MIRA INFORM REPORT

Report No. :	322825
Report Date :	16.05.2015

IDENTIFICATION DETAILS

Name :	SANJAY CHEMICALS (INDIA) PRIVATE LIMITED
Registered Office :	Unit G-1, 5^th Floor, Kanmoor House Condominium, 281/287, Narsi Natha Street, Mumbai – 400009, Maharashtra
Tel. No.:	91-22-40361100/ 66312988/ 66313088
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.10.2000
Com. Reg. No.:	11-129290
Capital Investment / Paid-up Capital :	Rs. 34.835 Million
CIN No.: [Company Identification No.]	U51434MH2000PTC129290
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMS27686B
PAN No.: [Permanent Account No.]	AAFCS2929E
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Pharma Chemicals.
No. of Employees :	65 (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

Maximum Credit Limit :	USD 2200000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profitability of the company seems to be low during 2014. However, general financial position of the company is decent. The rating also takes into consideration extensive experience of company’s promoters in the chemical industry and its diversified revenue profile. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 = BBB -
Rating Explanation	Have moderate degree of safety and moderate credit risk.
Date	30.07.2014

Rating Agency Name	CRISIL
Rating	Short term rating = A3
Rating Explanation	Have moderate degree of safety and carry higher credit risk
Date	30.07.2014

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.

INFORMATION PARTED BY

Name :	Mr. Dilip Vijayraj Parmar
Designation :	Director
Contact No.:	91-9821094607
Date :	15.05.2015

LOCATIONS

Registered Office :	Unit G-1, 5^th Floor, Kanmoor House Condominium, 281/287, Narsi Natha Street, Mumbai – 400009, Maharashtra
Tel. No.:	91-22-40361100/ 66312988/ 66313088 / 23449321
Mobile No.:	91-9821094067 (Mr. Dilip Parmar)
Fax No.:	91-22-23754337
E-Mail :	scipl.mumbai@sanjaychemindia.com karan.rathod@sanjaychemindia.com dilip@sanjaychemindia.com sanjay@sanjaychemindia.com
Website :	http://www.sanjaychemindia.com
Location :	Owned
Locality :	Commercial
Branch Office :	1-8-206 2nd Floor Masetty Plaza P G Road, Secunderabad – 500003, Hyderabad, Telangana, India Located At: · Gandhidham · Vapi
Location :	Owned
Overseas Office :	Sanjay Chemicals Singapore Pte. Limited 89 Short Street, #B1-11, Golden Wall Centre, Singapore 188216

DIRECTORS

As on 30.09.2014

Name :

Mr. Dilip Vijayraj Parmar

Designation :

Managing director

Address :

Flat 507-8, 5th Floor, Matruchaya, Building 378/80, N Natha Street, Mandavi, Mumbai - 400003, Maharashtra, India

Date of Birth/Age :

14.03.1964

Qualification :

B.Com

Date of Appointment :

20.10.2000

PAN No.:

AACPP6972C

DIN No.:

00867949

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	U51434MH2000PTC129290	SANJAY CHEMICALS (INDIA) PRIVATE LIMITED	Managing director	20/10/2000	20/10/2000	-	Active	NO
2	U52321MH2005PTC158479	SCORPIO EXIM PRIVATE LIMITED	Director	15/09/2009	15/09/2009	-	Active	NO
3	U52100MH2010PTC201072	APRICOT EXIM PRIVATE LIMITED	Director	23/03/2010	23/03/2010	-	Active	NO
4	U67120MH2006PTC159576	ZANY SHARE TRADING PRIVATE LIMITED	Director	12/08/2011	12/08/2011	-	Active	NO

Name :

Mr. Sanjay Vijayrajji Parmar

Designation :

Director

Address :

Ooranwala Mansion, 1st Floor, Dr. Ambedkar Marg, Parel, Mumbai – 400012, Maharashtra, India

Date of Birth/Age :

08.01.1974

Qualification :

BA

Date of Appointment :

20.10.2000

PAN No.:

AADPP7910K

DIN No.:

00478460

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	U51434MH2000PTC129290	SANJAY CHEMICALS (INDIA) PRIVATE LIMITED	Director	20/10/2000	20/10/2000	-	Active	NO
2	U52321MH2005PTC158479	SCORPIO EXIM PRIVATE LIMITED	Director	15/09/2009	15/09/2009	-	Active	NO
3	U52100MH2010PTC201072	APRICOT EXIM PRIVATE LIMITED	Director	23/03/2010	23/03/2010	-	Active	NO
4	U67120MH2006PTC159576	ZANY SHARE TRADING PRIVATE LIMITED	Director	12/08/2011	12/08/2011	-	Active	NO

Name :

Mr. Manoj Vijayraj Parmar

Designation :

Director

Address :

Ooranwala Mansion, 1st Floor, Dr. Ambedkar Marg, Parel, Mumbai – 400012, Maharashtra, India

Date of Birth/Age :

14.03.1968

Qualification :

BSC

Date of Appointment :

20.10.2000

PAN No.:

