MIRA INFORM REPORT

Report No. :	347461
Report Date :	31.10.2015

IDENTIFICATION DETAILS

Name :	D.R.B. COMMODITIES (INDIA) PRIVATE LIMITED

Registered Office :	903 904, Embassy Towers, Opposite Jubilee Garden, Jawahar Road, Rajkot – 360001, Gujarat, India
Tel. No.:	91-281-2222991/2/3 91-281-2229183

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	16.09.2005

Com. Reg. No.:	04-046782

Capital Investment / Paid-up Capital :	Rs. 12.009 Million

CIN No.: [Company Identification No.]	U51100GJ2005PTC046782

IEC No.:	2408000831

TAN No.: [Tax Deduction and Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AACCD2313G

Legal Form :	Private Limited Liability Company

Line of Business :	Trader and Exporter of Cotton, Cotton Yarn, Rape Seed Meal, Sugar, Seasame Seeds and Other Agricultural Products.

No. of Employees :	28 (Approximately) [Office=19, Branch=09]

RATING and 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

Maximum Credit Limit :	USD 630000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company incorporated in the year 2005 having satisfactory track. Turnover of the company has sharply declined which has resulted loss during FY 2015. However, net worth position of the company is sound. General financial position of the company is normal and acceptable for business dealings. Further, the rating also takes into consideration favorable gap between trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payments terms are reported as slow but 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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	Moderate Degree of Safety and Carry Moderate Credit Risk
Date	30.06.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Moderate Degree of Safety and Carry Higher Credit Risk
Date	30.06.2014

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Nilesh Kothari
Designation :	General Manager
Contact No.:	91-9377777601
Date :	29.10.2015

LOCATIONS

Registered Office :	903 904 Embassy Towers, Opposite Jubilee Garden, Jawahar Road, Rajkot - 360001, Gujarat, India
Tel. No.:	91-281-2222991/2/3 91-281-2229183
Mobile No.:	Not Available
Fax No.:	91-281-2220409 91-281-2230505
E-Mail :	nhkothari@dmlgroup.in info@dmlakhani.com
Website :	www.dmlgroup.com
Area :	Owned

Corporate Office :	504, Venus Atlantis Corporate Park, 5^th Floor, Anandnagar Road, Prahladnagar, Satellite, Ahmedabad - 380051, Gujarat, India

Branch Office :	B-604, Sagar Tech Plaza, Sakinaka Junction, Andheri (East), Mumbai – 400075, Maharashtra, India
Tel. No.:	91-22-28598255
Fax No.:	91-22-28598254
Website :	www.dmlgroup.in
Area :	Owned

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Harishbhai Jayantilal Lakhani

Designation :

Director

Address :

Vrundavan, Tapovansociety,, Near Aminmarg, Rajkot - 360002, Gujarat, India

Date of Birth/Age :

13.05.1959

Experience :

30 Years

Date of Appointment :

16.09.2005

DIN No.:

01658810

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	U55100GJ1988PTC011223	DML EXIM PRIVATE LIMITED	Director	12/05/2003	12/05/2003	-	Active	NO
2	U51100GJ2005PTC046358	DML WORLD TRADE PRIVATE LIMITED	Director	14/07/2005	14/07/2005	-	Active	NO
3	U51100GJ2005PTC046782	D.R.B. COMMODITIES (INDIA) PRIVATE LIMITED	Director	16/09/2005	16/09/2005	-	Active	NO
4	U51909GJ2012PTC072431	CDM ENTERPRISE PRIVATE LIMITED	Director	23/10/2012	23/10/2012	-	Active	NO
5	U51909GJ2012PTC072429	DEEPSTAR OVERSEAS PRIVATE LIMITED	Director	23/10/2012	23/10/2012	-	Active	NO
6	U51200GJ2012PTC072428	DML AGRO TRADE PRIVATE LIMITED	Director	23/10/2012	23/10/2012	-	Active	NO
7	U45203GJ2015PTC082117	SIX TWENTY REALTY PRIVATE LIMITED	Director	03/02/2015	03/02/2015	-	Active	NO

Name :

Mr. Darshan Harishkumar Lakhani

Designation :

Director

Address :

Vrundavan, Tapovan Society,, Near Aminmarg, Rajkot - 360002, Gujarat, India

Date of Birth/Age :

23.08.1986

Qualification :

B.Com

Experience :

8 Years

Date of Appointment :

15.05.2013

DIN No.:

