MIRA INFORM REPORT

Report No. :	324252
Report Date :	25.05.2015

IDENTIFICATION DETAILS

Name :	MAXGROW OVERSEAS LIMITED (w.e.f. 25.03.2015)
Formerly Known As :	MAXGROW TRADE SOLUTIONS LIMITED (w.e.f. 30.10.2014) MAXGROW TRADE SOLUTIONS PRIVATE LIMITED
Registered Office :	Natural Height Complex, C 1^st Floor, Building No.5, Phase I, VIP Road, Opposite Haldiram (Airport), Kolkata – 700 052, West Bengal
Tel. No.:	91-22-66067200
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.08.2008
Com. Reg. No.:	21-128225
Capital Investment / Paid-up Capital :	Rs.111.105 Million
CIN No.: [Company Identification No.]	U51909WB2008PLC128225
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCM6876Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject in engaged in trading of commodities primarily edible oils, soap and metal scrap.
No. of Employees :	45 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. For the financial year ended 2014, the company has reported healthy operational performance and achieved adequate topline growth. Rating also takes into consideration company’s above average financial risk profile supported by improved capital structure and moderate debt protection metrics of the company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of decent topline performance, the company can be considered for business dealings at usual trade terms and condition.

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	CARE
Rating	Long Term Bank Facilities: BB+
Rating Explanation	Inadequate credit quality and high credit risk.
Date	15.05.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	15.05.2014

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 (General Details)

Name :	Mrs. Kadambari
Designation :	Company Secretary
Contact No.:	91-22-66067200
Date :	23.05.2015

LOCATIONS

Registered Office :	Natural Height Complex, C 1^st Floor, Building No.5, Phase I, VIP Road, Opposite Haldiram (Airport), Kolkata – 700 052, West Bengal, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	maxgrowindia@gmail.com info@maxgrow.in cs@maxgrow.in
Website :	http://www.maxgrow.in
Admin Office :	14-A, Paper Box Estate, Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-66067000/ 26879677/ 26879688
Fax No.:	91-22-66067070
Godown :	1 Wade Compound, Anjur Valllgaon Road, Mumbai Agra Road, Bhiwandi, Thane – 421302, Maharashtra, India
Corporate Office:	103, Hub Town, Andheri (East), Mumbai, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Rahul Kumar Saraf

Designation :

Director

Address :

Flat No.1205/1206, Building No.14-C, Sierra Tower, Lokhandwala Township, Akruli Road, Kandivali Road, Kandivali (East), Mumbai – 400 101, Maharashtra, India

Date of Birth/Age :

07.08.1984

Date of Appointment :

05.08.2008

PAN No.:

AXWPS8240B

DIN No.:

01494992

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	U51225MH2008PTC178046	IMEXGO PRIVATE LIMITED	Director	18/12/2014	21/01/2008	-	Active	NO
2	U51909WB2008PLC128225	MAXGROW OVERSEAS LIMITED	Director	05/08/2008	05/08/2008	-	Active	NO
3	U92412MH2011PTC218177	BLACK PEPPER ENTERTAINMENT PRIVATE LIMITED	Director	01/06/2011	01/06/2011	17/06/2013	Active	NO
4	U14107RJ2012PTC037505	RBS MINING PRIVATE LIMITED	Director	02/01/2012	02/01/2012	02/07/2014	Active	NO
5	U27310MH2013PTC241232	MAXGROW INDUSTRIES PRIVATE LIMITED	Director	21/03/2013	21/03/2013	-	Active	NO
6	U51101WB1992PTC055769	PAMAJ TRADE COMPANY PRIVATE LIMITED	Director	03/04/2013	03/04/2013	26/08/2013	Active	NO
7	U15312WB2005PTC103273	BINODINI RICE MILL PRIVATE LIMITED	Director	17/01/2014	17/01/2014	14/11/2014	Active	NO
8	U74999WB2012PTC180891	EXPRO ADVISORY SERVICES PRIVATE LIMITED	Director	27/11/2014	27/11/2014	-	Active	NO
9	U51101MH2010PTC203768	NEW PRIDE COMMOTRADE PRIVATE LIMITED	Director	11/03/2015	11/03/2015	-	Active	NO

Name :

Ms. Shah Kiran Devi Saraf

Designation :

Director

Address :

503/A-Wing, Jaldarshan Chs Limited, G B Jukar Marg, Near Ruia Park, Juhu, Mumbai-400049, Maharashtra, India

Date of Appointment :