AADPP7905Q

DIN No.:

02452281

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	U51434MH2000PTC129290	SANJAY CHEMICALS (INDIA) PRIVATE LIMITED	Director	20/10/2000	20/10/2000	-	Active	NO
2	U52321MH2005PTC158479	SCORPIO EXIM PRIVATE LIMITED	Director	15/09/2009	15/09/2009	-	Active	NO
3	U52100MH2010PTC201072	APRICOT EXIM PRIVATE LIMITED	Director	23/03/2010	23/03/2010	-	Active	NO
4	U67120MH2006PTC159576	ZANY SHARE TRADING PRIVATE LIMITED	Director	12/08/2011	12/08/2011	-	Active	NO

Name :

Mr. Vijayraj Multanmal Parmar

Designation :

Director

Address :

Ooranwala Mansion, 1st Floor, Dr. Ambedkar Marg, Parel, Mumbai – 400012, Maharashtra, India

Date of Birth/Age :

13.03.1944

Qualification :

SSC

Date of Appointment :

20.10.2000

PAN No.:

AACPP6971B

DIN No.:

02452291

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	U51434MH2000PTC129290	SANJAY CHEMICALS (INDIA) PRIVATE LIMITED	Director	20/10/2000	20/10/2000	-	Active	NO
2	U52321MH2005PTC158479	SCORPIO EXIM PRIVATE LIMITED	Director	15/09/2009	15/09/2009	-	Active	NO
3	U52100MH2010PTC201072	APRICOT EXIM PRIVATE LIMITED	Director	23/03/2010	23/03/2010	-	Active	NO
4	U67120MH2006PTC159576	ZANY SHARE TRADING PRIVATE LIMITED	Director	12/08/2011	12/08/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Suresh Nawale
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
Vijayraj Parmar	467913
Dilip Parmar	530331
Sanjay Parmar	471856
Manoj Parmar	423112
Avance Technologies Limited (formerly VMC Software Limited)	150000
Narendra Shah and Prakash	30
Hemdan Ashiya, Kishore Ashiya and Ranjitsingh Ashiya	30
Jugraj Tailor and Leela Mangilal Parmar	11
Parashmalji Jain, Kansingh Umardan Charan	30
Keshaji Prajapati and Kishanlal	30
Futermal Parmar, Sampatraj Parmar and Sunil Gosain	30
Asha Parmar, Vicky Narendra Joshi and Uma	10
Bhanumati Prabhudas Sanghrajka	1
Saroj Kiran Mehta and Kiran Mohanlalji Mehta	10
Nikhil Mehta, Varun Parmar and Yash Parmar (through father and NG Sanjay Parmar)	10
Virendra S. Singh and Hinglasdan S. Charan	10
Bharti Parmar	30000
Varsha Parmar	22000
Kanchan Parmar	24000
Gunwati Parmar	30000
Vijayraj Parmar HUF	14000
Dilip Parmar HUF	26000
Sanjay Parmar HUF	32000
Manoj Parmar HUF	24000
Varun Parmar	4000
Scorpio Exim Private Limited	760000
Zany Share Trading Private Limited	168000
Monik Parmar	32000
Total	3209414

Names of Shareholders (Preference Shares)	No. of Shares
Infotrek Syscom Limited	3000
Uma Maheshwar Rao	1500
C. Satyanarayana Karta of C. Satyanarayana HUF	10000
Ranjitsingh Ashiya HUF	1650
Ranjitsingh Ashiya	157
Avas Capital Market Limited	10000
Chottunsingh Rathod	700
Dilip Sonigara	400
Total	27407

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	33.59
Directors or relatives of Directors	66.41
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Importer of Pharma Chemicals.

Products :

Product Description	Item Code No. (ITC Code)
Trading of Chemicals and Solvents	99623700

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Products :

Chemicals

Countries :

Japan

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	ICC Chemicals Corporation – China
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 :

Reference :	Mylan Laboratories
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 :

65 (Approximately)

Bankers :

• Development Credit Bank Limited, 601 and 602, Peninsula Business Park, 6^th Floor, Tower A, Senapati Bapat Marg, Lower Parel, Mumbai - 400013, Maharashtra, India

• Oriental Bank of Commerce, Branch – Nariman Point, Mumbai, Maharashtra, India

• Citi Bank, Mumbai, Maharashtra, India

• ICICI Bank Limited, Church gate, Mumbai, Maharashtra, India

• Union Bank of India, Masjid Bunder, Mumbai, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans taken for fixed assets	0.566	1.461
SHORT TERM BORROWING
Working capital loans from banks	89.591	55.352
Total	90.157	56.813

Auditors :
Name :	MGB and Company Chartered Accountants
Address :	Peninsula Business Park Tower B, 19^th Floor, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400013, Maharashtra, India
PAN No.:	AACPK3979J
Memberships :	Not Available
Collaborators :	Not Available
Related Parties :	Zany Share Trading Private Limited, India Vijayraj M. Parmar HUF Scorpio Exim Private Limited, India Sanjay V. Parmar HUF Manoj V. Parmar HUF Dilip V. Parmar HUF