01658879

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	U55100GJ1988PTC011223	DML EXIM PRIVATE LIMITED	Director	11/09/2004	11/09/2004	-	Active	NO
2	U51100GJ2005PTC046358	DML WORLD TRADE PRIVATE LIMITED	Director	14/07/2005	14/07/2005	-	Active	NO
3	U51909GJ2012PTC072429	DEEPSTAR OVERSEAS PRIVATE LIMITED	Director	23/10/2012	23/10/2012	-	Active	NO
4	U51200GJ2012PTC072428	DML AGRO TRADE PRIVATE LIMITED	Director	23/10/2012	23/10/2012	-	Active	NO
5	U51100GJ2005PTC046782	D.R.B. COMMODITIES (INDIA) PRIVATE LIMITED	Director	15/05/2013	15/05/2013	-	Active	NO

Name :

Mr. Chirag Harishkumar Lakhani

Designation :

Director

Address :

Vrundavan, Tapovansociety, Near Aminmarg, Rajkot - 360002, Gujarat, India

Date of Birth/Age :

23.08.1986

Qualification :

B. Com

Experience :

8 Years

Date of Appointment :

15.05.2013

DIN No.:

01624243

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	U55100GJ1988PTC011223	DML EXIM PRIVATE LIMITED	Director	11/09/2004	11/09/2004	-	Active	NO
2	U51100GJ2005PTC046358	DML WORLD TRADE PRIVATE LIMITED	Director	25/08/2008	25/08/2008	-	Active	NO
3	U27100GJ2011PTC066552	ADITYA ULTRA STEEL PRIVATE LIMITED	Director	27/07/2011	27/07/2011	26/03/2015	Active	NO
4	U51909GJ2012PTC072429	DEEPSTAR OVERSEAS PRIVATE LIMITED	Director	23/10/2012	23/10/2012	-	Active	NO
5	U51200GJ2012PTC072428	DML AGRO TRADE PRIVATE LIMITED	Director	23/10/2012	23/10/2012	-	Active	NO
6	U51100GJ2005PTC046782	D.R.B. COMMODITIES (INDIA) PRIVATE LIMITED	Director	15/05/2013	15/05/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2014

Names of Shareholders		No. of Shares
HARISHBHAI JAYANTILAL LAKHANI		108100
Meena Harishkumar Lakhani		101300
Darshan Lakhani		95000
Chirag Harihskumar Lakhani		88000
Dolly Harishkumar Lakhani		88000
Pravinaben Narendra Davda		10000
Narendra Nanjibhai Davda		8000
Sejal Dashan Lakhani		70000
D.R.B. commodities (India) Private Limited		632500
Total		1200900

Equity Share Break up (Percentage of Total Equity)

AS ON 25.09.2014

Category	Percentage
Bodies corporate	52.67
Directors or relatives of Directors	45.83
Other top fifty shareholders	1.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Exporter of Cotton, Cotton Yarn, Rape Seed Meal, Sugar, Seasame Seeds and Other Agricultural Products.

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Cotton Cotton Yarn Rape Seed Meal Sugar Seasame Seeds Other Agricultural Products
Countries :	China Bangladesh Pakistan Other Asiatic country Dubai Egypt

Imports :	Not Available

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit (90/180 Days)

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 :

28 (Approximately) [Office=19, Branch=09]

Bankers :

Bank Name	Oriental Bank of Commerce
Branch	Om Planet, Opposite Nirmala Convent School, Rajkot, Gujarat, India
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 Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Packing limit=Rs. 500.000 Million BPLC=Rs. 1250.000 Million UDS Dollar Booking=Rs. 165.000 Million
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Working capital loans from banks (Working Capital facilities is secured by charge by way of hypothecation of stock in Trade, Advances to Suppliers, Entire Receivables, Duty Drawback, D.E.P.B. and Foreign Documentary Demand Bill and E.M. of Offices and Pledge of F.D. and E.M. of properties of directors relatives, moreover personally guaranteed by directors and their relatives and Companies and Firm in which directors are shareholders / partners.)	686.107	784.005
Total	686.107	784.005

Auditors :
Name :	N.M. Unadkat and Company Chartered Accountants
Address :	306-307, Everest Complex, Opposite Shastri Maidan, Rajkot, Gujarat, India
Tel. No.:	91-281-2228501
E-Mail :	nmunadkat.it@rediffmail.com
PAN No. of Auditors Firm:	AAFPU7460F

Memberships :	Not Divulged

Collaborators :	Not Divulged

Holding Company :	DML Exim Private Limited, India, [U55100GJ1988PTC011223]

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

1,500,000	Equity Shares	Rs.10/- each	Rs. 15.000 Million

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount

1,369,026	Equity Shares	Rs.10/- each	Rs. 13.690 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.690	12.009	12.009
(b) Reserves & Surplus	210.295	192.227	166.581
(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)	223.985	204.236	178.590

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	4.922	9.768	10.367
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	4.922	9.768	10.367

