MIRA INFORM REPORT

Report No. :	322986
Report Date :	20.05.2015

IDENTIFICATION DETAILS

Name :	AUTOCOMP CORPORATION PANSE PRIVATE LIMITED
Registered Office :	Flat No 6, "Runanubandh Apartments", Manas Lane, Off Bhandarkar Road, Pune-411004, Maharashtra
Mobile No.:	91-9970002543 (Mr. Kulkarni)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.02.2006
Com. Reg. No.:	11-021964
Capital Investment / Paid-up Capital :	Rs. 100.313 Million
CIN No.: [Company Identification No.]	U34300PN2006PTC021964
IEC No.:	3106003243
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCA6224N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, exporter and Importer of Automobile Spare Parts and Equipments
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 1900000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old well established private company having satisfactory track. As per directors report the company has recorded dip in its profit in the current financial year due to increase in deferred tax provision as compare to previous year. Company has commenced assembly operations at Dhawad plant. However, trade relations are fair. Business is active. Payment terms are reported to be usually 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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.

INFORMATION PARTED BY

Name :	Mr. Kulkarni
Designation :	Assistant Manager
Contact No.:	91-9970002543
Date :	19.05.2015

LOCATIONS

Registered Office :	Flat No 6, "Runanubandh Apartments", Manas Lane, Off Bhandarkar Road, Pune-411004, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9970002543 (Mr. Kulkarni)
Fax No.:	Not Available
E-Mail :	corporate@pansegroup.com panse@pansegrop.com

DIRECTORS

As on 25.09.2014

Name :

Mr. Rajeev Ramchandra Panse

Designation :

Managing director

Address :

820/2, Runanubandh, Manas Lane, Off Bhandarkar Road,, Pune-411004, Maharashtra, INDIA

Date of Birth/Age :

25.02.1956

Date of Appointment :

01.04.2006

PAN No.:

AMXPK9434L

DIN No.:

00137583

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	U34300MH1990PTC059328	PANSE AUTOCOMPS PRIVATE LIMITED	Managing director	06/12/1990	06/12/1990	-	Amalgamated	NO
2	U29299PN1998PTC012596	MARIGOLD DIES AND TOOLS PRIVATE LIMITED	Director	12/06/1998	12/06/1998	-	Active	NO
3	U29309PN2004PTC019471	PANSE AUTOFAB PRIVATE LIMITED	Director	07/01/2005	07/01/2005	-	Active	NO
4	U34300PN2006PTC021964	AUTOCOMP CORPORATION PANSE PRIVATE LIMITED	Managing director	01/04/2006	06/02/2006	-	Active	NO
5	U45200PN2008PTC132019	JPA TULJA INTERIORS PRIVATE LIMITED	Director	15/05/2008	15/05/2008	-	Active	NO

Name :

Mrs. Jyoti Rajeev Panse

Designation :

Director

Address :

820/2, Runanubandh, Manas Lane, Off Bhandarkar Road,, Pune-411004, Maharashtra, INDIA

Date of Birth/Age :

03.04.1959

Date of Appointment :

06.02.2006

PAN No.:

AMXPK9434L

DIN No.:

00132652

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	U34300MH1990PTC059328	PANSE AUTOCOMPS PRIVATE LIMITED	Director	24/05/1991	24/05/1991	-	Amalgamated	NO
2	U29299PN1998PTC012596	MARIGOLD DIES AND TOOLS PRIVATE LIMITED	Director	20/08/1998	20/08/1998	-	Active	NO
3	U34300PN2006PTC021964	AUTOCOMP CORPORATION PANSE PRIVATE LIMITED	Director	06/02/2006	06/02/2006	-	Active	NO
4	U45200PN2008PTC132019	JPA TULJA INTERIORS PRIVATE LIMITED	Director	15/05/2008	15/05/2008	-	Active	NO

Name :

Mr. Jaydeep Rajeev Panse

Designation :

Director

Address :

820/2, Runanubandh, Manas Lane, Off Bhandarkar Road,, Pune-411004, Maharashtra, INDIA

Date of Birth/Age :

25.08.1985

Date of Appointment :

25.09.2013

PAN No.:

AAICA6943R

DIN No.:

00132142

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	U29309PN2004PTC019471	PANSE AUTOFAB PRIVATE LIMITED	Director	05/07/2004	05/07/2004	-	Active	NO
2	U45200PN2008PTC132019	JPA TULJA INTERIORS PRIVATE LIMITED	Director	15/05/2008	15/05/2008	-	Active	NO
3	U34300PN2006PTC021964	AUTOCOMP CORPORATION PANSE PRIVATE LIMITED	Director	25/09/2013	23/05/2013	-	Active	NO

Name :

Mr. Nityanand Balkrishna Panse

Designation :

Director

Address :

Belvedre, Block No.102, Building No. H3, Anand Park, Aundh, Pune-411004, Maharashtra, INDIA

Date of Birth/Age :

05.05.1965

Date of Appointment :

25.09.2011

DIN No.:

00132656

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	U34300MH1990PTC059328	PANSE AUTOCOMPS PRIVATE LIMITED	Director	01/04/1998	01/04/1998	-	Amalgamated	NO
2	U29299PN1998PTC012596	MARIGOLD DIES AND TOOLS PRIVATE LIMITED	Director	02/03/2006	02/03/2006	-	Active	NO
3	U34300PN2006PTC021964	AUTOCOMP CORPORATION PANSE PRIVATE LIMITED	Director	25/09/2011	01/04/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Kulkarni
Designation :	Assistant Manager
Name :	Mr. Shisheer Dattatraya Panse
Designation :	Secretary
Address :	Plot No. 47, Shailesh Society, Ganesh Nagar, Pune-411052, Maharashtra, India
Date of Appointment :	08.03.2014
PAN No.:	ABEPP3161G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2014

Names of Shareholders	No. of Shares	Percentage
Rajeev Ramchandra Panse	9088583	90.60
Jyoti Rajeev Panse	820199	8.18
Ranjeet Rajeev Panse	24500	0.24
Nityanand Balkrishna Panse	73500	0.73
Jaydeep Rajeev Panse	24500	0.24
Total	10031282	100.00

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, exporter and Importer of Automobile Spare Parts and Equipments
Products :	Automobile Spare Parts
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name	IDBI Bank Limited
Branch	City SME Centre, IDBI House, F. C. Road, Dnyaneshwar Paduka Chowk, Shivajinagar, Pune - 400005, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks	180.450	233.499
Short-term borrowings
Working capital loans from banks	125.973	174.140
Other loans and advances	99.622	0.000
Total	406.045	407.639

Financial Institutions :

State Bank of India Industrial Finance Branch, Tara Chambers,2^nd floor, Near Mariaai police Chowky, Old Pune Mumbai Highway, Wakdewadi, Pune - 411003, Maharashtra, India

Auditors :
Name :	B. K. Khare and Company Chartered Accountants
Address :	706/708, Sharda Chambers, New Marine Lines, Mumbai - 400 020, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFB0265E
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Panse Autofab Private Limited CIN No.: U29309PN2004PTC019471 Marigold Dies And Tools Private Limited CIN No.: U29299PN1998PTC012596 JPA Tulja Interiors Private Limited CIN No.: U45200PN2008PTC132019 Autofocus Consultants India Private Limited CIN No.: U74140DL2010PTC203575

CAPITAL STRUCTURE

As on 25.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
11,000,000	Equity Shares	Rs.10/- each	Rs.110.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,031,282	Equity Shares	Rs.10/- each	Rs.100.313 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	100.313	100.313	76.000
(b) Reserves & Surplus	580.031	557.993	339.246
(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)	680.344	658.306	415.246
(3) Non-Current Liabilities
(a) long-term borrowings	205.560	260.908	87.585
(b) Deferred tax liabilities (Net)	62.467	47.929	38.785
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	8.592	13.272	5.406
Total Non-current Liabilities (3)	276.619	322.109	131.776
(4) Current Liabilities
(a) Short term borrowings	232.769	181.109	234.080
(b) Trade payables	350.668	540.206	285.181
(c) Other current liabilities	187.879	121.418	152.957
(d) Short-term provisions	41.625	36.372	16.964
Total Current Liabilities (4)	812.941	879.105	689.182
TOTAL	1769.904	1859.520	1236.204
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	923.230	711.160	609.091
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	59.515	85.400	17.365
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.151	0.151	0.051
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	100.186	105.273	64.830
(e) Other Non-current assets	7.234	1.348	3.988
Total Non-Current Assets	1090.316	903.332	695.325
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	237.395	370.795	151.979
(c) Trade receivables	299.628	435.014	306.213
(d) Cash and cash equivalents	59.745	113.420	40.061
(e) Short-term loans and advances	67.814	31.908	40.116
(f) Other current assets	15.006	5.051	2.510
Total Current Assets	679.588	956.188	540.879
TOTAL	1769.904	1859.520	1236.204

