name :	Binita V. and Associates Chartered Accountants
Address :	"Deepak", Office No. 2, Dr. Moose Road, Thane – 400602, Maharashtra, India
Tel. No.:	91-22-25360659
Income-tax PAN of auditor or auditor's firm :	ABRPS7370K
Memberships :	--
Collaborators :	--
Associates :	· Shoreline Lifestyles Private Limited [U63040MH2008PTC180985] · Seacatch International · Forstar Realtors Private Limited [U45203MH2008PTC178580]

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 100/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 100/- each	Rs. 100.000 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	100.000	100.000	30.000
(b) Reserves & Surplus	364.673	304.644	337.415
(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)	464.673	404.644	367.415
(3) Non-Current Liabilities
(a) Long-term borrowings	108.798	133.000	28.906
(b) Deferred tax liabilities (Net)	11.697	1.444	2.017
(c) Other long term liabilities	1.080	0.000	0.650
(d) long-term provisions	0.113	0.105	42.210
Total Non-current Liabilities (3)	121.688	134.549	73.783
(4) Current Liabilities
(a) Short term borrowings	812.051	326.721	287.629
(b) Trade payables	292.087	303.019	217.534
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	85.483	71.440	13.402
Total Current Liabilities (4)	1189.621	701.180	518.565
TOTAL	1775.982	1240.373	959.763
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	483.257	236.901	257.023
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	282.639	40.736
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	146.291	131.227	115.792
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8.563	6.256	4.212
(e) Other Non-current assets	0.000	0.000	43.612
Total Non-Current Assets	638.111	657.023	461.375
(2) Current assets
(a) Current investments	40.355	45.659	88.680
(b) Inventories	387.744	195.221	195.575
(c) Trade receivables	486.331	251.920	183.666
(d) Cash and cash equivalents	5.332	13.687	15.612
(e) Short-term loans and advances	3.177	4.611	2.844
(f) Other current assets	214.932	72.252	12.011
Total Current Assets	1137.871	583.350	498.388
TOTAL	1775.982	1240.373	959.763

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income			1543.895
		Other Income			6.670
		TOTAL (A)	NA	NA	1550.565
Less	EXPENSES
		TOTAL (B)	NA	NA	1460.558
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial and Depreciation Expenses)	(Including Financial and Depreciation Expenses)	90.007
Less	FINANCIAL EXPENSES (D)				32.706
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				57.301
Less/ Add	DEPRECIATION/ AMORTISATION (F)				12.698
	PROFIT BEFORE TAX (E-F) (G)		NA	NA	44.603
Less	TAX (H)		NA	NA	14.335
	PROFIT AFTER TAX (G-H) (I)		71.407	37.336	30.268
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1971.719	1372.413	1288.653
	Earnings Per Share (Rs.)		71.41	37.34	100.89

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	NA	1.96
Operating Profit Margin (PBDIT/Sales)	(%)	NA	NA	5.83
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	5.55
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.12
Debt Equity Ratio (Total Debt/Networth)		1.98	1.14	0.86
Current Ratio (Current Asset/Current Liability)		0.96	0.83	0.96

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	30.000	100.000	100.000
Reserves & Surplus	337.415	304.644	364.673
Net worth	367.415	404.644	464.673
Long-term borrowings	28.906	133.000	108.798
Short term borrowings	287.629	326.721	812.051
Total borrowings	316.535	459.721	920.849
Debt/Equity ratio	0.862	1.136	1.982

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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10558225	09/07/2014	2,223,862.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C47769567
2	10329617	22/12/2011	133,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT,, MUMBAI, MAHARASHTRA - 400023, INDIA	B29759099
3	10328875	16/12/2011	133,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT,, MUMBAI, MAHARASHTRA - 400023, INDIA	B29643350
4	10153114	06/03/2009	10,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, FOREIGN EXCHANGE DEPT, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	A59916395
5	10025074	02/11/2006	10,000,000.00	BANK OF INDIA	MUMBAI OVERSEAS BRANCH, BANK OF INDIA BUILDING,  MEZZANINE FLOOR, 70/80, M. G. ROAD, FORT, MUMBAI,  MAHARASHTRA - 400023, INDIA	A06168850
6	10009862	22/06/2006 *	9,000,000.00	UNION BANK OF INDIA	FOREIGN EXCH. DEPT., MUMBAI SAMACHAR MARG BRANCH,,  66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	A02319234
7	90152638	23/09/2004	17,500,000.00	UNION BANK OF INDIA	66/80 MUMBAI SAMACHAR MARG, MUMAI, MAHARASHTRA - 400023, INDIA	-
8	90154056	05/08/2014 *	753,500,000.00	UNION BANK OF INDIA - LEAD BANK OF UNION BANK CONS  ORTIUM	MUMBAI SAMACHAR MARG BRANCH,, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	C32437402
9	90154370	18/03/2005 *	32,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG, 66/80 MUMBAI SAMACHAR, MUMAI, MAHARASHTRA - 400023, INDIA	-
10	90153408	25/08/1997 *	9,800,000.00	THE FEBERAL BANK LIMITED	DFADR BARNCH, MUMAI, MAHARASHTRA - 400014, INDIA	-
11	90153377	10/05/1997 *	9,800,000.00	THE FEBERAL BANK LIMITED	DFADR BARNCH, MUMAI, MAHARASHTRA - 400014, INDIA	-
12	90154175	18/03/2005 *	17,500,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG, 66/80 MUMBAI SAMACHAR, MUMAI, MAHARASHTRA - 400023, INDIA	-
13	90154166	13/12/2002 *	8,800,000.00	THE FEBERAL BANK LIMITED	DADAR BANCH, MUMAI, MAHARASHTRA - 400014, INDIA	-
14	90153001	03/09/2003 *	9,800,000.00	THE FEBERAL BANK LIMITED	DFADR BARNCH, MUMAI, MAHARASHTRA -400014, INDIA	-
15	90154165	25/02/1994	9,800,000.00	THE FEBERAL BANK LIMITED	DADAR BANCH, MUMAI, MAHARASHTRA - 400014, INDIA	-

* Date of charge modification

CORPORATE INFORMATION

The Company is Manufacturer and Exporter of Fish and Fish Products to the European, East Asian and Chinese Markets. It has been in the business of exports for more than two decades.

FINANCIAL PERFORMANCE:

The expansion project undertaken on the plot adjacent to the existing factory at M/53 1 MIDC industrial estate, Taloja has been completed and has gone filly operational in the month of November 2013. The Unit has attained export turnover of Rs.300.000 Million for the period November 2013 to March 2014. The Directors are hopeful to attain 100% capacity utilization in the year to come.

GRANT IN AID FROM MINISTRY OF FOOD PROCESSING INDUSTRY FOR THE SETTING UP OF COLD CHAIN PROJECT:

At this juncture the Directors extend their thanks to the Ministry of Food processing Industry for approving a grant in aid of Rs.100.000 Million for setting up Integrated Cold Chain Project. The approval was received in October 2013. Till the date of this report, an amount of 75% of the Grant has been released by the Ministry after satisfying the conditions of the Grant - in - Aid.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other 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. 96.81
Euro	1	Rs. 71.51

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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		45

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.