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
3550000	Equity Shares	Rs.10/- each	Rs.35.500 Million
45000	Preference Shares	Rs.100/- each	Rs.4.500 Million
	Total		Rs.40.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
3209414	Equity Shares	Rs.10/- each	Rs.32.094 Million
27407	Preference Shares	Rs.100/- each	Rs.2.741 Million
	Total		Rs.34.835 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	34.835	31.978	29.578
(b) Reserves & Surplus	749.463	635.757	543.436
(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)	784.298	667.735	573.014
(3) Non-Current Liabilities
(a) long-term borrowings	0.566	1.461	0.000
(b) Deferred tax liabilities (Net)	0.000	0.315	0.429
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.405	0.000	0.000
Total Non-current Liabilities (3)	2.971	1.776	0.429
(4) Current Liabilities
(a) Short term borrowings	239.955	208.143	62.765
(b) Trade payables	2037.307	2025.773	1575.371
(c) Other current liabilities	100.609	95.072	58.623
(d) Short-term provisions	1.396	0.000	0.000
Total Current Liabilities (4)	2379.267	2328.988	1696.759
TOTAL	3166.536	2998.499	2270.202
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.842	12.244	5.107
(ii) Intangible Assets	0.119	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	4.105	4.105	0.000
(c) Deferred tax assets (net)	1.039	0.000	0.000
(d) Long-term Loan and Advances	5.171	7.563	9.101
(e) Other Non-current assets	11.361	1.785	7.890
Total Non-Current Assets	32.637	25.697	22.098
(2) Current assets
(a) Current investments	1.000	1.000	0.000
(b) Inventories	656.144	592.458	434.306
(c) Trade receivables	1960.927	1836.017	1372.691
(d) Cash and cash equivalents	207.675	315.556	374.322
(e) Short-term loans and advances	298.966	222.391	36.552
(f) Other current assets	9.187	5.380	30.233
Total Current Assets	3133.899	2972.802	2248.104
TOTAL	3166.536	2998.499	2270.202

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	NA	5895.529	5467.279
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
	EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	NA	53.297	21.975
Less/ Add	DEPRECIATION/ AMORTISATION	NA	2.042	0.823
	PROFIT/ (LOSS) BEFORE TAX	NA	51.255	21.152
Less	TAX	NA	16.535	7.489
	PROFIT/ (LOSS) AFTER TAX	46.562	34.720	13.663
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	NA	15.361
	TOTAL EARNINGS	NA	NA	15.361
	Earnings / (Loss) Per Share (Rs.)	14.51	10.82	4.26

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	0.59	0.25
Return on Total Assets (PBT/Total Assets}	(%)	NA	1.71	0.93
Return on Investment (ROI) (PBT/Networth)		NA	0.08	0.04
Debt Equity Ratio (Total Debt /Networth)		0.31	0.31	0.11
Current Ratio (Current Asset/Current Liability)		1.32	1.28	1.32

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	29.578	31.978	34.835
Reserves & Surplus	543.436	635.757	749.463
Net worth	573.014	667.735	784.298
long-term borrowings	0.000	1.461	0.566
Short term borrowings	62.765	208.143	239.955
Total borrowings	62.765	209.604	240.521
Debt/Equity ratio	0.110	0.314	0.307

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two 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	Yes

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Intercorporate borrowings	100.719	98.872
Loans and advances from others	47.571	53.919
Other loans and advances	2.074	0.000
Total	150.364	152.791

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10211615	29/12/2014 *	1,845,200,000.00	DCB BANK LIMITED	601 and 602, Peninsula Business Park, 6th floor, Tower A, Senapati Bapat Marg, Lower Parel, Mumbai,  Maharashtra - 400013, INDIA	C38106738
2	10011568	20/07/2006	20,000,000.00	DCB BANK LIMITED	601 and 602, Peninsula Business Park, 6th floor, Tower A, Senapati Bapat Marg, Lower Parel, Mumbai,  Maharashtra - 400013, INDIA	A02813061
3	10006652	18/05/2006	15,000,000.00	DCB BANK LIMITED	601 and 602, Peninsula Business Park, 6th floor, Tower A, Senapati Bapat Marg, Lower Parel, Mumbai,  Maharashtra - 400013, INDIA	A01234475
4	90143730	21/01/2002	1,500,000.00	DEVELOPMENT CREDIT BANK LIMITED	MOHAMEDALI ROAD BRANCH, BOMBAY, Manipur - 400001, INDIA	-
5	90143378	20/03/2009 *	421,000,000.00	DEVELOPMENT CREDIT BANK LIMITED	301, TRADE PLAZA, 414, VEER SAVARKAR MARG, PRABHADEVI, MUMBAI, Maharashtra - 400025, INDIA	A58995044

* Date of charge modification

FIXED ASSETS

· Buildings

· 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 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] 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.63.57
UK Pound	1	Rs.100.29
Euro	1	Rs.72.37

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	RAS
Report Prepared by :	PNM

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--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.