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL	3878.156	4853.918	3203.609
Less	EXPENSES
	TOTAL	3822.787	4688.951	3083.154
	PROFIT/ (LOSS) BEFORE TAX	55.369	164.967	120.455
Less	TAX (H)	18.794	0.265	0.244
	PROFIT/ (LOSS) AFTER TAX	36.575	164.702	120.211
Less	DEFERRED TAX LIABILITY	14.538	7.235	9.144
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	281.375	156.230	103.996
Add	BALANCE TRANSFER TO THE SCHEME OF AMALGAMATION	0.000	40.995	0.000
Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	50.000	50.000
	Proposed Dividend and tax	0.000	23.317	8.833
	Total	0.000	73.317	58.833
	Balance Carried to the B/S	303.412	281.375	156.230
	Earnings / (Loss) Per Share (Rs.)	3.64	16.41	11.98

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	112.229	57.957	87.006
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.94	3.39	3.75
Operating Profit Margin (PBIDT/Sales)	(%)	1.43	3.40	3.76
Return on Total Assets (PBT/Total Assets}	(%)	3.24	9.30	9.88
Return on Investment (ROI) (PBT/Networth)		0.08	0.25	0.29
Debt Equity Ratio (Total Debt /Networth)		0.81	0.76	0.98
Current Ratio (Current Asset/Current Liability)		0.84	1.09	0.78

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	76.000	100.313	100.313
Reserves & Surplus	339.246	557.993	580.031
Net worth	415.246	658.306	680.344
long-term borrowings	87.585	260.908	205.560
Short term borrowings	234.080	181.109	232.769
Current maturities of long-term debts	87.006	57.957	112.229
Total borrowings	408.671	499.974	550.558
Debt/Equity ratio	0.984	0.759	0.809

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3203.609	4853.918	3878.156
		51.514	(20.103)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3203.609	4853.918	3878.156
Profit	120.211	164.702	36.575
	3.75%	3.39%	0.94%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 805, A-3, Reverie, Bhandarkar Institute Road, Pune- 411004, Maharashtra, India to the present address w.e.f. 07.11.2011

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Deferred payment liabilities	25.110	27.409
Short-term borrowings
Loans and advances from related parties	5.105	5.289
Other loans and advances	2.069	1.680
Total	32.284	34.378

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10362756	05/05/2012	90,000,000.00	Bhagini Nivedita Sahkari Bank Limited	387-388, Narayan Peth, Pune, Maharashtra - 411030, INDIA	B42516906
2	10324989	15/10/2013 *	195,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, M  UMBAI, Maharashtra - 400021, INDIA	B88086996
3	10002732	28/02/2013 *	400,000,000.00	State Bank of India Industrial Finance Branch	Tara Chambers,2nd floor,Near Mariaai police Chowky, Old Pune Mumbai Highway,Wakdewadi, Pune, Maharashtra - 411003, INDIA	B73001588
4	90088883	22/12/2004	30,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, PUNE, Maharashtra, INDIA	-
5	90090420	18/07/2005 *	17,156,000.00	STATE BANK OF INDIA	PINPRI BRANCH, PUNE, Maharashtra, INDIA	-
6	90088017	21/10/2003 *	17,156,000.00	STATE BANK OF INDIA	PIMPRI BRANCH, PUNE, Maharashtra, INDIA	-
7	80004765	23/05/2008 *	129,100,000.00	State Bank of India	Industria Finance Branch, Pimpri, Pune, Maharashtra - 411034, INDIA	A38930376
8	90084029	27/12/1994 *	700,000.00	STATE BANK OF INDIA	(SIB) PIMPRI BRANCH, PUNE, Maharashtra - 400034, INDIA	-
9	90089902	01/06/1996 *	700,000.00	STATE BANK OF INDIA	PIMPRI BRANCH, PUNE, Maharashtra, INDIA	-
10	90087793	18/04/1994 *	466,000.00	STATE BANK OF INDIA	PIMPRI BRANCH, PUNE, Maharashtra - 411034, INDIA	-

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

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 records 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.63.69
UK Pound	1	Rs.99.73
Euro	1	Rs.71.90

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KIN
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--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		44

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.