28.03.2015

DIN No.:

06798140

Name :

Mr. Rajendra Prasad Saraf

Designation :

Director

Address :

Flat No.1205/1206, Building No.14-C, Sierra Tower, Lokhandwala Township, Akruli Road, Kandivali Road, Kandivali (East), Mumbai – 400 101, Maharashtra, India

Date of Birth/Age :

15.02.1954

Date of Appointment :

01.04.2009

PAN No.:

AUHPS2647C

DIN No.:

02729545

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	U51909WB2008PLC128225	MAXGROW OVERSEAS LIMITED	Director	01/04/2009	01/04/2009	-	Active	NO
2	U51225MH2008PTC178046	IMEXGO PRIVATE LIMITED	Director	07/02/2011	07/02/2011	14/01/2015	Active	NO
3	U92412MH2011PTC218177	BLACK PEPPER ENTERTAINMENT PRIVATE LIMITED	Director	01/06/2011	01/06/2011	07/09/2011	Active	NO
4	U27310MH2013PTC241232	MAXGROW INDUSTRIES PRIVATE LIMITED	Director	21/03/2013	21/03/2013	-	Active	NO
5	U15312WB2005PTC103273	BINODINI RICE MILL PRIVATE LIMITED	Director	17/01/2014	17/01/2014	14/11/2014	Active	NO
6	U27100WB2006PTC108712	MANTHAN TIE - UP PRIVATE LIMITED	Director	01/04/2015	01/04/2015	22/04/2015	Active	NO

KEY EXECUTIVES

Name :	Mrs. Kadambari
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Rahul Kumar Saraf	1768000	15.91
Rajendra Prasad Saraf	875000	7.88
Roshni Saraf	3700000	33.30
Kiran Devi Saraf	2592500	23.33
Bikash Saraf	1810000	16.29
Dinesh Choudhary	57500	0.52
Rahul Saraf (HUF)	177500	1.60
Rajendra Saraf (HUF)	130000	1.17
Total	11110500	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	84.00
Other top fifty shareholders	16.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject in engaged in trading of commodities primarily edible oils, soap and metal scrap.
Products :	Edible Oils Soap Metal Scrap
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Middle East South Africa
Imports :
Products :	Raw Material
Countries :	Malaysia Indonesia UK Europe
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

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 :

Retailers and End Users

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 :

45 (Approximately)

Bankers :

Banker Name	Bank of India
Branch Address	Andheri (West) Branch, Bank of India Building, Ground Floor, 28, S. V. Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-26718565 (Ringing)
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

· Bank of Baroda, Nitin Niwas, M G Road, Vile Parle [East], Mumbai – 400 057, Maharashtra, India

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai – 400 021, Maharashtra, India

· Citi Bank

· IDBI Bank Limited

· ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term loans from others	15.650	10.380
SHORT TERM BORROWINGS
Term loans from banks	353.051	222.485
Total	368.701	232.865

Auditors :
Name :	B.N. Kedia and Company Chartered Accountants
Address :	201, Neelkanth Commercial Centre, Sahar Road, Chakala, Andheri (East), Mumbai – 400 099, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFB4343G
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Imexgo Private Limited Maxgrow Industries Private Limited

CAPITAL STRUCTURE

AFTER AS ON 30.09.2014

Authorised Capital : Rs. 250.000 Million

Issued, Subscribed & Paid-up Capital : Rs.111.105 Million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11110500	Equity Shares	Rs.10/- each	Rs.111.105 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	111.105	96.000	89.000
(b) Reserves & Surplus	93.752	59.288	38.914
(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)	204.857	155.288	127.914
(3) Non-Current Liabilities
(a) long-term borrowings	51.400	17.670	6.405
(b) Deferred tax liabilities (Net)	0.507	0.280	0.000
(c) Other long term liabilities	0.000	0.000	15.380
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	51.907	17.950	21.785
(4) Current Liabilities
(a) Short term borrowings	353.051	222.485	184.482
(b) Trade payables	416.676	108.737	137.709
(c) Other current liabilities	2.129	43.488	16.757
(d) Short-term provisions	9.845	6.945	3.445
Total Current Liabilities (4)	781.701	381.655	342.393
TOTAL	1038.465	554.893	492.092
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14.710	12.821	26.650
(ii) Intangible Assets	0.000	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	0.783	0.045	0.046
(c) Deferred tax assets (net)	0.000	0.000	0.060
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	15.493	12.866	26.756
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	175.239	339.448	318.209
(c) Trade receivables	687.269	107.155	93.997
(d) Cash and cash equivalents	149.314	85.694	42.687
(e) Short-term loans and advances	10.733	7.877	10.443
(f) Other current assets	0.417	1.853	0.000
Total Current Assets	1022.972	542.027	465.336
TOTAL	1038.465	554.893	492.092