(4) Current Liabilities
(a) Short term borrowings	686.107	784.005	727.952
(b) Trade payables	86.235	27.236	669.347
(c) Other current liabilities	99.777	168.954	184.359
(d) Short-term provisions	0.029	0.255	2.419
Total Current Liabilities (4)	872.148	980.450	1584.077

TOTAL	1101.055	1194.454	1773.034

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	32.070	37.456	44.533
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.920	4.141	1.995
(e) Other Non-current assets	39.583	36.613	0.000
Total Non-Current Assets	73.573	78.210	46.528

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	127.715	25.336	62.546
(c) Trade receivables	425.368	581.720	1445.846
(d) Cash and cash equivalents	46.241	41.870	72.243
(e) Short-term loans and advances	428.158	467.318	145.871
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1027.482	1116.244	1726.506

TOTAL	1101.055	1194.454	1773.034

PROFIT and LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	2373.786	6229.625	11371.606
	Other Income	228.921	233.088	226.401
	TOTAL SALES	2602.707	6462.713	11598.007

Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000	11505.942 (Including Financial Expenses)
	Purchases of Stock-in-Trade	2416.229	5938.764
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(102.228)	37.305
	Employee Benefit Expenses	3.822	5.772
	Other expenses	185.919	307.655
	TOTAL	2503.742	6289.496

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	98.965	173.217

Less	FINANCIAL EXPENSES	108.272	127.165

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(9.307)	46.052	92.065

Less/ Add	DEPRECIATION/ AMORTISATION	5.385	7.171	7.920

	PROFIT/ (LOSS) BEFORE TAX	(14.692)	38.881	84.145

Less	TAX	(4.179)	13.235	26.916

	PROFIT/ (LOSS) AFTER TAX	(10.513)	25.646	57.229

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1908.789	5206.412	10882.133
	Freight
	Other	693.918	0.000	0.000
	TOTAL EARNINGS	2602.707	5206.412	10882.133

	Earnings / (Loss) Per Share (Rs.)	(8.75)	21.36	47.66

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Cash generated from (Used) operations	NA	NA	NA
Cash generated from Operating Activities	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(0.44)	0.41	0.50

Operating Profit Margin (PBIDT/Sales)	(%)	4.17	2.78	NA

Return on Total Assets (PBT/Total Assets}	(%)	(1.33)	3.26	4.75

Return on Investment (ROI) (PBT/Networth)		(0.07)	0.19	0.47

Debt Equity Ratio (Total Debt /Networth)		3.06	3.84	4.08

Current Ratio (Current Asset/Current Liability)		1.18	1.14	1.09

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	12.009	12.009	13.690
Reserves and Surplus	166.581	192.227	210.295
Net worth	178.590	204.236	223.985

long-term borrowings	0.000	0.000	0.000
Short term borrowings	727.952	784.005	686.107
Total borrowings	727.952	784.005	686.107
Debt/Equity ratio	4.076	3.839	3.063

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	11371.606	6229.625	2373.786
		(45.218)	(61.895)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	11371.606	6229.625	2373.786
Profit	57.229	25.646	(10.513)
	0.50%	0.41%	(0.44%)

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	Yes
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	No
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	Yes
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	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

OPERATION:

During the year under report, the turnover of the Company has been reduced to Rs. 6229.624 Million as compared to Rs.11371.606 Million of previous year 2012-13 due to unfavorable international market conditions. Moreover, other income reported by Company amounted to Rs. 233.088 Million as compared to Rs. 226.401 Million of the previous year 2012-13. Further, the Company reported Net Profit (after tax) of Rs. 25.645 Million as compared to Rs. 57.229 Million of the previous year 2012-13. Basic and Diluted Earnings per share was Rs. 21.36. The downturn in the results is due to unfavorable global market conditions. The management assures that no efforts will be left untried to improve the financial structure of the Company as soon as possible in near future.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10444056	27/06/2013	500,000,000.00	State Bank of India	Commercial Branch, Noble House,, Kalawad Road,, R ajkot, Gujarat - 360001, INDIA	B82572355
2	10317796	11/03/2013 *	2,165,000,000.00	Oriental Bank of Commerce	Aum Planet, Ground Floor,, Opp. Nirmala Convent S chool,, Rajkot, Gujarat - 360001, INDIA	B72321789

FIXED ASSETS

Land and Building
Furniture’s and Fixtures
Office Equipment
Computer and Software
Vehicles

CMT REPORT (Corruption, Money Laundering and 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. 65.22
UK Pound	1	Rs. 99.93
Euro	1	Rs. 71.67

INFORMATION DETAILS

Information Gathered by :	KMN

Analysis Done by :	DIV

Report Prepared by :	SYL

SCORE and 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	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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 and 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	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

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