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2904.926	2440.599
		Other Income	4.234	6.730
		TOTAL (A)	2909.160	2447.329	1186.132
Less	EXPENSES
		Purchases of Stock-in-Trade	2573.408	2313.181
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	164.209	(21.238)
		Employees benefits expense	3.038	0.925
		Other expenses	87.980	92.471
		TOTAL	2828.635	2385.339	1167.329
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		80.525	61.990	18.803
Less	FINANCIAL EXPENSES		49.621	40.439	9.077
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		30.904	21.551	9.726
Less/ Add	DEPRECIATION/ AMORTISATION		1.492	1.322	0.302
	PROFIT BEFORE TAX		29.412	20.229	9.424
Less	TAX		10.053	6.855	2.940
	PROFIT AFTER TAX		19.359	13.374	6.484
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	15.632	0.000	NA
	TOTAL EARNINGS		15.632	0.000	NA
	IMPORTS
		Raw Materials	1136.529	552.434	NA
	TOTAL IMPORTS		1136.529	552.434	NA
	Earnings Per Share (Rs.)		1.74	1.42	0.73

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.67	0.55	NA
Operating Profit Margin (PBIDT/Sales)	(%)	2.77	2.54	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.83	3.65	1.92
Return on Investment (ROI) (PBT/Networth)		0.14	0.13	0.07
Debt Equity Ratio (Total Debt /Networth)		1.97	1.55	1.49
Current Ratio (Current Asset/Current Liability)		1.31	1.42	1.36

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	89.000	96.000	111.105
Reserves & Surplus	38.914	59.288	93.752
Net worth	127.914	155.288	204.857
long-term borrowings	6.405	17.670	51.400
Short term borrowings	184.482	222.485	353.051
Total borrowings	190.887	240.155	404.451
Debt/Equity ratio	1.492	1.547	1.974

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)
Total Income	1186.132	2447.329	2909.160
		106.329	18.871

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	1186.132	2447.329	2909.160
Profit	6.484	13.374	19.359
	0.55%	0.55%	0.67%

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	No
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)	Yes
16	No. of employees	Yes
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	Yes
32	Litigations that the firm/promoter involved in	No
33	Market information	No
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

Note:

The registered office of the company has been shifted from 6A, Raja Sbodh Mulick Square, Suit No.207, Near Hind Cinema, Above Bank of Baroda, Kolkata – 700 013, West Bengal, India to the present address w.e.f. 22.08.2013.

PERFORMANCE OUTLINE

The company has reported a gross turnover of Rs.4817.000 Million, which is the highest turnover ever achieved by the Company since its incorporation compared to Rs.2447.300 Million in the immediately preceding previous year registering a growth of more than double turnover over the previous year.

The Company earned a net profit after tax of Rs.19.359 Million for the financial year ended 31^st March, 2013 as compared to the profit after tax of Rs. 13.374 Million in the immediately preceding previous year.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10547234	21/01/2015	790,000,000.00	BANK OF INDIA	ANDHERI (WEST) BRANCH, BANK OF INDIA BUILDING, GROUND FLOOR, 28, S. V. ROAD, ANDHERI (WEST), MUMBAI - 400058, MAHARASHTRA, INDIA	B89595573
2	10460336	16/11/2013	165,000,000.00	BANK OF BARODA	NITIN NIWAS, M G ROAD, VILEPARLE EAST, MUMBAI - 400057, MAHARASHTRA, INDIA
3	10273877	14/10/2014 *	375,000,000.00	BANK OF INDIA	ANDHERI (WEST) BRANCH, BANK OF INDIA BUILDING, GROUND FLOOR, 28, S. V. ROAD, ANDHERI (WEST), MUMBAI - 400058, MAHARASHTRA, INDIA	C37449733

UNSECURED LOANS

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Other loans and advances	35.750	7.290
Total	35.750	7.290

FIXED ASSETS:

· Buildings

· Office Building

· Plant and Equipment

· Other Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014
Other money for which company is contingently liable	59.780
	59.780

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.63.57
UK Pound	1	Rs.99.67
Euro	1	Rs.70.93

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KRN
Report Prepared by :	MTN

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		41

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.